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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

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2




FEDERAL RESERVE BANK CITIES

•

S

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

6

FEDERAL RESERVE BRAWCH CITIES

OCTOBER 1.194S

ve srsrsk.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102