Full text of Federal Reserve Bulletin : May 1949
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F E D E R A L R E S E R V E TIN MAY 1949 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WlNFIELD W . RlEFLER The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Interruption of Monetary Expansion. 465-473 Statement Before the Senate Banking and Currency Committee. 474-479 Movement Toward Balance in International Transactions of the United States, by Lewis N. Dembitz and Albert O. Hirschman. 480-493 Member Bank Earnings, 1948. 494-498 Ownership of Demand Deposits. 499-503 Revised Consumer Credit Series. 504-505 Report of the National Advisory Council on International Monetary and Financial Problems, April 1, 1948—September 30, 1948. Law Department 506-521 522-524 Current Events and Announcements. 524 National Summary of Business Conditions. . 525-526 Financial, Industrial, Commercial Statistics, U. S. (See p. 527 for list of tables) 527-591 International Financial Statistics (See p. 593 for list of tables) 593-611 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 612 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. Federal Reserve Publications. 614-615 Map of Federal Reserve Districts. 613 616 Subscription Price of BULLETIN FEDERAL VOLUME 35 RESERVE BULLETIN May 1949 NUMBER 5 INTERRUPTION OF MONETARY EXPANSION Deposits and currency held by businesses and individuals showed a small decline in 1948, interrupting a monetary expansion which began ten years ago. The monetary contraction was concentrated in the first quarter of the year when seasonally heavy tax payments drew a substantial volume of funds from private deposits. In subsequent quarters deposits and currency increased somewhat, largely as a result of bank loan expansion. The decline for the year as a whole was broadly distributed among nearly all major economic groups and in most regions of the country. Application of a large Treasury cash surplus to the retirement of Government securities held by the banking system—commercial banks and Federal Reserve Banks—was the primary force operating to reduce the volume of money last year. Expansion of bank credit to private users continued to be substantial, although a marked slackening in bank lending occurred in the last quarter of the year. The inflow of gold, which also tended to offset in part the contractive impact of Treasury operations on the volume of money, continued throughout 1948 although on a much smaller scale than in the previous year. In the first quarter of 1949 there was a further decline in the privately held money supply. This was again due in part to a seasonally large flow of tax and other cash reMAY 1949 BANK DEPOSITS AND CURRENCY AND CURRENCY / J / " \ - 1 I 1** _ *** ,1 /y EXCLUDING J U. S. GOVT DEPOSITS iC / V // r J' EMAND DEPOSITS ADJUSTED \ _ --** r riME DEPOSITS ^— —- CURRENCY OUTSIDE BANKS 1 ^-«-*^ U. S. GOV T DEPOS Figures are partly estimated. Deposits are for all barms 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, 1941-42; end of month, 1943-46; last Wednesday of month 1947-49. Figures subsequent to June 1948 are preliminary; latest figures shown are for March. ceipts to the Treasury, although the Treasury surplus was considerably smaller than in the same period of 1948. A substantial reduction in bank loans, particularly to businesses, tended to augment the contractive impact of the Treasury cash surplus on the privately held volume of deposits and currency. This was in contrast to the situation early in 1948 when bank loans increased somewhat. BOARD ACTION RELAXING CREDIT RESTRAINTS In recognition of the change since last fall in the credit situation and in general eco465 INTERRUPTION OF MONETARY EXPANSION nomic conditions, the Board of Governors, beginning in March, has taken a series of steps to relax restraints on consumer instalment credit, stock market credit, and bank credit generally. The Board modified its regulation of consumer instalment credit effective on March 7 and again effective on April 27. Through these two actions the maximum maturity under Regulation W became 24 months instead of 15 to 18 months on all extensions of consumer instalment credit and the minimum down payments on furniture, appliances, etc., were reduced from 20 to 10 per cent. The one-third down payment on automobiles remained unchanged. Furniture, appliances and other items costing less than $100 were exempted from the regulation, compared with the previous exemption of articles costing less than $50. In announcing these modifications, Chairman McCabe summarized the current situation, with reference to consumer instalment credit and its regulation by the Board, as follows: "In recommending last summer that Congress authorize reinstatement of the regulation, the Board stated that the authority would be used flexibly and that the Board would be ready at all times to tighten or relax the terms in accordance with the objectives of the authority and with a view to sound credit conditions. "Most of the commodities subject to the regulation are now in supply at prices more favorable to the consumer than prevailed last year. Although the regulation is of limited scope, as it affects only a relatively small segment of the credit structure, nevertheless it has made a worthwhile contribution to the maintenance of sound credit conditions and helped to prevent the consuming public from 466 contracting an excessive amount of instalment debt during the period of inflation. "In relaxing the regulation at this time the Board had in mind not only current credit developments and current trends in employment and business but also the relation of the total volume of instalment credit to national income. Any increase in that credit to which relaxation of the regulation might contribute would not under present circumstances be a significant element in reviving inflationary pressures. If, however, such a condition were to arise again, I am sure the Board would act promptly to meet the situation." On March 28 margin requirements on listed stocks were lowered from 75 per cent to 50 per cent, effective on March 30. On April 28, the Board reduced reserve requirements by 2 percentage points on net demand deposits at member banks in central reserve cities, by 1 percentage point on net demand deposits at all other member banks, and by l/2 percentage point on time deposits at all member banks. These reductions became effective on May 1 for banks outside reserve cities and on May 5 for reserve city and central reserve city banks. Through this action required reserves of banks in central reserve cities were lowered by approximately 500 million dollars, of banks in reserve cities by 350 million, and of other banks by 350 million. In commenting on the Board's action on reserve requirements, Chairman McCabe stated: "Since the first of the year there has been a decline of approximately one and onehalf billion dollars in loans at member banks. About one billion of this decline has occurred at member banks in New York and Chicago —the central reserve cities. The remainder of the decline was largely at banks in reserve FEDERAL RESERVE BULLETIN INTERRUPTION OF MONETARY EXPANSION was also a return from circulation of larger denomination bills, which previously had continued to increase somewhat in volume. The flow of currency into and from circulation usually has a pronounced seasonal pattern, with currency returning from circulation early in the year, following the Christmas peak, and flowing out again over the rest of the year, with the most pronounced rise in December. Currency movements in 1948 followed this seasonal pattern, except that the decline in the first months was very DECLINE IN MONEY SUPPLY sharp and considerably larger than the subIn each year for a decade—over the periods sequent expansion. There was a substantial of defense, war, and postwar readjustment— return flow of currency again early in 1949. total deposits and currency in the hands of Demand deposits, adjusted to exclude interindividuals and businesses showed a sub- bank and United States Government deposits stantial expansion. This series of annual and items in process of collection, were reincreases was broken in 1948 when pri- duced 1.6 billion dollars from the end of vately held deposits and currency declined 1947 to the end of 1948. A large reduction 900 million dollars. In comparison with in- in the first quarter of the year was offset to creases in deposits and currency in other a considerable extent by an increase in the recent years, including an average expansion following three quarters. In the first quarof about 15 billion dollars a year during the ter of both 1946 and 1947, there was a similar war and of nearly 10 billion a year over the deposit decline, but the drop was larger in first two postwar years, the decline in 1948 1948 and the subsequent expansion in the was moderate. There was a growth during following quarters was smaller. Demand most of the year but it was not large enough deposits adjusted showed a further reduction to offset fully the contraction that occurred in the first quarter of 1949, which was only in the early part of the year from the large slightly less than the decline in the same Treasury cash surplus. period of 1948. The peak of demand for currency anteTime deposits continued to grow in 1948, dated 1948. Following a huge expansion but the increase was 1.1 billion dollars comduring the war, currency in the hands of pared with 2.5 billion in 1947. In the middle the public tended first to level off and then and late war years, time deposits became an to decline slightly in the earlier postwar increasingly popular savings medium, and period. In 1948 this decline continued. after the war they continued to expand For the year as a whole, currency outside although by a gradually tapering amount. banks declined 400 million dollars, which In the last half of 1948 the growth in time was somewhat more than the reduction deposits almost ceased. Increase in time dein 1947. As in previous postwar years a posits was resumed in the first quarter of contraction occurred in bills of $10 and 1949 with an expansion of about 400 million $20 denominations. In 1948, however, there dollars. cities. In view of this trend of loans and the fact that requirements at the New York and Chicago banks had been increased from 20 to 26 per cent during 1948 the Board felt that it was appropriate at this time to reduce the requirements for the central reserve city banks somewhat more than for other member banks. We have frequently stated that credit regulations are not a one-way street. They should be tightened or relaxed as general economic conditions require." MAY 1949 467 INTERRUPTION OF MONETARY EXPANSION FACTORS AFFECTING VOLUME OF MONEY IN 1948 Throughout the period of postwar inflation it was an objective of Federal Reserve and Treasury policies to contribute to a better balance between the demand and supply of goods by endeavoring to restrain further expansion in the volume of money in the hands of businesses and individuals. The moderate contraction in the volume of privately held deposits and currency in 1948 was primarily due to the use of a large Treasury cash surplus for this purpose. Treasury operations tended over the full year to drain from private deposit accounts 7.7 billion dollars, as is shown in the table. Of this amount, 6.4 billion dollars was applied to retirement of Government securities held by the banking system, while the remainder was held in Treasury deposit balances. Most of the impact of Treasury operations on the volume of private holdings of money was felt in the first quarter of the year when a seasonal bulge in income tax payments enabled the Treasury to drain over 5 billion dollars of deposits and currency from business and individual holdings. During the next two quarters there was a further excess of Treasury cash receipts over expenditures which resulted in an additional drain on the privately held money supply. Part of these funds, however, were returned in the last quarter of the year, when Treasury cash payments to the public were somewhat greater than its receipts. For the year 1948 taken as a whole, the cash surplus of the Treasury was the only major factor tending to reduce the privately held money supply. On the other hand, other factors offset to a considerable extent the contractive effect of the Treasury cash surplus. Important among these were a further expansion in the volume of commercial bank credit to private borrowers and an inflow of gold. Banks increased further their loans to all major groups of borrowers in 1948, and for MAJOR FACTORS AFFECTING DEPOSITS AND CURRENCY IN 1948 [In billions of dollars, partly estimated] Total 1948 Factor Fourth quarter Third quarter Second quarter First quarter (Sign indicates effect on deposits and currency) Commercial bank loans Gold inflow Federal Reserve support purchases from nonbank investors of long-term ,v restricted U. S. Government securities Nonbank investor purchases in the market of short- and medium-term U. S. Government securities from commercial banks and Federal Reserve Banks, net Treasury cash surplus used to: Retire U. S. Government securities held by: Federal Reserve Banks Commercial banks Increase in Treasury deposits Other factors, net +4.4 + 1.5 + .8 + .4 + 1.8 + .3 +1.1 + .4 + .7 + .4 +5.9 + 1.5 +2.6 0) + 1.8 -5.7 - .8 -1.8 -5.5 - .9 -1.3 - .4 - .1 2 + .9 -1.1 .9 +2.3 + 1.7 + .2 + .4 + .7 - A + .3 -2.7 .1 .2 .4 -3.9 - .2 -1.4 +1.0 + .5 + .5 -5.3 - + .6 Change in deposits and currency held by individuals and businesses, total - Demand deposits adjusted Time deposits 3 Currency outside banks 1 -1.6 + 1.1 - .4 + 1.2 +1.2 + '.1 -4.9 + .5 - .9 2 Less than 50 million dollars. Decrease in Treasury deposits. Includes changes in deposits at mutual savings banks and in the Postal Savings System. NOTE.—Changes are based on figures for Dec. 31, 1947, and Apr. 7, June 30, Sept. 29, and Dec. 31, 1948. The Apr. 7 date is used rather than Mar. 31 because of the large temporary deposit withdrawals made over that month-end to avoid tax assessment in Illinois. Quarterly figures may not add to total for year because of rounding. 3 468 FEDERAL RESERVE BULLETIN INTERRUPTION OF MONETARY the year as a whole the total loan expansion was 4.4 billion dollars. This growth in credit, while substantial, was nevertheless significantly smaller than the 7 billion dollar increase in 1947. There was a marked slackening in bank loan expansion generally, particularly in the latter part of the year. The slackening in lending activities of banks reflected efforts to restrain bank loan expansion by the monetary authorities, by the bank supervisory agencies, and by the bankers themselves through their State and national organizations. Member bank reserve requirements were raised by the Board of Governors at central reserve city banks in New York and Chicago in February and June, and at all member banks in September under temporary authority granted by the Congress in special session in August 1948. Yields on short-term Government securities were permitted to rise somewhat further to make these issues more attractive both to banks and to nonbank investors. Restraints were maintained on credit for purchasing and carrying listed stocks, and regulation of the terms on consumer instalment credit was reimposed by the Board in September under temporary authority also granted by the Congress in August. Bank lending to businesses was much less active during most of 1948 than in previous postwar years. Over the last quarter of the year, a period when the credit demands of business tend to be seasonally strong, there was little net business loan expansion, as compared with a 2 billion dollar growth in the corresponding period of 1947. Consumers and real estate owners continued to increase sharply the volume of their bank borrowing in 1948, although the expansion over the year as a whole was less than in previous years. Growth in real estate loans at banks tended to diminish as the year MAY 1949 EXPANSION progressed. The large growth in consumer loans, on the other hand, was sustained during the first three quarters of the year and then slackened abruptly following reimposition by the Board of Governors of regulation of instalment credit terms. Agricultural loans at banks rose by more than one billion dollars in 1948. Most of this credit increase occurred in connection with the price support activities of the Government, particularly for wheat, corn, and cotton, which guaranteed through the Commodity Credit Corporation the loans to farmers secured by supported crops. Other agricultural loans showed a moderate increase concentrated in the first half of the year. Loans for purchasing and carrying securities were higher at the end of 1948 than at the beginning, due to a sharp expansion in loans to dealers in United States Government securities late in the year. Loans on other securities were reduced somewhat further in 1948, reflecting in part the continued restraining effect of the Board's policy of maintaining high margin requirements on listed stocks during the postwar inflation. Gold continued to be received throughout 1948. Over the entire year the gold inflow amounted to 1.5 billion dollars and tended to offset the contraction in the money supply by a corresponding amount. The inflow of gold in 1948 was much smaller than in 1947, reflecting the considerable reduction in the export surplus of the United States from the high level of 1947. Foreign countries were able to finance their reduced purchases from the United States largely by increased sales of their goods and by grant and loan funds made available by the United States Government. This subject is discussed more fully in an article on pages 480-93 of this BULLETIN. In the second half of 1948 the inflow of gold 469 INTERRUPTION OF MONETARY EXPANSION was fully compensated by an increase in foreign-held dollar balances. During some periods of 1948 the money supply was substantially increased or decreased through market transactions in Goverment securities by nonbank investors. Throughout much of the year nonbank investors, particularly insurance companies, were selling large amounts of long-term Government securities which the Federal Reserve Banks purchased in support of their market price. Nonbank investors taken as a group, however, also purchased from the banking system short-term Government securities, on which the yields had increased somewhat after mid-1947. For 1948 as a whole, nonbank holders as a group bought almost as large a volume of short-term securities as they sold of long-term issues. These market transactions, therefore, had virtually no net effect for the year as a whole on the total volume of money held by the nonbank public. In the first half of the year, however, they tended to contract the money supply while over the second half they increased it. It should be noted, however, that while nonbank purchases and sales of Government securities, taken together for the full year, almost offset each other in their effect on the total money supply, sales of Government securities were an important source of funds to savings institutions for financing many kinds of private expenditures in 1948. The inflationary impact on the economy of expenditures financed by funds obtained through the sale of long-term securities to the Reserve Banks was not necessarily offset by the use of funds by other nonbank investors to purchase short-term Government securities from banks, since the latter were probably purchased in many cases with temporarily idle funds that might have been held unused in 470 deposit accounts if attractive short-term issues had not been available. From the standpoint of the effect on bank reserves, on the other hand, the expansionary influence of nonbank sales of long-term Government securities to the Federal Reserve was practically offset by the purchases of short-term issues, and over the year as a whole the volume of funds that banks were in a position to lend was almost unaffected by these transactions. MONEY SUPPLY IN FIRST QUARTER 1949 Privately held deposits and currency underwent another substantial contraction in the first quarter of 1949, as has been indicated previously. The decline of 5.1 billion dollars was almost the same as the reduction in the corresponding period of 1948. The factors behind the recent large reduction in the supply of money held by the public differed, however, in certain important respects from those operating in the same period last year. In the first quarter of 1949, as in the same period last year, the Treasury received more cash from income taxes, savings bond sales, and other sources than it paid out for current expenses. The 2.2 billion dollar cash surplus this year, however, was much less than half the 5.5 billion dollar surplus in the first quarter of last year. Treasury receipts were somewhat smaller, reflecting the 1948 reduction in personal income taxes, and Treasury expenditures were substantially greater. Bank credit to private borrowers played a sharply different role in monetary developments in early 1949 from that of a year ago. In the first quarter of 1949 bank loans were reduced one billion dollars, reflecting principally a large decline in the outstanding amount of loans to businesses. The loan decline continued in April. Last year total bank loans expanded over this season of usually slack credit demand. Thus, in FEDERAL RESERVE BULLETIN INTERRUPTION OF MONETARY EXPANSION early 1949, reduction in loans at banks tended to augment the forces contracting the volume of deposits and currency, whereas a year ago a loan expansion offset in part the contractive effect on the money supply of the Treasury cash surplus. Recently the gold inflow has tapered off considerably and over the first quarter less than 100 million dollars of new funds were added to the money stock from this source. In the same period a year ago, the gold inflow was four times as large. MAJOR FACTORS AFFECTING DEPOSITS AND CURRENCY First Quarter, 1949 and 1948 [In billions of dollars, partly estimated] First quarter Factor 1949 1948 (Signs indicate effect on deposits and currency) -1.0 + .4 + .7 Purchases ( + ) or sales (—) of Government securities by commercial banks and Federal Reserve Banks from or to nonbank investors: Short- and medium-term securities, net Long-term restricted securities, net. . -l!l -2.7 + 1.8 Treasury cash surplus used to: Retire U. S. Government securities held by: Federal Reserve Banks Commercial banks Increase Treasury deposits Other factors, net -1 - -3.9 - .2 -1.4 Gold inflow Commercial bank loans + .1 .1 .3 .8 .6 from the banking system. These purchases totaled about 1.4 billion dollars in 1949 which was considerably larger than in the same period of 1948. The circumstances, moreover, were significantly different in the two years. Last year, as pointed out earlier, nonbank investors, particularly institutional investors such as insurance companies, sold large amounts of long-term Government securities which the Reserve Banks bought in support of their market price. Many corporations, associations, and other nonbank investors, however, used idle funds to buy short-term Government securities on which the interest return had increased somewhat since mid1947. On balance in the first quarter of 1948, purchases of short-term Government securities by nonbank investors taken as a group exceeded sales by this group of long-term issues, and privately held deposits tended to be reduced correspondingly. In the first quarter of 1949, on the other hand, nonbank investors as a group increased considerably their holdings of long-term Treasury bonds, acquiring securities sold by the Reserve Banks, and also purchased a small amount of short-term Government securities. DEPOSIT OWNERSHIP Nearly all major categories of deposit holders shared in the decline in demand deposits -5.1 -5.3 in 1948. This is shown by the Federal ReDemand deposits, adjusted -4.9 -4.6 Time deposits + .5 + .4 Currency outside banks - .9 - .9 serve survey of ownership of demand deposits as of January 31, 1949, discussed in an article Includes changes in deposits at mutual savings banks and in the Postal Savings System. on pages 499-503 of this BULLETIN. Personal NOTE.—Changes are based on figures for Dec. 31, 1947, Apr. 7, deposits, including deposits of farmers, were 1948, Dec. 31, 1948, and Apr. 6, 1949. Figures for the first Wednesday in April are used because of the large temporary deposit withdrawals made over the end of March to avoid tax assessment reduced considerably, as is shown in the in Illinois. Figures for 1949 are preliminary. chart on the next page. Declines also ocIn the first quarter of both 1949 and 1948, curred in the deposit accounts of manufacnonbank investors as a group drew down turing and mining companies, of public utilitheir deposit and currency holdings to pur- ties, and of financial businesses. Although chase in the market Government securities the deposit decreases were marked, particu- Change in deposits and currency held by individuals and businesses, total l 1 MAY 1949 471 INTERRUPTION OF MONETARY larly by their generalness throughout the economic sectors, there were some special tendencies that developed. In the business categories, decreases in deposits tended to be more rapid for unincorporated firms than OWNERSHIP OF DEMAND DEPOSITS EXPANSION particularly large due to soaring prices of grains and livestock. Throughout both the war and the immediate postwar period, deposits showed the smallest rate of increase in the Northeastern States. PERCENTAGE BILLC>NS OF DOLL A • I§ 35 CHANGE MEMBER IN PRIVATELY BY FEDERAL RESERVE PERSON 30 Federal Reserve district y / 25 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco J / 20 MANU FACTURIN 8 ANC> MINING 15 >'/ irRADE > , ^ All districts 10 Fl NANCIAL BUSINESS. HELD BANKS IN SELECTED DEPOSITS AT PERIODS DISTRICTS 1947 to 1948 1945 to 1947 -2.4 -2.4 -0.4 -1.2 -2.1 -0.2 +0.6 -0.3 +0.9 +3.4 -1.3 + 11.0 + 12.3 + 13.3 + 17.4 + 13.7 + 14.1 + 19.3 + 18.5 +26.3 +20.7 +22.8 + 11.3 + 99.4 + 84.2 + 90.6 + 124.9 + 184.8 +236.2 + 152.8 + 163.0 + 157.9 + 199.2 +239.5 +215.6 -0.9 + 15.2 + 135.7 +0.7 1939 to 1945 NOTE.—Based on total of time deposits and demand deposits, adjusted to exclude U. S. Government deposits, interbank deposits, and items in process of collection, for end of year. 5 In 1948 declines in privately held deposits at member banks tended to occur primarily Estimates, based on Federal Reserve surveys of deposit in the East and West Coasts areas, as is shown ownership. Latest figures shown are for Jan. 31, 1949. in the table. In the interior sections member for corporations. Among individual holders bank deposits showed only very small deof deposits, reductions were sharper in de- clines or actually increased somewhat furposits of farmers than in other personal ac- ther, as for example in the Dallas Federal counts. Reserve District. Among classes of banks most of the deposit decline was at banks in REGIONAL CHANGES IN DEPOSITS New York City. Country banks, however, Growth in deposits during the war and the also showed a small reduction in deposits early postwar period was general in all while at reserve city banks deposits rose regions of the country. During the war, somewhat. however, the increase was more rapid in the OUTLOOK West and South than in other parts of the country. This reflected the concentration of In the early part of April the total of military camps and depots in these areas and privately held deposits and currency was a relatively greater expansion in their indus- somewhat below the volume on the corretrial facilities as well as a very large increase sponding date in 1948. Changes during the in the prices of farm products. In 1946 and remainder of 1949 in privately held deposits 1947 deposit growth tended to be more rapid and currency will reflect, of course, many in the Central States where incomes were factors. Among these are gold flows, bank 0 1942 1943 1944 472 1945 1946 1947 1948 1949 FEDERAL RESERVE BULLETIN INTERRUPTION OF MONETARY EXPANSION credit demand, and the Treasury's cash transactions including new Treasury financing in the market, should this be needed, or debt retirement. If gold movements continue in 1949 at the reduced rate prevailing in the first four months of the year, the money supply will be little affected on this account. Over the last three quarters of the year the Treasury's cash expenditures will probably exceed its receipts. Total deposit balances held by the Treasury, which were 4.4 billion dollars at the beginning of April, have already been reduced and they are likely to be drawn down further, increasing the deposits held by businesses and individuals. If a Treasury cash deficit should develop of a size that MAY 1949 would require new financing from banks in 1949, the privately held money supply would tend to be increased accordingly. A further decline in the money supply during the remainder of 1949 could probably occur only in case of a large reduction in bank loans to businesses, real estate owners, and consumers. If the money supply should show some net increase for 1949, this development would not necessarily signal a resumption of inflationary conditions. With some general easing in the supply-demand relationships in the economy as a whole, and particularly in the credit situation, the effects of an increase in the money supply would be offset in part at least by a decline in the rate of its use. 473 STATEMENT OF CHAIRMAN THOMAS B. McGABE OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE SENATE BANKING AND CURRENCY COMMITTEE, MAY 11, 1949 Mr. Chairman and Members of the Committee: I deeply appreciate the opportunity to appear before you today on behalf of the Board of Governors of the Federal Reserve System. We share a great responsibility. You as the representatives of the people have laid down the broad monetary and banking policies of the nation. We as your instrumentality are charged with the administration of these policies in such a way as to contribute to the maintenance of a high level of employment, stable values, and a rising standard of living. That is the goal set by the Employment Act of 1946. It is the basic guide for Federal Reserve System policy. We are emerging from eight years of mounting inflationary pressures. During these eight years the public's total holdings of liquid assets nearly quadrupled. The physical volume of production, as nearly as it can be measured, expanded by only about half again as much as the prewar maximum. It was this great disparity between demand and supply which drove consumers' prices up to 75 per cent above prewar. When I testified before the Joint Committee on the Economic Report in midFebruary I said, "Some easing of inflationary pressures has been indicated recently by marked declines in prices of various commodities, principally those that have risen most sharply," and I called attention to the fact that "over-all consumers' incomes and holdings of liquid assets, nevertheless, have continued at high levels and are fairly widely distributed." That is still the case today. Last August when inflationary pressures were still mounting, you granted us certain supplementary powers to help cope with the situation. After Congress acted at the special session, the Board of Governors put to use the authorities which it had received. Regulation W was reissued establishing down payments and terms on consumer instalment credit more lenient than those that prevailed when the power lapsed the preceding November, but sufficient to exercise a 474 wholesome restraint on the rapid growth of this volatile credit. At the same time, the Board increased reserve requirements of all member banks by two per cent on demand deposits and by V/z per cent on time deposits. Later in the year the economic situation turned. In the interim, however, the Treasury and Federal Reserve System underwent one more severe test of their resolve to maintain stability in the market for Government securities. From September 1 to November 1 bonds in the amount of 3% billion dollars were purchased to carry out this policy of stability. In retrospect, I am certain that our action in support of the Government securities market was the right one. That program was a gigantic operation. In the two years 1947 and 1948, the System's total transactions in Government securities amounted to almost 80 billion dollars. Despite this huge volume of activity, the net change in our total portfolio was relatively small. I am convinced that we could not have abandoned our support position during this period without damaging repercussions on our entire financial mechanism as well as seriously adverse effects on the economy generally. Since the peak of inflation in November, there has been a significant readjustment in the economic situation. You are familiar with the general features of this readjustment, but I should like to review them briefly. With the passing of the inflationary crest we acted promptly to relax credit restraints. Four major steps were taken: 1. On March 2, the Board announced a relaxation of the consumer instalment credit regulation. 2. On March 28, the Board reduced margin requirements from 75 to 50 per cent. 3. On April 22, the Board further relaxed Regulation W, making the maximum maturity 24 instead of 21 months across the board, reducing the down payments on all articles of furniture, appliances, etc., covered by the regulation from 15 FEDERAL RESERVE BULLETIN STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE to 10 per cent, while retaining the one-third down payment on automobiles. All articles costing less than $100 were exempted. Previous exemptions had applied to articles costing less than $50. 4. On April 28, the Board reduced reserve requirements for all member banks, the efifect being to release approximately 1*4 billion dollars of required reserves. It has been of great help to us to have the benefit of close cooperation with this Committee, and with the Banking and Currency Committee of the House. Before coming to decisions on all matters of policy, the Reserve Board has the inestimable advantage of being able to communicate with and obtain factual information, as well as opinions, from the twelve Federal Reserve Banks and their twenty-four branches throughout the country, on whose boards are more than 250 directors, drawn not only from banking but from the widely diversified industrial, commercial, agricultural, and professional pursuits of the nation. The directors, the officers, and staffs of the Reserve Banks and the Board, the Federal Advisory Council, and the member banks comprise the Reserve System which, as I have often said, is like a vast pyramid, whose breadth and strength is in its base. The Board has constantly available current information, drawn from this great System to supplement the vast mass of factual and statistical data gathered through other governmental sources. Moreover, the System sponsors special studies as occasion demands. In addition, we are always at pains to consult with representative businessmen, the small as well as the larger ones, with trade associations and, in fact, with all who are affected by System operations. We try to weigh carefully their views and to distinguish broad national considerations from those reflecting narrower interests. I mention these myriad sources of information to emphasize that we do not function in a vacuum. We do not wish to exaggerate the role which monetary and credit policy has played in the period from which we are now emerging. It is fair to say, however, that in the last year of upsurge especially, it exerted some restraining influence. We think we may fairly say that we used the powers which Congress entrusted to us flexibly, and that we have made an earnest effort to take into account every relevant fact and circumstance, including MAY 1949 the hardships or inconveniences imposed on those subject to regulations and requirements. We can all take satisfaction from the fact that the many banks of the country are on a more secure foundation now than ever before in our history. The bankers themselves, as a result of their voluntary efforts to restrict loans in the face of strong inflationary pressures, deserve a great deal of the credit for this condition. At the same time, we must recognize that our existing banking strength is in part the product of national economic and financial developments since the mid-thirties. Today our commercial banks, with about 50 per cent of their total loans and investments in Government securities largely acquired as a result of war finance, enjoy an exceptional unprecedented liquidity. Their capital accounts, while not yet at a desired level in relation to deposit growth since prewar years, are over 50 per cent greater than before the war, representing in large part a steady plowing back of earnings. Not only do our many unit banks possess unusual strength, but the Federal Reserve System, as a result of the Banking Act of 1935, is in far better position than ever before to assist member banks, and through them all banks. Its greater experience enhances its ability to meet the credit needs of a time when surpluses rather than scarcities prevail and private enterprise requires encouragements rather than restraints. In his Economic Report to the Congress last January the President pointed out that the monetary authorities should at all times be in a position to carry out their traditional function of exerting effective restraint upon excessive credit expansion in an inflationary period and conversely of easing credit conditions in a time of deflationary pressures. He asked that Congress provide continuing authority to the Board to require banks to hold supplemental reserves up to the limit we had requested in August, 10 per cent against demand deposits and 4 per cent against time deposits. He stated that this authority should not be confined to member banks, but should be applicable to all insured banks. The President asked that the authority for the regulation of consumer instalment credit be continued in order to exert a stabilizing influence on the economy. The President made these requests after a most careful and exhaustive survey of the situation with the Board and the requests had the unanimous approval of the Board. 475 STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE That report was prepared and submitted nearly four months ago, four months in which inflationary pressures have abruptly abated and the economic situation generally has changed in many respects. In view of these developments I come here today with somewhat changed recommendations. We now feel that we will have adequate powers for the period immediately ahead if the Congress will extend the two temporarily granted authorities voted by the special session last August and make the authority to increase reserve requirements applicable to all insured commercial banks. Elbow room is essential to an institution such as the Federal Reserve System performing central banking functions. Congress has made the System responsible tor the maintenance of sound credit conditions in this country in the interest of highlevel economic stability. To carry out that responsibility we must always be in a position to operate flexibly, counteracting trends as they set in, either toward inflation or deflation. We must take into account how much latitude exists to move in either direction from the position that seems correct for the near future. Viewed in this perspective, the present powers of the Federal Reserve System are ample for our needs during a downward trend. Our powers in the other direction, however, are limited. So long as we have the huge Federal debt to support we cannot count on use either of the discount rate or operations in the open market to exert the same degree of influence that they did before the war. To an extent hitherto not contemplated, we are forced to place greater reliance on reserve requirements as a defense against inflationary trends. We are at the moment, however, very close to the limits of that power. We come before you, therefore, to ask you to maintain what we regard as the minimum operating leeway that is needed in view of our responsibilities. We do not plan to use those powers now. In fact, reserve requirements may be further reduced if present trends continue. But we do want the powers in case an emergency situation should arise. The basic concept underlying the Federal Reserve System is that it should have at all times residual power to deal flexibly with changing situations, not that it should come to Congress whenever an emergency exists. Looking backward at the situation, I feel it would have been better for the economy if we had been in a position earlier 476 to restrain consumer instalment credit expansion and to increase reserve requirements. You understand, I am sure, that the ability of the Federal Reserve System to influence credit developments is always subject to limitations, even when our residual authorities give us much greater elbow room than we have at present. In large part these limitations arise out of the complex organization of finance in a highly developed country such as ours. In part they reflect the many different types of financial activities that are carried on within the Government itself. As members of this Committee realize, the existence of our huge public debt and the need to assure orderly conditions in the Government bond market have greatly complicated the problems faced by the System in adapting policies to adjust the supply of money and credit to the needs of a stable, highemployment economy. At the present time our commercial banks hold about 60 billion dollars of marketable Government debt securities. Nonbank public investors hold an additional 70 billion. Whenever any security which is a part of this 130 billion is bought by the Federal Reserve there is an increase in bank reserves, and the reserve so created then becomes the potential basis of a multiple credit expansion. Of course, the Federal Reserve is not always involved. There may be a balance of buyers and sellers in the market and orderly conditions may exist without Federal Reserve participation. But if there are more sellers than buyers at any time, the Federal Reserve must enter the market. It thereby makes reserves available to the banking system regardless of whether such reserves are needed for the stability of the economy. If the money supply (deposits plus currency) is already ample in relation to the goods and services for which it can be exchanged, the further increase through bank credit expansion on the basis of the new bank reserves serves mainly to exert inflationary pressures. The initiative in all such operations rests with the market and not with the Federal Reserve. Thus the System cannot always control the availability of bank reserves. It should accordingly be equipped to vary the required amount of reserves so as to neutralize the indirect effects of its Government security transactions. I come now to our most controversial request. The nature of the problem compels us to plead that the authority in respect to supplemental reFEDERAL RESERVE BULLETIN STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE serves be made applicable to all insured commercial banks, rather than only to members of the Federal Reserve System. Failure to include all such banks will seriously impair the effectiveness of national monetary policy in a critical period. It will work to the detriment of our whole banking structure at a time when the situation calls for consistency and uniformity in national monetary policy. No category of commercial banking should be exempt to that call. We are not suggesting that the nonmember insured commercial banks carry the same reserves as the member banks. In normal periods they would be unaffected by this legislation. We are proposing only that to the extent supplemental or increased reserves may be required under the provisions of this act the percentage amounts would be the same for both member and nonmember insured commercial banks. Under our proposal this would mean at the very maximum an increase over existing State requirements of no more than 4 per cent on demand deposits and IV2 per cent on time deposits. With a huge public debt it would be wholly unrealistic to have no means of steadying or supporting the market. We have that means in the Federal Open Market Committee. Without it no one could be sure of a ready market or of the rates that might prevail. The vital point to bear in mind is that this function and operation is a protection for all banks of the country—not merely member banks. All commercial banks have in their portfolios relatively large amounts of Government securities. Every bank, member or nonmember, can have confidence in its ability to find a market if necessary for those securities without exposure to the risks that would prevail if there were no residual purchaser. It should be emphasized as strongly as possible that nonmember banks have benefited and profited from all of these operations and actions, yet they have not had to bear their proportionate share of the burden. That is why we say it is only fair and equitable to ask all insured banks to shoulder their proportionate share of a load which is imposed for the benefit of the entire banking community and for the country. As I have sometimes put it, to be a member in the Federal Reserve System is like being a contributing member to a local volunteer fire company. So long as enough neighbors contribute, the protection will be adequate. In case of a conflagration, MAY 1949 however, noncontributors also receive help. This is inequitable, but it is humane and necessary to prevent spreading of the danger to the whole community. Nevertheless in the existence and majority support of the institution there is great security for all. We are not asking that nonmember insured commercial banks be required to become members or to become subject to all of the other requirements and obligations which member banks have to meet. Membership of State banks in the Federal Reserve System is voluntary and our membership will be endangered if the competitive relationship is too glaring. We are aware, as you are, that there is strong opposition to the proposal to include nonmember insured banks under the supplemental reserve authority. It will be said that it is simply the attempt of another Government agency to grasp for more power; that it trespasses upon States' rights; and that it is a step toward ultimate destruction of the dual banking system. I can only assure you that the Board does not seek power for the sake of power; in fact, we would prefer, as a matter of personal choice and convenience, to have less formidable responsibilities. At best, the administration of regulatory powers is a headache. Certainly we would be remiss if we failed to explain to the best of our ability the situation as we see it and the way in which we feel the responsibilities entailed can best be met. I do not feel there is a relevant objection on the score of States' rights. Insured banks are all under the aegis of Federal legislation and for many years member and nonmember banks alike have been subject to Federal law providing for stock market margin requirements. The dual banking system, which I have long upheld and will continue to support vigorously, is not jeopardized by this proposal. It is specifically drawn to leave with the State bank supervisory officials full discretion and authority to apply and enforce. It seems to me the test must be national needs and not groundless fears that State chartering and supervision arc theatened. Clearly they are not. Moreover, we contend that what we propose will fortify and strengthen the dual banking system by arming all banking in this country against a danger that would undermine private banking. A few States have cooperated to the fullest extent 477 STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE possible under their laws to parallel or approach the reserve requirements of the System. It would be desirable, of course, if there were greater uniformity and effectiveness under State reserve requirements, combined with a disposition by all State authorities to pursue policies of parallel action. We cannot safely hope, however, for separate and parallel action by most of the States. In addition to authority with respect to bank reserves, we request you to continue authority to regulate consumer instalment credit. As you know, this type of credit is associated particularly with the sale of what are known as consumer durable goods, including automobiles, refrigerators, radio and television sets, washing machines, furniture, and similar articles which have become so much a part of our American standard of living that very large sections of our economy depend on their production and sale. Because the prospective buyer of these articles can exercise so much latitude in both the selection and time of his purchase, sales are subject to wide fluctuation. The credit related directly or indirectly to their ownership is consequently extremely volatile. The development of consumer instalment financing has come largely during the period since World War I. By the mid-twenties, consumer instalment credit outstandings probably did not exceed a billion and a quarter dollars. Today the figure is nearly 8.5 billion. Since the mid-twenties fluctuations in credit volume have been wide, swelling consumer spending power in expansion periods and reducing it during contractions. Because instalment credit has become so important a factor in the main distribution of durable goods, its wide swings have contributed to instability in the production and marketing of these goods. We are fully cognizant of the usefulness of these credits to the durable goods industries, to consumers, and to the entire economy, and we earnestly desire to see this usefulness continued and extended. We are naturally apprehensive, however, lest this credit grow too fast under the pressure of unsound credit practices and terms and thus at some point contribute to serious instability of markets and purchasing power. We believe that a further period of trial under more normal conditions for the regulation of this credit can well serve the public interest. Appropriate regulation of instalment credit can be especially helpful during times when more pur- 478 chasing power serves only to bid up prices. In periods when production and demand approach a balance, such regulation can be relaxed considerably. This the Board has done twice recently in respect to its present authority, and the Board will have no hesitancy in suspending any part or all of the regulation should conditions make such action desirable. The important thing is that the power be at hand to exercise restraint when necessary to maintain sound credit conditions. Regulation W is of course not in itself the answer to the problem of instability which our high standard of living presents. The problem is far more fundamental. But we are convinced that proper regulation of this volatile type of credit, in conjunction with other credit restraints, constitutes a substantial contribution to stability. In summary, then, we are suggesting extension of the authorities which you delegated to us last summer but with the application of the reserve requirement authority equally to the nonmember insured banks as well as to the member banks. We are suggesting the extension of these authorities in the hope that the Congress will in the meantime survey the entire framework and functioning of our financial system and of the role of banking and Government therein. It is evident from the resolutions which members of this Committee have sponsored to create a National Monetary Commission that you are well aware of the need for a thorough and painstaking study of this whole complicated and difficult subject. We hope that you will press ahead to authorize such a review and reappraisal in all its ramifications of the function of the entire banking system and its role in contributing to national economic stability through the financing of individuals, business enterprise,, and Government. We in the Federal Reserve System are naturally concerned over the areas of controversy that surround the System's functioning and responsibilities as a central banking, monetary, regulatory, and supervisory authority. We trust that Congress will review its delegation of authority and responsibility to the System to be sure that they are commensurate with each other and with the objectives established by Congress. Such a review would include consideration: (1) of the System's openmarket powers and their relation to Federal financing and the administration of the public debt; (2) of the use of selective credit controls such as FEDERAL RESERVE BULLETIN STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE those over security loans and consumer instalment loans and of the proper sphere for the application of such types of control; (3) of the distribution of regulatory and supervisory power among the various Government agencies; (4) of the need for some mechanism of policy coordination on the domestic financial front as we have available through the N.A.C. on the international financial front; (5) of the objectives of central banking and supervisory policies; and (6) of the relation of the Federal Reserve System as a central banking organization to the banks of the nation, both member and nonmember. In any such review the role and function of reserves will inevitably receive prominent consideration. As you know, the System has been conducting extensive studies of this subject and believes that a more scientific formula for establishing reserves can be determined by the Congress. I feel confident that solutions to these problems can be found without impairment of our long established institutions, or encroachment upon either State or national prerogatives. Indeed, it is imperative to find solutions that avoid, on the one hand, extremes of centralization which would threaten the dual banking system, or, on the other hand, jeopardize the effectiveness of national policy by disunity, discrimination, and divided counsels. I hope the Committee will include in its review of our financial system an inquiry into the adequacy of our supply of equity capital. I do not need to remind members of this Committee of the fundamental, vital importance of this subject. This nation grew great and strong on the enterprise of its citizens. It used to be possible for a man with a good idea to get capital together, start a business, and market that idea. It is still possible, but it is MAY 1949 becoming much more difficult to do so, and I tell you, as a businessman, that when our alert and up and coming young men of ideas are unable to get the venture capital to start and grow, then the American way of life is on its way out. In conclusion, I would like to give the Committee my ideas on the present business situation. Naturally I am optimistic about the future of American business, and although many of my business friends are pessimistic about the present situation, I feel strongly that we are in a healthy readjustment period. There must of necessity have been a transition from inflationary prices to more normal ones and a transition from the concept of mass production to one of merchandised production. I feel strongly that we have let our merchandising skills get rusty in the past eight years. The pressure was on production. First we were engaged in all-out production of the materials and machines of war. Then came these past three lush years when pent-up demand beat on the doors of our factories for almost every type of consumer article. There was no need to exercise merchandising skills. The more urgent deferred demands of consumers have now been satisfied and most goods are in plentiful supply. When sales are a little disappointing, as compared to the abnormal years, there seems to be an inclination to look for excuses rather than get down to fundamentals of product price and quality, and consumer services. It is primarily by that constant improvement in quality, accompanied by lower prices, that our competitive system has functioned so phenomenally in improving the American standard of living. I, for one, am glad to see the return of the competitive conditions which are so vital a factor in our enterprise system. 479 MOVEMENT TOWARD BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES by LEWIS N . DEMBITZ AND ALBERT O. Since 1947 the export surplus of the United States has been sharply reduced, after having reached in that year the highest peacetime level in history. The reduction reflected significant progress toward greater international balance. Although there are still large areas of economic activity in which major adjustments are needed, the developments of 1948 appear to have provided a real start toward the restoration of healthier economic relationships, both within the principal countries and in international trade and finance. The reduction in the export surplus of the United States occurred despite the inauguration of the European Recovery Program. It was due to a substantial decline in exports combined with a notable rise in imports. These changes exerted an antiinflationary influence on the United States economy which during the greater part of the year was still subjected to strong expansionary pressure. To some extent the reduction of the export surplus can be viewed as one of the factors contributing to recent readjustments in the United States. Notwithstanding the reduction, however, the export surplus during 1948 and the first quarter of 1949 was still very large in relation to prewar levels. In the financing of the export surplus, the greatest change from 1947 to 1948 was a large decline in the portion that was financed by liquidation of foreign gold and dollar assets, as is shown by the accompanying chart. This liquidation had been so large in 1947 as to make very serious inroads on many countries' needed reserves. In 1948 a larger proportion of this country's export surplus was paid for by United States Government disbursements which were in turn covered by taxation, as opposed to other means of financing which result in monetary expansion. This change in the financing of the export surplus added to such stabilizing effects as were exerted by its absolute decline. 1 Mr. Dembitz and Mr. Hirschman are members of the Board's Division of Research and Statistics. In preparing this article, they incorporated a great deal of factual material and analysis prepared by other members of the Division's staff working on international financial and economic problems. 480 HIRSCHMAN X Trade and exchange restrictions introduced or reinforced in many countries as a result of the depletion in their gold and dollar resources during 1947, together with some reduction in United States aid, were responsible in part for the decline in the United States export surplus. In a more fundaMEANS OF FINANCING UNITED STATES EXPORTS OF GOODS AND SERVICES SEM1ANNUALLY IILL10NS OF DOLLARS 12 1946 1947 1948 t Includes dollars drawn from the International Monetary Fund, disbursements on International Bank loans, private United States donations and investments abroad, liquidation of other foreign assets in the United States, and errors and omissions. SOURCE.—Based largely upon Department of Commerce data. mental sense, however, the progress toward international balance was attributable to increased industrial and agricultural production in many foreign countries. In large measure, the volume of United States exports and the export surplus have reflected this country's contribution to postwar reconstruction. As reconstruction proceeded, it was to be expected that the abnormal dependence of foreign countries on United States production and financial FEDERAL RESERVE BULLETIN BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES assistance would diminish, and that the United States would be able to obtain an increasing amount of goods and services from abroad. However, with prewar levels of output being attained or surpassed in many foreign countries, further progress toward international equilibrium may well slow down somewhat. Of great importance for balanceof-payments developments is a general weakening of inflationary pressures. While the readjustment now in course in the United States may interfere with further expansion of United States imports, a downward adjustment in the United States price level would also result in dollar savings to foreign countries. Moreover, the simultaneous progress of foreign countries toward greater financial stability tends to have favorable effects on their balances of payments. UNITED STATES EXPORTS AND IMPORTS United States exports of goods and services in 1948 exceeded imports by 6.3 billion dollars, and the export surplus during the first quarter of 1949 continued at around the same annual rate. This rate reflected a sharp reduction from the extremely high figure of 11.3 billion in 1947. Exports of goods and receipts for services rendered to foreigners, amounting in 1948 to 16.8 billion dollars, showed a decline of 2.9 billion from the preceding year. Imports, including payments to foreigners for services, at 10.5 billion dollars, were 2.0 billion higher than in 1947, as is shown in the table. Of the total reduction of 5.0 billion dollars in the export surplus between 1947 and 1948, merchandise trade accounted for 4.3 billion. The FOREIGN TRADE OF THE U N I T E D STATES AND MEANS OF FINANCING X [In billions of dollars] Item 1947 1948 1946 Net purchases of goods and services from United States by foreign countries: United States exports: Goods Services Total United States imports: Goods Services 16.1 3.7 13.4 3.4 11.9 3.1 15. 16.8 7.7 2.8 Total 8.5 6.3 7.2 11.3 10.5 Net purchases from United States by foreign countries 5.2 2.0 6.1 2.4 7.8 Sources of funds utilized to finance net purchases by foreigners: United States Government (net): Credits Donations 5.7 Total. United States—private (net): Foreign investment (long- and short-term).... Donations 1.5 Total. Total sources of financing. Errors and omissions 0.3 0.6 1.3 0.3 0.5 0.2 0.2 Total... Foreign countries' own capital assets (net): Sales of gold to United States Reduction of banking funds in United States. Liquidation of other assets in United States. . 0.7 0.6 0.9 0.6 Total. International institutions (net): Dollars disbursed by International Bank Dollars drawn from International Monetary F u n d . . . . 2.8 2.3 3.9 1.8 0.9 3.8 0.8 0.4 0.7 0.9 0.4 2.8 1.2 0.5 1.5 2-1.0 0.3 0.9 4.5 2.0 7.5 -1.1 12.3 -1.0 8.0 -0.2 1 This table is derived largely from U. S. balance-of-payments data compiled by the Department of Commerce. Gold and dollar transactions between the United States and the International Monetary Fund and the International Bank are omitted while gold and dollar financing provided by the Fund and the Bank are included. ECA disbursements that are ultimately to be placed on a loan basis are treated as credits. Details may not add to totals because of rounding. 2 Increase. MAY 1949 481 BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES remaining 0.7 billion dollars of reduction was almost entirely accounted for by transportation services, which yielded 0.4 billion dollars in 1948 as against about 1 billion in 1947. This reduction was due largely to a recovery in the share of traffic carried by foreign ships, although transportation transactions continued to show a net balance payable to this country in contrast with negative balances before the war. Increases in net tourist expenditures and in United States Government disbursements for services abroad were offset in part by a net increase in the income received by this country on foreign investments. Merchandise trade. Total goods exports in 1948 amounted to 13.4 billion dollars, a decline of 2.7 billion, or 17 per cent, from 1947. Since this decline occurred despite a rise in unit value of about 5 per cent, exports decreased more sharply in volume than in dollar amount. Total goods imports reached an all-time high of 7.7 billion dollars, an increase of 1.6 billion, or 28 per cent, from the 1947 level. The net result was a 45 per cent drop in the merchandise export surplus to 5.7 billion dollars in 1948. The record imports resulted from both higher unit value and heavier volume. On the export side, expanded foreign production and greater availability of goods from nondollar sources, along with the general dollar stringency, contributed to the sharp reduction. On the import side, there were the greater availability of world supplies, the concerted efforts of several countries to obtain dollars by selling products to the United States, and the continued high level of production and income in the United States. Despite their expansion, United States imports still were substantially below the level that would be required to restore the prewar relation between United States imports and gross national product. Exports. The 1948 decline in exports of United States merchandise, as recorded by the Bureau of the Census, was shared by all major commodity categories. Shipments of crude materials and crude foodstuffs, however, with a decline of only 7 per cent, were relatively well maintained in comparison with exports of manufactured goods, which declined by more than 20 per cent. Changes for the several commodity groups are given in the accompanying table. Of the 1.6 billion dollar drop in exports of finished manufactures between 1947 and 1948, almost half 482 DISTRIBUTION OF U N I T E D STATES MERCHANDISE TRADE B Y COMMODITY CLASSES X [In millions of dollars] Exports Commodity classes 1948 1947 Crude materials. . . 1,490 1,602 Crude foodstuffs.. . 1,268 1,350 Manufactured foodstuffs 1,319 1,756 Semimanufactures. 1,368 1,785 Finished manufactures 7,054 8,672 12,498 15,163 Total Imports Percentage 1948 change 1947 Percentage change - 7 - 6 2,109 1,743 1,271 1,017 +21 +25 -25 -23 731 656 1,632 1,245 + 11 +31 -19 1,296 983 +32 -18 7,038 5,643 +25 1 Data cover only "recorded" exports of U. S. merchandise and imports for consumption. The unrecorded exports consisted mainly of certain U. S. Government transactions. was accounted for by reduced transfers of merchant vessels and cotton manufactures. The former is explained by the fact that the program to sell warbuilt ships abroad was almost completed in 1947. The decline in exports of cotton manufactures from the high 1947 level is attributable mainly to greater production in consuming countries and to accelerated export drives by nondollar countries. The decline in exports of manufactured foodstuffs was for the most part a continuation of a trend begun in 1947. It included a substantial reduction in exports of wheat flour, however, which had been at a high level in 1947. Several important changes occurred within the crude materials group. The very large reduction in the movement of coal to Europe reflected improved supply conditions there. Exports of raw cotton, the largest item in this group, expanded considerably during 1948 while tobacco shipments declined by 20 per cent. Among crude foodstuffs, a large increase in the value of wheat exports was sufficient to offset a sharp decline in the value of corn shipments. Imports. The substantial expansion in United States imports of merchandise in 1948 was shared generally among the major commodity groups. The group of manufactured foodstuffs showed the smallest increase, because of the reduction in imports of cane sugar that followed the reintroduction of quotas in accordance with the Sugar Act of 1948. Of the substantial increase in the crude materials group, petroleum and raw wool imports accounted for nearly two-thirds. Imports of numerous other FEDERAL RESERVE BULLETIN BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES crude materials, including undressed furs, hides, and skins, were also larger than in 1947. In the group of semimanufactured products, increases were reported for tin, petroleum products, copper, and wood products. Increases in imports of newsprint, agricultural machinery, and vehicles accounted for about half the expansion in finished manufactured products. FINANCING THE EXPORT SURPLUS The large decline from 1947 to 1948 in net purchases from the United States by foreign countries was accompanied by greatly reduced liquidation of foreign gold and dollar balances. Foreign sales of gold in 1948 were largely compensated for by new gold production and accumulation of dollar balances with the result that total foreign gold and dollar balances showed little change for the year after having declined by 4.2 billion dollars in 1947. The amount financed by United States Government aid accounted for the bulk of the export surplus in 1948. At the same time, the amount of Government loans and grants declined somewhat from the 1947 level, notwithstanding inauguration of the European Recovery Program. The remainder of the export surplus was financed by private investments and donations, and by dollars supplied by the International Monetary Fund and the International Bank for Reconstruction and Development. United States Government financing. Net United States Government assistance to foreign countries in the form of both loans and grants, amounting to 4.7 billion dollars, was about 1 billion dollars less than in 1947. However, the assistance thus provided represented an increased proportion of the sharply reduced export surplus. The accompanying table shows disbursements under Government loans and grants in 1947 and 1948. Largely because of the European Recovery Program, net Government assistance in the form of outright gifts to foreign countries, as distinguished from loans, increased from 1.8 billion dollars in 1947 to 3.8 billion in 1948. Larger expenditures by the Army for imports into Germany and the expansion of assistance programs for Greece, Turkey, and China in 1948 also played a part in this increase. On the other hand, utilizations of loans {net of repayments), which had amounted to 3.9 MAY 1949 billion in 1947, were about 0.9 billion dollars in 1948. The European Recovery Program was the outstanding development in United States Government aid during 1948. Through the provision of "assistance to those countries of Europe which participate in a joint recovery program based upon self-help and mutual cooperation," the Program aimed at "the establishment of sound economic conditions, stable international economic relationships, and the achievement by the countries of Europe of a healthy economy independent of extraordinary outside assistance." For this purpose, Congress appropriated 4 billion dollars for the peU N I T E D STATES GOVERNMENT FINANCIAL A I D TO FOREIGN COUNTRIES1 [Disbursements, in millions of dollars] Form of financing 1948 1947 U. S. G o v e r n m e n t loans: Export-Import Bank (net) ECA loans 2 Surplus property and ship-sale credits British loan Other Receipts (other than Export-Import Bank). . . 232 486 249 300 21 -115 274 2,850 82 -102 Total long-term (net) Short-term (net) 1,173 -260 3,828 73 913 3,901 84 556 1,381 171 788 12 1,263 349 127 90 -10 -189 980 74 96 17 -206 51 Total loans (net) 724 U. S. G o v e r n m e n t grants: UNRRA and Post-UNRRA aid Interim aid European Recovery Program 2 Aid to China Government and relief in occupied areas (Department of the Army) Aid to Greece and Turkey Philippine war damage payments, etc International Refugee Organization Lend-lease settlements Other Total grants (net) 3,822 1,812 Total loans and grants (net) 4,735 5,713 1 Largely derived from U. S. balance-of-payments data compiled by2 the U. S. Department of Commerce. Of total aid rendered to foreign countries under the European Recovery Program in 1948, 486 million dollars is ultimately to be placed on a loan basis. This amount is included here under long-term loans. riod from April 1948 to June 1949 with an authorization for an additional 1 billion dollars to be disbursed by the Export-Import Bank as loans. In addition, most of the 577 million dollars authorized by Congress toward the end of 1947 for the interim aid program was expended in 1948. Expenditures under the ERP in 1948, on both a grant and a loan basis, amounted to about 1.9 483 BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES billion dollars or almost 40 per cent of total United States Government assistance. However, the expenditures did not in their entirety represent shipments from the United States. Almost half of the funds were spent in countries other than the United States, such as Canada and certain Latin American countries. The dollars accruing to these countries became available for purchases from the United States. Although actual expenditure during the first nine months of the European Recovery Program amounted to less than half the 5 billion dollars authorized, procurement had been authorized as of the end of the year for 3.7 billion dollars of goods, of which 2.3 billion was to be purchased in the United States. Congress has authorized the appropriation of an additional 1.2 billion dollars for the period April-June 1949 and 4.3 billion for the year ending June 30, 1950. The average monthly rate of disbursements may be expected to be larger in 1949 than in 1948, when it was held down by the inevitable lags connected with the launching of the program. Private financing. New private long-term investment by Americans in foreign countries during 1948 showed an increase of about 250 million dollars over 1947. The new investment consisted primarily of direct investments by business concerns, which amounted to about 650 million dollars net in 1948. This nearly equaled the record volume of such investment in 1947 and, like it, consisted principally of investment by the petroleum industry. In addition, however, there was a net outflow of 100 million in portfolio investments in 1948, in contrast with a net repatriation of such investments in 1947. This net outflow resulted from a single large purchase of Canadian bonds by American insurance companies. There was also an outflow of about 125 million dollars in private short-term credit to foreign borrowers, a smaller amount than in 1947. The 1948 total of private long-term investment, while small in comparison with Government assistance, was the highest annual figure since 1928. In view of the fact that national income in the United States rose by about 170 per cent from 1928 to 1948, however, the volume of private investment is still far below what might be expected on the basis of pre-1930 relationships. Private remittances to beneficiaries abroad, 484 amounting to about 600 million dollars in 1948, reflected no change from 1946 and 1947 levels. Financing by international institutions. Dollar assistance to countries by the International Monetary Fund and the International Bank for Reconstruction and Development declined in 1948 to about one-half of the 1947 amount. The sharpest reduction was apparent in dollars supplied by the Fund, which amounted to less than 200 million in 1948, compared to about 450 million in 1947. This was a consequence of the Fund's policy of conserving its resources during the period of the European Recovery Program by extending no dollar assistance to participants in the Program except in "exceptional and unforeseen cases." Since the initiation of this policy, all sales of dollars by the Fund have been to nonparticipants, chiefly India and South Africa. The largest sale in 1948, however, was that of 60 million dollars to the United Kingdom in March, prior to the beginning of the European Recovery Program. Total drawings of dollars upon the Fund from its inception to the end of 1948 did not reach the equivalent of foreign countries' gold subscriptions, and so in efifect the entire United States contribution remained unused. Although the International Bank for Reconstruction and Development disbursed only about 200 million dollars in 1948 compared to almost 300 million in 1947, it has since contracted loans with Chile, Mexico, Brazil, and Belgium in amounts totaling 140 million dollars. At the end of 1948, the Bank's dollar resources amounted to about 500 million. Use of foreign gold and dollar balances. Sales of gold to the United States by foreign countries totaled 1.5 billion dollars in 1948. About one-third of this amount served to finance their deficits with this country, while the remainder resulted in building up official dollar balances. Such official balances, which are held by governments, central banks, and other official institutions, increased from about 1.8 to 2.8 billion dollars. Privately owned foreign dollar balances remained at about 3 billion dollars. The estimated decline during 1948 in the aggregate gold reserves of all foreign countries (other than the U.S.S.R.) was about 1,100 million dollars. This figure is less than the amount of gold sold to the United States by some 400 million dollars, which represents the estimated net flow of FEDERAL RESERVE BULLETIN BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES newly mined gold into the official holdings of foreign countries. Thus, the 500 million dollars used to finance deficits with this country was largely offset by the flow of newly mined gold into foreign reserves, leaving aggregate foreign gold and dollar holdings almost unchanged in 1948; a decline in these holdings during the first half of the year was largely compensated by a rise in the second half. There were, however, some very substantial changes in the positions of individual countries. During 1948 the aggregate holdings of these countries were maintained with little change. Italy, Switzerland, and Germany, in fact, increased their dollar holdings appreciably, as is shown in the accompanying table. The chart shows holdings of foreign gold reserves and short-term dollar balances for selected countries and groups of countries. The country having the largest increase in gold and dollar holdings in 1948 was Canada which, in ESTIMATED CHANGES IN FOREIGN GOLD RESERVES AND SHORTT E R M DOLLAR BALANCES, 1947-48 FOREIGN GOLD RESERVES AND SHORT - TERM DOLLAR BALANCES 1 [In millions of dollars] END OF QUARTER FIGURES Area and country ERP countries (other than United Kingdom): Belgium-Luxembourg (and dependencies) France (and dependencies).3 . . Germany (Western Zones) ... Italy Netherlands (and dependencies) Norway Sweden... Switzerland Other ERP countries4 Total . . Holdings at end of 1946 Increase or decrease (—) 1947 2 963 1,225 7 296 -180 -456 83 -85 35 23 89 219 818 792 179 430 984 215 554 1,803 1,247 -322 -87 -390 -1 -310 -104 2 -34 124 -121 558 130 130 1,926 816 7,294 -1,748 233 5,779 -95 757 -183 -609 -1 480 2,206 199 577 1,184 -627 -69 135 4 -217 -202 -18 -6 152 -58 356 441 508 445 1,000 3,656 Other Continental Europe 5 . . . . 1947 1948 1949 NOTE.—March 1949 figures are preliminary. The 500 million dollars of net financing by gold and dollar balances in 1948 compares with about 4,000 million in 1947. The large drain on foreign gold and dollar balances in 1947 brought the holdings of many countries to dangerously low levels and led them to take measures to assure themselves against further large losses. Sales of 1.5 billion of gold to the United States in 1948 compare with 2.8 billion in the previous year, and the building up of foreign dollar balances in 1948 contrasts with net drawings of 1.2 billion in the previous year. About half of the net loss of gold and dollars by foreign countries during 1947 had represented losses by countries which subsequently became participants in the European Recovery Program. -774 -132 2,750 448. 1,102 42 -230 -1 181 489 1,053 341 1,381 MAY 1949 882 -30 United Kingdom (and dependencies) Union of South Africa Other sterling area7 Canada 1946 1948 2 2,937 986 568 1,475 -548 -178 10 -771 Latin America: Argentina Brazil.. Cuba Venezuela Other Latin America 1,185 528 379 289 1,275 Total Philippine Republic Rest of world Total net Total net Holdings at end of 1948 for countries with gain during year.. . for countries with loss during year Net total 6 -4,568 -1,508 19,348 -4,227 -127 14,994 1 Includes estimated gold holdings for countries which do not fully report their gold holdings (except for U. S. S. R. gold holdings, which are omitted), and also includes both official and privately held short-term banking funds. Figures for 1948 are preliminary. 2 Decreases include foreign gold contributions to International Monetary Fund in the amount of 650 million dollars in 1947 and 723million in 1948. Short-term dollar balances only. 4 Includes gold to be distributed by the Tripartite Commission to 5European countries (including some non-ERP countries). Includes short-term dollar balances only for U. S. S. R. 6 Includes transfer of 322 million dollars of gold to the United Kingdom. 7 Includes Egypt and Palestine (and subsequently Israel) throughout, although Egypt withdrew from the sterling area in July 1947 and Palestine in February 1948. Excludes Eire and Iceland, which are included under "Other ERP countries." 485 BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES contrast with a large loss suffered in 1947, gained almost 500 million dollars in 1948. Of this gain, 115 million dollars represented acquisitions of gold newly mined in Canada, and the remainder was the accumulation of dollar balances. South Africa, whose holdings declined by 609 million dollars in 1948, was the only major instance of a country showing a much larger loss than in the preceding year. Argentina's loss in 1948, while amounting to 202 million dollars, was much less than in the preceding year, and Venezuela showed an appreciable gain during 1948. Japan and several other Asiatic countries added to their gold and dollar holdings in 1948, while China's dollar balances were relatively unchanged in 1948 after having declined by 202 million in 1947. To a large extent, recent changes in the gold and dollar holdings of foreign countries reflect transactions of the respective countries with the United States, but in some cases there have been significant transfers arising from transactions between one foreign country and another. In the latter category was the loan of 322 million dollars of gold by South Africa to the United Kingdom, which was consummated in February 1948. Part of the net decrease in South Africa's gold holdings resulted from this transfer. However, if South Africa continues to have large balance-of-payments deficits with the United Kingdom, this loan may be repaid in British goods rather than in gold, and the transfer of gold may thus prove to have been, in effect, a prepayment for later shipments of British goods. United Kingdom sales of gold to the United States during 1948 were considerably greater than the amount of gold borrowed from South Africa. Some of the sales were to help in financing Britain's dollar deficit during the early part of the year before ECA funds became available, and some were made later because ECA reimbursements necessarily lagged behind British expenditures. Toward the end of the year this lag diminished and there was an increase in British dollar balances. EFFECT ON THE UNITED STATES ECONOMY The decline in United States exports and the increase in imports both worked in the direction of restraining domestic inflationary tendencies in 1948. As is shown in the accompanying table, the net export surplus was the only component of the 486 gross national product that showed a decrease in 1948. The decline, however, amounted to less than one-fifth of the combined increases in domestic consumption, private investment (including inventory accumulation), and Government purchases of goods and services. In fact, the domestic demand for many export commodities was more than sufficient to absorb the supplies made available as a result of contraction in foreign purchases. The augmented United States imports did not compete with domestic products so much as they permitted United States production to expand as a result of a better supply of imported materials. GROSS NATIONAL PRODUCT, BY T Y P E OF EXPENDITURES [In billions of dollars] Private consumption expenditures 1 . . Gross private domestic investment. . Government purchases of goods and service^ Net exports Total 1948 1947 Change 177.1 39.7 164.2 30.0 31.7 6.3 26.2 11.3 + 12.9 + 9.7 + 5.5 - 5.0 254.8 Type of expenditure 231.7 +23.1 1 2 Excludes net private remittances to foreign countries. Excludes net grants and other unilateral transfers to foreign countries. NOTE.—Based on data from U. S. Department of Commerce, Office of Business Economics. Nevertheless, it is possible to view the decline in the export surplus as an important marginal factor contributing to the change in the domestic economic situation during recent months. To some extent the decrease in the export surplus led to increases in inventories or the filling of backlog demands by domestic consumers. Although such a development did not change the gross product total, its economic effect was far from neutral: it helped to set the stage for a new phase in which production for inventory accumulation would diminish and pressure of consumer demand would be eased. The considerable change in the method of financing the export surplus also worked in the direction of holding down inflationary pressures. As indicated above there was a particularly large reduction from 1947 to 1948 in the portion of the export surplus that was financed by foreign liquidation of gold and dollar holdings, as distinguished from the portion financed by United States Government grants and loans. Generally speaking, if Government disbursements are being covered by taxation or by borrowing from nonbank investors, then the FEDERAL RESERVE BULLETIN BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES financing of an export surplus by means of such disbursements is less inflationary than if it were financed through an inflow of gold. The immediate monetary effect of a gold inflow, or of a reduction in foreign deposits at Federal Reserve Banks, is to increase commercial bank reserves and deposits; and, unless effective offsetting action can be taken, the subsequent increase in bank loans and investments may be considerably greater than the amount of the gold (and dollar) inflow. In 1948 the inflow of gold, along with the movement of foreign deposits at Federal Reserve Banks, added 1.3 billion dollars to bank reserves as against 2.9 billion in 1947. The expansionary influence of the export surplus on the total money supply in the United States was therefore of much smaller proportions in 1948 than in 1947. OUTLOOK Progress toward a greater degree of balance was marked in the international accounts of the United States in the course of 1948. The export surplus was reduced sharply without unduly restricting the flow of United States goods needed for economic recovery and development in other countries. While it did not subject the United States economy to severe readjustment, the reduction in the export surplus contributed to the meeting of domestic demands and the leveling off of prices in the United States. As foreign production continues to expand, further economies in imports from the United States and further expansion of shipments to this country may take place. But in many countries production is not likely to rise as rapidly in the coming years as it has during the past few recovery years. Increased production abroad from now on will rest largely on improved productivity and enlarged capacity. Increased sales to this country will depend greatly on price factors and sales promotion. Under these conditions, further progress of foreign countries toward international balance may well be less rapid than during the past year. Continuation of United States programs of foreign •economic aid—on a decreasing scale—is therefore needed to prevent disruption of the recovery process. Changes in business conditions in the United States have great influence on international economic relations. A slackening of demand in the MAY 1949 United States could, by reducing the dollars available to foreign countries, handicap their economic recovery. At the present time, however, a substantial part of the dollar funds now available to a number of foreign countries consists of grants or loans which, once appropriated by the Congress, are not subject to economic changes in the United States to the same extent as are dollar earnings of foreign countries. Also, to the extent that imports of certain foreign goods and services have been limited by the available supply, the level of such imports may be sustained even after demand in general has eased. Finally, a decline in the United States price level would result in dollar savings for foreign countries and would help them to maintain the volume of their purchases in this country in the face of reduced proceeds for their exports. These factors will tend not only to moderate the influence of readjustment in the American economy on foreign economic conditions but also to exert a stabilizing influence on the level of economic activity in the United States. As will appear from the following section, a tendency toward internal stabilization is evident in an increasing number of foreign countries. This development will undoubtedly create marketing problems for some foreign producers, but it will also help foreign countries to reduce their imports and to make goods available for export which were hitherto in strong domestic demand. On the whole, therefore, an end of the world-wide inflation, which characterized the immediate postwar period, should have favorable results for international balance-of-payments equilibrium. This is on the condition, of course, that the present readjustment does not deteriorate into serious depression and stagnation. This condition, in turn, is largely dependent on the adoption of appropriate domestic economic policies, particularly in the fiscal and monetary areas, but also on the speed and resoluteness with which the major trading countries succeed in eliminating inefficiencies in production and unrealistic price situations which still carry over from the war and early postwar periods. UNITED STATES FOREIGN TRADE AND ECONOMIC CONDITIONS ABROAD While there was a decline in the over-all export surplus of the United States to the rest of the 487 BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES world (and, conversely, reductions in the import surpluses of most foreign countires vis-a-vis the United States), the changes in the United States trade position with different areas and individual foreign countries were by no means uniform, as is shown in the table on page 490. Certain countries, such as Germany, Greece, Cuba, and South Africa, did not follow the general trend, but showed increased trade deficits with the United States in 1948. Of the countries that achieved reductions in their import surpluses with the United States, a few succeeded in doing so primarily by expanding their exports to this country; such countries included primarily Canada, and also Chile, the Philippines, and the Netherlands Indies. In most countries, however, the improvement arose primarily from the reduction of imports from the United States. For many countries the improvement in the trade balance with the United States meant a general advance toward greater balance in their external relations. In a few countries, however, such as France, the reduction in the deficit with the United States was achieved primarily by creating or increasing deficits with other areas, so that little over-all improvement occurred. For some countries, such as the United Kingdom and Italy, the reduction in import surpluses resulted from successful domestic anti-inflationary action which reduced demand for imported goods and also increased availabilities for export. In other countries, primarily in South America, the cutting of imports by governmental action was necessary in view of the depletion of gold and dollar holdings, but the domestic effect was merely to eliminate a previously existing offset to inflationary forces, thereby complicating the task of achieving stability. In all important trading countries, developments concerning United States trade were intimately related to general balance-of-payments situations and progress toward recovery and stability. These varying relationships are brought out in the following comments on the principal foreign areas. ERP countries. The trend of United States trade with most countries receiving aid under the European Recovery Program was not markedly dissimilar from trade developments in other areas. Germany, Austria, Turkey, and Greece, however, showed increased trade deficits with the United 488 States in 1948. These four countries are in the special position of receiving considerable amounts of aid outside the European Recovery Program and increased their share in total United States exports from 6 per cent in 1947 to 11 per cent in 1948. The remaining countries participating in the program almost halved their trade deficit with the United States and reduced their share in United States exports from 28 to 23 per cent. Helped by a continued flow of American aid, the European economy was able to increase its output and overcome shortages, particularly of coal, that had hampered its recovery. Good harvests in 1948 followed disastrous losses from freezing and drought in 1947. Progress was made in attacking key obstacles to independence from outside aid. The United Kingdom substantially reduced an external deficit which in 1947 had assumed huge proportions. Germany overcame the stagnation in output which had marked its economy since the end of the war. Internal monetary stability was consolidated by Italy, and the protracted French inflation appeared to have been checked toward the end of the year. While the gold and dollar reserves of all these countries had been seriously depleted in previous years, the progress made toward greater balance in their external accounts generally kept their 1948 deficits within the limits of United States aid. The United Kingdom, after experiencing extreme imbalance in its international accounts in 1947, made remarkable progress toward greater balance in 1948. Its trade deficit with the United States dropped from 898 to 360 million dollars. The United Kingdom has now raised its total export volume far above, and reduced its import volume far below, prewar levels, an effort necessitated by its losses of overseas income. Advances in production, the maintenance of austere living standards, and the policy of effecting "disinflation" through a budget surplus share credit for these notable achievements. Despite the progress made in 1948 and even after the possible emergence of equilibrium in the United Kingdom's aggregate external accounts, narrowing of the remaining dollar gap will require strenuous efforts. With some signs that production is leveling off, further progress is acknowledged to be largely dependent on a continued expansion of exports of the sterling area FEDERAL RESERVE BULLETIN BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES toward the dollar area, and on the maintenance of rigorous fiscal policies. In France, the trade deficit with the United States was reduced by one-third. This reduction was more than offset, however, by increased deficits with other countries, particularly those in the sterling area. This shift was the outcome of conscious redirection of imports as well as of the currency arrangement (adopted in January and terminated in October 1948) which involved a greater devaluation of the franc in relation to "hard" currencies than in relation to "soft" currencies. France's failure to achieve a better balance in its international accounts was no doubt largely determined by continued domestic inflationary pressures resulting from large investment expenditures, difficulties in applying adequate fiscal and credit controls, and political uncertainties. Shifting part of the deficit from the United States to other areas may facilitate improvements in France's international accounts, if the monetary stabilization which has been achieved in recent months is further consolidated. Italy's exports to the United States in 1948 were more than double those of 1947. This helped to reduce Italy's trade deficit with the United States to a level lower than had been anticipated under the first year of the European Recovery Program. As a result Italy was able to accumulate dollar balances. Also, in contrast with France, Italy improved its trade position with other countries to the point where there was probably a surplus in Italy's nondollar balance of payments. To some extent the improvement in the Italian position may have been temporary since it was largely caused by the internal readjustment that followed the strong antiinflationary action taken toward the end of 1947. The conjunction of internal deflation with the devaluation of November 1947 provided an ideal environment for the narrowing of the balance-of-payments gap, although capital formation may have been retarded in the process. The Netherlands, whose recovery problem is one of the most difficult as a result of war losses and disruption in trade channels, succeeded in reducing its trade deficit with the United States by about one-fourth. This improvement was partly offset by increased merchandise deficits with other European countries and with Indonesia. Total exports increased markedly from 1947 to 1948, but the overall trade deficit declined only slightly. The NetherMAY 1949 lands still has a long way to go before reaching external balance. The vigorous investment program which is being carried out within a framework of stringent direct controls is designed to increase production enough to achieve self-support without a drastic cut in Dutch living standards. Indications that the latent inflationary pressures had begun to abate during the latter part of 1948 permitted a significant cut in subsidies and brought the Netherlands a step closer to coordination of economic policy with Belgium. The halving of Belgium's trade deficit with the United States from 1947 to 1948 resulted mainly from a reduction in imports from this country. Belgium at the same time increased imports from other areas (Latin America and Europe). However, exports to all areas expanded considerably and Belgium's total trade deficit was reduced from 631 to 296 million dollars. This significant improvement occurred during a period when inflationary pressures within Belgium were slackening considerably or being reversed, thus increasing the relative attractiveness to Belgian producers of foreign as compared with domestic markets. Toward the end of the year a growing amount of unemployment, particularly in consumer goods industries, began to cause serious concern in Belgium. This served to heighten interest in the implementation of a longdelayed program for capital development and modernization. Belgium is now within reach of an over-all equilibrium in its balance of payments but the financing of its dollar deficit still remains a problem. The trade deficit of the Scandinavian countries with the United States was only one-fourth as large in 1948 as in 1947, and exports covered over half of imports. However, this remarkable improvement resulted almost entirely from a drastic curtailment of imports. Norway and Denmark made good progress in expanding exports to the United States, but there was a sharp drop in Sweden's exports of woodpulp and newsprint. Exports to the rest of the world, however, were considerably increased, so that a substantial improvement also took place in the trade balance of the Scandinavian countries with the nondollar area. Economic controls were continued in force in the Scandinavian countries and, together with a gradual absorption of latent inflationary pressures through fiscal policies and increases in output, contributed to the achieve- 489 BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES ment of a more balanced internal and external position. In an effort to reduce the lag of Western Germany's recovery behind that of other countries of Western Europe, the United States in 1948 sent more exports to Germany than to any other European country. Consequently Germany's 1948 deficit with the United States showed an increase of 260 million dollars over the preceding year. This deficit was financed mainly by funds appropriated for United States Army relief in occupied areas and, to a much smaller extent, by allocations from the Economic Cooperation Administration. Owing to the large volume of imports from the United States, Western German trade with the rest of the world could be kept approximately in balance. The increase in imports in 1948 made an important contribution to the spectacular recovery of the Western German economy. Production reached a level almost twice as high as in 1947 but still only about 75 per cent of 1937, after adjustments for changes in territory. Besides the considerable increase in foreign aid, the currency reform of June 1948 contributed importantly to the restoration of incentives U N I T E D STATES MERCHANDISE TRADE, BY REGIONS AND SELECTED COUNTRIES a [In millions of dollars] Exports from U. S. (Including re-exports) Region and country Percentage change 1948 United Kingdom France Italy and Trieste Netherlands Belgium and Luxembourg Denmark, Norway, and Sweden Germany (all occupied zones). . Greece Austria Switzerland 1947 4,285 Europe Excess of U. S. exports Imports to U. S. 5,683 -25 644 591 428 313 310 257 868 239 146 171 1,103 817 500 384 535 623 582 167 108 195 -42 -28 -14 -18 -42 -59 1948 1947 1,092 Percentage change 1948 1947 Change in foreign country's trade balance with U. S. 819 +33 3,194 4,864 + 1,671 205 47 44 27 59 120 6 17 4 83 360 518 333 270 221. 126 837 220 137 67 898 770 455 357 476 503 575 150 103 111 -21 956 697 +39 +55 + 113 +65 +52 +9 +383 + 16 + 100 +26 +37 -4 +2 + 10 + 17 +539 +252 + 122 +88 +255 +377 -12 285 73 94 44 89 131 31 19 9 105 3,235 4,596 53 -51 874 133 73 1,816 199 272 -16 -74 -40 67 244 526 382 198 3 13 -18 253 762 1,289 240 260 17 23 -188 120 278 388 70 148 -218 238 +80 +123 +942 +327 + 111 +214 +77 +53 -84 +9 +527 +37 + 127 +53 + 125 -30 + 118 +49 +43 +35 -262 -70 -34 +45 ERP countries2 4,191 Poland and Czechoslovakia. . . . USSR 76 28 3,356 157 150 -51 -81 24 79 4,069 -18 2,482 24 77 2,253 379 518 498 105 197 441 516 680 629 643 125 219 492 427 -44 -18 -23 -16 -10 -10 +21 180 247 514 179 236 374 273 155 247 446 122 206 510 174 2,094 2,338 -10 1,332 1,049 468 323 92 315 82 240 440 423 104 401 66 354 +6 -24 -11 -22 +25 -32 227 63 75 292 270 120 162 35 34 254 284 116 785 822 -4 407 327 +4 +24 379 494 + 116 Union of South Africa 492 414 + 19 135 112 +21 357 302 Canada and Newfoundland 1,946 2,113 -8 1,593 1,127 +41 353 986 -55 +634 153 320 -52 164 156 165 + 175 236 -51 129 125 +5 +3 -11 114 -15 110 + 125 12,618 15,345 -18 7,070 5,732 +23 5,548 9,613 +4,066 3 Latin America . . . Argentina Mexico Brazil Chile Colombia Cuba Venezuela Asia Philippines Japan Indonesia India and Pakistan British Malaya China Africa Oceania Australia Total ... 5,292 +46 + 15 -27 +57 +27 +41 +78 + 124 + 15 +1,361 1 2 3 Computations made prior to rounding of 1947-48 figures. Includes Turkey, but excludes overseas dependencies of ERP countries. Includes Central and South America, the Caribbean area, and Mexico. NOTE.—Totals for regions include countries for which separate figures are not given. 490 FEDERAL RESERVE BULLETIN: BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES and improvement in efficiency in production and distribution. Eastern Europe. Owing to the sharp reduction in United States exports to Eastern Europe, especially after the imposition of additional export controls in March 1948, the trade of that area (including the U.S.S.R.) with the United States was almost balanced in 1948, in contrast with the large deficits of previous years. Imports from the United States were reduced by 260 million dollars while exports increased slightly. The Soviet Union had an export surplus of 51 million dollars in trade with the United States. Trade of Eastern Europe with Western European countries and their overseas currency areas expanded in value, due largely to increased exports of grain, coal, and timber and wood products, but was still much below the prewar volume. On the other hand, trade within Eastern Europe increased sharply, both as a result of planned reorientation and because of extraordinary demands for grain from the U.S.S.R. by the satellite countries. Latin America. The Latin American republics as a group continued in 1948 to have a trade deficit with the United States, but the magnitude of this deficit was only half that of 1947. Imports by the 20 republics fell by 18 per cent and exports increased by 8 per cent. With few exceptions the Latin American republics, their wartime accumulations of gold and foreign exchange greatly reduced, found it necessary during 1948 to take additional measures to reduce their imports. Supported by high levels of money income and expanded programs of public and private investment, the pressure of domestic demand for imports in Latin America remained at a high level. To some extent the reduction in imports from the United States was offset by an increase in imports from Europe, particularly the United Kingdom. Although most of the Latin American republics continued to utilize gold and dollar reserves accumulated during the war, the over-all depletion of these reserves during 1948 was only about one-sixth as large as in 1947. Improvement during 1948 of the trade position of Latin America as a whole with the United States was due largely to the reduced trade deficits of Argentina and Mexico, and to the re-emergence of an export surplus with the United States for MAY 1949 Brazil, Chile, and Colombia. Cuba, on the other hand, shifted from a trade surplus to a trade deficit. Through more stringent control of imports, Argentina reduced its trade deficit with the United States by more than 325 million dollars in 1948. During 1946 and 1947 Argentina had spent a considerable part of its gold and convertible foreign exchange in order to sustain a very large volume of imports from the United States. Unable to convert receipts from exports to Europe into dollars and facing also the prospect of lower prices for grain exports, Argentina found it increasingly difficult to implement an ambitious program of economic development, and in 1948 the Argentine Government consequently took steps to check inflation. Mexico's trade deficit with the United States was cut by about 100 million dollars, primarily by application of import prohibitions and import licensing. Devaluation of the peso in July 1948 was a supporting factor. Despite the apparent stability of domestic prices in the second half of 1948, Mexico still has the problem of correcting the serious imbalance of its international accounts which has developed since the war. Brazil, Chile, and Colombia all replaced large 1947 trade deficits with the United States by trade surpluses in 1948. All three countries restricted imports from the United States and succeeded in obtaining more imports from soft-currency areas. Colombia supplemented import controls by exchange rate depreciation in December 1948. Some easing of inflationary pressures was noted in Brazil. Among the United States' major trading partners in Latin America, only Cuba and Venezuela adopted no general measures to reduce imports in 1948. These countries had not been subject to the postwar dollar shortage because their leading export commodities, sugar and petroleum, were excellent dollar earners. Cuba's trade deficit with the United States in 1948 was the result of a precipitous drop in sugar exports to the United States, which resulted partly from the reintroduction of import quotas on sugar entering the United States. However, the decline in exports to the United States was largely offset by increased exports to Europe and other areas, financed in dollars. Venezuelan trade with the United States continued to expand and gave rise to a slightly lower Venezuelan import surplus in 1948 than in 1947. 491 BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES Since, however, a substantial portion of Venezuelan and copra exported to the United States were suboil is indirectly received in the United States via stantially increased, but lower prices were received Curasao, the data do not fully reflect Venezuelan for rubber than in 1947. The serious political trade relations with the United States. Venezuela disturbances in Java and Sumatra prevented general also obtains dollars from shipments to other areas. economic recovery in the area. Siam, which is more advanced in recovery than Partly because of substantial additions to United States direct investments during 1948, Venezuela ap- most of the countries of Southeast Asia, had trade pears to have accumulated about 130 million dollars surpluses in 1947 with the United States and other in gold and foreign exchange reserves during the countries. Because dollars were earned by shipments of rice to China and Japan as well as by inyear. Asia. Most countries in Asia, with the exception creased exports to the United States, Siam achieved of the politically disturbed areas of China, Indo- a substantial surplus in its 1948 dollar balance of China, and Burma, improved their trade positions payments. Ceylon also reduced its imports from the United with the United States during 1948. Some of the countries, however, which formerly showed trade States significantly, and, with funds received for surpluses with the United States, have had deficits exports, became a substantial contributor to the since the end of the war. This group includes, for sterling "dollar pool" in 1948. Ceylon financed various reasons, India, the Philippines, and the its trade deficits with other countries by sales of Netherlands Indies. The deficits in dollar trade, dollars to the United Kingdom, and increased its both of these countries and of others like Japan and sterling balances. China (which did not have surpluses before the In India and Pakistan the trade deficit with war), were reduced in 1948. the United States was greatly reduced in 1948. The trade deficit of the Philippine Republic with This change was due chiefly to tighter licensing of the United States was only moderately smaller in imports from hard-currency sources, undertaken in 1948 than in 1947. United States Government ex- order to keep within the limits agreed in 1948 bependitures in settlement of war-incurred obligations tween the United Kingdom and India and Pakistan continued to provide large amounts of dollars to for conversion of their unblocked sterling into dolthe Philippines, and also contributed to an ex- lars. In consequence of the growing availability of pansion of the internal money supply. Philippine imports from nondollar areas, India and Pakistan imports, which are largely obtained from the had much smaller export surpluses than in 1947 United States, increased further in 1948. Little in their trade with other countries. progress was made toward diversification of PhilipMalaya's total exports in 1947 were already larger pine trade, which still depends heavily on copra, in physical volume than before the war, and Malaya abaca, and sugar exports to the United States. has therefore been a very important contributor to Japan's trade deficit with the United States was the sterling area "dollar pool." In 1948 a 25 per reduced by one-third, principally as the result of cent increase in Malaya's imports from the United import cuts accompanying the growth of Japanese States, accompanied by a slight decline in eximports from nondollar areas. The Japanese Gov- ports to this country, caused its export surplus in ernment budget remained unbalanced, and there trade with the United States to decline moderately. was a substantial further rise in monetary circu- Nevertheless, this export surplus was still nearly 200 lation and prices. Unstable domestic economic million dollars. conditions contributed to Japan's failure to make China's trade deficit with the United States was significant progress in expanding its export trade. curtailed because of depletion of its dollar balances The use of a pricing system equivalent to multiple in previous years and termination of UNRRA asexchange rates was found to be unsatisfactory and sistance. Continued aid was provided for the imhas recently been superseded by the establishment portation of food and essential materials under of a single exchange rate. various aid programs. Other British Commonwealth countries. The greatIndonesia almost eliminated its trade deficit with the United States in 1948, principally by more than est single contribution to the narrowing of the doubling its exports. The quantities of rubber, tin, United States export surplus in 1948 was made by 492 FEDERAL RESERVE BULLETIN BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES Canada, mainly through a spectacular expansion in Canadian exports to the United States from 1,095 million dollars in 1947 to 1,554 million in 1948. This expansion, which resulted largely from increased United States purchases of cattle, newsprint, and aluminum, accounted for over onethird of the total increase in United States imports. Along with reducing its import surplus from the United States, Canada reduced its export surplus with the United Kingdom and other areas, so that a greater degree of bilateral balance was realized in Canada's external accounts. The improvement in trade relations with the United States, and the financing of a part of Canadian shipments to Europe through ECA funds, made it possible for Canada to recoup part of the gold and United States dollar holdings lost in 1947. These developments were greatly assisted by the import controls established in November 1947 and by the response of Canadian banks to the Bank of Canada's recommendation, issued in February 1948, that they refrain from financing capital expenditures. As a result of the improved foreign exchange position and the easing of heavy postwar investment pressures, both import and credit controls were recently relaxed. South African imports from the United States MAY 1949 reached record levels in 1948, and led to serious balance-of-payments difficulties in the latter part of the year. To stop the persistent and accelerating drain on gold and dollar reserves, the Union in November 1948 introduced import controls designed to cut the total dollar deficit and to reduce the proportion of consumer and nonessential dollar imports in favor of capital goods required to support a substantial investment program. The lack of balance in South Africa's economy found further expression in a large current sterling deficit which, in spite of a sizable inflow of capital from the United Kingdom, led to a sharp reduction in sterling holdings in the course of 1948. In Australia and New Zealand, as a result of measures intended to save dollars, imports from the United States were reduced by more than one-half from 1947 to 1948. This reduction occurred despite a substantial rise in total imports; thus, in 1948 the United States supplied only 11 per cent of total Australian imports compared with 25 per cent in 1947. The rigorous curtailment was the result of Australia's desire to assist the United Kingdom by keeping to a minimum the dollar drawings from the sterling area "dollar pool." 493 MEMBER BANK EARNINGS, 1948J Net current earnings of member banks before income taxes attained an all-time dollar peak of 1,033 million in 1948, an increase of 104 million or 11 per cent over the preceding year.2 With this increase, which may be contrasted with a decline of 5 million dollars in 1947, the ratio of net current earnings to capital accounts advanced from 11.2 to 12.0 per cent. Notwithstanding this increase in net current earnings, reported net profits were somewhat lower than last year. The decline resulted from charges 1 This article was prepared by Raymond C. Kolb of the Board's Division of Bank Operations. 2 Net current earnings are gross current operating earnings less gross current operating expenses, before adjustments for losses, recoveries, and transfers to and from valuation reserves, and before taxes on net income. against income to provide reserves for possible bad debt losses on loans, as permitted by the ruling of the Bureau of Internal Revenue discussed more fully below. As compared with 1947, the pattern of current earnings and expenses for all member banks was highlighted by substantially larger earnings on loans which more than offset a comparatively modest decline in earnings on United States Government securities and a sizable increase in current expenses, principally in the item of salaries and wages. Income taxes of member banks were slightly lower in 1948 than in 1947, reflecting lower profits before taxes. The average tax rate paid was virtually unchanged. Cash dividends increased slightly but amounted to less than 50 per cent of net profits. MEMBER BANK EARNINGS, SELECTED YEARS, 1929-48 [Dollar amounts in millions! Item 1929 1932 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Earnings $2,399 $1,554 $1,296 $1,323 $1,417 $1,487 $1,650 $1,874 $2,102 $2,403 $2,579 $2,828 On U. S. Government securities i 997 1,054 855 921 444 458 445 473 431 540 960 766 On other securities 139 148 158 149 560 851 595 On loans 2 1,563 665 588 772 649 563 563 1,308 1,044 Service charges on deposit ac59 54 65 counts 100 68 86 76 141 87 119 245 363 237 Other earnings 2 242 291 230 265 367 346 238 245 328 2 1,143 Expenses 895 921 1,684 1,127 988 1,002 1,795 1,469 1,039 1,650 1,268 357 388 400 Salaries and wages 464 426 461 525 876 699 487 580 797 302 159 140 Interest on time deposits 3 . . . . 445 147 128 144 250 183 212 124 236 Interest on interbank and de132 mand deposits 314 Taxes other than on net in85 67 come 2 112 100 129 90 81 83 84 83 82 88 262 348 273 Other expenses 2 293 344 331 375 579 422 476 529 285 Net current earnings before [ 715 402 401 429 747 1,033 835 611 934 929 485 i n c o m e taxes 2 410 327 Recoveries and profits 137 303 278 188 318 312 190 454 232 356 295 380 356 318 232 251 195 223 230 251 113 Losses and charge-ofTs 2 247 Net additions to valuation re778 serves Profits before income taxes... 833 1,058 673 854 1,043 451 910 Taxes on net i n c o m e 234 184 115 270 285 68 257 347 557 Net profits -255 349 390 383 557 649 621 788 653 758 207 387 245 210 211 203 246 208 226 267 281 294 Cash dividends declared 5 Number of banks at end of year. . 8,522 6,816 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,900 6,923 6,918 is included in other expenses. 4 Not rercrted separately; transfers to these reserves were included with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have teen relatively small, especially prior to 1947. 5 Includes interest on capital notes and debentures. 494 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1948 The remaining 327 million dollars of profits were retained and served to strengthen the capital position of the banks. Comparative earnings figures for selected years since 1929 are given in the table on page 494. Earnings. In 1948 the current earnings of all member banks continued the upward trend of the past decade; they reached an all-time peak of 2,828 million dollars, 249 million or 10 per cent higher than in 1947. The outstanding feature of the current earnings pattern in the postwar years—that is, successive annual declines in earnings on United States Government securities accompanied by more than offsetting increases in earnings on loans—continued into 1948. The prewar pattern whereby the major portion of current earnings came from loans rather than United States Government securities, which had continued into the early war years, was reestablished in 1947 and became more pronounced in 1948. Earnings on loans were up 264 million dollars or 25 per cent, and totaled 1,308 million, while earnings on United States Government securities were down 66 million or 7 per cent, and aggregated 855 million dollars. These changes in earnings reflect changes in the size and composition of member bank portfolios as well as changes in yields on member bank holdings of Government securities and loans. As is shown in the accompanying table, the volume of loans increased by 3.5 billion dollars in 1948 as compared with 6 billion in the previous year. On the other hand, holdings of United States Government securities declined almost 6 billion dollars in 1948 as compared with 5 billion in 1947. Combined with these important changes in total holdings, there have been significant shifts in the composition of the Government security and loan portfolios in recent years. For all member banks, holdings of short-term United States Government securities—bills, notes, and certificates—rose by almost 1 billion dollars during 1948; percentagewise, they increased to 26 per cent of total holdings of Governments, 4 percentage points above yearago holdings, and only 1 percentage point below 1946. The shift toward relatively larger holdings of short-term issues accompanied an upward tendency in their yields just as the shift toward larger holdings of long-term issues in 1947 stemmed from the search for higher yields. The average yield to member banks on their total United States Government portfolios increased from 1.53 per cent in 1947 to 1.56 per cent in 1948. MEMBER BANK HOLDINGS OF SHORT- AND LONG-TERM STATES GOVERNMENT SECURITIES, DECEMBER UNITED 31, 1946-48 1948 1947 1946 100.0 100.0 100.0 25.7 74.3 21.8 78.2 26.7 73.3 [Percentage distribution] Item Total, U. S. Government securities Treasury bills, certificates, and notes. . . Bonds and guaranteed obligations MEMBER BANK LOANS AND INVESTMENTS, BY CLASS OF BANK, DECEMBER 3 1 , 1947-48 [In billions of dollars] Central reserve city banks Total New York Chicago Reserve city banks Country banks 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 Total loans and i n v e s t m e n t s . . . 95.6 97.8 18.8 20.4 4.8 5.1 35.3 36.0 36.7 36.3 Loans 2 Commercial and industrial Consumer Real estate All other 36 1 17 6 5.6 82 50 32 6 17 1 4.7 72 39 80 5 6 0.6 02 1 6 72 54 0.6 0 1 12 1 8 1 4 0.2 0 1 02 1 8 14 0.1 02 14 3 73 2.3 35 1 3 13 4 71 2.0 32 11.9 3 3 2.5 45 10 2 3 1 2.0 3 8 1.8 1.3 U. S. Government securities. Treasury bills, notes, and certificates Bonds and guaranteed obligations 52 2 13.4 38.8 57 9 12.6 45.3 7.3 96 2.1 7.5 12 0 2.2 9.8 26 0.7 2.0 29 0.6 2.3 18 6 5.3 13.2 20 2 4.6 15.6 21 3 5.2 16.0 22 9 5.2 17.7 1.1 1.2 0.4 0.4 2.5 2.4 3.5 3.3 Other securities 7.4 (i) 1.2 1 2 Less than 50 million. Loan totals are net (exclusive of valuation reserves); individual loan items were reported gross in 1948 and were adjusted to a gross basis for 1947. MAY 1949 495 MEMBER BANK EARNINGS, 1948 With growing volume of loans in recent years, there has been a tendency for banks to hold larger proportions in higher yield real-estate and consumer loans; in addition, there has been evidence of a hardening of interest rates on loans during the past two years. As a result, earnings on loans have increased faster than volume. The average yield on total loan holdings of member banks rose from 3.18 per cent in 1946 to 3.56 in 1947 and to 3.83 in 1948. M E M B E R BANK HOLDINGS OF LOANS, D E C E M B E R 3 1 , 1946-48 [Percentage distribution] 1948 1946 100.0 100.0 48.4 15 4 22.5 13.7 Total loans Commercial and industrial Consumer Real estate. All other. . 1947 100.0 Item 52.0 14 3 21.9 11.8 49.4 12 4 20.2 18.0 Expenses. Current expenses of member banks continued to increase in 1948 and aggregated 1,795 million dollars, 145 million or 9 per cent higher than in 1947. Salaries and wages, the largest single item of expense, amounted to 876 million dollars for the year, an increase of 79 million or 10 per cent. There was an addition of about 10,000 in the average number of officers and employees and the average salary also increased, as is shown in the accompanying table. AVERAGE N U M B E R AND SALARIES OF EMPLOYEES OF MEMBER BANKS Item 1948 Average n u m b e r of e m ployees (full- and parttime) 195,731 260,159 279,463 289,939 34,771 41,208 43,736 45,619 Officers 160,960 218 ,951 235,727 244,320 Others Salaries and wages (in millions of dollars) Officers Others 400 155 245 699 242 457 797 269 528 876 Average salary (in dollars) :* Officers Others 4,458 1,522 5,873 2,087 6,151 2,240 6,510 2,366 297 578 1 Rough averages derived by dividing aggregate annual salary payments by average of number of full- and part-time employees at the beginning and end of the year. An increase of almost a billion dollars in time and savings deposits, combined with a small increase in the average rate of interest paid on such 496 deposits, resulted in an increase of 14 million dollars in interest paid. The average rate paid was 0.87 per cent as compared with 0.85 per cent in 1947. Reserve accounting. For several years, Federal tax law has permitted banks and other taxpayers to set up "reasonable" reserves for bad debt losses out of taxable income, subject to interpretation of the word "reasonable" in the light of the circumstances surrounding each particular case. In December 1947, a ruling by the Commissioner of Internal Revenue provided a fixed formula, based on a bank's prior experience, for determining allowable deductions from taxable income for the setting up and maintenance of reserves for bad debt losses on loans.3 The amounts that may be set up are, with certain exceptions, limited to three times the annual allowable deduction. This ruling was followed by adoption of the reserve method of accounting for bad debt losses on loans by many, but by no means all, member banks. As of the end of 1948, almost 44 per cent of the 6,918 member banks, for the most part the larger banks, had adopted the method. Comparable percentages for years prior to the ruling, if available, would doubtless be quite small. While net profits reported by member banks will be substantially reduced while such reserves are being set up, the long-term tendency will be toward eliminating to some extent the fluctuations in net profits that result from losses on loans. In other words, through use of the reserve method, reserves are built up during prosperous years to provide for potential losses in other years. The long-term smoothing of net profits through use of a reserve method of providing for losses does not, however, preclude an analysis of losses as they occur. For purposes of analysis, losses charged against the current year's profits by banks that do not use the reserve method may be combined with losses that do not directly aflect the current year's profits of other banks because they are charged against reserve accounts, with the realization, of course, that the latter losses were provided for by charges against profits in prior years. The earnings tables presented in this article provide for analysis on this basis; losses sustained during 1948 are combined in one figure whether 'Mimeograph Coll. 6209, Dec. 8, 1947. FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1948 charged directly to current year's profits or to a valuation reserve (not to be confused with a contingency reserve that is merely a segregated portion of capital). Likewise, all recoveries are combined in one figure; transactions affecting the valuation reserve accounts are summarized in one figure representing the net increase in the reserve balances, or the net provision for future losses, during the year. These text tables differ somewhat from the detailed earnings tables set forth on pages 583-91 of this BULLETIN but are condensed therefrom as described below: 1. Recoveries on securities and loans as shown herein are obtained by combining the recoveries credited to profits and the recoveries credited to valuation reserves which are shown as memoranda items in the detailed tables. The combined figures represent the gross recoveries of member banks during the year regardless of the accounting methods of the individual banks. 2. Likewise, losses on securities and loans shown in the text tables are the combination of the losses charged against profits and the losses charged to valuation reserves which are shown as memoranda items in the detailed tables. These totals represent the gross losses of member banks during the year regardless of the accounting methods of the individual banks. 3. The items of net additions to valuation reserves on securities and loans represent the combination of four amounts: the sum of the two items that increase valuation reserves (transfers to the reserves reported in the body of the detailed tables plus recoveries credited to the reserves reported as memoranda items) less the sum of the two items that decrease valuation reserves (transfers from the reserves reported in the body of the detailed tables plus losses charged to the reserves reported as memoranda items). Profits, recoveries, losses, and valuation reserves. Profits of member banks on securities sold or redeemed declined to 55 million dollars, as compared with 90 million dollars in 1947. This item, largely profits from United States Government security transactions, provided important additions to profits of member banks during the war years. At its peak in 1945 it yielded 239 million dollars. Since that year, the retirement rather than the floating of Government issues in an orderly market has MAY 1949 decreased the importance of this source of profits. Losses and charge-offs on securities in 1948 exceeded recoveries by 52 million dollars, as compared with 61 million in the previous year. Recoveries on securities, which have been gradually declining since 1945, amounted to 33 million dollars, and losses and charge-offs to 85 million. Losses and charge-offs on loans aggregated 63 million dollars as compared with 61 million in 1946. In 1947 the reported losses were 103 million dollars, and it is probable that all or a considerable portion of that year's increase consisted of transfers to reserves for bad debt losses on loans as authorized by the Bureau of Internal Revenue in December 1947. Recoveries on loans amounted to 43 million dollars as compared with 59 million in 1947. Net additions to valuation reserves during 1948 aggregated 173 million dollars; 2 million of protection was provided for future losses on securities and 171 million for future losses on loans, the latter primarily by means of tax-free transfers to reserves for bad debts as previously described. The net amount provided during 1948 for absorbing future loan losses was 0.5 per cent of total loans outstanding. Under the Bureau of Internal Revenue ruling, it is estimated that approximately 280 million dollars could have been provided if all member banks had established tax-free reserves. Net profits, dividends, and income taxes. Net profits of all member banks after all expenses, charges, recoveries, profits, and provisions for future losses were 621 million dollars, a decline of 32 million dollars from 1947, despite higher net current earnings. They amounted to 7.2 per cent of total capital accounts as compared with 7.9 per cent in the previous year. As noted above, reported net profits were materially reduced by provisions for future losses. Over 50 per cent of net profits in 1948 was retained by member banks to improve their capital positions. Cash dividends amounted to 294 million dollars, as compared with 281 million in 1947. Taxes on net income declined by 23 million dollars, 9 per cent from the 1947 figure, and amounted to 234 million dollars for the year. Earnings by class of bank. All classes of member banks reported increases over 1947 in total current earnings, as is shown by the table on page 498. The increases ranged from 5 per cent for central reserve city banks in New York to 12 per 497 MEMBER BANK EARNINGS, 1948 cent at country banks. For all classes of banks, particularly country banks, increases in earnings on loans more than offset declines in earnings from United States Government securities. The largest dollar and relative increase in expenses over 1947, 80 million dollars or 12 per cent, occurred at country banks. Salaries and wages, the largest single item of expense, increased by 9 million dollars or only 5 per cent at central reserve city banks in New York and Chicago, by 27 million or 9 per cent at reserve city banks, and by 43 million or 14 per cent at country banks. Larger increases in earnings than in expenses resulted in higher net current earnings before income taxes at all classes. Net deductions from income on account of ex- cesses of losses and additions to valuation reserves over recoveries and profits amounted to 18 million dollars at central reserve city banks, 71 million at reserve city banks, and 89 million at country banks. Net profits increased 6 million dollars at central reserve city banks in New York, and declined by 7 million, 11 million, and 19 million, respectively, at central reserve city banks in Chicago, at reserve city banks, and at country banks. Detailed figures of earnings and related items, together with selected ratios, will be found on pages 583-91 of this BULLETIN. The usual three tables that show earnings and related items of all member, national member, and State member banks, by size of bank, are omitted from this BULLETIN but will appear in a later issue. M E M B E R BANK EARNINGS, BY CLASS OF BANK, 1947-48 [Dollar amounts in millions] Central reserve city banks Reserve city banks Total New York 1948 1947 1948 $2,828 $2,579 921 855 149 158 1,044 1,308 465 508 $476 154 25 182 114 $451 177 25 144 105 $120 44 10 46 21 1948 Earnings On U. S. Government securities On other securities On loans All other 1947 Country banks Chicago 1947 1948 $113 $1,058 46 294 8 53 524 39 187 20 1947 1948 1947 $966 $1,174 $1,049 319 363 380 50 70 65 424 555 437 173 185 167 Expenses Salaries and wages Interest on deposits All other 1,795 876 250 669 1,650 797 236 617 284 166 8 110 275 160 8 107 75 36 10 29 70 33 10 27 681 330 101 250 631 303 94 234 755 345 131 280 675 302 124 249 Net current earnings before income taxes 1,033 929 192 176 45 43 377 335 419 374 Prof ts and recoveries Recoveries on securities Profits on securities Recoveries on loans All other 190 33 55 43 58 232 40 90 59 43 37 3 16 7 11 48 4 21 12 11 23 1 6 6 11 18 6 5 3 4 70 20 19 13 18 16 34 24 14 60 9 14 18 19 78 14 29 20 15 Losses On On All 195 85 63 46 251 101 103 47 34 19 7 44 12 22 10 12 4 6 2 15 9 5 1 67 27 22 18 104 38 46 20 82 36 27 19 88 42 30 16 Net additions to valuation reserves On securities On loans 173 2 171 0) 0) 0) 16 -9 25 0) () 15 2 13 74 7 67 0) (l) 0) 68 2 66 Profits before income taxes Taxes on net income 854 234 910 257 178 39 180 47 41 11 46 9 306 91 319 93 330 92 364 107 Net profits Cash dividends declared 621 294 653 281 139 80 133 30 14 37 14 215 110 226 104 238 90 257 83 12.0 7.2 11.2 7.9 8.4 6.1 7.9 6.0 10.4 6.9 10.4 13.1 7.4 12.0 8.1 13.8 7.8 13.1 9.0 1.56 3.83 1.53 3.56 1.44 2.40 1.40 2.15 1.61 2.61 1.57 2.39 1.52 3.83 1.51 3.56 1.65 4.99 1.62 4.80 and charge-offs securities loans other 2 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 0) l ( )1 C) C1) 0) C1) 1 Not reported separately; transfers to these reserves are included with losses, and transfers from these reserves are included with recoveries. Such amounts are estimated to have been relatively s mall. 2 Includes interest on capital notes and debentures. 498 FEDERAL RESERVE BULLETIN OWNERSHIP OF DEMAND DEPOSITS1 Demand deposits of individuals, partnerships, and corporations declined by 1.6 billion dollars between January 30, 1948 and January 31, 1949, according to estimates based on the Federal Reserve System's most recent survey of the ownership of demand deposits. This was the first decline in aggregate demand deposits reported since the inauguration of the System's survey in December 1941. It was also the first time that a decline was reported in the demand deposit holdings of individuals. Nearly every type of business shared in the deposit decline, with holdings of unincorporated firms declining more sharply than those of corporations. The decline in personal deposit balances reflected declines in the holdings of both farmers x This article was prepared by Melvin White and Charles Fox of the Board's Division of Research and Statistics. and nonfarm individuals and was greater than the decline in holdings of domestic business firms. Balances of nonprofit associations rose slightly, while the balances of trust funds of banks and of foreign businesses and individuals declined appreciably. Contraction in deposits was generally less pronounced in the central part of the country than on the East and West Coasts. Demand deposits of domestic businesses declined in the aggregate by 500 million dollars during the 12-month period ending January 31, 1949. There were reductions in the holdings of manufacturing and mining companies, trade concerns, public utilities, and insurance companies, as is shown in Table 1. This general downward movement was in sharp contrast with the change shown by last year's survey, which indicated that deposits of all categories of businesses except public utilities in- OWNERSHIP OF DEMAND DEPOSITS INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS LLIONS OF DOLLARS 00 SELECTED DATES BILLIONS OF DOLLARS 20 BR >AD GROl PS 24 y 80 TO - ALy - 60 r Jf f 40 / / • NO N F I N ANCI ftL B USIN ESSE S ^ ^ / .,, > 20 y I N D 1 \ IDUA LS FIN A NCIA L BUSH^ESS ES 0 12 - -•—•—•• AND OTHER i 1944 1946 1948 1944 1946 1942 1944 1946 1948 1942 1948 1942 * Includes deposits of trust funds and foreigners. NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 31, 1949. MAY 1949 499 OWNERSHIP OF DEMAND DEPOSITS TABLE 1 CHANGES IN OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIP, AND CORPORATIONS [Estimates, dollar amounts in 1Dillions] Amount outstanding Jan. 31, Type of holder Change from Jan. 30, 1948 1949P $46.6 Domestic businesses—total Nonfinancial businesses Manufacturing and mining. . Public utilities Trade Other nonfinancial Trust funds Nonprofit associations Foreigners ^ Total $-0.5 -1.1 39.4 17.1 3.9 13.4 5.0 -0.4 -0.3 -0.2 -0.9 -1.5 -4.6 -0.3 +2.2 +0.1 PercentageP 7.2 2.5 4.7 Financial businesses Insurance companies Other financial Individuals Farmers Others Dollar amount? . • -0.1 -0.1 0) -1.7 -5.3 +0.4 29.1 7.1 22.0 -1.0 -0.4 -0.6 -3.3 -5.3 -2.7 1.6 2.9 0.7 -0.1 -5.2 + 1.3 -8.0 80.8 0) -0.1 -1.6 -1.9 *> Preliminary. Less than 50 million dollars. Excludes foreign banks and governments. NOTE.—Detailed figures may not add to totals because of rounding. 1 2 creased greatly. There were small increases over the past year in deposits of financial businesses other than insurance companies, and for the category of other nonfinancial businesses, which includes service establishments, contractors, and amusement companies. Corporate deposit holdings in the aggregate declined only slightly, actually less in dollar amount than the decline in the holdings of unincorporated enterprises. Comparative figures are given in Table 2. Since corporations own the major portion of business deposits, the decline in their holdings for the period was considerably smaller in percentage terms than the decline for unincorporated firms. This rise in the relative importance of corporations as deposit owners continues a trend that has been evident for the past three years. For every business category except public utilities and insurance companies, the change in corporate demand deposits over the year ended January 31, 1949 was in general smaller than the changes reported in previous years. Considering 500 the further rise in dollar sales, inventory holdings, and business receivables during the year, it is evident that business generally experienced a relative as well as an absolute decline in cash position. To some extent this relative adjustment may have been a result of positive management policies, particularly on the part of larger corporations, but it perhaps also reflected the business financing pressures occasioned by the unusually high levels of business activity. Deposits of unincorporated firms declined more rapidly since January 1948 than deposits of corporations, not only in the aggregate but also for nearly every category of business. Exceptions were insurance companies and public utilities, where deposits of unincorporated firms represent only a small fraction of total holdings. Concentration of the decline of business deposits in accounts of unincorporated firms probably reflects the fact that noncorporate enterprises include a much heavier representation of small concerns than does the corporate group. Evidence indicates that the small enterprise has been most acutely affected by the recent business readjustment, involving the return of a much more TABLE 2 DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED BUSINESSES [Estimates, dollar amounts in billions] Change from Jan. 30, 1948 Jan. 31, 1949P Dollar amount Type of holder Percentage Cor- Non- Cor- NonCor- Noncorcorcorporate porate porate porate porate porate Domestic businesses —total $34.9 $11.7 $-0.1 $-0.4 -0.3 -3.3 -0.2 -3.0 Nonfinancial. . . . Manufacturing and mining. Public utilities Trade Other nonfinan cial 29.3 10.1 -0.1 -0.3 15.5 3.7 7.5 1.6 0.2 5.9 -0.1 -0.2 +0.2 2.6 2.3 +0.1 -0.1 - 0 . 8 -4.6 0) +2.1 -0.2 +3.6 C1) Financial Insurance.... Other financial 5.6 2.4 3.2 1.6 0.1 1.5 (*) -0.1 +0.1 -0.1 -0.6 -5.5 (l) +3.5 -0.1 -7.2 -3.1 -3.1 +0.6 -5.3 -0.7 -5.7 ^Preliminary. Less than 50 million dollars. NOTE.—Detailed figures may not add to total because of rounding. 1 FEDERAL RESERVE BULLETIN OWNERSHIP OF DEMAND DEPOSITS competitive market situation than has prevailed hitherto in the postwar period. The percentage decline in demand deposits during the 12-month period ending on January 31, 1949 was larger for insurance companies than for any other business category. This is in contrast to developments in the previous year when the relative increase in the holdings of these companies surpassed considerably the increase reported for any other business category. The rise of nearly one-third in the deposit holdings of insurance firms in the year ended January 1948 resulted, in all probability, from large-scale selling of United States Government securities during late 1947 and early 1948. At that time, there was widespread uncertainty regarding the prices of Government securities, and insurance firms sold bonds partly in anticipation of a possible decline in the prices of these issues, and partly in anticipation of their need for funds for other investment purposes. Consequently, in January 1948 the deposit balances of insurance companies were temporarily swollen and could reasonably have been expected to decline from that high level during the course of the succeeding months. Financial corporations other than insurance companies showed an increase in demand deposits over the period covered by the 1949 survey. A substantial portion of this increase may have reflected a rise in the cash balances of such institutions as investment trusts, credit unions, and savings and loan associations, which, in the aggregate, have received a substantially increased volume of savings from individuals over the past year. The increase in share accounts of savings and loan associations has been particularly marked. Recently, however, use of savings and loan funds for extension of new residential mortgage credit has slackened noticeably, reflecting in part a decline in construction activity which began at an earlier date in 1948 than in any previous postwar year. Individuals reduced their demand deposit balances by about 1 billion dollars in the 12-month period ended January 31, 1949. Although the rate of growth in demand deposits of individuals has MAY 1949 been declining steadily since the end of the war, this is the first year that these deposits have actually declined. This decline was smaller in amount than the increase over the previous survey period and, in fact, represents the smallest dollar or percentage change reported for individual demand deposits irn almost five years. Individual deposits declined somewhat more rapidly than business deposits during the year ending January 31, 1949. A similar change in the relative importance of individual deposits and business deposits occurred in the preceding year, when individual deposits increased less rapidly than business deposits. However, during the war and reconversion periods, the growth in demand deposits held by individuals generally exceeded the increase in business deposits. Though individuals reduced their demand deposit holdings in 1948, they continued to increase their holdings of other forms of liquid assets. Time deposits, which consist largely of personal accounts, rose by more than 1 billion dollars between the end of January 1948 and the end of January 1949. Purchases of United States savings bonds exceeded redemptions by about 1 billion dollars, and investments in savings and loan shares increased substantially. On the other hand, there was some decline for the second successive year in the volume of currency outside of banks, which is held largely by individuals. Both farmers and other individuals reduced their demand deposits although the percentage decrease in farmers' deposits was somewhat greater than the reduction in the deposits of other individuals. The decline in farmer-owned deposits may reflect in part such factors as an increase in farm inventories and production expenses. A greater drop in farmer-owned demand deposits might have resulted from the change in the demand and supply situation for farm products over the past year had it not been for the sustaining influence on farm income of the Government's agricultural price support program. Demand deposits of nonfarm individuals decreased by 600 million dollars over the year covered 501 OWNERSHIP OF DEMAND DEPOSITS by the recent survey. This decline undoubtedly reflects in part the fact that many individuals drew upon their demand deposit balances to purchase consumer durable goods and newly constructed private residences. It also reflects a shift on the part of some persons from checking accounts into other forms of liquid assets, such as time deposits and savings bonds. The centrally located Federal Reserve Districts of St. Louis, Minneapolis, Kansas City, and Dallas reported the smallest decreases in the total of privately owned demand deposits for the 12 months preceding the latest survey. In the St. Louis and Dallas Districts actual increases were reported. In both these districts the net rise in total deposits reflected increased holdings by almost all business categories and reduced holdings by individuals. The largest decrease in deposits, in both absolute and relative terms, occurred in the New York Federal Reserve District. Here the decline was widely distributed among all types of private deposit holders. Figures showing the deposit changes for the 12 Federal Reserve districts are presented in Table 3. A classification of deposits according to size of account indicates that over the year ending January 31, 1949 the largest percentage declines occurred in the smaller accounts, while the smallest decreases or the largest increases were in the larger TABLE CHANGES SHIPS, IN DEMAND 3 DEPOSITS AND CORPORATIONS, OF INDIVIDUALS, BY FEDERAL RESERVE JANUARY 30, 1948 TO JANUARY 31, PARTNERDISTRICTS 1949 Percentage changes in deposits of Federal Reserve district All groups Nonfinancial businesses Individuals l Boston New York. . . Philadelphia. . -1.1 -4.3 -0.9 +0.3 Cleveland Richmond. . . Atlanta -0.2 -3.1 -2.8 -2.0 -4.1 -7.0 Chicago St. Louis. . . . Minneapolis. +0.5 -1.6 -0.2 -4.9 -5.5 -1.2 Kansas City. . Dallas San Francisco. -0.1 +2.1 -2.4 -1.6 -0.2 -3.2 +0.1 +4.9 -1.9 -3.3 -0.9 All districts -1.5 -4.1 -4.6 -1.7 1 +0.1 + 1.2 -1.4 + 1.1 +0.7 +7.3 -0.1 -2.3 Includes also changes in deposits of nonprofit trust funds, and foreigners. associations TABLE 4 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-49 [Estimates, in billions of dollars] Dec. 31,July 31, Feb. 29,luly 31, Jan. 31,July 31, Jan. 31,July 31, Feb. 26.Jan. 30,Jan. 31, 1949P 1944 1943 1944 1941 1946 1945 1947 1948 1945 1946 Type of holder Domestic businesses—total 24.8 * * Corporate 36.3 * * 35.9 * * Noncorporate 37.6 40.4 42.4 42.9 44.9 43.8 47.1 46.6 29.2 8.5 30.6 9.9 31.9 10.5 31.1 11.9 32.8 12.1 32.1 11.7 35.0 12.1 34.9 11.7 20.4 31.6 31.5 33.0 35.3 37.1 37.0 38.3 37.2 39.8 39.4 10.0 3.1 4.6 2.7 16.5 3.7 8.0 3.4 16.3 3.7 8.2 3.4 17.2 3.7 8.8 3.3 17.5 3.7 10.3 3.7 18.4 4.0 10.9 3.8 16.1 4.0 12.6 4.2 16.4 4.4 13.0 4.5 16.0 4.2 12.5 4.5 17.3 4.1 13.4 4.9 17.1 3.9 13.4 5.0 Nonfinancial businesses—total. . Manufacturing and mining Public utilities Trade Other nonfinancial Financial businesses—total . • Other financial 4.4 4.7 4.3 4.6 5.2 5.3 5.9 6.6 6.5 7.4 7.2 1.9 2.5 1.9 2.8 1.7 2.6 1.7 3.0 1.9 3.3 1.8 3.5 1.8 4.1 2.1 4.5 2.1 4.5 2.7 4.7 2.5 4.7 9.6 Insurance companies 15.8 17.7 18.4 21.5 23.0 26.4 27.6 28.9 30.1 29.1 * * 3.3 12.5 '4.2 '13.5 '4.2 '14.2 '5.0 '16.5 '5.5 '17.5 '6.3 '20.1 '6.6 '21.0 '7.2 '21.7 '7.5 '22.6 22.0 1.2 1.4 0.9 1.3 1.5 0.8 1.3 1.5 0.7 1.4 1.9 0.7 1.5 2.0 0.7 1.6 2.4 0.8 1.8 2.4 0.8 1.7 2.7 0.8 1.6 2.8 0.7 1.6 2.9 0.7 55.6 57.2 59.6 65.9 69.6 74.1 77.5 77.8 82.4 80.8 Individuals—total... Farmers Others Trust funds Nonprofit associations Foreigners—businesses and individuals. . . Total 37.6 7.1 P Preliminary. ' Revised. * Not available. NOTE.'—Detailed figures may not add to totals because of rounding. 502 FEDERAL RESERVE BULLETIN OWNERSHIP OF DEMAND DEPOSITS accounts. In 7 of the 12 Federal Reserve districts, deposits in accounts of less than $10,000 showed the most rapid declines whereas in the same 7 districts there was an absolute increase in the amount of deposits held in accounts of more than $25,000. For domestic businesses as a group, demand deposits held in accounts of less than $10,000 declined in 10 of the 12 districts, and in most districts the percentage decline was greatest in accounts of this size. On the other hand, total busi- MAY 1949 ness deposits in accounts of more than $25,000 increased in most districts. Similarly, in every district there was a decline in the amount of individuals' demand deposits in accounts of less than $10,000 and an increase in half the districts in the amount of demand deposits of individuals held in accounts larger than $10,000. The rise in deposits held in the larger personal accounts took place even though in all districts except Boston declines were reported in total individual deposits. 503 REVISED CONSUMER CREDIT SERIES The over-all effect of the revision has been to raise the level of total instalment sale credit outstanding by as much as 426 million dollars at the end of 1948 and by smaller amounts in earlier years. The change resulted in large part from correction of household appliance store amounts outstanding. Formerly these figures had not properly reflected the instalment business of new outlets and had understated the amount of instalment paper originated but not held by stores in this kind of business. A less marked upward adjustment was made in estimates of instalment credit of furniture stores and of the group called "all other retail stores." The upward adjustment in these three segments was offset to some extent by a slight reduction in the estimates of jewelry store accounts outstanding. Estimates for several segments of consumer instalment sale credit have been revised for the period from January 1942 to date. An explanation of the revision is presented below, together with a tabulation of the revised figures for each segment and aggregate affected by the revision. REVISED ESTIMATES OF INSTALMENT SALE CREDIT OUTSTANDING The revision in the monthly series on consumer instalment sale credit outstanding covers the period from January 1942 to date and results from adjustment of several segments to new year-end levels determined through findings of the annual Retail Credit Surveys conducted by the Board of Governors.1 These data have been supplemented in some instances by more comprehensive monthly figures than were available during the war. The segments affected by the adjustment are those for furniture stores, household appliance stores, jewelry stores, and "all other retail stores." Estimates for department stores and mail-order houses and for automobile dealers were not revised. REVISED ESTIMATES SALE CREDIT Estimates of instalment sale credit granted also have been revised for the period from January 1942 to date. The accompanying table shows figures for the revised segments and the total. Tables showing all segments by months for the period from January 1929 to date may be obtained on request from the Division of Research and Statistics of the Board of Governors. 1 Sale credit is that part of total consumer credit which represents balances originated by dealers in making instalment sales to consumers. Instalment paper resulting from such sales is counted as sale credit whether the paper is held by the dealer or sold to another dealer or financial institution. In the Board's series, instalment credit advanced by lending institutions and used for cash purchases at retail outlets is classified as instalment loans rather than as instalment sale credit outstanding. REVISEE> ESTIMATES OF INSTALMENT GRANTED NOTE.—Revisions in other segments of the consumer credit series have been described in the following Federal Reserve BULLETINS: October 1942, pp. 992-94; December 1944, pp. 1177-80; January 1945, p. 27; April 1946, p. 383; July 1947, pp. 830-33; August 1948, pp. 933-34; January 1949, p. 14. OF CONSUMER CREDIT [In millionv? of dollarsl Consumer credit outstanding, snd of month Consumer instalment sale credit granted j . _ _ : Year and month Total consumer credit Total instalment credit Total 9,515 9,160 9,002 8,770 8,364 7,932 7,430 7,140 6,984 6,837 6,597 6,578 5,598 5,351 5,141 4,927 4,665 4,392 4,118 3,838 3,609 3,374 3,174 3,048 3,521 3,325 3,146 2,976 2,777 2,561 2,344 2,138 1,976 1,821 1,690 1,617 1942—Jan Feb Mar Apr May.... June.... July Aug Sept Oct Nov Dec Total HouseAll exclud- Furni- hold Jewelry other ing ture appli- stores retail auto- stores ance mobile2 stores stores 1,709 1,657 1,633 1,607 1,538 1,441 1,340 1,264 1,207 1,157 1,117 1,135 596 585 584 583 571 548 517 495 477 458 440 440 301 299 293 288 276 258 245 230 219 206 197 188 it. u u n u g iiioiiLH Instalment sale credit 108 99 95 90 84 78 70 66 62 60 59 76 269 261 257 253 242 227 211 199 190 182 176 179 Total 229 222 265 236 205 176 166 201 208 225 222 274 Total exclud- Furniing ture auto- 2 stores mobile 155 176 227 218 179 144 138 162 172 193 185 247 48 55 71 71 65 56 48 62 61 69 63 84 HouseAll hold appli- Jewelry other stores retail ance stores stores 19 28 28 27 22 15 19 16 20 18 19 19 6 7 11 10 8 8 6 9 9 12 13 35 40 43 54 52 44 36 37 40 41 44 41 48 (For continuation of table and footnotes, see next page.) 504 FEDERAL RESERVE BULLETIN REVISED CONSUMER CREDIT SERIES REVISED ESTIMATES OF CONSUMER CREDIT X —Continued [In millions of dollars] Consumer credit outstanding, ;nd of month Year and month Total consumer credit Total instalment credit 6,114 5,889 5,744 5,634 5,462 5,438 5,193 5,102 5,182 5,278 5,363 5,378 5,025 Feb 4,869 5,047 Mar 5,037 Apr May. . . . 5,148 J u n e . . . . 5,218 5,142 July 5,191 Aug 5,264 Sept 5,412 Oct 5,601 Nov 5,803 Dec 5,503 1945—Jan 5,357 Feb 5,614 Mar Apr 5,490 M a y . . . . 5,545 J u n e . . . . 5,695 5,630 July 5,601 Aug 5,632 Sept 5,915 Oct 6,240 Nov 6,637 Dec 6,431 1946—Jan 6,536 Feb 6,990 Mar 7,377 Apr M a y . . . . 7,612 J u n e . . . . 7,915 8,046 July 8,395 Aug 8,672 Sept 9,052 Oct 9,575 Nov 10,191 Dec 10,067 1947—Jan Feb 10,083 10,458 Mar 10,731 Apr M a y . . . . 11,047 J u n e . . . . 11,380 July. . . . 11,473 11,627 Aug. 11,898 Sept 12,294 Oct 12,900 Nov Dec 13,673 13,374 1948—Jan 13,302 Feb 13,805 Mar 14,059 Apr M a y . . . . 14,311 J u n e . . . . 14,669 14,723 July 14,916 Aug 15,231 Sept 15,518 Oct 15,739 Nov 16,319 Dec 15,749 1949—Jan Feb.p. . . 15,336 Mar.P. . . 15,379 2,785 2,590 2,447 2,351 2,241 2,171 2,078 2,023 1,989 1,963 1,949 2,001 1,894 1,840 1,854 1,838 1,851 1,872 1,871 1,877 1,893 1,917 1,955 2,061 1,990 1,943 1,965 1,958 1,969 1,994 1,994 1,988 2,012 2,087 2,193 2,364 2,366 2,407 2,505 2,653 2,782 2,906 3,029 3,178 3,308 3,487 3,678 4,000 4,089 4,218 4,406 4,633 4,849 5,065 5,211 5,366 5,500 5,700 5,995 6,434 6,468 6,548 6,821 7,094 7,318 7,533 7,738 7,972 8,190 8,233 8,322 8,600 8,425 8,340 8,447 1943—Jan Feb Mar Apr May.... June.... July. . . . Aug Sept Oct Nov Dec 1944—Jan Total 1,432 1,305 1,182 1,129 1,060 995 930 892 864 854 850 882 805 765 751 746 757 764 758 762 774 800 830 891 830 791 780 768 762 763 752 745 754 793 847 942 919 921 949 1,007 1,054 ,091 ,135 ,198 ,259 ,353 ,454 ,648 ,656 ,711 ,804 ,935 2,057 2,192 2,261 2,353 2,457 2,590 2,787 3,086 3,064 3,090 3,258 3,440 3,590 3,720 3,849 4,018 4,193 4,239 4,310 4,528 4,371 4,306 4,371 Instalment sale cred it Total HouseAll exclud- Furnihold ing ture appli- Jewelry other stores auto- stores retail ance mobile2 stores stores 1,028 Consumer instalment sale credit granted during month Total HouseTotal All hold exclud- Furniture appli- Jewelry other ing retail stores ance stores automobile2 stores stores 954 895 869 825 787 734 702 678 673 673 707 404 380 361 357 343 332 314 304 294 290 285 289 174 162 150 140 130 121 110 101 93 88 82 78 62 54 49 47 45 43 40 39 38 39 42 57 162 150 141 137 130 124 116 111 107 106 106 111 132 134 150 186 161 147 136 148 146 161 163 200 121 121 135 158 135 131 112 123 122 140 143 180 43 44 50 62 53 51 45 49 44 49 49 56 13 13 12 13 12 12 8 8 8 10 8 9 3 6 7 9 8 8 7 8 8 10 13 29 31 30 33 38 33 33 29 31 30 33 31 38 636 598 584 575 576 572 554 552 564 590 622 691 265 252 246 245 252 255 252 252 256 265 275 293 68 63 59 58 55 53 49 47 47 48 50 50 47 44 44 40 38 37 35 35 35 36 38 56 100 94 92 91 91 90 87 87 89 93 98 109 97 108 145 149 161 165 155 168 178 202 205 253 69 87 120 118 131 124 113 127 140 171 171 216 25 33 41 44 55 51 46 49 52 63 62 71 3 6 7 10 7 8 6 10 11 13 14 14 3 5 11 5 7 7 7 7 8 9 11 30 18 21 28 30 32 31 30 31 34r 43 36 45 638 605 596 584 578 575 560 549 552 583 628 715 270 260 258 256 256 254 250 246 247 259 274 296 48 45 43 40 39 42 40 40 40 42 45 51 48 43 39 38 38 38 37 35 34 34 37 57 101 95 94 92 91 91 88 86 87 92 99 113 111 126 158 149 160 160 156 160 168 209 232 276 94 101 134 119 129 132 122 123 136 176 192 237 30 40 51 48 51 49 48 45 51 67 72 76 8 7 7 6 8 12 9 12 12 14 16 20 5 5 6 7 9 9 7 6 6 8 11 32 24 24 32 28 31 32 31 32 34 41 41 48 684 676 685 718 736 755 770 804 834 887 949 285 287 292 302 309 314 315 324 328 339 355 386 51 51 52 57 59 65 75 85 93 103 108 118 51 47 45 46 46 47 47 47 47 48 52 89 108 107 108 113 116 119 121 127 131 140 150 174 179 199 229 266 266 252 277 303 301 364 367 487 134 149 178 204 193 194 196 221 219 259 272 372 48 59 67 74 73 69 66 75 69 83 91 105 15 16 16 21 19 25 30 32 32 37 32 38 6 7 8 11 11 11 10 11 10 11 15 53 33 34 40 45 41 42 44 48 48 55 53 68 372 369 376 391 410 427 433 447 466 491 527 587 559 550 559 578 601 621 629 652 685 687 696 750 115 126 128 141 145 168 178 190 200 216 231 249 82 77 76 78 82 87 88 92 96 98 109 144 169 170 175 186 195 207 211 219 229 243 266 305 299 322 408 443 449 475 447 461 521 567 634 762 195 209 272 299 306 318 282 305 349 383 445 557 28 37 33 43 38 59 48 51 51 59 61 66 246 246 257 282 306 322 339 356 377 379 377 387 132 127 124 121 121 121 120 118 119 117 127 152 293 289 298 311 323 334 340 352 368 370 376 404 451 456 651 665 644 667 662 704 734 604 645 795 250 264 381 400 417 419 402 430 459 389 405 548 55 60 82 85 96 92 79 88 106 111 126 146 55 66 91 104 111 114 98 112 124 98 105 150 45 42 56 70 73 69 72 75 78 60 56 65 9 9 13 15 18 18 15 18 19 18 26 59 10 14 16 15 19 20 18 17 20 17 30 50 44 45 59 64 64 68. 63 66 74 79* 87 102 59> 61 85 84 90 90 91 91 97 84 80 102 704 685 675 366 353 348 141 130 125 379 364 356 425 484 686 211 251 321 47 66 84 36 37 47 9 8 13 51 59 72 1,104 1,075 1,080 1,113 1,182 1,241 1,312 1,339 1,388 1,453 1,543 1,688 1,935 1,862 L,836 L.891 L ,972 2,054 2,118 2,160 2,237 2,335 2,350 2,388 2,567 2,406 2,310 2,258 p Preliminary. Back figures by months beginning January 1929 rray be obtained from Division of Research and Statistics. This total includes, in addition to the segments shown separately, a series for department stores and mail-order houses. 1 2 MAY 1949 505 REPORT OF THE NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS APRIL 1, 1948—SEPTEMBER 30, 1948 The report given below was submitted by the tries, gold and short-term dollar resources of foreign National Advisory Council to the President on countries covering the period July 1, 1945 through March 10, 1949 and transmitted by the President June 30, 1948, and membership and resources of to Congress on March 14, 1949. In addition to the the International Monetary Fund and the Internatext reprinted here, the report contains several charts and appendixes. The appendixes contain detailed tional Ban\ for Reconstruction and Development. information on postwar United States Government Copies of the full report may be obtained from the financial assistance to foreign countries, gold trans- National Advisory Council on International Moneactions between the United States and other coun- tary and Financial Problems, Washington 25, D. C. I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS REPORTS The National Advisory Council on International Monetary and Financial Problems was established by the Congress in the Bretton Woods Agreements Act (59 Stat. 512, 22 U. S. C. 286b), approved July 31, 1945. The statute directed the Council to coordinate the policies and operations of the representatives of the United States on the International Monetary Fund and the International Bank for Reconstruction and Development, the Export-Import Bank of Washington, and all other agencies of the Government "to the extent that they make or participate in the making of foreign loans or engage in foreign financial, exchange or monetary transactions." The Council was also directed to advise and consult with the President and the United States representatives on the Fund and the Bank on major problems arising in the administration of the Fund and the Bank; and to recommend to the President general policy directives for the guidance of the representatives of the United States on the Fund and Bank. The Bretton Woods Agreements Act was amended by Section 106 of the Foreign Assistance Act of 1948 (62 Stat. Ch. 169; 22 U. S. C. 286b (a)), approved April 3, 1948, to include the Administrator for Economic Cooperation as a member of the Council for the duration of this office. The Council was also given certain additional duties under the Foreign Assistance Act. The relevant portions of the Bretton Woods Agreements Act and of the Foreign Assistance Act of 1948 are presented in Appendix A.1 Since its first meeting on August 21, 1945, the Council has submitted seven formal reports.2 The present report covers the activities of the Council from April 1, 1948, to September 30, 1948. 1 Appendixes are omitted here but are part of the complete report submitted to the Congress. 506 MEMBERSHIP The members of the Council, according to law, during the period under review, were the following: The Secretary of the Treasury, John W. Snyder, Chairman. The Secretary of State, George C. Marshall. The Secretary of Commerce, Charles Sawyer. The Chairman of the Board of Governors of the Federal Reserve System, Thomas B. McCabe. The Chairman of the Board of Directors of the Export-Import Bank, William McChesney Martin, Jr. The Administrator for Economic Cooperation, Paul G. Hoffman. Three changes in the membership of the Council have occurred since the previous report. Mr. Charles Sawyer succeeded Mr. W. Averell Harriman as Sec2 These reports were transmitted by the President to the Congress on Mar. 1, 1946 (H. Doc. No. 489, 79th Cong., 2d sess.; subsequently included as Appendix B to H. Doc. No. 497, 79th Cong., 2d sess.); Mar. 8, 1946 (H. Doc. No. 497, 79th Cong., 2d sess.); Jan. 13, 1947 (H. Doc. No. 53, 80th Cong., 1st sess.); June 26, 1947 (H. Doc. No. 365, 80th Cong., 1st sess.); Jan. 19, 1948 (H. Doc. No. 501, 80th Cong., 2d sess.); May 17, 1948 (H. Doc. No. 656, 80th Cong., 2d sess.); and Aug. 3, 1948 (H. Doc. No. 737, 80th Cong., 2d sess.). [The texts of most of these reports have been published in the Federal Reserve BULLETIN shortly after their submission to the Congress.] FEDERAL RESERVE BULLETIN REPORT OF THE NATIONAL ADVISORY COUNCIL retary of Commerce, Mr. Thomas B. McCabe succeeded Mr. Marriner S. Eccles as Chairman of the Board of Governors of the Federal Reserve System, and Mr. Paul G. Hoffman, the Administrator for Economic Cooperation became a member of the Council in accordance with the provisions of the Foreign Assistance Act of 1948. By agreement, the following served as alternates: Frank A. Southard, Jr., Special Assistant to the Secretary of the Treasury. Willard L. Thorp, Assistant Secretary of State for Economic Affairs. Thomas C. Blaisdell, Jr., Acting Assistant Secretary of Commerce. M. S. Szymczak, Member of the Board of Governors of the Federal Reserve System. Herbert E. Gaston, Vice Chairman of the Board of Directors of the Export-Import Bank. Wayne C. Taylor, Assistant to the Administrator, Economic Cooperation Administration. C. Dillon Glendinning is the Acting Secretary of the Council. The United States Executive Directors on the International Monetary Fund, Andrew N. Overby, and on the International Bank for Reconstruction and Development, Eugene R. Black, or their alternates Henry J. Tasca and John S. Hooker, respectively, regularly attended the meetings of the Council. PROCEDURE The Council ordinarily meets each week and holds such special meetings as are required. In discharging its functions, the Council makes use of the services of the personnel of its member agencies. Its Staff Committee consists of technical representatives of member agencies and a representative of the Securities and Exchange Commission. The Alternate United States Executive Directors on the International Monetary Fund and the International Bank generally attend meetings of the Staff Committee. The Staff Committee collects and analyzes information and prepares reports and recommendations for the Council. This procedure has enabled the Council to maintain, in the most efficient manner, the close inter-agency liaison necessary for successful performance of its coordinating functions. Secretariat functions are performed by personnel of the Treasury Department. II. UNITED STATES POSTWAR FOREIGN ASSISTANCE3 The changing pattern of international financial developments has required the Council constantly to review and coordinate the policies of the various United States Government agencies operating in the foreign financial field. Through congressional authorizations and appropriations, the United States Government made available, from July 1, 1945, to June 30, 1948, a grand total of 26.2 billion dollars for the purpose of extending financial assistance to nations throughout the world.4 As of June 30, 3 A detailed breakdown of the statistical information referred to in this section is given in Appendixes C and D [omitted here]. This information has been prepared for the Council by the Clearing Office for Foreign Transactions, Office of Business Economics, Department of Commerce, in consultation with the International Statistics Division of the Office of International Finance, Treasury Department. 4 The total available in the period represents the amount utilized in the period plus the unutilized balances at the end of the period. In general, the term utilized as referred to in this report is comparable to disbursements, shipments or deliveries, while unutilized balance refers to a congressional authorization or appropriation that has not yet been expended. Thus as of June 30, 1948, part of the unutilized funds were committed or obligated but not expended. Because of variations in the financial reporting procedures of the various government agencies handling foreign aid, the general terms utilized and unutilized have been adopted to designate a stage of distribution that is somewhat comparable from agency to agency. For further definitions of these terms, see the explanatory notes to Appendix C. [Appendix omitted here.] MAY 1949 1948, approximately two-thirds of this sum had been utilized, leaving an unutilized balance of 9.0 billion dollars. This latter amount consisted primarily of slightly more than 5.0 billion dollars appropriated and authorized for the Economic Cooperation Administration, 1.3 billion dollars of unutilized loanable funds of the Export-Import Bank of Washington, and 1.5 billion dollars of funds for government and relief in occupied areas under the administration of the National Military Establishment. It was the intent of the Congress that the major part of these unutilized funds be available for expenditure after June 30, 1948. The rate at which funds for foreign assistance were utilized was fairly steady throughout the three-year period, except for a peak of utilized grants and credits of 3.6 billion dollars reached during the latter half of fiscal 1947. Assistance on a credit or loan basis tended to increase moderately up to July 1947, and then to decrease during fiscal 1948. After January 1948, aid was preponderantly in the form of grants. The changing nature of assistance rendered may be ascribed to the types of aid programs in effect. For example, the United States contribution to the United Nations Relief and Rehabilitation Administration in the first postwar year, fiscal 1946, was entirely on a grant basis. The second postwar year, fiscal 1947, witnessed draw- 507 REPORT OF THE NATIONAL ADVISORY COUNCIL ings of over 2.0 billion dollars by the United Kingdom on the 3.75 billion dollar line of credit extended by the United States. In the third postwar year, fiscal 1948, United States aid was increased through the adoption of such measures as interim aid and the Foreign Assistance Act of 1948, which were primarily on a grant basis. AGENCIES ADMINISTERING POSTWAR FOREIGN AID The Congress has designated various agencies for the administration of»postwar assistance. The agencies extending loans and credits have included the Export-Import Bank, the Office of Foreign Liquidation Commissioner, the Treasury Department, the Reconstruction Finance Corporation, the War Assets Administration, and the United States Maritime Commission. Some of these agencies were newly created for specific programs, while others, under increased authority, carried out functions of the type with which they had had previous experience. Thus, the Office of Foreign Liquidation Commissioner and the War Assets Administration were especially created to deal with problems of surplus property arising from the war effort. On the other hand, the Export-Import Bank and the Reconstruction Finance Corporation had previously been engaged in activities somewhat similar to their postwar operations, and the lending authority of the Export-Import Bank was substantially increased. The Treasury Department's administration of the Anglo-American financial agreement was directed by statute. Under the Merchant Ship Sales Act of 1946, the United States Maritime Commission was authorized, with certain limitations, to sell war-built vessels to foreign purchasers on credit terms. This authority expired March 1, 1948. Grant assistance was provided through the United Nations Relief and Rehabilitation Administration, and in addition, assistance on terms of repayment to be determined by later peace settlements (classified as grants for purpose of statistical summary), was extended by the National Military Establishment as an incident to military occupation. In 1948 the Economic Cooperation Administration was established to administer a more general program of economic assistance. GEOGRAPHICAL DISTRIBUTION OF ASSISTANCE Of the grand total of 26.2 billion dollars made available for foreign assistance, more than twothirds was designated for those nations which became participants in the European recovery program. Principal beneficiaries were the United Kingdom, France, Western Germany, and Italy. Assistance to European countries outside of what 508 is now construed as ERP Europe was provided on a smaller scale, and mainly as a result of relief and other grants such as the original UNRRA program. The total of 4.5 billion dollars in United States aid made available to Asia between July 1945 and June 1948 was mainly to Japan and Southern Korea under the military program of relief for occupied areas, and to China under post-VJ-Day lend-lease aid and other grants. There were, however, property credits and loans to Asiatic countries totaling 808 million dollars. Aid to other areas included 473 million dollars to Latin America, 41 million to Africa, and about 12 million to Australia and New Zealand. Table I shows, by country, the utilization of United States Government foreign assistance from July 1, 1945, to June 30, 1948, unutilized commitments on June 30, 1948, and ECA additional allotments as of September 30, 1948. TABLE I UNITED STATES GOVERNMENT FOREIGN ASSISTANCE, JULY 1, 1945-JUNE 30, 1948, BY MAJOR COUNTRIES IN SPECIFIED AREAS [In millions of dollars] Unutilized Total Country ERP EUROPE: Utilized ECA Comadditional mitallotments June 30, ments Sept. 30, 1948 1948 5,958 United Kingdom 3,374 France Germany (Western) . . . . 2,467 4,790 2,381 1,264 159 233 827 1,009 760 376 1,868 942 759 1,239 664 327 194 148 64 435 130 368 580 356 584 342 243 148 61 194 177 113 242 U.S.S.R Poland Yugoslavia 465 443 299 462 439 299 Czechoslovakia Other Non-ERP 213 163 213 141 22 1,898 1,609 507 1,474 1,017 267 424 592 240 307 218 171 123 136 95 473 300 283 140 190 160 Italy Greece Netherlands Austria Belgium-Luxembourg. . . Other ERP OTHER EUROPE: AS i A.- China Japan Philippines Korea (Southern) Other Asia WESTERN 3 4 HEMISPHERE: Latin America Canada . .. NOTE.—Table does not include ECA funds which were unallocable by country on Sept. 30, 1948, nor other agency funds unallocable by country on June 30, 1948. FEDERAL RESERVE BULLETIN REPORT OF THE NATIONAL ADVISORY COUNCIL TABLE FOREIGN GOLD AND SHORT-TERM DOLLAR RESOURCES Tables II and III indicate the changes in gold and short-term dollar assets of foreign countries between June 30, 1945 and June 30, 1948, according to geographical areas. Assistance from the United States Government in the postwar period was accompanied by utilization by foreign countries of a substantial part of their gold and dollar resources. Practically all major foreign countries, with the exception of Switzerland, suffered declines of varying magnitudes in their monetary resources. On June 30, 1945, gold and dollar reserves owned by all foreign countries (excluding the U.S.S.R.), totaled approximately 20 billion dollars, while three years later on June 30, 1948, these reserves had fallen to 14.6 billion dollars, a decline of slightly more than 27 per cent. For the countries included in the European recovery program, the relative loss was even greater—from 10.6 billion dollars in 1945 to 75 billion dollars in 1948. As a result of this depletion, by June 1948 many of the countries of the world had insufficient gold and dollars to maintain working balances in foreign exchange and adequate monetary reserves. ANNUALLY, 1945-48, ESTIMATED GOLD AND SHORT-TERM DOLLAR BALANCES H E L D BY ERP COUNTRIES AND T H E BRITISH DOLLAR [In millions of dollars] June 30 1945 1948 Dollar Per cent Sweden France Netherlands 648 2,351 673 123 784 359 -525 -1,567 -314 -81.0 -66.7 -46.7 British Commonwealth 2 Canada South Africa Other 2,934 1,613 884 437 1,842 943 382 517 -1,092 -670 -502 +80 -37.2 -41.6 -56.8 + 18.3 461 Portugal United Kingdom 2,723 Belgium and Luxembourg .. . 925 302 2,267 803 -159 -456 -122 -34.5 -16.7 -13.2 Other ERP 3 Switzerland 803 i,855 -18 +215 -2.2 + 13.1 821 1,640 1 Includes dependencies of ERP countries, except for Indonesia. 2 Excludes the United Kingdom, for which data are shown separately. 3 Includes ERP countries each holding less than 400 million dollars in gold and dollar balances on June 30, 1945, except for Iceland and Ireland, which are included in the British Common wealth. TABLE 1, 1945 TO JUNE 30, BY SEMIANNUAL PERIODS 1 1948, [In millions of dollars] 1945 1946 1947 1948 7,519 5,657 3,677 2,050 6,889 5,922 3,891 2,114 5,619 4,952 3,331 1,680 5,029 4,109 2,876 1,513 1945 2 1 Excludes sterling area countries and Indonesia, but includes dependencies of ERP countries other than the Netherlands. 2 Includes all sterling area countries. 3 Excludes sterling area countries. As indicated in Table IV, foreign countries had a demand for American goods needed for the postwar reconstruction of their economies far in excess of their ability to pay on the basis of their current sales of goods and services to the American economy. As previously pointed out, to a considerable extent they attempted to meet their deficit on current account by the liquidation of gold and dollar balances in the United States. This depletion was approaching a point at which the financial situation of some countries was critical. At this juncture, IV FOREIGN A I D IN T H E U N I T E D STATES BALANCE OF PAYMENTS JULY Area 1949 Cha Country or area AREA June 30 MAY 1948 1 BALANCES BY GEOGRAPHICAL [In millions of dollars] ERP Europe l British Commonwealth Latin3 America Asia COMMONWEALTH JUNE 30, 1945 AND JUNE 30, FOREIGN AID AND THE UNITED STATES BALANCE OF PAYMENTS T A B L E II ESTIMATED GOLD AND SHORT-TERM III Item 1947 1948 JulyDec. Jan.June 7 565 10 093 9 648 8,665 3,416 3 751 4 171 4 292 5,087 3,628 2,681 2 372 3 293 2 419 2,149 -1,078 816 488 1 152 290 2 341 288 2 173 764 920 509 JulyDec.i JulyDec. 7,401 4,143 1 Jan.June 7,200 Total e x p o r t s . . . . Means of financing: Total imports. . U.S. Govt. aid (net). Liquidation of foreign gold and dollars. . Miscellaneous. . 1946 507 j£ m.- June 1 The means of financing shown for the period July through December 1945, exceed exports by 1,078 million dollars, which represents the net foreign acquisition of dollar assets and purchases of gold from the United States. the aid provided by the United States became an important factor in relieving international financial stress and in assisting recovery in levels of production and in standards of living. 509 REPORT OF THE NATIONAL ADVISORY COUNCIL III. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK THE E U R O P E A N RECOVERY PROGRAM Financial status of the European recovery program. The Congress appropriated on June 28, 1948, a total of $6,030,710,228 for foreign assistance (62 Stat. 512, 22 U.S.C.A. 1501). The specific appropriations were as follows: Total appropriated $6,030,710,228 European recovery program 4,000,000,000 National Military Establishment (government and relief in occupied areas). 1,300,000,000 Assistance to: China . 400,000,000 Economic (275,000,000) Military (125,000,000) Greece and Turkey (military aid) . 225,000,000 International Refugee Organization .. 70,710,228 Children's Emergency Fund 35,000,000 In addition to the 4.0 billion dollars appropriated to carry out the provisions of the Economic Cooperation Act, there was also made available the sum of one billion dollars to be provided out of public debt transactions for the purpose of making loans and guaranties, of which a maximum of 0.3 billion could be used for guaranties. The appropriation act provided that the entire amount could be obligated and expended during the period ending April 2, 1949, if the President, after recommendation by the Administrator, deemed such action necessary to carry out the purposes of the Act.5 Thus, the total amount of funds which may be utilized under the Foreign Assistance Act of 1948 and the related appropriations act is $7,030,710,228. This section of the report, however, will deal only with the amounts made available for economic recovery in Europe. For the first six months of operations, from April through September 1948, the Economic Cooperation Administration had allotted assistance to ERP countries totaling 4.3 billion dollars, while actual procurement authorizations amounted to 1.9 billion dollars (Table V). The allotments represented amounts that the foreign countries had been informed they could use during the period, while the authorizations represented the obligations incurred by ECA for the procurement of supplies and services. Since it was contemplated that commit5 On Nov. 26, 1948, the President authorized the Economic Cooperation Administration to use the full amount of its appropriation in the 12 months ending Apr. 2, 1949. 510 ments under the European recovery program would total 5 billion dollars for the first 12 to 15 months of operations, the rate of progress in extending assistance for the half-year was comparatively close to that envisaged in the Foreign Assistance Act of 1948. In view of the time lag between procurement authorizations and actual delivery of goods to recipient countries, the major expenditure of appropriated and authorized funds for assistance during the first ERP period will occur after October 1, 1948. Table V indicates that the chief recipients of aid are the United Kingdom, France, Italy, Western Germany, and the Netherlands—the allotment totals for these countries amounting to 3.6 billion dollars out of a total of 4.3 billion dollars. TABLE DISTRIBUTION OF ECA V ALLOTMENTS AND PROCUREMENT THORIZATIONS, AS OF SEPT. 30, AU- 1948 [In millions of dollars] Country Total allotments Procurement authorizations Total 4,346.6 1,930.3 United Kingdom France Italy 1,235.0 966.0 541.0 447.9 473.5 257.9 Western Germany Netherlands Austria 440.3 411.0 216.0 260.3 172.8 114.6 Greece Belgium and Luxembourg Denmark 162.0 113.0 87.0 91.3 21.8 43.2 Norway Ireland Trieste 72.0 60.0 17.0 38.4 Sweden Turkey Iceland 10.0 10.0 6.3 6^'' 2^3 Loans and grants. Under the Economic Cooperation Act of 1948, one billion dollars of total European recovery program aid was made available solely for loans and guaranties. The remaining 4 billion dollars of European aid may be utilized for either grants or loans as the Administrator for Economic Cooperation deems appropriate, acting in consultation with the Council. Determination as to whether assistance shall be through grants or upon terms of payment "shall depend upon the character and purpose of the assistance and upon whether there is reasonable assurance of repayment considering the capacity of such country to make FEDERAL RESERVE BULLETIN REPORT OF THE NATIONAL ADVISORY COUNCIL such payments without jeopardizing the accomplishments of the purposes of this title" (62 Stat. 1054). Allocation of loans to specific countries. In allocating funds for loans for the first year's program, it was essential to appraise not only the current positions of the several European countries but also their prospects under the recovery program and later. The extent of physical destruction and disturbance of their economic systems as a result of the war varied substantially from country to country. Moreover, a few countries, such as the United Kingdom and France, had already contracted heavy foreign indebtedness in connection with their reconstruction efforts. It was thus necessary, for the first year, to weigh carefully a wide range of factors in arriving at an over-all judgment as to the allocation of loans among the countries. For the first year it was determined that only Portugal and Switzerland were in a position to pay cash for their imports of goods and services and that Iceland, Ireland, Sweden and Turkey should receive their initial allocations entirely on a loan basis. In the cases of Austria and Greece, it was decided that United States assistance should be entirely on a grant basis. For most of the remaining countries, it was agreed that, for the first year, aid should be primarily on a grant basis but that some portion of the assistance should be on a loan basis. With respect to the Free Territory of Trieste, it appeared desirable, until the situation was clarified, to treat any assistance as a grant. Finally, it was believed that assistance to Germany should be subject to such terms of payment as may be determined by the peace settlement. In accordance with the general principles indicated above, the contemplated loan program as of September 30, 1948, for the first nine months of the European recovery program, was as shown in Table VI. Because of the time required to prepare and approve the bilateral agreements with the participating countries and to negotiate details of the loan agreements, no loan agreements had been completed as of September 30, 1948, with the exception of a loan to Iceland. However, at that date, tentative agreement had been reached with various other participating countries. The terms of the loan of 2.3 million dollars to Iceland were subject to revision in the light of the terms of payment to be negotiated with the other countries. Terms of payment on ECA loans. The Administrator for Economic Cooperation, in accordance with the Act of 1948, requested the advice of the Council as to the terms of payment on loans to participating countries. In giving its advice, the MAY 1949 TABLE CONTEMPLATED VI LOAN PROGRAM UNDER THE ECONOMIC OPERATION A C T OF 1948, AS OF S E P T . 30, CO- 1948 [In millions of dollars] Country Amount Total loans. 837.3 United Kingdom France Netherlands (incl. Indonesia). 310.0 170.0 95.0 Ireland Belgium and Luxembourg Italy 60.0 50.0 50.0 Norway Turkey Denmark. ... 35.0 30.0 25.0 Sweden. Iceland. . 10.0 2.3 Council took into consideration the terms of lendlease settlements, war-account settlement arrangements, Export-Import Bank loans, the Anglo-American financial agreement, Office of Foreign Liquidation Commissioner credits, the Reconstruction Finance Corporation loan to the Philippines, War Assets Administration credits, and loans by the International Bank. Important aspects of terms and conditions of loans include the interest rate, maturities, a "period of grace" for interest payments and/or amortization of principal, and the possibility of a postponement provision. Since the decision on how to allocate aid as between loans and grants takes account of the differences in the ability of various countries to repay loans, the terms of payment have been placed on a uniform basis among the borrowing countries, except for some variation in the schedules of amortization. The Council was in agreement that the rate of interest should be sufficient to cover the cost of money to the United States Government. In view of the broad purpose of the ECA loans, as part of a program directed toward the long-term economic recovery of Europe, the Council considered that the loans should have relatively long maturities and low interest rates, so that some portion of the total ECA aid could be placed on a loan basis without imposing an undue annual burden on the borrowers' balances of payments. The Council considered that a 35-year maturity and 2.5 per cent interest rate would be appropriate for loans made during the first year of the program. The Council felt that there should be a period,, probably extending beyond the end of the proposed ERP program, during which no payments on prin511 REPORT OF THE NATIONAL ADVISORY COUNCIL cipal would be required, in order to allow the recipient countries to make adjustments necessary to enable them to begin repaying the loans. The Council therefore recommended that there should be no amortization of principal for a minimum period through June 1952 and a maximum period through June 30, 1956. The Council further recommended that no interest be charged for the period through June 30, 1952. It also was of the opinion that provision might be made in the loan contracts for consultation, between the United States Government and the individual borrowers during periods of unusual economic stringency, with a view to possible postponement of dollar payment and the acceptance of local currency. Local currency accounts. The Foreign Assistance Act requires that all countries receiving assistance in the form of dollar grants make special deposits in local currency commensurate in amount to the grants received. These funds may be held or used, by agreement between the participating country and the United States, for purposes of internal monetary and financial stabilization, stimulation of productive activity, exploration for and development of new sources of wealth and for such other expenditures as may be consistent with the purposes of the Economic Cooperation Act, including local currency administrative expenditures of the United States incident to operations under the Act.6 Local currency receipts under the European recovery program in many countries have been of sizeable magnitude relative to government receipts and expenditures and the total money supply. The proper utilization of these funds may contribute to the achievement of a sound fiscal policy and may also finance needed investments. The use of the local currency counterpart funds is, however, only one factor in bringing about improvement in European finances and must be supplemented by other fiscal and monetary measures. The sale within any participating country of commodities provided under the assistance program has an initial counter-inflationary effect. This counterinflationary effect may be maintained through the local currency counterpart as long as the funds are immobilized or are used, under certain circumstances, for a permanent net retirement of the government debt. However, immobilization of local currency counterpart funds or their use for debt retirement are not in themselves sufficient to assure sound fiscal policy. The beneficial effects can be 6 The appropriation act specifies that not less than 5 per cent of each special local currency account shall be allocated to the use of the U. S. Government for expenditure for strategic materials where available, or for other local currency requirements of the United States. 512 offset by additional borrowing by the government. Such uses of counterpart funds are not substitutes for fundamental reforms which may be required to achieve lasting stability. Although the use of counterpart funds for investment projects tends generally to offset the immediate counter-inflationary effect of the deposit, such use in selected fields can nevertheless contribute to European recovery where it results in increased productive capacity and more effective utilization of the labor force. The Council has recommended to the Administrator that counterpart funds be released for debt retirement and for investment purposes only where the governments concerned have recommended such releases in conjunction with a financial program aimed at the achievement of internal monetary and financial stability. In several instances it has been necessary for the Council to recommend approval of these releases at the outset of a program of reforms. But it has recommended that subsequent releases be made contingent upon a demonstration of effective implementation of the reform measures. The Council took the position, consistent with the Act, that local- currency proceeds might also be used to facilitate intra-European trade and payments within the arrangements proposed by the participating countries, designed to facilitate and expand intra-European trade on a multilateral basis. In the period under review the Council took action with regard to releases of counterpart funds in the following countries. France. In September 1948, the French Government requested United States agreement to periodic releases of the local currency counterpart funds to assist it in undertaking a newly announced economic and financial program. The Council offered no objection to the Administrator's giving assurance that, if the economic and financial program proposed by the French Government were adopted, the United States Government would be favorably disposed to the release of appropriate amounts of counterpart funds in successive installments and with adequate safeguards. However, it was recommended that future releases of such funds should depend upon an evaluation of progress in the accomplishments of the new French financial program. During September 1948, agreement was subsequently reached between the United States and French Governments on the release of 45 billion francs of counterpart funds (approximately 150 million dollars), to assist in financing a long-term program of investment and re-equipment, chiefly for the expansion of public utility and transportation facilities. FEDERAL RESERVE BULLETIN REPORT OF THE NATIONAL ADVISORY COUNCIL United Kingdom. It has been the policy in the United Kingdom to use local currency receipts from foreign aid to retire the public debt. Since the United Kingdom had recently operated on a balanced budget the Council considered that this would be a desirable use of counterpart funds. Greece. In June 1948, the Greek Government, with the concurrence of the United States Mission, requested permission to use the local currency counterpart funds for the purpose of meeting a serious budgetary deficit and to provide means to undertake programs of reconstruction and rehabilitation. The Council recommended that if the monetary and stabilization undertakings of the Greek Government were carried out in substance, the Economic Cooperation Administration consider favorably the release of appropriate portions of the counterpart funds for the following purposes: to supplement private Greek capital in financing capital imports; for a refugee, public health and welfare program; and for a reconstruction and rehabilitation program designed to stabilize the level of incomes and prices. However, the Council advised that the amount and timing of the expenditures, particularly for the reconstruction program, should be determined in the light of current inflationary developments. Trieste. The Council expressed the opinion that the local currency counterpart should be used in connection with a program of expenditures to stimulate productive activity, particularly in those key industries in the Allied Zone whose economic recovery would contribute to the economic recovery of Western Europe. Plans to facilitate intra-European trade. Postwar trade among European countries has been carried on in terms of a network of bilateral payments and clearing agreements, which resulted, in part, from the inconvertibility of currencies and the relatively small amount of dollars and gold available for the settlement of international balances. These agreements characteristically provided for the clearing of transactions between the central banks of the countries concerned, and for the mutual extension of certain credit lines to cover net balances resulting from transactions. As this system developed, some countries found themselves generally in the position of creditors on payments account, while others were consistently debtors. The exhaustion of credit margins and the necessity of settlement of accounts with dollars or gold has, from time to time, imposed serious strains on the continuance or expansion of intra-European trade. To deal with this problem various plans were suggested and given limited trial. It was found that one of the basic difficulties was that the countries MAY 1949 with a surplus on current account were unable or unwilling to extend further credits against payment in inconvertible currencies, which could not readily be used to secure necessary goods. After a limited experiment based entirely upon the use of European currencies, an arrangement which in practice proved inadequate, it was proposed that the aid provided to Europe by the United States should be used to facilitate the operation of the payments mechanism for intra-European trade. The Council considered this proposal and advised the Administrator for Economic Cooperation to agree to a mechanism whereby part of the dollar aid made available to Europe would be extended as "conditional aid," i.e., a country receiving this aid would make available to other European countries an equivalent amount of its own currency to finance adverse balances. Total dollar aid to Western Europe is not increased by this scheme, since a portion of the dollars supplied to assist the participating countries in covering their dollar deficits is simply provided on the condition that the receivers will make equivalent credits in their own currencies available to other participants. The Council, in giving its approval to this proposal, called the attention of the Administrator to certain conditions which indicated that the proposal would not of itself be an entirely adequate method of dealing with the European trade problem. Thus it emphasized the desirability of funding by the participating countries of the outstanding clearing debts and the extension of additional credits to each other as part of a program of facilitating European recovery. Moreover, it believed that any plan for facilitating intra-European trade and payments should contain provision for making steady progress toward complete self-financing of such trade. Conversion or exchange rates in the ECA program. The Administrator requested the Council's advice on the proper conversion rates to be used for determining the local currency equivalent of United States grants to participating countries and the rates to be used in administering the guaranty provisions. In accordance with the bilateral agreements, the rates to be used in computing the local currency equivalent of grants were to be determined by the United States in agreement with the country concerned. The Council recommended that these rates should be the par value of the currency where the country had a par value agreed by the International Monetary Fund. For other countries receiving grants, special formulae were used, in view of the complexities of their exchange systems. The Administrator for Economic Cooperation is authorized by Section lll(b)(3) of the Economic Cooperation Act to guarantee the conversion into 513 REPORT OF THE NATIONAL ADVISORY COUNCIL dollars of the income of approved new investments in the participating countries, or of the proceeds of the amortization or liquidation of such investments. The guaranty to any person, according to the Act, shall not exceed the amount of dollars invested, with the approval of the Administrator, in the project. The Council recommended that guaranty contracts should call for payments only when transfers into dollars, through legal channels, were blocked. Where the country has a unitary system of exchange rates based upon an agreed par value, the rate for purposes of the guaranty should be the selling rate for United States dollars. In other cases the Council recommended formulae which took into consideration the rates applicable to transfers of income and capital at the time prior to blocking. It was agreed that in the application of the formulae there should be consultation with the Secretary of the Treasury and, in appropriate cases, with the National Advisory Council. ASSISTANCE FOR ASIA China. The Foreign Assistance Act of 1948 provides, under title IV, for aid to China. The Act states that the assistance extended shall be subject to the applicable provisions of the Economic Cooperation Act of 1948. The Council recommended to the Economic Cooperation Administration, on the basis of a study of China's capacity to repay, that all aid to China with the exception of assistance to finance reconstruction projects be on a grant basis, and advised that consideration would be given to the basis for the extension of aid to finance reconstruction projects when the nature of the projects became known. In view of the rapid inflation in China, the Council recommended the use of certain special arrangements regarding local currency deposits. Japan, Korea, and Ryukyu Islands. During the period under survey the Council reviewed a request for appropriations, prepared by the Department of the Army, to be used for the economic recovery of Japan, Korea, and the Ryukyu Islands. Japan's economic position has changed considerably, viewed against the backdrop of the prewar period. Once able to balance its foreign trade, Japan now has lost its preferred position in markets which formerly constituted the yen bloc, and no longer has access to sources of cheap raw materials and food. Investment income has disappeared with the vesting, by allied and other countries, of Japan's external assets; earnings of the merchant marine, reduced to about one-fifth of its peak size, cover but a small fraction of Japan's huge trade deficit. These developments, together with the sharp postwar inflation, were considered by the Council, which de- 514 termined that a recovery program would be appropriate, but expressed the opinion that this program should be accompanied by measures which would achieve internal economic stability and effectively enforce the economic controls necessary thereto. With respect to Korea and the Ryukyu Islands, the Council, taking note of the especially serious internal obstacles to recovery within the two areas and of the relief character of a substantial portion of the commodities to be purchased, offered no objection to the requested appropriation, in view of the special responsibilities of the United States Government in the two areas. Consistently with the purposes of the Foreign Assistance Act of 1948, the Congress appropriated funds for economic rehabilitation programs in Japan, South Korea, and the Ryukyu Islands. EXPORT-IMPORT BANK CREDITS During the period under review, the Council continued to work closely with the Export-Import Bank to facilitate coordination of the Bank's policies with those of other agencies concerned with foreign lending. New credits authorized by the Bank during this period totaled 60.3 million dollars. Cotton credit to Japan. The Export-Import Bank referred to the Council a proposal for credits to be participated in by the Bank and American commercial banks to finance the purchase of United States cotton for manufacture in Japan. Previously, the Department of the Army had requested that the Council consider the terms of this proposed credit. The proposal provided for credits to run for not more than 10 months, to mature not later than December 31, 1949, and not to exceed 60 million dollars outstanding at any time. These credits would be apportioned among the Export-Import Bank and four American commercial banks, a maximum of 29 million dollars to be loaned by the ExportImport Bank and the remainder by commercial banks. Interest charges on such credits would vary between 2% per cent and 3l/2 per cent and there would be a commission charge of lA of 1 per cent of the face amount of letters of credit to be issued by commercial banks under the proposed plan. Ultimate security for the advances would consist of that amount of gold and silver held by the Supreme Commander for the Allied Powers, which was in excess of gold and silver restitution claims against Japan. The Council offered no objection to consideration by the Export-Import Bank of this credit. Prior to September 30, 1948, the Export-Import Bank's participation was reduced to a total of 26 million dollars, increasing the commercial banks' participation to 34 million. FEDERAL RESERVE BULLETIN REPORT OF THE NATIONAL ADVISORY COUNCIL Aircraft credits to Swedish Airlines. An application of Douglas Aircraft Corporation to the ExportImport Bank for assistance in financing the export sale of aircraft to the Swedish Airlines was referred to the Council. The Bank was asked to participate to the extent of $2,125,000 with private commercial banks and the Douglas Corporation. It was expected that private banks would participate in the amount of $675,000 with the Douglas Corporation taking the remaining portion in the amount of $500,000. The total financing amounted to 3.3 million dollars. The Council had previously approved, in July 1946 and February 1948, consideration by the Export-Import Bank of credits aggregating not more than 27 million dollars for financing the purchase of United States air transportation equipment where private credit for that purpose was not available. The further increase of $2,125,000 was approved by the Council in June 1948. Reconstruction loan to Colombia. During the InterAmerican Conference held in Bogota, a serious outbreak by revolutionary forces caused considerable destruction in the city. The American delegation in Bogota transmitted to Washington a request that financial aid be extended to Colombia in order to provide for reconstruction. The Council was advised of this request and in April 1948 approved consideration by the Export-Import Bank of a 10 million dollar loan to Colombia for the reconstruction of Bogota. Cotton credit to Finland. The Export-Import Bank brought to the attention of the Council an application by the Government of Finland for a 15 month credit of 5 million dollars with a rate of interest of 2.5 per cent per annum to finance the purchase of raw cotton in the United States. The ExportImport Bank, with the approval of the Council, had earmarked 100 million dollars for the extension of cotton credits to European countries. Because the proposed credit, in addition to outstanding credits, was within the earmarked 100 million dollars, the Council did not consider that specific action was necessary on this proposal, and did not object to the contemplated extension of the credit. Proposal to increase lending authority of the ExportImport Bank. Proposals for the creation of an InterAmerican Bank were considered by the United States Government during the early part of 1948, and these proposals were presented to the Council. The Council was of the view that existing financial organizations, such as the Export-Import Bank and the International Bank, were appropriate to handle both short- and long-term foreign loan applications presented by Latin American countries, but, in view of the relatively small uncommitted MAY 1949 resources of the Export-Import Bank at that time, the Council approved the introduction of legislation in the Congress to increase the lending authorTABLE NET CREDITS AUTHORIZED JULY 1, BY VII THE EXPORT-IMPORT 1 9 4 5 - S E P T . 30, BANK 1948 1 [In millions of dollars] Area and country Total DeRecon- vel- Lend- CotLease ton strucop- requi- pur- Other tion ment sitions chases2 Total, all areas. . 2,618.6 1,008.6 775.1 655.0 159.0 20.9 971.9 251.0 655.0 100.0 18.4 Total, Europe.. . 1,996.3 1,200.0 France 205.3 Netherlands.... 132.0 Belgium Italy Finland Norway 131.8 90.2 50.2 650.0 3152.2 45.0 50 6 Poland Turkey Czechoslovakia . 40.0 35.6 22.0 40.0 Denmark Germany Greece 20.0 19 0 14.7 14 3 2.2 25.0 44.9 17.0 510.0 0.2 101.9 63.2 20.0 Austria Sweden Unallotted cotton credits. . . 550.0 "3.1 50.0 3 32.0 55.0 Total, Latin America 35 6 20.0 42.0 19 0 14.7 6 1.3 13 0 2 2 19.0 19.0 207.0 207.0 Brazil Mexico Chile 73 6 57.0 43 7 Colombia Ecuador Bolivia 20.0 3.5 3 3 73 6 57.0 43 7 20.0 3.5 3 3 Venezuela Panama Argentina 3.0 2.0 0.2 3.0 2 0 0.2 Miscellaneous. 0 7 0.7 Total, Asia and Africa China Japan Saudi Arabia. . . Egypt Ethiopia North America: Canada 1 1 iscellaneous V 112.8 36.7 66.7 26.0 10.0 33.7 7.1 3.0 300.0 2.5 17.1 59.0 36 "io!6 33 0 26.0 7.1 3.0 300.0 2.5 1 Cancellations and expirations deducted. Numerous small exporter-importer loans extended by the Bank, July 1, 1945, through Sept. 30, 1948, excluded. Also excluded are Mexican authorizations of 30 million dollars, and a Peruvian authorization of $400,000 approved prior to June 30, 1945, recorded on ExportImport Bank books subsequent to June 30, 1945. 2 Credits extended by Export-Import Bank under general approval of the Council. Hungarian credit of 7 million dollars cancelled Apr. 2, 1947. 3 Excludes participation by private banks. 4 For financing tobacco purchases. 6 For financing food purchases. 6 Revolving credit (of 1.3 million dollars shown for Austria, $800,000 is revolving). 515 REPORT OF T H E NATIONAL ADVISORY COUNCIL ity of the Export-Import Bank by 500 million dollars. Hearings were held, but legislation had not been enacted as of the date of this report. It was concluded that the continuance of the credits would further the objective of European recovery. Nevertheless, the War Assets Administration was of the opinion that no new credits to As of September 30, 1948, the resources of the foreign governments should be extended and that Export-Import Bank were distributed as follows it might be advisable in some instances to consider (in millions of dollars): reducing the amounts of existing credit agreements, Total lending authority. 3,500.0 since inventories of surplus property available to Loans outstanding. . 2,100.6 foreign governments after prior domestic claims Undisbursed commitments. . . . 566.9 were met had been considerably reduced. The Uncommitted lending authority. 832.5 Council concurred in this view, with the reservation that the door should not be closed entirely on Table VII shows the distribution of net credits War Assets Administration foreign credits since authorized by country and object of financing. there might arise exceptional circumstances under which it would be appropriate to extend small SUNDRY FINANCIAL PROBLEMS credits to particular countries, especially to those Commodity Credit Corporation credits. In June 1948, the Department of Agriculture through the not eligible for assistance under the Foreign AssistCommodity Credit Corporation submitted for the ance Act of 1948. The War Assets Administrator consideration of the Council an agreement with the agreed that under such circumstances small addiIndonesian Government under which the Corpo- tional credits might be made to countries outside of ration would make available 25 million dollars for the European recovery program. During September 1948, the Administrator rethe purchase of incentive goods (textiles, food, quested the advice of the Council as to the dehousehold articles, etc.) to be used to stimulate the production and procurement of copra and palm oil sirability of extending six credit agreements schedfor export. The agreement would be effective for uled to expire in the latter part of the year. The a two-year period from the date of execution, and Council approved consideration by the agency of payments would be made by the Indonesian Gov- the extension to December 31, 1948 of the credit ernment in amounts of 1.5 million dollars each agreements with the governments of Finland, the month for the last six months of the agreement. Philippines, the Netherlands, Haiti, Norway, and Any balance due at the end of the agreement would Austria. be paid in full not later than 90 days after termiTABLE VIII nation of the agreement, while interest would be at the rate of 3 per cent per annum. Ability to re- WAR ASSETS ADMINISTRATION CREDIT AGREEMENTS WITH FOREIGN GOVERNMENTS, AS OF SEPT. 30, 1948 pay by the Indonesian Government was based upon anticipated export proceeds of copra and palm oil Total credit in 1948 at the equivalent of 90 million to 100 milUnused approvals Amount Country balance lion dollars. Sept. 30, 1948 The Commodity Credit Corporation had ex$97,193,104 $20,061,886 $117,255,000 tended assistance to Indonesia in 1946 and the Total 44,113,991 5,886,009 50,000,000 France amount made available, 9.4 million dollars, was Netherlands 13,589,975 1,410,025 15,000,000 10,408,540 1,591,450 12,000,000 Norway used to stimulate the production of copra. This Austria 6,176,335 3,823,665 10,000,000 agreement terminated on December 31, 1947, and 4,764,071 5,235,929 10,000,000 Finland the loan was fully repaid. 8,076,048 1,923,952 10,000,000 Philippines 9,863,296 136,704 10,000,000 The Council offered no objection to the extension Pakistan 200,848 54,152 255,000 Haiti of the 25 million dollar credit by the Commodity Credit Corporation to the Indonesian Government. War Assets Administration foreign credits. War Certain applications which had been previously Assets Administration credit agreements with for- approved by the Council had not resulted in credit eign governments were inaugurated at a time when agreements as of September 30, 1948. the agency held in its inventory large amounts of Joint Brazil-United States Technical Commission. property which it appeared could not then be Consultation between representatives of the conabsorbed by the national economy. After the stituent agencies of the Council and the United adoption of the Economic Cooperation Act of 1948, States Section of the Joint Brazil-United States the question arose as to whether the War Assets Technical Commission took place during August Administration should continue such credits. 1948. This Commission is a product of discussions 516 FEDERAL RESERVE BULLETIN REPORT OF THE NATIONAL ADVISORY COUNCIL held between the United States Secretary of the Treasury and the Brazilian President and Finance Minister during 1947, at which time it was agreed that a small group of United States technicians would be sent to Brazil to work with a similar group of Brazilians in arriving at determinations as to the most effective utilization of Brazilian resources. Terms of reference of the Commission as agreed by the two governments are as follows: tions relative to measures which might facilitate economic development in Brazil. "The Commission should direct its attention toward an analysis of (1) Brazil's natural and capital resources, (2) the supply of labor, particularly skilled labor, (3) problems in fiscal and banking fields, (4) problems of domestic and international trade, and (5) the position of Brazil in the world economy." "The Joint Brazil-United States Technical Commission should endeavor to analyze the factors in Brazil which are tending to promote or to retard the economic development of Brazil. This might involve a broad appraisal of the manner, directions, and rates of development of the Brazilian economy, looking toward the most effective and balanced utilization of Brazilian resources. The Commission should give particular attention to the capacity of Brazil for economic expansion through the maximum use of its internal resources. The Commission shall not undertake to appraise the merits of specific projects or to evaluate the desirability of obtaining foreign financing. The Commission, however, should consider measures designed to encourage the flow of private capital to Brazil and where appropriate, may make broad recommenda- The United States Section of the Commission left for Brazil on August 27, 1948. United States-Mexican stabilization agreement. During the period under review, Mexico purchased. 7 million dollars in exchange for pesos, following purchases of 30 million in the previous six-month period. Out of the total of 50 million dollars under the United States-Mexican stabilization agreement of May 13, 1947, there remained 13 million potentially available to Mexico as of September 30, 1948. A heavy loss of reserves forced Mexico to withdraw support from the peso on July 22, 1948. As of September 30, 1948, the Mexican Government had not submitted a new par value to the International Monetary Fund. Further discussion of Mexico's relations with the Fund is contained in Section IV of this report. IV. ACTIVITIES RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT The National Advisory Council, in accordance with statutory authority, continued to coordinate the activities of the United States representatives of the Fund and the Bank with those of other agencies of the Government, by consulting and advising with them on major problems arising in administration of the Fund and the Bank. The United States Executive Directors of these institutions or their Alternates, have attended the Council's meetings regularly, and have participated continuously in the work of its Staff Committee. THIRD ANNUAL MEETINGS OF THE FUND AND THE BANK The Boards of Governors of the Fund and the Bank held their third annual meetings in Washington, D. C, September 27-October 1, 1948. The Secretary of the Treasury, John W. Snyder, as United States Governor of both institutions, and William L. Clayton, as Alternate Governor, attended. Andrew N. Overby and Frank A. Southard, Jr. were appointed temporary United States Alternate Governors for the purpose of these meetings. The Executive Directors also participated in these meetings, as did representatives of the constituent agencies of the Council. MAY 1949 At these meetings the application of Siam for membership was approved, various by-laws of the organizations were amended, and the Honduran request for a reduction in its Fund quota was granted. The Boards of Governors received the annual reports, the reports on audit, and the 1949 administrative budgets. At the closing session, the Governor of France was elected Chairman for the coming year, and the Governors of China, India, the United Kingdom, and the United States were elected Vice Chairmen. It was decided to hold the fourth annual meetings in Washington in the month of September 1949. MEMBERSHIP CHANGES IN THE FUND AND THE BANK In the period under review, one new country, Austria, was admitted to membership in the Fund and the Bank. The Council favored the approval of the Austrian application. Subsequently, the Boards of Governors admitted Austria as a member with a quota in the Fund of 50 million dollars, and a like amount as a subscription to the Bank. Austria formally became the 47th member of the two organizations on August 27, 1948. On August 6, 1948, the Council advised the United States Governor and the United States 517 REPORT OF THE NATIONAL ADVISORY COUNCIL Executive Directors of the Fund and the Bank that it favored the approval of the membership application of Siam. At the third annual meetings in September 1948, the Boards of Governors accepted the Siamese request for membership, providing for a quota in the Fund of 12.5 million dollars, with a like amount as a subscription to the Bank. Membership is open to Siam until March 31, 1949. At the second annual meeting in London, the Boards of Governors agreed to increase the quota of Iran in the Fund from 25 million dollars to 35 million, conditional upon a proportionate increase in its subscription to the Bank. The increased Bank subscription was received and accepted on June 28, 1948. The new Iranian quota in the Fund became effective on July 21, 1948, and payment was received on August 18, 1948. On September 30, 1948, 47 countries were members of the Fund and the Bank. THE FUND The International Monetary Fund provides machinery for international consultation and collaboration on international monetary problems. From time to time, during the period under review, member countries have consulted the Fund concerning the various factors affecting their balances of payments and exchange rates, and the Fund has given advice to its members in connection with such problems. It has recognized that questions of foreign exchange cannot be separated from those of monetary, trade, and fiscal policy. In the judgment of the Council, real progress has been made in establishing the Fund as a technical advisory and consultative body on international exchange problems, and in implementing the purposes of the Articles of Agreement. In conformity with its Articles, the Fund also has provided assistance to its members to help meet their balance of payments deficits on current account. Par values. On April 23, 1948, the Fund announced that it had accepted a par value of one United States dollar for the Dominican peso. On July 14, 1948, the Fund also announced that it had agreed to the establishment of an initial par value of 5.40541 cents for the Brazilian cruzeiro. The United States Executive Director, acting with the approval of the Council, supported these decisions. On July 22, 1948, the Bank of Mexico withdrew its support of the 20.6 cent initial par value of the peso agreed with the Fund. The principal reason for this action was a continuous heavy drain on Mexico's foreign exchange reserves throughout the postwar period, and especially during the first seven months of 1948. In accordance with the United States-Mexican Stabilization Agreement, 518 Mexico discussed this matter fully with the officials of the United States Treasury. Representatives of the Treasury and representatives of the Fund have continued discussions with Mexican officials on the problem. Quotas. At the third annual meeting, the Board of Governors agreed to a request by the Government of Honduras for a reduction in its Fund quota from $2,500,000 to $500,000. Exchange restrictions. The Fund has continually advised those of its members engaging in multiple exchange practices of its interest in the unification of their exchange rate structures, and, during the period under review, some of these members took steps working towards establishment of a unitary rate. Because of acute balance of payments deficits, however, a number of countries have felt obliged to continue their multiple exchange practices as well as other restrictions on payments and transfers for current account. In many of these latter cases, the Fund recommended fiscal and monetary measures best suited to promote the establishment of a unitary rate at some future date. At its meeting of June 11, 1948, the Executive Directors of the Fund considered, at the request of the Government of Colombia, recent revisions in Colombia's foreign exchange system. The new regulations provided for taxes on imports, as well as premia for exports, designed to alleviate the Colombian exchange difficulties. The Fund withheld its approval of the proposals, despite their temporary nature, since they contained features directly in conflict with the policies of the Fund. However, further consultations continued between representatives of the Fund and the Colombian Government. On September 7, 1948, the Fund announced that it had been carrying on a series of discussions with the Government of Peru regarding measures which that Government proposed to take to restore its international payments position. The measures proposed included a surcharge on imports of nonessential and luxury goods, as well as a higher return on exports. The Fund emphasized that such exchange measures can be effective only if they are accompanied by determined efforts of the government to halt inflation, to secure additional revenue from sources other than exchange taxes, and to limit the expansion of bank credit. The Fund announced that its consultations with Peru, conducted in a spirit of complete cooperation, were expected to continue until the desired aims were realized. Fund exchange transactions. During the six months April 1, 1948 through September 30, 1948, the Fund sold an equivalent of 39.8 million dollars FEDERAL RESERVE BULLETIN REPORT OF THE NATIONAL ADVISORY COUNCIL to member countries in exchange for their own currencies. Of this amount 11.4 million represented the dollar equivalent of Belgian francs sold by the Fund to the Netherlands and Norway. These latter transactions constituted the first sales of Belgian francs made by the Fund to date. Table IX presents a detailed breakdown of all Fund currency sales through September 30, 1948. TABLE IX CURRENCY SALES OF THE INTERNATIONAL MONETARY FUND MAR. 31, 1947-SEPT. 30, 1948 [In millions of United States dollars] Six months ending Country Total to Sept. 30, 1948 Sept. 30, 1948 U.S. dollars Mar. 31, 1948 Sept. 30, 1947 Bel- U.S. U.S. gian dol- dolfrancs lars 1 lars Pounds sterling Total, all countries. 639.9 28.4 11.4 391.1 203.0 6 . 0 564.1 11.9 11.4 356.8 178.0 6 . 0 Total, Europe United Kingdom. . . 300.0 240.0 60.0 France 125.0 25.0 100.0 Netherlands 75.3 44.5 18.0 ' ' 6 . 6 ' ' 6 8 Belgium 33.0 33.0 Denmark 10.2 3.4 6.8 Norway 9.6 2.5 4 6 2.5 Czechoslovakia 6.0 6.0 Turkey 5.0 5.6 Total, other coun34.3 25.0 tries 75.8 16.5 India Mexico Chile Ethiopia 1 44.2 16.2 22.5 8.8 0.3 ' '6.3 28.0 ' 6.3 22^5 2.5 No other currencies were sold by the Fund during this period. Fund relations with proposed International Trade Organization. In response to an invitation from the Economic and Social Council of the United Nations, the Fund participated in the meetings at which the International Trade Organization Charter was drafted, and also contributed to the formulation of practicable arrangements for cooperation between the Fund and the International Trade Organization. Both of these organizations are concerned with the external economic position of member nations. While the Fund approaches the problem of achieving and maintaining a sound external economic position of members primarily from the financial side, the International Trade Organization approaches this problem from the viewpoint of commercial policy. This interdependence makes full cooperation between the Fund and the International Trade Organization imperative. MAY 1949 Under its Charter, the International Trade Organization will seek agreement with the Fund regarding procedures for consultation on monetary and related questions. A parallel provision is also contained in the General Agreement on Tariffs and Trade. Organizational changes. On June 16, 1948, the President of the United States, with the advice and consent of the United States Senate, appointed Mr. Henry J. Tasca as United States Alternate Executive Director on the Fund. Mr. Tasca succeeded Mr. George F. Luthringer, whose resignation as United States Alternate Executive Director to become Deputy Director of the Research Department of the Fund became effective July 2, 1948. The Fund and the ERP. The resources of the International Monetary Fund are not intended to meet the type of financing which the ECA program is designed to cover. In general, use of the resources of the Fund is limited in accordance with its purposes, to giving temporary assistance in financing balance of payments deficits on current account for monetary stabilization operations. On April 20, 1948, the Fund issued a policy statement on this subject which, in part, stated: "For the first year the attitude of the Fund and ERP members should be that such members should request the purchase of U. S. dollars from the Fund only in exceptional or unforeseen cases. The Fund and members participating in ERP should have as their objective to maintain the resources of the Fund at a safe and reasonable level during the ERP period in order that at the end of the period such members will have unencumbered access to the resources of the Fund." The Council agreed substantially with these views. THE BANK Loans and disbursements. On May 25, 1948, a supplemental loan agreement was entered into between the Bank and the Kingdom of the Netherlands providing for certain modifications in the loan agreement of August 7, 1947, by which an amount of 195 million dollars was made available to the Netherlands. These modifications were in the form of a new loan of 17 million Swiss francs (equivalent to $3,955,788), and cancellation of an equal portion of the original loan. The Swiss francs were acquired through the sale of International Bank 2.5 per cent Swiss Franc Serial Bonds to the Bank for International Settlements at par and accrued interest. The supplemental loan agreement became effective on June 1, 1948. The serial bonds, maturing in 1953 and 1954, 519 REPORT OF THE NATIONAL ADVISORY COUNCIL were the first bonds to be issued by the Bank in other than dollar denominations. From a longterm viewpoint, it is desirable that the Bank supplement its borrowing in the United States through tapping other sources of capital, since international capital transactions in currencies other than dollars may also contribute to the expansion of trade. TABLE X STATUS OF INTERNATIONAL BANK LOANS AS OF S E P T . 30, Borrower Total, all loans Loan commitment Disburse- 1948 Unused balance of commitment $525,000 ,000 $490,776,505 $34,223 495 Credit National (France) $250,000 ,000 $250,000,000 Kingdom of the Netherlands 195,000 ,000 195,000,000 24,987,513 15,012 Kingdom of Denmark. . 40,000 ,000 487 16,000 000 3,211 008 Republic of Chile Grand Duchy of Luxembourg Dutch shipping companies (loan guaranteed by the Kingdom of the Netherlands). . 16.000 000 12,000 ,000 8,788,992 12,000 ,000 12,000,000 On July 29, 1948, agreements were executed providing for loans to four of the principal Dutch shipping companies to finance the entire purchase price of six merchant vessels, each costing 2 million dollars, for the Dutch merchant marine. Each of the six loans was secured by a Netherlands ship mortgage, and was represented by serial mortgage notes repayable in 20 equal half-yearly maturities of $100,000, bearing interest at the rate of 2.5 per cent per annum. In addition, the borrowers were to pay to the Bank a commission of one per cent per annum and a service charge of 1/16 per cent per annum. Repayments begin on January 15, 1949, with the last installment due on July 15, 1958. Payment of principal, interest, commission, and service charges is fully guaranteed by the Netherlands Government. On August 6, 1948, a group of 10 United States commercial and savings banks purchased from the International Bank all of the notes maturing in the first six years, and part of those maturing in the seventh year. These notes were guaranteed by the International Bank. The remaining 3.9 million dollars of the notes were retained in its portfolio. The Council was in agreement with the Bank as to the desirability of making the loans, since the newly acquired vessels may be expected to save or earn for the Netherlands at least sufficient dollars over the period of the amortization to meet the whole service of the loans, entirely apart from the benefits of returns in other currencies. Inasmuch as shipping is the most important balance of pay- 520 ments item outside of exports and imports, a revival of prewar earning power in shipping would contribute vitally to the improvement of the Netherlands balance of payments position. From May 9, 1947, through September 30, 1948, the Bank had made loan commitments aggregating over half a billion dollars. More than ninetenths of this amount had been disbursed by September 30, 1948, as shown in Table X. Legislation. During the period under review the Council agreed to support, by appropriate steps, amendment of the Securities Act of 1933 and the Securities Exchange Act of 1934, so as to exempt securities issued or guaranteed by the International Bank from those Acts, and to support the amendment of the National Bank Act so as to permit dealing in these securities by member banks of the Federal Reserve System (subject to existing limitations on the total amount of securities of any one obligor that a member bank may hold at any one time). It was the Council's opinion that the Securities Acts had not been enacted with a view to regulating the issuance of and dealings in the securities of an international institution such as the Bank. In the Eightieth Congress, Second Session, legislation incorporating these amendments was favorably reported by the Senate Committee on Banking and Currency and passed by the Senate subject to a motion to reconsider. This legislation was also given a hearing by the Committee on Interstate and Foreign Commerce of the House of Representatives but was not reported by that committee. Advisory Council. The first annual meeting of the Bank's Advisory Council was held from July 19 to July 23, 1948, at the principal office of the Bank in Washington, D. C. This Council, organized in accordance with Article V Section 6 of the Bank's Articles of Agreement, comprises 10 members, nine selected by the Board of Governors at MEMBERSHIP AND REPRESENTATION OF INTERNATIONAL AND Name BANK ON FOR ADVISORY COUNCIL RECONSTRUCTION DEVELOPMENT Nationality Representation Sir Arthur Salter United Kingdom Chairman Edward E. Brown Herbert C. Hoover R. Dickson Harkness United States United States Canada Banking Commerce Industry Leon Jouhaux Michael Kalecki Pedro Beltran France Poland Peru Labor Economics Agriculture Sir C. V. Raman Lionel Robbins S. K. Alfred Sze India United Kingdom China Science Economics Other Activities FEDERAL RESERVE BULLETIN REPORT OF THE NATIONAL ADVISORY COUNCIL their second annual meeting, and a tenth selected by subsequent vote of the Governors completed on April 30, 1948. The function of the Advisory Council is to consult with officials of the Bank on matters comprehending world-wide economic and financial problems, particularly those confronting member countries. At its first annual meeting, a full exchange of views took place with respect to the more important policies of the Bank. The Advisory Council did not, however, render a formal report. Fiscal operations. During the fiscal year ending June 30, 1948, net income of the International Bank exceeded 4 million dollars, sufficient to eliminate by a considerable margin the one million dollar deficit existing on June 30, 1947, and, in addition, 3 million dollars was placed into the special reserve. For the three months ending September 30, 1948, MAY 1949 the Bank reported a net income in excess of 2.3 million dollars, exclusive of over 1.2 million paid into its special reserve. Operations for the similar period in 1947 resulted in a net loss of $878,000. As of September 30, 1948, the Bank had an earned surplus of over 5.3 million dollars, plus nearly 4.3 million in the special reserve. Future lending. As of September 30, 1948, the Bank had uncommitted loanable funds amounting to approximately 475 million dollars, and had received numerous loan requests which were at various stages of investigation and completion. The Bank is expected to place particular emphasis on its developmental activities during the next year; and although it will continue to provide a source of funds for some of the countries participating in the European recovery program it is not likely that such assistance will be on a large scale. 521 LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Reserves Amendment to Regulation D Supplement The Board of Governors, on April 28, 1949, amended the Supplement to Regulation D, relating to reserves required to be maintained by member banks with Federal Reserve Banks, so as to decrease the reserve requirements of member banks, effective as to banks in reserve and central reserve cities at the opening of business on May 5, 1949, and as to other member banks at the opening of business on May 1, 1949. There is set forth below the text of the amended Supplement: tain 15 per cent reserves against its net demand deposits; 24 per cent of its net demand deposits if located in a central reserve city, except as to any bank located in an outlying district of a central reserve city or in territory added to such city by the extension of the city's corporate limits, which, by the affirmative vote of five members of the Board of Governors of the Federal Reserve System, is permitted to maintain 15 per cent or 21 per cent reserves against its net demand deposits. Margin Requirements Amendments to Regulations T and U SUPPLEMENT TO REGULATION D The Board of Governors of the Federal Reserve Effective as to member banks not in reserve and System, effective May 1, 1949, adopted technical central reserve cities at opening of business on May amendments to Regulation T, "Extension and 1, 1949, and as to member banks in reserve and Maintenance of Credit by Brokers, Dealers, and central reserve cities at opening of business on May Members of National Securities Exchanges," and 5, 1949. Regulation U, "Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a RESERVES REQUIRED TO BE MAINTAINED National Securities Exchange," in order to facilitate and simplify operations under these regulations. BY MEMBER BANKS WITH FEDERAL One change further liberalizes rules on withdrawals RESERVE BANKS and substitutions, while another simplifies the rules Pursuant to the provisions of section 19 of the to be followed by brokers and dealers in connection Federal Reserve Act and section 2(a) of its Reguwith cash accounts. The texts of the amendments lation D, the Board of Governors of the Federal Reserve System hereby prescribes the following are as follows: reserve balances which each member bank of the AMENDMENT NO. 8 TO REGULATION T Federal Reserve System is required to maintain on Effective May 1, 1949, Regulation T is hereby deposit with the Federal Reserve Bank of its district: amended in the following respects: 7 per cent of its time deposits plus— 15 per cent of its net demand deposits if not in a reserve or central reserve city; 21 per cent of its net demand deposits if in a reserve city, except as to any bank located in an outlying district of a reserve city or in territory added to such city by the extension of the city's corporate limits, which, by the affirmative vote of five members of the Board of Governors of the Federal Reserve System, is permitted to main- 522 1. The second paragraph of section 3(b) of Regulation T is amended to read as follows: A transaction consisting of a withdrawal of cash or registered or exempted securities from a general account shall be permissible only on condition that no cash or securities need to be deposited in the account in connection with a transaction on a previous day and that, in addition, the transactions (including such withdrawal) on the day of such withdrawal would not create an FEDERAL RESERVE BULLETIN LAW DEPARTMENT excess of the adjusted debit balance of the account over the maximum loan value of the securities in the account or increase any such excess. 2. Section 4(V)(7) of Regulation T is amended to read as follows: (7) The 7-day periods specified in this section 4(c) refer to 7 full business days. The 35-day period and the 90-day period specified herein refer to calendar days, but if the last day of any such period is a Saturday, Sunday, or holiday, such period shall be considered to end on the next full business day. For the purposes of this section 4(V), a creditor may, at his option, disregard any sum due by the customer not exceeding $100. 3. Section 4(V)(8) of Regulation T is amended by adding the following at the end thereof: For the purposes of this section 4(V)(8), the cancellation of a transaction, otherwise than to correct an error, shall be deemed to constitute a sale. The creditor may disregard for the purposes of this section 4(c)(8) a sale without prior payment provided full cash payment is received within the period described by subdivision (2) of this section 4(V) and the customer has not withdrawn the proceeds of sale on or before the day on which such payment (and also final payment of any check received in that connection) is received. The creditor may so disregard a delivery of a security to another broker or dealer provided such delivery was for deposit into a special cash account which the latter broker or dealer maintains for the same customer and in which account there are already sufficient funds to pay for the security so purchased; and for the purpose of determining in that connection the status of a customer's account at another broker or dealer, a creditor may rely upon a written statement which he accepts in good faith from such other broker or dealer. lateral at such time to be less than the amount of the loan. In case such maximum loan value has become less than the amount of the loan, a bank shall not permit withdrawals or substitutions that would increase the deficiency; but the amount of the loan may be increased if there is provided additional collateral having maximum loan value at least equal to the amount of the increase. Consumer Instalment Credit Amendment to Regulation W The Board of Governors, effective April 27, 1949, adopted an amendment to Regulation W—Consumer Instalment Credit—making the standard maximum maturity on all extensions of consumer instalment credit uniformly 24 months, instead of 21 months, and reducing minimum down payments on furniture, appliances, etc., from 15 per cent to 10 per cent, while retaining the 33% per cent minimum down payment on automobiles. Furniture, appliances, and other articles costing less than $100 are exempted from the scope of the regulation. Previously, articles costing less than $50 were exempted. The text of the amendment is as follows: AMENDMENT NO. 4 TO REGULATION W Regulation W is hereby amended in the following respects, effective April 27, 1949: 1. By changing "$50.00" in Part 1 of the Supplement to read "$100.00." 2. By changing "15 per cent" and "85 per cent" in Part 1, Group B of the Supplement to read, respectively, "10 per cent" and "90 per cent." 3. By changing Part 2 of the Supplement to read as follows: Part 2. Maturities.—The maximum maturity for all listed articles and for unclassified instalment loans is 24 months. 4. By changing the figure "24" to "27" in Part 3 of the Supplement. "Lay-away" Plans AMENDMENT NO. 9 TO REGULATION U Section 6(e) of Regulation W provides that in Effective May 1, 1949, the third paragraph of sec- the case of a bona fide "lay-away" or other similar tion 1 of Regulation U is hereby amended to read plan, the Registrant may treat the extension of as follows: credit in connection therewith as occurring at the While a bank maintains any such loan, when- date of the delivery. It will be seen that if the ever made, the bank shall not at any time permit extension of credit had to be treated as occurring withdrawals or substitutions of collateral that on the earlier date when the lay-away arrangement would cause the maximum loan value of the col- is initiated, there could be no effective lay-away, MAY 1949 523 LAW DEPARTMENT since it would be necessary to obtain the full down payment required by the regulation on such earlier date and to have the instalment payments on the remaining amount scheduled to begin shortly thereafter. There is, of course, no basis under the regulation for using the delivery date for some purposes and the earlier date for other purposes in connection with such a transaction. Accordingly, if the Registrant wishes to use a lay-away plan, the Board's view is that the down payment or maximum loan value must be calculated in accordance with the provisions of the regulation as of the date of delivery of the article. The Registrant may, of course, calculate the maximum maturity for the transaction as of the same date under section 6(<?), or, at his option, use a date not more than fifteen days subsequent to such date in accordance with section 6(b). CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Resignation of Class B Director A meeting of the Presidents of all of the Federal Reserve Banks was held in Washington on May 2, 1949. The Board of Governors met with the Presidents on May 3. In accordance with the requirement of the law that the Federal Open Market Committee meet at least four times each year, the third meeting of the Committee during 1949 was held in Washington on May 3. The Federal Reserve Bank of New York on May 12, 1949, accepted the resignation of Mr. Charles E. Adams, Chairman of the Board, Air Reduction Company, Inc., New York, New York, as a Class B director of the Bank. Mr. Adams had served as a Class B director since January 1, 1945. Admission of State Bank to Membership in the Federal Reserve System Election of Class B Director The following State bank was admitted to memThe Federal Reserve Bank of Cleveland, on May bership in the Federal Reserve System during the 13, 1949, announced the election of Mr. C. L. period March 16, 1949 to April 15, 1949: Austin, Executive Vice President, Jones & Laughlin Steel Corporation, Pittsburgh, Pennsylvania, as a Texas Class B director of the Bank to fill the unexpired portion of the term ending December 31, 1950. Mr. Austin succeeds Mr. L. H. Lund, deceased. Hawkins—The First State Bank 524 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 25, and released for publication April 27] Industrial output continued to decline in March and apparently also in April. Value of department store trade remained below the corresponding period of last year. Prices of industrial commodities generally declined in March and April with sharp reductions in metal scrap and nonferrous metals. Prices of most farm products and foods showed little change. INDUSTRIAL PRODUCTION Industrial production declined further in March, and the Board's seasonally adjusted index was 184 per cent of the 1935-39 average. This compares with 189 in February and with the postwar peak rate of 195 in October and November 1948. Output of manufactures declined about 2 per cent in March and work stoppages at coal mines for two weeks sharply reduced minerals production. Although coal output was restored in April, present indications are that total industrial output has declined further. Activity in the machinery and iron and steel fabricating industries showed a substantial additional decline in March. In the automobile industry activity was maintained at a high level as reductions in output of trucks and of automotive parts were offset by an increase in the number of passenger cars assembled. Production of iron and steel and nonferrous metals, on the other hand, increased further in March. Open hearth steel production was up 2 per cent to a new record level, but output of electric steel declined 5 per cent from the February peak rate. During the first three weeks of April, however, steel production has been scheduled about 4 per cent below the March rate. Lumber production increased in March from the reduced rate reached in February. Output of nondurable goods receded about 3 per cent in March, reflecting chiefly marked reductions in activity in the textile, paper, and chemical industries. Rayon production and deliveries to textile mills were sharply curtailed in March, and, according to trade reports, have been reduced considerably further in April. Activity in the woolen and worsted industry has also declined substantially from the February rate, according to preliminary indications. Paperboard production in March and the first half of April was about 6 per cent below the February rate and 15 per cent below the level in the same period a year ago. Output of most other nondurable goods in March apparently was maintained at about the February rate. Minerals production during March was reduced about 10 per cent, mainly because of the two-week work stoppage at most coal mines, which curtailed coal output for the month by 34 per cent. In early April coal production recovered to a level somewhat above the February rate. Crude petroleum output in March declined 4 per cent more and in early April was reduced further by about EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION PH YSICAL VO 240 220 / r - U M E , SEAS V ONALL < ADJUSTED. 1 935 - 39 - 00 PE \ - 200 / 180 200 / 180 r > - 160 140 160 f / 140 CONSTRUCTION 120 - 100 1941 1942 1943 1944 1945 1946 1947 1948 1949 Federal Reserve index. Monthly figures, latest shown are for March. MAY 1949 1941 I94E 1943 1944 1945 1946 1947 1948 1949 Bureau of Labor Statistics' estimates adjusted for seasonal variation by Federal Reserve. Proprietors and domestic servants are not included. Midmonth figures, latest shown are for March. 525 NATIONAL SUMMARY OF BUSINESS CONDITIONS the same percentage, bringing the current rate to a level 13 per cent below the high rate at the end of 1948. EMPLOYMENT Employment in nonagricultural establishments, as reported by the Bureau of Labor Statistics, continued to decline in March, although a small rise is usual at this season. Manufacturing employment showed a further marked reduction and was about 720,000, or 4 per cent, less than in March a year ago. CONSTRUCTION Value of contracts awarded, as reported by the F. W. Dodge Corporation, was one-third larger in March than in February, owing mainly to seasonal increases in most types of private contracts. As compared with a year ago, total private awards were 8 per cent smaller, while public awards were substantially larger. Private residential building contracts were 20 per cent smaller in value than in March 1948. DISTRIBUTION Value of department store sales in March and the early part of April remained below year-ago levels, after allowance is made for the later date of Easter this year. Sales of appliances and other durable goods at department stores continued substantially below the exceptionally high levels reached in the second and third quarters of last year. Railroad shipments of coal dropped sharply in March and recovered in early April. Carloadings of other classes of freight during this period were at an average level about 5 per cent below the seasonally adjusted volume of shipments last autumn. WHOLESALE COMMODITY PRICES 1926'100 COMMODITY PRICES Prices of scrap metals, which had been at exceptionally high levels in the latter part of 1948 and had declined early this year, showed a further sharp drop from the early part of March to the third week of April. Prices of nonferrous metals were reduced substantially for the first time since before the war and prices of a number of metal products, including some makes of automobiles, were also reduced. Prices of most other industrial commodities continued to decline moderately; gasoline prices, however, were raised. Meat prices advanced somewhat further from mid-March to mid-April, while prices of most other foods and farm products showed little change. Prices of hogs, however, declined again in the third week of April. The consumers' price index rose slightly in March, reflecting chiefly higher meat prices and further slight increases in rents and miscellaneous items. Retail prices of apparel and housefurnishings declined somewhat further. BANK CREDIT Business loans decreased by nearly 700 million dollars at banks in leading cities during March and the first half of April and other loans generally declined moderately. Banks continued to purchase Treasury bonds, but they sold short-term securities, and their total portfolio of Government securities declined somewhat. Demand deposits of individuals and businesses contracted about 1 billion dollars in the six-week period, reflecting the large income tax payments in March and repayments of bank loans. The Treasury reduced its deposits at the Reserve Banks during the first three weeks of April in order to retire securities and to meet current expenditures in excess of receipts. Banks were supplied with reserves as part of these funds were deposited in private accounts. At the same time reserves were absorbed by Federal Reserve sales of Treasury bonds in response to a market demand. Federal Reserve holdings of Government securities were also reduced through cash retirement of Systemheld bills. SECURITY PRICES 80 1942 1943 1944 1945 1946 1947 1948 1949 Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending Apr. 26. 526 Prices of Treasury and other high-grade bonds changed little in the first three weeks of April, while common stock prices declined somewhat near the end of this period. 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; 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 personal income. Consumer credit statistics. . . Current statistics for Federal Reserve chart books. Number of banking offices on Federal Reserve par list and not on par list Member Bank Earnings. 529 530 531-534 535 535-536 537-538 538 539 540-541 542-543 544-547 548 549 550-551 552 553-555 556 557-566 567-570 570 571 572-573 574-576 577-581 582 583-591 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. MAY 1949 527 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS 1941 1942 1943 1944 1945 1946 1947 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U S. GOVERNMENT SECURITIES 1941 528 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Apr. 27. See p. 529. 1948 1949 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollarsl Reserve Bank credit outstanding U. S. Government securities Discounts and advances Total Date All 1 Bills, Total certifi- other Bonds cates, and notes Gold stock Treasury currency outstanding TreasOther ury deFedMoney Treas- posits Noneral ury with memin circash Federal ber de- Reculaserve holdReposit! tion ings acserve counts Banks Member bank reserve balances Total Excess 3 Monthly averages of daily figures: 1948-—Jan Feb Mar 1949—Jan Feb Mar 224 21,673 3,608 18,065 379 20,738 5,427 15,311 410 20,582 5,695 14,887 347 22,289 10,620 11,669 284 22,320 10,032 12,288 302 21,615 9,588 12,027 551 473 454 513 350 353 22,447 22,816 21,589 22,967 21,446 23,103 23,150 24,259 22,953 24,283 22,270 24,301 4,559 28,394 28,096 27,941 4,587 27,850 4,587 27,545 4,588 27,508 1,329 1,317 1,326 1,327 1,321 1,319 1,130 1,323 1,089 1,014 1,539 1,009 1,014 987 1,069 1,211 1,233 1,255 566 559 575 603 616 652 17,390 1,082 804 16,834 822 17,106 838 19,991 710 19,570 694 19,417 End-of-month figures: 1948—Jan. 31... Feb. 28. .. Mar. 31. . . 1949—Jan. 3 1 . . . Feb. 2 8 . . . Mar. 31. .. 327 21,925 4,791 17,134 431 21,024 5,688 15,336 430 20,887 5,671 15,216 22,109 10,224 11,885 251 22,342 9,883 12,459 245 21,688 9,241 12,447 530 655 291 349 262 333 22,782 22,935 22,109 23,036 23,137 22,914 24,271 22,855 24,290 22,267 24,314 4,561 4,561 4,559 4,589 4,588 4,592 28,111 28,019 27,781 27,580 27,557 27,439 1,305 1,325 1,325 1,336 1,323 1,309 2,343 1,591 1,972 1,514 1,423 1,482 1,049 1,154 999 1,194 1,194 1,154 551 556 588 611 618 670 16,919 17,062 16,639 19,540 19,617 19,118 Wednesday figures: 1948—June 2 . . . June 9. . . June 1 6 . . . June 2 3 . . . June 30. .. 239 20,683 312 20,349 294 20,749 353 21,010 265 21,366 6,183 6,182 6,177 6,175 6,206 14,500 14,16 14,572 14,835 15,160 369 21,292 23,343 294 20,955 23,362 21,519 23,515 358 21,721 23,523 268 21,900 23,532 4,562 4,560 4,560 4,561 4,565 27,895 27,864 27,808 27,792 27,903 1,335 1,337 1,331 1,31 1,32 1,567 1,144 984 1,863 1,928 754 828 879 827 859 551 551 593 598 17,094 941 17,154 908 17,999 1,132 728 17,408 742 17,389 July 7 . . . July 1 4 . . . July 21. .. July 2 8 . . . 398 316 285 32 21,535 21,521 21,326 21,209 6,210 6,321 6,449 6,564 15,325 15,200 14,877 14,645 4,562 4,562 4,561 4,563 28,142 27,959 27,864 27,821 1,334 1,331 1,324 1,329 1,841 1,861 1,879 1,822 877 898 920 875 612 17,584 1,003 937 613 17,631 17,503 723 759 576 17,534 Aug. Aug. Aug. Aug. 282 21,378 293 21,566 301 21,551 324 21,460 6,966 7,215 7,410 7,58 14,412 14,351 14,141 13,873 22,243 23,584 302 22,139 23,593 27: 21,888 23,650 is: 21,723 23,670 21,89 23,679 22,064 23,688 27. 22,125 23,708 21,993 23,711 4,564 4,564 4,565 4,564 27,922 27,966 27,979 27,965 1,330 1,324 1,32 1,324 1,852 1,756 1,963 1,902 860 865 965 843 17,606 730 570 17,834 1,003 729 566 17,603 17,668 811 Sept. 1. . . Sept. 8. . . Sept. 15. .. Sept. 22 . . . Sept. 29. .. 318 21,411 310 21,240 283 21,205 309 21,860 35 23,282 7,795 7,864 8,455 8,944 9,202 13,616 13,376 12,750 12,916 14,080 208 21,937 23,725 284 21,834 23,793 21,921 23,850 376 22,545 23,865 23,953 23,872 4,568 4,571 4,571 4,570 4,573 28,072 28,28 28,156 28,083 28,080 1,323 ,326 ,321 ,319 ,324 1,693 1,331 661 1,436 1,660 855 872 875 858 864 564 565 592 591 586 Oct. 6... Oct. 13... Oct. 20. .. Oct. 27... 296 23,143 500 23,303 289 23,192 300 23,242 9,483 9,736 10,132 10,683 13,660 13,567 13,060 12,559 268 23,707 23,888 164 23,967 23,965 388 23,869 23,983 23,797 23,996 4,572 4,572 4,574 4,575 28,202 28,284 28,157 28,091 ,324 ,317 ,326 ,32: 1,596 1,551 1,530 1,524 86 916 913 888 19,584 596 19,840 590 19,910 583 19,960 607 929 870 874 Nov. 3. . . Nov. 10. .. Nov. 17. .. Nov. 24. .. 11,13 11,223 11,156 11,166 12,102 11,921 11,774 11,82 28,254 28,337 28,215 28,305 1,317 1,317 1,324 1,317 1,473 1,553 1,591 1,650 886 912 901 922 19,846 539 19,947 539 19,953 542 19,934 858 922 815 830 11,168 11,110 11,112 11,057 11,001 11,997 11,894 11,881 11,788 12,346 170 23,729 24,007 45; 23,929 24,097 62: 23,834 24,110 23,941 24,150 366 23,783 24,165 312 23,72' 24,218 23,919 24,230 24,221 24,234 24,113 24,236 512 4,578 4,579 4,579 4,580 Dec. 1. .. Dec. 8... Dec. 15. .. Dec. 22... Dec. 29. . . 320 23,239 326 23,144 28: 22,930 582 22,993 306 23,165 399 23,004 266 22,993 426 22,84^ 255 23,34: 4,583 4,585 4,585 4,584 4,585 28,322 28,415 28,369 28,560 28,32 1,338 1,314 1,327 1,326 1,329 927 1,527 986 1,540 994 969 1,575 1,033 1,283 1,106 783 541 19,877 660 548 19,727 1,216 640 20,435 662 647 19,899 653 20,238 1,058 1949—Jan. 5. . . Jan. 12... Jan. 19... Jan. 26. .. 229 22,919 364 22,465 241 22,117 22,039 10,907 10,772 10,603 10,265 12,012 11,693 11,514 11,774 23,727 24,249 364 23,193 24,253 640 22,999 24,264 463 22,960 24,268 4,586 4,586 4,586 4,587 28,151 27,919 27,717 27,561 1,322 1,323 1,32 1,333 951 939 804 1,135 1,167 1,145 1,267 1,138 597 20,375 1,131 987 600 20,105 950 602 20,133 922 20,035 Feb. 2 . . . Feb. 9. . . Feb. 16. .. Feb. 23 . . . 22,215 10,191 12,024 251 22,350 10,105 12,245 238 22,303 9,993 12,310 303 22,358 9,922 12,436 314 22,827 24,279 235 22,836 24,279 385 22,926 24,284 22,847 24,290 4,588 4,587 4,586 4,586 27,556 27,557 27,480 27,551 1,327 1,327 1,323 1,326 1,284 1,430 1,754 1,591 1,203 1,176 1,177 1,193 19,711 19,597 615 19,447 621 19,441 639 676 606 687 Mar. Mar. Mar. Mar. Mar. 2. . . 9... 16. . . 23. . . 30. .. 241 21,837 203 21,529 429 21,500 594 21,675 298 21,828 9A 9,737 9,588 9,458 9,277 11,969 11,792 11,912 12,217 12,551 343 22,422 22,003 22,348 22,512 252 22,378 24,290 24,295 24,305 24,307 24,311 4,587 4,587 4,588 4,588 4,591 27,557 27,577 27,500 27,423 27,403 1,320 1,320 1,324 1,327 1,320 877 711 591 1,432 1,678 1,233 1,223 1,227 1,197 1,190 628 631 663 669 671 19,684 19,424 19,936 19,360 19,019 812 637 990 705 516 Apr. 6. . . Apr. 13. . . Apr. 20. .. Apr. 27... 213 21,597 232 21,491 453 21,288 266 21,208 9,151 9,064 8,989 8,905 12,446 12,427 12,299 12,303 334 22,143 24,317 333 22,056 24,321 309 22,050 24,324 21,705 24,329 4,591 4,592 4,589 4,592 27,514 27,507 27,408 27,356 1,329 1,318 1,333 1,330 1,116 1,028 1,054 1,146 1,104 1,110 1,094 1,093 676 678 678 679 19,311 19,327 19,398 19,020 832 822 P884 4. .. 11... 18. .. 25. . . 768 «762 655 477 808 686 17,724 853 17,817 926 18,737 1,647 18,694 979 19,884 940 P Preliminary. « Corrected. Includes industrial loans and acceptances purchased shown separately in subsequent tables. End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication* 1 3 MAY 1949 529 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 and advances secured by eligible paper (Sees. 13 and 13a)1 Federal Reserve Bank Rate Effective Boston New York Philadelphia.. . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . Kansas C i t y . . . Dallas San Francisco. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Other secured advances [Sec. 10(b)] Effective Rate 13.1948 13.1948 23.1948 13.1948 13,1948 13,1948 13,1948 19,1948 13,1948 16,1948 13,1948 13,1948 Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Rate Effective 13,1948 13,1948 23,1948 13,1948 13,1948 13,1948 13,1948 19,1948 13,1948 16,1948 13,1948 13,1948 Jan. 14, 1948 Apr. 6, 1946 Aug. 23,1948 Aug. 13,1948 Mar. 16,1946 Jan. 24, 1948 Aug. 13,1948 Jan. 12, 1948 Aug. 23,1948 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: 15 days for advances secured by obligations of Federal Farm Mortgage Corporation or 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 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] Rate on Apr. 30 Maturity 1- 90 days 91-120 days 121-180 days 1*4 1% 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 !Aug. 13, 1948 lAug. 13, 1948 lAug. 13, 1948 1H To industrial or commercial businesses To financing institutions 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. Federal Reserve Bank MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Net demand deposits Central reserve city banks Period in effect June 21, 1917-Aug. 15, 1936. . Aug. 16, 1936-Feb. 28, 1937. . Mar. 1, 1937-Apr. 30, 1937.. May 1, 1937-Apr. 15,1938.. Apr. 16, 1938-Oct. 31, 1941.. Nov. 1, 1941-Aug. 19, 1942. . Aug. 20, 1942-Sept. 13, 1942. . Sept. 14, 1942-Oct. 2, 1942. . Oct. 3, 1942-Feb. 26, 1948 . Feb. 27, 1948-June 10, 1948. . June 11, 1948-Sept. 15, 1948. . Sept. 16 -24, 1948-Apr. 30May 4, 1949 2 May 1-5, 1949 and after 2 Reserve city banks On discounts or purchases On loans l On commitments l Time deposits (all Country banks member banks) 10 3 15 SM 17X 14 6 12 20 26 5 14 22 H 6 17J4 14 26 6 20 14 24 6 20 14 22 6 20 14 20 6 20 14 22 6 20 24 20 16 22 26 15 21 24 1 Demand deposits subject to reserve requirements, i. e., total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. 2 S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). Changes effective Sept. 16 and May 1 at country banks; Sept. 24 and May 5 at other classes. 13 \9y2 22H I* Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.... Kansas C i t y . . . . Dallas.... San Francisco... Portion for which institution is obligated Remaining portion 8 8 (8) 2H-5 m On commitments () 234-5 ^-5 23^ - 5 23 234-5 1 2 3 4 Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. Rate charged borrower but not to exceed 1 per cent above the discount rate. * Charge of }4 per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MARGIN REQUIREMENTS * [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q Prescribed in accordance with Securities Exchange Act of 1934 [Per cent per annum] Nov. 1. 1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits Postal Savings deposits Other deposits payable: In 6 months or more In 90 days to 6 m o n t h s . . . . In less than 90 days 2V 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 same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. 530 Regulation T : For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks Jan. 21, Feb. 1, Effec19461947tive Jan. 31, Mar. 29, Mar. 30, 1949 1947 1949 100 100 75 75 50 50 100 75 50 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295. FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures 1949 Item Apr. 27 Assets Gold certificates Redemption fund F. R. notes End of month for , Apr. 20 Apr. 13 1949 Apr. 6 Mar. 30 Mar. 23 Mar. 16 1948 Mar. Apr. Apr. 2,484,433 22 464,432 22,466,427 22,466,431 22,466,429 22,456,430 22,443,429 22,494,431 22 466,431 21,277,170 608,282 608,299 608,684 607,321 610,220 612,827 632,396 610,217 605,002 613,773 Total gold certificate reserves. . . . 23,092,715 23,072,731 23,073,748 23,075,115 23,076,649 23,069,257 23,057,202 23,099,433 23,076,648 21,909,566 292,367 286,269 Industrial loans U. S. Govt. securities: Bills Certificates: Special Other Notes Bonds 79,864 152,075 152,075 265,970 453,195 231,939 695 Total discounts and advances 301,120 152,075 Discounts and advances: For member b a n k s . . . For nonmember banks, etc 283,808 113,895 Other cash 302,704 717 340,229 333,888 343,745 285,138 768 344,146 324,057 60,829 145,166 440,925 277,486 152,075 152,950 152,950 152,000 151 081 92,748 100,514 152 075 152,950 148,000 212,904 298,116 593,875 759 761 766 429,486 303,156 245,698 248,514 752 682 766 1,394 4,977,222 ,002,379 5,155,871 5,173,871 5,300,319 5,217,793 5,087,353 4,865,986 ,175,899 7,973,501 6,940,979 384,600 8,905,300 ,911,979 6,886,979 6,886,979 6,866,979 6,631,769 6,483,769 6,940 979 384,600 384 600 384,600 384,600 384,600 341,050 367,550 ,989,100 9,063,500 9,151,100 9,276,500 9,457,950 9,587,700 8,902 300 .,886,979 4,236,243 384,600 1,962,700 ',240,800 6,167,215 Total U. S. Govt. 21,208,101 ,288,058 21,490,950 21,596,550 21,828,398 21,675,062 21,499,872 21,093,865 21 688,278 20 ,339,659 securities Other Reserve Bank 417,999 339,476 307,574 331,927 332,557 250,714 332,076 268,498 230,332 242,690 credit outstanding. . . Total Reserve Bank credit outstanding 21,705,098 22,049,544 22,055,584 22,142,770 22,377,989 22,512,393 22,348,109 21,737,179 22,266,818 20,858,065 Liabilities Federal Reserve notes. . Deposits: 23,265,340 23 ,298,775 23,382,266 23 ,423,433 23 ,356,796 23,377,389 23 ,449,297 23,326,646 23,382,555 23,647,992 Member bank — reserve account 19,020,161 19,397,566 19,326,976 19,311,322 19,018,563 19,360,339 19,936,083 19,075,988 19,118,219 16,944,223 U. S. Treasurer—gen1,146,439 1,053,726 1,028,308 1,115,562 1,678,241 1,431,550 591,471 984,161 1,481,952 1,236,405 eral account 657,931 587,708 392,819 599,683 611,440 694,208 567,685 593,852 707,446 739,789 Foreign 495,581 433,258 505,112 494,433 496,210 516,053 492,736 489,056 675,724 487,443 Other Total deposits) 21,259,420 21,545,408 21,465,189 21,531,060 21,887,222 21,988,391 21,754,786 21,303,558 21,753,683 19,006,705 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 51.9 51.; 51.4 51.3 51.0 50.9 51.0 51.4 51.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Discounts and advances: Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Industrial loans: Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 U. S. Government securities: Mar. Apr. Apr. Apr. Apr. MAY 30 6 13 20 27 1949 Within 15 days 298,116 212,904 231,939 453,195 265,970 139,578 52,700 72,005 301,642 114,051 761 759 768 717 695 682 673 676 643 627 21,828,398 1,178,269 21,596,550 860,900 21,490,950 957,014 21,288,058 902,521 21,208,101 ,038,572 16 to 30 days 3,300 23,965 32,157 2,655 94,868 31 to 60 days 102,198 123,222 122,974 143,221 53,805 61 to 90 91 days to 6 months 1 year to 2 years toi Over days 6 months to 1 year 2 years 5 years 5 years 53,040 13,017 4,783 5,657 3,227 3 4 4 17 16 15 51 57 64 48 42 7 7 7 7 7 560,271 1,717,286 2,863,493 2,621,579 3, 328,700 571,464 2,756,553 4,541,833 1,703,700 2 113,300 784,358 2 ,695,764 4,275,614 1,703,700 2 113,300 3,876,546 1,703,700 2 113,300 864,378 2 932,928 2,878,493 3,722,108 1,714,700 2 118,300 15 16 15 15 15 4 4 4 4 4 384,600 1,935,100 7 ,239,100 1,935,100 7 ,113,700 1,935, ,026,100 1,935,100 6 ,951,700 1,935,100 6 ,867,900 531 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Assets Gold certificates: 22,466,429 Mar. 30 22,466,431 Apr. 6 22,466,427 Apr. 13 22,464,432 Apr. 20 22,484,433 Apr. 27 Redemption fund for F. R. notes: 610,220 Mar. 30 608,684 Apr. 6 607,321 Apr. 13 608,299 Apr. 20 608,282 Apr. 27 Total gold certificate reserves: 23,076,649 Mar. 30 23,075,115 Apr. 6 Apr. 1 3 . . . . . . 23,073,748 Apr. 20 23,072,731 Apr. 27 23,092,715 Other cash: 340,229 Mar. 30 302,704 Apr. 6 Apr. 13 292,367 Apr. 20 283,808 Apr. 27 286,269 Discounts & advances: Secured by U. S. Govt. securities: Mar. 30. . 145,166 Apr. 6. . 60,829 Apr. 13. . 79,844 Apr. 2 0 . . 301,050 Apr. 2 7 . . 113,82. Other: Mar. 30. . 152,950 Apr. 6. . 152,075 Apr. 1 3 . . 152,095 Apr. 2 0 . . 152,145 Apr. 2 7 . . 152,145 Industrial loans: Mar. 30 761 Apr. 6 759 Apr. 13 768 Apr. 20 71 Apr. 27 695 U. S. Govt. securities: Bills: Mar. 30. . . . 5,300,319 Apr. 6. . . . 5,173,871 Apr. 13. . . , 5,155,871 5,002,379 Apr. 20 4,977,222 Apr. 27 Certificates: Mar. 30. . . . 6,866,979 Apr. 6. . . . 6,886,979 6,886,979 Apr. 13 Apr. 2 0 . . . . 6,911,979 6,940,979 Apr. 27 Notes: 384,600 Mar. 30 384,600 Apr. 6. . . . 384,600 Apr. 13 384,600 Apr. 2 0 . . . . 384,600 Apr. 27. . . . Bonds: 9,276,500 Mar. 30. . . . Apr. 6. . . . 9,151,100 Apr. 1 3 . . . . 9,063,500 8,989,100 Apr. 20 8,905,300 Apr. 27 Total U. S. Govt. securities: 21,828,398 Mar. 30 21,596,550 Apr. 6 21,490,950 Apr. 13 21,288,058 Apr. 20 21,208,101 Apr. 27 Total loans and securities: Mar. 30 22,127,275 21,810,213 Apr. 6 21,723,657 Apr. 13 21,741,970 Apr. 20 21,474,766 Apr. 27 Due from foreign banks: Mar. Apr. Apr. Apr. Apr. 1 30 6 13 20 27...... Boston New York Philadelphia Cleveland Richmond Dallas San Francisco 796,318 827,177 808,533 817,216 822,994 619,221 648,752 633,358 637,822 646,595 837,327 827,360 851,841 819,183 808,091 22,900 22,889 22,874 22,871 22,871 35,789 35,769 35,738 35,734 35,734 26,306 26,282 26,260 26,260 26,254 45,257 45,208 45,135 45,128 45,129 699,262 730,831 715,121 723,491 720,080 449,974 473,441 452,929 459,134 487,944 832,107 862,946 844,271 852,950 858,728 645,527 675,034 659,618 664,082 672,849 ,882,584 ,872,568 ,896,976 864,311 ,853,220 St. Louis Minneapolis 654,938 686,532 670,866 679,245 675,834 427,074 450,552 430,055 436,263 465,073 104,729 104,636 104,477 104,477 104,464 44,324 44,299 44,255 44,246 44,246 1,073,968 4,333,393 1,049,321 4,280,331 1,055,937 4,385,554 1,015,401 4,500,507 1,057,503 4i483,'521 Atlanta Chicago Kansas City 768,625 798,853 794,483 777,154 771,654 7,173,180 7,287,195 7,288,577 7,287,670 7,252,995 1,167,623 1,124,412 1,105,239 1 ,096,670 1,110,434 52,839 52,750 52,634 52,631 52,631 49,907 49,550 49,065 49,047 49,047 58,146 58,001 57,812 57,805 57,805 73,808 73,715 73,583 73,577 73,577 52,945 52,391 52/390 53,433 53,433 821,464 851,603 847,117 829,785 824,285 7,223,087 7,336,745 7,337,642 7,336,717 7,302,042 1,225,769 1,182,413 1,163,051 1,154,475 1,168,239 1,777,809 1,667,128 1,644,244 1,636,272 1,647,797 1,111,705 1,092,754 1,071,288 1,035,606 1,016,507 33,585 31,049 28,608 26,828 28,277 67,815 62,400 68,611 60,138 57,886 21,511 18,107 13,871 13,725 14,318 31,644 26,647 28,212 25,012 24,654 19,878 17,199 17,897 18,845 19,249 23,977 22,869 20,535 23,061 22,829 45,436 41,364 40,354 39,885 40,527 16,365 13,240 13,428 13,120 14,670 10,594 9,584 8,065 8,533 8,466 12,213 9,623 9,468 9,886 10,191 12,091 10,983 10,675 10,661 11,584 45,120 39,639 32,643 34,114 33,618 8,305 6,530 7,285 12,275 9,245 52,078 11,103 38,688 182,707 20,975 5,510 6,525 5,430 14,695 7,870 8,044 6,995 11,745 36,235 14,558 18,670 4,145 4,430 6,540 16,100 1,014 910 410 2,560 4,960 31,845 14,805 5,480 10,080 4,475 1,835 1,000 700 5,800 8,850 2,250 1,250 1,000 9,450 2,990 9,665 6,115 3,965 13,747 9,097 4,700 201 261 1,861 3,704 1,250 1,250 450 5,100 11,001 9,636 9,581 9,581 9,581 9,581 48,332 48,056 48,056 48,056 48,056 12,236 12,166 12,166 12,166 12,166 14,072 13,991 13,991 13,991 13,991 7,495 7,452 7,452 7,452 7,452 6,271 6,235 6,235 6,235 6,235 21,107 20,986 20,986 21,036 21,036 5,506 5,475 5,475 5,475 5,475 3,824 3,802 3,802 3,802 3,802 5,506 5,475 5,475 5,475 5,475 5,353 5,322 5,342 5,342 5,342 13,612 13,534 13,534 13,534 13,534 790,897 286,442 772,029 279,609 769,344 278,634 746,440 270,339 742,686 268,979 171,587 167,493 166,911 161,942 161,128 256,367 250,251 249,379 241,955 240,738 229,265 494,890 223,795 458,447 223,017 456,851 216,378 443,251 215,290 441,022 1,704,001 1,058,760 1,030,698 4,228,664 ,593,413 1,040,363 1,006,127 4 ,175,695 1,570,661 1,018,898 1,012,839 4,281,077 ,012,J ,281,077 1,562,695 982,173 972,311 4,396,030 1,574,220 963,074 1,014,412 4,379,057 714 705 708 673 657 43,270 43,194 43,098 43,090 43,091 47 54 60 44 38 339,986 356,935 355,693 345,104 343,368 1,256,558 1,226,157 1,221,890 1,185,514 1,179,552 361,045 352,432 351,208 340,752 339,038 488,853 477,191 475,531 461,374 459,054 340,266 332,149 330,991 321,138 319,523 284,163 277,383 276,422 268,192 266,844 473,739 475,119 475,119 476,844 478,844 1,627,405 1,632,146 1,632,146 1,638,070 1,644,943 467,765 469,127 469,127 470,831 472,806 633,348 440,840 635,193 442,123 635,193 442,123 637,499 443,728 640,174 445,590 368,159 369,231 369,231 370,572 372,126 1,024,670 1,027,654 1,027,654 1,031,384 1,035,713 371,106 372,187 372,187 373,537 375,105 222,305 222,952 222,952 223,761 224,699 332,14: 333,110 333,110 334,319 335,72: 297,031 297,896 297,896 298,978 300,231 608,469 610,241 610,241 612,456 615,026 26,533 26,533 26,533 26,533 26,533 91,146 91,146 91,146 91,146 91,146 26,198 26,198 26,198 26,198 26,198 35,472 35,472 35,472 35,472 35,472 24,690 24,690 24,690 24,690 24,690 20,620 20,620 20,620 20,620 20,620 57,389 57,389 57,389 57,389 57,389 20,784 20,784 20,784 20,784 20,784 12,451 12,451 12,451 12,451 12,451 18,60: 18,60: 18,60: 18,60: 18,60: 16,636 16,636 16,636 16,636 16,636 34,079 34,079 34,079 34,079 34,079 639,967 631,316 625,273 620,140 614,360 2,198,438 2,168,719 2,147,958 2,130,327 2,110,467 631,897 623,355 617,388 612,319 606,611 855,581 844,015 835,936 829,074 821,344 595,523 587,474 581,850 577,073 571,694 497,341 490,618 485,921 481,933 477,440 1,384,211 1,365,500 1,352,428 1,341,327 1,328,821 501,321 494,543 489,809 485,789 481,260 300,308 296,248 293,413 291,004 288,29: 448,686 442,620 438,383 434,785 430,73 401,255 395,831 392,042 388,823 385,199 821,972 810,861 803,099 796,506 789,080 1,480,225 1,489,903 1,482,618 1,468,621 1,463,105 5,173,547 5,118,168 5,093,140 5,045,057 5,026,108 1,486,905 1,471,112 1,463,921 1,450,100 1,444,653 ,498,166 ,506,014 ,499,484 ,490,47^ ,481,931 5,273,957 5,177,327 5,179,884 5,275,820 5,095,139 1,505,365 2,035,370 1,490,508 2,012,857 1,482,225 2,007,868 1,477,634 2,013,645 1,465,346 1,984,593 2,013,254 1,401,319 1,991,871 1,386,436 1,982,132 1,379,654 1,963,419 1,366,629 1,956,044 1,361,497 1,427,531 1,398,087 1,391,596 1,380,665 1,385,087 1,170,283 3,257,167 1,157,; 3,222,57: ,852 1,152,194 3 ,206,815 1,141,317 3,176,540 1,137,030 3,164,609 1,179,653 706,651 1,055,79' 944,187 1,959,410 1,167,123 699,144 1,044,583 934,158 1,913,628 1,161,414 695,727 1,039,474 929,591 1,904,270 1,150,449 689,158 1,029,661 920,815 1,886,292 1,146,128 686,570 1,025,794 917,356 1,879,207 1,177,568 3 ,310,119 1,164,997 3,258,363 1,158,839 3,233,281 1,150,112 3,207,656 1,148,225 3 ,190,120 1,186,994 712,725 1,173,598 704,196 1,167,589 700,529 1,161,724 702,410 1,160,45. 693,362 1,070,968 1,056,173 1,048,914 1,048,883 1,040,366 954,240 939,681 935,194 928,018 926,402 1,974,272 1,928,412 1,918,254 1,904,926 1,903,742 i 16 1 16 U6 After deducting $33,000 participations of other Federal Reserve Banks on Mar. 30; Apr. 6; Apr. 13; Apr. 20; and Apr. 27. 532 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Federal Reserve notes of other Banks: Mar. 30 Apr. 6 Apr. 13 Apr. 20. Apr. 27 Uncollected items: Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Bank premises: Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Other assets: Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 119,672 109,691 103,482 115,931 119,945 4,124 4,347 4,247 4,651 5,731 12,599 11,458 11,457 13,596 13,811 3,872 3,596 4,167 5,271 4,811 6,221 6,064 6,442 6,536 6,950 24,488 22,655 20,351 21,360 23,333 15,020 14,306 13,596 16,312 11,724 14,766 14,537 12,774 14,669 16,469 7,871 6,575 7,201 6,664 7,603 4,718 4,070 3,076 3,675 3,352 4,963 5,731 4,868 4,584 6,274 4,750 4,043 4,054 4,975 4,348 16,280 12,309 11,249 13,638 15,539 2,455,591 2,391,968 2,811,103 2,938,245 2,379,084 190,147 218,511 238,292 230,981 188,888 502,068 469,100 544,371 549,210 438,678 170,251 163,920 185,139 226,292 165,598 230,250 220,506 269,550 275,388 229,632 228,566 185,645 217,680 244,095 207,614 163,262 167,233 200,080 207,190 176,825 372,667 366,902 434,387 472,788 351,519 103,895 106,030 128,937 123,816 109,315 56,696 58,674 71,671 74,337 58,992 117,271 125,851 169,435 154,459 139,980 108,860 102,121 126,430 130,649 110,493 211,658 207,475 225,131 249,040 201,550 32,137 32,156 32,158 32,158 32,481 1,171 1,171 1,171 1,171 1,166 7,997 8,023 8,023 8,024 8,024 3,036 3,036 3,036 3,036 3,031 4,825 4,825 4,820 4,820 4,811 2,536 2,535 2,535 2,535 2,528 1,556 1,556 1,556 1,555 1,552 3,180 3,183 3,185 3,185 3,185 1,930 1,930 1,930 1,930 1,929 1,169 1,169 1,169 1,169 1,167 2,368 2,362 2,362 2,362 2,362 749 746 746 746 746 1,620 1,620 1,625 1,625 1,980 156,823 157,102 160,682 165,618 170,785 10,874 11,035 11,203 11,673 11,977 37,101 36,776 37,887 38,284 39,897 10,309 10,352 10,638 11,077 11,354 14,552 14,689 14,850 15,479 15,937 10,097 10,078 10,313 10,630 10,992 8,362 8,380 8,549 8,831 9,105 23,183 23,217 23,896 24,667 25,534 8,785 8,883 9,126 9,456 9,702 4,999 5,023 5,158 5,368 5,459 7,498 7,485 7,615 7,813 8,101 6,746 6,788 6,814 7,224 7,410 14,317 14,396 14,633 15,116 15,317 Total aQcptci* Mar. 30 48,308,425 Apr. 6 47,878,998 Apr. 13 48,197,246 Apr. 20 48,350,510 Apr. 27 47,556,094 Liabilities Federal Reserve notes: 23,356,796 Mar. 30 Apr. 6 23,423,433 Apr. 13 23,382,266 Apr. 20 23,298,775 Apr. 27 23,265,340 Deposits: M e m b e r bank —reserve account: Mar. 30. . 19,018,563 Apr. 6. .19,311,322 Apr. 13.. 19,326,976 Apr. 20. .19,397,566 Apr. 27.. 19,020,161 U. S. Treasurer-general account: Mar. 30. . 1,678,241 Apr. 6. . 1,115,562 Apr. 13.. 1,028,308 Apr. 20.. 1,053,726 Apr. 27.. 1,146,439 Foreign: Mar. 30. . 694,208 Apr. 6. . 611,440 Apr. 13.. 593,852 Apr. 20.. 599,683 Apr. 27.. 587,708 Other: Mar. 30. . 496,210 Apr. 6. . 492,736 Apr. 13.. 516,053 Apr. 20.. 494,433 Apr. 27.. 505,112 Total deposits: Mar. 30 21,887,222 Apr. 6 21,531,060 Apr. 13 21,465,189 Apr. 20 21,545,408 Apr. 27 21,259,420 Deferred availability items: Mar. 30 2,204,926 Apr. 6 2,059,460 Apr. 13 2,479,225 Apr. 20 2,630,720 Apr. 27. . 2,148,801 Other liab. incl. accrued div.: Mar. 30 15,002 Apr. 6 14,356 Apr. 13 14,390 Apr. 20 13,805 Apr. 27 15,180 Total 1liafoilitips" X U t A l . . d Ulxi. LICu • 1 47,463,946 Mar. 30 Apr. 6 47,028,309 Apr. 13 47,341,070 Apr. 20 47,488,708 Apr. 27 46,688,741 2,559,534 13,124,640 2,940,117 4,100,675 2,824,803 2,463,715 8,102,751 2,025,104 1,240,876 2,047,390 1,732,965 5,145,855 2,623,733 13,101,845 2,871,936 3,952,720 2,728,955 2,428,664 7,987,904 2,041,089 1,256,158 2,070,173 1,739,398 5,076,423 2,630,125 13,187,891 2,862,131 3,975,990 2,731,662 2,459,094 8,133,438 2,043,334 1,242,598 2,086,935 1,743,533 5,100,515 2,595,569 13,281,805 2,891,514 3,977,156 2,713,738 2,422,464 8,263,364 2,040,203 1,254,627 2,080,939 1,746,357 5,082,774 2,542,258 12,955,493 2,832,701 3,914,378 2,665,312 2,427,765 8,110,882 2,023,754 1,258,743 2,066,004 1,733,834 5,024,970 1,380,686 1,388,160 1,388,666 1,388,928 1,380,972 5,356,346 5,368,087 5,341,467 5,316,489 5,307,259 808,329 855,306 838,082 804,596 813,130 6,144,367 6,321,589 6,283,596 6,439,446 6,191,536 90,476 95,783 85,403 72,281 78,193 615,115 618,312 616,840 615,409 614,235 918,762 922,400 918,589 915,224 911,536 595,838 2,353,279 597,746 2,368,758 594,940 2,371,759 592,986 2,356,207 591,325 2,351,972 687,452 720,051 706,480 699,083 695,275 467,757 477,284 469,581 476,020 461,584 876,666 897,905 895,761 896,871 876,288 886,683 2,292,920 911,385 2,258,567 911,404 2,293,383 903,258 2,256,229 888,416 2,266,410 1,614,539 2,089,805 1,567,606 1,287,387 4,481,755 1,095,678 1,612,880 2,091,497 1,568,876 1,291,642 4,497,153 1,097,922 1,619,531 2,089,380 1,565,317 1,285,945 4,496,116 1,093,716 1,607,896 2,083,646 1,550,928 1,283,643 4,496,634 1,090,785 1,609,259 2,086,967 1,549,384 1,283,890 4,493,653 1,084,888 925,680 1,418,278 913,741 1,422,254 905,168 1,420,446 906,313 1,407,360 890,678 1,379,144 811,796 822,463 810,209 801,889 784,343 833,306 2,865,329 845,113 2,865,664 869,030 2,923,836 831,719 2,974,782 842,715 2,930,642 303,639 171,105 239,716 163,819 192,661 128,365 91,723 61,090 81,279 72,995 232,800 99,448 82,652 84,138 86,992 152,320 94,290 65,159 59,498 62,757 107,516 70,250 52,141 42,961 70,208 209,359 104,923 133,194 203,299 160,453 77,173 63,495 62,493 68,007 78,465 63,901 68,235 52,481 56,955 88,393 83,624 72,590 57,174 65,527 94,126 91,665 80,158 65,977 70,217 93,324 137,403 103,562 70,828 85,745 67,872 43,092 38,140 36,981 37,378 36,282 1226,305 H97.292 U92,288 1193,791 1193,712 54,720 48,432 46,960 47,464 46,072 62,928 55,697 54,004 54,584 52,983 33,516 29,665 28,763 29,072 28,219 28,044 24,821 24,067 24,325 23,612 94,392 83,545 81,006 81,875 79,474 24,624 21,794 21,132 21,359 20,732 17,100 15,135 14,675 14,833 14,398 24,624 21,794 21,132 21,359 20,732 23,940 21,189 20,545 20,766 20,157 60,923 53,936 52,299 52,877 51,335 2,573 2,428 4,207 3,181 1,231 433,996 424,133 436,744 428,150 441,259 2,498 1,528 3,245 1,556 1,527 5,159 6,150 7,783 6,104 6,572 2,069 3,512 4,028 2,643 1,710 515 366 2,262 3,380 3,433 1,814 3,501 4,704 5,179 5,556 4,747 4,596 2,397 1,738 1,852 1,889 1,819 6,905 10,035 8,563 9,080 8,412 529 465 4,857 1,053 1,089 32,603 33,822 34,696 33,784 32,957 944,470 991,657 964,673 917,436 928,836 7,108,307 7,114,119 7,152,344 7,225,206 7,019,168 1,111,263 1,719,165 1,055,424 1,583,549 1,016,463 1,564,885 1,036,612 1,552,186 1,011,272 1,525,691 999,701 949,930 908,159 893,102 877,029 969,381 3,171,342 940,550 3,057,512 950,095 3,141,469 900,058 3,261,770 937,095 3,174,070 793,953 810,519 795,661 793,196 799,068 179,529 188,590 221,076 232,849 176,035 404,202 362,496 435,628 480,745 367,305 146,669 135,620 157,687 178,230 142,962 212,417 197,735 241,550 260,522 220,328 212,148 164,443 212,156 223,348 192,136 169,064 158,294 184,554 200,002 167,648 331,154 314,074 375,753 384,146 321,437 101,373 98,251 119,249 121,299 104,518 51,239 51,922 63,443 65,644 54,223 103,372 111,780 151,707 138,686 120,385 102,144 96,022 117,006 125,828 106,461 191,615 180,233 199,416 219,421 175,363 866 877 895 3,960 3,841 3,831 3,472 4,577 890 851 888 831 873 1,605 1,662 1,348 1,455 1,518 806 796 816 731 771 694 667 681 643 717 2,432 2,204 2,293 2,198 2,278 627 610 625 556 608 485 459 462 442 462 624 555 615 540 614 685 678 564 606 648 1,328 1,156 1,372 1,220 1,248 1,111 866 560 2,505,551 12,872,815 2,873,361 4,022,992 2,780,261 2,426,526 7,986,683 1,991,631 2,569,284 12,848,543 2,804,775 3,874,443 2,684,045 2,391,153 7,870,943 2,007,302 2,575,310 12,933,270 2,794,569 3,897,163 2,686,448 2,421,275 8,015,631 2,009,251 2,540,324 13,025,912 2,823,569 3,897,809 2,668,109 2,384,346 8,144,748 2,005,836 2,486,709 12,698,309 2,764,366 3,834,504 2,619,320 2,389,350 7,991,438 1,989,082 432 968 551,155 991,819 1,002,817 2,523,849 562,392 1,002,324 1,013,197 2,449,887 538,589 982,630 999,015 2,451,206 549,697 992,837 994,673 2,428,635 566,194 999,558 1,002,865 2,418,574 1,217,994 2,014,577 1,233,085 2,037,059 1,219,334 2,053,541 1,231,192 2,047,287 1,235,114 2,032,093 1,701,484 5,070,071 1,707,643 5,000,034 1,711,525 5,023,753 1,714,093 5,005,483 1,701,299 4,947,157 i After deducting $467,856,000 participations of other Federal Reserve Banks on Mar. 30; $414,093,000 on Apr. 6; $401,508,000 on Apr. 13; $405,817,000 on Apr. 20; and $393,916,000 on Apr. 27. MAY 1949 533 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Capital Accts.: Capital paid in: Mar. 30 204,250 Apr. 6 204,277 Apr. 13 204,242 Apr. 2 0 . . . . 204,279 Apr. 27 204,334 Surplus: (section 7): Mar. 3 0 . . . . 466,711 Apr. 6 . . . . 466,711 Apr. 13 466,711 Apr. 20 466,711 Apr. 2 7 . . . . 466,711 (section 13b): Mar. 30. . . . 27,543 Apr. 6. . . . 27,543 Apr. 1 3 . . . . 27,543 Apr. 2 0 . . . . 27,543 Apr. 2 7 . . . . 27,543 Other cap. accts.: Mar. 30 145,975 Apr. 6. . . . 152,158 Apr. 1 3 . . . . 157,680 Apr. 20 163,269 Apr. 2 7 . . . . 168,765 Total liabilities and cap. accts.: Mar. 3 0 . . . . 48,308,425 Apr. 6. . . . 47,878,998 Apr. 13 48,197,246 Apr. 2 0 . . . . 48,350,510 Apr. 27 47,556,094 Contingent liability on acceptances purchased for foreign correspondents: Mar. 3 0 . . . . 4,992 Apr. 6. . . . 5,266 Apr. 13 5,172 Apr. 2 0 . . . . 5,517 Apr. 2 7 . . . . 5,464 Commit, to make indus. loans: Mar. 30. . . . 2,512 3,259 Apr. 6 . . . . Apr. 13. . . . 2,749 Apr. 20 2,722 Apr. 2 7 ! ! . ! 2,525 New York Boston Cleveland Philadelphia Richmond Atlanta Chicago Minneapolis St. Louis Kansas City Dallas San Francisco 11,498 11,506 11,455 11,454 11,455 69,670 69,670 69,675 69,676 69,682 14,869 14,869 14,875 14,875 14,877 19,208 19,212 19,213 19,217 19,218 8,909 8,909 8,909 8,910 8,912 8,044 8,045 8,048 8,055 8,055 25,834 25,834 25,834 25,834 25,841 6,754 6,759 6,759 6,759 6,760 4,530 4,530 4,530 4,530 4,534 7,184 7,189 7,189 7,191 7,191 8,121 8,124 8,124 8,139 8,167 19,629 19,630 19,631 19,639 19,642 29,347 29,347 29,347 29,347 29,347 143,019 143,019 143,019 143,019 143,019 36,704 36,704 36,704 36,704 36,704 43,968 43,968 43,968 43,968 43,968 22,417 22,417 22,417 22,417 22,417 20,028 20,028 20,028 20,028 20,028 68,842 68,842 68,842 68,842 68,842 17,974 17,974 17,974 17,974 17,974 11,797 11,797 11,797 11,797 11,797 17,008 17,008 17,008 17,008 17,008 14,954 14,954 14,954 14,954 14,954 40,653 40,653 40,653 40,653 40,653 3,011 3,011 3,011 3,011 3,011 7,319 7,319 7,319 7,319 7,319 4,489 4,489 4,489 4,489 4,489 1,006 1,006 1,006 1,006 1,006 3,349 3,349 3,349 3,349 3,349 762 762 762 762 762 1,429 1,429 1,429 1,429 1,429 521 521 521 521 521 1,073 1,073 1,073 1,073 1,073 1,137 1,137 1,137 1,137 1,137 1,307 1,307 1,307 1,307 1,307 2,140 2,140 2,140 2,140 2,140 10,127 10,585 11,002 11,433 11,736 31,817 33,294 34,608 35,879 37,164 10,694 11,099 11,494 11,877 12,265 13,501 14,091 14,640 15,156 15,682 9,867 10,235 10,539 10,953 11,314 8,355 8,676 8,981 9,273 9,570 19,963 20,856 21,702 22,511 23,332 8,224 8,533 8,829 9,113 9,417 5,482 5,673 5,864 6,035 6,225 7,484 7,780 8,060 8,316 8,575 7,099 7,370 7,623 7,864 8,107 13,362 13,966 14,338 14,859 15,378 2,559,534 2,623,733 2,630,125 2,595,569 2,542,258 13,124,640 13,101,845 13,187,891 13,281,805 12,955,493 2,940,117 2,871,936 2,862,131 2,891,514 2,832,701 4,100,675 3,952,720 3,975,990 3,977,156 3,914,378 2,824,803 2,728,955 2,731,662 2,713,738 2,665,312 2,463,715 2,428,664 2,459,094 2,422,464 2,427,765 8,102,751 7,987,904 8,133,438 8,263,364 8,110,882 2,025,104 2,041,089 2,043,334 2,040,203 2,023,754 1,240,876 1,256,158 1,242,598 1,254,627 1,258,743 2,047,390 2,070,173 2,086,935 2,080,939 2,066,004 1,732,965 1,739,398 1,743,533 1,746,357 1,733,834 5,145,855 5,076,423 5,100,515 5,082,774 5,024,970 315 332 326 348 344 U.576 11,664 il,634 11,743 il,727 399 421 414 441 437 459 484 476 508 503 245 258 254 270 268 205 216 212 226 224 689 727 714 761 180 190 186 199 197 125 132 129 138 136 180 190 186 199 197 175 184 181 193 191 444 468 460 491 486 92 88 76 76 69 1,945 2,698 2,208 2,189 1,933 129 130 122 114 120 244 244 244 244 244 9 9 9 9 9 60 754 93 90 90 90 90 i After deducting $3,416,000 participations of other Federal Reserve Banks on Mar. 30; $3,602,000 on Apr. 6; $3,538,000 on Apr. 13; $3,774,000 on Apr. 20;.and $3,737,000 on Apr. 27. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total F. R. notes outstanding (issued to Bank): Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Collateral held against notes outstanding: Gold certificates: Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Eligible paper: Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 U. S. Govt. s e c : Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Total collateral: Mar. Apr. Apr. Apr. Apr. 30 6 13 20 27 24,108,174 24,093,694 24,107,504 24,087,479 24,050,767 Boston New York ,436,877 5,503,907 1,440,782 5,499,118 1,443,021 5,496,519 1,437,498 5,480,121 1,439,263 5,468,986 Philadelphia Cleveland Richmond Atlanta Chicago 1,666,786 1,659,274 1,666,601 1,667,805 1,658,999 2 ,169,504 2,165,370 2,163,787 2 ,162,260 2 ,164,080 1,619,912 1,620,863 1,621,854 1,614,715 1,608,611 1,338,638 ,342,132 1,338,922 342,876 1,343,565 4,571,473 4,573,777 4,579,360 4,584,724 4,582,509 745,000 745,000 745,000 745,000 745,000 625,000 625,000 625,000 625,000 625,000 575,000 575,000 575,000 575,000 575,000 2,585,000 2,585,000 2,585,000 2,605,000 13,179,000 13,179,000 13,179,000 13,299,000 13,299,000 440,000 440,000 440,000 440,000 440,000 4,670,000 4,670,000 4,670,000 4,670,000 4,670,000 550,000 550,000 550,000 550,000 550,000 98,823 37,918 61,098 249,914 78,477 8,305 6,530 7,285 12,275 9,245 51,338 11,103 37,838 182,607 13,325 5,510 6,525 5,430 14,695 7,870 4,430 6,240 16,100 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,000,000 1,200,000 1,000,000 1,200,000 1,000,000 1,200,000 1,000,000 1,200,000 ,000,000 1 ,200,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,025,000 1,025,000 1,025,000 1,025,000 1,025,000 25,352,823 25,291,918 25,315,098 25,623,914 25,452,477 ,548,305 1,546,530 1,547,285 1,552,275 1,549,245 5,721,338 5,681,103 5,707,838 5,852,607 5,683,325 2,245,000 2,245,000 2,245,000 2,245,000 2,245,000 1,668,670 1,654,145 1,654,430 1,656,240 1,666,100 534 1,755,510 1,756,525 1,755,430 1,764,695 1,757,870 Minne- Kansas City apolis 1,142,763 630,630 1,689 1,137,718 631 1,454 1,134,229 631 1,131,082 630,598 1,124,017 629,288 Dallas San Francisco 942,696 623,731 2,461,257 942,874 621,312 2,458,785 ,347 2,468,026 941,786 622,128 2,471,886 940,047 621,537 2,469,865 184,000 2,000,000 184,000 2,000,000 850,000 2,000,000 850,000 2,000,000 850,000 2,000,000 850,000 2,000,000 850,000 2,000,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 4,585,000 4,585,000 4,585,000 4,605,000 4,605,000 315,000 315,000 315,000 315,000 315,000 210,000 210,000 210,000 210,000 210,000 280,000 280,000 280,000 280,000 280,000 184,000 2,000,000 184,000 2,100,000 184,000 2,100,000 1,835 1,000 700 5,800 8,850 2,605,000 18,670 4,145 12,075,000 12,075,000 12,075,000 12,075,000 12,075,000 St. Louis 2,250 1,250 1,000 9,450 2,990 9,665 6,115 3,965 13,747 9,097 1,250 1,250 450 5,100 11,000 950,000 950,000 950,000 950,000 950,000 450,000 450,000 450,000 450,000 450,000 700,000 700,000 700,000 700,000 700,000 500,000 500,000 500,000 500,000 500,000 800,000 800,000 800,000 800,000 800,000 1,266,835 662,250 1,266,000 661 ,250 1,265,700 661,000 1,270,800 669,450 1,273,850 662,990 989,665 986,115 983,965 993,747 989,097 684,000 684,000 684,000 684,000 684,000 684,000 684,000 2,801,250 2,801,250 2,800,450 2,905,100 2,911,000 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V [Amounts in thousands of dollars] Guaranteed loans outstanding Guaranteed loans authorized to date End of month Number Portion guaranteed Total amount Amount Additional amount available to borrowers under guarantee agreements outstanding 565 1942—June.. . Dec... . 2,665 310,680 2,688,397 1943—June. . . 4,217 Dec.. . . 5,347 Feb. Mar. Mar. Mar. Mar. Mar. Apr. Apr. 8,046,672 2,064,318 1,735,777 3,810,797 9,310,582 1,735,970 1,482,038 4,453,586 1945—June. . . 8,422 10,149,351 1,386,851 1,190,944 3,694,618 966,595 D e c . . . . 8,757 10,339,400 510,270 435,345 1946—June. . . 8,771 Dec 8,771 10,344,018 10,344,018 70,267 18,996 60,214 17,454 142,617 28,791 1947—June... 8,771 Dec.. . . 8,771 10,344,018 10,344,018 3,589 2,412 3,218 2,183 1948—June. . . 8,771 8,771 10,344,018 10,344,018 1,609 1,300 1,463 1,184 1949—Jan 8,771 Feb.. . . 8,771 Mar. . . 8,771 10,344,018 10,344,018 10,344,018 1,295 877 873 1,181 805 801 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. Feb. Mar. Mar. Mar. Mar. Mar. Apr. Apr. Applications approved Date (last to date Wednesday or last day of period) NumAmount ber ApLoans Commitproved ments outbut not outcom- standing 2 pleted i (amount) standing (amount) (amount) Feb. Mar. Mar. Mar. Mar. Mar. Apr. Apr. 1934. . . 1935 1936. . . 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1,993 2,280 2,406 2,653 2,781 2,908 3,202 3.423 3,471 3,489 3,511 3,542 3,574 49,634 124,493 139,829 150,987 175,013 188,222 212,510 279,860 408,737 491,342 525,532 544,961 565,913 586,726 20,966 11,548 8,226 3,369 1,946 2,659 13,954 8,294 4,248 945 1,387 1948 Mar. 3 1 . . . Apr. 3 0 . . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 3 1 . . . Sept. 3 0 . . . Oct. 3 0 . . . Nov. 3 0 . . . Dec. 3 1 . . . 3,587 3,593 3.595 3,599 3,600 3,603 3,604 3,606 3,606 3,607 600,322 604.623 606,305 610.956 611.694 612,099 613.820 614,402 614.725 615,653 45 70 120 3,785 1,394 1949 Jan. 3 1 . . . 3,607 Feb. 2 8 . . . 3,608 Mar. 3 1 . . . 3,610 615,893 616,340 620,192 984 926 1,295 320 4,577 1,045 620 65 45 185 85 335 85 45 45 13,589 32,493 25,526 20,216 17,345 13,683 9,152 10,337 14,126 10,532 3,894 1,995 554 916 851 802 883 1,011 1,116 1.151 995 1,005 907 906 Participations out« standing (amount) 8,225 27,649 20,959 12,780 14,161 9,220 5,226 14,597 10,661 9,270 4,165 1,644 8,309 7,434 1,296 8,778 7,208 7,238 12,722 10,981 6,386 19,600 17,305 17,930 2,705 1,086 2,670 4,869 7,700 6,646 6,612 6,482 6,417 6,187 6,246 6,085 6,099 1,643 5,109 4,234 3,272 3,238 3,346 3,353 4,212 4,153 4,166 1,990 1,677 1,624 3,270 MAY 1949 5,230 5,204 1,006 1,063 1,285 1,247 6,646 6,514 7,356 7,306 4,895 4,927 5,699 5,661 5,178 5,321 5,219 5,252 5,160 5,119 5,183 5,195 1,274 1,281 1,274 1,268 1,238 1,208 1,146 1,240 7,326 7,344 7,333 7,372 7,291 7,222 7,274 7,265 5,664 5,690 5,705 5,669 5,695 5,571 5,612 5,607 36 45 26 32 7 9 10 5 204 205 159 156 557 563 515 501 683 823 754 700 665 579 802 828 25 107 26 11 11 22 76 98 6 9 5 4 4 5 16 28 163 189 189 175 124 125 221 216 489 518 534 510 526 427 489 486 244 270 110 148 34 43 23 52 50 103 5 23 114 84 56 48 46 40 27 26 81 83 59 175 181 208 82 64 23 2 9 16 23 30 6 13 23 2 9 16 23 30 6 13 5 1 1 98 65 64 10 12 1 1 57 45 39 38 52 64 37 37 18 36 19 26 18 39 32 14 13 46 41 3 1 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2,077 2,042 3,677 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. Chicago 805 822 710 694 Borrowings a t Federal Reserve B a n k s : 1948—February March 1949—February March INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Country banksi New York 19,442 19,636 19,532 19,560 19,384 19,120 19,215 19,308 23 2 9 16 23 30 6 13 Excess reserves: 1948—February March 1949—February March 6,726 Reserve city banks 16,834 17,106 19,570 19,417 1948—February March 1949—February March 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. . . 6.433 D e c . . . . 7.434 Central reserve city banks Total reserves held: 69,674 137,888 632,474 1,430,121 81,108 803,720 All member 1 banks Month, or week ending Wednesday DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND SMALL CENTERS 1 [Averages of daily figures. In millions of dollars] In places of 15,000 and over population In places of under 15,000 population Demand deposits except interbank March 1948 February 1949 March 1949 Time deposits Demand deposits except interbank Time deposits '16,042 16,495 8,787 8,757 n1,992 12,086 6,071 6,058 16,443 8,790 11,944 6,065 Boston New York Philadelphia Cleveland 1,877 2,965 1,221 1,325 844 2,207 810 905 333 1,032 899 1,032 231 1,152 896 820 Richmond Atlanta Chicago St. Louis 1,126 1,619 2,220 640 404 469 1,600 338 864 698 1,657 996 479 220 959 284 Minneapolis Kansas City Dallas San Francisco. . . 592 567 1,040 1,251 301 104 150 657 768 1,617 1,542 506 455 207 68 294 r 1 Revised. Includes any banks in outlying sections of reserve cities that have been given permission to carry the same reserves as country banks. 535 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Class of bank and Federal Reserve district Total Interbank Other Net demand deposits * Time deposits 3 Demand balances due from domestic banks Reservres with Federal Reserve Banks Total Required Excess Borrowings at Federal Reserve Banks First half of March 1949 88 ,316 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 78 ,118 29 ,045 5,007 19, 557 18 ,812 744 100 3 ,826 1 ,012 17 ,274 4 ,020 19 ,580 4 ,583 1 ,659 1 ,023 44 118 5, 253 1, 267 5 ,215 1 ,268 38 -1 34 4 4 ,876 262 28 328 464 310 457 421 609 245 733 497 523 27 ,940 1 ,616 567 1 ,853 3 ,567 I ,787 1 ,646 3 ,511 1 ,437 741 2 ,016 1 ,970 11 ,517 187 287 231 1 ,519 423 412 2 ,007 339 184 359 386 5 ,183 1,597 7, 350 29 24 64 147 107 128 255 90 59 236 221 238 402 140 449 923 452 451 929 422 200 547 512 1, 924 7 ,166 393 138 447 903 434 423 897 413 196 529 485 1 ,908 185 9 2 2 20 18 28 32 9 4 17 27 16 39 7 ,228 28 ,644 1 ,721 528 1 ,953 3 ,586 1 ,830 1 ,783 3 ,391 1 ,762 827 2 ,282 2 ,073 6 ,908 29 ,369 2 ,296 4 ,096 2 ,136 2 ,383 2 ,112 2 ,504 3 ,965 1 ,694 1 ,425 2 ,266 2 ,705 1 ,788 Reserve city banks 77 ,745 32 ,815 1 ,877 595 2 ,181 4 ,030 2 ,097 2 ,103 3 ,933 2 ,046 986 2 ,749 2 ,468 7 ,751 New York Chicago 10 ,571 21 ,100 5 ,032 All member banks Central reserve city banks: 857 85 85 16 19 108 178 63 47 56 61 109 29 28 ,512 2 ,211 4 ,011 2 ,120 2 ,363 2 ,004 2 ,327 3 ,902 1 ,646 1 ,369 2 ,205 2 ,596 1 ,758 25 ,310 2 ,023 3 ,641 1 ,876 2 ,064 1 ,786 2 ,089 3 ,430 1 ,451 1 ,237 1 ,918 2 ,245 1 ,550 14 ,846 1 ,075 3 ,356 1 ,704 1 ,724 882 689 2 ,558 621 757 312 217 951 3,248 5, 686 5 ,163 404 834 428 460 352 386 741 279 255 330 376 319 523 25 65 42 61 42 42 78 25 26 42 47 27 23 4 8 4 1 1 159 271 198 265 250 341 456 217 159 329 419 186 429 899 470 520 394 428 819 304 280 372 423 347 2 1 7 3 . . .. 2 1 11 3 6 Second half of March 1949 All m e m b e r banks 87,337 10,185 77 ,151 77 ,416 29 ,054 4,777 19 ,286 18 ,640 646 193 Central reserve city banks: New York Chicago 20,799 4,806 3,748 17 ,051 3 ,829 19 ,258 4 ,383 1 ,664 1 ,016 49 95 5 ,157 1 ,227 5 ,132 1 ,216 26 11 69 40 Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 32,641 4,639 28 ,510 1 ,740 1,576 7 ,265 1 ,854 3 ,548 1 ,784 1 ,649 3 ,516 1 ,429 740 2 ,013 1 ,958 7 ,302 1 ,948 3 ,542 1 ,821 1 ,769 3 ,367 1 ,709 827 2 ,249 2 ,039 6 ,976 188 286 232 2,704 2,434 7,816 255 28 327 442 290 431 395 556 234 691 476 514 28 ,002 1 ,647 11 ,510 1,902 1 ,519 424 414 2 ,010 339 184 361 391 5 ,163 29 24 64 147 94 124 257 85 49 233 223 247 402 139 449 906 443 436 915 407 198 534 496 1 ,941 7 ,136 397 137 446 893 432 420 891 401 196 522 478 1 ,922 129 5 2 3 13 10 16 23 5 2 13 18 19 56 1 1 1 9 9 3 6 6 1 11 5 3 Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 29,090 2,293 4,069 2,138 2,371 2,077 2,468 3,913 1,671 1,405 2,223 2,675 1,785 820 85 86 17 19 101 160 60 45 54 58 105 29 28 ,270 2 ,207 3 ,983 2 ,122 2 ,352 1 ,977 2 ,308 3 ,853 1 ,625 1 ,351 2 ,165 2 ,570 1 ,756 25 ,264 2 ,023 3 ,637 1 ,881 2 ,068 1 ,768 2 ,092 3 ,416 1 ,448 1 ,230 1 ,905 2 ,238 1 ,558 14 ,863 1 ,075 3 ,361 1 ,708 1 ,727 884 688 2 ,559 623 756 311 221 951 5 ,637 427 897 469 517 384 422 813 300 278 366 417 346 5 ,157 404 834 429 460 349 386 739 278 253 328 375 321 480 23 63 40 56 35 36 75 22 24 37 42 26 28 3 12 5 1 2 1 1 1 1 2 589 2,181 3,990 2,075 2,080 3,912 1,985 974 , , 978 561 524 3,057 158 262 194 250 235 309 425 198 149 301 398 179 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 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. 1 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported ss in process of collection) of all member banks estimated at 70,200 million dollars in the first half and 69,350 million in the second half of March. 536 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total in circulation l End of year or month Coin and small denomination currency 2 Total Coin Large denomination currency 2 $2 $5 $10 $20 442 402 452 423 478 460 517 499 537 505 550 524 590 559 610 648 695 751 801 880 909 1,019 987 1,156 1,274 1,039 1,361 1,029 33 32 33 35 33 34 36 39 44 55 70 81 73 67 719 771 815 906 905 946 1,019 1,129 1,355 1,693 1,973 2,150 2,313 2,173 1,229 1,288 1,373 1,563 1,560 1,611 1,772 2,021 2,731 4,051 5,194 5,983 6,782 6,497 1,342 1,326 1,359 1,501 1,475 1,481 1,576 1,800 2,545 4,096 5,705 7,224 9,201 9,310 1,404 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 4,167 5,519 5,536 4,292 5,882 4,518 5,021 6,543 5,015 6,550 5,147 6,856 5,553 7,598 8,732 6,247 11,160 8,120 15,410 11,576 20,449 14,871 25,307 17,580 28,515 20,683 28,952 20,437 1947—December. 28,868 20,020 1,048 65 1948—January.., February. March. . . April May June July August. . . September October. . November December. 28,111 28,019 27,781 27,716 27,812 27,903 27,866 28,055 28,118 28,176 28,331 28,224 19,369 1,382 984 19,335 1,385 972 19,169 1,394 975 19,144 1,399 976 19,259 1,409 994 19,323 1,421 1,000 19,309 1,422 994 19,450 1,432 1,006 19,488 1,442 1,020 19,531 1,451 1,026 19,680 1,464 1,042 19,529 1,464 1,049 63 63 62 61 62 63 62 63 63 63 64 64 1949—January.. February. March. . . 27,580 27,557 27,439 19,003 19,029 18,930 62 63 61 Total 1,972 5,892 8,636 1,976 5,929 8,625 1,965 5,913 555 1,441 1,441 1,445 1,000 996 992 $50 $100 $500 $1,000 $5,000 $10,000 10 7 16 18 12 32 32 60 46 25 22 24 24 26 ,360 618 364 ,254 577 337 ,369 627 358 ,530 707 399 ,542 710 387 ,714 770 409 2,048 919 460 2,489 538 1,112 3,044 724 1,433 837 1,019 1,910 580 1,481 2,912 730 1,996 4,153 834 2,327 4,220 8,518 2,492 4,771 125 112 122 135 139 160 191 227 261 287 407 555 454 438 237 216 239 265 288 327 425 523 556 586 749 990 801 783 2,110 6,275 9,119 8,850 2,548 5,070 428 8,858 8,826 8,738 8,700 8,724 8,737 8,762 8,827 8,844 8,867 8,918 8,846 5,022 4,996 4,962 4,951 4,943 4,945 4,940 4,977 5,011 5,035 5,048 5,074 424 421 416 412 410 407 404 403 402 401 400 400 771 762 749 739 735 749 748 748 739 730 717 707 12 12 11 10 10 10 9 11 10 9 9 17 ,579 2,459 5,020 ,531 2,444 5,000 ,510 2,428 4,980 396 394 392 689 679 696 8 10 5 8 7 5 2 4 4 3 2 3 2 3 782 2,017 2,005 1,986 1,991 2,015 2,017 2,010 2,023 2,031 2,037 2,054 2,047 Unassorted 10 10 10 6,064 6,084 6,013 6,017 6,054 6,085 6,059 6,099 6,090 6,087 6,137 6,060 ,745 ,687 ,614 ,574 ,555 ,581 ,559 ,607 ,632 ,647 ,654 ,698 2,511 2,492 2,470 2,456 2,453 2,465 2,452 2,464 2,466 2,467 2,475 2,494 5 7 7 6 17 20 30 24 9 9 10 7 1 2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 3 as destroyed. Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money in circulation 1 Money held by For Federal Federal Reserve Reserve Banks and Mar. 31, Feb. 28, Mar. 31, 1949 Banks and agents 1949 1948 agents Money held in the Treasury Total outstanding, As security Mar. 31, against 1949 gold and Treasury silver cash certificates Gold Gold certificates . Federal Reserve notes Treasury currency—total . . Standard silver dollars Silver bullion Silver certificates and Treasury notes of 1890. . Subsidiary silver coin Minor coin United States notes . ... Federal Reserve Bank notes National Bank notes 2 \ 194 24 314 23,120 24,099 4,592 23 120 2,265 50 65 493 1,980 2,265 984 369 347 324 95 286 1,980 42 3 162 162 154 13 5 3 1 251 40 12 33 4 1 2,014 931 353 310 319 94 1,995 927 352 311 322 94 1,974 899 341 308 365 101 C O 25,385 25,343 24,177 3 996 4,082 4,200 27 439 3 Total—Mar. 31, 1949 Feb. 28, 1949 Mar. 31, 1948 3 1,309 1,323 1,325 ''20,261'' 20,261 20,230 19,063 2,815 836 344 43 23,213 4,183 43 23,350 4,164 27,557 46 23,592 4,143 27^781 ' rrency held outside the continental limits of the United States; totals 3 To avoid duplication, amount of silver dollars an is not included in total Treasury currency outstanding 4 B f th t f h inst other types, a grand total of all types has no special Less th $500000 as reserves. ooiu ceruncates as iierem useu mciuaes credits witn u Reserve Bank notes and national bank notes are in process of retirement MAY 1949 537 MONEY IN CIRCULATION WITH ADJUSTMENT FOR SEASONAL VARIATION (Outside Treasury and Federal Reserve Banks. In millions of dollars] Amount— unadjusted for seasonal variation Date End of year figures: 1939 1940 1941 . . . 1942 1943 1944 1945 1946 1947..: 1948 ... Amount— adjusted for seasonal variation ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Change in seasonally adjusted series » +742 +1,134 +2,428 +4.250 +5,039 +4,858 +3,208 +437 -84 -644 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 28,224 Monthly averages of daily figures: 1948—April May June July August September October November December 27,766 27,749 27,846 27,955 27,977 28,152 28,188 28,277 28,423 27,990 27,945 27,986 28,011 28,118 28,208 28,188 28,192 28,142 -35 -45 +41 +25 +107 +90 -20 1949—January February March April 27,850 27,545 27,508 27,462 27,767 27,545 27.591 27,683 -375 -222 +46 +92 +4 -50 1 For end of year figures, represents change computed on absolute amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Because of an apparent change in the seasonal pattern around the year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for money in circulation, as shown in Banking and Monetary Statistics, Table 111, p. 414, and described on p. 405, are based on an older series of adjustment factors. EarNet marked gold gold: deimport crease or export or increase (—) Domestic gold production 1 Gold stock at end of period Increase in gold stock 1940 . 1941 1942 1943 1944 1945 1946 1947 1948 21,995 22,737 22,726 21,938 20,619 20,065 20,529 22,754 24,244 4,351.2 741.8 -10.3 -788.5 -1,319.0 -553.9 464.0 22,224.9 1,490.0 4,744.5 982.4 315.7 68.9 -845.4 -106.3 311.5 1,866.3 1,680.4 -644.7 -407.7 —458.4 -803.6 —459.8 -356.7 465.4 210.0 -159.2 170.2 169.1 125.4 48.3 35.8 32.0 51.2 75.8 73.5 1948—April May June July August September.. October November.. December. . 23,169 23,304 23.532 23,679 23,725 23,872 24,004 24,166 24,244 32.2 135.2 228.5 146.4 46.2 147.2 131.9 161.4 78.3 234.2 151.3 177.7 266.7 39.1 53.3 121.6 54.2 88.0 -111.5 -2.8 81.7 -188.4 59.5 98.1 1.0 99.7 —45.9 5.7 6.1 5.7 6.2 7.7 7.4 6.5 5.3 5.0 24,271 1949—January February... 24,290 March 24,314 April P24.331 27.5 66.2 21.5 P19.8 -2.7 -22.2 -16.7 3.9 3.9 5.5 Period 18.3 24.3 P17.4 P Preliminary. 1 Annual figures through 1947 are estimates of the United States Mint. Figures for 1948 and 1949 are estimates of the American Bureau of Metal Statistics. 3 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. * Not yet available. * Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 3,837.0 million dollars on Apr. 30, 1949. Gold under earmark is not included in the gold stock of the United States NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538. and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposits accounts , except interbank accounts Annual rate of turnover of total deposits, except interbank Debits to demand deposit accounts, except interbank and Government Annual rate of turnover of demand deposits, except interbank and Government Year or month New York City* 140 other centers 1 Other reporting centers 2 New York City Other reporting centers New York City* Other leading cities * New York City' Other leading cities • 792,937 891,910 974,102 1,050,021 1,125,074 1,249,630 296,368 345,585 404,543 417,475 405,929 449,002 419,413 462.354 479,760 527,336 599,639 667,934 77,155 83,970 89,799 105,210 119,506 132,695 16.5 17.1 18.3 19.0 21.0 23.7 11 7 10.8 9.7 10.0 12.0 12.9 258,398 298.902 351,602 374,365 407,946 400,468 445,221 369,396 403,400 412,800 449,414 522,944 598,445 660,155 20.5 22.4 24.2 25.5 25.2 24.1 27.2 17.4 17.3 16.1 16.9 16.5 18.0 19.2 107,636 102,349 97,603 108,639 102,940 97,940 104,754 107,141 102,887 122,277 39,587 37.955 35,429 40,633 35,832 33,031 37,531 38,169 34,754 46,194 56,900 53,685 51,807 56,667 55,972 54,118 55,980 57.413 56,815 63,714 11,148 10,708 10,367 11,339 11,136 10,791 11,243 11,559 11,318 12,368 23.4 23.7 23.0 25.4 22.5 20.9 24.6 24.0 23.7 28.6 12.7 12.5 12 4 13.0 12.8 12 3 13.2 12 9 13.8 14.1 38,648 36,880 37,060 38,942 36,350 32,540 36,354 38,014 34,988 44,861 56,372 52,740 51,557 55,442 55,233 53,757 54,635 56,905 56,977 62,745 26 4 26.5 27 9 28 0 26.6 23 9 27.5 27 9 27.8 32.1 19 1 18.6 18 7 19 1 19.1 18 5 19.4 19 3 20.8 21.0 105,187 89,846 109,735 38,429 31,982 39,698 55,646 48,194 58,631 11,112 9,669 11,407 25.0 23.0 24.1 12.9 12 2 12.8 38,767 32,226 37,788 55,348 47,968 56,687 29.3 27 1 27.2 19.3 18 6 19.2 Total, all reporting centers 1943 1944 1945 1946—old series * 1946—new series 4 1947 1948 1948—March ADril Hay .'" June July August .... September October November December 1949—January February March .. | 1 2 National series for which bank debit figures are available beginning with 1919. Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another 3 Weekly reporting member bank series. * Statistics for banks in leading cities revised beginning July 3. 1946; for description of revision and for back figures see BULLETINS for June 1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been 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 baen estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. city. 538 FEDERAL RESERVE BULLETIN DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Time deposits Total deposits adjusted and currency outside banks Total demand deposits adjusted and currency outside banks Total deposits adjusted 1929—-June December 1933—June December 1941—June December 1942—June December 1943—June December 1944—June December 1945—June December 1946—June December 1947—June December 55,171 54,713 41,680 42,548 74,153 78,231 81,963 99,701 110,161 122,812 136,172 150,988 162,784 175,401 171,237 167,107 165,455 171,462 26,179 26,366 19,172 19,817 45,521 48,607 52,806 62,868 71,853 79,640 80,946 90,435 94,150 102,341 105,992 110,044 108,433 113,599 51,532 51,156 36,919 37,766 65,949 68,616 71,027 85,755 94,347 103,975 115,291 127,483 137,687 148,911 144,721 140,377 139,156 144,986 22,540 22,809 14,411 15,035 37,317 38,992 41,870 48,922 56,039 60,803 60,065 66,930 69,053 75,851 79,476 83,314 82,134 87,123 1948—March (Mar. 31). April (Apr. 28) May (May 26) June (June 30) July (July 28)P August (Aug. 25)P September (Sept. 29) P October (Oct. 27)P November (Nov. 24)P December (Dec. 29) P 166,400 167,500 167,600 167,875 168,600 169,100 169,700 170,300 170,100 170,900 107,100 108,100 108,200 108,335 108,900 109,400 109,600 110,700 110,900 111,500 140,800 142,100 142,200 142,237 143,100 143,500 144,000 144,600 144,200 145,200 1949—January (Jan. 26)P February (Feb. 23) P March (Mar. 30) P 170,000 169,100 167,400 110,500 108,400 106,100 144,800 144,000 142,300 End of month Demand deposits adjusted1 United States Government deposits 2 Total ComMutual mercial savings banks * < banks < 5 Postal Savings System 6 Currency outside banks 1,895 1,837 8,402 8,048 10,424 19,506 20,763 24,381 24,608 13,416 3,103 1,367 1,452 28,611 28,189 21,656 21,715 27,879 27,729 27,320 28,431 30,260 32,748 35,720 39,790 44,253 48,452 51,829 53,960 55,655 56,411 19,557 19,192 10,849 11,019 15,928 15,884 15,610 16,352 17,543 19,224 21,217 24,074 27,170 30,135 32,429 33,808 34,835 35,249 8,905 8,838 9,621 9,488 10,648 10,532 10,395 10,664 11,141 11,738 12,471 13,376 14,426 15,385 16,281 16,869 17,428 17,746 1,186 1,208 1,303 1,313 1,315 1,415 1,576 1,786 2,032 2,340 2,657 2,932 3,119 3,283 3,392 3,416 3,639 3,557 4,761 4,782 8,204 9,615 10,936 13,946 15,814 18,837 20,881 23,505 25,097 26,490 26,516 26,730 26,299 26,476 81,500 82,700 82,800 82,697 83,400 83,800 83,900 85,000 85,000 85,800 2,400 2,500 2,400 2,180 2,400 2,400 2,800 2,300 2,200 2,100 56,900 56,900 57,000 57,360 57,300 57,300 57,300 57,300 57,000 57,300 35,500 35,500 35,500 35,788 35,700 35,700 35,700 35,700 35,500 35,600 18,000 18,000 18,100 18,194 18,200 18,200 18,300 18,300 18,200 18,400 3,400 3,400 3,400 3,378 3,400 3,400 3,300 3,300 3,300 3,300 25,600 25,400 25,400 25,638 25,500 25,600 25,700 25,700 25,900 25,700 85,300 83,300 81,000 2,000 3,000 3,300 57,500 57,700 58,000 35,700 35,800 36,000 18,500 18,600 18,700 3,300 3,300 3,300 25,200 25,100 25,100 381 158 852 1,016 753 149 159 l 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. and mutual savings bank figures include three member mutual savings banks, of demand deposits. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. 2 3 POSTAL SAVINGS SYSTEM [In millions of dollars] BANK SUSPENSIONS Total, all banks Assets End of month Depositors' balances1 Total Cash in depository banks U. S. Government securities Total Di- rect Cash reserve Guar- funds, anetc.2 teed 1940—Dec.. . 1941—Dec. . 1942—Dec. . 1943—Dec. . 1944—Dec.. . 1945—Dec.. . 1946—Dec.. . 1947—Dec.. . 1,304 1,314 1,417 1,788 2,342 2,933 3,284 3,417 1,348 1,396 1,464 1,843 2,411 3,022 3,387 3,525 36 26 16 10 8 6 6 6 1,224 1,274 1,345 1,716 2,252 2,837 3,182 3,308 1,078 1,128 1,220 1,716 2,252 2,837 3,182 3,308 1948—May.. June. . July. . Aug.. . Sept.. Oct.. . Nov. . Dec.. . 3,395 3,379 3,368 3,356 3,348 3,342 3,336 3,330 3,509 3,494 3,483 3,472 3,464 3,459 3,454 3,449 6 6 6 6 7 7 7 7 3,291 3,291 3,275 3,260 3,260 3,244 3,244 3,244 3,291 3,291 3,275 3,260 3,260 3,244 3,244 3,244 211 196 202 206 198 208 203 198 1949—Jan. . . 3,334 Feb.. . P3,333 Mar. . P3.327 3,454 3,454 7 7 3,244 3,244 3,244 3,244 203 202 146 146 126 88 95 102 118 152 179 200 212 P Preliminary. Outstanding principal, represented by certificates of deposit. Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 1 2 MAY 1949 Number of banks suspended: 1934-42 1943 1944 1945 1946 1947 1948 1949—Jan.-Apr l Member banks Nonmember banks NaIntional State sured 330 20 4 1 0 0 1 0 2 2 6 216 Noninsured 88 2 1 1 2 Deposits of suspended banks (in thousands of dollars) :2 1934-42 137,362 18,016 26,548 51,567 41,231 1943 1944 1945 1946 1947 1948 1949—Jan.-Apr 6,223 4,982 405 0 0 167 0 190 1,241 405 167 "190 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. 539 ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Deposits Loans and investments Investments Class of bank and date Total Loans Total All banks: 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—June Dec. 1948—June Oct. Nov. Dec. 1949—Jan. Feb. Mar. 30 31.... 31 31. . . . 31 30. . . . 31 31. . . . 302 . . . 31 30.e . . . 27 . . . 24". . . 29*. . . 26*. . . 23". . . 30 «. . . 50,884 54,177 61,126 78,147 96,966 119,461 140,22 131,698 131,096 134,924 133,081 133,400 133,460 133,660 134,000 133,040 132,240 22,165 28,719 19,417 23,756 30,422 20,972 26,615 34,511 25,511 23,916 54,231 45,951 23,601 73,365 65,932 26,015 93,446 85,885 30,362 109,865 101,288 35,648 96,050 86,558 38,365 92,730 82,679 43,002 91,923 81,199 45,099 87,982 76,774 47,140 86,260 74,920 47,870 85,590 74,320 48,340 85,320 74,000 48,120 85,880 74,580 47,760 85,280 73,860 48,160 84,080 72,560 All commercial banks: 40,668 17,238 1939—Dec. 30 43,929 18,800 1940—Dec. 31 50,746 21,714 1941—Dec. 31 67,393 19,221 1942—Dec. 31 85,095 19,117 1943—Dec. 31 105,530 21,644 1944—Dec. 30 124,019 26,083 1945—Dec. 31 113,993 31,122 1946—Dec. 31 112,756 33,679 1947—June 30 2 116,284 38,057 Dec. 31 113,855 39,865 1948—June 30 114,100 41,620 Oct. 27* Nov. 24*. . . . 114,180 42,280 114,310 42,690 Dec. 29* 1949—Jan. 26*. . . . 114,410 42,390 113,350 41,970 Feb. 23* Mar. 30*. . . . 112,440 42,310 All member banks: 33,941 13,962 1939—Dec. 30 37,126 15,321 1940—Dec. 31. . . 43,521 18,021 1941—Dec. 31 59,263 16,088 1942—Dec. 31. . . 74,258 16,288 1943—Dec. 31. . . 91,56< 18,676 1944—Dec. 30 . . . 107,183 22,775 1945—Dec. 31. . . 96,362 26,696 1946—Dec. 31. . . 94,802 28,655 1947—June 30. . . 97,846 32,628 Dec. 31 95,44< 33,871 1948—June 30. . . 95,452 35,310 Oct. 27 «. . 95,514 35,929 Nov. 24«. . 95,70 36,321 Dec. 29*. . 95,824 36,024 1949—Jan. 26 «. . 94,81 35,614 Feb. 23*. . 93,955 35,891 Mar. 30«. . All mutual savings banks: 1939—Dec. 30. . 1940—Dec. 31 . . . 1941—Dec. 31 1942—Dec. 31. . . 1943—Dec. 31. . . 1944—Dec. 30. . . 1945—Dec. 31. . . 1946—Dec. 31. . . 1947—June 30 2. Dec. 31. . . 1948—June 30 Oct. 27". . Nov. 24«. . Dec. 29 «. . 1949—Jan. 26«. . Feb. 23 e . «. Mar. 30 . . 10,216 10,248 1O,37( 10,754 11,87 13,93 16,208 17,704 18,339 18,64 19,226 19,300 19,28C 19.35C 19.59C 19.69C 19.80C U. S. Government obligations 4,927 4,956 4,901 4,695 4,484 4,370 4,279 4,526 4,686 4,944 5,234 5,520 5,590 5,650 5,730 5,790 5,850 Other Cash assets 1 Total Other securities 1 Interbank i Demand Total Number capital of accounts banks Time 9,302 9,449 8,999 8,280 7,433 7,561 8,577 9,491 10,051 10,723 11,208 11,340 11,270 11,320 11,300 11,420 11,520 23,292 28,090 27,344 28,701 28,475 30,790 35,415 35,041 33,544 38,388 35,000 37,560 37,380 38,370 36,830 36,680 34,910 68,242 75,996 81,816 99,803 117,661 141,448 165,612 155,902 153,349 161,865 156,353 158,890 158,420 159,720 158,400 157,390 154,560 9,874 32,516 10,934 38,562 10,982 44,355 11,308 61,437 11,003 75,577 12,235 91,663 14,065 105,935 12,656 92,462 11,679 89,295 13,033 95,727 11,436 90,823 11,650 93,160 11,560 93,080 11,930 93,730 11,700 92,360 10,970 91,930 10,530 89,290 25,852 26,499 26,479 27,058 31,081 37,551 45,613 50,784 52,375 53,105 54,093 54,080 53,780 54,060 54,340 54,490 54,740 8,194 8,302 8,414 8,566 8,996 9,643 10,542 11,360 11,721 11,948 12,241 12,450 12,470 12,540 12,550 12,570 12,650 15,035 14,896 14,826 14,682 14,579 14,535 14,553 14,585 14,716 14,714 14,719 14,712 14,709 14,707 14,700 14,690 14,692 23,430 25,129 29,032 48,172 65,978 83,886 97,936 82,871 79,077 78,226 73,990 72,480 71,900 71,620 72,020 71,380 70,130 16,316 17,757 21,808 41,379 59,842 77,557 90,606 74,780 70,539 69,221 64,798 63,260 62,780 62,500 62,970 62,240 60,880 7,114 7,372 7,225 6,793 6,136 6,329 7,331 8,091 8,538 9,006 9,192 9,220 9,120 9,120 9,050 9,140 9,250 22,474 27,124 26,551 28,039 27,677 30,206 34,806 34,223 32,704 37,502 34,168 36,720 36,580 37,480 36,030 35,890 34,100 57,718 65,337 71,283 89,135 105,923 128,072 150,227 139,033 135,907 144,103 138,142 140,600 140,200 141,350 139,880 138,810 135,870 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 11,678 89,281 13,032 95,711 11,435 90,806 11,650 93,140 11,560 93,060 11,930 93,710 11,700 92,340 10,970 91,910 10,530 89,270 15,331 15,844 15,952 16,395 19,350 24,184 30,241 33,930 34,947 35,360 35,900 35,810 35,580 35,710 35,840 35,930 36,070 6,885 7,010 7,173 7,330 7,719 8,265 8,950 9,577 9,880 10,059 10,287 10,460 10,480 10,540 10,550 10,560 10,620 14,484 14,345 14,278 14,136 14,034 13,992 14,011 14,044 14,183 14,181 14,187 14,180 14,177 14,175 14,168 14,159 14,162 19,979 21,805 25,500 43,175 57,970 72,893 84,408 69,666 66,146 65,218 61,578 60,142 59,585 59,386 59,800 59,205 58,064 14,328 15,823 19,539 37,546 52,948 67,685 78,338 63,042 59,198 57,914 54,139 52,680 52,219 52,012 52,478 51,794 50,536 5,651 5,982 5,961 5,629 5,022 5,208 6,070 6,625 6,948 7,304 7,439 7,462 7,366 7,374 7,322 7,411 7,528 19,782 23,963 23,123 24,280 23,790 25,860 29,845 29,587 28,694 32,845 30,303 32,677 32,539 33,252 31,908 31,823 30,323 49,340 56,430 61,717 78,277 92,262 110,917 129,670 118,170 115,435 122,528 117,452 119,529 119,135 120,190 118,817 117,855 115,282 9,410 10,423 10,525 11,000 10,555 11,884 13,640 12,060 11,041 12,403 10,833 11,025 10,918 11,227 11,050 10,364 9,951 11,699 12,178 12,347 12,754 16,268 19,259 24,210 27,190 28,014 28,340 28,823 28,748 28,581 28,776 28,824 28,895 29,008 5,522 5,698 5,886 6,101 6,475 6,968 7,589 8,095 8,315 8,464 8,624 8,765 8,778 8,828 8,837 8,845 8,894 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,900 6,928 6,923 6,925 6,920 6,919 6,919 6,914 6,913 6,913 5,289 5,292 5,478 6,059 7,387 9,560 11,928 13,179 13,653 13,696 13,992 13,780 13,690 13,700 13,860 13,900 13,950 3,101 3,215 3,704 4,572 6,090 8,328 10,682 11,778 12,140 11,978 11,976 11,660 11,540 11,500 11,610 11,620 11,680 2,188 2,078 1,774 1,487 1,297 1,232 1,246 1,400 1,513 1,718 2,016 2,120 2,150 2,200 2,250 2,280 2,270 818 966 793 663 797 584 609 818 839 886 832 840 800 890 800 790 810 10,524 10,659 10,533 10,668 11,738 13,376 15,385 16,869 17,442 17,763 18,211 18,290 18,220 18,370 18,520 18,580 18,690 10,521 10,655 10,527 10,662 11,730 13,366 15,371 16,853 17,428 17,745 18,193 18,270 18,200 18,350 18,500 18,560 18,670 1,309 1,292 1,241 1,236 1,276 1,378 1,592 1,784 1,842 1,889 1,955 1,990 1,990 2,000 2,000 2,010 2,030 551 551 548 546 545 543 542 541 533 533 532 532 532 532 532 531 530 28,231 33,829 38,846 54,523 66,438 79,774 91,820 78,920 76,380 81,785 77,796 79,756 79,636 80,187 78,943 78,596 76,323 « Partly estimated. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 540 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Class of bank and date Total Total U.S. Government obligations Loans Other Cash assets Other securities Total Interbank Total Number capital of accounts banks Demand Time All Insured commercial banks: 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 1948—June 30 83,507 03,382 21,809 .12,178 10,682 14,274 11,794 18,841 21,352 25,765 30,733 33,250 37,583 39,372 64,666 82,030 96,043 81,445 77,433 76,691 72,421 58,683 75,875 88,912 73,554 69,136 67,941 63,490 5,983 6,155 7,131 7,891 8,297 8,750 8,931 27,183 29,733 34,292 33,694 32,190 36,926 33,699 04,094 25,714 47,775 36,990 [33,659 41,851 35,945 10,705 12,074 13,883 12,320 11,243 12,670 11,035 74,309 89,761 :04,015 91,144 87,930 94,300 89,491 19,081 23,879 29,876 33,526 34,486 34,882 35,418 7,453 7,989 8,671 9,286 9,558 9,734 9,955 13,270 13,263 13,297 13,354 13,386 13,398 13,415 National member banks: 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 1948—June 30 47,499 58,308 69,312 63,723 62,982 65,280 63,638 10,116 11,480 13,925 17,272 18,764 21,428 22,243 37,382 46,828 55,387 46,451 44,218 43,852 41,395 34,065 43,292 51,250 41,658 39,271 38,674 36,091 3,318 3,536 4,137 4,793 4,947 5,178 5,303 16,017 17,570 20,114 20,012 19,342 22,024 20,415 59,961 71,858 84,939 78,775 77,146 82.023 78,753 7,159 8,056 9,229 8,169 7,432 8.410 7,305 42,605 50,900 59,486 52,194 50,694 54,335 51,921 10,196 12,901 16,224 18,412 19,020 19,278 19,528 3,950 4,265 4,644 5,138 5,296 5,409 5,533 5,040 5,025 5,017 5,007 5,012 5,005 4,998 State member banks: 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 1948—June 3 0 . . . . 26,759 33,261 37,871 32,639 31,820 32,566 31,811 6,171 7,196 8,850 9,424 9,891 11,200 11,628 20,588 26,065 29,021 23,216 21,928 21,365 20,183 18,883 24,393 27,089 21,384 19,927 19,240 18,048 1,705 1,672 1,933 1,832 2,001 2,125 2,135 7,773 8,290 9,731 9,575 9,353 10.822 9,888 32,302 39,059 44,730 39,395 38,289 40.505 38,699 3,397 3,827 4,411 3,890 3,609 3,993 3,529 23,833 28,874 32,334 26,726 25,686 27.449 25,875 5,072 6,357 7,986 8,779 8,994 9.062 9,295 2,525 2,703 2,945 2,957 3,019 3.055 3,091 1,698 1,789 1,867 1,893 1,916 1,918 1,927 Insured nonmember commercial banks: 1943—Dec. 31. 1944—Dec. 30. 1945—Dec. 31. 1946—Dec 31. 1947—June 30. Dec. 31. 1948—June 30. 9,258 11,824 14,639 15,831 15,896 16,444 16,360 2,556 2,678 2,992 4,040 4,597 4,958 5,504 6,702 9,146 11,647 11,791 11,299 11.486 10,856 5,739 8,197 10,584 10,524 9,949 10.039 9,362 962 949 1,063 1,268 1,350 1,448 1,494 3,395 3,875 4,448 4,109 3,498 4,083 3,397 11,842 14,809 18,119 18,836 18,240 19.340 18,509 149 190 244 260 201 266 202 7,870 9,987 12,196 12,225 11,550 12.515 11,695 3,823 4,632 5,680 6,351 6,488 6.558 6,611 979 1,022 1,083 1,193 1,245 1,271 1,333 6,535 6,452 6,416 6,457 6,461 6,478 6,493 Noninsured nonmember commercial banks: 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 » Dec. 31 1948—June 30 1,588 2,148 2,211 1,815 2,074 2,009 2,062 276 292 318 389 430 474 493 1,312 1,856 1,893 1,426 1,645 1.535 1,569 1,160 1,682 1,693 1,226 1,403 1,280 1,308 153 174 200 200 241 255 261 494 473 514 530 514 576 469 1,829 2,358 2,452 2,043 2,248 2 251 2,197 299 161 181 336 436 363 400 1,261 1,892 1,905 1,302 1,351 1,411 1,315 270 305 365 404 461 478 482 267 276 279 290 322 325 331 764 729 714 690 797 783 772 All nonmember commercial banks: 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30* Dec. 31 1948—June 30 10,847 13,972 16,849 17,646 17,970 18,454 18,422 2,832 2,971 3,310 4,429 5,027 5.432 5,997 8,014 11,002 13,539 13,217 12,943 13.021 12,425 6,899 9,880 12,277 11,749 11,352 11,318 10,670 1,115 1,122 1,262 1,468 1,591 1,703 1,755 3,889 4,348 4,962 4,639 4,013 4,659 3,867 13,671 17,168 20,571 20,879 20 488 21,591 20,706 448 351 425 597 638 629 602 9,131 11,879 14,101 13,526 12,901 13,926 13,010 4,092 4,938 6,045 6,756 6,949 7 036 7,093 ,245 ,298 ,362 ,483 ,566 596 ,664 299 181 130 147 258 261 7,265 Insured mutual savings banks: 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 1948—June 30 7,525 9,223 10,846 11,891 12,375 12,683 13,142 3,073 3,110 3,081 3,250 3,370 3,560 3,769 4,452 6,113 7,765 8,641 9,005 9,123 9,373 3,844 5,509 7,160 7,946 8,216 8,165 8,169 608 604 606 695 789 958 1,204 559 400 429 612 658 675 644 7,534 8,910 10,363 11,428 11,901 12,207 12,581 7,527 8,902 10,351 11,415 11,889 12,192 12,566 808 892 ,034 ,173 ,218 ,252 ,302 184 192 192 191 191 194 193 4,345 4,708 5,361 5,813 5,964 5,957 6,084 1,411 1.260 1,198 1,275 1,316 1,384 1,465 2,935 3,448 4,163 4,538 4,649 4,573 4,619 2,246 2,819 3,522 3,833 3,924 3,813 3,808 689 629 641 705 724 760 811 238 184 180 206 181 211 188 4,204 4,466 5,022 5,442 5,541 5,556 5,630 4,203 4,464 5,020 5,439 5,539 5,553 5,627 468 485 558 611 624 637 653 361 351 350 350 342 339 339 Noninsured mutual savings banks: 1943—Dec. 31 1944—Dec. 30 1945—Dec. M 1946—Dec. 31 1947—June 30 « Dec. 31 1948—June 30 8 June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947. MAY 1949 541 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Class of bank and call date Total loans and invest- Total 1 ments All insured commercial banks: 1941—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—June Dec. 31. . 49,290 31. . 83,507 30. . 103,382 31. . 121,809 31. . 112,178 31. . 114,274 30. . 111,794 31. . 112,286 Member banks, total: 1941—Dec. 31. . 43,521 1943—Dec. 31. . 74,258 1944—Dec. 30. . 91,569 1945—Dec. 31. . 107,183 1946—Dec. 31. . 96,362 1947—Dec. 31. . 97,846 1948—June 30. . 95,449 Dec. 3 1 . . 95,616 New York City:* 1941—Dec. 31. . 1943—Dec. 3 1 . . 1944—Dec. 30. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 3i 1948—June 30. . Dec. 3 1 . . Chicago:* 1941—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—June Dec. 31. . 31. . 30. . 31. . 31. . 31. . 30. . 31. . 12,896 19,994 24,003 26,143 20,834 20,393 19,019 18,759 Investments Loans for Compurchasing meror carrying cial, securities in- AgriReal Conelud- culesOther ing tate sumer loans Total tur- To open- al2 brokloans loans To marers ket and others padealper* ers 614 662 4,773 4,545 1,414 922 4,437 1,868 918 2,269 2,265 4,343 1,888 944 3,164 3,606 4,677 2,361 1,181 1,517 1,609 7,103 4,031 1,098 823 1,190 9,266 5,654 1,028 1,183 1,077 10,101 6,412 1,119 1,336 939 10,666 6,804 1,095 9,214 7,777 7,920 9,461 14,016 18,012 17,834 18,761 1,450 1,505 1,723 1,314 1,358 1,610 1,976 2,775 18,021 16,288 18,676 22,775 26,696 32,628 33,871 36,060 8,671 7,421 7,531 8,949 13,154 16,962 16,734 17,631 1,023 1,398 839 1,198 2,249 2,108 855 3,133 3,378 884 1,506 1,467 1,046 811 1,065 1,241 1,171 956 1,800 1,324 834 3,274 3,209 3,455 5,358 7,130 7,777 8,244 8 412 169 2,807 24 1,054 323 2,515 859 30 1,742 2,610 3,044 2,453 1,172 4,078 1,096 389 545 267 5,361 5,275 963 250 225 " " 3 1,102 5,642 123 107 86 80 99 111 161 224 554 252 253 287 455 564 616 643 153 179 298 250 330 372 306 8,823 15,566 18,243 18,809 14,465 13,215 11,469 10,712 22 22 24 36 51 46 47 51 96 45 45 51 105 149 156 176 14 34 40 29 26 32 27 1,806 3,550 4,258 4,598 3,266 3,287 3,028 3,016 1,430 3,238 3,913 4,213 2,912 2,890 2,667 2,633 1 1 >12 114 194 1,527 217 267 1,420 301 658 311 777 1,379 660 313 427 1,503 1,459 404 855 264 704 2,237 1,436 435 170 484 3,147 1,969 366 126 428 3,333 2,158 369 412 130 360 3,503 2,315 8,243 21,321 26,781 31,594 24,527 22,591 21,692 21,047 6,467 19,682 25,042 29,552 22,250 20,196 19,222 18,594 6,628 17,534 23,610 29,407 27,408 26,125 25,389 24,781 110 481 2,926 4,377 15,465 1,032 3,094 2,096 8,705 882 3,466 4,422 12,540 21,552 26,999 630 5,102 4 ,544 16,713 279 4,020 2,470 17,797 24,572 22,857 480 2,583 2,108 17,681 552 3,121 1,868 16,345 21,892 760 3,340 1,128 16,046 21,278 2,535 6,702 9,146 11,647 11,791 11,486 10,856 10,774 1,509 5,739 8,197 10,584 10,524 10,039 9,362 9,246 4,072 4,428 5,760 7,334 6,368 7,179 7,550 8,048 954 2,760 4,554 1,004 5,443 1,184 5,931 1,333 4,765 1,499 5,088 1,801 4,742 1,714 4,799 1,783 972 1,094 1,418 1,357 1,412 6 6 17 2 3 3 2 4 300 279 348 205 201 225 260 437 732 763 738 760 594 48 102 163 211 117 73 61 71 598 3,494 52 52 163 233 101 87 75 63 3,456 3,058 3,034 3,661 5,548 7,088 6,823 7,282 Country banks: 1941—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 3 1 . . 1946—Dec. 31. . 1947—Dec. 31. . 1948—June 30. . Dec. 31. . 12,518 22,188 28,520 35,002 35,412 36,324 36,623 36,726 5,890 4,654 4,910 5,596 8,004 10,199 11,234 11,945 1,676 659 713 1,084 1,149 802 648 1,484 2,433 681 3,096 818 3,279 979 3,296 1,356 20 25 32 42 29 23 22 21 183 197 310 471 273 227 204 187 1,823 1,725 1,719 1,881 2,970 3,827 4,236 4,467 5,776 9,258 11,824 14,639 15,831 16,444 16,360 16,685 3,241 2,556 2,678 2,992 4,040 4,958 5,504 5,911 478 482 525 459 474 563 735 975 20 16 21 31 12 13 12 12 64 82 156 228 142 125 121 105 854 1,282 1,165 385 1,136 383 1,224 460 1,748 723 2,139 992 2,328 1,163 2,426 1,220 1,049 1,101 1,131 21,046 58,683 75,875 88,912 73,554 67,941 63,490 61,388 988 4,636 3,971 2,455 1,271 2,124 2,327 2,821 13^218 15,300 19,071 12,288 7,552 9,451 10,065 3,159 7,672 15,778 16,045 6,780 5,918 5,069 3,394 12,797 4,102 3,651 3,333 30,656 2,501 3,287 2,696 39,848 978 3,422 2,733 22 3,873 3,258 51,321 15 4,298 3,592 53,200 14 5,129 3,621 52,334 12 5,434 3,497 46,630 8 5,509 3,420 45,100 3 , >92 25 ,'500 19,539 971 3,007 11,729 3,832 3,090 2,871 848 57,970 52,948 4,360 12^071 6,906 27,265 2,345 2,729 2,294 902 2,857 2,350 877 72,893 67,685 3,748 13,982 14,127 34,927 16 3,254 2,815 1,104 84,408 78,338 2,275 16,985 14,271 44,792 11 3,548 3,077 1,020 69,666 63,042 1,167 10,043 5,602 46,219 952 65,218 57,914 1,987 5,816 4,815 45,286 10 4,199 3,105 8 4,436 3,003 1,040 61,578 54,139 2,188 7,597 4,104 40,242 5 4,480 2,922 1,006 59,556 52,154 2,588 7,999 2,800 38,761 7,105 6,201 6,822 8,514 10,825 13,449 13,373 14,285 543 356 389 512 862 28,031 64,666 82,030 96,043 81,445 76,691 72,421 70,318 1,484 1,505 1,900 3,308 4,662 5,249 5,585 15,347 27,521 33,603 40,108 35,351 36,040 35,065 35,332 1941—Dec. 31. . 1943—Dec. 3 1 . . 1944—Dec. 30. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 31. . 1948—June 30. . Dec. 31. . Total Obligations Direct of States Other CertifiGuar- and secucates an- polit- rities ical Bills of in- Notes Bonds teed subdebtdiviedsions ness 21,259 18,841 21,352 25,765 30,733 37,583 39,372 41,968 Reserve city banks: 1041—Dec 31 1943—Dec. 31. . I944—Dec. 30. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 31. . 1948—June 30. . Dec. 31. . Insured nonmember commercial banks: U. S. Government obligations 1, 530 381 528 547 351 707 363 1,312 306 1,979 229 2,318 267 2,451 261 70 67 77 79 76 79 89 311 7,265 1,623 3,652 1,679 14,563 1,328 '3',409 1,829 7,014 984 17,179 913 3,740 3,745 8,592 189 1 17,574 477 3,433 3,325 10,337 992 10,202 1 13,308 387 1,725 558 9,771 640 11,972 1,002 520 8,162 983 10,358 693 365 7,512 9,649 589 1,183 256 199 ' "877 250 1,045 133 1,467 60 498 132 235 250 160 183 275 153 484 779 749 146 248 214 217 903 1,602 1,809 1,864 2,207 2,274 2,043 1,958 119 74 31 729 444 468 606 557 638 583 563 830 558 596 629 601 604 528 500 182 158 160 181 167 213 185 210 193 155 185 204 187 185 176 174 295 751 4,248 1,173 820 956 1,802 4,691 2,497 9,943 749 913 726 740 1,704 5,730 5,181 11,987 440 1,000 5 1,126 916 1,034 6,982 5,653 15,878 441 3,799 1,993 16,013 4 1,272 1,004 373 2,358 1,901 15,560 3 1,342 1,053 783 3,244 1,501 13,692 3 1,446 1,024 1 1,421 1,032 1,056 3,201 1,090 13,247 17 276 223 180 104 136 138 234 1,147 1,319 2,087 2,247 1,736 1,855 2,066 152 1,069 766 3,395 1,652 4,928 1,774 6,538 1,179 6,991 1,104 7,058 966 6,399 594 6,349 861 538 241 9 6 6 5 4 1,222 1,214 1,230 1,342 1,551 2,006 2,223 2,286 1,067 1,285 1,262 1,275 1,217 271 563 156 560 76 566 6 619 3 752 4 931 999 4 3 1,030 462 403 383 443 516 517 494 498 1,028 855 829 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec.331, 1945, these items may not be entirely comparable with prior figures. Central reserve city banks. 542 FEDERAL RESERVE BULLETIN ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Time deposits Demand deposits Class of bank and call date Reserves with Cash Federal in Revault serve Banks BalDeances mand with dedomestic posits adbanks4 justed 5 Interbank deposits DoFormestic4 eign All insured commercial banks: 1941—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 3 1 . . 1946—Dec. 31. . 1947—Dec. 31 . . 1948—Tune 30.. Dec. 31. . 12,396 12,834 14,260 15,810 16,013 17,796 17,355 20,404 8,570 8,445 9,787 11,075 2,012 9,481 2,145 9,736 .,063 8.238 L.939 8,947 37,845 9,823 59,921 9,743 65,960 11,063 74,722 12,566 82,085 10,888 85,751 11,236 81 .420 9.628 84,211 10,344 Member banks total: 1941—Dec. 31. . 1943—Dec. 3 1 . . 1944—Dec. 30. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 31. . 1948—June 30. . Dec. 31. . 12,396 12,835 14,261 15,811 16,015 17,797 17,356 20,406 L ,087 L, 132 1,271 1,438 1,576 1,672 1,606 1,486 6,246 5,450 6,354 7,117 5,936 6,270 5,419 5,674 33,754 52,642 57,308 64,184 70,243 73,528 70,051 72,152 9,714 9,603 10,881 12,333 10,644 10,978 9,433 10,098 New York City:3 1941—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 31. . 1948—June 30. . Dec. 31. . 5,105 3,596 3,766 4,015 4,046 4,639 4,883 5,643 93 92 102 111 131 151 122 117 141 61 76 78 87 70 46 67 10,761 13,899 14,042 15,065 16,429 16,653 15,592 15,773 3,595 2,867 3,179 3,535 3,031 3,236 2.830 2,904 1 021 1,070 1,144 1,325 43 38 43 36 29 30 28 28 298 158 177 200 172 175 152 143 2.215 3,050 3,041 3,153 3,356 3,737 3.505 3,604 1,132 1,292 1,130 1,196 1.055 1,038 bee. 31. . 4,060 5,116 5,687 6,326 6,337 7,095 6,462 7,701 425 391 441 494 532 562 521 483 2,590 1,758 2,005 2,174 1,923 2,125 1,852 1,845 11,117 18,654 20,267 22,372 24,221 25,714 24.316 25,072 4,302 4,770 5,421 6,307 5,417 5,497 4.751 5,213 Country banks: 1941—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 31. . 1946—Dec. 3 1 . . 1947—Dec. 31. . 1948—Tune 3 0 . . Dec. 31. . 2,210 3,303 3,909 4,527 4,703 4,993 4,866 5,736 526 611 684 796 883 929 934 858 3,216 3.474 4,097 4,665 3,753 3,900 3,369 3,619 9,661 17,039 19,958 23.595 26,237 2 7.424 26.639 2 7,703 1,149 1,199 1,067 1.049 271 313 352 391 437 473 457 453 2,325 2,996 3,434 3 ,959 3,547 3.466 2.820 3,273 4,092 7,279 8,652 10,537 11,842 12,223 11.368 12,059 108 141 182 233 244 258 195 246 Chicago:3 1941—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—Dec. 30. . 1945—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1948—June 30. . Dec. 31. . Reserve city banks: 1941—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 3 1 . . 1948—Tune 3 0 . . 821 899 942 928 Insured n o n member commercial b a n k s : 194 j—Dec 31 1943—Dec. 31 1944—Dec. 30. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec 31 1948—Tune 30. . Dec. 31. . 1 ,358 1 ,445 1 ,622 1 ,829 U. S. Certi- IndiGov- States fied viduals, and U. S. States ernand and Gov- political Offi- partner- Inter- ment politern- subdi- cers' ships, bank ical and ment visions checks, and corPostal subdiporaSav- visions etc. tions ings 1 027 972 790 994 798 943 673 1,761 893 9,950 948 19,754 3,677 4,352 4,518 5,098 5,967 6,692 7,132 7,182 1,077 1,669 1,354 2,585 2,361 2,559 2.020 2,113 36,544 58,338 64,133 72,593 79,887 83,723 78.287 81,682 158 68 64 70 68 54 50 69 59 124 109 103 119 HI 492 395 423 496 664 826 671 1 ,709 891 9,444 945 18,509 3.066 3,602 3,744 4,240 4,915 5,504 5,873 5,850 1 ,009 1,573 1.251 2,450 2,207 2,401 1,873 1,962 33,061 51,820 56,270 62,950 69,127 72,704 68.204 70,947 140 62 58 64 62 50 47 63 50 120 105 99 114 105 106 111 418 327 347 399 551 693 912 927 11,282 14,373 14,448 1,338 15,712 942 17.216 1,105 17,646 748 16,306 750 16,695 6 4 11 17 20 12 15 31 Indi- Bor- Capividuals, rowtal partner- ings acships, counts and corporations ,248 ,364 ,379 .357 ,488 23,740 2,930 1.325 2.052 2,323 1,243 22,179 1,353 2,672 1,375 1,176 1,353 1,846 1,480 2,122 607 810 851 866 3,395 6,722 1,105 6,940 651 1,195 267 1,217 333 1,183 445 1,278 8 14 16 20 24 21 22 26 127 713 1,400 1,552 152 72 105 188 54 491 63 3,373 70 6,157 110 8,221 127 991 405 131 140 728 168 801 2 225 c; 1,962 8 4,230 8 5,465 8 877 432 7 9 680 688 8 2 2 3 11 4 4 8 319 252 199 237 218 290 272 241 233 174 167 237 228 285 320 284 34 44 33 66 47 63 47 53 1 ,144 1,448 1,509 1,763 2,077 2,282 2,442 2,401 286 475 488 611 693 705 562 649 11,127 18,790 20,371 22,281 24,288 26,003 24.198 25,302 1,370 1 ,727 1 .868 2,004 2,391 2,647 2,839 2,925 239 344 369 435 524 528 516 510 68 96 103 135 154 158 147 151 611 750 775 858 258 149 207 201 1,052 1,188 1,259 1,332 5 7 10 15 12 14 14 29 26 17 20 39 14 41 20 11,878 14,822 18,807 23,712 26,525 27,542 27,805 27,801 10 6,844 46 7,453 122 7,989 215 8,671 39 9,286 61 9,734 63 9,955 54 10,158 4 39 111 208 30 54 53 45 5,886 6,475 6,968 7,589 8,095 8,464 8,624 8,801 778 816 " ' 2 9 977 96 1 ,206 195 1,395 1,418 1,621 1,646 1,648 1 ,862 1,966 2,120 2,205 " 3 0 2,259 26 2,262 25 2,306 4 9 11 11 476 505 619 719 823 902 940 989 288 326 354 377 404 426 436 444 20 56 40 38 43 45 42 46 243 151 154 160 235 332 496 547 4,542 5,902 7,561 9,563 10,580 11,045 10,771 10,798 1,967 2,135 2,327 2,566 2,729 2.844 2,870 2,928 30 17 14 17 17 17 14 13 31 56 57 52 55 45 49 49 146 149 175 219 272 337 364 350 6,082 7,599 9,650 12,224 13,727 14,177 14.473 14,369 4 10 16 11 26 23 24 12 1 ,982 2,153 2,321 2,525 2,757 2,934 3,056 3,123 18 6 6 6 6 4 4 6 8 4 4 4 5 6 6 6 74 68 76 97 113 132 149 153 3,276 3,750 4,553 5,579 6,232 6,420 6.457 6,459 6 10 7 9 7 10 8 1,022 1,083 1 ,193 1,271 1,333 1,358 2,152 3,097 3,100 3,160 3,495 3,853 3.539 3,702 53 506 1,245 1,560 450 710 361 15,146 18,561 23,347 29,277 32,742 33,946 111 1 .061 34,246 117 1,080 34,244 2 1 1 2 2 1 1 104 41 33 30 25 22 18 19 8,500 15,561 18,350 21.797 24,128 25,203 24,161 25,248 3,483 6,518 7,863 9,643 10,761 11,019 10,083 10,736 " "l 4 1 3' 8 959 979 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MAY 1949 543 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of } Wednesday figures. In millions of dollars 1 Loans J Investments For purchasing or carrying securities Date or month Total loans and invest- Total1 ments Commercial, To brokers indus- and dealers trial. and agricultural To others U. S. U.S. Govt. Other Govt. Other seseob- curi- ob- curiligaligations ties tions ties U. S. Government obligations Real Loans estate to Other Total loans banks loans CerOther tifisecucates rities Total Bills of in- Notes Bonds2 debtedness TotalLeading Cities 1948—March 63,366 23,472 14,522 437 415 282 479 3,595 232 1949—January February.... IVtarch 62,741 25,069 15,396 62,201 24,975 15,275 61,860 24,757 15,043 701 744 737 416 426 457 196 188 194 459 4,079 462 4,084 438 4,084 191 3,918 37,672 33,492 2,204 5,577 1,044 24,667 4,180 213 3,873 37,226 32,997 1,851 5,174 1,030 24.942 4,229 262 3,836 37,103 32,764 1,771 4,920 992 25,081 4,339 1949—Feb 2 Feb 9 Feb. 16 Feb. 23 62,696 62,170 61,991 61,946 25,244 24,950 24,841 24,865 15,318 15,294 15,265 15.222 859 721 722 673 438 434 410 423 186 188 190 189 477 4,079 475 4,085 444 4,085 454 4,086 258 177 154 261 3,918 3,865 3,862 3,849 37,452 37,220 37,150 37,081 33,268 33,016 32,890 32,814 2 9 16 23 30 61,976 62,046 62,359 61,749 61,171 24,617 24,551 24,889 24,696 25,034 499 15,147 497 15,106 812 15,095 14,962 832 14,904 1,047 448 426 452 460 501 191 192 189 193 205 439 4,082 437 4,086 438 4,084 441 4,086 433 4,083 266 278 287 173 308 3,837 3,821 3,826 3,843 3,851 37,359 37,495 37,470 37,053 36,137 33,069 2,000 33,206 2,083 33,112 2,013 32,680 1,695 31,750 1,063 5,048 1,029 24,992 4,290 5,060 1,026 25,037 4,289 4,992 1,011 25,096 4,358 4,874 967 25,144 4,373 4,624 927 25,136 4,387 Apr. 6 Apr. 13 Apr. 20 Apr. 27 61,041 61,100 61,267 61,315 24,235 23,922 24,144 24,010 14,627 14,543 14,304 14,162 632 464 801 748 514 482 570 580 197 195 190 199 430 4,081 432 4,079 426 4,078 418 4,078 222 199 225 263 3,833 3,828 3,851 3,863 36,806 37,178 37,123 37,305 32,397 32,767 32,765 32,951 1,387 1,639 1,666 1,827 4,778 4,775 4,705 4,712 983 980 971 954 12,130 10,918 923 975 501 8,519 1,212 133 7,275 1 031 7,257 1,043 7,297 1,108 128 138 139 132 7,255 7,248 7,264 7,261 1,015 1,024 1,068 1,065 Mar. Mar Mar. Mar. Mar. 3,510 39,894 35,600 1,995 3,918 2,496 27,191 4,294 1,987 1,841 1,798 1,780 5,364 5,201 5,094 5,036 1,027 1,039 1,032 1,022 24,890 24,935 24,966 24,976 25,249 25,373 25,423 25,458 4,184 4,204 4,260 4,267 4,409 4,411 4,358 4,354 New York City 1948—March 19,238 7,108 5,164 376 304 45 188 113 150 768 1949—January February.... March . . 1949—Feb 2 . . Feb. 9 Feb. 16 Feb. 23 18,305 7,816 18,093 7.878 18,036 7,831 5,584 5,584 5,517 649 300 38 178 215 140 806 18,366 18,015 17,959 18,033 8,020 7,836 7,802 7,854 5,573 5,583 5,584 5,595 656 666 610 317 302 301 807 10,346 9,331 1,335 590 1,191 595 1,085 672 1,276 559 1,210 539 1,147 591 1,130 2 9 16 23 30 18,050 18,106 18,199 17,914 17,909 7,702 7,688 7,898 7,793 8,072 5,584 5,570 5,534 5,461 5,438 450 460 741 766 942 Apr. 6 Apr. 13 Apr. 20 Apr. 27 17,778 17,654 17,868 17,971 7,586 7,338 7,574 7,496 5,322 5,293 5,160 5,089 Mar. Mar. Mar. Mar. Mar. 679 672 310 342 41 42 784 319 37 188 169 217 214 153 190 199 214 181 41 42 42 202 170 182 326 320 337 347 380 42 41 41 42 43 586 419 734 704 396 365 418 421 43 42 42 48 10,489 9,458 800 10,215 9,172 779 10,205 9,097 798 10,179 9,155 800 10,157 9,089 796 10,179 9,114 715 134 120 217 218 219 116 114 203 169 169 168 174 167 217 216 214 212 209 221 228 180 105 214 788 778 777 780 775 10,348 10,418 10,301 10,121 9,837 9,282 9,350 9,163 8,985 8,703 743 792 677 530 235 1,143 1,150 1,060 1,041 1,031 139 134 135 101 89 7,257 7,274 7,291 7,313 7,348 1,066 1,068 1,138 1,136 1,134 166 165 166 158 210 209 205 203 184 167 163 196 775 774 782 773 10,192 10,316 10,294 10,475 9,060 9,195 9,205 9,399 338 515 600 780 1,222 1,173 1,095 1,121 119 105 100 93 7,381 7,402 7,410 7,405 1,132 1,121 1,089 1,076 Outside New York City 44,128 16,364 9,358 61 111 237 291 3,482 82 2,742 27,764 24,682 1,072 2,943 1,995 18,672 3,082 44,436 17,253 1949—January February.... 44,108 17,097 March 43,824 16,926 44,330 17,224 1949—Feb. 2 44,155 17,114 Feb. 9 44,032 17,039 Feb. 16 43,913 17,011 Feb. 23 43,926 16,915 Mar. 2 43,940 16,863 Mar. 9 44,160 16,991 Mar. 16 43,835 16,903 Mar. 23 43,262 16,962 Mar. 30 9,812 9.691 9,526 9,745 9,711 9,681 9,627 52 65 65 116 116 115 158 281 3,864 51 3.112 27,183 24,034 1,489 4,242 3,073 27,011 23,825 1,261 3,983 3,057 23,667 1,176 3,835 75 65 56 63 119 117 108 122 149 147 148 147 278 273 274 272 9,563 9,536 9,561 9,501 9,466 49 37 71 66 105 122 149 270 3,865 16,649 16,584 16,570 16,514 9,305 9,250 9,144 9,073 46 45 67 44 1948—March Apr. 6 Apr. 13 Apr. 20 Apr. 27 43,263 43,446 43,399 43,344 106 115 113 121 118 117 152 159 147 152 151 148 151 162 154 153 148 151 274 3,867 269 3,870 3,865 3,868 3,867 3,867 60 72 77 61 40 58 3,111 3,067 3,062 3,053 26,898 27,106 27,041 26,993 26,902 23,937 23,861 23,801 23,700 1,315 1,282 1,259 1,189 4,088 3,991 3,947 3,906 911 896 872 899 901 893 890 17,392 3,149 17,685 3,186 17,784 3,231 17,635 17,687 17,702 17,715 3,169 3,180 3,192 3,202 268 3,870 270 3,870 267 3,874 266 3,874 50 107 68 94 3,049 3,043 3,049 3,063 3,076 27,011 27,077 27,169 26,932 26,300 23,787 23,856 23,949 23,695 23,047 1,257 1,291 1,336 1,165 828 3,905 3,910 3,932 3,833 3,593 890 892 876 866 838 17,735 17,763 17,805 17,831 17,788 3,224 3,221 3,220 3,237 3,253 264 3,871 267 3,870 260 3,873 260 3,875 38 32 62 67 3,058 3,054 3,069 3,090 26,614 26,862 26,829 26,830 23,337 23,572 23,560 23,552 1,049 1,124 1,066 1,047 3,556 3,602 3,610 3,591 864 875 871 861 17,868 17,971 18,013 18,053 3,277 3,290 3,269 3,278 45 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 Including guaranteed obligations. 544 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits except interbank Date or month ReBalserves Dewith Cash ances mand with Feddein eral vault do- posits mestic ad- 8 Reaanks usted serve Banks Time deposits, except interbank Interbank deposits IndiIndividvidU. S. Demand uals, States Certiuals, States Govfied and and part- politU. S. part- polit- ernand nerGov- nerment Offiical ical ships, subern- ships, suband cers' and and divi- checks, ment cordivi- Postal DoForcorSav- mes- eign etc. pora- sions pora- sions ings tic tions tions Time Bor- Caprow- ital acings counts Ba nk delbite * Total— Leading Cities 12 576 758 2 , 297 46,724 4 6 , 737 3 , 318 1 523 1, 141 14, 236 475 73 8 , 848 358 35 320 5 871 95 020 14 776 1948—March 820 2 , 261 47,573 4 7 , 798 3 , 240 1 302 1, 019 14, 432 562 85 9 , 326 489 472 402 47 42 57 219 6 012 9 4 , 115 46,469 46, 513 3, 385 45,750 45, 594 3, 466 46,945 46 576 3 , 408 46,553 46 164 3 319 46,079 46 693 3 , 393 46,299 46 620 3 419 1 254 1, 645 1 286 1 869 1 304 1 476 1 196 1 559 1 287 1 729 1 ,227 1 817 14 418 14 460 14 419 14 418 14 412 14 422 595 598 582 599 600 597 86 86 87 88 8 8 8 8 631 • 500 522 498 635 450 246 439 43 42 41 42 207 6 029 363 6 048 279 6 028 137 6 036 118 6 025 293 6 029 409 418 420 374 388 58 57 55 57 59 229 212 497 533 347 6 6 6 6 6 1 389 1 402 1 381 1 ,368 55 56 55 54 173 160 421 253 6 6 6 6 1949—Feb. Feb. Feb. Feb. 2 9.... 16 23 14 14 14 14 380 322 172 271 770 2, 049 761 2, 081 726 2, 011 790 2, 000 748 2, 096 817 2, 089 Mar. Mar. Mar. Mar. Mar. 2.... 9.... 16 23.... 30.... 14 14 14 14 13 404 196 606 179 888 720 785 746 768 785 2 2 2 1 1 129 071 237 970 996 46,112 46,072 46,182 45,473 44,909 46 45 46 45 44 014 725 760 129 341 3 3 3 3 3 418 448 404 471 588 1 ,311 1 ,132 1 ,368 1 ,207 1 ,410 1 1 1 2 2 706 645 889 009 095 14 14 14 14 14 452 480 460 451 458 593 592 598 603 602 87 87 87 90 91 8 8 8 8 7 696 645 802 094 917 Apr. 6 . . . . Apr. 1 3 . . . . Apr. 2 0 . . . . Apr. 2 7 . . . . 14 14 14 13 143 107 263 919 742 807 775 797 2 2 2 2 125 246 018 009 44,820 45,237 45,757 46,175 44 45 45 45 395 807 950 737 3 3 3 3 487 323 422 548 1 ,193 1 ,108 1 ,078 1 ,190 2 1 1 1 026 698 428 188 14 14 14 14 469 481 483 485 592 607 632 648 92 92 91 93 8 8 8 7 463 522 092 781 1948—March 4 586 117 62 15,733 16 290 277 835 308 1 385 56 14 2 ,803 1 ,200 10 1949—January.... February... March.... 5 393 5 142 5 ,197 126 116 113 33 15,331 15 934 29 14,957 15 563 48 14,870 15 457 202 213 224 644 635 664 268 1 512 454 1 ,482 482 1 ,488 20 24 25 14 2 ,852 1 ,288 15 2 ,636 1 ,264 16 2 ,606 1 ,198 26 22 37 155 2 ,251 38 767 113 2 ,259 32 226 212 2 ,257 37 788 1949—Feb. Feb. Feb. Feb. 2 9... 16 23... 5 ,181 5 ,170 5 ,047 5 ,169 111 119 110 123 28 26 33 30 15,132 14,970 14,776 14,950 15 15 15 15 626 485 492 650 211 184 240 215 623 605 673 638 414 430 481 491 1 ,489 1 ,486 1 ,475 1 ,476 23 25 25 25 15 15 15 15 2 ,701 2 ,612 2 ,634 2 ,599 1 ,297 1 ,290 1 ,241 1 ,228 22 22 21 21 184 71 72 124 2 ,260 2 ,262 2 ,258 2 ,258 9 ,203 8 ,050 8 .404 6 ,664 Mar. Mar. Mar. Mar. Mar. 2... 9... 16... 23... 30... 5 ,265 5 ,111 5 ,370 5 ,207 5 ,032 108 116 106 113 121 31 28 35 31 113 15,053 14,964 14,873 14,697 14,762 15 ,575 15 ,520 15 ,687 15 ,184 15 ,320 224 201 225 215 255 662 555 709 610 782 447 425 490 511 536 1 ,483 1 ,489 1 ,481 1 ,479 1 ,507 25 25 25 25 27 15 15 15 18 18 2 ,681 2 ,673 2 ,734 2 ,524 2 ,420 1 ,203 1 ,206 1 ,219 1 ,176 1 ,188 37 36 35 36 38 68 86 366 330 211 2 ,262 2 ,259 2 ,256 2 ,254 2 ,251 9 ,060 6 ,916 9 ,736 8 ,202 8 ,343 Apr. 6 . . . Apr. 1 3 . . . Apr. 2 0 . . . Apr. 2 7 . . . 5 ,180 5 ,176 5 ,339 5 ,075 115 125 116 124 41 31 32 31 14,652 14,596 14,985 15,135 15 ,148 15 ,328 15 ,613 15 ,573 224 210 256 315 595 551 486 584 513 421 349 287 1 ,484 1 ,475 1 ,471 1 ,483 27 27 27 27 17 18 17 17 2 ,683 2 ,658 2 ,530 2 ,473 1 ,185 1 ,201 1 ,177 1 ,159 35 36 36 36 57 79 293 109 2 ,264 2 ,264 2 ,261 2 ,260 9 ,425 7 ,598 8 ,273 8 ,225 2 ,235 30,991 30 ,447 3 ,041 688 3 ,663 56 ,372 February.. . 14 286 14 254 March 86 8, 509 88 8 431 [ 80, 194 94, 525 22 19 20 17 030 373 852 642 048 042 045 046 058 22 18 22 20 20 475 797 859 986 692 075 078 072 084 22 18 21 20 197 946 021 091 New York City 93 2 208 38 648 Outside New York City 1948—March.. . . 7 ,990 641 1949—January... February.. March.... 9 ,383 9 ,144 9 ,057 694 2 ,228 32,242 31 ,864 3 ,038 654 2 ,020 31,512 30 ,950 3 ,172 648 2 ,033 30,880 30 ,137 3 ,242 1949—Feb. Feb. Feb. Feb. 2... 9... 16... 23... 9 ,199 9 ,152 9 ,125 9 ,102 615 671 638 694 1 ,983 1 ,974 2 ,063 2 ,059 Mar. Mar. Mar. Mar. Mar. 2... 9... 16... 23... 30... 9 139 612 669 640 655 664 2 ,098 31 059 30 439 9 ,085 9 ,236 8 ,972 8 ,856 Apr. 6 . . . Apr. 1 3 . . . Apr. 2 0 . . . Apr. 2 7 . . . 8 ,963 8 ,93 8 ,924 8 ,844 627 682 659 673 31,813 31,583 31,303 31,349 30 ,950 30 ,679 31 ,201 30 ,970 3 ,197 3 ,135 3 ,153 3 ,204 194 833 12 ,851 419 59 6 ,045 158 25 227 658 75 12 ,920 619 1 ,191 12 ,936 622 1 ,387 12 ,972 542 571 573 7 6 ,474 71 5 ,873 72 5 ,825 201 208 204 21 20 20 64 3 ,761 55 ,348 94 3 ,770 47 ,968 151 3 ,791 56 ,737 681 591 614 589 1 ,062 1 ,129 1 ,248 1 ,326 559 574 575 572 7 7 72 73 5 ,930 5 ,910 6 ,001 5 ,647 203 208 209 211 21 20 20 21 95 66 46 169 3 ,768 3 ,774 3 ,767 3 ,771 12 ,827 11 ,323 12 ,448 10 ,978 649 1 ,259 12 ,969 568 72 6 ,015 206 21 161 3 786 13 ,415 1 ,220 1 ,399 1 ,49 1 ,559 12 ,930 12 ,932 12 ,937 12 ,946 2 ,043 2 ,202 1 ,939 1 ,883 31,108 31,309 30,776 30,147 30 ,205 31 ,073 29 ,945 29 ,021 3 ,247 3 ,179 3 ,256 3 ,333 577 659 597 628 12 ,991 12 ,979 12 ,972 12 ,951 567 573 578 575 2 ,084 2 ,215 1 ,986 1 ,978 30,168 30,641 30,772 31,040 29 ,247 30 ,479 30 ,337 30 ,164 3 ,263 3 ,113 3 ,166 3 ,233 598 1 ,513 12 ,985 557 1 ,27 13 ,006 592 1 ,07 13 ,012 606 90 13 ,002 565 580 605 621 72 72 72 73 5 ,972 6 ,068 5 ,570 5 ,497 7 5 ,780 74 5 ,864 7 5 ,562 76 5 ,308 212 201 198 200 21 20 21 21 126 131 203 136 204 20 204 209 20 20 19 18 116 81 128 144 3 ,783 3 ,789 3 ,792 3 ,807 11 ,881 13 ,123 12 ,784 12 ,349 3 ,811 12 ,772 3 ,814 11 ,348 3 ,81 12 ,748 3 ,824 11 ,866 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Backfigures.—Fordescription 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. MAY 1949 545 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans * Federal Reserve district and date Total loans and investments Total Boston Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 New York* Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Philadelphia Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Cleveland Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Richmond Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Atlanta Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Chicago* Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 St. Louis Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Minneapolis Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Kansas City Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Dallas Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 San Francisco Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 City of Chicago* Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Commercial, industrial and agricultural Investments For purchasing or carrying securities To brokers and dealers U. S. Government obligations To others Real Other Total estate loans banks loans U.S. U. S. Govt. Other Govt. obobliga- cun- ligations ties tions Other securities Total Bills Certificates of indebtedness Other secuNotes Bonds ities 2 810 766 774 780 785 1,070 1,015 1,018 1,027 1,031 675 653 655 646 649 18 12 13 16 15 13 9 9 9 10 12 11 11 11 11 16 16 16 16 16 133 133 132 132 132 25 2 2 18 22 197 198 199 198 195 1,740 1,751 1,756 1,753 1,754 1,616 1,619 1,620 1,615 1,613 82 81 87 81 73 267 254 245 243 249 45 45 45 41 41 075 937 796 046 134 8,807 8,315 8,062 8,298 8,216 5,776 5,655 5,624 5,490 5,419 946 594 428 744 710 383 400 368 421 424 49 49 48 47 54 184 183 182 183 174 411 411 408 404 402 218 184 167 163 196 951 950 948 957 948 11,268 11,622 11,734 11,748 11,918 9,940 0,298 .0,423 0,470 0,652 277 388 555 668 835 1,131 1,309 1,259 1,183 1,208 135 165 151 146 139 517 514 516 505 507 921 910 904 918 901 529 525 522 518 509 1 1 1 1 1 18 18 18 20 21 2 2 2 2 4 7 7 7 7 91 92 92 91 91 13 8 4 22 3 270 267 268 267 275 1,596 1,604 1,612 1,587 1,606 1,301 1,306 1,313 1,288 1,306 63 65 71 47 70 145 144 145 144 126 34 34 34 34 26 1,059 1,063 1,063 1,063 1,084 295 298 299 299 300 ,305 ,300 ,276 ,261 ,257 1,505 1,464 1,462 1,455 1,446 912 897 893 881 871 7 7 6 7 16 16 17 19 17 28 29 29 30 32 276 275 275 276 275 24 1 1 1 1 238 235 236 237 238 2,800 2,836 2,814 2,806 2,811 2,457 2,492 2,470 2,466 2,471 70 94 77 76 98 263 260 253 250 235 115 113 113 113 111 2,009 2,025 2,027 2,027 2,027 343 344 344 340 340 ,490 ,468 ,477 ,459 ,455 851 845 846 840 837 407 405 404 399 394 6 6 6 13 13 13 13 13 196 194 193 192 193 2 1 2 2 215 214 216 215 216 1,639 1,623 1,631 1,619 1,618 1,509 1,490 1,497 1,488 1,486 65 57 59 45 48 183 173 176 179 171 44 43 43 43 43 1,217 1,217 1,219 1,221 1,224 130 133 134 131 132 ,286 ,275 ,279 ,276 ,254 840 835 826 820 819 532 530 523 518 517 17 15 15 15 1 67 68 68 68 68 191 191 190 191 192 1,446 1,258 1,440 1,251 1,453 1,263 1,456 1,268 1,435 1,246 58 57 56 62 54 274 266 271 268 258 38 37 37 37 37 888 891 899 901 897 188 189 190 188 189 ,137 ,309 ,450 ,425 ,454 2,64; 2,557 2,536 2,560 2,544 1,773 1,721 1,708 1,686 1,671 33 29 26 23 22 337 336 337 337 337 390 386 385 387 390 5,492 5,752 5,914 5,865 5,910 4,830 5,084 5,242 5,196 5,238 225 375 406 332 319 533 584 636 651 686 195 225 236 235 236 3,877 3,900 3,964 3,978 3,997 668 662 672 669 672 ,031 ,036 ,037 ,034 ,031 971 951 939 936 930 579 564 551 54 538 10 10 10 10 10 161 161 161 161 162 210 208 209 210 212 1,060 1,085 1,098 1,098 1,101 924 950 963 963 966 14 23 28 28 34 162 174 175 172 168 48 48 46 46 46 700 705 714 717 718 136 135 135 135 135 ,11 ,129 ,126 ,117 ,114 440 437 43 43 428 63 64 64 64 64 115 115 117 119 120 677 69: 691 68. 686 595 607 605 598 599 7 19 18 10 14 131 131 130 129 126 14 14 14 14 14 443 443 443 445 445 82 85 86 87 87 32! 314 333 334 313 880 86 86: 860 859 253 251 246 24: 236 56 560 554 550 549 129 128 128 129 129 163 162 163 163 163 1,44: 1,44 1,471 1,474 1,454 ,234 ,239 ,263 ,267 ,247 92 98 116 120 102 275 274 276 276 277 71 72 73 72 72 796 795 798 799 796 208 208 208 207 207 230 1,079 206 1,065 214 1,060 214 1,053 218 1,054 749 741 736 728 729 88 8 87 87 8 190 189 189 190 191 1,151 ,029 1,141 ,01 1,154 ,034 1,161 ,041 1,164 1,04 17 20 28 31 36 259 243 244 250 249 41 40 40 40 40 712 716 722 720 720 122 122 120 120 119 2,131 2,132 2,13 28 2,137 2,138 721 718 708 717 723 5,826 5,813 5,850 5,871 5,848 5,057 5,042 5,074 5,105 5,08: 93 110 138 166 144 1,001 966 965 960 959 147 147 148 150 3,816 3,819 3,823 3,829 3,830 769 771 776 766 766 208 204 20: 205 206 3,11 3,375 3,52. 3,482 3,532 2,678 2,933 3,079 3,036 3,084 156 31 335 266 262 221 271 323 340 373 174 186 184 185 2,157 2,173 2,235 2,246 2,264 436 442 445 446 448 ,851 787 822 816 793 5,025 4,974 4,97 4,945 4,945 ,908 ,086 ,210 ,196 ,230 1,794 1,374 1,711 1,326 1,686 1,313 1,296 1,71 1,698 1,281 2,152 2,125 2,127 2,099 2,080 28 29 74 7 75 7' 7. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes, see preceding table. 546 1,222 1,239 1,243 1,250 1,250 124 132 136 138 141 8,397 1,328 8,436 1,324 8,458 1,311 8,473 1,278 8,470 1,266 The figures FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, except interbank Federal Reserve district and date Boston Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 New York* Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Philadelphia Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Cleveland Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Richmond Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Atlanta Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Chicago* Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 St. Louis Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Minneapolis Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Kansas City Mar. 30 Apr. 6 Apr. 13 Apr. 20. . . .' Apr. 27 Dallas Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 San Francisco Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 City of Chicago* Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 Reserves BalDewith Cash ances mand Fedwith dein eral vault doposits Remestic ad- 3 bank) justed serve Banks 556 596 572 560 556 55 55 59 59 57 5,367 5,541 5,487 5,666 5,413 164 158 173 162 170 191 118 116 115 111 544 533 527 530 513 42 40 46 42 43 104 103 93 86 95 2,041 2,029 2,017 2,020 2,045 854 865 855 859 826 87 81 86 83 86 136 135 143 133 144 2,935 2,925 2,895 2,922 2,969 534 538 529 521 509 2,339 2,332 2,327 2,339 2,358 Time deposits, except interbank Individuals, States Certified part- a n d ner- polit- and u. s. ical Offi- Govships, sub- cers' ernand divi- checks ment corpora- sions etc. tions Individuals, partnerships and corporations States and political subdivisions Interbank deposits Demand U. S. Government Doand Postal mes- Foreign tic Savings Bor- Cap- Bank row- ital debacings counts its* Time 481 479 479 479 478 265 276 280 265 263 32 31 31 31 30 5 10 9 9 7 321 321 321 322 322 838 854 761 766 870 610 2,346 582 2,323 479 2,314 399 2,309 2,321 2,487 2,754 2,727 2,598 2,540 ,191 ,188 ,204 ,180 ,162 217 106 92 293 140 2,446 2,460 2,460 2,457 2,456 8,826 10,148 8,111 8,985 8,706 86 71 61 51 405 408 409 406 406 317 335 335 323 304 12 11 10 10 11 20 6 9 14 13 308 309 309 309 309 755 783 720 726 769 45 48 42 45 43 186 182 152 129 106 1,341 1,340 1,339 1,340 1,340 408 437 451 415 394 5 5 5 5 5 5 6 31 39 9 462 462 463 463 463 1,117 1,174 1,095 1,211 1,071 198 187 159 172 173 62 40 41 44 42 97 89 77 65 52 568 570 580 580 570 324 350 362 344 312 5 6 6 6 6 17 2 3 4 19 222 222 222 222 223 705 713 664 669 681 1,583 1,599 1,683 1,661 ,755 1,635 341 324 318 309 301 23 21 18 21 22 56 55 48 41 34 525 527 528 530 530 453 491 500 467 441 10 10 11 13 13 186 187 187 187 187 682 660 606 716 611 264 291 355 312 320 5,263 5,462 5,824 5,895 6,000 5,899 578 583 564 568 583 105 94 86 93 98 428 2,496 443 2,518 367 2,532 314 2,539 271 2,543 ,365 ,352 ,338 ,286 ,232 41 51 52 53 54 701 703 702 702 702 3,217 3,156 2,522 2,899 2,798 28 27 30 28 29 110 117 124 113 106 1,330 1,329 1,341 1,352 1,362 1,375 1,386 1,441 1,430 1,415 114 111 109 109 110 19 17 15 15 15 79 73 62 52 41 466 467 467 469 470 533 580 572 541 519 2 2 2 2 3 176 176 177 177 177 570 567 537 599 544 232 240 228 238 230 13 12 13 13 13 67 74 87 74 75 785 798 803 803 819 699 707 736 728 725 174 184 178 178 181 11 11 12 12 13 45 42 36 30 25 250 250 250 250 250 240 258 257 242 231 2 2 2 2 2 99 99 99 99 99 355 350 331 354 332 531 546 540 525 528 31 28 31 29 32 244 269 281 262 250 1,802 1,779 1,797 1,810 1,816 1,709 1,717 1,786 1,783 1,760 268 252 241. 242 250 25 28 26 26 27 81 77 65 5 47 380 380 380 380 380 3 3 3 3 3 664 725 750 701 682 1 1 1 1 1 196 196 197 197 197 667 694 678 838 690 512 534 529 517 518 34 33 36 33 36 235 272 313 266 248 1,898 1,906 1,939 1,890 1,904 1,781 1,782 1,864 1,847 1,831 244 259 249 211 211 37 30 27 29 30 55 52 45 39 34 352 353 353 354 354 64 64 64 87 87 460 491 512 481 457 5 5 5 5 5 198 200 200 200 201 618 609 599 747 600 1,956 1,914 1,950 1,925 1,937 125 106 121 121 122 253 298 259 250 265 6,538 6,444 6,501 6,515 6,55 6,176 6,183 6,320 6,310 6,200 712 637 632 651 714 186 190 184 195 205 270 4,848 260 4,854 224 4,850 184 4,847 151 4,843 342 348 348 351 353 401 414 438 429 406 82 77 73 73 76 743 740 741 737 748 2,342 2,489 2,322 2,511 2,419 1,236 1,253 1,306 1,399 1,312 36 34 37 35 35 82 3,088 3,121 124 3,349 3,400 3,644 3,799 3,744 3,843 159 3,785 3,819 256 263 256 256 270 53 41 3 46 48 ,286 ,305 ,318 ,321 ,324 39 34 34 34 34 1,042 1,001 986 947 912 37 47 48 48 49 469 471 471 470 471 2,197 2,213 1,605 1,826 1,755 2,322 2,299 2,329 2,338 2,290 145 156 168 198 190 41 45 42 30 45 16,217 16,571 16,078 16,406 16,020 16,642 16,480 16,923 16,602 16,884 528 454 411 497 537 827 630 591 541 623 2,079 2,046 2,079 2,105 2,110 116 137 123 106 108 29 39 24 27 27 2,990 2,927 3,022 2,991 3,028 170 203 171 181 190 63 63 66 65 65 141 2,006 1,927 154 ,989 1,948 173 ,993 2,025 138 ,9.65 1,968 147 ,988 1,960 485 490 509 486 495 42 41 44 42 43 159 198 209 187 160 1,891 1,892 1,945 2,007 1,968 101 98 102 98 101 426 454 436 429 426 ,755 ,749 ,780 ,766 92 85 72 59 49 243 278 228 189 16: For footnotes see opposite page and preceding table. MAY 1949 547 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month Held by Commercial paper Total out- 1 outstanding standing Based on Accepting banks Total Own bills Bills bought Others Imports into United States Exports from United States 1948—February March April May June July August September October November December 301 311 275 254 270 284 309 305 285 287 269 253 241 242 256 253 235 221 214 221 239 259 174 162 151 161 142 134 122 120 125 141 146 79 70 71 71 61 67 60 65 67 71 71 94 92 80 90 81 67 62 55 58 70 76 79 79 91 95 111 102 99 94 96 99 112 168 151 143 155 155 151 143 136 140 152 164 268 '268 257 262 228 215 137 114 98 66 65 58 70 49 40 126 114 117 156 134 127 I I I * ! 43 48 54 57 56 47 40 37 42 48 57 1949—January February March Dollar exchange 57 51 51 Goods stored in or shipped between points in United States Foreign countries '. 24 23 19 19 19 19 20 20 20 24 25 17 17 22 21 20 18 17 20 17 15 12 1I 5 2 25 23 22 13 14 14 L r Revised. As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 1 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] Credit balances Debit balances End of month Debit Debit Customers' balances in balances in firm partners' debit balances investment investment and trading and trading (net)i accounts accounts 1940—June December... 1941—June December... 1942—June December... 1943—June December... 1944—June December... 1945—June December... 1946—June December... 1947—June December... 653 677 616 600 496 543 761 789 887 1,041 1,223 1,138 809 540 552 578 1948—April May June July August September. . October November. . December... «572 3615 619 3 608 3 573 3 570 3 58O 3551 550 1949—January.... February .. . March »537 3527 3 530 Customers' credit balances 1 Cash on hand and in banks Money borrowed2 12 12 11 8 9 7 9 11 5 7 11 12 7 5 6 7 58 99 89 86 86 154 190 188 253 260 333 413 399 312 333 315 326 332 10 312 349 In firm In partners' investment investment and trading and trading accounts accounts In capital accounts (net) Free Other (net) 376 427 395 368 309 378 529 557 619 726 853 795 498 218 223 240 267 281 255 289 240 270 334 354 424 472 549 654 651 694 650 612 62 54 65 63 56 54 66 65 95 96 121 112 120 120 162 176 22 22 17 17 16 15 15 14 15 18 14 29 24 30 24 23 5 5 7 5 4 4 7 5 11 8 13 13 17 10 9 15 269 247 222 213 189 182 212 198 216 227 264 299 314 290 271 273 3 241 3 258 283 3 288 3 252 3 238 8 252 8 244 257 3614 3 619 576 3577 3 551 3 550 3 540 3 563 586 145 20 11 291 112 28 5 278 3 247 225 254 3 573 3 565 3551 223 204 186 211 180 160 167 181 196 209 220 313 370 456 395 393 7 Other credit balances 3 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 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, 58; March, 64. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 548 FEDERAL RESERVE BULLETIN OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week Prime commercial paper, 4- to 6months1 U. S. Government security yields Prime Stock exbank- change ers' 9-to 12call month 3- to 5accept- loan certifiances, 3reyear 90 1 new- month cates taxable of indays bills 3 als 2 issues debtedness 1946 average.... 1947 average 1948 average .81 1.03 1.44 .61 .87 1.11 1.16 1.38 1.55 1948—April May June July August... September October. . November December. 1.38 1.38 1.38 1.38 1.44 1.56 1.56 1.56 1.56 1.06 1.06 1.06 1.06 l!l9 1.19 1.19 1.19 1.50 1.50 1.50 1.50 1.63 1.63 1.63 1.63 1.63 1949—January.. February. March.... April 1.56 1.56 1.56 1.56 1.19 1.19 1.19 1.19 1.63 1.63 1.63 1.63 Week ending: Apr. 2 . . . Apr. 9 . . . Apr. 16... Apr. 2 3 . . . Apr. 3 0 . . . .82 .88 1.14 .16 .32 .62 .997 .997 .10 .09 .58 .51 ^997 1.053 1.090 1.120 1.144 1.154 !l0 .15 .18 .23 .22 .21 !56 .65 .69 .71 .69 .64 1.160 1.163 1.162 1.155 .22 .22 .22 .20 .59 .57 .54 .53 1.160 1.153 1.157 1.156 1.147 13/16 13/16 13/36 13/16 13/16 1.043 .23 .21 1.20 1.20 1.19 .375 .604 1.52 1.53 1.54 1.53 1.52 BANK RATES ON BUSINESS LOANS AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES [Per cent per annum] Size of loan Annual averages: 19 cities: 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Quarterly: 19 cities: 194g—June Sept. . Dec 1949—Mar... New York City: 1948—j u n e # Sept Dec 1949—Mar 7 Northern and Eastern cities: 194g—June Sept. . . . Dec 1 Monthly figures are averages of weekly prevailing rates. 2 The average rate on 90-day stock exchange time loans was 1.25 per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning Aug. 17, 1948. 3 Rate on new issues offered within period. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. All loans Area and period 1949—Mar. . . 11 Southern and Western cities: 1948—June Sept. Dec 1949—M ar $1,000- $10,000- $100,000- $200,000 $10,000 $100,000 $200,000 and over 2.1 2.1 2.0 2.2 2 6 2.4 2 2 2.1 2 1 2.5 4.4 4.3 4.3 4.4 4 4 4.3 4 3 4.2 4 2 4.4 3.1 3.0 3.0 3.2 3 4 3.3 3 2 3.1 3 1 3.5 2.1 2.0 1.9 2.2 2 5 2.6 2 3 2.2 2 5 2.8 1.8 1.8 1.8 2.0 2 4 2.2 2 0 1.7 1 8 2.2 2.47 2 60 2.64 2.70 4.49 4.53 4.50 4.62 3.47 3 58 3.58 3.64 2.70 2 92 2.97 2.89 2.16 2.29 2.34 2.42 2.12 2.32 2.34 2.42 4.35 4.40 4.23 4.22 3.19 3.35 3.40 3.42 2.43 2.68 2.70 2.66 1.94 2.13 2.16 2.25 2.49 2 60 2 68 2 68 4.42 4.55 4 51 4.63 3.40 3.58 3 60 3.66 2.67 2.91 2 97 2 89 2.27 2.34 2 44 2.44 2.92 3 01 3.02 3.12 4.60 4.57 4.62 4.79 3.68 3.71 3.68 3.75 2.91 3 07 3.14 3.04 2.45 2.56 2.57 2.71 NOTE.-—For description of series see pp. 228-237 of BULLETIN for March 1949. BOND YIELDS 1 [Per cent per annum] Corporate (Moody's)4 U. S. Government (taxable) Year, month, or week 15 7 to 9 years years and over Municipal (highgrade)2 Corporate (highgrade)3 By ratings By groups Total Aaa Aa A Baa Industrial Railroad Public utility Number of issues. 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1946 average 1947 average 1948 average 1 45 1.59 2.00 2 19 2.25 2.44 1 64 2.01 2.40 2 44 2.57 2.81 2.74 2.86 3.08 2.53 2.61 2.82 2.62 2.70 2.90 2.75 2.87 3.12 3.05 3.24 3.47 2.91 3.11 3.34 2.71 2.78 3.03 1948—April May. . . June July August. September October November December 1.99 1 89 1.89 1.96 2 05 2 04 2.05 2.00 1.94 2.44 2 42 2.41 2.44 2 45 2 45 2.45 2.44 2.44 2.38 2 31 2.26 2.33 2 45 2 46 2.45 2.42 2.26 2.77 2.74 2.73 2.80 2.86 2.85 2.85 2.86 2.81 3.05 3.02 3.00 3.04 3.09 3.09 3.11 3.12 3.09 2.78 2.76 2.76 2.81 2.84 2.84 2.84 2.84 2.79 2.87 2.86 2.85 2.89 2.94 2.93 2.94 2.92 2.88 3.08 3.06 3.03 3.07 3.13 3.13 3.15 3.18 3.16 3.47 3.38 3.34 3.37 3.44 3.45 3.50 3.53 3.53 2.60 2.67 2.87 2.85 2.82 2.80 2.84 2.89 2.88 2.90 2.89 2.85 3.34 3.27 3.23 3.26 3.31 3.32 3.35 3.37 3.36 2.97 2.95 2.96 3.02 3.07 3.07 3.07 3.09 3.06 1949—January February March April 1.88 1.83 1 80 1 77 2.42 2.39 2 38 2 38 2.15 2.23 2 21 2 20 2.73 2.73 2 71 2.70 3.02 3.00 3.00 3.00 2.71 2.71 2.70 2.70 2.81 2.80 2.79 2.79 3.08 3.05 3.05 3.05 3.46 3.45 3.47 3.45 2.80 2.79 2.78 2.78 3.26 3.24 3.27 3.27 2.99 2.99 2.97 2.96 Week ending: Apr. 2 Apr. 9 Apr. 16 Apr. 23 Apr 30 1.77 1 76 1.78 1.77 1.76 2.38 2 38 2.38 2.38 2.38 2.21 2 22 2.20 2.19 2.18 2.70 2.71 2.71 2.70 2.70 3.00 3.00 3.00 3.00 3.00 2.70 2.70 2.70 2.70 2.70 2 79 2.79 2.79 2.79 2.80 3.05 3.04 3.05 3.05 3.05 3.46 3.47 3.46 3.45 3.45 2.77 2.78 2.78 2.78 2.78 3.27 3.27 3.27 3.27 3.27 2.96 2.96 2.96 2.96 2.95 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 3 Standard and Poor's Corporation. U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 2 MAY 1949 549 SECURITY MARKETS * Stock prices8 Bond prices Corporate 4 Year, month, or week Number of issues, U. S. Municipal Gov(highernment* grade) 1 Highgrade Medium-grade Total Industrial Preferred* Railroad 1946 average 1947 average. 1948 average. 1-8 15 104.77 140.1 103.76 132.8 100.84 125.3 103.2 98.7 97.5 92.1 102.6 96.3 88 2 85.4 1948—April May June July August September October. .. November, December. 100.84 101.20 101.23 100.82 100.73 100.70 100.69 100.79 100.89 125.7 127.1 127.8 126.6 124.4 124.0 124.5 125.0 127.8 99.4 99.9 100.2 99.2 98.3 98.2 97.8 97.9 98.9 91.4 92.8 94.4 94.6 93.2 92.9 91.9 91.1 90.9 94.9 96.8 98.2 99.3 98.1 97.5 95.7 94.5 94.7 1949—January.. February., March April 101.16 101.51 101.67 101.65 129.9 128.6 128.8 129.1 100.5 100.5 100.7 101.0 92.1 92.7 91.9 91.7 Week ending: Apr. 2 . . . Apr. 9 . . . Apr. 16... Apr. 2 3 . . . Apr. 3 0 . . . 101.71 101.70 101.64 101.63 101.62 128.8 128.6 129.0 129.2 129.4 100.9 100.8 100.9 101.0 101.2 91.5 91.4 91.6 91.9 92.1 Public utility 416 365 102 8 95.2 15 198.5 184.7 168.7 140 123 124 143 128 131 143 105 115 120 103 96 1,390 953 1,144 83.5 87.2 89.8 89.1 86.9 86.8 85.8 85.1 84.5 96.7 95.0 95.6 95.6 95.0 94.6 94.4 93.6 93.6 169.9 171.1 173.4 170.8 166.9 166.5 163.8 166.2 168.7 125 130 135 132 127 126 128 120 119 131 137 143 139 134 132 134 126 126 115 123 126 125 120 120 121 109 106 96 99 101 100 97 97 97 94 93 1,467 1,980 1,406 1,171 684 836 929 1,375 1,155 96.1 97.0 97.1 98.0 86.4 86.6 83.1 81.6 93.8 94.7 95.5 95.6 171.4 173.2 172.2 172.2 121 117 118 119 127 123 124 124 106 100 97 97 94 94 95 96 833 850 859 878 97.3 97.2 97.6 98.6 98.8 81.4 81.4 81.6 81.6 81.8 95.7 95.5 95.6 95.6 95.6 172.4 172.9 172.0 172.4 171.6 120 119 119 119 118 126 125 125 124 123 100 98 98 97 96 96 96 97 96 96 1.211 895 844 968 802 14 12 Common (index, 1935-39=100) Volume of trading' (in thousands of Rail- Public shares) Indus Total road utility trial 1 Monthly and weekly data are averages of daily figures, except for 2 Arerage of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and 4 Prices derived from average yields, as computed by Standard and 6 31 municipal bonds and for stocks, which are based on Wednesday figures. Poor's Corporation, on basis of a 4 per cent 20-year bond. Poor's Corporation. * Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. * Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital Year or month 1940.. . . 1941 1942 1943.. 1944 1945 1946 1947.. 1948 Total (new and refunding) 4,803 5,546 2,114 2,169 4,216 8,006 8,645 39,691 9,933 For refunding Domestic Total (domestic and Total foreign) 1,951 2,854 1,075 642 913 1,772 4,645 37,566 8,806 630 156 182 283 118 237 118 273 150 126 31 50 35 21 67 35 192 7 14 26 191 174 Total notes 1.948 751 461 518 1,272 2,852 342 108 1,075 176 90 640 15 896 235 471 26 1,761 4,635 952 127 7,255 2,228 239 8,796 2,604 294 1948—March. . . 1,384 1,232 1,230 768 April 936 770 599 660 599 May 954 June . 888 888 772 688 688 July 529 706 532 August... 572 663 574 September 901 983 902 October .. 583 656 November 583 753 831 December. 753 675 618 618 1949—January. 500 436 436 February 584 679 584 March. . . 550 State and municipal Domestic Total (doCorporate For-2 mestic Fedand eign eral foragenBonds 1 eign) cies Total and Stocks 736 601 135 1,062 173 889 624 506 118 374 282 92 422 224 646 1,264 607 657 3,556 2,084 1,472 4,787 3,567 1,219 4 5,898 <4,992 906 2 1 2 17 12 10 68 10 2 2 Corporate Foreign2 Bonds and Stocks notes Total 2,852 2,689 1,039 1,442 3,288 6,173 3,895 1,948 1,127 482 435 181 259 404 324 208 44 82 344 698 440 497 418 912 734 422 768 152 166 61 66 85 175 89 81 73 78 152 166 61 66 85 175 89 81 73 78 1 1 8 3 2 50 1 6 2 3 54 114 49 34 68 123 62 56 56 72 97 50 4 29 15 2 26 19 16 3 87 50 3 29 15 2 13 19 16 2 1 55 1 1 7 39 7 39 541 432 299 436 492 195 366 *578 409 564 29 131 82 148 10 61 87 49 24 64 419 360 60 57 57 231 383 225 311 6 72 64 96 64 96 2 1 Federal agenciesi 2,852 2,693 1,039 1,527 3,303 6,234 4,000 2,125 1,128 569 563 382 584 503 256 453 4 628 433 627 3 State and municipal 4 1 53 55 2,026 1,834 1,557 1.430 418 407 685 603 2,466 2,178 4,937 4,281 2,953 2,352 1,482 1,199 277 251 193 126 11 82 288 656 601 283 26 4 86 15 61 105 177 10 i 13 2 FEDERAL RESERVE BULLETIN NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollarsJ Proposed uses of net proceeds Estimated Estimated gross net proceeds2 proceeds8 Year or month New money Total 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 . 384 397 57 Retirement of securities Plant and equipment Working capital 32 26 2,332 4,572 2,310 2,155 2,164 2,677 2,667 1,062 1,170 3,202 6,011 6,900 6,577 6,531 868 474 308 657 1,080 3,279 4,591 5,566 661 287 141 252 638 2,115 3,409 4,140 1,164 1,182 1,426 688 636 405 . .. 2,266 4,431 2,239 2,110 2,115 2,615 2,623 1,043 1,147 3,142 5,902 6,757 6,466 6,415 679 626 395 560 434 356 343 334 297 Total 231 217 100 60 1948—March April May 654 574 244 473 June July August September October November December 208 858 991 681 325 569 642 564 238 465 111 380 574 504 170 424 563 424 222 399 96 478 417 177 155 145 207 187 167 405 442 Repayment of other debt Preferred stock 231 1,865 3,368 1,100 1,206 1,695 1,854 1,583 396 739 2,389 4,555 2,868 1,352 1,794 3,143 911 1,119 1,637 1,726 1,483 366 667 2,038 4,117 2,392 1,155 257 203 84 62 1 100 30 72 351 144 138 73 49 438 476 196 53 134 379 356 441 133 231 168 151 83 62 1 1 30 104 20 26 45 91 11 28 6 25 18 29 8 4 14 538 353 128 113 10 8 59 128 4 8 4 10 2 684 673 635 560 75 5 345 336 312 274 38 2 321 411 318 403 220 319 172 253 48 66 7 37 23 49 36 7 69 174 10 666 466 11 84 170 154 111 215 114 117 58 106 697 503 Other purposes 71 226 190 87 449 307 164 293 705 509 1949—January February March Bonds and notes 4 26 19 28 35 27 47 5 40 1 24 2 3 18 26 8 21 3 12 7 16 25 44 66 3 2 7 37 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Year or month 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 704 283 612 21 57 139 228 24 85 115 253 32 46 102 115 129 240 541 80 51 24 83 68 30 42 32 24 69 68 29 41 62 June July August September.. October November December. . 1949—January February... March 36 50 87 281 233 209 363 149 73 34 14 5 17 7 11 27 14 7 479 226 236 209 457 118 104 179 118 102 125 1,250 1,987 18 1,208 1,246 1,180 1,340 571 35 56 3 8 15 45 36 54 87 42 30 27 50 86 47 13 30 27 25 17 63 93 84 133 31 10 77 1 71 45 11 77 30 1,190 63 1,897 89 611 943 180 43 1,157 922 245 993 317 292 145 22 423 40 1,343 69 2,159 785 1,252 939 2,188 127 2,690 130 120 54 558 110 30 97 186 108 15 114 500 41 62 71 1,436 May Indu strial Real estate and financial Retire- All Total Retire- All Total Retire- All Total Retire- All Total net net New ment of other New ment of other net New ment of other New ment of other net money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 proties poses ceeds poses ceeds ties poses ceeds ties poses ties ceeds 172 120 774 338 54 182 319 361 47 160 602 1948—March April Public utility 751 464 469 1,320 37 19 14 1 1,400 2,291 2,129 3,212 2,950 320 265 216 403 176 75 262 244 228 4 29 I 8 2 2 36 23 1 62 774 1,280 1,079 831 584 961 828 527 497 25 74 439 616 469 188 167 244 293 228 454 811 34 550 761 373 226 353 738 463 89 199 504 2 150 80 90 136 43 56 121 146 71 76 148 419 359 390 20 122 390 71 16 102 155 94 4 21 107 206 323 286 460 46 218 57 8 9 42 55 4 13 61 85 164 189 391 83 154 120 70 168 113 13 24 1 27 91 31 23 104 10 157 41 4 62 45 10 153 15 3 60 39 8 10 19 43 9 25 8 17 9 8 11 6 3 1 21 87 29 20 32 23 19 29 21 3 1 1,033 1,969 1,010 981 3,601 2,201 353 2,686 1,974 59 2,394 1,944 123 269 152 93 275 123 i 11 21 118 382 195 143 108 361 130 2 139 39 85 2 18 162 128 114 3 177 2 19 4 20 72 152 7 7 88 9 18 1 5 104 21 4 42 65 64 24 15 4 3 56 95 73 55 5 3 21 7 2 6 2 19 1 1 2 1 1 2 8 Estimates of new issues sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e , compensation to underwriters, agents, etc., and 4 expenses. Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. MAY 1949 551 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and dividends Net profits,1 by industrial groups Manufacturing and mining Year or quarter Total NonOther trans- ferrous MaAuporta- metals chin- tomo- tion and ery biles equip- products ment 629 47 69 15 1.465 1,818 1,163 L.769 1,800 1,896 .965 2,552 3 671 4,612 146 115 278 325 226 204 194 189 282 437 574 158 193 159 165 174 164 171 334 396 871 866 900 1,033 126 100 100 112 1,023 1,100 1,182 1,306 114 Number of companies. Annual 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Iron and steel Quarterly 1947—i 2 3 4 1948—1 2 3 4 110 149 201 68 102 242 274 209 201 222 241 131 417 610 173 227 182 180 190 207 129 205 271 70 83 77 105 94 105 103 115 89 92 89 Oil Other Foods, produc- Indusdura- bevering trial ages, ble and chemiand goods tobacco refincals ing 77 223 125 Dividends 75 49 119 70 151 133 153 138 128 115 109 135 198 221 88 113 90 83 88 90 163 239 290 148 159 151 162 175 199 357 354 345 349 8 53 3 57 8 46 47 46 45 59 51 58 59 71 98 64 85 108 89 110 121 160 129 3 47 151 161 3 69 3 74 3 65 65 168 63 53 59 71 78 76 63 77 45 Other nondurable goods MiscellaNet neous profits1 servPreCom ferred mor ices 8 30 80 74 152 152 152 98 186 134 122 564 194 207 164 170 187 187 275 345 419 160 187 136 149 147 155 302 370 407 132 152 161 171 184 202 324 293 313 847 1,028 1,137 90 112 174 152 186 220 224 281 480 766 1,144 1,786 2,405 90 92 88 86 86 85 81 88 90 669 705 552 556 611 628 662 84 f 1,022 88 87 81 88 96 92 93 90 63 71 80 80 42! 432 432 501 20 23 22 23 177 192 190 283 207 192 888 902 970 996 194 186 90 101 57 98 103 99 110 77 83 523 22 85 91 559 610 22 22 92 193 128 98 96 713 23 218 223 375 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Electric power 5 Railroad * 1939 . . . 1940 1941 1942 1943 . . 1944 1945 1946 1947 1948 I947—1 2 3 4 1948—1 2 3 4 Annual Quarterly . . . . Operating revenue Income before Net income income l tax 7 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,627 8,685 9,672 Year or quarter 126 249 674 1,658 2,211 1,972 Income before Net income income x tax 7 Dividends Operating revenue 93 189 500 902 126 159 186 202 629 692 774 847 1,148 873 667 450 289 480 700 217 246 246 235 236 289 2,647 2,797 3,029 3,216 3,464 3,615 3,681 3,814 4,244 4,708 2,039 2,111 2,177 2,357 166 189 184 239 89 121 112 157 44 52 38 103 2,243 2,363 2,555 2,510 144 286 395 323 72 185 246 197 57 56 53 122 756 273 778 Telephone 6 Income before Net income income J tax * Dividends Operating revenue 535 548 527 490 444 447 437 408 227 248 271 302 502 507 534 647 652 661 191 194 178 163 173 178 172 163 913 902 905 970 961 983 410 398 407 456 470 492 1,067 1,129 1,235 1,362 1,537 [ 641 1,803 .992 2,14Q 2,541 374 399 396 277 192 269 180 174 177 200 131 183 168 168 174 171 133 181 1,075 1,028 1,024 1,118 289 247 196 228 191 166 135 160 115 115 111 129 527 478 555 589 67 29 38 58 44 21 27 39 40 32 32 30 1,202 1,118 1,146 1,242 284 233 211 255 186 156 143 176 131 115 115 132 607 627 641 666 64 71 64 69 43 48 44 47 39 44 47 50 Dividends 1 2 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 3 4 Partly estimated. Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 6 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 7 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). 552 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] End of month 1942—June Dec 1943—June Dec 1944—June Dec 1945—June Dec 1946—June Dec 1947—June. . . Dec.. . . 1948—Apr May.... June.... July Aug Sept Oct Nov Dec 1949—Jan Feb Mar Apr Marketable public issues 1 Nonmarketable public issues Fully Noninterest- guaranbearing teed interestdirect bearing debt securities Total gross direct debt Total interestbearing direct debt Total » 72,422 108,170 136,696 165,877 201,003 230,630 258,682 278,115 269,422 259,149 258,286 256,900 71,968 107,308 135,380 164,508 199,543 228,891 256,357 275,694 268,111 257,649 255,113 254,205 50,573 2,508 76,488 6,627 95,310 11,864 115,230 13,072 140,401 14,734 161,648 16,428 181,319 17,041 198,778 17,037 189,606 17,039 176,613 17,033 168,702 15,775 165,758 15,136 3,096 10,534 16,561 22,843 28,822 30,401 34,136 38,155 34,804 29,987 25,296 21,220 6,689 9,863 9,168 11,175 17,405 23,039 23,497 22,967 18,261 10,090 8,142 11,375 38,085 49,268 57,520 67,944 79,244 91,585 106,448 120,423 119,323 119,323 119,323 117,863 13,510 21,788 29,200 36,574 44,855 50,917 56,226 56.915 56,173 56,451 59,045 59,492 10,188 15,050 21.256 27,363 34,606 40,361 45,586 48,183 49,035 49,776 51,367 52,053 3,015 6,384 7,495 8,586 9,557 9,843 10,136 8,235 6,711 5,725 5,560 5,384 7,885 9,032 10,871 12,703 14,287 16,326 18,812 20,000 22,332 24,585 27,366 28,955 1,316 1,370 1,460 1,739 2,326 2,421 1,311 1,500 3,173 2,695 252,240 252,236 252,292 253,374 253,049 252,687 252,460 252,506 252,800 252,620 252,721 251,642 251,530 249,920 249,958 250,063 251,168 250,875 250,518 250,300 250,391 250,579 250,435 250,603 249,573 249,509 160,875 160,888 160,346 159,560 159,132 158,319 157,920 157,731 157,482 156,960 156,766 155,648 155,450 20,065 20,065 22,588 22,294 22,294 22,294 26,008 26,008 26,525 29,630 29,434 28,803 28,710 11,375 11,375 11,375 11,375 11,375 11,223 7,131 7,131 7,131 3,596 3,596 3,596 3,596 115,524 115,524 112,462 112,462 112,462 112,011 112,011 112,011 111,440 111,440 111,440 111,440 111,440 59,843 59,747 59,506 60,822 60,856 60,978 61,157 61,261 61,383 61,714 62,033 61,999 62,227 53,065 53,143 53,274 54,607 54,704 54,776 54,860 54,944 55,051 55,352 55,663 55,893 56,019 4,886 4,741 4,394 4,386 4,340 4,404 4,517 4,552 4,572 4,618 4,641 4,383 4,488 29,201 29,323 30,211 30,787 30,887 31,221 31,223 31,400 31,714 31,760 31,804 31,926 31,833 2,320 2,278 2,229 2,206 2,175 2,170 2,161 2,115 2,220 2,186 2,118 2,068 2,021 CertifiTreasury cates of Treasury Treasury Total bills indebtnotes bonds edness 13,748 13,761 13,757 13,266 12,838 12,628 12,607 12,418 12,224 12,133 12,134 11,648 11,542 2 Treasury Special U. S. tax and issues savings savings bonds notes 454 862 4,549 4,283 4,092 4,225 1,516 1,470 409 553 467 331 83 76 70 70 69 51 47 46 48 53 51 32 22 20 19 1 2 Including amounts held by Government agencies and trust funds, which aggregated 5,613 million dollars on March 31, 1949. Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary, Armed Forces Leave bonds, and 2}A 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 GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING APRIL 30, 1949 On basis of daily statements of United States Treasury. of dollars] Issue and coupon rate Amount Treasury bills » May 5, 1949... May 12, 1949... May 19, 1949.. . May 26, 1949.. . June 2, 1949... June 9, 1949... June 16, 1949.. . June 23, 1949.. . June 30, 1949... July 7, 1949... July 14, 1949. . . July 21, 1949.. . July 28, 1949... Cert, of indebtedness June 1 , 1949.. July 1 , 1949.. ""lh Oct. 1 , 1949.. '.'.'.'AH Dec. 15 , 1949.. ...AH Jan. 1 , 1950.. Feb. 1 , 1950.. '.'.'.'AH Mar. 1 , 1950.. ...AH Apr. 1 , 1950.. ...AH Treasury notes Apr. 1, 1950 Treasury June 15, Sept. 15, Dec. 15, Dec. 15, Dec. 15, Mar. 15, Sept. 15, Sept. 15, Dec. 15, iy8 3,596 In millions Issue and coupon rate Treasury J u n e 15, Sept. 15, Sept. 15, Dec. 15, Dec. 15, M a r . 15, J u n e 15, J u n e 15, Dec. 15, J u n e 15, J u n e 15, Mar. 15, Mar. 15, Sept. 15, Sept. 15, J u n e 15, J u n e 15, Dec. 15, 4,301 Dec. 15, 5,783 J u n e 15, 6,535 Dec. 15, , 519 J u n e 15, 5,695 Dec. 15, 1,993 M a r . 15, 2,922 M a r . 15, 963 J u n e 15, Sept. 15, Dec. 15, 801 903 802 901 907 906 903 907 903 902 902 904 902 bonds—Cont. 1951-54 2 . . 2 % 1951-53 2 1951-55 2 . . . . 3 1951-53 2..2 H 1951-55 2 1952-54...2H 1952-54 2 1952-55... 2 H 1952-54 2 1953-55 2 . . . . 2 1954-56 2..2 H 1955-60 2..2 H 1956-58... 2 ^ 1956-59 2.. 2M 1 9 5 6 - 5 9 . . .2H 1958-63 2 . . 2 % 1959-62 3 . . 2 K 1959-62 3.. 2 M 1960-65 2 . . 2 % 1962-67 3.. 2 ^ 1963-68 » . . 2 K 1964-69 3.. 2 H 1964-69 3.. 2 H 1965-70 3. . 2 ^ 1966-71 3 . . 2 ^ 1967-72 3..23^ 1967-72.. . 2 ^ 1967-72 *..2H Postal savings bonds Amount 1,627 7,986 755 1,118 510 1,024 5,825 1,501 8,662 725 681 2,611 1,449 982 3,823 919 5,284 3,470 1,485 2,118 2,831 3,761 3,838 5,197 3,481 7,967 2,716 11,689 112 bonds U,014 Panama Canal Loan. 3 1949-51...2 50 1,292 1949-51...2 2,098 1949-51...2 Total direct issues 155,450 491 1949-52 2 . . 3 ^ 1949-53 2..2K 1,786 1,963 1950-52...2 1950-52 2..2H 1,186 Guaranteed securities 4,939 1950-52...2 Federal Housing Admin. 12 1950 IH 2,635 Various 1 Sold on discount basis. See table on Open-Market Money Rates, 2 p. 3 549. Partially tax exempt. Restricted. 4 Called for redemption on June 15, 1949. MAY 1949 UNITED STATES SAVINGS BONDS [In millions of dollars] Month Fiscal year ending: June—1941.. 1942.. 1943. 1944. 1945. 1946. 1947. 1948. 1948—Apr.. . . May... June.. . July... Aug Sept.... Oct.. . . Nov.... Dec.... 1949—Jan Feb.. . . Mar.... Apr.. . . RedempAmount Funds received from sales during tions and period outmaturities standing at end of All All Series Series Series mntith s eries E F G series 4,314 1,492 10,188 5,994 21,256 11,789 34,606 15,498 45,586 14,891 49,035 9,612 51,367 7,208 53,274 6,235 53,065 468 432 53,143 497 53,274 54,607 1,673 473 54,704 412 54,776 415 54,860 419 54,944 540 55,051 55,352 647 599 55,663 590 55,893 454 56,019 203 3,526 8,271 11,820 11,553 6,739 4,287 4,026 320 305 341 379 334 304 305 308 399 438 386 415 331 67 435 758 802 679 407 360 301 20 17 19 246 18 14 14 15 22 29 32 26 19 395 2,032 2,759 2,876 2,658 2,465 2,561 1,907 128 110 136 1 048 122 94 96 95 120 180 182 149 104 148 207 848 2,371 4,298 6,717 5,545 5,113 452 428 465 438 442 407 393 406 432 476 369 440 398 Maturities and stmounts outstanding April 30 , 1949 Year of maturity All series Series D 1949 1050 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 . 1961 Unclassified.. 590 1,002 1,555 4,038 7,017 9,084 7,891 5,797 5,650 6,135 3,638 2,985 662 -22 590 1,002 438 56,019 2,030 Total Series E 32,946 Series G 200 627 502 283 309 483 1,079 2,057 2,128 2,457 2,230 2,391 2,093 2,502 96 1,117 4,038 5,737 6,514 5,214 2,713 2,918 3,461 1,235 Series 566 3 562 17,504 F 512 550 553 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] G r o 3s debt Held by banks End of month Total interestbearing securities Total Commercial banks 1 Total 874 747 517 472 059 766 578 980 197 281 132 48 ,496 55 ,332 76 ,991 140 ,796 202 ,626 259 .115 269 ,898 259 ,487 258 ,358 256 ,981 252 ,366 18 ,566 21 ,884 28 .645 59 ,402 S3 ,301 105 ,992 108 ,183 97 ,850 91 ,872 91 ,259 85 ,966 1948—Oct.. .. 250 348 Nov. . . 250 444 D e c . . . 250 630 252 ,513 252 ,563 252 ,854 1949—Jan.. . . 250 467 Feb.. . . 250 626 252 ,656 252 ,747 1940—June.. 1941—June.. 1942—June.. 1943—June.. 1944—June.. 1945—June... 1946—June.. Dec... 1947—June.. Dec... . 1948—June.. 47, 54 76, 139 201 256 268 257 255 254 250 Held by nonbank investors Federal Reserve Banks Total 16, 19, 26, 52, 68, 84, 100 700 000 200 400 200 s\,, 400 7 4 500 70, 000 6 8 , 700 64 600 2 ,466 2 ,184 2 ,645 7 ,202 14 ,901 21 ,792 23 ,783 23 ,350 21 ,872 22 ,559 21 ,366 29 ,930 33 ,448 48 ,346 81 ,394 119 ,325 153 ,123 161 ,715 161 ,637 166 ,486 165 ,722 166 ,400 86 .142 85 ,806 85 ,933 6 3 , 100 62 600 62 600 23 ,042 23 ,206 23 ,333 166 ,371 166 ,757 166 ,921 85 ,009 84 ,642 62 900 ! 62 300 22 ,109 22 ,342 167 ,647 168 ,105 Individuals Insurance companies Special issues Public issues 775 120 885 871 287 812 332 585 366 955 211 2 305 2 375 2 737 3 451 4 810 6 ,128 6 ,798 6 ,338 5 ,445 5 ,397 5 ,538 1 3 5 6 6 7 7 ,300 7 ,800 11 ,600 11 ,500 11 ,500 20 700 21 ,200 21 ,200 7 ,800 7 ,900 7 ,900 31 ,223 31 ,400 31 ,714 5 ,626 5 ,617 5 ,603 11 ,600 11 ,600 21 .400 21 ,300 7 ,900 7 ,900 31 ,760 31 ,804 5 ,645 5 ,697 3 3 3 5 7 9 11 11 12 12 12 67 400 400 600 21 ,900 21 ,700 21 ,500 21 ,600 21 ,500 68 200 U. S. Govern- and trust funds 4 6 7 10 14 18 22 24 27 28 30 6 ,500 7 ,100 9 ,200 13 ,100 17 ,300 22 ,700 25 ,300 25 ,300 25 ,000 24 ,300 23 ,200 1 67 900 State and local governments 500 400 400 500 900 900 300 400 300 200 700 10, 300 1 1 , 500 1 8 , 400 3 1 , 700 4 6 , 500 5 9 , 800 6 4 , 100 6 4 , 900 6 7 , 100 66 600 67 000 i 67 67 Other corporations and associations l Mutual savings banks 100 400 900 300 300 600 500 800 100 000 000 2 2 5 15 25 30 25 22 22 21 20 400 600 900 500 200 300 500 300 100 1 Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 30, 1948. * Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public ma rketable securities. End of month Total outstanding U. S. Govt. agencies and trust funds Fed- Com- Mu- Insureral- mertual ance Resav- com- Other cial serve banks ings panies Banks 0) banks Type of security: Total:' 1947—June Dec 1948—June Dec 1949—Jan Feb Treasury bills: 1947—June Dec 1948—June Dec 1949—Jan Feb Certificates: 1947—June... Dec 1948—June Dec 1949—Jan Feb Treasury notes: 1947—June... Dec... 1948—June... Dec 1949—Jan Feb Treasury bonds: 1947—June Dec 1948—Tune.. Dec 1949—j a n Feb 168,740 165,791 160,373 157,496 156,972 156,778 15,775 15,136 13,757 12,224 12.133 12,134 21,872 22,559 21.366 23,333 22,109 22,342 62,961 61,370 57.5OQ 55,353 55,598 55,131 11,845 11,552 11.522 10,877 10,971 10,975 23,969 22,895 21,705 19,819 19,819 19,776 42,684 42,154 42,779 42,637 42,956 42,983 11 14,496 18 11,433 15 8,577 69 5,487 00 5,038 117 5,304 787 2,052 2,345 2,794 2,982 2,800 1 25 58 50 44 26 1 154 112 84 72 59 1,454 2,650 3,740 3,907 3,828 8,536 6,538 8,552 9,072 9,852 9,407 249 200 317 256 259 255 362 9,821 269 7,386 479 8,610 672 10,423 737 12,339 690 12,266 4,855 5,327 4,531 791 3,099 426 1,940 368 1,928 183 98 98 84 70 72 285 2,443 245 4,224 223 4,555 166 2,984 103 1,039 107 1,082 5,409 5,261 5,402 5,477 5,519 5,571 25,296 21 ,220 22,588 26,525 229,630 29,434 48 30 14 24 22 28 8,142 11,375 11,375 7,131 3,596 3,596 7 4 7 18 39 6,280 6,797 4,616 6,078 6,421 6,788 369 1,477 1,968 119,323 1 5,306 727 48,756 11,407 23,305 117,863 5,173 2,853 47,424 11,226 22,213 112,462 5,336 6,206 42,146 11,047 20,880 111,440 5,340 10,977 40,371 10,486 18,891 111,440 5,352 10,224 40,807 10,599 18,900 111,440 5,351 9,883 40,978 10,621 18,913 479 In mi ilions of dollars] End of month Treasury bonds a n d notes, due or callable: Within 1 year: 1947—June.... Dec... 1948—June... Dec 1949—Jan Feb 1-5 years: 1947—June.... Dec.... 1948—June... Dec... . 1949—Tan Feb 5-10 years: 1947—June.. . Dec.... 1 1948—June... Dec 1 1949—Jan ! Feb i10-20 years: i 1947—June... Dec... ! 1948—June... Dec 1949—Jan Feb After 20 years: 29,822 i 1 9 4 7 — J u n e . . . . 28,974 Dec 26,847 1948—j u n e 25,375 Dec 25,558 I 1949—Tan.. . . 25,694 Feb Total outstanding U. S. Govt. agencies and trust funds 11,255 14,263 13,411 10,216 6,682 6,682 Fed- Com- Mu- Insurtual eral- merance sav- com- Other Recial serve banks ings panies banks Banks 0) 83 69 19 98 98 98 251 6,936 1,693 8,244 2,070 5,922 861 5,571 609 4,291 609 4,294 374 266 171 232 198 207 420 316 273 329 267 278 3,191 3,675 4,956 3,125 1,219 1,196 7,193 9,890 7,971 8,254 8,318 8,381 42,522 49,948 46.124 44,053 44,053 44,053 698 29,917 469 344 1,377 33,415 318 2,636 30,580 226 3,258 28,045 228 3.003 28,227 248 2,916 28,297 1,574 2,671 1,876 3,046 1,829 2,790 1,769 2,501 1,755 2,522 1,692 2,519 18,932 10,270 10,464 10,464 10,464 10,464 423 370 314 314 314 313 1,245 40,352 3,374 54,757 4,393 53,838 4,685 53,838 4,710 53,838 i 4,731 53,838 4,731 14,405 1 964 40 11,577 426 6,090 546 6,251 434 6,314 255 248 6,543 6,585 576 506 520 507 480 78 834 2,587 5,003 3.922 3,541 3,685 3,732 6.751 8,606 8,639 8,048 8,208 8,314 2,921 7,215 6,783 6,478 29 2,593 1,649 2,002 3,645 880 1,928 911 1,936 997 1,885 990 1,855 980 1,858 15,137 18,211 17,129 15,230 15,225 15,244 12,425 17,710 16,542 15,094 15,206 15,339 3,358 5,812 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. Including stock savings banks. 1 Including Postal Savings and prewar bonds and a small amount of guranteed securities, not shown separately below. 554 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Increase (+) or decrea se(-) during period Fiscal year or month Fiscal year: 1946 1947 . . . 1948 1948—Apr... May. . June.. July. . Aug.. . Sept.. Oct... Nov... Dec... 1949—Jan... Feb.. . Mar. . Apr.. . Budget surplus Net Budget exreceipts penditures 40,027 40,043 42,211 2,239 2,324 4,859 2,096 2,505 4,543 2,101 2,540 4,014 3,579 3,381 5,435 1,340 (+) or deficit Trust Clearing acaccounts etc. 1 count1 General fund balance Gross debt 60,703 —20,676 —524 39,289 +754 - 1 , 1 0 3 +555 36,791 +5,419 +2,706 - 5 0 7 -r-86 +226 2,541 -302 2,222 +103 +378 - 1 4 4 4 7,O18 - 2 , 1 5 9 +2,315 —226 53,558 - 1 , 4 6 2 - 1 7 8 5 +700 2,143 +10 - 2 8 9 +362 2,869 + 1,674 -570 +9 2,685 -584 - 1 4 4 +174 -30 2,815 -275 -158 3,603 +410 - 7 1 8 - 1 6 3 2,968 +611 - 3 2 1 +340 2,646 +736 - 1 5 4 - 5 1 3,621 + 1,814 +87 -345 2,748 - 1 , 4 0 8 - 4 6 5 +213 General fund of the Treasury (end of period) Assets Balance in general fund Deposits in Total Fed- Speeral cial Reserve 2 deposBanks itaries Total liaOther biliassets ties +10,740 — 10,460 14,238 14,708 1 .006 12,993 962 - 1 1 , 1 3 6 - 1 0 , 9 3 0 3,308 3,730 1,202 —5,994 +1,624 4,932 5,370 1,928 1,773 - 7 4 1 4,612 4,946 4,932 5,074 +1,082 4,832 -324 5,583 -362 - 7 8 1 4,802 -227 - 4 1 7 4,385 +46 - 1 7 7 4,208 +294 -179 +451 4,659 +631 5,291 + 101 -1,080 +476 5,767 - 1 1 1 - 1 , 7 7 1 3,995 -750 —3 +334 -14 +141 -241 +751 +56 Cash operating income and UULgU " 5,037 5,327 5,370 5,506 5,229 6,020 5,205 4,813 4,630 5,042 5,719 6,123 4,428 1,236 1,714 t ,928 1,755 1,919 1,664 1,608 1,601 1,123 1,514 1,423 1,482 1,226 2,156 2,007 1,773 2,081 1,741 2,703 1,976 1,621 1,909 1,735 2,688 2,924 1,563 708 1 ,565 1 ,670 470 422 438 425 381 438 433 397 437 403 428 422 383 428 357 433 ,645 ,606 1,670 L.671 1,568 1,653 L ,621 L .591 1,599 1,793 1,607 1,717 1,639 Excess income (+) or Cash income Cash outgo 43,839 43,591 45,400 2,402 2,969 4,877 2,268 3,162 4,667 2,280 3,190 4,106 3,683 3,893 5,555 61,738 36,931 36,496 2,397 2,507 4,129 -2,588 r 2 ,950 •'3,197 r 2,779 >"3!474 r4,243 2,834 3,252 3,845 outgo —17,899 +6,659 +8,903 +4 +462 r +748 -320 r -(-212 ••+1,469 r —499 r-283 r-137 +849 +641 + 1,710 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury Income taxes Fiscal year or month Miscella- Social Other Total Withneous Secure- 6 reheld internal rity by em- Other revenue taxes ceipts ceipts ployers Fiscal year: 1946 1947 1948 1948—Apr.... May. . . June... July.... Aug.. . . Sept Oct.... Nov Dec 1949—Jan Feb.... Mar.. . . Apr. . .. 9,392 21,493 10,013 19,292 11,436 19,735 684 1,174 428 1,358 695 3,006 719 403 535 1,165 694 537 2,939 643 385 1,198 714 609 2,328 2,152 1,276 1,414 757 4,342 562 747 On basis of reports by collectors of internal revenue Corporation income and profits taxes Individual Social Net income taxes Refunds Security reof employ- ceipts With- Other taxes ment held taxes 7 7,725 1,714 3,915 44,238 8,049 2,039 5,115 44,508 8,301 2,396 4,231 46,099 662 83 260 2,863 401 223 3,082 673 694 145 564 5,104 67 302 2,300 677 742 410 228 2,948 130 159 4,597 676 768 65 186 2,199 204 2,941 768 386 702 134 184 4,062 638 56 220 3,675 654 438 152 3,935 720 170 143 6,133 644 81 2 73 2,306 Deduct 2,973 3,006 2,272 549 382 228 140 64 46 39 43 41 58 273 672 891 Normal and surtax 1,238 40,027 9,858 8,847 1,459 40,043 9,842 9,501 1,616 42,211 11,534 9,464 74 2,239 1,165 602 376 2,324 1,670 167 17 4,859 154 1,111 63 2,096 849 228 380 2,505 1,543 101 8 4,543 133 1,016 59 2,101 808 157 358 2,540 1,564 85 7 4,014 34 343 38 3,579 640 1,913 280 3,381 1,922 905 26 5,435 156 1,846 75 1,340 4,640 6,055 9,852 Excess and other profits Excise Esand tate other and miscelgift taxes laneous taxes 677 779 899 118 75 61 95 56 59 61 58 65 64 53 105 7,914 3,622 323 13 18 19 18 15 20 17 16 18 19 33 24 376 268 1,877 432 283 1,947 448 263 1,960 391 292 2,529 7,036 7,285 7,412 578 584 629 608 674 660 654 693 678 547 596 646 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Trust accounts, etc Budget expenditures Fiscal year or month Total Fiscal year: 1946 1947 1948 1948—Apr !May June July Aug Sept Oct Nov. . Dec 1949—jan. Feb.. . . Mar Apr 60,703 39,289 36,791 2,541 2,222 4 7,018 5 3,558 2,143 2,869 2,685 . . 2,815 3,603 2,968 2,646 3,621 2,748 4 InterNational est on defense debt 48 870 4 722 16,766 4,958 11,364 5,211 903 930 154 124 929 1,508 51,155 286 800 114 715 570 931 212 957 122 1,017 1,112 1,043 319 930 141 1,109 589 P945 178 International finance and aid Social Security accounts VetAid Transfers erans' to to Adagri- trust Other Net minis- culacretration ture counts ceipts Other Expendit InExReInvest- Foreign vest- pendi- ceipts ments Economic Other ments tures Cooperation 727 2 871 —203 1 927 1 788 2 978 1 261 1 656 4 735 2 407 4,928 6,442 1,226 4 1,361 3 607 3 235 1 785 1 509 4 3,009 1 577 850 4,143 6,317 782 4 178 4 767 3 918 2 210 1 640 5 598 571 530 338 251 433 155 138 282 174 206 153 200 276 505 ^444 5 559 772 530 481 482 612 554 527 545 639 547 24 71 1 28 31 *3,O77 611 -43 13 110 6 256 80 275 6 321 1 285 73 269 2 137 1 261 *>190 74 481 358 481 621 438 559 530 590 482 536 614 516 P370 173 577 348 455 607 38 159 585 208 139 430 57 182 —34 106 553 276 100 304 -12 144 292 -42 11 88 -92 150 142 7 10 162 101 174 4 3,475 142 362 186 100 140 135 132 128 137 105 158 105 189 99 195 114 252 115 235 103 349 250 21 23 18 20 8 22 24 12 9 2 Excess of receipts ( + ) or expenditures (—), Excluding items in process of collection beginning with July 1947, September 1947, and subsequent issues 1946 MAY 1949 2 912 2 476 2 109 125 43 183 192 196 226 347 499 237 326 30 403 432 145 198 80 67 72 74 153 141 135 196 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than interagency items Assets, other than interagency items 1 ComInvestmodiments Loans ties, supreceiv- plies, U. S. Other and Govt. secuable mate- secu- rities* rials rities Corporation or agency Total Cash All agencies: Mar. 31, June 30, Sept. 30, Dec. 31, 1948 1948 1948 1948 19,912 646 10,134 20,120 1,042 10,373 20,687 751 10,573 21,718 630 11,692 Classification by agency, Dec. 31, 1948 Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Production credit corporations. . . Regional Agricultural Credit Corp. Agricultural Marketing Act Revolving Fund Federal Farm Mortgage Corp Rural Electrification Administration Commodity Credit Corp Farmers' Home Administration Federal Crop Insurance Corp 1,046 2,070 323 39 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 4 . . . . Federal Housing Administration... . Federal National Mortgage Association 203 395 1,786 220 200 893 1,073 2,161 1,072 225 824 7,295 2 937 2,138 (3) 89 2 3,801 1,845 3,524 2,723 1,684 3,531 2,458 1,811 3,525 2,423 1,854 3,518 3,060 366 295 21 199 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 . . . . Other Export-Import Bank Federal Deposit Insurance Corp Federal Works Agency Tennessee Valley Authority 6 462 251 328 627 All other 376 514 99 2 U. S. PriBonds, notes, Gov- vately Deand debenernLand, ferred tures payable Other ment owned strucand inter- intertures, undis- Other liabil- est est asand tribities sets Fully equip- uted guar- Other ment charges anteed by U.S. 781 1,142 17,764 863 1,187 17,875 1,011 1,239 18,225 965 1,663 18,886 101 479 11 771 17 1,258 316 150 154 159 166 286 30 99 2 19 301 426 70 480 29 2 75 1,046 () 999 1,051 317 6 7 33 1 66 998 1,284 250 9 35 326 25 31 821 515 () 10 139 415 274 199 12 "(I)" 1,448 1 () 1,064 134 793 50 3,385 147 893 81 992 122 2,038 1,066 225 811 7,266 104 33 22 6 2 628 98 121 5 198 15 378 21 1,765 157 50 4 196 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1948 Purpose of loan To aid agriculture To aid home owners To aid industry: Railroads Other To aid financial institutions: Banks .. Other Foreign loans Other Less: Reserve for losses Total loans receivable (net).. . Fed. Fed. inter- Banks Farm medi- for coMort. ate operaCorp. credit tives banks Recon- ExPublic Fed. struc- portHous- home tion ImFiing loan port Adm. banks nance Bank Corp. Com- Rural Farm- Home ElecOwnmodity trifica- ers' ers' Credit Home Loan tion Corp. Adm. Adm. Corp. 426 305 1,293 999 2,660 140 310 146 275 4 5 520 5 2,145 3,750 6,102 206 584 100 190 366 7 7 50 6,079 939 2,138 4,114 11,692 10,573 (3) 177 138 272 523 369 (3) 515 14 66 (3) 426 4 9 1 273 3 294 1 301 1,284 998 250 366 295 515 other Sept. 30, All 1948, agenall cies agencies 6 3,632 221 768 1 1 80 All 3 37 (3) 697 5 491 592 371 1 2 Assets are shown on a net basis, i. e., after reserve for losses. Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 4 Less than $500,000. Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 5 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 6 Figures for one small agency are included for a date other then Dec. 31, 1948. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 556 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)* 1935-39 = 100 Employment ! 1939 = 100 Manufactures Year or month Total Durable Nondurable Minerals Total Residential All other Nonagricultural Factory DepartFacWholetory Freight ment Consale pay carload- store sumers' comsales rolls « ings* prices modity (val1939 = 1935-39 ue)** 1935-39 prices 8 100 100 1935-39 = 100 1926 = 100 = 100 Ad- Unad- AdAd- Unad- Unad- AdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed Adjusted Unadjusted Unadjusted 1919. 1920. 1921. 1922. 1923. 1924. 1925. 72 75 58 73 88 82 90 84 93 53 81 103 95 107 62 60 57 67 72 69 76 71 83 66 71 98 89 92 63 63 56 79 84 94 122 44 30 44 68 81 95 124 79 90 65 88 86 94 120 103.7 104.1 79.7 88.2 100.9 93.7 97.0 103.9 124.2 80.2 86.0 109.1 101.8 107.3 120 129 110 121 142 139 146 83 99 92 94 105 105 110 123.8 143.3 127.7 119.7 121.9 122.2 125.4 138.6 154.4 97.6 96.7 100.6 98.1 103.5 1926. 1927. 1928. 1929. 1930. 96 95 99 110 91 114 107 117 132 98 79 83 85 93 84 100 100 99 107 93 129 129 135 117 92 121 117 126 87 50 135 139 142 142 102.5 125 96.2 98.9 96.7 96.9 103.1 89.8 110.5 108.5 109.8 117.1 94.8 152 147 148 152 131 113 114 115 117 108 126.4 124.0 122.6 122.5 119.4 100.0 95.4 96.7 95.3 86.4 1931. 1932. 1933. 1934. 1935. 75 58 69 75 87 67 41 54 65 83 79 70 79 81 90 80 67 76 80 86 63 28 25 32 37 37 13 11 12 21 84 40 37 48 50 87.1 77.2 77.5 84.9 88.5 75.8 64.4 71.3 83.2 88.7 71.8 49.5 53.1 68.3 78.6 105 78 82 89 92 97 75 73 82 108.7 97.6 92.4 95.7 98.1 73.0 64.8 65.9 74.9 80.0 1936. 1937. 1938. 1939. 1940. 103 113 89 109 125 108 122 78 109 139 100 106 95 109 115 99 112 97 106 117 55 59 64 72 81 37 41 45 60 72 70 95.1 74 101.4 80 95.4 81 100.0 89 105.8 96.4 91.1 105.8 108.9 90.0 84.7 100.0 100.0 107.5 114. 107 111 89 101 109 100 107 99 106 114 99.1 102.7 100.8 99.4 100.2 80.8 86.3 78.6 77.1 78.6 1941. 1942. 1943. 1944. 1945. 162 199 239 235 203 201 279 360 353 274 142 158 176 171 166 125 129 132 140 137 122 166 68 41 68 89 82 40 16 26 132.1 154.0 177.7 172.4 151.8 167.5 245.2 334.4 345.7 293.4 130 138 137 140 135 133 150 168 187 207 105.2 116.5 123.6 125.5 128 87.3 98.8 103.1 104.0 105.8 1946. 1947. 1948. 170 187 P192 192 220 J>225 165 172 134 149 P155 153 157 190 143 142 162 161 137.0 169 145.2 214 149.0 143.4 269.6 157.3 332.1 159.9 365.1 132 143 138 264 286 302 139.3 159.2 171.2 121.1 152.1 165.0 149 235 92 61 102 119.4 131.1 138.8 137.0 132.3 1947 April May June July August September October November December 187 185 184 176 182 186 191 192 192 185 186 185 178 185 190 194 193 190 222 218 219 208 211 216 223 224 230 172 170 168 163 169 172 176 179 173 143 151 148 140 150 153 155 155 156 133 127 136 155 166 183 184 193 197 123 110 116 136 150 168 170 163 161 142 140 152 170 179 195 196 217 227 143.4 143.5 144.8 144.8 145.2 146.2 147.1 147.3 147.9 156.8 155.0 155.2 154.5 156.3 158.9 160.0 160.4 161.1 155.9 153.8 154.7 153.3 157.8 160.2 160.4 160.8 161.9 317.6 319.3 327.2 321.8 331.5 345.3 350.1 353.4 365.7 137 142 137 135 143 142 145 147 149 278 290 287 285 284 294 279 302 304 156.2 156.0 157.1 158.4 160.3 163.8 163.8 164.9 167.0 148.0 147.3 147.7 150.6 153.7 157.4 158.5 159.6 163.2 1948 January.... February. . . March April May June July August September. . October November. . , December 193 194 191 188 192 192 186 191 192 195 195 192 189 190 188 186 192 193 187 194 197 199 195 190 229 226 229 217 221 222 219 223 225 231 229 231 178 180 177 177 178 179 169 177 178 179 178 173 154 155 142 147 162 159 153 159 156 158 161 156 191 187 181 181 188 201 205 201 193 184 189 180 152 152 148 154 165 177 187 177 165 157 154 145 223 215 208 202 206 220 219 220 216 206 217 209 148.6 147.8 147.9 147.2 147.7 148.8 149.5 149.6 150.7 150.8 150.0 149.4 161.2 159.8 160.1 157.1 156.7 158.8 159.8 160.1 163.3 162.8 161.2 158.6 160.5 159.5 160.3 156 155.5 158.2 158 161 164.6 163.3 161.6 159.4 358.7 354.1 358.4 347.1 346.7 359.0 360.0 374.7 382.2 382.9 379.3 377.6 144 138 130 130 141 139 138 142 139 140 137 137 286 286 ••285 306 310 311 315 312 312 306 287 310 168.8 167.5 166.9 169 170 171.7 173.7 174.5 174.5 173.6 172.2 171.4 165.7 160.9 161.4 162.8 163.9 166.2 168.7 169.5 168.7 165.2 164.0 162.3 1949 January.... February.. . March 191 189 187 185 227 226 175 173 P168 149 148 P134 174 169 207 147.8 155.3 154.7 '363.0 207 146.9 P153.5 153.2 357.9 '145.9 P15O.7 P150.9 131 126 120 287 274 270 170.9 169.0 169.5 160.6 158.1 158.4 P181 133 123 P126 P212 r * Average per working day. v Preliminary. Revised. *For indexes by groups or industries, see pp. 558-561. For points in total index, by major groups, see p. 580. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 565 of this BULLETIN. 3 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 567-570. Backfiguresin BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, June 1944, pp. 549-561. MAY 1949 557 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average== 100] 1949 1948 Industry Mar. Apr. Industrial Production—Total 191 Manufactures—Total 200 Durable Manufactures Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 188 192 192 186 191 192 195 195 192 191 189 P184 195 197 198 192 197 199 202 201 199 198 196 P193 229 231 227 226 217 221 222 219 223 225 231 177 208 208 201 207 214 221 224 223 228 190 234 184 589 151 208 154 593 193 236 183 608 196 236 181 630 186 228 176 597 200 235 179 635 205 243 185 658 209 252 193 670 212 255 194 685 212 254 194 682 218 260 197 711 '220 '267 199 '755 221 266 202 720 283 275 273 277 269 271 273 277 276 277 268 262 P251 240 237 218 222 233 230 231 243 238 246 244 242 P241 202 197 179 185 202 198 197 209 203 208 209 206 201 200 196 194 185 186 192 192 187 184 183 186 192 203 203 194 188 190 193 191 175 183 186 200 204 199 194 193 184 185 192 192 192 185 182 180 151 145 142 140 142 148 143 147 145 143 129 12 3 P129 137 178 132 169 131 163 129 161 135 157 140 163 132 165 135 170 133 169 131 168 117 154 107 154 211 211 206 207 200 210 207 205 160 219 196 176 248 248 212 165 227 193 173 249 244 201 152 218 187 172 241 244 199 170 208 190 176 238 249 185 123 206 188 168 237 248 207 172 218 186 175 247 248 207 152 226 183 169 237 251 177 177 178 179 169 177 178 179 178 173 175 175 177 174 154 166 168 167 164 156 161 147 303 161 147 298 163 147 308 159 140 313 138 115 324 152 127 318 154 132 322 153 129 319 148 122 322 140 114 317 177 216 190 166 144 196 171 179 227 196 164 146 190 171 179 226 191 163 145 189 172 176 220 184 162 146 185 172 137 158 153 125 114 140 137 168 226 178 150 139 166 160 166 226 173 148 136 165 157 168 247 160 148 141 159 157 162 233 143 144 140 149 156 115 .. . 110 108 109 96 113 119 102 115 69 '93 92 123 105 119 '77 91 91 113 109 124 '81 91 93 107 107 121 80 89 94 110 95 109 '64 '81 84 96 105 120 78 100 119 108 123 '79 83 98 126 108 '121 82 90 95 117 100 110 80 89 87 104 158 157 159 163 160 156 163 161 159 158 122 134 139 138 139 143 128 130 133 128 P145 69 159 158 P149 71 170 175 P151 P152 72 71 171 171 192 185 72 168 195 P154 75 171 198 P150 73 160 181 P148 P 1 4 4 76 75 161 166 167 143 P144 74 180 135 233 Arsenals and Depots * Transportation EQUtptnent 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) * Lumber and Products Lumber Furniture , Stone, Clay, and Glass Products Glass products Plate glass Glass containers Cement Clay products Gypsum and plaster products Abrasive and asbestos products Other stone and clay products l Nondurable Manufactures . Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 1 Wool textiles Carpet wool consumption Apparel woo! consumption Wrool and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products Leather t a n n i n g . . . Cattle hide leathers . Calf and kip leathers Goat and kid leathers Sheep and lamb leathers Shoes Manufactured July 207 Pig iron Steel Open hearth Electric Machinery June 229 Iron and Steel Manufacturing Vlay Food Products Wheat flour. Cane sugar meltings 1 Manufactured dairy products Butter Cheese . . . . Canned and dried milk Ice cream ... . . P210 P203 P205 P204 '184 212 173 235 246 '189 208 180 237 '239 P186 P176 P149 P203 P196 189 195 172 241 249 177 208 184 222 177 224 233 *>216 P228 175 173 P168 160 157 P142 144 123 313 142 125 '305 P131 151 206 139 133 127 143 148 150 '225 136 '125 122 130 149 143 214 130 122 119 126 141 100 224 184 171 241 252 108 113 103 114 89 82 87 97 103 114 88 85 93 111 108 122 85 89 86 117 159 162 P163 135 127 P114 r 120 275 P144 P145 P 1 5 0 80 86 77 188 192 '190 130 146 126 PPreliminary. ' Revised. Series included in total and group indexes but not available for publication separately. 1 558 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1948 Industry Mar. Apr. M a y June July 1949 Aug. Sept. Oct. Jan. Feb. Nov. Dec. Mar. Manufactured Food Products—Continued 131 140 131 98 91 126 128 125 147 92 133 136 133 146 101 141 157 127 140 112 155 177 135 144 108 154 172 143 134 98 152 167 147 115 92 156 172 154 112 87 166 147 138 169 159 124 167 142 117 162 107 119 172 162 121 169 152 124 165 140 124 164 142 132 165 138 131 P169 176 168 150 138 178 179 182 183 184 181 179 175 178 183 PISO 182 167 170 173 179 189 186 217 197 181 177 153 141 145 155 165 156 181 185 168 156 176 160 383 255 157 294 245 114 393 243 86 402 242 176 152 526 239 73 346 274 91 211 336 95 244 398 112 334 443 131 278 287 119 328 235 118 294 283 106 249 295 164 183 163 166 148 178 168 174 170 146 159 160 172 102 225 101 257 105 222 108 226 98 200 113 242 127 218 122 230 130 224 97 196 102 216 100 220 99 241 67 75 68 68 63 75 78 78 68 63 66 66 68 169 M^alt liQuor Whiskey . . Other distilled spirits Rectified liquors 135 149 124 140 89 157 Alcoholic Beverages 152 176 135 134 94 191 Other manufactured foods Processed fruits and vegetables Confectionery . . . Other food products 127 145 116 104 74 174 . 125 136 122 102 83 167 155 143 Meat packing Pork and lard Beef Veal Lamb and mutton 170 165 150 165 166 172 169 153 163 159 150 161 160 167 163 150 158 155 147 193 122 110 183 116 107 195 117 111 188 104 107 173 105 104 188 101 107 182 96 108 175 95 106 137 136 153 167 155 111 71 P160 187 Industrial Alcohol from Bevetage Plants * Tobacco Products Cigars Cigarettes Other tobacco products PaPet and Paper Products ' 160 Newsprint consumption Printing paper (same as shown under Paper) Petroleum and Coal Products Petroleum refining' Gasoline . . Fuel oil L u b r i c a t i n g oil . Kerosene Other petroleum products Coke B y - p r o d u c t coke . Beehive coke , . . . . . 285 153 293 151 160 192 85 161 161 148 '86 87 166 171 151 '93 309 151 160 191 142 165 328 148 301 145 330 153 317 149 285 137 327 145 156 184 156 189 163 193 159 195 146 167 153 182 86 168 157 145 74 150 160 135 83 160 161 153 101 83 161 163 148 154 156 157 147 155 143 143 146 145 149 164 200 164 210 194 158 197 137 164 283 135 156 187 86 169 169 150 P211 P213 P220 154 301 146 135 P220 P217 P221 170 173 170 196 159 187 194 155 196 192 154 193 174 166 175 168 170 166 291 141 143 163 153 160 172 165 160 157 162 170 157 100 162 150 158 142 100 161 151 99 158 148 98 154 164 156 154 155 155 152 147 155 148 148 153 149 151 P207 P217 P227 P231 P228 173 165 170 174 179 194 162 182 180 157 184 199 169 183 200 159 207 204 162 200 178 170 309 145 150 174 181 173 181 173 183 175 184 176 139 99 P222 PPJQ 174 170 206 159 196 194 P189 150 176 r 184 177 185 176 '504 M72 177 173 237 ... 186 421 407 318 447 444 454 460 466 455 250 Chemical Products Rubber Products 172 117 96 166 . 1 Paints Soap Rayon . . . . . . Industrial chemicals Explosives and ammunition * Other chemical products * 146 183 106 111 139 Printing and Publishing 160 187 104 112 150 , 164 180 97 108 157 192 , 163 178 90 103 Paper and p u l p ' Pulp Groundwood pulp Soda p u l p . . . . . . Sulphate p*ulp Sulphite pulp. . . . . . . . Paper Paperboard . . . . Fine paper' Printing paper Tissue and absorbent paper Wrapping 3paper Newsprint Paperboard containers (same as Paperboard) 249 249 256 251 259 257 255 257 257 257 250 P242 154 140 303 150 123 305 151 124 304 154 124 309 161 121 312 161 126 312 158 134 305 156 135 304 153 135 306 148 137 311 149 135 309 143 P139 133 P130 309 P293 433 439 436 449 433 450 448 446 449 450 447 434 r 317 205 200 201 205 200 207 205 205 203 200 193 188 Minerals—Total 142 147 162 159 153 159 156 158 161 156 149 148 P134 Fuels 146 149 168 164 160 166 162 166 167 164 156 155 P136 99 97 103 102 160 171 147 157 134 143 150 158 148 156 145 152 147 155 137 145 133 145 129 142 P8S 116 103 88 74 P52 167 168 Coal Bituminous coal Anthracite Crude petroleum Metals Metals other than gold and silver Iron ore (Copper; Lead; Zinc)1 Gold Silver 108 105 116 105 100 117 119 118 169 171 172 173 172 174 170 176 177 177 118 137 128 128 113 115 119 113 121 110 161 193 179 179 155 158 166 157 175 158 149 58 59 57 68 57 67 55 65 56 57 55 61 54 60 48 69 43 60 39 59 P184 39 55 Pill P124 P183 r x p Preliminary. Revised. Series 3included in total and group indexes but not available for publication separately. This series is in process of revision. Newsprint production revised beginning January 1948. Revisions not shown above are as follows: Newsprint production, January, 87, February, 87; Paper and pulp, January, 158; Paper and paper products, January, 164. 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 1949 559 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =100] 1949 Industry- Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Industrial Production—Total 188 186 192 193 187 194 197 199 195 190 187 Manufactures—Total 197 193 197 199 193 200 203 205 202 197 195 193 vl90 228 217 222 223 220 224 227 232 229 229 225 224 P221 207 177 208 208 201 207 214 221 224 223 228 r 232 233 190 234 184 589 151 208 154 593 193 236 183 608 196 236 181 630 186 228 176 597 200 235 179 635 205 243 185 658 209 252 670 212 255 194 685 212 254 194 682 218 260 197 711 -•220 267 199 221 266 202 720 283 275 273 277 269 271 273 277 276 277 268 262 P251 240 237 218 222 233 230 231 243 238 246 244 242 v241 202 197 179 185 202 198 197 209 203 208 209 206 P206 201 200 196 193 185 186 192 188 184 183 186 P186 193 203 203 193 187 190 193 176 183 186 200 204 199 193 184 185 192 192 185 182 180 Durable Manufactures Iron and Steel Pig iron Steel Open hearth. Electric Machinery 185 P181 755 Manufacturing Arsenals and Depots l Transportation Equipment Automobiles (including parts) (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) 1 Nonferrous Metals and Products. Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 1 Lumber and Products. Lumber.. . Furniture. Stone, Clay, and Glass Products. Glass products Plate glass Glass containers Cement Clay products Gypsum and plaster products... Abrasive and asbestos products. Other stone and clay products l. P2O8 144 144 148 151 158 153 154 142 132 118 115 125 178 131 169 134 163 141 161 148 157 156 163 147 165 145 170 113 168 201 208 211 209 201 218 216 v220 P208 P199 P192 P188 p/86 205 160 219 160 169 238 248 212 165 227 183 168 246 244 212 152 233 196 171 243 244 197 170 206 203 175 243 249 179 123 198 207 168 237 248 213 172 227 210 180 248 248 210 152 231 213 175 243 251 "171 193 178 241 246 '185 169 '167 227 '239 230 214 180 247 252 128 169 191 211 178 246 249 100 154 96 154 179 177 168 171 168 P166 213 P2O9 233 173 174 177 179 171 180 185 183 179 171 170 169 Textiles and Products 175 175 177 174 154 166 168 167 164 156 160 157 Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption l Wool textiles Carpet wool consumption Apparel wool consumption Woolen and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products 161 147 303 162 147 298 163 147 308 159 140 313 138 115 324 152 127 318 154 132 322 153 129 319 148 122 322 140 114 317 144 123 313 142 125 '305 177 216 190 166 144 196 171 179 227 196 164 146 190 171 179 226 191 163 145 189. 172 176 220 184 162 146 185 172 137 158 153 125 114 140 137 168 226 178 150 139 166 160 166 226 173 148 136 165 157 168 247 160 148 141 159 157 162 233 143 144 140 149 156 151 206 139 133 127 143 148 150 •225 136 125 122 130 149 143 214 130 122 119 126 141 114 110 108 108 94 112 118 114 104 99 108 116 101 115 68 ^92 89 123 105 119 74 94 89 109 124 78 89 100 107 r91 103 117 106 121 78 84 96 109 123 83 90 95 117 103 115 83 86 92 104 102 114 88 83 82 97 104 116 86 85 87 111 115 131 90 93 95 117 173 161 153 148 146 P146 137 134 127 135 128 P 1 1 2 P95 P92 59 129 104 P92 P104 64 71 142 156 102 117 Nondurable Manufactures. 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 113 141 120 143 ••116 81 90 93 110 153 134 128 Pi 19 P155 P201 63 72 93 143 176 229 155 197 257 163 103 64 '80 79 96 >-81 '75 103 119 126 172 174 137 141 188 140 132 P224 P 2 2 3 P198 P158 P122 98 82 70 65 242 207 191 145 163 265 226 204 135 167 57 125 103 164 120 275 169 143 Ice cream r P Preliminary. Revised. 1 Series includedjn total a n d group indexes but not available for publication separately. 560 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1949 Industry- Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Meat packing Pork and lard Beef Veal Lamb and mutton. 121 130 119 92 89 116 124 115 100 80 127 145 116 108 76 151 176 132 134 87 126 132 125 140 86 111 99 127 144 90 124 108 144 160 109 142 147 138 160 116 173 207 141 154 108 181 226 143 126 96 179 219 150 106 98 149 169 141 99 87 141 155 141 104 70 Other manufactured foods Processed fruits and vegetables. . . Confectionery Other food products 149 85 133 167 148 90 114 169 152 97 106 175 160 122 92 181 174 184 96 185 183 203 129 187 207 317 156 188 188 197 162 190 172 129 146 188 161 111 134 179 152 90 135 171 153 86 137 174 P173- 172 178 173 186 188 184 195 203 212 174 153 159 173 146 152 342 239 160 160 230 255 161 157 177 245 183 114 243 243 194 86 233 242 189 73 187 274 178 91 289 336 145 95 631 398 139 112 702 443 148 131 306 287 138 119 213 235 141 118 176 283 163 106 162 295 155 173 163 173 154 184 178 180 173 136 158 153 163 102 209 67 101 239 75 105 222 68 108 237 70 98 210 63 113 255 73 127 233 83 122 239 84 130 228 70 97 181 56 102 216 65 100 207 64 99 224 68 167 169 170 165 149 165 166 172 '170 153 163 159 151 160 179 96 103 285 153 157 192 85 161 161 148 '86 163 182 107 108 293 151 160 192 87 166 173 151 164 188 112 112 309 151 160 191 86 169 169 150 100 160 183 107 111 301 146 156 187 86 168 160 145 145 170 104 96 283 135 141 165 74 150 153 135 '95 160 191 107 110 328 148 r 156 184 83 160 161 153 r99 '160 181 103 107 301 145 156 189 83 161 163 148 '98 167 194 109 111 330 153 163 193 163 189 110 107 317 149 159 195 149 173 107 104 285 137 146 167 158 189 105 107 327 145 153 182 155 183 100 108 309 145 151 174 147 176 102 106 291 141 143 163 172 172 157 100 165 162 150 160 153 142 98 157 159 151 99 162 164 148 98 153 160 139 99 153 •159 137 147 155 167 163 158 '149 154 155 145 151 125 134 149 163 161 155 142 Manufactured Food Products—Continued Alcoholic Beverages. Malt liquor Whiskey Other distilled spirits. Rectified liquors Industrial Alcohol from Beverage Plants l.... Tobacco Products. . . Cigars Cigarettes Other tobacco products Paper and Paper Products. . . Paper and pulp 3 Pulp Groundwood pulp Soda pulp Sulphate pulp Sulphite pulp Paper Paper board Fine paper 2 Printing paper Tissue and absorbent paper Wrapping 3 paper Newsprint Paperboard containers (same as Paperboard) Printing and Publishing Newsprint consumption 159 144 157 Printing paper (same as shown under Paper) v213 P220 Petroleum and Coal Products. 2 Petroleum refining Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products Coke By-product coke Beehive coke Chemical Products v220 v217 P207 v217 P227 P231 P228 P219 154 200 162 214 164 194 164 201 170 196 166 189 173 194 155 184 170 192 152 179 173 194 160 174 165 180 157 182 170 199 169 183 174 200 159 213 179 204 161 206 174 '206 154 200 170 P172 194 189 148 185 166 164 237 137 135 186 174 166 421 175 168 407 170 166 318 178 170 447 181 173 444 181 173 454 183 175 460 184 176 466 184 177 455 185 176 504 252 251 249 253 247 256 257 258 258 258 256 251 154 140 303 433 151 120 305 439 156 120 304 436 158 122 309 449 160 120 312 433 159 127 312 450 156 139 305 448 156 142 304 446 151 137 306 449 148 137 311 450 146 132 309 447 132 P130 309 *>293 434 Rubber Products 205 200 201 205 200 207 205 205 203 193 188 Minerals—Total. .. 136 145 164 163 158 164 160 161 160 151 143 143 vl29 Fuels 146 149 168 164 160 166 162 166 167 164 156 155 99 97 108 169 103 102 105 171 160 171 116 172 147 157 105 173 134 143 100 172 150 158 117 174 148 156 119 170 145 152 118 176 147 155 116 177 137 145 103 177 133 145 88 167 129 P 8 5 142 P 9 3 74 P52 168 P 1 6 1 82 126 144 153 147 149 148 132 114 77 '68 103 77 178 228 210 302 226 331 215 325 213 324 212 314 186 254 160 225 100 93 88 74 l Paints Soap Rayon Industrial chemicals Explosives and ammunition x. . Other chemical products l . . . . Coal... Bituminous coal. Anthracite Crude petroleum.... Metals. Metals other than gold and silver. . . . Iron ore (Copper; Lead; Zinc)1 Gold Silver v75 177 173 317 v89 101 M25 81 110 49 60 r l P Preliminary. Revised. Series included in total and group indexes but not available for publication separately. 3 This series is in process of revision. Newsprint production revised beginning January 1948. Revisions not shown above are as follows: Newsprint production, January 87, February 87; Paper and pulp, January, 158. N O T E . — F o r description and back figures see ^ B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 2 MAY 14 99 561 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index number of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1948 Feb. Mar. Nov. Dec Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Total Durable £oods Nondurable goods 159.5 160.3 161.6 159.4 154.7 153,2 150.9 355.7 354.1 358.4 379,3 377.6 363.0 357.9 185.8 188.1 188.6 186.5 180.6 177.7 174.4 403.1 393.1 402.0 430.3 430.1 '412.6 403.2 138.7 138.4 140.3 138.0 134.2 133.9 132.4 315.3 316.0 315.7 329.5 326.3 '314.5 313.6 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 164.2 131 226 144 160 185 164 A 133 228 140 161 178 166.8 139 234 148 152 178 165.2 140 234 146 152 155 161.1 140 230 141 146 130 158.8 155.6 341.9 141 261 226 465 136 320 143 371 417 126 206 205 205 203 205 199 202 192 196 180 186 179 178 180 185 185 183 Electrical Machinery Electrical equipment Radios and phonographs 225 .4 222.9 215 .1 213.1 212 210 199 194 201 222 226 221 213 218 Machinery except Electrical Machinery and machine-shop products Engines and turbines Tractors Agricultural, excluding tractors.. . Machine tools Machine-tool accessories Pumps Refrigerators 234.0 233.1 227.9 227.5 223.1 219.1 214.2 473.8 471.9 475.2 486.9 491.6 473.7 463.0 251 292 198 262 138 218 303 232 250 293 199 266 135 217 296 230 244 281 195 267 130 211 278 226 244 282 197 270 129 211 279 226 240 280 198 268 121 207 276 217 236 276 196 267 118 201 272 210 513 626 354 535 250 399 642 479 Transportation Equipment, except Autos Aircraft, except aircraft engines... Aircraft engines Shipbuilding and boatbuilding. 292.6 341 280 184 292.7 343 277 182 285.7 377 315 137 285.3 382 321 134 280.0 382 323 128 278.3 276.2 381 321 125 Automobiles 178.9 195.0 193.9 194.8 193.0 188.5 Nonferrous Metals and Products Primary smelting and refining. . . . Alloying and rolling, except aluminum Aluminum manufactures 178.5 180.0 176.1 173.6 150 149 168.0 147 600.4 611. 831 676 474 601 384 262 408.7 357.6 396.5 438.9 372.7 372.9 377.1 391.9 304 307 303 136 164 273 371 Lumber and Timber Basic Products. . . . Sawmills and logging camps Planning and plywood mills 175.0 178.3 195 .4 r186.7 189 194 '182 213 '202 178 180 184 195 193 Furniture and Lumber Products Furniture Stone, Clay, and Glass Products Glass and glassware Cement Brick, tile, and terra cotta Pottery and related products 149.2 147.8 143.1 140.7 150 148 144 143 134.1 133.2 130.3 352.2 350.2 349.2 349.2 345.4 317.9 315.7 321 357 354 323 356 353 136 135 355 150.9 167 145 130 171 153.9 171 145 133 174 158.9 171 153 144 182 157.4 167 152 143 182 152.5 159 150 138 178 150.0 156 150 135 179 322.9 354 276 304 345 321.4 351 274 285 345 336.6 370 279 304 361 366.9 384 315 357 408 366.9 385 312 356 404 349.5 372 308 '331 387 344.5 367 304 329 392 Textile-Mill and Fiber Products Cotton goods except small wares. . Silk and rayon goods Woolen and worsted manufactures Hosiery Dyeing and finishing textiles 114.2 126 94 114 90 135 114.7 127 95 113 90 135 108.9 122 96 100 85 130 108.0 104.9 104.0 121 118 117 95 93 91 100 95 92 84 82 83 131 128 129 303.0 379 272 292 203 327 310.6 377 282 321 205 335 315.6 385 288 322 213 332 291.9 349 299 269 210 317 291.9 353 293 275 202 328 276.7 332 276 259 192 309 274.8 333 267 246 194 321 Apparel and Other Finished Textiles. . . Men's clothing, n.e.c Shirts, collars and nightwear Women's clothing, n.e.c Millinery 147.7 126 100 170 96 147.5 147.0 145.3 143.0 149.1 149.0 337.0 127 123 124 122 127 290 101 90 95 85 90 247 168 170 171 169 175 375 95 76 93 179 82 85 345.2 293 246 387 206 343.2 301 253 376 186 336.8 276 235 381 122 329.2 272 212 371 '148 327.2 270 193 377 '163 345.8 286 212 392 206 Leather and Leather Products Leather Boots and shoes 115.> 114.1 104.5 104.8 105.0 105.8 105.2 258.7 262.5 251.7 224.4 234.3 235.0 239.4 100 98 202 93 95 205 202 211 93 92 216 206 215 112 110 99 240 101 234 212 228 104 103 261 250 258 Food and Kindred Products Slaughtering and meat packing. . . Flour Baking Confectionery Malt liquors Canning and preserving 135.6 148 147 125 139 183 91 Tobacco Manufactures Cigarettes Cigars 93.9 93.- 96.. 93. 122 121 128 124 83 83 85 81 137 192 141 192 134.5 143 145 127 130 185 90 140 174 152.9 152 150 134 161 200 130 141 173 146.6 162 149 132 148 193 109 140 169 138.3 158 149 128 133 184 88 337.6 258 466 302 372 408 340.8 261 481 290 374 388 373.6 303 528 335 367 400 371.4 305 525 340 371 350 356.7 305 506 318 350 277 348.4 303 497 307 339 262 425 480 448 471 439 471 467 492 455 481 418 440 401 429 358 353 399 395 201.2 192.4 471.0 465.1 459.1 479.2 474.6 454.3 442.3 437 432 448 190 443 427 420 444 507 496 488 540 '507 201 551 478 611.2 657 483 417 515 632 354 577 249 389 638 455 527 620 358 592 248 387 626 486 593.3 667 469 385 533 639 370 614 249 396 633 490 518 610 375 599 224 384 610 461 502 602 367 608 219 367 620 450 635.5 839 619 289 608.5 808 617 274 607.9 828 605 263 451.2 455.3 444.7 391.2 372.2 363.6 344 339 342 297 310 350 358 413.5 417.2 427.6 499.7 '465.6 '418.2 452 466 550 '504 '450 450 422 425 485 '482 '440 417 168.4 181 178 134.9 134.3 296.6 152 323 146 326 128 243 128 324 181 320 80 239 89., 88.6 122 120 76 76 514 622 352 551 254 398 648 434 89.3 273 367 284 362 288.5 281 318 257 303 321 240 285.8 296 292 250 283 324 227 298 360 340.7 336 352 281 389 377 314 333.5 366 347 280 347 360 280 '312.1 '344 363 265 305 332 227 277 341 395.7 423 426 302.9 308 332 272 291 332 216 210.5 195.7 204.6 223.5 217.9 200.5 193.5 250 240 264 219 247 269 260 169 175 189 187 207 192 188 ' Revised. NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for March 1949 are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 562 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 1948 1949 Jan. Feb. Mar. Nov. 145.4 147 163 133 328.0 330 355 309 328.9 334 353 307 330.8 336 354 305 362 2 356.5 365 358 393 395 345 335 132.9 126 146 132.1 127 144 255.3 254.7 258.5 275.4 280.6 268.8 269.7 259 219 225 229 253 '243 248 291 316 296 293 308 309 307 206.1 238 135 300 372 166 157 162 203.9 239 135 293 367 164 141 180 l55 .0 153.0 155 154 148 149 152.1 154 147 318.1 315.4 320.0 354.9 345.5 349.6 339.2 304 302 346 307 344 338 334 312 358 310 315 347 351 351 164.5 168 163 161. 165 159 157.8 163 154 154.1 160 153 354.9 337.2 320.6 341.9 332.7 320.6 309.8 300 295 344 315 313 289 292 366 379 370 354 347 368 356 184.9 268 224 267 224 169.4 270 167 .9 165 .9 388.2 393.9 394.0 420.8 r406.8 384.2 381.4 272 508 487 579 588 596 489 577 441 432 213 418 424 422 455 455 Feb. Mar. Nov. Dec. Jan. Feb. 147 .8 147 164 139 148.0 148 164 137 151.7 150 169 146 151.1 150 168 144 147.5 148 165 136 Printing and Publishing Newspaper periodicals Book and job 133.5 121 147 132.8 122 145 134.7 127 147 135.2 128 148 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 204.2 238 132 294 350 182 128 188 203.6 237 132 294 354 183 115 202 207.8 235 132 301 375 172 178 152 207.0 234 134 302 375 168 168 152 Products of Petroleum and Coal Petroleum refining Coke and by-products 153.9 153 140 155.4 155 141 157.7 155 148 Rubber Products Rubber tires and inner tubes Rubber goods, other 172.0 182 167 168.9 178 165 Miscellaneous Industries Instruments, scientific Photographic apparatus 181.9 2 AS 221 182.6 245 220 Paper and Paper Paper Paper Allied Products and pulp goods, n.e.c boxes r 217 Mar. 201.9 426.7 491 269 587 669 381 397 475 425.6 489 270 585 678 389 338 482 425.1 488 272 584 675 397 316 540 Dec. Jan. '341.9 '349 381 306 Feb. 335.3 341 381 297 461.9 462.3 459.1 454.2 515 514 535 536 300 305 305 304 638 640 639 622 749 747 708 730 404 395 381 385 540 555 476 415 415 428 450 503 P"or footnote, see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1949 1948 Group Feb. Total Durable Nondurable ... Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 159.8 186.4 138.7 160.1 188.4 137.7 157.1 185.5 134.7 156.7 184.1 135.1 158.8 184.0 138.9 159.8 185.1 139.8 160.1 184.9 140.6 163.3 188.0 143.8 162.8 188.7 142.3 161.2 188.5 139.6 158.6 '•186.4 '136.7 155.3 "•181.1 134.9 Feb. Mar. 153.5 P15O.7 178.3 P174.7 133.9 P131.8 r P Preliminary. Revised. NOTE.—Back figures for Total group from January 1919, and for Durable and Nondurable groups from January 1923, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hourly earnings (dollars per hour) Average hours worked per week Industry group 1948 1948 Jan. Feb. Mar, Feb. All manufacturing.. 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 Mar, 1.376 1.381 1.377 1.372 1.456 1.459 1.458 1.451 1.529 -•1.446 1.520 1.578 .711 .445 .119 .182 .356 1.528 1.450 1.521 1.578 1.702 1.449 1.107 1.182 1.356 1.528 1.445 1.522 1.575 1.653 1.445 1.119 1.182 1.359- .294 1.289 1.289 .189 .124 .143 1.269 1.020 1.336 1.724 1.413 1.754 1 .501 1.30 I 1.18 1.113 1.143 1.265 1.022 1.334 Nov. 1.352 1.352 1.454 40.5 39.6 39.1 40.3 39.7 39.0 41.1 40.3 39.8 40.6 39.7 40.0 40.0 39.4 39.8 40.0 37.5 r41.2 40.5 40.3 39.4 4lA 41.3 40.1 40.1 41.1 '39.8 40.0 39.7 40.6 39. 39.9 39.9 1.409 1.348 1.417 1.482 1.548 1.338 1.080 1.127 1.255 1.412 1.350 1.421 1.472 1.539 .344 .071 .126 .260 1.526 1.528 1.446 1.446 1.520 1.525 1.579 1.585 1.693 1.696 1.440 1.444 1.136 1.160 r 1.188 1.186 1.354 1.352 39.3 38 35.4 37.2 41.8 38.1 38. < 38.5 1.217 .220 1.28 c 36. 36.0 37.5 41.1 35.7 40.9 38.5 40.3 40.7 37.5 39. 1.139 1.098 1.102 1.181 .968 1.245 1.604 1.315 1.581 1.421 1.230 .140 .092 .106 .187 .968 .249 .621 .315 .593 .408 1.229 Mar. Nov. Dec. 40.2 40.4 39. < 40.0 39.4 39.4 38.9 1.28) 40.9 40.4 40.7 40.1 40.0 39.2 40.4 40.4 41.4 39.6 38.1 41.2 41 41.4 39.8 40.6 40.3 41.6 40.3 38.9 41.1 42.3 41. 40.8 40.5 40.3 40.7 39.3 38.6 40.8 41.6 40.8 40.1 39.9 39.9 39.1 40.2 36.7 39.0 41.6 36.2 43.1 39.1 41.1 40 38.5 40.8 38.0 35.9 35.5 41.5 37. 42.9 39.1 41.2 41.4 40.4 40 37.8 38.6 40.6 40.8 Durable goods.. Feb. Mar. Feb. 42.6 39.6 41.4 40.3 38.5 40.5 38.7 37 .4 35.0 37.2 41.5 36.4 '41.5 38.6 41.0 41.2 37.9 '39.9 37.6 35.9 37.6 41.3 35 41.4 38 40.8 40.1 37.6 39.9 Dec 1.287 1.190 1.189 1.099 1.101 1.151 1.146 1.249 1.264 1.016 1.018 1.336 1.330 1.713 1.72: 1.398 1.403 1.763 1.743 1.508 1.499 1.287 1.30: Jan. 1.184 1.098 1.156 1.268 1.030 1.328 1.737 1.759 1.417 1.413 1.747 1.752 1.503 1.495 1 .307 1.303 r Revised. NOTE.—Figures for March 1949 are preliminary. MAY 1949 Back figures are available from the Bureau of Labor Statistics. 563 ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Service Federal, State, and local government l 1 ,419 1 ,462 1 ,440 1 ,401 1 ,374 1 ,394 1 ,586 1 ,656 1 ,719 3,362 3,554 ,708 ,786 3,795 3,891 4,430 4,622 4,681 4,192 4,622 5,431 6,049 6,026 5,967 5,607 5,449 5,658 1 ,698 1 ,697 5,519 5,545 5,567 5,586 5,626 5,710 5,727 ,737 1 ,739 4,730 4,729 4,768 4,738 4,663 4,645 4,622 4,647 4,641 4,644 '4,624 9,697 9,656 9,709 '1 ,720 1 ,715 1 ,711 4,546 4,560 4,620 5,790 5,788 5,762 4,019 4,032 3.974 4,042 4,105 4,136 4,139 4,092 4,091 4,066 4,066 9,520 9,598 9,576 9,617 9,670 9,646 9,660 9,733 9,889 10,034 10,381 1 ,690 4,730 4,729 4,768 4,738 4,663 4,645 4.622 4,647 4,641 4,644 '4,624 5,492 5,546 5,577 5,624 5,607 5,604 5,650 5,801 5,789 5,714 5,994 '3,977 3,957 3,938 9,625 9,513 9,529 r 1,711 4,546 4,560 4,620 5,761 5,759 5,762 Mining Contract construction Transportation and public utilities Trade 10,780 12,974 15,051 17,381 17,111 15,302 14,515 15,901 16,277 916 947 983 917 883 826 852 911 925 1,294 1,790 2,170 1,567 1.094 1,132 1,661 1.921 2,060 3,013 3,248 3,433 3,619 3,798 3,872 4,023 4,060 4,065 7,055 7,567 7.481 7,322 7,399 7,685 8,820 9,450 9,746 44,755 44,791 44,584 44,726 45.053 45,271 45,312 45.654 45,669 45,443 '45,252 16.208 16,246 16,045 16,018 16,172 16,302 16,278 16,556 16.548 16,420 '16.195 920 930 820 936 947 915 944 945 939 937 940 1,945 1,941 1,972 2,032 2,110 2,093 2,106 2,093 2,101 2,120 2,121 4,071 4,069 3,995 4,028 4,056 4,078 4,078 4,085 4,095 4,070 4,084 9,664 9,634 9,721 9,689 9,779 9,791 9,805 9,806 9,817 9,782 9,769 '44,763 44.483 44,184 15,780 15,526 930 928 921 2,095 2,049 1,961 '4,031 4,007 3,974 44,279 44,600 44,299 44,616 45,009 45,098 45,478 45,889 45.877 45,739 r 46,088 16,183 16,269 15,950 15,892 16,115 16,172 16,441 16,697 16,597 16,461 16,283 914 924 817 935 950 922 952 948 941 938 939 1,731 1,805 1,933 2,052 2,173 2,219 2,253 2.239 2,206 2,162 2,079 '44,340 43,997 43,848 '15,890 15,756 15,549 924 922 915 1,906 1,824 1,824 Total Manufacturing 32,031 36,164 39,697 42,042 41,480 40.069 41,494 43,970 45,131 1948—February March April May June July August September October November December 1949—January February March Year or month 1940 1941 1942 1943 1944 1945 1946 1947 1948 DIVISION Finance SEASONALLY ADJUSTED 1 ,696 1 ,699 ', ,700 1 ,737 1 ,752 1 ,741 1 ,740 • 781 788 733 5,780 UNADJUSTED 1948—February March April May June July August September October November December 1949—January February March , , ,697 ,704 ,716 ,726 ,754 ,761 L.732 1,723 ,720 1,722 1,706 1,711 J ' Revised. Includes Federal Force Account Construction. NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. March 1949 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month Total noninstitutional population 2 Total labor force Employed Total l Total In nonagricultural industries In agriculture Unemployed Not in the labor force 100,230 101,370 102,460 103,510 104,480 105,370 106,370 107,458 108,482 56,030 57,380 60,230 64,410 65,890 65.140 60,820 61,608 62,748 55.640 55,910 56,410 55.540 54.630 53,860 57,520 60,168 61,442 47,520 50,350 53,750 54,470 53,960 52,820 55,250 58,027 59,378 37,980 41,250 44,500 45,390 45,010 44,240 46,930 49,761 51,405 9,540 9,100 9,250 9,080 8,950 8,580 8,320 8,266 7,973 8,120 5,560 2,660 1,070 670 1,040 2,270 2,142 2,064 44,200 43,990 42,230 39,100 38,590 40,230 45,550 45,850 45,733 1948—March April May June July August September October November December 108,124 108,173 108,262 108,346 108,597 108,660 108,753 108,853 108,948 109,036 61,005 61,760 61,660 64,740 65,135 64,511 63,578 63,166 63,138 62,828 59,769 60,524 60,422 63,479 63,842 63,186 62,212 61,775 61,724 61,375 57,329 58,330 58,660 61,296 61,615 61,245 60,312 60,134 59,893 59,434 50,482 50,883 50,800 51,899 52,452 52,801 51,590 51,506 51,932 52,059 6,847 7,448 7,861 9,396 9,163 8,444 8,723 8,627 7,961 7,375 2,440 2,193 1,761 2,184 2,227 1,941 1,899 1,642 1,831 1,941 47,119 46,414 46,602 43,605 43,462 44,149 45,176 45,685 45,810 46,208 1949—January February March 109,117 109,195 109,290 61,546 61,896 62,305 60,078 60,388 60,814 57,414 57,168 57,647 50,651 50,174 50,254 6,763 6,993 7,393 2.664 3,221 3,167 47,571 47,298 46,985 1940 1941 1942 1943 1944 1945 1946 1947 1948 .. 1 Includes self-employed, unpaid family, and domestic service workers. Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 2 564 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential building Total Month Factories 1948 1949 1948 1949 1948 615.2 682.0 689 8 873.9 970.8 935.2 962.7 854.1 762 2 778.6 611.2 694.0 483.0 568.5 238.1 232.3 276.5 351.6 369.8 355 3 349.7 337.6 279 7 296.8 264.0 256.7 159.1 193.1 54.1 71.9 55.3 82 2 91.9 103.8 72.9 77.7 53 6 70.7 49.6 56.3 January February l^farch April May June July August September October November December 3,608.0 9,429.6 Year Commercial 1948 1949 839.8 43.6 37.8 Educational 1948 74.5 75.5 78.5 88.8 103 3 83.1 106.3 77 8 80.4 83.8 60.2 62.9 1949 62.6 58.8 58.7 37.8 50.3 55.4 83 8 63.5 103.1 55 8 54.5 48.4 47.0 66.2 975.0 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 1947 1948 1949 1947 1948 1949 38.1 44.7 724 6 Other 1948 1948 53.3 87.2 65.0 111.2 117 0 113.8 112.8 97 4 91.3 113.5 83.5 81.1 77.6 80.6 1949 136.6 177.3 164.3 184.7 205 0 215.7 271.9 207.8 202.7 165.5 106.9 170.9 1949 102.0 153.5 2,155.2 1,127 1 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Public ownership Private ownership 1947 1948 1949 1949 Public works and public utilities Month 1949 1948 Federal Reserve district Mar. 572 442 597 602 675 605 660 823 650 793 715 625 January.... February... March April May June July August September. . October November. . December... Year 615 682 690 874 971 935 963 854 762 779 611 694 7,760 9,430 483 568 748 197 248 181 236 298 338 335 276 259 262 199 278 167 96 143 177 234 226 203 218 193 209 224 207 405 346 453 425 441 379 458 605 457 584 492 418 160 252 282 2,296 3,107 323 317 466 5,464 6,323 Feb. Mar. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 39,188 145,142 42,402 82,298 71,578 82,449 109,514 43,935 32,462 34,338 64,313 22,468 112,506 38,986 46,547 53,120 72,929 71,314 29,784 46,263 29,436 45,114 43,704 86,204 49,606 58,684 88,620 73,037 130,869 47,525 23,719 31,194 56,601 Total (11 districts) 419 434 509 638 673 597 628 579 503 517 413 416 747,619 568,467 689,763 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Year or month 1941 1942 1943 1944 1945 1946 1947 1948 1948—March April May June July August September.. October November. . December. . 1949—January February... March Total 1,172 1,137 935 875 666 755 1,787 3,338 272 292 265 329 286 277 276 318 272 298 269 279 283 1 Property improvement x Small home construction 249 141 87 114 171 321 534 614 49 63 54 59 50 51 48 52 40 49 35 47 45 21 15 1 (8) 7 () (•) 1 (8) 8 () 8 : 2 Mortgages on l - t o 4 - Rental War and and Vetfamily group erans' houses housing housing (Title (Title (Title 2 ID 877 691 245 216 219 347 446 880 53 51 53 72 71 76 92 98 105 117 128 123 135 ID 1949 [In millions of dollars] VI) 13 6 (») 4 3 13 284 603 537 272 85 808 1,836 17Q 177 158 197 164 149 136 168 127 131 7 98 108 102 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 End of month Total 1936—Dec 1937—Dec 1938—Dec 1939—Dec 1940—Dec 1941—Dec 1942—Dec. 1943—Dec 1,199 1,793 2,409 3,107 3,620 3,626 1944—June Dec 365 771 SavCom- M u ings and mer- savloan cial ings banks banks associations 228 430 634 902 1,162 1,465 1 669 1,705 8 27 38 71 130 186 236 256 56 110 149 192 224 254 276 292 3,554 3,399 1,669 1,590 258 260 1945—June Dec 3,324 3,156 1,570 1,506 1946—June Dec 3,102 2,946 1947—June Dec 1948—June Dec Insur- Fedance 8 eral com- agen- Other panies cies 1 41 118 212 342 542 789 1,032 1,134 5 32 77 153 201 234 245 79 27 53 90 133 150 179 163 159 284 269 1,119 1,072 73 68 150 140 265 263 264 253 1,047 1,000 43 13 134 122 1,488 1,429 260 252 247 233 974 917 11 9 122 106 2,860 2,871 1,386 1,379 245 244 229 232 889 899 8 7 102 110 2,988 3,237 1,402 1,429 251 265 245 269 973 1,113 7 9 110 152 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. 2 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 565 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise imports 2 Merchandise exports 1 Month 1945 1,114 1,146 1,326 1,092 P 1 , 0 8 6 1,086 n , 0 2 8 Pi, 139 332 394 531 545 325 365 318 385 437 445 582 P666 1,294 1,414 1,235 PI.121 1947 January February "March 903 798 887 1,029 670 815 April May 1,005 1,135 868 757 851 895 826 June July 1949 1946 1945 878 1948 1946 366 372 406 393 512 474 360 Pi,102 Pi,015 382 463 1948 1949 1945 1946 571 561 664 405 352 431 583 709 882 547 504 P473 P528 P549 P616 639 764 508 351 457 496 782 940 111 1948 431 450 422 400 339 377 473 P558 P600 P558 536 378 175 395 461 266 705 745 639 347 325 298 394 478 529 492 455 603 P598 P550 P72O 109 314 439 142 508 567 743 687 511 711 968 1,127 1,132 757 1,292 P460 P424 P27O P564 657 P497 P461 P390 P368 883 643 Pi,019 P990 P926 October November.... December.... 455 639 737 537 986 1,097 1,235 1,141 1,114 Pl,021 P820 Pi,284 1,790 1,468 2,260 2,178 P2,114 1949 P593 P553 P399 P589 P568 1947 361 738 514 1,155 1,145 1,112 358 August September. . . Jan.-Feb 1947 Excess of exports Pl.157 1,051 P957 Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [In millions of dollars] F R E I G H T C A R L O A D I N G S , BY CLASSES [Index numbers, 1935-39 average = 100] Forest Total Coal Coke Grain Live- prod- Ore stock ucts Mis- Mercel- chanlane- dise ous l.c.l. Annual 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 101 109 130 138 137 140 135 132 143 138 98 111 123 135 138 143 134 130 147 141 102 137 168 181 186 185 172 146 182 183 107 101 112 120 146 139 151 138 150 136 96 96 91 104 117 124 125 129 107 88 100 114 139 155 141 143 129 143 153 149 110 147 183 206 192 180 169 136 181 190 101 110 136 146 145 147 142 139 148 146 97 96 100 69 63 67 69 78 75 68 SEASONALLY ADJUSTED 1947—December. . . 1948—January February.... March April J May T June July August September. . . October November. . . December. . . 1949—January February.... March 149 155 191 138 96 158 190 156 74 144 138 130 130 141 139 138 142 139 140 137 137 155 151 98 105 163 153 144 153 149 147 138 131 183 178 162 137 185 187 183 194 192 194 198 192 131 103 109 123 129 144 158 144 127 150 155 147 84 76 79 105 96 86 86 80 85 93 90 85 153 140 156 173 213 213 191 185 182 182 178 178 201 69 71 »73 70 69 66 64 66 66 68 66 62 131 126 120 130 124 79 189 187 174 125 113 139 79 75 77 141 139 150 165 162 152 149 144 139 129 112 117 152 146 150 145 143 140 141 145 144 145 144 148 175 185 236 141 136 138 60 61 60 139 155 201 130 92 141 59 147 155 151 98 105 163 153 144 153 149 147 138 131 193 189 81 61 62 94 86 74 66 76 113 143 114 82 137 135 146 141 145 156 165 171 164 158 141 123 39 43 r 50 212 277 296 296 273 273 240 196 62 139 137 134 183 183 177 187 190 190 198 201 131 101 100 108 113 147 189 156 142 150 152 138 143 144 144 142 146 156 159 149 139 65 69 73 70 69 66 63 67 70 71 68 60 May June July August September. . . October November. . . December. . . 1949—January February.... March 120 117 111 130 124 79 198 198 175 125 111 128 76 60 61 116 107 117 44 46 68 129 128 131 57 58 61 Net railway operating income 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,628 8,687 *>9,672 P8,67O 589 682 998 1,485 1,360 1,106 852 620 780 Pl.002 P700 767 781 761 726 795 707 710 705 684 701 June. 60 71 55 42 94 28 38 22 9 62 856 719 137 102 819 842 836 845 833 811 727 744 737 756 752 739 92 99 99 89 81 72 57 65 65 56 49 40 1949—January February. . . 768 740 703 688 64 51 34 21 1948—January February... March April May June July August.... September.. October.... November.. December. . 751 716 777 729 796 838 842 868 845 878 825 807 709 676 716 676 706 713 737 752 734 767 741 742 41 39 61 53 90 125 105 116 111 111 84 65 19 18 35 27 64 94 76 86 83 84 62 50 1949—January February... 731 676 697 646 33 30 P5 Annual 1939 1940 1941 1942. . . . 1943 1944 1945 1946 1947 1948 3,406 3,614 4,348 5,982 7,695 8,331 8,047 7,009 7,904 Net income 93 189 5C0 902 873 667 450 289 490 SEASONALLY ADJUSTED 71 133 129 122 128 143 144 143 146 150 151 141 128 146 r l73 UNADJUSTED 1947—December. . . 1948—January February.... March April. . . . Total railway Total operating railway revenues expenses 1948—January February... March April May July August.... September.. October November.. December. . UNADJUSTED '164 '143 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. 566 12 P Preliminary. 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 United States Year or m o n t h Boston New York 140 148 162 176 221 234 239 128 135 150 169 220 239 248 143 151 167 184 235 261 283 f-235 255 262 262 259 256 254 252 229 247 Phila- Clevedelphia land district San Francisco Richmond Atlanta Chicago St. Louis 153 167 182 201 257 281 303 170 194 215 236 292 304 321 162 204 244 275 345 360 386 149 161 176 193 250 275 290 158 179 200 227 292 314 335 129 148 164 185 247 273 288 149 184 205 229 287 311 325 157 212 245 275 352 374 404 171 204 224 248 311 336 353 263 278 284 283 288 289 295 307 269 287 270 295 320 306 313 308 316 316 293 317 303 327 318 327 321 319 338 330 306 346 368 390 394 397 392 402 402 396 362 405 274 289 289 299 312 295 299 292 283 297 318 343 340 346 355 354 362 338 321 338 278 283 306 291 294 292 291 311 279 281 307 337 336 328 322 336 329 343 320 332 T-387 T-338 448 418 406 436 419 423 388 390 397 362 365 372 365 383 355 336 323 368 378 358 376 335 295 320 Minne- Kansas Dallas apolis City 1 SALES 2 1942 1943 1944 1945 1946 1947 1948 . 150 168 187 207 264 286 302 . SEASONALLY ADJUSTED 1948—March April May June July August September October November December.. 1949—January... February March r285 306 310 311 315 312 312 306 287 310 .... 2 2 2 2 2 2 2 2 2 2 2 4 4 5 5 3 5 3 2 4 8 3 2 2 5 7 2 2 8 5 287 274 ?27O 246 234 P2O7 243 229 220 279 258 252 303 277 265 301 299 290 359 357 353 271 265 254 290 310 309 271 262 P267 7-278 288 P294 285 288 300 289 243 259 319 328 357 495 228 231 240 242 176 175 260 258 285 428 ••235 237 252 246 181 187 257 280 298 414 ••283 262 287 266 207 217 295 322 356 480 284 280 304 288 244 268 320 338 366 491 '318 295 311 294 235 260 357 359 388 575 387 367 375 333 314 354 410 424 434 635 266 283 289 290 243 248 305 313 345 460 318 326 333 311 277 305 366 362 404 517 263 284 294 277 238 261 316 343 334 431 301 320 326 301 270 303 343 360 374 502 T-387 9 3 5 1 5 4 7 5 8 326 333 339 338 311 338 355 346 391 582 226 227 P254 187 180 P192 194 192 209 209 199 249 230 227 254 224 239 274 287 314 339 216 212 239 238 261 287 203 202 P242 -222 250 P279 306 315 353 271 266 288 180 155 162 166 213 255 291 165 142 147 153 182 202 223 181 143 150 160 195 225 241 167 141 148 150 191 220 251 182 144 151 156 205 243 277 191 175 190 198 250 289 321 178 161 185 188 258 306 366 186 160 161 159 205 246 281 176 152 159 166 225 274 314 171 151 169 165 211 266 326 159 152 157 158 210 259 301 161 159 177 190 250 321 395 190 174 178 183 238 300 347 -309 '308 r 296 284 '277 '2 71 r277 »-284 r302 7-304 240 238 228 212 204 204 215 220 233 229 '248 244 243 241 242 242 243 236 242 236 262 264 257 248 238 236 238 251 264 256 290 290 277 267 258 261 265 269 296 293 334 340 337 304 308 289 297 311 339 335 370 379 368 343 333 330 348 362 402 450 304 293 289 275 264 257 264 276 296 295 329 331 313 302 293 292 302 317 325 329 343 363 333 325 321 310 316 310 325 335 7-311 7-306 420 422 417 396 358 364 378 370 402 419 388 386 347 335 328 302 312 329 356 365 285 286 P293 221 214 226 228 224 232 240 237 P248 274 275 285 316 304 316 360 369 365 283 285 283 303 313 323 311 308 P311 384 406 413 338 352 362 303 308 297 278 274 287 304 318 330 262 233 233 226 204 198 215 232 249 265 206 254 251 247 228 215 242 256 267 278 215 ••262 270 259 235 226 245 262 287 290 218 287 295 280 262 257 275 290 305 319 245 333 342 330 291 304 325 333 355 360 279 370 376 357 346 343 356 383 406 422 366 294 293 289 270 258 275 293 309 326 265 319 331 313 302 305 318 336 355 347 276 345 347 331 315 326 329 341 345 347 294 399 409 396 384 387 411 423 419 431 352 360 381 360 341 347 332 352 364 377 299 250 265 *>287 196 202 219 201 218 238 208 '230 P248 240 255 282 269 287 314 324 343 365 244 260 275 260 282 314 283 294 P312 345 361 392 297 309 337 UNADJUSTED 1948—March .. April May June July August September October November. December.. . 1949—January.. February. . . March 3 3 3 3 3 4 4 4 6 9 9 4 3 6 4 2 7 4 STOCKS 2 1942 1943 1944 1945 1946 1947 1948 SEASONALLY ADJUSTED 1948—March April May June July August September October November December 1949—January... February.. . March .... ... r T-303 300 T-301 "299 7-300 T-297 T-296 T-296 T-292 T-282 P287 UNADJUSTED 1948—March April May June July August September October November December 1949—January.... February March T-318 315 309 300 295 293 307 317 326 263 T-266 276 P293 r P Preliminary. Revised. Stocks indexes revised beginning January 1942; back figures available from Federal Reserve Bank of Kansas City. 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. N O T E . — p o r description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 1 2 MAY 1949 567 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Department Number of stores reporting Per cent change from a year ago (value) Sales during period Feb. 1949 2 mos. 1949 GRAND TOTAL—entire store 3 . . . 360 MAIN STORE—total 360 A 320 298 194 168 188 313 282 249 247 -7 -13 -15 -15 -9 -1 -12 -14 -13 -9 Small wares Laces, trimmings, embroideries, and ribbons... Notions Toilet articles, drug sundries Silverware and jewelry 4 Silverware and clocks Costume jewelry 4 Fine jewelry and watches 4 Art needlework Books and stationery Books and magazines Stationery 349 214 249 331 323 210 274 78 249 277 151 235 Women's and misses' apparel and accessories Women's and misses' ready-to-wear accessories Neckwear and scarfs Handkerchiefs Millinery Women's and children's gloves Corsets and brassieres Women's and children's hosiery Underwear, slips, and negligees Knit underwear Silk, and muslin underwear, and slips. . . . Negligees, robes, and lounging apparel Infants' wear Handbags and small leather goods Women's and children's shoes Children's shoes 4 Women's shoes 4 Women's and misses' read-to-wear a p p a r e l . . . . Women's and misses' coats and suits Coats 4 Suits 4 Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear Womens' and misses' dresses Inexpensive dresses 4 Better dresses 4 Blouses, skirts, and sportswear Aprons, housedresses, and uniforms Furs 357 357 314 287 173 333 343 351 349 259 293 252 330 337 247 212 224 357 348 215 203 318 297 320 344 260 273 345 295 277 Men's and boys' wear Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers 334 258 319 304 193 Houseffurnishings Furniture and bedding Mattresses, springs and studio beds 4 Upholstered and other furniture 4 Domestic floor coverings Rugs and4carpets 4 Linoleum Draperies, curtains, and upholstery Lamps and shades China and glassware Major household appliances Housewares (including minor appliances) Gift shop 4 Radios, phonographs, television, records, etc. 4 . Radios, phonographs, television 4 Records, sheet music, and instruments 4 . . . . 324 243 163 167 279 154 102 304 250 251 247 262 163 229 186 152 Miscellaneous merchandise departments. . . 323 297 239 143 262 191 Stocks (end of mo.) Toys, games, sporting goods, a n d cameras . . . . Toys and games Sporting goods a n d cameras Luggage Candy4 -3 +1 +2 +3 -3 +1 +6 +6 +10 -2 -5 +2 -1 +20 c -10 -10 -4 -15 +4 -2 -4 + 14 + 10 -1 0 -16 -4 -2 -5 -8 -4 -5 -6 -14 -4 -2 -4 -1 -8 -5 -3 -6 -15 -1 -2 -6 -2 -9 -4 -6 p -15 -17 -17 -14 -8 -13 -3 -6 +2 +1 +4 +6 +3 -11 2 -7 -9 -2 -5 +1 -7 -7 -7 -4 -3 -1 -4 -6 +1 -6 -7 -1 +3 +8 -2 -2 ? +2 -10 -2 * 7 +5 -1 -22 -12 -17 -4 -8 2 -3 +8 +2 +22 -8 -3 -11 -4 +2 +4 o -7 -6 -6 +5 +6 + 1 + 1 -12 -16 -9 -17 -7 -12 -2 -7 -6 -3 -1 -3 -7 -6 n -4 -5 +4 +5 +3 +2 +5 +2 -10 -9 -23 -7 -6 -20 +3 +10 +5 +3 +8 +1 -36 -3 -35 -5 +1 1 +5 +1 1 -12 -4 -7 +7 +7 + 17 -16 -15 +6 +5 -5 2 +9 n -12 -2 +2 +1 -13 +4 + 13 +14 -7 -9 -6 +17 +5 -4 +1 -5 -8 -4 -8 -12 -2 -18 +3 February Sales during period 1949 Feb. Stocks at end of month 1948 Jan Feb. 1949 Feb. 1948 Jan. Feb. +2 +8 -3 -5 -27 3.5 3.5 3.7 + 15 +1 +2 +2 +9 +2 +6 0 -15 -4 0 -4 -5 -1 0 -9 -4 -17 -4 Index numbers without seasonal adjustment 1941 average monthly sales=100 2 Feb. 1949 -3 Piece goods and household textiles Piece goods Silks, velvets, and synthetics Woolen dress goods Cotton wash goods Household textiles Linen and towels Domestic—muslins, sheetings Blankets, comforters, and spreads Ratio of stocks to sales i 3.7 159 172 166 593 565 618 3.4 3.0 2.8 2.9 3.0 4.0 4.4 3.2 4.3 3.4 2.5 2.4 2.1 2.9 4.4 5.1 3.4 4.8 180 271 249 306 248 135 130 159 115 283 254 234 292 230 298 269 442 213 193 312 294 360 271 134 128 155 119 626 813 697 899 746 536 580 505 487 614 764 670 943 693 533 621 486 533 663 793 706 731 773 602 647 518 597 3.7 4.1 3.6 3.9 4.5 5.5 2.8 8.7 3.2 3.1 2.4 3.4 4.0 3.4 3.4 4.3 5.0 4.9 3.8 9.1 3.3 3.3 2.9 3.5 151 169 183 122 153 154 156 195 136 139 149 203 190 120 145 565 687 662 475 691 557 588 644 481 657 598 684 670 523 718 178 163 159 155 207 155 159 149 174 159 146 157 572 501 386 535 589 517 435 554 595 538 424 569 3.0 3.4 2.6 3.4 1.6 4.7 3.2 2.0 3.2 3.1 3.4 2.4 3.4 2.9 5.6 5.8 5.5 2.6 2.4 2.2 2.4 2.9 2.3 3.7 2.3 1.8 2.8 3.0 2.3 4.1 3.1 3.5 2.7 3.9 1.9 5.3 3.4 2.1 3.2 3.2 3.1 3.1 3.7 3.5 5.4 5.9 5.3 2.6 2.2 2.2 2.0 2.9 2.3 3.7 2.3 2.0 2.6 2.8 2.7 4.3 162 151 198 131 132 109 212 121 155 172 150 143 191 124 153 170 148 184 115 108 112 229 113 157 190 157 149 195 107 156 170 160 231 137 135 113 213 132 163 163 168 146 205 123 164 487 515 519 445 213 518 673 243 502 539 525 357 662 362 857 443 475 463 435 162 446 630 234 475 531 511 379 598 328 796 523 569 617 532 262 601 739 278 518 517 526 457 761 441 904 174 208 194 244 181 215 459 502 411 437 474 466 184 202 172 169 177 210 149 176 195 208 190 174 529 472 630 383 449 434 501 338 576 490 714 405 192 164 81 210 189 137 206 156 92 577 377 330 513 352 349 574 415 387 5.1 5.7 4.2 5.7 7.0 4.9 4.6 4.4 6.0 6.8 122 128 121 114 115 144 186 124 114 132 130 145 123 123 122 622 733 508 654 809 565 670 465 539 765 643 681 552 750 845 4.5 4.1 2.1 4.4 5.2 5.3 5.6 4.5 3.4 7.1 4.8 4.2 5.2 3.9 3.7 4.8 4.3 4.1 2.4 4.4 4.2 4.2 4.7 5.1 4.1 6.4 2.9 4.2 5.7 4.3 4.4 4.4 177 187 177 166 185 180 805 756 796 767 803 754 184 192 896 855 803 155 174 138 168 205 154 177 137 188 203 151 159 132 262 212 702 607 987 808 853 655 599 958 831 806 776 648 851 789 903 3.4 7.5 7.2 7.5 4.8 1.2 3.6 6.9 7.0 6.6 5.3 1.6 144 77 59 84 145 143 59 31 72 163 150 83 57 99 137 504 581 424 633 698 547 561 377 550 702 537 581 404 661 736 For footnotes see following page. 568 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Courting SALES AND STOCKS BY MAJOR Number of stores reporting Department DEPARTMENTS—Continued Per cent change from a year ago (value) Stocks (end of mo.) Sales during period Feb. 1949 Two mos. 1949 Ratio of stocks to sales i Index numbers without seasonal adjustment 1941 average m o n t h l y s a l e s = 1 0 0 Stocks at end of month Sales during period February 1948 1949 Feb. 1949 1949 -10 2.7 3.0 -13 2.8 -6 -8 -3 2.2 2.4 2.1 1.4 2.1 3.0 3.1 2.4 2.6 2.0 1.9 2 2 -15 -14 -10 -17 -20 3.3 3.1 3.2 3.0 3.9 1948 3.3 3.3 -3 -3 -3 -2 -4 1949 3.3 -9 -8 -2 —7 -15 -16 -10 2 +2 +6 +3 +1 1948 Feb. BASEMENT STORE—total . 203 0 Domestics and blankets 4 140 W o m e n ' s and misses' ready-to-wear Intimate apparel 4 Coats and suits 4 Dresses * Blouses, skirts, and sportswear 4 Girls' wear 4 4 Infants' wear 198 173 183 175 155 124 116 +1 +1 +3 Men's and boys' wear Men's wear 4 Men's clothing 4 4 Men's furnishings Boys' wear 4 162 145 92 115 119 -9 -5 -2 -2 -4 -1 -5 Housef urnishings... 101 +6 +5 -9 Shoes 128 0 -3 -4 NONMERCHANDISE—total 4 177 +3 (5) (5) + 12 (5) (5) Feb. Feb. Jan. Feb. (5) 98 +3 + 11 Jan. (5) . Barber and beauty shop 4 -8 + 16 -1 + 16 152 167 151 403 368 454 159 167 157 343 304 381 3.8 3.6 3.4 3.6 4.6 140 154 144 465 434 556 3.0 3.4 158 151 148 465 430 512 4.7 4.9 109 121 108 512 465 533 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 tack years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 567. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included 5 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. AND OUTSTANDING ORDERS AT 296 DEPARTMENT STORES 1 Without seasonal adjustment Amount (In millions of dollars) 1947 Year or month 1948 June 7. .. . . 293 June 5 Sales (total for month) Stocks (end of month) average, average, average, average, average, average. average. average, average, average. 128 136 156 179 204 227 255 318 336 351 344 353 419 599 508 534 563 714 824 910 1948—March.... April May '354 331 339 336 268 295 357 387 411 594 938 919 859 827 893 944 1 058 1 053 818 '419 356 339 462 551 545 539 507 379 292 253 P318 785 848 P910 .282 .304 .310 .262 .265 .217 .236 .231 .235 .261 .258 .271 .255 .308 .285 .337 .319 .32/ .336 .331 .344 .319 .320 .346 .371 .347 Dec. 1947 6 13.... 20 27.... .508 Dec. .570 .576 .358 1948 4 . . 485 388 378 P314 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 June July August . . . September. October. . . November. December. 1949—January.. February. March. . . July 108 194 263 530 560 729 909 552 466 Aug. Sept Oct. r P Preliminary. Revised. These figures are not estimates for all department stores in the 1 Nov. 14... . .300 21. .. . .256 28... ..245 5 . . . . .208 July 12... ..228 19. .. . .217 26... . .213 2 . . . . .220 9. .. . .223 Aug. 16... . .225 2 3 . . . ..243 30... . .277 6. .. . .265 Sept. 13... . .291 20. .. . .301 27... ..316 4 . . . . .326 Oct. 11... . .304 18... . .299 25. .. . .306 1... ..313 8 . . . ..347 Nov. t 5 . . . ..380 22... ..395 29... ..367 12... 19 26.... 3 10... 17 24 31 7.... 14 21 28 4 11 18 25 2.... 9 16.... 23.... 30.... 6 13.... 20 27 1948 .204 Jan. 3 1 0 . . . . .251 .232 17 .226 24 .233 31 .240 Feb. 7 Feb. .238 14 21 .. . .240 28 .. . 248 .266 Mar. Mar. 6 13 .. . .2 79 2 0 . . . .313 27 . . .331 Apr. 3 . . . .280 Apr. .298 10 .294 17 .296 24 May 1 .. . .300 8 . . . . . 330 M a y 1 5 . . . . .293 22 .. . .295 .297 29 Jan. 11 564 1 8 . . . . .576 25 .473 1949 204 1 8 . . . . .272 15 .244 2 2 . . . . 230 2 9 . . . . .218 229 5 1 2 . . . .238 19 .. . 227 26 . . . .232 5 .. . 244 256 12 19 .261 26 .. 277 2 .301 9 .320 16 .314 23... . .256 30... . .287 7 14 21 28.... NOTE.—Revised series. For description and back figures, see pp. 874-875 of BULLETIN for September 1944. United States. Back figures.—Division of Research and Statistics, MAY 1949 569 DEPARTMENT STORE STATISTICS—Continued SALES B Y F E D E R A L R E S E R V E D I S T R I C T S A N D B Y CITIES [Percentage change from corresponding period of preceding year] 3 Mar. Feb. mos. 1949 Mar. Feb. 3 1949 1949 mos. 1949 United States.. P-11 Boston p-16 New Haven. . . . —9 Portland -15 -14 Boston Area Downtown -14 Boston Springfield -15 -14 Worcester Providence -17 New York l -11 Bridgeport .. . . Newark * Albany Binghamton.... Buffalo * Elmira N i a g a r a Falls.. . N e w Y o r k City 1 Poughkeepsie.. . Rochester l Schenectady. . . Syracuse x Utica Philadelphia... x Trenton Lancaster * Philadelphia i . . Reading * Wilkes-Barre ».. York1 Cleveland 1 Akron Canton i Cincinnati*. . . . Cleveland i Columbus ! Springfield i Toledo1 Y o u n g s t o w n 1. . -13 -11 -4 -20 -8 -19 -13 -11 -20 -16 -10 Q -17 -12 j -12 -12 -7 -19 -16 -10 -7 -6 -14 -10 -8 -13 -9 +1 - 5 P-7 Cleveland-cont. -4 Erie * - / v-S l -10 0 - 6 Pittsburgh . . . . - 1 9 Wheeling i - 4 -10 -13 - 3 Richmond l +2 -3 Washington .. . -2 -14 +3 Baltimore -1 - 5 Hagerstown. . . . - 1 8 -5 - 8 Raleigh, N. C. . - 6 -5 - 9 Winston-Salem. - 2 2 -7 — 5 - 7 Charleston, S.C. -10 -10 - 8 Columbia -20 -7 - 8 Greenville, S. C. - 2 2 Lynchburg + 9 +5 Norfolk -11 - 9 Richmond -3 -12 +3 - 1 Charleston, - 9 -12 -10 W. Va +5 - 2 Huntington -16 -6 -8 -12 + 15 - 3 Atlanta l -13 - 9 Birmingham . . -5 -27 +7 - 1 Mobile l - 2 1 - 1 1 Montgomery . . - 2 0 -2 - 7 Jacksonville *... - 2 0 -9 Miami 1 -8 Orlando -8 -12 0 l +3 -11 -1 - 4 Tampa l -15 -11 - 9 Atlanta -12 Augusta -18 + 1 - 4 Columbus - 1 1 - 1 2 Macon : -25 -7 -5 -25 Rome -19 -3 -4\ Savannah -9 -1 - 4 Baton Rouge *.. L j i - 3 New Orleans . . l -2 -4 - 8 Jackson -21 -3 - 4 Meridian -21 0 - 1 Bristol - 8 Chattanooga x . . - 2 4 -3 l — 1 - 4 Knoxville -3 -20 +2 +2 Nashville i +6 -2 0 -4 +8 -4 -7 +5 -12 +4 +5 -4 -6 Mar. Feb. I 3 1949 1949 mos. i 1949 Chicago +3 Chicago * - 2 Peoria 1 - 6 ! Fort Wayne l . \ Indianapolis .. -8 + 1 Terre Haute \. - 8 Des Moines. . . 1 - 1 1 Detroit 1 - 1 Flint - 1 4 Grand Rapids. 0 Lansing *... 0 Milwaukee 1 - 8 Green Bay .. . - 1 4 Madison c St. Louis. -2 -7 +5 -1 -10 -6 -3 -21 -10 -16 -9 -1 -4 -6 -6 -15 -3 -2 -4 -3 +1 -3 -7 -13 +3 +6 + 12 0 -5 -10 -9 Fort Smith Little R.ock i. . Evansville.... Louisville l.. . . Quincy East St. Louis. St. Louis i. . . . St. Louis Area. Springfield.... Memphis l . . . . Minneapolis. . Minneapolis K. St. Paul 1 DuluthSuperior l . . . . Kansas City. . -10 -8 -7 -10 -17 -16 -8 0 +i; +3; —14 -13 +5 -5 | Denver Pueblo Hutchinson. . . Topeka Wichita Kansas City... Joplin St. J o s e p h . . . . Lincoln Omaha -9 -7 —9 -11 -7 -8 -6 -4 -1 -8 0 -41 -2 -3 -7 —4 -9 -10 -3 -6 -4 -6 Mar. Feb. 1949 1949 mos. 1949 Kansas City— cont. Oklahoma City. Tulsa o -6 Dallas -9 -4 Shreveport 2 -10 Corpus Christi.. —8 + 1 +9 +4 Dallas i -10 - 2 3 - 1 7 Fort Worth -17 Q — 11 +4 Houston 1 -11 - 7 San Antonio.... - 1 0 -17 -1 -9 -8 - 3 San Francisco.. v-12 1 — 10 - 5 Phoenix -10 — 19 -8 +7: - 2 Tucson -15 Bakersfield1 - 1 4 + 20 0 1 — Fresno - 2 1 - 1 1 - 1 5 Long Beach x.. . - 111 7 —7 -4 1 - 1 5 - 8 : - 1 2 Los Angeles .. . P - 1 6 Oakland and -7 - 6 -10 -10 Berkeley 1 -10 - 1 - 7 Riverside and —9 - 1 -7 - 1 9 - 1 2 - 2 0 San Bernardino - 1 3 l Q - 8 + 7| + 1 Sacramento. .. . .. - 1 3 San Diego l . - 2 P-7 p-8 —7 San Francisco l. - 4 San Jose l -2 — 10 -6 - 1 3 - 1 1 -10 Santa Rosa l. . . - 1 1 P-13 Stockton -7 +4 - 3 Vallejo and - / p-8 P-7 Napa x . . . . . . . . - 2 2 -3 -9 - 6 Boise and -12 - 1 1 - 3 -12 Nampa -10 - 3 - 1 1 -12 Portland - 8 +2 - 8 Salt Lake City \ - 2 l i + 10 + 1 Bellingham . . . - 6 l P-9 -11 - 2 - 1 0 Everett —4 -6 - 9 Seattle * x c -6 - 9 Spokane l —5 -6 - 5 - 1 0 Tacoma x. . . . -2 +2 - 4 - 4 Yakima +1 0 0 -11 -7 -3 -6 0 -3 -7 -6 -5 -11 +1 r+8 -3 -1 —5 -8 - 9 p-10 c — 10 — 11 -11 -10 -12 —9 -10 —3 -12 -11 P - 1 1 -3 -6 —7 -11 -5 -7 -3 —4 -7 -4 -8 -3 0 -4 -2 P - 8 —9 -18 -13 -13 -13 -12 -12 -9 -19 -14 -27 P-20 -5 -6 Q -9 — 14 — 11 -4 -6 r P Preliminary. Revised. Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 1 COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 1 0 0 ] All items Food Apparel Rent Fuel, electricity, and refrigeration House furnishings Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 100.2 105.2 116.5 96.6 105.5 123.9 138.0 136.1 139.1 159.6 193 8 210.2 101.7 106.3 124.2 129.7 138.8 145.9 160.2 185 8 198.0 104.6 106.2 108.5 108.0 108.2 108.3 108.6 111 2 117.4 99 7 102.2 105.4 107.7 109.8 110.3 112.4 121 2 133.9 100.5 107.3 122.2 125.6 136.4 145.8 159.2 184.4 195.8 101.1 104.0 110.9 115.8 121.3 124.1 128.8 139.9 149.9 202.3 207.9 216.8 216.6 215.2 211.5 207.5 205.0 196.3 196.4 197 5 196.9 197.1 199.7 201.0 201.6 201.4 200.4 116.3 116.3 116 7 117.0 117.3 117.7 118.5 118.7 118.8 119.5 130 3 130.7 131 8 132.6 134.8 136.8 137.3 137.8 137.9 137.8 194.9 194.7 193.6 194.8 195.9 196.3 198.1 198.8 198.7 198.6 146.2 147.8 147 5 147.5 150.8 152.4 152.7 153.7 153.9 154.0 204.8 199.7 201.6 196 5 195.1 193.9 119.7 119.9 120.1 138.2 138.8 138.9 196.5 195.6 193.8 154.1 154.1 154.4 Year or m o n t h 1940 1941 1942 1943 1944 , . 1945 1946 1947 1948 123.6 125.5 128.4 . . 139.3 159 2 171.2 . . 1948—March April May June July. August September October November December 1949—January February.... March . . . . 166.9 169.3 170.5 171.7 173.7 174.5 174.5 173.6 172.2 171.4 170 9 169.0 169.5 210 9 214.1 Back figures.—Bureau of Labor Statistics, Department of Labor. 570 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All 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 8 121.1 152 1 165 0 104.9 88.3 64.8 48.2 51 4 65.3 78.8 80.9 86.4 68.5 65.3 67.7 82.4 105.9 122.6 123.3 128.2 148.9 181 2 188.3 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 73.6 70.4 71.3 82.7 99.6 106.6 104.9 106.2 130.7 168.7 179.1 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 83.0 89.0 95.5 96.9 98.5 99 7 109.5 135 2 150.7 1948—March . .. April May June July August September October November December 161.4 162.8 163.9 166.2 168 7 169.5 168 7 165.2 164.0 162.3 186.0 186.7 189.1 196.0 195.2 191.0 189.9 183.5 180.8 177.3 173.8 176.7 177.4 181.4 188.3 189.5 186.9 178.2 174.3 170.2 147.7 148.7 149.1 149.5 151 1 153.1 153.3 153.2 153.5 153.0 1949—January February March 160 6 158.1 158.4 172.5 168.3 171.3 165.8 161.5 162.9 152.9 151.8 150.8 Week ending:1 1949—Mar 2 9 16 23 30 Apr 6 13 20 27 159 0 158.9 158.4 . . . 158.2 158.1 158 0 157.6 156.9 156.1 171.0 172.3 170.6 170.8 170.8 171.5 171.1 171.1 169.4 165.8 163.4 162.9 163.2 162.9 164.7 164.2 163.4 162.9 151.4 151.4 151.2 150.8 150.7 149 7 149.4 148.4 147.9 Year, month, or week 1929 1930 1931. 1932 1933 1934 1935 1936 1937 1938.. . 1939 1940 1941 . . 1942 1943 1944 1945 1946 1947 1948 . . . . Total 1948 Fu el Metals an d and Textile prod- ligh ting metal ma te- products ria s ucts 90. 4 80 3 83 .0 78 s 54. 9 64 8 72 9 70 9 71 5 76 3 66 7 69 7 73 8 84 8 96 9 97 4 98 4 100 1 116 3 141 7 70 .3 66 73 .3 73 .5 76 .2 77 .6 76 73 .1 71 7 76 .2 78 .5 80 8 83.0 84 0 90 .1 108 7 H4 1 100.5 92 A 84.5 80.2 79 8 86.9 86.4 87.0 95.7 95 7 94.4 95.8 99.4 103.8 103 8 103.8 104 7 115.5 145 0 163 6 8 3 2 6 4 9 9 9 5 7 146 \ 145 2 143 7 130 .9 131 .6 132 .6 133 .1 135 7 136 .6 136 7 137 .2 137 .3 137 .0 155.9 157.2 157.1 158.5 162 2 170.9 172 0 172.4 173.3 173.8 H7 1 135 .9 134 .4 175 6 175.5 174.4 H4 7 175 3 175.2 175.1 175.1 174.6 174 0 173.5 171.5 170.5 66 67 148 6 149 150 150 149 149 148 147 146 147 146 144 6 144 5 144 0 141.7 141.6 141.2 140 2 139 3 139 3 134 .8 134 S 134 .4 13 .4 " 8 132 .5 131 5 131 .5 Farm Products: Grains Livestock and poultry Other farm products Foods: Dairy products.. . . Cereal products... Fruits and vegetab es Meats Other foods Hides and Leather Products: Shoes Hides and skins. . . Leather .. Other leather product" . . . 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 Dec. Manufactured products 82.6 77.7 69.8 64.4 62 5 69.7 68.3 70.5 77.8 73.3 74.8 77.3 82.0 89.7 92.2 93.6 94.7 100.3 115 5 120.5 97.5 84.3 65.6 55.1 56 5 68.6 77 A 79.9 84.8 72 0 70.2 71.9 83.5 100.6 112 1 113.2 116 8 134.7 165 6 178 4 94.5 88 0 77 0 70.3 70 5 78.2 82.2 82.0 87.2 82 2 80.4 81.6 89.1 98.6 100 1 100.8 101 8 116.1 146 0 159 4 142.0 142.3 142.6 143.2 144 5 145.4 146 6 147.5 148.2 148.4 120.8 121.8 121.5 121.5 120 3 119.7 119 9 119.0 119.2 118.5 174.7 175.5 177.6 182.6 184 3 182.0 181 0 177.0 175.2 172.1 155.8 157.6 158.5 159.6 162 6 164.6 163 9 160.2 158.7 157.5 184 8 126.3 148.1 182.3 122.8 148.3 180.4 121.1 148.1 All other 130 9 130.8 131.1 131.2 131.3 130 7 131.0 130 7 129.8 117.3 115.3 115.7 169 3 165.8 167.2 156 2 154.0 154.1 Miscellaneous 95.4 89.9 79.2 71.4 77 0 86.2 85.3 86.7 95.2 90 3 90.5 94.8 103.2 110.2 111 4 115.5 117 8 132.6 179 7 199 0 109.1 100.0 86.1 72.9 80 9 86.6 89.6 95.4 104.6 92 8 95.6 100.8 108.3 117.7 117 5 116.7 118 1 137.2 182 4 188 0 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77 0 76.0 77.0 84.4 95.5 94 9 95.2 95 2 101.4 127 3 135.1 94.3 92.7 84.9 75.1 75 8 81.5 80.6 81.7 89.7 86.8 86.3 88.5 94.3 102.4 102.7 104.3 104 5 111.6 131 1 144.5 193.1 195.0 196.4 196.8 199 9 203.6 204 0 203.5 203.0 202.1 185.4 186.1 188.4 187.7 189 2 188.4 187 5 185.5 186.2 185.3 136.1 136.2 134.7 135.8 134 4 132.0 133 3 134.8 133.9 130.6 r 202 r 3 2O1.5 200.0 201 5 201.6 200.4 199.7 199.7 197 2 196.5 196 5 196.5 1949 Jan. Feb. Mar. Subgroups Metals and Metal Products: Agricultural mach. & equip.. . Farm mnrbinprv Iron and steel. . Motor vehicles. 163.6 159.8 154.8 Nonferrous metals 148.0 146.7 146.5 Pinmhintr nnri hpatinor 145.3 152.3 151.7 Building Materials: Rrirlr anrl t i l p 214.2 205.1 214.8 134.4 127.5 126.6 Cement Lumber 187.8 187.8 187.8 Paint and paint materials... . 198.7 185.9 181.8 Plumbing and heating 185 4 183 9 178 9 145.4 145.4 145.6 Other building materials Chemicals and Allied Products: 147 7 147 3 147 0 186.9 184.8 180.1 Drugs and Pharmaceuticals. . 102.5 101.3 101.2 Fertilizer materials 50.1 50.1 50.1 Mixed fertilizers Oils and fats 41.8 41.8 41.8 161.6 162.1 161.8 Housefurnishing Goods: 189.0 186.9 184.9 T^nrni shines Furniture 137.7 138.0 137.9 Miscellaneous: 196 5 196 9 195 5 Antr> tir^o onH t 220.5 222 9 222 9 Cattle feed 67.7 Paper and pulp, r 88 1 91 9 Rubber crude 121.3 118.7 115.9 Other miscellane ous 218.0 171.1 167.7 157.2 162.6 209.4 204.6 194.7 187.2 195.0 162.2 161.4 159.4 158.9 158.3 179.8 158.6 145.7 217.1 144.3 171.2 149.8 139.8 220.8 140.9 193.8 186.2 185 9 143.8 188.0 197.2 186 5 148.6 144 6 218.3 105.4 46.4 40.7 145.7 174.7 148.8 189.2 103.7 46.4 41.8 159.6 190.0 124.6 177 9 190.6 65.7 88 7 121.8 136.4 194 9 219.0 67.7 91.1 122.0 1949 1948 Subgroups Mar. Raw materials ChemiBuild- Hides cals and Housefurand ing nishleather allied mate- prod- proding rials ucts goods ucts Jan Feb. Mar. Mar. Dec. 129.3 130 8 147.7 161.6 146.8 138 7 14f s 165 .4 175 7 172 .5 169.1 175.S 172.5 156 1 144.2 146.7 168.4 175.2 168.4 155 3 151 6 127 4 303.8 156.7 138.7 155 8 161.8 162 s 162 4 1 3 4 1 134 3 -299 5 r 296.5 305 .5 161 .5 166 3 165. £ 157 .3 156 9 156.1 178 <s 178 <? 178 8 17<< , 9 179 1 179 A 162 4 134 3 294.7 162.3 155.3 178 8 178.3 143 .9 7, 16f 1 144.2 1 4 6 6 146.7 169 175 172 156 1 8 5 0 s s 126 8 154.4 1 5 1 .4 114.9 1 7 f 1 103 1 10F 211 4 175 4 1 2 2 9 119 £ 150 4 148.5 170 8 120.8 108 7 108 3 146 1 131.7 118 4 142.4 119.6 108.3 129.3 144 7 1S1 6 1 5 3 4 154 2 139.4 141 1 142 8 142.4 154 0 142 A 63 4 66 9 65 1 212 284 2 167.0 165 .5 168 9 39 42 3 130.2 129 .5 128 s 64 7 64 6 190 4 209 2 3 168.C 167.2 S 38 8 40 0 1 126.4 125.6 0 r Revised. c Corrected. Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. 1 MAY 1949 571 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates by quarters Annual totals 1947 1929 1933 1939 1941 1944 1946 1947 1 4 Gross national product 103.8 55.8 Less: Capital consumption allowances Indirect business tax and related liabilities. Business transfer payments . Statistical discrepancy Plus: Subsidies less current surplus of government enterprises . Equals* National income Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Excess of wage accruals over disbursements. Plus: Government transfer payments Net interest paid by government Dividends Business transfer payments Equals: Personal income . Less: Personal tax and related payments Federal . State and local Equals: Disposable personal income Less: Personal consumption expenditures Equals * Personal saving! 8.8 7.0 .6 -.1 7.2 7.1 .7 1.2 2 3 4 90.4 125.3 212.2 209.3 231.6 254.9 243 8 244 9 251 9 258 1 264 9 8.1 9.4 .5 .5 9.3 11.3 .5 .5 11.9 14.0 .5 4.1 11.8 17.5 .6 1.0 13.3 18.5 .6 -3.4 14.4 19.8 .6 -4.4 13.8 19.4 6 -3.3 14.0 14.3 19.1 19.7 6 6 -2.9 -5.2 14.6 14.9 20.0 20.3 6 .6 -5.1 -4.0 .1 -.1 .7 .0 .5 .9 — .4 — .2 — 2 .2 .2 72.5 103.8 182.4 179.3 202.5 224.4 212.8 213.9 222.3 228.2 233.2 -.1 87.4 & 10.3 .2 -2.0 .3 5.8 2.1 14.6 2.8 .0 .0 .0 .0 .9 1.0 5.8 .6 85.1 2.6 1.3 1.4 82.5 78.8 3.7 1948 1948 1.5 1.2 2.1 .7 46.6 1.5 .5 1.0 45.2 46.3 -1.2 2.5 1.2 3.8 .5 72.6 2.4 1.2 1.2 70.2 67.5 2.7 24.0 5.2 -.2 16.8 5.9 24.7 5.6 29.2 5.1 27.5 5 1 .0 .0 .0 .0 25.3 5 0 .1 29.6 5 0 .1 2.6 3.1 10.8 11.1 10.5 10.6 11.0 10.7 1.3 4.6 4 5 4 5 2.8 4.5 4.4 4.5 4.7 4.5 5.6 6.9 7.8 7.4 7.4 7.1 .5 .6 .6 .5 .6 .6 .6 .6 95.3 164.5 178.1 195.2 213.6 203.1 207.0 210 8 18.9 18.9 21.6 21.0 22.2 23.0 20.6 3.3 2.0 17.5 17.2 19.7 18.9 20.2 21.0 18.5 1.4 1.7 1.3 2.0 2.1 2.0 2.1 2.1 92.0 145.6 159.2 173 6 192 6 180 9 183 9 190 2 82.3 110.4 147.4 164.8 177.7 171.1 172.5 177.3 9.7 11.4 12.9 9.8 34.2 11.8 8.8 14.9 30.2 n.a. 5.2 5.1 — l — .1 9.9 10.3 4 6 4 6 7.7 8.3 .6 .6 216 3 219.6 20.0 20.2 17 9 18.0 2.2 2.1 196 2 199 4 180.1 181 .0 16.1 18.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1947 1933 National income Compensation of employees Wages and salaries 2 Private Military Government civilian Supplements to wages and salaries Proprietors' and rental income 3 Business and professional Farm Rental income of persons Corporate profits and inventory valua tion adjustment Corporate profits before tax Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment Net interest 1939 1941 1944 1946 1947 1948 87.4 39.6 72.5 213.9 222.3 228.2 233.2 50.8 50.2 45.2 .3 19.7 8.3 5.7 5.8 4.6 .6 29.3 28.8 23.7 .3 4.9 .5 7.2 2.9 2.3 2.0 47.8 45.7 37.5 .4 7.8 2.1 14.7 134.0 136.3 142.4 144.7 129.1 131.3 137 .4 139.6 111.4 113.2 118.2 119.6 3.4 3.5 3.5 3.7 14.2 14.6 15.6 16.2 5.0 4.9 5.1 5.1 49.9 51.6 50.6 51.4 24.8 25.3 25.2 25.6 18 9 18.1 18.4 17.6 7.4 7.4 7.5 7.4 10.3 9.8 1.4 8.4 .5 6.5 -2.0 .2 .5 -.4 -2 1 5.0 5.8 6.5 1.5 5.0 -.7 4.2 103.8 182.4 179.3 202.5 224.4 212.8 64.3 121.1 117.3 127.5 139.4 132.2 61.7 116.9 111.7 122.2 134 4 127.1 83.3 91.0 104.7 115.6 109.5 51.5 3.6 3.9 7.8 1.9 20.7 3.5 15.2 14.0 8.3 12.8 12.9 13.6 5.0 5.6 4.2 5.0 5.3 2.6 20.8 34.1 41.8 46.0 50.9 48.6 25.2 24.7 6.8 15.4 20.4 23.2 9.6 4.5 11.9 14.6 15.6 18.2 16.5 6.9 7.4 6.7 7.4 7.1 3.5 6.7 4.3 14.6 17.2 7.8 9.4 -2.6 4.1 24.0 24.3 13.5 10.8 -.3 3.1 16.8 21.8 9.0 12.8 -5.0 3.4 24.7 29.8 11.7 18.1 -5.1 4.3 29.2 32.2 12.5 19.7 -3.0 4.9 27.5 32.4 12.7 19.7 -4.9 4.5 25.3 30.5 11.8 18.7 -5.3 4.7 29.6 32.1 12.5 19.6 -2.5 4.8 30.2 34.0 13.3 20.8 -3.9 5.0 n.a. n.a. n.a. n.a. — .4 5.2 n.a. Not available. 1 Less than 50 million dollars. Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period 1929-43, and quarterly data for 1939, 1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown in that issue of the BULLETIN have since been revised. 2 572 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates by quarters Annua totals 1947 1929 1939 1933 1941 1944 1946 1947 4 103.8 Gross national product 1948 1948 1 3 2 4 90.4 125.3 212.2 209.3 231.6 254.9 243.8 244.9 251.9 258.1 264.9 55.8 Personal consumption expenditures 78.8 46.3 9.4 3.5 Durable goods .. . . . . 37.7 22.3 Nondurable goods 31.7 20.6 Services 15.8 1.3 Gross private domestic investment New construction * 7 8 1 i 6.4 Producers' durable equipment 1.8 1.6 — 1.6 Change in business inventories .2 Net foreign investment .8 Government purchases of goods and 8.5 services 8.0 Federal . . . . 1 3 2 0 War 2.0 }l.3 Nonwar .. . . . J (3) (3) Less: Government sales 7.2 5.9 State and local 67.5 6.7 35.3 25.5 9.0 4 0 4.6 .4 .9 82.3 111.4 147.4 164.8 177.7 171.1 172.5 177.3 180.1 181.0 9.8 6.9 16.2 21.0 22.7 22.1 21,3 22.8 23.7 22.9 44.0 67.5 87.5 96.5 103.6 100.2 101.4 103.7 104.3 105.1 28.5 37.0 43.6 47.3 51.4 48.8 49.8 50.8 52.1 53.0 17.2 6.4 26.5 30.0 39.7 35.4 38.0 38.0 40.2 42.8 5 7 2 3 8 9 11 7 14 6 14 0 14 3 14 4 14 8 14 7 7.7 5.4 12.8 17.8 21.4 18.9 19.8 21.0 21.9 22.7 4.8 .6 3.8 3.9 — 1.4 3.9 2.6 3.5 5.3 2.5 4.7 8.9 8.2 2.7 1.5 3.9 -.3 -.4 1.1 - 2 . 1 13.1 5 2 1.3 3.9 24.7 16 9 13.8 3 2 96.5 89 0 88.6 1.6 (») 7.8 1.2 7.5 (3) 7.9 30.8 28.0 20 8 15.6 21.2 Jl6.9 2 5 36.0 20 9 21.5 29.0 15 5 16.3 30.5 16 7 17.9 2.9 1.3 .6 .8 1.2 10.0 12.3 15.1 13.5 13.7 33.9 19 1 19.8 .7 14.8 38.2 22 7 41.5 25 2 22.9 25.4 .2 15.5 .2 16.3 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage* and salaries Wage and salary disbursements Year or month Personal income Total receipts4 Total disbursements Commodity producing industries Distrib- Service utive indus- industries tries Government Dividends ProLess emand Other prietors' ployee perand labor contrisonal butions income6 rental 6 income interest for income social insurance NonTransagriculfer tural pay- 7 ments income1 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46 6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 74 0 68.3 72 6 78.3 95 3 122.2 149 4 164.5 170 3 178.1 195 2 213 6 45.4 42.3 45 148.9 60 9 80.5 103 5 114.8 115 2 109.8 120 1 132.3 45.9 42.8 45 7 49.6 61.7 81.7 105.3 117.1 117 5 111.7 122 2 134.4 18 4 15.3 17 4 19.7 27 5 39.1 48 9 50.3 45 8 46.1 54 6 60.6 13.1 12.6 13 3 14.2 16 3 18.0 20 1 22.7 24 8 31.2 35 0 38.9 6 9 6.7 6 9 7.3 7 8 8.6 9 5 10.5 11 5 13.8 15 1 16.1 7.5 .6 .5 .6 6 .7 8 1.2 1 8 2.2 2 3 2.0 2 1 .5 .5 .6 .6 .7 .9 1.3 1.6 1.6 1 8 2.1 2.0 15.4 14.0 14.7 16.3 20.8 28.1 32.1 34.1 36.0 41.8 46.0 50.9 10.3 8.7 9.2 9.4 9.9 9.7 10.0 10.6 11.4 13.5 15.6 17.3 2.4 8.2 8.2 8.5 10 2 16.1 26 9 33.5 35.5 20.7 17 4 18.7 2.8 3.0 3.1 3.1 3.2 3.0 3.6 6.2 11.4 11.7 11.1 66 5 62.1 66.3 71.5 86.1 108.7 134.3 149 0 154.3 159.4 174.9 190.5 1948—March April Mav June July August. ... September.... October November. . . . December 205 7 208.6 209.2 214.4 214.8 216.7 217.3 218.5 219.9 221.0 126.6 126.8 129.0 131.4 133.4 135.9 136.7 137.5 138.0 137.7 128.7 128.8 131.0 133.6 135.6 138.0 138.9 139.6 140.1 139.9 57 7 57.3 58.5 60.4 60.9 62.3 63.0 63.0 63.8 63.6 37 6 37.8 38.6 38.8 39.5 40.0 40.0 40.2 39.7 39.8 15 6 15.9 15.9 16.1 16.4 16.5 16.4 16.6 16.6 16.6 17 8 17.8 18.0 18.3 18.8 19.2 19.5 19.8 20.0 19.9 2 1 2.0 2.0 2.2 2.2 2.1 2.2 2.1 2.1 2.2 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.1 2.1 48.4 51.2 50.4 53.0 51.7 50.3 50.4 50.7 51.4 52.1 16 6 16.7 16.8 16.9 17.0 17.3 17.5 17.8 18.1 18.4 12 2 11.9 11.0 11.1 11.1 11.1 10 6 10.4 10.3 10.7 185 1 185.3 186.6 189.7 191.3 193.8 195.0 195.6 196.3 197.4 '219.2 216.3 214.3 136.3 134.7 132.4 138.6 136.9 134.6 62.1 61.5 59.3 39.9 39.0 38.8 16.6 16.5 16.6 20.0 19.9 19.9 2.3 2.2 2.2 2.1 2.1 2.1 51.4 49.7 49.0 '18.3 18.3 18.3 11.1 11.5 12.5 195.7 194.1 192.6 1949—January February March? 1.9 r P Preliminary. Revised. Includes construction expenditures for crude petroleum and natural gas drilling. Consists of sales abroad and domestic sales of surplus consumption goods and materials. Less than 50 million dollars. Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries. Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well 8 consumer bad debts and other business transfers. as Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as for preceding page. 1 2 3 4 MAY 1949 573 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End of year or month Total consumer credit 1 Noninstalment credit Total instalment credit * Sale credit Total i Automobile Other i Loans 2 Total noninstalment credit Singlepayment loans 3 Charge accounts Service credit 1929... 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933... 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 7,047 7,969 9,115 9,862 6,578 5,378 5,803 6,637 10,191 13,673 16,319 3,595 4,424 5,417 5,887 3,048 2,001 2,061 2,364 4,000 6,434 8,600 2,313 2,792 3,450 3,744 1,617 882 891 942 1,648 3,086 4,528 970 1,267 1,729 1,942 482 175 200 227 544 1,151 1,961 1,343 1,525 1,721 1,802 1,135 707 691 715 1,104 1,935 2,567 1,282 1,632 1,967 2,143 1,431 1,119 1,170 1,422 2,352 3,348 4,072 3,452 3,545 3,698 3,975 3,530 3,377 3,742 4,273 6,191 7,239 7,719 1,442 1,468 1,488 1,601 1,369 1,192 1,255 1,520 2,263 2,707 2,902 1,487 1,544 1,650 1,764 1,513 1,498 1,758 1,981 3,054 3,612 3,854 523 533 560 610 648 687 729 772 874 920 963 1948—February March April Mav Tune July August September October November December 13,302 13,805 14,059 14,311 14,669 14,723 14,916 15,231 15,518 15,739 16,319 6,548 6,821 7,094 7,318 7,533 7,738 7,972 8,190 8,233 8,322 8,600 3,090 3,258 3,440 3,590 3,720 3,849 4,018 4,193 4,239 4,310 4,528 1,254 1,367 1,468 1,536 1,602 1,689 1,781 1,858 1,889 1,922 1,961 1,836 1,891 1,972 2,054 2,118 2,160 2,237 2,335 2,350 2,388 2,567 3,458 3,563 3,654 3,728 3,813 3,889 3,954 3,997 3,994 4,012 4,072 6,754 6,984 6,965 6,993 7,136 6,985 6,944 7,041 7,285 7,417 7,719 2,765 2,783 2,795 2,816 2,839 2,840 2,847 2,855 2,869 2,892 2,902 3,061 3,275 3,236 3,245 3,352 3,185 3,130 3,227 3,457 3,557 3,854 928 926 934 932 945 960 967 959 959 968 963 1949—January February P March? 15,749 15,336 15,379 8,425 8,340 8,447 4,371 4,306 4,371 1,965 1,996 2,113 2,406 2,310 2,258 4,054 4,034 4,076 7,324 6,996 6,932 2,904 2,864 2,821 3,457 3,176 3,141 963 956 970 P Preliminary. 1 Revised beginning January 1942 to include new estimates of instalment sale credit outstanding at furniture, household appliance, jewelry, and "all other" retail stores. For description and back figures see pp. 504-505 of this BULLETIN. 2 Includes repair and modernization loans insured by Federal Housing Administration. 3 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) Year or month Total Commercial banks 1 Small loan companies Industrial banks 2 Industrial loan com- 2 panies Loans made by principal lending institution! (during period) Credit unions Miscellaneous lenders Insured repair Comand modern- mercial banks* ization loans8 Small loan companies Industrial banks 2 1929 643 43 263 21 9 23 95 463 41 3 1933... 466 29 246 121 20 50 322 202 1,282 1,632 1,967 2,143 1,431 1,119 1,170 1,422 2,352 312 523 692 784 426 316 357 477 956 95 99 104 107 72 59 60 70 98 134 160 103 135 174 200 130 104 100 103 153 225 312 117 96 99 102 91 86 88 93 109 119 131 146 200 268 285 206 123 113 164 322 568 739 792 639 749 942 1,435 1,709 129 131 132 134 89 67 68 76 117 166 204 664 827 912 975 784 800 869 956 3,348 4,072 380 448 498 531 417 364 384 439 597 701 817 1,793 2,636 3,069 1,231 1,432 1,534 3,458 3,563 3,654 3,728 3,813 3,889 3,954 1,482 1,530 1,570 1,597 ,634 1,669 L.701 ,712 ,700 1,701 ,709 709 722 727 736 746 757 763 771 772 780 817 167 173 180 189 194 199 203 206 204 204 204 140 143 146 147 150 152 154 155 155 156 160 230 241 252 260 272 282 291 300 302 304 312 120 121 122 123 124 125 125 126 126 127 131 610 633 657 676 693 705 717 727 735 740 739 221 287 269 258 275 277 270 254 222 237 251 L,7O5 L,695 ,721 812 806 807 202 201 203 159 159 161 309 308 315 130 130 130 737 735 739 236 215 289 Industrial loan com- 2 panies 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1948- February . . . Mar ch April May June July August September.. October November . . December.. . 3,997 3,994 4,012 4,072 1949—January.... 4,054 Februaryv . . 4,034 MarchP 4,076 460 680 1,017 1,198 Credit unions 38 32 176 237 297 344 236 201 198 199 286 428 238 261 255 255 182 151 155 166 231 310 376 176 194 198 203 146 128 139 151 210 282 319 577 107 139 121 123 127 130 126 122 116 134 180 25 32 31 31 37 33 32 31 29 31 37 25 29 27 25 27 26 27 26 24 26 31 38 48 50 47 54 52 52 51 44 46 57 112 109 142 31 28 36 26 25 29 42 44 58 p Preliminary. 1 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 100 million dollars and loans2 made during March were 15 million. Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper. Includes only loans insured by Federal Housing Administration. 574 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 Department stores and mailorder houses Total, excluding automobile l j Furniture stores l Household appliance stores x Jewelry stores l All other retail l stores 1929 1,197 160 583 265 56 133 1933 663 119 299 119 29 97 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1,343 j 1 525 1,721 1,802 1,135 302 874 485 536 599 619 440 289 293 296 386 587 750 266 273 302 313 188 78 50 51 118 249 387 70 93 110 120 76 57 56 57 89 144 152 220 246 271 284 179 111 109 113 174 305 404 ' 624 653 680 703 720 732 759 786 797 812 874 550 559 578 601 621 629 652 685 687 696 750 246 257 282 306 322 339 356 377 379 377 387 127 124 121 121 121 120 118 119 117 127 152 289 298 311 323 334 340 352 368 370 376 404 January... 2,406 ! FebruaryP. 2,310 . March?. . . 2,258 j 816 778 754 704 685 675 366 353 348 141 130 125 379 364 356 707 691 715 377 439 466 252 I 1,104 1 ,935 2,567 i 172 183 198 337 650 1948 February.. March.... April May June July August. . . . September. October. . . November. December. 1.836 1,891 1,972 2,054 2,118 2,160 2,237 2,335 2,350 2,388 2,567 ! ! , 1949 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instalment paper 3 Year or month Outstanding at end of period: 1946 1947 1948 Total Automobile Other Repair Personal and instalmodern- ment ization cash loans 2 3 loans CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year or month Outstanding at end of period: 1946 1947 1948 1948—February.. . . March April May June July August September... October November... December. . . 1949—January February?... March? Volume extended during month: 1948—February March April May June July August September... October November.. . December. . . 1949—January February?... March? Total Automobile ! Other retail retail, purchased Pur- Direct and chased loans direct 1,591 2,701 3,563 2,825 2,931 3,057 3,137 3,229 3,319 3,410 3,486 3,504 3,528 3,563 3,558 3,517 3,557 165 346 570 398 504 521 487 524 512 504 503 433 447 468 426 383 516 66 89 92 81 87 91 93 90 73 76 75 373 402 431 448 472 502 529 550 561 565 570 564 572 597 68 71 103 Repair and modernization loans2 3 Personal instalment cash loans 306 536 736 570 602 628 649 668 691 713 723 723 730 736 737 737 759 275 523 751 569 591 628 646 661 678 698 725 731 736 751 758 724 708 273 500 636 506 517 538 555 572 582 592 608 620 631 636 631 626 631 572 796 870 807 819 832 839 856 866 878 880 869 866 870 868 858 862 89 116 112 109 109 115 116 105 93 98 98 94 90 131 90 102 122 112 126 113 105 122 99 97 110 100 74 93 35 44 52 48 52 45 49 49 48 49 42 32 33 46 118 153 143 137 150 148 141 137 120 127 143 132 115 143 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instalment paper 3 Year or month Total Repair Personal and instalmodern- ment ization3 cash loans 2 loans Automobile Other 108.4 148.2 177.1 15.0 27.1 38.3 7.4 17.1 23.7 2.4 4.2 5.0 83.6 99.8 110.1 Outstanding at end of period: 162.7 233.5 286.2 27.5 50.0 66.6 17.8 30.2 43.4 28.3 43.3 51.7 89.1 110.0 124.5 1946 1947 1948 234.6 242.3 253.3 265.1 271.6 277.8 282.3 286.7 285.9 285.5 286.2 50.3 53.4 56.8 59.0 61.4 64.3 66.3 67.8 67.1 66.8 66.6 31.4 32.8 35.7 38.0 40.1 42.1 43.3 44.3 43.5 43.3 43.4 44.0 44.8 46.7 48.3 48.8 49.1 49.8 50.6 51.3 51.6 51.7 108.9 111.3 114.1 119.8 121.3 122.3 122.9 124.0 124.0 123.8 124.5 1948—February... March April May 154.6 158.2 161.8 163.1 166.0 June 168.0 July A u g u s t . . . . 170.1 September.. 171.8 171.8 October November.. 173.5 December. . 177.1 28.7 29.9 31.1 31.9 33.3 34.9 36.2 37.4 37.5 38.3 38.3 18.0 19.0 20.1 20.5 21.2 21.0 21.7 22.6 22.7 23.4 23.7 4.2 4.3 4.4 4.5 4.5 4.6 4.6 4.8 4.9 4.9 5.0 103.7 105.0 106.2 106.2 107.0 107.5 107.6 107.0 106.7 106.9 110.1 1949—January... . 283.4 February?.. 280.8 March P. .. . 282.8 66.1 66.0 42.3 41.5 41.6 51.0 50.3 49.5 124.0 123.0 124.0 1949—January... . 176.0 February? . 176.1 March?. . . . 178.1 37.9 38.0 38.4 23.2 22.9 23.4 5.0 4.9 4.8 109.9 110.3 111.5 1948—February... March April May June July August.... September . October November.. December.. 67.7 Volume extended during month: Volume extended during month: 1948—February.. . March April May June July August. . . . September.. October November.. December. . 31.5 41.9 42.0 40.8 44.2 41.4 40.1 38.8 33.5 35.1 39.0 1949—January.... February?.. March P. . . . 33.1 31.2 41.5 8.0 11.2 11.3 10.1 10.5 11.3 10.6 9.8 7.6 8.1 7.9 7.6 7.6 11.3 4.4 6.0 6.4 6.8 7.4 6.9 6.5 6.6 4.9 4.6 5.4 2.8 3.7 4.4 4.2 3.4 3.1 3.6 3.5 3.5 3.4 3.0 16.3 21.0 19.9 19.7 22.9 20.1 19.4 18.9 17.5 19.0 22.7 1948—February.. . March April May June July August September.. October... . November.. December.. 26.6 32.1 30.5 27.7 30.6 29.1 28.6 28.1 25.4 27.7 30.7 5.3 6.9 6.9 5 7 7.1 6.7 6.0 6.1 5.1 6.0 5.3 2.8 3.4 3.8 3.7 3.5 3.3 3.6 3 8 3.0 3.4 3.4 0.3 0.4 0.4 0.4 0.4 0.5 0.4 0.5 0.5 0.4 0.5 19.4 17.9 19.6 18.6 18.6 17.7 16.8 17.9 21.5 4.3 4.3 5.8 2.3 2.2 2.6 18.9 17.1 21.8 1949—January February? . March?.. . . 25.7 25.1 31.6 4.9 4.8 7.0 2.7 2.8 3.8 0.3 0.3 0.4 17.8 17.2 20.4 l ? Preliminary. Revised. For description and back figures see pp. 504-505 of this BULLETIN. Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. 2 3 MAY 1949 575 CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS Percentage change from preceding month Item Mar. 1949P Jan. RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change from corresponding month of preceding year June July +18 +20 August September... October November... December. . . 23 27 25 24 24 23 23 24 24 24 25 14 15 15 15 16 14 14 14 14 14 14 17 18 17 18 17 17 17 16 16 15 15 14 15 15 15 16 16 16 16 16 17 20 49 53 52 52 52 51 51 53 54 55 53 +3 +7 +6 + 10 1949 January February March? 22 22 25 12 12 14 15 14 15 14 13 14 52 50 56 -6 -1 1949 1949P Feb. 1949 Jan. 1949 7 -46 -46 -13 -21 -10 -15 -12 -18 +23 +10 0 -2 -52 -39 -12 -13 -6 -9 -9 -18 -2 -2 -4 -3 -6 -6 + 14 +16 +18 +19 +7 + 10 -12 -8 -1 -5 +3 +6 -4 -7 Accounts receivable, end of month: Total Instalment Collections during month: Total Inventories, end of month, at retail value. +3 +1 Household ap- Jewelry Department pliance stores 2 stores stores 2 Furniture stores2 + 17 +7 Net sales: Total Cash sales Credit sales: Instalment Charge account Year or month Department stores Feb. 1949 Mar. Charge accounts Instalment accounts Preliminary. 1948 February.... March April May P Preliminary. 1 Collections during month as percentage of accounts outstanding at beginning of month. 2 Revised. Back figures beginning January 1940 may be obtained from Division of Research and Statistics. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Percentage of total sales Index numbers, without seasonal adjustment, 1941 average =100 Accounts receivable at end of month Sales during month Year or month Collections during month Cash sales Instalment sales Chargeaccount sales 9 6 5 4 4 4 6 43 38 34 32 32 37 39 Total Cash Instalment Charge account Instalment Charge account Instalment Charge account 100 114 130 145 162 202 214 100 131 165 188 211 242 237 100 82 71 65 67 101 154 100 102 103 112 125 176 200 100 78 46 38 37 50 88 100 91 79 84 94 138 174 100 103 80 70 69 91 133 100 110 107 112 127 168 198 48 56 61 64 64 59 55 225 235 192 219 142 198 181 222 52 7 41 167 177 162 124 181 160 217 53 7 40 226 213 218 217 173 188 235 220 228 228 187 196 141 '195 228 250 151 155 188 206 262 370 171 1941 average 1942 average 1943 average 1944 average 1945 average 1946 average 1947 average 1948 average 1948—February March April May June July August September October November December 1949—January February March? r 228 248 263 381 173 162 203 191 186 178 160 192 230 255 215 203 272 407 218 281 182 138 168 208 133 172 222 208 213 211 158 177 162 204 177 171 172 176 169 173 207 211 214 217 213 184 52 51 52 52 54 52 7 8 7 7 8 9 41 41 41 41 38 39 160 176 219 281 204 212 243 252 51 53 7 6 42 41 163 219 212 313 52 234 226 51 51 7 7 7 41 129 131 134 136 138 144 157 151 190 191 192 192 167 165 187 182 186 196 195 209 188 220 50 51 8 7 42 42 42 42 r P Preliminary. Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 567. 576 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS • Chart book 1 page 1949 Mar. 30 WEEKLY FIGURES 2 Apr. Apr. Apr. Apr. 27 Mar. 30 Apr. In billions of dollars RESERVE BANK CREDIT, ETC. Reserve Bank credit, t o t a l . . . . 2 U. S. Govt. securities, total.. 3 Bills 3 Notes and certificates.... 3 Bonds 3 Gold stock 2 Money in circulation 2 Treasury cash and deposits.... 2 Member bank reserves 2, 4 Required reserves 4 Excess reserves* 4 Member bank reserves (weekly avg.): New York City 5 Chicago Reserve city banks 5 Country banks 8 5 22.38| 21.83 5.30 7.25 9.28 24.31 27.40 3.00 19.02 18.50 .52 22.14 21.60 5.17 7.27 9.15 24.32 27.51 2.45 19.31 18.48 5.12 1.21 7.22 5.57 5.18 1.15 7.27 5.61 5.20 1.24 7.27 5.61 61.17 31.75 25.14 5.55 1.06 4.39 44.91 2.18 25.03 14.90 4.08 61.04 32.40 25.25 5.76 1.39 4.41 44.82 2.12 24.24 14.63 4.08 61.10 32.77 25.37 5.76 1.64 4.41 45.24 1.79 23.92 14.54 4.08 2.19 1.25 .93 3.85 1.77 1.57 .83 22.06 21.49 5.16 7.27 9.06 24.32 27.51 2.35 19.33 18.51 .82 MEMBER BANKS IN LEADING CITIES All reporting banks: Loans and investments 14 U. S. Govt. securities, total. 14 Bonds 16 Notes and certificates 16 Bills 16 Other securities 18 Demand deposits adjusted.. 14 U. S. Govt. deposits 14 Loans, total 14 Commercial 18 Real estate 18 For purchasing securities: Total 18 U. S. Govt. securities.. 18 Other securities 18 Other 18 New York City banks: Loans and investments 15 IT. S. Govt. securities, total. 15 Bonds, total holdings 1 Due or callable—5 years.. 1 Notes and certificates.... 17 Bills 17 Demand deposits adjusted.. 15 U. S. Govt. deposits 15 Interbank deposits 15 Time deposits 15 Loans, total 15 Commercial 19 For purchasing securities: To brokers: On U. S. Govts.. 19 On other securities.. . 19 Toothers 19 Real estate and other 19 Banks outside New York City: Loans and investments 15 17. S. Govt. securities, total. 15 Bonds 17 Notes and certificates. . . . 17 Bills 17 Demand deposits adjusted.. U. S. Govt. deposits Interbank deposits Time deposits Loans, total Commercial 19 Real estate 19 For purchasing securities. 19 Other 19 .83 .94 .66 .91 3.83 3.83 17.91 17.78 17.65 8.70 9.06 9.20 7.35 7.38 7.40 5.83 5.85 5.86 1.12 1.34 1.28 .24 .34 .52 14.76 14.65 14.60 .55 .53 .44 3.61 3.87 3.86 1.57 1.55 1.54 8.07 7.59 7.34 5.44 5.32 5.29 WEEKLY FIGURES 2 —Cont. 21.71 BUSINESS CONDITIONS 21.21 4.98 Wholesale prices: 7.33 Indexes (1926=100): 8.91 Total 65 24.33 Farm products 65 27.36 Foods 65 2.48 Other commodities 65 19.02 Basic commodities: P18.54 (Aug. 1939=100): .48 P.88 Total 67 Foodstuffs 67 Industrial materials 67 5.15 5.18 Selected farm products: 1.23 1.22 Wheat (cents per bushel). 68 7.21 7.15 Corn (cents per bushel)... 68 5.61 5.56 Cotton (cents per pound). Steers (dollars per 100 pounds) 68 Hogs (dollars per 100 61.27 61.32 pounds) 68 32.95 32.77 Butter (cents per pound).. 68 25.42 25.46 Eggs (cents per dozen) . . . 68 5.68 5.67 1.83 Production: 1.67 Steel (% of capacity) 71 4.36 4.35 cars) 45.76 46.18 Automobile (thous. (thous,. . . 71 Crude petroleum 1.28 1.52 bbls.) 72 24.14 24.01 Bituminous coal (mill, tons). 72 14.30 14.16 Paperboard (thous. t o n s ) . . . 73 4.08 4.08 Meat (mill, pounds) 73 Electric power (mill. kw. hrs.) 75 1.99 1.95 Freight carloadings (thous. cars) .99 .95 Total 74 1.00 1.00 74 3.85 3.86 Miscellaneous Department store sales (1935-39 = 100) 75 17.87 17.97 9.21 9.40 7.41 7.41 5.87 5.86 1.21 1.20 .78 .60 14.99 15.14 .37 .30 3.71 3.63 MONTHLY FIGURES 1.55 1.53 7.57 7.50 DEPOSITS AND CURRENCY 5.16 5.09 22.05 21.29 5.00 7.30 8.99 24.32 27.41 2.39 19.40 P18.51 .94 .38 .21 .98 .59 .40 .21 .99 .42 .37 .21 .98 .73 .42 .21 .99 43.26 23.05 17.79 4.43 .83 30.15 1.63 5.70 13.55 16.96 9.47 3.87 .65 3.08 43.26 23.34 17.87 4.42 1.05 30.17 1.59 5.98 13.57 16.65 9.31 3.87 43.45 23.57 17.97 4.48 1.12 30.64 1.35 6.07 13.61 16.58 9.25 3.87 43.40 23.56 18.01 4.48 1.07 30.77 1.15 5.77 13.64 16.57 9.14 3.87 3.06 3.05 .58 .58 .70 .42 .21 .98 Deposits and currency:' Total Excluding U. S. Govt. deposits Demand deposits adjusted.. Time deposits adjusted Currency outside b a n k s . . . . U. S. Govt. deposits Money in circulation, total Bills of $50 and over $10 and $20 bills Coins, $1, $2, and $5 bills... 1.157 1 .156 1 .20 1.20 1 .53 1.54 1 .77 1.78 2.38 2 .38 2.70 3.46 2.70 2.70 3.46 2.71 2 .70 3 .47 2 .71 2 .70 3 .45 2 .70 In unit indicated 34 34 34 34 34 120 126 100 96 1.21 119 125 98 96 .90 119 125 98 97 .84 119 124 97 96 .97 Apr. In unit indicated 158.1 170.8 162.9 150.7 158.0 171.5 164.7 149.7 157.6 171.1 164.2 149.4 156.9 171.1 163.4 148.4 156.1 169.4 162.9 147.9 256.0 252.4 248.1 r244.0 244.7 279.9 283.5 281.4 r279.1 281.2 254.0 245.6 240.0 233.6 231.9 225.8 226.3 225.7 222.3 222.9 136.1 138.1 138.0 137.9 137.0 32.7 32.8 33.1 33.2 33.0 24.40 24.60 24.90 25.18 20.83 20.24 19.45 18.46 18.13 58.9 59.6 59.1 58.9 58.9 43.8 43.6 43.5 45.2 43. 99.8 113 125 99.2 127 98.4 134 97.5 129 5,072 4,916 4,912 4,915 4,922 1.92 1.88 1.91 1.89 1.93 162 159 166 160 150 295 266 258 273 '255 5,378 5,360 5,343 5,326 5,304 726 349 758 341 766 346 769 342 785 350 301 320 314 266 287 Jan. Feb. Mar.3 In billions of dollars P169.10 P167.40 P166.10 PS3.30 P57.7O P25.1O P3.00 27.56 8.53 14.55 4.48 P164.10 P81.00 P58.OO P25.10 P3.30 27.44 8.51 14.47 4.46 Annual rate 27.4 19.1 27.1 26.4 In billions of dollars COMMERCIAL BANKS 1.147 1.19 1.52 Cash assets/ 1.76 Loans and investments, total*. 2.38 Loans 6 U. S. Govt. securities* 2.70 Other securities« 3.45 Holdings of U. S. Govt. se2.70 curities : Bonds: Total Within 1 year 1-5 years 118 5-10 years 123 Over 10 years 96 Notes and certificates 96 Bills Guaranteed securities Apr. P170.00 43.34 23.55 18.05 4.45 1.05 31.04 .98 5.52 13.64 16.51 9.07 4 3.88 Turnover of demand deposits: 8 .61 New York City .63 Other leading cities 8 3.07 3.09 1.160 1 .153 1 .21 1.23 1.52 1 .53 1.77 1 .76 2.38 2 .38 Apr. 13 6 P168.00 6 P85.30 6 P57.50 6 P25.2O P2.00 6 27.58 8.58 14.53 4.48 Per cent per annum MONEY RATES, ETC. U. S. Govt. securities: Bills (new issues) 30 Certificates 30 3-5 years 30 7-9 years 30 15 years or more 30, 32 Corporate bonds: Aaa 32 Baa 32 High-grade (Treas. series). 32 Stock prices (1935-39 =100): Total Industrial Railroad Public utility Volume of trading (mill, shares) 1949 Chart book 1 page 9 P36.00 9 P114.50 9 P42.40 P63.00 9 P35.90 P113.30 <*42.00 P62.20 40.82 4.30 26.29 6.54 3.69 11.79 2.98 40.98 4.29 26.37 6.59 3.73 11.33 2.80 10 10 10 10 10 10 10 10 P9.10 P34.10 P112.5O P42.30 P60.90 P9.30 e41.20 PlO.65 Pl.78 For footnotes see p. 580. MAY 1949 577 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart book 1 page MONTHLY FIGURES-Cont. 1949 Jan. Feb. Mar.J In billions of dollars 12 12 12 12 12 12 12 12 12 95.82 36.02 52.48 7.32 72.28 '28.87 11.87 5.41 19.99 94.82 35.61 51.79 7.41 70.39 '28.96 10.53 4.92 19.57 93.96 35.89 50.54 7.53 68.53 29.07 10.37 4.89 19.42 12 12 12 12 12 12 12 12 23.56 9.88 12.26 1.42 19.36 '2.65 5.16 6.65 23.15 9.69 11.99 1.48 18.76 '2.66 4.85 6.51 22.62 9.88 11.19 1.55 17.84 2.69 4.78 6.45 13 13 13 13 13 13 13 13 13 35.55 14.19 18.91 2.45 25.38 '11.41 5.36 1.73 7.54 35.08 14.00 18.60 2.49 24.63 '11.46 4.81 1.57 7.36 34.84 13.97 18.33 2.53 24.25 11.49 4.7 1.59 7.31 13 13 13 13 13 13 13 13 36.72 11.95 21.31 3.45 27.54 '14.81 3.50 5.80 36.59 11.93 21.21 3.45 27.00 '14.84 3.19 5.70 36.50 12.04 21.01 3.44 26.44 14.89 3.15 5.66 CONSUMER CREDIT* 5 Consumer credit, total 20 Single-payment loans 20 Charge accounts 20 Service credit 20 Instalment credit, total 5 20, 21 Instalment loans 21 Instalment sale credit, total 5 . . . . 21 Automobile 21 Other 6 21 GOVERNMENT FINANCE Gross debt of the U. S. Government: Total (direct and guaranteed) Bonds (marketable issues) Notes, certificates, and bills Savings bonds, savings notes. . . . Special issues Guaranteed, noninterest-bearing debt, etc Ownership of U. S. Govt. securities: Total: Commercial banks • Fed. agencies and trust f u n d s . . . F. R. Banks Individuals« Corporations and associations •. . Insurance companies * Mutual savings banks • State and local govts.« Marketable public issues: By class of security: Bills—Total outstanding Commercial bank and F. R. Bank F. R. Bank Notes and certificates—Total outstanding Commercial bank and F. R. Bank F. R. Bank 1949 Jan. Feb. Mar.3 In billions of dollars MONTHLY FIGURES-Cont. GOVERNMENT FINANCE—Cont. MEMBER BANKS All m e m b e r banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted « Time deposits Balances due to banks Balances due from banks Reserves Central reserve city banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted « Time deposits Balances due to banks Reserves Reserve city banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted « Time deposits Balances due to banks Balances due from banks Reserves Country banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted • Time deposits Balances due from banks Reserves Chart book 1 page 22 22 22 22 22 22 23 23 23 23 23 23 23 23 24 24 24 24 24 24 15.75 P15.34 P15.38 2.90 P2.86 P2.82 3.46 P 3 . 18 P 3 . 14 p.97 .96 P. 96 8.43 P8.34 P8.45 4.05 P4.03 P4.08 4.37 P4.31 P4.37 1.97 P2.00 P 2 . 1 1 P2.26 2.41 P2.31 Ownership of U. S. Govt. securities—Cont. Marketable public issues—Cont. By class of security—Cont. Bonds—Total outstanding. . . . 24 Nonbank (unrestricted issues only), commercial bank, and F. R. Bank 24 Commercial bank and F. R. Bank 24 F. R. Bank 24 By earliest callable or due date: Within 1 year-Total outstanding 25 Commercial bank and F. R. Bank 25 F. R. Bank 25 1-5 years—Total outstanding. 25 Commercial bank and F. R. Bank 25 F. R. Bank 25 5-10 years—Total outstanding 25 Commercial bank and F. R. Bank 25 F. R. Bank 25 Over 10 years—Total outstanding 25 Nonbank (unrestricted issues only), commercial bank, and F. R. Bank 25 Commercial bank and F. R. Bank 25 F. R. Bank 25 Cash income and outgo: Cash income 26 Cash outgo 26 Excess of cash income or o u t g o . . . . 26 111.60 111.60 111.60 69.58! 69.32 51.04| 10.22 50.87 9.88 48.56 48.36 29.21 12.07 44.05 e 29.21 12.70 44.05 31.23 3.00 10.46 31.21 2.92 10.46 6.80 .26 49.21 12.79 42.09 e 6.83 .25 53.89 29.81 2.78 10.46 .17 53.89 e 11.86 50.45 9.24 11.09 10.47 6.78 10.21 6.48 «9.72 5.95 3.68 2.83 3.89 3.25 + .64 + 1.71 + .85 5.57 3.86 Per cent per annum MONEY RATES, ETC. Treasury bills (new issues) Corporate bonds: Aaa Baa F. R. Bank discount rate Commercial paper Stock yields: Dividends/price ratio: Common stock Preferred stock 29 1.160 1.163 1.162 29 29 29 29 2.71 3.46 1.50 1.56 2.71 3.45 1.50 1.56 2.70 3.47 1.50 1.56 33 33 6.84 4.09 7.12 4.04 6.88 4.07 In unit indicated Margin requirements (per cent) 35 Stock prices (1935-39 =100), t o t a l . . . 35 Stock market credit (mill, dollars) : Customers' debit balances 35, 36 Money borrowed 36 Customers' free credit balances. . . . 36 Volume of trading (mill, shares) 35 75 121 75 117 6 537 247 573 .83 527 225 565 .85 530 254 551 .86 48 48 '219.2 136.3 216.3 134.7 214.3 132.4 48 48 '69.7 13.2 68.0 13.6 67.3 14.6 49 49 49 49 49 61.5 60.1 2.7 57.4 50.7 61.9 60.4 3.2 57.2 50.2 62.3 60.8 3.2 57.6 50.3 50 50 50 50 50 50 '44.76 '16.88 2.10 4.03 9.70 5.79 44.48 P44.1& 16.71 P16.45 2.05 Pi.96 4.01 P3.97 9.66 P9.71 5.79 P5.76 51 51 51 54.41 1.381 39.4 54.25 P53.37 1.377 Pl.372 39.4 P38.9 252.66 252.75 251.67 111.60 111.60 111.60 BUSINESS CONDITIONS 45.36 45.16 44.05 59.97 60.30 60.28 Personal income (annual rates, bill, dollars): • 4 31.76 31.80 31.93 Total 3.97 3.82 Total salaries and wages 3.87 Proprietors' income, dividends, and interest 62.90 62.30 P6O.7O Allother 37.40 37.50 37.66 Labor force (mill, persons): • 22.11 22.34 21.69 Total 67.90 68.20 P68.70 Civilian Unemployment 21.40 21.30 P21.90 Employment 21.60 21.50 P21.40 Nonagricultural 11.60 11.60 Pll.70 7.90 7.90 P7.90 Employment in nonagricultural 4establishments (mill, persons): • Total 12.13 12.13 11.65 Manufacturing and mining Construction 8.02 8.10 P6.96 Transportation and utilities 5.18 Trade 5.04 5.30 Government 33.23 33.03 32.40 Hours and earnings at factories: Weekly earnings (dollars) 18.64 18.49 P17.92 Hourly earnings (dollars) Hours worked (per week) 6.85 7.16 7.27 75 118 For footnotes see p. 580. 578 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart book page* 1949 Jan. Feb. In unit indicated MONTHLY FIGURES—Cont. 4 52 191 52 52 52 '86.1 81.8 22.6 53 53 53 198 227 175 196 226 173 P193 P223 P168 54 54 54 54 54 54 186 260 208 117 244 268 200 '267 222 107 242 262 P208 266 208 P119 55 55 55 55 55 55 55 55 55 55 136 123 111 182 153 '159 '206 '174 447 309 130 125 117 174 149 162 194 170 434 309 189 P184 85.6 81.1 22.6 P241 P251 120 163 151 P163 P189 P172 P421 P293 Jan. Feb. Mar.s In unit indicated MONTHLY FIGURES-Cont. BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Industrial production: Total (1935-39 =100). Groups (points in total index): Durable manufactures Nondurable manufactures Minerals Manufacturing production (1935-39 =100), total Durable Nondurable Selected durable manufactures (1935-39=100): Nonferrous metals Steel Cement Lumber Transportation equipment Machinery Selected nondurable manufactures (1935-39=100): Apparel wool consumption Cotton consumption Shoes Paperboard Newsprint consumption Manufactured food p r o d u c t s . . . . Fuel oil Gasoline Industrial chemicals Rayon Orders, sales, and inventories: Sales (bill, dollars): Manufacturing, total Durable Nondurable Wholesale Retail Inventories (bill, dollars): Manufacturing, total Durable, total Goods in process Purchased materials Finished goods Nondurable, total Goods in process Purchased materials Finished goods Wholesale Retail New orders (1939=100): Manufacturing, total Durable Nondurable Construction contracts 4(3 mo. moving avg., mill, dollars): Total Residential Other Residential construction: Contracts awarded (mill, dollars) :4 Total 1- and 2-family dwellings Other Dwellings started (thous. u n i t s ) . . . Value of construction activity (mill, dollars): Total* Nonresidential:« Public Private Residential:« Public Private Freight carloadings:4 Total (1935-39 =100) Groups (points in total index): Miscellaneous Coal All other Department stores: Indexes (1935-39 = 100) Sales Stocks 296 stores: Sales (mill, dollars) Stocks (mill, dollars) Outstanding orders (mill, dollars) Chart book page 1 Mar.3 Cont. Ratios to sales (months' supply): Total commitments Stocks Consumers' prices (1935-39=100): All items Food Apparel Rent Miscellaneous Wholesale prices (1926=100): Total Farm products . Food Other commodities Textile products Hides and leather products Chemicals and allied products.. . Fuel and lighting materials...... Building materials Metals and metal products Miscellaneous Prices paid and received by farmers (1910-14=100): Paid Received Cash farm income (mill, dollars): Total Livestock and products Crops Govt. payments 63 63 4.4 3.0 4.8 3.4 3.8 2.9 64 64 64 64 64 170.9 204.8 196.5 119.7 154.1 169.0 199.7 195.1 119.9 154.1 169.5 201.6 193.9 120.1 154.4 65 65 65 65 66 66 66 67 67 67 66 160.6 172.5 165.8 152.9 146.1 184.8 126.3 137.1 '202.3 175.6 117.3 158.1 168.3 161.5 151.8 145.2 182.3 '122. 135.9 '201.5 175.5 115.3 158.4 171.3 162.9 150.8 143.7 180.4 121.1 134.4 200.0 174.4 115.7 69 69 248 268 245 258 246 261 70 70 70 70 2,383 1,287 1,080 16 1,783 1,079 689 15 1,973 1,269 677 27 Pl.086 '1,028 P 1 , 1 5 2 P568 P632 P461 P52O INTERNATIONAL TRADE AND FINANCE 56 57 57 56 56 16.7 6.9 9.7 7.2 9.4 16.3 6.9 9.4 6.8 8.9 56 57 57 57 57 57 57 57 57 56 56 32 15 5.9 4 4.4 16.9 2.4 8.0 6.6 8.5 13.5 32.0 37.7 15.3 15.2 6.0 4 4.5 16.7 16.5 2.4 7 6.5 8.5 8.6 13.9 14.4 17.7 7.6 10.1 7.5 10.5 56 56 56 '231 '275 '203 230 274 204 58 58 58 712 245 '468 695 226 469 717 238 479 59 59 59 59 223 171 52 50 251 163 231 167 64 62 60 1,221 1,092 1,195 60 60 283 484 250 463 309 481 60 60 4 450 4 375 131 126 See p. 609 of this BULLETIN 76 76 76 P589 P497 77 77 P5.94 P6.03 77 77 77 P3.01 P. 66 P. 73 P3.03 Pl.00 Pl.01 78, 79 1948 5 400 61 Exports and imports (mill, dollars): Exports Imports Excess of exports or imports Short-term foreign liabilities and assets reported by banks (bill, dollars): Total liabilities Official Invested in U. S. Treasury bills and certificates Private Total assets Foreign exchange rates: 61 61 61 JulySept. QUARTERLY FIGURES 74.7 26.4 24.4 Budget receipts and expenditures of U. S. Treasury: Expenditures, total 27 National defense 27, 28 Veterans' Administration 28 International aid 28 Interest on debt 28 All other 28 Receipts: Net receipts 27 Individual income taxes 28 Corporate income, etc 28 Miscellaneous internal revenue. . 28 All other 28 Tax refunds (deduct) 28 -A 62 62 287 285 274 '286 270 293 63 63 63 264 785 388 253 '848 '378 318 910 314 Bank rates on loans to business: All loans: 19 cities New York City 7 Northern and Eastern cities. . . . 11 Southern and Western cities. . Loans of $1,000-$ 10,000: 19 cities New York City 7 Northern and Eastern c i t i e s . . . . 11 Southern and Western cities.. 8.57 2.67 1.78 1.15 .97 1.37 9.10 2.90 1.65 1.61 1.45 1.41 9.23 '3.08 1.71 '1.58 1.05 '1.74 9.14 3.74 2.71 2.09 '.87 .25 8.65 3.08 2.72 2.24 .74 .12 12.40 7.26 3.29 2.01 .84 1.00 Per cent Per annum MONEY RATES 75.8 16.7 27.4 Jan.Mar. In billions of dollars GOVERNMENT FINANCE 77.3 27.7 26.0 Oct.Dec. 31 31 31 31 2.60 2.32 2.60 3.01 2.64 2.34 2.68 3.02 2.70 2.42 2.68 3.12 31 31 31 31 4.53 4.40 4.55 4.57 4.50 4.23 4.51 4.62 4.62 4.22 4.63 4.79 For footnotes see p. 580. MAY 1949 579 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart book1 page 1949 1948 JulySept. Oct.Dec. Per cent per annum QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Cont. Stock yields: Earnings/price ratio, common stocks Plant and equipment expenditures (bill, dollars):* 7 All business Manufacturing and mining; railroads and utilities Manufacturing and mining 31 31 31 31 3.58 3.35 3.58 3.71 3.58 3.40 3.60 3.68 3.64 3.42 3.66 3.75 31 31 31 31 2.92 2.68 2.91 3.07 2.97 2.70 2.97 3.14 31 31 31 31 2.29 2.13 2.34 2.56 2.34 2.16 2.44 2.57 2.89 2.66 2.89 3.04 Individual savings: Gross savings Liquid savings 2.42 Cash 2.25 U. S. Govt. securities 2.44 Other securities 2.71 Insurance Debt liquidation 33 Oct.Dec. Jan.Mar. In unit indicated 5.47 42 4.8 5.4 4.7 42 42 3.3 2.3 3.8 2.5 3.2 2.1 In billions of dollars 43 43 43 43 43 43 43 16.51 + 10.8 + 10. 6 +2.8 + 1. 8 +2.1 + 1. 2 0. 0 +0.2 +0.3 +0. 7 + 1.6 +1. 9 -1.4 _2 0 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC. In unit indicated BUSINESS FINANCE Corporate assets and liabilities (bill, dollars):« Current assets, total Cash U. S. Goyt. securities Inventories Receivables Current liabilities, total Notes and accounts payable Federal income tax liabilities.... Net working capital Corporate security issues: Total (bill, dollars) • New money, total (bill, dollars)«... Type of security (bill, dollars): Bonds Preferred stock Common stock Use of proceeds (mill, dollars): Plant and equipment: All issuers Public utility Railroad Industrial Working capital: All issuers Public utility Railroad Industrial Bonds (bill, dollars):« Public Private Corporate profits, taxes, and dividends (annual rates, bill, dollars): • Profits before taxes Profits after taxes (dividends and undistributed profits) Undistributed profits Corporate profits after taxes (quarterly totals): All corporations (bill, dollars)«. . . . Large corporations, total (bill, dollars) Manufacturing (mill, dollars): Durable Nondurable Electric power and telephone (mill, dollars) Railroads (mill, dollars) JulySept. BUSINESS FINANCE—Cont. MONEY RATES—Cont. Bank rates on loans to business—Cont. Loans of $10,000-$100,000: 19 cities New York City 7 Northern and Eastern cities... 11 Southern and Western cities.. Loans of $100,000-$200,000: 19 cities New York City 7 Northern and Eastern cities.. . 11 Southern and Western cities . . Loans of $200,000 and over: 19 cities New York City 7 Northern and Eastern cities.... 11 Southern and Western cities.. Chart book1 page Jan.Mar. 37 37 37 37 37 37 37 37 37 123.3 22.8 13.0 44.6 41.3 57.9 36.2 10.6 65.4 123.2 38 38 1.27 1.05 1.87 1.77 38 38 38 .91 .06 .08 1.57 .07 .11 22.6 13.5 44.9 40.7 58.4 10.9 10.8 64.8 1.06 .85 .72 .05 .08 39 39 39 39 765 442 138 185 1,451 898 117 435 699 343 174 182 39 39 39 39 280 6 38 38 .64 .47 .86 .81 40 34.0 40 40 20.8 13.1 41 5.2 44 258.1 264.9 44 44 46 46 46 38.2 180.1 23.7 104.3 52.1 41.5 181.0 22.9 105.1 53.0 44 39.9 42.4 45 45 45 45 21.9 14.8 3.5 -.3 22.7 14.7 5.3 -.4 47 47 216.3 196.2 180.1 16.1 219.6 199.4 181.0 18.4 47 47 152 2 '204 316 4 60 233 ross national product4 Govt. purchases of goods and services Personal consumption expenditures Durable goods Nondurable goods Services Private domestic and foreign investment Gross private domestic investment: Producers' durable equipment. New construction Change in business inventories. Net foreign investment Personal income, consumption, and saving :4 Personal income Disposable income after taxes Consumption expenditures Net personal saving 41 1.5 1.6 41 41 610 490 187 246 Dec. 31 SEMIANNUAL FIGURES 30 Dec. 31 In billions of dollars INSURED COMMERCIAL BANKS Loans: Commercial Agricultural Real estate Consumer. For purchasing securities: To brokers and dealers Toothers State and local government securities Other securities June 11 11 11 11 18.01 1.61 9.27 5.65 17 .83 1 .97 10 .10 6 .41 18.76 2.78 10.67 6.80 11 11 11 11 .82 1.19 5.13 3.62 1 .18 1 .08 5 .43 3 .50 1.34 0.94 5.51 3.42 698 511 41 41 1948 1947 223 19 e 1 r Estimated. P 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 chart, Yields on Industrial Stocks, has been added to the Money Rates Section, and two additional series have been added to the chart on Stock Prices and Stock Market Credit. A new chart on Individual Savings has been added to the Business Finance Section. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 For charts on pp. 22, 29, and 35 figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 4 5 Adjusted for seasonal variation. Revised beginning January 1942; 7for description and back figures see pp. 504-505 of this BULLETIN. 6 Effective Mar. 30 margin requirements were reduced to 50 per cent. Estimates for April-June 1949 quarter are (in billions of dollars): All business, 4.8; manufacturing and mining, railroads and utilities, 3.3; manufacturing and mining, 2.1; quarterly average expenditures anticipated by business during the last half of 1949 are (in billions of dollars): All business, 4.4; manufacturing and mining, railroads and utilities, 3.1; manufacturing and mining, 1.9. * 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. 580 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT Chart book page1 1949 Jan. Feb.p Chart book page1 Mar.? In millions of dollars Consumer credit outstanding, total 2 . . 3 Instalment credit, total 2 3, 5 Instalment loans 5 Instalment sale credit2 5 Charge accounts 3 Single-payment loans 3 Service credit 3 Consumer credit outstanding, cumulative totals: 3 Instalment credit2 4 Charge accounts 4 Single-payment loans 4 Service credit 4 Consumer instalment sale credit outstanding, cumulative totals: 3 All other retailers2 6 Department stores and mail-order houses 6 Furniture and household appliance stores2 6 Automobile dealers 6 15,749 15,336 15,379 8,425 8,340 8,447 4,054 4,034 4,076 4,371 4,306 4,371 3,141 3,457 3,176 2,904 2,864 2,821 970 963 956 15,749 15,336 15,379 7,324 6,996 6,932 3,867 3,820 3,791 970 956 t 963 4,371 4,306 4,371 3,851 3,812 3,034 1,996 Jan. Feb.P Mar.P In millions of dollars Consumer instalment sale3 credit granted, cumulative totals: By all other retailers2 By department stores and mailorder houses By furniture and household appliance stores2 By automobile dealers Consumer instalment loan credit outstanding, cumulative totals: 3 Commercial and industrial banks. Small loan companies Credit unions Miscellaneous lenders Insured repair and modernization loans 425 484 686 365 417 601 297 214 336 233 496 365 4,054 2,147 1,335 1,026 4,034 2,138 1,332 1,024 4,076 2,152 1,345 1,030 737 735 739 3,890 3,035 1,965 1949 3,136 2,113 P Preliminary. * Annual figures for charts on pp. 9-19, inclusive, are published as they become available. Revised. See pp. 504-505 of this BULLETIN. 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. 2 3 MAY 1949 581 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES On par list Total banks on which checks are drawn, and their branches and offices Federal Reserve district or State Total Not on par list (Nonmember) Member Nonmember Branches and offices Banks Branches and offices Banks Banks 11,869 11,957 12,037 12,061 12,068 3,616 3,654 3,823 4,015 4,069 6,877 6,894 6,917 6,912 6,907 2,909 2,913 3,051 3,197 3,243 4,992 5,063 5,120 5,149 5,161 305 865 142 279 492 907 840 1,131 305 865 142 279 333 782 644 703 226 802 105 240 159 125 196 428 1,009 1,184 2,488 1,468 474 181 582 136 800 563 2,434 1,131 351 145 558 77 479 348 ,003 494 229 128 232 41 321 215 1,431 637 1,279 1,749 1,017 500 112 10 42 1,260 622 1,740 908 500 44 10 33 1 260 477 760 619 265 26 6 20 1,188 145 980 289 235 225 10 230 194 143 23 44 20 921 1 124 10 108 194 143 23 44 5 921 1 91 5 67 114 92 23 33 1 877 1 33 5 41 80 51 Connecticut Delaware District of Columbia Florida Georgia 114 39 19 182 394 27 14 40 3 33 114 39 19 119 100 27 14 40 3 29 65 17 16 73 65 14 4 37 3 28 49 22 3 46 35 Idaho Illinois Indiana Iowa Kansas 45 883 485 666 608 51 3 98 162 45 881 485 666 606 51 3 98 162 27 505 235 164 214 46 3 42 18 376 250 502 392 Kentucky Louisiana Maine Maryland. Massachusetts 383 161 63 163 181 39 66 69 110 165 383 58 63 163 181 39 43 69 110 165 112 46 38 77 144 25 37 37 74 149 271 12 25 86 37 Michigan Minnesota Mississippi Missouri Montana 442 680 203 594 112 218 6 61 442 265 39 528 112 218 6 12 230 207 31 180 84 167 6 5 212 58 8 348 28 Nebraska Nevada New Hampshire New Jersey New Mexico 409 8 74 334 49 2 18 2 142 12 409 8 74 334 49 2 18 2 142 12 144 6 52 286 34 2 17 1 127 2 265 2 22 48 15 New York North Carolina North Dakota Ohio Oklahoma 646 209 150 665 384 735 185 24 207 1 646 94 61 665 376 735 66 6 207 1 567 54 42 425 225 684 36 79 40 19 240 151 51 30 6 27 Oregon Pennsylvania Rhode Island South Carolina South Dakota 68 977 18 149 170 91 170 42 39 48 68 977 18 61 70 91 170 42 35 23 30 748 10 32 62 84 143 31 29 20 38 229 27 Tennessee Texas Utah Vermont Virginia 293 897 55 69 314 83 4 23 11 100 200 839 55 69 309 70 4 23 11 100 82 568 31 40 204 55 4 21 2 53 118 271 24 29 105 Washington West Virginia Wisconsin Wyoming 122 180 550 55 125 122 179 443 55 Branches and offices 2,133 2,086 2.041 2,011 1,996 Banks 1 Branches and offices2 Banks 14,002 14,043 14,078 14,072 14,064 3,947 3,981 4,148 4,333 4,388 492 907 840 1,131 Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco United States total: Dec. Dec. Dec. Dec. Mar. 31, 31, 31, 31, 31, 1945 1946 1947 1948, ... 1949*... By districts and by States Mar. 31, 1949? District Boston New York Philadelphia Cleveland Alabama Arizona Arkansas California Colorado , State , , 101 53 108 164 41 180 1 21 29 69 71 279 14 68 7 11 6 3 100 4 25 93 13 2 9 47 i ! P Preliminary. Excludes mutual savings banks, on a few of which some checks are drawn. Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 3, p. 191 of the BULLETIN for February 1949). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 1 2 582 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1948 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All national 1946 All State banks All member banks ] banks 2,102,177 2,402,532 2,578,629 996,802 139,368 1,053,532 147,586 920,821 149,166 571,776 16,386 87,499 63,833 112,134 114,379 760,668 11,717 99,634 67,827 131,195 130,373 Expenses Salaries—officers Salaries and wages—others Directors' fees, etc Interest on time deposits. Interest on borrowed money Taxes other than income. Recurring depreciation. . . Other current expenses . . . 1,267,633 208,237 371,374 10,757 182,874 New York Chicago Reserve city member banks Country member banks Year 1948 1947 Earnings Interest and dividends on securities: U. S. Government. Other Interest and discount on loans Other charges on loans. . . Service charges on deposits Other charges, fees, etc.. . Trust department Other current earnings. . . Central reserve city member banks 2,828,342 1,894,437 933,905 475,735 120,389] 1,058,045 1,174,173 154,022 25,241 43,819 9,799 293,634 52,590 363,328 70,214 888,243 11,744 97,327 42,895 59,374 107,852 401,211 6,587 43,806 22,434 88,139 46,083 177,779 4,318 14,948 9,747 52,179 37,501 45,165 929 1,664 9481 11,640 6,425 516,068 8,359 52,379 23,389 53,739 57,887 550,442 4,725 72,142 31,245 29,955 52,122 1,468,550 242,422 457,020 12,401 211,603 1,649,980 269,456 527,525 13,731 235,948 1,795,225 297,325 578,468 14,910 250,487 ,180,243 196,885 366,782 9,994 174,481 614,982 100,440 211,686 4,916 76,006 283,984 42,159 123,644 1,407 8,074 75,127! 10,2601 25,522 152, 10,194 680,870 94,955 234,685 2,749 101,394 755,244 149,951 194,617 10,602 130,825 2,175 81,819 34,034 427,076 2,461 87,946 34,841 478,072 3,133 89,928 39,376 521,598 1,814 61,178 27,540 341,569 1,319 28,750 11,836 180,029 1,193 8,965 3,536 95,006 378 4,177! 782 23,662 861 37,052 13,837 195,337 701 39,734 21,221 207,593 834,544 933,982 928,649 1,033,117 714,194 318,923 191,751 45,262i 377,175 418,929 453,785 Recoveries, transfers from reserves, and profits.. On securities: Recoveries Transfers from reserves. Profits on securities. . . . 278,495 47,150 2,286 83,476 34,004 374,625 Net current earnings before income t a x e s . . . . 576,308 110,694 1,028,863 14,855 119,254 65,803 135,934 143,933 854,803 157,844 1,289,454 18,331 141,133 65,329 147,513 153,935 355,805 232,065 242,523 161,377 81,146 69,805 25,617 80,517 66,584 19,680 11,296 37,474 6,797 12,067 17,280 2,642 11,272 15,515 14,176 9,076 19,168 9,007 3,011 14,321 9,417 10,588 18,092 14,218 7,220 18,807 151,725 155,885 20,448 16,898 32,447 7,698 5,771 90,7621 17,846! 13,447 83,689 18,604 113,221 238,835 53,587 183,010 40,358 89,647 26,477 23,363 54,754 55,918 45,811 63,742 55,466 59,082 42,978 33,908 45,547 58,474 24,540 23,941 44,446 9,368 21,606 14,028 4,711 24,776 10,889 652: 4! 5,750i 5,562 2,963 10,686 229,856 246,962 251,205 421,175 277,076 144,099 83,370 30,195 117,785 115,455 101,342 / \ 68,334 35,521 21,734 11,966 11,487 9,089 46,541 65,530 61,492 70,015 102,653 / 1 47,210 23,784 247,178 46,358 46,600 23,555 19,373 160,594 26,954 4,411 86,584 19,404 362 54,620 7,812 I 3,952' 1,836; j 4,204' 18,107i 2,0961 Recoveries Transfers from reserves. All other Losses, charge-offs, and transfers to reserves. . On securities: Losses and charge-offs.. Transfers to reserves. . . On loans: Losses and charge-offs.. Transfers to reserves. . . All other Profits before income taxes 1,058,473 1,042,825 909,509 854,465 598,495 255,970 178,186 40,684; Taxes on net income Federal State 270,062 250,281 19,781 285,026 264,512 20,514 256,518 239,481 17,037 233,556 218,711 14,845 175,906 166,235 9,671 57,650 52,476 5,174 39,482 34,195 5,287 10,542 10,5421 Net profits 788,411 757,799 652,991 620,909 422,589 198,320 138,704 30,142 214,513 237,550 Cash dividends declared.. On preferred stock 2 On common stock 245,934 8,262 237,672 266,647 5,873 260,774 280,942 4,304 276,638 89,788 2,825 86,963 474 3,314 305,967 91,454 86,432j 5,022 293,818 3,866 289,952 193,511 1,301 192,210 100,307 2,565 97,742 79,967 31 79,936 14,150! 331 14,117! 109,913 977! 108,936| 7,017 9,305 5,582 6,519 1,435 2,786 812 2,071 ....I 182! 5,7311 3,738| 17,079 39,645 8,753 30,849 8,326 8,796 7,335 7,098 Loans 19,815,000 24,258,000 29,326,253 34,186,509 22,474,334 U. S. Government securities. 71,795,000 71,217,000 60,051,42, 36,539,; 5,566,000 6,384,000 6,958,737 7!38l[518 5,240,815 Other securities 903,000 Real estate assets 868,000 875,696 917,910 604,683 26,700,000 29,171,000 30,375,421 32,450,070 21,804,366 Cash assets 11,712,175 18,196,^ 2,140,703 313,227 10,645,704 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities On loans Losses charged to reserves (not included in losses above): On securities On loans (3) () * (3) 2^043 6,571 16,484 329,628 92,078 87,542 4,536 3,173 14,020 7,592,201 1,766,211 13,702,021 11,126,076 ,008,809 10,659,729 1,138,448 '380]511 2,439,542 3,423,017 380,292 359,664 161,731 16,223 7,272,359 1,799,000 12,704,225 10,674,486 Total assets.... 125,132,000 132,315,000 128,032,620 130,249,823 87,047,573 43,202,250 27,070,060 6,716,232 48,762,505 47,701,026 Time deposits Total deposits Total capital accounts 21,487,000 25,905,000 27,905,356 28,720,582 19,488,170 9,232,412 1,619,281 954,972 11,393,839 14,752,490 116,983,000 123,453,000 118,710,911 120,447,279 80,727,715 39 719,564 24,200,480 6,244,557 45,519,641 44,482,601 7,243,000 7,868,000 8,291,278 8,629,770 5,532,977 3,096,793 2,275,737 435,299 2,880,634 3,038,100 Number of officers Number of employees Number of banks 39,903 207,460 42,512 230,442 44,960 241,011 46,278 247,628 32,430 159,507 13,848 88,121 3,245 43,709 6,884 6,900 6,923 6,918 4,991 1,927 35 792 9,258 12,049 96,657 30,192 98,004 335 6,535 See footnotes on pp. 584-586. MAY 1949 583 MEMBER BANK EARNINGS, 1948— Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 145,279 Earnings Interest and dividends on securities: 43,503 U. S. Government 5,632 Other Interest and discount on 63,332 loans 601 Other charges on loans . . . 8,570 Service charges on deposits Other charges, fees, etc.. . . 2,739 11,150 Trust department 9,752 Other current earnings.... 705,170 167,181 232,661 133,990 137,411 396,411 106,703 81,163 124,784 139,551 458,038 227,264 38,940 54.276 14,594 75,861 17,582 40,904 5,433 36,405 146,592 24,640 28,967 7,009 27,192 3,659 35,892 6,671 32,979 6,517 104,968 18,279 282,534 5,865 29,246 13,895 59,767 47,659 67,988 513 6,109 2,385 14,040 7,276 98,550 1,064 9,795 4,144 12,155 13,510 65,201 714 7,317 3,678 5,695 5,048 64,187 549 8,621 6,638 4,031 8,092 158,977 3,141 19,747 8,099 17,083 18,132 54,827 409 4,197 3,348 3,376 4,570 34,555 416 4,834 4,595 2,046 3,866 61,577 349 8,169 2,945 2,534 6,647 77,437 472 7,008 4,061 1,999 9,078 260,289 4,238 27,520 8,802 13,637 20,305 97,760 16,465 30,638 958 12,678 445,572 68,211 169,536 3,481 38,644 106,611 17,261 31,759 1,842 16,235 149,839 22,080 41,881 1,362 26,650 82,998 15,675 24,036 1,021 11,885 87,122 15,011 66,041 13,120 18,844 752 7,815 51,903 10,701 14,229 575 8,464 73,581 16,995 21,093 707 5,288 83,412 18,239 23,002 811 4,716 290,090 42,972 98,251 10,050 260,296 40,595 80,136 1,800 45,869 144 4,234 2,384 30,259 1,452 15,923 7,910 140,415 147 5,132 2,877 31,358 184 15,260 3,596 38,826 178 4,610 2,330 23,263 105 5,589 2,467 28,112 507 12,989 4,691 73,709 127 3,844 1,465 20,074 48 1,910 1,034 14,942 119 2,890 1,916 24,573 31 7,726 2,385 26,502 91 9,821 6,321 69,565 47,519 259,598 60,570 82,822 50,992 50,289 136,115 40,662 29,260 51,203 56,139 167,948 17,448 91,177 19,297 16,885 6,551 6,717 39,550 7,434 6,632 7,639 6,781 16,412 1,43 1,876 3,994 4,170 12,860 20,320 6,428 2,742 2,795 1,997 796 4,665 859 193 1,578 317 405 1,825 3,663 192 9,805 1,726 650 1,544 3,115 156 738 896 859 1,232 740 433 1,226 1,131 2,201 5,032 2,064 4,603 3,476 7,721 29,548 16,558 2,382 764 4,186 2,078 2,158 5,191 1,264 1,082 1,973 460 2,628 7,791 3,544 14,555 1,521 792 1,201 1,235 116 1,272 1,572 509 2,571 1,913 357 2,112 3,285 2,012 2,751 28,571 117,711 28,353 33,428 16,996 18,352 69,126 15,692 14,409 16,587 21,934 40,016 3,948 2,795 17,236 11,479 5,815 5,86. 5,744 3,992 2,836 315 2,767 470 13,017 3,113 2,811 1,038 2,080 1,906 3,047 1,031 3,252 473 5,781 3,044 822 17,049 3,957 2,352 75,771 10,873 824 12,802 3,047 1,081 18,351 4,260 845 11,345 1,655 7,392 38,444 7,160 790 8,985 2,068 945 7,509 1,969 2,219 7,314 2,976 2,870 12,918 2,421 2,223 25,580 3,388 Expenses Salaries—officers Salaries and wages—others Directors' fees, etc Interest on time deposits.. Interest on borrowed money Taxes other than income.. Recurring depreciation... . Other current expenses.... Net current earnings before income taxes Recoveries, transfers from reserves, and profits. . On securities: Recoveries Transfers from reserves. Profits on securities.... On loans: Recoveries Transfers from reserves. All other Losses, charge-offs, and transfers to reserves.. On securities: Losses and charge-offs. . Transfers to reserves. . . On loans: Losses and charge-offs. . Transfers to reserves.... All other 684 25,063 725 876 62,193 Profits before i n c o m e taxes 36,396 233,064 51,514 66,279 40,547 1,421 11,110 2,584 38,654 106,539 32,404 21,483 42,255 40,986 144 344 Taxes on net i n c o m e . . . . Federal State 10,511 8,724 1,787 52,978 46,234 13,943 13,943 16,570 16,570 12,352 12,170 182 12,128 11,652 476 27,729 27,709 20 8,472 8,301 171 6,439 5,601 838 11,994 11,218 776 12,430 12,402 28 48,010 44,187 3,823 Net profits 25,885 180,086 37,571 49,709 28,195 26,526 78,810 23,932 15,044 30,261 28 556 96,334 Cash dividends declared. . On preferred stock 2 On common stock 16,537 41 16,496 97,072 2,179 94,893 20,294 312 19,982 21,200 388 20,812 12,751 32 12,719 10,883 36 10,847 32,883 342 32,541 10,419 70 10,349 6,299 45 6,254 10,306 11 10,295 13,051 44 13,007 42,123 366 41,757 29 471 1,217 2,850 106 156 4,470 391 49 361 399 825 58 238 19 552 40 326 630 2,683 350 2,462 9,654 10,020 360 1,321 2,360 1,951 152 1,406 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities On loans Losses charged to reserves (not included in losses above): On securities On loans Loans 1,697,120 U. S. Government securities. 2,664,991 Other securities 252,033 Real estate assets 54,282 1,430,371 Cash assets 6,744 240 1,376 9,910,770 1,661,528 2,569,673 1,510,267 1,473,452 14,943,310 3,089,237 4,637,210 2,542,207 2,374,848 761,698 257,329 401,033 1,794,61 610,512 87,197 52,161 255,448 66,138 52,040 8,942,084 1,594,995 2,424,298 1,586,035 1,683,077 433 70 1,781 533 75 1,071 1,254 10,289 2,415 2,196 627 4,328 4,397,659 1,438,798 816,713 1,364,497 1,685,324 5,660,708 9,346,091 1,922,644 1,714,935 2,493,381 2,188,683 6,818,164 882,450 1,236,865 318,999 195,026 375,219 295,739 138,499 84,547 26,518 54,449 28,215 18,416 4,851,317 1,364,852 929,202 1,887,093 2,045,055 3,711,691 Total a s s e t s . . . . 6,145,319 36,120,695 7,049,600 10,502,693 5,963,371 6,004,878 19,971,238 5,084,981 3,683,580 6,157,804 6,280,890 17,284,774 Time deposits Total deposits Total capital accounts 1,284,927 5,276,467 1,923,931 3,159,362 1,299,059 1,106,932 5,487,375 947,317 934,490 669,089 581,315 6,050,318 5,569,532 32,557,929 6,395,250 9,658,444 5,560,659 5,642,923 18,784,006 4 771,359 3,468,685 5 ,813,687 5,928,084 16,296,721 ,642,923 395,250 838,857 503,396 2,918,713 616,333 797,674 372,108 330,285 1,103,254 292,842 198,296 326,246 331,766 Number of officers Number of employees Number of banks 2,441 14,547 33' 7,616 65,537 3,155 14,100 3,729 18,799 2,762 11,983 2,451 11,876 5,901 34,197 2,536 9,750 2,161 7,161 3,435 10,468 3,328 11,058 6,763 38,152 783 645 704 478 346 1,006 495 476 761 618 269 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 Danks in operation during part of the year but not at the end of the year. 2 Includes interest on capital notes and debentures. 3 Not available. For other footnotes see pp. 585-586. 584 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1948—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston NewYork Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans Other charges on loans Service charges on deposits. . Other charges, fees, etc Trust department Other current earnings 51,992 22,219 59,724 123,245 53,823 56,921 116,203 49,657 25,665 13,528 1,483 22,909 400 1.753 1,268 6,053 4,598 6,078 911 10,670 162 1,457 479 671 1,791 16,476 5,506 22,771 263 1,688 683 9,238 3,099 40,817 9,139 48,439 827 4,215 2,039 9,710 8,059 18,189 1,918 22,716 415 3,058 1,530 3,588 2,409 14,201 3,531 26,844 428 2,786 2,958 2,381 3,792 47,619 5,372 44,402 1,502 7,887 2,987 2,096 4,338 11,342 3,053 27,214 275 1,272 1,477 2,855 2,169 7,975 1,006 11,834 149 1,099 721 1,569 1,312 Expenses Salaries—officers Salaries and wages—others. . Directors' fees, etc Interest on time deposits. Interest on borrowed money. Taxes other than income Recurring depreciation Other current expenses 33,290 5,299 12,259 143 1,717 38 1,394 682 11,758 16,303 1,902 5,958 98 2,257 19 638 357 5,074 39,479 5,430 15,646 233 1,386 71 1,695 598 14,420 79,107 9,327 26,056 300 11,821 136 8,165 1,634 21,668 35,047 5,927 12,140 293 3,202 101 2,373 780 10,231 36,936 5,147 11,250 212 3,949 72 2,867 899 12,540 80,976 9,617 28,210 354 14,954 110 3,474 1,240 23,017 30,569 4,806 10,587 148 Net current earnings before income taxes 18,702 5,916 20,245 44,138 18,776 19,985 9,705 Recoveries, transfers from reserves, and profits On securities: Recoveries Transfers from reserves. . . Profits on securities On loans: Recoveries Transfers from reserves. . . All other Kansas City Dallas San Francisco 59,275 64,924 374,397 17,834 3,237 146 2,799 870 2,148 3,965 15,482 2,127 36,171 170 1,858 1,690 1,611 5,815 84,093 15,307 213,822 3,622 22,507 6,687 11,819 16,540 78 1,738 516 10,020 16,681 2,514 6,594 91 1,671 39 365 295 5,112 36,106 5,680 12,166 176 2,589 94 1,369 971 13,061 39,363 6,265 11,720 163 3,137 25 4,543 977 12,533 237,013 33,041 82,099 538 52,035 78 8,431 4,888 55,903 35,227 19,088 8,984 23,169 25,561 137,384 2,676 28,276 3,635 13,017 10,852 2,711 3,558 7,160 5,252 3,706 4,881 2,324 13,716 678 1,600 2,329 384 536 3,384 235 112 819 300 1,051 1,780 132 2,299 1,458 531 951 2,511 219 559 5,379 2,667 1,451 677 832 926 332 27 874 646 2,120 4,284 663 3,422 1,013 99 1,561 1,189 632 328 2,560 1,032 1,813 3,703 388 189 968 448 116 1,555 878 198 1,873 1,071 662 579 364 " " 438 277 1,805 506 68 517 2,820 1,954 1,892 12,186 5,206 14,807 19,039 7,243 8,065 19,324 9,635 7,273 8,752 10,305 29,890 698 2,066 78 477 1,822 5,393 1,403 1,910 1,052 223 1,255 50 3,843 853 1,479 840 987 1,494 1,763 987 65 7,868 1,489 65 4,394 192 95 5,912 1,585 310 12,459 2,957 204 4,908 856 674 5,308 778 1,777 9,972 2,879 130 5,823 1,363 295 3,867 425 3,683 1,894 132 7,693 590 1,599 18,875 630 16,221 4,345 18,455 35,951 14,244 15,478 23,063 14,705 5,417 19,298 17,580 121,210 4,075 3,160 915 583 495 4,673 4,673 8,078 8,078 4,276 4,257 19 5,012 4,834 178 6,169 6,169 4,002 3,864 138 2,118 1,767 351 5,956 Federal State 6,160 6,160 40,352 37,408 2,944 N e t profits 12,146 3,762 13,782 27,873 9,968 10,466 16,894 10,703 3,299 13,342 11,420 80,858 7,833 2,009 73 1,936 9,726 5,964 7 5,957 5,151 " 5,151 8,051 159 7,892 6,024 12 6,012 2,371 30 2,341 4,917 9,726 13,319 374 12,945 7,017 13 7,004 37,531 309 37,222 124 71 101 22 4,431 260 49 82 375 376 2 123 838 146 149 348 1,732 1,084 133 660 239 625 782 1,263 479 1,691 720,098 1,212,520 956,965 3 ,230,861 153,767 320,930 21,811 27,568 807,439 1,592,720 862,213 808,807 114,759 12,065 756,868 L o s s e s , charge-offs, a n d transfers to r e s e r v e s . . . . On securities: Losses and c h a r g e - o f f s . . . . Transfers to reserves On loans: Losses and c h a r g e - o f f s . . . . Transfers to reserves All other Profits before income taxes. Taxes on net income Cash dividends d e c l a r e d . . . On preferred stock On common stock 2 ' V,833 Memoranda items Recoveries credited to reserves (not included in recoveries above) : On securities On loans Losses charged to reserves (not included in losses above): On securities On loans 840 Loans U. S. Government securities. . . Other securities Real estate assets Cash assets 777,563 877,770 51,264 16,126 613,647 289,857 727,592 1,532,444 637,619 386,427 1,025,707 2,563,708 1,194,293 35,814 225,065 363,654 95,441 25,747 10,253 21,564 50,756 216,764 785,689 1,488,678 787,808 Total a s s e t s . . . . 2,373,464 943,482 2,806,153 6,016,274 2,750,232 2,672,558 6,405,6582,563,025 Time deposits Total deposits Total capital accounts 191,957 2,118,945 206,849 299,827 243,767 1,431,424 430,768 407,743 2,041,671 330,035 875,385 2,548,652 5,498,281 2,569,731 2,510,436 6,076,573 2,397,116 510,436 076,573 63,980 234,168 486,694 163,987 142,176 300,894 152,197 Number of officers Number of employees Number of banks 562 5,245 10 231 2,677 548 5,616 978 10,766 668 5,755 630 5,131 1,090 11,907 13 29 33 21 74 580 5,156 241 516 5,567 389 ' 4,917 4,180 2,603 19 367 50 219 429 631 359,922 794,380 498,411 1,281,610 54,537 188,775 15,677 7,034 1,116,695 410,501 3,406,451 1,334,773 359,054 181,166 1,246,440 3,213,369 77,965 179,604 290 2,846 741 5,614 2,633 630 2,045 1,462 1,740 7,515 1,006,387 4,781,426 968,468 5,544,317 96,724 738,812 115,817 35,246 1,034,925 3,092,491 3,150,678 14,339,757 368,248 5,108,179 2,957,187 13,507,526 694,466 177,654 686 5,132 5,045 30,812 50 * Not including central reserve city banks. 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. For other footnotes see pp. 584 and 586. MAY 1949 585 MEMBER BANK EARNINGS, 1948—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Dallas Francisco Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans. Other charges on loans Service charges on deposits.. . . Other charges, fees, etc Trust department Other current earnings 93,287 207,216 107,457 109,416 80,167 80,490 159,819 57,046 55,498 65,509 29,975 4,149 40,423 201 6,817 1,471 5,097 5,154 67,164 12,788 94,085 1,385 12,841 3,669 6,917 8,367 37,800 9,088 45,217 250 4,421 1,702 4,802 4,177 35,044 8,443 50,111 237 5,580 2,105 2,445 5,451 22,715 3,515 42,485 299 4,259 2,148 2,107 2,639 22,204 5,357 37,343 121 5,835 3,680 1,650 4,300 55,154 9,469 69,410 710 10,196 4,164 3,347 7,369 17,625 3,956 27,613 134 2,925 1,871 521 2,401 19,217 2,653 22,721 267 18,058 3,434 33,301 203 5,370 2,075 386 2,682 3,263 Expenses Salaries—officers Salaries and wages—others. . . . Directors' fees, etc Interest on time deposits Interest on borrowed money... Taxes other than income Recurring depreciation Other current expenses 64,470 11,166 18,379 815 10,961 106 2,840 1,702 18,501 145,285 24,150 39,934 1,976 28,313 240 6,320 4,017 40,335 67,132 11,831 16,113 1,609 14,849 76 3,437 2,279 16,938 70,732 12,753 15,825 1,062 14,829 48 7,095 1,962 17,158 47,951 9,748 11.896 728 8,683 77 2,237 1,550 13,032 50,186 9,864 13,813 513 6,101 33 2,722 1,568 15,572 104,193 20,718 26.404 1,294 20,721 19 5,338 2,669 27,030 35,472 8,314 8,257 604 5,139 49 2,106 949 10,054 35,222 8,187 7,635 484 6,793 9 1,545 739 9,830 37,475 11,315 8,927 531 2,699 25 1,521 945 11,512 44,049 1,579 6 3,183 1,408 13,969 53,077 9,931 16,152 338 10,158 13 1,390 1,433 13,662 Net current earnings before income taxes 28,817 61,931 40,325 38,684 32,216 30,304 55,626 21,574 20,276 28,034 30,578 30,564 7,743 17,737 6,280 6,033 3,840 3,159 6,773 2,182 2,926 2,758 4,457 2,696 757 276 1,665 1,520 1,369 4,246 1,049 75 1,344 1,613 624 81 759 1,231 56 1,756 268 119 593 604 156 497 219 1,281 229 105 774 27 306 408 406 352 485 81 748 1,401 1,181 2,463 2,911 3,211 4,480 1,750 436 1,626 1,046 345 1,488 495 1,005 634 344 1,073 1,351 383 1,996 450 130 622 719 116 834 1,208 232 766 1,407 289 1,595 465 58 859 16,385 29,135 13,546 14,389 9,753 10,287 19,607 6,057 7,136 7,835 11,629 10,126 3,250 729 5,671 1,913 3,993 472 4,341 2,082 1,784 92 1,512 420 5,222 424 1,332 198 1,284 44 1,364 471 1,601 441 757 9,181 2,468 1,925 16,757 2,869 729 6 890 1,462 771 5,892 1,303 641 6,437 799 747 5.802 1,806 1,411 10,365 2,185 660 3,162 705 1,093 412 650 3,642 1,339 1,794 3,631 1,082 2,738 5,225 1,831 624 6,705 755 20,175 50,533 33,059 30,328 26,303 23,176 42,792 17,699 16,066 22,957 23,406 23,134 6,436 5,564 872 12,913 11,544 1,369 9,270 8,492 8,492 7,116 6,818 298 11,018 10,998 20 4,470 4,437 33 4,321 3,834 487 6,038 5,651 387 6,270 9,270 8,076 7,913 163 6,242 28 7,658 6,779 879 13,739 37,620 23,789 21,836 18,227 16,060 31,774 13,229 11,745 16,919 17,136 15,476 8,704 41 8,663 15,096 2,075 13,021 10,568 312 10,256 7,881 14 6,787 25 6,762 10,682 150 10,532 4,395 58 4,337 3,928 15 3,913 5,389 11 5,378 6,034 31 6,003 4,592 7,867 5,732 36 5,696 29 309 281 708 5 134 39 131 272 24 267 56 115 99 185 40 212 350 1,622 1,481 2,776 211 973 628 867 19 746 289 1,022 54 505 25 408 4 623 70 953 Recoveries, transfers from reserves, and profits On securities: Recoveries Transfers from reserves Profits on securities On loans: Recoveries Transfers from reserves All other Losses, charge-offs, and transfers to reserves On securities: Losses and charge-offs Transfers to reserves On loans: Losses and charge-offs Transfers to reserves All other Profits before income taxes. . . Taxes on net income Federal State Net profits Cash dividends declared On preferred stock 2 On common stock Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities On loans Losses charged to reserves (not included in losses above).: On securities On loans 260 876 1 751 3,735 3,874 477 2,554 74,627 83,641 17,497 4,390 20,875 2,972 46,467 616 5,013 2,115 1,818 3,765 41,266 302 5,150 2,371 388 11,974 11,282 648 57 4,535 41 2,774 Loans U. S. Government securities Other securities Real estate assets Cash assets 919,557 2,028,712 933,936 1,037,230 872,648 753,354 [,418,929 576,586 456,790 570,117 678,936 879,281 1,787,220 3,897,154 2,063,532 2,073,502 1,347,914 1,417,883 3,385,411 1,113,837 1,216,524 1,211,771 1,220,214 1,273,847 200,770 620,353 385,447 398,044 161,888 247,266 535,423 204,241 140,489 186,444 199,015 143,637 38,155 44,575 36,441 22,682 83,464 26,292 30,350 40,756 19,203 10,841 11,383 16,150 816,724 1,452,961 809,306 935,620 798,227 875,638 1,459,596 607,985 518,701 770,398 1,010,130 619,200 Total assets 3,771,854 8,107,152 4,243,447 4,486,420 3,213,140 3,332,320 6,849,348 2,521,957 2,348,807 2,751,352 3,130,213 2,945,016 Time deposits Total deposits Total capital accounts 1,092,969 3,357 ,360 1,680,165 1,727,937 868,290 699,189 2,490,733 617,282 753,325 310,035 213,067 942,138 3,450,587 7,482,064 3,846,598 4,160,163 2,990,926 3,132,487 6,462,877 2,374,244 2,222,246 2,600,317 2,970,897 2,789,195 990,926 600,317 296,547 578,996 382,165 310,980 208,120 188,109 367,061 140,645 120,331 146,642 154,112 144,392 Number of officers Number of employees Number of banks 1,879 9,302 4,140 19,151 2,607 8,484 2,751 8,033 2,094 6,228 1,821 6,745 4,019 13,032 1,956 4,594 1,871 4,315 2,694 4,854 2,642 5,926 1,718 7,340 738 632 675 445 325 919 474 467 711 580 242 NOTE.—(cont.)—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. For other footnotes see pp. 584-585. 586 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1948— Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] All member banks 1945 1946 1947 All All national State member member banks banks Central reserve city member banks New York Chicago Reserve Country city member member banks banks 1948 Year 1948 Summary ratios: Percentage of total capital accounts: Net current earnings beforel income taxes Profits before income taxes Net profits x Cash dividends declared 10.4 9.3 6.9 3.3 13.1 10.6 7.4 3.8 13.8 10.8 7.8 3.0 1.8 .7 .4 2.2 .8 .4 2.5 .9 .5 32.4 5.3 38.3 3.1 20.9 36.4 8.1 38.3 1.4 15.8 27.8 5.0 49.6 4.9 12.7 30.9 6.0 47.3 6.1 9.7 100.0 100.0 100.0 100.0 100.0 33.4 34.9 1.7 29.7 8.5 24,2 31.2 9.6 29.4 11.1 23.8 11.5 14.6 10.9 3.4 11.2 11.0 7.9 3.4 12.0 9.9 7.2 3.4 12.0 10.8 7.6 10.3 3.5 8.3 6.4 3.2 1.7 1.8 .7 .6 2.0 .7 .5 2.2 .8 .5 2.2 .8 .5 2.2 .7 .5 28.0 4.2 13.8 43.9 6.1 32.2 4.1 13.7 35.7 5.8 40.5 4.6 13.4 30.2 5.6 46.2 5.0 13.0 30.4 5.9 47.5 5.1 11.1 29.8 5.0 43.7 4.7 16.8 100.0 100.0 100.0 100.0 100.0 27.6 Percentage of total assets: Total earnings Net current earnings before income taxes Net profits 1 11.9 13.3 9.6 3.4 29.1 8.8 23.2 30.9 9.2 23.9 31.0 8.9 29.8 9.2 23.6 61.1 23.3 64.0 63.5 36.5 62.3 6.3 8.2 6.1 9.3 22.3 .7 .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 deposits accounts Other current earnings 47.4 6.6 Total earnings Salaries and wages Interest on time deposits Other current expenses 8.7 24.0 Total expenses 60.3 Net current earnings before income taxes.. 39.7 Net losses (or recoveries and profits + ) 1 2 . . . + 10.7 12.9 Taxes on net income l 37.5 Net profits x Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities Net losses (or recoveries and profits +) 2 3 . . . 38.9 36.0 +4.5 11.9 31.5 .7 10.0 25.3 22.0 37.7 8.2 24.3 65.9 34.1 6.7 6.2 21.2 8.4 7.8 6.1 3.5 23.1 62.4 40.3 2.8 8.3 29.2 23.6 64.4 59.7 3.8 8.8 25.0 35.6 6.7 8.6 20.3 64.3 35.7 7.6 7.9 20.2 1.5 1.7 1.6 + .1 + .02 + .02 1.7 .05 1.6 1.5 1.7 2.6 3.8 .6 5.0 .7 39.7 5.0 28.1 26.1 .7 46.1 7.2 23.3 22.4 19.9 7.0 17.2 6.3 20.2 6.8 1.5 1.5 + .3 +. 2 1.6 + .04 1.6 .0 1.6 .0 1.5 1.5 1.6 1.6 3.2 3.6 .1 3.8 .6 4.0 .6 3.5 .5 2.4 .3 46.9 5.4 22.9 23.7 .7 42.0 5.7 26.2 24.9 .7 42.0 6.0 25.8 25.0 .7 42.1 5.0 27.1 24.6 .7 39.4 4.2 28.0 26.9 .6 40.6 24.9 9.4 6.7 1.6 .01 Percentage of U. S. Government securities: I n t e r e s t o n U . S. G o v e r n m e n t s e c u r i t i e s . . . Percentage of total loans: Earnings on loans Net losses (or recoveries + ) 1 2 . . . . . 3.0 + .05 + .1 0 Distribution of assets: Percentage of total assets: U. S. Government securities Other securities Loans Cash assets Real estate assets 57.4 4.4 15.8 21.3 .7 53.8 4.8 18.3 22.0 .7 Other ratios: Total capital accounts to: Total assets Total assets less Government securities and cash assets Total deposits 5.8 5.9 6.5 27.2 6.2 24.6 6.4 22.0 7.0 20.0 18.4 .9 21.0 .8 23.5 .8 6,884 6,900 6,923 Time to total deposits Interest on time deposits to time deposits Number of banks .... 6.6 6.4 21.6 7.2 23.8 .9 24.1 .9 23.2 6,918 4,991 7.8 26.8 .2 6.4 6.5 7.2 19.3 6.9 5.7 26.3 .8 .5 15.3 1.1 25.0 .9 33.2 .9 1,927 35 13 335 6,535 1 Ratios for 1948 are not entirely comparable with prior years due to transfers to reserves for bad debt losses on loans; for discussion see pp. 494-498. 2 "Net losses" is the excess of (a) losses, charge-offs, and transfers to reserves over (b) recoveries, transfers from reserves, and profits; "net recoveries and profits" is the reverse. 3 Ratios of less than .005 are shown as .0. 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 1949 587 MEMBER BANK EARNINGS, 1948—Coutiuued 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 New York Philadelphia Cleveland Richmond Atlanta Chicago St._ Louis Minneapolis Kansas City Dallas San Francisco 9.4 7.2 5.1 3.3 8.9 8.0 6.2 3.3 9.8 8.4 6.1 3.3 10.4 8.3 6.2 2.7 13.7 10.9 7.6 3.4 15.2 11.7 8.0 3.3 12.3 9.7 7.1 3.0 13.9 11.1 8.2 3.6 14.8 10.8 7.6 3.2 15.7 13.0 9.3 3.2 16.9 12.4 8.6 3.9 20.0 17.2 11.5 5.0 2.4 2.0 2.4 2.2 2.2 2.3 2.0 2.1 2.2 2.0 2.2 2.6 Boston 1.0 .6 29.9 3.9 44.0 5.9 16.3 32.2 5.5 40.9 4.2 17.2 32.5 8.7 41.0 3.7 14.1 32.6 7.6 42.8 4.2 12.8 30.5 4.0 49.2 5.5 10.8 26.5 6.5 47.1 6.3 13.6 37.0 6.2 40.9 5.0 10.9 27.1 6.6 51.8 3.9 10.6 33.5 4.5 43.1 6.0 12.9 28.8 5.3 49.6 6.6 9.7 23.6 4.7 55.8 5.0 10.9 22.9 4.0 57.8 6.0 9.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 32.4 8.7 26.2 33.7 5.5 24.0 29.3 9.7 24.8 27.5 11.5 25.4 29.6 8.9 23.4 29.2 7.3 26.9 30.5 11.6 23.6 30.0 7.3 24.6 30.7 10.4 22.8 30.5 4.3 24.2 29.6 3.4 26.8 30.8 13.6 18.9 Total expenses 67.3 63.2 63.8 64.4 61.9 63.4 65.7 61.9 63.9 59.0 59.8 63.3 Net current earnings before income taxes 32.7 36.8 36.2 35.6 38.1 36.6 34.3 38.1 36.1 41.0 40.2 36.7 7.7 7.2 17.8 3.8 7.5 25.5 5.4 8.3 22.5 7.1 7.1 21.4 7.8 9.2 21.1 8.5 8.8 19.3 7.4 7.0 19.9 7.7 8.0 22.4 9.6 7.9 18.6 7.2 9.6 24.2 10.8 8.9 20.5 5.2 10.5 21.0 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.6 1.6 .0 .0 Total earnings Salaries and wages Interest on time deposits Other current expenses Net losses (or recoveries and profits + ) 1 _ Taxes on net income Net profits Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities Net losses (or2 recoveries and profits +) i Percentage of If. S. Government securities: Interest on U. S. Government securities Percentage of total loans: Karnings on loans Net losses (or recoveries + ) 1 1.7 1.6 1.9 + .02 + .1 + .01 1.5 1.8 1.6 1.6 1.5 1.6 1.5 1.6 1.5 1.5 3.8 .7 2.9 .4 4.1 .6 3.9 .6 4.4 .7 4.4 .7 3.7 3.8 .5 4.3 .9 4.5 .5 4.6 .8 4.7 .4 Distribution of assets: Percentage of total assets: U. S. Government securities Other securities Loans Cash assets Real estate assets 43.4 4.1 27.6 23.3 .9 41.4 5.0 27.4 24.8 .7 43.8 8.7 23.6 22.6 .9 44.2 7.3 24.5 23.1 42.6 4.3 25.3 26.6 .9 39.5 6.7 24.5 28.0 .9 46.8 6.2 22.0 24.3 .4 37.8 6.3 28.3 26.8 .6 46.6 5.3 22.2 25.2 .5 40.5 6.1 22.2 30.6 .4 34.8 4.7 26.8 32.6 .9 39.4 5.1 32.7 21.5 .8 Other ratios: Total capital accounts to: Total assets Total assets less Government securities and cash assets Total deposits 8.2 8.1 8.7 7.6 6.2 5.5 5.5 5.8 5.4 5.3 5.3 24.6 9.0 23.9 9.0 26.1 9.6 23.2 8.3 20.3 6.7 17.0 5.9 19.1 5.9 16.3 6.1 19.1 18.4 5.6 16.2 5.6 12.4 5.1 23.1 16.2 30.1 32.7 23.4 19.6 29.2 19.9 11.5 9.8 37.1 761 618 269 Time to total deposits Interest on time deposits to time deposits Number of banks .04 .02 .02 .02 1.0 .7 .8 .8 .9 .9 .8 .8 337 783 645 704 478 346 1,006 495 5.7 26.9 .04 .1 1.0 .9 476 .01 1 "Net losses" is the excess of (a) losses, charge-offs and transfers to reserves over (b) recoveries, transfers from reserves, and profits; "net recoveries and profits" is the reverse. 2 Ratios of less than .005 are shown as .0. 588 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1948— 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 9.0 7.8 5.9 3.8 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 Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 9.2 6.8 5.9 3.1 8.6 7.9 5.9 4.2 9.1 7.4 5.7 2.7 11.4 8.7 6.1 3.6 14.1 10.9 7.4 3.6 11.7 7.7 5.6 2.7 12.5 9.7 7.0 4.0 11.5 6.9 4.2 3.0 12.9 10.7 7.4 2.7 14.4 9.9 6.4 3.9 19.8 17.5 11.6 5.4 2.1 2.0 2.1 1.8 1.9 1.9 1.7 2.1 1.0 .6 26.0 2.9 44.8 3.4 22.9 27.4 4.1 48.7 6.6 13.2 27.6 9.2 38.6 2.8 21.8 33.1 7.4 40.0 3.4 16.1 33.8 3.6 43.0 5.7 13.9 25.0 6.2 47.9 4.9 16.0 41.0 4.6 39.5 6.8 8.1 22.8 6.1 55.4 2.6 13.1 31.1 3.9 46.7 4.3 14.0 30.1 5.5 47.9 4.7 11.8 23.8 3.3 56.0 2.9 14.0 22.5 4.0 58.1 6.0 9.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 35.4 10.2 27.8 35.3 2.3 28.5 28.7 9.6 25.9 33.6 5.9 25.6 28.8 6.9 29.2 32.5 12.9 24.3 31.0 5.4 25.2 35.5 6.5 23.0 30.1 27.7 4.8 28.1 30.8 13.9 18.6 73.4 Total earnings Salaries and wages Interest on time deposits Other current expenses 66.1 64.2 65.1 64.9 69.7 61.6 65.0 60.6 63.3 36.0 26.6 33.9 35.8 34.9 35.1 38.4 35.0 39.1 39.4 36.7 4.8 7.8 23.4 7.1 2.6 16.9 3.0 7.8 23.1 6.6 6.6 22.6 8.4 8.0 18.5 7.9 8.8 18.4 10.5 5.3 14.5 8.0 21.6 13.9 8.2 12.9 6.5 10.1 22.5 12.3 9.5 17.6 4.3 10.8 21.6 1.6 1.6 1.5 1.6 1.6 1.4 1.7 1.6 + .1 + .05 .1 .0 1.4 1.6 1.5 33.7 3.3 27.0 Total expenses Net current earnings before income taxes Net losses (or recoveries profits +) i Taxes on net income Net profits New York 2.4 Boston and Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. Net losses (or recoveries and profits +)M Percentage of U. S. Government securities: Interest on U. S. Government securities Percentage of total loans: Earnings on loans Net losses (or recoveries + ) 1 1.6 1.7 1.8 1.7 + .2 + .1 + .2 + .03 1.6 1.6 1.5 1.5 1.5 1.4 1.5 .01 + .01 .01 4.4 26.4 .02 3.0 .5 3.7 1.0 3.2 .7 3.2 .6 3.6 .7 3.8 3.8 .9 3.2 .5 3.3 1.0 3.6 .4 3.6 .7 4.5 .3 Distribution of assets: Percentage of total assets: U. S. Government securities Other securities Loans Cash assets Real estate assets 37.0 2.2 32.8 25.9 .7 41.0 3.8 30.7 23.0 1.1 36.6 8.0 25.9 28.0 42.6 6.0 25.5 24.7 43.4 3.5 23.2 28.6 .9 35.8 5.8 26.9 30.2 50.4 5.0 18.9 24.9 .4 31.6 33.6 29.5 .5 37.3 4.1 27.0 30.8 .5 37.6 5.5 23.3 32.8 .5 30.7 3.1 31.9 32.8 1.1 38.7 5.2 33.3 21.6 Other ratios: Total capital accounts to: Total assets Total assets less Government securities and cash assets Total deposits 5.8 5.3 5.6 23.5 9.8 18.8 7.3 23.5 9.2 24.8 8.9 21.3 6.4 15.7 19.0 5.0 15.3 6.3 18.3 6.3 17.8 5.6 15.5 6.0 12.2 5.1 9.1 34.3 9.6 26.0 16.8 33.6 14.5 11.2 12.5 37.8 .7 .9 .7 .9 1.0 9 50 38 27 Time to total deposits Interest on time deposits to time deposits Number of banks 8.7 8.3 .9 10 6.0 .6 10 13 4.5 .7 29 33 5.7 16.2 1.0 21 74 21 * Not including central reserve city banks. 1 "Net losses" is the excess of (a) losses, charge-offs, and transfers to reserves over (b) recoveries, transfers from reserves, and profits; "net recoveries and profits" is the reverse. 2 Ratios of less than .005 are shown as .0. MAY 1949 589 MEMBER BANK EARNINGS, 1948— 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 Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 9.7 6.8 4.6 2.9 10.7 8.7 6.5 2.6 10.6 8.7 6.2 2.8 12.4 9.8 7.0 15.5 12.6 3.3 16.1 12.3 8.5 3.0 15.2 11.7 8.7 2.9 15.3 12.6 9.4 3.1 16.9 13.4 9.8 3.3 19.1 15.7 11.5 3.7 19.8 15.2 11.1 3.9 21.2 16.0 10.7 3.2 2.5 2.6 2.5 2.4 2.5 2.4 2.3 2.3 2.4 2.4 Boston 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 1.0 .6 .5 1.0 .5 Net current earnings before income taxes 32.0 7.7 46.0 5.1 9.2 28.3 4.4 53.4 5.3 8.6 27.6 6.7 46.5 7.2 12.0 34.5 5.9 43.9 6.4 9.3 30.9 6.9 48.7 5.1 8.4 34.6 4.8 41.4 6.7 12.5 27.6 5.2 51.1 8.2 7.9 23.4 5.9 55.7 6.9 8.1 25.0 3.5 56.3 6.0 9.2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 30.9 13.7 25.5 26.0 13.8 22.7 26.1 13.5 25.0 27.0 10.8 22.0 29.4 7.6 25.4 29.5 13.0 22.7 29.1 9.0 24.1 28.5 12.3 22.7 31.0 4.1 22.1 31.2 2.1 25.7 31.2 12.2 20.1 69.1 Total expenses 35.2 8.5 42.3 4.1 9.9 31.7 11.7 25.7 Salaries and wages Interest on time deposits Other current expenses 12.6 32.4 6.2 46.1 6.2 9.1 100.0 Total earnings Net losses (or recoveries profits + ) 1 Taxes on net income Net profits 1.0 .6 1.0 70.1 62.5 64.6 59.8 62.4 65.2 63.5 57.2 59.0 63.5 30.9 29.9 37.5 35.4 40.2 37.6 34.8 37.8 36.5 42.8 41.0 36.5 9.3 6.9 14.7 5.5 6.2 18.2 6.8 8.6 22.1 7.6 7.8 20.0 7.4 10.1 22.7 20.0 8.0 6.9 19.9 6.8 7.8 23.2 7.6 7.8 21.1 7.8 9.2 25.8 9.6 8.4 23.0 8.9 9.1 18.5 1.7 1.8 1.9 1.8 1.7 1.7 1.6 1.6 1.6 1.5 1.5 1.7 32.1 4.4 43.6 7.3 and Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. Net losses (or recoveries and profits + ) 1 Percentage of U. S. Government securities: Interest on U. S. Government securities .1 .01 .1 .1 .03 .05 .1 .04 .02 .1 5.9 .7 6.1 .9 5.4 19.4 22.1 .5 44.0 6.8 20.7 28.0 .4 39.0 6.4 21.7 32.3 .6 43.3 4.9 29.9 21.0 5.3 4.9 17.6 5.9 19.6 5.4 19.1 5.6 17.1 38.5 26.0 33.9 11.9 .9 .9 919 474 467 711 1.8 1.7 1.7 1.6 1.6 1.6 1.6 4.4 4.7 .6 4.9 .6 4.9 .5 4.9 .7 5.0 .7 4.9 .7 4.8 .6 5.0 Distribution of assets: Percentage of total assets: U. S. Government securities Other securities Loans Cash assets Real estate assets 47.4 5.3 24.4 21.7 1.0 48.1 7.7 25.0 17.9 1.0 48.6 9.1 22.0 19.1 1.1 46.2 8.9 23.1 20.9 42.0 5.0 27.2 24.8 42.5 7.4 22.6 49.4 7.8 20.7 21.3 .6 44.2 8.1 22.9 24.1 .6 51.8 Other ratios: Total capital accounts to: Total assets Total assets less government securities and cash assets Total deposits 6.9 6.5 5.6 5.4 5.6 25.4 8.6 21.0 7.7 27.9 9.9 21.1 7.5 19.5 7.0 18.1 6.0 18.3 5.7 31.7 44.9 43.7 41.5 29.0 22.3 .9 .9 1.0 .9 738 632 675 445 325 Time to total deposits Interest on time deposits to time deposits 7.1 1.0 327 .9 .05 1.6 1.7 26.3 .05 1.4 1.6 Percentage of total loans: Earnings on loans Net losses (or recoveries + ) 1 Number of banks 2.8 1.0 .5 6.0 13.7 5.2 5.2 7.2 33.8 .7 1.1 580 242 1 "Net losses" is the excess of (a) losses, charge-offs, and transfers to reserves, over (b) recoveries, transfers from reserves, and profits; "net recoveries and profits" is the reverse. 590 FEDERAL RESERVE BULLETIN BANK EARNINGS, 1948 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1945-1948 [Amounts in thousands of dollars] Banks not members of Federal Reserve System All insured commercial banks x Items 1946 1947 1945 1946 1948 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 2,482,278 2,862,875 3,097,670 3,403,586 380,435 460,730 519,449 575,682 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 1,008,138 189,559 1,577,633 22,315 173,791 97,456 156,678 178,016 136,345 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 22,866 153,592 31,749 288,310 3,985 32,658 32,134 9,167 24,087 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 1,522,778 266,018 424,881 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 2,163,514 381,756 662,696 20,859 316,570 3,432 106,163 255,415 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 15,582 368,611 84,478 84,268 5,952 66,244 299 16,247 40,329 442,488 40,850 506,617 42,276 569,000 48,271 623,767 6,329 67,901 6,821 79,584 7,440 90,986 8,899 102,224 959,500 1,100,241 1,115,883 1,240,072 125,020 166,352 187,329 207,071 509,329 408,608 262,042 266,439 55,601 52,819 29,993 23,925 29,221 24,161 60,025 9,149 27,947 5,929 25,704 5,002 10,555 2,744 798 5,274 Net current earnings before income taxes Recoveries, transfers from reserves, and profits On securities: Recoveries Transfers from reserves Profits on securities sold or redeemed. On loans: Recoveries Transfers from reserves All other Losses, charge-offs, and transfers to reserves On securities: Losses and charge-off s Transfers to reserves On loans: Losses and charge-offs Transfers to reserves All other Profits before income taxes. 122,364 266,764 59,515 208,700 45 ,360 100 ,189 67,014 53,187 74,499 65,894 48 ,806 39,748 48,934 64,350 11,098 7,407 10,758 10,428 8,608 5,828 5,840 3,387 5,882 264,122 283,175 294,286 485,753 34,270 36,220 43,109 64,595 132,870 132,254 I 118,498 \ 78,590 40,941 15,086 16,805 17,182 10,266 5,420 55,901 75,351 71,253 79,668 / 120,370 \ 55,418 32,393 278,666 55,163 9,360 9,824 9,761 9,654 17,717 8,210 8,609 31,489 8,811 1,204,707 182,951 174,213 166,401 45,724 43,565 2,159 41,866 39,779 2,087 67 ,687 1,225,674 1,083,639 1,020,758 146,351 Taxes on net income. Federal State 298,795 277,538 21,257 323,328 301,048 22,280 302,242 283,046 19,196 275,422 258,490 16,932 28,733 27,257 1,476 Net profits 905,912 902,346 781,397 745,336 117,618 144,649 128,489 124,535 315,215 5,981 309,234 331,833 5,230 326,603 28,504 3,507 24,997 32,336 2,472 29,864 34,273 1 ,677 32,596 38,015 1,364 36,651 Cash Dividends declared On preferred stock 2 On common stock 274,438 11,769 262,669 298,983 8,345 290,638 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities On loans Losses charged to reserves (not included in losses above) : On securities On loans . Loans U. S. Government securities Other securities Real estate assets Cash assets 38,302 36,536 1 ,766 7,224 10,844 207 1,539 18,031 46,486 952 6,842 23,500,772 27,768,295 33,863,334 39,650,962 2,823,335 3,512,756 4,539,644 5,467,547 82,417,236 81,835,381 70,229,835 64,291,298 9,338,270 10,628,667 10,189,728 9,566,975 998,984 1,174,201 1,357,629 1,492,432 6,623,089 7,556,923 8,315,081 8,872,676 130,414 124,643 126,475 141,081 1,038,834 994,060 1,000,278 1,048,265 31,236,090 33,286,775 34,279,792 36,247,026 4,080,815 4,118,387 3,906,621 3,798,976 Total a s s e t s . . . . 145,217,438 151,896,770 148,170,261 150,726,513 17,416,713 19,598,095 20,155,129 20,494,523 Time deposits Total deposits Total capital accounts. 26,979,470 31,939,078 34,378,653 35,322,398 5,192,631 6,049,512 6,489,350 6,618,112 135,948,387 141,829,678 137,537,907 139,517,461 16,306,748 18,391,872 18,843,049 19,086,487 8,334,670 9,010,013 9,527,968 9,951,200 1,058,344 1,143,475 1,238,073 1,322,909 Number of officers. . . . Number of employees. Number of banks 59,119 245,275 62,697 271,395 65,740 284,072 67,609 292,015 19,226 37,831 20,195 40,974 20,790 43,082 21,342 44,406 13,302 13,359 13,403 13,419 6,421 6,462 6,483 6,504 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. 3 Not available. 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 1949 591 INTERNATIONAL FINANCIAL STATISTICS FAGS Reported gold reserves of central banks and govemmcoto. . 594 Gold production 595 Gold movements . 595 International capital transactions of the United Stat««. . International Monetary Fund and Bank. . Central banks 596-601 602 602-606 Money rates in foreign countries. . 607 Commercial banks 608 Foreign exchange rates. . 609 Price movements: Wholesale prices . 610 Retail food prices and cost of living. 611 Security prices . 611 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 arc 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. MAT 1949 593 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States Argentina l Belgium 21,995 22,737 22,726 21,938 20,619 20,065 20,529 22 754 23,169 23 304 23,532 23 679 23 725 23,872 24,004 24,166 24,244 24,271 24 290 24,314 416 497 614 838 992 1,197 1,072 734 734 735 734 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Dec 194g—Apr June July Aug Sept Oct Nov Dec 1949—Jan Feb Mar.... 322 229 214 202 201 196 166 141 140 716 735 597 606 615 622 637 643 643 644 634 624 633 635 Brazil Canada Oct Nov Dec 65 45 45 46 46 44 44 145 83 81 P69 P65 226 279 279 61 38 32 32 32 32 32 32 53 53 53 53 53 53 53 796 548 548 548 548 548 548 340 44 44 317 317 317 317 317 317 43 44 44 408 289 289 289 289 289 32 32 32 32 32 32 New Java * Mexico Nether- Zealand lands Sweden Switzerland 6 Turkey 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—Apr May.... June.... July Aug Sept Oct Nov Dec 1949—j a n Feb Mar 160 223 335 387 463 482 381 105 96 93 85 81 81 81 80 81 81 80 80 80 502 665 140 235 216 5 201 * 180 '58 r 58 '58 '58 47 47 39 203 222 294 181 100 86 78 71 43 44 r 70 ^96 88 92 824 «965 1,158 1 .342 L,430 L.356 L ,352 L ,351 1,345 L,322 L.332 L ,371 1,372 1,383 1,387 I 390 1,394 United Kingdom7 Uruguay Venezuela 90 100 29 41 89 114 161 221 241 237 170 168 168 164 164 161 160 160 160 162 162 162 162 9 34 34 34 35 35 35 548 548 548 548 548 548 548 Norway Peru Portugal » Rumania South Africa 121 157 195 200 175 203 203 203 198 187 181 172 166 P164 1 1 68 89 130 202 215 215 243 263 263 304 304 304 304 324 323 323 323 75 58 20 21 158 182 367 366 23 23 23 23 23 80 91 25 31 32 28 24 203 260 267 269 634 706 814 914 939 72 66 66 66 20 20 20 20 P215 216 216 217 762 446 388 373 183 172 23 23 66 65 P20 23 617 575 23 23 231 182 183 183 23 23 23 23 506 500 500 270 265 172 171 166 166 166 166 23 23 23 23 Yugoslavia B.I.S. Other countries 8 82 83 12 12 170 166 9 21 45 37 39 32 30 39 32 30 31 31 38 37 44 36 36 41 65 58 52 52 52 245 193 181 179 176 174 172 338 307 P20 169 167 P20 163 194 P20 P20 269 234 158 154 183 187 Spain 42 42 91 105 110 111 111 111 111 111 111 111 111 111 111 111 111 150 52 Government gold reserves 1 not included in previous figures United End of month United King- France States dom Belgium 185 229 245 247 240 240 243 244 244 244 245 245 P245 P245 P245 P245 P245 P245 r P Preliminary. Revised, 1 Estimated dollar values derived by converting gold at home in amounts up to 1,224.^I million pesos at the rate af 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.544/ pesos per U. S. dollar. 8 Figures as reported by Foreign Exchange Control Board and Minister of Finance, • Total gold holdings a re not available. Beginning April 1946, the series is new and repre sents gold held as reserv e (25 per cent minimum) less gold in foreign currency liabilities. 4 Figure for February : 941; beginning Mar. 29, 1941, gold reserves no longer reported sepa rately. 5 Figures are for follow ing dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31. 8 Beginning December 1943, includes gold holdings of Swiss Government, 7 Gold holdings of Ban k of England reduced to nominal amount by gold transfers to Britisl i Exchange Equalization /Account during 1939. 8 For list of countries ncluded. see BULLETIN for June 1947, p. 755, footnote 7. 9 Figure is for Feb. 28, 1941, last official report date, NOTE.—For gold hold ings of International Fund and Bank, see p. 000. For back figures see Banking and Moneto ry Statistics, Tables 156-160, pp. 536-555, and for a description o I figures, including details regarding special internal gold transfers affecting the reported data see pp. 524-535 in the SJime publication. 594 53 24 34 34 34 34 34 34 170 6 178 End of month 53 53 32 96 247 24 24 24 24 24 543 294 330 s 141 118 24 24 28 '58 Feb Mar 28 28 28 28 28 354 354 354 354 354 354 354 34 92 128 131 127 256 251 1949—j a n 29 29 29 29 29 2,000 2,000 2,000 2,000 1,777 1,090 164 261 Hungary 52 52 52 52 52 52 120 124 124 124 124 124 124 Greece 52 44 44 44 44 38 26 26 264 264 Sept Germany 58 61 61 61 61 61 Japan 127 127 France 1 1 16 46 111 191 Italy 127 127 127 127 Egypt 17 16 25 59 92 127 Iran (Persia) 264 264 Aug Czecho- Denslomark vakia 641 274 274 274 274 May Cuba 30 31 36 54 79 82 274 274 274 274 274 July Colombia 144 141 161 230 300 361 274 274 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—Apr Chile 51 70 115 254 329 354 India End of month 8 1940—-Aug Dec 1941— -Sept.. . Dec... 1942—- D e c . . . 1943- - D e c . . . 1944—-Dec 1945- - D e c . . . 1946—-June... Dec... 1947- - M a r . . . TlitlA Sept.. . Dec... 1948—Mar... June... Sept.. . 2 48 24 25 12 43 12 18 71 177 163 151 129 114 79 208 188 2 292 151 293 17 17 32,354 32,341 3 2,196 3 2,587 3 2,345 3 2 382 3 2,341 3 2,035 32,200 3 1,886 31,733 214 457 17 17 17 17 1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund (Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization Fund and Rentes Fund; Belgium—Treasury. 2 Figure for first of month. 3 Gross official holdings of gold and U. S. dollars as reported by British Government; total British holdings (official and private) of U. S. dollars, as reported by banks in the United States, are shown in table on p. 599. NOTE.—For details regarding special internal gold transfers affecting the British and French institutions, see p. 602 , footnote 4, and p. 603, footnote 6. For available back figures, see Banking and Monetary Statistics, p. 526, and BULLETIN for January 1949, p. 86; November 1947, p. 1433; June 1947, p. 755; February 1945, p. 190. FEDERAL RESERVE BULLETIN GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated world production Total outside reported U.S.S.R.i monthly Year or month Production reported monthly Africa South Africa North and South America West Belgian United Africa* Congo3 States 4 Rhodesia Canada Mexico $1 =15i/n grains of gold 9/w fine; i. e., an ounce of 1,142 ,400 968,320 425,649 28.532 24.670 16,564 178, 143 165,379 32,306 1,219 ,400 ,031,214 448,753 28,009 28,564 18,258 196, 391 178,303 29,426 1,311 ,450 ,106,447 491,628 29,155 32,163 19,413 210, 109 185,890 30,878 1,265 ,600 ,110,379 504,268 27,765 32,414 19,571 209 175 187,081 27,969 1,130 ,115 982,130 494,439 26,641 29,225 17,992 130 963 169,446 28,018 880 495 774,086 448,153 23,009 19,740 15,791 48 808 127,796 22,081 794 ,080 <701,534 429,787 20,746 18,445 12,747 35 778 102,302 17,793 745 ,430 683,011 427,862 19,888 18,865 12,144 32 511 94,385 17,458 696,998 417,647 19.061 20,475 11,596 51 182 99.139 14,703 762 .195 »-705,484 392.004 18.296 19.320 10.780 75 786 ••107,458 16.250 1938 1939 1940 1941 1942 1943 . 1944. 1945 1946. 1947. 57,211 60,861 59,564 61,213 60,173 '64,591 62,382 61,757 61,291 1948—Feb Mar Apr May June July Aug Sept Oct Nov Dec 1949—Jan Feb 32,459 34,384 34,175 34,368 33,941 34,544 33,720 33,345 33,384 33,244 33,130 32,881 1,442 1,431 1,477 1,539 1,462 1,564 1,443 1.462 1,566 1,539 1,577 31,012 1,820 1,820 1,855 1,855 1,925 1,995 2,030 2,065 2,030 2,065 2,030 2,030 1,960 840 910 945 910 980 910 980 945 875 910 945 1,015 1,050 5,489 9,156 6,372 10.070 5,650 10,013 6,078 10,047 5,719 10,152 6,180 10,367 7,661 10,689 7,388 10,322 6,540 10,742 5,306 10,897 5,047 11,443 3,864 10,815 3,869 10,762 Colombia Other Chile Nica- Austraragua 8 lia' India' fine gold =$35. 1.367 1 166 879 324 915 342 578 078 363 18,225 10,290 19,951 11,376 22,117 11,999 22,961 9,259 20,882 6,409 19,789 6,081 19,374 7,131 17,734 6,282 15,301 8,068 13.406 5,908 1.302 809 713 916 701 1,190 966 999 1,009 1,178 826 1,136 288 474 494 602 455 407 392 448 920 450 1,557 3,506 5,429 7,525 8,623 7,715 7,865 6,985 6,357 7,403 55,721 57,599 57,540 52,384 40,383 26,295 22,990 23,002 28,857 32,818 11,284 11,078 10,126 10,008 9,111 8,828 6,577 5,893 4,612 6.055 682 634 652 611 592 647 687 666 736 625 613 659 639 1,945 2.266 2,187 2,438 2,842 3,782 2,642 2,478 2,565 420 525 525 525 490 '665 595 560 560 560 595 595 455 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage change irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158rmillion; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 e Estimates of United States Bureau of Mines. Revised. Corrected. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. » Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 7 « Beginning 1948, subject to revision. Monthly figures reported by the American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938* p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint 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: Total net imports Year or month 1943... 1944... 1945 . . . 1946.. . 1947. . . 1948. . . United Kingdom France Belgium Netherlands Sweden Canada 66,920 88 68,938 46,210 -845,392 -695,483 53,148 160 -106,250 344,130 458 -14 311,494 —6 488,433 162,941 1,866,348 3 27,990 445,353 1.680,404 1,095,389 -29,723 - 4 3 135!542 34,409 1948 Apr. . . . May. . . June... July.... Aug.. . . Sept Oct Nov.... Dec. . . . 234,156 151,326 177,741 266,691 39,078 53,290 121,571 54,224 88,018 167,906 157,131 177,829 178,038 4,400 1,184 40,678 1949 Jan Feb Mar. P .. 66,213 21,479 19,771 20,294 20,023 6,132 5,523 26 i!437 -22 -21 5,159 11,212 5,695 5,746 27 5,769 60,876 33 22 -10,693 -29,635 — 12,031 30,512 698 676 331 8,848 485 279 344 535 Argentina Mexico Other Latin American Republics Philippine Republic -10,817 - 3 , 2 8 7 24,306 -50,268 -109,694 -58,292 -5 15,094 - 4 1 , 7 4 3 103 -134,002 3,591 -403 -156 335,505 - 7 , 1 1 0 4 10,684 - 3 , 5 0 8 103,280 15,757 -95,780 - 2 , 5 2 5 29,998 4,145 6,942 5,937 23,730 20,519 242 4,871 161 7-24,092 198 7-27,736 3,904 6,523 9,706 7-35,822 57 3,068 255 2,905 260 7-13,895 291 7-17,795 395 353 326 -1,650 1,204 2,031 Australia South Africa 152 307 -8,731 199 3,572 18,365 106 357 1-133,471 2 41 118,550 - 2 , 6 1 3 -18,083 124 410,691 - 4 , 4 2 3 5 3 -337 557 491,494 -67,952 22,756 -208 -228 97 39,361 40,764 -144 -53 4 40,463 60,625 -56 33,489 -272 - 1 1 9 "127 52,036 73 7 57,307 -23 89 47,138 369 192 -162 All other countries India 23 46,693 27 21,134 21 345 6 -6,871 -1,136 -1,167 -1,078 -6,412 8-24,991 8-6,581 8 -4,171 -3,042 -243 -1.774 -4,305 P Preliminary. i Includes $133,980,000 to China and $509,000 from other countries. 2 Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries. 3 Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. 4 Includes $136,053,000 to Venezuela, $25,118,000 from Colombia, $7,850,000 from Nicaragua, and $7,306,000 from other countries. 6 Includes $39,190,000 to Switzerland, $10,691,000 to Greece, $8,347,000 to French Indo-China, and $9,723,000 to other countries, e Includes $4,491,000 to U. S. S. R. and $2,380,000 to other countries. 7 Includes exports to Venezuela as follows: May, $30,052,000; June, $29,998,000; August, $40,000,000; November, $15,999,000; December $20,003,000. 8 Includes exports to Switzerland as follows: September, $23,747,000; October, $6,360,000; November, $3,488,000. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. MAY 1949 595 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From Jan. 2, 1935, through— Increase in foreign banking funds in U. S. Total Total Official» Other Increase in funds of international institutions in U. S. Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1,440.7 2,667.4 3,501.1 3,933.0 631.5 989.5 1,259.3 1,513.9 38.0 140.1 334.7 327.0 593.5 849.4 924.6 1,186.9 361.4 431.5 449.1 510.1 125.2 316.2 583.2 641.8 316.7 917.4 ,162.0 ,219.7 6.0 12.9 47.5 47.6 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 4,279.4 4,742.0 5,118.2 5,112.8 1,829.4 2,194.6 2,562.4 2,522.4 393.2 508.1 635.0 634.1 1,436.2 1,686.5 1,927.3 1,888.3 550.5 607.5 618.4 650.4 ,188.9 ,201.4 ,177.3 ,133.7 63.9 74.0 83.1 80.6 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2 ) . . . . Dec. (Jan. 1,1941) 5,207.8 5,531.3 5,831.2 5,807.9 2,630.9 2,920.7 3,175.9 3,239.3 631.0 1,012.9 1,195.4 1,281.1 1,999.9 1,907.8 1,980.5 1,958.3 631.6 684.1 773.6 775.1 646.7 664.5 676.9 725.7 761.6 785.6 793.1 803.8 1,095.0 1,042.1 987.0 888.7 88.7 98.9 101.6 100.9 1941—Mar. (Apr. 2) June (July 2) Sept. (Oct. 1 ) . . . . Dec. 31 5,607.4 5,660.1 5,612.6 5,354.1 3,229.7 3,278.0 3,241.8 2,979.6 1,388.6 1,459.8 1,424.0 1,177.1 1,841.0 1,818.2 1,817.7 1,802.6 767.4 818.6 805.3 791.3 812.7 834.1 841.1 855.5 701.8 631.2 623.5 626.7 95.9 98.2 100.9 100.9 1942—Mar. (Apr. 1) June 30* Sept. 30 Dec. 31 5,219.3 5,636.4 5,798.0 5,980.2 2,820.9 3,217.0 3,355.7 3,465.5 1,068.9 1,352.8 1,482.2 1,557.2 1,752.0 1,864.2 1,873.5 1,908.3 819.7 842.3 858.2 888.8 849.6 838.8 830.5 848.2 624.9 632.0 646.1 673.3 104.3 106.2 107.5 104.4 1943—Mar. 31 June 30 Sept. 30 Dec. 31 6,292.6 6,652.1 6,918.7 7,267.1 3,788.9 4,148.3 4,278.0 4,644.8 1,868.6 2,217.1 2,338.3 2,610.0 1,920.3 1,931.2 1,939.7 2,034.8 898.7 896.9 888.6 877.6 810.5 806.8 929.3 925.9 685.9 687.9 708.1 701.1 108.6 112.1 114.8 117.8 1944—Mar. 31 June 30 Sept. 30 Dec. 31 7,611.9 7,610.4 7,576.9 7,728.4 5,034.4 5,002.5 4,807.2 4,865.2 3,005.0 2,812.2 2,644.8 2,624.9 2,029.4 2,190.3 2,162.3 2,240.3 868.0 856.6 883.5 805.8 904.1 929.8 1,026.2 1,019 .,4 685.8 702.4 737.8 911.8 119.6 119.1 122.2 126.3 1945—Mar. 31 June 30 Sept. 30 Dec 31 8,002.6 8,422.8 8,858.6 .,802.8 8,730.8 8,338.2 8,250.1 8,009.5 5,219.4 5,671.0 6,042.2 6,144.5 2,865.1 3,313.2 3,554.9 3,469.0 2,354.3 2,357.9 2,487.2 2,675.5 848.5 760.4 865.3 742.7 983.7 1,011.2 998.2 972.8 820.6 848.4 818.4 798.7 130.5 131.8 134.6 144.1 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 ,170.7 .237.9 645.1 615.0 478.3 464.5 139.9 141.4 150.4 153.7 1947—Mar. 31 June 30 Sept. 30 Dec. 31 1948—Jan. 31 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 3 1 . . Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 .,740.9 9,447.7 9,030.6 8,335.2 8,186.2 8,228.1 8,171.7 7,962.0 7,870.0 -7,948.1 •-8,045.7 ••7,931.9 •7,984.0 •"8,075.6 ••8,251.2 8,560.6 4,841.3 4,591.9 4,456.0 4,120.3 4,094.8 4,235.0 4,370.6 4,250.1 4,285.9 4,351.9 4,432.9 4,522.1 4,570.3 4,651.7 ••4,782.3 5,119.5 1,725.4 1,447.2 1,298.5 1,121.8 1.137.2 1,270.7 1,346.4 1,281.8 1,299.0 1,352.3 1,389.3 1,513.9 1,547.6 1,685.0 1,796.9 2,126.0 3,115.9 3,144.7 3,157.5 2,998.5 2,957.6 2,964.3 3,024.2 2,968.3 2,986.9 2,999.6 3,043.6 3,008.2 3,022.7 r 2,966.7 2,985.4 2,993.6 2,707.0 2,694.3 2,655.4 2.242.0 ,282.6 ,398.0 ,230.3 ,276.9 ,287.7 ,292.4 ,296. ,304, ,304.0 ,306.7 ,311.9 ,161.2 ,167.5 ,170.7 ,178.0 ,182.1 414.3 393.4 338.8 * 367.0 4 359.6 * 340.3 *312.3 *272.4 *213.6 *203.9 * 189.7 <166.2 <157.9 *162.6 *181.8 * 174.8 154.5 160.8 159.9 142.4 2,185.0 2,124.6 1,985.3 1,955.2 1,935.1 1,907.7 1,909.1 1,898.9 1,895.1 1,899.5 1,880.6 1,844.3 341.2 209.3 190.3 186.5 118.5 100.7 63.7 34.0 -15.3 35.7 68.6 54.0 68.7 69.6 103.8 116.8 140.6 135.2 143.3 146.1 146.8 142.2 133.5 129.6 124.5 121.5 124.6 123.1 1949—Jan. 31* Feb. 28P 8,623.2 8,690.5 5,200.8 5,292.6 2,211.5 2,289.2 2,989.3 3,003.4 1,914.2 1,892.1 139.5 128.4 ,186.9 ,188.2 4 63.6 471.2 118.2 118.0 1946—Mar. 31 June 30 Sept. 30 Dec. 31 r p Preliminary. Revised. This category made up as follows: through Sept. 21, 1938. funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and 2 their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 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 cumulativefigureswere adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. * Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) < Includes net inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, 81.6 million from Oct. 31 through Dec. 31, 1948, and 7.2 million from Jan. 31 through Feb. 28, 1949, resulting from net purchases of domestic securities by international institutions. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162. pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for July 1946, pp. 815-819; and September 1945, pp. 960-974. 1 596 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 193&—C—H***i [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES 1941—Dec. 1942—Dec 1943—Dec. 1944—Dec 1945—Dec. 1946—Dec 1947—Dec. 31 31 31 31 31 31 . 31 1948—Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec 31 1949—Tan. Feb. 28 v . . . . United King- France dom Netherlands Switzerland Italy Total Other Europe Europe Canada 5,354 .1 674.1 639.9 5,980 ? 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 6,093 .1 437.0 234.3 From Jan. 2, 1935, through— 464.4 474.0 487.7 506.2 539.7 326.4 213.8 725.7 592.1 629.1 664.3 722.3 766.1 839.3 50.5 48.1 48.2 63.1 106.5 287.5 150.1 1,071.7 1,030.3 1,133.3 1,172.5 1,311.8 1,246 3 1,100.6 340.5 425.1 6,186 .3 6,006 8 5,934.9 '6,040.4 '6,136 .6 '6,033 0 '6,088 .8 '6,176 1 '6,370 6,716 6,709 .0 6,798 3 186.2 150.0 125.2 120.1 102.1 92.8 86.6 76.0 88.2 103.0 126.8 123.3 841.2 850.6 860.9 858.3 863.4 853.1 829.9 823.8 818.5 846.0 852.6 858.9 187.0 205.8 216.6 210.2 238.7 270.0 307.1 316.4 330.3 335.9 383.1 404.7 1,091.1 1,072.8 1,066.7 '1,005.5 '1,006.7 '977.4 '1,008.1 '1,021.4 '1,089.0 1,122.2 1,146.6 1,192.8 Total 562.8 127.8 488.8 97.9 449.9 64.8 558.0 59.5 489.4 51.6 486.8 56.6 462.5 44.9 479.5 51.3 500.9 57.7 659.7 74.2 676.3 50.9 668.0 49.1 3 ,626.3 ,608.1 Latin America 567.5 835 8 691.1 932 9 688.6 1,383.4 975.8 4 ,192.8 760.3 951.0 4 ,081.8 976 4 1,193 7 4 ,037.0 1,395.7 1,338.4 ,574.2 2 ,975.1 Asia 1 ,161.6 1 273 6 1 ,784 1 979 7 1,474 0 1 258 3 2 ,996.1 798.0 ? ,865.8 838.4 2 ,784.2 878.7 ,811.6 911.2 ' 2 ,751.8 938.2 ,736.8 816.3 '2 ,739.1 849.3 r? ,768.3 868 0 '2 ,884.5 930.3 ^ ,141.1 947 3 3 ,236.3 973.8 3 ,296.9 1,000.1 1,368.0 1,360.8 1,329.5 1.384.0 1.381.1 1,420 5 1,441.0 1,464 2 1,448.5 1,503 6 1,523.4 1,548.4 All other 128.6 178 3 201 4 203 0 247 5 269 6 »70.2 938.9 s 85.3 892 1 j 49 7 893.6 *49.0 897 5 J 36 1 1 ,009.8 *55.7 997 9 *61 5 999.0 »60.4 1 ,001 8 2 73 8 1 ,044.1 8 1 056 7 2 67 7 990.3 - 1 4 . 8 958.2 2 - 5 . 3 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S ., BY COUNTRIES From Jan. 2, 1935, through— Total United King- France dom Netherlands Switzerland Italy Other Total Europe Europe Canada Latin America Asia All other 31 31 31 31 31 31 31 2,979.6 3,465.5 4,644.8 4,865.2 6,144.5 5,272.3 4,120 3 328.6 493.3 939.4 804.4 646.4 397.6 264 9 416.5 394.5 404.1 356.6 229.9 165.8 87.6 161.0 170.0 176.7 193.1 265.0 208.2 126.7 326.2 166.3 192.7 221.4 286.3 359.0 432 8 -3.4 -6.2 -6.9 7.0 50.1 247.6 132.8 538.0 479.8 565.3 611.2 745 8 687.2 576.6 1,766.9 273.1 296.7 541 4 1,697.5 399.5 482.8 743.9 2,271 2 704.7 5T8 7 928 2 2,193.7 818.6 794.7 888.6 2,223 4 1,414.2 924 9 1,369 1 2,065.5 823.9 983.3 1,135.7 1,621 4 301.6 1,095 0 877 3 101 6 141.9 162 0 169.7 212 9 263.9 224 9 1948—Mar 31 Apr 30 May 31 June 30 July 31 Aug 31 Sept 30 Oct 31 Nov 30 Dec 31 1949—j an 3ip Feb 28? 4,370.6 4,250.1 4,285.9 4,351.9 4,432.9 4,522.1 4,570.3 4,651.7 '4,782.3 5,119.5 5,200.8 5,292.6 383.9 314.9 279.4 384.4 311 2 310.6 284.6 301.2 318.9 485.0 500.7 509.2 107.0 94.9 82.6 87.0 82.9 87.9 79.5 86.4 93.8 112.6 89.8 87.7 114.5 108.2 93.6 96.3 93.9 106.1 98.4 91.2 95.3 106.1 111.3 103.8 454.2 471.1 515.8 527.1 534.9 535.9 515.1 512.0 '509.2 525.3 530.3 534.4 167.0 184.1 195.5 192.4 216.7 251.0 285.2 295.1 310.4 313.2 363.9 387.7 587.3 576.1 568.0 498.4 496 5 483.9 506 1 520.0 551 9 574.8 594 9 636.4 1,813.8 1,749.4 1,734 9 1,785.7 1,736 1 1,775.3 1,768 9 1,805.9 '1,879 6 2,117.1 2,190 9 2,259.1 227 5 190.7 193 3 174.5 192 3 199.5 196 3 207.8 198 6 198.6 191 3 197.2 1941—Dec 1942—Dec 1943—Dec 1944—Dec. 1945—Dec 1946—Dec 1947—Dec 400.0 429.0 462.6 483.6 508.7 548.4 578.0 593.8 657.1 667.2 731 8 755.0 1,087.0 1,097.3 1,085 5 1,104.0 1,081.2 1,104.7 1,102 7 1,139.7 1,106.2 1,165.4 1,173 3 1,198.1 842.4 783.7 809 6 804.1 914.5 894.2 924 4 904.6 940 8 971.2 913 5 883.3 TABLE 4 .—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— 1941—Dec. 1942—Dec 1943—Dec 1944—Dec. 1945—Dec 1946—Dec. 1947—Dec. 31 31 31 31 31 31 31 1943—Mar 31 Apr 30 May 31 June 30 July 31 Aug 31 Sept 30 Oct. 31 Nov 30 Dec 31 1949—Jan.31P Feb 28P Switzerland Italy Other Total Europe Europe 76.9 5.4 17.6 77.8 18.1 6.6 77.9 18.3 5.1 77.7 18.3 6.8 78.0 — 17.7 5 2 73.4 -132.3 — 1.7 55.7 —30.5 1.1 25.8 26 2 26.2 26.2 26 2 10.6 250.5 253 5 256.8 231.5 235.1 226.9 190.9 168 9 161.6 163 1 170.4 172 9 155.0 162.4 161.5 184.9 203.5 207.8 212.1 Total United King- France dom 791.3 888.8 877.6 805.8 742.7 427.2 186.5 271.2 279.4 272.1 266.1 266 6 244.3 262 8 63.7 34.0 -15.3 35.7 68.6 54.0 68.7 69.6 103.8 116.8 139.5 128.4 273 5 268.5 266.7 270.4 270 3 268.4 271.1 271.1 273.7 267.5 267.8 249.7 —39.4 -36.9 -43.6 -47.9 -45 8 -44.1 -45.3 -43.9 -44.9 -39.9 -36.9 -37.1 Netherlands —32.7 -41.5 -40.6 -40.7 —40.3 -56.6 -50.9 -51.2 -40.4 -32 7 -12.8 -7.0 1 7 1.9 2.2 1.7 1 1 .6 .5 .8 1.6 1 2 1.8 1.7 5.5 9 2 10.6 9.4 6.0 10.1 7.4 10.3 9.6 8.2 10.8 6.9 4.7 CanLatin ada America Asia All other 647.4 661 5 656.5 626.6 593 4 421.3 485.5 62.7 58 6 55.1 64.8 39 5 40.7 65.4 17.7 68.3 55.7 37.0 9 1 -58.8 —346.3 64.7 93 8 102.7 77.7 99 2 29.9 2 0 —1 2 6 6 7.5 -.3 1 5 —5.8 —20 1 381 2 364.2 357.1 359.7 368 3 330.8 348.2 347.9 383.0 410.3 434.6 424.1 64.5 65.2 68.0 66.9 68.9 68.2 67.3 63.6 52.9 53.0 52.0 53.5 —369 3 -391.6 -413.7 -376.2 -356.1 -343.9 -325.4 -343.5 —342.4 —348.6 -338.5 -341.9 —2 0 7.6 -15.9 -4.4 -3.2 10.0 -12.0 11.7 22.0 10.3 .8 -.8 — 10 8 -11.4 — 10 9 -10.3 —9 2 -11.1 -9.4 — 10.2 -11.7 —8 3 -9.4 -6.5 P Preliminary. 'Revised. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of international institutions. 2 See Table 1, footnotes 3 and 4. MAT 1949 597 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. Total United King- France dom Netherlands Switzerland Italy Other Europe Total Europe Canada Latin America Asia All other 855 5 848 2 925 9 1,019.4 972.8 1,237.9 1 1,276.9 1948—Mar. 3 1 . . Apr. 30.. May 3 1 . . June 30.. July 3 1 . . Aug. 3 1 . . Sept. 30.. Oct. 3 1 . . Nov. 30.. Dec. 3 1 . . 1949—Jan. 31 P. Feb. 2 8 P . 127 6 125.4 127.6 126.5 117.7 96.8 94.9 51 6 52.4 50.6 51.0 51.2 50.2 47.1 31 5 31.6 33.0 33.6 33.0 26.0 -3.9 44 3 44.9 44.7 44.5 45.2 31.2 16.3 28.1 28.0 27.9 27.6 27.5 26.7 26.5 238 4 244.1 246.6 246.9 249.2 260.2 275.8 521.3 526.3 530.3 530.1 523.8 491.2 456.7 35.4 -3.0 41.2 104.9 49.1 236.6 441.8 221.1 245.4 272.3 302.0 317.1 448.4 537.6 61.2 61.5 62.2 61.3 60.8 61.1 61.6 16 6 18 0 19.9 21.0 22.0 7 -220.9 296.4 304.3 304.0 306.7 ,311.9 .161.2 ,167.5 ,170.7 ,178.0 182.1 186.9 188.2 31.. 31.. 31.. 31.. 31.. 31.. 31.. 92.0 90.7 89.0 87.7 87.5 87.3 86.5 86.0 85.6 84.9 84.8 82.5 46.1 45.2 44.4 43.5 43.3 43.2 43.2 43.0 43.1 42.9 42.8 42.9 -5.9 -6.2 -6.6 -6.7 -8.1 -8.7 -8.8 -8.6 -8.7 -9.1 -9.3 -9.4 7.4 3.7 4.8 86 10.7 13.9 15.2 -16.3 -17.4 -19.0 -18.7 -17.9 26 5 26 5 26 5 26.5 26.5 26.5 26.6 26.5 26.5 26.5 26.6 26.6 277.8 278.4 278.3 '281.4 '282.2 r 282.8 '283.3 r 283.8 '284.4 287.2 288.1 289.0 443.9 438.2 426.8 '423 .8 '420.6 '417.3 '415.6 '414.5 '413.6 413.3 414.3 413.8 458.6 467.0 469.9 472.7 477.4 327 7 331.8 334.6 338.8 339.7 341.5 341.6 549.3 552.9 559.6 561.9 565.2 567.3 570.7 571.8 575.4 578.3 580.0 581.5 62.0 62.1 62.2 62.3 62.4 62.5 62.6 62.6 63.0 63.2 63.2 63.2 -217 5 -215.8 1-214.6 -214.1 l -213.8 t-213.5 i 212!8 l -212.7 L -212.4 1—212.1 1-211.8 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1 9 4 8 — M a r . 31 . . . Apr. 30 M a y 31 Netherlands Switzerland Italy Other Europe Total Europe Canada Latin America Asia All other -70.1 -77.6 -100.3 - 125.4 -157.9 -194 9 -203.8 74.9 80.5 82.7 77.3 81.7 74.9 24.7 236.7 236.9 239.9 239.0 233.5 207.0 108.7 336.4 360 5 367.3 368 5 355.4 337 9 350.9 -.1 — 1 6 1 9 2.2 2 1 -15.0 37 1 44 4 55 4 72 4 68 0 57 3 43.1 615.0 644.7 645.7 633.7 582.9 484.3 308.7 -44.7 -45 1 -58.2 -28.1 - 126.6 —143.0 -139.8 28.1 35.2 40.5 54.9 81.3 87 6 84.2 17.5 27 7 62.5 240.5 251.3 26 8 28.3 10 9 10 9 10.6 10 7 9,9 8 8 2 85.6 2 312.3 2 31 31 31 31 3i 31 31 United King- France dom 626.7 673 3 701.1 911 8 798.7 464.5 2 367.0 From Jan. 2, 1935, through— -204.4 - 4 . 7 -203.6 -24.5 -202.9 -37.0 -202.3 -41.3 — 197 0 —46.9 — 196.2 - 4 8 . 0 — 196 3 —49 7 -195.5 -51.2 — 194 1 —51 0 -194.7 -58.1 — 194 0 —61 4 -190.4 -60.9 96.7 78.0 66.5 58.8 45.7 41.2 38 3 34.5 32 4 29.5 27 8 26.5 336.7 330.4 304.2 297.3 298 2 294.8 295 9 300.2 312 2 311.0 313 9 316.8 -16.2 -16.2 -15.2 -15.1 -15.1 -15.3 — 15 6 -15.3 — 15 3 -15.0 — 14 7 -14.7 44.0 43.5 45.4 44.2 43 7 44.3 44 7 44.7 45 1 45.7 45 3 44.7 252.1 -144.3 207.7 -142.0 161.0 -142.1 141.6 -132.6 128 5 -137.1 120.8 -147.2 117 4 — 147.4 117.5 -142.6 129 3 — 137.2 118.4 -132.3 116 9 — 171.0 122.0 -168.7 90.3 90.6 83.9 81.7 83.1 82.4 84.7 83.3 89 7 94.4 97 1 97.5 28.9 31.0 30.1 27.9 29.2 24.1 17.1 15.9 11 3 Total 272.4 2213.6 2 203 9 2 189 7 2 166.2 2 157 9 2 162.6 2 181 8 2 174 8 2 63 6 271.2 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 . . Dec. 31 1949—jan 3 i P Feb. 2 8 P 5.1 5 7 5.4 285.4 S 85 1 2 80 6 2 85 4 2 85 9 2 86.1 2 86.2 2 88.4 2 88 6 2 89.3 2 14.9 2 15.1 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— 1941—Dec. 1942—Dec 1943—Dec 1944—Dec. 1945—Dec 1946—Dec. 1947—Dec. 31 31 31 31 31 31 . . . 31 1948—Mar Apr May June July Aug Sept Oct. Nov Dec. 1949—Jan. Feb. 31 30 31 30 31 31 30 31 30 31 31? . . . . 28P .... Total United King- France dom Netherlands Switzerland Italy 100.9 104.4 117 8 126.3 144 1 153.7 142.4 16.8 17.4 18.8 18.5 19.8 19.2 18.2 19.9 20.7 21.5 23.1 23.4 20.5 19.1 17.6 17.5 19.9 22.3 26.0 17.5 12.7 13.5 13.7 19.3 23.0 30.3 39.6 38.2 .2 .2 .3 .3 .4 .4 .3 143 3 146.1 146.8 142.2 133.5 129.6 124.5 121.5 124.6 123.1 118.2 3118.0 17.8 18.4 17.6 17.8 17.5 16.7 16.5 16.6 16.8 17.0 17.0 17.1 18.9 19.2 18.4 18.3 18.2 17.6 17.2 17.0 16.6 16.7 16.6 16.5 13.6 11.7 12.3 12 A 10.9 10.9 41.1 43.4 43.6 40.8 39.9 35.6 33.6 27.0 24.6 27.5 25.3 23.8 .5 .7 9.6 10.0 9.5 9.3 9.7 9.5 .4 .4 .5 .4 .5 .5 .5 .4 .4 .4 Other Europe Total Europe CanLatin ada America 10.4 13.6 14.7 14.2 75.7 78.1 89.1 97.7 113.6 112.0 102.7 14.1 15.2 17.6 16.2 19.5 21.5 19.6 13.1 13.1 12.0 11.1 11.4 11.4 11.6 11.4 10.9 11.0 10.5 10.6 105.1 106.4 104.3 100.8 98.3 92.6 89.1 82.6 78.9 81.9 79.5 77.9 19.2 19.1 20.2 20.6 20.2 19.3 19.6 18.4 18.6 19.6 19.6 18.8 7.7 8.5 9.2 Asia All other 3.9 4.2 3.8 5.1 5.9 6.3 6.0 6.0 5.6 3.8 4.8 6.6 .8 .9 1.3 1.8 1.3 2.0 10.7 11.7 14.1 12.6 7.7 10.0 7.7 ,7 1.1 .6 .6 .5 .5 .5 .6 .4 .6 .5 .7 13.4 12.9 8.3 13.0 19.7 14.0 11.4 13.3 7.6 7.6 7.6 6.8 7.3 7.0 6.9 7.0 7.0 7.1 7.2 .7 r P Preliminary. Revised. 1 Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) 2 Includes net inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, 81.6 million from Oct. 31 through Dec. 31, 1948, and 7.2 million from Jan. 31 through Feb. 28, 1949, resulting from net purchases of domestic securities by international institutions. 3 Amounts outstanding Feb. 28 (in millions of dollars): foreign brokerage balances in United States, 65.8; United States brokerage balances abroad, 24.7. 598 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollarsl LIABILITIES TO FOREIGNERS In- ternational institutions Date Total roreign countries l NethUnited King- France erdom lands Switzerland Italy Total Other Europe Europe 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 4,179 3 707.7 310.0 281.6 3,043.9 458.9 245.9 224.9 1,832.1 326.2 167.7 143.3 339.9 184.2 210.6 239.3 304 2 372.6 446.4 15.4 12.1 11.3 27.3 70 4 267.9 153.1 614.6 650.9 728.6 774.5 909 1 850.5 739.8 131.1 467.8 124.8 484.8 110.2 529.4 112.9 540.7 110.5 548.5 122.7 549.5 115.0 528.7 107.8 525.6 111.9 '522.8 122.8 538.9 127.9 544.0 120.4 548.0 187.3 204.5 215.8 212.7 237.1 271.3 305.5 315.4 330.7 333.5 384.2 408.0 750.6 739.4 731.3 661.7 659.8 647.1 669.3 683.2 715.2 738.1 758.1 799.6 Official Canada Latin America Asia All other Official and private 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31.. 1944—Dec. 31 1945—Dec. 31 1946—Dec. 3 1 . . . 473.7 1947—Dec. 3 1 . . . 2,262.0 1948—Mar. 3 1 . . . Apr. 30... May 3 1 . . . June 30... July 3 1 . . . Aug. 3 1 . . . Sept. 30... Oct. 3 1 . . . Nov. 30... Dec. 31.. . 1949—Tan. 31 P.. Feb. 2 9 P . . 3,678.5 4,205.4 5,374.9 5,596.8 6,883 1 6,006.5 4,854.4 445.2 376.2 340.7 445.8 372.5 371.9 346.0 362.5 380.3 546.3 562.0 570.5 2,005.3 5,104.8 2,056.7 1,975.1 4,984.2 1,992.1 1,955.1 5,020.0 2,009.3 1,927.7 5,086.0 2,062.6 1,929.0 5,167.0 2,099.6 1,918.8 5,256.2 2,224.2 1,915.1 5,304.4 2,257.9 1,919.5 5,385.9 2,395.3 1,900.6 ••5,516.5 2,507.2 1,864.3 5,853.7 2,836.3 1,934.1 5,934.9 2,921.8 1,912.1 6,026.8 2,999.5 187.1 175.0 162.7 167.2 163.0 168.0 159.6 166.5 174.0 192.8 169.9 167.8 1.994.0 373.2 417.7 780.0 2,020.7 507.4 597 7 930.0 693.7 1,108.8 2,584.5 812.6 909.3 1,069.2 2,517.8 926.5 2,583.0 1,522.2 1,046 4 1,549.7 2,420.7 2931.8 1,104.8 1,316.4 1,976.7 409.6 1,216.6 1,057.9 2,169.0 2,104.6 2,090.1 2,140.9 2,091.4 2,130.5 2,124.1 2,161.1 '•2,234.9 2,472.4 2,546.1 2,614.3 507.9 537.0 570.6 591.5 616.7 656.4 686.0 701.8 765.1 775.2 839.8 862.9 1,208.5 1,218.8 1,207.0 1,225.6 1,202.7 1,226.2 1,224.3 1,261.2 1,227.7 1,287.0 1,294.9 1,319.6 1,023.0 964.4 990.2 984.7 1,095.2 1,074.8 1,105.0 1,085.2 1,121.5 1,151.8 1,094.1 1,063.9 113.6 149.6 175.3 174.0 181.8 232.8 193.7 196.3 159.5 162.1 143.3 161.1 168.3 165.1 176.6 167.4 167.4 160.1 166.0 LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe 3 Date Other Europe Belgium Denmark Finland 1942—Dec. 31 . . . 1943—Dec. 3 1 . . . 1944—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1946—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 650.9 728.6 774.5 909.1 850.5 739.8 121.8 122.9 124.3 185.0 159.5 124.9 17.7 13.9 14.8 25.9 66.5 52.8 7.9 7.7 7.1 5.5 22.2 30.5 1948—Mar. 3 1 . . . Apr. 30. . . May 3 1 . . . June 30. . . July 3 1 . . . Aug. 3 1 . . . Sept. 30. . . Oct. 3 1 . . . Nov. 3 0 . . . Dec. 3 1 . . . 1949—Tan. 31 P. . 750.6 739.4 731.3 661.7 659.8 647.1 669.3 683.2 715.2 738.1 758.1 799.6 149.2 128.1 133.7 125.5 121.7 114.2 116.8 117.0 112.6 128.7 129.0 163.4 48.0 56.1 46.3 39.4 42.8 42.0 41.3 40.7 46.1 44.7 48.8 49.7 27.7 30.9 29.0 29.3 26.7 25.4 22.1 18.8 17.1 19.1 17.2 16.9 Feb. 28P... GerLuxemmany4 Greece bourg Nor- Portu- Ru- way gal mania Spain 89.5 39.3 43.5 48.7 70.8 49.3 34.7 18.3 18.4 18.6 22.3 22.6 21.7 132.4 158.9 220.8 216.1 123.5 56.2 35.7 53.4 54.5 47.9 39.0 47.1 9.4 9.3 9.5 9.3 8.9 8.7 17.5 31.8 43.4 31.7 16.4 12.8 153.5 163.2 152.1 210.1 172.6 58.6 14.3 12.3 16.1 28.0 60.5 73.7 12.4 12.1 57.9 76.9 52.1 43.7 89.9 116.5 103.5 106.1 107.1 83.7 72.7 76.8 101.4 125.2 153.2 178.9 186.2 196.0 38.0 39.9 36.3 34.2 32.3 25.0 22.1 20.4 21.9 21.1 23.7 24.4 19.9 18.9 17.5 16.8 16.0 15.7 14.8 14.9 16.0 16.0 14.1 14.1 54.7 54.4 55.7 58.5 58.9 66.0 68.9 71.6 72.7 77.7 77.5 81.3 33.1 32.9 38.5 35.0 45.3 47.4 39.7 43.7 42.1 37.7 42.4 39.4 7.9 7.9 7.7 7.5 7.6 7.0 7.2 6.9 7.7 7.0 5.9 5.9 19.4 19.7 20.8 17.8 17.3 16.1 15.7 16.1 18.2 13.6 16.1 15.3 53.4 50.3 42.0 38.2 48.1 45.7 48.8 49.3 42.5 49.0 53.1 54.4 72.6 74.0 73.7 54.1 55.7 44.7 41.4 32.8 28.5 21.3 22.7 20.3 24.0 23.9 22.0 17.1 11.7 14.6 10.6 19.4 24.8 19.9 14.9 13.3 99.1 96.4 101.1 104.8 102.9 106.7 118.4 106.4 111.8 103.3 106.5 105.2 Peru Other Vene- Latin zuela Amer- 7.5 6.5 6.8 7.0 7.1 Yugo- All Sweden USSR slavia other 17.7 9.9 5.7 5.7 Latin America3 NethLatin Amer- Date Argentina Bo- livia Co- Brazil Chile ica lom- Costa Rica Cuba bia French West Indies Mex- and ico er- Gui- lands West Indies Panama and ica Suri- ana nam 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 597.7 67.6 31. . . 31. . . 693.7 69.8 31. . . 909.3 93.9 31 1,046.4 77.3 3 1 . . . 1,104.8 112.6 3 1 . . . 1,216.6 236.2 10.8 12.6 17.7 14.5 14.0 17.8 67.7 98.7 140.8 195.1 174.0 104.7 34.5 54.0 55.0 66.3 50.7 46.3 43.4 67.1 83.6 79.2 57.8 46.1 1,208.5 1,218.8 1,207.0 1,225.6 1,202.7 1,226.2 1,224.3 1,261.2 1 ,227.7 1,287.0 1,294.9 1,319.6 15.1 15.7 13.5 14.3 12.1 13.0 12.5 14.4 16.2 17.1 16.4 15.2 124.5 112.3 125.1 115.8 113.8 117.4 115.7 122.3 131.3 123.7 119.6 119.4 43.9 50.5 48.6 53.0 60.2 55.9 51.5 58.3 52.9 55.6 54.5 57.0 27.2 26.9 40.2 48.4 48.7 46.5 38.9 46.2 50.5 54.0 55.5 49.6 1948—Mar. 3 1 . . . Apr. 3 0 . . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 3 1 . . . Sept. 3 0 . . . Oct. 3 1 . . . Nov. 3 0 . . . Dec. 3 1 . . . 1949—Jan. 31 P. . Feb. 2SP... 204.4 202.4 185.2 187.3 189.8 189.8 208.2 224.8 210.0 215.8 225.7 226.9 12.4 12.2 7.4 6.9 7.7 7.3 9.8 10.4 12.2 10.0 9.0 8.6 7.2 6.9 8.0 8.9 9.7 10.7 100.3 70.4 139.3 128.3 153.5 234.7 4.9 2.6 4.4 7.1 5.4 2.4 95.7 70.4 83.1 116.4 152.2 139.2 20.7 41.2 36.0 28.2 16.1 14.9 36.9 57.6 69.1 88.7 77.2 70.3 17.7 17.4 27.7 43.9 40.9 41.8 20.9 24.2 31.5 49.7 74.0 78.0 64.2 95.4 119.8 144.8 168.7 176.8 259.7 272.6 255.3 228.8 225.6 234.9 231.2 221.4 217.3 219.4 218.8 226.0 1.9 1.7 1.3 .9 1.1 1.0 .8 .8 1.2 1.2 .9 .9 132.4 119.6 134.2 126.2 135.4 152.6 150.7 148.9 145.7 146.7 142.9 140.9 17 A 17.2 19.3 18.1 18.4 17.8 21.5 23.3 22.3 24.3 24.8 25.5 78.2 79.2 80.3 79.7 73.1 70.7 67.7 71.0 69.8 71.8 72.2 72.8 37.8 33.6 39.5 38.4 45.1 48.4 50.4 52.1 50.5 52.6 51.0 50.3 65.5 84.5 58.8 110.3 76.0 76.7 88.7 97.5 77.9 121.7 122.4 129.8 190.7 192.2 193.6 194.3 194.5 192.9 179.3 173.3 174 2 174.0 180.6 194.7 For footnotes see following page. MAY 1949 599 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—C*mtim**J (In millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA— Continued Asia and All Other 1 Date Asia China Britand French Hong ish IndoMan- IndoJapan India Kong Manesia chu- China laya ria 930.0 1,108.8 1,069.2 1,549.6 1,316.4 1,057.9 360.9 574.2 427.3 582.3 431.9 229.9 1948—Mar. 3 1 . . . 1,023.0 964.4 Apr. 3 0 . . . May 31. . . 990.2 June 3 0 . . . 984.7 July 3 1 . . . 1,095.2 Aug. 31. . . 1,074.8 Sept. 30. . . 1.105.0 Oct. 31. . . 1,085.2 Nov. 30. . . 1,121.5 Dec. 3 1 . . . 1,151.8 1949—Jan. 31 P . . 1,094.1 Feb. 28*>. . 1,063.9 173.8 150.2 156.4 142.8 158.2 146.4 181.7 154.6 194.1 216.2 190.1 182.9 1942—Dec. 3 1 . . . 1943—Dec. 3 1 . . . 1944—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1946—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 27.4 41.6 13.1 27.4 23.9 18.2 27.4 22.9 22.1 28.0 27.4 33.4 39.9 44.9 43.5 6.5 39.8 62.4 4.9 4.8 5.4 5.2 5.3 5.9 5.3 6.4 5.7 7.8 8.2 8.2 38.8 37.6 46.1 48.1 49.7 47.2 49.0 43.3 48.7 51.1 57.3 52.7 53.1 41.9 56.0 73.4 63.5 50.6 44.8 40.9 44.7 51 .8 42.4 42.9 Egypt and Aus- New French Union Angloof tra- ZeaMoOther Egyplia land rocco South tian Africa Sudan Philippine Tur- Other All Rekey Asia2 other public 1.0 .9 1.3 1.2 17.3 11.0 4.8 4.1 4.0 4.1 16.6 31.3 160.4 110.1 110.5 113.7 127.1 69.3 254.7 259.1 365.8 629.1 446.6 488.6 29.9 ^S 4 23.7 52.5 54.7 M 6 13.9 12.3 10.6 9.6 15.6 14.7 15.8 13.9 9.7 12.9 11.4 10.1 85.4 76.3 82.4 79.1 79.2 76.8 74.2 76.8 77.9 81.4 91.6 115.6 60.5 51.8 49.0 34.7 32 9 36.7 51.9 54.0 50.1 41.5 41.0 38.2 476.4 474.2 474 8 464.6 517 4 521.7 496.1 508.4 502.0 488.3 450.4 401.7 M) 0 86 3 25.7 89.6 23 5 85 9 23.1 104.3 21 1 152 3 22.4 152.5 24.4 161.9 18.0 168.9 18.0 170.7 17.5 183.3 18.9 182.9 19.4 192.1 36 2 149 6 23 1 55.5 175.3 25.3 64.2 174.0 52.9 78.0 181.8 28.9 93.8 232.8 45.5 81 5 193 7 30 6 196.3 159.5 162 1 143.3 161 1 168.3 165.1 176.6 167.4 167.4 160.1 166.0 24.8 19.7 21 0 18.7 23 8 22.0 18.7 19.1 20.2 22.2 17.5 17.5 4 8 5.1 3.5 4.3 8.0 S9 6 8 6.1 7.3 18.9 20.8 25 0 12 1 10.3 4.3 10.0 14.9 10 1 11 0 4.5 8.3 6.4 47.2 46 4 91 8 124.1 97.6 113.4 96.4 75 8 6 1 4.6 5 0 3.6 ^ 7 5.5 6.9 5.3 5.3 5.3 4.3 4.7 36 4 31.3 29 2 27.3 33 2 42.6 36.3 36.8 30.9 27.7 24.2 25.5 8 6 8.2 8 5 8.9 10 9 11.1 11.0 11.9 12.2 11.4 11.5 11.2 44 8 21.0 26 6 9.3 15 7 12.4 8.6 8.8 10.8 15.8 12.6 12.3 75 6 74.7 71 9 75.5 73.7 74.6 83.5 94.7 87.9 84 9 89.9 94.8 » Preliminary. 1 Breakdown not available for most of these countries until June 30. 1942. 2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Footnotes to table on preceding page. r P Preliminary. Revised. 1 Country breakdown is for "Official and private." 2 Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange Control Board of Canada for 1946. 3 Breakdown not available for most of these countries until June 30, 1942. 4 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970. CLAIMS ON FOREIGNERS Date 1941—Dec. 1942—Dec. 1943— Dec. 1944—Dec. 1945—Dec. 1946— Dec. 1947—Dec. 31... 31... 31... 31... 31... 31... 31... 1948—Mar. 3 1 . . . Apr. 3 0 . . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 3 1 . . . Sept. 30... Oct. 3 1 . . . Nor. 3 0 . . . Dec. 3 1 . . . 1949—Jan. 31?.. Feb. 28*. . United Kingdom France Netherlands Switzerland Italy 367.8 246.7 257.9 329.7 392.8 708.3 948.9 20.9 12.6 19.9 25.9 25.4 47.7 29.2 L.8 L.3 L.I L.4 L.I 5.7 23.4 1.1 .5 .4 .3 36.3 151.0 49.1 2.6 1.5 3.0 1.3 2.9 9.8 7.0 1,071.8 1,101.5 1,150.8 1,099.8 1,066.9 1,081.5 1,066.8 1,065.9 1,031.7 1,018.7 996.0 1,007.1 18.5 23.5 25.3 21.6 21.7 23.6 20.9 20.9 18.3 24.5 24.2 42.3 118.5 116.0 122.7 127.0 124.9 123.1 124.3 123.0 124.0 119.0 116.0 116.1 51.3 60.2 59.2 59.3 58.9 75.3 69.5 69.8 59.1 51.4 31.4 25.7 6.4 6.2 6.Q 6.5 7.0 7.5 7.6 7.4 6.5 6.9 6.3 6.4 Total Other Europe Total Europe 1.5 .4 .4 .3 .3 16.0 21.1 60.5 56.3 52.9 78.3 74.6 82.8 118.9 88.4 72.6 77.6 107.5 140.7 312.9 248.6 17.4 15.9 17.2 20.6 16.5 19.1 16.3 17.0 18.3 15.8 19.7 21.9 140.9 148.1 146.7 139.4 136.9 154.8 147.3 148.3 124.9 106.3 102.0 97.6 352.9 369.9 377.0 374.4 365.9 403.3 385.9 386.2 351.1 323.8 299.5 310.0 Latin America Asia 33.6 34.3 37.8 28.1 53.3 52.2 27 .5 148.3 99.7 112.2 131.0 158.9 226.8 514.3 87.9 35.3 26.3 51.4 29.9 99.2 127.0 28.4 27.7 24.9 26.0 23.9 24.7 25.6 29.3 40.0 39.8 40.9 39 A 537.3 559.6 581.7 544.2 524.1 511.9 493.4 511.5 510.4 516.6 506.5 509.9 22.1 131.1 22.8 121.5 22.3 145.0 133.5 < 21.7 20.6 132.3 22.5 119.1 20.8 141.0 21.6 117.3 23.1 107.1 19.7 118.8 20.8 128.3 17.9 129.9 Canada All other 9.7 4.8 3.9 11.7 9.9 17.2 31.5 » Preliminary. 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. 600 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europt * Other Europe Belgium 31.. 31.. 31.. 31. . 31.. 31. . 56.3 52,9 78.3 74.6 82.8 118.9 .8 7 .7 .6 7.5 15.0 1948—Mar. 3 1 . . Apr. 30. . May 31. . June 3 0 . . July 31. . Aug. 3 1 . . Sept. 30. . Oct. 3 1 . . Nov. 30.. Dec. 31. . 1949—Tan. 31 P. Feb. 2 8 P . 140.9 148.1 146.7 139.4 136.9 154.8 147.3 148.3 124.9 106.3 102.0 97.6 24.2 20.7 18.8 18.6 18.5 20.0 17.7 21.0 21.3 21.4 20.4 18.6 Date 1942—Dec. 1943—-Dec. 1944—Dec. 1945— Dec. 1946—Dec. 1947—Dec. Denmark Finland Germany 8 5.6 7.6 34.0 33.9 33.9 33.9 30.4 30.5 30.4 30.4 30.3 30.4 30.4 30.4 29.5 33.6 30.4 30.5 29.6 29.5 8 6.6 9.9 8.6 3.5 .7 .6 1.0 1.1 1.1 .6 1.5 1.3 8 6.2 8.0 7.0 6.1 5.6 5.7 5.3 4.6 3.8 3.4 3.3 3.4 3.8 4.2 Greece Luxembourg Norway Portugal 1.1 .6 .6 .7 12.4 10.6 .2 .2 35.1 31.6 3.3 9.2 2.4 1.4 .8 .5 .0 .1 9.6 7.2 6.8 4.7 4.6 4.1 3.3 3.6 3.5 1.2 .9 8.9 12.1 11.5 11.6 12.7 17.2 24.2 27.3 14.9 8.4 14.8 14.9 .5 .4 .1 .0 .9 .8 .7 .7 .5 .7 .7 .6 .3 Rumania Spain Sweden All USSR Yugo- other slavia 3.2 3.2 1.8 1.6 7.2 .9 () (*) (') (») (*) (2) (*) (2) (3) (*) (2) .4 .2 .2 .9 4.9 5.4 8.4 5.0 5.1 4.7 9.4 35.8 3.7 4.6 5.5 3.3 2.5 3.3 5.4 5.5 2.7 2.9 1.2 1.8 3.5 2.8 4.1 5.2 7.2 5.2 2.3 1.6 1.0 1.4 1.5 1.4 45.4 52.9 54.3 55.3 54.1 51.2 48.1 39.1 38.5 29.7 27.4 24.3 Latin America * Date Latin Amer- Argen tina ica Bolivia Colombia Brazil Chile Costa Cuba Rica 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 31 31. . . . 31 . . . . 31. . . . . 31 . 31 99.7 112.2 131 0 158.9 226.8 514.3 6 9 15.3 3.1 21.0 41.8 65.2 3.0 16.7 1.8 18.9 1.8 25.3 1 3 24.7 2.3 49.8 2.0 165.8 15.3 16.6 9.0 6.6 14.6 27.8 20.7 12.2 15.5 16.8 26.4 32.6 ,6 8.3 .7 20.1 1.2 47.4 1.2 33.3 2.9 25.7 3.5 108.6 1948—Mar Apr. May June July Aug Sept Oct Nov Dec. 1949—Jan. Feb 31 30 31 30 31 31 30 31 30 31 31 P 28 P 537 3 559.6 581 7 544 2 524 1 511.9 493 4 511 5 510 4 516.6 506.5 509.9 57 2 50.5 52 6 58.7 62 2 61.2 62 0 63.8 66 8 72.4 65.7 67.1 2 3 185.9 2 , 2 194.5 3 1 209.7 2 . 5 187.6 3 6 179.1 3 . 0 178.7 2 5 173 3 2 . 9 175.0 2 4 179 8 2 . 7 165.4 2.9 171.4 2.2 178.7 24.9 21.9 20.4 21.6 18.7 17.5 19.1 21.0 18.8 15.2 15.4 16.6 39.3 50.5 47.9 48.0 45.6 42.5 40.2 39.8 33.7 32.6 31.2 29.5 NetherFrench lands West West Indies Mexico Indies Panama and and GuiSuriana nam 3.2 109.1 124.1 110.1 90.5 78.7 67.6 61.4 65.5 72.5 83.1 2.3 84.0 2.1 81.8 3.1 2.9 2.2 1.8 1.5 1.3 1.1 1.5 1.9 ,2 1 2 .1 .1 (2) (2) (2) 2 ( ) / j \ ( 2 ) ( 2 ) 4.8 11.2 8.6 11.0 25.5 52.2 .3 .5 .3 .5 .8 1.1 2.1 1.1 .8 1.1 1.3 4.7 59 9 58.3 75.8 73.4 72.4 76.1 72 3 76.6 70 4 73.8 70.5 66.8 1 3 I 3 14 Other Vene- Latin zuela • America Peru 3.9 3.8 5 1 6.1 8.7 15.3 14.2 8.7 11 ? 33 4 23.1 31.0 4 1 4 1 4.2 4.4 4.4 4.2 3.6 6 4 2.8 1.4 1 2 1.9 3.7 4.3 3.8 17 6 17.0 19 3 19.9 20 7 20.8 18 8 20 8 18 2 26.0 23.4 24.4 28 5 28.1 30 1 29.9 32 0 33 8 33 2 35.5 37 1 32.7 29.1 29.9 4 0 4.1 3 5 4.2 4 1 ? 3 9 42 42 4.0 10 3 9 S .4 4.6 4.4 4.3 4.4 4.9 5.1 Asia and All Other * Date 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 31 31. . . . . 31 31 . 31 31 1948—Mar. 31 Apr. 30 May 31 . . . . . June 30 July 31 Aug. 31 Sept 30 Oct. 31 Nov 30 . Dec. 31 1949—Jan. 3 1 P Feb. 2 8 P Ana Egypt China Philand BritUnion and French Hong ish Japan Indo- ippine Tur- Other All Aus- New Anglo- French of Other MoZeaMan- Indo- Kong India MaRe- key Asia* other tra- land Egyp- rocco South nesia China lia chutian laya public Africa ria Sudan 35.3 11.1 1.7 26.3 1.5 51.4 1.0 29.9 99.2 53.9 127.0 40 8 131.1 121 5 145.0 133.5 132 3 119.1 141.0 117.3 107 1 118.8 128.3 129.9 38.1 36 4 51.7 55 5 56.7 46.2 65.5 39 0 25.2 24.2 22.7 21.6 9 1 0 8 (2) 9 8 5 9 ? 6 .3 2 6 .6 .4 .2 .1 .1 .3 .1 .5 .2 3.7 ~\ S 4 .5 4 6 1 S 3 9 5 3 .1 5 3 .4 S ? 3 .7 2.2 2.0 22.3 7.5 12.0 29.6 .7 .5 .1 .1 .2 .9 .5 .5 .5 .5 .2 9 1.6 1.7 1.5 1.4 1.0 .5 26.0 26.1 24.3 28.1 22.2 20.2 19.5 20.0 20.2 20.4 21.3 20.9 .6 .6 1.5 1.1 5 .9 4 0 4 .2 1 1 .6 6 .1 7 8 15 .9 22 9 .3 4 1 .9 3 7 1.0 .8 1.0 .4 .5 .4 .6 .9 1 5 2 0 7 6 26 .7 s .6 7 9 4 S 1 .1 14 4 13. 9 13. 8 13. 8 20. 2 27. 4 1.8 3.2 1.8 2.0 1.4 17.7 2.0 4.8 1.0 .7 1.8 3.9 .5 .2 8.8 11.7 .6 .2 2.7 9.9 1.7 .7 4.4 17.2 3.4 1.1 6.3 31.5 9.0 1.5 31. 1 15.5 9.4 22.1 33. 7 7.3 9.3 22.8 42. 7 6.1 8.7 22.3 31. 7 7 0 8.0 21.7 3 2 . 4 2 . 5 11.3 20.6 3 3 . 7 ? 0 10.3 22.5 2 9 . S 1.8 11.9 20.8 34. 2 1.6 12.5 21.6 36. 1.7 11.1 23.1 37. 3 1.4 13.8 19.7 33. 8 1.4 16.7 20.8 3 4 . 0 1.6 19.1 17.9 4.7 .9 4^ 7 3.4 .6 77 7 6 ? ? 3 6 7 38 1 l 3.9 .6 6 4.7 .5 5 4 11 5.2 .5 .1 .1 .2 .3 .4 .1 (2) .1 .2 .2 .1 .5 .4 .3 .2 .2 .5 2.2 .2 .2 .2 .1 .3 .2 .4 .5 .2 .3 .2 .2 .4 .4 1 .7 2 .4 9 .7 4 .7 10 .1 14 4 1.2 .7 1.0 2.5 2.2 6 0 10 .1 11 7 11 .8 1? 0 6.0 5.6 6.1 6.5 11 1 9 9 9 7 11 .1 11 7 7 .9 6 4 5 .2 6.0 5.9 5.9 5.5 6.8 6.1 7.2 6.3 * Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. »Less than $50,000. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. MAY 1949 601 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1949 1948 1948 International Fund 1947 International Bank Jan.1 Oct.1 July 1 Feb, Gold Member currencies (balances with depositories and securities payable on demand): United States Other members Unpaid balance of member subscriptions. Other assets Member subscriptions Accumulated net income 1,436 1,403 1,400 1,357 1,391 4,024 1,181 (2) 8,034 -2 1,434 4,014 1,183 (2) 8,036 -1 1,441 4,000 1,143 (2) 7,986 -1 1949 Currency acquired 3 (Cumulative figures in dollars) Mar. Belgian francs Chilean pesos Costa Rican colones Czechoslovakian koruny. Danish kroner Ethiopian dollars French francs Indian rupees Mexican pesos Netherlands guilders.... Nicaraguan cordobas.... Norwegian kroner South African pounds. . . Turkish liras Pounds sterling 1.3 6.0 10.2 Feb. 1,559 3,869 1,176 (2) 7,961 1948 Jan. 33.0 8.8 1.3 6.0 10.2 Mar. 33.0 8.8 1.3 6.0 10.2 Dec. Gold Member currencies (balances with depositories and securities payable on demand): United States Other members Investment securities (U. S. Govt. oblig ) i) gations) Calls on subscriptions to capital stock 4 ., all Loans (incl. undisbursed portions). . . . Other assets , Bonds outstanding , Loans—undisbursed Other liabilities Special 4 reserve Capital Accumulated net income , Sept. 81 927 429 5 5 501 5 254 10 4 6 1,667 June 89 927 Dec. 102 918 267 909 412 420 422 5 5 5 497 501 497 5 3 9 254 250 254 27 197 18 4 4 2 4 3 1 1,645 1,667 1,657 -1 5 3 5 1 2 6.8 125.0 125.0 125.0 125.0 100.0 92.5 68.3 28.0 22.5 22.5 22.5 22.5 75.4 75.4 75.4 68.5 5 .5 9.6 9.6 9.6 2.5 10.0 10.0 10.0 5.0 5.0 5.0 5.0 300.0 300.0 300.6 300.0 Quarterly statements on a new fiscal year basis. Less than $500,000. 3 As of Mar. 31, 1949, the Fund had sold 690.0 million U. S. dollars; in addition, the Netherlands received 1.5 million pounds sterling in May 1947 and 300 million Belgian francs in May 1948, and Norway received 100 million Belgian francs in June 1948 and an additional 100 million in July 1948. 4 Excludes uncalled portions of capital subscriptions, amounting to 6,669 million dollars as of Dec. 31, 1948, of which 2,540 million represents the subscription of the United States. 5 Excludes 8 million dollars sold to others under the Bank's guarantee. 707.5 700.0 675.8 600.1 Total. CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue department Assets of banking department Other assets 2 Gold 1 Notes and coin Discounts and advances Securities Liabilities of banking department Note circulation 3 Other Other liabilities and capital Deposits Bankers' Public E.C.A. 25 30 29 28 27 25 31 30 29 27 26 25 31 200.1 313.7 326.4 326.4 4 .2 .2 .2 .2 .2 .2 .2 .2 .2 260.0 200.0 220.0 230.0 580.0 630.0 780.0 950.0 1,100.0 L,250.0 1,400.0 L,450.0 1,450.0 36.2 46.8 41.9 52.5 26.6 14.2 28.8 27.7 12.5 13.5 20.7 23.4 100.8 17.5 9.2 28.5 4.3 4.0 6.4 3.5 2.5 5.1 8.4 13.6 15.2 8.5 94.7 155.6 135.5 90.7 176.1 199.1 267.8 267.9 307.9 317.4 327.0 327.6 331.3 424.5 467.4 505.3 504.7 554.6 616.9 751.7 923.4 1,088.7 1,238.6 1,379.9 1,428.2 1,349.7 72.1 150.6 120.6 101.0 117.3 135.7 219.9 223.4 234.3 260.7 274.5 278.9 315.1 12.1 12.1 11.4 15.9 29.7 12.5 11.2 9.0 10.3 5.2 5.3 10.3 18.6 37.1 39.2 36.6 36.8 42.0 51.2 54.1 48.8 60.4 52.3 58.5 57.3 95.5 18.0 18.0 18.0 18.0 17.9 17.9 17.9 17.9 17.9 17.8 17.8 18.1 18.1 1948—Apr. 28 May 26 June 30 July 28 Aug. 25 Sept. 29 Oct. 27 Nov. 24 Dec. 29 .2 .2 .2 .2 .2 .2 .2 .2 .2 1,300.0 1,300.0 L,300.0 L,300.0 1,300.0 1,300.0 1,300.0 1,300.0 1,325.0 63.1 56.7 48.7 16.1 48.0 65.4 72.1 70.2 36.1 14.5 9.8 17.8 13.4 5.4 25.0 19.3 28.9 16.7 350.6 .366.9 383.8 400.5 405.8 397.3 359.6 347.4 401.1 1,237.8 1,244.2 1,252.2 . 1,285.0 1,253.3 1,236.4 1,230.8 1,233.1 1,293.1 307.4 311.8 325.4 311.0 300.3 300.0 307.5 302.7 314.5 12.6 10.7 14.5 11.2 16.9 22.3 13.1 12.3 11.7 33.4 53.6 19.6 14.3 17.4 90.3 93.0 92.2 89.4 90.1 93.3 93.0 99.2 92.1 17.8 18.0 18.2 18.3 18.4 18.5 17.8 17.9 18.1 1949—Jan. 26 Feb. 23 Mar. 30 .2 .2 .2 1,300.0 1,300.0 1,300.0 79.9 76.0 53.0 26.0 32.1 19.9 326.1 325.1 362.1 1,224.5 1,228.0 1,250.6 294.7 295.7 294.0 21.4 10.9 25.6 8.4 17.6 6.7 89.4 90.6 90.1 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. 1947—Dec. i i 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from 5Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, and decreased by 25 million on Jan. 5, 1949. For details on previous changes see BULLETIN for April 1949, p. 450, and February 1948, p. 254. NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 602 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Assets Bank of Canada (Figures in millions of Canadian dollars) Gold Sterling and United States dollars Liabilities Dominion and provincial government securities Deposits Other assets Shortterm 1 Note irculation2 Chartered banks Other Other liabilities and capital 3 Dominion government Other 28.4 64.3 38.4 200.9 .5 .6 172.3 156.8 1.0 2.0 144.6 181.9 448.4 391.8 807.2 787.6 906.9 ,157.3 ,197.4 ,022.0 40.9 49.9 127.3 216.7 209.2 472.8 573.9 688.3 708.2 858.5 5.2 5.5 12.4 33.5 31.3 47.3 34.3 29.5 42.1 43.7 175.3 232.8 359.9 496.0 693.6 874.4 ,036.0 ,129.1 ,186.2 ,211.4 200.6 217.0 217.7 232.0 259.9 340.2 401.7 521.2 565.5 536.2 16.7 46.3 10.9 73.8 51.6 20.5 12.9 153.3 60.5 68.8 3.1 17.9 9.5 6.0 19.1 17.8 27.7 29.8 93.8 67.5 9.3 13.3 28.5 35.1 24.0 55.4 209.1 198.5 42.7 42.4 1948—Apr. 30. May 3 1 . June 30. July 31. Aug. 31. Sept. 30. Oct. 30. Nov. 30. Dec. 3 1 . .2 .5 .2 .1 .1 .2 1.0 .1 .4 ,124.1 ,179.7 ,152.9 ,145.2 ,155.2 ,216.3 ,279.6 ,222.1 ,233.7 767.8 775.0 790.9 773.6 778.1 757.2 741.3 794.0 779.1 60.5 51.6 56.8 39.2 50.2 55.3 57.7 46.8 45.4 ,183.0 ,195.7 ,206.5 ,220.3 ,226.9 ,267.7 ,275.1 ,273.5 ,289.1 558.9 547.3 517.0 502.5 525.1 550.9 581.0 579.6 547.3 57.9 135.9 138.4 119.0 105.1 87.3 110.0 86.5 98.1 126.0 95.8 107.2 84.1 90.3 78.2 72.2 64.1 81.0 26.9 32.0 31.7 32.1 36.2 44.7 41.3 59.2 43.1 1949—Jan. 3 1 . Feb. 28. Mar. 31. () .4 82.3 ,188.3 ,180.5 1,087.1 806.9 800.7 812.1 50.2 54.9 70.6 ,229.2 ,221.9 1,245.3 545.1 531.0 540.3 141.8 178.4' 62.6 86.8 79.6 84.8 42.5 25.7 119.0 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 185.9 225.7 31. 30. 31. 31. 31. 31. 30. 31. 31. 31. Assets Bank of France (Figures in millions of francs) Domestic bills Gold « Foreign exchange Open 7 market 7 Special 7,422 821 112 11,273 42 43,194 38 42,115 37 43,661 37 44,699 42 47,288 68 23,038 7 77,621 12 137,397 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 2 9 . . . 87,265 2 8 . . . 97,267 26... 84,616 3 1 . . . 84,598 3 1 . . . 84,598 3 0 . . . 84,598 2 8 . . . 75,151 27... 129,817 2 6 . . . 94,817 3 1 . . . 65,225 1948—Apr. May June July Aug. Sept. Oct. Nov. Dec. 29... 27... 24... 29... 26... 30... 28... 25... 30... 65,225 65,225 65,225 65,225 65,225 65,225 65,225 65,225 65,225 17 22 21 45 50 60 35 36 30 1949—Jan. 27. . . Feb. 2 4 . . . Mar. 31. . . 65,225 65,225 65,225 34 158,288 53 164,012 49 204,914 156,424 149,849 141,276 148,812 147,288 160,930 151,954 153,368 167,450 Other 1,797 7,880 2,345 5,149 661 3,646 12 4,517 169 5,368 29 7,543 48 18,592 303 25,548 3,135 76,254 64 117,826 55 27 55 156 544 4,808 9,901 10,908 8,577 149,341 165,265 165,984 169,674 163,109 161,571 197,297 192,428 238,576 4,996 238,795 4,816 257,345 2,523 233,189 Liabilities Advances to Government For occupation Other 7 costs 8 72,317 142,507 210,965 326,973 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 Deposits Other assets 9 Note circulation Govern- C.A.R.i° ment Other Other liabilities and capital 25,595 14,751 27,202 25,272 29,935 33,137 37,855 57,755 63,468 82,479 2,718 2,925 3,586 3,894 4,461 4,872 7,078 4,087 7,213 10,942 67,900 147,400 18,498 20,094 23,179 22,121 21,749 21,420 35,221 39,122 47,577 121,061 110,935 5,061 151,322 1,914 984 218,383 270,144 1,517 770 382,774 578 500,386 748 572,510 570,006 12,048 765 721,865 733 920,831 129,500 121,800 122,800 153,200 156,800 160,700 158,000 151,200 150,900 113,590 113,938 102 ,405 113,212 104,213 138,910 113,547 110,989 119,659 759,054 768,567 790,639 836,662 844,894 910,633 917,757 913,234 987,621 790 812 738 764 858 788 764 759 806 265,123 256,948 216,026 225,251 203,467 193,031 187,657 178,090 171,783 15,186 15,800 16,362 13,646 14,011 13,752 15,780 18,070 16,206 115,463 972,604 109,729 991.334 149,291 1,045,053 822 765 750 163,513 171,921 180,103 18,062 17,260 12,784 20,627 34,673 63,900 69,500 68,250 64,400 15,850 426,000 146,200 426,000 154,100 426,000 157,500 41,400 64,580 16,857 10,724 1 2 3 4 Securities maturing in two years or less. Includes notes held by the chartered banks, which constitute an important part of their reserves. Beginning November 1944, includes a certain amount of sterling and United States dollars. On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. In March 1948 the amount of gold pledged as collateral against a loan was increased from 10,052 to 12,408 million francs. For details on previous devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936,7 pp. 878-880. For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 9 From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the Bank. Beginning April 1947, includes a noninterest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947. 10 Central Administration of the Reichskreditkassen. 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. MAY 1949 603 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1949 Mar. Feb. 1948 Jan. Mar. Central Bank of the Argentine Republic (millions of pesos): 832 434 434 Gold reported separately ,250 ,846 ,869 Other gold and foreign exchange. ,032 ,760 750 Government securities ,361 ,230 22,<391 Rediscounts and loans to banks 1 . ,635 119 115 Other assets •. ,522 ,770 7,54 Currency circulation 2 313 Deposits—Member bank 797 Government x 17,250 13 529 Nationalized , 139 517 Other sight obligations 809 1,545 Other liabilities and capital C o m m o n w e a l t h Bank of Australia (thousands of pounds) : 215 ,231 338, Gold and foreign exchange ,264 2, Checks and bills of other banks.. Securities (inch Government and ,556 351, Treasury bills) ,209 39, Other assets 202, 198 ,643 Note circulation Deposits of Trading Banks: 326, ,010 Special 33, ,632 Other 170, ,976 Other liabilities and capital...... Austrian National Bank (millions of schillings): 50 50 50 Gold 111 92 45 95 Foreign exchange ,063 81 1,101 ,129 Loans and discounts ,502 ,211 6,665 ,256 Claim against Government 4 6 6 4 Other assets ,816 ,994 5,833 ,669 Note circulation 357 755 362 485 Deposits—Banks , 684 698 602 787 Other 853 ,943 593 1,136 Blocked National Bank of Belgium * (millions of francs): 28,069 817 27,741 25,896 Gold 482 12,444 Foreign claims and balances (net) 12,726 959 5,191 5,288 Loans and discounts 997 34,997 Consolidated Government debt. 34,991 843 5,283 Government securities 567 466 3,903 Other assets 973 77,442 83,580 82,810 Note circulation 255 4,209 Deposits—Demand 417 247 E. C, A 083 Other liabilities and capital. 2,224 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): 954 953 Gold at home and abroad 240 206 Foreign exchange 710 340 Loans and discounts 741 787 Government securities 32 15 Other assets ,158 ,825 Note circulation 297 245 Deposits 223 231 Other liabilities and capital... . National Bank of Bulgaria « Central Bank of Chile (millions of pesos): ,158 ,176 ,275 Gold 6 130 155 ••65 Foreign exchange (net) 8 1 ••1 3 Net claim on Int'l. Fund ,120 ,608 ,536 Discounts for member banks... 805 768 ••768 Loans to Government ,374 ,290 ,397 Other loans and discounts ,239 ,356 ,356 Other assets ,277 ,609 ,796 Note circulation 847 998 ,037 Deposits—Bank 301 165 329 Other 418 404 '399 Other liabilities and capital... . Bank of the Republic of Colombia (thousands of pesos): 167 Gold and foreign exchange 7 . . . 130,226 367 24,367 21 24,367 Net claim on Int'l. Fund «....= 370 1,370 Paid-in capital—Int'l. Bank 1,370 767 155,369 177,475 Loans and discounts 981 133,741 Government loans and securities. 132,307 388 53,640 Other assets 56,763 719 326,901 Note circulation 311,913 234 159,673 Deposits 163,867 552 45,260 46,729 Other liabilities and capital Central Bank (Figures as of last report date of month) 1949 Mar. Feb. 1948 Jan. Mar. National Bank of Costa R i c a Issue dept. (thousands of colones): 11,543 11,543 11,528 Gold 23,663 16,956 27,635 Foreign exchange . Contributions to Int'l. Fund and 30,321 30,321 30,321 to Int'l. Bank 85,673 85,625 78,046 Loans and discounts 23,593 25,193 13,387 Securities 6,603 6,341 1,541 Other assets Note circulation 108,954 108,282 118,286 65,746 61,240 37,436 Demand deposits Other liabilities and capital . 6,695 6,456 6,736 National Bank of Czechoslovakia (millions of koruny): 4,420 3,899 Gold and foreign exchange 8 . . 3,476 3,765 23,962 25,736 26,456 14,268 Loans and discounts 48,191 48,282 48,176 55,123 Other assets 67,477 69,188 70,489 58,686 Note circulation 562 Deposits 1,797 180 452 Other liabilities and capital 7,972 8,144 8,001 12,806 National Bank of Denmark (millions of kroner): 70 Gold 70 70 71 Foreign exchange 177 123 187 190 Contributions to Int'l. Fund and to Int'l. Bank 65 65 65 65 -1 Clearing accounts (net) 17 23 20 Loans and discounts 21 99 125 Securities 111 123 Govt. compensation account.... 4,870 5,008 5,052 5,530 197 Other assets , 195 204 220 Note circulation 1,517 1,527 1,494 1,496 1,852 Deposits—Government 1,992 2,014 1,843 Other 2,028 2,573 2,041 2,061 Other liabilities and capital 150 153 148 143 Central Bank of the Dominican Republic (thousands of dollars): 4,001 5,250 Gold.....' 4,002 4,006 Foreign exchange (net) 10,662 10,219 10,440 13,265 1,250 1,250 Net claim on Int'l. Fund • 1,250 40 Paid-in capital—Int'l. Bank. . . . 40 40 136 Loans and discounts 161 154 Government securities 3,000 5,000 5,000 5,000 Other assets 740 759 74 536 Note circulation 7,646 17,404 17,309 17,373 4,056 4,130 Demand deposits 4,092 3,588 Other liabilities and capital 177 166 150 183 Central Bank of Ecuador (thousands of sucres): Gold 278,100 277 772 277,741 275,243 Foreign exchange (net) 6 17,767 41 395 58,358 27,163 Net claim on Int'l. Fund 16,881 16 881 16,882 16,881 Credits—Government 178,654 165 064 136,489 Other 106,583' 108 503 111,089 105,714 101 970 98,726 102,273 Other assets 337,716 350 161 355,946 303,852 Note circulation 614 132,687V Demand deposits—Private banks 129,307 688 69,923/ 243,752 Other 93,540 123 140,731 73,211 Other liabilities and capital 143,136 National Bank of Egypt (thouNov.)» sands of pounds): 6,376 6,376 Gold Foreign exchange 13,627 16,649 8,732 4,807 Loans and discounts British, Egyptian, and other Government securities 31,042 304 ,709 Other assets 25,357 28,632 Note circulation 52,332 132,447 Deposits—Government 89,006 82,563 Other 32,386 129,883 Other liabilities and capital 11,409 16,279 lentral Reserve Bank of El Salvador (thousands of colones): Gold 36,123 36,177 36,225 36,695 Foreign exchange (net)... 55.O77J 53,247 42,689 49,816 Net claim on Int'l. Fund « 1,564 1,564 1,564 1,564 Loans and discounts 321 182 1,864 4,576 Government debt and securities. 5,264 5,304 5,345 5,310 Other assets 1,527 1,394 1,334 1,665 Note circulation 62,301 64,886 62,591 55,687 Deposits 31,720 28,839 23,210 33,983 Other liabilities and capital 5,824 5,932 5,563 5,855 r 1 J 1 Revised. Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November 1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la Bourse" for Sept. 20, 1948. 4 For last available report (January 1943), see BULLETIN for July 1943, p. 697. * Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 6 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 7as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. Gold not reported separately beginning May 31, 1948. 8 Gold not reported separately beginning Dec. 31, 1946. • Latest month available. 604 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) State Bank of Ethiopia—Issue dept. (thousands of dollars): Gold Silver Foreign exchange Treasury bills Other assets Circulation—Notes Coin Other liabilities and capital Bank of Finland (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans and discounts Securities Other assets Note circulation Deposits Other liabilities and capita] Bank of the German States * (millions of German marks) Foreign exchange Loans and discounts Loans to Government Other assets Note circulation 2 Deposits—Government Banks Other Other liabilities and capital Bank of Greece (billions of drachmae): Gold and foreign exchange (net). Loans and discounts Advances—Government Other Other assets Note circulation Deposits—Government Reconstruction and relief accts Other Other liabilities and capital Bank of Guatemala (thousands of quetzales): Gold Foreign exchange Gold contribution to Int'l Fund. Rediscounts and advances Other assets Circulation—Notes Coin . . Deposits—Government........ Banks . ... Other liabilities and capital. . . . National Bank of Hungary (millions of forint): Gold Foreign exchange Discounts Loans—Treasury Other Other assets Note circulation Demand deposits—Government. Other Other liabilities and capital . . . . Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad. . Sterling securities Indian Govt. securities Rupee coin . ... Note circulation Banking department: Notes of issue department. Balances abroad . .. Bills discounted 1949 Mar. 1948 Feb. 4, 941 s 623 28 549 6 997 30 425 46 012 29 238 1 286 4 5 27 6 30 44 29 1 Mar. Jan. 653 413 119 887 329 072 043 286 269 269 268 658 655 978 ,193 — 9 1S0 —2 244 36 ,211 35 409 34 502 892 887 925 1 411 893 1 143 9 7 ,407 9 7 3 S 3 ? S 782 9 309 7 ,531 9 763 7 839 2 174 7 615 1 113 1 460 7 660 2 381 125 1 413 1 4 74 ?30 3 371 (Nov }* 678 51 1 295 1 389 314 1 021 ?03 910 474 1 soo 27 ,229 27 229 27 230 19 ,075 18 689 17 ,448 1 ?S0 1 ?S0 1 250 3 161 1 ? 228 33 9 8 8 3 ,077 9 7S? 12 291 33 886 3 061 4 ,125 4 ,238 11 ,858 11 910 9 ,895 9 ,107 4 103 695 34 049 3 052 4 ,168 11 076 9 ,471 412 213 4 312 ,890 6 225 ,755 1 4 ,763 4 6? 5 4 ,?06 538 8?0 70S 196 9 334 7 ,042 219 7S6 2 412 195 17 33S 6 ,492 290 9 73S 406 400 7 ,416 7 ,525 3 ,624 3 ,568 441 425 11 617 11 731 219 2 ,246 53 209 2 ,358 99 Central Bank (Figures as of last report date of month) Reserve Bank of India—Cont. Banking department:—Cont. Loans to Government 471 486 Other assets 709 Deposits 832 Other liabilities and capital 660 Central Bank of Ireland (thousands 846 of pounds) : Gold 704 Sterling funds . 608 Note circulation Bank of Italy (millions of lire): Gold 135 Foreign exchange 1 642 Advances—Treasury — 9 808 Other Govt. agencies 33 855 Loans and discounts 406 1 653 Government securities ? 6 776 Other assets 1 876 Bank of Italy notes Allied military notes 6 141 Deposits—Government Demand Other Other liabilities and capital Bank of Japan (millions of yen): Cash and bullion Advances to Government Loans and discounts Government securities Reconversion Fin. Bk. bonds. . . Other assets Note circulation . . Deposits—Government Other 614 Other liabilities 20 923! T h e Java Bank (thousands of guilders): 1 239 Gold Mil Foreign bills 888 13S Loans and discounts .. . Advances to Government 100 Other assets .... Note circulation 247' 1 566 Deposits Other liabilities and capital Bank of Mexico (millions of pesos): Monetary reserve * 27 228 23 589 "Authorized" holdings of securi1 250 ties etc 9 6SS Bills and discounts Other assets 10 641 Note circulation 31 SOS 2 Demand liabilities .... Other liabilities and capital 8 ,169 13 9S? Netherlands Bank (millions of guilders): 9 ,506 Gold Silver (including subsidiary coin) 403 Foreign assets (net) 8 . . .... Loans and discounts 43 Govt. debt and securities 1 ,687 340 Other assets .. Note circulation—Old .. 252 New 1 973 Deposits—Government 184 Blocked . . E. C. A 176 303 Other Other liabilities and capital Reserve Bank of New Zealand (thousands of pounds): Gold ... . 444 Sterling exchange reserve 11 ,353 1 ,028 Advances to State or State un369 dertakings 13 044 Investments Other assets Note circulation 151 Demand deposits 3 ,926 18 2 2 27 5 30 39 28 1949 1948 Feb. Jan. Mar. 47 1 161 3 ,446 279 Mar. 47 1 046 3, 515 243 4, 574 294 2 ,646 2 ,646 2, 646 43 ,993 43 399 42, 706 46 ,639 46 044 45, 352 1 256 1 ?S6 31 ,033 30, 428 66? ,153 660 99S 771 2 646 41 113 43 759 10 633 164 ,314 165* 869 145 OS 128 90 103 134 ,847 ? S 9 S07 8 ? sss 888 8 6 0 648 7 3 7 46 ,860 48, 914 60 91 ,501 77, 761 106 ,167 103 284 72 8? 764 173 413 11? 525 351 950 16 236 673 454 447 474 054 34 S 4 0 7? 3 506 1 030 901 072 85 4 0 ? 79 ,510 61 0 0 ? 63 3 S ? 1 9 0 468 48 ,544 3 9 806 1S 07? 11 3S7 ,449 341 57S ? 6 007 1 ? ?87 S74 828 OSS 9 1 349 4 9 476 10 56 S 775 33 SS1 8? SO 1? 21 ,555 22 961 18 240 12 ,478 12 203 13 414 470 9 S 6 58 763 70 0 1 9 866 ,971 9 9 S46 747 ,907 713 816 105 ,426 664 660 675 609 1 ,846 693 172 1 900 7S7 718 1 831 714 151 1 ,93? 708 716 1 898 668 195 1 943 735 1 501 660 104 1 678 7S9 437 439 5 ?83 146 3 ,300 366 107 2 ,983 216 35 ?S0 439 5 239 165 3 ,300 338 108 3 ,045 174 43 ?S0 439 4 310 193 3 ,300 509 3 380 175 3 ,500 3 052 2 ,948 742 205 661 70S 488 308 109 ?6S 5 714 204 203 ?30 124 77 240 2 ,816 2 ,816 2 ,802 47 ,088 43 ,454 69 ,442 49 ,559 37 ,096 7 ,510 49 ,645 89 ,117 5 ,307 49 ,061 41 ,742 37 098 7 ,868 6 ,966 3 ,308 50 ,401 48 ,558 83 ,735 70 ,834 5 ,260 5 ,772 1 id This statement represents combined figures for the Bank of the German States anc the eleven Land Central Banks, 2 ion Excludes currency issued in the Western sector of Berlin, amounting to 407.4 milli German marks on Jan. 31, 1949. 3 Latest month available. 4 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Beginning January 1949, this figure represents a net of the Bank's foreign assets and is not strictly comparable with amounts shown for previous months. MAY 1949 605 CENTRAL BANKS—Continued 1949 Central Bank (Figures as of last report date of month) Bank of Norway (millions of kroner): Gold Foreign assets (net) Clearing accounts (net) Loans and discounts Securities Occupation account (net) Other assets Note circulation Deposits—Government Banks Blocked Other Other liabilities and capital Bank of Paraguay—Monetary dept. (thousands of guaranies): Gold Foreign exchange (net) Net claim on Int'l. Fund l Paid-in capital—Int'l. Bank Loans and discounts Government loans and securities. Other assets Note and coin issue Demand deposits Other liabilities and capital Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Net claim on Int'l. Fund l Contribution to Int'l. Bank Loans and discounts to banks... Loans to Government Other assets Note circulation Deposits Other liabilities and capital Central Bank of t h e Philippines (thousands of pesos): Gold Foreign exchange Contribution to Int'l. Fund Advances to Government Other assets Note circulation Demand deposits—U. S. dollars2. Pesos Other liabilities and capital Bank of Portugal (millions of escudos): Gold Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Demand deposits—Government. Other Other liabilities and capital National Bank of Rumania 4 South African Reserve Bank (thousands of pounds): Gold5 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 Mar. Feb. 1948 Jan. Mar. 233 248 -61 58 53 7,814 103 2,065 3,910 976 747 177 573 107 68 ,094 57 ,993 ,967 ,282 837 389 664 662 696 ,260 -372 ,710 2,710 -92 -92 ,666 69,625 ,304 7,636 ,297 2,732 ,143 63,788 ,618 16,815 ,526 2,333 721 ,696 ,709 -16 ,249 ,362 ,262 ,686 ,366 ,932 233 272 -70 76 51 ,813 102 ,027 ,987 978 743 172 570 627 -6,612 2,710 -92 78,601 6,778 8,797 68,488 18,658 3,663 196, 20, 2, 131, 724, 38, 771, 279, 62, ,575 ,495 356 115,227 726,283 689 34 755, 265,509 57,983 303 503 076 496 356 096 651 962 046 799 792 2,721 2,721 ,721 669,666 646 ,037 712,248 30,000 30 ,000 30,000 469 134,157 132,718 132,627 580,377 597,472 621,521 40,073\ 127 169,351 127,361/ 12/ 86,724 89,203 86, (Dec.)* 3,827 8,665 447 1,276 463 8,696 493 4,579 911 ,483 ,381 399 ,280 519 ,436 ,314 ,382 930 45,904 21,936 95,478 11,313 66,239 100,7 7,633 ,695 ,193 ,721 ,812 ,682 ,952 ,788 ,219 1,219 499 500 ,766 15,736 ,798 9,039 ,860 3,950 ,326 25,482 ,378 1,526 ,924 2,920 516 516 ,216 500 ,834 ,219 ,845 ,275 ,121 ,720 497 Central Bank (Figures as of last report date of month) 1948 Mar. Feb. Jan. Mar. Bank of Sweden (millions of kronor): 176 177 177 213 Gold 383 470 308 417 Foreign assets (net) Swedish Govt. securities and ad3,155 3,130 2,716 ,331 vances to National Debt Office6 132 141 173 149 Other domestic bills and advances 370 355 385 355 Other assets 2,953 ,952 2,934 2,730 Note circulation 641 728 632 693 Demand deposits—Government. 160 228 103 336 Other 462 446 268 447 Other liabilities and capital Swiss National Bank (millions of francs): 5,911 ,848 5,834 5,625 Gold 316 67 233 276 Foreign exchange 156 235 159 169 Loans and discounts 77 104 74 72 Other assets 4,326 ,291 4,307 4,185 Note circulation 1,148 1,666 1,521 ,602 Other sight liabilities 698 469 473 473 Other liabilities and capital Central Bank of t h e Republic of Turkey (thousands of pounds): 454,460 454,459 454,458 478,550 Gold ' Foreign exchange and foreign 125,073 117 104,151 197,766 clearings 727,183 749, 774;248 602,520 Loans and discounts 205,860 206,788 213 188 191,559 Securities 499 32,953 46,083 _ _ _ _ _ Other assets 919,664 937,064 937 511 867,346 Note circulation 153,036 153 035 153 035 151,802 Deposits—Gold 214,121 214 764 229 833 240,553 Other 271,837 269 731 283^165 243,646 Other liabilities and capital Bank of t h e Republic of Uruguay (Dec.) (thousands of pesos): Gold 248,845 304 ,470 Silver 11,842 12,522 314 Paid-in capital—Int'l. Bank. . . . 315 Advances to State and govern72,119 59,878 ment bodies 243,926 183,517 Other loans and discounts 313,625 271,649 Other assets 271,084 253,710 Note circulation 59,510 59,126 Deposits—Government 257,894 269,447 Other 302, 184 250,067 Other liabilities and capital Central Bank of Venezuela (thousands of bolivares): 888,521 684,054 Gold s 160,246 63,973 Foreign exchange (net) 68,438 75,653 Other assets 759, 198 617,532 Note circulation—Central Bank 3,713 1,568 National banks 296,820 145,978 Deposits 59,619 56,457 Other liabilities and capital National Bank of t h e Kingdom of Yugoslavia * Bank for International Settlements » (thousands of Swiss gold francs): 126,518 108,955 122,429 Gold in bars Cash on hand and on current account with banks 21 720 27,468 42,637 251 1,207 Sight funds at interest 851 Rediscountable bills and accept16 996 16,867 23,846 ances (at cost) 30 816 21,865 15,913 Time funds at interest 187 183 188,111 58,414 Sundry bills and investments. . . 297 201 297,201 291,160 Funds invested in Germany 1,161 2,231 Other assets 2 476 Demand deposits (gold) 28, 210 26,878 17,650 Short-term deposits (various currencies): Central banks for own ac156,026 48,463 count 173 1, Other ,242 1,075 8,970 Long-term deposits: Special accounts ,909 228,909 228,909 ,493 251,017 251,819 Other liabilities and capital 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. 2 Account of National Treasury. 3 Latest month available. 4 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 5 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 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. 8 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government. 9 See BULLETIN for December 1936, 606 p. 1025. FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective United Ger- Bel- NethKing- France many gium er- Swelands den dom Central bank of— Switzerland Rate Apr. 30 Date effective Central bank of— Rate Apr. 30 Date effective Albania... Argentina. Austria. Belgium. Bolivia. . 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. . Mar. Mar. Aug. Aug. Feb. 21, 1, 3, 27, 4, Bulgaria Canada 3-4 i Chile 4 Colombia Costa Rica... . 3 Czechoslovakia Aug. Feb. Dec. July Apr. Oct. 1, 1948 8, 1944 16, 1936 18, 1933 1, 1939 28, 1945 Lithuania. . . Mexico Netherlands . New Zealand. Norway Peru Denmark. . . Ecuador.... El Salvador. Estonia Finland Jan. 15, 1946 June 8, 1943 Oct. 15, 1946 Oct. 1, 1935 Feb. 1, 1949 Portugal.... Rumania. . . . South Africa. Spain Sweden 2H Oct. June July Nov. Nov. Switzerland.. Turkey United Kingdom U. S. S. R.. . . Yugoslavia. . I* Nov. 26, 1936 July 1,1938 2 4 1-3 Oct. 26, 1939 July 1, 1936 Aug 20, 1948 1940 1936 1945 1947 1948 Ireland Italy Japan Java Latvia Nov. Apr. July Jan. Feb. 23, 9, 5, 14, 17, July June June July Jan. Nov. 15, 1939 4, 1942 27, 1941 26, 1941 9, 1946 13, 1947 Jan. Mar. June Mar. Feb. 12, 1944 25, 1948 2,1941 18, 1949 9, 1945 43J 5.11 3 5 1943 1949 1948 1937 1940 2y2 4 3 2y2 sy2 1% 1H 2H\ '3" France Germany Greece Hungary India Aug. 27 Oct. 9 June 28, 1948 Sept. 6 Oct. 1 In effect Apr. 30, 1949 U-5 12 5 3 1, 1948 28, 1948 12, 1948 1, 1947 28, 1935 3 4 2H 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Mar. 31: Italy—-Apr. 9, down from 53^ to 4 ^ per cent. OPEN-MARKET RATES [Per cent per annum] United Kingdom Canada France Netherlands Sweden Switzerland Loans up to 3 months Private discount rate Month Treasury bills 3 months Treasury bills 3 months Bankers' acceptances 3 months 1.06 .78 .65 .68 .75 .62 .55 .51 .39 .37 .36 .40 .41 .83 .95 .38 .55 .55 .53 .53 1.04 1.03 1.03 1.03 1.03 1.03 .53 .53 .56 .53 .50 .51 1.02 1.02 1.00 1.00 1.00 1.00 .51 .51 .50 1948—Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. .41 .41 41 .41 .41 .41 .41 .41 .41 .41 .56 .56 .56 .56 .56 .56 .56 .56 .56 .56 1949—Jan.. Feb.. .41 .42 .56 .56 1933—Feb 1934—Feb 1935—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 1948—Feb .78 .86 .28 .53 Day-today money .73 .88 .63 .75 .75 .75 .75 1.00 1.00 1.04 1.10 1.13 1.00 .63 .63 Bankers' allowance on deposits Day-today money Treasury bills 3 months Day-today money .63 3.74 2.57 1.50 1.25 2.00 1.58 1.65 1.69 1.60 1.36 1.39 2.00 1.18 1.72 1.38 1.00 1.46 .78 1.50 1.50 1.50 2.37 1.18 1.00 1.00 1.25 1.25 1.25 1.25 1.25 1.25 1.25 .25 .50 .51 .51 .51 .51 .51 .51 .51 .51 .51 .52 .63 .63 .63 .63 .63 .63 .63 .63 .63 .63 2.09 2.00 2.12 2.02 2.04 1.88 2.84 2.09 2.03 2.00 1.45 1.38 t.33 1.36 1.56 1.35 1.10 1.03 1.08 1.25 .99 .93 .94 .84 1.35 1.06 .84 .78 .77 .96 .50 .50 .50 .50 .63 .63 .63 .63 .63 .63 .52 .52 .63 .63 1.23 1.39 1.13 .90 1.63 1.63 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. MAY 1949 607 COMMERCIAL BANKS Aseets United Kingdom » (11 London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call and short notice Treasury Bills dis- deposit 2 counted receipts Liabilities Loans to Securities customers Deposits Other assets Total Demand Time Other liabilities and capital 1941—December 1942—December 1943—December. 1944—December. 1945—December. 1946—December. 1947—December 366 390 422 500 536 499 502 141 142 151 199 252 432 480 171 198 133 147 369 610 793 758 896 ,307 ,667 ,523 ,560 ,288 999 ,120 ,154 ,165 ,234 ,427 ,483 823 794 761 772 827 994 1,219 324 325 349 347 374 505 567 3,329 3,629 4,032 4,545 4,850 5,685 5,935 2,168 2,429 2,712 3,045 3,262 3,823 3,962 1,161 1,200 1,319 1,500 1,588 1,862 1,972 253 236 245 250 265 342 396 1948—March April May June July August September. October November. December. . 472 478 488 492 489 499 490 485 495 502 468 463 454 473 477 489 490 497 482 485 804 778 723 659 715 695 707 802 793 741 ,153 ,240 ,248 ,361 ,320 ,323 ,345 ,313 ,332 ,397 ,486 ,482 ,477 ,478 ,478 ,474 ,472 ,475 ,480 ,478 1,308 1,315 1,334 1,354 1,335 1,334 1,349 1,365 1,355 1,396 507 509 547 530 487 477 485 497 516 621 5,794 5,861 5,869 5,955 5,909 5,903 5,950 6,040 6,057 6,200 3,686 3,744 3,832 3,872 3,834 3,829 3,844 3,927 3,958 4,159 2,108 2,117 2,037 2,083 2,075 2,074 2,106 2,113 2,099 2,041 404 404 401 393 390 388 387 393 396 420 1949—January . . . February. . 532 481 481 491 795 860 1,267 989 1,487 1,487 1,383 1,405 526 519 6,057 5,817 4,033 3,810 2,024 2,007 414 414 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Liabilities Security loans abroad and net Securities Other due from loans and foreign discounts banks Entirely in Canada Cash reserves Security loans Other assets Note circulation 653 657 744 782 869 1941—December.. 1942—December.. 1943—December.. 1944—December.. 1945—December-. 1946—December . 1947—December.. 356 387 471 550 694 753 731 32 31 48 92 251 136 105 1,169 1,168 1,156 1,211 1,274 1,507 ,999 168 231 250 214 227 132 106 1,759 2,293 2,940 3,611 4,038 4,232 3,874 698 710 728 685 671 712 734 751 781 749 65 76 80 84 77 77 76 97 96 101 106 108 127 135 128 144 136 143 140 144 1949—January . . . February. . 740 711 90 108 1,922 L,930 1,925 1,930 L.948 1,958 2,023 2,110 2,202 2,148 2,131 2,119 4,036 4,072 4,066 4,143 4,154 4,209 4,185 4,156 4,212 4,268 4,311 4,322 Time 3,105 3,657 4,395 5,137 5,941 6,252 6,412 1,436 1,984 2,447 2,714 3,076 2,783 2,671 1,669 1,673 1,948 2,423 2,865 3,469 3,740 962 ,049 ,172 ,289 ,386 ,525 ,544 18 18 17 17 17 17 17 17 16 16 6,399 6,464 6,456 6,528 6,446 6,609 6,776 6,798 7,020 7,027 2,472 2,513 2,501 2,592 2,487 2,606 2,728 2,758 2,935 2,970 3,927 3,951 3,955 3,936 3,959 4,003 4,049 4,040 4,086 4,057 ,532 ,528 ,561 ,561 ,533 ,557 ,530 ,510 ,542 ,537 16 16 6,942 6,957 2,824 2,797 4,118 4,159 ,500 ,494 Assets France (4 large banks. End of month figures in millions of francs) Demand 71 60 42 34 26 21 18 1,123 L,114 1,107 1,129 1,019 1,082 L,169 1,067 1,149 1,169 1,054 1,070 131 136 Liabilities Cash reserves Due from banks 1941—December. 1942—December. 1943—December. 1944—December. 1945—December. 1946—December. 1947—December. 6,589 7,810 8,548 10,365 14,602 17,943 22,551 3,476 3,458 4,095 4,948 13,804 18,919 19,410 61,897 73,917 90,897 99,782 155,025 195,177 219,374 8,265 10,625 14,191 18,653 36,166 64,933 86,344 1948—February.. March April May June July August September. October. . . November. December. 29,111 36,687 29,808 32,885 34,770 34,308 35,504 35,994 40,694 40,936 45,406 30,800 27,214 27,283 26,'713 27,317 28,539 28,465 28,232 33,035 34,493 35,534 250,402 260,660 269,554 270,399 274,098 305,928 295,806 311,939 339,126 330,495 354,131 1949—January... 44,404 34,369 345,914 Bills discounted Other liabilities and capital Total 1,039 1,159 1948—March April May June , July August September. October November.. December. . Deposits payable in Canada excluding interbank deposits Loans Other assets Deposits Own acceptances Other liabilities and capital Total Demand Time 2,040 2,622 2,935 2,190 7,360 23,392 37,291 76,656 91,549 112,732 128,758 213,908 291,894 342,166 75,744 91,225 111,191 126,578 211,871 290,004 338,710 912 324 1,541 2,180 2,037 1,890 3,457 413 462 428 557 2,898 15,694 25,175 5,199 6,422 7,506 6,623 10,151 12,777 17,628 98,196 101,565 105,112 113,086 112,566 110,301 113,956 111,682 116,174 127,147 125,154 29,248 32,114 33,661 35,138 38,313 39,267 41,028 41,525 43,542 45,913 50,780 401,930 419,991 423,905 435,436 440,776 470,004 464,340 478,129 516,691 520,412 548,796 396,683 414,629 418,077 429,788 435,902 465,104 459.603 473,217 510,425 514,284 542,113 5,247 5,362 5,828 ,649 ,874 4,900 4,737 4,912 6,267 6,128 6,683 25,123 26,173 26,878 27,104 28,590 28,044 28,569 27,739 27,987 28,687 30,641 10,704 12,076 14,634 15,681 17,698 20,295 21,849 23,504 27,893 29,887 31,568 133,550 36,083 548,335 541,420 6,916 30,697 15,287 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. * Represent six-month loans to the Treasury at 1 ^ per cent through Oct. 20, 1945, and at H per cent thereafter. NOTE.—For back figures and figures on German commercial banks, i Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 608 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying ratet in New York for cable transfers. Year or month "Regular" products "Nonregular" products . . . 29.773 29 773 29.773 29.773 29.773 29.773 24.732 25 125 25 125 25.125 25 125 25.125 20.000 1948—May. . June.. July... Aug... Sept... Oct. . . Nov.. . Dec... 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 1949—Jan. . . Feb... Mar.. . Apr. . . 29.773 29.773 29.773 29.773 Colombia (peso) 1943 1944 1945 1946 1947 1948 Year or month 1943 1944 1945 1946 1947 1948 . 1948—May.. . June.. . July. . . Official Free 322 80 322 80 322.80 321.50 57 265 57.272 57 014 57.020 57.001 57.006 Free Free 321 .22 6.0586 5 1280 6 0594 5 1469 6 0602 5 1802 6.0602 5.4403 5.4406 90.909 90 909 90.909 95.198 100.000 100.000 89 978 89 853 90.485 93.288 91 999 91.691 20.000 20.000 20.000 20.000 20.000 20.000 321 .21 321 .21 321 .23 321 .23 321 .23 321 .23 321 .23 321 .23 2.2798 2.2805 2.2807 2.2830 2.2844 2.2850 2.2850 2.2847 5.4406 5.4406 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 92.273 93 229 92.829 92.701 92.180 92 898 92.383 92.250 20.000 20.000 20.000 20.000 321 .22 321 .23 321 .21 321 .12 2.2844 2.2847 2.2828 2.2752 5.4406 5.4406 5.4406 5.4406 100.000 100.000 100.000 100.000 92.444 92.668 93.261 93.566 130.117 30.117 30.117 30.117 Denmark (krone) Philippine Republic (peso) 321 . 3 4 321 . 0 0 France (franc) Official India * (rupee) 8 2.1000 2.1605 Italy (lira) Mexico (peso) Netherlands (guilder) New Zealand (pound) Norway (krone) 20.577 20.581 20.581 20.581 20.577 18.860 37.933 37.813 37.760 37.668 324 20 324.42 323.46 322.63 322.29 350.48 20.176 20.160 20.159 322.49 322.50 322 51 353.87 399 15 399.15 399 15 399.15 20.160 20.158 20.158 20.158 20.158 20.158 20.158 20.158 399.14 399 15 399 12 399.01 20.158 20.158 20 158 20.158 Free 30.122 30.122 30.122 30.155 30.164 30.169 Apr.. . 20.876 20.864 20.857 1.9711 .8409 8407 .3240 . 4929 1 20.860 20.859 20.858 20.855 20.854 20.854 20 854 20.854 .4671 .4671 .4671 .4671 .4671 .4671 .4671 .4671 .3272 .3268 .3265 .3268 .3213 .3193 .3179 .3154 30.169 30.169 30.169 30.169 30.168 30.168 30.168 30.168 20.574 20.573 20.573 14.438 14.490 14.527 37.755 37.718 37 645 37.621 37 598 37.602 37 572 37.615 2.0060 2 0060 2 0060 2.0060 Portugal (escudo) Official 2.2860 2.2829 2 2817 2.2816 321.17 2.0060 2.0060 2 0060 2.0060 2 0060 2.0060 2 0060 2.0060 57.010 57.010 Mar 20.854 20 854 20 854 20.854 .4671 .4671 4671 .4671 .3141 .3138 3136 .3106 30.168 30.168 30 168 30.168 14.534 14.360 14 334 14.303 37.664 37 628 37 598 37.650 South Africa (pound) Spain (peseta) Straits Settlements (dollar) Sweden (krona) Switzerland (franc) .4434 United Kingdom (pound) Official 4.0501 4.0273 4.0183 398 00 398 00 399 05 400 50 400.74 400 75 9.132 9.132 9.132 25.859 27.824 27.824 Aug... Sept Oct... Nov... Dec 4.0334 4.0345 4.0329 4.0327 4 0319 4.0312 4.0316 4 0321 400.75 400.75 400.75 400.75 400 75 400.75 400.75 400 75 9.132 9.132 9 132 9.132 9 132 9.132 9.132 4 9 132 1949—Jan. . . Feb... Mar... Apr... 4.0324 4.0327 4.0324 4.0326 400.75 400.75 400.75 400.75 (4) (4) (*) (4) June.. July... Official 2.0060 2.0060 2.0060 1949—j an Feb.. . . 1948—May. . Ceylon (rupee) Czechoslovakia (koruna) Oct Nov Dec 1943 1944 1945 1946 1947 1948 "Bank notes" account Canada (dollar) 25.125 25.125 25.125 25.125 Aug... . Sept . Year or month Certain industrial products Brazil (cruzeiro) Belgium (franc) Australia (pound) Argentina (peso) In cents per unit of foreign currency] Uruguay (peso) Free 23.363 23.363 23.363 403 50 403 50 403.50 403.50 403.02 403 .28 402 .86 403 .13 65 830 65.830 65.830 65.830 65.830 65.830 52 855 53.506 55.159 56 280 56.239 56.182 27.825 27.824 27.824 27.824 27.823 27.823 27.823 27.823 147.083 47.083 47.083 47.166 149.675 49.677 49 721 49.725 23.363 23.363 23.363 23.363 23.363 23.363 23.363 23.363 403 .12 403 .13 403 .14 403 .15 403 .15 403 .14 403 .15 403 .15 65.830 65.830 65.830 56.180 56.180 56.180 65.830 65.830 65.830 27.823 27.823 27.823 27.823 23.363 23.363 23.363 23.363 403 .13 403 .14 403 .11 403 .00 65.830 65.830 65.830 65.830 58.822 53.191 56.180 56.180 56.180 58.822 58.822 58.822 53.191 53.191 53.191 56.180 56.180 56.180 56.180 58.822 58.822 58.822 58.822 53.191 53.191 53.191 53.191 1 8 8 4 Based on quotations beginning Jan. 24, 1949. Based on quotations beginning Mar. 22, 1949. Excludes Pakistan, beginning April 1948. Quotations not available after Dec. 17, 1948. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. MAY 1949 609 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1926 = 100) 1926 100 100 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 80 81 77 79 Netherlands (July 1938June 1939 = 100) 150 103 110 Italy (1938 = 100) (1938 = 100) 87 91 194g—March April May June July August September October November December 1949—January February March 126 100 102 144 90 96 89 100 94 100 133 140 108 102 114 111 111 107 103 137 103 72 80 105 139 104 121 155 173 105 131 115 146 111 143 136 153 183 197 150 157 172 189 184 210 209 233 308 196 196 194 186 199 214 218 223 221 215 224 233 210 213 214 216 215 217 217 217 217 217 217 217 235 234 233 233 232 231 230 230 110 121 153 159 171 201 100 103 104 109 129 153 146 179 199 229 242 260 163 166 169 175 192 219 234 265 375 648 989 J .712 P5,443 1,599 5 103 13,915 160 164 181 251 271 281 147 149 150 152 152 158 158 159 160 160 250 249 259 259 260 268 270 273 271 268 217 219 220 222 222 221 220 220 221 221 1,536 I 555 1,653 L 691 1,698 1,783 1,791 L 887 1,977 L.974 5,318 5 240 5,184 5 142 5,139 5,704 5,769 5,724 5,667 *>5,696 9,485 9 537 9,634 10 007 14,043 16,916 18,206 19,138 20,615 '"20,963 279 279 279 280 279 280 279 284 289 291 161 158 158 .... 2 Switzerland (July 1914 = 100) 52 63 161 163 164 166 169 170 169 165 164 162 .. Sweden (1935 = 100) 109 101 90 96 103 104 106 121 152 165 (1930 = 100) 89 94 75 83 87 99 Japan (1933 = 100) 106 85 79 Mexico (1939 = 100)i (1926 = 100) 132 France 72 75 86 79 United Kingdom 2 124 Canada Year or month 159 158 270 271 221 221 221 L,944 L.897 1,873 21,474 295 p p 5 159 232 231 230 229 r P Preliminary. Revised. 1 This index is published by the Bank of Mexico and includes prices oi'210 articles in Mexico City. For detailed description of index, see Memoria: Primera Reuni6n de Tecnicos sobre Problemas de Banca Centra 1 del Continente Americano, 1946, pp. 475-488; for figures 1940-47, see Banco de Mexico: Vigesimasexta, 1948, pp. 75-78. 8 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above) United States (1926=100) Year or month Canada (1926=100) United Kingdom (1930=100) Raw and Fully and partly chiefly manumanufactured factured goods goods Farm products Foods Other commodities Farm products 1926 100 100 100 100 100 79 81 86 69 65 68 82 106 123 123 128 149 181 188 84 82 86 74 70 71 83 100 107 105 106 131 169 179 78 80 85 82 81 83 89 96 97 99 100 110 135 151 64 69 87 74 64 68 73 85 98 107 115 124 '133 149 66 71 84 73 67 75 82 90 99 104 106 110 131 156 186 187 189 196 195 191 190 184 181 177 174 177 177 181 188 190 187 178 174 170 148 149 149 150 151 153 153 153 154 153 138 148 "151 '155 154 151 150 149 150 149 173 168 171 166 162 163 153 152 151 148 145 Foods Industrial raw products Industrial finished products 90 96 112 104 106 138 156 160 164 170 175 184 207 242 103 121 140 157 157 159 172 200 214 231 112 163 177 175 174 179 193 282 328 342 104 126 148 154 159 163 184 261 276 283 181 182 182 184 184 183 181 180 181 178 239 241 243 244 244 243 243 243 244 246 232 231 230 235 229 224 222 224 ,238 241 339 340 341 342 340 341 340 343 348 349 280 280 281 281 280 282 283 288 291 294 178 178 178 247 247 246 240 373 295 100 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Netherlands (July 1938-June 1939=100) .. 1948—March April May June July August September October November December 1949—January February March Foods Industrial products 73 74 81 78 75 82 89 92 93 94 94 99 117 140 87 92 102 97 97 133 146 158 160 158 158 158 165 181 147 150 153 156 155 163 163 164 165 164 137 137 137 138 139 143 144 144 144 144 163 161 143 142 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 610 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued COST OF LIVING [Index numbers] RETAIL FOOD PRICES [Index numbers] United SwitzCanKing- France Nether- erUnited States ada dom lands land (1938 (1911-13 (June (1935-39 (1935-39 (June = 100) = 100) 17,1947 = 100) = 100) 1914 = 100) = 100) Year or month 98 95 97 106 124 138 136 139 160 194 210 104 101 106 116 127 131 131 133 140 160 196 1948-April May June July August.... September. October... November. December. 208 211 214 217 217 215 212 208 205 187 191 194 201 203 204 205 205 202 205 200 202 202 200 108 109 P199 ... . ... . ... . . 130 132 146 175 200 211 215 215 210 222 230 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 101 99 100 105 117 124 126 128 139 159 171 102 102 106 112 117 118 119 119 124 136 155 156 158 184 199 200 199 201 203 204 1101 108 L.524 1,541 L.560 L,559 ,716 L,842 L,904 1,873 1,924 109 108 113 108 107 107 108 108 108 1949-January.. . February.. March. . . . ,043 1,662 141 141 164 168 161 166 168 170 169 1101 108 1938 1939 . 1940 1941 1942 1943 1944 1945 1946 1947 1948 SwitzUnited King- France Nether- erUnited Candom land lands States ada (1938 (1911-13 (June (1935-39 (1935-39 (June = 100) = 100) = 100) 17,1947 = 100) 1914 = 100) = 100) Year or month 229 229 230 229 228 229 229 235 232 1948-April May June July August September. October.. . November. Decembei. 169 171 172 174 175 175 174 172 171 152 153 154 157 158 159 160 160 159 108 108 110 108 108 108 108 109 109 1,932 1,842 231 229 1949-January.. . February.. March.... 171 169 170 160 160 *>159 109 109 100 108 129 149 174 224 275 377 p 130 130 150 177 191 198 100 108 129 150 175 224 285 393 139 140 154 175 187 195 137 138 151 174 193 203 208 209 208 217 224 fid* 1,030 1,632 ,499 ,511 L,529 L.528 1,670 ,783 ,844 1,870 1,928 p V 223 223 224 223 223 223 223 226 225 224 223 1,935 1,857 781 r P Preliminary. Revised. 1 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, 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 United Canada 2 Kingdom (1935-39 (December = 100) 1921 =100) France (1938 = 100) Netherlands ' United States (1935-39 = 100) 50 13 416 106 278 «295 109.0 105.6 107.1 88.1 80.0 69.4 91.9 99.8 121.5 139.9 123.0 124.4 77.4 67.5 64.2 83.5 83.8 99.6 115.7 106.0 112.5 70.8 72.5 75.3 84.5 88.6 92.4 96.2 94.6 92.0 M40 8 308 479 540 551 694 875 1,149 P\ .256 119.1 118.2 118.6 117.8 119.3 116.2 114.4 113.4 110.0 107.6 107.3 108.0 105.6 106.3 106.6 107.3 106.6 106.6 124.6 130.2 135.1 131.9 127.1 125.7 127.8 120.4 119.4 109.1 116.5 120.3 116.3 113.6 113.4 116.4 117.8 115.8 93.2 94.8 93.9 91.4 91.2 90.7 90.6 91.6 91.6 1,190 t ,127 1,086 1,217 1,208 L,285 1,464 1,354 1,366 111.6 Pill.9 106.9 121.0 117.2 118.0 114.3 108.1 P106.4 91.6 91.7 88.7 Year or month United States i (high grade) Number of issues. . . 12 (2) 115.9 117.8 118.3 120.3 120.9 122.1 123.3 1103.2 98.7 95.1 99.4 100.7 102.6 103.0 105.2 117.2 118.5 105.0 118.3 123.8 127.3 127.8 127.5 128.3 132.1 130.8 129.9 U14.2 8143.4 146.4 146.6 150.5 152.1 144.6 132.0 P117.0 1948—April May June July August September. . . October November. . . December.... 99.4 99.9 100.2 99.2 98.3 98.2 97.8 97.9 98.9 103.6 104.9 104.8 104.6 104.0 104.1 103.8 104.5 104.7 129.1 129.1 129.5 129.3 129.7 130.1 130.5 130.4 130.4 1949—January February.. . . March 100.5 100.5 100.7 104.8 104.8 P105.0 131.0 131.0 1940 1941 1942 1943 1944 1945 1946 1947 1948 . . . . 87 Canada 4 (1935-39 = 100) NetherFrance * United lands * Kingdom (December (1938=100) (1926=100) 1938 =100) p 37 184 3 197.5 208.3 199.2 197.3 197.0 195.7 194.3 185.9 179.7 176.2 1,332 1,214 P Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 1 This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. * In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. MAY 1949 611 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABI, Chair mum R. M. EVANS JAMES K. VARDAMAN, JR. LAWRENCE CLAYTON MARRINER S. ECCLES M . S . SZYMCZAK ERNEST G. DRAPER Assistant to the Board ELLIOTT THURSTON, Special Adviser to the Board CHESTER MORHILL, OFFICE OF THE SECRETARY WlNFIELD W . RlEFLER, Assistant to the Chairman DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director BRAY HAMMOND, Assistant Secretary MERRITT SHERMAN, Assistant Secretary GEORGE S. SLOAN, Assistant Director C. C. HOSTRUP, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel JOHN C. BAUMANN, Assistant General Counsel DIVISION OF BANK OPERATIONS OFFICE OF THE SOLICITOR J. LEONARD TOWNSEND, Solicitor DIVISION OF PERSONNEL DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director ADMINISTRATION FRED A. NELSON, Director WOODLIEF THOMAS, Director LISTON P. BETHEA, Director RALPH A. YOUNG, Associate Director GARDNER FEDERAL OPEN MARKET COMMITTEE THOMAS B. MCCABE, Chairman ALLAN SPROUL, Vice Chairman LAWRENCE CLAYTON ERNEST G. DRAPER C. E. EARHART MARRINER S. ECCLES R. M. EVANS RAY M. GIDNEY L. BOOTHE, II, Assistant Director FEDERAL ADVISORY COUNCIL CHAS. E. SPENCER, JR., BOSTON DISTRICT First Vice President W. RANDOLPH BURGESS, N E W YORK DISTRICT FREDERIC A. POTTS, PHILADELPHIA DISTRICT SIDNEY B. CONGDON, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT Second Vice President H U G H LEACH J. T. BROWN, ATLANTA DISTRICT W . S. MCLARIN, JR. EDWARD E. BROWN, CHICAGO DISTRICT M. S. SZYMCZAK JAMES K. VARDAMAN, JR. Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist EARLE L. RAUBER, Associate Economist DONALD S. THOMPSON, Associate Economist O. P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account CHESTER MORRILL, 612 President W. L. HEMINGWAY, ST. LOUIS DISTRICT HENRY E. ATWOOD, MINNEAPOLIS DISTRICT JAMES M. KEMPER, KANSAS CITY DISTRICT J. E. WOODS, DALLAS DISTRICT RENO ODLIN, SAN FRANCISCO DISTRICT HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 Bank of Deputy Chairman President First Vice President Boston Albert M. Creighton Harold D. Hodgkinson Joseph A. Erickson William Willett New York Robert T. Stevens William I. Myers Allan Sproul L. R. Rounds Robert B. Harvey2 Alfred C. Neal Carl B. Pitman E. G. Hult 0. A. Schlaikjer E. 0. Latham R. F. Van Amringe H. V. Roelse H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan Alfred H. Williams Philadelphia.... Warren F. Whittier C. Canby Balderston W. J. Davis Cleveland George C. Brainard A. Z. Baker Ray M. Gidney Wm. H. Fletcher Richmond Charles P. McCormick J. B. Woodward, Jr. Hugh Leach Frank H. Neely Rufus C. Harris W. S. McLarin, Jr. Atlanta Chicago Franklin J. Lunding J. S. Walden, Jr. L. M. Clark C. S. Young Charles B. Dunn Russell L. Dearmont Wm. H. Bryce Chester C. Davis F. Guy Hitt Minneapolis. . . . Roger B. Shepard W. D. Cochran J. N. Peyton 0. S. Powell St. Louis H. G. Leedy Kansas C i t y . . . . Robert B. Caldwell Robert L. Mehornay Henry 0. Koppang Dallas J. R. Parten R. B. Anderson San Francisco... Brayton Wilbur Harry R. Wellman Vice rresiuenis R. R. Gilbert W. D. Gentry C. E. Earhart H. N. Mangels Karl R. Bopp E. C. Hill L. E. Donaldson Wm. G. McCreedy Robert N. Hilkert P. M. Poorman3 Roger R. Clouse A. H. Laning3 Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson W. R. Milford R. L. Cherry Claude L. Guthrie3 C. B. Strathy Edw. A. Wayne R. W. Mercer P. L. T. Beavers Joel B. Fort, Jr. T. A. Lanford V. K. Bowman E. P. Paris J. E. Denmark S. P. Schuessler Allan M. Black2 John K. Langum 0. J. Netterstrom Neil B. Dawes A. L. Olson W. R. Diercks Alfred T. Sihler E. C. Harris W. W. Turner 0. M. Attebery Paul E. Schroeder Wm. E. Peterson William H. Stead C. M. Stewart C. A. Schacht H. G. McConnell R.. E. Towle Sigurd Ueland A. W. Mills3 Harry I. Ziemer Otis R. Preston John Phillips, Jr. L. H. Earhart G. H. Pipkin Delos C. Johns C. E. Sandy2 R. L. Mathes D. W. Woolley W. H. Holloway E. B. Austin Watrous H. Irons R. B. Coleman L. G. Pondrom3 H. R. DeMoss C. M. Rowland W. E. Eagle Mac C. Smyth Albert C. Agnew W. L. Partner C. R. Shaw W. N. Ambrose H. F. Slade D. L. Davis 3 W. F. Volberg J. M. Leisner O. 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 Clereland Cincinnati Pittsburgh W. D. Fulton J. W. Kossin Richmond Baltimore Charlotte W. R. Milford R. L. Cherry Atlanta Birmingham Jacksonville Nashville New Orleans P. L. T. Beavers T. A. Lanford Joel B. Fort, Jr. E. P. Paris Chicago Detroit E. C. Harris St. Louis Little Rock Louisville Memphis C. M. Stewart C. A. Schacht Paul E. Schroeder 1 MAY Also Federal Reserve Agent. 1949 * Cashier. Branch Chief Officer Minneapolis. . . . Helena Kansas C i t y . . . . Denver Oklahoma City Omaha G. H. Pipkin R. L. Mathes L. H. Earhart Dallas 8 R. E. Towle C. M. Rowland W. H. Holloway W. E. Eagle El Paso Houston San Antonio San Francisco... Los Angeles Portland Salt Lake City Seattle Also Cashier. 4 W. N. Ambrose D. L. Davis W. L. Partner C. R. Shaw General Manager. 613 FEDERAL RESERVE PUBLICATIONS1 The material listed below may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. history of Paraguay. $1.00 per copy. July 1946. 170 pages. RULES OF ORGANIZATION AND RULES OF PROCEDURE (Board of Governors of the Federal Reserve System). September 1946. 31 pages. T H E FEDERAL RESERVE ACT, as amended to Novem- FEDERAL RESERVE BULLETIN. Issued monthly. Sub- scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including 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. ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. POSTWAR ECONOMIC STUDIES. (8 pamphlets) No. 1. Jobs, Production, and Living Standards. No. 2. Agricultural Adjustment and Income. No. 3. Public Finance and Full Employment. No. 4. Prices, Wages, and Employment. No. 5. Private Capital Requirements. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $9.00 per annum, or $1.00 per copy (domestic rates). In quantities of 10 or more copies of a particular issue for single shipment, 75 cents each. No. 6. Housing, Social Security, and Public Works. No. 7. International Monetary Policies. No. 8. Federal Reserve Policy. BANKING STUDIES. Comprising 17 papers on bank- ing and monetary subjects by members of the Board's stafT. August 1941; reprinted March 1948. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single shipment, 75 cents each. The price for the set of eight pamphlets is $1.25; 25 cents per pamphlet, or, in quantities of 10 or more for single shipment, 15 cents per pamphlet. T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 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. No charge for individual sections (un- DEBITS AND CLEARINGS STATISTICS, THEIR BACKbound). GROUND AND INTERPRETATION. October 1947. 50 BANKING AND MONETARY STATISTICS. PROVISIONS OF STATE LAWS RELATING TO BANK R E SERVES as of December 31, 1944. 1945. 30 pages. MONETARY AND BANKING REFORM IN PARAGUAY. Includes translation of laws, accompanying reports, and introduction reviewing the monetary 1 A more complete list, including periodical releases and reprints, appeared on pp. 1554-57 of the Dec. 1948 BULLETIN. 614 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, December 31, 1947. July 1948. 122 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments. FEDERAL RESERVE BULLETIN FEDERAL RESERVE REPRINTS T H E PHILIPPINE CENTRAL BANK A C T and Text of (From Federal Reserve Bulletin unless preceded by an asterisk) BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929, by Morris A. Copeland and Daniel H . Brill. January 1948. 9 pages. T H E FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT, by Charles H . Schmidt. April 1948. 9 pages. Presented by Governor Marriner S. Eccles on April 13, 1948. 7 pages. COMMERCIAL BANKING OFFICES, 1936-1947, by Caroline H . Cagle and Raymond C. Kolb. May 1948. 12 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. June 1948. 2 pages. FINANCING, by Charles H . Schmidt. 19 pages. June 1948. 1948 SURVEY OF CONSUMER FINANCES— I. EXPENDITURES FOR DURABLE GOODS. June 1948. II. T H E DISTRIBUTION OF CONSUMER INCOME IN 1947. June 1948. 8 pages. III. CONSUMER OWNERSHIP AND U S E OF LIQUID AND NONLIQUID ASSETS. July 1948. 15 pages. IV. CONSUMER SAVING AND THE ALLOCATION OF DISPOSABLE INCOME. August 1948. 19 pages. V. HOUSING EXPENDITURES AND FINANCE. Sep- tember 1948. 8 pages. 1948 SURVEY OF CONSUMER FINANCES. June, July, August, and September 1948. 65 pages. RETAIL CREDIT SURVEY—1947. From July 1948 BULLETIN with supplementary information for nine separate trades. 41 pages. SALES FINANCE COMPANY OPERATIONS IN 1947, by July 1948. 6 pages. * STEPS TO RESTORE POWERS OF STATES AND LOCALI- TIES, by Frederic Solomon. Reprinted from the July 1948 issue of the American Bar Association Journal. 9 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- RENCY COMMITTEE. Presented by Chairman Thomas B. McCabe on August 2, 1948. August 1948. 8 pages. 1949 Sep- tember 1948. 16 pages. BANK CREDIT DEVELOPMENTS. October 1948. 12 T H E SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM. Address by Chairman Thomas B. McCabe on October 26, 1948 at the annual meeting of the Stockholders of the Federal Reserve Bank of Boston. November 1948. 5 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1948. November 1948. 5 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS, by David L. Grove and November 1948. 11 pages. * STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented by Chairman Thomas B. McCabe on February 14, 1949. 7 pages. NEW 15 pages. MAY T H E BALANCE SHEET OF AGRICULTURE, 1948. Gerald M. Alter. RECENT DEVELOPMENTS IN BUSINESS FINANCE; with INDUSTRIAL DIFFERENCES IN LARGE CORPORATION Milton Moss. the Act, by David Grove and John Exter. In part a reprint from the August 1948 BULLETIN. 36 pages. pages. * STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT. NEW PUBLICATIONS STATISTICS OF INTEREST RATES ON BUSINESS LOANS, by Richard Youngdahl. 10 pages. March 1949. SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, by'Charles H . Schmidt. March 1949. 9 pages. POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. Hirschman and Robert V. Rosa. 13 pages. RECENT DEVELOPMENTS April 1949. IN INSTALMENT CREDIT. April 1949. 10 pages. REGULATION W—ITS ROLE IN ECONOMIC STABILITY. Address by Governor R. M. Evans before the Consumer Instalment Credit Conference, American Bankers Association, St. Louis, Missouri, on March 30, 1949. April 1949. 5 pages. MOVEMENT TOWARD BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES, by Lewis N. Dembitz and Albert O. Hirschman. May 1949. 14 pages. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE SENATE BANKING AND CURRENCY COMMITTEE, May 11, 1949. 6 pages. 615 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES T = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ 2 FEDERAL RESERVE BANK CITIES • S BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 6 FEDERAL RESERVE BRAWCH CITIES OCTOBER 1.194S ve srsrsk.