Full text of Federal Reserve Bulletin : November 1948
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F E D E R A L
R E S E R
BU
NOVEMBER 1948
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Expenditures and Incomes in the Postwar Period.
1329-1338
The Significance of Membership in the Federal Reserve System.
1339-1343
Latin America's Postwar Inflation and Balance of Payments Problems, by
David L. Grove and Gerald M. Alter.
United States Government Manual.
1344-1354
1354
Financial Position and Buying Plans of Consumers, July 1948. .
1355-1359
Member Bank Earnings, First Half of 1948.
1360-1363
Current Events and Announcements.
1363
Law Department—Consumer Instalment Credit.
1364-1368
National Summary of Business Conditions. .
1369-1370
Financial, Industrial, Commercial Statistics, U. S. (See p. 1371 for list of tables)
1371-1429
International Financial Statistics (See p. 1431 for list of tables) .
1431-1449
Board of Governors and Start; Open Market Committee and Staff; Federal
Advisory Council .
1450
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Federal Reserve Publications..
1451
1452-1453
Map of Federal Reserve Districts. .
1454
Subscription Price of BULLETIN
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$1.50 for 12 months.
FEDERAL
RESERVE
BULLETIN
November 1948
VOLUME 34
NUMBER 11
EXPENDITURES AND INCOMES
IN THE POSTWAR PERIOD
Expenditures and incomes have expanded
further in the third quarter, continuing the
generally upward movement which has
characterized the war and postwar period.
Gross national product and national income
have reached new peaks. At a 256 billion
dollar annual rate in the third quarter, gross
national product was 30 per cent above the
postwar transition low reached in the first
quarter of 1946.
The postwar increase in national product
has reflected sharp advances in prices and
costs combined with more moderate expansion of physical production. For example, the index of industrial production in the
third quarter of 1948 was one-fifth higher
than in the first quarter of 1946, while consumer and wholesale prices had advanced
by one-third and one-half respectively. Gains
in real output since early 1947, by which
time practically full peacetime employment
had been reached, have generally been limited by the amounts of materials and plant
capacity available and by the necessarily
slow growth of the labor force.
Although inflationary tendencies have
featured the last two and one-half years, expansive pressures have not consistently dominated all fronts, nor has the course of prices
and production been invariably upwards.
Indeed, marked readjustments have taken
place in some prices and in some lines of
NOVEMBER
1948
output. There have been intervals when
demand seemed to slacken and when there
were expectations of imminent general declines in employment and income. However, the general situation has continued expansive and resources released by slowing
down of demand for some products have
been absorbed in other uses. Some shortages
have persisted, especially in the field of
metals and metal products.
The greatest increases in output, expenditures, and prices occurred between early
1946 and the first quarter of 1947. This
period witnessed rapid absorption into peacetime production of manpower and equipment resources earlier absorbed in waging of
war. It also witnessed spectacular price
increases after elimination of controls. In
view of the high incomes and large holdings
of liquid assets and the relatively smaller supply of goods and services, controls had kept
prices well below free market levels until
mid-1946.
Inflationary tendencies have continued to
persist during the greater part of the period
since the first quarter of 1947. The magnitude of the earlier increases in prices has not
been equaled, however, and output and employment have increased more moderately,
mainly because of limitations of supply
rather than lack of demand. In spite of
rising prices and incomes, there has been
1329
EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD
since early 1947 a noticeable degree of caution on the part of businessmen and investors
and some restraint on the part of consumers
in using their liquid assets and spending
their current incomes. In this connection
there is little evidence of excessive over-all
inventory accumulation or extensive security
market speculation, both of which tend to
occur in the boom phase of the business cycle.
On the other hand, real estate prices have
attained relatively high levels, and urban
mortgage debt has mounted at an exceptionally rapid rate.
Major expansive factors in the current
economic situation are the increasing Federal Government expenditures arising out
of the foreign aid and defense programs and
the further expansion of spendable income
resulting from the reduction in taxes and the
continuing trend of wage increases. Business investment expenditures are sustained
in heavy volume by these factors, and in
turn have important expansive effects.
Prices have been leveling off or declining
in recent months, following sharp increases
from February 1948 until midsummer.
Price movements this year have been more
diverse than in the two preceding years.
Farm products and foods are currently lower
than at the first of this year, owing largely
to bumper crops, while metals and their
products are far higher. Average consumer
prices, which advanced steadily from March
until August, have since declined slightly,
primarily as a result of declines in meat
prices.
agricultural employment, a rise of 75 per cent
in the physical volume of manufacturing and
mineral production, a gain of more than a
GROSS NATIONAL PRODUCT
DEPARTMENT OF COMMERCE ESTIMATES, ADJUSTED FOR SEASONAL VARIATION
fourth in farm production, and a rise in consumer prices of about 75 per cent. Not
only has total national product increased
greatly, but significant shifts in its composition also have taken place in recent years as
compared with the war and prewar periods,
as is shown in the table.
The decline in the total national product
immediately after the end of the war resulted
from the drastic curtailment of Federal military expenditures. By the first quarter of
1946 such expenditures were less than onethird their wartime peak. Since then, outstanding in its effects on the economy has
been the expansion of expenditures for consumer and producer durable goods, for construction, and for food. The further reduction in Federal Government expenditures
GROSS NATIONAL PRODUCT
for goods and services has been more than
By the third quarter of 1948 gross na- offset by the rise in State and local governtional product had reached a level almost ment expenditures. Net foreign investment
three times that in 1939. The higher level was lower in the third quarter of 1948 than
reflects an increase since 1939 of about 15 in the first quarter of 1946, after increasing
million persons, or 50 per cent, in total non- sharply to a peak in the second quarter of
1330
FEDERAL RESERVE BULLETIN
EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD
GROSS NATIONAL PRODUCT
FOR SELECTED
chart shows the trend of selected expenditure groups.
PERIODS
[Percentage of total by types of expenditures]
1948,
third
quarter
Type of expenditure
Government purchases of goods
end services
Federal
State and local
Cross private domestic investment
New construction
Producers' durable equipment
Change in farm and nonfarm inventories
Net foreign investment
Personal consumption
penditures
Durable goods
Nondurable goods
Services
1944
1939
1929
14.7
8.7
6.1
17.9 45.5
13.4 41.9
4.6 3.5
14.4
5.7
8.7
8.2
1.3
6.9
15.2
5.8
10.9
3.7
3.0
1.1
10.0
4.4
15.2
7.5
8.4
4.5
2.5
5.1
6.2
1.1
2.7
-.6
.5
1.5
1.5 -1.0
1.0
.7
69.8 52.5
6.2
3.2
42.2 31.8
21.3 17.5
74.6
7.4
39.0
28.2
75.9
9.0
36.4
30.5
.3
ex-
1946,
first
quarter
69.8
9.2
40.2
20.3
Gross national product, total:
Per cent
100.0 100.0 100.0 100.0 100.0
Billions of dollars
1255.9 U96.1 212.2 90.4 103.8
PRIVATE DOMESTIC INVESTMENT
Expenditures for producers' durable equipment, new private construction (including
residential), and the accumulation of inventories (both farm and nonfarm) were being
made at the annual rate of 39 billion dollars
in the third quarter of 1948. This amount
is more than four times that in 1939. Of
total national product in the third quarter
of 1948, 15 per cent was devoted to such
private investment as compared with 10 per
cent in 1939.
EXPENDITURES FOR SELECTED COMPONENTS
OF GROSS NATIONAL PRODUCT
.DEPARTMENT OF COMMERCE ESTIMATES, ADJUSTED FOR SEASONAL VARIATION
1
Seasonally adjusted quarterly totals at annual rates.
NOTE.—Basic data are from U. S. Department of Commerce.
The figures on net foreign investment understate the share of total
product represented by the net outflow of goods and services to
foreign countries chiefly because some shipments abroad are
classified as Federal Government expenditures.
1947. The rate of inventory accumulation
which has fluctuated during the past two
years has recently been well below the rate
of early 1946.
The dominant characteristics of the postwar period may be described, on the one
hand, as a restocking boom throughout the
economy following the restrictions on supplies during the war period and, on the
other hand, as an attempt by consumers to
meet higher living costs and to increase their
standards of living. Personal consumption
expenditures for consumer durable goods
and food (including purchased meals and
liquor) increased 40 per cent between the
first quarter of 1946 and the third quarter
of 1948. In the same period, expenditures
for services and all other nondurable goods
increased only 23 per cent. Expenditures
for producers' durable equipment and private new construction have more than
doubled in this period. The accompanying
NOVEMBER 1948
EXPORT SURPLUS
* Government expenditures on goods and services excluding
foreign aid in the form of Federal grants, which is included in
the export surplus.
From the first quarter of 1946 to the first
quarter of 1948, expenditures on private domestic investment increased by four-fifths
and since then they have been maintained at
that level. The increase was largely the
result of strong upward movements of expenditures for producers' durable equipment
and new private construction. Accumula1331
EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD
tion of inventories, while generally at a high
level, moved sharply contrary to the upward trend of other forms of investment in
the second and third quarters of 1947. Since
the first quarter of this year the rate of inventory accumulation has declined while expenditures for construction and producers'
durable equipment have continued to increase.
Increases in expenditures on new private
construction, on a seasonally adjusted basis,
have been relatively moderate since the
fourth quarter of 1947. In fact, expenditures
for residential construction, which account
for about half of all new private construction
and which increased very sharply in 1946
and 1947, have shown little change from the
high level reached in the fourth quarter of
last year. The number of new housing units
started has been declining from the record
level reached in April 1948 and since
August has fallen below the high levels
reached in the corresponding months of
1947. While this may indicate that housing
construction is returning to something more
nearly like the usual seasonal pattern than
was the case last year, it also suggests resistance on the part of buyers to current high
prices. Meanwhile, prices of building materials have continued to rise although not
as rapidly as in the preceding two years.
Wages of construction workers have also
continued to advance. Building material
production and inventories have increased.
Business expenditures for new plant and
equipment are now about three and a half
times their level in 1939. The greatest increase in such expenditures occurred in the
reconversion period between 1945 and 1946
when they advanced from 6.6 billion dollars
to 12 billion. In 1947 they rose to 16.2
billion and for 1948 they are estimated at
18.6 billion, as activity and profits continued
1332
to advance generally at a time when important industries were still attempting to
satisfy backlog demands. All major components—manufacturing, mining, railroads,
other transportation, electric and gas utilities,
and commercial and miscellaneous establishments—have participated in the broad postwar increase. The largest relative increases
since 1946 have been in expenditures by
electric and gas utilities and railroads.
Nonfarm inventories, which had been reduced during the war, were built up rapidly
beginning in the first quarter of 1946. Accumulation continued heavy through the
first quarter of 1947 when it reached an
annual rate of almost 7 billion dollars. In
the second and third quarters of 1947 there
was no net accumulation, but the fourth
quarter of 1947 and the first quarter of 1948
witnessed another rapid increase. Since then
the rate of inventory expansion has been
much lower.
GOVERNMENT EXPENDITURES
The abrupt decline in Federal expenditures on goods and services from an annual
rate of over 90 billion dollars in the first half
of 1945 to less than 30 billion in the first
quarter of 1946 freed resources for private
use. The decline continued at more moderate rates throughout 1946 and 1947, and such
expenditures reached a low point of 16 billion (annual rate) at the end of 1947. More
recently, they have risen again reflecting
mainly increases for defense and international aid programs. In addition, wages of
Federal employees were increased effective
in July, and crop loans have increased.
The full impact of the present defense program and the current foreign aid program
has not yet been felt. The 70-group air force
program is barely under way and is expected
to increase for a considerable period. The
FEDERAL RESERVE BULLETIN
EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD
rate of foreign aid expenditures will continue to rise for a short period at least, as
operations under the European Recovery
Program gain momentum.
The Federal Government, in addition to
making direct purchases of goods and services for domestic purposes and to finance
foreign purchases, makes grants to State and
local governments, pays interest, and makes
transfer payments in such forms as social
security benefits, pensions, and veterans benefits. These payments are included in total
Federal outlays but not in Federal expenditures for goods and services included in the
gross national product compilations. Such
Federal payments are substantially below
the levels reached in the last half of 1947
on the occasion of the cashing of veterans
leave bonds and are slowly receding.
State and local governments have steadily
increased their expenditures for goods and
services since the end of the war. These
increases have been accounted for by rising
expenditures for wages and salaries, reflecting both employment and wage increases,
and for construction. The volume of construction, which had dropped to very low
levels during the war years, has been steadily
mounting. Highway construction has accounted for the largest proportion of construction expenditures, but sharp advances
have also occurred for schools, hospitals, and
other public buildings. Transfer payments
by State and local governments have increased since the end of the war as many
States have granted bonuses to veterans.
NET FOREIGN INVESTMENT
half of 1947 helped to offset the effects of
the drastic decline in accumulation of inventory which occurred in the second and
third quarters of that year.
Exports of goods and services declined
from their peak of 21 billion dollars (annual rate) in the second quarter of 1947 to
a rate of 17 billion in the second quarter of
1948. Imports of goods and services, in
contrast, have risen steadily since the end
of the war. The increase from the first
quarter of 1946 to the second quarter of 1948
was from an annual rate of 7.2 billion dollars to 10 billion. As a result of these
changes the export surplus declined sharply
from its peak of 12.5 billion dollars (annual
rate) in the second quarter of 1947 to 7 billion in the second quarter of 1948 and is
expected to have declined further in the third
quarter.
The export surplus measures the excess of
exports of goods and services over imports
regardless of how financed. That part of
the export surplus that is financed by gifts
either from the Government or from individuals is not included in net foreign investment in the gross national product accounts.
EXPORT SURPLUS AND N E T FOREIGN INVESTMENT
[In billions of dollars]
Item
Exports of goods and services
Less: Imports of goods and services
Equals: Export surplus
Less: Net Government grants
Net private remittances
Equals: Net foreign investment
Government loans
Liquidation of gold and dollar
assets .
Other 2
1948,
second
quarter x
1947
1946
17.0
10.0
7.0
3.4
.7
2.9
.2
19.7
8.5
11.3
1.8
.6
8.9
3.9
15.0
7.2
7.8
2.3
.6
4.9
2.8
2.8
-.1
4.5
.5
2.0
.2
Foreign trade, which was a strongly ex1
At annual rates.
2
Dollar disbursements by International Monetary Fund and
pansive factor in the economic situation International
Bank for Reconstruction and Development, private
and errors and omissions.
through the second quarter of 1947, has loans,
NOTE.—Data are from U. S. Department of Commerce.
played a declining role since then. The
sharp increases in net exports in the first This treatment avoids duplication in the
NOVEMBER
1948
1333
EXPENDITURES AND INCOMES I N T H E POSTWAR PERIOD
gross national product total since such gifts
are classified as Government and personal
consumption expenditures. There has recently been a relative shift in the form of
Government aid from loans to gifts. As is
shown in the table, this has resulted in net
foreign investment showing a sharper decline than the export surplus.
PERSONAL INCOME
Total personal income has nearly tripled
since 1939. At the record annual rate of
214 billion dollars in the third quarter of
1948, it was more than one-fourth above the
first quarter of 1946. All major components
of personal income have shown gains in
varying amounts except that in the more
recent period transfer payments have declined.
The gains in personal income have resulted
from increased output and employment combined with sharply rising prices and wage
rates. Since 1939 wage and salary receipts
have almost tripled. Income of farm proprietors and earnings from unincorporated
business and professional activities have
roughly quadrupled. So also have corporate profits (after tax) which, however, are
included in personal income only to the
extent they are paid out as dividends. Dividends have only doubled because of business
policy decisions to retain large proportions of
profits chiefly for investment expenditures.
Dividends, which amounted to about 75 per
cent of corporate profits (after tax) in 1939,
were less than 40 per cent in the third quarter of 1948.
Rental income and interest income combined have about doubled since 1939. T h e
fact that rental income has not gone up more
may be attributed to the continuation of
fairly effective rent controls in a period of
widespread housing shortages. O n the other
1334
hand, transfer payments, which include veterans benefits and bonuses, relief payments,
pensions, and social security benefits, have
nearly quadrupled.
T h e relative percentage changes over this
period must be considered in the light of
the varying factors affecting incomes in
1939 as well as the differing effects of inflation since then. For example, prices of farm
products were exceptionally low in 1939 in
relation to prices of most other products.
Also, profits usually fluctuate more widely
than other types of income in response to
changes in general economic conditions.
Since the first quarter of 1946, income of
farm proprietors, wages and salaries, and
returns from unincorporated business and
professional activities have each increased
about 30 per cent. Dividends have increased
50 per cent, while rental and interest income
has increased less than one-fifth and transfer
payments have declined more than 10 per
cent.
More recently, in the year ending in September, wage and salary receipts increased
about 10 per cent with nonagricultural employment up 3 per cent. T h e expansion of
wage and salary income in recent months is
due largely to the payment of third round
wage increases in the mass production industries and the spreading of such increases to
other segments of the labor market. Average hourly earnings of factory workers in
September were 9 per cent above a year ago.
Unemployment has held at the low level of
about 2 million persons, as has been the case
since completion of the demobilization process in mid-1946.
In the third quarter of 1948 net income
of farm proprietors, seasonally adjusted, was
above a year ago but below the second
quarter of 1948. T h e bumper crops of
this summer resulted in sharp declines in
FEDERAL RESERVE BULLETIN
EXPENDITURES AND INCOMES I N THE POSTWAR PERIOD
In the accompanying table, changes in
disposable income and the relative distribution of such income by major categories are
shown for selected periods. It should be
noted that a declining percentage for a particular component from one date to another
does not necessarily imply a decline in the
dollar volume of such expenditures. In fact,
every type of consumer expenditure preCONSUMPTION EXPENDITURES
sented on the table has shown increasing
Expenditures for personal consumption in dollar expenditures from both 1939 and early
the third quarter of 1948 were more than 1946.
As compared with prewar years, the most
two and one-half times those in 1939. A
large proportion of the increase in con- important changes have been the increases
sumers' expenditures since 1939 has been in relative importance of expenditures for
the result of advancing prices, but there also durable goods and foods and the relative
has been a very substantial increase in real decline of services as a group, particularly
consumption of goods and services. Recently housing. Purchases of new houses, however,,
such expenditures have accounted for 70 are classified as investment rather than in
per cent of total gross national expenditures, expenditures for current consumption. For
as compared to about 50 per cent at the height durable goods the upward shift in relative
of the war effort in 1944 and 75 per cent in importance is largely a result of the wartime
curtailment in production of such goods and
1939.
the resulting accumulation of backlogs of
DISTRIBUTION OF DISPOSABLE INCOME FOR SELECTED PERIODS
demand. The wartime scarcities of durable
[In per cent]
goods are evident in the reduction in their
relative importance between 1939 and 1944.
1948, 1946,
third
Continued limitation of supplies, especially
first
Item
1944
1939
1929
quar- quarter
ter
for automobiles, presumably has prevented
an even greater increase in relative imporPersonal consumption ex92.2
90.7
76.5
96.2
penditures
95.5
tance than has actually occurred.
12.2
4.7
Durable goods
8.1
9.6
11.4
Demand for consumer durable goods has
Automobiles and parts..
1.6
.5
3.0
3.9
4.5
Furniture and equipment
5.7
4.2
5.5
2.5
4.9
remained
exceptionally strong. A recent
2.0
Other
2.3
1.7
1.7
1.9
survey
of
consumer
attitudes and expectaNondurable goods
50.2
53.1
46.3
Clothing and shoes. . . .
10.2
11.9
10.0
10.6
tions, which is summarized in a special artiFood and alcoholic bev31.6
27.0 27.5 23.9
erages
cle in this BULLETIN, pages 1355 to 1359, indi12.7
11.4
10.7
10.8
Other
8.7
cates that in July 1948 a slightly higher pro27.7
25.4
36.3
Services
26.8
38.4
4.1
5.1
4.6
4.0
3.7
Household operation...
8.4
8.4
12.7
8.1
Housing
portion of spending units said that they
15.2
18.5
19.9
Other
14.5
13.6
would, or probably would, buy a car during
9.4
3.8
4.5
Personal saving
7.8
23.5
the
next twelve months than had so indicated
Disposable income, total:
100.0 100.0 100.0 100.0 100.0
Per cent
at
the
beginning of the year. These inten70.2 82.5
H93.7
50.9 145.6
Billions of dollars
tions were declared with the knowledge that
Seasonally adjusted quarterly totals at annual rates.
automobile prices had risen from the first of
NOTE.—Basic data are from U. S. Department of Commerce.
prices of grains and cotton to levels close
to Federal support prices. Since August
prices of livestock products also have declined. In view of the large crops, the support program, and the underlying shortage
of meats, net income of farm proprietors is
expected to continue at relatively high levels
although below those of the past year.
1
NOVEMBER 1948
1335
EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD
the year. With respect to other types of
consumer durable goods it appears that intentions to buy refrigerators, washing machines, and furniture remained unchanged,
but that demand for radios was moderately
weaker in July than at the beginning of the
year.
The increase in the relative importance
of expenditures for food reflects the fact that
food prices have advanced more both from
prewar and from early 1946 levels than have
prices for any other broad group of commodities and services purchased by consumers. Continued rent control explains the
sharp decline in the relative importance of
the housing component of consumer expenditures in comparison with prewar patterns.
PERSONAL SAVING
During the war, price and other controls
and widespread shortages, coupled with
heavy reliance on borrowing as a means of
financing Federal war expenditures, resulted
in a record rate of personal saving, amounting to 24 per cent of disposable income in
1944 as compared with 4.5 per cent in 1929
and 3.8 per cent in 1939. Since the first
quarter of 1946 practically all of the increase
in disposable income has been spent for personal consumption rather than saved. This
means that while the total dollar volume of
saving is now higher than in early 1946, the
rate of saving has declined. The rate of
saving, however, is still well above that of
any year prior to 1941.
For a little over a year, there has been some
tendency for the proportion of income saved
to increase slightly. It is still too early to
measure this change accurately, but recent
indications of a stable or slightly rising saving rate suggest that the inflationary role
1336
played by consumption expenditures in the
early postwar period is being moderated.
PRICE TENDENCIES
T h e course of wholesale prices during
1948 reflects greater diversity in the pressures of demand on supply for individual
commodities than was the case in the two
preceding years. Strong upward pressures
have been exerted by persistent shortages of
metals and some other products, by rising
transportation costs, and by wage increases.
Prices of iron and steel, nonferrous metals,
farm machinery, automobiles, and other
metal products have advanced even more
sharply this year than in 1947. O n the other
hand, the supply of many goods is now in
better balance with demand at current prices
than at any time since before the war. Record breaking crops are being harvested this
year in this country and the agricultural situation abroad has improved greatly. Prices
of crops have declined considerably this year
to about support levels, while prices of livestock and meats have fluctuated widely. As
a result of these divergent influences, the
general index of wholesale prices increased
steadily from February to August following
a sharp decline in February. Since August
the index has again declined to a level
slightly below January, as prices of livestock
and products have dropped considerably and
average prices of commodities other than
farm products and foods have shown little
change.
Industrial prices recently—at the beginning of November—were about 3 per cent
above those of January. Wholesale prices
of food were 5 per cent below that level and
prices of farm products were about 10 per
cent lower. As may be seen from the accompanying chart, changes in wholesale price
FEDERAL RESERVE BULLETIN
EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD
movements this year have been markedly
diverse in contrast to the increases in 1947
and 1946 when every major group shared in
the advance. Recently, the indexes for over
half of the major groups—including farm
products, foods, hides and leather, textiles,
chemicals, and miscellaneous products—were
below their January levels. Prices of metals
and products, however, have advanced more
than 11 per cent this year, and substantial
price increases have also occurred in building materials, coal, and housefurnishings.
WHOLESALE PRICES BY MAJOR GROUPS
BUREAU OF LABOR STATISTICS INDEXES, 1926 • 100
moved up steadily until August, but has
since declined. In October it was moderately above its January level. Since the beginning of the year substantial increases have
occurred in some instances such as retail
prices of fuels, new automobiles, and public
transit fares. Smaller increases have taken
place for apparel, housefurnishings, and
miscellaneous commodities and services.
Rents, still under control, have moved up
about 3 per cent since January.
Since the initial termination of price controls at the end of June 1946, there have been
three periods of sustained price increase,
each of which has been followed by an interval of some downward readjustment in the
broad averages. The table below compares
percentage changes in wholesale and consumer prices for these three periods. The
first period began with June 1946, just prior
to the initial expiration of price controls,
and ended in March 1947, the high point
CHANGES IN WHOLESALE AND CONSUMER PRICES IN SELECTED
PERIODS OF GENERAL ADVANCE
Percentage increase, or
decrease (—)
Group
* Revised furniture subgroup introduced into index in this
month.
NOTE.—Data for October 1948 are partly estimated by Federal Reserve.
The course of consumer prices this year
reflects somewhat erratic movements for retail food prices—resulting mainly from wide
fluctuations in meats—and steady increases
for groups other than foods. Meat prices declined 5 per cent from January to March,
then advanced almost 20 per cent from March
to August, and have subsequently declined
again. The consumer price index, after decreasing moderately in February and March,
NOVEMBER 1948
June 1946 May 1947 February
to
to
1948 to
January
March
August
1948
1947
1948
(9 months) (8 months) (6 months)
Wholesale Prices
All commodities
Farm products
Foods
All other
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals
Housefurnishings
Miscellaneous
32.9
30.3
48.7
24.7
43.1
28.7
14.7
25.8
36.6
37.1
16.8
17.4
12.5
13.6
12.7
12.1
16.8
6.1
25.7
8.7
9.7
9.2
9.1
5.7
5.3
3.1
9.9
3.7
-2.3
0,
4.4
10.1
5.7
-1.9
2.5
-.3
17.3
30.2
17.2
.5
6.4
16.8
8.1
8.2
11.8
3.8
6.1
10.0
5.7
5.3
4.2
5.8
2.4
1.5
5.2
1.7
4.1
Consumer Prices
All items
Food
Apparel
Rent
Fuel, electricity, and ice. . . .
Housefurnishings
Miscellaneous
NOTE.—Basic data are from U. S. Bureau of Labor Statistics.
1337
EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD
just preceding the moderate decline in
wholesale prices in April and May. In this
period, wholesale prices advanced at an average monthly rate of 3.2 per cent. The
second period of advance began at the low
point in May 1947 and ended in January
1948, just prior to the sharp price breaks
of February. In this period the wholesale
price index moved up at an average monthly
rate of 1.5 per cent. The third period began
with February 1948 and extended to August,
showing an average monthly increase of less
,than 1 per cent.
1338
The recent course of prices furnishes some
grounds for the view that inflationary pressures are being reduced. It should be noted,
however, that similar evaluations of the outlook were being made in the spring of 1947
and again in the first quarter of 1948, and
that many of the underlying forces operating
to bring about further advances after those
periods are still present. In particular, the
programs designed to maintain the country's
security in the face of the continued state of
international tension are expansive forces of
uncertain magnitude.
FEDERAL RESERVE BULLETIN
THE SIGNIFICANCE OF MEMBERSHIP IN THE
FEDERAL RESERVE SYSTEM*
This annual meeting of the Stockholders of the
Boston Federal Reserve Bank is a distinctly New
England custom. It is so favorably known throughout the Federal Reserve System that I was very
happy to accept the cordial invitation of your Chairman and my good friend, Albert Creighton, to
come here and participate in your discussions.
During the six months that I have been in my
present position I have visited and attended meetings in seven of the twelve Federal Reserve districts.
I expect to visit three districts within the next
month. During most of my business career it was
my practice to make frequent trips throughout the
country, for no man can follow the progress of his
business except on the firing line. When I was
Foreign Liquidation Commissioner in 1945 and
1946, I traveled 56,000 miles during a period of six
months in order to obtain firsthand information
about what was taking place in various countries
of the world. My associates say that whenever I
receive a call to go to a Federal Reserve district
I am ofT on the run like an old firehorse who has
heard the gong again. I have always relied to a
great extent on personal contact with the people
who are in daily touch with operating problems
before making decisions.
Of course it is no hardship for me to come to
New England, because I truly love this country.
My family goes to Maine for most of each summer
and I generally find plenty of excuses to join them.
I want to commend you Stockholders for your
record in exercising one of the most important responsibilities of the member banks to the System—
the election of six of the nine directors of the regional Federal Reserve Bank and, through them,
the selection and guidance of its management. Each
Board of Directors also elects a member of the
Federal Advisory Council, a most important body
in the development of Federal Reserve policy.
The Boston Bank has been noted for its distinguished presidents. One of them, Ralph Flanders,
your good friend and mine, was drafted by the
* Address by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve System, at the annual meeting of
the Stockholders of the Federal Reserve Bank of Boston, on
October 26, 1948.
NOVEMBER
1948
citizens of Vermont to go to the United States
Senate. Your latest president, Laurence Whittemore, has just been selected to run one of your great
railroads. Two former governors of the Federal
Reserve Board, W. P. G. Harding and Roy Young,
who is now president of one of your leading banks,
also typify the high character and ability of your
past presidents. It is a tribute to your Board of
Directors that these men were chosen for such positions and is the finest indicator of the public's high
regard for the Boston Bank. Although the loss of
good men creates temporary difficulties of replacement because it seems that in each instance they are
indispensable, yet broadly speaking, there is compensation in the loss of some of our good men to
the community because these ex-officers are helpful
in giving the various segments of our economy a
better understanding of the nation's monetary and
credit policies, of which there is a grave lack of
understanding.
When I implore you to value your stockholder's
responsibility highly and discharge it with all the
ability at your command, I do so from experience
and deep conviction. As you know, I was on the
Board of the Philadelphia Bank for more than ten
years before taking this assignment. Our Philadelphia directors were of invaluable aid not only in
executive personnel matters but in advising the
Bank on policies and procedure and in keeping it
close to current economic and banking problems.
The directors of the twelve Banks, with their
branch directors, are a representative cross-section
of the leaders in finance, commerce, and agriculture
of their respective regions. Since going to Washington, I have found the directors* advice and judgment, expressed both directly and through their
various officers and members of the Advisory Council, of the greatest help.
As a result of my experience, I cannot urge you
too strongly to continue your vigilance in selecting
and electing the most outstanding leaders. Some
of the Banks have followed the principle of rotation in order to acquaint more of their leaders with
the problems of the System.
This meeting afTords an excellent opportunity to
1339
THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM
discuss the significance of membership in the Federal Reserve System. Two-thirds of all commercial
banks in New England, holding four-fifths of demand deposits, are members. Holders of 63 per cent
of the demand deposits of State banks have voluntarily chosen to become members. Those percentages speak for themselves and indicate pretty general belief in the importance of membership. It is
especially noteworthy, I think, in this area of traditional Yankee shrewdness.
As you men know, two of the earliest constructive plans to stabilize banking by cooperative effort
were made in New England. I refer to the Suffolk
System and the Bank of Mutual Redemption.
These two were voluntary steps toward the establishment of more effective control over the issuance
of money. So you might say that the seeds of the
Federal Reserve System germinated right here.
This System is a unique creation in the history
of central banking. All economic societies, except
the most primitive, have some form of money. In
highly productive societies such as ours, organized
around personal enterprise and initiative, money
will not manage itself. A positive provision for the
proper exercise of the central banking function is
therefore inescapable. The problem of how to organize central banking functions, however, has no
easy solution. Many experiments have been tried.
Although central banking is a public function just
as the administration of justice is a public function,
experience has proved that central banks should be
organized independently of the Executive and of
the Treasury, just as Courts of Law are organized
independently of the Executive and of the Department of Justice.
In Europe the solution to this difficulty long
took the form of privately-owned central banks,
operating under special charters from the sovereign.
This type of organization has tended to insure
relative freedom to central banks from political
encroachment but it has left them vulnerable to
accusations that they were operated for private
advantage, at the expense of the public interest.
Recently, the pendulum has swung away from
this pattern in many countries. In order to accent
the public nature of the functions which central
banks perform and the public responsibilities with
which they are entrusted, some governments have
purchased the privately-held shares of their central
banks and have made them wholly publicly-owned
1340
institutions. These central banks are still organized,
however, as completely separate institutions.
The truth is that central banks must function
solely in the public interest. In doing this effectively they must of course maintain close contact
and cooperation both with the private financial
community and with the Executive, including particularly the Treasury. Whatever their form of
organization, they cannot escape this dual role.
The financial history of the United States before
the creation of the Federal Reserve System illustrates repeatedly the difficulties of this problem.
The First and Second Banks of the United States
represented attempts to organize the central banking function in this country by chartering a
privately-managed single central bank. In both
cases, this type of organization proved politically
vulnerable. It was politically suspect because the
management was entirely in private hands and
because the central bank, due to its eastern location,
was felt to be out of touch with conditions nearer
the frontiers. Both banks were allowed to lapse
without regard to the effects such action would
have on the financial stability of the country.
These attempts taught one lesson that has conditioned our banking and financial structure ever
since, namely, that the American people are determined to avoid centralized financial power
whether it is public or private. It is in response
to this determination that our dual banking system
has evolved with its emphasis on individual unit
banks. It is also because of this inherent characteristic of our people that the banks of this country
operated for nearly three generations under the
constant overhanging threat of recurrent money
panic. The passage of the Federal Reserve Act
put an end to this danger, and with its provisions
for decentralization of power, organized the function of central banking in an ingenious combination of public and private management. I am
thoroughly convinced that the authors of the Federal Reserve Act gave us a monumental piece
of legislation—a system tailor-made for the economic expansion of our country. The System
might be compared to a great pyramid with its
base in the grass roots of our economy, and its
apex in the Board of Governors. The breadth
and strength of the pyramid is in its base, with
the member banks and the Reserve Banks as
elevations in the slope toward the top.
FEDERAL RESERVE BULLETIN
THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM
The history of the Federal Reserve is singularly
free of political bias. Although in the light of
hindsight there may not be agreement that the
System has always done the right thing at the
right time, there is general agreement that partisanship has had no place in its operations. For this,
again much credit must be given to the framers
of the Federal Reserve Act, who were meticulous
in their efforts to safeguard the System from the
pressure of special interests or partisan groups.
The operation of the System is also free from
profit motivation. Whether the Federal Reserve
earns income over and above expenses has no influence on its policies. As you know, at present
our earnings are large. Last year 90 per cent
of the System's net earnings were turned over
to the Treasury.
The System is thus free of the two influences
which might distract it from acting with impartial,
studied judgment on matters of monetary and
credit policy, solely in the public interest.
In addition to this great continuing responsibility for nonpolitical, nonprofit administration of
money in the public interest, the System is the
lender of last resort, with vast powers to extend
credit in time of need. Its powers in this respect
have been greatly liberalized, so that the Reserve
Banks may now lend on all sound assets of member
banks.
Our banking and credit economy consists of
an incredibly complex structure of interlocked
assets and liabilities. No bank can operate that
cannot convert its assets quickly into cash when
depositors' use of funds results in a drain. Our
markets are so organized that in normal times
this conversion can take place in enormous magnitude without resort to the Reserve Bank. In periods
of financial strain, however, there is no alternative
but recourse to the Reserve System. This recourse
to funds is always available to a member bank,
with full assurance that the Federal Reserve
will be in a position to meet its requirements,
whatever they may be. Membership from this
point of view may be thought of as that of a
contributing member to a local volunteer fire
company. So long as enough neighbors contribute,
the protection will be adequate. Of course, in case
of a conflagration noncontributors can also receive
service. This is somewhat inequitable but is
both humane and necessary to prevent spreading
NOVEMBER
1948
of the danger to the whole community. However,
in the existence and majority support of the
organization there lies great security.
I don't need to tell this audience of the day-to-day
tangible advantages of Federal Reserve membership. These include the supplying of coin and
currency as needed, collection of checks, collection
of noncash items, telegraphic transfers of funds,
safekeeping of securities, purchase and sale of
government securities, and examinations conducted
in a helpful and practical spirit. It is the policy
of the System constantly to improve all of these
operations. Your suggestions as to improvement
of any of these operations will be appreciated.
One of the primary objectives of the Federal
Reserve System when it was organized was
to improve methods of check clearing and collection
in this country. A great efTort has been made
to obtain this objective with the minimum
of disturbance to correspondent and interbank
relationships.
I know you also value highly the research
services of the Federal Reserve, not only the regular services, but special studies such as the
exhaustive one by Alfred Neal of the Boston Bank,
which points out that the New England economy is
far from static, as some sob-sisters would have you
believe. On the contrary, it is still growing and has
excellent opportunities for much further growth.
My first over-all impression of the System gave
me a wholesome respect for the highly professionalized work of the research organizations of the
banks and the Washington staff. Many of you
have cooperated with the members of the research
group and I know you will agree with me that
the end product has established a new level
of professional competence in this field. We
must strive to increase their effectiveness still
further. They supply the yardsticks of the present
and are our eyes for the future.
Membership makes possible the performance
of these services. You and I know, however,
that members are subject to certain limitations
relative to nonmembers. Members are prohibited
from charging exchange on checks, are required
to have larger capital to maintain out-of-town
branches, are subject to greater restrictions on
investments and loans of member banks, and on
holding companies and interlocking directorates;
are required to carry deposit insurance, and must
1341
THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM
carry large reserves with the Federal Reserve Banks.
These limitations have been developed out of
experience, especially in periods of banking difficulty, and are in the interests of sound banking.
By far the most serious and burdensome to you
at this time is the requirement on reserves.
Because of the large gold inflow of the 1930's
and the legacies of war finance in the 1940's,
reserves have had to be substantially increased.
It has been said that the recent increase of
reserve requirements was politically inspired. That
allegation does not deserve the dignity of a denial.
The increase was one of the moves that we, in our
best judgment, felt was necessary to restrain the
growth of the money supply.
I fully realize that this instrument of monetary
management has definite shortcomings. It is
neither as flexible nor as selective as we would like.
Especially, it is unfair under present conditions
because it restricts the commercial banking system
while leaving unfettered other segments of the
credit structure which have access to the Federal
Reserve System through sales of Government
securities. It is also unfair in that the increases
have not been made applicable to all nonmember
banks. Some states, however, have been quick
to respond to the action of the Federal Reserve
by raising their requirements.
Quite naturally, a member banker may ask,
"Why am I the goat when so many of my competitors go Scot-free?" There is no question but
that many other agencies, public as well as private,
are extending credit freely. But, gentlemen, we of
the Federal Reserve have a grave responsibility to
curb the rapid expansion of credit in the area in
which we operate. As a member of the Board of
Governors I could not be true to myself or my
oath of office unless I fulfilled my responsibilities.
You as members of the System also have a responsibility. If we live in a community where there are
other citizens who do not accept their civic responsibilities, that does not excuse us from doing our
duty. You who live in New England and carry the
burden of a New England conscience will understand me, I am sure.
I have frequently stressed that this inflation will
not be cured by the action of any one agency. The
cooperative action of the American Bankers Association to persuade their members to restrain unnecessary lending has been very laudable, but in
1342
spite of it loans at commercial banks have increased
over 6 billion dollars in the year ending June 1948.
In addition, commercial banks' holdings of securities, other than Governments, have increased over
700 million dollars during this period. This expansion of credit occurred at banks located in all sections of the country and at banks of all sizes, but
particularly in rural areas and small cities.
One of the principal reasons for the increase in
reserve requirements was to immobilize the reserves
which have been created in the banking system
during very recent months as a result of sales of
Government bonds to the Federal Reserve from
nonbank portfolios. Since June these purchases
have been far in excess of the recent increase in
reserve requirements. In other words, this action
has not reduced either the earning assets or the
lending power of the member banks as a whole
below what they were as late as midyear. In the
meantime, the moves of Treasury and the Federal
Reserve to raise short-term interest rates have had
the incidental effect of increasing the earning power
of bank assets. I fully appreciate, however, that
in some individual cases the reserve increase has
worked a temporary hardship and it will take expert management to adjust to the situation.
As I see it, reserves are each bank's contribution
to an effective national monetary policy. It is unfortunate that this contribution is not made equally
by all, for the benefits are enjoyed by all. I do not
see that any threat to our dual banking system is
involved in the request that reserve requirements
apply equally to member and nonmember banks.
I am heartily in favor of the dual banking system,
as I stated at the Louisville meeting of the National
Association of Supervisors of State Banks. But I do
think that in respect to a credit control instrument
as powerful as reserves and one so vitally affecting
the earning assets of banks, some degree of uniformity of application is essential to the strength
and soundness of banking in this country. I do not
feel that the need for preserving the respective authorities and jurisdictions of the State and national
authorities in this matter presents any great difficulty. I am confident that it could be worked out
satisfactorily in consultation with the State banking
authorities.
There are many in this audience, I know, who
would like me to say something about the support
of Government bonds which made it possible for
FEDERAL RESERVE BULLETIN
THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM
nonbank bond sales to swell commercial bank
reserves.
I will here repeat what I told the House Banking
and Currency Committee on August second, and said
again in a talk just a month ago at Philadelphia:
It is my view that the System is obligated to
maintain a market for Government securities
and to assure orderly conditions in that market,
not primarily because of an implied commitment
to wartime investors that their savings would be
protected, nor to aid the Treasury in refunding
maturing debt, but because of the widespread
repercussions that would ensue throughout the
economy if the vast holdings of the public debt
were felt to be of unstable value.
When you consider that the public debt is one
and a half times all other debt in the country combined, it seems obvious to me that the market for
the Government debt securities must be one where
investors can deal at all times with confidence. I
remain of the conviction that for the foreseeable
future the support program should be continued.
This conviction is shared by all the members of the
Board of Governors, the members of the Federal
Open Market Committee, and by the Treasury. It
is also supported by the weight of financial opinion
in the country.
In the last twenty years monetary influences have
assumed new prominence in the eyes of the people.
Whether this is because such influences have indeed
become more prominent or because the public, made
more economically sophisticated by education, has
come to realize the true significance, I will leave to
the theorists. Suffice it to say that the boom of the
late 20's, the disastrous collapse, war financing, the
huge public debt, and our present inflation have
all focused the attention of the public on the importance of money and credit.
So far I have dealt with the Federal Reserve System in its relation writh its members in the past.
In conclusion, let us turn the telescope toward the
future. Admittedly, the horizon is low and the
readings are very obscure. We can see, on the one
hand, great promise for the American economy.
NOVEMBER
1948
Never has it had the potential that it has today.
Our external relations, however, our place in the
world environment that is emerging, indicate responsibilities beyond the power of man to evaluate.
What will be the role of the Federal Reserve System,
of the Board of Governors, of the twelve Federal
Reserve Banks, and of the member banks in that
future ?
This much we can surely say, at present. The
Board of Governors in Washington will continue to
bear the major responsibility for the broad formulation of monetary and credit policies, adapted to the
necessities of our domestic and foreign economic relations. The twelve Federal Reserve Banks, each
in its region, will continue to bear the major operating responsibilities. They are the eyes, the ears,
the hands of the System, adapting their operations
to the regional requirements of our economy. They
are also our principal advisers, providing wise counsel for System policies. They are staffed by an
exceptionally competent group of individuals of
the highest professional caliber. We must vigorously strive to raise the caliber even higher. You,
who are in charge of the member banks, will continue to be primarily responsible for the ultimate
decisions that make an enterprise system operate.
Specifically, you determine who is financed and for
how much.
The responsibilites of you, the Reserve Banks,
and the Board of Governors are inextricably bound
together. No one of them can be performed successfully without parallel performance by the
other two. Personally, however, I feel that your
role is the most indispensable of all. Not least
is your part in shaping the business leadership in
this country. When you exercise your individual
credit judgment, you really decide who, among all
the applicants for credit, will be financed. In making that decision in the past you have played a
part in providing this country with the virile, enterprising, economic leadership for which it is famous.
May you continue to play your role with wisdom,
for in the days to come the world will need that
leadership as never before.
1343
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
OF PAYMENTS PROBLEMS
by
DAVID L. GROVE AND GERALD M. ALTER
At the end of the war, authorities in many Latin
American countries expected that their major task
would be to protect their economies from the deflationary impact of a postwar recession in the
United States. Latin America's postwar problem
has proved to be of a different sort. The increased
demand for gobds in the United States, Europe's
reconstruction needs, and the availability of shipping have raised Latin America's exports to new
peaks. As a result, domestic economic activity has
continued at a high level and the inflationary problems originating in the war years have become increasingly serious. The cost of living has risen at
an even more rapid rate than during the war, although living levels in general are still higher than
before the war. Monetary, fiscal, and other measures to restrain inflationary forces have not been
vigorously applied; in fact, government fiscal policy
has been an active contributor to inflation in many
countries.
Notwithstanding the rise in exports, severe balance-of-payments problems have been created for
many of the Latin American republics by the tremendous inflow of imports, particularly from the
United States. During the earlier phases of the
postwar period, backlog demands were probably
primarily responsible for the enormous influx of
imports; in the later phases, demand originating
in sharply rising domestic incomes has largely
sustained the inflow.
As a result of the great expansion of imports, the
large wartime accumulations of international, reserves have been considerably reduced and a general tightening of exchange and import controls
has been necessary. The present situation, in which
controls are being greatly extended during a period
of rising exports, is unique in the economic history
of the area. In the past such controls have been
generally extended and tightened only when exports
were declining.
1
Mr. Grove and Mr. Alter are members of the research staff
of the Board's Division of Research and Statistics. Miss
Dorothy J. Lichens, Mr. Ernest C. Olson, and Mr. Harry A.
Gillis, Jr., also of the Division of Research and Statistics, prepared much of the factual material incorporated in this article.
1344
1
In the long run, substantial improvement in living conditions and further economic development
in Latin America will require a greater measure of
internal economic stability and a better adjustment
of the balance of payments, particularly in the
direction of curtailing consumption of nonessential
imported consumer goods.
POSTWAR INFLATION PROBLEMS
The Latin American economies are extremely
vulnerable to inflationary forces because they cannot readily expand their production of consumer
goods. Their production of agricultural foodstuffs,
to which a large part of their economic resources is
devoted, is not easily enlarged, and their output of
other consumer goods is relatively small. In the
postwar period, inflationary forces have been of unprecedented magnitude. The purchasing power of
the population has been greatly expanded by sharp
increases in the value of exports and by substantial
domestic capital expenditures. The resulting pressure on domestic prices has been intensified by the
tendency of Latin American consumers to save very
little. Imports normally relieve upward pressure on
domestic prices. In the postwar period, however,
imports, though high in volume, have been accompanied by special circumstances tending to minimize
their anti-inflationary effects.
The impact of exports. Demand for exports is a
very large part of total demand for Latin America's
domestic production. This fact is a major reason
for the area's vulnerability to world-wide postwar
inflation. In Argentina, exports amounted to over
20 per cent of the gross national product in 1946;
in some of the smaller countries, they probably
amounted to as much as 30 per cent. The expansion in demand for goods in the United States
after the war, supplemented by the availability of
shipping and Europe's reconstruction needs, has
caused an unprecedented increase in Latin America's
exports. Latin American exports to the world as
a whole, which amounted to 3.3 billion dollars in
1945, increased by 42 per cent between 1945 and
FEDERAL RESERVE BULLETIN
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
1946, and by 29 per cent between 1946 and 1947. crease in the value of imports between 1945 and
Each of the 20 Latin American republics, with the 1946, in 1947 the expansion of imports far exceeded
exception of Bolivia and Paraguay, had an increase that of exports. On balance, as is indicated by the
in exports in both 1946 and 1947. Increases in chart on page 1346, 14 of the 20 Latin American reexport values have been due almost entirely to publics experienced new or greater trade deficits, or
higher prices rather than to larger export volume. smaller surpluses, in the two years 1946-47 as comLatin American export trade has long been pared with the war years 1944-45. Only Argentina,
concentrated on a relatively small number of com- Cuba, the Dominican Republic, Haiti, and Venemodities, mostly foodstuffs and raw materials. zuela had a greater export surplus in 1946-47 than
This concentration has not been materially reduced in 1944-45; only Costa Rica had a smaller deficit.
in the past 10 years, except possibly in Brazil, MexFOREIGN TRADE OF LATIN AMERICA
ico, and Argentina. It has accentuated the vulner1944-47
ability of Latin American countries to external
forces, since the prices of these products rise relatively more than other prices during inflationary
periods.. This has been particularly true of the war
and postwar periods, as is later noted in more detail
in the comparison of import and export prices.
Higher export values in the postwar period have
provided additional personal income in the form of
wages, salaries, profits, etc., and have thereby produced additional demand for domestic goods and
services. Thus, the result of the increase in exports has been to raise national income by an
amount greater than the increase in exports itself.
Inasmuch as the increased demand has not been
immediately matched by an increase in the supply
of consumer goods, domestic prices have been
driven upward.
An unusual combination of circumstances has
The role of imports. Because of the limited sup- prevented the tremendous inflow of imports from
ply and variety of consumer goods produced locally, halting the course of inflation in the Latin American
a large part of any additional income accruing to republics. Only a part of the increase in imports
the Latin American population is spent on imports since the end of the war has added to the supply
of such goods. This tends to reduce the extent to of goods available for immediate consumption by
which national income rises in response to an in- the populace. Almost one-half of the increase has
crease in exports; it also tends to reduce the pressure been in the form of machinery and equipment or
on domestic prices.
durable consumer goods of the luxury type, such
During the postwar period, Latin American deas automobiles and refrigerators. Moreover, liquid
mand for imports has been greatly stimulated by
assets built up by businesses and consumers durlarge wartime accumulations of liquid assets and
ing the war were used for the purchase of these
by rising national incomes. The satisfaction of
goods as they became available. The use of such
such demand became possible as exportable goods
assets for the purchase of imports has been more
became more readily available abroad. It is estimated that the volume of imports approximately extensive in the postwar period than it was in the
doubled between 1945 and 1947. The value of prewar period and has neutralized to some extent
imports amounted to 2.3 billion dollars in 1945, the usual anti-inflationary impact of imports. Evias may be seen from the chart, and increased dence of this development is found in the fact that
by 49 per cent between 1945 and 1946 and by 67 the turnover of bank deposits, after declining almost
per cent between 1946 and 1947. While the increase universally during the war years, has since risen
in the value of exports slightly exceeded the in- above the prewar levels in the majority of Latin
NOVEMBER 1948
1345
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
must have been considerable since United States
trade data indicate that Latin American imports
of machinery and other capital goods from this
200
!00
C)
100 200 300 400 500
country have been very large in the postwar period.
ARGENTINA
CUBA
Imports of industrial and agricultural machinery,
mtttttfmmm
BRAZIL
railway rolling stock, industrial electrical apparatus,
VENEZUELA
automotive equipment (excluding new passenger
CHILE
cars), and merchant vessels (excluding sales to
BOLIVIA
IF
Panama) together amounted to 621 million dollars
DOMINICAN REPUBLIC
S3
URUGUAY
in 1946 and 1,267 million in 1947, as compared
EL SALVADOR
with
167 million in 1939.2 These figures do not
1
PERU
include imports of steel-mill products, the volume
ECUADOR
of which was five times larger in 1947 than before
GUATEMALA
the war.
COLOMBIA
NICARAGUA
Domestic effects of inflation. The inflationary
PARAGUAY
impetus of exports and domestic investment exK»rai 1944-45
HAITI
M i l 1946-47
penditures has been reflected in rising prices and
HONDURAS
1
wage rates, social and political unrest, and growing
COSTA RICA
i
PANAMA
foreign exchange problems. Domestic prices have
wSm
MEXICO
w—mwMBSl
advanced at an even more rapid rate in the post200
100
0
100 200 300 400 500
war period than during the war.
IMPORT SURPLUS -*- -*• EXPORT SURPLUS
During the war period there was a wide disparity
American countries for which such information is between price increases in Latin America and in
available.
the United States. While the cost of living advanced
In addition, some portion of the increase in im- by about 30 per cent in the United States during
ports in 1946-47, particularly of consumer goods, the war, it advanced by over 60 per cent in all of
was absorbed by business inventories, which were the Latin American countries for which data are
at an extremely low level at the end of the war. available, except Argentina, Uruguay, and VeneAlso, the expansion of business inventories was zuela. As may be seen from the accompanying
financed to a considerable extent by an increase table, however, this disparity did not continue into
in bank credit, facilitated in many cases by the use the postwar period, largely because the relaxation
of central bank credit. The use of credit has thus and removal of price controls in the United States
partly counteracted the reduction in domestic means during 1946 released inflationary pressures here
of payment which is normally associated with im- which in Latin America had generally been perports. Moreover, as imports became available on mitted to exert their full force on prices during
a larger scale, employment increased in the import the war.
and auxiliary trades, which are of considerable imOne of the chief factors accounting for the inportance in most Latin American countries. Larger crease in the cost of living has been the advance
payments of salaries and profits were thereby gen- in food prices. Any increase in incomes in Latin
erated. For all of the foregoing reasons, the anti- America is likely to be spent in large part on addiinflationary effect of imports in the postwar period tional consumption of foodstuffs, since the level of
has been considerably less than might have been food consumption of a large part of the population
expected.
is very low and the variety limited. Although food
Finally, imports of capital goods and construc- consumption has increased on the whole more than
tion materials in the postwar period have permitted food production during the war and postwar years
the acceleration of government developmental pro- (as a result of a decrease in food exports and a small
grams as well as private investment. This has in- increase in food imports), the expansion of the
creased demand for the domestic goods and services domestic food supply has not kept pace with the
that complement imparts in the investment process.
2
Includes small amounts for European islands and possesComplementary domestic expenditures of this type sions.
TRADE BALANCES OF THE LATIN AMERICAN REPUBLICS
1 9 4 4 - 4 5 AND 1946-47
ANNUAL AVERAGES
|
MILLIONS OF
U. S. DOLLARS
MILLIONS OF
0. S. DOLLARS
FEDERAL RESERVE BULLETIN
LATIN AMERICA S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
INCREASE IN COST OF LIVING AND FOOD PRICES IN SELECTED
LATIN AMERICAN COUNTRIES, END OF 1945 TO END OF 1947
[Per cent]
Country
1
Argentina.
Bolivia . . . .
Brazil
Chile
Colombia
Costa Rica
.
. .
Dominican Republic
Guatemala
Mexico
Paraguay
Peru
Uruguay...
Venezuela...
United States. .
1
2
3
Cost of
living
39
34
46
60
36
22
18
11
32
43
64
24
3
35
29
Food
prices
2
49
50
32
59
36
25
28
21
37
47
86
40
46
Capital city only, except in United States.
End of 1947 divided by annual average for 1945.
Includes only food, coal, and soap.
rise in incomes. As may be seen from the accompanying table, food prices have been one of the chief
factors in the higher cost of living during the postwar period. The relatively more important role of
food expenditures in Latin America, as compared
with the United States, is illustrated by the fact that
before the war between 50 and 60 per cent of the
total expenditures of the average Latin American
worker's family was on food, as compared with
34 per cent in the United States.
The impact of food-price increases on consumption in Latin America is somewhat softened by the
fact that much of the food consumed is not purchased in the market. A large proportion of the
employed population is engaged in agriculture—
roughly two-thirds were estimated to be so employed in most of the countries before the war.
Lack of dependence on the market should not be
exaggerated, however, since a large part of the
agricultural population is engaged in producing
specialized crops for export, and thus relies on the
market for part of its food and most of its other
consumption goods. Furthermore, the "self-sufficient" portion of the total population has become
smaller as a result of the great movement into urban
areas during the war and postwar periods.
NOVEMBER
1948
Notwithstanding price advances, living conditions
are somewhat better than they were before the war.
According to estimates prepared by the Food and
Agriculture Organization, per capita food consumption in 16 Latin American republics increased from
approximately 2400 calories a day in 1935-39 to
2600 in 1946-47.3 Residential construction has assumed boom proportions in many of the republics
and housing conditions in general have improved;
for the most part, however, better housing has not
been provided for the mass of the workers.
The persistent upward movement in domestic
prices must have brought considerable hardship to
the many people who did not participate fully in
the growth of national income. Wage rates in many
nonmanufacturing industries have probably not
kept pace with the postwar rise in living costs. In
manufacturing industries, which employ a relatively small part of the working population, the
relationship between movements in living costs and
wage rates has not been consistent as between
countries. In some countries, such as Mexico, wage
rates in manufacturing appear to have lagged behind the cost of living. In other countries, such as
Argentina and Chile, they appear to have outpaced the cost of living, at least in so far as official
indexes adequately reflect the rise in the cost of
living. The incomes of landowners and commercial
interests have risen disproportionately, and this has
contributed to exceptionally heavy expenditures for
expensive homes and luxury imports. The speculative environment of inflation has encouraged the
use of capital resources for undertakings that yield
a high return quickly and has discouraged investment in undertakings that might have been of much
greater benefit to the economy at large. Dissatisfaction with the inequities produced by inflation has
been reflected in the unstable political situations that
have developed in some of these countries since
the war.
Domestic economic policies. Despite general recognition within Latin America of the danger presented to domestic economic and political stability
by the current inflation, government measures to
reduce or contain inflationary pressures have not
been consistently applied and have proved inadequate. In the early postwar period there was a
3
Weighted averages^ of estimates for individual countries.
Tn 1946-47 these estimates ranged from 1900 calories in
Ecuador to 3300 calories in Argentina.
1347
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
widely prevailing belief in Latin America that a
recession was about to occur in the United States
and that anti-deflationary rather than anti-inflationary policies would be required. This belief later
gave way to uncertainty. As a consequence, the
adoption of vigorous measures to meet the new
phase of inflation was hampered.
Fiscal policies. In 1946, government budgetary
deficits continued to increase in all the principal
Latin American countries except Mexico and Cuba.
In most of the countries the public was reluctant to
invest in government securities, and there was no
vigorous program to overcome this reluctance. As
a result, deficits were largely financed by borrowing from the banking system, especially the central
banks. Budget surpluses emerged in 1947 in such
major countries as Brazil and Chile, but they were
not general, despite substantial increases in revenues
from income taxes and customs charges. Furthermore, inasmuch as certain developmental and military expenditures are not always included in government budgets, the inflationary impact of fiscal
policy has been even greater than the budget deficit
would reveal. Existing data indicate, however, that
government expenditures of the major Latin American countries rose between 1945 and 1946 and,
with the exception of Brazil, also between 1946
and 1947. Military budgets have not declined from
their high wartime levels and in many important
countries they have risen during the postwar period.
Although income tax rates were increased and
coverage was greatly extended in many Latin
American countries during the war period, since
then there has been no concerted action to increase
tax rates. Nevertheless, owing to the wartime taxrate increases and the higher levels of national income, income tax revenues have been much larger
and of greater relative importance to total government revenues in the postwar than in the prewar
period. Customs revenues, which declined drastically during the war, have risen considerably
with the postwar increase in imports. Export
taxes might have been used to absorb some of the
increased income accruing to export industries in
the postwar period, but they have not generally
been increased; in some countries they have even
been reduced (or their counterparts in the form of
exchange premiums have been increased). In
Argentina, however, the export subsidies granted
1348
when agricultural prices were falling have been replaced by a tax on exports during the current boom.
But even in that country the tax, which operates
through government purchases from farmers at
prices much lower than the export price, was not
designed to be primarily an anti-inflationary measure. The proceeds of the tax were to be employed
in financing expenditures under Argentina's fiveyear development program initiated in 1947.
Credit policies. Commercial and central bank
credit expansion has generally oflset the depressive
impact on the domestic money supply of the balanceof-payments deficits which developed in many countries during 1946 and 1947. The money supply continued to increase in the postwar period in all of the
republics, except Mexico and Ecuador; in Mexico,
despite substantial balance-of-payments deficits, the
money supply was not greatly reduced. The effects
of the expanded money supply were further intensified in most of the countries by a reversal of the
wartime reduction in the turnover of bank deposits. By far the largest part of the borrowing
was nongovernmental, but net government borrowing from the banking system continued in most of
the countries.
The monetary authorities have generally endeavored to restrain the expansion of bank credit,
particularly in the field of speculative real estate
loans, but there is little evidence that their efforts
have been successful. Nevertheless, as real estate
and construction loans have become more speculative, banks have shown some tendency to shift
funds to meet the expanding credit requirements
of importers and other merchants.
Commercial banks in all countries except Nicaragua increased their loans and investments after
the war, and in Argentina, Chile, Colombia, Cuba,
and Venezuela the increases were especially large.
Central banks have also contributed to the expansion of bank credit by increasing their loans and
investments to the public, the government, and the
commercial banks. Credit expansion by the central
banks has been especially important in Chile, Argentina, and Colombia.
Direct controls. Some postwar efforts have been
made to arrest the continuing rise in the prices of
basic commodities by restoring wartime controls or
by imposing new controls. In most cases, however,
price controls have been less extensively employed
FEDERAL RESERVE BULLETIN
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
The structure of the balance of payments. In prethan during the war, and with even less avail.
Prohibitions or restrictions on exports of essential war years, Latin America's balance of payments
consumer goods have been used to increase do- normally showed a considerable surplus on trade
mestic supplies in Brazil and Mexico, and to some account and a deficit on nontrade account. This
extent in Ecuador and Peru. Government agencies structure remained essentially unchanged during the
in several countries (Argentina, Peru, Mexico, and war period, except that trade surpluses were of
Uruguay, for example) have mobilized stocks or unprecedented magnitude. During 1946, the first
subsidized high-priced basic food items. In a tew full calendar year of the postwar period, Latin
instances governments have made sales directly to America's trade surplus did not decline from the
consumers. Rationing of goods to consumers has high wartime level of approximately 1.0 billion
been attempted on a very restricted scale. Direct dollars. In fact, the area had a trade surplus of
controls to restrain price increases have met with 1.2 billion dollars in 1946. In 1947, however, the
little success. This is understandable in view of the trade surplus dropped sharply to 288 million dolfragmentary character of the controls adopted and lars, an amount which was insufficient to offset a
the absence of vigorous enforcement.
deficit of 461 million dollars on nontrade account.
As may be seen in the accompanying table, the
POSTWAR BALANCE-OF-PAYMENTS PROBLEMS
reduction in the over-all trade surplus in 1947 was
The extraordinarily high postwar volume of im- the result of the deficit of 1.0 billion dollars with
ports has made possible a higher standard of living the United States. It is estimated that Latin Amerand a greatly accelerated rate of capital formation ica incurred a further deficit of over 462 million
with this country during the
in Latin America. This level of imports has not dollars in its trade
4
been wholly sustained by current earnings of for- first half of 1948.
eign exchange, however, nor is it likely that it can FOREIGN TRADE OF LATIN AMERICA, BY GEOGRAPHIC AREAS,
be supported by prospective earnings. As a conse1946 AND 1947
quence, most of the Latin American republics are
[In billions of U. S. dollars]
currently confronting serious balance-of-payments
1947 1
1946
deficits. In the past, such deficits have generally
been associated with periods of recession and falling
ExExBalImArea
ImBalports ports ance ports ports ance
prices; now they are being encountered in the midst
to
to
from
from
of boom prosperity.
As was mentioned earlier in this article, a considerable part of Latin America's imports in 1946
and in the first half of 1947 went to restock inventories and to satisfy the backlog of deferred
demand for both consumer goods and capital goods.
It might have been expected that the bulk of these
requirements would have been filled by the end of
1947 and that the level of imports would be substantially lower from then on. But the sharp continued rise in national income has apparently cremated sufficient additional demand to offset most if
not all of the decline in inventory and backlog
requirements; as a result, balance-of-payments deficits have persisted. Although there is evidence that
some reduction in imports has occurred in recent
months in the countries having the most serious
trade deficits, the reduction seems to be more a
consequence of import and exchange controls than
«of weakened demand.
[NOVEMBER 1948
United States
Latin America (intercountry trade)..
United Kingdom....
Other countries in
European Recovery Program
All other countries. . .
Total
2.0
2.0
2.6
3.6
-1.0
0.6
0.5
0.6
0.2
+6.3*
0.6
0.9
0.7
0.3
2-0.1
0.8
0.7
0.3
0.3
+0.5
+0.4
1.0
0.9
0.6
0.5
+0.4
+0.4
4.6
3.4
+ 1.2
6.0
5.7
+0.3
+0.6
1
2
Partly estimated.
Discrepancy arising from different bases of evaluation and
different timing in the recording of trade.
Source.—Compiled from official statistics of the Latin American
republics. Surpluses are designated (+), deficits (—).
For some of the republics, the financing of postwar trade deficits with the United States has been
considerably facilitated by large trade surpluses
with other areas. As may be seen from the accompanying table, Latin America's trade surpluses with
such areas amounted to 2.6 billion dollars during
4
Derived from United States trade statistics, and thus not
fully comparable with the figures for 1946 and 1947, which
were compiled from official statistics of the Latin American
republics.
1349
LATIN AMERICA S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
the two-year period 1946-47. Of this amount, 0.9
billion dollars was with the United Kingdom and
another 0.9 billion dollars was with other countries
participating in the European Recovery Program.
These trade surpluses with areas other than
the United States were well in excess of necessary
net nontrade payments to such areas. Although restrictions on the dollar convertibility of balanceof-payments surpluses in sterling and other European currencies have to some extent handicapped
Latin America, dollar receipts from areas other
than the United States have been substantial. In
1946 and 1947, the United Kingdom alone made
dollar payments of roughly 600 million dollars.
About half of this amount went to the Caribbean
area for oil and sugar and the remainder went to
Argentina and other South American countries for
meat and cereals. Ability to support deficits with
the United States in the future will depend in large
part, therefore, on the continuance of balance-ofpayments surpluses with other areas, and on success
in converting a portion of such surpluses into
dollars.
Comparison of import and export prices. The
prices paid abroad by Latin America for its imports
have advanced rather sharply in the postwar period,
but the prices received for exports have risen much
more rapidly in most cases. Thus, the disappearance of Latin America's large trade surpluses cannot be attributed to adverse price movements.
In times of world prosperity or inflation it is to
be expected that the export prices received by Latin
America and other undiversified export economies
will rise more rapidly than the prices they pay for
imports. Their exports are largely foodstuffs and
raw materials, the prices of which ordinarily
advance more rapidly than do the prices of their
imports, which are largely highly fabricated articles.
The reverse process occurs in times of recession or
depression.
It should be pointed out that the advance of
import prices has considerably reduced the purchasing power of the large international reserves which
Latin America accumulated during the war years.
The reduction in purchasing power represents a
real loss only in so far as Latin America spends its
reserves during the present period of high prices,
but such spending has been very great. Thus, the
benefits derived from the more rapid rise in export
prices in the postwar period has been partly can1350
celed by the lower purchasing power of the reserves which have been spent. This is one of the
costly consequences of having an unfavorable balance of payments in a period of high prices.
The decline in official reserves. Largely as a result of the trade deficits with the United States,
the official gold and foreign exchange assets of
Latin America have fallen from the 1946
peak of 4 billion dollars to a level of 3 billion
dollars at the middle of 1948. The loss of reserves
has not been distributed uniformly among the
countries; in fact, eight of the republics increased
their gold and foreign exchange holdings between
the end of 1946 and the middle of 1948.5
As would be expected, the decline in gold and
dollar reserves began earlier and has been relatively
much greater than the decline in holdings of other
currencies. The official gold and dollar reserves of
Latin America declined from the peak of 3.2 billion
dollars reached at the end of 1945 to 3 billion
dollars at the end of 1946, and then dropped off
sharply to 2 billion dollars at the end of 1947..
As a result of the surpluses of a few countries
and a reduction in the rate of loss of many of the
countries, the net decline was negligible during
the first half of 1948. Nevertheless, the drain
continued to be serious for several of the republics,
notably Argentina and Mexico.
For the postwar period as a whole, the loss of
gold and dollar reserves has been especially large
for Argentina, Mexico, Chile, and Colombia.
Only Cuba, Venezuela, and Bolivia had larger
gold and dollar reserves at the end of June
1948 than at the end of December 1945. In addition to reducing their reserves, Mexico and Chile
together drew 31 million dollars from the International Monetary Fund in the second half of 1947.
Mexico also drew 20 million from the United States
Stabilization Fund during the final quarter of last
year and another 17 million during the first five
months of 1948.
Liquidation of British investments. Although
Latin America obtained substantial quantities of
dollars from the United Kingdom on current transactions in 1946 and 1947, the bulk of the large
wartime accumulations of sterling has not been convertible into dollars. Partly for this reason, the
Latin American countries with the largest sterling
5
Cuba, Venezuela, Honduras, Guatemala, El Salvador, theDominican Republic, Nicaragua, and Costa Rica.
FEDERAL RESERVE BULLETIN:
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
holdings—Argentina, Brazil, and Uruguay—have
been employing their sterling resources to repatriate British investments in their countries. Argentina has purchased British railway properties in
that country for 150 million pounds sterling
(roughly 600 million dollars) and has also liquidated most of the 56 million pounds sterling of
public debt that was outstanding at the end of
1942.6 Brazil has reached an agreement with the
United Kingdom permitting use of its sterling
holdings, which are estimated at 50 million pounds,
for the purchase of British-owned railways and
utility companies in Brazil and for liquidation of
part of its sterling public debt of approximately
73 million pounds. Uruguay has been authorized
to make similar use of its sterling holdings of 17
million pounds and has already used half of this
amount for purchase of railway and tramway
properties. It is estimated that British long-term
investments in Latin America as a whole have been
reduced from 4.5 billion to 2.6 billion dollars since
1939.
Trade and financial agreements with continental
Europe. Unlike the United Kingdom, the continental European countries did not have suitable
Latin American investments to liquidate. Latin
America financed a substantial part of the 1946-47
trade deficit of these countries (0.9 billion dollars)
by extending credit under bilateral trade and financial agreements. Argentina, Uruguay, and Brazil
have been most active in concluding such agreements. Argentina alone negotiated agreements in
1946 and 1947 which provided the equivalent of
over 400 million dollars in credits to continental
Europe. It should be noted, however, that the
prices of the exports which Argentina has financed
by means of such agreements have in many instances been considerably above the prevailing
world prices. This not only inflated the size of
Europe's trade deficit but also exaggerated the
extent of the assistance received from Argentina.
European Recovery Program. The financing of
Europe's trade deficits with the Latin American republics through liquidating investments and borrowIt has purchased the operating properties of the United River
Plate Telephone Co., Ltd. (a subsidiary of the International
Telephone and Telegraph Corporation) for approximately 95
million dollars and has liquidated its dollar public debt of
135 million. In view of Argentina's current dollar shortage,
the liquidation of the dollar public debt may now appear to have
been premature.
NOVEMBER 1948
ing cannot continue indefinitely. In the first place,
the remaining volume of suitable investments is
limited; secondly, the growing need of most of the
Latin American republics for dollars increases their
reluctance to extend credit. Without the aid of the
European Recovery Program, it is unlikely that
Europe could continue to import from Latin America at the 1947 rate. With the program, Europe
should be able to maintain its 1947 level of imports
from the area and should be in a better position to
settle its trade deficits with Latin America through
transfers of dollars. The program has therefore
greatly improved the balance of payments and general economic prospects of Latin America.
During the second and third quarters of 1948,
total authorizations by the Economic Cooperation
Administration for purchases from Latin America
amounted to 116 million dollars. It is currently
estimated that ECA authorizations during the last
quarter of 1948 and the first quarter of 1949 will
be made at the much higher rate of about 100
million dollars a quarter. It should be emphasized, however, that the amount of dollars accruing to Latin America as a result of the European
Recovery Program is not adequately revealed by
the volume of authorizations alone, because the
program should make it possible for Europe to
spend more of its non-ECA dollar receipts on
Latin American products.
The estimates presented above do not provide
for any large ECA-financed purchases in Argentina. Whether Argentina will be a major recipient
of dollar expenditures by European countries will
depend in large measure on Argentine policy with
respect to the prices charged for its products and
the manner in which it administers its import and
exchange controls.
The role of foreign capital. Should Latin American
exports decline appreciably, foreign assistance in
financing the development programs of the republics will be necessary if there is to be any continuity
in their industrialization and diversification. Since
the total amount of potential foreign financial assistance is clearly not unlimited, intergovernmental and
international development loans should in general
be reserved until there is evidence that the recipient
country would not be able to finance essential capital requirements from its own resources.
The United States Government (through the
Export-Import Bank) and the International Bank
1351
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
In most of Latin America, the most pressing need
for Reconstruction and Development have extended
some financial assistance to Latin American coun- is for hydro-electric and transportation developtries since the end of the war. The Export-Import ment. These are projects in which private foreign
Bank granted credits amounting to 128 million capital is unlikely to make an important contribudollars to nine Latin American countries during tion, either because the nature of the project does
the period January 1, 1946 to June 30, 1948. The not lend itself to equity investment or because the
International Bank entered into loan commitments governments concerned are reluctant to permit
of 16 million dollars with Chile in the first quarter foreign investors to have an active voice in the
of 1948 for hydro-electric projects and for the pur- management of such ventures. As Latin America
chase of agricultural machinery.
acquires better transportation facilities and lowerMany of the Latin American republics believe cost power, the opportunities for fruitful foreign
that much greater assistance is required. So far, investment in industry and commerce should
however, it appears that they have had sufficient broaden considerably. Whether private foreign
resources to finance a high rate of capital forma- capital will enter in volume will, of course, depend
tion. Nevertheless, unless measures to restrict greatly on the extent to which it is assured freenonessential imports are vigorously applied, most dom from discriminatory treatment and unreasonof the countries may soon be without sufficient able exchange controls.
international means of payment to sustain their
Measures to halt loss of reserves. Alarm over the
present rate of economic development.
rapid rate of depletion of gold and dollar reserves
The present and future role of private foreign has led to the imposition of numerous exchange and
capital in Latin America is difficult to appraise. import control measures in Latin America. AlNew private foreign investment is now limited though most of the countries carried over into the
almost exclusively to direct investment, and will war period many of the controls which they had
probably continue to be so limited. In 1947, for adopted in earlier periods of exchange shortages,
example, the net increase in private American wartime conditions did not require the strict applidirect investment in Latin America amounted to cation of these controls. Their principal function
408 million dollars. Portfolio investments, on the in most cases was reduced to that of scrutinizing
other hand, decreased by 61 million dollars in the foreign exchange transactions, and this scrutiny did
same year. The bulk of the direct investment— not greatly affect the volume or character of the
263 million dollars—was in the petroleum indus- transactions. During 1946, however, the outflow of
try.7 Another 16 million dollars was in mining reserves in some countries became so heavy that
enterprises. Thus nearly 70 per cent of the total the monetary authorities began to tighten and redirect investment was in extractive industries. impose controls. Controls have since been adopted
While this type of investment undoubtedly brings more generally and made more stringent.
many benefits to the countries involved, it makes
Adequacy of existing exchange rates. With the
only a limited contribution to the greater indus- exception of Mexico, no Latin American country
trialization and diversification of their economies. has attempted to bring its balance of payments
Private foreign capital investment in manufac- into equilibrium by reducing the par value of its
turing and distribution in Latin America has played currency. Despite the considerable rise in domestic
a useful role, and will undoubtedly continue to do prices and costs during the war and postwar periods,
so. Compared with total foreign capital investments existing exchange rates for most Latin American
in the area, however, investment of this sort has not currencies do not appear to be interfering with a
been large. In 1947, for example—a year in which high level of exports. Moreover, few of the counnew American investment in Latin America was tries could count on devaluation to produce larger
considered to be unusually high—net new Ameri- foreign exchange receipts over the next year or
can investment in manufacturing was only 51 mil*two; exporters would receive higher prices in terms
lion dollars, and in distribution only 32 million.
of local currency, but this would not in general
7
evoke an increase in production for export. On the
This includes 95 million dollars of ship sales by the United
States Maritime Commission to Panamanian-flag operators conother hand, existing exchange rates have permitted
trolled by American petroleum companies.
1352
FEDERAL RESERVE BULLETIN
LATIN AMERICA S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
far more imports than Latin America can support
from its current earnings of foreign exchange.
Measures to reduce imports. From the standpoint of short-run adjustment in the balance of
payments, curtailment of capital goods imports
would be very effective. It would not only reduce
such imports but, by eliminating complementary
domestic expenditures, would also reduce inflationary pressures and thus the demand for imported consumer goods. Adjusting the balance
of payments in this manner, however, would
retard capital development. This would involve a
sacrifice which the Latin American republics are
naturally loath to make. Accordingly, the import
control measures adopted in the postwar period
have been designed to discriminate against "luxury"
or "nonessential" imports, while maintaining the
flow of capital goods and essential consumer goods.
As long as demand for exports remains high, it
appears that balance-of-payments equilibrium could
be achieved in many of the countries by a drastic
curtailment of nonessential imports. Large reductions in development programs, or in the standard
of living of the populace, would not be required.
Mexico, Brazil, and Chile—three of the republics
with extensive plans for economic development—
could probably have eliminated nearly all of their
1947 deficit in this way.8 Argentina, which also
plans substantial industrialization during the next
few years, has had a different type of balance-ofpayments problem. Its principal problem has not
been one of excessive imports, but rather one of
limited ability of European customers to pay in
dollars.
Three types of selective measures, often used
in combination, have been adopted by Latin
American countries to restrict imports in the postwar period:
(1) Direct control over "nonessential" imports,
either by prohibiting them or making them subject
to a quota. Mexico, Chile, and Ecuador are among
the countries using this type of control.
(2) Restriction on purchases of exchange for importing goods declared to be nonessential. Argentina, Nicaragua, and Chile have adopted measures
of this kind.
(3) Measures designed to reduce the demand for
foreign exchange by raising the wholesale or retail
8
This statement is based on a study of the composition of
United States exports to the Latin American republics for
selected prewar, war, and postwar periods.
NOVEMBER
1948
cost of nonessential foreign products. These measures include upward revision of tariffs, multiple
exchange rates, and exchange taxes.
Tariffs have been revised upward by four countries—Mexico, Brazil, Chile, and Peru. Conserving foreign exchange resources has not been the sole
aim in every case, however; protecting domestic
industries, raising government revenues, and readjusting the incidence of import duties have been
important considerations.
There has been an increasing tendency in Latin
America to establish multiple selling rates of exchange and to restrict imports by transferring an
ever larger number of transactions to less favorable
exchange-rate categories. Of the 13 Latin American republics having exchange controls, all but
Honduras and Venezuela have multiple exchange
rates for imports. Foreign exchange is sold at a
lower rate for "essential" imports than for "semiessential" or "nonessential" imports. Thus, imports of the latter types are penalized by the higher
cost of exchange. In some of the countries, such
as Brazil and Ecuador, multiple rates are achieved
or made more extensive by imposing exchange
taxes on certain classes of imports.
The effectiveness of the various measures to curtail imports cannot yet be appraised fully. Largely
as a result of such controls, however, the level of
Latin American imports from the United States
in the first half of 1948 was about 268 million dollars, or 14 per cent, lower than in the corresponding period of last year. Moreover, the reduction
in "nonessential" imports from the United States
was marked in the case of many of the countries
which had had serious dollar deficits in the preceding periods, including Argentina, Mexico, and
Chile.
In the past, measures to restrict imports have
generally been adopted in periods of deflation or
depression. In these circumstances, the measures
supported national policy in that they helped to
sustain domestic incomes and prices. In the present Latin American environment, however, it
should be recognized that a curtailment of imports
of the magnitude necessary to prevent further loss
of international reserves might intensify the already
serious inflation. This tendency would of course
be weakened somewhat by the reverse operation of
the factors discussed on pages 1345-46.
1353
LATIN AMERICA S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS
Encouragement of exports. The Latin American
authorities have given much less attention to measures designed to increase the volume of exports
than they have to measures to reduce imports.
However, measures to stimulate exports have not
been entirely neglected. For example, Bolivia has
reduced export taxes on tin produced by small
mining companies as an inducement to continued
.production in the face of rising operating costs.
Uruguay, Peru, and several other countries have
increased their subsidization of certain minor or
secondary exports by making the foreign exchange
proceeds of these products eligible for higher exchange rates. In some instances the granting of
preferential rates appears to have been unnecessary
to promote exportation of the products concerned.
Regulation of capital. Twelve of the republics
have subjected outward remittances of capital, interest, and dividends to control. Such measures
tend to discourage the entry of foreign capital.
Much will depend, however, on the spirit in which
the controls are administered and on the general
economic and political conditions in each of the
countries concerned. In several cases capital controls have been accompanied by companion measures which give preferential treatment to new foreign capital if it enters under officially approved
circumstances. These measures may somewhat
reduce the reluctance of foreign investors to invest
in countries having capital controls.
UNITED STATES GOVERNMENT MANUAL
The United States Government Manual, an authoritative 722-page handbook describing the organization and functions of the legislative, executive,
and judicial branches of the Government, is now
issued annually by the Division of the Federal
1354
Register, the National Archives. Copies may be
obtained at a cost of $1.00 each from the Superintendent of Documents, United States Government
Printing Office, Washington 25, D. C.
FEDERAL RESERVE BULLETIN
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1948 *
At midyear, the majority of American consumers expected the continuation of good times in the
immediate future. This optimism was reflected
in stated intentions to buy consumer durable goods
at a continued high rate notwithstanding increased
prices. Their plans were backed, in many cases,
by larger incomes and the ability to make relatively large expenditures for durable goods. Not
quite as many consumers shared this optimism in
July as at the beginning of the year, however, and
the number who felt that they were not as well
off financially as they had been a year earlier had
increased somewhat.
This, in brief, characterizes the findings of a
survey of consumer attitudes and expectations conducted during July 1948 by the Survey Research
Center of the University of Michigan. Sampling
and interviewing methods of the recent survey
were similar to those used in the annual Survey of
Consumer Finances, but the interview sample was
only about half as large.2 The 1,655 spending
units interviewed may be considered, however, as
representative of all American consumers living in
private households.3
Most of the questions in the July survey were
directed toward determining consumer opinion on
general economic conditions, on price expectations,
1
This article summarizes the results of a special surveyconducted in July 1948 by the Survey Research Center of the
University of Michigan. While this survey was not made for
the Board of Governors, the information is comparable to that
obtained in the annual Surveys of Consumer Finances. This
article was prepared by Clarke L. Fauver of the Board's
Division of Research and Statistics on the basis of the data
made available to the Board by the Survey Research Center.
From the Survey Research Center, University of Michigan,
Rensis Likert, Director, and Angus Campbell, Assistant
Director, were in general charge of the special survey. Responsibility for its planning, for the interviewing, and for tabulating and analyzing the results was carried by George Katona
in collaboration with Robert L. Kahn.
2
The Survey of Consumer Finances, sponsored by the Board,
has been conducted for three successive years. The first annual
survey was made early in 1946 by the Division of Program
Surveys, Bureau of Agricultural Economics, U. S. Department
of Agriculture. The Survey Research Center staff currently in
charge of the survey work was associated with the Division
of Program Surveys at the time of the first study. Results of
that survey were reported in the June, July, and August 1946
issues of the BULLETIN, under the general title "National Survey of Liquid Assets." The second survey was made for the
Board of Governors early in 1947 by the Survey Research
Center and the results were reported in the June, July, and
August 1947 issues of the BULLETIN. The third survey was
made early in 1948 and the results were published in the June,
July, August, and September 1948 issues of the BULLETIN.
3
The consumer spending unit is defined as all persons living
in the same dwelling and related by blood, marriage, or adoption
who pooled their incomes for their major items of expense.
NOVEMBER
1948
and on buying intentions. The report did not
cover many phases of consumer finances included
in the annual study, such as the distribution of
income and liquid assets and the analysis of saving and dissaving patterns. Nevertheless, the results are useful in understanding the atmosphere
in which business will operate, at least at the
retail level, during the remainder of 1948 and
early 1949.
As emphasized previously in connection with
the series of articles on the Consumer Finances
Survey, these studies represent a relatively new
development in the field of economic research.
Considerable experience derived from the analysis
and interpretation of results of a number of surveys
repeated under varying conditions is needed before
this type of research can be of maximum value.
It should also be noted that sample interview surveys yield information concerning the order of
magnitude of data and that they are not expected
to produce exact values.4
HIGHLIGHTS OF THE INTERIM SURVEY
1. In July 1948, two of every five spending units
reported they were making more money than they
had made a year earlier; two indicated no change;
and the remaining unit reported smaller earnings.
This was similar to the distribution obtained in
the January-February interviews.
2. Despite the higher incomes received by many
of the respondents, the feeling that people were not
quite as well of! financially as they had been was
slightly more widespread than in July 1947. About
40 per cent of the spending units felt that their
financial position had deteriorated over the past
year, whereas only 25 per cent felt that their situation had improved.
3. Spending units who were optimistic about the
general economic outlook for the coming months
constituted a smaller proportion of all spending
units in July 1948 than they did in the earlier
surveys. Since the survey early in 1947, the proportion has gradually declined from 55 per cent to
41 per cent.
4
A full description of the methods of sampling and interviewing used in the Surveys of Consumer Finances is presented
in the Federal Reserve BULLETIN, June 1948, pp. 643-46.
1355
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS
4. Two of every three consumer spending units
believed that prices would at least remain at their
present levels, or possibly go higher during the
next year. Only about one in six saw definite
prospects of price declines.
5. The demand for consumer durable goods
showed little sign of abatement. Between the beginning of 1948 and July, there were no significant
changes in the proportion of spending units which
contemplated buying furniture, refrigerators, and
other household appliances. In the case of automobiles, there was a slight increase in the number
who said they would, or would probably, buy
during the coming year.
FINANCIAL POSITION OF CONSUMERS
The general effect of the upward spiral of wages
and salaries during the postwar period is reflected in the finding that about 40 per cent of
the spending units interviewed in July reported
that they were making more money than a year
ago. On the other hand, as is shown in Table 1,
roughly 34 per cent of the units said their incomes
were about the same as a year earlier, and more
than 20 per cent pointed to actual declines in income during this period.
TABLE 1
CHANGES IN INCOMES AND FINANCIAL POSITIONS OF
CONSUMERS
[Percentage distribution of all spending units]
Time of survey
Item
Own income *
Making more now than a year ago.
Making about the same
Making less now than a year ago. .
Don't know: not ascertained
All cases
Financial situation 3
Better off now than a year ago
Same.
Worse off now than a year ago
Uncertain
Not ascertained
All cases
July Earlv July Early Early
1948 1948 1947 1947 1946
41
34
22
3
43
33
21
3
36
34
27
3
100
100
100
100
100
25
30
42
1
29
28
39
2
26
31
41
1
31
30
34
2
20
42
31
2
i
2
2
1
3
5
100
100
100
100
100
1
The question was: "Are you making as much money now as a
year
ago, more, or less?"
2
Data not available.
3
The question was: "Would you say you people are better or
worse off financially now than you were a year ago?"
reports of income decreases were most frequent
among business men and unskilled workers. By
way of comparison, the annual survey at the beginning of this year showed that professional
people and skilled workers generally experienced
the most frequent increases in annual income during 1946 and 1947. Decreases in income, on the
other hand, were fairly evenly distributed among
the various occupational groups with business men
having the largest percentage of those reporting
income decreases.
Although the figures do not permit definite conclusions on the matter, it appears that there is a
growing feeling among consumers that their financial situation is not as good as it was some months
ago. There were somewhat fewer reports of being
better off, and more frequently reports of being
worse off, in the July survey than in the survey
at the beginning of the year.
It becomes increasingly clear from the successive
surveys that consumers do not measure the adequacy of their financial position in terms of higher
incomes alone. The number of spending units who
thought their particular situation had deteriorated
in the past year was much larger than the number
who reported declines in income. At the same time,
the number who believed they were better off was
much smaller than the number who had increases
in income. Among those whose income did not
increase, there were few who thought they were
better off, but many persons with the same amount
of income or even with higher incomes complained
that they were worse off.
In explaining this situation, most people pointed
to price increases. It was found again that a substantial proportion of American consumers were
not only aware of the price increases but discussed
their financial situation in terms of the purchasing
power of their incomes. In replying to the question, "Would you say that you people are better
off or worse off financially now than you were a
year ago," 41 per cent of the spending units in
July 1948 referred to difficulties caused by price
increases, against 33 per cent who did so at the
beginning of this year.
THE ECONOMIC OUTLOOK OF CONSUMERS
As indicated earlier, the average American conDuring the period from July 1947 to July 1948, sumer was optimistic about general business conreports of income increases were most frequent ditions during the coming months. It is signifiamong skilled workers and white-collar workers; cant, however, that the proportion of those inter1356
FEDERAL RESERVE
BULLETIN
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS
viewed who felt that good times were ahead has
decreased steadily from the high point reported
early in 1947. At that time, as is shown in Table 2,
TABLE
CONSUMER
EXPECTATIONS
2
CONCERNING
INCOMES
AND
THE
G E N E R A L ECONOMIC OUTLOOK
comes would be about the same, and more than
one-fifth indicated an uncertainty about future
prospects.
People's expectations concerning the movement
of prices have varied considerably during the past
few years, as is shown in Table 3. There have
[Percentage distribution of all spending units]
TABLE
Time of survey
Expectations
[Percentage distribution of all spending units]
July Early July Early Early
1948 1948 1947 1947 1946
All cases
...
General economic outlook 3
Good times ahead
Uncertain, no change
Bad times ahead .
Not ascertained
All cases
26
42
27
38
23
49
23
42
(*)
8
22
10
23
8
18
14
19
(2)
2
2
2
(2)
100
100
100
100
100
41
26
30
47
19
26
50
13
34
55
21
22
3
8
3
2
35
23
369
6
100
100
100
100
100
2
!The question was: "How about a year from now—would you
say that you will be making more money or less money than you
are now, or will you be making the same?" In early 1947 and
early
1948 the question was asked of nonfarm spending units only.
2
Data not available.
3
The question was: "Now considering the country as a whole,
do you think we will have good times or bad times or what during
the next 12 months or so?"
55 per cent of the consumer units thought that
the next 12 months would be a period of high income, employment, and production. Six months
later, the proportion had dropped to 50 per cent,
and at the beginning of 1948 to 47 per cent. In
July of this year, 41 per cent were still of this conviction, but there were also 30 per cent who believed
things were beginning to move in the opposite
direction.
Opinion on economic conditions seemed to vary
in relation to the amount of income received—the
higher the income, the more frequent the belief
that good times were ahead. Three of every five
spending units with incomes of $5,000 or more
held this opinion when the July interviews were
conducted. Conversely, the lower the income the
more frequent was uncertainty or pessimism about
the future.
The number of spending units who expected
higher incomes a year from the date of the survey
was substantially greater in July 1948 than the
number who expected to receive less than their
present earnings. Two of every five felt their inNOVEMBER
1948
Time of survey
Price expectations *
x
Own income
Income will be larger a year from
now
Income will be about the s a m e . . . .
Income will be smaller a year from
now .
.
.
....
Uncertain, it depends
Not ascertained
3
CONSUMER EXPECTATIONS CONCERNING PRICES
Prices will go up
Prices will remain the
same
Prices will go down
Conditional answers
Not ascertained
All cases
14- Jan. July Early Early
July Feb.
5
1948 Mar.
1948 1948 1947 1947 1946
42
15
50
32
13
53
25
15
16
2
29
39
15
2
22
16
10
2
29
29
9
1
22
46
17
2
21
8
13
5
100
100
100
100
100
100
l
The question was: "What do you think will happen to the
prices ot
the things
things you
you buy
buy between
between now
prices
of the
now and
and aa year
year from
from now—
now—
do you think they will go up, or down, or stay where they are
now?"
been times, for instance at the beginning of 1946
and 1948, when the majority of spending units expected prices to go up. At other times, as at the
beginning of 1947 and the end of February 1948,
the consensus seemed to be that prices would go
down. When the latest reactions were determined
in July 1948, relatively few people expected that
the next 12 months would bring lower prices, and
about two of every £LVC thought that prices would
advance further.
Opinion on price movements appears to be influenced largely by market developments just prior
to the making of the survey. For instance, after
the price break in agricultural commodities in February of this year, many people changed their
opinions and anticipated price declines because, as
many of them said, "Prices have already started to
go down." During the recent survey, the most
frequent comments made by those looking for still
higher prices consisted of statements such as "Prices
went up recently" or "Wages went up recently."
There was a time, at the beginning of 1947, when
the expectation of prosperous economic conditions
was associated with the expectation of price declines, and the expectation of bad times with that
of price increases. In July 1948, however, there
was no clear-cut relationship between the two kinds
of expectations. About the same proportion of
1357
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS
those who expected prices to go up and of those
who expected the opposite trend thought that the
general economic outlook was good.
Likewise, no apparent connection was made between anticipated price and income changes. Even
among those who thought that prices would go
down, more believed that their incomes would increase than believed they would decrease. Finally,
price expectations did not appear to be related to
the size of income received. High and low income
groups did not differ greatly in their price expectations in July 1948, as they did with respect
to the general economic outlook.
CONSUMER BUYING CONTINUES STRONG
The interim survey, although limited in scope,
provided an up-to-date report on the buying plans
of American consumers during the next 12 months.5
As yet there is no evidence that there has been any
relaxation in the demand for durable goods. In
five consecutive surveys extending over the past
two and one-half years, no significant differences
have been found in the proportion of consumer
units who planned to buy automobiles in the
succeeding year. With respect to furniture, reTABLE
4
CONSUMER INTENTIONS TO BUY AUTOMOBILES AND O T H E R
SELECTED DURABLE GOODS D U R I N G FOLLOWING 12 MONTHS
[Percentage distribution of all spending units]
Time of survey
Type of purchase
July Early July Early Early
1948 1948 1947 1947 1946
Automobiles:
Will buy
Will probably buy
Undecided
Will not buy
Not ascertained
All cases
7
4
5
84
8
3
2
84
3
0)
100
100
100
100
Other selected durable goods:
Will buy
Will probably buy
Undecided
Will not buy
Not ascertained
All cases
1
100
22
6
5
63
4
100
100
100
100
Less than one-half of 1 per cent.
5
Consumer intentions to buy durable goods during the latter
half of this year and the first part of 1949 may have changed
somewhat since July 1948 as a result of the reinstatement of
Regulation W. Higher down-payment requirements and tighter
maturity limits for instalment contracts, according to trade
reports, have already cut into the current demand for used
automobiles, television sets, and the higher priced console-type
radio combinations. Results of the July survey do not reflect
these developments.
1358
frigerators, and other household appliances, the
same findings have been obtained in four consecutive surveys extending over the past 18 months.
Comparative figures are given in Table 4.
Consumer demand for automobiles appeared from
the survey to be slightly larger in July 1948 than
it had been at the beginning of this year, as indicated by those who said they would, or would
probably, buy a car within the next 12 months.
The increase occurred in the planned purchases of
both used and new cars; its size is so small, however, relative to the size of the sample and the
sampling errors involved, that it cannot be considered significant. The major conclusion to be
drawn from the findings is that demand for automobiles did not decline during the first half of 1948.
Prospective buyers of automobiles appeared to
be aware of the fact that car prices were higher
than at the beginning of the year, but this did not
have a dampening effect on their buying plans.
The prices that people expected to pay for their
cars were closely in line with prices prevailing during recent months. Most of those who planned to
buy used cars some time in the next 12 months did
not own a car at the time of the survey. Among
those who planned to buy new cars, more than
three of every four already owned a car and in onefourth of the cases it was a postwar model.
For other selected durable goods, the plans expressed in July were similar to those expressed
early this year. According to both surveys, about
the same proportion of spending units intended to
purchase specific commodities. It appears that demand for refrigerators, washing machines, and
furniture remained unchanged, while the demand
for radio sets declined somewhat during the first
half of the year.
In addition to future buying plans, information
was collected on actual purchases of consumer durable goods during the first half of this year. Approximately one of every 10 spending units reported having bought either a new or a used
automobile during this period and nearly one of
every four units reported the purchase of some
other selected durable good.
The number of automobile purchasers during the
first six months of 1948 exceeded one-half the number of those who reported buying cars in 1947.
This may be explained in part by the slight increase in car production and in part by the fact
that there is usually a seasonal stimulus to usedFEDERAL RESERVE BULLETIN
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS
car sales during the spring and early summer
months. The median purchase price for the new
cars bought in 1948 was only slightly higher than
that reported for cars bought last year. For those
who bought used cars, however, the median price
was $100 above the 1947 figure.
Results of the interim survey added further confirmation of the fact that since 1946 more and more
consumers have been relying on instalment contracts to finance their current purchases of durable
goods. Nearly 40 per cent of the car sales during
the first six months of 1948 involved the use of
instalment credit, as compared to 34 per cent last
year and only 21 per cent in 1946. According to
indications obtained in July 1948, prospective buyers of automobiles planned to make still greater
use of credit than did those who actually bought a
car during the first half of the year.
The interim survey indicates that the volume of
sales of consumer durable goods other than automobiles from January through June of this year was
about equal on an annual basis to the 1947 rate.
From a comparison of actual purchases of selected
items during the first six months of 1947 and 1948,
it appears that sales of washing machines and re-
NOVEMBER
1948
frigerators have increased slightly; that the same
number of spending units has bought radios; and
that purchases of furniture have been somewhat
less frequent.
Technical note: In evaluating the data presented
in this article, it must be emphasized that findings
obtained in sample surveys are subject to sampling
and reporting errors. It follows that not all differences in measurements made in consecutive surveys are significant. Differences are not significant, and do not indicate changes in the magnitude
of the variables, if they are within the limits of
sampling errors. Sampling errors differ for different values but in general the following rule applies:
The difference between data from the July 1948
Survey and the 1948 Survey of Consumer Finances
must be four percentage points or larger to be
statistically significant, provided the magnitudes
compared are between 20 and 80 per cent. If magnitudes under 20 or over 80 are compared, differences of two or three percentage points are significant. Reporting errors are not considered in
the calculation of significant differences; no
measures are available for them but their direction
is probably the same in consecutive surveys.
1359
MEMBER BANK EARNINGS, FIRST HALF OF 1948
Net current earnings before income taxes of all
member banks—that is, gross current operating
earnings less gross current operating expenses, before adjustments for losses, recoveries, and transfers
to and from valuation reserve accounts, and before
taxes on net income—aggregated 513 million dollars
for the first half of 1948. This was 53 million or
12 per cent higher than in the corresponding period
of 1947 and 44 million higher than in the second
half of that year.1 On an annual basis net current
earnings before income taxes were 12.0 per cent of
total capital accounts, as compared with 11.2 per
cent for both the first half of 1947 and for the full
year 1947.
* Normal differences in some items do not invalidate comparisons of earnings in the first half of a year with those in the
second half, but they are sufficiently important to warrant care
in interpreting the results for any first half. For example,
bonuses paid to officers and employees and losses and charge-offs
are usually reported in larger volume in the second half of a
year than in the first.
Despite higher net current earnings before income
taxes, reported net profits of all member banks, 292
million dollars for the first half of 1948, were lower
by 58 million than for the corresponding period of
1947. The major factor contributing to this decline
in net profits was the amount charged to income
for the purpose of providing reserves for bad debts;
such charges are permitted under a recent ruling
of the Bureau of Internal Revenue.
Details of earnings, expenses, etc., in the first half
of 1947 and 1948 are shown on page 1428 of this
BULLETIN.
Earnings. As is shown in the accompanying table,
total current earnings of all member banks amounted
to 1,379 million dollars in the first half of 1948, 129
million and 51 million more than in thefirstand
second halves, respectively, of 1947.
The main feature of the current earnings pattern
in the postwar period—that is, successive semi-
M E M B E R BANK EARNINGS
[Amounts in millions of dollars]
1944
item
Earnings
On U. S. Government securities
On other securities
On loans
Service charges on deposit accounts
Other earnings
First
half
)
/
1945
Second
half
901
453
276
43
129
973
507
Expenses
Salaries and wages
Interest on time deposits
Taxes other than on net income
Other expenses
547
253
68
40
185
287
43
136
580
272
76
43
190
Net current earnings before income t a x e s . . .
355
392
Recoveries, profits on securities, etc. 1
Transfers from reserve accounts on loans and
securities
Losses and charge-offs 2
Transfers to reserve accounts on loans and
securities
Profits before income taxes
Taxes on net income
Net profits
Cash dividends declared
3
Number of banks at end of period
1
2
3
First
half
1947
1946
Second
half
First
half
Second
half
First
half
Second
half
First
half
508
73
425
53
170
1,250
465
73
487
57
168
1,328
456
76
557
62
177
1,379
436
78
620
69
176
694
325
103
40
226
775
374
109
42
249
790
375
117
43
255
860
422
119
45
274
866
414
125
44
283
482
452
460
469
513
216
140
117
115
1,016
547
284
44
141
1,086
589
304
43
150
1,175
/546
\ 75
601
272
87
41
201
667
308
96
42
221
415
420
348
47
159
1,228
107
214
20
74
101
116
129
110
137
85
166
147
403
90
314
430
94
335
529
138
391
530
132
398
588
159
429
455
126
329
492
142
350
418
115
303
108
118
116
130
124
143
132
149
6,773
6,814
6,840
6,884
6,887
6,900
6,928
6,923
419
127
292
140
6,925
Not including recoveries credited to reserve accounts.
Not including losses charged to reserve accounts.
Includes interest on capital notes and debentures.
1360
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, FIRST HALF OF 194S
annual declines in earnings on United States Government securities which are more than offset by
increases in earnings on loans—continued into the
first half of 1948. Earnings on Government securities were 436 million dollars for the first half of
this year, 29 and 20 million lower than for the first
and second halves, respectively, of 1947. Earnings
on loans aggregated 620 million dollars, 133 and 63
million higher than in the semiannual periods of
last year.
Decreases in earnings on Government securities
have accompanied declines in aggregate bank holdings of these assets, offset somewhat by rising yields
on short-term Government obligations. The average
annual yield to all member banks from their total
(short- and long-term) Government security holdings was 1.56 per cent in the first half of this year,
as compared with 1.52 per cent for the first half of
1947 and 1.56 per cent for the second half of that
year.
Increases in holdings of loans, combined with
some increase in interest rates and a tendency on
the part of banks to hold larger proportions of their
loan portfolios in the higher-yielding consumer and
real estate categories, have resulted in steadily increasing earnings on loans since the end of the war.
Total loans of member banks aggregated 26.7 billion
dollars at the end of 1946, 32.6 billion a year later,
and 33.9 billion on June 30, 1948. The average
yield on member bank loan holdings was 3.7 per
cent for the first half of 1948, as compared with
3.5 per cent for the corresponding period of last year.
Member bank earnings from securities other than
those of the United States Government were 78
million dollars in the first half of 1948, 5 million
more than in the first half of 1947. Service charges
on deposit accounts were 12 million dollars higher
than in the first half of last year and amounted to
69 million.
Expenses. Current expenses of all member banks
continued to grow and aggregated 866 million dollars for the first half of 1948, 76 million more than
in the first half of 1947 but only 6 million more
than in the second half of last year. Salaries and
wages, the largest single item of expense and one
that has shown successive semiannual increases since
1945, were 8 million dollars lower than in the
second half of 1947. Although they were considerably higher than in the first half of 1947, the percentage of increase was smaller than that which
NOVEMBER
1948
occurred from 1946 to 1947. Growth in the number
of officers and employees, which has been in process
since 1938, continued. The number in June 1948
was 9,000 larger than six months earlier.
Interest paid on time deposits—125 million dollars—was higher by 8 and 6 million, respectively,
than in the first and second halves of 1947. The
increase reflects continued expansion of time and
savings deposits and an increase in the average rate
of interest paid. For the first half of 1948 the
average rate paid was 0.87 per cent, as compared
with rates of 0.84 per cent for the first half of 1947
and 0.85 per cent for the year.
Net profits, dividends, and income taxes. Beginning
with the last half of 1947, reported bank profits are
affected considerably by the fact that, under the
December 8, 1947 ruling of the Commissioner of
Internal Revenue, banks are permitted to accumulate limited amounts of tax-free reserves for bad-debt
losses on loans. Prior to the issuance of this ruling
many banks had followed the practice of providing
for such losses by accumulation of valuation reserves out of taxable income, or by earmarking
portions of net profits after taxes and cash dividends.
The setting up of reserves for bad debts under the
recent ruling has had the effect of increasing considerably the aggregate amounts charged to income
in order to build up valuation reserves, thus decreasing reported net profits.
As a result, and despite increases in net current
earnings, reported net profits of 292 million dollars
in the first half of 1948 were 58 million, or 17 per
cent, lower than in the corresponding period of
1947 and 11 million lower than in the second half
of that year. On an annual basis net profits were
6.8 per cent of total capital accounts, as compared
with 8.5 per cent for the first half of 1947 and 7.9
per cent for 1947 as a whole.
Over 50 per cent of net profits in the first half of
1948 was retained by member banks to improve
their capital positions, while the remainder, amounting to 140 million dollars, was distributed as cash
dividends. Both the amount and proportion of net
profits retained in the first half of 1948 were approximately the same as in the second half of last
year; in the first half of 1947, when net profits were
higher, a larger proportion and a larger dollar
amount of net profits were retained.
Taxes paid or accrued on net income were 127
million dollars, 15 million less than in the first half
1361
MEMBER BANK EARNINGS, FIRST HALF OF 1948
of 1947 and 12 million more than in the second half.
Losses, recoveries, and valuation reserves. Losses,
charge-offs, and transfers to valuation reserve accounts during the first six months of 1948 exceeded
recoveries, transfers from valuation reserve accounts,
and profits on securities, etc., by 94 million dollars.
In the second half of 1947 the corresponding net
charges were 51 million dollars, while in the first
half of 1947 net recoveries, transfers from reserve
accounts, and profits were 32 million.
For the first time it is possible to segregate losses
and charge-offs from transfers to reserve accounts
(provisions for losses), and likewise to segregate
recoveries from transfers from reserve accounts, for
those banks that have established reserves for bad
debts or other valuation reserve accounts. By June
30, 1948, almost 60 per cent of the 6,925 member
banks had established such accounts.
Although the volume of transfers to or from reserve accounts was not reported separately heretofore, some indication of the effect on net profits of
these transfers is given in the following table, which
compares recoveries, losses, etc., in the first half of
1948 with the corresponding period last year, when
increases in valuation reserves are estimated to have
been relatively small.
First half
1948
Item
1947
(In millions
of dollars)
Net current earnings before income taxes
513
460
Recoveries
and profits
On securities:
Recoveries . .
Profits
On loans
All other . . .
117
117
22
32
25
38
23
54
23
17
96
44
32
20
85
37
25
23
Net additions to valuation reserve accounts
On securities
On loans
116
17
99
(9
V)
(0
Profits before income taxes
419
492
...
Losses and charge-offs
On securities
On loans
All other
...
*Not reported separately; any transfers to these reserves were
included with losses, and any transfers from such reserves were
included with recoveries. Such amounts are estimated to have
been relatively small.
The 1948 figures in the above table differ from
those in other tables for this period as shown in
this BULLETIN in the following respects: (1) In
this table all losses on loans are combined in one
1362
figure irrespective of the accounting practice of the
reporting banks—that is, whether they are on an
actual charge-off and recovery basis, or have
adopted the valuation reserve basis. Similarly, all
recoveries on loans, including recoveries credited to
valuation reserve accounts, have been combined in
a single amount. All losses and recoveries on securities have been treated in like manner—whether
charged or credited by the reporting banks directly
to the undivided profits account or to a valuation
reserve account. (2) Transfers to and from valuation reserve accounts are on a net basis, thus eliminating the effect of transfers from old reserve accounts to the newly authorized reserves for bad
debts. Amounts actually deducted from reserve
accounts by some banks are also netted against the
amounts added to reserve accounts by other banks.
This is similar to the practice of netting profits and
losses of banks and obtaining one figure of a net
profit or a net loss.
Earnings by class of bank. The accompanying
table shows earnings by class of bank for the last
three semiannual periods. All classes of banks reported successive increases in total current earnings
for the three periods, the greatest dollar and relative
increase in the latest period being at country banks.
As indicated earlier, decreases in earnings on Government securities were more than offset by increases in earnings on loans at all classes of banks.
Current expenses of all classes of banks, except
central reserve city banks in New York, continued
to grow in the successive semiannual periods, as
they have done for some years. Current expenses
of central reserve city banks in New York were the
same for the first half of 1948 as for the second half
of 1947.
Increases in net current earnings before income
taxes in the first half of 1948 as compared with the
second half of 1947 were reported by all classes of
banks except central reserve city banks in Chicago,
where they remained unchanged.
The excess of losses, charge-offs, and transfers to
reserve accounts over recoveries, transfers from reserve accounts, and profits on securities, etc., was
larger for the first half of 1948 than for the second
half of 1947 at all classes of banks except central
reserve city banks in Chicago; here the excess was
about the same.
At central reserve city banks in New York and
Chicago, reported net profits (after all charges, inFEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, FIRST HALF OF 1948
eluding transfers to reserve accounts) were successively smaller in the three semiannual periods.
At reserve city and country banks net profits were
slightly higher in the first half of 1948 than in the
preceding semiannual period, but still considerably
smaller than net profits for the first half of 1947.
M E M B E R BANK EARNINGS BY CLASS OF BANK, FIRST AND SECOND HALVES OF 1947
AND FIRST H A L F OF
1948
[In millions of dollars]
Central reserve city banks
Earnings
Chicago
First Second First
half
half
half
1947 1947 1948
First Second First
half
half
half
1947 1947 1948
222
On U. S Government securities
On loans
.
.
Service charges on deposit accounts
Other earnings
Expenses
New York
...
. .
Salaries and wages
Interest on time deposits
Taxes other than on net income
Net current earnings before income taxes.
Recoveries profits on securities e t c 2
. ]
Transfers from reserve accounts on loans and [
89
12
68
5
47
229
88
13
76
6
46
80
12
85
7
48
55
23
4
18
1
9
58
60
22
5
22
1
9
466
161
25
197
21
62
501
514
158
26
227
23
66
149
25
249
25
65
507
192
32
203
30
50
542
23
4
20
1
9
188
33
233
32
55
572
185
35
264
35
54
233
34
16
5
2
11
36
17
5
2
12
38
18
5
2
13
304
143
47
18
96
327
159
48
18
102
332
158
50
19
105
317
139
62
18
99
357
163
63
20
112
358
159
65
19
114
87
89
95
r:
c:
21
22
22
162
173
182
190
184
215
42
36
21
27
95
28
85
19
Net profits
67
66
Cash dividends declared 5
39
. . .
First Second First
half
half
half
1947 1947 1948
139
79
4
5
51
32
Taxes o n n e tincome
First Second First
half
half
half
1947 1947 1948
139
83
4
5
48
12
Profits before income taxes
Country
banks ]
135
77
4
5
49
3
Losses and charge-offs
]
Transfers to reserve accounts on loans and }
Reserve
city banks l
41
10
8
6
9
81
27
25
6
21
3
54
19
18
40
7
7
1"
44
44
{38
(ll
1"
35
69
I159"
32
56
{30
153
21
6
171
48
148
45
149
44
200
60
164
47
169
51
15
123
103
105
141
116
117
55
53
37
46
40
i:
7
49
1
Figures for the first half of 1948 not entirely comparable with previous periods because of changes in the reserve classification of
cities and individual banks, resulting in a net transfer from reserve city to country banks amounting to less than 2 per cent in any item.
*1 Not including recoveries credited to reserve accounts.
Not including losses charged to reserve accounts.
<6 Less than $500,000.
Includes interest on capital notes and debentures.
CURRENT EVENTS AND ANNOUNCEMENTS
Appointment of Mr. Erickson as President of the
Federal Reserve Bank of Boston
Admissions of State Banks to Membership in the
Federal Reserve System
Mr. Joseph A. Erickson, formerly Executive Vice
President of the National Shawmut Bank of Boston,
was appointed President of the Federal Reserve
Bank of Boston effective on the date he assumes office in December. He succeeds Mr. Laurence F.
Whittemore who resigned to become President of
the New York, New Haven and Hartford Railroad Company.
The following State banks were admitted to
membership in the Federal Reserve System during
the period September 16, 1948 to October 15, 1948:
Georgia
Atlanta—Citizens Trust Company
Oklahoma
Waynoka—The Commercial Bank, Waynoka,
Oklahoma
~
Texas
Dallas—Empire State Bank of Dallas
NOVEMBER
1948
1363
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Amendment to Regulation W
The Board of Governors of the Federal Reserve
System has adopted an amendment to Regulation
W—Consumer Instalment Credit—which permits customer trials of appliances without prior
down payment under certain specified conditions.
The amendment, which became effective November 1, 1948, is designed to reduce certain technical
difficulties experienced by instalment dealers subject to the regulation, and is not intended to result
in any relaxing of the credit restrictions.
It has been the custom for some dealers to deliver
appliances and other articles subject to the customer's approval or for demonstration purposes.
When such deliveries were made in anticipation of
an instalment sale, the regulation has heretofore
required a down payment at or before the time of
delivery. The amendment provides that if certain
specified conditions are followed the seller may
allow a trial period of not more than ten days
without previously obtaining the down payment.
The text of the amendment appears below.
AMENDMENT NO. 1 TO REGULATION W
Issued by the Board of Governors of the Federal
Reserve System
Effective November 1, 1948, section 6(g) of
Regulation W is amended to read as follows:
(g) Delivery in Anticipation of Instalment Sale—
Except as provided in the following paragraph, in
case a listed article is delivered in anticipation of
an instalment sale of that article or a similar article
(such as a delivery "on approval," "on trial," or
as a "demonstrator"), the Registrant shall require,
at or before the time of such delivery, a deposit
equal to the down payment that would be required
on such an instalment sale.
In order to qualify as an exception to the preceding paragraph, the article must be an article
listed in Group B, the delivery must be exclusively
for the purpose of a bona fide trial, approval, or
demonstration, and the Registrant must, within ten
days after such delivery, obtain the down payment
1364
referred to in the preceding paragraph or the return
of the article. Every such case shall be evidenced
by a written agreement signed by the respective
parties, of which a copy shall be given the prospective purchaser at or before the delivery of the
article, and such written agreement shall clearly
and prominently state that (1) the delivery is exclusively for the purpose of a bona fide trial, approval, or demonstration, and (2) the prospective
purchaser will make the required down payment
(the amount of which shall be stated in the agreement) within ten days after delivery of the article
for trial, approval, or demonstration or will return
or release the article within such ten-day period.
In calculating the maximum maturity in connection with transactions under either of the two
preceding paragraphs, the date of delivery of the
article sold shall be considered the date of the sale.
Consumer Instalment Credit
Air Conditioners
The classification "Air conditioners, room unit"
contained in Group B of the Supplement to Regulation W does not include portable units in excess
of one horsepower (one ton of refrigeration) rated
capacity, nor does it include evaporative air coolers
which do not incorporate a refrigerating unit.
Medical Expenses
Loans to finance the purchase of artificial limbs,
hearing aids, contact lenses, other such corrective appliances, and wheel chairs can qualify for exemption
under section 7(h) of Regulation W if the statement
required by that section clearly indicates the article
to be purchased in addition to the other information
required by that section to be incorporated in the
statement.
Summaries of Previously Published Interpretations
When Regulation W was revised in 1946 summaries of all the more important published rulings
which were still applicable were printed in the
March 1947 Federal Reserve BULLETIN, together
with a list of other published rulings which were not
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
of such general interest but which likewise were
still applicable. Since Regulation W, which became effective September 20, 1948, is similar in
very many respects to the old regulation, the September 1948 BULLETIN contained a statement that
the rulings contained in the summaries and list
previously published were still applicable under the
new regulation with the exception of one ruling
dealing with "principal amount" which has been
superseded by a definition appearing in the new
regulation. However, it was also stated that wherever "$2,000" appears in the summaries "$5,000"
should be substituted, and in a number of the older
rulings in the list the section numbers and maximum loan values and maturities do not correspond
with those in the new regulation. In order to
make this material more conveniently available for
present use the summaries have been reissued and
published below with the necessary corrections
made and there have also been included summaries
of the rulings which were merely listed in the
March 1947 BULLETIN. The summaries are arranged approximately in the same order as the
provisions of the revised regulation to which they
relate.
Isolated transaction—Although an automobile
salesman may sell his demonstrator as an isolated
transaction on terms which do not comply with the
Regulation, the dealer-employer, if a Registrant,
may not purchase the resulting obligation unless it
complies with the requirements of the Regulation.
Of course, if the relation of the salesman and the
dealer is such that the automobile is in effect the
property of the dealer rather than of the salesman,
the sale would be subject to the Regulation.
An electric company which purchases substantial
numbers of automobiles for cash and sells them to
its salesmen on a monthly payment plan is "engaged
in the business" described in section 2(a) of the
Regulation and the sales must comply with the
down payment and other requirements.
Excess down payment—A purchaser who has
made a down payment in excess of the amount required by the Regulation may not later have the
excess applied as part of the down payment on
another listed article.
Instalments in decreasing amounts Sections
3(£)(1) and 4(V)(1) are worded in the alternative.
Consequently, a first instalment of $65, for example,
may be followed by 14 instalments of $23.
NOVEMBER
1948
Balloon note—A note which calls for 11 equal
monthly payments followed by one larger payment
meets the requirements of the Regulation if there is
an express agreement that when the twelfth payment falls due, only a portion of it will be paid
on that date and the rest will be refinanced into
three monthly payments in such a manner that the
net result will be 15 substantially equal monthly
payments.
Small deficiencies—Deficiencies in down payments, even in small amounts, are not permissible,
except as permitted by section 6(/) of the Regulation.
Transfer of equity—Where the original instalment purchaser of a listed article transfers his
equity to another purchaser by transferring the
article subject to the original debt and lien, the
transfer being arranged directly between the parties
and not by or through any Registrant, the transfer
may be made without restriction under the Regulation provided the original purchaser (who is not a
Registrant) remains liable on the contract and there
is no change in the contract except the addition of
the signature of the new purchaser. However, if
the original purchaser is released, or the terms of
the contract are altered, the same requirements
would apply as if the Registrant were making an
ordinary instalment sale of the listed article.
Statement of Borrower.—Where there are several
parties to a note, some of whom are accommodation
makers, the Statement of the Borrower required by
section 4(d) need be obtained only from the party
who receives the proceeds of the loan.
Advance by insurance company to agent.—An
advance made by an insurance company to one of
its agents which is repayable in instalments is subject to the Regulation to the same extent as any
other instalment loan. It would not be subject to
the Regulation if it is an isolated loan made by a
company not "engaged in the business" of making
instalment loans; or if it is exempt under section
7(a) "Business or Agricultural Loans" as, for example, a loan to a general agent to pay office rent or
salaries of his employees; or if the circumstances are
such as to indicate that the advance is not a loan,
as where the agent is under no personal obligation,
express or implied, to repay and no interest is
charged, the company having only the right to
make deductions from commissions earned.
1365
LAW DEPARTMENT
Add-on sale over $5,000.—An add-on sale of a
listed article having a cash price of $900 which is
consolidated with an existing obligation of $4,200
resulting in a total credit of more than $5,000,
is not subject to the Regulation, and therefore no
down payment is required in connection with the
add-on sale. However, if the total credit is less
than $5,000, the down payment is required.
Loan over $5,000.—A loan over $5,000 is not subject to the Regulation even if a part of it is to be
used to pay off an indebtedness which was subject
to the Regulation. The renewal or revision of a
loan which was originally more than $5,000 is not
subject to the Regulation even though the balance
at the time of renewal or revision is less than $5,000.
If instead of renewing or revising such an obligation, the lender makes one instalment loan of less
than $5,000, part of the proceeds of which are to
be used to pay off the old obligation, only the part
of the loan representing new money is subject to
the Regulation. In such cases, however, it would
ordinarily be better practice for the lending institution to keep the two credits separate.
Defaulted obligations—Section 5(c)(l) permits a
Registrant to renew or revise an obligation on such
terms as he deems necessary in good faith, where
the obligation is in default and the subject of bona
fide collection effort by him and the action is for
his own protection. Only the Registrant holding
the obligation is permitted to make such renewals
or revisions. Another Registrant, however, may
discount and receive payments upon an obligation
which prior to discount has been renewed or revised as permitted by this section. The section also
permits a Registrant who has purchased a delinquent instalment obligation and who has exercised
a bona fide collection effort, to revise the obligation
on terms not initially permissible. Any renewal or
revision pursuant to this section must be the last
resort (except, of course, litigation) and a measure
to be taken only after other means of collection have
been exhausted.
Delay in delivery.—If in an instalment sale subject to the Regulation the article sold is not going to
be delivered until a date subsequent to the date of
the contract, the maximum maturity may be calculated from the date of delivery and the first instalment may fall due one month after the date of
delivery with, of course, the usual option under sec1366
tion 6(b) of making the 15-day adjustment permitted by that section with respect both to the
maximum maturity and the date of the first instalment.
Record of Instalment Sale.—The "Record of Instalment Sale" described in section 6(c) need not
be on a single sheet of paper and need not use the
terminology used in that section. The cash price
may be shown as a total without itemizing taxes
and accessories, but the accessories must be identified.
Agreement to convert charge account.—The sale of
a listed article in a charge account with an agreement or understanding that the credit will later be
converted into an instalment contract violates sections 3(a) and 6(/).
Side loan to make down payment.—The words
"any other extension of credit" in section 6(;) include but are not confined to other extensions of
instalment credit.
Section 6(/) refers to the down payment required
by the Regulation. Accordingly, if a seller asks for
a larger down payment than is required by the
Regulation, this subsection (/') would not prevent
the lender from lending the difference between the
down payment required by the Regulation and the
down payment required by the seller.
Veterans' loans.—Section 7(i)(5) includes loans
guaranteed or insured under Chapter 23B of Title
38 of the New Jersey Statutes.
Investment securities.—Savings passbooks are not
"investment securities" under section 7(/).
Loans to carry securities.—The word "carrying"
in section 7(/) means the refinancing of any indebtedness originally incurred for the purpose of
purchasing investment securities.
Section 7(/) would not exempt a loan made by a
credit union secured by its shares to enable the borrower to purchase such shares if there were an agreement that the borrower would be permitted to withdraw any portion of the share account at any time
if the credit union felt that the loan was otherwise
adequately secured, because such a loan would have
a dual purpose and not the single purpose mentioned in section 7(/).
Single payment or instalment credit—An extension
of credit, which upon its face is repayable in only
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
one scheduled payment, is an extension of instalment credit if at the time it is made the lender and
the borrower have an understanding that the borrower will be required to make only a partial payment at maturity and that the balance will be renewed. However, if a Registrant makes a sale on
credit under an agreement which does not expressly
provide for instalment payments by the customer,
the transaction need not be treated as an "instalment sale" even though the customer has previously
made partial, divided, or serial payments in his
account, or, regardless of previous practice, indicates an intention to do so in this instance, provided
there is no bilateral understanding between the customer and the seller that the customer is required
to make payments in such manner. Likewise, an
ordinary bank loan evidenced by a promissory note
payable in full at maturity is not an "instalment"
loan subject to the Regulation even though the
bank may anticipate that at the maturity of the
note it may accept partial payment and a renewal
note, provided the bank makes no commitment to
do so and the transaction is entered into in good
faith and not as a means of evading the Regulation.
Lease with option to purchase.—A lease with an
option to purchase is an "extension of credit" within
the meaning of the Regulation, and the lessor should
obtain the down payment and periodic payments
which would be required in the event of a sale. If
the lessee decides not to exercise his option to purchase, the Registrant may return to him the difference between these payments and the amount of
rental agreed upon. Of course, the Regulation does
not apply to a bona fide rental without an option
to purchase.
Obligation payable to seller or financial institution.
—If the seller of a listed article takes an instalment
note in payment, the transaction is a sale subject to
the Regulation, whether the note is payable to the
seller or to a bank or finance company. If the seller
of an unlisted article takes a note payable to himself,
the transaction is exempt from the Regulation because the Regulation does not apply to the sale of
an unlisted article. However, if the seller of an
unlisted article takes an instalment note payable to
a bank or finance company, the transaction (if for
$5,000 or less) is subject to the Regulation as an
instalment loan.
Notes payable to insurance agents for premiums
are not subject to the Regulation, because insurance
NOVEMBER
1948
is not a listed article. However, an instalment loan
by a bank for the purpose of paying such premiums
is subject to the Regulation, except as provided in
section 7(e),
Consumer-violator.—A consumer who knowingly
violates or induces violations of the Regulation may
subject himself to criminal penalties.
Listed article installed in house.—Section 7(g r )(l)
exempts a loan to purchase a house even if the
house is one in which certain listed articles had previously been incorporated. However, this section
does not exempt a mortgage loan to be used to purchase a listed article.
In view of section 6(d), an extension of credit
which combines an exempt credit such as one to
repair a house as referred to in section 7(g)(2) and
a credit subject to the Regulation such as one to
finance a listed article cannot exceed in amount the
cost of the repairs plus the cost of the listed article
minus the down payment required thereon by the
Regulation, and the instalments in which the credit
is payable must be sufficiently large to repay the balance of the cost of the listed article within the
maturity specified for the listed article in Part 2
of the Supplement to the Regulation.
Bank discounting obligation—A bank which purchases or discounts an obligation is not required to
ascertain whether the seller is licensed under the
Regulation.
If a bank lends to a finance company on the security of instalment obligations arising from sales of
listed articles, there could be no violation of the
Regulation in making such a loan or receiving payments on the loan from the finance company so
long as the payments do not arise directly from the
underlying obligations held as collateral. However,
if and when the bank wishes to resort to the collateral and to obtain payments directly out of the
underlying obligations, it may not do so unless the
requirements of section 8(<?)(2) were met.
Accessories sold with automobile.—Where a new
automobile is sold equipped with accessories, such
as radio and heater, the cost of the accessories is part
of the "cash price" of the automobile under section
8(A)(7), and the maximum loan value is limited
to two-thirds of the total cash price.
Listed articles.—The classification "automobiles"
includes station wagons and the "Jeep Station
1367
LAW DEPARTMENT
Wagon" (trade name). It does not include trailers,
ambulances, hearses, or jeeps.
The classification "Cooking stoves and ranges"
does not include cooking and baking equipment
designed for commercial use in restaurants and
hotels, or a deep-fat fryer designed for such use.
The classification "Ironers designed for household
use" does not include hand irons.
The classification "Refrigerators, mechanical"
does not include cabinets to hold or display ice
cream or other products for sale; nor coin-operated
machines for dispensing beverages; nor water coolers; nor milk coolers designed for household use.
The classification "Refrigerators, mechanical" includes a system consisting of one or more cabinets,
each of which has less than 12 cubic feet capacity,
with a separate mechanical refrigeration unit serving these cabinets, even though the total capacity
of the system is more than 12 cubic feet. The
classification "Refrigerators" does not include a
locker in a locker plant.
The classification "Air conditioners" includes
portable units of one horsepower or less.
The classification "phonographs or combinations"
does not include coin-operated phonographs.
Repairs and replacement parts for automobiles,
refrigerators, and other listed articles are not themselves listed articles.
The classification "Furniture" does not include
an ice refrigerator of 12 cubic feet or more rated
capacity; nor does it include a prefabricated decorative fireplace not suitable for heating purposes.
The classification "Furniture" includes mirrors, unpainted furniture, kitchen or breakfast room sets,
and swings. It does not include pictures, chinaware, cooking utensils, or silver-plated flatware. A
piece of furniture, such as a table, lamp, or a bed
having a radio built into it, is to be classified in
accordance with the relative value of the component parts so that if the value of the radio is greater
than the value of the lamp as a separate piece of
1368
furniture, the article should be classified as a radio.
Furniture of the type used in households is subject
to the Regulation even though the particular piece
may be sold for use in an office, hospital, store, or
other commercial building.
Calculating down payment on automobiles.—Taxes
and fees payable as a prerequisite to obtaining license plates may be included in the "cash price" of
the automobile.
The equity in a used car may be used as a down
payment on another car, and for this purpose the
dealer may accept the first car and pay off the contract on it. However, if the owner obtains a loan to
pay off the contract on his old car, and in addition
uses the car as a trade-in, the loan would violate
section 6(/).
Where a fictitious amount is added to the price
of an automobile and is later eliminated from the
price actually paid by the purchaser (either by an
increase in trade-in allowance or by way of discount
or otherwise) the "cash price" of the automobile
under section 8(h)(7) and Part 4 of the Supplement, does not include the fictitious amount thus
added.
Calculating down payment on other articles
When an article is traded in on a listed article other
than an automobile, Part 5 of the Supplement requires that the value of the article traded in (or
the value of the purchaser's equity in it) be deducted
in order to ascertain the net price to be used in calculating the down payment or loan value of the
article being purchased. However, Part 5 of the
Supplement does not prohibit the seller from taking
back an article which is unsatisfactory to the purchaser if the seller allows the full purchase price
as a credit against the price of the new article. Of
course, if the price of the new article in such a case
is inflated in order to offset depreciation in the
original article, the transaction would violate Part
5 of the Supplement and section 6(/).
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled October 21 and released for publication October 23]
Industrial output and employment were maintained in September at August levels. Value of
department store sales in September and the early
part of October showed about the usual seasonal
increase, Prices of foods declined from earlier
record levels, while prices of most other commodities showed little change.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production was maintained in September at
191 per cent of the 1935-39 average. Manufacturing output showed a small gain, while minerals
production declined 3 per cent.
Steel mill activity in September was at a rate
of 96 per cent of capacity as compared with 93 per
cent in August. Output of electric steel reached a
new record level. In the third week of October
total steel production was scheduled at a rate of 99
per cent of capacity. Activity at most metal fabricating plants showed little change in September.
Automobile production was curtailed further but
increased sharply in the last week of September, reflecting mainly settlement of strikes at suppliers'
plants. Output of lumber and stone, clay and glass
products declined somewhat in September.
Production of nondurable goods rose slightly in
September and was at a level close to the June rate.
Cotton consumption and production of paperboard
and rubber products showed small further gains
from the reduced summer levels. Food production
was in larger volume in September, reflecting increased meat production and a recovery in canning
operations from the sharply curtailed rate in August.
Output of petroleum products was reduced somewhat in September mainly because of labor disputes at refineries in California.
Production of minerals declined in September,
reflecting chiefly the reduced output of crude petroleum on the West Coast In the early part of
October petroleum output recovered to the August
rate. Coal production declined somewhat in
September and the first half of October and was
below year-ago levels, reflecting some reduction in
demand, mainly for export.
CONSTRUCTION
Contracts awarded for construction, reported by
the F. W. Dodge Corporation, declined further in
September reflecting mainly seasonal decreases in
most types of awards. The number of new houses
started, according to Department of Labor preliminary estimates, declined from 83,000 in August to
81,000 in September. Last year the number of new
units started was 86,000 in August and 94,000 in
September.
CONSTRUCTION CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
r
100 I
1941
1942
944
1945
1946
1947
1948
Federal Reserve index. Monthly figures, latest shown are for
September.
NOVEMBER
1948
F. W. Dodge Corporation data for 37 Eastern States. Other
includes nonresidential buildings and public works and utilities.
Monthly figures, latest shown are for September.
1369
NATIONAL SUMMARY OF BUSINESS CONDITIONS
DISTRIBUTION
Value of department store sales in September and
the early part of October was maintained close to
the advanced level prevailing since last May, after
allowance is made for the usual seasonal changes.
Railroad freight carloadings showed less than the
usual seasonal rise in September and the early part
of October, and shipments of most classes of freight
during this period were in smaller volume than in
the same period a year ago.
COMMODITY PRICES
The general level of wholesale commodity prices
declined 3 per cent from the middle of September
to the first week of October, reflecting chiefly sharp
decreases in prices of livestock products. During
the subsequent two weeks prices of these products
increased somewhat. Spot prices for corn dropped
sharply in September and the first three weeks of
October and were moderately below the support
level for the new crop. Wholesale prices of textiles, leather, lumber, and coal declined somewhat,
while further marked advances were reported in
prices of various metal products.
Retail food prices in mid-October were estimated
to be about 5 per cent below the record high reached
in July, while consumer prices of most other groups
of items advanced somewhat further in this period.
BANK CREDIT
Required reserves of all member banks were increased by about 2 billion dollars in the latter part
of September as a result of the action of the Board
of Governors in increasing reserve requirements
against net demand and time deposits. The increase
in required reserves necessitated substantial sales of
Government securities by banks to the Federal Reserve in the latter part of September, but the increase was about equal to the volume of reserve
funds that had been supplied to banks in the period
June through September by gold inflow and net
sales of Government securities to the Federal Reserve Banks by nonbank investors.
Federal Reserve support purchases of long-term
Government securities from insurance companies
and other nonbank investors continued large during the first three weeks of October. Banks used
the reserve funds supplied them by Federal Reserve
transactions with nonbank investors to purchase
short-term securities from the Reserve Banks.
Total holdings of Government securities at the
Reserve Banks declined somewhat.
Business loans showed further rapid growth at
banks in leading cities during September and the
first half of October. Real estate and consumer
loans also continued to rise. During the first half
of October, banks in leading cities added somewhat to their holdings of Government securities,
following reductions in late September to meet
higher reserve requirements.
INTEREST RATES AND SECURITY MARKETS
Yields on short-term Government securities rose
slightly in late September and early October.
Prices of high-grade corporate and municipal bonds
were relatively stable during the first three weeks
of October, and common stock prices rose somewhat, following moderate declines in September.
LOANS AT MEMBER BANKS IN LEADING CITIES
WHOLESALE PRICES
1941
Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week ending Oct. 23.
1370
1942
1943
1944
1945
1946
!947
1948
Excludes loans to Banks. Wednesday figures, latest shown
are for Oct. 27.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All banks in the United States and possessions, by States, June 30, 1948
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances. .
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends
Treasury finance
Government corporations and credit agencies. .
Business indexes
Department store statistics
Cost of living
Wholesale prices
Gross national product, national income, and income payments.
Consumer credit statistics
Current statistics for Federal Reserve chart books. . .
October crop report, by Federal Reserve districts. .
Member Bank Earnings, 1948
Number of banking offices on Federal Reserve par list and not on par list
1373
1374
1375-1378
1379
1379-1380
1381-1382
1382
1383
1384-1385
1386-1387
1388-1389
1390-1393
1394
1395
1396-1397
1398
1399-1401
1402
1403-1412
1413-1416
1416
1417
1418-1419
1420-1422
1423-1427
1427
1428
1429
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.
NOVEMBER
1948
1371
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
1944
1942
1940
1946
30
30
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
25
20
I5
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for Oct. 27.
1372
1946
1947
1948
See page 1373.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
u. s
Government
isecurities
Discounts
TreasAll
and
ury
other1 Total
adAll
,
bills
vances Total
and
other
i certificates
Date
Monthly'aTerages of
daily figures:
1947—July
Attg
Sept
10.48—-Tuiv
Aug
Sept
119 21,877 \ 20\781 1,096
165 22,055 20,964 1,091
163 i22,067 20,886 1,181
326 21,340 13,011 8,329
321 21,411 12,225 9,186
Gold
stock
TreasTreasOther
deury
Treas- ury
Fedposits Noncur- Money
ury
eral
with memcircash Federal
rency inculaReber de- serve
holdoutRetion
posits
ings
acstandserve
counts
ing
Banks
346
302
386
355
310
38$ |21,632 11,357 10,275 [
22,342 21,399
22,521 21,648
22,§16 21,866
22,021 23,615
22,042 23,700
394 £2,409 23,829
4,552
4,551
4,551
4,562
4,564
4,570
Eiwt-of-nionih figures;
1947—July 31
i
Aug
Sept . m
36
1948—Jtrl-y
\
Aug 3 1 . . . .
Sept . 3 0 . . . .
137 at ,549
185 122,192
<n22*329
318
21 rns
323 21,577
325 23r413
20,454 1; 1,095 :
21J03 1,089 i
\ 21,13* 1,191
:: 12,615 8,710 !
11,988 ' 9,589
12,199 11,214
189 *21,875 !21,537 1
382 122,759 21,766 1
30» (22,730 21,955 !
392 22,035 '23,679
207 '22,107 23,725
333 24,071 23,872
4,552 28,149 ]
4,553 28% 434
4,5-52 1 28,567
4,565 27,866 '
4,571 28,055
4,575 28,118
Wednesday figures:
1947—Dec. 3 . . . . i
Dec. 1 0 . . . . [
Dec.
Dec.
Dec. 3 1 . . . .
262 22,120
250 21,985
168 21,657
283 21,90©
85 22,559
;
19,587
19,273
18,772
18,659
18,230
2,533
2,713
2,886
3,241
4,329
448
382
913
827
536
22,830 22,680
22,617 22,708
22,738 22,723
23,011 22,743
23,181 22,754
4,553
4,556
4,557
4,556
4,562
1948—Jan. 7 . . . .
Jan, 1 4 . . . . i
Jan. 2 1 . . . .
Jan. 28
164 21,683
165 21,896
168 21,340
281 21,987
17,148
17,018
; 16,311
15,904
4,536
4,878
5,229
6,082
473
507
518
391
22,320 22,762
22,568 22,790
22,227 22,829
22,658 22,894
20,523
20,817
20,943
21,034
13,882
13,815
13,704
13,645
6,641
7,002
7,240
7,389
413
337
543
394
21,175
21,732
21,782
21,707
257 21,071
298 20,678
363 20,373
447 20,607
430 20,887
13,575
13,145
12,956
13,168
13,332
7,496
7,532
7,417
7,439
7,555
523
350
451
375
291
:
H::::
Feb. 4. .
Feb. I f . . . .
Feb. 1 8 . . . .
Feb. 2 5 . . . .
Mar
Mar
Mar
Mar
Mar
I
3
10
17
;
24..,.
31
240
578
295
279
28,259
28,252
28,654
27,955
27,977
28,152 ;
735
957
553
994
632
624
638
607
568
578
Member
bank reserve
balances
Total
Excess 2
1,325
1,326
1,315
1,324
1,323
1,320
1,829
1,834
1,321
1,327 1
1,323
1,309
1,323 1
1,321
1,321 ,
795 1,066
751 1,343
1 ,091
842 !
1,755 1,067
1,919
8<54
843
1,664
621 16,007 : 399
626 16,601
828
841
643 16,784
572 if 7,696 ! 877
$6$ 17.6-79
837
585 19,986- 1,038
28,817
28,874
28,923
29,111
28,86$
1,342
1,331
1,332
1,318
1,336
1,256
986
992
951
967
961
624
618
615
609
4,560
4,559
4,559
4,558
28,658
28,374
28,211
28,086
1,340
1,333
1,323
1,332
562
819
1,009
1,268
1,945
959
913
888
569
568
565
555
22,934
22,933
22,981
23,028
4,560
4,559
4,557
4,557
28,124
28,189
28,053
28,054
1,309
1,308
1,335
1,326
1,187
1,725
1,656
974
944
899
901
562 17,084
913
559 17,037 1,001
558 16,750
765
557" 16,799
964
21,851 23,036
21,326 23,083
21,187 23,119
21,429 23,135
21,607 23,137
4,559
4,559
4,559
4,557
4,559
28,024
28,006
27,920
27,851
27,781
1,333
1,331
1,325
1,336
1,325
934
616
929
870
616
954
751
677
1,079
1,007
957
912
927
1,027
16,347
16,481
16,866
17,526
17,690
18,509
781
800
931
824
837
884
17,038
854
935
17,132
17,581 1,165
17,377 1,073
563 17,899 1,499
17,503 1,166
17,863 1,537
993
17,334
17,305 1,040
17,552 1,157
977
17,366
904
17,351
684
16,870
655
16,639
999
557
559
586
589
588
Apr. 7 . . . .
Apr. 14
Apr. 21
Apr. 2 8 . . . .
260
221
234
259
20,477 12,816 7,662
20,593 12,832 7,762
20,394 12,5-37 7,857 !
20r440 12,400 8,040
347 21,085 23,147
315 21,130 23,152
3-38 20,966 23,159
255 2®,952 23,167
4,558
4,558
4,557
4,561
27,833
27,774
27,718- ;
27,6®2 :
L.329
1,320
L,336
1,326 j
1,140
1,177
1,283
1,185
994
929
911
856
590
590
590
587
16,905
17,050
16,845
17,043
822
894
701
879
May 5 . . . .
May 12
May 1 9 . . . .
May 2 6 . . . .
230
250
225
321
20,251
20,348
20,098
20,592
12,085
12,110
11,823
12,323
8,166
8,238
8,275
8,270 ;
3-74 20,856 23,176
440 21,03-8 23 ,225
351 20,674 23,245
2«7 21,201 23,295
4,561
4,560
4,559'
4,561
27,762
27,762
27,690
27,700
1,329
L.3191
L.329
1,333
1,114
1,319
1,612
1,788
810
792
795
788
545 17,033
544 17,087
5 4 6 16,506
817
884
294
723
June 2
June 9
June 1 6 . . . .
June 23
June 3 0 . . . .
239
312
294
353
265
20,683
20,349
20,749
21,010
21,366
12,543
12,224
12,638
12,900
13,193
8,141
8,125
8,112
8,110
8,173 ;
21,292 23,343
20,955 23,362
21,519 23,515
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
1,317
1,327
1,567
1,144
754
828
879
827
859
551
551
593
598
592
17,094
941
17,154
908
17,999 1,132
728
17,408
742
17,389
July 7 . . . .
July 14
July 2 1 . . . .
July 2 8 . . . .
398
316
285
327
21,535
21,521
21,326
21,209
13,367
13,243
12,919
12,692
8,168
8,278
8,407 '
8,517
4,562 |
4,562
277 21,888 23,650 4,561
187 21,723 23,670 • 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
612
613
611
576
17,584 1,003
937
17,631
17,503 . 723
759
17,534
Aug. 4 . . . .
Aug. 11
Aug. 18
Aug. 25
282
293
301
324
21,378
21,566
21,551
21,460
12,510
12,486
12,283
12,064
8,868
9,081
9,267
9,396
237
205
273
210
Sept . 1
Sept. 8
Sept . 1 5 . , . .
Sept . 2 2
Sept . 2 9
318
310
283
309
357
21,411
21,240
21,205
21,860
23,282
11,818
11,588
10,963
11,072
12,137
9,594
9,652
10,242
10,788
11,145
Oct. 6. . . .
Oct. 13
Oct. 20
Oct. 27
296
500
289
300
23,143
23,303
23,192
23,242
12,747
12,655
12,158
11,680
10,396
10,648
11,034
11,562
369
294
476
358
310 22,243 23,584
302 22,139 23,593
1,458
1,972
984
1,863
1,928
955
1,006
1,018
875
547 16,901
4,564 ' 27,922
4,564 27,966
4,565 27,979
4,564 k 27,965
1,330
1,324
1,322
1,324
1,852 ,
1,756
1,963
1,902
860
865
965
843
569
570
566
567
17,606
730
17,834 1,003
17,603
729
811
17,668
208
284
433
376
314
21,897 23,679
22,064 23,688
22,125 23,708
21,993 23,711
21,937 23,725;
21,834 23,793 ,
21,921 23,850
22,545 23,865
23,953 23,872
4,568
4,571 i
4,571
4,570
4,573
28,072
28,287
28,156
28,083 ,
28,080
1 ,323
1,326
1,321
1,319
1,324
1,693
1,331
1,436
1,660
855
872
875
858
864
564
565
592
591
586
17,724
853
926
17,817
18,737 1,647
979
18,694
940
19,884
268
164
388
254
23,707
23,967
23,869
23,797
4,572
4,572
4,574
4,575
28,202
28,284
28,157
28,091
1,324
1,317
1,326
1,322
1,596
1,551
1,530
1,524
867
916
913
888
596
596
590
583
19,584
19,840
19,910
19,960
23,888
23,965
23,983
23,996
661
607
929
P911
PS77
P1 Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
3
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 sam« publication.
NOVEMBER
1948
1373
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect October 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)»
Federal Reserve Bank
Rate
Effective
Boston
New York. . .
Philadelphia..
Cleveland....
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Other secured advances
[Sec. 10(b)]
Rate
13,1948
13,1948
23, 1948
13,1948
13,1948
13,1948
13,1948
19,1948
13,1948
16,1948
13,1948
13,1948
Effective
Aug. 13,
Aug. 13,
Aug. 23,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 19,
Aug. 13,
Aug. 16,
Aug. 13,
Aug. 13,
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
2
2
2
2
2
2
2
2
2
2
2
2
Effective
Jan.
Apr.
Aug.
Aug.
Mar.
Jan.
Aug.
Jan.
Aug.
Jan.
Feb.
Apr.
14,
6,
23,
13,
16,
24,
13,
12,
23,
19,
14,
25,
1948
1946
1948
1948
1946
1948
1948
1948
1948
1948
1948
1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
RATES ON BANKERS' ACCEPTANCES
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
[Per cent per annum)
Maturities not exceeding five years
Previous
In effect beRate on
[In
effect
October 31. Per cent per annum]
rate
ginning—
Maturity
Oct. 31
1- 90 days
91-120 days
121-180 days
IK
lit
lAug. 13, 1948
lAug. 13, 1948
lAug. 13, 1948
To industrial or
commercial
businesses
m
1
Date on which rate became effective at the Federal Reserve Bank
of New York. The same rates generally apply to any purchases made
by the other Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
On discounts or
purchases
Federal
Reserve
Bank
On
loans!
On
commitments
Net demand depositsi
Period in effect
Central
reserve
city
banks
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. 3 1 , 1 9 4 1 . .
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 and after*...
13
193^
22M
26
22^
26
24
22
20
22
24
26
Reserve
city
banks
10
15
S*
20
20
20
20
20
20
22
Time
deposits
(all
Country member
banks)
banks
3
7
10H
12M
14
12
14
14
14
14
14
14
16
4K
H
l
5
6
6
6
6
6
6
1 Demand deposits subject to reserve requirements, i. e., 7V2
total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U.2 S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
Change effective Sept. 16 at country banks; Sept. 24 at other classes.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
2H
Remaining
portion
On
commitments
()
234-5
(3)
1
2
8
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
Rate charged borrower but not to exceed 1 per cent above the
discount
rate.
6
Charge of \i per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN R E Q U I R E M E N T S 1
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1946
1947
75
75
100
100
75
Effective
Feb. 1,
1947
75
75
75
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.
1374
Portion
for which
institution is
obligated
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . . .
Kansas C i t y . . . .
Dallas
San Francisco...
Nov. 1,1933- Feb. 1, 1935- Effective
Jan.31,1935 Dec.31,1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
To financing institutions
i Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1945, p. 235.
FEDERAL RESERVE
BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1948
Oct. 27
Assets
Gold certificates
Redemption fund
F. R. notes
for
Oct. 20
Oct. 13
Oct. 6
22,098, 431 22,078,431 22,058,433
630 960
630,961
1947
1948
Sept. 29
Sept. 22
Sept. 15
Sept.
Oct.
Oct.
,990,431 21,987,670 21 987,670 21,970,672 22,096,432 21,982,671 20,362,670
632,772
630,961
615,531
618,674
629,501
620,975
620,529
681,710
Total gold certificate reserves. . . 22,729,391 22,709,392 22,689,394 22,623,203 22,603,201 22,606,344 22,591,647 22,725,933 22,603,200 21,044,380
Other cash
277,472
267,173
257,832
55 ,739
42,714
253,432
49,685
103,906
56,341
30,565
244 ,575
246,275
246,275
246,275
253,150
253,000
253,000
300
288,989
499,707
295,960
357,056
309,341
283,565
Industrial loans
1,129
1,110
1,057
Acceptances purchased.
U. S. Govt. securities:
Bills:
5,518,151 5,947,342 6,444,346
,532,979
Certificates:
Special
Other
6,210,169 6,210,469 ,213,969
6,162
901,600
Notes
879 100
912,100
912,600
Bonds
10,682 682 10,132,397 9,735,954 ',483,303
Total U. S. Govt.
securities
23,191,508 23 302,869 23, 142,851
23,242,
Other Reserve Bank
credit outstanding. . .
163,498
387,267
267,297
253
1,009
956
930
Discounts and advances
For member banks.. .
For nonmember
banks, etc
Total discounts and
advances
252,283
275,792
271,377
278,757
264,365
276,128
274,807
93,946
77,733
256,884
244,575
247,150
39,500
338,521
324,883
296,384
1,116
1,011
1,901
1,802
6,975,405 6,182,242 6,135,872 5,098,305 7,023,625 13,562,934
5,161,569 4,889,369 4,827,139 6,147,469 5,175,569 7,086,566
810,800
1,942,500 1,844,500 1,787,400
871,100 1,953,500
707,690
9,202,433 8,943,826 8,454,594 10,925,036 9,260,342
23,281,907 21,859,937 21,205,005 23,041,910 23 ,413,036 22 ,167,990
312,929
375,109
431,718
493,415
331,848
437,531
Total Reserve Bank
credit outstanding 23,796,771 23,868,893 23,967,184 23,707,165 23,952,901 22,545,343 21,921,218 23 ,874,962 24,070,778 22,905,608
Liabilities
Federal Reserve notes. . 23,998,911 24,041,356 24,127,187 24,076,710 23,992,059 23,996,907 24,056,310 24,062,288 24,024,390 24,481,439
Deposits:
Member bank — reserve account
19,959,966 19,910,036 19,839,603 19,583,774 19,883,511 18,694,013 18,736,599 19,735,971 19,986,140 16,956,062
U. S. Treasurer—gen595,529 1,659,907 1,436,112
eral account
,530,366 1,551,417
1,524 ,372
661,043 1,609,957 1,664,184 1,400,266
416,047
455,269
399,920
410,299
401,201
400,141
Foreign
440 ,554
454,873
411,891
446,435
467,992
460,694
454,082
458,375
466,763
457,256
463,300
443,068
Other
447 ,007
627,631
Total deposits
22,371,899 22,353,650 22,306,983 22 ,045,986 22 ,407 ,799 20,988,582 20,272,833 22,419,994 22,493,533 19,240,367
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...
50.3
48.9
51.0
48.6
48.9
48.
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Sept 99
. .
Oct
6
Oct. 13
Oct 20
Oct. 27
Industrial loans:
Sept. 29
Oct. 6
Oct 13
Oct. 20
Oct 97
U. S. Government securities:
Sept ?Q
Oct. 6
Oct 13
Oct
20
Oct. 27
NOVEMBER
1948
Within
15 days
31 to 60
days
16 to 30
day 3
61 to 90 91 days to 6 months 1 year to 2 years to Over
days
6 months to 1 year 2 years
5 years
5 years
357,056
295 960
499,707
288,989
300,314
48, 387
45 SS7
22, 328
13, 1 SS
14, 334
31,657
122 381
127,938
127,706
133,237
137 ,746
292 ,020
79 ,164
69 ,083
1,009
1,057
1,110
1,129
1,136
803
844
996
926
917
33
20
6
10
7
13
42
31
50
63
80
67
23 281 907
23,142,851
23 302 869
23,191,508
23,242,002
139 ,252
73 746
2,939 4 9 4 906 ?S7
1,501 ,968 739, 830
1 295 ,275 799 766
821 9,S7
1,156 4 8 9
724 ,491 1,269 795
?
,013,705
2 ,067,803
9 ,142,828
9 ,007,523
2 ,012,716
4 4 ,235
39 ,034
58 ,958
53 ,659
54
67
9
14
10 ,011
18 ,387
10 .006
30 ,001
2
2
9
2
9
51
56
15
14
12
12
ss
1S
19
12
60
S4
433 366 1 368 SSO 3 777 6 9 9
2 ,656 ,228 1, 002 ,400 5, 050 769
981 900 5 081 969
9 ,625 397
600
9 S 4 400 5 1S9 9 6 9
9
1 ,798 ,099
879 ,900 5 , 233 769
15
14
640 SSO 1 8 9 4 S66 7 377 867
640 550 1 ,824 566 7 ,658 737
640
1 ,847 790 7 ,888 934
640 SSO 1 8 8 8 4 3 9 8 9 4 3 9 S 8
640 550 1 ,908 241 8 ,774 441
1375
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
Sept. 29
21,987,670
Oct. 6
21,990,431
Oct. 13
22,058,433
Oct. 20
22,078,431
Oct. 27
22,098,431
Redemption fund
for F. R. notes:
Sept. 29. . .
615,531
Oct. 6
632,772
Oct. 13.
630,961
Oct. 20
630,961
Oct. 27
630,960
Total gold certificate reserves:
22,603,201
Sept. 29
Oct. 6
22,623,203
Oct. 13
22,689,394
Oct. 20
22,709,392
Oct. 27
22,729,391
utner casn.
275,792
Sept. 29
Oct. 6
252,283
Oct. 13
257,832
Oct. 20
267,173
Oct. 27
277,472
Discounts & advances:
Secured by
U. S. Govt.
securities:
102,148
Sept. 29. .
49,042
Oct. 6. .
252,737
Oct. 1 3 . .
42,403
Oct. 20. .
55,466
Oct. 2 7 . .
Other:
254,908
Sept. 29. .
246,918
Oct. 6 . .
246,970
Oct. 1 3 . .
246,586
Oct. 20. .
244,848
Oct. 2 7 . .
Industrial loans:
1,009
Sept 29
1,057
Oct. 6
1,110
Oct 13
1,129
Oct 20
Oct. 27
1,136
U. S. Govt.
securities:
Bills:
6,975,405
Sept. 29
Oct.
6 . . . . 6,532,979
Oct. 1 3 . . . . 6,444,346
Oct. 2 0 . . . . 5,947342
Oct. 2 7 . . . . 5,518,151
Certificates:
Sept. 29
5,161,569
Oct.
6 . . . . 6,213,969
6,210,469
Oct. 13
6,210,169
Oct. 20
Oct. 2 7 . . . . 6,162,069
Notes:
Sept. 2 9 . . . . 1,942,500
Oct. 6
912,600
912,100
Oct. 13
901,600
Oct. 2 0 . . . .
879,100
Oct. 27
Bonds:
9,202,433
Sept. 29
Oct.
6 . . . . 9,483,303
9,735,954
Oct. 13
Oct. 2 0 . . . . 10,132,397
Oct. 2 7 . . . . 10,682,682
Total U. S. Govt.
securities:
23,281,907
Sept. 29
23,142,851
Oct. 6
23,302,869
Oct. 13
23,191,508
Oct. 20
23,242,002
Oct. 27
Total loans and
securities:
23,639,972
Sept. 29
23.439,868
Oct, 6
23,803,686
Oct. 13
23,481,626
Oct. 20
Oct. 27
23,543,452
Due from foreign
banks:
49
Sept. 29
49
Oct. 6
49
Oct. 13
49
Oct. 20
49
Oct. 27
1
New
York
Boston
799,673
810,393
782,939
795,685
798,781
Philadelphia
Richmond
Cleveland
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
627,212
638,374
644,674
645,822
642,109
471,039
490,165
494,492
487,065
473,693
788,523
809,741
833,846
806,407
798,912
537,226
562,975
597,665
577,299
584,246
2,849,822
2,833,673
2,867,336
2,826,290
2,800,370
95,028
105,028
104,731
104,731
104,731
45,296
45,296
45,219
45,219
45,219
22,321
23,321
23,285
23,285
23,285
36,520
36,520
36,466
36,466
36,466
27,054
27,054
26,991
26,991
26,991
47,272
47,272
47,109
47,109
47,109
1,056,127 4,477,564
1,057,829 4,472,829
1,070,602 4,421,982
1,055,861 4,388,455
1,066,904 4,476,670
672,508
683,670
689,893
691,041
687,328
493,360
513,486
517,777
510,350
496,978
825,043
846,261
870,312
842,873
835,378
564,280
590,029
624,656
604,290
611,237
2,897,094
2.880,945
2,914,445
2,873,399
2,847,479
Chicago
Atlanta
7,077,715 983,188 1,441,508 1,013,360 1,015,868 4,382.536
6,986,310 1,018,193 1,406,867 1,053,610 1,012,329 4,367,801
7,063,992 1,025,462 1,374,157 1,031,310 1,025,309 4,317,251
7,207,512 997,065 1,416,989 1,024,005 1,010,568 4,283,724
7,136,517 1,023,698 1,405,910 1,040,645 1,021,611 4,371,939
53,138
53438
52,935
52,935
52,934
59,903
59,903
59,149
59,149
59,149
58,152
58,152
57,836
57,836
57,836
72,990
73,990
73,700
73,700
73,700
57,598
57,598
58,247
58,247
58,247
852,811
863,531
835,874
848,620
S51.715
7,137,618
7,046,213
7,123,141
7,266,661
7,195,666
1,041,340
1,076,345
1,083,298
1,054,901
1,081,534
1,514,498
1,480,857
1,447,857
1,490,689
1,479,610
1,070,958
1,111,208
1,089,557
1,082,252
1,098,892
26,472
25,249
23.317
26,128
28,329
49,280
40.857
43,106
45.016
47,839
14,074
12,534
11,293
12,617
12,535
24,117
21,021
23,799
21,751
24,498
15,974
16,213
16,239
17,867
17,995
19,664
18,636
21,205
21,404
21,062
40,779
39,057
39,294
41428
42,363
11,293
10,648
12,603
11,282
12,365
11,641
12,087
12,412
13,443
13,482
12,713
11,031
10,847
11,464
11,879
12,637
11,794
12,828
11,973
13,141
37,148
33,156
30,889
32,800
31,984
2,356
1,025
20,736
2,161
3,211
40,895
13,250
73,240
4,265
9,115
11,289
2,518
15,763
4.046
5,275
5,665
8,275
30,050
4,600
2,640
13,290
3,630
18,005
6.180
6,766
4,825
4,750
2,800
2,240
2,690
5.250
1,700
81,100
1,500
4,360
5,895
3,576
1,775
2.786
6,811
663
1,738
3,238
1,175
1,750
3,380
3,100
1,350
1,100
298
7,170
3,850
4,550
12.220
7,170
15,948
15,515
15,515
15,515
15,408
81,008
78,808
78,808
78,808
78,264
20,505
19,948
19,948
19,948
19,811
23,330
22,697
22,690
22,687
22,518
12f7O4
12,267
12,267
12,067
11,984
10,479
10,197
10,295
10,275
10,205
34.428
33,493
33,493
33,493
33,262
10,392
9,130
9,091
8,936
8,805
6,329
6,157
6,157
6,157
6,114
8,860
8,620
8,620
8,620
8,610
764
805
861
883
900
199
200
199
192
187
46
52
50
54
49
668,733
626,318
617,820
570,173
529,026
494,840
595,733
595,398
595,369
590,758
186,227
87,491
87,443
86,436
84,279
882,237
909,164
933,386
971,393
1,024,149
453,013
424,281
418,525
386,249
358,376
335,213
403,559
403,333
403,313
400,190
126,154
59,268
59,235
58,554
57,092
349,700 1,030,249
327,519 950,094
323,076 929,807
298,160 859,188
276,643 811,213
258,765 733,397
311,526 882,930
311,349 882,433
311,335 882,390
308,923 875,555
309,531
332,422
305,450
280,150
272,485
325,129
304,508
300,377
277,211
257,205
316,118
296,069
292,052
269,527
250,076
686,851
616,593
621,213
573,955
518,964
284,986
343,092
342,899
342,882
340,226
213,509
199,967
197.254
182,041
168,904
157,991
190,204
190,096
190,087
188,615
240,585
289,640
289,477
289,463
287,220
233,917
281,611
281,452
281,438
279,259
468,552
564,085
563,767
563,739
559,374
97,383
45J51
45.726
45,200
44.072
276,006
129,670
129,599
128,107
124,910
107,251
50,387
50,360
49,780
48,538
59,458
27,934
27,919
27,597
26,908
90,542
42,537
42,514
42,024
40,976
88,032
41,358
41,335
40,860
39,840
176.334
82,843
82,798
81,845
79,802
597,643
615,884
632,292
658,038
693,776
461,346
475^426
488,093
507,967
535,555
1,307,555
1,347,463
1,383,362
1,439,692
1,517,881
508,094
523,602
537,551
559,440
589,823
281,677
290,274
298,008
310,143
326,986
428,935
442,026
453,802
472,281
497,930
417,045
429,774
441,224
459,190
484,128
835,369
860,866
883,801
919,789
969,742
40,259
45,500
45,293
45,293
45,293
380
280
280
8.648
8,414
8,414
8,408
8,345 '•
950
6,850
22,277
21,672
21,672
21,672
21,522
451,743
422,069
433,217
399,807
357,946
1,672,576
1,566,489
1,545,236
1,426,064
1,323,152
498,253
466,650
460,319
424,817
394,161
346,981
417,727
417,492
417,473
414,238
1,237,651
1,489,998
1,489,159
1,489,087
1,477,554
368,691
443,864
443,614
443,593
440,157
130,583
61,349
61,315
60,609
59,097
465,777
218,825
218,705
216,187
210,792
138,753
65,187
65,151
64,401
62,794
618,624
637,506
654,490
681,140
718,133
2,206,578
2,273,926
2,334,506
2,429,567
2,561,515
657,330
677,392
695,439
723,757
763,064
1,547,931
1,538,651
1,566,514
1,559,029
1,549,414
5,582,582
5,549,238
5,587,606
5,560,905
5,573,013
1,663,027 2,232,037
1,653,093 2,218,706
1,664,523 2,234,047
1,656,568 2,223,371
1,660,176 2,228,212
1,512,023
1,502,992
1,513,385
1,506,154
1,509,434
1,167,194 3,347,207
1,160,222 3,310,157
1,168,244 3,325,201
1,162,662 3,309,377
1,165,193 3,329,559
1,209,862
1,249,503
1,236,260
1,232,252
1,251,072
712,635
708,379
713,277
709,868
711,413
1,085,191
1,078,711
1,086,170
1,080,979
1,083,331
1,055,112 2,167,106
1,048,812 2,124,387
1,056,063 2,151,579
1,051,015 2,139,328
1,053,303 2,127,882
1,566,235
1,555,191
1,602,765
1,576,705
1,568,033
5,704,485
5,641,296
5,739,654
5,643,978
5,660,392
1,695,585 2,261,231
1.676,364 2,249.878
1,701,095 2,286,986
1,681,445 2,250,850
1,686,162 2,253,557
1,538,063
1,518,941
1,543,707
1,524,455
1,528,233
1,182,498 3,386,885
1,175,169 3,345,350
1,181,339 3,439,794
1,175,177 3,344,370
1,178,088 3,367,181
1,226,149
1,262,209
1,247,126
1,243,974
1,266,688
719,627
716,274
722,672
717,200
717,825
1,101,221
1,091,181
1,099,340
1,101,819
1,099,111
1,065,510 2,192,483
1,060.606 2,147,409
1,064,357 2,174,351
1,059,703 2,161,950
1,061,928 2,156,254
3
3
3
3
3
i 16
4
4
4
4
4
2
2
2
2
2
7
7
7
7
7
2
2
2
2
2
1
1
1
1
1
2
2
2
2
2
*16
1
16
i 16
U6
4
4
4
4
4
2
2
2
2
2
2
2
2
2
2
4
4
4
4
4
After deducting $33,000 participations of other Federal Reserve Banks on Sept. 29; Oct. 6; Oct. 13; Oct. 20; and Oct. 27.
1376
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Rich*
mond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Federal Reserve
notes of other
Banks:
17,325
7,989
19,823
153,720
10,647
7,511
20,428
6,607
9,077
18,480
5,571
20,768
9,494
Sept. 29
17,580
6,337
19,972
11,425
6,801
5,832
16,911
8,421
5,831
18,059
135,981
5,310
13,502
Oct. 6
14,916
8,266
18,145
8,219
6.295
4,508
12,342
7,472
3,900
14,424
115,361
4,899
11,975
Oct. 13
17,158
8,553
21,288
9,346
7,880
6,074
13,316
8,171
6,206
18,850
139,407
5,478
17,087
Oct. 20
Oct. 27
18,543
7,838 23,412
10,901
8,456
5,555
15,173
9,953
8,144
20,426
150,897
5,320
17,176
Uncollected
items:
2,757,693 199,842
524,400 190,474 291,458 248,101 162,636 403,319 129,239
75,285 152,244 119,148 261,547
Sept. 29
76,554 151,862 106,093 213,114
2,455,455 184,051
421,567 164,612 232,944 226,880 166,176 388,060 123,542
Oct. 6
94,667 163,032 120,005 216,684
2,866,281 209,097
539,937 190.705 299,072 254,589 185,210 447,007 146,276
Oct 13
89,819 172,123 156,783 292,324
3,151,063 254,512
557,285 206,729 313,067 285,789 197,283 483,840 141,509
Oct. 20
Oct. 27
78,970 153,718 125,120 246,331
2,666,200 199,053
484.854 174,869 255,039 229,354 171,612 423,182 124,098
Bank premises:
4,814
32,338
2,578
1,580
8,106
3,069
3,027
1,953
Sept. 29
767
1,657
1,185
1,199
2,403
3,027
4.814
2,578
1,580
1,953
3,069
1,185
2,398
764
1,657
32,309
1 199
8,085
Oct. 6
3,027
4,814
2,578
1,580
1,953
3,069
1,185
764
1,657
32,309
1,199
8085
Oct. 13
2,398
3,027
4,810
2,578
1,579
1,953
3,069
1,185
2,398
764
1,657
32,304
1,199
8,085
Oct. 20
Oct. 27
3,028
4,803
2,571
1,574
1,952
3,064
1,182
2,399
764
1,651
32,267
1,194
8,085
Other assets:
11,042
8,537
171,385
40,800
16,561
11,683
24,221
Sept. 29
9,696
8,206
5,143
15,938
11,463
8,095
23,387
16,045
10,544
8,233
9,312
11,331
5,040
7,821
7,521
15,355
165,412
11,225
39,598
Oct. 6
24,555
16,446
11,038
8,625
9,778
11,820
5,267
7,765
16,134
172,826
11,720
41,685
Oct. 13
7.993
25,885
17,794
11,642
9,173
10,319
12,699
5,595
8,469
8,292
16,786
182,708
12,441
43,613
Oct. 20
27,729
18,875
12,491
9,763
11,006
13,488
5,969
9,115
17,860
194,758
13,122
46,233
Oct. 27
9,107
Total assets:
49,634,150 2,667,102 13,482,030 2,963,740 4,120,672 2,906,541 2,441,691 8,356,230 2,057,447 1,324,722 2,111,215 1,776,121 5,426,639
Sept. 29
49,104,560 2,645,759 13,211,134 2,950,091 4,011,900 2,906,338 2,439,050 8,289,297 2,098,137 1,341,538 2,118,977 1,782,640 5,309,699
Oct. 6
49,937,738 2,688,874 13,507,599 3,005,792 4,087,244 2,935,855 2,476,782 8,390,582 2,113,926 1,366,323 2,161,396 1,834,777 5,368,588
Oct. 13
49,963,722 2,725,086 13,581,741 2,977,538 4,107,518 2,945,873 2,469,825 8,304,170 2,107,960 1,350,909 2,147,319 1,848,013 5,397,770
Oct. 20
49,594,486 2,666,769 13,460,261 2,977,211 4,044,224 2,912,950 2,459,906 8,358,703 2,111,895 1,329,580 2,121,547 1,829,451 5,321,989
Oct. 27
Liabilities
Federal Reserve
notes:
23,992,059 1,412,061 5,485,272 1,639,421 2,126,788 1,679,350 1,327,450 4,560,540 1,097,460 627,383 933,052 618,396 2,484,886
Sept. 29
24,076,710 1,417,060 5,500,797 1,638,124 2,130,855 1,692,990 1,333,189 4,570,952 1,103,867 633,769 939,142 624,805 2,491,160
Oct. 6
24,127,187 1,424,291 5,502,409 1,648,797 2,134,965 1,694,776 1,332,642 4,577,547 1,109,932 633,867 936,334 626,532 2,505,095
Oct. 13
24,041,356 1,413,998 5,476,404 1,637,487 2,124,505 1,688,510 1,332,448 4,570,218 1,115,372 632,840 935,370 625,608 2,488,596
Oct. 20
23,998,911 1,406,272 5,466,035 1,636,833 2,123,451 1,683,665 1,333,097 4,559,503 1,119,165 630,956 932,679 624,257 2,482,998
Oct. 27
Deposits:
M e m b e r bank
reserve
account:
Sept. 29.. 19,883,511 853,268 6,498,544 948,697 1,454,668 828,403 808,958 3,036,415 703,181 501,440 908,298 921,721 2,419,918
Oct. 6. .19,583,774 855,153 6,229,277 959,795 1,426,099 863,874 819,910 3,022,945 713,362 513,746 916,085 925,516 2,338,012
Oct. 13..19,839,603 852,815 6,471,791 924,754 1,424,353 839,797 821,590 3,039,118 708,944 501,783 915,883 933,667 2,405,108
Oct. 20..19,910,036 886,308 6,546,290 923,280 1,456,176 849,628 802,325 2,975,103 702,946 505,796 915,151 938,839 2,408,194
Oct. 27..19,959,966 857,584 6,509,347 953,002 1,413,842 846,425 827,358 3,088,755 712,609 506,960 921,508 946,761 2,375,815
U. S. Treasurer-general
account:
92,883 222,884 90,332
277,622 118,868 191,324 117,613
95,909
80,630 142,416
88,522
Sept. 29. . 1,659,907 140,904
80,864 198,705 106,872
89,843
94,719
86,600
88,841 155,205
Oct. 6.. 1,595,529 130,204 319,025 110,992 133,659
87,664 176,853 122,576 115,467 113,900 111,324 121,084
80,385
202,576 151,061 145,049
Oct. 13.. 1,551,417 123,478
95,554 166,576 106,834 103,491 102,047 100,540 110,497
247,191 138,351 145,566 91,731
Oct. 20.. 1,530,366 121,988
76,862 168,166 112,892
91,122
85,785
97,321 102,877
248,093 144,681 154,814 105,182
Oct. 27. . 1,524,372 136,577
Foreign:
14,649
32,872
17,508
28,941
48,593
12,863
12,148 31,464
22,510 1167,313
8,933
12,505
Sept. 29. . 410,299
31,354
13,973
46.349
16,699
12,269
8,520
11,928
11,587
30,029
399,920
27,605
21,470 1168,137
Oct. 6..
32,881
14,654 48,606
17,513
12,866
8,935
12,509
12,152 31,489
28,949
22,516 1212,199
Oct. 13.. 455,269
35,760
15,937
52,863
19,046
13,993
9,718
13,604
13,216
34,262
31,485
24,488 1190,501
Oct. 20.. 454,873
Oct. 27.. 440,554
33,276
14,830 49,191
17,723
13,021
9,043
12,659
12,298 31,895
29,298
22,787 1194,533
Other:
5,020
1,088
1,712
387,147
1,722
3.025
Sept. 29. . 454,082
8,433
1,410
3,477
2,755
180
38,113
5,998
708
2,885
2,503
17,615
1,808
1,932
614 37,064
4,096
466,763
3,707 387,833
Oct. 6..
5,339
412
5,335
3,989
5,668
2,441
1,967
388 39,705
390,109
1,868
3,473
Oct. 13.. 460,694
5,848
428
2,118
3,169
5,747
2,596
769
524 38,193
1,716
2,589 394,678
Oct. 20.. 458,375
Oct. 27.. 447,007
6,449
1,396
1,976
3,219
5,227
2,323
247
453 36,660
385,099
1,096
2,862
Total deposits:
22,407,799 1,019,437 7,330,626 1,098,228 1,683,884 965,236 917,578 3,310,917 814,809 607,692 1,009,505 1,017,976 2,631,911
Sept. 29
22,045,986 1,010,534 7,104,272 1,102,488 1,597,110 973,301 915,455 3.270,502 850,118 618,793 1,016,545 1,026,558 2,560,310
Oct. 6
22,306,983 1,002,282 7,276,675 1,106,632 1,607,622 943,030 924,320 3,268,566 850,054 628,626 1,044,259 1,057,531 2,597,386
Oct. 13
22,353,650 1,035,373 7,378,660 1,094,832 1,643,350 962,523 914,244 3,197,711 829,520 621,601 1,031,571 1,053,119 2,591,146
Oct. 20
22,371,899 1,019,810 7,337,072 1,128,077 1,608,381 971,306 920,446 3,309,331 843,749 609,448 1,020,199 1,056,833 2,547,247
Oct. 27
Deferred availability items:
426,669 163,159 236,879 221,133 162,587 376,594 114,765
68,585 138,722 110,694 239,629
2,444,813 185,397
Sept. 29
365,650 146,239 210,284 198,977 156,165 339,209 113,541
67,696 133,197 102,039 187,610
2,188,207 167,600
Oct. 6
486,376 186,596 270,650 256,497 185,230 434,772 122,938
82,166 150,352 121,254 194,708
2,702,832 211,293
Oct. 13
483,536 181,165 265,080 253,065 188,325 425,944 131,865
74,934 149,767 139,562 246,283
2,763,845 224,319
Oct. 20
412,183 147,865 237,277 215,858 171,275 378,746 117,442
67,479 137,777 118,406 219,529
2,412,930 189,093
Oct. 27
Other liab. incl.
accrued div.
1,713
728
4,158
965
846
2,512
660
461
633
769
1,652
15,945
848
Sept. 29
1,725
646
3,839
921
787
2,219
665
517
587
714
1,560
14,979
799
Oct. 6
1,518
718
4,211
1,033
902
2,474
659
724
607
663
1,666
16.022
Oct. 13
847
1,567
672
3,947
932
769
2,296
599
432
595
679
1,592
14,908
828
Oct. 20
1,549
749
673
2,340
4,452
918
616
417
553
648
1,630
15,288
743
Oct. 27
Total liabilities:
48,860,616 2,617,743 13,246,725 2,901,773 4,049,264 2,866,565 2,408,343 8,250,563 2,027,694 1,304,121 2,081,912 1,747,835 5,358,078
Sept. 29
48,325,882 2,595,993 12,974,558 2,887,772 3,939,974 2,866,055 2,405,455 8,182,882 2,068,191 1,320.775 2,089,471 1,754,116 5,240,640
Oct. 6
49,153,024 2,638,713 13,269,671 2,943,058 4,014,755 2,895,205 2,442,910 8,283,359 2,083,583 1,345,383 2,131,552 1,805,980 5,298,855
Oct. 13
49,173,759 2,674,518 13,342,547 2.914,416 4,034,502 2,904,867 2,435,689 8,196,169 2,077,356 1,329,807 2,117,303 1.818,968 5,327,617
Oct. 20
48,799,028 2,615,918 13,219,742 2,913,693 3,970,658 2,871,578 2,425,491 8,249,920 2,080,972 1,308,300 2,091,208 1,800,144 5,251,404
O c t 27
i After deducting $242,964,000 participations of other Federal Reserve Banks on Sept. 29; $231,744,000 on Oct. 6; $243,032,000 on Oct. 13; $264,316,000 on Oct. 20; and $245,956,000 on Oct. 27.
NOVEMBER
1948
1377
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars}
Total
Boston
Capital Accts.:
Capital paid in:
199,859
Sept. 29
200,000
Oct. 6
200,002
Oct. 1 3 . . . .
199,985
Oct. 2 0 . . . .
Oct. 27
200,017
Surplus:
(section 7):
448,189
Sept. 29
448,189
Oct. 6
448,189
Oct. 13
448,189
Oct. 20
Oct, 2 7 . . . .
448,189
(section 13b):
27,543
Sept. 2 9 . . . .
27,543
Oct. 6
27,543
Oct. 13
27,543
Oct. 20
27,543
Oct. 2 7 . . . .
Other cap. accts.:
97,943
Sept. 29
102,946
Oct.
6....
108,980
Oct. 1 3 . . . .
114,246
Oct. 2 0 . . . .
119,709
Oct. 27
Total liabilities
and cap. accts.: 49,634,150
Sept. 2 9 . . . .
49,104,560
Oct
6
Oct! 1 3 ! ! . ! 49',937,738
49 963 722
Oct 20
49,594,486
Oct. 27
Contingent liability on bills
purchased for
foreign correspondents:
774
Sept. 29
774
Oct. 6
Oct. 13
1,273
Oct. 20
1,274
Oct. 27
1,674
Commit, to make
indus. loans:
Sept. 2 9 . . . .
6,262
6 191
Oct. 6'. . '.
6J23
Oct. 13. . . .
6,099
Oct! 20'.'..'.
6,070
Oct. 27
Philadelphia
New
York
Richmond
Cleveland
Atlanta
Minneapolis
St.
Louis
Chicago
Kansas
City
Dallas
San
Francisco
11,335
11,337
11,340
11,340
11,340
69,012
69,013
68.998
68,979
68,986
14,630
14,630
14,639
14,640
14,640
19,025
19,024
19,025
19,008
19,008
8,529
8,529
8,528
8,529
8,529
7,806
7,823
7,823
7,823
7,830
25,206
25,208
25,210
25,218
25,218
6,596
6,599
6,599
6,601
6,601
4,403
4,403
4,403
4,403
4,407
6,877
6,877
6,879
6,883
6,887
7,768
7,769
7,770
7,771
7,778
18,672
18,788
18,788
18,790
18,793
28,117
28,117
28,117
28,117
28,117
138,596
138,596
138,596
138,596
138,596
35,350
35,350
35,350
35,350
35,350
42,173
42,173
42,173
42,173
42^173
21,210
21,210
21,210
21,210
21,210
19,110
19,110
19,110
19,110
19,110
66,217
66,217
66,217
66,217
66,217
16,972
16,972
16,972
16,972
16,972
11,233
11,233
11,233
11,233
11,233
16,148
16,148
16,148
16,148
16,148
14,111
14,111
14,111
14,111
14,111
38,952
38,952
38,952
38,952
38,952
3,011
3,011
3,011
3,011
3,011
7,319
7,319
7,319
7,319
7,319
4,489
4,489
4,489
4,489
4,489
1,006
1,006
1,006
1,006
1,006
3,349
3,349
3,349
3,349
3,349
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
6,896
7,301
7,693
8,100
8,383
20,378
21,648
23,015
24,300
25,618
7,498
7,850
8,256
8,643
9,039
9,204
9,723
10,285
10,829
11,379
6,888
7,195
7,563
7,918
8,284
5,670
5,900
6,177
6,441
6,713
12,815
13,561
14,367
15,137
15,919
5,664
5,854
6,251
6,510
6,829
3,892
4,054
4,231
4,393
4,567
5,141
5,344
5,680
5,848
6,167
5,100
5,337
5,609
5,856
6,111
8,797
9,179
9,853
10,271
10,700
13,482,030 2,963,740
13 211 134 2,950,091
13.507,599 3,005,792
13 581.741 2,977,538
13,460,261 2,977,211
4,120,672
4 011,900
4,087,244
4,107,518
4,044,224
2,906,541
2,906,338
2,935,855
2,945,873
2,912,950
2,441,691
2.439,050
2,476,782
2,469,825
2,459,906
8,356,230
8,289,297
8,390,582
8,304,170
8,358,703
2,057,447
2,098,137
2,113,926
2,107,960
2^111,895
63
63
103
103
135
71
71
117
117
154
38
38
63
63
82
32
32
52
52
69
105
105
173
173
228
28
28
46
46
60
306
262
206
182
165
1,091
1.084
1,076
1,075
1,075
140
124
120
121
121
300
300
300
300
288
487
486
486
486
486
2,667,102
2,645,759
2,688,874
2,725,086
2,666,769
49
49
80
80
105
1248
1248
1407
1408
1536
75
75
75
75
75
1,324,722 2,111,215
1,341,538 2,118,977
1,366,323 2,161,396
1,350,909 2,147,319
1,329,580 2,121,547
19
19
32
32
42
1,776,121 5,426,639
1 782,640 5,309 699
1,834,777 5,368,588
1.848,013 5,397,770
1,829,451 5,321,989
27
27
45
45
59
26
26
43
43
57
3 750
3 750
3 750
3,750
3,750
68
68
112
112
147
113
110
110
110
110
i After deducting $526,000 participations of other Federal Reserve Banks on Sept. 29; and Oct. 6; $866,000 on Oct. 13; and Oct. 20; and $1,138,000
on Oct. 27.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F. R. notes outstanding
(issued to Bank):
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Collateral held against
notes outstanding:
Gold certificates:
Sept. 29
Oct. 6
Oc:. 13
Oct. 20
Oct. 27
Eligible paper:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
U. S. Govt. s e c :
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Total collateral:
Sept. 29
Oct, 6
Oct. 13
Oct. 20
Oct. 27
24,765,998
24,794,187
24,812,389
24,824,740
24,800,033
Boston
New
York
1,476,491 5,665,325
1,470,838 5,673,897
1,471,615 5,675,077
1,469,712 5,667,047
1,470,063 5,650,471
Philadelphia
Cleveland
1,683,681 2,193,294
1,688,170 2 ,194,593
1,689,289 2,,195,225
1,693,015 2,194,254
1,685,354 2,185,517
Richmond
1,728,560
1,734,888
1,740,730
1,732,644
1,729,503
460,000
460,000
460,000
460,000
460,000
4,770,000
4, 770,000
4, 770,000
4,770,000
4,770,000
550,000
550,000
550,000
550,000
550,000
85,567
31,091
133,512
33,533
43,850
2,356
1,025
20,736
2,161
3,211
40,595
13,200
68,190
4,015
8,315
11,289
2,518
15,763
4,046
5,275
11.975,000
12.275,000
12,300,000
12.300,000
12,300,000
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
1,125,000
1,125,000
1,150,000
1,150,000
1,150,000
25,639,567
25,585,091
25,712,512
25,612,533
25,622,850
1,562,356 5,810,595
1,561,025 5,783,200
1,580,736 5,838,190
1,562,161 5,774,015
1,563,211 5,778,315
1,761,289 2 ,235,000
1,752,518 2,235,000
1,765,763 2,235,000
1,754,046 2,235,000
1,755,275 2,235,000
1,763,290 1,425,000
1,753,630 1,425,000
1,793,005 1.425,000
1,781,180 1,425.000
1,780,870 1,425,000
1378
Chicago
St.
Louis
Minne- Kansas
apolis
City
1,374,495 4,664,225 1,138,570 642,248
1,379,934 4,665,728 1,140,888 646,430
1,376,844 4,664,701 1,142,141
1,383,812 4,663,342 1,157,150 646,100
1,386,697 4,665,442 1,158,519 644,656
13,579,000
13,279,000
13,279,000
13,279,000
13,279,000
735,000
735,000
735,000
735,000
735,000
625,000
625,000
625,000
625,000
625,000
Atlanta
675,000
575,000
575,000
575,000
575,000
2,800,000
2,600,000
2,600,000
2,600,000
2,600,000
13,290
3,630
18,005
6,180
5,870
750,000 1,900,000
]
850,000 :2,100,000
850,000 :2,100,000
850,000 22,100,000
,1
Dallas
San
Francisco
960,360 647,158 2,591,591
,977 649,152 2,587,692
961,'
961,257 654.213 2,595,928
957,597 655,917 2,604,150
960,451 662,618 2,600,742
315,000
315,000
315,000
315,000
315,000
200,000
200,000
200,000
200,000
200,000
280,000
280,000
280,000
280,000
280,000
169,000 2,000.000
169,000 2,000,000
169,000 2,000,000
169,000 2,000,000
169,000 2,000,000
7,104
3,770
1,930
2,786
6,811
663
1,748
3,238
1,175
298
7,170
3,850
4,550
12,220
7,220
3,100
1,350
1,100
950
6,850
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
4,700,000 1,272,104 650,663 987,170 669,000
4,700,000 1,268,770 651 ,748 983,850 669,000
4,700,000 1,266,930 653 ,238 984,550 669,000
4 ,700,000 1,267,786 651 ,175 992,220 669,000
4 ,700,000 1,271,811 650,298 987,220 669,000
2,803,100
2,801,350
2,801,100
2,800,950
2,806,850
850,000 2,100,000
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
End of month
1942—June...
Dec
Additional
amount
available to
borrowers
under guarPortion antee agreements
guaranoutstanding
teed
Guaranteed
loans
outstanding
Number
Amount
Total
amount
565
2,665
310,680
2,688,397
81,108
803,720
69,674
137,888
632,474 1,430,121
1943—June... 4,217
Dec... . 5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286
1944—June...
Dec....
6,433
7,434
8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
1945—June...
Dec...
8,422 10,149,351 1,386,851 1,190,944 3,694,618
966,595
8,757 10,339,400 510,270 435,345
1946—June...
Dec....
8,771 10,344,018
8,771 10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
1947—June...
Dec
8,771 10,344,018
8 771 10 344 018
3,589
2 412
3,218
2 183
6,726
10,344,018
10,344,018
10,344,018
10 344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
2,357
1,959
1,835
1,787
1,761
1,609
1,605
1,414
1,332
2,133
1,777
1,666
1,623
1,599
1,463
1,460
1,282
1,208
8,771
1948—Jan
F e b . . . . 8,771
Mar.... 8,771
Apr.... 8 771
May... 8,771
June... 8,771
J u l y . . . 8,771
8,771
Aug
Sept.. . 8,771
[Amounts in thousands of dollars]
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Number
Amount
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
3,423
3,471
3,489
3,511
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
408,737
491,342
525,532
544,961
ApLoans Commit- Participroved
pations
outbut not
ments
outcom- l standing2 outpleted (amount) standing standing
(amount)
(amount) (amount)
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
4,248
926
1,295
320
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
14,126
10,532
3,894
1,995
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
10,661
9,270
4,165
1,644
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
17,305
17,930
2,706
1,086
1946
June 29. . . 3,524
Dec. 3 1 . . . 3,542
552,711
565,913
615
4,577
1,210
554
5,366
8,309
1,110
2,670
1947
June 3 0 . . . 3,555
Dec. 3 1 . . . 3,574
572,836
586,726
195
945
1,778
1,387
7,018
7,434
4,043
4,869
1948
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30. . .
May 3 1 . . .
June 3 0 . . .
July 31. . .
Aug. 3 1 . . .
Sept. 30.. .
589,986
596,048
600,322
604,623
606,305
610,956
611,694
612,099
613,820
1,025
145
45
70
120
1,045
620
65
45
1,972
4,906
3,785
1,394
916
851
802
883
1,011
7,077
7,918
7,700
6,646
6,612
6,482
6,417
6,187
6,246
5,213
6,770
5,109
4,234
3,272
3,238
3,346
3,353
4,212
3,576
3,582
3,587
3,593
3,595
3,599
3,600
3,603
3,604
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
a
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.
NOVEMBER
1948
September. . . .
1948—August
September. . . .
2
9
16
23
30
7
14
21
Borrowings at Federal
Reserve Banks:
1947—August
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
Date (last
Wednesday
or last day
of period)
Excess reserves:
1947—August
September. . . .
1948—August
September. . . .
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Reserve
city
banks
Country
banks»
Chicago
4,203
4,270
4,909
5,037
979
1,001
1,186
1,207
6,543
6,688
6,626
6,869
4,757
4,906
4,970
5,396
17,753
17,758
18,310
18,520
19,681
19,878
19,681
19,935
4,963
4,869
5,035
4,927
5,358
5,357
5,240
5,382
1,184
1,181
1,190
1,182
1,284
1,303
1,293
1,303
6,655
6,676
6,809
710
357
7,452
7,397
7,445
4,950
5,032
5,275
5,701
5,683
5,765
5,751
5,804
800
931
837
884
11
24
46
63
226
256
222
249
559
646
562
566
879
863
1,158
770
768
902
761
P901
97
27
111
25
102
51
15
98
240
244
317
258
194
290
205
226
534
588
726
479
465
549
538
P57O
127
133
87
128
26
44
17
55
57
59
33
32
42
28
28
27
64
73
39
89
328
68
258
52
1
19
3
17
197
5
113
30
25
15
28
55
43
72
29
33
20
21
27
40
20
30
23
16,481
September....
16,866
1948—August
17,690
September. . . . 18,509
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Central reserve
city banks
New
York
Total reserves held:
1947—August
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
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.
Applications
approved
to date
All
member
banks *
Month, or
week ending Thursday
In millions of dollars]
17
36
43
P Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS
IN LARGB AND
SMALL CENTERS1
[Averages of daily figures.
In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
Sept. 1947
Aug. 1948
'15,567
16,376
8,508
8,799
'12,151
12,119
6,064
6,070
Sept. 1948
16,637
8,796
12,293
6,074
Boston
New York
Philadelphia. . . .
Cleveland
1,917
2,991
1,269
1,348
864
2,221
816
900
360
1,101
944
1,081
234
1,167
903
822
Richmond
Atlanta
Chicago
St. Louis
1,139
1,530
2,247
665
398
478
1,589
339
896
649
1,726
971
472
216
964
277
Minneapolis
Kansas City. . . .
Dallas
San Francisco. . .
609
569
1,035
1,317
296
104
145
647
811
1,650
1,550
554
451
204
66
299
r
Revised.
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country blinks,
1379
DEPOSITS, RESERVES, AND SORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Net
Class of bank and
Federal Reserve district
Total
Interbank
Other
demand
deposits 2
Time
deposits 3
Demand
balances
due
from
domestic
banks
Borrowings
at
Federal
Reserve
Banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
First half of September 1948
All member banks
Central reserve city banks :
New York
Chicago
Reserve city b a n k s
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
...
...
11,036
78,538
78,791
28,769
5,441
17,949
16,946
1,003
58
21,323
5,151
3,988
1,098
17,334
4,053
19,889
4,681
1,653
947
43
129
4,936
1,182
4,873
1,180
33,343
1,853
5,086
28,257
1,593
28 ,877
1,698
11,298
1,718
6,730
6,453
64
2
277
10
4
22
519
191
295
71
170
367
125
351
121
16
4
242
1,448
29
23
2
559
429
403
104
124
268
95
414
392
832
363
585
..
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas....
San Francisco
89,574
.
2,164
4,049
2,103
2,022
3,955
1,937
1,089
2,802
2,473
8,312
29,758
2,341
4,167
2,202
2,451
2,159
2,345
4,047
1,689
1,475
2,284
2,696
1,902
...
260
26
349
496
341
409
460
533
322
778
541
571
863
80
86
16
21
126
155
70
46
65
60
110
29
1,814
3,552
1,762
1,613
3,495
1,404
767
2,024
1,932
7,742
1,926
3,579
1,821
1,717
3,403
1,647
896
2,313
2,052
7,307
28,895
2,261
4,081
2,186
2,430
2,033
2,191
3,977
1,643
1,410
2,223
2,586
1,873
25,343
2,042
3,656
1,919
2,105
1,773
1,982
3,452
1,446
1,236
1,910
2,196
1,626
1,982
334
400
803
8
41
390
368
799
349
24
25
32
13
1,807
190
484
433
1,765
45
42
2
3,552
178
319
218
286
298
299
5,101
395
817
428
470
353
358
4,440
352
715
372
398
300
319
661
21
43
102
56
72
53
39
3
2
512
214
739
272
636
239
102
33
179
356
70
241
381
247
277
5,059
14,871
1,096
3,389
1,719
1,723
869
694
2,553
615
746
309
212
946
407
843
204
352
455
218
198
503
479
253
328
374
314
218
286
320
284
8
19
35
42
54
29
1
3
5
1
4
2
2
2
5
2
1
2
i"
I
i
Second half of September 1948
All member banks
90 ,074
10,956
79,118
79,023
28,783
5,210
19,070
18,305
764
198
New York
Chicago
21,599
5,159
4,024
1,069
17,576
4,090
19,914
4,652
1,661
946
49
124
5,138
1,232
5,075
1,223
63
9
100
25
Reserve city banks
33,485
1,899
587
2,185
4,091
2,108
1,996
3,963
1,941
1,099
2,799
2,480
8,335
4,998
267
28,487
1,631
11,307
191
1,741
33
7,008
389
6,787
374
221
15
41
2
1,841
3,608
1,761
1,604
3,517
1,427
779
2,048
1,956
7,756
28,803
1,726
515
1,921
3,579
1,814
1,680
3,378
1,637
900
2,281
2,051
7,321
1,454
431
167
106
878
425
847
409
32
17
402
1,978
334
179
357
377
5,056
125
270
87
67
254
241
292
869
376
206
523
481
1,912
379
840
365
200
501
455
1,871
12
29
11
5
21
27
40
4
8
29,831
2,372
4,191
2,258
2,449
2,167
2,315
4,037
1,676
1 497
2,273
2,695
1,901
866
80
87
18
21
28,965
2,292
4,104
2,240
2,428
2,038
2,167
3,969
1,628
1,431
2,215
2,584
1,870
25,655
2,065
3,700
1,978
2,130
1,791
1,987
3,485
1,453
1,270
1,929
2,217
1,648
14,868
1,098
3,388
1,720
1,722
3,296
181
298
207
258
5,691
446
918
486
523
5,220
413
846
445
470
471
34
72
41
53
33
3
9
3
2
870
280
385
352
370
749
279
259
332
370
335
33
4
393
822
299
284
364
415
355
23
73
20
25
33
45
20
2
1
4
Central reserve city banks:
Boston
. .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
^Minneapolis
Kansas City
Dallas
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
IVIinneapolis
Kansas City
Dallas
San Francisco
.
28
344
483
346
393
447
514
321
751
524
580
129
149
67
48
66
58
111
31
559
294
253
693
2,552
615
747
309
209
946
26
73
265
466
193
192
325
433
198
132
426
391
128
419
5
7
2
5
6
4
9
2
1
1
1
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process
of collection) of all member banks estimated at 71,300 million dollars in the first half and 71,150 million in the second half of September.
1380
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency 2
Total
in circulation 1
Total
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
1947—June
July
August
September...
October
November...
December. . .
1948—January
February....
March
April
May
June
July
August
September...
End of year or
month
Coin
Large denomination currency 2
$2
$5
$10
$20
Total
$50
$100
442
402
452
423
478
460
517
499
537
505
550
524
590
559
648
610
751
695
880
801
1,019
909
1,156
987
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
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
364
337
358
399
387
,409
460
538
724
1,019
1,481
1,996
2,327
2,492
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
125
112
122
135
139
160
191
227
261
287
407
555
454
438
237
216
239
265
288
327
425
523
556
586
749
990
801
783
28,297 19,769
28,149 19,622
28,434 19,837
28,567 19,881
28,552 19,833
28,766 20,008
28,868 20,020
1,355
1,356
1,362
1,375
1,385
1,396
1,404
986
980
990
1,010
1,011
1,020
1,048
64
63
64
64
63
64
65
2,078
2,058
2,092
2,085
2,078
2,102
2,110
6,289
6,230
6,308
6,270
6,233
6,303
6,275
8,996
8,935
9,020
9,077
9,064
9,123
9,119
8,530
8,529
8,600
8,689
8,721
8,760
8,850
2,466
2,453
2,477
2,503
2,499
2,513
2,548
4,808
4,824
4,874
4,941
4,986
5,023
5,070
430
428
428
428
427
426
428
28,111
28,019
27,781
27,716
27,812
27,903
27,866
28,055
28,118
984
1,382
1,385
972
1,394
975
1,399
976
1,409
994
1,421 1,000
1,422
994
1,432 1,006
1,442 1,020
63
63
62
61
62
63
62
63
63
2,017
2,005
1,986
1,991
2,015
2,017
2,010
2,023
2,031
6,064
6,084
6,013
6,017
6,054
6,085
6,059
6,099
6,090
8,858
8,826
8,738
8,700
8,724
8,737
8,762
8,827
8,844
8,745
8,687
8,614
8,574
8,555
8,581
8,559
8,607
8,632
2,511 5,022
2,492 4,996
2,470 4,962
,456 4,951
,453 4,943
2,465 4,945
2,452 4,940
2,464 4.977
2, 4665,011
424
421
416
412
410
407
404
403
402
19,369
19,335
19,169
19,144
19,259
19,323
19,309
19,450
19,488
as des
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
$500 $1,000 $5,000 $10,000
Unassorted
10
7
16
18
12
32
32
60
46
25
22
24
24
26
8
10
5
8
7
5
2
4
4
3
2
3
2
3
810
806
804
800
793
782
782
12
12
12
12
11
11
17
2
2
2
2
3
3
3
771
762
749
739
735
749
748
748
739
12
12
11
10
10
10
9
11
10
3
3
1
1
2
2
2
2
2
5
7
7
6
17
20
30
24
9
9
10
7
unassorted currency in Treasury and Federal Reserve Banks,
id currency of unknown denominations reported by the Treasury
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation l
Money
held by
For
Federal
Federal
Reserve
30, Aug. 31, Sept. 30,
Reserve Banks and Sept.
1948
1947
1948
Banks and
agents
agents
Money held in the Treasury
Total outstanding, As security
Sept. 30,
against
Treasury
1948
gold and
cash
silver
certificates
Gold
Gold certificates .
Federal Reserve notes
Treasury currency—total
Standard silver dollars .
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Sept 30, 1948
Aug 31,1948
Sept 30, 1947
23,872
22 648
24,758
4,575
493
1 963
*2,265
964
363
347
347
99
22,648
2
1,225
*2,265
52
45
303
28
1,963
19,788
276
1 321
1,321
1,309
19 788
19,649
17,907
45
23,820
4,254
45
23,760
4,250
47
24,289
4,231
3
160
159
151
212
2,053
930
352
319
342
97
2,055
924
350
321
345
98
2,044
887
337
317
391
105
3 978
3,911
3,954
28 118
24
7
25
4
1
9
4
2
1
24 913
24,767
23,016
2,815
886
28,055
28,567
1
Outside Treasury and Federal Reserve Banks* Includes any paper currency held outside the continental limits of the United States; totals
ffor other
end-of-month dates shown in table above, totals by weeks in table on p. 1373, and seasonally adjusted figures in table on p. 1382.
2
Includes
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
.•significance and is not shown. See note of explanation of these duplications.
* Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
-receipt; (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
.amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
-of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
&s reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.
NOVEMBER 1948
1381
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
1947
,
Amount—
adjusted for
seasonal
variation
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Change in
seasonally
adjusted
series l
+742
+1,134
--2,428
--4,250
--5,039
--4,858
--3,208
+437
-84
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
Monthly averages of daily
figures:
1947—September
October
November.
December
28,654
28,598
28,648
28,937
28,711
28,598
28,562
28,650
+317
1948—January
February
March
April
May
June
July
August
September
October
28.394
28,096
27,941
27,766
27,749
27,846
27,955
27,977
28,152
28,188
28,309
28,096
28,025
27,990
27,945
27,986
28.011
28,118
28,208
28,188
-341
-113
-36
+88
-213
-71
-35
-45
+41
+25
+107
+90
-20
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.
Gold
stock
at end
of
period
Period
Increase
in gold
stock
1937
1938
1939
1940
1941
1942
1943
1944 . . .
1945
1946 . . .
1947
1,502.5
*12,760
14,512
1,751.5
17,644
3,132 0
4,351.2
21,995
22,737
741 8
-10.3
22,726
—788.5
21,938
20,619 -1,319.0
20,065
—553.9
20.529
464.0
22,754 '2,224.9
1947—October
November..
December..
1948—January
February...
March
April
May
June
July. . . .
August
September..
October....
22,294
22,614
22,754
22,935
23,036
23,137
23,169
23,304
23,532
23,679
23,725
23,872
P24.004
EarNet
marked
.gold
gold: deimport
crease
or export
or in(-)
crease (—)
Domestic
gold
production^
1,585.5
1,973.6
3,574.2
4,744.5
982 4
315.7
68 9
-845.4
—106 3
311.5
1,866.3
—200.4
-333.5
—534.4
-644.7
—407.7
-458.4
—803.6
-459.8
—356.7
465.4
210.0
143.9
148.6
161.7
170.2
169.1
125.4
48.3
450.8
265.7
178.2
235.0
159.4
99.9
234.2
151.3
177.7
266.7
39.1
P53.3
(4)
-4.0
-82.8
-44.6
-14.9
-72.2
-63.4
—111.5
-2.8
81.7
-188.4
59.5
98.1
« 1.0
7.7
5.8
6.8
6.a
5.5
6.4
5.7
6.1
5.7
6.2
7.7
7.4
(4)
339.0
320.1
139.5
180.7
101.5
100.4
32.2
135.2
228 5
146.4
46.2
147.2
P131.6
35.a
32.0
51.2
75.8
* Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation of monthly figures see table on p. 1433.
* Includes gold in the Inactive Account amounting to 1,228 million
dollars on Dec. 31, 1937.
* Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
<
Not yet available.
1
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions,
amounted to 3,831.4 million dollars on Oct. 31, 1948. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 irn
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year and month
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;
Total, all
reporting
centers
New
York
Cityi
140
other
centers *
Other
reporting
centers 2
New
York
City
Other
reporting
centers
New
York
City «
Other
leading
cities 8
New
York
City*
Other
leading
cities»
641 778
792,937
891,010
974,102
jl,050,021
1,125,074
226,865
296,368
345,585
404,543
417,475
405,929
347,837
419,413
462,354
479,760
527,336
599,639
67,074
77,155
83,970
89,799
105,210
119,506
16.1
16.5
17.1
18.3
19.0
21.0
13.1
11.7
10.8
12.0
200 337
258,398
298,902
351,602
374,365
407,946
400,468
308 913
369,396
403,400
412,800
449,414
522,944
598,445
18 0
20.5
22.4
24.2
25.5
25.2
24.1
18.4
17.4
17.3
16.1
16.9
16.5
1947—September
October
November
December
91,903
105,290
92,910
118,382
31,837
37,504
31,738
46,225
49,962
56,554
51,002
60,295
10,104
11,232
10,169
11,862
20.2
21.8
21.6
27.2
12.1
12.4
13.1
13.5
31,605
35,162
33,531
44,131
49,978
55,025
51,621
59,878
23.1
23.9
26.5
29.9
18.0
18 T
19.8
20.0
1948—January . . . .
February
March
105,193
90,273
107,636
102,349
97,603
108,639
102.940
97,940
104,729
37,615
32,271
39,587
37,955
35,429
40,633
35.832
33,031
37,531
56,355
48,507
56,900
53,685
51,807
56,667
55.972
54,118
55,975
11,223
9,495
11,148
10,708
10,367
11,339
11,136
10,791
11,223
22.3
22.1
23.4
23.7
23.0
25.4
22.5
20.9
24.6
12.7
12.6
12.7
12.5
12.4
13.0
12.8
12.3
13.2
38,286
32,298
38,648
36,880
37,060
38,942
36,350
32,540
36,354
55,902
47,890
56 372
52,740
51 557
55 442
55,233
r
53 757
54,635
26 2
25.6
26 4
26.5
27 9
28 0
26.6
23 9
27.5
18 7
18.6
19 1
18.6
18 7
19 1
19 1
18 5
19.4
1942 « . .
1943
1944
1945
1946—old series «
1946—new series «
1947
May .
June
July
August
September
9.7
10.0 {
18.a
* Revised.
National series for which bank debit figures are available beginning with 1919.
Number8 of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another
city. 4
Weekly reporting member bank series
Total
deposits, except interbank accounts, and debits to those deposits at all reporting centers are partly estimated for first four monthSc.
1
Statistics tor banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June
1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks<
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which
rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ
slightly from those shown in Banking and Monetary Statistics^ Table 55, p. 254, due to differences in method of computation.
1
1
1382
FEDERAL RESERVE BULLETIN.
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
ind
currency
outside
banks
1929—June
December.
1933—June
December.
1940—June
December.
1941—June
December.
1942—June
December.
1943—June
December.
1944—June
December.
1945—June
December.
1946—June
December.
1947—June
55,171
54,713
41,680
42,548
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
167.107
165.455
26,179
26,366
19,172
19,817
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94.150
102,341
105,992
110,044
108,433
51,532
51,156
36,919
37,766
60,253
63,436
65,949
68.616
71.027
85,755
94,347
103,975
115,291
127.483
137,687
148,911
144,721
140,377
139,156
22,540
22,809
14,411
15,035
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
83,314
82,134
1947—September (Sept.24)
October (Oct. 29)...
November (Nov. 26)
December (Dec. 31).
1948—January (Jan. 28)...
February (Feb. 25) ..
March (Mar. 3 1 ) . . .
April (Apr. 28)
May (May 26)
June (June 30)
July (July 28) P
August (Aug. 25)P..
September (Sept.29)*
168.400
169,700
170,300
171,446
170,200
168,900
166,400
167,500
167,600
167,875
168,600
169,100
169,700
110,400
111,600
112,400
113,599
142,100
143,500
143,800
144,970
112,400
110,300
107,100
108,100
108,200
108,335
108,900
109.400
109,600
144,400
143,200
140,800
142,100
142,200
142,237
143.100
143,500
144,000
84,100
85,400
85,900
87,123
86,600
84,600
81,500
82,700
82,800
82,697
83,400
83,800
83 ,900
End of month
Time deposits
Total
deposits
adjusted
Demand
deposits
adjusted1
United
States
Government
deposits *
Currency
outside
banks
Total
Commercial
banks * *
Mutual
savings
banks * *
381
158
852
1,016
828
753
753
1,895
1,837
8,402
8,048
10.424
19,506
20,763
24,381
24,608
13,416
3.103
1,367
28,611
28,189
21,656
21,715
27,463
27,738
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
19,557
19,192
10,849
11,019
15,540
15,777
15,928
15,884
15.610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
33,808
34,835
8,905
8,838
9,621
9,488
10.631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
16,869
17,428
149
159
,186
,208
,292
,303
,303
,313
,315
,415
,576
1,786
2,032
2,340
2,657
2,932
3,119
3,283
3,392
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
,900
,800
,900
,452
56,100
56,300
56.000
56,395
,300
,800
2,400
2,500
2,400
2,180
2,400
2,400
2,800
56,500
56,800
56,900
56,900
57,000
57,360
57,300
57,300
57,300
35,100
35,200
35,000
35,233
35,200
35,500
35,500
35.500
35,500
35,788
35,700
35,700
35,700
17,600
17,700
17,600
17,746
17,900
17,900
18,000
18,000
18,100
18,194
18,200
18,200
18,300
3.400
3,400
3,400
3,416
3,400
3,400
3,400
3,400
3.400
3.378
3,400
3,400
3,300
26,300
26,200
26,500
26,476
25,800
25,700
25,600
25,400
25,400
25 638
25,500
25,600
25,700
Postal
Savings
System 6
3,639
3,557
4,761
4,782
6,699
7,325
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.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
B
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
• Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
1
8
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS *
[In millions of dollars]
Assets
DeposEnd of month itors'
balances*
Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
Cash
reserve
Guar- funds,
etc.8
anteed
74
88
95
102
118
152
179
200
1,279
1,304
1,314
1,417
1,788
2,342
2,933
3,284
1,319
1,348
:1,396
1,464
1,843
2,411
J.022
*,387
53
36
26
16
10
8
6
6
1,192
1,224
1,274
1,345
1,716
2,252
2,837
3,182
1,046
1,078
,128
L,220
1,716
J.252
»,837
$.182
1947—Nov... 3,413
Dec... 3,417
J.527
$.525
6
6
3,314
3,308
$.314
$.308
207
212
1948—Jan.. .
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
$,541
5,551
$,546
-5,528
•5,509
5,494
5,483
6
6
6
6
6
6
6
3,332
3.336
3,346
3,316
3,291
3,291
3,275
$.332
$.336
5,346
5,316
5,291
5,291
5,275
204
209
194
205
211
196
202
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
3,432
3,441
3,435
3,415
3,395
3,379
3,368
PS,347
P3.340
146
146
146
126
* Preliminary.
aiiu iiusc:cii<ouicuuo wuiKJ.ug luiiuo wiiii ncasuici ui UIULCU OLCILCS, 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.
NOVEMBER
1948
Number of banks suspended:
1934-40
1941
1942
1943
1944
1945.. .
1946
1947
1948—Jan.-Oct
Nonmember
banks
Member
banks
Total,
all
banks
National State
313
16
8
4
9
4
1
2
6
Insured
207
Noninsured
84
3
1
6
2
1
3
o0
1
1
Deposits of suspended banks
(in thousands of dollars) : J
131,934 14,872 26,548 49,689 40,825
1934-40
1941
1942
1943
1944
1945
1946
1947
1948—Jan.-Oct
3,726 3,144
1,702
6,223 4,982
405
0
o
167
503
1,375
1,241
405
79
327
167
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
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.
1383
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
Loans
Total
Cash
assets l
U.S.
Government
obligations
Other
securities
Total*
Interbank!
Demand
Total Number
capital
of
accounts banks
Time
All banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 *
Dec. 31
1948—Mar. 3 1 " . . .
Apr. 2 8 " . . .
May 2 6 " . . .
June 30
July 2 8 " . . .
Aug. 25 " . . .
Sept. 29 •
50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
131,096
134,908
132,620
133,430
133,690
133,081
134,090
134,440
132,890
22,165 28,719
23,756 30,422
26,615 34,511
23,916 54,231
73,365
23,601
26,015 93,446
30,362 109,865
35,648 96,050
38,365 92,730
42,999 91,909
43,900 88,720
43,950 89,480
44,680 89,010
45,099 87.982
45,440 88,650
46,000 88,440
47,140 85,750
19,417
20,972
25,511
45,951
65,932
85,885
101,288
86,558
82,679
81,186
77,560
78,330
77,870
76,774
77,320
77,020
74,230
9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,491
10,051
10,723
11,160
11,150
11,140
11,208
11,330
11,420
11,520
23,292
28,090
27,344
28,701
28,475
30,790
35,415
35,041
33,544
38,387
33,390
33,380
32,940
35,000
33,970
33,850
36,880
68,242
75,996
81,816
99,803
117,661
141,448
165,612
155,902
153,349
161,850
153,990
154,970
154,640
156,353
156,090
156,340
157,520
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
10,920 89,450
10,900 90,420
10,640 90,350
11,436 90,823
11,290 90,810
11,220 91,140
11,280 92,150
25,852
26,499
26,479
27,058
31,081
37,551
45,613
50,784
52,375
53,089
53,620
53,650
53,650
54,093
53,990
53,980
54,090
8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,360
11,721
11,946
12,080
12,110
12,220
12,241
12,300
12,360
12,400
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,585
14,716
14,714
14,730
14,731
14,727
14,719
14,717
14,719
14,720
All commercial banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2. .
Dec. 31. . .
1948—Mar. 3 1 " .
Apr. 2 8 " .
May 2 6 " .
June 30. . .
July 2 8 " .
Aug. 25 " .
Sept. 29 •. .
40,668
43,929
50,746
67,393
85,095
105,530
124,019
113,993
112,756
116,268
113,600
114,340
114,570
113,855
114,760
115,100
113,600
17,238
18,800
21,714
19,221
19,117
21,644
26,083
31,122
33,679
38,055
38,860
38,850
39,520
39,865
40,140
40,630
41,720
23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
79,077
78,213
74,740
75,490
75,050
73,990
74,620
74,470
71,880
16,316
17,757
21,808
41,379
59,842
77,557
90,606
74,780
70,539
69,207
65,470
66,270
65,870
64,798
65,310
65,100
62,460
7,114
7,372
7,225
6,793
6,136
6,329
7,331
8,091
8,538
9,005
9,270
9,220
9,180
9,192
9,310
9,370
9,420
22,474
27,124
26,551
28,039
27,677
30,206
34,806
34,223
32,704
37,501
32,590
32,630
32,180
34,168
33,240
33,110
36,000
57,718
65,337
71,283
89,135
105,923
128,072
150,227
139,033
135,907
144,087
135,960
136,910
136,550
138,142
137,880
138,110
139,240
9,874 32,513
10,934 38,558
10,982 44,349
11,308 61,431
11,003
75,569
12,235 91,653
14,065 105,921
12,656 92,446
11,679 89,281
13,032 95,711
10,920 89,440
10,900 90,400
10,640 90,330
11,435 90,806
11,290 90,790
11,220 91,120
11,280 92,130
15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
34,947
35,344
35.600
35,610
35,580
35,900
35,800
35,770
35,830
6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,577
9,880
10,057
10,170
10,200
10,290
10,287
10,340
10,390
10,420
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,044
14,183
14,181
14,197
14,198
14,194
14,187
14,185
14,187
14,188
33,941
37,126
43,521
59,263
74,258
91,569
107,183
96,362
94,802
97,846
95,129
95,847
96,052
95,449
96,213
96,475
94,895
13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
32,628
33,179
33,018
33,614
33,871
34,087
34,495
35,453
19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
66,146
65,218
61,950
62,829
62,438
61,578
62,126
61,980
59,442
14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
57,914
54,463
55,383
55,055
54,139
54,575
54,371
51,789
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,625
6,948
7,304
7,487
7,446
7,383
7,439
7,551
7,609
7,653
19,782
23,963
23,123
24,280
23,790
25,860
29,845
29,587
28,694
32,845
28,744
28,858
28,609
30,303
29,407
29,300
32,021
49,340
56,430
61,717
78,277
92,262
110,917
129,670
118,170
115,435
122,528
115,190
116,213
116,049
117,452
117,128
117,274
118,191
9,410
10,423
10,525
11,000
10,555
11,884
13,640
12,060
11,041
12,403
10,364
10,332
10,107
10,833
10,701
10,624
10,669
28,231
33,829
38,846
54,523
66,438
79,774
91,820
78,920
76,380
81,785
76,270
77,315
77,375
77,796
77,694
77,937
78,776
11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,014
28,340
28,556
28,566
28,567
28,823
28,733
28,713
28,746
5,522
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,464
8,545
8,573
8,638
8,624
8,657
8,698
8,724
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,900
6,928
6,923
6,932
6,935
6,932
6,925
6,919
6,919
6,923
10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,704
18,339
18,641
19,020
19,090
19,120
19,226
19,330
19,340
19,290
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,526
4,686
4,944
5,040
5,100
5,160
5,234
5,300
5,370
5,420
5,289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,653
13,696
13,980
13,990
13,960
13,992
14,030
13,970
13,870
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,778
12,140
11,978
12,090
12,060
12,000
11,976
12,010
11,920
11,770
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,400
1,513
1,718
1,890
1,930
1,960
2,016
2,020
2,050
2,100
818
966
793
663
797
584
609
818
839
886
800
750
760
832
730
740
880
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,869
17,442
17,763
18,030
18,060
18,090
18,211
18,210
18,230
18,280
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,428
17,745
18,020
18,040
18,070
18,193
18,190
18,210
18,260
1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,784
1,842
1,889
1,910
1,910
1,930
1,955
1,960
1,970
1,980
551
551
548
546
545
543
542
541
533
533
533
533
533
532
532
532
532
All member banks:
1939—Dec. 30. . .
1940—Dec. 31. . .
1941—Dec. 31. . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 30. . .
1945—Dec. 31. . .
1946—Dec. 31. . .
1947—June 30. . .
Dec. 3 1 . . .
1948—Mar. 31«. .
Apr. 28 •. .
May 26«. .
June 3 0 . . .
July 28 •. .
Aug. 25 •. .
Sept. 29 «. .
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—Mar. 31 «. .
Apr. 28 •. .
May 26*. .
June 3 0 . . .
July 28 •. .
Aug. 25 «. .
Sept. 29«. .
• Partly estimated.
«• Revised.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability1 data are not available.
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
1384
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
All insured commercial
banks:
83,507
1943—Dec.
31
103,382
1944—Dec. 30
1945—Dec.
1946—Dec.
1947—j une
Dec
1948—j une
31
31
30
31
30
Other
Cash
assets
Total
U.S.
Government
obligations
Other
securities
Loans
Total
Interbank
121,809
112,178
110,682
114,274
111,794
18,841
21,352
25,765
30,733
33,250
37,583
39,372
64,666
82,030
96,043
81,445
77,433
76,691
72,421
58,683
75,875
88,912
73,554
69,136
67,941
63,490
5,983
6,155
7,131
7,891
8,297
8,750
8,931
27,183
29,733
34,292
33,694
32,190
36,926
33,699
104,094
125,714
147,775
136,990
133,659
141,851
135,945
47,499
58,308
69,312
63,723
62,982
65,280
63,638
10,116
11,480
13,925
17,272
18,764
21,428
22,243
37,382
46,828
55,387
46,451
44,218
43,852
41,395
34,065
43,292
51,250
41,658
39,271
38,674
36,091
3,318
3,536
4,137
4,793
4,947
5,178
5,303
16,017
17,570
20,114
20,012
19,342
22,024
20,415
59,961
71,858
84,939
78,775
77,146
82,023
78,753
7,159
8,056
9,229
8,169
7,432
8,410
7,305
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
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
1,063
1,268
1,350
1.448
1,494
962
949
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
1,588
2,148
2,211
1,815
2,074
1 .903
2,062
276
292
318
389
430
472
493
1,312
1,856
1,893
1,426
1,645
1.521
1,569
1.160
1,682
1,693
1,226
1,403
.966
1.308
153
174
200
494
473
514
200
241
255
261
530
514
575
469
1,829
2,358
2,452
2,043
2,248
2.236
2,197
10,847
13,972
16,849
17,646
17,970
18 438
18,422
2,832
2,971
3,310
4,429
5,027
5.430
5,997
8,014
11,002
13,539
13,217
12,943
13.008
12,425
6,899
9,880
12,277
11,749
11,352
11.305
10,670
1.115
1,122
1,262
L.468
]1,591
1.703
.755
3,889
4,348
4,962
4,639
4,013
4.658
3,867
13,671
17,168
20,571
20,879
20,488
21.575
20,706
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
559
4 345
4 708
5 361
5,813
5.964
5.957
6,084
1 .411
I 260
1,198
1,275
1,316
1,384
I 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
Demand
10,705 74,309
12,074 89,761
13,883 104,015
12,320 91,144
11,243 87,930
12,670 94,300
11,035 89,491
Total
Number
capital
of
accounts banks
Time
19,081
23,879
29,876
33,526
34,486
34,882
35,418
7,453
7,989
8 671
9,286
9,558
9,734
9,955
13,270
13,263
13,297
13,354
13,386
13,398
13,415
42,605
50,900
59,486
52,194
50,694
54,335
51,921
10,196
12,901
16,224
18,412
19,020
19,278
19,528
3,950
4 265
4,644
5 138
5,296
5 409
5,533
5,040
5,025
5,017
5 007
5,012
5 005
4,998
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 69ft
1,789
1,867
1,893
1,916
1,918
1.927
149
190
244
260
201
7,870
9,987
12,196
12,225
11,550
12.515
11,695
3,823
4,632
5,680
6,351
6,488
6.558
6,611
1 022
1,083
1 193
1,245
1.271
1,333
299
161
181
1,261
1,892
1,905
1,302
1,351
1.411
1,315
270
305
365
404
461
462
482
290
322
324
331
690
797
783
772
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
7.021
7,093
1.245
L.298
1,362
1,483
1,566
595
.664
7,299
7,181
7,130
7,147
7,258
7.261
7,265
7 527
8,902
10 351
11,415
11,889
12,192
12,566
808
RQ?
184
1
8
12
13
I 034
I 173
1,218
L.252
National member
banks:
I943—Dec.
1944—Dec
1945—Dec.
1946—Dec.
I947—j u n e
Dec
1948—June
31
30
31
31
30
31
30
State member banks:
I943—Dec 31
1944—Dec.
30
I945—Dec
1946—Dec.
1947_june
Dec.
1948—June
31
31
30
31
30
Insured nonmember
commercial banks:
1943—Dec. 31
I944—Dec. 30
1945—Dec. 31
1946—Dec 31
I947—j u n e 30
Dec. 31.
1948—June 30
Noninsured n o n m e m ber commercial
banks:
1943—Dec. 31
I944—Dec. 30
1945—Dec 31 . . .
1946—Dec. 31.2
1947—June 30
Dec. 31
1948—June 30
266
202
336
436
363
400
979
267
276
279
6,535
6,452
6,416
6 457
6,461
6.478
6,493
764
729
714
All nonmember com-
mercial banks:
1943—Dec. 31
1944—Dec. 30 . . . .
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec 31
1948—June 30
Insured mutual savings
banks:
I943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—June
Dec.
1948—TUne
31
30
31
31
30
31
30
Noninsured mutual
savings banks:
1943—Dec 31
1944—Dec 30
1945—Dec 31
1946—Dec 31s
1947—June 30
Dec. 31
1948—June 30
789
9.58
1,204
400
429
612
658
675
644
689
238
629
641
705
184
180
206
724
760
811
181
211
188
7 534
8 910
10 363
11,428
11,901
12,207
12,581
4,204
4 466
5,022
5,442
5,541
5,556
5,630
448
351
425
597
638
6?9
7
1
1
12
14
15
1
2
2
3
2
3
2
4,203
4 464
5,020
5,439
5,539
5,553
5,627
192
192
191
30?
191
194
193
468
485
558
611
351
350
350
624
637
653
361
342
339
339
1
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.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
NOVEMBER
1948
1385
ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1948
ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in thousands of dollarsl
oo
ON
Total loans
and
investments
United States and possessions.
i
Total
Cash,
reserves,
due from
banks, and
cash items
Real
estate
assets
Other
assets
Total
assets—
total
liabilities
and capital
133,791,604
45,379,380
18,151,504
15,668,312 £12,111,747
88,412,224
77,160,671
5,689,158
5,562,395
35,164,357
1,200,133
825,394
170,981,488
45,098,841
18,028,262
15,590,625
12,032,101
87,982,222
76,774,148
5,667,774
5,540,300
35,000,332
1,191,520
778,612
70,051,527
710,541
280,539
123,242
77,687
79,646
430,002
386,523
21,384
22,095
164,025
8,613
46,782
929,961
927,687
346,196
555,059
10,999,764
802,760
339,128
162,604
175,720
4,674,606
249,282
125,726
57,595
43,906
1,598,315
81,599
82,313
54,844
45,009
2,269,367
54,095
133,194
51,012
87,212
866,655
114,475
588,559
183,592
379,339
6,325,158
553,478
478,823
155,204
316,450
5,601,253
502,558
86,719
15,003
51,365
561,412
29,817
23,017
13,385
11,524
162,493
21,103
304,623
84,934
206,010
2,600,314
295,956
9,267
4,510
3,664
117,081
3,275
3,885
2,229
754
63,369
3,088
1,245,462
437,869
765,487
13,780,528
1,105,079
2,596,968
451,372
802,456
1,330,763
1,261,352
704,242
137,227
263,214
327,649
588,406
134,239
46,719
99,198
146,238
239,922
456,913
59,313
88,447
68,598
130,889
119,558
31.491
76,458
114,755
220,109
1,892,726
314,145
539,242
1,003,114
672,946
1,581,014
220,338
496,313
897,696
599,466
81,144
18,348
4,086
82,125
51,471
230,568
75,459
38,843
23,293
22,009
391,232
102,171
273,624
429,449
446,295
23,568
4,354
16,128
17,069
13,977
15,840
911
2,375
4,166
4,366
3,027,608
558,808
1,094,583
1,781,447
1,725,990
339,238
9,203,915
2,452,413
1,873,729
1,210,448
109,065
2.658,777
681,135
544,764
371,364
31,825
1,625,200
191,881
129,833
100,877
34,238
394,092
286,499
188,413
74,556
43,727
660,300
207,724
228,794
196,616
230,173
6,545,138
1,771,278
1,328,965
839,084
220,448
5,750,654
1.595,641
1,145,011
728,149
8,118
462,265
106,161
141,661
77,412
1,607
332,219
69,476
42,293
33,523
84,340
2,907,693
690,498
488,040
403,995
2,829
49,495
17,411
10,910
6,356
251
38,592
5,292
2,090
2,069
426,658
12,199,695
3,165,614
2,374,769
1,622,868
1,197,350
1,205,974
654,221
1,674,981
6,778,200
428,780
355,144
187,765
423,698
2,207,106
135,216
161,885
54,868
112,959
747,048
134,325
76,422
89,230
181,801
1,137.023
161,666
120,111
44,501
130,731
348,856
768,570
850,830
466,456
1,251,283
4,571,094
692,910
713,843
394,514
1,127,622
4,005,129
37,047
122,091
16,272
25,835
96,088
38,613
14,896
55,670
97,826
469,877
339,716
432,957
100,335
382,509
1,035,166
7,657
12,001
4,522
14,161
52,190
1,731
7,344
1,327
11,907
49,782
1,546,454
1,658,276
760,405
2,083,558
7,915,338
4,121,572
2,407,219
586,301
3,084,737
410,063
1,273,493
780,056
171,720
1,251,222
104,202
335,250
279,650
49,870
530,085
28,137
593,987
247,732
47,638
343,791
25,325
347,989
258,615
75,080
383,230
51,432
2,848,079
1,627,163
414,581
1,833,515
305,861
2,483,514
1,416,704
299,930
1,597,592
283,708
231,847
101,990
107,778
124,098
12,633
132,718
108,469
6,873
111,825
9,520
1,016,835
674,449
189,724
1,078,962
122,174
29,721
15,039
5,141
22,245
2,311
12,193
7,220
752
10,733
1,140
5,180,321
3,103,927
781,918
4,196,677
535,688
959,124
138,818
530,310
4,398,153
211,287
256,682
54,179
189,444
1,171,325
91,406
82,062
10,557
35,919
293,225
29,836
40,341
28,341
127,861
600,762
24,393
136,877
15,434
25,892
289,862
37,781
702,442
84,639
340,866
3,226,828
119,881
625,453
75,689
270,013
2,655,969
108,109
49,881
8,156
17,326
262,279
10,171
27,108
794
53,527
308,580
1,601
337,217
34,862
63,675
809,998
76,246
5,388
1,008
3,791
54,582
1,912
1,960
769
356
16,091
325
1,303,689
175,457
598,132
5,278,824
289,770
35,175,069
1,367,597
484,363
5,929,912
1,157,929
12,665,300
520,439
66,282
1,959,403
380,757
5,955,633
200,472
16,280
655,832
165,633
4,181,563
119,000
14,254
737,500
56,175
2,827,473
204,244
36,046
583,711
160,290
22,509,769
847,158
418,081
3,970,509
777,172
20,284,933
721,831
387,145
3,423,996
676,004
887,072
76,875
19,578
335,213
89,126
1,337,764
48,452
11,358
211,300
12,042
8,580,831
439,560
113,966
1,568,712
530,687
295,259
10,938
1,681
53,963
7,814
388,782
9,248
909
16,064
3,072
44,439,941
1,827,343
600,919
7,568,651
1,699,502
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
1,057,246
9,555,349
957,921
500,128
402,754
350,267
2,797,741
244,327
152,999
102,276
144,387
1,252,841
73,967
53,290
20,257
94,285
844,708
125,406
40,406
23,709
111,772
725,222
47,390
59,823
59,227
706,979
6,757,608
713,594
347,129
300,478
598,507
5,403,861
614,341
299,882
272,800
98,424
384,686
9,369
32,673
18,470
10,048
969,061
89,884
14,574
9,208
303,075
2,256,027
130,825
176,815
108,827
13,385
120,943
12,694
3,301
1,987
7,026
41,751
3,831
847
993
1,380,732
11,974,070
1,105,271
681,091
514,561
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
1,419,119
4,294,458
431,908
318,992
1,421,602
562,334
1,750,686
183,020
181,742
632,298
217,610
902,984
49,195
21,367
177,041
113,302
204,123
71,793
119,655
228,452
235,073
652,165
62,939
41,360
229,851
856,785
2,543,772
248,888
137,250
789,304
717,718
2,230,842
229,902
106,619
705,842
112,219
249,396
15,015
13,430
47,510
26,848
63,534
3,971
17,201
35,952
474,405
1,963,966
120,836
42,623
419,768
16,862
56,840
3,493
3,727
18,742
4,434
9,636
895
457
4,370
1,914,820
6,324,900
557,132
365,799
1,864,482
1,676,849
764,945
2,479,130
173,362
619,498
255,982
682,591
57,494
272,793
56,685
237,984
14,371
209,256
116,725
288,621
15,134
140,451
84,342
162,385
28,200
1,057,351
508,963
1,796,539
115,868
902,923
461,757
1,590,772
104,756
123,821
28,560
117,937
7,801
30,607
18,646
87,830
3,311
474,449
237,200
592,990
60,771
11,086
8,465
17,594
1,183
4,388
1,860
6,945
197
2,166,772
1,012,470
3,096,659
235,513
Possessions
State
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
td
Other
loans
Investments
Obligations
Other
U. S. Gov't of States and
securities
obligations
political
subdivisions
133,081,063
United States. .
s
Total »
Loans1
Commercial,
including
Real estate
'open market
loans
paper
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire...
New Jersey
New Mexico
New York. .%
North Carolina. . . .
North Dakota
Ohio
Oklahoma
ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1948— Continued
ASSETS AND LIABILITIES, AND NUMBER O F BANKS
[Amounts in thousands of dollars]
?
Deposits
Total
capital
accounts
Number
of
banks 2
1,488,839
1,457,644
31,195
12,315,895
12,241,365
74,530
14,772
14,719
53
5,671
3,712
1,477
127,764
3,641
79,917
20,212
47,985
708,254
63,789
222
11
229
202
146
1,714,947
152,786
218,019
353,447
323,522
14,120
2,615
7,441
6,150
15,997
273,369
61,908
67,757
104,400
112,256
188
41
19
186
387
312,971
8,424,006
2,074,702
1,700,813
1,369,116
93,381
2,969,269
902,223
538,820
159,543
1,052
74,910
9,066
2,477
3,062
19,254
731,510
179,623
132,659
91,147
48
886
492
664
609
218,551
276,029
437,287
826,646
3,999,270
1,212,417
1,280,754
245,745
1,079,604
3,084,854
220,458
282,538
439,937
831,796
4,004,645
6,710
9,418
2,874
9,344
89,480
106,869
85,566
71,849
162,814
736,359
386
161
96
175
379
2,202,519
1,297,910
439,722
2,288,916
326,125
2,132,759
1,010,489
133,998
656,268
94,196
2,725,468
1,885,436
599,040
3,260,919
415,694
2,143,289
1,019,172
134,773
664,308
95,042
24,307
13,888
1,692
17,103
1.165
287,257
185,431
46,413
254,347
23,787
448
682
206
600
112
8,162
2,356
4,339
59,086
4,304
859,881
87,956
118,200
1,897,159
175,924
139,228
53,364
389,585
2,533,756
39,068
1,087,686
109,201
144,257
2,327,281
234,457
139,373
56,210
390,196
2,549,609
41,121
5,006
1,664
1,956
24,293
511
71,624
8,382
61,723
377,641
13,681
416
8
109
366
48
809,753
221,355
88,230
448,153
194,701
838,646
22,818
2,639
79,735
23,718
19,093,167
924,304
347,179
3,461,233
1,080,971
14,131,006
343,151
111,808
2,686,095
110,625
25,327,500
1,346,009
415,618
4,246,093
1,473,281
14,458 828
354,148
154,342
2,826,496
117,884
747,301
16,385
1,926
36,018
5,844
3,906,312
110,801
29,033
460,044
102,493
782
227
151
669
386
15,496
161,413
13,687
12,543
10,093
72,227
372,631
28,705
72,696
47,321
18,556
84,933
7,908
6,018
3,224
769,481
5,534,893
361,134
445,516
335,554
391,402
4,007,005
575,573
88,179
82,016
900,465
6,592,417
420,844
550,854
403,629
398,026
4,153,979
576,564
90,132
84,961
7,982
73,848
12,372
3,056
1,272
74,259
1,153,826
95,491
37,049
24,699
72
1,001
29
149
170
192,463
661,607
33,814
1,521
107,642
23,505
68,590
4,021
2,052
29,882
176,839
513,505
34,524
6,505
94,572
12,479
56,221
3,411
2,818
20,138
972,215
4,149,161
273,998
80,127
910,622
411,965
497,949
173,855
235,333
552,766
1,366,550
5,361,035
348,884
91,142
1,131,542
422,916
585,998
174,739
237,214
584,080
8,439
20,477
1,925
2,394
12,112
116,915
357,390
31,584
35,049
136,748
296
897
59
77
315
73,574
33,595
132,843
7,442
28,007
16,444
54,033
3,215
137,953
60,004
142,141
19,770
19,376
11,046
31,370
2,088
1,065,915
547,224
1,273,179
144,007
720,802
266,077
1,276,726
44,967
1,321,770
665,237
1,602,213
175,725
723,857
269,153
1,308,079
45,764
7,148
4,050
6,078
451
113,997
74,030
180,289
13,573
123
182
557
55
U. S.
Individuals, partnerships
and corporations
Total
demand
deposits
Total
time
deposits
53,181,385
52,871,424
309,961
102,437,740
102,001,719
436,021
54,739,014
54,350,799
388,215
713,927
248,876
501,771
5,934,264
679,870
255,278
96,273
94,609
5,376,574
218,863
902,501
317,191
620,662
7,270,681
815,753
257,373
96,754
95,363
5,673,829
221,896
27,021
5,200
17,398
13,657
7,589
860,181
289,937
713,963
1,027,761
980,465
1,712,482
145,822
216,494
312,059
320,320
1,025,172
341,499
801,366
1,317,450
1,274,215
49,837
721,783
292,856
201,285
205,158
3,066
97,838
34,662
18,154
12,013
250,596
6,423,098
1,602,567
1,323,342
1,046,398
92,651
2,794,201
896,647
535,098
156,259
22,573
18,265
6,569
23,952
67,711
101,721
205,875
19,082
100,380
132,123
40,010
9,988
4,114
9,026
60,526
930,787
892,913
210,594
852,500
2,505,129
153,945
296,193
43,802
654,347
18,691
108,688
40,338
8,381
57,863
6,871
217,185
228,719
105,702
245,335
59,504
53,661
30,959
2,208
22,498
5,349
1,227,059
165,411
534,453
4,876,890
275,578
144,356
1,155
7,020
41,070
6,926
21,461
2,126
4,705
65,410
5,100
53,971
18,454
10,604
280,409
44,256
New York
North Carolina. .
North Dakota. .
Ohio
Oklahoma- . .
39,786,328
1,700,157
569,960
7,072,589
1,591,165
4,465,115
159,630
13,228
268,767
159,117
448,641
28,899
6,876
128,606
22,033
Oregon
Pennsylvania. . .
Rhode Island. . .
South Carolina.
South Dakota. .
1,298,491
10,746,396
997,408
640,986
488,590
31,329
585,521
10,401
16,034
10,382
Tennessee
Texas
Utah
Vermont........
Virginia
1,789,466
5,947,033
523,623
328,356
1,715,622
Washington. .
West Virginia.
Wisconsin. . . .
Wyoming. . . .
2,045,627
934,390
2,910,292
221,489
Government
and Postal
Savings
States and
political
subdivisions
Certified
and officers'
checks, etc.
Demand
Time
11,449,538
11,435,773
13,765
2,255,604
2,185,750
69,854
,510,479
;, 364,680
145,799
2,057,305
2,041,760
15,545
79,722,443
79,453,131
269,312
1,159,874
413,945
716,025
12,944,510
1,037,649
53,720
4,274
40.753
415,075
70,840
14,284
4,515
7,861
163,713
13,820
115,867
53,893
67,686
838,907
45,056
6,798
6,114
3,345
215,977
9,200
2,740,119
494,285
1,019,385
1,670,897
1,597,737
37,311
4,813
47,257
109,360
143,429
28,182
26,573
24,150
20,591
22,961
74,942
21,940
123
187,469
122,973
406,352
11,393,275
2,976,925
2,239,633
1,528,659
4,772
1,170,075
100,079
107,191
84,167
5,430
186,280
50,114
54,563
24,664
Kentucky
Louisiana
Maine
Maryland
Massachusetts..
1,432,875
1,563,292
685,682
1,911,400
7,089,499
119,233
160,222
8,036
98,896
324,740
Michigan
Minnesota
Mississippi....
Missouri
Montana
4,868,757
2,904,608
733,813
3,925,227
510,736
Nebraska
Nevada
,
New Hampshire.
New Jersey
New Mexico... .
United States and possessions..
United States..
Possessions
State
Alabama
Arizona
Arkansas
California
Colorado
.
Connecticut
Delaware
District of Columbia. . .
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Total
Interbank
157,176,754
156,352,518
824,236
Borrowings
and other
liabilities
1
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
Includes 12 banks for which asset and liability data are not available*
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans1
Class of bank
and
call date
Investments
ComLoans for
merpurchasing
Total
cial,
or carrying
loans
insecurities
and
clud- AgnKeal Concules- sumer Other Total
invest- Total* ing
To
tate loans loans
open- tur- brokments
aP
loans
To
marers othket
and ers
padealper'
ers
All insured commercial banks:
1941 Dec. 31
1943—Dec! 31!!
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
49,290
83',507
103,382
121,809
112,178
1947—June 30.. 110,682
Dec. 31., 114,274
1948—June 30.. 111,794
21,259
18,841
21,352
25,765
30,733
33,250
37,583
39,372
9 214
7,777
7,920
9,461
14,016
14,765
18,012
17,834
Member banks,
totals
43 521 18,021 8,671
74^258 16,288 7,421
91,569 18,676 7,531
107,183 22,775 8,949
96,362 26,696 13,154
94,802 28,655 13,820
97,846 32,628 16,962
95,896 33,062
June 30.. 95,449 33,871 io\734
New York City:*
1941
T)PC »31
12,896 4,072 2,807
X^TX
JL>/\^V«a
Ji • •
1943—Dec. 3 1 . . 19!994 4,428 2,515
1944—Dec. 3 0 . . 24,003 5,760 2,610
1945—Dec. 3 1 . . 26,143 7,334 3,044
1946—Dec. 3 1 . . 20,834 6,368 4,078
1947—June 3 0 . . 20,332 6,548 4,171
Dec. 3 1 . . 20,393 7,179 5,361
1948—Apr. 1 2 . . 19,547 7,169
June 30
19,019 7,550 5!275
Chicago:*
054
1941—Dec. 3 1 . . 2,760
732
763
1943—Dec. 3 1 . . 4,554 1,004
738
1944—Dec. 3 0 . . 5,443 1,184
760
1945—Dec. 3 1 . . 5 931 1,333
1946—Dec. 3 1 . . 4,765 1,499 1,094
1947—June 3 0 . . 4,802 1,565 1,178
Dec. 3 1 . . 5,088 1,801 1,418
1948—Apr. 1 2 . . 4,681 1,663
June 30.. 4,742 L.714 1,357
Reserve city banks:
1941 Dec. 3 1 . . 15 347 7 105 3,456
1943—Dec! 31"!! 27^521 6! 201 3,058
1944—Dec. 30. . 33,603 6,822 3,034
1945—Dec. 3 1 . . 40,108 8,514 3,661
1946—Dec. 3 1 . . 35,351 10,825 5,548
1947—June 3 0 . . 34,611 11,441 5,726
Dec. 3 1 . . 36,040 13,449 7,088
1948—Apr. 12. 34,969 13 352
June 30.'. 35,065 13,373 6,823
Country banks:
1941—Dec. 3 1 . . 12 518 5,890 1,676
1943—Dec. 3 1 . . 22^188 4,654 1,084
1944—Dec. 3 0 . . 28,520 4,910 1,149
1945—Dec. 3 1 . . 35,002 5,596 1,484
1946—Dec. 3 1 . . 35,412 8,004 2,433
1947—-June 3 0 . . 35,057 9,102 2,744
Dec. 3 1 . . 36,324 10,199 3,096
1948—Apr. 1 2 . . 36,699 10,877
June 30.. 36,623 11,234 3,279
1941—Dec 31
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Dec. 3 1 . .
1948—Apr. 1 2 . .
Insured nonmember commercial banks:
1941—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Dec. 3 1 . .
5,776
9,258
11,824
14,639
15,831
15,896
16,444
1948—June 3 0 . . 16,360
3,241
2,556
2,678
2,992
4,040
4,597
4,958
5,504
543
356
389
512
862
945
1,049
1,101
1,450
1,505
1,723
1,314
1,358
1,549
1,610
1,976
972
614
1,414
2,269
3,164
1,517
1,517
Obli-
U. S. Government obligations
ga-
tions
Direct
Total
of
States Other
and secuCertifiGuar- politrities
cates
anical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
662 4 773
4 545
28,031 21,046 988
3,159 12 7974,102
922 4,437 1,868
918 64,666 58,683 4,636 13,218 7,672 30^656 2,501
4,343 1,888 944 82,030 75,875 3,971 15,300 15,778 39,848 978
22
4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321
15
7,103 4,031 1,098 81,445 73,554 1,271 12,288 6,780 53,200
14
8,201 4,893 1,047 77,433 69,136 835 9,441 5,341 53,505
14
9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334
12
10,101 6,412 1,119 72,421 63,490 2,327 9,451 5,069 46,630
2,265
3,606
1,609
1,278
823 1,190
1,183 1,077
594
598 3,494
1,171
412
8
24 1,054
30 1,742
3, >92
1,484 848
1,505 877
1,900 1,104
3,308 1,020
3,998 965
4,662 952
25,500
57,970
72,893
84,408
69,666
66,146
65,218
62,834
'956 7^777 5,249 1,040 61,578
1,023 1,398 839
1,198 2,249 2,108
855 3,133 3,378
884 1,506 1,467
972 1,507 1,154
1,046 811 1,065
169
323
859
3,274
3,209
3,455
5,358
6,240
7,130
545
267
123
107
86
80
99
104
111
963
250
1.61
6
6
17
2
3
1
3
48
102
163
211
117
100
73
52
52
163
233
101
84
87
22
22
24
36
51
42
46
105
130
149
2
61
75
47
156
2,453 1,172
1,096 389
1,196 286
5 54
252
253
287
455
500
564
616
9 >
45
45
51
8 823
15,'566
18,243
18,809
14,465
13,784
13,214
12,378
372 11,469
153
179
298
250
291
330
1,806
3,550
4,258
4,598
3,266
3,237
3,287
3,018
32 3,028
14
34
40
29
29
26
300
279
348
205
201
197
225
194 1,527
114
512
301
217
267 1,420
658
777 1,379
311
660
313
427 1,503 1,459
855
404
264
435
704 2,237 1,436
185
540 2,713 1,675
405
484 3,147 1,969
366
170
260
126
659
713
802
648
681
774
818
20
25
32
42
29
26
23
"979
"22
478
482
525
459
474
576
563
735
20
16
21
31
12
11
13
12
428 3,333 2,158
183
197
310
471
273
244
227
1 823 1 >30
1,725 528 381
1,719 547 351
1,881 707 363
2,970 1,312 306
3,381 1,693 240
3,827 1,979 229
"204 4! 236
64
82
156
228
142
125
125
121
8,243
21,321
26,781
31,594
24,527
23,170
22,591
21,617
369 21,692
6,628
17,534
23,610
29,407
27,408
25,955
26,125
25,822
"267 25,389
19,539
52,948
67,685
78,338
63,042
59,198
57,914
55,364
54,139
3,651
3^87
3,422
3,873
4,298
4,826
5,129
5,434
11,729 3,832 3 0902,871
27,265 2,345 2^729 2,294
34,927 902 2,857 2,350
16 3,254 2,815
44,792
11 3,548 3,077
46,219
10 3,982 2,966
46,502
10 4,199 3,105
45,286
4,452 3,018
2 488 7,597 * 4", 104 40,242 *"*8 4,436 3,003
971
3,007
4,360 12,071 6,906
3,748 13,982 14,127
2,275 16,985 14,271
1,167 10,043 5,602
773 7,544 4,369
1,987 5,816 4,815
1 623 3 652 1 679
7,265 311
14,563 1,328 3,409 1^829 7!014 '984
17,179 913 3,740 3 , 7 4 5 8,592 189
1
17,574 477 3,433 3 , 3 2 5 10,337
992 10,202
1
13,308 387 1,725
1
137 1,103
775 10-, 555
12,571
640
558 9,771
11,972 1,002
11,129
983
10,358 693
520 8,162
1,430
3,238
3,913
4,213
2,912
2,890
2,890
2,620
2,667
3 333
2^696
2,733
3,258
3,592
3,471
3,621
3,497
256
199
250
133
60
106
132
1,045
1,467
498
368
235
153
484
779
749
146
132
248
74
1,602
31
1,809
1,864
2,207
2,284 . . . . .
2,274 . . . . .
160
250
214
2,043
877
903
119
729
444
468
606
557
631
638
721
583
182
158
160
181
167
175
213
223
185
830
558
596
629
601
582
604
528
528
193
155
185
204
187
173
185
174
176
820
751 4,248 1 173 956
6,467 295
19,682 1,802 4,691 2,497 9,943 '749 913 726
25,042 1,704 5,730 5,181 11,987 440 1,000 740
916
5 1,126
29,552 1,034 6,982 5,653 15,878
4 1,272 1,004
22,250 441 3,799 1,993 16,013
3 1,364
962
20,845 334 3,038 1,503 15,967
3 1,342 1,053
20,196 373 2,358 1,901 15,560
1 3431,039
19,234
19,222 783 3,244 1,501 13,692
3 1,'446 1,024
4,377
110
481 2,926
15,465 1,032 3,094 2,096 8,705
21,552 882 3,466 4,422 12,540
26,999 630 5,102 4,544 16,713
24,572 279 4,020 2,470 17,797
197 3,035 1,960 17,696
22,893
480 2,583 2,108 17,681
22,857
22,381
21,892 552 3,121 1,868 16,345
8 54
1,282
2,535 1,509
1,165 385
70 6,702 5,739
67 9,146 8,197
1,136 383
77 11,647 10,584
1,224 460
79 11,791 10,524
1,748 723
82 11,299 9,949
1,963 895
76 11,486 10,039
2,139 992
79 10,856 9,362
2,328 1,163
17
276
223
180
104
62
136
138
1,147
1,319
2,087
2,247
1,897
1,736
1,855
152 1,069
766 3,395
1,652 4,928
1,774 6,538
1,179 6,991
972 7,013
1,104 7,058
966 6,399
861
538
241
9
6
1,222 1,028
l',230
1,342
1,551
5 1,813
6 2,006
2,165
5 2,223
271
156
76
6
3
4
4
4
563
560
566
619
752
845
931
999
855
829
1,067
1,285
1,250
1,262
1,277
1,275
462
403
383
443
516
505
517
494
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 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. 131, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
1388
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time <ieposits
Demand deposits
Class of bank
and
call date
Reserves
Cash
with
Federal in
vault
Reserve
Banks
DeBalances mand
dewith
posits
doad- 6
mestic4
banks justed
Interbank
deposits
Certified
U. S. States
and
Gov- political and
ern- subdi- Officers'
ment visions checks,
etc.
DoFormestic8 eign
All insured c o m mercial banks:
1941—Dec 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
673 1,761
12,396 11,358 8,570 37,845 9,823
893 9,950
12,834 11,445 8,445 59,921 9,743
948 19,754
14,260 11,622 9,787 65,960 11,063
15,810 ]1,829 11,075 74,722 12,566 1,248 23,740
16,013 1,012 9,481 82,085 10,888 1,364 2,930
1947—June 30.. 16,039 :1,804 8,498 80,869 9,807 1,372 1,247
M45
17,796
9,736 85,751 11,236 1.379 1,325
Dec. 31..
1948—June 30.. 17,355 J.063 8,238 81,420 9,628 1,357 2,052
Member banks
total:
12,396 1,087
1943—Dec.
1941—Dec. 3311. .. . 12,835 1,132
1,271
1,438
1,576
1,409
L.672
1,563
L,606
6,246
5,450
6,354
7,117
5,936
5,521
6,270
5,375
5,419
33,754
52,642
57,308
64,184
70,243
69,595
73,528
69,781
70,051
9,714
9,603
10,881
12,333
10,644
9,612
10,978
9,133
9,433
93
92
102
111
131
123
151
141
122
141
61
76
78
87
50
70
46
46
10,761
13,899
14,042
15,065
16,429
16,494
16,653
15,701
15,592
3,595
2,867
3,179
3,535
3,031
2,898
3,236
2,776
2,830
298
158
177
200
172
162
146
152
2,215
3,050
3,041
3,153
3,356
3,427
3,737
3,432
3,505
1,027
1,070
1,051
1,144
43
38
43
36
29
36
30
26
28
1,132
1,292
1,130
1,056
1,196
1,004
1,055
8
14
16
20
24
24
21
24
22
4,060
5,116
5,687
6,326
6,337
6,274
7,095
6,403
6,462
425
391
441
494
532
470
562
511
521
2,590
1,758
2,005
2,174
1,923
1,864
2,125
1,791
1,852
11,117
18,654
20,267
22,372
24,221
24,166
25,714
24,182
24,316
4,302
4,770
5,421
6,307
5,417
4,773
5,497
4,539
4,751
54
63
70
110
127
109
131
124
140
2,210
3,303
3,909
4,527
4,703
4,628
4,993
4,815
4,866
526
611
684
796
883
780
929
884
934
3,216
3,474
4,097
4,665
3,753
3,444
3,900
3,391
3,369
9,661
17,039
19,958
23,595
26,237
25,508
27,424
26,466
26,639
790
994
2
5
8
8
8
271
313
352
391
437
395
473
457
2,325
2,996
3,434
3,959
3,547
2,979
3,466
2,820
4,092
7,279
8,652
10,537
11,842
11,274
12,223
11,368
14,261
15,811
16,015
16,040
17,797
16,750
June 30.. 17,356
New York City:*
1941—Dec. 31. . 5,105
1943—Dec. 3 1 . . 3,596
1944—Dec. 3 0 . . 3,766
1945—Dec. 3 1 . . 4,015
1946—Dec. 3 1 . . 4,046
1947—June 3 0 . . 4,166
Dec. 31. . 4,639
1948—Apr. 1 2 . . 4,481
June 3 0 . . 4,883
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—Apr.
30..
31..
31..
30..
31..
12..
Chicago:*
1941-~Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30
1945—Dec. 3i
I945,—pec% 31 _
I947—Tune 30
Dec 31
1948—Apr. 12. .
June 30..
Reserve city banks:
1941—Dec. 3 1 . .
1943-^Dec. 31
I944—Dec. 30
1945—Dec 31.'.
1946—Dec. 3 1 . .
1947—June 3 0 . .
Dec. 31. .
1948—Apr. 1 2 . .
June 30..
Country banks:
1941—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Dec. 3 1 . .
1948—Apr. 1 2 . .
June 30..
Insured nonmember commercial banks:
1,021
821
899
942
928
973
1941—Dec. 31
1943—Dec. 31
I944—Dec 30
1945—Dec. 31
1946—Dec 31
1947—j u n e 30
Dec 31
1948—June 30
175
972
1,149
1,199
1,067
885
671 1,709
891 9,444
945 18,509
1,243
1,353
1,369
1,375
1,375
1,353
22,179
2,672
1,095
1,176
2,115
1,846
607
810
851
866
3,395
6,722
1,105 6,940
651
1,195
179
1,228
267
1,217
375
1,220
333
1,183
8
127
713
1,400
1,552
152
181
72
102
105
491
3,373
6,157
8,221
991
311
405
793
728
225
1,962
4,230
5,465
877
424
432
844
680
1,049
7
8
9
108
141
182
233
244
194
258
195
2
2
3
53
506
11
258
152
149
207
814
798
1,245
5 1,560
3
4
4
U. S.
Indi- Bor- CapiIndiGov- States viduals,
tal
viduals,
and partner- row- acernpartner- Inter- ment
ings counts
ships,
ships, bank and political
corand corPostal subdi- and
poraporavisions
Savtions
tions
ings
3,677
4,352
4,518
5,098
5,967
6,495
6,692
7,132
1,077
1,669
1,354
2,585
2,361
2,111
2,559
2,020
36,544
58,338
64,133
72,593
79,887
78,077
83,723
78,287
158
68
64
70
68
64
54
50
3,066
3,602
3,744
4,240
4,915
5,376
5,504
5,570
5,873
1,009
1,573
1,251
2,450
2,207
1,976
2,401
1,755
1,873
33,061
51,820
56,270
62,950
69,127
67,933
72,704
68,093
68,204
140
62
58
64
62
60
50
42
47
319
252
199
237
218
260
290
232
272
450
710
361
725
748
11,282
14,373
14,448
15,712
17,216
17,202
17,646
16,345
16,306
6
4
11
17
20
22
12
10
15
34
44
33
66
47
55
63
37
47
2,152
3,097
3,100
3,160
3,495
3,417
3,853
3,489
3,539
233
174
167
237
228
304
285
251
320
1,338
942
915
1,105
59
124
109
103
119
111
111
492
395
423
496
664
771
826
50
418
327
347
399
551
649
693
872
912
15,146
18,561
23,347
29,277
32,742
33,604
33,946
111 1,061 34,246
120
105
99
114
106
105
102
106
5
7
10
15
14
12
14
14
29
26
17
20
39
17
14
54
41
11,878
14,822
18,807
23,712
26,525
27,259
27,542
27,616
27,805
10 6,844
46 7,453
122 7,989
215 8,671
39 9,286
60 9,558
61 9,734
63 9,955
5,886
6,475
6,968
7,589
8,095
8,315
8,464
8,610
53 8,624
4
39
111
208
30
50
54
235
778
816 "*29
96
977
1,206 195
1,395
1,407
1,418
1.460
1,621
1
30
119
26
1,648
1,862
1,966
2,120
2,205
2,234
2,259
2,268
2,262
2
1
1
2
2
2
1
1
4
6
9
10
11
476
505
619
719
823
864
902
908
940
104
41
33
30
25
21
22
17
18
20
56
40
38
43
41
45
40
42
243
151
154
160
235
319
332
455
496
4,542
5,902
7,561
9,563
10,580
10,888
11,045
10,792
10,771
2
4
11
1
60
3
1,967
2,135
2,327
2,566
2,729
2,796
2,844
2.869
2,870
1
288
326
354
377
404
416
426
426
436
1,144
1,448
1,509
1,763
2,077
2,301
2,282
2,314
2,442
286 11,127
475 18,790
488 20,371
611 22,281
693 24,288
554 23,934
705 26,003
524 24,123
562 24,198
1,370
1,727
1,868
2,004
2,391
2,511
2,647
2,772
2,839
239
344
369
435
524
451
528
468
516
8,500
15,561
18,350
21,797
24,128
23,380
25,203
24,136
24,161
30
17
14
17
17
17
17
15
14
31
56
57
52
55
49
45
46
49
146
149
175
219
272
308
337
354
364
6,082
7,599
9,650
12,224
13,727
14,101
14,177
14,456
14,473
4
10
16
11
26
38
23
55
24
1,982
2,153
2,321
2,525
2,757
2,869
2,934
3,048
3,056
611
750
775
858
68
96
103
135
154
135
158
147
3,483
6,518
7,863
9,643
10,761
10,144
11,019
10,083
18
6
6
6
6
4
4
4
8
4
4
4
5
5
6
6
68
76
97
113
122
132
149
74
3,276
3,750
4,553
5,579
6,232
6,361
6,420
6,457
6
6
10
7
9
10
959
979
1,052
1,119
1 188
1,259
t,022
1,083
1,193
1,245
7 1,271
10 1,333
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
1
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 andlO8-113.
NOVEMBER 1948
1389
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Tocai
loans
and
investments
ComTotal 1
Investments
For purchasing
or carrying securities
U. S. Government obligations
mercial,
To brokers
indus- and dealers To others Real ^oans Other
estate to
trial,
loans :>anks
and
agri- U.S. Other U.S. Other
Govt.
Govt.
culseseobobtural
liga- curiliga- curities
ties
tions
tions
Total
Total
Bills
Certificates
of indebted-
Notes Bonds
2
Other
securities
ness
Total—
Leading Cities
791 4 133 2 686
1947—September...
64 ,343 21 ,371 12 ,757
573
444
501
475 3 199
1948—May
63 708 ?3 4?1 14 718
502
7.3 646 14 ,773
580
547
291
401
466
489
467
400
279
278
272
251
235
479
497
503
500
490
3
3
3
3
3
777
787
847
891
944
227 3 59.3 39 787
208 ,3 655 39 347
293 3 744 39 013
284 3 781 39 198
265 3 846 38 ,561
35 560
.35 134
34 709
.34 877
34 ,118
2,315
1,995
1,848
2,222
1,969
35 ,023
.34 660
34 904
34 707
2,303 4 290
2,081 4 708
2,318 4 718
2,186 4 187
June
6 ? QQ3
6 ? ,930 ?3 917 14 469
July
63 ?11 74 013 14 790
August
September.. . 63 ,033 24 ,472 15 ,088
448
224 3 198 42 972 38 689
3 1 , 079 4, 283
3 835 7 41 S 76 Q9S 4 ??7
7
?
7
4 060 2
4 814
4 478
4 775
400
449
546
582
75 975 4 713
?s Q34 4 304
?s 879 4 376
25 507 4, 443
2
7
?
7
5.39
54?
554
551
75 891 4
?S 879 4
?s 814 4
75 783 4
341
164
181
174
037
745
7
7
7
?
7
600
608
670
59?
447
7.S
?S
75
?S
75
80?
779
41?
31?
4??
1,827 4 475
1,698 4 456
2,257 4 444
2,503 4 389
1
1
1
1
718
717
683
678
75
25
25
?4
7,15
151
032
9S6
4 408
10 459 1 292
63 168 73 ,804 14 ,627
271
63 034
63 ,3OQ
63 ?41
74 03.3 14 813
?4 0 Q 0 14 87?
74 17? 14 ,847
341
217
336
510
452
464
441
256
250
250
249
503
502
500
493
3
3
3
3
873
887
894
910
242 3 764 39 ,364
250 3 780 .39 001
346 3 789 30 30Q
299 3 790 .39 119
Sept. 1
Sept 8
Sept. 15
Sept. 22
Sept. 29
63 ?31
63 ,291
63 718
63 0 ? 0
61 90S
?4
74
74
74
74
14 ,887
14 931
15 ,183
1S 701
15 7,39
336
384
405
525
592
407
379
388
376
451
243
242
234
229
225
494
486
492
486
492
3
3
3
3
3
97,0
93.3
951
957
961
239
282
241
246
315
3
3
3
3
3
813
8.30
850
867
870
.39 136
39 068
.39 719
38 .377
37 ,006
34
34
.34
33
.37
Oct. 6
Oct. 13
Oct. 20
Oct. 27
6? 174
74 ,531 15 ,311
269
62 ,114 24 ,714 15 ,458
62 ,296 24 ,539 15 ,374
6? ,441 74 63S 1S 410
309
194
213
410
464
414
439
225
220
216
209
489
487
485
490
3
3
4
4
970
989
002
010
239
171
224
226
3
3
3
3
866
865
877
886
,37 64.3
37 ,400
37 ,757
37 806
3.3 2,35
33 ,022
33 ,416
33 576
4 ,525
490
311
91
185
102
170
692 13 ,465 12 ,173
255
712
747
7 , 1 1 0 5 ,067
7 ,314 5 ,117
7 41? S 190
7 785 5 ,336
7 ,503 5 ,464
445
521
291
345
363
325
280
47
45
45
34
29
184
195
200
199
192
129
143
158
171
184
180
173
236
235
221
767
793
876
871
830
11 ,958
11 ,551
11 736
11 ,3,36
11 ,038
10 ,872 1,085
855
10 ,476
10 108
771
10 ,184 1,040
9 ,835
877
876
1 069
556
545
SOQ
499
520
8
8
7
7
7
669
203
349
320
319
311
34
35
33
33
201
201
199
195
165
170
173
175
179
191
307
262
819
876
87?
819
11
11
11
11
10 ,384 1,142
10 069
916
10 137 1,042
10 144 1,061
575
487
485
496
7 871
7 84?
7 808
7 774
131
874
807
813
Aug.
Aug.
Aug
Aug.
4
11..
18
25
0O.S
??3
499
643
,899
714
657
744
971
559
2,148
2,084
2,488
1,980
1,142
4
4
4
4
3
4
4
4
4
7.30 4
341
40 S
417
4-16
47S
4S6
447
4 378
4 341
4 ?80
New York City
1947—September.. . 20 ,031
19 ,068
18 86S
1948—May
June
18 ,648
July
18 6?1
August
September.. . 18 ,541
Aug.
Aug.
Aug.
Aug.
4 ....
11
18
25
18 ,6S9
18 ,S1?
18 636
18 ,677
6 ,566
7 144 ,S 755
7 313 S 3S8
7 , 376 5 376
479
249
389
227
7 3S8
S 3SS
297
181
293
,515
199
,310
319
89?
871
769
846
355 1 086
007 07 5
178
157
Q36
874
130
173
17S
Sept. 1
Sept, 8 . .
Sept 15
Sept. 22
Sept. 29 .
18 617
18 ,S?0
18 ,878
18 S61
18 ,1?7
7
7
7
7
7
788
36?
5? 3
546
794
5 ,.367
5 394
s S43
5 ,489
S S77
289
334
354
453
515
283
267
272
266
313
32
31
27
27
27
195
191
194
188
193
176
187
185
188
187
209
223
203
187
282
87?
8?6
831
834
835
11 ,379 10 157 1,057
11 158 9 987
908
11 3SS 10 17? 1,173
11 015 9 793
848
10 33,3 9 115
401
806
80?
794
804
638
57,1
S09
554
5.38
476
7
7
7
7
Oct. 6
Oct 13
Oct. 20
Oct. 27
18 ,259
18 ,037
18 ,197
18 ,30?
7 ,478
7 S33
7 ,393
7 447
5 ,585
S 663
5 ,585
5 601
232
254
169
173
290
329
299
327
27
26
28
26
192
193
190
197
191
197
205
704
215
126
185
185
832
831
818
870
10 ,781
10 S04
10 ,804
10 855
867
8?4
865
846
291
793
294
786
7 602
7 58?
7 .507
7 469
1947—September...
44 ,312
14 ,805
8 ,232
83
133
410
290 3 ,097
536 3 ,421
1 ,939
1948—May
44 ,140
16 ,311
16 33?
16 ,505
16 ,778
16 ,969
9 ,1S1
9 106
9 ,279
9 ,4S4
9 ,624
57
110
121
126
142
120
232
233
227
217
206
295
302
303
301
298
3 593
3 644
3 ,684
3 770
3 ,760
47
35
57
49
44
? 8?6
? 86?
2 ,918
? 960
3 ,016
?7 ,8?9
?7 796
27 ,777
?7 ,86?
27 ,523
?4 ,688
? 4 ,658
24 ,601
?4 ,638
24 ,283
1,230
1,140
1,077
1,182
1,092
3 ,586 1 ,940 17 ,998 3 ,176
3 ,404 ? ,047 18 ,00S ??4
3 ,291 2 ,062 17 ,838 3 ,240
44 ,509
44 S??
16 ,660
16 770
16 764
16 764
9 ,372
9 45.5
9 496
9 49?
44
44
44 ,763
44 ,S64
161
132
145
130
222
215
217
216
302
301
301
298
3 ,708
.3 717
3 771
3 73 S
63
59
39
37
2 ,945
7 954
7 967
? 971
27 ,849
77 80?
?7 ,999
77 ,800
24 ,639
74 591
?4 ,767
74 558
1,161
1,165
1,276
1,125
3 ,444 2 ,014 18 ,020 3 ,210
3 384 ? OSS 17 987 3 711
3 416 ? ,069 18 006 3 73?
3 369 ? ,oss 18 009 3 ,74?
9 ,613
853
9 .364
665
9 ,690 1,024
9 799 1,198
773
177
768
171
601
733
603 1 ??,?,
7 600 1 718
1
1
1
1
168
140
114
0S6
Outside
New York City
June
July
August
September...
44 ,1?8
44 ,282
44 ,590
44 ,492
59
68
42
59
54 2 ,506 29 ,507 26 ,516
20 ,620 2 991
? 959 1 8S9 18 640
3 745
1 855
141
17 918 3 138
Aug.
Aug.
Aug.
Aug.
4
11
18
25
Sept,
Sept.
Sept.
Sept.
Sept.
1.
8
15
22
29
44 ,614
44 ,771
44 ,840
44 ,459
43 ,778
16 ,807
16 ,861
16 ,976
17 ,097
17 ,105
9 5?0
9 ,537
9 ,640
9 ,712
9 ,712
47
50
51
72
77
124
112
116
110
138
211
211
207
202
198
299
295
298
298
299
3 744
3 ,751
3 ,766
3 ,769
3 ,774
30
59
38
59
33
? 991
3 ,004
3 ,019
3 ,033
3 ,035
77 807
27 ,910
27 ,864
27 ,362
26 ,673
74 , 557
24 ,665
24 ,622
24 ,128
23 ,444
1,091
1,176
1,315
1,132
741
3 ,379
3 ,380
3 ,233
3 ,107
? ,079
2 ,099
2 ,116
2 ,054
1 ,966
18 0?9
18 ,011
17 ,811
17 ,709
17 ,630
3 ,245
3 ,242
3 ,234
3 ,229
Oct. 6
Oct. 13
Oct. 20
Oct. 27
43 ,915
44 ,077
44 ,099
44 ,139
17 ,053
17 ,181
17 ,146
17 ,188
9 ,726
9 ,795
9 ,789
9 ,809
37
55
25
40
120
135
115
112
198
194
188
183
297
294
295
293
3 ,779
3 ,792
3 ,797
3 ,806
24
45
39
41
3 ,034
3 ,034
3 ,059
3 ,066
26 ,862
26 ,896
26 ,953
26 ,951
974
23 ,622
23 ,658 1,033
23 ,726 1,233
23 ,727 1,305
3 ,608
3 ,632
3 ,579
3 ,543
1 ,427
1 ,424
1 ,389
1 ,392
17 ,613
17 ,569
17 ,525
17 ,487
3 ,240
3 ,238
3 ,227
3 ,224
36
43
3 358
3 ^SO
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.
1390
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
ReDeBalserves
with Cash ances mand
with
deFedin
doposits
eral vault
mestic ad- 5
Rebanks justed
serve
Banks
Date or month
IndividCertiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
divi- checks,
cor- sions
etc.
porations
Time deposits,
except interbank
IndividU. S.
uals, States
and GovU. S. part- politernGov- nerical ment
ern- ships, suband
ment and
divi- Postal
cor- sions
Savporaings
tions
Interbank
deposits
Demand
Domestic
Foreign
Bank
Bor- Capdebrow-i ital
acits ^
ings counts
Time
TotalLeading Cities
1947—September
12,257
809
2,370 47,276 47,460 3,056
1,393
333
9,696
1,431
203
5,783 81,583
1948—May
June
July
August. . .
September
12,397
12,883
12,989
13,072
13,624
788
783
812
778
803
2,237 46,550 46 ,555
2,331 46,792 46,973
2,299 46,559 46 ,831
2,226 46,822 46,881
2,259 46,987 47,439
3,456
3,442
3,333
3,305
3,251
,376
,463
,390
,214
,350
1,422
1,182
,202
,355
,355
14,236
14,333
14,352
14,293
14,301
503
515
535
544
540
8,515
8,777
8,920
8,840
9,034
1,315
1,329
1,371
1,386
1,413
174
123
230
187
165
5,907
5,916
5,908
5,932
5,949
88,617
94,384
91.583
'86,297
90,989
Aug.
Aug.
Aug.
Aug.
13,013
13,215
12,985
13,073
743
803
771
796
2, 240 46,777 46,458
706 46,967
2,
2, 270 46,746 47,161
2,140 47,059 46,937
3,401
3,274
3,263
3,283
,190
,262
,210
,193
,306
,387
,433
,294
14,306
14,308
14,283
14,273
538
543
549
547
8,885
8,982
8,914
8,580
1,370
1,385
1,389
1,400
130
142
249
225
5,930
5,935
5,928
5,936
20,569
19,125
21,618
18,839
13,099
13,200
13,709
13,487
14,625
748
815
803
813
833
2,167 47,056 46,919
2,209 46,932 46,993
2 ,540 47,446 49 ,078
2,259 46,838 47 ,263
2,122 46,660 46,940
3,370
3,264
3,208
3,171
3,241
,255
,099
,717
,399
,281
,217
,204
,234
,416
,704
14,271
14,277
14,315
14,322
14,317
539
539
534
548
541
8,777
9,094
9,805
8,896
8,599
1,408
1,422
1,420
1,416
1,396
107
178
87
169
285
5,953
5,956
5,941
5,942
5,954
19,717
15,451
22,415
24,048
-22,000
Oct.
6... 14,273
Oct. 13... 14,538
Oct. 20... 14,585
14,687
Oct. 27...
788
886
820
842
2, 208
2,315
2, 318
2,201
46,441 46,491
46,593 48,385
46,998 47,951
47,422 48,019
3,202
3,124
3,055
3,182
,122
,431
,248
,361
1,590
1,581
1,498
1,459
14,337
14,335
14,324
14,321
541
532
536
533
9,024
9,127
9,126
8,907
1,407
1,425
1,429
1,406
127
284
121
143
5,978
5,973
5,970
5,982
22,721
17,710
24,696
22,685
128
16,038 16,503
210
714
232
1,371
3,000
1,276
11
133
2,189 31,605
4,469
4,761
4,856
4,838
5,067
122
122
126
118
122
15,470
15,484
15,207
15,286
15,313
15,994
16,135
15,813
15,761
15,932
279
219
246
252
264
726
781
718
569
669
377
300
319
368
350
1,498
2,741
2,824
2,823
2,741
2,833
1,157
1,164
1,197
1,209
1,232
9
21
28
28
91
64
154
82
98
2,208
2,205
2,210
2,218
2,216
37,060
38,942
36,350
32,540
36,354
Aug.
4...
Aug. 1 1 . . .
Aug. 1 8 . . .
Aug. 2 5 . . .
4,810
4,922
4,816
4,805
114
124
115
118
15,293 15,693
15,226 15,728
15,228 15,794
15,395 15,827
246
238
270
254
550
617
555
555
367
377
386
342
1,500
1,510
1,493
1,492
2,795
2,768
2,765
2,637
1,196
1,211
1,212
1,218
28
28
27
28
44
78
90
116
2,220
2,220
2,216
2,217
8,350
7,120
8,046
6,786
Sept.
Sept.
Sept.
Sept.
Sept.
4,843
4,939
5,195
5,004
5,355
113
126
121
121
130
15,389
15,267
15,523
15,236
15,155
15,831
15,767
16,493
15,793
15,778
308
230
269
245
268
572
474
982
697
620
315
306
322
371
436
1,492
1,495
1,497
1,502
1,505
2,733
2,767
3,174
2,818
2,671
1,227
1,248
1,235
1,234
1,218
28
28
28
27
28
28
114
32
111
203
2,222
2,220
2,218
2,211
2,210
7,696
5,436
9,107
9,839
9,123
5,082
5,313
5,400
5,375
124
143
123
135
14,984 15,444
277
270
268
280
466
803
586
680
529
516
469
44
1,501
1,493
1,484
1,485
2,749
2,814
2,838
2,715
1,230
1,245
1,244
1,218
30
30
31
33
65
100
22
87
2,22
2,225
2,221
2,219
9,394
6,816
9,652
9,374
1947—September
8,024
681
2,333 31,238 30,957 2,846
679
699
12,763
318
6,696
155
70
1948—May
June
July
August. . .
September
7,928
8,122
8,133
8,234
8,557
666
661
686
660
681
2,206
2,298
2,265
2,195
2,224
31,080 30 ,561
31,308 30,838
31,352 31,018
31,536 31 ,120
31,674 31 ,507
3,177
3,223
3,087
3,053
2,987
650
682
672
645
681
1,045
88
883
98
1,00.
12,831
12,836
12,820
12,795
12,803
460
474
502
516
513
5,774
5,953
6,097
6,099
6,201
158
165
174
177
181
83
59
76
10
67
3,699
3,711
3,698
3,714
3,733
51,557
55,442
55,233
'53,757
54,635
Aug. 4 . . .
Aug. 1 1 . . .
Aug. 18...
Aug. 2 5 . . .
8,203
8,293
8,169
8,268
629
679
656
678
3,155
3,036
2,993
3,029
640
645
655
638
939
1,010
1,04'
95:
12,806
12,798
12,790
12,781
511
515
521
519
6,090
6,214
6,149
5,943
174
174
177
182
86
64
159
109
3,710
3,715
3,712
3,719
12,219
12,005
13,572
12,053
Sept.
Sept.
Sept.
Sept.
Sept.
8,256
8,261
8,514
8,483
9,270
635
689
682
692
703
2,21031,484 30,765
2, 227 31,480 31,239
2, 236 31,518 31,367
2,107 31,66431,110
2,136 31,667 31,088
2,178 31,665 31,226
2,503 31,923 32,585
2,220 31,602 31,470
2,085 31,505 31,162
3,062
3,034
2,939
2,926
2,973
683
625
735
702
661
902
898
912
1,045
1,268
12,779
12,782
12,818
12,820
12,812
512
511
508
522
515
6,044
6,327
6,631
6,078
5,928
181
174
185
182
178
79
64
55
58
3,731
3,736
3,723
3,731
3,744
12,021
10,015
13,308
14,209
12,877
9,191
9,225
9,185
9,312
664
743
697
707
2, 166 31,457 31,047
,681 32,733
2,
2, 274 31,740 32,010
2,167 31,965 31,928
2,925
2,854
2,787
2,902
656
628
662
681
1,061
1,065
1,029
1,01
12,836
12,842
12,840
12,836
514
511
513
510
6,275
6,313
6,288
6,19:
177
180
18.
188
62
184
99
56
3,753
3,748
3,749
3,763
13,327
10,894
15,044
13,311
4...
11...
18...
25...
Sept.
Sept.
Sept.
Sept.
Sept.
1...
8...
15...
22...
29...
931 14,134
New York City
4,233
1947—September
1948—May
June
July
August. . .
September
1...
8...
15...
22...
29...
Oct.
6...
Oct. 13...
Oct. 20...
Oct. 27...
30 14,912 15,652
15,258 15,941
15,457 16,091
Outside
New York City
1...
8...
15...
22...
29...
Oct.
6...
Oct. 13...
Oct. 20...
Oct. 27...
3,594 49,978
r
Revised. cCorrected.
s Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
4
NOVEMBER
1948
1391
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans l
Federal Reserve
district and date
Boston
Sept 29
Oct
6
Oct 13
Oct. 20
Oct 27
New York*
Sept 29
Oct
6
Oct. 13
Oct 20
Oct. 27
Philadelphia
Sept 29
Oct. 6
Oct 13
Oct 20
Oct. 27
Cleveland
Sept 29
Oct
6
Oct 13
Oct 20
Oct 27
Richmond
Sept
Oct
Oct
Oct
Oct
29
6
13
20
27
Total
loans
and
invest- Total1
ments
Commercial,
industrial
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U. S. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions
Real Loans
estate to Other
Total
loans banks loans
2,782
. . . . 2,800
2,801
2,791
2,815
1,111
1,102
1,119
1,105
1,110
731
738
742
743
743
14
7
6
5
2
8
8
8
8
9
13
13
13
13
13
17
18
16
17
17
131
131
131
132
132
20,294
20,433
20,199
20,356
20,452
8,550
8,235
8,293
8,146
8,200
5,886
5,945
6,028
5,945
5,961
518
317
35
213
383
2,566
2,563
2,560
2,560
2,570
932
935
937
544
548
550
1
1
1
936
928
548
539
1
1
4 291
4,302
4 316
4,294
4,334
1 481
1,480
1 488
1,482
1,477
912
923
915
18
14
14
13
11
916
12
10
13
41
41
2,511
2,520
. . . . 2 543
2,521
2,533
873
875
872
410
413
415
873
416
6
6
5
5
6
....
Atlanta
Sept 29
Oct
6
Oct 13
Oct 20
Oct 27
Chicago*
Sept 29
Oct
6
Oct 13
Oct 20
....
Oct 27
St. Louis
Sept 29
Oct
6
Oct 13
Oct 20
Oct 27
Minneapolis
Sept 29
Oct
6
Oct 13
Oct 20
Oct 27
Kansas City
Sept 29
Oct
6
Oct 13
Oct 20
Oct 27
Dallas
Sept 29
Oct
6
Oct 13
Oct. 20
Oct 27
San Francisco
Sept 29
Oct
6
Oct 13
Oct 20
Oct 27
City of Chicago*
Sept 29
Oct
6
Oct 13
. . . .
Oct 20
Oct 27
914
876
417
819
829
832
840
853
508
514
519
523
538
8,536 2 847
8,510 2,778
8,533 2,833
8,604 2,791
8,499 2,768
1 951
1,933
1,942
1,932
1,912
2,236
2,244
2,254
2,273
2,272
1,993
2,030
2,075
2,081
2,091
1,193
1,201
1,209
1 191
1,188
963
964
975
574
574
584
234
255
169
173
294
332
303
330
35
34
34
32
212
212
209
216
388
396
404
402
17
19
16
3
3
3
9
9
9
88
88
89
16
17
3
3
9
9
11
42
549
947
902
945
928
354
356
358
349
8,622
8,622
8,607
8,531
8,489
1,423
1,375
1,344
1,318
1,259
64
65
69
115
138
132
282
279
279
85
107
125
124
107 1,066
80 1,066
75 1,068
70 1,065
70 1,064
213
154 1,978
139 1,980
140 1,975
140 1,952
146 1,954
346
83 1,208
66 1,206
66 1,206
59 1,208
60 1,205
131
131
131
215 1,010 12,198 10,823 900
126 1,008 11,906 10,562
697
185 995 12,210 10,892 1,058
187 998 12,252 10,993 1,227
711
22
269
1
22
21
271
272
1
1
216
272
1
21
273
1
2,464
2,477
2,482
2,466
2,514
119
21
2,810
218 2,822
217 2,828
219 2,812
218 2,857
178
236
244
243
236
19
19
17
23
23
23
199
200
200
5
4
4
184
206
207
23
200
4
23
200
4
1,507
1,514
1,540
1,518
1,525
32
36
61
16
217 1,638
215 1,645
214 1,671
215 1,648
214 1,657
46
205
7
7
6
6
6
19
19
19
19
19
35
35
35
35
35
65
66
66
66
66
7
6
6
6
5
186
189
189
192
192
1,417
1,415
1,422
1,433
1,419
1,225
1,224
1,232
1,243
1,229
15
24
27
35
25
243
278
282
286
282
115
69
69
69
69
852
853
854
853
853
192
191
190
190
190
9
29
4
11
56
34
55
33
32
29
29
29
27
26
67
67
67
66
65
334
333
333
333
335
14
5
399
398
403
406
406
5,689
5,732
5,700
5,813
5,731
5,083
5,114
5,082
5,200
5,109
129
212
184
317
272
491
570
599
594
581
494
375
373
369
370
3,969
3,957
3,926
3,920
3,886
606
618
618
613
622
2
1
1
6
6
6
15
15
14
13
13
13
154
155
156
4
4
4
1,030
1,066
1,100
206 1,088
209 1,084
888
925
959
24
63
94
109
143
147
98
69
70
657
650
648
648
649
142
141
141
140
139
1
2
35
1
1
12
264
251
2
2
15
13
7
7
7
7
13
13
156
156
6
6
61
61
6
6
61
62
5
62
4
6
12
125
4
6
12
125
42
89
575
575
578
4
4
4
2,245
2,245
2,255
2,277
2,281
1,044
1,053
1,064
1,077
1,085
716
6
728
738
748
753
10,925
11,009
11,017
10,985
11,030
4,957
4,971
4,985
4,983
5,013
2,166
2,178
2,178
2,179
2,190
5,314
5,326
5,328
5,409
5,313
1,956
1,892
1,944
1,894
1,878
1,523
1,505
1,516
1,498
1,483
574
16
7
877
880
884
1
42
42
2
2,333
2,317
2,352
2,363
2,376
874
141
137
136
134
133
6
5
257
254
581
1,101
1,108
1,105
1,102
1,105
89
90
439
435
883
439
125
89
89
85
89
1,352
1,349
1,344
1,345
1,365
6
5
2
2
251
282 1,013 11,744 10,321
211
246
233
242
237
273 1,634
273 1,628
272 1,623
271 1,624
271 1,642
598
614
434
93
118
119
123
141
Other
secuNotes Bonds rities
2
4
1
4
993
1,007
439
433
1,671
1,698
1,682
1,686
1,705
Bills
1,530
1,561
1,546
1,552
1,572
11
2
17
1
9
203
202
203
203
202
Total
Certificates
of indebtedness
6
6
6
17
12
12
12
126
127
127
6
3
202
203
204
948
945
122
123
131
55
85
83
205
147
146
68
67
279
277
345
346
346
343
130
132
110
109
754
766
673
685
45
55
114
138
59
37
455
455
81
81
101
109
770
758
689
681
56
43
141
143
38
36
454
459
459
81
77
31
156 1,450
156 1,443
157 1,475
158 1,483
160 1,492
1,244
1,239
1,270
1,278
1,286
73
264
118
789
206
92
107
137
147
178
178
182
187
1,201
1,192
1,191
1,200
1,196
1,081
1,072
1,071
1,079
1,076
23
29
35
30
212
210
214
219
6
6
715
715
719
721
719
5,968 5,191
6,038 5,252
6,032 5,245
6,002 5,214
6,017 5,235
213
212
213
217
2,978
3,042
2,992
3,129
3,040
2
110
1
1
1
1
1
180
6
7
6
5
17
17
16
15
41
41
42
42
88
89
89
89
3
2
3
2
13
11
11
12
12
11
20
20
19
19
18
33
31
32
32
32
2,063
2,064
2,070
2,072
2,078
35
9
29
4
49
30
51
29
23
23
23
21
58
58
58
57
72
72
71
71
14
11
28
21
57
72
5
1
4
754
3,358
3,434
3,384
3,515
217 3,435
677
48
139
77
90
89
87
789
784
777
778
204
289
275
274
183
115
754
757
752
753
751
120
80
80
77
76
120
120
121
120
80
124
132
162
190
907
1,088
1,070
1,025
1,018
425
268
271
263
264
3,779
3,772
3,772
3,764
3,763
777
786
787
788
782
70
152
116
258
264
350
355
355
370
278
276
272
2,274
2,262
2,245
2,244
267 2,240
380
392
392
386
85
29
211
273
322
205
205
206
395
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures
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.
1392
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
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
New York*
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Philadelphia
Sept. 29
Oct. 6
Oct. 13. . . .
Oct. 20
Oct. 27
Cleveland
Sept.
Oct.
Oct.
Oct.
Oct.
29
6....
13
20....
27
Richmond
Sept. 29
Oct. 6
Oct. 13
Oct. 2 0 . . . .
Oct. 27
Atlanta
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Chicago*
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
St. Louis
Sept. 29. . . .
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Minneapolis
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Kansas City
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Dallas
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
San Francisco
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
City of Chicago*
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
ReDeserves
Balwith Cash ances mand
dewith
Fedin
do- posits
eral vault
mestic ad- 3
Rebanks justed
serve
Banks
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
Certified
and
Officers'
checks,
etc.
Time depc>sits,
except interbank
U. S.
Government
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
Interbank
deposits
Demand
U. S.
Government Doand
Postal mes- Foreign
tic
Savings
Cap- Bank
Bor- ital
debrow- acits <
Time ings counts
581
579
582
602
584
61
59
65
64
62
98
99
108
117
104
2,333
2,363
2,371
2,402
2,408
2,341
2,352
2,415
2,422
2,388
136
138
143
149
171
43
42
43
43
51
92
67
66
66
63
487
486
486
485
484
1
\
1
1
4
4
4
4
4
272
287
291
294
287
23
21
21
23
23
5,688
5,413
5,641
5,741
5,719
176
169
194
171
183
121
128
128
135
120
16,622
16,464
16,393
16,715
16,935
17,071
16,745
17,033
17,264
17,406
511
499
496
482
517
660
521
846
631
719
487
578
565
519
495
2,357
2,353
2,345
2,335
2,336
30
31
25
27
27
21
21
21
21
21
2,738
2,819
2,883
2,907
2,782
1,221
1,233
1,248
1,247
1,221
554
565
535
528
554
45
43
49
46
46
103
104
105
125
107
2,046
2,055
2,041
2,076
2,093
2,117
2,121
2,187
2,186
2,194
97
81
86
88
89
39
34
25
26
28
124
102
103
96
89
415
415
415
411
410
43
44
42
42
41
1
1
1
1
334
346
339
337
340
12
12
12
12
12
881
857
862
881
853
89
85
92
89
92
143 3,009 3,072
142 2,994 3,015
164 3,025 3,185
149 3,030 3,134
155 3,082 3,169
193
205
196
188
192
52
49
56
54
50
146
127
127
120
117
1,301
1,311
1,311
1,310
1,309
55
54
56
448
451
444
453
428
• 5
55
54
2
2
1
1
2
4
4
5
5
540
559
544
560
550
69
66
72
68
69
164
167
190
158
173
2,019
2,050
2,049
2,024
2,065
1,985
2,021
2,111
2,024
2,064
199
200
184
186
191
57
44
35
52
88
71
56
60
57
54
580
581
581
581
580
9
10
9
9
9
11
11
11
11
11
391
410
428
423
405
480
487
493
474
489
44
42
48
43
46
160
181
196
185
175
1,736
1,744
1,768
1,760
1,764
1,638
1,651
1,749
1,673
1,665
280
272
285
290
292
22
22
20
26
24
43
33
34
34
33
524
525
524
525
524
6
6
6
6
6
5
5
5
4
4
2,038
2,018
2,040
1,976
2,096
104
100
111
105
105
319
328
335
351
338
100
99
100
103
108
327
306
300
296
289
2,402
2,408
2,408
2,410
2,412
50
49
49
49
49
11
11
30
29
32
29
30
104
130
123
123
127
6,056
5,929
6,303
6,169
6,193
1,419
1,426
1,504
1,481
1,481
557
562
535
529
542
439
446
447
436
444
6,091
6,014
6,031
6,104
6,155
1,329
1,331
1,366
1,359
1,378
107
105
104
104
105
24
20
20
22
22
68
64
63
56
55
462
463
463
463
463
11
11
254
266
250
250
255
14
12
14
13
13
100
96
103
93
94
845
840
854
846
863
788
795
869
823
818
176
173
158
153
175
17
14
14
13
14
36
26
25
26
24
247
248
248
248
248
554
560
553
546
560
32
29
32
30
32
273
283
289
291
273
1,796
1,772
1,815
1,814
1,827
228
212
204
204
212
25
26
26
27
25
73
53
53
51
55
374
374
374
374
374
4
4
4
4
4
542
547
545
542
558
35
33
37
34
35
241
276
297
288
272
1,900
1,900
1,916
1,926
1,928
1,793
1,799
1,913
L.889
1,858
L ,852
L.856
L.960
1,933
L.900
195
190
189
183
188
32
34
33
39
38
55
39
40
37
35
342
343
343
343
343
65
65
65
65
64
7
7
7
529
578
595
596
602
4
4
4
4
4
2,074
1,976
2,046
2,049
2,025
134
121
140
128
129
296
274
277
303
263
6,934
6,914
6,964
6,942
6,924
6,808
6,781
7,156
6,953
6,883
562
565
544
499
508
210
217
213
212
194
182
139
145
140
150
4,826
4,830
4,837
4,839
4,838
268
266
264
267
267
17
17
17
20
20
450
457
487
496
471
84
83
85
86
87
3
3
7
2
7
2
2 " " 9
1,392
1,383
1,400
1,323
1,416
38
37
44
41
38
149 3,924
156 3,882
154 3,856
174 3,933
158 3,955
3,998
3,900
4,141
4,057
4L.048
276
294
280
280
285
45
45
44
45
51
178
195
194
183
172
1,225
1,229
1,230
1,231
1,234
39
39
39
39
39
1 1,021
1 1,067
1 l!042
1 1,056
1 1,031
23
23
23
24
24
25
5
81
20
9
8
7
18
2
320
320
321
321
321
795
882
652
908
890
215
69
106
52
91
2,404
2,419
2,418
2,414
2,412
9,662
10,080
7,264
10,313
9,957
12
19
16
2
11
303
305
305
304
304
864
834
630
909
804
3
3
3
3
3
2
6
29
3
1
459
461
461
461
461
1,303
1,255
5
6
6
7
6
1
1
1
1
1
9
1
16
8
7
217
217
218
218
218
764
748
686
869
818
430
466
482
473
473
9
10
10
10
11
3
2
3
3
3
3
3
1
183
184
179
184
188
658
697
606
814
699
1,390
1,461
1,436
11 1,431
11 1,409
28
28
29
29
30
1
1
1
1
1
29
6
82
34
11
687
689
688
688
689
2,866
3,044
2,464
3,497
3,058
526
593
604
605
605
2
2
2
2
2
1
2
174
175
175
175
175
620
661
581
746
662
1
338
359
347
319
314
2
3
3
3
4
3
3
3
3
3
753
797
791
792
791
11
11
11
29
31
31
32
34
5
6
989
1,317
1,212
3
2
2
3
2
5
7
97
98
97
97
98
461
495
385
525
436
3
3
3
3
3
6
3
4
10
4
191
191
191
191
192
771
753
710
953
833
193
194
195
195
195
648
648
562
830
705
i
3
r
726 2,588
725 2,624
725 2,181
722 3,015
729 2,611
463
465
463
464
464
1,846
2,025
1,553
2,226
1,940
For footnotes see opposite page and preceding table.
NOVEMBER
1948
1393
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
Total
out- 1
outstanding standing
End of month
Held by
Accepting banks
Total
1947—August
September
October
November
December
1948—January
February
March .
April
May
Tune
July
August
September
.. .
...
Based on
Federal
Reserve
Banks Others
Own
Bills
(for own
bought
account)
bills
244
242
283
287
206
219
237
245
158
168
180
188
71
83
83
76
287
261
197
88
290
262
188
85
301
311
275
254
270
284
309
305
253
241
242
256
253
235
221
214
174
162
151
161
142
134
122
120
79
70
71
71
61
67
60
65
87
85
97
112
Imports
into
United
States
1
2
4
3
168
53
1
168
151
143
155
155
151
143
136
43
48
54
57
56
47
40
37
133
140
144
147
103
74
94
92
80
90
81
67
62
55
79
79
91
95
111
102
99
94
109
64
United
States
Dollar
exchange
47
42
54
61
48
47
55
56
4
2
(2)
Exports
from
159
63
3
2
2
4
3
2
1
1
1
Goods sto red in or
shipped between
poin ,s in
United
States
Foreign
countries
20
24
23
25
6
11
10
9
11
27
13
17
17
22
21
20
18
17
20
25
24
23
19
19
19
19
20
20
1
As reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
2
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
(net)i
and trading and trading
accounts
accounts
Cash on
hand
and in
banks
Customers'
credit balances1
Money
borrowed1
Free
Other
(net)
Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1939—June
December...
1940—June
December...
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
834
906
653
677
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552
25
16
12
12
11
8
9
7
9
11
5
7
11
12
7
5
6
73
78
58
99
89
86
86
154
190
188
253
260
333
413
399
312
333
178
207
223
204
186
211
180
160
167
181
196
209
220
313
370
456
395
570
637
376
427
395
368
309
378
529
557
619
726
853
795
498
218
223
230
266
267
281
255
289
240
270
334
354
424
472
549
654
651
694
650
70
69
62
54
65
63
56
54
66
65
95
96
121
112
120
120
162
21
23
22
22
17
17
16
15
15
14
15
18
14
29
24
30
24
6
7
5
5
7
5
4
4
7
5
11
8
13
13
17
10
9
280
277
269
247
222
213
189
182
212
198
216
227
264
299
314
290
271
1947—October
November. .
December...
«606
»593
578
7
315
393
8 257
8 247
240
8616
8617
612
176
23
15
273
1948—January....
February. . .
March
April
May
June
July
August
September...
8 568
8 537
8 550
8 572
8615
619
8 608
3 573
3 570
8217
8 208
8 229
8 241
8 258
283
3
288
3 252
3 238
8 622
8 596
8 592
8614
8619
576
8577
3
551
3
55O
145
20
11
291
7
326
332
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'1 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): July, 74; August, 54; September, 47.
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
C3lumn 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.
1394
FEDERAL RESERVE
BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months1
Year,
month, or
week
U. S. Government
security yields
Prime Stock
exbank- change
ers'
9-to 12call
accept- loan
month
to 5ances,
certifi- 3-year
3re90 1
cates taxable
new- month
3
days
of
inbills
als 2
debted- issues
ness
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1938 average1. . . .
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
2.76
1945 average
1946 average
1947 average
1.03
.44
.61
.87
1.00
1.16
1.38
.375
.375
.604
1947—October. . .
November.
December..
1.06
1.06
1.19
.94
.94
1.03
1.38
1.38
1.38
.857
.932
.950
1.04
1.35
1.47
1.54
1948—January. . .
February. .
March
April
May
June
July
August....
September.
October. . .
1.31
1.38
1.38
1.38
1.38
1.38
1.38
1.44
1.56
1.56
1.06
1.06
1.06
1.06
1.06
1.06
1.06
1.13
1.19
1.19
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.63
1.63
1.63
.977
.996
.996
.997
.997
.998
.997
1.053
1.090
1.120
1.09
1.10
1.09
1.10
1.09
1.09
1 10
1.15
1.18
1.23
1.63
1.63
1.60
1.58
1.51
1.49
1 56
1.65
1.69
1.71
1944—September.
December.
2.69
2.39
2.18
1.93
2.82
2.61
3.14
2.65
1945—March
June
September.
December.
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March
June
September.
December.
2.31
2.41
2.32
2.33
1.75
1.84
1.83
1.85
2.34
2.51
2 A3
2.43
2.93
2.97
2.75
2.76
1.114
1.118
1.118
1.120
1.129
1.20
1.23
1.23
1.23
1.23
1.70
1.71
1.71
1.71
1.72
1947—March
June
September.
December.
2.31
2.38
2.21
2.22
1.82
1.83
1.77
1.82
2.37
2.44
2.25
2.27
2.80
2.95
2.69
2.61
1948—March
June
Sep tember
2.46
n.59
2.70
2.09
2.10
2.26
2.52
2.71
2.76
2.83
3.03
3.13
.75
.81
Week ending:
Oct. 2 . . . .
Oct. 9
13^-1 %
Oct. 16. . . .
Oct. 23
Oct. 30. .. .
IV16
IV16
13/16
13/16
13/16
1.18
1.16
1.32
COMMERCIAL LOAN RATES
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
.81
.82
.88
.97
.99
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per3 cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics. Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
r
1
Revised.
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures,—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS *
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
and
over
Corporate (Moody's)4
Municipal
(highgrade)2
Corporate
(highgrade)3
By groups
By ratings
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
1945 average
1946 average
1947 average
1.60
1.45
1.59
2.37
2.19
2.25
1.67
1.64
2.01
2.54
2.44
2.57
2.87
2.74
2.86
2.62
2.53
2.61
2.71
2.62
2.70
2.87
2.75
2.87
3.29
3.05
3.24
2.68
2.60
2.67
3.06
2.91
3.11
2.89
2.71
2.78
1947—October
November
December....
1.58
1.72
1.86
2.27
2.36
2.39
2.02
2.18
2.35
2.68
2.75
2.86
2.95
3.02
3.12
2.70
2.77
2.86
2.79
2.85
2.94
2.95
3.01
3.16
3.35
3.44
3.52
2.76
2.84
2.92
3.22
3.30
3.42
2.87
2.93
3.02
1948—January
February
March
April
May
June
July
August
September
October...
2.09
2.08
2.03
1.99
1.89
1.89
1.96
2.05
2.04
2.05
2.45
2.45
2.44
2.44
2.42
2.41
2.44
2.45
2.45
2.45
2.45
2.55
2.52
2.38
2.31
2.26
2.33
2.45
2.46
2.45
2.85
2.84
2.81
2.77
2.74
2.73
2.80
2.86
2.85
2.85
3.12
3.12
3.10
3.05
3.02
3.00
3.04
3.09
3.09
3.11
2.86
2.85
2.83
2.78
2.76
2.76
2.81
2.84
2.84
2.84
2.94
2.93
2.90
2.87
2.86
2.85
2.89
2.94
2.93
2.94
3.17
3.17
3.13
3.08
3.06
3.03
3.07
3.13
3.13
3.15
3.52
3.53
3.53
3.47
3.38
3.34
3.37
3.44
3.45
3.50
2.91
2.90
2.89
2.85
2.82
2.80
2.84
2.89
2.88
2.90
3.44
3.43
3.40
3.34
3.27
3.23
3.26
3.31
3.32
3.35
3.03
3.03
3.01
2.97
2.95
2.96
3.02
3.07
3.07
3.07
Week ending:
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
2.02
2.02
2.06
2.06
2.08
2.45
2.45
2.45
2.45
2.45
2.46
2.46
2.44
2.43
2.45
2.85
2.84
2.84
2.84
2 .88
3.09
3.10
3.10
3.11
3.13
2.83
2.84
2.83
2.84
2.86
2.93
2.93
2.94
2.94
2.95
3.13
3.14
3.14
3.15
3.17
3.47
3.48
3.49
3.50
3.52
2.89
2.89
2.89
2.90
2.92
3.32
3.34
3.35
3.35
3.36
3.06
3.06
3.06
3.07
3.09
1
2
4
Monthly and weekly data are averages of daily
figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 5, 6, and 8 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
NOVEMBER
1948
1395
SECURITY MARKETS i
Stock prices8
Bond prices
Corporate
U. S.
Government2
Year, month, or week
Number of issues
1-8
Municipal
(highgrade) 3 Highgrade
Preferred6
Medium-grade
Common (index, 1935-39=100) Volume
of trading7 (in
thousands of
Public
shares)
RailIndusTotal
trial
road
utility
Total
Industrial
Railroad
Public
utility
14
5
5
4
15
416
365
20
31
122
140
123
143
137
143
106
120
102.8
189 1
198.5
184.7
105
103
1,443
1,390
953
12
15
4
1945 averasre
1$46 average
1947 average
102 04 139 6
104 77 140 1
103.76 132.8
103.2
97.5
102.6
88.2
1947—October
November
December
103.44 132.5
102.11 129.4
101 59 126.2
101.1
99.6
97.9
95.7
94.5
92.7
101.2
100.7
99.7
85.9
84.7
82.1
101.2
99.3
97.6
181.2
174.5
172.1
125
131
104
101
1,136
124
122
130
129
100
104
97
94
1,170
1948—January
February
March
April
May
100.70
100 70
100 78
100 84
101 20
101 23
100 82
100.73
100 70
100.69
124.5
122 6
123.1
125 7
127.1
127 8
126.6
124.4
124.0
124.5
98.1
98 1
98.5
99 4
99.9
100 2
99.2
98.3
98.2
97.8
91.2
90 5
90.7
91.4
92.8
94 4
94.6
93.2
92.9
91.9
96.5
94.3
94.5
94.9
96.8
98 2
99.3
98.1
97.5
95.6
82.1
82.2
82.2
83.5
87.2
89.8
89.1
86.9
86.8
85.8
96.0
96 0
96.3
96 7
95.0
95 6
95.6
95.0
94.6
94.4
169.5
167.5
170.1
169.9
171.1
173.4
170.8
166.9
166.5
163.8
120
114
116
125
130
135
132
127
126
128
126
119
122
131
137
143
139
134
132
134
107
102
105
115
123
126
125
120
120
121
95
93
93
96
99
101
100
97
97
97
1,467
1,980
1,406
1,171
100 70
100.70
100 69
100.70
100.69
124.1
124.1
124.6
124.8
124.4
97.9
98.0
98.0
97.8
97.4
92.5
92.2
92.1
91.9
91.5
96.7
95.7
95.9
95.3
95.1
86.4
86.3
85.8
85.7
85.6
94.5
94.6
94.7
94.5
93.6
165.1
163.6
163.6
163.6
164.3
123
125
127
129
130
129
131
133
136
137
117
119
120
121
123
96
97
97
98
98
••858
645
824
1,284
999
..
June
July
August
September
October
.
...
Week ending:
Oct 2 .
Oct. 9
Oct 16
Oct. 23
Oct. 30
123
128
862
895
857
974
684
836
929
r
Revised.
M o n t h l y and weekly d a t a are averages of daily figures, except for municipal bonds and for stocks, which are based on W e d n e s d a y figures.
* A v e r a g e of taxable bonds due or callable in 15 years and over.
8
Prices derived from average yields, as c o m p u t e d by S t a n d a r d and Poor's Corporation, on basis of a 4 per cent 20-year bond.
6
* Prices derived from average yields, as c o m p u t e d by S t a n d a r d and Poor's Corporation.
S t a n d a r d and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 a n n u a l dividend.
T
A v e r a g e daily volume of t r a d i n g in stocks on the N e w York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, a n d BULLETINS
for M a y 1945, pp. 483-490, and October 1947, p p , 1251-1253.
1
N E W S E C U R I T Y ISSUES
[In millions of dollars]
For refunding
For new capital
Year or month
Total
(new
and
refunding)
Domestic
Domestic
Total
(domestic
and
forTotal
eign)
State
and
municipal
Federal
agen-1
cies
2,239
931 924
1,948
751 461
2,852
518 1,272
1,075
342 108
640
176
90
896
235
15
1,761
471
26
4,635
952 127
7,139 2,228 203
Total
(doCorporate
For-2 mestic
and
eign
forTotal
Bonds
eign)
and Stocks
Total
notes
383
287
97
736
601
135
1,062
889
173
624
506
118
374
282
92
646
422
224
1,264
607
657
3,556 2,084 1,472
4,708 3,493 1,215
2
17
12
10
68
3,513
2,852
2,693
1,039
1,527
3,303
6,234
4,000
2,160
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,895
1,983
84
189
134
144
5
165
101
134
130
165
101
134
130
323
348
531
432
41
178
29
131
1
2
2
46
56
152
166
293
436
484
194
364
81
149
10
61
87
3
2
61
66
85
175
89
5,790
4,803
5,546
2,114
2,169
4,216
8,006
8,645
3
9,611
2,277
1,951
2,854
1,075
642
913
1,772
4,645
37,451
1947—September
785
October. .
813
November
705
December 1,160
621
713
571
1,029
621
713
571
1,024
277
114
101
99
85
258
599
470
925
175
410
336
780
1948—January..
February.
March. . .
April
May
495
495
782
781
1,222 1,221
769
768
114
217
630
156
16
39
31
50
365
526
560
562
182
283
118
237
118
35
21
67
35
374
584
494
256
450
1939
1940
1941
1942
If 43
1944
1945
1946
1947
June
July
August...
September
541
837
1,374
936
652
954
763
706
660
591
888
679
531
571
591
888
679
528
569
38
2
1
State
and
municipal
Federal
agen-1
cies Total
Corporate
Foreign1
Bonds
and Stocks
notes
195 1,537
482
344
435
698
181
440
259
497
404
418
324
912
208
734
44
422
1,733
2,026
1,557
418
685
2,466
4,937
2,953
1,517
1,596
1,834
1,430
407
603
2,178
4,281
2,352
1,236
137
193
126
11
82
288
656
601
281
5'
2
2
42
20
48
45
122
76
84
83
113
51
78
80
9
25
6
3
46
56
152
166
2
3
1
1
3
14
97
50
3
13
87
50
1
10
61
66
85
175
89
8
3
2
50
1
42
39
54
114
49
34
68
123
62
4
29
15
2
26
3
29
15
2
13
48
4
86
15
61
105
177
1
13
1
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
2
8
1396
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds3
Year or month
New money
Total
Plant and
equipment
Retirement of securities
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,221
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,111
57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
4,270
32
111
380
574
504
170
424
661
287
141
252
638
2,115
3,224
26
96
478
417
177
155
145
207
187
167
405
442
1,164
1,046
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,378
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,191
71
226
190
87
59
128
100
30
72
351
438
476
187
84
170
154
111
215
69
174
144
138
73
49
134
379
310
11
23
49
36
7
26
19
28
35
27
47
133
231
153
1947—September
October
November
December
441
622
561
1,078
434
612
547
1,063
244
510
425
932
179
388
354
800
65
122
71
132
154
33
81
93
154
15
74
91
1
18
7
2
9
45
22
12
26
24
18
26
1948—January
February
March
April
May
June
July
August
September
346
613
688
636
405
654
574
244
473
340
594
679
626
395
642
564
238
465
294
546
560
434
356
563
424
222
399
193
309
343
334
297
449
307
164
293
101
237
217
100
60
114
117
58
106
6
26
84
62
1
29
8
4
38
6
14
83
62
1
4
8
4
10
26
22
30
104
20
45
91
11
4
14
1
6
25
18
5
40
1
24
12
26
28
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Year or month
Real estate and financial
Industrial
Retire- All Total
Retire- All Total
Total
Retire- All Total
Retire- All
net
net
New ment of other
net
New ment of other
net
New ment of other
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purceeds
poses ceeds
poses ceeds
ties
poses ceeds
ties
ties
ties
poses*
1934
1935
1936
1937.. . .
1938
1939
1940 .
1941
1942
1943
1944
1945
1946
1947
172
120
774
338
54
182
319
361
47
160
602
1,436
704
283
21
57
139
228
24
85
115
253
32
46
102
115
129
240
120
54
558
110
30
97
186
108
15
114
500
1,320
571
35
1947—September..
October....
November..
December. .
5
35
37
20
4
31
37
20
2
4
1948—January... .
February...
March
April
May
June
July
August
September..
23
34
80
51
24
83
68
30
41
23
34
42 " " ' 3 7 '
19
32
24
69
68
29
41
31
10
77
1
18
3
8
"14'
62
34
25
774
550
74
1,280
761
439
1,079
373
616
831
226
469
584
353
188
961
738
167
828
463
244
527
89
293
497
199
228
1,033
454
504
1,969
811 1,010
3,601 2,201
981
2,429 1,740
364
11
130
30
1,250
63
1,987
751
89
1,208
180
1,246
43
1,180
245
1,340
317
464
145
469
22
1,400
40
2,291
69
2,129
785
3,121 2,122
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,252
923
42
30
27
50
86
47
13
30
27
25
17
63
93
76
306
303
277
493
157
280
245
480
136
8
31
11
13
16
1
1
71
259
213
496
45
193
129
422
164
119
320
265
216
403
176
75
262
149
106
281
233
209
363
149
73
226
6
12
34
14
9
1
5
17
7
11
27
95
425
123
269
152
93
275
123
118
70
390
83
154
120
70
168
113
108
29
2
14 ' " ' 2 3 '
13
20
49
56
ii'
13
24
1
3
2
150
80
90
136
43
56
121
146
71
76
148
419
325
20
122
390
71
16
102
155
94
4
21
107
206
323
279
46
218
57
8
9
42
55
4
13
61
85
164
169
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
4
42
65
64
56
3
56
95
54
13
45
35
18
51
16
21
54
38
7
15
9
4
25
21
27
91
31
23
104
10
10
57
16
157
41
4
62
45
10
43
52
15
153
15
3
60
39
8
25
4'
26
9
8
5
19
5
5
1
3
21
i
6
2
2
19
1
2
3
Estimates of new issues sold for cash in the United States. Revised figures for 1947 will be published in BULLETIN for December 1948.
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.
NOVEMBER
1948
1397
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
1939
1940
1941
1942
1943
1944
1945
1946
1947
Quarterly
1946—1
Other
Nontrans- ferrous
MaAu- portametals
chin- tomo- tion
and
ery
biles equip- prodment
ucts
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
Other
nondurable
goods
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,163
1,769
1,800
1,896
1,965
32,552
3,671
146
278
325
226
204
194
189
282
437
115
158
193
159
165
174
164
3 171
334
223
242
274
209
201
222
241
131
417
102
173
227
182
180
190
207
129
205
119
133
153
138
128
115
109
135
198
70
88
113
90
83
88
90
3
163
239
151
148
159
151
162
175
199
357
354
98
112
174
152
186
220
224
281
480
186
194
207
164
170
187
187
275
345
134
160
187
136
149
147
155
302
370
122
132
152
161
171
184
202
324
293
847
1,028
1,137
888
902
970
996
31,144
1,786
90
90
92
88
86
86
85
81
88
564
669
705
552
556
611
628
662
841
44 - 5
50
44 40
44
20
26
40
49
13
35
41
3 56
65
74
95
124
56
62
77
86
63
66
67
79
61
73
77
91
82
81
95
66
116
250
312
3
417
20
20
20
21
146
154
149
213
Number of companies.
Annual
Iron
and
steel
Dividends
MiscellaNet 1
neous profits
serv-2
Preices
ferred
3
4
1947—i
2
3
4.
340
586
705
3 855
22
67
96
97
-3
31
33
3 62
-34
22
43
100
871
866
900
1,033
126
100
100
112
70
83
77
105
94
105
103
115
4
4
4
4
49
53
57
46
47
46
45
59
51
58
59
71
98
64
85
108
89
110
121
160
88
87
81
88
96
92
93
90
63
71
80
80
421
432
432
501
20
23
22
23
177
192
190
283
1948—1
2
1,029
1,107
120
117
89
94
129
152
4 64
4 71
46
51
64
72
77
80
192
194
91
97
101
100
57
79
529
569
22
22
207
218
2
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad 5
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1946—1
2
3
Quarterly
4
1947—1
2
3
4
194g—1
2
.
.
.
.
Operating
revenue
Income
before
Net
income
income l
tax 8
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
8,685
126
249
674
1,658
2,211
1,972
756
273
778
1,869
1,703
2,047
2,008
Electric power 6
Income
before
Net
income
income l
tax 8
Telephone 7
Income
before
Net
income
income l
tax 8
Dividends
Operating
revenue
535
548
527
490
502
507
534
647
652
444
447
437
408
410
398
407
456
470
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
2,149
227
248
271
302
374
399
396
277
192
191
194
178
163
180
174
177
200
131
175
178
172
163
168
168
174
171
133
303
225
212
229
196
151
143
157
107
109
109
130
475
497
502
519
84
75
56
62
54
53
44
49
43
43
43
42
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
284
233
186
156
131
115
607
627
64
71
43
48
39
44
Dividends
Operating
revenue
93
189
500
902
873
667
450
289
480
126
159
186
202
217
246
246
235
236
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,814
4,244
629
692
774
847
913
902
905
970
961
39
-57
161
130
14
-45
128
191
56
52
41
85
967
919
931
998
2,039
2,111
2,177
2,357
166
189
184
239
89
121
112
157
44
52
38
103
2,243
2,363
144
285
72
185
57
56
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
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts (in millions5 of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
6
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
1398
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues l
Nonmarketable public issues
U. S. Treasury
savings tax and
savings
bonds
notes
Special
issues
Noninterestbearing
direct
debt
Fully
guaranteed interestbearing
securities
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49,776
51,367
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83
7,840
7,840
11,375
118,564 59,714
118,564 59,670
117,863 59,492
51,897
52,008
52,053
5,618
5,534
5,384
29,447
29,517
28,955
2,801
2,621
2,695
78
83
76
11,375
11,375
11,375
11,375
11,375
11,375
11,375
11.375
11,223
7,131
117,863
117,863
115,524
115,524
115,524
112,462
112,462
112,462
112,011
112,011
59,893
60,095
60,023
59,843
59,747
59,506
60,822
60,856
60,978
61,157
52,479
52,793
52,988
53,065
53,143
53,274
54,607
54,704
54,776
54,860
5,403
5,327
5,100
4,886
4,741
4,394
4,386
4,340
4,404
4,517
29,148
29,246
29,272
29,201
29,323
30,211
30,787
30,887
31,221
31,223
2,616
2,505
2,356
2,320
2,278
2,229
2,206
2,175
2,170
2,161
72
74
73
70
70
69
51
47
46
48
Total
gross
direct
debt
Total
interestbearing
direct
debt
1941—Dec
1942—June
Dec
1943—June
Dec
1944—June....
Dec
1945—June
Dec
1946—June
Dec
1947—June
57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
259,149
258,286
57,451
71,968
107,308
135,380
164,508
199,543
228,891
256,357
275,694
268,111
257,649
255,113
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606
176,613
168,702
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17,033
15,775
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323
1947—Oct
Nov
Dec
259,071
258,212
256,900
256,270
255,591
254,205
167,109
166,404
165,758
15,732
15,335
15,136
24,808
24,501
21,220
1948—Jan
Feb
Mar
Apr
May. . . .
June....
July
Aug
Sept
Oct
256,574
254,605
252,990
252,240
252,236
252,292
253,374
253,049
252,687
252,460
253,958
252,100
250,634
249,920
249,958
250,063
251,168
250,875
250,518
250,300
164,917
162,759
161,339
160,875
160,888
160,346
159,560
159,132
158,319
157,920
14,838
14,438
13,945
13,748
13,761
13,757
13,266
12,838
12,628
12,607
20,677
18,920
20,331
20,065
20,065
22,588
22,294
22,294
22,294
26,008
End of month
Total
CertifiTreasury cates of Treasury Treasury Total 2
indebtbonds
notes
bills
edness
2
1
Including amounts held by Government agencies and trust funds, which aggregated 5,481 million dollars on Sept. 30, 1948.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, Armed Forces Leave bonds, and 2H per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
2
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING OCTOBER 31, 1948
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Treasury bills l
Nov. 4, 1948
Nov. 12, 1948.
Nov. 18, 1948
Nov. 26, 1948
Dec. 2, 1948
Dec. 9, 1948
Dec. 16, 1948
Dec. 23, 1948
Dec. 30, 1948
Jan. 6, 1949
Jan. 13, 1949
Jan. 20, 1949
Jan. 27, 1949
804
890
901
1,000
1,001
1,002
1,101
1,001
1,102
1,101
902
901
901
Cert, of
Jan. 1,
Feb. 1,
Mar. 1,
Apr. 1,
June 1,
Tuly 1,
Oct. 1,
2,592
2,189
3,553
1,055
4,301
5,783
6,535
indebtedness
1949
iy8
1949
1 J/g
1949
\lA
1949
\Y%
1949
1%
1949
li/8
1949
\x/i
Treasury notes
Jan.
1, 1949
Apr. 1, 1950
1
bonds—Cont.
1951-54 2 .2%
1951-53
2
1951-55 2 . . .3
1951-53 2.2 M
1951-55. . . .2
1952-54. . 2 ^
1952-54
2
1952-55. .2%
1952-54
2
1953-55 2 . . .2
1954-56 2.2 34
1955-60 2 . 2 %
1956-58. . 2 ^
1956-59 2 . 2 %
1956-59. .2 34
1958-63 2.2%
1959-62 3 .2M
1959-62 3 .2 34
1960-65 2.2%
1962-67 3 . 2 H
1963-68 3 . 2 H
1964-69 3 . 2 ^
1964-69 3.2}/£
1965-70 3 . 2 V6
1966-71 3 . 2 ^
1967-72 3.2^2
1967-72. . 2 ^
1967-72 3 . 2 ^
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
3,535
3,596
Postal savings
bonds
Treasury
Dec. 15,
June 15,
Sept. 15,
Dec. 15,
Dec. 15,
Dec. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Dec. 15,
In millions
Issue and coupon rate
Treasury
June 15,
Sept. 15,
Sept. 15,
Dec. 15,
Dec. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
June 15,
June 15,
Mar. 15,
Mar. 15,
Sept. 15,
Sept. 15,
June 15,
June 15,
Dec. 15,
Dec. 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
113
bonds
1948-502
2
1,014 P a n a m a Canal Loan. 3
1949-51
2
50
1,292
1949-51
2
2,098
1949-51
2
157,920
Total direct issues
491
1949-52 2.3 Y%
1,786
1949-53 2 . 2 K
1,963
1950-52
2
1,186 Guaranteed securities
1950-52 2.2H
4,939 Federal Housing Admin.
1950-52.... 2
2,635
Various
1950
\y2
1
Sold on discount basis. See table on Open-Market Money Rates,
2
p. 1395
Partially tax exempt.
3
4
Restricted.
Called for redemption on Dec. 15, 1948.
NOVEMBER 1948
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
Fiscal year
ending:
June—1941. .
1942..
1943..
1944..
1945..
1946..
1947..
1948..
1947—Oct.. . .
Nov....
Dec.. . .
1948—Jan.. . .
Feb
Mar....
Apr.. . .
May. . .
June. . .
July...
Aug
Sept....
Oct.. . .
RedempAmount Funds received from sales during tions and
riod
maturities
outstanding
at end of
All
All
Series
Series
Series
month
F
s sries
G
E
series
4,314
10,188
21,256
34,606
45,586
49,035
51,367
53,274
51,897
52,008
52,053
52,479
52,793
52,988
53,065
53,143
53,274
54,607
54,704
54,776
54,860
1 ,492
5 ,994
11 ,789
15 ,498
14 ,891
9 ,612
7 ,208
6 ,235
488
412
487
770
607
588
468
432
497
1 ,673
473
412
415
203
3,526
8,271
11,820
11,553
6,739
4,287
4,026
304
263
325
479
367
383
320
305
341
379
334
304
305
67
435
758
802
679
407
360
301
22
17
24
44
40
30
20
17
19
246
18
14
14
148
207
848
2,371
4,298
6,717
5,545
5,113
404
357
434
454
364
462
452
428
465
438
442
407
393
395
2 ,032
2 ,759
2 ,876
2 ,658
2 ,465
2 ,561
1 ,907
162
131
137
248
201
175
128
110
136
1 ,048
122
94
96
Maturities and amounts outstanding October 31, 1948
Year of
maturity
All
series
1948
1949
1950
1951
1952
1953 .
1954
1955
1956
1957
1958 .
1959
1960
Unclassified. .
182
823
995
1,554
4,091
7,204
9,340
8,119
5,964
5,855
5,605
2,460
2,703
-34
182
823
995
435
54,860
2,436
Total
Series
C-D
Series
E
1,119
4,091
5,907
6,727
5,390
2,826
3,075
2,871
32,005
Series
F
Series
G
202
520
561
638
511
292
319
441
1,095
2,093
2,168
2,500
2,269
2,442
2 141
2,262
3,485
16,970
1399
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Gross debt
End of
month
Total
interestbearing
securities
1940—June...
1941—June...
Dec...
1942—June...
Dec...
1943—June...
Dec...
1944—June...
Dec...
1945—June...
Dec...
1946—June...
Dec...
1947—June...
Dec...
1948—Apr....
May...
June...
July...
Aug
1
47,874
54.747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
257,980
255,197
254,281
249,990
250,028
250,132
251,219
250,921
Held by banks
Total
Total
48,496
55,332
64,262
76,991
112,471
140,796
170,108
202,626
232,144
259,115
278,682
269.898
259,487
258,358
256,981
252,315
252,311
252,366
253,429
253,101
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
97,850
91,872
91,259
86,740
86,462
86,366
86,925
86,877
Held by nonbank investors
Commercial
banksi
Federal
Reserve
Banks
Total
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,200
90,800
84,400
74,500
70,000
68,700
66,400
65,800
65,000
65,600
65,300
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783
23,350
21,872
22,559
20,340
20,662
21,366
21,325
21,577
29,930
33,448
40,608
48,346
65,182
81,394
98,665
119,325
135,598
153,123
163,620
161,715
161,637
166,486
165,722
165,575
165,849
166,000
166,504
166,224
Individuals
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
U. S. Government agencies
and trust funds
Special
issues
Public
issues
10,300
11,500
14,100
18,400
24,500
31,700
38,400
46,500
53,500
59,800
64,800
64,100
64,900
67,100
66,600
66,700
66,800
66,800
67,100
67,100
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
25,300
25,000
24,300
23,500
23,400
23,200
23,000
22,600
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,700
11,500
11,800
12,100
12,000
12,000
12,000
12,000
12,000
11,900
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,900
28,100
30,900
30,200
25,300
22,400
22,300
21,200
21,200
21,600
21,000
20,700
20,800
400
600
700
900
1.000
1,500
2,100
3,200
4,300
5,300
6,500
6,500
6,300
7,100
7,300
7,300
7,300
7,200
7,400
7,400
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955
29,201
29,323
30,211
30,787
30,877
2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7,048
6,798
6,338
5,445
5,397
5,613
5,556
5,538
5,580
5,568
Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 30, 1948.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES •
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Govt.
agencies
and
trust
funds
Com- Mu- Insurmer- tual ance
Resav- com- Other
cial
ings panies
serve banks
Banks C1) banks
Federal
Type of
security:
Total:'
1946—June
Dec
1947—June
Dec
1948—June....
1948—July
Aug
Treasury bills:
1946—June
Dec
1947—June....
Dec
1948—June
1948—July
Aug
Certificates:
1946—June....
Dec
1947—June
Dec
1948—June
1948—July
Aug
Treasury notes:
1946—June
Dec
1947—June....
Dec
1948—June
1948—July
Aug
Treasury bonds:
1946—June....
Dec
1947—June....
Dec
1948—June... m
1948—July. . . .
Aug
189,649
176,658
168,740
165,791
160,373
159,574
159,146
6,768 23,783
6,302 23,350
5,409 21,872
5,261 22,559
5,402 21,366
5,447 21,325
5,442 21,577
76,578
66,962
62,961
61,370
57,599
57,754
57,461
14,466
14,745
14,496
11,433
8,577
7,556
7,029
1,142
1,187
6,813
7,496
6,280
6,797
4,616
19 5,059
24 4,958
11,220 24,285
11,521 24,346
11,845 23,969
11,552 22,895
11,522 21,705
11,388 21,306
11,303 20,894
47,015
44,177
42,684
42,154
42,779
42,354
42,469
2,052
2,345
2,784
2,836
1
25
58
34
35
1 1,425
11 1,088
1
479
154 1,454
112 2,650
142 2,695
58 2,834
58
64
48
30
14
16,676
11,221
8,536
6,538
8,552
8,128
7,920
243
257
249
200
317
256
245
576 10,438
490 10,459
362 9.821
269 7,386
479 8,610
443 8,389
502 8,645
18,261
10,090
8,142
11,375
11,375
11,375
11,375
9
6
7
4
1,748 11,396
355 6,120
369 4,855
1,477 5,327
1,968 4,531
1,953 4,570
1,808 4,626
227
211
183
98
98
104
106
623
603
285
245
223
221
253
119,323
119,323
119,323
117,863
112,462
112,462
112,462
6,654
6,185
5,306
5,173
5,336
5,337
5,336
17,039
17,033
15,775
15,136
13,757
13,266
12,838
2
2
11
18
15
55
46
34,804
29,987
25,296
21,220
22,588
22,294
22,294
787
3
4,258
2,795
2,443
4,224
4,555
4,527
4,582
755 47,335 10,743 23,073 30,763
753 48,408 11,049 23,226 29,702
727 48,756 11,407 23,305 29,822
2,853 47,424
6,206 42,146
6,757 42,252
7,781 42,061
11,226
11,047
10,994
10,916
22,213
20,880
20,492
20,074
28,974
26,847
26,630
26,294
End of month
Total
outstanding
U. S.
Govt.
agencies
Com- Mu- Insurmer- tual ance
sav- com- Other
cial
serve banks ings panies
banks
Banks 0)
Federal
Re-
and
trust
funds
Treasury bonds
and notes* due
or callable:
Within 1 year:
1946—June
Dec
1947—June
Dec
1948—June
1948—July. . . .
Aug
1-5 years:
1946—June
Dec
1947—June
Dec
1948—June....
1948—July
Aug
5-10 years:
1946—June
Dec
1947—June
Dec
1948—June....
1948—July
Aug
10-20 years:
1946—June....
Dec
June
1947—Dec
1948—June
1948—July
Aug
After 20 years:
1946—June....
Dec
1947—June
Dec
1948—June
1948—July
Aug
10,119
7,802
11,255
14,263
13,411
13,411
13,411
4 1,431 5,655
72 4,341
29
251 6,936
83
69 1,693 8,244
19 2,070 5,922
19 2,056 5,948
19 1,911 6,019
35.055
39,570
42,522
49,948
46,124
46,124
46,124
443
576
469
344
318
318
318
32,847
27,283
18,932
10,270
10,464
10,464
10,464
716
529
423
370
314
314
314
37,189
32,384
40,352
54,757
53,838
53,838
53,838
797 25,285
831 28,470
698 29,917
1,377 33,415
2,636 30,580
2,652 30,701
2,775 30,572
116
181
374
266
171
175
177
495
591
420
316
273
270
303
2,418
2,591
3,191
3,675
4,956
4,943
4,982
709
1,506
2,101
2,671
3,046
2.790
2,730
2,708
6,319
6,550
7,193
9,890
7,971
7,907
7,925
1,047
1,574
1,876
1,829
1,816
1,826
135 21,933 1,609 2,822 5,632
72 16,657 2,042 2,826 5,156
40 11,577 1,245 2,002 3,645
576
880 1,928
426 6,090
506
546 6,251
911 1,936
540 6,269
508
906 1,927
539 6,277
520
915 1,899
83 3,308 6,026
3,400
78 2,433 5,303
2,975
78 2,587 6,751
3,374
834 5,003 8,606
4,393
4,685 2,921 3,922 8,639
4,685 3,463 3,905 8,599
4,685 4,365 3,819 8,499
22,372 2,103
22,372 2,084
964
14,405
57
55
29
12,547
11,708
15,137
18,211
17,129
16,809
16,400
11,829
9,886
12,425
17,710
16,542
16,377
16,070
2,550 2,510 6,325 8,826
2,632 2,687 6,602 8,313
2,593 1,649 3,358 5,812
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable
issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
1400
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
General fund of the Treasury (end of period)
decrease {—;
during period
Fiscal
year or
month
Fiscal year:
1946
1947
1948 .
1947—Oct...
Nov. .
Dec...
1948—Jan. ..
Feb...
Mar..
Apr...
May. .
June. .
July. .
Aug.. .
Sept..
Oct...
Net
receipts1
Budget Budget
surplus
expendi- (+) or
deficit
tures
43,038 63,714
43,259 5 42,505
44,746 39,326
2,390 2,445
2,743 2,194
4,246 3,224
4,275 2,879
4,336 2,402
6,334 3,546
2,806 6 3,109
2,707 2,604
5,102 6 7,261
2,236 3,698
2,569 2,207
4,589 2,915
2,140 2,724
-20,676
Trust Clearing
acaccounts
etc.2 count 2
Gross
debt
General
fund
balance
Balance
in
general
fund
Assets
Deposits in
Fed- Spe- Other
Total eral
cial assets
Reserve deposBanks3 itaries
+10,740 -10,460 14,238 14,708
-10,930 3,308 3,730
+1,624 4,932 5,370
+155 4,107 4,498
-172 3,935 4,292
- 8 3 8 3,097 3,454
+1,551 4,648 5,042
-330 4,318 4,664
+ 1,035 5,353 5,692
- 7 4 1 4,612 5,037
+334 4,946 5,327
- 1 4 4,932 5,370
+ 141 5,074 5,506
- 2 4 1 4,832 5,229
+751 5,583 6,020
- 7 8 1 4,802 5,205
-524
+754 - 1 , 1 0 3 ' +555 -11,136
+5,419 +2,706 —507 - 5 , 9 9 4
-74
-55
+69 +214
-859
+549 +265 -127
-80
-1,312
+ 1,022 - 4 6 8
-326
+ 1,396 +259 +222
+1,934 - 1 9 4 - 1 0 1 - 1 , 9 6 9
-86
-53
-1,615
+2,788
-750
+86 +226
-302
-3
+103 +378 - 1 4 4
+56
- 2 , 1 5 9 +2,315 6 -226
- 1 7 8 +700 +1,082
-1,462
-324
+10 -289
+362
+9
-362
+ 1,674 - 5 7 0
-227
- 1 4 4 +174
-584
1,006 12,993
962
1,202
1,928 1,773
1,393 1,437
1,290 1,417
968
959
866
2,256
1,571
1,972
1,236
1,714
1,928
1,755
1,919
1,664
1,608
708
1,565
L,670
L.668
1,585
1,621
1,828
1,658
1,749
1,645
1,606
L,67O
1,671
1,568
1,653
1,621
1,434
1,972
2,156
2,007
1,773
2,081
1,741
2,703
1,976
Total
liabilities
470
422
438
391
357
357
394
346
339
425
381
438
433
397
437
403
Cash operating
ic
aiiu
mcorr
Excess
income
Cash Cash
income outgo
47,784
46,637
47,680
2,640
3,345
4,037
4,552
4,727
6,479
2,969
3,334
5,105
2,404
3,227
4,713
65,683
39,978
38,727
2,621
2,530
3,526
2,566
2,903
3,877
2,965
2,871
4,340
2,765
3,005
3,275
(+) or
outgo
—17,899
+6,659
+8,953
+18
+816
+510
+1,986
+1,824
+2,601
+4
+462
+765
-361
+221
+1,438
DETAILS OF TREASURY RECEIPTS
On basis of reports by collectors of internal revenue
On basis of daily statements of United States Treasury
Income taxes
Total Withre"ceipts1 byheld
em- Other
ployers
Fiscal year
or month
Fiscal year:
1946
1947
1948
1947—Oct
Nov
Dec
1948—j a n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
. . .
Miscellaneous
internal
revenue
44,276 9,392 21,493
44 718 10,013 19,292
46,362 11,436 19,735
702
644
2,456
350
3,054 1,315
880 1,889
4,260
624 2,613
4,310
1,597
4,614 1,563
998 4,168
6,365
2,881
684 1,174
3,083 1,358
428
695 3,006
5,119
535
719
2,300
403
2,948 1,165
694 2,939
4,597
643
2,199
537
7,725
8,049
8,301
782
695
767
656
629
739
662
673
694
677
742
676
768
Social
Security
taxes
1,714
2,039
2,396
71
329
145
51
423
180
83
401
145
67
410
130
65
Surplus Other
property
rereceipts ceipts 7
501
2,886
1,929
82
192
420
53
241
108
86
49
364
71
51
41
32
Individual
income taxes
Withheld
3,452 9,858
2,439 9,842
2,565 11,534
176 1,188
171 1,491
159
36
313
645
162 2,250
173
279
192 1,165
175 1,670
154
215
849
231
178 1,543
118
133
153
Other
Corporation income
and profits taxes
Normal Excess
and
surtax profits
8,847 4,640
9,501 6,055
9,464 9,852
384
246
249
67
408 1,463
2,338 « 473
1,004
326
2,034 2,276
602
376
167
268
1,877
1,111
228
432
101
283
1,016
1,947
7,822
3,566
Excise
and
Estate other
and
miscelgift
laneous
taxes
Other
profits
91
55
18
677
779
899
28
22
24
17
22
20
13
17
16
17
13
1
2
1
1
4
1
1
1
2
1
2
65
54
65
72
56
125
118
75
61
95
56
7,036
7 285
7,412
736
627
691
562
586
603
578
584
629
608
674
19
1
59
660
305
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1946 .
1947
1948
1947—Oct
Nov
Dec
1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
5
InternatVetIntererans' ional
fiest on National Addebt defense minis- nance
tration and
aid
63,714 4,722
42,505 4,958
39,326 5,211
157
2,445
127
2,194
972
3,224
401
2,879
142
2,402
608
3,546
154
3,109
124
2,604
1,508
57,281
6
286
3,698
114
2,207
570
2,915
212
2,724
48,870 2,871
17,279 6,442
11,524 6,317
1,154
472
936
506
996
545
1,069
516
850
518
850
579
909
571
933
530
930
559
6
1,155 6 772
810
530
717
481
P915
482
Aid
to
agriculture
Trust accounts, etc.
Other
TransExpenditures
Refers
funds
to
Inof
trust Other Net
InExRe- vest- Foreign
taxes
acrevest- pendi- ceipts ments
Economic Other
counts
ceipts ments tures
Cooperation
Social Security
accounts
727 - 2 0 3 3,034 1,927 1,766 2,978 1,261 1,656 4,735 2,407
4,415 1,229 3,050 5 1,361 3,772 3,235 1,785 1,509 5 3,009 1,577
812 2,326 4,178 4,975 3,918 2,210 1,640 5,598
3,983
850
60
52
354
141
164
24
168
14
124
55
20
104
311
150
524
274
160
17
108
42
24
83
333
218
80
119
153
25
116
53
66
73
453
223
254
68
313
21
126
78
11
69
364
266
433
230
149
28
134
182
17
110
321
596
92
51
185
28
152
465
71
42
475
332
173
-34
162
7
555
150
1
28
352
249
388
577
106
101
10
142
31
233 53,077
491
432
348
553
349
174 53,475
152
611
-43
609
155
455
276
362
250
142
72
13
110
430
129
607
100
100
21
186
53
6
256
555
277
38
304
135
23
140
46
81 P535
P194 P260
159
-12
128
18
132
183
192
196
226
2,912
2,476
2,109
101
20
441
93
384
133
125
43
432
145
198
80
67
P1 Preliminary
Net receipts are total receipts less social security
employment taxes, which are appropriated directly to the Federal old-age and survivors
2
insurance
trust fund.
Excess of receipts ( + ) or expenditures ( —).
3
Excluding items in process of collection beginning with July 1947.
4
P^or description, see Treasury Bulletin for September 1947.
5
Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months.
6
Change in classification.
7
Including receipts^from renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 1,063, 279, and 161 million dollars,
respectively.
NOVEMBER 1948
1401
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES*
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items l
Corporation or agency
Total
All agencies:
June 30, 1947
Sept. 30, 1947
Dec. 31, 1947
Mar. 31, 1948
3
29,666
31,037
30,966
31,107
ComInvestmodiments
Loans ties,
supreCash ceivplies, U. S.
and Govt. Other
able
mate- secu- secu-2
rials rities rities
851 1,777 3,565 12,691
1,792 7,662
1,556 9,212 1,093 1,725 3,553 12,662
1,481 9,714
822 1,685 3,539 12,600
1,369 10,134
570 1,845 3,526 12,535
19,912
646 10,134
Mar. 31, 1948 4
20,120 1,042 10,373
June 30, 1948 4
Classification by agency,
June 30, 1948 4
Department of Agriculture:
Farm Credit Administration:
229
288
Banks for cooperatives
513
576
Federal intermediate credit banks.
99
Production credit corporations....
2
Regional Agricultural Credit Corp..
*( 6 )"
Agricultural Marketing Act Re1
2 ()
volving Fund
80
127
Federal Farm Mortgage Corp
44
854
891
Rural Electrification Administration.
27
139
1,054
Commodity Credit Corp
619
266
345
18
Farmers' Home Administration
25
30
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing Administration and
affiliate:
Public Housing Administration....
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
26
3,524 2,723
3,531 2,458
1,845
1,684
506
667
689
781
2,045 26,763
2,144
,005
2,037 28,015
1,868 28,233
269
138
143
150
101
11
781 1,142 17,764
863 1,187 17,875
150
154
272
43
98
16
479
771
529
31
()
542
4
1
'( 6 V
2
123
891
476
341
29
475
164
120
421
191
12
191
433
517
282
2,253
1,023
226
797
8,638
(5)
202
. .. .
• 2 f?
27
136
129
1,497
175 2,078
3,385
136
774
1,339
)
14
138
507
53
48
48
23
4
2
5
44
1,617
3,809
142
3
469
2,229
35
10
()
108
909
1,617
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency. .
Tennessee Valley Authority
All other
462
251
165 1,163
283 953
247 879
245 882
196
452
667
51
Reconstruction Finance Corp. 6
U. S.
Bonds, notes,
PriGov- vately
Deand debenLand, ferred
ern- owned
tures
payable
strucOther ment
and Other
tures, undisliabil- inter- interasFully
est
and
ities
tribsets
guarequip- uted
anteed Other
ment charges
by U.S.
1,018
226
782
8,597
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1948
Purpose of loan
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate
operaCorp. credit tives
banks
94
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)...
513
232
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
144
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.
854
4
475
13
80
(5)
513
2,399
623
144
3
147
36
260
224
1
4
5
5
481
227 2,236 3,750 6,214
220
109
611
47
7
364
8
147
258
5
379
6,093
613
384
909 2,229 3,975 10,373
10,134
135
424
282
3
5
1
277
3
229
139
854
266
421
282
475
Mar. 31,
1948,
All
all
agen- agencies
cies
4
6 2,386
633
75
(5)
543
All
other
*1 Includes certain business type activities of the U. S. Government.
Assets are shown on a net basis, i. e., after reserve for losses.
2
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and Development
and 2,750 million subscribed to the International Monetary Fund.
3
Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947.
4
Excluding U. S. Maritime Commission. Latest available figures for this agency, which are included in the totals for earlier quarterly dates
shown
above, are as of Mar. 31,
1947. Inclusion of current data for the Commission will be resumed when available.
5
6
Less than $500,000.
Includes War Damage Corp. (in liquidation).
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the
BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
1402
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms
adjusted' and "unadjusted" refer to adjustment of monthly figures for seasoilal variation]
Construction
contracts
awarded (value)2
1923-25 = 100
Industrial production
(physical volume)*1
1935-39 = 100
Manufactures
Year and month
Total
Durable
Nondurable
Minerals
Total
Residential
Employment 3
1939 = 100
All
other
Nonagricultural
Factory
DepartWholeFacFreight ment
Consale
store sumers'
tory carloadcomsales
pay 3 ings*
prices
modity
(valrolls
prices'
1939 = 1935-39 ue)*4 1935-39
1926
= 100 1935-39 = 100
100
= 100
= 100
AdAdAd- Unad- AdAdAdAdAdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
84
93
62
60
71
83
63
63
44
30
79
90
58
73
88
82
90
72
75
53
81
103
95
107
57
67
72
69
76
66
71
98
89
92
56
79
84
94
122
44
68
81
95
124
65
88
86
94
120
96
95
114
107
79
83
100
100
129
129
121
117
135
139
99
110
91
117
132
98
85
93
84
99
107
93
135
117
92
126
87
50
142
142
125
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
1936
1937
1938
1939
1940
103
113
89
109
108
122
78
109
100
106
95
109
99
112
97
106
55
59
64
72
37
70
74
80
81
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
. .
125
. . . .
1941
1942
1943
1944
1945
139
115
117
81
72
162
201
142
125
122
89
199
239
235
279
360
353
158
176
171
129
132
140
166
68
41
82
40
16
203
1947
January
.
February
March
April
May
June
.
. .
July
August
September
October
November
December
1948
January
February
March
April
May
103.9
124 2
80 2
86 0
109 1
'101 8
'107 3
120
129
83
99
110
121
142
139
146
92
94
105
105
110
110.5
108 5
'109 8
117 1
'94 8
152
147
113
114
102 5
96.2
98.9
'96.7
96 9
103.1
89.8
148
152
131
115
117
108
87 1
77 2
77.5
84 9
88 5
75 8
64 4
71.3
83 1
88.7
71
49
53
68
78
8
5
1
3
6
105
78
82
89
92
97
75
73
82
88
95.1
101.4
95 4
100.0
89 105.8
96.4
105.8
90 0
100 0
107.5
'91.1
'108.9
84 7
100 0
114.5
107
111
89
101
100
107
99
106
109
114
149 119 4
235 131.1
92 138 8
61 137 0
102 132.3
132 1
154 0
177 7
172 4
151.8
167
245
334
345
293
5
2
4
7
A
130
133
138
137
140
150
168
187
143.4 269.6
157 3 332 1
132
264
143
166
137
68
192
165
134
153
143
187
220
172
149
157
142
161 137.0
169 145 2
182
183
182
184
183
180
214
214
211
168
173
174
145
136
137
145
139
154
140
122
143
148 141.5 151.4 151.8 297.9
152 143.0 154.1 154.5 303.9
163 143.5 155.1 155.5 312.6
189
189
190
187
185
184
176
185
185
187
185
221
176
176
175
172
170
168
163
146
146
148
143
151
148
140
146
151
132
133
127
136
155
144
152
129
123
110
116
136
148
149
134
142
140
152
170
182
'186
191
192
'186
185
178
185
190
194
193
'223
225
222
218
219
'208
'211
'216
223
224
192
190
....
193
194
189
190
.
191
188
192
192
186
191
188
186
192
193
187
194
P196
P224
June
July
August
September
274
103.7
'104 1
79.7
88.2
'100 9
'93.7
97 0
170
1946
1947
1946
October
November
December . . . .
41
45
60
P192
169
172
176
179
150
153
155
155
166
183
184
193
26
150
168
170
163
173
156
197
161
229
226
178
180
154
155
177
177
178
179
169
176
142
147
162
159
153
159
191
187
152
152
229
217
221
222
219
222
'230
P178
181
181
188
201
205
201
P196
148
154
165
177
187
177
P164
Adjusted
126.4
124 0
122 6
122 5
119 4
100.0
95 4
96 7
95 3
86 4
108
97
92
95
98
7
6
4
7
1
73
64
65
74
80
0
8
9
9
0
87 3
98 8
103 1
104 0
105.8
286
139 3
159 2
121 1
152 1
139
137
140
260
271
276
148.6
152.2
153 3
134.1
139.7
140 9
266
267
272
278
290
288
287
153 3
153 2
156 3
156 2
156 0
157 1
158 4
160.3
163.8
163 8
164 9
167.0
142 0
145.2
150 0
148 0
147 3
147 7
150 6
153.7
157.4
158 5
159 6
163.2
135
207
150
142
146
137
142
137
135
223 148.6 161.2
215 147.8 159.8
208 147.9 160 1
202 147.2 157.1
206 147.7 156.7
220 148 8 158 8
219 149.4 159.6
220 149.6 159 9
P221 P15O.7 M62.3
160.5
159.5
160 3
156.1
155.5
158 2
158.4
161.5
P163.7
358.7
354.1
358 4
347.1
346.7
359 0
360.0
374 6
145
139
286
286
130
130
141
139
138
142
139
285
306
310
312
316
311
312
227
138.6
154 4
97 6
96 7
100 6
98 1
103 5
105 2
116 5
123 6
125 5
128.4
314.2
317.6
320.9
317.6
319.3
327.2
321.8
331.5
345.3
350.1
353 4
365.7
217
123.8
143 3
127 7
119 7
121 9
122 2
125 4
80 8
86 3
78 6
77 1
78.6
155.6
156.6
157.0
155.9
153.8
154.7
153.3
157.8
160.2
160.4
160 8
161.9
179
195
196
Unadjusted
99 1
102 7
100 8
99 4
100.2
156.2
156.9
156.7
156.8
155.0
155.2
154.5
156.3
158.9
160.0
160 4
161.1
143.5
144.1
144.2
143.4
143.5
144.8
144.8
145.2
146.2
147.1
147 3
147.9
Unadjusted
143
142
145
147
149
284
294
279
302
303
168.8 165.7
167 5 160 9
166 9 161 4
169.3 162 8
170 5 163 9
171 7 166 2
173 7 '168 7
174 5 1 6 9 5
174.5 168.5
r
* Average per working day.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 1404-1407. For points in total index, by major groups, see p. 1426.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1411 of this BULLETIN.
* The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau
of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
4
For indexes by Federal Reserve districts and other department store data, see pp. 1413-1416.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, June 1944, pp. 549-561.
1
2
NOVEMBER 1948
1403
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1947
Industry
Industrial Production—Total.
Manufactures—Total
Durable Manufactures
Iron and Steelx
Pig iron
Steel i
Open hearth.
Electric
Machinery
Arsenals and Depots .
Transportation
Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding
Private a n d G o v e r n m e n t ) 2
Metals and
Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 2
Lumber and
Sept. Oct.
Nov. Dec.
'18%
191
192
192
193
194
191 188 192
192
186
191
P192
192
197
199
198
'201
201
200 195 197
198
'191
197
P198
'216
223
224
'230
229
226
229
222
219
'190
'205
'203
'206
203
203
207 177 •208
208
'201
207
213
188
'208
'172
'469
198
'185
'517
197 196
'223 '228
'•183 1 8 6
'510 '524
197
'225
'527
196
226
180
'553
190
234
184
589
151
208
154
'593
193
•236
196
236
'608
-•630
186
228
176
'597
200
•235
179
'635
204
243
185
656
276
280
281
285
284
283
275
273
'277
'267
269
227
232
234
244
244
232
240
237
218
'222
•235
231
197
198
200
206
206
192
202
197
179
•185
•204
199 P193
174
179
185
189
195
199
201
200
196
194
185
186 P19O
182
176
177
183
188
190
192
203
203
194
188
190 P193
171
180
188
192
198
202
204
199
194
193
184
185
P189
140
143
150
153
155
150
151
145
142
140
142
149
P145
128
164
128
172
137
176
139
181
143
179
135
178
137
178
132
169
131
163
129
161
135
157
140 P135
165 P164
288
Jan. Feb. Mar. Apr.
217
May
June July Aug. Sept.
221
r
222 P 2 2 4
P271
2
Manufacturing
Nonferrous
1948
Products.
Lumber...
Furniture.
Stone, Clay, and Glass
Products.
202
201
201
205
202
207
211
211
206
207
200
210
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products 2 .
219
151
243
171
160
221
226
210
156
229
174
161
230
224
207
143
229
178
162
236
226
199
141
218
196
166
236
244
187
149
200
199
179
246
215
197
166
208
208
168
246
242
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
169
238
"248
'207 207
172 152
'218 226
186 183
176 P174
248 P242
249 P249
Nondurable Manufactures...
172
176
179
173
178
180
177
177
178
179
169
176 P178
160
164
172
163
179
179
175
175 '177
174
154
166 P17O
147
130
278
152
139
280
159
149
290
149
131
287
165
153
300
166
153
296
161
147
303
161
147
298
163
147
308
159
140
313
138
115
323
152 P 1 5 6
127 132
318 319
168
192
184
162
144
188
159
167
194
185
160
140
188
159
172
196
182
164
142
194
167
166
183
171
161
141
189
164
181
212
192
172
152
200
175
185
212
202
176
154
206
181
177
216
190
166
144
196
171
179
227
196
164
146
190
171
179
226
191
163
145
189
172
176
220
184
162
146
185
172
137
158
153
125
114
140
137
168
226
180
150
138
166
159
122
126
124
114
120
123
115
110
108
109
96
120
131
103
94
118
123
121
136
94
100
112
128
122
141
88
93
108
126
113
129
83
89
101
114
116
132
85
96
101
122
116
133
80
95
100
127
102
115
69
92
92
123
105
119
78
91
91
113
109
124
82
91
93
107
107
121
80
89
94
110
95
109
65
80
'84
96
158
156
158
158
158
160
158
157
159
163
160
136
136
143
133
140
134
122
134
139
138
139
'148
76
167
160
P147
75
163
157
P140
66
151
137
P138
66
148
130
'139
67
156
127
P139
65
150
134
'145
69
159
158
Textiles and
Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 . .
Wool textiles
Carpet wool consumption . .
Apparel wool consumption.
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and
Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured
Food
Products.
Wheat flour
Cane sugar meltings 2
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream
P209>
113 P117
105
120
78
75
99
118
154
P126
P158
P127
143
j>149 P151 P152 P152 P154 P150
72
75
72
71
71
72
170 171 171 168 171 160
195
181
198
175 185 192
P Preliminary.
* Revised.
1
Steel indexes h a v e been revised beginning J a n u a r y 1947 t o eliminate t h e holiday allowance for Labor D a y , previously used in c o m p u t i n g
daily average o u t p u t on which steel indexes are based. Revised figures for steel a n d the iron a n d steel group prior t o September 1947 are available on request. Resultant revisions in total manufactures index prior t o September 1947 are as follows: April, 195; M a y , 192. F o r changes
in durable
manufactures index a n d in t h e total index see p . 1403.
2
Series included in total a n d group indexes b u t n o t available for publication separately.
1404
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1948
Industry
Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr. May June July
Aug.
Sept.
146
101
IMeat packing
Pork and lard
.
Beef
Veal
....
L a m b and mutton
146
. . . . . 144
153
174
99
142
141
146
171
109
170
185
159
190
114
160
173
154
149
107
150
156
154
128
98
147
161
141
115
102
131
140
131
98
91
125
136
122
102
83
127
145
116
104
74
152
176
135
134
94
135
149
124
140
89
126
128
125
147
92
163
149
.... 125
174
161
134
134
172
160
129
144
171
164
138
150
173
165
141
144
174
168
144
149
177
167
155
143
174
166
147
138
176
168
150
138
178
169
159
124
179
167
142
117
159 P166
107 P143
119
180 P 1 7 9
198
229
219
167
167
198
191
182
167
170
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
182
A Icoholic Beverages
179
189
155
86
402
242
165
73
346
274
176
91
211
336
166
148
178
168
108
226
68
98
200
63
113
242
75
127
218
78
169
165
150
165
166
164
187
104
112
309
151
160
191
86
169
169
150
95
159
183
106
111
301
146
156
187
86
168
157
145
94
146
172
117
96
283
135
142
165
74
150
160
135
93
161
194
122
110
328
150
155
184
83
160
161
152
96
160
183
116
107
301
145
156
189
83
161
163
148
93
154
156
157
147
155
154
143
143
146
145
149
147
173
M a l t liquor
Whiskey
Other distilled spirits
Rectified liquors
.o Co Co
.o ON Co
Manufactured Food Products—Continued
196
78
277
297
204
71
323
468
203
1
119
562
165
5
94
376
169
37
220
264
171
115
431
310
157
152
526
239
153
160
383
255
141
157
294
245
145
114
393
243
163
175
169
149
153
155
164
183
163
113
.. 213
83
126
229
80
124
224
68
100
201
61
104
204
69
113
203
70
102
225
67
101
257
75
105
222
68
159
163
165
158
163
163
166
168
153
171
110
104
259
149
150
.... 182
87
157
...
151
135
97
157
177
105
107
275
154
154
184
89
167
152
141
91
160
182
97
112
281
159
156
186
89
168
158
146
90
153
168
96
107
255
148
150
177
86
162
158
139
88
157
174
88
109
276
151
155
187
86
162
163
145
82
158
177
94
110
269
161
155
179
88
170
161
150
83
160
178
90
103
285
153
157
192
85
161
161
148
82
163
180
97
108
293
151
160
192
87
166
171
151
89
144
152
152
146
148
157
150
131
138
137
131
134
144
139
...
Industrial Alcohol from Beverage Plants *
Tobacco Products
Cigars
Cigarettes
Other tobacco products . . .
Paper and Paper Products
....
Paper and pulp
....
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper .
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
.
..
Printing paper (same as shown under Paper)
P203 P204 P205 P208 P214 P215
Petroleum and Coal Products
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products1
Coke
By-product coke
Beehive coke
. .
Chemical Products
Paints
Soap . . .
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products 1
Rubber Products
P211
P213 P220 P220
P217
P222
P212
... 162
183
154
169
162
187
160
177
159
186
162
178
160
193
170
187
159
201
163
199
155
206
164
213
154
200
164
210
164
194
158
197
170
196
159
187
173
194
155
196
170
192
154
193
173
194
162
182
170
162
439
177
169
449
177
170
414
179
171
440
178
171
442
179
171
421
166
164
237
137
135
186
174
166
421
175
168
407
170
166
318
178
170
447
248
248
251
254
255
252
250
249
249
25 6
251
259
153
137
295
425
152
138
294
427
155
148
297
431
155
150
299
438
158
151
298
437
158
147
301
434
154
140
303
433
150
123
305
439
151
124
304
436
154
124
309
449
161
121
-312
433
217
223
225
230
223
215
205
200
201
205
200
207
P211
156
154
155
142
147
162
159
153
159
P155
P161
181
173
443
P255
160 P 1 5 8
127 P\29
312 P3O5
450 P 4 5 0
Minerals— To ta I
153
155
155
Fuels
160
162
163
162
160
161
146
149
168
164
160
166
153
161
122
164
156
163
126
166
159
169
119
165
153
164
111
166
152
161
112
165
148
155
118
167
99
97
108
169
103
102
105
171
160
171
116
172
147
157
105
173
134
143
100
172
150 P148
158
117 P\ 1 9
174 P168
111
107
109
117
117
120
118
137
128
128
153
145
146
159
159
163
161
193
179
179
155
55
55
53
63
55
73
55
78
59
67
59
64
58
59
57
68
57
67
55
65
56
57
Coal
Bituminous coal
Anthracite
Crude petroleum
.
Metals
Metals other than gold and silver
.
.
115
P157
P119
P164
(Copper; Lead; Zinc)1
Gold
Silver
....
r
1
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
NOVEMBER
1948
1405
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
1947
1948
Industry
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July Aug. Sept
Industrial Production—Total.
Manufactures—Total
190
194
193
190
189
190
188
186
192
193
187
194
196
196
200
200
197
197
197
197
193
197
199
193
199
202
Durable M a n u f a c t u r e s . . . .
218
224
224
228
226
'224
228
217
222
223
220
224
226
190
205
203
206
203
203
207
177
'208 r208
201
•207
213
188
•208
172
469
197
•226
•185
•517
197
196
228 '225
186
182
•524 '527
196
226
180
•553
190
234
184
589
151
208
154
593
193
•236
196
236
•608
'630
186
228
176
597
200
235
183
510
635
204
243
185
656
276
280
281
288
285
284
283
275
273
•277
'267
269
v271
227
232
234
244
244
232
240
237
218
•222
235
231
197
198
200
206
206
192
202
197
179
185
204
199
174
179
185
189
195
199
201
200
196
193
185
186 '190
182
176
178
183
188
190
193
203
203
193
187
188
192
198
202
204
199
194
193
184
185
Iron and Steel1
Pig iron
Steel*
Open hearth.
Electric
M achinery
r
Manufacturing Arsenals and Depots2
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding
Private and Government) 2
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 2
171
150
150
148
140
138
137
143
144
148
151
159
143
164
138
172
133
176
119
181
117
179
116
178
125
178
131
169
134
163
141
161
148
157
156
165
210
210
206
200
190
193
201
208
211
209
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products 2 .
223
151
248
198
166
225
226
215
156
236
202
169
236
224
209
143
231
192
169
240
226
187
141
203
178
172
242
244
184
149
196
161
166
236
215
193
166
201
158
160
235
242
205
160
219
160
169
238
248
212
165
227
183
168
246
244
212
152
233
196
171
243
244
197
170
206
203
175
243
'249
179
123
198
207
169
238
r
248
Nondurable Manufactures.
178
181
177
179
171
Lumber and Products. .
Lumber.. .
Furniture.
Stone, Clay, and Glass Products
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 .. .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Manufactured Food Products.
Wheat flour
Cane sugar meltings
Manufactured dairy products
products.
Butter
Cheese
Canned and dried milk
Ice cream
171
173
176
173
174
163
179
179
175
'175
r
177
174
202
218
149
131
287
165
153
300
166
153
296
161
147
303
'162
147
298
'163
147
308
159
140
313
'138
115
323
127
318
168
192
184
162
144
188
159
167
194
185
160
140
188
159
172
196
182
164
142
194
167
166
183
171
161
141
189
164
181
212
192
172
152
200
175
185
212
202
176
154
206
181
177
216
190
166
144
196
171
179
227
196
164
146
190
171
179
226
191
163
145
189
172
176
220
184
162
146
185
172
-•137
158
153
'125
'114
140
'137
168
226
180
150
138
166
159
P156
126
126
113
120
126
114
110
108
108
94
112
118
129
101
95
115
123
123
137
96
100
112
128
126
146
91
90
114
126
112
129
82
90
96
114
117
135
83
96
94
122
124
144
84
99
110
127
101
115
68
91
89
123
105
119
74
94
89
113
109
124
78
89
100
107
105
117
81
90
93
110
90
103
64
79
79
96
103
117
82
73
102
182
167
161
154
146
144
143
153
163
-•172
148
144
144
132
134
132
137
P156 P121 P91
73
64
50
170 147 113
147 127
99
P88
52
106
100
118
P87
55
116
103
v218
179 P184
159
149
290
120
'155
166 P!70
152
139
280
136
P189
210
213
152
172
'227 230
210 213
180 P180
250 P248
249 P249
147
130
278
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers. . . .
Goat and kid leathers
Sheep and lamb leathers.
Shoes
180
172
r
193
172
141
P99 P 1 1 9 P155 P201P224 P223 P198
58
63
72
93
98
82
123 143 176 229 242 207 191
120 155 197 257 265 226 204
132
319
P116
P\26
P181
P138
69
163
167
P Preliminary.
' Revised.
1
Steel indexes have been revised beginning January 1947, as described on p. 1404. Durable manufactures index vwas revised to 209 in July
1947,2 as a result of steel index revision. For changes in the total index see p. 1403.
Series included in total and group indexes but not available for publication separately.
1406
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1948
Industry
Sept. Oct.
Nov. Dec. Jan.
Feb. Mar. Apr. May June July Aug. Sept
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
136
114
165
191
106
144
133
159
195
113
189
216
165
203
114
187
229
154
140
104
175
204
157
119
103
141
158
130
101
103
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
r99
127
144
90
124
108
144
160
109
196
290
162
177
179
173
176
181
167
118
170
180
161
108
152
176
152
92
148
167
152
91
151
168
149
85
133
167
148
90
114
169
152
97
106
175
160
122
92
181
174
184
96
185
180
203
129
183
P197
P28O
206
252
146
142
176
172
178
173
186
188
184
195
197
78
379
297
190
71
837
468
157
1
251
562
132
5
103
376
139
37
143
264
154
115
259
310
146
152
342
239
160
160
230
255
161
157
177
245
183
114
243
243
194
86
233
242
189
73
187
274
178
91
289
336
139
153
147
155
173
163
173
154
184
178
Cigars
Cigarettes
Other tobacco products.
113
228
89
126
238
85
124
228
70
100
185
54
104
204
67
113
190
68
102
209
67
101
239
75
105
222
68
108
237
70
98
210
63
113
255
73
127
233
83
Paper and Paper Products. . .
159
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
Alcoholic Beverages. . .
Malt liquor
Whiskey
Other distilled spirits. .
Rectified liquors
Industrial A Icohol from Beverage Plants
P183'
l
Tobacco Products
165
157
163
163
167
169
170
165
149
165
165
153
170
98
104
259
149
150
182
87
157
151
135
97
157
177
97
107
275
154
154
184
89
167
154
141
91
160
182
103
112
281
159
156
186
89
168
158
146
91
152
168
97
107
255
148
150
177
86
162
153
139
87
157
174
91
109
276
151
155
187
86
162
161
145
82
159
178
98
110
269
161
156
179
88
170
167
150
83
160
179
96
103
285
153
157
192
85
161
161
148
82
163
182
107
108
293
151
160
192
87
166
173
151
91
164
188
112
112
309
151
160
191
86
169
169
150
95
160
183
107
111
301
146
156
187
86
168
160
145
95
145
170
104
96
283
135
141
165
74
150
153
135
91
160
192
107
110
328
150
155
184
83
160
161
152
95
159
181
103
107
301
145
156
189
83
161
163
148
93
Printing and Publishing.
145
156
158
150
144
155
153
159
159
156
137
147
Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products
132
145
149
138
125
141
145
151
149
144
125
134
P211 P213
P220
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paper board
Fine paper
Printing paper
Tissue rnd absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
P203 P204 P205
P208 P214
P217
P222
149
P212
162
183
154
168
162
187
160
177
159
186
162
183
160
193
168
192
159
201
158
203
155
206
163
224
154
200
162
214
164
194
164
201
170
196
166
189
173
194
155
184
170
192
152
179
173
194
160
174
170
162
439
177
169
449
177
170
414
179
171
440
178
171
442
179
171
421
166
164
237
137
135
186
174
166
421
175
168
407
170
166
318
178
170
447
248
251
252
255
253
253
252
251
249
253
'248
255 P255
151
143
295
425
152
145
294
427
153
149
297
431
155
150
299
438
155
148
298
437
157
146
301
434
154
140
303
433
151
120
305
439
156
120
304
436
158
122
309
449
159
<-120
'312
433
159 P156
129 134
312 3 05
450
Rubber Products
217
223
225
230
223
215
205
200
201
205
200
Minerals—Total...
158
158
155
151
149
149
136
145
164
163
158
164
160
162
163
162
160
146
149
168
164
160
166
P161
153
161
122
164
156
163
126
166
159
169
119
165
153
164
111
166
152
161
112
165
99
97
108
169
103
102
105
171
160
171
116
172
147
157
105
173
134
143
100
172
150
158
P156
145
132
106
85
81
83
82
126
144
153
147
206
298
183
257
136
159
101
76
97
70
103
73
103
77
178
228
210
302
226
331
215
325
51
68
50
67
52*
63
'55'
56
l
Chemical Products. .
Paints
Soap
Rayon
Industrial chemicals
1
Explosives and ammunition
.
Other chemical products 1. . . .
Fuels
Coal.
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
56
68
148
155
118
167
181
173
443
>159
P148
P213
324
r
l
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
N O T E . — F o r description and 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
NOVEMBER
1948
1407
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 =100]
Factory pay rolls
Factory employment
Aug.
Total
Durable goods
Nondurable goods
....
1947
1948
1947
Industry group or industry
Sept.
May
June
July
Aug.
Sept.
July
Aug.
1948
Sept.
May
June
July
Aug.
157.8 160.2 155.5 158.2 158.4 161.5 163.7 321.8 331.5 345.3 346.7 359.0 360.0 374.6
181.5 183.6 183.9 184.5 184.7 185.5 187.4 359.4 366.8 382.2 390.8 401.3 401.3 418.7
139.1 141.8 133.1 137.5 137.6 142.6 145.0 285.1 297.0 309.2 303.6 317.6 317.9 331.4
Jvon 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
161 0 161 7 161 4 162 4 161.4 164.5 166.2 307.2
238
138
136
133
135
131
130
399
216
213
214
217
205
207
298
154
149
135
141
150
152
300
141
138
146
140
136
138
171
347
162
160
158
184
176
Electrical Machinery
Electrical equipment
Radios and phonographs
219.6 223.0 211.6 211.1 206.6 207.7 212.6 430.0 428.1 450.5
405
423
408
199
198
202
201
208
211
202
198
461
460
502
195
205
226
220
431.6 440.0 436.3 454.8
410
419
418
435
469
451
459
457
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors... .
Machine tools
Machine-tool accessories
Pumps
Refrigerators. .
226.8 228.8 228.5 230.4 226.9 225.8 226.8 427.4 434.5 451.4
466.4 480.7 469.5 477.8
Transportation Equipment, except Autos.
Aircraft, except aircraft engines....
Aircraft engines
Shipbuilding and boatbuilding
255.0 260.7 276.0 273.7 270.6 261.4 271.4 492.5 492.4 509.8
623
638
622
336
322
329
315
327
329
501
487
485
243
291
287
282
299
300
262
242
243
145
157
168
150
134
126
316.8
254
397
335
292
356
327.7
255
414
349
308
399
334.4
265
454
286
326
353
340.5
268
470
311
319
360
336.9
270
441
353
304
352
361.1
295
473
364
328
396
190
189
190
194
188
187
187
188
176
186
187
184
374
403
366
415
394
437
406
441
410
439
397
429
423
444
170
170
169
168
167
172
320
339
339
346
345
329
365
238
240
219
295
217
297
287
178
233
143
224
287
183
237
143
225
236
287
180
264
130
238
280
193
267
128
235
456
233
281
192
262
128
276
188
254
131
462
579
314
463
242
597
307
472
254
478
591
322
494
257
491
501
489
618
285
571
241
601
356
595
243
585
366
573
239
214
279
215
272
200
267
213
264
362
614
363
610
381
627
390
610
384
597
361
585
235
241
240
236
426
409
427
472
509
485
566.4
634
494
346
561.2 552.4
649
661
518
533
322
305
501
598
356
558
249
400
585
490
547.7
698
454
292
Automobiles
184.1 190.5 190.5 183.6 195.4 189.4 191.1 355.3 345.1 380.6 362.6 385.7 428.4 422.1
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
172.8 174.7 173.7 173.9 169.2 172.4 173.0 332.1 335.3 349.5 362.5 368.2 360.6 379.3
292
303
322
330
299
339
346
152
150
150
152
144
144
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
177.3 177.3 183.6 190.0 196.9 200.8 200.4 394.2 429.7 427.4 461.1 488.5 502.9 538.8
441
480
497
563
543
605
221
201
209
217
196
196
485
182
184
187
192
357
377
380
445
456
456
486
165
167
Furniture and Lumber Products
Furniture
140.1 141.9 139.7 139.8 137.8 140.5 141.7 298.6 311.6 324.3
317
302
291
139
137
140
140
139
137
151.2 152.3 154.7 156.0 153.2 157.0 158.5 298.8 315.5 320.2
334
343
313
156
162
163
165
167
166
297
298
284
155
156
156
152
152
151
294
289
276
140
134
138
138
130
129
327
309
330
164
173
169
170
165
166
138
174
137
180
136
182
136
180
134
166
263
302
136
167
251
312
258
326
269
347
278
339
343.4
353
314
321
351
335.5
317
329
335
337
359.4
357
332
349
375
285.4
341
257
295
171
278
298.0
357
274
297
188
287
Apparel and Other Finished Textiles. . . .
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
IVf illinery
135.6 138.9 137.1 138.6 135.6 146.9 149.0 266.2 288.4 303.8
285
265
260
139
135
129
137
128
130
243
226
219
109
106
103
108
102
104
335
323
149
283
168
153
152
154
158
173
80
171
146
98
86
78
93
93
Leather and Leather Products
Leather
Boots and shoes
111.1 112.2 103.3 107.4 108.3 110.7 109.1 229.0 235.8 248.1 215.4 233.4 236.9
Food and Kindred Products
Slaughtering and meat packing. . . .
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
168.8 173.6 127.7 147.1 159.4 165.5 176.2 317.1
281
86
138
139
135
136
136
326
134
139
143
140
142
142
218
118
119
115
119
116
115
114
211
104
101
101
113
123
350
164
196
195
185
188
188
256
92
112
164
195
402
233
Tobacco Manufactures
Cigarettes
..
Cigars
98
106
91 6
120
80
100
107
92 3
119
82
95
96
98
103
90.5
121
78
90.6
121
78
94
104
88.8
122
75
95
106
92.5
126
79
94.9
296
332
325.6 326.0 320.4 339.7
329
326
318
337
347.1
349
324
330
355
Textile-Mill and Fiber Products
105.1 106.9 113.0 113.2 108.7 111 .4 110.2 243.7 246.2 262.9 303.8 304.6
317
370
366
303
306
124
122
126
Cotton goods except small wares. . . 118
125
119
269
272
220
203
209
89
85
Silk and rayon goods
89
82 88
80
308
312
269
107
243
234
Woolen and worsted manufactures. 103
110
106
110
107
184
186
79
166
149
159
Hosiery
81
81
76
75
78
124
123
120
121
241
249
270
299
298
Dyeing and finishing textiles
115
118
jStone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
284
316
297.9
312
267
299
128
303.6 303.6 343.4
313
294
324
259
247
256
311
327
382
132
165
199
249.0
200
203
212
201
205
204
207
225
231
244
203
225
231
244
349.3 356.1 281.3
272
270
211
336
335
294
218
235
223
214
271
233
370
300
365
654
684
234
328.3 351.4 350.2
307
297
275
344
317
344
245
235
351
283
248
229
392
421
247
268
377
471
200.0 203.0 205.3 201.3 205.8 205.5 218.3
254
170
249
179
244
185
253
175
263
176
270
171
288
181
NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for Septe:mber
1948I are preliminary. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics.
1408
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 pay rolls
Factory employment
Industry group or industry
1947
1948
1947
1948
Aug.
Sept.
May
June
July
Aug.
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
145.7
145
161
138
146.2
145
163
139
146.5
149
163
132
146.9
148
164
134
146.1
149
160
131
147. 4\148.4 304.2 307.2 315.5 331.1 337.8 341.7 349.6
150
343
358
348
364
315
317
322
355
355
358
347
156 I
317
314
334
Printing and Publishing
Newspaper periodicals
Book and job
132.3 133.2 132.0 132.3 131.1 131.8 133.1 238.0 240.0 249.7 262.2 264.9 260.1 264.
222
237
238
236
241
121
123
124
124
124
209
214
122
144
144
271
267
279
297
299
296
298
144
145
143
146
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
195.3
241
126
294
320
104
86
146
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
157.0 156.4 157.3 160.3 160.7 160.3 146.0 300.5 302.1 307.5 335.8 342.2 353.4 358.2
294
326
331
345
346
158
293
289
156
155
159
160
157
321
330
271
290
330
348
148
286
135
146
147
135
143
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
167.9 168.1 161.1 161.6 157.7 160.91 163.5 331.2 337.6 348.3 318.9 330.2 329 7 347 .d
322
341
355
306
330
350
356
169
169
168
169
193
185
344
332
322
338
338
358
305
158
158
153
156
154
158
Miscellaneous industries
Instruments, scientific
Photographic apparatus
177.7 182.8 176.6 175.7 173.9 180.1 184.7 349.2 355.9 378.2 384.2 386.7 374.2 397 A
491
469
493
487
508
460
247
249
453
243
245
243
245
394
439
444
444
410
221
385
214
225
386
216
217
217
199.9
244
128
292
325
164
120
156
198.4
232
131
293
352
182
89
171
199.2
231
133
297
366
182
83
144
196.6
230
133
289
376
180
82
136
Sept.
137 |
July
274
Aug.
Sept.
280
203.3 206.5 387.7
232 !
450
134
250
302
560
381 !
539
174
359
94
194
143
366
292
390.2
470
252
552
595
207
222
388
403.1
485
260
552
608
381
316
428
June
May
July
295
305
290
422.5
482
275
590
684
404
246
470
434.9
487
280
614
738
411
228
415
432.7
481
290
600
760
421
230
397
Aug.
319
450.6
485
303
629
798
403
262
410
For footnotes, see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 =100]
1947
Group
Total
Durable
Nondurable
p Preliminary.
1948
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
156.3
180.7
137.1
158.9
183.2
139.7
160.0
184.8
140.4
160.4
186.8
139.7
161.1
188.6
139.3
161.2
188.7
139.4
159.8
186.4
138.7
160.1
188.4
137.7
157.1
185.5
134.7
156.7
184.1
135.1
158.8
184.0
138.9
159.6
184.8
139.7
159.9 P162.3
184.6 P187.O
140.5 P142.8
Sept,
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
1947
Average hourly earnings (cents per hour)
1948
1947
July Aug. Apr. M a y June July Aug.
July
All manufacturing
39.8
39.8
40.1
39.9 40.2
39.c
40.1
Durable goods
40.0
40.0
40.5
40.1
40.5
40.0
40.7
39.3
39.8
40.9
40.1
37.7
39.7
42.2
41.1
40.1
39.6
39.2
40.5
39.6
37.2
39.5
43.3
41.2
40.6
39.9
39.9
41.4
40.5
38.6
40.9
42.1
41.0
40.7
40.3
39.6
41.2
40.0
35.2
40.6
42.5
40.8
40.7
40.3
40.4
41.4
39.8
37.7
40.8
42.8
40.7
40.6
39.6
39.4
40.6
39.2
38.9
40.1
41.9
40.3
39.4
39.7
39.5
39.6
39.6
39.8
38.4
35.8
38.2
43.2
39.6
42.9
39.6
40.9
40.5
38.6
39.4
38.2
35.2
38.1
43.4
39.2
42.4
39.4
40.9
40.6
38.7
39.3
39.9
36.2
36.2
42.4
38.2
42.7
39.2
41.0
40.3
37.8
40.4
39.6
35.8
35.5
42.5
37.7
42.8
39.1
41.0
41.2
39.0
40.3
39.5
35.6
37.0
42.8
37.8
42.8
39.1
41.4
40.7
39.7
40.3
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
Aug.
Apr.
May
June
July
123.0 123.6
129.2
130.1
131.6
133.3 134.9
130.5
131.2
135.7
136.6 138.5 140.8 143.2
40.4
39.9
40.9
39.6
39.2
40.9
43.1
41.3
40.9
136.5
130.8
137.1
139.5
149.6
128.9
103.3
105.8
119.8
137.6
131.4
137.7
140.6
150.0
129.4
104.8
107.0
120.8
141.6
135.0
143.1
147.8
153.3
134.3
108.3
113.1
127.1
142.3
135.7
144.1
148.1
-154.8
135.5
111.5
113.6
128.6
145.7
140.7
147.5
150.1
165.5
140.5
114.9
115.1
130.7
150.2
143.9
149.9
152.4
166.8
142.3
117.7
116.4
132.2
39.5
39.5
115.0
115.8
122.0 123.0 124.2 125.2
126.2
38.6
35.8
37.4
42.7
38.0
42.5
38.8
41.1
40.8
39.7
39.3
38.5
36.5
38.0
41.1
39.0
43.2
39.1
41.0
41.2
40.3
40.3
102.8
102.0
105.5
112.1
95.3
119.0
149.8
124.7
149.5
144.5
117.8
103.2
103.8
105.7
114.0
95.1
119.6
150.8
125.2
149.4
144.5
117.7
113.8
104.0
111.6
120.1
97.3
125.0
164.6
132.7
160.0
141.2
122.8
114.2
104.0
111.8
120.7
98.4
126.9
166.3
134.7
163.1
142.4
124.4
143.1
137.2
146.1
148.9
162.4
136.9
113.1
114.5
129.2
114.7
105.5
111.8
121.7
100.3
129.2
167.6
136.9
165.0
143.9
126.2
114.5
108.3
111.2
121.5
101.4
131.7
167.5
139.1
170.3
147.2
127.0
Aug.
117.0
110.7
112.6
121.3
100.8
132.0
168.4
140.6
171.4
150 2
127.2
NOTE.—Preliminary September 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 39.7 and 136.3; Durable,
40.0 and 144.9; Nondurable, 39.4 and 127.4, respectively. Back figures are available from the Bureau of Labor Statistics.
NOVEMBER
1948
1409
ESTIMATED EMPLOYMENT IN N ON AGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government1
845
916
947
983
917
883
826
852
911
1,150
1,294
1,790
2,170
1,567
1,094
1,132
1,661
1,921
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
4,060
6,705
7,055
,567
7,481
7,322
7,399
7,685
8,820
9,450
1,382
1,419
1,462
1,440
1,401
1,374
1,394
1,586
1,656
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,607
5,449
16,039
16,161
16,216
16,266
918
919
922
926
1,969
1,999
2,006
2,018
4,128
4,101
4,080
4,089
9,542
9,613
9,636
9,679
1,676
1,688
1,690
1,693
4,634
4,662
4,670
4,688
5,385
5,414
5,405
5,441
45,019
44,755
44,791
44,584
44,726
45,053
45,251
45,320
45,628
16,332
16,208
16,246
16,045
16,018
16,172
16,288
16,288
16,498
927
920
930
820
936
947
914
942
946
2,056
1,945
1,941
1,972
2,032
2,110
2,093
2,109
2,109
4,075
4,071
4,069
3,995
4,028
4,056
4,078
4,076
4,078
9,694
9,664
9,634
9,721
9,689
9,779
9,791
9,804
9,830
1,688
1,698
1,697
1,696
1,699
1,700
1,737
1,752
1,742
4,723
4,730
4,729
4,768
4,738
4,663
4,645
4,622
4,644
5,524
5,519
5,545
5,567
5,586
5,626
5,705
5,727
5,781
1947—September
October
November
December
44,513
44,758
44,918
45,618
16,175
16,209
16,256
16,354
921
922
923
925
2,107
2,099
2,046
1,978
4,134
4,097
4,077
4,071
9,471
9,684
9,886
10,288
,668
,671
,673
,676
4,634
4,662
4,670
4,688
5,403
5,414
5,387
5,638
1948—January
February
March
April
May
June
July
August
September
44,603
44,279
44,600
44,299
44,616
45,009
45,078
45,487
45,864
16,267
16,183
16,269
15,950
15,892
16,115
16,158
16,451
16,638
922
914
924
817
935
950
921
950
949
1,871
1,731
1,805
1,933
2,052
2,173
2,219
2,257
2,257
4,020
4,019
4,032
3,974
4,042
4,105
4,136
4,137
4,085
9,622
9,520
9,598
9,576
9,617
9,670
9,646
9,659
9,757
,680
,690
,697
,704
,716
,726
.754
,761
1,733
4,723
4,730
4,729
4,768
4,738
4,663
4,645
4,622
4,644
5,498
5,492
5,546
5,577
5,624
5,607
5,599
,650
5,801
Total
Manufacturing
Mining
30,287
32,031
36,164
39,697
42,042
41,480
40,069
41,494
43,970
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,515
15,901
1947—September
October
November
December
44,291
44,557
44,625
44,800
1948—January
February
March
April
May
June
July
August
September
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY ADJUSTED
UNADJUSTED
1
Includes Federal Force Account Construction
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.
Total noninstitutional
population
Total
labor
force
Total
1940 s
1941
1942
1943
1944
1945
1946
1947
100,230
101,370
102,460
103,510
104,480
105,370
106,370
107,458
56,030
57,380
60,230
64,410
65,890
65,140
60,820
61,608
1947—September
October
November
December
107,675
107,755
107,839
107,918
1948—January
February
March
April
May
June
July
August
September
107,979
108,050
108,124
108,173
108,262
108,346
108,597
108,660
108,753
Year or month
Thousands of persons 14 years of age and over]
Civilian labor force
Employed *
Unemployed
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
55,640
55,910
56,410
55,540
54,630
53,860
57,520
60,168
47,520
50,350
53,750
54,470
53,960
52,820
55,250
58,027
37,980
41,250
44,500
45,390
45,010
44,240
46,930
49,761
9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,266
8,120
5,560
2,660
1,070
670
1,040
2,270
2,142
44,200
43,990
42,230
39,100
38,590
40,230
45,550
45,850
62,130
62,219
61,510
60,870
60,784
60,892
60,216
59,590
58,872
59,204
58,595
57,947
50,145
50,583
50,609
50,985
8,727
8,622
7,985
6,962
1,912
1,687
1,621
1,643
45,544
45,535
46,330
47,047
60,455
61,004
61,005
61,760
61,660
64,740
65,135
64,511
63,578
59,214
59,778
59,769
60,524
60,422
63,479
63,842
63,186
62,212
57,149
57,139
57,329
58,330
58,660
61,296
61,615
61,245
60,312
50,089
50,368
50,482
50,883
50,800
51,899
52,452
52,801
51,590
7,060
6,771
6,847
7,448
7,861
9,396
9,163
8,444
8,723
2,065
2,639
2,440
2,193
1,761
2,184
2,227
1,941
1,899
47,524
47,046
47,119
46,414
46,602
43,605
43,462
44,149
45,176
1
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 inter views 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.
1410
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported Dy the F. W. Dodge Corporation.
Residential
building
Total
Month
1947
1948
1947
1948
571.6
442.2
596.8
602.3
674.7
605.1
660.3
823.2
650.0
793.3
715 1
625.4
615.2
682.0
689.8
873.9
970.8
935.2
962.7
854.1
257.4
208.4
282.9
256.7
254.1
209.5
240.9
308.9
268.5
349.5
290.2
226.8
238.1
232.3
276.5
351.6
369.8
355.3
349.7
337.6
June
July
August
September
October
November
December
Year
Factories
1947
January
February
!March
April
]VIay
1948
86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5
54.1
71.9
55.3
82.2
91.9
103.8
72.9
77.7
941.4
3,153.8
7,759.9
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
Month
Commercial
Educational
1947
1947
38.3
46.4
52.6
66.3
59.2
58.4
81.6
77.2
75.9
80.0
84.3
65.3
1948
74.5
75.5
78.5
88.8
103.3
83.1
106.3
77.8
785.5
1947
1948
19.7
13.5
21.4
22.7
47.7
40.1
38.5
45.6
42.8
41.1
27 2
31.5
1948
1947
1948
53.3
87.2
65 0
111.2
117.0
113 8
112.8
97 4
113.9
90 5
122 0
161 4
184.7
185 7
165.9
223 5
141.5
165.9
181.5
154.1
136.6
177 3
164 3
184 7
205.0
215 7
217.9
207 8
55.9
9.4
35 8
29 6
57.7
44 7
51.2
80 0
47.4
61.3
59.8
64.1
58.7
37.8
50 3
55.4
83.8
63 5
103.1
55 8
391.9
Public works
and public
utilities
Other
596.9
1,890.4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Public ownership Private ownership
1948
1946 1947 1948 1946 1947 1948 1946 1947 1948
January....
February...
March
April
May
June
July
August
September..
October....
November. .
December . .
Year
Value of contracts in millions of dollars]
Nonresidential building
358
387
698
735
572
442
597
602
615
682
690
874
47
56
146
127
167
96
143
177
197
248
181
236
311
331
551
608
405
346
453
425
419
434
509
638
952
808
718
675
605
660
971
935
963
197
215
202
234
226
203
298
324
335
756
593
516
673
611
628
680
620
573
504
457
823
650
793
715
625
854
762
205
187
134
130
109
218
193
209
224
207
276
259
475
433
439
373
348
441
379
458
7,490 7,760
605
457
584
492
418
579
503
5,735 5,464
1,754 2,296
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
Total
1,172
1941
1,137
1942
935
1943
875
1944
666
1945
755
1946
1,787
1947
183
1947—September..
244
October....
192
November..
228
December. .
224
t948—January....
228
February...
272
March
292
265
May .
329
June
286
July
277
August
277
September..
1
Property
improve-1
ment
Small
home
construction
249
141
87
114
171
321
534
21
15
1
(*)
(*)
1
$
46
46
47
68
56
45
49
63
54
59
50
51
48
(8>
1
1
2
Mortgages on
War and
1- to 4- Rental
and
Vetfamily group erans'
houses housing housing
(Title (Title (Title
ID
II)
VI) 2
877
691
245
216
219
347
446
41
48
39
48
48
45
53
51
53
72
71
76
92
13
6
4
3
13
284
603
537
272
85
808
96
150
106
112
120
137
170
177
158
197
164
149
136
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.
* 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.
NOVEMBER
1948
Federal Reserve district
Sept.
Aug.
Sept.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
58,144
106,262
36,761
111,041
80,737
99,363
166,037
56,022
33,280
35,298
71,146
33,852
125,217
37,595
64,840
69,395
65,209
111,350
52,781
28,937
21,921
38,899
Total (11 districts)
854,091
649,996
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
Savings
Com- Mutual
and
mersavloan
cial
ings
banks banks associations
Insur- Fedance
eral
com- agen- Other*
panies cies l
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
228
430
634
902
1,162
1,465
1,669
1,705
8
27
38
71
130
186
236
256
41
56
118
110
212
149
342
192
542
224
789
254
276 1,032
292 1,134
5
32
77
153
201
234
245
79
27
53
90
133
150
179
163
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June
2,988
1,402
251
245
973
7
110
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.
1411
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports 2
Excess of exports
Month
1944
1945
1946
January...
February..
March.. . .
1,124
1,107
1,197
903
887
1,030
1948
1944
1945
1946
1947
1948
1944
1945
1946
1947
1948
798
670
815
,092
,114
,146 Pl,086
,326 Pl.141
301
314
358
334
325
365
394
318
385
532
437
445
P546
P666
823
793
839
569
561
665
405
352
431
582
709
882
»546
P504
P475
April
May
1,231
1,455
1,296
1,005
135
870
757
851
878
,295
, 122
,414
,103
,235 Pi,014
361
386
332
366
372
360
406
393
382
512
474
463
P528
P549
870
1,069
965
639
763
511
351
457
496
782
940
772
P554
*398
July
August
September.
,197
,191
,194
893
737
514
826
883
643
1,155 Pl.022
1,145
P988
n,112
294
304
282
356
360
335
431
422
377
450
400
P473
P559
P598
903
887
912
537
378
180
395
461
266
705
745
P639
P464
P390
October...
November.
December.
,144
,185
938
455
639
736
329
323
336
344
322
297
394
478
529
P492
P455
815
862
602
111
317
439
142
508
567
P744
P683
P511
Jan.-Aug..
9,798
7,461
2,650
2,837
3,130
3,712
7,149
4,624
3,348
6,117
June
1947
537 Pl,235
986 Pl,138
1,097
14
6,477
9,829
P8,567
P582
P616
P4,643
P3,924
.:my Civilian
reliminary).
Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431
and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
FREIGHT CARLOADING BY CLASSES
[Index numbers, 1935-39 average =100]
ForLive- est
Total Coal Coke Grain stock prod- Ore
ucts
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY
ADJUSTED
1947—April
May
101
109
130
138
137
140
135
132
143
137
142
137
June
July
135
August
143
September. . . 142
October
145
November. . . 147
December. . . 149
145
1948—January
February.... 139
March
130
130
April
141
May
June
139
138
July
142
August
September. . . 139
98
111
123
135
138
143
134
130
147
102
137
168
181
186
185
172
146
182
107
101
112
120
146
139
151
138
150
96
96
91
104
117
124
125
129
107
100
114
139
155
141
143
129
143
153
110
147
183
206
192
180
169
136
181
101
110
136
146
145
147
142
139
148
97
96
100
69
63
67
69
78
75
119
155
141
115
146
153
156
160
155
155
150
98
105
163
153
144
153
149
173
185
174
170
184
180
192
195
191
183
178
162
137
185
187
183
194
192
151
138
140
168
162
137
152
145
138
132
103
109
123
129
144
158
144
127
110
104
107
107
92
105
104
105
96
84
76
79
105
96
86
86
80
85
148
148
145
152
152
149
147
150
158
153
140
146
141
139
150
165
162
152
184
184
184
194
190
181
163
163
192
180
195
195
213
213
191
185
182
182
147
145
142
143
149
145
149
151
156
152
146
150
145
143
140
141
145
144
79
76
74
71
73
73
75
75
74
68
71
72
70
69
66
64
66
66
119
155
141
115
146
153
156
160
155
155
150
98
105
163
153
144
153
149
169
183
170
165
177
178
188
195
201
192
188
163
134
183
183
177
187
190
133
121
143
201
175
153
152
142
130
132
101
100
108
113
147
189
156
142
98
94
87
87
87
139
161
133
92
81
61
62
94
86
74
66
76
113
148
154
151
153
160
161
155
147
141
137
135
146
141
145
156
165
171
164
157
267
286
311
284
272
235
163
60
45
49
57
212
277
296
296
273
273
145
146
146
145
150
157
163
158
147
139
137
142
143
144
144
142
146
156
80
76
73
71
73
77
78
77
71
65
69
73
70
69
66
63
67
70
UNADJUSTED
134
1947—April
May
144
June
142
140
July
148
August
September. . . 153
October
156
November. . . 150
December. . . 139
133
129
122
128
May
143
144
June
143
July
146
August
September. . . 150
1948—January
February....
March
April
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.
1412
[In millions of dollars]
Mis- Mercel- chanlane- dise
ous l.c.l.
Total
railway
operating
revenues
Annual
1939... .
1940
1941. .
1942
1943
1944
1945 . .
1946
1947 . .
Net
Total
railway
railway
operating
expenses
income
589
682
998
Net
income
93
189
500
902
873
667
450
3,995
4,297
5,347
7.466
9.055
9,437
8,902
7,628
3,406
3,614
4,348
5,982
7,695
8,331
8 047
7,009
P8,685
P7,904
*781
289*
P480
1947—May
June
July
August
September..
October
November..
December. .
698
731
683
719
716
739
786
S06
633
649
634
655
681
696
708
722
65
82
48
64
36
43
78
83
32
49*
1&
31
4
9
47
50»
1948—January... .
February...
March
April
May
June
July
August
767
781
761
726
795
856
819
842
707
710
705
684
701
719
727
744
60
71
55
42
94
137
92
99
28
38
22
9
62
102
57
P64
725
698
706
649
637
645
••746
'665
727
794
755
807
679
718
690
727
77
61
61
81
48
76
66
80
751
716
777
729
796
838
842
868
709
676
716
676
706
713
737
752
41
39
61
53
90
125
105
116
1,485
1,360
1,106
852
620
SEASONALLY
ADJUSTED
UNADJUSTED
1947—May
June
July
August
September..
October. . . .
November..
December. .
1948—January... .
February...
March
April
May
June
July ... .
August
49
43
••34
51
20;
49
43
60
19
18
35
27
64
94
76
P86
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be o b tained 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 Reseirve district
United
States
Year or month
Boston
New
Phila- CleveYorki delphia land
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALES 2
1939
1940
1941
1942
1943
1944
1945
1946
1947
106
104
114
133
150
168
108
126
140
148
101
106
119
128
135
150
169
220
239
104
106
109
113
107
111
106
105
112
111
129
143
151
114
138
153
167
120
144
170
194
123
145
162
204
116
135
149
161
119
143
158
179
109
123
129
148
110
127
149
184
116
138
157
212
167
184
235
182
201
257
215
236
292
244
275
345
176
193
250
200
227
292
164
185
247
205
229
287
245
275
352
261
281
303
360
275
314
274
311
374
109
119
139
171
204
224
248
311
336
266
265
280
277
290
271
296
309
'304
297
310
322
361
348
383
394
290
266
298
293
337
308
339
337
287
276
281
277
'324
320
335
334
368
360
415
389
'347
340
348
361
348
327
339
362
365
372
365
'383
355
187
207
264
162
176
221
286
234
1947—September
October
November
December
294
279
302
303
241
211
244
239
194S—January
February
March
.
April
286
224
240
272
284
286
355
271
291
286
306
390
286
285
226
228
241
229
280
263
284
270
306
317
359
368
281
274
307
318
267
278
292
307
368
384
306
243
255
278
295
321
390
289
343
283
337
448
310
312
242
252
268
265
284
283
320
306
313
335
394
397
289
299
340
346
306
291
336
328
418
406
255
266
256
288
289
313
308
328
315
392
402
312
295
355
354
294
292
322
336
436
419
252
295
316
337
402
299
362
290
329
423
SEASONALLY ADJUSTED
May
June
July
August
September
316
311
312
r
237
252
••238
225
248
241
UNADJUSTED
1947—September
October
November
December
'347
350
421
571
300
248
••243
266
293
322
368
296
340
311
'337
387
. ........
299
376
485
234
306
419
253
323
408
280
370
460
290
371
479
324
394
542
372
460
619
284
364
455
330
428
516
304
335
424
336
392
505
396
507
633
170
174
228
231
240
242
176
192
202
234
237
252
246
181
187
204
216
284
262
287
266
207
216
233
284
280
304
288
244
268
214
245
317
295
311
294
235
260
284
316
387
367
375
333
314
354
217
225
266
283
289
290
243
248
239
258
318
326
333
311
277
305
214
206
263
284
294
277
238
261
245
254
301
320
326
301
270
316
324
384
399
393
345
331
365
281
295
..
225
238
285
288
300
289
243
259
320
357
410
305
366
315
444
355
106
115
137
190
174
178
1943—January
February
March
April
May
June
Tulv
August
.
September
319
r
175
259
257
'217
295
'303
343
STOCKS 2
1939
1940
1941
1942
1943
1944
1945
1946
1947
326
333
339
338
311
338
102
99
97
96
99
107
107
103
102
103
99
106
108
131
180
155
162
166
213
105
124
165
142
147
153
182
102
123
181
143
150
160
195
99
119
167
141
148
150
191
106
130
182
144
151
156
205
113
139
191
175
190
198
250
115
140
178
161
185
188
258
111
134
186
160
161
159
205
108
134
176
152
159
166
225
110
138
171
151
169
165
211
105
125
159
152
157
158
210
113
130
161
159
177
190
250
183
238
255
202
225
229
243
289
306
246
274
266
259
321
300
222
238
268
'225
239
266
300
285
306
357
397
264
293
327
SEASONALLY ADJUSTED
1947—September
October
..
November
December
1948—January
February
March
April
May
June
July
.
. .
»-233
191
'216
210
252
273
211
219
224
224
'228
•"232
231
238
245
224
233
'240
'285
'275
'268
227
240
238
228
212
204
204
'242
248
238
'236
276
215
243
242
277
273
257
254
261
257
206
239
249
201
'228
231
263
262
208
199
214
205
232
254
251
247
228
215
242
256
211
246
261
270
259
235
226
r
....
284
289
'303
r
312
'308
297
..
...
August
September
'247
'244
243
'241
••242
243
253
261
264
257
272
277
286
298
286
252
282
225
246
246
281
310
323
300
337
344
245
259
264
274
290
297
251
281
306
332
339
345
378
370
379
368
274
309
331
329
331
313
302
293
292
302
310
324
343
363
333
325
321
310
316
334
340
337
304
308
289
343
333
330
290
304
293
289
275
264
385
424
420
422
417
353
316
329
353
325
315
300
265
'262
396
358
'364
274
379
377
388
386
347
335
328
302
312
298
325
346
289
297
348
257
264
246
274
283
225
283
320
329
269
311
336
354
289
250
275
285
238
273
307
310
250
265
279
303
268
251
272
284
246
319
345
382
333
243
266
287
295
280
262
257
275
290
283
320
333
342
330
291
304
325
333
311
352
370
376
357
346
343
356
383
236
264
294
293
289
270
258
275
293
265
298
319
331
313
282
309
345
347
331
273
296
317
302
305
318
315
326
329
342
346
377
399
409
396
384
387
'411
424
360
UNADJUSTED
1947—September
October
284 '
296
244
1943—-January
February
March
April
May
June
July
August
September
. .
253
279
303
308
297
278
274
287
304
233
233
226
204
198
215
232
253
263
211
'245
266
336
315
309
300
295
293
307
317
331
360
381
360
341
347
332
352
l
' Revised.
Stocks indexes revised beginning September 1946; back figures available from New York Federal Reserve Bank.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
2
NOVEMBER
1948
1413
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)
Number of
Department
stores
report-
Ratio of
stocks to
sales l
Stocks
(end of
mo.)
Sales during
period
August
ing
Aug.
1948
GRAND TOTAL—entire store'
351
MAIN STORE—total
351
+8
+7
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen dress goods
Cotton wash goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
309
+13
287
182
156
173
302
272
236
236
+16
+ 12
+26
Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry4
Fine jewelry and watches4
Art needlework
Books and stationery
Books and magazines
Stationery
338
Women's and misses' apparel and accessories
Women's and misses' ready-to-wear accessories.
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's
shoes
Children's shoes4
Women's shoes4
Women's and misses' ready-to-wear a p p a r e l . . . .
Women's4 and misses' coats and suits
Coats
Suits4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' 4dresses
Inexpensive dresses
Better dresses4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
202
236
313
313
199
256
69
238
268
131
223
+ 10
+ 11
+2
+24
+9
+3
+1
+5
-2
+2
+ 12
-3
-5
+ 17
+3
+6
+2
348
+7
348
304
280
-1
-10
174
330
333
345
340
246
276
243
324
333
240
200
208
348
338
214
204
311
285
307
339
250
256
338
284
270
+2
+8
Aug.
1948
1948
+6
+13
3.2
3.0
+5
+4
+6
+2
+ 14
+9
+ 14
3.4
3.1
+3
+1
-2
+1
+7
+5
+5
+16
0
-2
+5
—7
-3
0
-2
-5
2
i
-i
+12
A
-1
-3
-4
_7
—2
+3
+5
+5
-5
-4
+30
+9
+12
4-16
+4
+4
+8
+ 12
+5
+6
+9
+13
+4
+ 14
+ 13
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
323
246
306
292
185
-3
-4
-4
-3
0
Housef urnishings
Furniture and bedding
4
Mattresses, springs and studio beds
Upholstered and other furniture4
Domestic floor coverings
Rugs and carpets4
Linoleum4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
Gift shop4
Radios, phonographs, records,
and instruments 4 .
Radios and phonographs4
Records, sheet music, and instruments 4
312
+14
238
150
158
268
143
97
294
240
243
239
246
147
222
163
135
+20
Miscellaneous merchandise departments
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4
309
286
223
127
246
181
4-23
+20
+ 17
+21
+10
+10
+ 12
+9
+ 13
+ 16
+ 13
+ 14
4-16
+ 18
+ 13
+ 12
+9
+9
+ 12
+7
+5
+4
-3
+2
+1
+3
0
+1
+ 17
_2
+ 13
+ 15
+ 17
+ 12
+7
4
-6
+7
+ 17
+ 18
+17
+17
4-io
+21
+ 12
+ 13
+4
1
+17
+
1 +38
-2
+7
2
+ 10
-2
+8
+9 +19
+ 10
+ 15
+ 17
-3
-3
+ 14
+45
+17
+33
-13
4-i
+i
+ 18
0
-2
0
+ 18
o
0
+ 17
+ 15
+48
+60
+29
+ 12
+ 19
-1
-12
-2
+ 10
+21
+3
+8
+4
+5 +13
+ 1 + 14
+5
+3
-2
-15
-9
0
-1
+6
+2
+26
-1
-6
0
+1
+8
+ 15
+ 11
+ 14
+7
+ 10
+ 12
+2
+3
4-1
+23
+35
+21
+30
+28
+63
+14
+13
+21
+49
+ 12
+1
+2
+9
+9
-1
+ 1 +16
+ 17
+4 + 12
+ 1 +20
-7
-13
Sales during
period
1948
Eight
mos.
1948
+1
+ 12
Index numbers
without seasonal adjustment
1941 average monthly sales=10C 2
Stocks at end
of month
1947
1948
1947
1947
Aug.
July
Aug.
3.2
185
164
173
628
579
552
3.2
211
170
187
664
608
3.4
3.4
3.0
3.2
2.9
3.5
2.0
3.5
3.4
3.3
3.4
3.0
3.1
3.5
2.0
3.9
236
237
410
206
203
168
256
196
173
137
273
161
148
199
648
735
173
132
204
809
721
212
810
679
589
324 1,239 1,008 1,019
188
651
631
548
182
599
617
569
165
590
630
595
207
525
599
420
159
609
580
638
4.0
3.9
146
138
143
582
554
4.0
3.6
3.8
4.4
4.4
3.2
8.3
4.1
4.0
3.4
3.9
3.3
3.8
4.1
162
190
122
163
186
219
123
138
159
181
125
160
643
686
466
598
655
469
556
765
582
475
728
695
658
150
139
126
132
116
121
115
109
129
134
119
129
614
558
428
571
525
403
605
553
562
4.4
4.6
4.2
3.6
4.4
577
526
474
2.7
2.5
189
158
176
505
430
446
3.5
3.0
4.1
1.7
9.4
3.2
3.0
3.0
2.7
3.1
3.1
3.4
2.9
4.8
4.0
3.0
2.6
4.9
1.8
9.2
2.8
2.1
2.6
2.2
2.6
3.0
3.0
2.4
4.0
3.1
4.2
2.1
2.6
2.5
2 7
1.7
1.4
2.1
1.6
1.3
161
156
125
130
68
208
120
181
202
174
147
239
132
175
147
138
109
163
219
115
202
226
198
165
189
116
151
123
121
72
209
121
179
188
176
153
241
136
182
566
470
510
217
644
660
359
545
552
539
449
825
388
841
491
408
474
146
510
607
296
476
501
491
366
728
327
739
495
488
587
227
660
584
245
470
436
469
467
739
337
723
219
252
168
113
191
438
171
471
365
368
393
444
288
306
275
172
179
201
156
185
257
256
264
158
518
428
638
292
432
337
553
222
445
369
555
250
5.1
2.0
1.9
1.7
2 2
1.8
1.4
2.3
1.7
1.3
2! 1
2.1
2.0
3.4
Aug.
July
Aug.
4 0
3.0
7.2
2^1
1.7
2.9
72
57
175
''244' ' 241 " '214
235
156
155
208
59
182
502
308
630
''433' ''447'
296
273
575
555
5.4
4.4
136
140
141
737
639
6.8
4.9
4.6
6.2
4.7
4.3
4.1
144
146
112
129
132
190
842
613
846
707
556
697
5.7
124
126
184
141
137
141
870
760
629
605
576
770
810
3.7
3.6
221
193
822
3.3
1.5
3^8
4.4
4.3
3.2
1.4
3^8
4.0
4.1
2 9
229
197
178
191
759
824
790
689
614
211
170
181
939
880
716
4.7
158
144
139
714
164
146
389
245
156
137
126
421
241
779
4.1
6.5
1.4
3.4
5.4
646
624
129 1,014 1,012
347
830
755
229
880
884
679
570
825
500
791
3.1
167
167
173
596
530
546
5.2
5.6
4.6
2.4
1.3
144
114
159
236
158
111
182
259
141
113
155
856
758
599
734
631
802
774
235
700
734
715
4 4
4.9
3.9
7.0
1.9
3.6
4.7
4^0
3.4
5^8
3.6
6.0
6.5
5.0
3.0
1.3
4^1
5^5
743
588
For footnotes see following page.
1414
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Per cent change
from a year ago
(value)
Number of
stores
reporting
Department
Sales during
period
Ratio of
stocks to
sales *
Stocks
(end of
mo.)
Index numbers
without seasonal adjustment
1941 average monthly sales=100 *
Sales during
period
August
1948
Aug.
1948
Eight
mos.
1948
Aug.
1948
1948
1947
Stocks at end
of month
1947
1948
1947
Aug.
July
Aug.
Aug.
July
Aug.
172
168
157
429
381
394
BASEMENT STORE—total
198
+9
+10
+10
2.5
2.4
Domestics and blankets4
132
+14
+4
+8
2.4
2 4
193
165
175
170
150
119
112
+11
+7
+38
+6
+ 10
+8
+10
+13
+17
+13
+16
+ 15
+9
+9
+11
+18
+3
+6
+1
+23
+15
2.0
2.4
1.9
1.2
1.8
2.1
2.8
2.0
2.2
2.6
1 2
1.9
1.8
2.6
176
173
158
349
299
316
160
135
92
112
114
0
+10
+11
+ 15
+8
3.4
3.6
4.1
3.2
3.0
3.1
3.1
3.6
3.0
3.0
164
175
163
561
491
512
+8
+10
+ 13
+19
+9
+2
+6
+8
3.0
3.1
156
140
140
472
440
415
+6
+8
3.9
3.7
130
133
125
504
443
471
Women's and misses' ready-to-wear
Intimate apparel*
.
.
Dresses*
'Blouses, skirts, and sportswear*
'Girls' wear4
Infants' wear*
Men's and boys'
wear
4
Men's wear
Men's clothing*
Men's furnishings*
Boys' wear*
0
+2
99
Housefurnishings
Shoes
+5
+ 12
130
.
NONMERGH ANDISE—total*
+4
174
Barber and beauty shop*
+12
83
+9
+8
+6
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
t»f months' supply on hand at the end of the month in terms of sales for that month.
* The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and
B58 were reversed.
> For movements of total department store sales and stocks see the indexes for the United States on p. 1413.
* Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
6
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100J
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES a
Without seasonal adjustment
Amount
(In millions of dollars)
1946
Year or month
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
128
136
156
179
204
227
255
318
336
344
353
419
599
508
534
563
714
823
1947—September..:
October
November.:..
December. . .
341
367
416
584
823
912
941
770
••677
663
605
544
1948—January
February
March
April
May
June
July
August
September...
271
263
355
331
339
336
268
295
P357
789
878
941
938
919
859
827
893
P943
633
575
420
356
339
462
551
545
P540
7...
14...
21...
28...
1947
108
194
263
530
560
729
909
553
1948
Jan.
Feb.
Mar.
Apr.
r
P Preliminary.
Revised.
i These figures are not estimates for all department stores in the
United States.
Back figures.-—Division of Research and Statistics.
NOVEMBER
Dec.
May
4.;:
11...
18...
25...
1...
8...
15...
22...
1...
8...
15...
22...
29...
5..:
12..:
19.::
26..:
3..:
10..:
17.::
24.::
31.:.
1947
1947
..475 Dec. 6 . : ..508 Jure 7 . . : .293
..519
1 3 . : . :.570
1 4 . . : .300
..532
2 0 . : . ;.576
2 1 . . : .256
..281
2 7 . . . ..358
2 8 . . . .245
July 5 . . .208
1948
1 2 . . . .228
1 9 . . . .217
..188 Jan. 3 . : : ..204
2 6 . . . .213
..232
1 0 . . : ..251 Aug. 2 . . . .220
..223
1 7 . ; : ..232
9 . . . .223
..220
2 4 . : . ..226
1 6 . . . .225
. .217
3 1 . . . ..233
2 3 . . . .243
..219 Feb. 7 . . . ..240
3 0 . . . .277
. .246
14... ..238 Sept. 6 . . : .265
. .216
2 1 . . . . .249
1 3 . . . .291
..238
2 8 . . . ..248
2 0 . . . .301
..254 Mar. 6 . . . . .266
2 7 . . ; .316
..267
1 3 . . . ..279 Oct. 4 . . : ..326
. .286
2 0 . . . . .313
1 1 . : : .304
..283
2 7 . . . ..331
1 8 . . : .299
..319 Apr. 3 . . . ..280
2 5 . : : .306
..265
1 0 . . . ..298 Nov. 1 . : . .313
..271
1 7 . . . ..294
8 . . : ..347
..267
2 4 . . . ..296
1 5 . . : ..380
..279 M a y 1 . . . ..300
2 2 . : : ..395
..311
8 . . . ..330
2 9 . : : .367
..273
1 5 . . . ..293
..277
2 2 . . . ..295
..250
2 9 . . . ..297
1948
June
July
Aug.
Sept.
Oct.
Nov.
5...
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...
..282
..304
..310
..262
..265
. .217
..236
..231
..235
..261
..258
..271
..255
..308
..285
..337
..319
..327
..336
..331
..344
. .319
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
1415
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Sept. Aug. Nine
1948 1948 mos.
1948,
United States.
Boston
New Haven...
Portland
Boston Area. .
Downtown
Boston
Springfield
Worcester
Providence
New York 1
Bridgeport ...
Newark x
Albany
Binghamton...
Buffalo i
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester l
Schenectady.
.
Syracusel
Utica
Philadelphia.
Trenton l l
Lancaster
Philadelphia *.
Reading1
Wilkes-Barre1.
Yorki
Cleveland
Akron1 x
Canton
Cincinnati x . . .
Cleveland x
Columbus *. . .
Springfield *. . .
Toledo1
Youngstown 2 .
P+6
+5
+ 17
+3
+4
+ 12
+4
+8
+6
+12
+5
+9
+ 14
+14
+4
+18
+4
+9
+10
+ 11
+3
+6
+11
+28
+4
+ 11
+9
+ 11
+9
+9
+ 14
+23
+8
+8
+ 15
+2
+ 14
+ 16
+9
r-1
-6
-2
+2
+4
-1
-9
— 10
+5
+5
+ 17
+ 12
+ 15
+3
+3
+8
+11
+ 12
+6
+8
+12
+16|
+
14
r
+7
+19
+8
+ 13
+7
+16
+15
+13
+ 19
+3
+ 10
+ 10
Sept. Aug. Nine
1948 1948 mos.
1948
Sept. Aug. Nine
1948 1948
+8 Clevelandcont.
1
+3 Erie
x
+3 Pittsburgh
0 Wheeling i
+2 Richmond
1
.. .
+3 Washington
Baltimore
+8 Raleigh,
N. C. .
+2 Winston-Salem.
+2 Charleston, S.C.
+6 Greenville, S. C.
+1 Lynchburg
+5 Norfolk
+8 Richmond
+ 13 Roanoke
+ 11 Charleston,
+ 11 W. Va
+7 Huntington....
+5
+ 11 Atlanta
1
. .
+ 11 Birmingham
+ 10 Mobile
1
Montgomery
..
+5 Jacksonville l...
+8 Miami l
+11 Orlando
+ 16 Tampa 11
+9 Atlanta
+9 Augusta
+ 10 Columbus
+ 11 Rome 1
+10 Macon
+ 10 Savannah
Baton Rouge ll. .
+8 New
Orleans
. .
l
+13 Jackson
+8 Meridian
+9 Bristol, Tenn.. .
l
+ 13 Chattanooga
+4 Knoxville l . .
+ 10 Nashville
*
+ 11
+9 +11
+5 +15!
+9
+11 +9
+5 +7
+9 +6
+ 12
+ 13
+ 16
+21
+7
+ 13
+26
+1
+ 13
+ 13
+ 101
+ 16
+ 13
+ 181
+ 10
+ 18
+ 12
+6
+23
+ 19
+11 +14
+13 + 13
+ 13 +17,
+
±i +?
+9
+22
-4
+9
0
+ 19
-1
+1
+6
+ 10
+ 17
+22
+8
+5
+7
+38
+8,
M
+i
+u
Chicago x
+ 13 Chicagox . . . .
+9 Peoria
+9 Fort Wayne *.l
Indianapolis
+7 Terre Haute 1 .
+5 Des Moines.
.
+3 Detroit 1
+5 Flint i
+ 7 Grand Rapids.
+4 Lansing
+ 12 Milwaukee 1 . .
+8 Green Bay >..
+14 Madison
+ 11 St. Louis
+5 Fort Smith...
+17 Little Rock *.
+ 16 Evansville.1 . .
Louisville ...
+10 Quincy
+ 14 East St. Louis,
+ 14 St. Louis i. . .
+7 St. Louis Area
..
+3 Springfield.
+7 Memphis : . . .
+29 Minneapolis.
+7 Minneapolis 1.
+8
Paul 1
+ 1 St.
l
+19 Duluth+3 Superior ..
Kansas City. ,
+ 10 Denver
+9 Pueblo
+ 14 Hutchinson. .
+ 10 Topeka
+5
+24
+3
-1
+ 14
+21
+24
+ 17
0 Wichita
+5 +4 Kansas City. .
+11 +5 Joplin
+17 +23 St. Joseph . . .
+32 +8 Lincoln
+ 18
+s\ +9
+2\
+3
+13
+5
+ 11
+5
+6
+7
+2
-2
+5
+7
+ 10
+8
+ 14
+ 12
+20
+ 10
+24
+10
+5
+5
+ 12
+11
+6
+10
+ 15
+ 18
+7
+4
+9
+11
+13!
•+7
+ 18
+1
+12
+ 19
+5
+ 16
+17
+ 16
+ 14
+ 15
+2
-4
+ 10 + 13
+
+8
+5 + 12
0 +7
+1
+3
+8
+2
+3
+6
+10
+ 16
+8
+ 13
-8
-2
+4 +15
P+2
+1
+7
+5
+7
+7
+3
+ 14
Sept. Aug. Nine
mos.
1948 1948 1948
+8 Kansas City—
+6 cont,
+9 Omaha
+8 Oklahoma City .
+5 Tulsa
+9 Dallas
+15 Shreveport
+9 Corpus Christi..
+6 Dallas i
+10 Fort
W oJr t h . . . .
+7 Houston
+ 12 San
Antonio
+ 13
+ 14 San Francisco..
Phoenix i
+10 Tucson
1
+7 Bakersfield
....
+ 11 Fresno l
,+24 Long Beach !*. . .
+12 Los Angeles . . .
+9 Oakland and1
+ 19
Berkeley
+9 Riverside and
+ 10 San Bernardino
+6 Sacramento x . . .
+7 San Diego 1. . 1..
San Francisco
.
x
+7 San
l
+8 SantaJose
Rosa
+4 Stockton
and
+12 Vallejo
Napa i
+7 Boise and
+4 Nampa
+15 Portland
+6 Salt Lake City
h
+9 Bellingham 1. . .
+ 10 Everett1x
+9 Seattle l
+9 SpokaneJ
0 Tacoma
+8 Yakima 1
+3 +9 +6
+ 12 +10
+2 +32 +17
+15 +12 +12
+12 + 17 +20
+2
0
+8
+6 +8 +6
+4 +7 + 10
+43 +29 +29
+11 +6 +10
P+2
+6 +8
10
+3 +9 ++4
+5 +9
+10 +11 +15
+5 +4 +8+7
0
+3
P-3
+2 +1
+ 10 +3 +9
0
+7 +5
+10 +7 +12
+8 +8 + 12
+ 10 +4 +5
+9 +5 +3
+8 +7 +8
+9 +3 +4
A
-15
-6
-5
-6
-1
+6 + 15
+2 - 1
-6
-1
r
(2)
+5 3 +2
+6 +9 +4
0
+ 1 +4
f2)
(2) 4+2
-3
'-3
+5
r
*» 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.
4
Data not available.
3 Eight months 1948.
Seven months 1948.
1
2
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous*
115.3
141.4
112.5
111.7
104.6
87.9
100.7
100.0
84.2
98.4
105.3
97.8
95.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
102.8
102.2
100.5
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
100.9
104.1
104.3
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
100.2
99.9
99.0
99.7
102.2
105.4
107.7
109.8
110.3
112 4
121.2
104.3
103.3
101.3
100.5
107.3
122.2
125.6
136.4
145.8
159.2
184.4
101.D
101.5
100.7
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9
163.8
163.8
164 9
167.0
203.5
201.6
202.7
206.9
187.6
189.0
190.2
191.2
113.6
114.9
115.2
115.4
124.6
125.2
126 9
127.8
187.5
187.8
188.9
191.4
140.8
141.8
143.0
144.4
168.8
167.5
166 9
169.3
170.5
171 7
173.7
174.5
174.5
209.7
204.7
202.3
207.9
210.9
214.1
216.8
216.6
215.2
192.1
195.1
196.3
196.4
197.5
196.9
197.1
199.7
201.0
115.9
116.0
116.3
116.3
116.7
117.0
117.3
117.7
118.5
129.5
130.0
130 3
130.7
131.8
132.6
134.8
136.8
137.3
192.3
193.0
194.9
194.7
193.6
194.8
195.9
196.3
198.1
146.4
146.4
146.2
147.8
147.5
147.5
150.8
152.4
152.7
All items
Food
Apparel
1929
122.5
132.5
1933
92.4
84.1
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
139 3
159.2
1947—September
October
November
December
1948—January
February
March . .
April
May
Year or month
...
June
July
August
September..
.
. . .
Back figures.—Bureau of Labor Statistics, Department of Labor.
1416
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926=100]
Other commodities
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—September.
October...
November.
December.
1948—January...
February. .
March... .
April
May
June
July
August. . .
September
Week ending: 1
1948—July 3 1 . .
Aug. 7. .
Aug. 14. .
Aug. 21. .
Aug. 28. .
Sept. 4..
Sept. 11..
Sept. 18. .
Sept. 25. .
Oct. 2...
Oct. 9...
Oct. 16...
Oct. 23...
All
commodities
Farm
products
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
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
157.4
158.5
159.6
163.2
165.7
160.9
161.4
162.8
163.9
166.2
168.7
169.5
168.5
168.3
169.2
169.0
169.2
168.4
167.4
168.0
169.2
168.7
167.1
164.6
164.8
165.3
Foods
Fuel Metals
and
Textile and
leather- prod- lighting metal
mateprodproducts
rials
ucts
ucts
Hides
and
Total
Chemi- HouseBuild- cals
and furing
nishmate- allied
proding
rials
ucts
goods
Miscellaneous
Raw
materials
Manufactured
products
186.4
189.7
187.9
196.7
199.2
185.3
186.0
186.7
189.1
196.0
195.2
191.0
189.1
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
168.7
179.2
177.7
177.9
178.4
179.9
172.4
173.8
176.7
177.4
181.4
188.3
189.5
186.3
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
138.3
140.1
142.1
145.5
148.3
147.6
147.7
148.7
149.1
149.5
151.1
153.1
153.2
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
185.6
193.1
202.5
203.4
200.3
192.8
185.4
186.1
188.4
187.7
189.2
188.4
187.5
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
141.7
142.4
143.4
145.2
148.0
148.4
148.9
149.8
150.3
150.2
149.6
149.4
148.9
147.8
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
108.7
114.2
116.1
118.2
124.6
130.0
130.8
130.9
131.6
132.6
133.1
135.7
136.6
136.7
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0
150.1
150.5
150.8
151.5
154.3
155.3
155.9
157.2
157.1
158.5
162.2
171.0
171.9
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
183.4
185.8
187.7
191.0
193.3
192.7
193.1
195.0
196.4
196.8
199.9
r
203.6
203.9
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
127.3
122.3
128.6
135.8
135.0
138.8
134.6
136.1
136.2
134.7
135.8
134.4
132.0
133.3
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
131.3
132.4
137.5
139.4
141.3
141.8
142.0
142.3
142.6
143.2
144.5
145.4
146.1
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
115.5
115.9
117.1
118.8
121.5
123.6
120.1
120.8
121.8
121.5
121.5
120.3
119.7
119.9
94.5
97.5
88.0
84.3
77.0
65.6
70.3
55.1
70.5
56.5
78.2
68.6
82.2
77.1
82.0
79.9
87.2
84.8
82.2
72.0
80.4
70.2
81.6
71.9
89.1
83.5
98.6
100.6
112.1 100.1
113.2 100.8
116.8 101.8
134.7 116.1
165.6 146.0
170.9 151.8
175.2 151.2
175.5 152.4
182.0 154.9
183,9 157.8
174.9 154.5
174.7 155.8
175.5 157.6
177.6 158.5
182.6 1 5 9 . 6
184.3 1 6 2 . 6
182.0 1 6 4 . 6
,180.5 163.8
192.2
193.6
190.4
191.0
189.3
187.8
188.1
190.1
190.8
186.4
181.5
182.2
183.8
187.7
190.0
190.3
189.5
187.8
184.0
185.9
189.9
187.8
183.9
178.0
178.0
178.8
152.1
152.4
152.9
153.1
153.2
153.3
153.6
153.5
153.3
153.4
153.3
153.5
153.4
189.6
188.5
188.3
189.6
189.9
189.2
188.8
188.2
187.9
187.9
187.8
187.6
186.0
148.3
148.1
147.8
148.0
147.7
147.5
147.5
147.2
146.7
146.5
146.9
146.8
146.2
136.8
136.9
137.3
137.3
137.4
137.6
137.6
137.7
137.8
138.2
138.3
138.1
138.1
167.3
169.2
170.9
171.5
171.7
172.0
172.0
171.5
171.8
171.8
171.9
172.5
172.6
200.7
201.6
202.0
202.0
202.3
203.2
203.1
203.2
202.9
203.1
202.7
203.6
203.7
133.1
132.0
131.6
131
132.2
132.1
133.2
132.5
133.5
133.6
133.5
134.4
133.2
146.0
146.4
146.8
146.8
146.8
146.9
147.7
147.8
147.8
147.9
148.5
148.6
148.9
118.6
118.2
118.3
118.7
118.4
118.5
119.9
120.3
119.3
119.1
118.4
118.7
118.6
183.4
184.3
182.5
182.8
181.7
180.7
180.9
182.0
182.4
179.7
176.7
177.2
178.2
99.9
90.5
74.6
61.0
60.5
70.5
1947
1948
1948
Subgroups
Subgroups
Sept.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products 2
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
163.5
164.3
164.7
164.9
164.2
163.0
163.9
165.5
164.4
163.1
160.5
160.6
160.9
June
July
Aug.
Sept.
230.3 209.2 190.6 179.2 176.9
224.8 239.2 250.8 250.0 244.2
150.3 165.4 161.9 157.8 158.2
185.8
215.2
186.9
150.9
182.9
154.5
151.2
263.8
148.5
186.3
220.3
189.2
149.9
185.1
154.0
140.5
273.7
146.9
189.4
212.1
186.0
148.6
179.9
153.3
139.4
266.5
147.0
190.0
210.6
181.9
148.6
135.9
202.5
99.9
68.3
37.0
133.8
175.0
145.2
213.1
105.3
46.4
40.7
147.5
183.1
148.3
209.3
104.9
46.4
40.7
147.5
184.5
148.3
205.3
104.9
46.4
41.6
149.4
186.6
148.1
199.8
104.8
46.4
41.8
150.0
188.7
122.5
170.3
181.9
65.2
87.0
93.7
127.1
182.6
206.6
65.7
90.7
122.1
131.6
193.1
212.3
66.4
90.4
122.1
1 3 6 . 0 136.5
194.5 195.0
217.4 217.5
170.6
158.2
130.1
244.8
150.7
181.3
155.1
147.7
241.3
148.1
176.8
221.1
197 A
139.5
86.9
122.1 122.2
Metals and Metal Products:
Agricultural mach. & equip.
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Sept.
June
July
Aug.
Sept
121.6
122.8
139.0
159.4
142.0
136.0
132.2
134.1
149.4
163.9
152.1
145.3
134.1
136.3
153.2
168.2
153.7
145.3
135.6
137.7
163.2
174.1
165.9
153.7
140.2
142.5
163.9
175.0
166.4
156.8
145.4
119.1
286.5
157.1
136.0
143.0
150.7
153.3
128.8
313.2
158.7
145.3
153.3
163.5
157.9
132.2
-•318.1
157.9
145.3
159.6
167.1
158.6
133.2
-•319.5
158.1
153.7
178.8
173.4
158.9
133.3
317.1
159.5
156.8
178.8
174.8
118.2
136.6
109.8
97.2
163.3
126.2
153.7
113.9
103.2
212.7
127.8
153.6
115.0
104.4
193.2
126.3
153.3
114.9
105.9
180.3
126.0
152.7
116.2
107.8
188.6
138.5
131.3
146.7 148.6 149.3 150.8
139.9 140.4 141.6 141.4
60.8
63.5 66.2
287.2 292.4 239.6
159.5 167.3 166.8
47 .1 49.6
36.4
124.6 129.8 130.0
66.2 66.2
198.4 201.7
169.0 170.9
48.1 46.4
132.2 132.1
r
Revised.
Weekly figures not directly comparable with monthly data.
Additional items included beginning May; beginning with that date, therefore, figures are not comparable with those for earlier months.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
2
NOVEMBER
1948
1417
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
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities.
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social 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
1929
1933
1939
103.8
55.8
90.4 125.3 212.2 209.3 231.6
8.8
7.0
.6
-.1
7.2
7.1
.7
1.2
-.1
87.4
10.3
.2
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7
1941
1944
1947
1947
228.3 227.9 243.8 244.9 250.4 255.9
13.3
18.1
.6
-2.7
13.4
18.4
.6
-5.4
13.8
19.4
.6
-3.3
14.6
20.1
.6
n.a.
C1)
39.6
-.1
-.4
.3
.7
-.3
-.2
.5
.1
.9
72.5 103.8 182.4 179.3 202.5 199.3 200.6 212.8 215.1 221.7
n.a.
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
9.3
11.3
.5
.5
11.8
17.5
.6
1.0
13.3
18.5
.6
-3.4
1948
14.3
19.7
.6
-6.0
8.1
9.4
.5
.5
11.9
14.0
.5
4.1
1946
14.0
19.1
.6
-4.2
+ .3
n.a.
14.6 24.0 16.8 24.7 25.2 24.3 27.5 26.2 30.9
5.2
5.2
5.6
6.1
5.1
5.2
5.9
5.0
5.0
2.8
-.2
.0
.0
.0
-.1
.0
.0
.0
.0
.0
3.1
9.9
13.6
10.6
10.2
10.6
10.8 11.1
10.9
2.6
2.8
4.4
4.5
4.5
4.8
4.7
4.5
4.6
1.3
4.4
4.7
6.7
6.9
7.1
7.7
7.3
5.6
7.3
4.5
6.9
.5
.6
.6
.6
.6
.6
.6
.6
.5
.6
189.6
203.1
164.5
196.7
209.0
213.9
178.1 195.2
207.3
95.3
21.4
21.7
22.2 23.2
20.8
20.2
18.9
3.3
18.9
21.6
2.0 17.5 17.2 19.7 19.4 19.8 20.2 21.1 18.7 18.1
2.0
2.0
2.1
2.1
2.1
1.7
1.9
1.3
1.4
2.0
92.0 145.6 159.2 173.6 168.2 175.0 180.9 184.1 188.2 193.7
82.3 110.4 147.4 164.8 164.2 165.6 171.1 172.1 176.5 178.5
15.2
4.1
9.7 12.0 11.7
9.8 34.2 11.8
8.8
9.4
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates by quarters
Annual totals
National Income
Compensation of employees
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income *
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
1929
1933
1939
87.4
39.6
72.5
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
-.4
-2.1
5.0
1941
1944
1946
1947
1947
1948
103.8 182.4 179.3 202.5 199.3 200.6 212.8 215.1 221.7
n.a.
64.3 121.1 117.3 127.5 125.3 127.6 132.2 133.7 134.2 140.6
61.7 116.9 111.7 122.2 119.6 122.5 127.1 128.8 129.3 135.6
51.5 83.3 91.0 104.7 102.3 105.3 109.5 111.1 111.2 116.4
3.7
3.6
3.7
3.5
3.6
3.9
3.9
1.9 20.7
7.8
13.4 13.5 14.0 14.2 14.5 15.6
8.3
12.8 12.9 13.6
5.0
5.0
5.1
4.9
5.0
5.7
5.3
2.6
5.6
4.2
50.2
51.8
20.8 34.1 41.8 46.0 44 6 44 4 48.6 50.6
15.4 20.4 23.2 22.7 23.0 24.7 25.0 25.4 24.8
9.6
6.9 11.9 14.6 15.6 14.9 14.3 16.5 18.0 18.9 17.9
7.5
7.6
7.5
7.4
7.1
6.7
7.1
6.7
7.0
4.3
5.8 14.6
6.5
17.2
1.5
7.8
5.0
9.4
— .7 - 2 . 6
4.2
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
25.2
28.8
11.3
17.5
-3.6
4.2
24.3
29.1
11.4
17.7
-4.8
4.4
27.5
32.4
12.7
19.7
-4.9
4.5
26.2
31.4
12.2
19.2
-5.3
4.6
30.9
33.4
13.0
20.4
-2.5
4.7
n.a.
n.a.
n.a.
n.a.
-3.9
4.8
r
1
Revised.
n.a. Not available.
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
3 Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period
1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period
1929-43, and quarterly data for 1939, 1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown
in that issue of the BULLETIN have since been revised.
2
1418
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
Annual totals
1947
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
New construction 1
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and
services
Federal
War
Nonwar
Less: Government sales 2
State and local
103.8
55.8
90.4 125.3 212.2 209.3 231.6 228.3 227.9 243.8 244.9 250.4 255.9
78.8
9.4
37.7
31.7
15.8
7.8
6.4
1.6
.8
46.3
3.5
22.3
20.6
1.3
1.1
1.8
-1.6
.2
67.5
6.7
35.3
25.5
9.0
4.0
4.6
.4
.9
82.3 111.4 147.4 164.8 164.2 165.6 171.1 172.1 176.5 178.5
6.9
9.8
16.2 21.0 21.1 21.1 22.1 21.2 22
23.6
44.0 67.5
87.5 96.5 96.3 96.8 100.2 101.2 103.2 102.9
28.5 3 7 . 0
43.6 47.3 46.7 47.7 48.8 49.7 50.6 51.9
17.2
6.4 26.5 30.0 26.4 25.6 35.4 38.7 37.6 39.0
2.3
8.9
11.7 10.3 11.6 14.0 14.3
5.7
14.4 14.8
7.7
5.4
12.8 17.8 17.9 17.6 18.9 19.8 20.9 21.4
3.9 - 1 . 4
4.8
.6 - 1 . 8 - 3 . 5
2.5
2.3
4.6
2.8
10.2
8.4
4.7
8.9
1.1 - 2 . 1
8.2
2.9
3.9
.7
8.5
1.3
> 1.3
8.0
2.0
13.1
5.2
1.3
3.9
(3)
7.9
24.7
16.9
13.8
3.2
(3)
7.8
2.0
PERSONAL
96.5
89.0
88.6
1.6
1.2
7.5
30.8
20.8
21.2
2.5
2.9
10.0
28.0
15.6
>16.9
1.3
12.3
27.6
15.7
17.0
1.4
11.9
28.3
15.7
16.6
.9
12.6
29.0
15.5
16.3
33.5
18.8
30.1
16.4
17.6
1.2
13.7
.5
14.7
37.7
22.2
22.6
.4
15.5
INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
bursements
Commodity Distribproduc- indusing intries
dustries
21.5
18.5
14.3
15.5
14.4
12.5
81.7
105.3
117.1
117.5
111.7
122.2
12.0
13.5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
46.1
54.6
10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
31.2
35.0
120.1
121.9
122.7
125.5
127.4
122.2
123.9
124.7
127.3
129.4
54.3
55.4
55.9
57.4
59.2
127.5
126.9
125.7
125.0
126.8
129.7
131.8
134.7
129.7
128.9
127.8
127.0
128.8
131.9
134.0
136.9
59.3
58.0
57.0
56.3
57.2
59.6
60.0
61.4
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
85.1
76.2
64.8
49.3
46.6
53.2
59.9
68.4
74.0
68.3
72.6
78.3
95.3
122.2
149.4
164.5
170.3
178.1
195.2
50.0
45.7
38.7
30.1
28.7
33.4
36.3
41.6
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.8
115.2
109.8
120.1
1947—August....
September.
October. . .
November
December.
190.8
206.2
200.0
201.4
207.7
1948—January...
February..
March....
April
May
June
July
August?...
209.4
206.8
205.6
207.4
207.2
212.3
212.9
215.1
50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
9.9
9.8
Service
industries
Government
8.2
7.7
6.8
5.7
5.1
5.5
5.8
6.3
6.9
6.7
6.9
7.3
7.8
8.6
9.5
5.0
5.2
5.3
5.0
5.2
6.1
6.5
7.9
7.5
8.2
8.2
8.5
DiviLess emProdends
and
Other
prietors'
ployee
and
labor
contriperbutions income8 rental 6
sonal
for
income interest
social
income
insurance
fer
payments7
Nonagricultural
income8
.9
1.3
1.6
1.6
1.8
12.1
12.6
15.4
14.0
14.7
16.3
20.8
28.1
32.1
34.1
36.0
41.8
46.0
10.0
10.6
11.4
13.5
15.6
11.4
11.7
76.8
70.0
60.1
46.2
43.0
49.5
53.4
62.8
66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.3
159.4
174.9
2.1
2.0
2.0
1.8
2.0
1.8
1.9
1.9
1.9
1.9
42.8
45.0
47.5
47.1
51.3
15.6
16.2
15.9
16.1
16.2
10.5
21.2
12.0
10.8
10.9
173.1
187.4
179.7
181.4
184.2
2.2
2.0
2.1
2.0
2.0
2.2
2.2
2.2
1.9
2.0
1.9
2.0
2.0
2.0
2.1
2.1
52.4
50.0
49.3
51.9
50.7
52.8
51.0
50.3
16.5
16.6
16.6
16.7
16.8
16.8
17.0
17.1
11.1
11.3
12.1
11.8
10.9
"11.1
11.0
10.9
184.7
184.5
184.
183.7
184.4
187.7
189.3
191.9
10.5
11.5
13.8
15.1
10.2
16.1
26.9
33.5
35.5
20.7
17.4
.1
.1
.2
.2
.2
.2
.2
.2
.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
2.0
2.1
35.4
36.0
36.0
37.1
37.4
15.3
15.2
15.2
15.2
15.2
17.2
17.3
17.6
17.6
17.6
37.5
37.8
37.5
37.2
37.9
38.2
39.0
39.5
15.3
15.4
15.4
15.6
15.6
15.8
16.2
16.5
17.6
17.7
17.9
17.9
18.1
18.3
18.8
19.5
9.8
8.8
9.9
Trans-
.5
.5
.5
.4
.4
.4
.4
.5
.5
.5
.5
.6
.6
.7
19.7
15.7
11.8
7.4
7.2
8.7
13.3
12.6
11.1
9.1
8.2
8.6
8.6
10.1
10.3
8.7
9.2
9.4
9.9
9.7
1.5
1.5
2.7
2.2
2.1
2.2
2.4
3.5
2.4
2.8
3.0
3.1
3.1
3.2
3.0
3.6
6.2
c
r
p Preliminary.
Corrected.
Revised.
* Includes construction expenditures for crude 8 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. 6 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 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-43, 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
4
NOVEMBER
1948
1419
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts oustanding. In millions of dollars]
Total
consumer
credit
End of year
or month
Instalment credit
Sale credit
Total
instalment
credit
Total
Automobile
Other
Loans *
Singlepayment
loans 2
Charge
accounts
Service
credit
1929
7,628
3,158
2,515
1,318
1,197
643
2,125
1,749
1933...
3,912
1,588
1,122
459
663
466
776
1,081
467
7,481
7,055
7,982
9,131
9,878
6,461
5,315
5,754
6,613
10,134
13,423
3,961
3,603
4,437
5,433
5,903
2,931
1,938
2,012
2,340
3,944
6,189
2,752
2,313
2,792
3,450
3,744
1,491
814
835
903
1,558
2,839
1,384
970
1,267
1,729
1,942
482
175
200
227
544
1,151
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
1,014
1,688
1,209
1,290
1,645
1,983
2,159
1,440
1,124
1,177
1,437
2,386
3,350
1.504
L.442
L.468
1,488
L,601
L.369
L, 192
L .255
1,520
2,262
2,702
1,459
1 .487
1,544
1,650
1,764
L.513
1,498
L.758
L.981
3,054
3,612
557
523
533
1947—August
September
October
November
December
11,454
11,708
12,084
'•12,670
13,423
5,198
5,314
5,490
'5,764
6,189
2,167
2,257
2,370
'2,550
2,839
1,004
1,047
1,099
1,151
965
1,202
1,253
1,323
1,451
1,688
3,031
3,057
3,120
3,214
3,350
2,581
2,609
2,647
2,680
2,702
2,755
2,864
3,029
3,309
3,612
920
921
918
1948—January
February
March
April
May
June .
July
August?
September?
1 3 095
12,983
13,429
13,610
13,803
14,126
14,170
14,351
14,650
'6,218
'6,289
'6,539
'6,775
'6,965
'7,150
7,329
7,533
7,717
'2,817
'2,841
'2,992
'3,143
'3,265
'3,372
3,480
3,625
3,769
1,202
1,254
1,367
1,468
1,536
1,602
1,689
1,781
1,854
1,615
1,587
1,625
1,675
1,729
1,770
1,791
1,844
1,915
3,401
3,448
3,547
3,632
3,700
3,778
3,849
3,908
3,948
2,713
2,705
2,689
2,665
2,661
2,679
2,699
2,724
2,723
3,240
3,061
3,275
'3,236
'3,245
'3,352
3,185
3,130
3,241
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
596
560
610
648
687
729
772
874
920
917
920
924
928
926
934
932
945
957
964
969
r
P Preliminary.
Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Loans made by principal lending institutions
(during period)
Amounts outstanding
(end of period)
Year or month
Total
Commercial
banks*
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial
banks 1
ization3
loans
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
1929
643
43
263
21 0
23
95
463
41 3
1933
466
29
246
121
20
50
322
202
32
1937.
1938
1939
1940
1941
1942
1943....
1944
1945
1946
1947
1,209
1,290
1,645
1,983
2,159
1,440
1,124
1,177
1,437
2,386
3,350
258
312
523
692
784
426
316
357
477
956
221
95
99
104
107
72
59
60
70
98
134
125
117
96
99
102
91
86
88
93
110
120
148
154
213
284
301
215
128
120
179
344
558
400
129
131
132
134
89
67
68
76
117
166
83
103
135
174
200
130
104
100
103
153
225
150
176
237
1,793
2 ^636
662
664
827
912
975
784
800
869
956
1,435
374
380
448
498
531
417
364
384
439
608
712
1947—August
September. .
October
November. .
December...
3,031
3,057
3,120
3,214
3,350
1,307
1,320
1,350
1,383
1,435
652
643
647
670
712
152
154
157
162
166
124
125
127
130
134
200
204
208
215
225
114
114
114
116
120
482
497
517
538
558
1948—January....
February. . .
March
April
May
June
July
August P. . . .
September?.
3,401
3,448
3,547
3,632
3,700
3,778
3,849
3,908
3,948
1,462
1,482
1,530
1,570
1,597
1,634
1,669
1,701
1,712
717
721
733
739
748
758
770
775
783
165
167
173
180
189
194
199
203
205
137
140
143
146
147
150
152
154
156
227
230
241
252
260
111
282
291
300
121
121
123
123
124
125
126
127
127
572
587
604
622
635
645
651
657
665
368
460
680
38
1,251
1,454
238
261
255
255
182
151
155
166
231
310
176
194
198
203
146
128
139
151
210
282
213
216
228
233
267
113
107
121
142
191
25
27
28
27
33
22
24
23
25
30
36
248
221
287
269
258
275
277
270
254
110
107
140
121
123
127
130
127
123
27
25
32
31
31
37
33
32
31
26
25
29
27
25
27
26
27
26
38
38
48
50
47
54
52
52
52
1,017
1,198
792
639
749
942
297"
344
236
201
198
199
286
428
35
39
39
46
Preliminary.
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of September amounted to 109 million dollars
and loans
made during September were 12 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
1
1420
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[ Estimated amounts outstanding. In millions of dollars]
End of
year or
month
Total,
excluding automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
Jewelry
applistores
ance
stores
All
other
retail
stores
1929
1,197
160
583
265
56
133
1933
663
119
299
119
29
97
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
1,014
1.688
314
302
377;439
466
252
172
183
198
337
650
469
485
536
599
619
391
271
269
283
366
528
307
266
273
302
313
130
29
13
14
28
52
68
70
93
110
120
77
66
70
74
123
192
210
220
246
271
284
159
101
100
107
160
266
1947
August
September.
October. . .
November.
December.
1,202
1,253
1,323
1,451
1,688
440
462
495
555
650
408
423
443
474
528
41
43
46
49
52
124
128
131
••144
192
189
197
208
229
266
1948
January...
February..
March. . . .
April
May
June
July
August P. . .
SeptemberP
'•I,615
1,587
1,625
1,675
1,729
1,770
1,791
1,844
1,195
632
624
653
680
703
720
732
759
788
502
492
497
511
528
541
545
560
586
52
52
54
60
65
68
72
76
81
175
169
165
160
161
162
160
158
158
254
••250
••256
••264
••272
•"279
282
291
302
1937
1938
1939
1940
1941.
1942
1943
1944
1945
1946
1947
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year and month
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
cash
ization12
loans
loans
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purTotal
Pur- Direct chased
chased loans and
direct
Automobile
retail
Year or month
Outstanding at end of
period:
1945
1946
1947
1947—August
September...
October
November. . .
December . . .
1948—January . . . .
February....
March.
April
May
June
July
AugustP
September?..
Volume extended during month:
1947—August
September...
October
November. . .
December...
1948—January
February....
March
April
May
June
July
AugustP
SeptemberP..
Repair
and
modernization
loans12
Personal
instalment
cash
loans
742
1,591
2,701
2,348
2,416
2,499
2,588
2,701
2,787
2,825
2,931
3,057
3,137
3,229
3,319
3,410
3,486
64
165
346
298
313
322
337
346
359
373
402
431
448
472
502
529
550
139
306
536
470
477
492
513
536
556
570
602
628
649
668
691
713
723
100
275
523
433
444
462
486
523
567
569
591
628
646
661
678
698
725
124
273
500
408
438
465
483
500
504
506
517
538
555
572
582
592
608
315
572
796
739
744
758
769
796
801
807
819
832
839
856
866
878
880
375
401
423
421
484
456
398
504
521
487
524
512
504
503
58
66
68
69
70
70
66
89
92
81
87
91
93
90
79
81
86
94
103
98
89
116
112
109
109
115
116
105
73
78
89
91
115
118
90
102
122
112
126
113
105
122
45
55
54
43
47
36
35
44
52
48
52
45
49
49
120
121
126
124
149
134
118
153
143
137
150
148
141
137
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization
cash
12
loans
loans
104.1
162.7
233.5
13.8
27.5
50.0
9.8
17.8
30.2
17.2
28.3
43.3
63.3
89.1
110.0
Outstanding at end
of period:
1945
1946
1947
1947—August
September.
October
November..
December. .
212.6
215.5
221.0
227.9
233.5
44.9
46.3
48.1
49.6
50.0
25.3
26.0
27.0
28.5
30.2
38.4
39.4
41.2
42.5
43.3
104.0
103.8
104.7
107.3
110.0
1947—August
September.
October
November.
December.
137.8
138.4
141.1
144.8
148.2
23.6
24.3
25.3
26.3
27.1
13.4
14.1
14.7
15.9
17.1
3.6
3.8
4.0
4.2
4.2
97.2
96.2
97.1
98.4
99.8
1948—January...
February...
March
April
May
June
July
August P. . .
September?.
231.8
234.6
242.3
253.3
265.1
271.6
277.8
282.3
286.3
49.0
50.3
53.4
56.8
59.0
61.4
64.3
66.3
67.5
31.0
31.4
32.8
35.7
38.0
40.1
42.1
43.3
43.9
43.5
44.0
44.8
46.7
48.3
48.8
49.1
49.8
50.5
108.3
108.9
111.3
114.1
119.8
121.3
122.3
122.9
124.4
1948—January . .
February..
March. . . .
April
May
June
July
AugustP.. .
September?
151.7
154.6
158.2
161.8
163.1
166.0
168.0
170.1
172.3
28.0
28.7
29.9
31.1
31.9
33.3
34.9
36.2
37.4
17.7
18.0
19.0
20.1
20.5
21.2
21.0
21.7
22.6
4.2
4.2
4.3
4.4
4.5
4.5
4.6
4.6
4.7
101.8
103.7
105.0
106.2
106.2
107.0
107.5
107.6
107.6
25.6
27.1
27.1
28.1
31.4
5.1
5.2
5.5
5.2
5.2
2.7
3.0
3.3
3.3
3.7
0.5
0.5
0.5
0.5
0.3
17.3
18.4
17.8
19.1
22.2
28.3
26.6
32.1
30.5
27.7
30.6
29.1
28.6
28.7
5.7
5.3
6.9
6.9
5.7
7.1
6.7
6.0
6.1
2.8
2.8
3.4
3.8
3.7
3.5
3.3
3.6
4.0
0.3
0.3
0.4
0.4
0.4
0.4
0.5
0.4
0.4
19.5
18.2
21.4
19.4
17.9
19.6
18.6
18.6
18.2
Outstanding at end
of period:
1945
1946
1947
Volume extended
during month:
1947—August
September .
October
November..
December..
33.2
34.8
36.2
34.5
39.8
8.1
8.8
8.8
8.3
8.6
4.2
4.1
4.7
4.9
5.8
3.6
3.7
4.3
3.4
3.5
17.3
18.2
18.4
17.9
21.9
Volume extended
during month:
1947—August
September .
October
November.
December..
1948—January...
February...
March
April
May
June
July
AugustP . . .
SeptemberP.
33.7
31.5
41.9
42.0
40.8
44.2
41.4
40.1
38.2
8.6
8.0
11.2
11.3
10.1
10.5
11.3
10.6
9.7
4.6
4.4
6.0
6.4
6.8
7.4
6.9
6.5
6.3
2.7
2.8
3.7
4.4
4.2
3.4
3.1
3.6
3.3
17.8
16.3
21.0
19.9
19.7
22.9
20.1
19.4
18.9
1948—January...
February..
March
April
May
June
July
August?...
September?
76.7
108.4
148.2
11.0
15.0
27.1
4.0
7.4
17.1
1.5
2.4
4.2
60.2
83.6
99.8
r
P1 Preliminary.
Revised.
Includes
not
only
loans insured by Federal Housing Administration but also noninsured loans.
2
Includes both direct loans and paper purchased.
NOVEMBER
1948
1421
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Sept.
Aug.
1948
July
1948
-2
+9
+4
+ 12
+4
—9
-12
-10
-7
+4
+4
+3
+2
+1
+2
-2
+6
1948P
Net sales:
Total
Cash sales .
Credit sales:
Instalment
Charge account
+4
-4
+8
Accounts receivable, end
of month:
Total
Instalment
Collections during
month:
Total
Instalment
Inventories, end of
month, at retail value..
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Sept.
Aug.
1948
July
1948
-24
+5
+ 13
-14
+ 10
-13
+ 16
-9
+27
+1
+22
+3
0
0
+45
+47
+46
+49
+44
+47
+1
-1
-3
+4
+4
+ 13
+19
+ 15
+21
0
-2
+ 18
+ 15
+16
1948P
Charge
accounts
[nstalment accounts
Year and month
Household ap- Jewelry Department
pliance
stores
stores
stores
Department
stores
Furniture
stores
1947
August
September...
October
November...
December. . .
28
31
31
30
29
22
24
23
23
20
39
39
40
39
39
23
25
23
24
31
51
53
57
55
54
1948
January
February
March
April
May
June
July
August
September?.,
24
23
27
25
24
24
23
23
24
18
17
19
19
19
20
18
18
18
36
32
35
33
34
33
34
33
32
19
18
19
rl9
19
19
19
19
19
53
49
53
52
52
52
51
51
53
r
P Preliminary.
Revised.
Collections during month as percentage of accounts outstanding at
beginning of month.
1
Preliminary.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
9
6
5
4
4
4
198
55
6
43
38
34
32
32
37
39
162
56
54
53
53
54
6
38
6
40
40
40
Charge
account
100
103
80
70
69
91
100
110
107
112
127
168
133
123
100
131
165
188
211
242
100
82
71
65
67
101
100
102
103
112
125
176
100
78
46
38
37
50
100
91
79
84
94
138
214
237
154
200
88
174
1947—August
September
October
November .
December
174
r216
195
'234
132
84
145
235
266
251
285
157
180
224
157
'207
1948—January
February
March
April
May
June
July
August
September?
174
189
168
226
213
218
217
173
177
235
220
228
228
187
196
231
48
56
61
64
64
59
Instalment
100
114
130
145
162
202
188
229
Chargeaccount
sales
Charge
account
Cash
408
Instalment
sales
Instalment
Total
373
Collections during
month
Charge
account
Instalment
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
Percentage of total sales
138
147
152
167
203
214
351
87
95
111
166
181
204
282
226
253
136
263
170
235
142
164
127
205
174
299
142
196
191
186
178
160
162
222
208
213
211
158
124
129
131
134
136
138
181
190
191
192
192
167
160
177
171
172
176
169
217
207
211
214
217
192
215
177
229
144
151
165
188
173
186
r
213
184
188
Cash
sales
54
53
52
51
52
52
54
52
50
7
7
7
7
7
7
8
7
7
8
9
8
39
39
40
41
41
41
41
38
39
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. 1413.
1422
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
1948
Chart
book
page
Sept.
29
WEEKLY FIGURES 2
Oct.
6
Oct.
20
Oct.
13
In billions of dollars
RESERVES AND CURRENCY
23.95
23. 28
6.98
5.16
1.94
9.20
23. 87
28. 08
2 98
19 88
18 94
94
23. 71
23. 14
6.53
6.21
91
9'.
48
23 89
28 20
2 92
19 58
18. 98
61
23. 97
23. 30
6.44
6 21
91
9 74
23 97
28 28
2 87
19 84
18 91
93
77
90
05
01
29
76
01
(3)
20
54
10
01
19
47
55
23. 87
23. 19
5.95
6 21
90
10 13
23 98
28 16
2 86
19 91
P19.00
p 91
p
90
10
01
23
p
57
MEMBER BANKS IN LEADING CITIES
AH reporting banks:
Loans and investments
16
U. S. Govt. securities, total. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total.
20
U. S. Govt. securities... 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
1
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
2
On other securities.. - 2
To others
2
All other
2
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total..
Bonds
Certificates
Notes
Bills
Demand deposits adjusted. .
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
2
Real estate
2
For purchasing securities. 2
All other
2
61
32
25
3
2
1
4
46
1
24
15
3
91 62 17 62
56 33 24 33
23 25 22 25
75 4 48 4
1 72 1
44
1
14 1 83
4
45 4 41
66 46 44 46
1 67
1
79
90 24 53 24
24 15 31 15
96 3 97 3
1 76
82
94
4 19
1 39
49
90
4^11
11
02
15
46
72
70
38
59
66
62 30
33 42
25 03
4 44
1 68
2 26
4 34
47 00
1 58
71 24 54
46 15 37
99 4 00
1 48
1 31
53
95
4 04
4 10
41
90
.23
.29
.22
1 .24
43 .92
23 .62
17 .61
3 .61
1 .43
.97
31 .46
1 .13
6 .45
13 .37
17.05
9 .73
3 .78
.65
.71
3 .07 3 .06
43 .78
23 .44
17 .63
3 .11
1 .97
.74
31 .51
1 .34
6 .13
13 .35
17 .11
9 .71
3 .77
25
.3^
^22
1 .15
44 .08
23 6(
17 '.57
3 .63
1 .42
1.03
31 .68
1 .13
6 .4(
13 ^37
17 .18
9 .80
3 .79
.68
3 .08
3.
3.
3'
33<
3.
3.
3
33'
3<
23.80 Stock prices (1935-39 = 100):
23.24
Total
5.52
Industrial
6.16
Railroad
.88
Public utility
10.68 ^olume of trading (mill, shares)
24.00
28.09
2.85
BUSINESS CONDITIONS
19.96
'19.08 Wholesale prices:
Indexes (1926=100):
Total
Farm products
Other than farm and foods.
.03
Selected farm products:
Wheat (cents per bushel) .
Corn (cents per bushel). .
Cotton (cents per pound).
Hogs (dollars per 100
pounds)
Butter (cents per pound) .
Eggs (cents per d o z e n ) . . .
62.44
33.53 Production:
Steei (% of capacity)
24.96
Automobile (thous. c a r s ) . . .
4.39
Paperboard (thou. tons)
1.68
Crude petroleum (thous.
2.50
bbls.)
4.28
Electric power (mill. kw.
47.42
hrs.)
. ....
1.54
24.64 Basic commodity prices
(Aug. 1939=100)
15.41
4.01 Total freight carloadings
(thous. cars)
1.35 Department store sales
(1935-39=100)
.42
.93
4.11
40
40
40
40
40
1.114
1.20
1.70
2.02
2.45
1.50
1.56
1.19
2.83
3.47
2.85
1.118
1.23
1.71
2.02
2.45
1.50
1.56
1.19
2.84
3.48
2.84
2.83
3.49
2.84
Oct.
27 i
In unit indicated
Deposits and currency:'
Total"
Excluding U. S. Govt.
deposits'
Demand deposits adjusted*.. .
Time deposits adjusted*e
Currency outside banks
U. S. Govt. deposits e
125
131
119
97
.65
123
129
117
96
.86
127
133
120
97
.82
130
137
123
98
1.00
129
136
121
98
1.28
78 217.5 218.0 220.1 222.3 2 2 3 . 6
78 159.1 168.2 159.6 149.9 140. 1
78 31.2 31.2 31.2 31 .4 31.0
78 28.35 24.83 26.15 26.36
78 65.4 65.1 64.0 64.3
78 44.8 46.1 48.8 49.4
59 4
49.4
80
80
81
98.9
116
194
96.4
'121
191
97.5
119
192
98.5
123
193
99.1
123
190
81 5,453 5,534 5,586 5,596 5,604
82 5,449 5,482 5,482 5,539 5,555
82 306.3 303.4 305.8 305.9 305.0
83
909
892
914
83
327
336
333
Treasury cash
Treasury deposits
.17 Member bank reserves:
Total
4, 7,
.33
Central reserve city b a n k s . . .
.22
Reserve city banks
1.21
Country banks
44 .10 44.14 Required reserves:
Total
23 .73 23 . 73
17 .53 1 7 .49 Country banks
3 . 58 3.54 Excess reserves:
Total
'
1 .39
1.39
New York City
1.31
1 .23
Chicago
31 .' 74 31.97
Reserve city banks
1 .10 1.08
Country banks.
6 . 47 6.38
Money
in circulation, total. . .
13 .37 13.36
Bills of $50 and over
17 . 15 17.19
$10
and
$20 bills
9 . 79 9.81
Coins, $1, $2, and $5 bills.. 4 .
3 .80 3.81
.62
.63
3 .10 3.11 ALL BANKS IN THE UNITED STATES
1.118 1.120
1.23
1.23
1.71
1.71
2 .06 2.06
2.45 2.45
1.50
1.50
1.56
1.56
1.19
1.19
Oct.
20
Oct.
13
73 167.1 164.6 164.8 165.3
73 186.4 181.5 182.2 1 83 . S
73 153.4 153.3 153.5 153.4
.17
.30
.22
1 .21
Per cent per annum
MONEY RATES, ETC.
Oct.
6
Cont.
18 13 18 26 18 04 18 20 18.30
9 12 9 61 9 36 9 69 9.80
7 60 7 60 7 58 7 .51 7.47
87
64
82
.85
.87
.29
.29
48
.29
.29
MONTHLY FIGURES
.85
.67
.40
1 .02 1.20
15 .16 14 .98 14 .91 15 .26 15.46
RESERVES AND CURRENCY
.54
.53
.45
.48
.46
3 .89 3 .98 4 .06 4 .08 3.93
1 .56
1 .54 1 54 1.54 Reserve Bank credit
1 .56
7.79 7.48 7 53 7 .39 7.45 old stock
5 .53 5 .59 5 .66 5 .59 5.60 Money in circulation
.52
.31
.22
1 .30
Sept.
29
WEEKLY FIGURES 2 —Cont.
MONEY RATES, ETC.
Reserve Bank credit, total.. . .
U. S. Govt. securities, total..
Bills
Certificates
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits. . . 2
Member bank reserves
2, 4
Required reserves
4
Excess reserves «
4
Excess reserves (weekly avg.):
Total*
New York City
5
Chicago
Reserve city banks
Country banks*
5
U. S. Govt. securities:
Bills (new issues)
34,
Certificates
34,
3-5 years
7-9 years
15 years or more
34,
F. R. Bank discount rate
Commercial paper
Bankers' acceptances
Corporate bonds:
Aaa
Baa
High-grade (Treas. series)...
Chart
book
page
Oct.
27 i
1.129
1.23
1.72
2.08
2.45
ALL COMMERCIAL BANKS
1.50
1 .56
8
11
1.19 Cash assets'
Loans and
investments, total* 11
e
2.84 2 86
Loans
11
6
3.50 3.52
U. S. Govt. securities
11
Other securities 6
11
2.84 2.
923
932
1948
July
Sept.
Aug.
In billions of dollars
22 02
23 62
27.96
1.32
1 .83
22.04
23.70
27.98
1.32
1.83
22.41
23.83
28.15
1.32
1.32
17
6
6
4
53
02
57
94
17.69
6.09
6.63
4.97
18.51
6.24
6.87
5.40
16.71
4.37
16.85
4.41
17.63
4.83
.82
.02
.84
.05
.01
.22
.88
(«)
.23
.57
27.87
8.56
.56
.06
.01
25
.57
28.12
8.63
14.93
4.56
14.82
4.49
28.06
8.61
14.93
4.52
P168.60
P169.10
P169.7O
P166.20
P83 .40
P57.30
P25.5O
*>2.40
P166.70
P166.90
P33 .20
P114.7O
P40.10
P65.30
P9.30
P 3 3 . 10
P115.10
P83.80
P57.3O
P25.6O
P2.40
P40.60
P65.10
P9.40
P83.90
P57.3O
P25.7O
P2 .80
P36.00
! P113.60
P41.70
P62.50
P9.40
For footnotes see p. 1426.
NOVEMBER
1948
1423
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1948
July
Aug.
Sept.
In billions of dollars
MONTHLY FIGURES—Cont.
MEMBER BANKS
1948
July
Aug.
Sept.1
In billions of dollars
MONTHLY FIGURES—Cont.
TREASURY FINANCE—Cont.
All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted4
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
14
14
14
14
14
14
14
14
96.21
34.09
54.58
7.55
70.65
28.79
10.82
5.38
96.48
34.50
54.37
7.61
71.01
28.76
10.77
5.30
94.90
35.45 Ownership of U. S. Govt. securities—Cont.
51.. 79 Marketable public issues—Cont.
7.65
By earliest callable or due date:
71.02
Within 1 year-Total outstanding 31
28.80
Commercial bank and F. R.
11.00
Bank
31
5.33
F. R. Bank
31
14
14
14
14
14
14
14
23.85
9.18
13.15
1.52
19.16
2.64
5.06
23.88
9.26
13.07
1.56
19.31
2.59
5.01
23.23
9.78
11.87
1.59
19.03
2.61
5.09
IS
15
15
15
15
15
15
15
35.46
13.58
19.35
2.53
24.76
11.30
4.92
1.79
35.56
13.74
19.27
2.55
24.80
11.30
4.92
1.71
34.83
13.94
18.34
2.55
24.61
11.31
5.04
1.73
15
15
15
15
15
15
15
36.90
11.33
22.07
3.50
26.73
14.86
3.41
37.03
11.50
22.03
3.50
26.90
14.87
3.42
36 .84
MONEY RATES, ETC.
11 .73
21 .58
3 .52
27 .38 U. S. Govt. securities:
Bills (new issues)
14 .89
Certificates
3 .42
CONSUMER CREDIT •
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
Chart
book
page
22
22
22
22
22, 23
23
23
23
23
14.17 P14.35
2.70 P2.72
3.19 P3.13
.96
7.33
3.85
3.48
1.69
1.79
P.96
P7 .53
P3.91
P3.63
Pl.78
Pl.84
P 1 4 .65
.72
.24
.97
v7 .72
P3 .95
P3 .77
P2
P3
V
1-5 years—Total outstanding.
Commercial bank and F. R.
Bank
F. R. Bank
5-10 years—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Over 10 years-Total outstanding
Nonbank ( u n r e s t r i c t e d
issues only), commercial
bank, and F. R. Bank
Commercial bank and F. R.
Bank
F. R. Bank
49.08
48.66
45.54
31
31.54
14.67
46.12
30.68
13.90
46.12
e27.78
13.86
48.43
31
31
31
33.35
2.65
10.46
33.35
2.77
10.46
3.32
10.46
31
31
31
6.81
.54
53.89
6.82
.54
53.89
e6.73
.53
53.89
31
8.57
9.43
el0.71
31
31
7.37
3.46
8.19
4.37
5'.71
Per cent per annum
33, 35
35
36
33, 35
35
35
Bonds, 15 years or more
F. R. Bank discount rate
Commercial paper
Bankers' acceptances
"orporate bonds:
Aaa
Baa
High-grade (Treas. series)
33,36
36
36
Pl.92
.997
1
2
1
1
1
10
44
25
38
06
2 81
3.37
2 80
1.053
1.15
2.45
1.50
1.44
1.13
1.090
1.18
2.45
1.50
1.56
1.19
2.84
3.44
2.86
2.84
3.45
2.85
In unit indicated
TREASURY FINANCE
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo. . .
U. S. Govt. securities outstanding:
Direct and guaranteed
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total:
Commercial banks"
Fed. agencies and trust funds. . .
F. R. Banks
Individuals*
Corporations*
Insurance companies*
Mutual savings banks*
State and local govts.*
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Certificates—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes—Total outstanding. . . .
Commercial bank and F. R.
Bank
F. R. Bank
Bonds—Total outstanding....
Nonbank (unrestricted
issues only), commercial
bank, and F. R. Bank
Commercial bank and F. R.
Bank
F. R. Bank
27
27
27
28
28
28
28
28
2.40
2.77
-.36
3.23
3.01
+ .22
251.22 250.92 250 .56
112.46 112.46 112 .01
46.93 46.51 46 .14
60.82 '60.86 60.98
30.79 30.89 31 .22
29
29
29
29
29
29
29
29
65.60
36.37
21.33
67.10
20.70
23.00
12.00
7.40
65.30
36.46
21.58
67.10
20.80
22.60
11.90
7.40
30
13.27
12.84
30
30
30
10.34
7.56
22.29
9.87
7.03
22.29
30
30
30
13.19
5.06
11.37
12.88
4.96
11.37
30
30
30
4 .71
3 .28
+ 1.44
6.52
6.43
1.81
1.95
112.63 112.63
30
67.31
68.16
30
30
49.02
6.76
49.86
7.78
Stock prices (1935-39 =100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
Credit extended to customers
Money borrowed
Customers' free credit balances....
63.00
BUSINESS CONDITIONS
36.83
23.41
67.00
(annual rate, bill.
21.10 Personal income
dollars):*4
22.30
11.70 Total
Total salaries and wages
7.40
Proprietors' income, dividends, and
interest
All
other
12.6:
Labor force (mill, persons): •
Total
P9.22
Civilian
7.02
Unemployment
22.29
Employment
Nonagricultural
P12.65
5.18 Employment in nonagricultural establishments (mill, persons):**
11.2
Total
Manufacturing and mining
P6.30
Trade
1.95
Government
112.1
Transportation and utilities
Construction
*69.00 Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (cents)
<>50.58
9.26
Hours worked (per week)
39
39
39
39
39
132
139
125
100
1.17
127
134
120
97
.68
126
132
120
97
.84
41
41
41
608
288
577
573
252
551i
570
238
550
52
52
212.9
131.8
215.1
134.7
52
52
68.0
13.1
67.4
13.0
53
53
53
53
53
65.1
63.8
2.2
61.6
52.5
64.5
1.9
61.2
52.8
63.6
62.2
1.9
60.3
51.6
54
54
54
54
54
54
45.3
17.2
9.8
5.7
4.1
2.1
45.3
17.2
9.8
5.7
4.1
2.1
P45.6
P17.4
P9.8
^5.8
P4.1
P2.1
55
55
55
53.01
133.3
39.8
63.2
54.12 P54.06
134.9 P136.3
40.1 P39.7
For footnotes see p. 1426
1424
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1948
July
MONTHLY FIGURES—Cont.
Aug.
Sept.
In unit indicated
BUSINESS CONDITIONS—Cont.
Industrial production: 4
Total (1935-39 = 100)
57, 58
Groups (points in total index):
Durable manufactures
57
Machinery and trans, equip...
58
Iron and steel
58
Nonferrous metals, lumber, and
other durables
58
Nondurable manufactures
57
Textiles and leather
58
Food, liquor, and tobacco
58
Chemicals, petroleum, etc
58
Paper and printing
58
Minerals
57,58
Selected durable manufactures
(1935-39=100):
Nonferrous metals
59
Steel
59
Cement
59
Lumber
59
Transportation equipment
59
Machinery
59
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
60
Cotton consumption
60
Manufactured food products
60
Paperboard
60
Leather
60
Industrial chemicals
60
Rayon
60
Sales and inventories (bill, dollars):
Sales:
Manufacturing—Durable . . . . . .
61
—Nondurable . . .
61
Wholesale
61
Retail—Durable
61
—Nondurable
61
Inventories:
Manufacturing—Durable
61
—Nondurable . . .
61
Wholesale
61
Construction contracts (3 mo.4 moving
avg., mill, dollars), total
63
Residential
63
Other
63
Residential contracts (mill, dollars): 4
Total
64
Public
64
Private, total
64
1- and 2-family dwellings
64
Other
64
Value of construction activity (mill.
dollars), total*
65
Nonresidential: •
Public
65
Private
65
Residential:*
Public
65
Private
65
Freight carloadings:4
Total (1935-39 = 100)
67
Groups (points in total index):
Miscellaneous
67
Coal
67
All other
67
Department stores:
Indexes (1935-39 =100): 4
Sales
68
Stocks
68
296 stores:
Sales (mill, dollars)
69
Stocks (mill, dollars)
69
Outstanding orders (mill, dollars)
69
Stocks-sales ratio (months' supply) 69
Consumers' prices (1935-39=100):
All items
71
Food
71
Apparel
71
Rent
71
Wholesale prices (1926 = 100), t o t a l . . .
73
Farm products
<, 73
Foods
74
Other than farm and foods, t o t a l . . .
73
Textile products
74
Hides and leather p r o d u c t s . . . . .
74
Chemicals and allied products...
75
Fuel and lighting materials
75
Building materials
75
Metals and metal products
75
Miscellaneous
74
Chart
book
page
MONTHLY FIGURES—Cont.
July
Aug.
Sept.1
In unit indicated
BUSINESS CONDITIONS —Cont.
186
191
r83.0
43.5
'•22.1
84.3
43.4
22.8
'17.5
79.3
19.4
22.5
23.2
14.2
23.3
18.1
82.5
21.2
22.3
23.9
15.1
24.1
r
188
228
188
135
'235
*267
153
115
160
165
95
433
>"312
6.5
9.9
7.8
3.1
7.5
190
235
186
140
231
269
180
127
154
184
105
450
312
Prices paid and received by farmers
(1910-14 = 100):
Paid
77
251
*>84 .8
Received
77
301
P43 .4 Cash farm income (mill, dollars):
P23 .5 Total
79
2,693
Livestock and products
79
1,480
P18 .0
Crops
79
1,203
*>83 .2 Govt. payments
79
10
P21 .8
P22 .8
P23 .5
INTERNATIONAL TRADE AND FINANCE
P15 .1
P23 .6
Exports and imports (mill, dollars):
Exports
85 P I . 0 2 2
Imports
85
^559
P193
Excess of exports or imports
85
P464
243
Foreign exchange rates:
See p. 1447 of this BULLETIN
86-87
"pi35
Short-term foreign liabilities and assets
P227
reported by banks (bill, dollars):
P271
5
5.09
Total liabilities
88
s 2.06
Official
88
Invested in U. S. Treasury bills
s .38
132
and certificates
88
5
3.02
Private
88
*158
189
Total assets
88
5 1.11
P192
'P450
*>305
7.0
14.0
16.3
14.1
16.3
8.0
8.2
P802
P3O2
P500
324
12
312
254
58
327
19
309
247
61
286
5
281
214
67
1,715
1,799
1,783
392
638
440
659
442
651
5
680
5
695
5
685
138
142
139
79.4
32.6
29.7
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, t o t a l . . . .
Individual income taxes
«
Corporate income taxes
Misc. internal revenue
26
26
26
26
26
26
26
311
266
268
827
551
3.1
295
892
544
3.0
173.7
216.8
197.1
117.3
•"168.7
195.2
188.3
"151.1
,•149,4
189.2
134.4
135.7
'199.9
162.2
120.3
174.5
216.6
199.7
117.7
••169.5
'191.0
189.5
"153.1
'148.9
188.4
132.0
136.6
"203.6
rl7l.O
r
119.7
P390
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
Apr.June
JulySept.
8.83
2.77
14.95
13.69
8.55
3.14
2.00
8.82
2.68
9.39
8.74
3.87
2.71
2.15
12.97
2.77
10.62
9.48
4.87
2.57
2.04
Per cent per annum
MONEY RATES
33
37
37
37
2 46
2 09
2 52
2.83
r
2 .70
2 .26
2 .76
3 .13
2. 59
2. 10
2. 71
3. 03
79 .1
31 .6
28 2
In unit indicated
BUSINESS FINANCE
316
273
2,722 P 3 , 1 3 2
,544
1,481
,583
1,235
6
5
In billions of dollars
TREASURY FINANCE
823
326
497
77.0
30.7
30.5
Jan.Mar.
QUARTERLY FIGURES
840
344
496
250
290
1948
10.9
8.2
3.3
7.4
251
293
«313
Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) • . .
Type of security (bill, dollars):
Bonds
Preferred stock
174.5
Common stock
Use of proceeds (mill, dollars):
215 .2
Plant and equipment:
201 .0
All issuers
118 .5
Public utility
168 .5
Railroad
189 .1
Industrial
186 .3
Working capital:
153 .2
All issuers
147 .8
Public utility
187 .5
Railroad
133 .3
Industrial
136 . 7
203 .9 Bonds (bill, dollars):*
Public
171 .9
119 .9
Private
42
42
1.61
1.40
1.66
1.35
1.27
1.05
42
42
42
1.13
.09
.18
1.06
.18
.10
.91
.06
.08
43
43
43
43
844
531
97
212
1,079
803
126
149
765
442
138
185
43
43
43
43
555
5
3
331
274
2
280
6
195
204
42
42
.61
.72
.87
.45
.64
.47
For footnotes see p. 1426.
NOVEMBER
1948
1425
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS '—Continued
Chart
book
page
1948
JanMar.
Apr.June
CALL DATE FIGURES 7
In unit indicated
QUARTERLY FIGURES—Cont.
BUSINESS FINANCE—Cont.
Corporate assets and liabilities (bill,
dollars):*
Current assets, total
Cash
U. S. Govt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts p a y a b l e . . . .
Federal income tax liabilities....
Net working capital
Plant and equipment expenditures
(bill, dollars) :•«
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
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)
Durable manufacturing (mill, dollars)
Nondurable manufacturing (mill.
dollars)
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
1947
194S
June
30
Dec.
31
June
30
In billions of dollars
ALL MEMBER BANKS
44
44
44
44
44
44
44
44
44
115.3
22.1
13.2
43.0
35.4
52.9
32.6
10.0
62.4
45
4.2
45
45
2.7
2.0
3.3
2.3
46
31.4
33 A
46
46
19.2
11.9
47
4.8
5.1
47
1.3
1.4
47
512
557
47
461
471
47
47
229
72
204
185
Jan.-
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans: 8
Commercial
Agricultural.
Real estate. .
Co
For purchasing securities:
To brokers and dealers
5.0
To others
State and local govt. securities
3.4 Other securities
2.
46.51
4.37
7.54
45.29
4.82
5.82
1.99
"40.24
4.10
7.60
2.19
13
13
13
13
13.82
16.96
.1.05
16.73
1.24
7.78
5.25
13
13
13
13
1.51
1.15
3.98
2.97
FIGURES FOR SELECTED DATES
20.4
13.1
Apr.June r
12
12
12
12
LIQUID ASSET HOLDINGS8
JulySept.
Individuals and business:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Individuals:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Corporations:
Total holdings
Deposits and currency
U. S. Govt. securities
Unincorporated businesses:
Total holdings
Deposits and currency
U. S. Govt. securities
244 9
250 .4
255.9
48
48
49
49
49
30.1
172.1
21.2
101.2
49.7
33 5
176 .5
22 . 6
103 . 2
50 . 6
48
42.6
40 , 5
50
50
50
50
19.8
14.3
4.6
3.9
20
14
2
2
.9
51
51
51
51
207.3
184.1
172.1
12.0
209
188
176
11
.0
37.7
178.5'
23.6 Individuals, partnerships, and corporations, total
102.9
Nonfinancial:
51.9
Total
Manufacturing and mining
39.7
Trade
Public utilities
Other
21.4
14.8 Financial:
Total
2.8
Insurance companies
.7
Other
Individuals:
Total
213.9
Individuals excl. farmers
193.7
Farmers
178.5
Nonprofit assns. and other
15.2
.9
.2
5
•7
.97
6.24
4.00
4J56
.81
1.07
4.20
3.11
1.17
.96
4.44
3.00
1946
1947
Dec.
Dec.P
24
48
.4
.3
.77
In billions of dollars
24
24
24
143.3
79.8
236.8
146.7
9.5
80.6
24
24
24
24
165.2
101.5
8 1
55.6
172.0
104.7
9.2
58.1
24
24
24
38.9
23.5
15.3
38.4
23.8
14.5
24
24
24
27.4
18.3
8.9
26.4
18.2
8.0
Annual rates
in billions of dollars
GROSS NATIONAL PRODUCT, ETC.
Gross 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 i nventories.
Net foreign investment
Personal income,
consumption, and
saving:4
Personal income
Disposable income
Consumption expenditures
Net personal saving
Chart
book
page
ulyiept.
8.4
1947
1948
Feb. 26
Jan. 30?
OWNERSHIP OF DEMAND DEPOSITS*
In billions of dollars
25
77.8
82.4
25
25
25
25
25
37.2
16.0
12.5
4.2
4.5
39.8
17.3
13.4
4.1
4.9
25
25
25
6.5
2.1
4.5
7.4
2.7
25
25
25
25
28.9
22.0
6.9
5.2
30.1
22.9
7.2
r
c
• Estimated.
P Preliminary.
Revised.
Corrected.
*For charts on pp. 28, 33, 35, 36, and 39, 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.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
•4 Less than 5 million dollars.
Adjusted for seasonal variation.
5
As of June 30, 1948.
6
Estimates for Oct.-Dec. 1948 quarter are (in billions of dollars): All business, 4.7; manufacturing and mining, railroads and utilities, 3.2;
manufacturing
and mining, 2.1.
7
Member bank holdings of State and local government securities on Oct. 6, 1947, and on Apr. 12, 1948, were 4.22 and 4.45 billion dollars,
respectively,
and
of other securities were 3.08 and 3.02 billion, respectively; data for other series are available for June and December dates only.
8
Beginning June 30, 1948, individual loan items are reported gross, i. e., before deduction of valuation reserves; previously they were reported
net of such reserves.
• 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.
1426
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT*
Chart
book
page1
Sept.p
July
In millions of dollars
Consumer credit outstanding, total. . .
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding,
cumulative totals: 2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 2
Automobile dealers
6
14,170 14,351 14,650 Consumer instalment sale credit
outstanding, cumulative totals :2—Cont.
7,329 7,533 7,717
Furniture and household appli3,849 3,908 3,948
ance stores
3,480 3,625 3,769
Department stores and mail3,185 3,130 3,241
order houses
2,699 2,724 2,723
969
957
964
All other
Consumer instalment sale3 credit
granted, cumulative totals:
14,170 14,351 14,650 Consumer instalment loan credit
out2
6,841 6,818 6,933 standing, cumulative totals:
Commercial and industrial banks
3,656 3,688 3,692
969
957
964
Small loan companies
Credit unions
Miscellaneous lenders
3,480 3,625 3,769
Insured repair and modernization
loans
665
ich component may be derived
by s
OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF OCTOBER 1, 1948
[In thousands of units]
Cotton
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Corn
Estimate
Oct. 1, 1948
Production
1947
Estimate
Oct. 1, 1948
Production
1947
Estimate
Oct. 1, 1948
Production
1947
Estimate
Oct. 1, 1948
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
274
4,084
983
291
4,143
1,229
6 906
24 385
51,515
181 524
164,313
167,485
885,728
301 354
311,826
242,282
57,398
6,236
11,857
15,079
2,400,952
1 650
2,901
1
Total
2
3 210
4 865
Oats
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
St. Louis
Minneapolis .
Kansas City. . . .
Dallas
San Francisco
Total
1
2
Spring wheat
Production
1947
1 121
2,185
. ...
Winter wheat
6 662
32 067
58,079
258 894
186,988
199,522
1,432 812
471 888
436 652
421,083
56,850
6,458
10 448
20,086
54 840
30 684
8,203
70,492
51 610
32 194
552,571
127,459
109,383
13 309
16,056
63 892
27,135
8,193
87,057
71 707
44,555
457,254
55,265
136,992
253,898
5,207
102
36,139
258,085
4,877
131
37,427
3,567,955
1,067,970
981,415
296,949
302,355
Tobacco
Tame hay
80
1,509
14
105
1,713
17
White potatoes
Production
1947
Estimate
Oct. 1, 1948
Production
1947
Estimate
Oct. 1, 1948
Production
1947
Estimate
Oct. 1, 1948
Production
1947
Estimate
Oct. 1, 1948
Bushels
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
4 101
14,256
12,576
27 834
37,453
32,720
448,519
54,714
362,585
153 260
36 140
31,812
5 188
27,501
18,042
65,114
27,375
28,925
637,929
76,842
409,557
147,666
18 634
30,184
4 108
6,648
2,646
5 863
4 522
3,902
18,080
9 018
9,893
9 578
1 825
13,111
4 000
6,559
2,564
5 577
5,059
3,762
15,494
9,067
9,423
10 309
1 716
12,648
35 499
1,323
58,518
128 945
1 259,188
264,387
36,431
317,270
2,876
3 326
34,861
1,050
61,585
130,590
1,011,135
223,533
30,986
319,773
2,403
4,116
72,227
39,785
21.280
11,820
26,230
12,580
23,209
8,204
41,946
32,590
5,114
89,422
79,368
42,699
22,555
12,765
26,632
12,228
23,473
8,461
41,020
34,834
4,929
109,391
1,215,970
1,492,957
89,194
86,178
2,107,763
1,820,032
384,407
418,355
Includes 10,000 bales grown in miscellaneous territory.
Includes 15,000 bales grown in miscellaneous territory.
NOVEMBER
1948
1427
MEMBER BANK EARNINGS
NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1947 AND 1948
Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks
Amounts in thousands of dollars]
National member banks
All member banks
Item
First half
of 1947
1,250,331
Earnings
464,772
Interest on U. S. Government securities
73,057
Interest and dividends on other securities
479,557
Interest and discount on loans
7,215
Service charges and fees on loans
57,482
Service charges on deposit accounts
32,141
Other charges, commissions, fees, etc
63,580
Trust department
72,527
Other current earnings
790 ,373
Expenses
126,957
Salaries—officers
248,452
Salaries and wages—others
6,425
Directors' and committee members' fees
116,633
Interest on time deposits
1,138
Interest on borrowed money
43,177
Taxes other than on net income
15,667
Recurring depreciation on banking house, furniture, etc..
231,924
Other current expenses
Net current earnings before income taxes
459 ,958
Recoveries, transfers from reserve accounts, and
profits
117,200
On securities:
Recoveries
22,607
Transfers from reserve accounts
53,930
Profits on securities sold or redeemed
On loans:
Recoveries
V
23,179
Transfers from reserve accounts
17,484
All other
85,227
Losses, charge-offs, and transfers to reserve accounts
On securities:
Losses and charge-offs
}
37,218
Transfers to reserve accounts
On loans:
Losses and charge-offs
25,470
Transfers to reserve accounts
22,539
All other
491,931
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Cash dividends declared
On preferred stock 1
On common stock
Memoranda items:
Recoveries credited to reserve accounts (not included in
recoveries above):
On securities
On loans
Losses charged to reserve accounts (not included in
losses above):
On securities
On loans
Number of officers at end of period
Number of employees at end of period
Number of banks at end of period
Earnings ratios: 3
Percentage of total capital accounts:4
Net current earnings before income taxes
Net profits
Cash dividends declared*
Percentage of total assets:4
Total earnings
Net current earnings before income taxes
Net profits
Percentage of total securities:4
Interest and dividends on securities
Net recoveries and profits (or net losses —)5
Percentage of U. S. Government securities:4
Interest on U. S. Government securities. . . .
Percentage of total loans:4
Earnings on loans
Net losses ( - ) 5
Other ratios: 3
Total capital accounts to:
Total assets
Total assets less Govt. securities and cash assets.. . .
Total deposits
Time deposits to total deposits
Interest on time deposits to time deposits 4
141,664
132,037
9,627
350,267
132,376
2,105
130,271
First half
of 1948
1,378,545
436,281
77,798
611,349
8,591
68,695
32,604
67,521
75,706
865,524
140,095
273,408
6,999
124,516
1,647
44,415
17,210
257,234
513,021
127,005
First half
of 1947
833,389
311,409
51,763
327,976
4,981
40,041
20,863
25,551
50,805
515,114
83,680
156,536
4,309
80,048
689
28,795
10,830
150,227
318,275
75 ,204
First half
of 1948
923,273
293,563
54,523
421,996
5,552
47,383
21,004
26,841
52,411
568,907
93,110
173,762
4,692
86,671
1,026
30,116
11,892
167,638
354,366
81,863
State member banks
First half
of 1947
] First half
i
of 1948
416,942
153,363
21,294
151,581
2,234
17,441
11,278
38,029
21,722
275,259
43,277
91,916
2,116
36,585
449
14,382
4,837
81,697
141,683
41,996
455,272
142,718
23,275
189,353
3,039
21,312
11,600
40,680
23,295
296,617
46,985
99,646
2,307
37,845
621
14,299
5,318
89,596
158,655
45,142
13 ,000
35 ,897
11,541
3,105
22,028
9 ,607
18 ,033
3,925
3,953
10,328
20,836
12,866
38,423
14 ,533
11 ,774
220 ,992
53 ,193
16,576
3,190
25,423
151,899
8 ,646
5 ,710
32 ,034
4,260
9,676
13,000
69,093
36,754
23,202
26,146
25,843
13,665
11,072
10,911
9,537
15,667
15,663
85,644
11,084
15,466
7,058
32,356
17,654
123,854
19,528
419,034
127,045
118,262
8,783
291,989
139,817
1,848
137,969
11,380
340 ,286
99,062
93,551
5,511
241,224
86 ,455
732
85,723
284,330
88,041
82,967
5,074
196,289
9,803
11,159
151,645
42,602
38,486
4,116
109 ,043
45,921
1,373 !
44,548
1,991
38,210
8,444
134,704
39,004
35,295
3,709
95,700
47,617
1,258
46,359
6,275
4,463
5,220
2,786
1,055
1,677
7,066
14,533
13,304
85,847
1,916
3,842
2,779
13,815
88,322
1,927
44,391
238,750
6,928
46,267
248,598
6,925
31,087
152,903
5,012
3,224
11,754
32,452
160,276
4,998
11.2
8.5
3.2
12.0
6.8
3.3
12.2
9.2
3.3
13.0
7.2
3.4
9.5
7.3
3.1
10.3
6.2
3.1
.73
.56
2.13
.79
.45
1.99
.76
.57
2.13
.82
.45
1.98
.67
.52
2.12
. 74
.44
1.6
.12
1.6
-.02
1.6
.10
1.6
-.01
1.5
.15
1.6
1.5
3.9
3.2 j
-.02 '
3.4
-.46
7.1
24.8
7.1
21.9
7.8
23.2
1.5
1.6
3.5
-.02
3.7
-.65
3.7
-.01
-.75
6.5
22.9
7.0
23.7
6.6
20.3
7.1
23.9
.9
6.2
22.0
6.7
24.1
.9
6.3
19.5
6.8
24.2
.9
22.9 i
1.6
-.02
1.5
1
2
Includes interest on capital notes and debentures.
Not available.
The figures of assets, liabilities, and. capital, used for computing the ratios, are averages of the amounts reported for the June call date in
4
the current year and December call date in the preceding year.
Annual basis.
6
"Net recoveries and profits" is the excess of (a) recoveries, transfers from reserve accounts, and profits over (b) losses, charge-offs, and
transfers to reserve accounts; "Net losses" is the reverse.
3
1428
FEDERAL RESERVE BULLETIN
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
On par list
Total banks, branches
and offices on which
checks are drawn
Not on par list
(Nonmember)
Nonmember
Member
Total
Branches
and offices
Banks 1
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,002
14,043
14,078
14,087
3,947
3,981
4,148
4,277
11,869
11,957
12,037
12,076
3,616
3,654
3,823
3,961
6,877
6,894
6,917
6,917
2,909
2,913
3,051
3,153
4,992
5,063
5,120
5,159
District
Boston
New York
Philadelnhia
Cleveland
496
911
842
1 138
299
85 5
138
266
496
911
842
1 138
299
855
138
266
337
220
159
79
785
646
707
792
101
228
126
196
431
63
37
38
Richmond. .
Atlanta
Chicago
St. Louis
1,013
1,177
2,490
1,472
449
169
572
133
801
553
2,436
1,129
330
133
548
73
479
345
322
208
1,434
495
210
116
226
40
Minneapolis
Kansas City
Dallas
San Francisco
1,279
1 750
1,017
502
111
9
40
1,236
621
1 741
907
501
43
9
31
1,236
476
760
26
6
145
981
State
Alabama
Arizona
Arkansas
California
Colorado
222
10
230
192
142
22
42
19
912
1
114
10
106
192
142
22
42
912
1
Connecticut
Delaware
District of Columbia...
Florida
Georgia
115
39
19
180
390
26
14
39
2
31
115
39
19
118
99
26
14
39
2
27
66
17
Idaho
Illinois
Indiana
Iowa
Kansas
48
881
488
666
608
46
3
95
160
48
879
488
666
606
46
3
95
160
Kentucky
Louisiana. . .
Elaine
Maryland
Massachusetts
383
161
63
166
184
39
64
69
104
160
383
58
63
166
184
39
41
69
104
160
Michigan
^Minnesota
Mississippi .
Missouri
Montana
443
679
205
596
112
213
6
57
443
263
40
529
112
Nevada
New Hampshire
New Jersey
New Mexico
410
8
74
336
49
2
18
2
140
11
New York
North Carolina
North Dakota
Ohio
Oklahoma
647
208
150
666
384
Oregon
Pennsylvania
Rhode Island
South Carolina
South D a k o t a .
Tennessee
Texas
Utah
United States total:
Dec. 31, 1945
Dec. 31, 1946
Dec. 31, 1947
Sept. 30, 1948*
Banks
Branches
and offices
2,133
2,086
2,041
2,011
331
327
325
316
120
17
322
33
212
624
54
343
119
36
24
60
707
741
772
808
By districts and
by States
Sept. 30, 1948?
5
1,002
618
267
19
1,169
634
289
234
17
3
658
9
68
12
67
110
1
9
124
14
62
291
4
88
22
26
5
67
113
92
31
1
869
1
5
39
79
50
11
4
43
13
4
49
22
36
2
3
45
13
10
3
16
73
26
34
1
27
502
237
164
214
44
3
39
21
377
251
502
392
2
112
46
38
271
12
25
14
5
32
78
147
25
36
37
68
145
88
37
36
15
213
6
9
230
206
32
180
84
164
6
2
213
57
8
349
28
49
410
8
74
336
49
2
18
2
140
11
144
6
52
288
34
2
17
1
125
2
266
2
22
48
15
728
179
24
201
1
647
92
61
666
376
728
63
6
201
1
567
677
80
51
54
42
425
225
34
174
1
38
19
241
151
29
6
27
70
984
19
149
170
86
159
41
34
47
70
984
19
60
70
86
159
41
32
22
33
753
11
32
63
80
133
29
27
20
37
231
8
28
7
6
26
12
78
3
22
11
93
199
838
55
69
309
62
3
22
11
92
81
567
31
40
50
3
20
2
118
271
24
29
12
Virginia
294
897
55
69
315
203
45
106
123
120
181
446
55
123
53
116
67
W^est Virginia
Wisconsin
Wvomins
121
182
553
55
101
109
164
41
21
72
282
14
150
65
108
2
56
160
2
7
103
23
416
165
67
48
116
89
116
18
1
1
15
9
8
5
89
100
2
25
95
59
16
47
6
1
7
1
80
1
107
2
2
9
49
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 4, p. 241, of the BULLETIN for February 1948).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
1
2
NOVEMBER
1948
1429
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Reported gold reserves of central banks and governments. .
1432
Gold production . .
1433
Gold movements .
1433
International capital transactions of the United States. .
International Monetary Fund and Bank.
Central banks
1434-1439
1440
1440-1444
Money rates in foreign countries. .
1445
Commercial banks
1446
Foreign exchange rates. .
1447
Price movements:
Wholesale prices .
1448
Retail food prices and cost of living. .
1449
Security prices
1449"
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
NOVEMBER 1948
1431
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina *
17,644
21,995
22,737
22,726
21,938
20 619
20,065
20 529
22,294
. . 22,614
22,754
. . 22,935
23,036
. 23,137
23,169
. . 23,304
June.... 23,532
J u l y . . . 23,679
23 725
Aug
23,872
Sept
End of month
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945.—Dec.
I945—Dec
Belgium
Brazil
Canada
Chile
Colombia
Cuba
Czechoslovakia
Denmark
Egypt
France
474
416
497
614
838
992
1,197
1,072
609
734
734
735
734
716
735
40
51
70
115
254
329
354
354
30
30
31
36
54
79
82
65
21
17
16
25
59
92
127
145
1
1
1
16
46
111
191
226
56
58
61
61
61
61
61
61
53
52
44
44
44
44
38
38
55
52
52
52
52
5?
52
53
2,709
2,000
2,000
2,000
2,000
1 777
1,090
796
367
323
322
599
593
597
354
354
354
45
45
45
83
84
83
279
279
279
32
32
32
53
53
53
444
548
548
33
33
34
313
296
266
229
214
202
201
196
593
578
591
606
615
622
637
643
354
354
354
354
354
354
354
214
2 7
5
6
5
6
361
543
6
7
294
7
7
7
7
8
9
9
9
7
45
45
45
45
46
46
44
44
84
85
86
81
279
279
279
279
32
32
32
32
32
32
32
32
32
53
53
53
53
53
53
53
548
34
34
34
34
34
34
34
34
34
Japan
Java
Poland
164
164
164
90
140
235
216
I947—Oct.
Nov.
Dec
1948—j a n #
Feb
Mar.
Apr
May
India
Iran
(Persia)
Italy
1939—Dec .
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec...
1946—Dec
274
274
274
274
274
274
274
274
26
26
26
34
92
128
131
127
144
120
124
141
118
24
24
28
I947—Oct
Nov
274
274
274
127
127
127
274
274
274
274
274
274
264
264
127
127
127
127
127
127
127
127
End of month
Dec
I943—jan
Feb
Mar
Apr. . . .
May
June
July . . .
Aug
Sept:. . .
2
2
2
Norway
Peru
32
47
47
39
203
222
294
181
692
617
575
506
500
500
270
265
23
23
23
23
23
23
23
23
81
75
58
80
91
20
20
21
25
31
32
28
24
28
28
28
100
100
100
191
223
231
23
23
23
73
72
72
20
20
20
200
195
193
28
28
28
28
28
28
28
28
96
86
87
86
78
71
43
44
220
209
193
182
183
183
183
172
172
23
23
23
23
23
23
23
23
70
69
66
66
66
66
66
65
20
20
20
20
20
20
189
189
184
181
179
176
174
172
B.I.S.
Other
countries 7
7
12
12
21
45
37
39
32
178
170
166
185
229
245
247
240
5
4
Switzerland 6
Turkey
I939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
308
160
223
335
387
549
502
665
824
6 965
29
88
92
114
161
482
381
,342
1,430
241
237
1947—Oct
101
101
105
L.389
L ,372
.356
169
170
170
1
1
1
1
1
104
101
97
96
93
1,352
1,353
1,353
1,352
1,351
1,345
1,322
1,332
171
171
171
168
168
1
1
1
1
1
164
161
1
1
1
Nov
Dec. . .
1QAQ
Tcin
Feb
Mar
Apr
May
June....
July
Sept
81
81
81
United
Kingdom
8
1
1
1
1
1
Yugoslavia
Uruguay
Venezuela
68
90
100
89
121
157
195
200
177
175
175
52
29
41
68
89
130
202
215
215
215
215
28
30
30
240
240
240
189
200
200
203
203
203
198
215
230
240
243
263
263
304
33
35
40
39
32
30
31
31
38
241
242
242
243
244
P244
P244
P244
P244
4
59
82
83
v Preliminary
1
Estimated dollar values derived by converting gold at nome in amounts up to i,/z4.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447
pesos per U. S. dollar
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gc)ld reported since that time is gold held by Minister of Finance, except for
December 1945, December 1946, December 1947 when gold holdings of Foreign Exchange Control Board are i ncluded also,
3
Total gold holdings are not available. Beginning April 1946, the series is new and represents
gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities.
4
Figures relate to last official report dates for the respective countries, a s follows : Java—
J a n . 31, 1942; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
6
Figure for February 1941: beginning Mar. 29, 1941, gold reserves no longer reported sepa-
4
Greece
29
29
29
29
29
29
28
28
28
28
28
28
Portugal3
84
Hungary
24
24
24
24
24
24
24
548
548
548
548
548
548
548
Mexico Nether- New
lands Zealand
Sweden
End of month
289
Germany
Rumania
South
Africa
152
158
182
203
260
267
269
249
367
366
634
706
814
914
939
42
42
91
105
110
111
804
796
762
111
111
111
764
448
438
446
388
373
338
307
111
111
111
111
111
111
245
P215
P215
P215
215
216
216
217
Spain
Government gold reserves 1 not included in
previous figures
United
States
1938—Dec...
1939—Aug
Dec...
1Qd.fl
Ancr
Dec
1941—Sept.
Dec
1942—Dec
1943—Dec...
1944—Dec...
1945—Dec...
1946—June...
Dec...
1947—Mar...
June...
Sept
Dec...
1948—Mar...
June...
80
156
48
24
25
12
43
12
18
71
177
163
151
129
114
79
208
United
Kingdom
2 759
3
876
4
Belgium
4
331
460
292
151
52,354
52,341
5 2,196
52,587
5 2,345
52,382
52,341
5 2,035
5 2,200
5 1,886
44
17
17
214
457
17
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K — Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of England on tnat date
4
Figure for first 01 montn.
5
Gross official holdings of gold and U. S.
dollars as reported by British Government; total
6
British holding s (official and private) of U. S.
Beginning December 1943, includes gold holdings of Swiss Government.
7
dollars, as reported by banks in the United
For list of countries mcluded see BULLETIN for Tune 1947. p. 755. footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States are shown in table on p. 1437.
NOTE.—For details regarding special internal
Exchange Equalization Account during 1939.
NOTE.—For gold holdings of International Fund and Bank, see p. 1440.
For back figures, gold transfers arxecting the British and French
institutions,
see p. 1440, footnote 4, and p. 1441,
see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of
figures, including details regarding special internal gold transfers affecting the reported data, footnote 6. For available back figures see
Banking
and
Monetary Statistics, p. 526, and
see pp. 524-535 in the same publication.
BULLETIN for November 1947, p. 1433; June
1947, p. 755; February 1945, p. 109.
1432
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
world
production
Total
outside
reported
U.S.S.R.i monthly
y'ear or
month
South
Africa
Rhodesia
North and South America
West Belgian United
Africa2 Congo3 States 4
Mexico
Canada
$1 = jr55/2i gra ins of got d 9/io fin i; i. e., ait
1,142,400 968 3?,0 425,649 28,532 24,670 16,564 178,143 165,379
1,219,400 1,031 ?14 448,753 28,009 28,564 18 ?S8 196,391 178,303
1,311,450 1,106 447 491,628 29,155 32,163 19 41 S 210,109 185,890
1,265,600 1,110 ,379 504,268 27,765 32,414 19, 571 209,175 187,081
1,130,115 982 130 494,439 26,641 29,225 17 99? 130,963 169,446
774 ,086 448,153 23,009 19,740 15, 791 48,808 127,796
880,495
702 S34 429,787 20,746 18,445 1? 747 35,778 102,302
794,080
745,430 683 ,011 427,862 19,888 18,865 12, 144 32,511 94,385
762,195 695 998 417,647 19,061 20,475 11 S96 51,182 99,139
705 ,447 392,004 18,296 19,320 10, 780 75,786 107,432
1938
1939
1940
1941.
1942
1943.
1944
1945.
1946
1947
J947
Africa
Alicr
34,875
34,692
,644 35,361
738 33,888
4SS 34,025
377 34,775
57 ,211 32,459
60 ,861 34,384
59 ,507 34,175
60 ,980 34,368
33,941
34 544
33,720
61
60
60
59
60
60
Sept
Oct
Nov. . . .
194g—Tan
Feb
Mar
Apr
May
June
July
Aug
,616
1,541
1,516
1,540
1,513
1,489
1,504
1,442
1,431
1,477
1,539
1,462
1 564
1,855
1,820
35
1,225
1,750
1,890
1,820
1,820
1,855
1,855
1,925
1 995
2,030
910
80S
840
770
770
910
840
910
94 S
910
980
910
6,580
6,526
7,733
5,791
6,828
6,042
5,489
6,372
5,650
6,078
5,719
6 180
7,661
9,131
8,668
9,057
8,826
9,614
9,568
9,156
10,070
10,012
10,047
10,113
10 367
Colombia
ounce o.f fine golc i
18,225
19,951
22,117
22,961
20,882
19,789
19,374
17,734
15,301
13,406
32,306
29,426
30,878
27,969
28,018
22,081
17,793
17,458
14,703
16,250
1,360
1,389
1,079
1,044
922
915
945
680
2,491
778
658
1,367
1,166
879
1,324
1,124
1,302
809
713
916
701
1,190
Other
Ch le
Nica- Australia6
ragua 5
India'
=$35.
10,290
11 376
11 999
1 557
3 S06
S 4?9
9, 259
6 409
6, 081
7 131
6, 282
8 068
7 ,525
8 6? 3
7 ,715
7 86S
6 ,985
6 357
5, 908
7 403
410
S30
474
383
S?9
369
988
684
658
679
74?
67?
648
68?
474
494
602
4SS
634
652
611
59?
55,721
57,599
57,540
52,384
40,383
26,295
22,990
23,002
28,857
32,807
2,701
2,696
2,720
2,639
2,808
2,433
1,945
2,266
2,129
2,205
647
687
11 784
11 078
10 ,1?6
10 ,008
Q 111
8 ,828
6 , S77
5 ,893
4 61?
055
490
490
420
490
4S1>
420
525
525
525
490
560
595
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705
so that
aggregate for the year is equal to the annual estimate compiled by the United States Mint.
5
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
6
Beginning 1946, subject to revision.
7
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:
Year
or month
1942
1943
1944
1945
1946
1947
Total
net
imports
United
Kingdom
France
1,955
88
315,678
68,938
— 84-=; 3Q? -695,483
—106.950
311,494
1,866,348
160
-14
458
488,433 162,941
Belgium
Netherlands
Sweden
Canada
208,917
66,920
46,210
53,148
344,130
-6
3 27^990 445,353
Argentina
Mexico
99 40,016
-10,817 - 3 , 2 8 7
-50,268 -109,695
15,094
3,591
-134,002
335,505 - 7 , 1 1 0
Other
Latin
American Republics
Philippine
Republic
321
39,581
24,306
-58,292
103
-41,7'43
-156
-403
10,684 - 3 , 5 0 8
Australia
South
Africa
India
All
other
countries
528 4,119
129 20,013
152
307
-8,731
199 3,572
18,365
357
106
i-133,471
41 118,550 - 2 , 6 1 3 2-18,083
124 410,691 -4,423
3-337
1947
109,600
450,830
265,700
178,166
Sept
Oct
Nov
Dec
- 5 22,515
245,712 140,568
142,821
101,541
i
13,903
14,088
3
499
552
63,697
37,735
23,444
48,190
56.849
35,436
242
152
103
208
1,286
1,073
1,434
2,126
-286
-56
-252
85
28 37,760
40
21
19
29
9
410,215
4 490
997
1,026
1948
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.P. . . .
182,808
104,264
20,274
167,906
157,131
177,829
178,038
4,400
1,184
234,978
159,388
99,943
234,156
151,326
177,741
266,691
39,078
53,290
9 970
31,301
61,931
20,023 6,132
5,523
26
1,437
-22
5,159 11,212
458 12,009
289
-19,660
-10,693 ' 29,998
-29,635
4,145
— 12,031
30,512
6,942
5,937
698
676 23,730
201 2,418
74
211 1,102
227
-289
271 2,673 - 1 , 2 7 9
6
242 4,871
-208
161 6-24,092
-228 " " 9 7
198 6-27,736
-144
3,904 6,523
-53
4
9,706 6-35,822
-56
57 3,068
-272
32,991
23,674
40,888
22,756
39,331
40,764
40,463
60,625
33,489
-5,950
-1,390
5,161
5
-6,871
-1,106
-1,167
-1,078
-6,412
7
-24,991
1
v Preliminary.
Includes $133,980,000 to China and $509,000 from other countries.
Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries.
Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries.
Includes imports from U. S. S. R. as follows: September, $11,287,000; October, $5,346,000.
Includes $4,491,000 to U. S. S. R. and $2,380,000 to other countries.
Includes exports to Venezuela as follows: May, $30,052,000; June, $29,998,000; August, $40,000,000.
Includes $23,747,000 to Switzerland and $1,245,000 to other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
2
3
4
5
6
7
NOVEMBER 1948
1433
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, ( —). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935,
through—
Increase in foreign banking
funds in U. S.
Total
Total
Official i
Other
Increase in
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
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
646.7
664.5
676.9
725.7
,188.9
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
,012.9
,195.4
,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
,095.0
,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
,388.6
,459.8
,424.0
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 2
Sept. 30
Dec. 31
1943—Mar. 31.
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
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
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
1,020.3
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
8,802.8
5,219.4
5,671.0
6,042.2
6,144.5
2,865.1
3,313.2
3,554.9
3,469.0
2.354.3
2,357.9
2,487.2
2.675.5
848.5
760.4
865.3
742.7
983.7
1,011.2
998.2
972.8
820.6
848.4
818.4
798.7
130.5
131 .8
134.6
144.1
1946—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
8,730.8
8,338.2
8,250.1
8,009.5
6,098.8
5,662.7
5,681.7
5,272.3
3,384.6
2,852.0
2,834.4
2,333.6
2,714.1
2,810.7
2,847.3
2,938.7
70.6
190.8
249.1
453.8
703.6
624.5
519.8
427.2
1,073.0
1,103.9
1,170.7
1,237.9
645.1
615.0
478.3
464.5
139.9
141.4
150.4
153.7
1947
Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 3 1 .
Nov. 30.
Dec. 31.
8,077.3
9,959.9
9,736.7
9,771.5
9,508.2
9,440.8
9,443.6
9,516.8
9,018.6
8,693.5
8,551.9
8,323.2
5,300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2
4,870.3
4,456.0
4,324.1
4,262.4
4,120.3
2,416.0
2,006.2
1,725.4
1,718.8
1,448.7
1,447.2
1,616.8
1,726.9
1,298.5
1,232.9
1,200.0
1,121.8
2,884.6
3.041.1
3,115.9
3,096.7
3,049.3
3,144.7
3,086.4
3,143.5
3,157.5
3,091.2
3,062.4
2,998.5
449.0
2,705.6
2,707.0
2,702.5
2,819.4
2,694.3
2,861.1
2,758.0
2,655.4
2,481.4
2,380.4
2,242.0
404.8
380.9
337.1
333.6
255.3
202 .5
156.3
168.2
178.3
172.1
211.6
174.6
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
,177.3
,193.6
,230.3
,243.6
,254.5
,276.9
464.4
439.7
414.3
416.7
398.5
393.4
385.9
362.6
338.8
310.0
290.0
4367.0
150.4
156.6
154.5
161.6
156.4
160.8
159.8
164.1
159.9
162.2
153.1
142.4
1948—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
May 31.
June 30.
8,174.2
8,216.1
8,159.7
7,950.1
7,858.0
7,932.8
4,094.8
4,235.0
4,370.6
4,250.1
4,285.9
4,350.6
1,137.2
1,270.7
1,346.4
1,281.8
1,299.0
1,352.2
2,957.6
2.964.3
3,024.2
2,968.3
2,986.9
2,998.4
2,185.0
2,124.6
1,985.3
1,955.2
1,935.1
1,907.7
106.5
88.7
51.7
22.0
-27.3
23.8
,287.7
,292 4
,296.4
1,304.3
1,304.0
1,304.5
4
140.6
135.2
143.3
146.1
146.8
142.2
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
,177,
,133
359.6
4340.3
4
312.3
4
272.4
4
213.6
4
203.9
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commerical banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
* The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures
are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
8
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
* Includes inflow of 74.5 million dollars from Dec. 31, 1947 through May 31, 1948, and 79.5 million beginning June 30, 1948, resulting from
purchase of domestic securities by international institutions.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for December 1945, pp. 960-974.
1434
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED
STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through-
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
5,112.8 1,101.3 468.7
5,807.9 865.2 670.3
5,354.1 674.1 639.9
5,980.2 837.8 625.9
7,267.1 1,257.7 636.8
7,728.4 ,090.0 585.7
8,802.8 892.5 464.2
7,555.7 563.1 384.8
470.3
455.6
464.4
474.0
487.7
506.2
539.7
326.4
773.0
911.5
725.7
592.1
629.1
664.3
722.3
766.1
58.0
55.4
50.5
48.1
48.2
63.1
106.5
287.5
918.9
1,098.6
1,071.7
1,030.3
1,133.3
1,172.5
1,311.8
1,246.3
3,790.1
229.4
483.4
4,056.6 411.7
606.8
3,626.3
340.5
567.5
3,608.1
425.1
835.8
4,192.8 760.3
951.0
4,081.8 976.4 1,193.7
4,037.0 1,395.7 1,338.4
3,574.2 979.7 1,474.0
336.0
329.8
311.4
258.7
240.4
213.8
189.2
188.7
186.2
150.0
125.2
120.0
811.8
808.0
800.8
810.6
820.5
839.3
836.2
840.0
841.2
850.6
860.9
858.3
161.2
158.1
145.1
139.8
140.4
150.1
160.1
180.7
187.0
205.8
216.6
210.2
1,112.2
1,161.3
1,131.3
1,135.6
1,124.7
1,088.6
1,101.2
1,088.8
1,079.1
1,060.8
1,054.7
991.1
3,341.6
3,430.2
3,183.6
3,152.0
3,109.0
2,963.1
2,891.1
2,983.9
2,984.1
2,853.9
2,772.2
2,797.1
Total
1939—Dec. (Jan. 3, 1940)
1940— Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
2
1947—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
6,582.5
6,758.8
6,363.2
6,212.1
6,171.5
•6,081.1
5,989.2
6,091.5
6,174.3
5,994.9
5,922.9
36,025.0
614.1
648.5
486.7
447.7
464.2
437.0
451.4
523.9
562.8
488.8
449.9
558.0
306.2
324.6
308.2
359.6
318.8
234.3
153.1
161.8
127.8
97.9
64.8
59.5
Canada
Latin
America
,477.0
,531.4
,470.0
,446.4
,406.1
,383.4
,338.2
,364.9
,368.0
,360.8
,329.5
,384.0
794.7
830.3
780.6
681.0
684.9
688.6
727.8
721.5
798.0
838.4
878.7
910.3
Asia
522.6
642.6
691.1
932.9
1,161.6
1,273.6
1,784.1
1,258.3
All
other
87 4
90.2
128.6
178.3
201.4
203.0
247.5
269.6
972.1 2—2.9
958.0
8.9
931.6
-2.6
937.3
-4.6
981.0
-9.4
975.8 8 70.2
946.3
85.9
931.9
89.3
938.9
85.3
892.1
49.7
893.6 3 49.0
897.5
36.1
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
( j a n 3 1940)
(Jan. 1, 1941)
31
31
31
31 .
31
I 9 4 5 — D e c . 31
I947_jul
y
. . .
31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec 31
1948—j an , 31
Feb 29
Mar. 31
Apr 30
May 31
June 30
. . . .
. . . .
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5.272.3
376.1
293.3
328.6
493.3
939.4
804.4
646.4
397.6
256.1
458.0
416.5
394.5
404.1
356.6
229.9
165.8
190.9
160.3
161.0
170.0
176.7
193.1
265.0
208.2
362.7
494.7
326.2
166.3
192.7
221.4
286.3
359.0
19.7
-.9
—3.4
-6.2
-6.9
7.0
50.1
247.6
449.9
580.8
538.0
479.8
565.3
611.2
745.8
687.2
1 ,655.4 174.5
1 ,986.3 334.1
1 ,766.9 273.1
399.5
1 ,697.5
'271.2 704.7
2,193.7 818.6
2,223.4 1,414.2
2,065.5 823.9
4,703.2
4,870.3
4,456.0
4,324.1
4,262.4
4,120.3
4,094.8
4,235.0
4,370.6
4,250.1
4,285.9
4,350.6
438.1
471.2
307.8
275.5
293.1
264.9
274.9
343.6
383.9
314.9
279 4
384.4
109.7
125.6
114.9
188.5
156.8
87.6
88.6
124.3
107.0
94.9
82.6
87.0
197.2
210.0
199.7
156.3
141.8
126.7
107.5
112.3
114.5
108.2
93.6
96.2
388.9
385.5
382.1
392.2
405.9
432.8
435 7
446.7
454.2
471.1
515 8
527.1
146.8
143.1
129.7
126.3
125.6
132.8
143.1
163.4
167.0
184.1
195.5
192.4
619.8
669.2
635.1
637.2
626.5
576.6
586.0
579.5
587.3
576.1
568.0
498.2
1,900.6
2 - 004.5
L,769.4
1,776.0
L,749.8
1,621.4
1,635.8
L.769.9
1,813.8
L.749.4
1,734.9
1,785.3
Total
CanLatin
ada America
455.8
484.2
420.5
319.2
319.3
301.6
327.0
322.7
400.0
429.0
462.6
482.6
Asia
215.J
417 0
326.4
531.2
296.7
541.4
482.8
743.9
578.7
928.2
794.7
888.6
924.9 1,369.1
983.3 1,135.7
1,168.9
1,221.0
1,144.6
1,116.3
1,081.3
1,095.0
1,047.8
1,067.5
1,087.0
1,097.3
1,085.5
1,104.0
932.6
910.8
884.4
877.0
883.5
877.3
846.3
840.3
842.4
783.7
809.6
804.1
All
other
60 5
61 3
101 6
141 9
162.0
169.7
212,9
263.9
245.3
249.7
237.1
235.6
228 5
224.9
238 0
234 5
227.5
190.7
193.3
174.5
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—1939 -Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31....
31
31
31
31
31
1947—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948-Jan. 31
Feb. 29
Mar. 31
Apr. 30
Mav 31
June 30
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
650.4
775.1
791.3
888.8
877.6
805.8
742.7
427.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
244,3
73.8
74.6
76.9
77.8
77.9
77.7
78.0
73.4
12.9
17.7
17.6
18.1
18.3
18.3
-17.7
-132.3
2.9
6.5
5.4
6.6
5.1
6.8
5.2
-1.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
10.6
206.2
241.4
250.5
253.5
256.8
231.5
235.1
226.9
563 5
634 7
647.4
661 .5
656.5
626.6
593.4
421.3
56.5
60.3
62.7
58.6
55.1
64.8
39.5
40.7
52. < -21 5
43.;
34.8
17.;
64 7
6 8 . v93.8
55 '
102 .7
37 i
77.7
9.!
99.2
-58,8
29.9
156.3
168.2
178.3
172.1
211.6
174.6
106.5
88.7
51.7
22.0
-27.3
23.8
255.1
257.9
262.8
258.9
260.2
262 8
269.5
273.1
273.5
268.5
266.7
270.4
57.6
58.1
57.0
61.5
64.1
55 7
-18.7
-34.6
-39.4
-36.9
-43.6
-47.9
-28.6
-27.3
-28.2
-30.0
-28.6
-30.5
-32.5
-33.7
-32.7
-41.5
-40.6
-40.7
-2.1
-1.7
-1,2
1.7
2.4
2.3
3.0
3.3
1.6
3.0
5.5
5.4
5.6
9.2
10 6
9.4
6.0
170.9
170.1
171.9
174.4
174.1
178.9
180.5
175.3
156.9
149.7
151.1
158.4
455.3
460.1
465.5
468.2
475.2
473.5
406.0
387.8
369.3
352.3
345.2
347.8
58.8
60.7
63.8
63.1
66.4
-56.0
-48.6
-48.4
-35.5
14
2.2
1.7
Total
Europe
Canada
Latin
America
-276.9
-283. t
-279.7
-298.7
-309.5
-346.5
-351.?
67.5 -349.5
64.5 -369.3
65.2 -391.6
68.0 -413.7
67.0 -376.2
Asia
2.0
2.4
-5.4
-2.0
7.6
-15.9
-4.4
All
other
/ 1
12
6 6
7 5
1 *5
24 9
20.3
22 9
24 9
-2! 9
-20 1
-18 3
11 7
-10 8
-11 4
-10 9
-10.3
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, footnote 3.
» See Table 1, footnote 4.
NOVEMBER
1948
1435
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—
1939—Dec.
1940—Dec.
1941—D ec
1942—Dec
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec.
(Jan 3, 1940)
(Jan. 1, 1941)
3i
31
31
31
31
. . .
31
1947—July
Aug.
Sept
Oct.
Nov.
Dec.
1948—j a n
Feb.
Mar.
Apr.
Mav
June
31
31
...
30
31
30
31
31
29
31
30
31
30 . . .
1
.
.
.
.
.
.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
725 7
803.8
855 5
848 2
925 9
1 019 4
972 8
1,237.9
125 5
128.6
127 6
125 4
127.6
126 5
117 7
96.8
42.1
43.4
51.6
52 4
50.6
51 0
51 2
50.2
29 4
31.0
31.5
31 6
33.0
33 6
33.0
26.0
45 0
46.0
44.3
44 9
44.7
44 5
45.2
31.2
27.6
28.1
28.1
28 0
27.9
27 6
27.5
26.7
225.6
232.9
238.4
244.1
246.6
246.9
249.2
260.2
495.2
510.0
521.3
526.3
530.3
530.1
523.8
491.2
-7.6
25.0
35.4
-3.0
41.2
104.9
49.1
236.6
184.0
202.3
221.1
245.4
272.3
302.0
317.1
448.4
42.8
53.0
61.2
61.5
62.2
61.3
60.8
61.1
1 177 3 104 2
1,193.6 104.3
1 230 3 101 5
1,243 6 99.1
1,254.5 96.9
1,276.9 94.9
1 287 7 93 2
1,292 4 93.3
1,296.4 92.0
1,304.3 90.7
1,304.0 89.0
1,304.5 87.7
48 3
47.9
47 9
47.5
47.2
47.1
46 8
46.6
46.1
45.2
44.4
43.5
7
.2
—1 1
-2.6
-3.3
-3.9
—4 4
-4.9
-5.9
-6.2
-6.6
-6.7
31 2
30.1
26 5
22.7
18.8
16.3
13 7
10.7
26 7
26.7
26 7
26.6
26.5
26.5
26 4
26.4
26.5
26.5
26.5
26.5
266.4
267.3
267.9
267.8
267.9
275.8
276.7
277.1
277.8
278.4
278.3
279.3
477.5
476.5
469.4
461.1
453.9
456.7
452.5
449.3
443.9
438.2
426.8
421.6
389.1
397.0
417.3
421.9
427.2
441.8
451.3
454.6
458.6
467.0
469.9
472.7
481.8
488.0
507.9
523.3
534.0
537.6
542.1
546.2
549.3
552.9
559.6
561.9
61.2 1-232.2
61.4 -229.3
61.3 -225.6
61.3 -224.0
61.6 -222.3
61.6 -220.9
61.7 -219.8
61.7 -219.4
62.0 -217.5
62.1 -215.8
62.2 -214.6
62.3 -214.1
7.4
3.7
-4.8
-8.6
Latin
Canada America
Asia
All
other
11.3
13.5
16.6
18.0
19.9
21.0
22.0
.7
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—juiy 3i
. _
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
Total
1,133.7
888.7
626.7
673.3
701.1
911 8
798.7
464.5
385 9
362.6
338 8
310 0
290.0
2
367 0
2
359.6
2
340 3
2
312.3
2
272 4
2
213 6
2
203.9
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
328.1
157.1
-70.1
-77.6
-100.3
— 125 4
-157.9
-194.9
76.6
74.4
74.9
80.5
82.7
77 3
81.7
74.9
227.7
233.2
236.7
236.9
239.9
239.0
233.5
207.0
344.7
348.1
336.4
360.5
367.3
368.5
355.4
337.9
-4.9
2.7
-.1
-.1
.6
1.9
2.2
2.1
32.2
35.8
37.1
44.4
55.4
72.4
68.0
57.3
1,004.4
851.3
615.0
644.7
645.7
633.7
582.9
484.3
-2.6
-18.4
-44.7
-45.1
-58.2
—28 1
-126.6
-143.0
30.1
25.6
28.1
35.2
40.5
54 9
81.3
87.6
87.6
17.6
17.5
27.7
62.5
240 5
251.3
26.8
—203 5 71 1
- 2 0 3 . 3 73.6
—204.1 69.0
—205 1 42 9
-205.7 31.5
—203 8 24 7
17.3
-203.7
—203.6
6.6
-204.4 - 4 . 7
-203 6 - 2 4 . 5
—202 9 —37 0
-202.3 -41.3
149.7
129.9
124.4
118.0
113.9
108 7
106.2
102 9
96.7
78.0
66 5
58.8
351.2
350.7
350.4
352 0
353.9
350 9
347.2
343.2
336.7
330.4
304 2
297.3
-15.1
-15.1
-15.1
-15 2
-15.2
-15 0
-15.3
-15.2
-16.2
-16.2
— 15 2
-15.1
40.8
40.6
42.2
41.8
42.1
43.1
44.1
43.8
44.0
43.5
45.4
44.2
394.2
376.3
366.9
334.5
320.5
308.7
295.7
277.6
252.1
207.7
161.0
141.6
— 128 1
-131.7
— 141.7
— 142 6
-147.0
— 139 8
-137.8
— 142.3
-144.3
— 142.0
— 142 1
-132.6
84 2
82.7
78 5
84 6
82.9
84 2
87.8
91 0
90.3
90 6
83 9
81.7
27 5
27.3
27 1
27 7
27.8
28 3
28.5
28 6
28.9
31 0
30 1
27.9
14.3
12.6
10.9
10.9
10.6
10 7
9.9
8.8
8 1
8.0
8 1
5 9
5.7
2
85 6
2
85.4
2
85 3
2
85.4
2
85.1
2
80
6
2
85.4
CanLatin
ada America
Asia
All
other
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, throug
1939—Dec.
1940-—Dec.
1941—Dec.
1942—-Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
1947—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
80.6
100.9
100.9
104.4
117.8
126.3
144.1
153.7
19.4
17.0
16.8
17.4
18.8
18.5
19.8
19.2
20.1
19.9
19.9
20.7
21.5
23.1
23.4
20.5
9.3
13.4
17.6
17.5
19.9
22.3
26.0
17.5
17.8
16.2
13.5
13.7
19.3
23.0
30.3
39.6
4.9
7.7
7.7
8.5
9.2
10.4
13.6
14.7
71.6
74.3
75.7
78.1
89.1
97.7
113
112.0
8.7
10.7
14.1
15.2
17.6
16.2
19.5
21.5
1.6
9.2
3.9
4.2
3.8
5.1
5.9
13.4
-3.4
6.0
6.3
6.0
6.0
5.6
3.8
4.8
2.1
.7
.8
.9
1.3
1.8
1.3
2.0
159.8
164.1
159.9
162.2
153.1
142.4
140.6
135.2
143.3
146.1
146.8
M42.2
20.2
18.3
18.7
19.3
19.7
18.2
17.5
17.4
17.8
18.4
17.6
17.8
19.5
19.4
19.5
19.2
19.1
19.1
19.1
18.9
18.9
19.2
18.4
18.3
17.0
17.0
16.6
16.9
16.6
12.7
12.4
12,
13
11.7
12.3
12.4
42.6
43.4
43.0
42.0
39.6
38.2
37.8
37.2
41.1
43.4
43.6
40.8
14.3
14.2
14.3
14.4
14.1
14.2
13.7
13.1
13.1
13.1
12.0
11.1
114.0
112.8
112.5
112.2
109.5
102.7
101.1
99.3
105.1
106.4
104.3
100.8
19.1
20.0
20.7
19.5
19.0
19.6
19.6
19.1
19.2
19.1
20.2
20.6
19.0
23.5
18.7
20.9
17.3
12.9
11.8
9.7
10.7
11.7
14.1
12.6
6.9
7.1
7.3
6.8
6.5
6.6
7.4
6.6
7.7
7.6
7.6
7.6
2.8
.7
.7
.7
.6
.7
1.1
.6
.6
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.
(Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
2
Includes inflow of 74.5 million dollars from Dec. 31, 1947 through May 31, 1948, and 79.5 million beginning June 30, 1948, resulting from
purchase
of domestic securities by international institutions.
3
Amounts outstanding June 30 (in millions of dollars): foreign brokerage balances in United States, 90.1; United States brokerage balances
abroad, 24.8.
1436
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
In-
ternational
institutions
^ t e
1938—Dec 3
1939—Dec.s
1940—Dec.3
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—July 3 1 . . .
Aug. 3 1 . . .
Sept. 30...
Oct. 3 1 . . .
Nov. 30...
Dec 31
1948—Tan. 3 1 . . .
Feb. 29...
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
June 30...
Total i oreign
countries l
Official
NethUnited
King- France erdom
lands
Switzerland
Italy
Other
Europe
Official
and
private
Total
Europe
Canada
Latin
America
Asia 2
All
other 2
'473!7
2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
6,006.5
473 8
781.0
1,418.9
1,314.9
2,244.4
3,320.3
3,335 2
4,179.3
3,043.9
436 1
448.2
365.5
400.8
554.6
1,000.8
865 7
707.7
458.9
187 4
288.2
490.1
448.6
432.3
439.9
401.2
310.0
245.9
101 8
204.9
174.3
174.9
186.6
193.3
209.7
281.6
224.9
218 8
376.3
508.4
339.9
184.2
210.6
239.3
304.2
372.6
20 4
38.5
17.9
15.4
12.1
11.3
27.3
70.4
267.9
273 3
526.4
657.3
614.6
650.9
728.6
774.5
909.1
850.5
248.5
1,237.8 201.8
336^0
1,882^6 274.6
447.3
2,213.5 434.3
417.7
1,994.0 373.2
597.7
2,020.7 507.4
693.7
2,584.5 812.6
909.3
2,517.8 926.5
2,583.0 1,522^2 1,046.4
2,420.7 4 931.8 1,104.8
435.5
655'. 7
769.9
780.0
930.0
1,108.8
1,069.2
1,549.7
1,316.4
34.1
72^5
73.3
113.6
149.6
175.3
174.0
181.8
232.8
2,881.0
2,777.9
2,675.3
2,501.3
2,400.3
2,262 0
2,205.0
2,144.5
2,005.3
1,975.1
1,955.1
1,927.7
5,437.3
5,604.5
5,190.1
5,058.3
4,996.6
4,854 4
4,829.0
4,969.2
5,104.8
4,984.2
5,020.0
5,084.7
2,327.1
2,437.2
2,008.8
1,943.2
1,910.3
1,832.1
1,847.5
1,981.0
2,056.7
1,992.1
2,009.3
2,062.5
499.5
532.5
369.1
336.8
354.5
326.2
336.2
404.9
445.2
376.2
340.7
445.8
189.8
205.8
195.0
268.6
236.9
167.7
168.7
204.4
187.1
175.0
162.7
167.2
213.8
226.6
216.4
172.9
158.4
143.3
124.1
128.9
131.1
124.8
110.2
112.9
402.5
399.1
395.8
405.8
419.5
446.4
449.3
460.3
467.8
484.8
529.4
540.7
167.1
163.4
150.0
146.6
146.0
153.1
163.4
183.7
187.3
204.5
215.8
212.7
783.1
832.4
798.3
800.5
789.8,
739.8
749.3
742.8
750.6
739.4
731.3
661.4
2,255.8
2,359.8
2,124.6
2,131.2
2,105.0
1,976 7
1,991.1
2,125.2
2,169.0
2,104.6
2,090.1
2,140.6
1,290.4
1,342.5
1,266.1
1,237.9
1,202.8
1,216 6
1,169.3
1,189.0
1,208.5
1,218.8
1,207.0
1,225.6
1,113.2
1,091.5
1,065.1
1,057.7
1,064.2
1 057 9
1,026.9
1,021.0
1,023.0
964.4
990.2
984.7
214.1
218.5
205.9
204.4
197.3
193 7
206.8
203.4
196.3
159.5
162.1
143.3
563.7
592.2
528.4
427.1
427.2
409 6
434.9
430.6
507.9
537.0
570.6
590.5
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
Finland
31...
31...
31...
31...
31...
650.9
728.6
774.5
909.1
850.5
121.8
122.9
124.3
185.0
159.5
17.7
13.9
14.8
25.9
66.5
7.9
7.7
7.1
5.5
1947—July 3 1 . . .
Aug. 31. . .
Sept. 30.. .
Oct. 3 1 . . .
Nov. 30. ..
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
783.1
832.4
798.3
800.5
789.8
739.8
749.3
742.8
750.6
739.4
731.3
661.4
164.0
185.3
132.0
135.7
131.7
124.9
124.2
126.0
149.2
128.1
133.7
125.5
45.6
48.8
42.2
48.9
55.0
52.8
53.0
51.5
48.0
56.1
46.3
39.4
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
GerLuxemmany5 Greece bourg
Norway
Portugal
Rumania
Spain
22.2
7.5
6.5
6.8
7.0
7.1
39.3
43.5
48.7
70.8
49.3
18.3
18.4
18.6
22.3
22.6
132.4
158.9
220.8
216.1
123.5
35.7
53.4
54.5
47.9
39.0
9.4
9.3
9.5
9.3
8.9
17.5
31.8
43.4
31.7
16.4
153.5
163.2
152.1
210.1
172.6
14.3
12.3
16.1
28.0
60.5
36.2
39.9
42.0
39.2
39.2
30.5
31.1
29.3
27.7
30.9
29.0
29.3
46.3
53.6
63.2
74.9
79.1
89.5
96.8
103.7
103.5
106.1
107.1
83.7
32.2
36.0
41.5
48.5
45.7
34.7
38.8
41.9
38.0
39.9
36.3
34.2
22.6
20.1
19.7
19.2
22.5
21.7
22.0
20.2
19.9
18.9
17.5
16.8
80.0
79.2
79.3
76.2
70.7
56.2
40.1
47.7
48.0
47.8
49.8
47.1
46.0
46.0
33.1
32.9
38.5
35.0
8.2
9.4
9.5
8.7
8.3
8.7
8.9
7.7
7.9
7.9
7.7
7.5
12.2
12.1
11.7
10.1
11.9
12.8
16.2
17.2
19.4
19.7
20.8
17.8
122.9
115.2
109.4
86.8
72.9
58.6
56.8
52.4
53.4
50.3
42.0
38.2
50.3
52.5
58.5
64.1
69.4
73.7
74.8
66.1
72.6
74.0
73.7
54.1
Panama
Peru
Other
Vene- Latin
zuela America
54.7 •
50.5
54.7
54.4
55.7
58.3
All
Sweden USSR Yugoslavia other
17.7
9.9
5.7
5.7
12.4
13.1
12.5
9.7
9.4
10.6
12.1
10.6
20.5
24.0
23.9
22.0
17.1
57.9
76.9
52.1
43.7
89.9
109.3
120.2
131.7
130.8
122.9
116.5
115.4
109.8
99.1
96.4
101.1
104.8
Latin America
NethLatin
America
Argentina
Bolivia
Brazil
Chile
Colombia
Costa
Rica
Cul 3 a
French
West
Indies
and
Gui-
er-
Mexico
ana
lands
West
Indies
and
Surinam
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec
597.7
31...
31...
693.7
31...
909.3
3 1 . . . 1 ,046.4
3 1 . . . 1 ,104.8
1947—July
Aug.
Sept.
Oct.
Nov.
Dec.
1948—Jan.
Feb.
Mar.
Apr.
May
June
31...
31...
30...
31...
30...
31.. .
31.. .
29. . .
31.. .
30.. .
31.. .
30...
1 ,290.4
1 ,342.5
1 ,266.1
1 ,237.9
1 ,202.8
1 ,216.6
1 ,169.3
1 ,189.0
1 ,208.5
1 ,218.8
1 ,207.0
1 ,225.6
67.7
98.7
140.8
195.1
174.0
34 5
54 0
55.0
66.3
50 7
43.4
67.1
83.6
79.2
57.8
12.4
12.2
112 6
10.8
12.6
17.7
14.5
14.0
309
307
229
245
240
236
196
213
204
202
185
187
14.6
15.2
17.3
22.4
20.6
17.8
16.1
14.3
15.1
15.7
13.5
14.3
98.8
110.8
106.3
103.6
97.4
104.7
110.6
123.2
124.5
112.3
125.1
115.8
41
44
38
38
41
46
43
41
43
50
48
53
32.0
34.2
32.6
39.1
42.4
46.1
49.2
43.4
27.2
26.9
40.2
48.4
6.9
8.6
8.3
7.9
7.0
7.3
9.2
9.8
9.8
67 6
69 8
93 9
77.3
3
5
0
7
5
2
1
0
4
4
2
3
2
9
2
3
8
3
1
1
9
5
6
0
7.4
6.9
7.7
10.4
12.2
10.0
139 .3
128 .3
153 .5
4.9
2.6
4.4
7.1
5.4
95.7
70.4
83.1
116.4
152.2
20.7
41.2
36.0
28.2
16.1
36.9
57.6
69.1
88.7
77.2
17.7
17.4
27.7
43.9
40.9
24 .2
31 .5
49 .7
74 .0
64.2
95.4
119.8
144.8
168.7
284 .0
287 .7
271 .9
256 .6
249 .4
234 .7
217 .3
225 .5
259 .7
272 .6
255 .3
228 .8
3.2
2.3
2.8
2.5
2.8
2.4
2.7
1.8
1.9
1.7
1.3
.9
137.7
149.2
157.2
148.7
140.5
139.2
132.7
131.7
132.4
119.6
134.2
126.2
10.1
13.6
12.6
14.7
18.4
14.9
17.2
18.3
17.4
17.2
19.3
18.1
69.7
71.5
76.6
72.6
70.9
70.3
71.7
72.9
78.2
79.2
80.3
79.7
38.2 66 .2
41.7 74 .0
43.2 89 .5
40.9 73 . 4
41.0 61 .1
41.8 78 .0
39.2 89 .1
40.0 75 .3
37.8 65 .5
33.6 84 .5
39.5 58 .8
38.4 110 .3
178.6
181.3
180.6
171.5
169.0
176.8
175.1
178.7
190.7
192.2
193.6
194.3
100 .3
70.4
20.9
For footnotes see following page.
NOVEMBER
1948
1437
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Date
Asia
Egypt
Neth- Philand French Union
China French
BriterNew Angloippine Tur- Other1 All Ausand Indo- Hong India ish Japan lands
of
tra- Zea- Egyp- Mo- South
Other
Iskey
Asia
other
Man- China Kong
MaEast lands
lia land tian rocco Africa
chulaya
Indies
Sudan
ria
31 . . .
31
31. ..
31. . .
31. . .
930.0 360.9
1,108 8 574 2
1,069.2 427.3
1,549.6 582.3
1,316.4 431.9
27.4
27 4
27.4
28.0
39.9
1947—July 3 1 . . .
Aug. 3 1 . . .
Sept. 30.
Oct. 3 1 . . .
Nov. 30. . .
Dec. 31
1948—Tan. 31 . . .
Feb 29
Mar. 31 . . .
Apr. 30. . .
May 31 . . .
June 3 0 . . .
1,113.2 309.6
1,091.5 286.1
1,065.1 269.7
1,057.7 263.3
1,064.2 250.2
1,057.9 229.9
1,026.9 213.5
1,021 0 188 7
1,023.0 173.8
964.4 150.2
990.2 156.4
984.7 142.8
36.2 47.2 43.3
35.3 44.7 53.6
8 . 2 45.5 54.4
8 . 7 43.6 55.0
9 . 3 41.8 56.7
6 5 39 8 62.4
6 . 2 41.1 67.7
6 3 « 41 6 57 8
4 . 9 38.8 53.1
4 . 8 37.6 41.9
5 . 4 46.1 56.0
5 . 2 48.1 73.4
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec.
1946—Dec.
1
41.6
23 9
22.9
27.4
44.9
13.1 1.0
9
18 2
22.1
1.3
1.2
33.4
43.5 17.3
11.8
14.6
13 8
12.4
16.5
11 0
11.8
13 1
13.9
12.3
10.6
9.6
160.4
4 1 110 1
4 . 0 110.5
4 . 1 113.7
16.6 127 A
254.7
259 1
365.8
629.1
446.6
29.9
35 4
23.7
52,5
54.7
36.2
55 5
64.2
78.0
93.8
149.6
175 3
174.0
181.8
232.8
23.1
25.3
52.9
28.9
45.5
17.6
17.6
17.8
25.5
28.9
31 3
37.1
53 8
85.4
76.3
82.4
79.1
452.6 40.4
440.3 41 .7
464 3 41 7
470.9 39.7
476.0 39 ?
488 6 37 6
466.9 34.2
484 7 34 6
476.4 30.0
474.2 25.7
474.8 23.5
464.6 23.1
68.7
74.9
79.1
78.9
79.7
81 5
82.7
83 4
86.3
89.6
85.9
104.3
214.1
218.5
205.9
204.4
197.3
193 7
206.8
203 4
196.3
159.5
162.1
143.3
42.4
46.2
47.5
43.8
34.8
30 6
26.2
28 5
24.8
19.7
21.0
18.7
4.8
85.8
82.8
70.8
59.7
65.9
69 3
65.7
57 0
60.5
51.8
49.0
34.7
4.8
6.8
5 1
6 1
12.1
10 3
18.9
20.8
10.0
14.9
19.4
21.1
24.4
25.8
26.9
25 0
37.6
42 7
36.4
31.3
29.2
27.3
13.7
13.3
11.8
11.4
10.2
10 1
3.5
4.3
8.0
9.4
9.5
8 3
6.5
6 S
5 9
5.4
6 f
6.1
4.6
5.0
3.6
7.3
4.3
9.4
9 2
8.6
8.2
8.5
8.9
11.0 91.8
4 5 124 1
97.6
8.3
6 . 4 113.4
47.2 96.4
49.5
55.5
37.6
43.3
46.3
46 4
55.1
41 5
44.8
21.0
26.6
9.3
79.7
72.9
76.2
73.6
72.7
75 8
73.1
75 2
75.6
74.7
71.9
75.5
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
Footnotes
to table on preceding page.
1
Country breakdown is for "Official and private."
2
Prior
to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
3
Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
4
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange
Control Board of Canada for 1946.
5
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970.
ASSETS
Total
Date
1938—Dec
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec.
(Jan 4 1939).
(Jan. 3, 1940)
(Tan 1 1941)
31
31
31
31
31
31
1947—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Tan. 31
Feb. 29
Mar. 31
Apr. 30
Mav 31
June 30
. . .
United
King- France
dom
Netherlands
Switzerland
Italy
10 3
4.9
42
1.8
1.3
1.1
1 4
1.1
5.7
21.4
20.9
22.1
17.6
14.9
23.4
97.8
113.7
118.5
116.0
122.7
127.0
24 2
5.7
9
1.1
.5
.4
3
36.3
151.0
5 5
5.2
1 5
2.6
1.5
3.0
1 3
2.9
9.8
13 5
11.8
2 0
1.5
.4
.4
.3
.3
16.0
135 4
104.7
69 5
60.5
56.3
52.9
78 3
74.6
82.8
47.2
45.9
46.8
48.6
47.2
49.1
51.1
52.3
51.3
60.2
59.2
59.3
10.2
' 9.8
9.3
6.4
5.7
7.0
6.3
6.0
6.4
6.2
6.0
24.3
23.6
23.2
24.9
23.6
21.1
21.2
20.9
17 A
15.9
17.2
20.6
138.8
139.7
137.9
135.4
135.6
130.9
129.2
134.5
152.9
160.1
158.7
151.4
594 0
508.7
384 0
367.8
246.7
257.9
329 7
392.8
708.3
86 0
39.9
23 0
20.9
12.6
19.9
25 9
25.4
47.7
979.2
967.3
957.2
963.4
923.9
960.9
1,029.0
1,046.8
1,083.8
1,113.5
1,162.8
1,111.6
36.9
34.1
29.2
33.1
31.8
29.2
22.5
18.9
18.5
23.5
25.3
21.6
6.5
Canada
Latin
America
Asia 1
274 9
172.2
101 0
88.4
72.6
77.6
107 5
140.7
312.9
60 4
39.7
36.0
33.6
34.3
37.8
28 1
53.3
52.2
99 1
113.3
122.7
148.3
99.7
112.2
131 0
158.9
226.8
144 1
174.1
117 8
87.9
35.3
26.3
51 4
29.9
99.2
15 5
9.3
6.4
9.7
4.8
3.9
11 7
9.9
17.2
278.9
274.0
268.6
266.0
258.9
260.6
328.2
346.3
364.9
381.9
389.0
386.4
34.0
32.2
29.1
29.8
26.5
27.5
25.2
25.4
28.4
27.7
24.9
25.9
444.9
451.8
447.7
466.7
477.5
514.3
519.3
517.5
537.3
559.6
581.7
544.2
185.0
177.7
177.5
164.6
127.7
127.0
126.6
134.4
131.1
121.5
145 0
133.5
36.3
31.7
34.3
36.3
33.3
31.5
29.7
23.1
22.1
22.8
22 3
21.7
Other
Total
Europe Europe
All
other
l
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics. Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
1438
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
Finland
Germany
Greece
.
.
.
.
.
56.3
52.9
78.3
74.6
82.8
.8
.7
.7
.6
7.5
0)
0)1
C)
0)
.5
5.6
7.6
34.0
33.9
33.9
33.9
30.4
1.1
.6
.6
.7
12.4
1947—July 31.
Aug. 31 .
Sept. 30.
Oct. 31 .
Nov. 30.
Dec. 31.
1948—Tan. 31 .
Feb. 29.
Mar. 31 .
Apr. 30.
M a y 31 .
June 30.
138.8
139.7
137.9
135.4
135.6
130.9
129.2
134.5
152.9
160.1
158.7
151.4
9.0
10.3
11.2
13.2
12.9
15.0
12.7
11.3
24.2
20.7
18.8
18.6
.6
.4
.6
1.0
1.1
2.2
1.5
3.2
6.6
9.9
8.6
3.5
30.3
30.3
30.3
30.5
30.5
30.5
30.6
30.5
30.4
30.4
30.3
30.4
13.0
12.6
12.4
12.8
12.8
10.6
10.1
10.2
9.6
7.2
6.8
4.7
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31
31
31
31
31
0)
0)
6.2
17.8
17.9
17.5
13.1
11.9
8.0
8.3
7.6
7.0
6.1
5.6
5.7
Nor-
Portugal
Ru-
Spain
Swe-
.2
.2
35.1
31.6
3.3
2.4
1.4
.8
.5
1.0
C1)
3.2
3.2
1.8
1.6
7.2
.4
.2
.2
.9
4.9
0)'
C1)
0)
7.0
8.0
9.4
10.3
8.1
0)
0)
C1)
0)
10.7
8.9
12.1
11.5
11.6
1.3
1.3
1.2
1.3
1.1
1.1
1.2
1.2
1.5
1.4
1.1
1.0
11.9
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
1.6
1.3
1 2
1.3
1.4
.9
1.5
3.5
3.7
4.6
5.5
3.3
8.7
9.3
9.3
9.3
7.6
5.4
4.0
3.7
3.5
2.8
4.1
5.2
bourg
0)
All
USSR Yugoslavia other
0)
0)
0)
8.4
5.0
5.1
4.7
9.4
0)
C1)
37.5
36.2
32.6
30.6
36.1
35.8
35.8
40.5
45.4
52.954.3
55.3
0)
0)
()
0)
0)
0)
0)1
0)'
0)
0)
0)
0)
0)
.1
.1
C 1)
C)
0)
0)1
C)
Latin America
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31
31
31
31
31
1947—July
Aug.
Sept.
Oct.
Nov.
Dec.
1948— Tan.
Feb.
Mar.
Apr.
Mav
June
31 .
31
30
31
30
31
31
29
31
30
31 .
30
. .
Colombia
Latin
BoAmer- Argenlivia
tina
ica
Brazil
Chile
99.7
112.2
131.0
158.9
226.8
15.3
16.6
21.0
41.8
16.7
18.9
25.3
24.7
49.8
444.9
451.8
447.7
466.7
477.5
514.3
519.3
517.5
537.3
559.6
. 581.7
544.2
65.8
71.8
65.5
67.4
66.4
65.2
60.0
60.3
57.2
50.5
52.6
58.7
164.1
163.6
161.4
162.3
162.0
165.8
169.8
175.2
185.9
2 2 194.5
3 . 1 209.7
2 . 5 187.6
6.9
15.3
3.1
3.0
1.8
1.8
1.3
2.3
14.6
20.7
12.2
15.5
16.8
26.4
.6
.7
1.2
1.2
2.9
20.1
47.4
33.3
25.7
20.5
22.7
21.7
22.8
22.3
27.8
29.3
27.1
24.9
21.9
20.4
21.6
35.7
35.2
35.9
32.0
31.2
32.6
35.7
36.9
39.3
50.5
47.9
48.0
3.9
3.8
3.6
4.0
3.6
3.5
3.3
3.5
3.2
3.1
2.9
2.2
53.3
54.5
59.7
73.8
91.5
108.6
113.4
106.4
109.1
124.1
110.1
90.5
9.0
6.6
3.3
3.2
3.4
4.2
2.9
2.0
2.4
2.3
2.3
Costa Cuba
Rica
NetherFrench
lands
West
West PanaIndies Mexico Indies
and
ma
and
GuiSuriana
nam
.2
8.3
.1
.2
11.0
25.5
.8
2.1
1.1
.8
1.1
1.3
.6
.1
27.6
31.0
30.2
39.5
38.3
52.2
51.8
52.7
59.9
58.3
75.8
73.4
1.0
1.1
1.1
1.2
1.2
1.1
.8
1.1
1.3
1.3
1.4
1.3
2.7
3.8
4.9
4.9
5.0
4.7
4.8
4.2
4.1
4.2
4.4
4.4
C1)
0)
(l)
4.8
.3
.5
.3
11.2
8.6
0)1
C)
0)
!i
.i
.i
0)
(l)
.5
Other
Vene- Latin
zuela America
Peru
14.2
2.8
1.4
1.2
1.9
3.7
3.9
3.8
5.1
6.1
8.7
11.7
33.4
23.1
5.9
6.3
6.5
6.7
6.1
4.3
4.1
3.9
4.1
3.8
4.0
4.1
18.2
18.5
15.3
14.6
15.1
15.3
14.2
16.9
17.6
17.0
19.3
19.9
42.3
36.2
38.3
33.4
31.9
31.0
29.6
26.8
28.5
28.1
30.1
29.9
8.7
Asia and All Other
Egypt
Neth- PhilChina
Britand French Union
er- ippine Tur- Other All Aus- New Angloand French Hong
of Other
ish
2
tra- Zea- Egyp- Mo- South
Asia Man- Indo- Kong India Ma- Japan lands
Iskey
Asia
other
East lands
lia land tian rocco Africa
chu- China
laya
Indies
ria
Sudan
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—July 31 .
Aug. 31. .
Sept. 30
Oct. 3\ . . .
Nov. 3 0 . .
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31. . .
Apr. 3 0 . . .
May 31. .
June 3 0 . .
1
2
35.3 11.1
26.3
1.7
1.5
51.4
1.0
29.9
99.2 53.9
31
31
31
31 . .
31
185.0
177.7
177.5
164.6
127.7
127.0
126.6
134.4
131 .1
121 .5
145.0
133.5
110.7
108.2
103.7
78.6
41.3
40.8
37.1
37.9
38.1
36.4
51.7
55.5
0)
0)1
C)
0)
0)
.1
.3
3.2
3.3
3.3
.3
.2
.3
.3
.2
.6
.6
.9
1.0
.9
.8
5.9
3.1
3.1
2.1
2.2
1 .9
2.6
2.9
3.9
3.7
3.5
4.5
4.6
2.2
2.0
22.3
7.5
12.0
33.7
27.5
27.5
28.9
28.2
29.6
27.0
25.5
26.0
26.1
24.3
28.1
.7
.5
.1
.1
.2
1.6
1.6
.8
1.0
.8
.9
.7
.7
.6
.6
1.5
1.1
.5
.5
.5
.5
.2
1.6
.3
.3
.3
.3
.3
.9
4.0
5.7
5.9
4.0
4.2
1.1
.5
.5
.7
.4
.4
.5
.4
3.1
.6
1.7
1.5
1.4
1.0
.5
.6
.7
14.4
13.9
13.8
13.8
20.2
25.1
24.5
24.5
27.7
29.0
27.4
29.3
31.0
31.1
33.7
42.7
31.7
1.8
3 2
1.8
2.0
1-4
3.2
3.5
5.6
13.1
12.9
17.7
17.6
18.6
15.5
7.3
6.1
2.0
2.0
1.8
8.8
2.7
4.4
6.7
8.4
9.0
9.1
9.6
6.3
7.4
7.7
9.4
9.3
8.7
8.0
4.8
3.9
11.7
9.9
17.2
36.3
31.7
34.3
36.3
33.3
31.5
29.7
23.1
22.1
22.8
22.3
21.7
1.0
.5
.6
1.7
3.4
.7
.2
.2
.7
1.1
11.3 1.7
9.0
1.5
10.2 1.4
12.0 2 . 0
10.2 2 . 3
9.0
8.5
6.4
4.7
4.3
3.4
2.2
1.5
1.4
1.1
.9
.7
.6
.1
.1
.2
.3
.4
0)1
C1)
C)
.1
0)
10.1
.2
.2
.7
.2
.2
.1
.1
.1
.1
.2
2
A
.1
.3
.3
.6
.4
.5
.3
.5
.4
.3
.2
.2
18.8
15.8
15.0
14.5
14.2
14.4
14.3
10.0
10.1
11.7
11.8
12.0
1.7
2.4
9.7
4.7
1.2
.7
1.0
2.5
2.2
4.2
4.9
6.7
7.0
6.0
6.a
5.0
5.0
6.0
5.6
6.1
6.5
Less than $50,000.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
NOVEMBER
1948
1439-
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1948
International Fund
July1
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
1947
May
Feb.
1,400 1,363 1,357 1,345
1,441
4,000
1,143
(2)
7,986
1,559
3,869
1,176
(2)
7,961
1,450
3,992
1,171
(2)
7,976
1,929
3,304
1,342
(2)
7,922
2
1947
Currency bought 3
(Cumulative figures)
Sept.
Belgian francs
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders. . . .
Norwegian kroner
Turkish liras
Pounds sterling
33.0
July
Aug.
33.0
Aug.
33.0
6.0
10.2 10.2 10.2
.3
.3
125.0 125.0 125.0 100.0
44.1 44.1 44.1
22.5 22.5 22.5 13.5
75.4 75.4| 75.4 24.0
9.6
9.6
9.6
5.0|
5.0
5.0
300.0 300.0 300.0
Total.
International Bank
Aug.
Sept.
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock4. .
Loans (incl. undisbursed portions)
Other assets
Bonds outstanding
Loans—undisbursed
Other liabilities
Special 4reserve
Capital
Accumulated net income
June j Mar.
89
927
420
5
509
9
254
26
2
4
667
5
102
918
165
914
410
5
497
7
250
94
2
2
1,657 1,653
3
1
422
5
497
5
254
27
4
3
Sept.
335
873
407
45
455
3
250
223
2
(2)
1,645
-2
1
2
Quarterly statements on a new fiscal year basis.
Less than $500,000.
s As of Sept. 30, 1948, the Fund had sold 622.4 million U. S. dollars;
in addition, the Netherlands received 1.5 million pounds sterling in
May 1947 and 300 million Belgian francs in May 1948, and Norway
received 100 million Belgian francs in June 1948 and an additional
100
million in July 1948.
4
Excludes uncalled portions of capital subscriptions, amounting to
6,669 million dollars as of Sept 30, 1948, of which 2,540 million represents the subscription of the United States.
639.9 633.9J 633.6 137.5
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold*
Assets of banking
department
Other
assets 2
Notes
and
coin
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation 3
Deposits
Bankers'
Public
E.C.A.
Other
Other
liabilities and
capital
25
30
29
28
27
25
31
30
29
27
26
25
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
.2
.2
.2
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
L,250.0
1,400.0
L,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
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
5.3
10.3
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
1947—Oct. 29
Nov. 26
Dec. 31
.2
.2
.2
,450.0
L,450.0
1,450.0
91.4
111.2
100.8
5.9
4.5
15.2
318.9
302.1
331.3
1,360.8
1,340.5
1,349.7
288.8
292.5
315.1
13.8
14.0
18.6
95.9
93.3
95.5
17.8
18.0
18.1
1948—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
.2
.2
.2
.2
2
'.2
.2
.2
.2
5 1,400.0
5 1 ,350.0
5 1,300.0
131.5
118.9
54.8
63.1
56.7
48.7
16.1
48.0
65.4
12.7
11.3
14.4
14.5
9.8
17.8
13.4
5.4
25.0
274.3
284.3
367.0
350.6
366.9
383.8
400.5
405.8
397.3
1,269.0
1,231.6
1,245.9
1,237.8
1,244.2
1,252.2
1,285.0
1,253.3
1,236.4
290.8
290.6
314.3
307.4
311.8
325.4
311.0
300.3
300.0
16.3
12.1
9.0
12.6
10.7
14.5
11.2
16.9
22.3
93.0
93.3
94.3
90.3
93.0
92.2
89.4
90.1
93.3
18.3
18.4
18.6
17.8
18.0
18.2
18.3
18.4
18.5
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
28
25
31
28
26
30
28
25
29
L,300.0
1,300.0
1,300.0
,300.0
,300.0
,300.0
"33.4 '
53.6
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 decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948. For details on previous changes in the fiduciary
issue see BULLETIN for February 1948, p. 254.
NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see
pp. 560-561 in same publication.
1440
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31
30
31
31
31
31
30
31
31
t.
Sterling
and United
States
dollars
Gold
185.9
225.7
(*)
Dominion and provincial government
securities
Deposits
Other
assets
Dominion
government
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
19.1
17.8
27.7
29.8
93.8
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
53.1
46.2
43.7
1,179.4
1,182.3
1,211.4
548.7
536.7
536.2
143.4
84.2
68.8
71.2
62.0
67.5
46.9
42.8
42.4
48.2
47.2
62.7
60.5
51.6
56.8
39.2
50.2
55.3
1,157.5
1,156.3
1,180.8
1,183.0
1,195.7
1,206.5
1,220.3
1,226.9
1,267.7
538.3
531.8
519.2
558.9
547.3
517.0
502.5
525.1
550.9
44.6
60.8
42.2
57.9
135.9
138.4
119.0
105.1
87.3
60.6
75.0
86.7
126.0
95.8
107.2
84.1
90.3
78.2
41.7
24.0
25.9
26.9
32.0
31.7
32.1
36.2
44.7
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
.7
1.4
2.0
1,136.4
1,039.9
1,022.0
799.4
820.6
858.5
931.3
974.4
985.2
1,124.1
1,179.7
1,152.9
1,145.2
1,155.2
1,216.3
863.2
825.7
806.7
767.8
775.0
790.9
773.6
778.1
757.2
1948—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
M a y 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
1
.2
.5
.2
.1
.1
.2
(Figures in
millions of francs)
Domestic bills
Gold*
Foreign
exchange
Other
3.1
17.9
9.5
6.0
Liabilities
Assets
Bank of France
Other
liabilities
and
capital3
Chartered
banks
Short-J
term
1947—Oct. 31.
Nov. 29.
Dec. 31.
Note
circulation2
Open
market 7 Special"
Other
Advances to
Government
For occupation
Other »
costs 8
Deposits
Other
assets 9
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577
Note
circulation
87,265
29.
97,267
28.
84,616
26.
84,598
31.
31.. 84,598
84,598
30.
28.. 75,151
27. 129,817
94,817
26.
821
112
42
38
37
37
42
68
7
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
77,621
1,797
2,345
661
12
169
29
48
303
3,135
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
1947—Sept.
Oct.
Nov.
Dec.
25..
30.
27.
31.
52,817
52,817
65,225
65,225
7
10
13
12
107,877
108,050
111,368
137,397
130
250
285
64
101,935
132,913
150,065
117,826
426,000 139,300 1103,067 852,195
426,000 127,800 niO8,155 867,700
426,000 116,000 "110,303 879,492
426,000 147,400 U121,061 920,831
1948—Jan. 22«
Mar. 25..
Apr. 29..
M a y 27..
June 24..
July 29..
Aug. 26..
Sept. 30.
65,225
65,225
65,225
65,225
65,225
65,225
65,225
65,225
9
15
17
22
21
45
50
60
145,814
157,997
156,424
149,849
141,276
148,812
147,288
160,930
64
12
55
27
55
156
544
4,808
125,687
147,841
149,341
165,265
165,984
169,674
163,109
161,571
426,000 120,700
426,000 155,000
426,000 129,500
426,000 121,800
426,000 122,800
426,000 153,200
426,000 156,800
426,000 160,700
20,627
34,673
63,900
69,500
68,250
64,400
15,850
67,900
"104,474
H108.979
11113,590
11113,938
H102.405
1113,212
1104,213
"138,910
Other
41,400
64,580
16,857
10,724
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
779
762
846
733
71,299
81,030
87,513
82,479
6.861
6,502
11,408
10,942
771
791
790
812
738
764
858
788
82,849
271,034
265,123
256,948
216,026
225,251
203,467
193,031
12,808
16,045
15,186
15,800
16,362
13,646
14,011
13,752
Government
110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
721,865
765
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
72,317
142,507
210,965
326,973
426,000
426,000
426,000
C.A.R.W
Other
liabilities
and
capital
891,546
773,199
759,054
768,567
790,639
836,662
844,894
910,633
1
J
8
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
* On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
«Less than $50,000.
• Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. 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, pp. 878-880.
7
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.
10
Central Administration of the Reichskreditkassen.
" 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.
xl
Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
NOVEMBER
1948
1441
CENTRAL BANKS—Continued
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately...
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks 1 .
Other assets
Currency circulation *
Deposits—Member bank
Government x
Nationalized
Other
Other liabilities and capital
Commonwealth Bank of Aus-
tralia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
1947
1948
Central Bank
(Figures as of last report
date of month)
Sept.
Aug.
Sept.
July
Sept.
Central Bank of Chile—Cont.
Note circulation
Deposits—Bank
410
384
Other
953
Other liabilities and capital..
873
262
,515
656 Bank of the Republic of Colombia
,127
657
(thousands of pesos):
,233
498
Gold and foreign exchange 8 . . . .
513
Net claim on Int'l. Fund *
,841
089
Paid-in capital—Int'l. Bank. . .
,506
78
Loans and discounts
339
831
Government loans and securities
963
Other assets
Note circulation
Deposits
Other
liabilities and capital
,620
267 .832 263,709
,011
2 ,984
National Bank of Costa R i c a Issue dept. (thousands of colones):
369 167 376,869 404 821
Gold
45 590 47,720 13 333
Foreign exchange
196 605 196,605 200 393
Contributions to Int'l. Fund and
to Int'l. Bank
,980 237, 514
269 920
Loans and discounts
,699 29 341
28 931
Securities
,096 129 537
190
Other assets
Note circulation
Demand deposits
Other liabilities and c a p i t a l . . . .
48
49
48
48
36
89
98
96
3 National Bank of Czechoslovakia
444
251
263
(millions of koruny):
,359
7,340
,337 7,324
Gold and foreign exchange 9 . . .
3
4
5
5
,099
Loans and discounts
5,132
,914 4,737
Other assets
593
610
641
,801
Note circulation
483
409
461
,547
Deposits
1,718
,733 1,971
Other liabilities and capital
606
,761
620
1,898
873
17,459
012
077
518
,765
,267
305
931
(millions of francs):
Gold
Foreign exchange
Net claim on Int'l. Fund *
Loans to Government
Other loans and discounts
Claim against Bank of Issue
Other assets
Note circulation
Demand deposits
Blocked accounts *
E. C. A
Other liabilities and capital
27,922
11,336
544
51,045
10,280
64,597
1,762
81,112
5,516
78,696
Central Bank of Bolivia—Monetary dept. (millions of bolivianos^
Gold at home and abroad.
Foreign exchange.
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital.
(June)"
954
174
453
765
8
1,883
227
244
2,162
National Bank of Bulgaria 6
Central Bank of Chile (millions
Gold 7
Foreign exchange (net)
Net claim on Int'l. Fund •
Discounts for member banks. .
Loans to Government
Other loans and discounts
Other assets
1948
Central Bank
(Figures as of last report
date of month)
,151
177
1
,101
782
,308
,380
1,152
107
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Contributions to Int'l. Fund and
to Int'l. Bank
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account
Other assets
Note circulation
1 ,754
Deposits—Government
Other
Other liabilities and capital
28,478
12,169
1,164
48,686
4,939
64,597
2,196
78,125
3,653
78,699
922 Central Bank of t h e Dominican
343 Republic (thousands of dollars):
250
Gold
631
Foreign exchange
13
Net claim on Int'l. Fund *
Paid-in capital—Int'l. Bank
1,730
204
Government securities
225
Other assets
Note circulation
Demand deposits
Other liabilities and capital
200
1
1,151
782
1,345
1,350
1,136
1,375
1,45
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Aug.
4,287
922
278
414
137,762 153
21,868 21
1.
1,230
168,624 157,
119,718 123.
58,500 56^
295,743 300.
168,103 171
43,856 42.
1947
Sept.
July
4,293
877
340
378
3,803
639
322
501
260 182,175
,685
,309
,321
,360
,490
,324
,454
,883
,151
230
983
,831
375
309,390
166 218
939
21,867
1,225
126,208
81,383
42,223
249,838
167,085
38,158
11,684
14,102
11,448
11,544
30,321 30,321
84,650 60,308
16,490
3,992
1,745
1,158
104,366 75,904
47,632 36,057
6,993
6,810
3,922 3,505 3,403 4,833
22,119 20,685 19,349 5,117
50,579 50,418 50,736 57,860
65,153 64,018 61,518 48,946
1,773 6,193
1,094
844
10,374 9,746 10,197 12,670
70
98
70
117
70
101
71
82
65
-7
23
96
5,161
179
1,465
1,809
2,256
155
65
5
16
82
5,190
171
1,428
1,772
2,362
154
65
12
16
87
5,202
178
1,446
1,805
2,326
154
16
16
123
,840
256
,452
,159
,640
152
4,000 4,000 4,000
14,375 15,611 16,055
1,250
1,250
1,250
40
40
40
4,000 4,000 3,000
104
143
122
18,115 19,131 18,883
5,538 5,738 5,422
156
277,299
29,595
16,882
217,057
113,237
340,322
237,389
76,359
154
146
277,416 277 330
954
16 757
882
16 882
235 709 241 571
111 901 104 357
335 149 325 ,801
250 645 242 074
72 871 70 311
274,775
38,081
16,877
236,412
110,036
340,259
263,859
72,062
1
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund,
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
6
Latest month available.
6
For
last available report (January 1943), see BULLETIN for July 1943, p. 697.
r
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
8
Gold
not reported separately beginning May 31, 1948.
9
Gold not reported separately beginning Dec. 31, 1946.
;
3
1442
Until such
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—C ontinued
Central Bank
(Figures as of last report
date of month)
1948
Sept.
Aug.
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other .
Other liabilities and capital
July
Sept.
6 ,376
6 376
13,773 14 ,650
286
1 920
310 802 9 9 8 ,931
20,464 26 ,437
,619
130 681
79,142 92 ,466
134 100 117 ,085
9,412 15 ,510
Central Reserve Bank of El Salvador (thousands of colones):
Gold
.
Foreign exchange (net) l . . . .
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
36 ,471 36,510 36 ,979
3S 790
1 ,564
335
5 ,319
\
4 9 847
26 378
5 ,803
S t a t e Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
Foreign exchange
Treasury bills
Other assets
C irculation—Notes
Coin
Other liabilities and caoital
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearinffs (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
1947
9 891
32 5 7 0
5 832
29 459
'I "3 899
28 704
*930
2 891
2 632
35\786
2 832
29 243
43 74°
28 704
930
268
-140
268
— 222
9
268
—57
39 870 39 686
1 ,564 1 ,563
1 190 9 146
5 ,510
5,123
803
1 596
=50 85^ 49 0S3
102
29 188
5,759
5 ,532
7g9
Central Bank
(Figures as of last report
date of month)
National Bank of Hungary—
Cont.
Note circulation
Demand deposits—Government
Other
Other liabilities and capital
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other
Other assets
340
2 819
228
403
102
1 435
340
467
280
403
50
1 731
340
789
447
Aug.
2,507
272
1,357
507
July
2.413
182
949
490
427
Sept.
924
1 ,834
227
837
471
114
385
497
444
7,966 10 , 808 11 ,353
3 683 1 14-1
578
348
438
452
12.152 12 ,340 11 ,736
377
3,061
48
1
758
4,062
47S
3 ,120
37
1
501
3
199
182
988
3
,870
?0
1
919
5 578
21.3
Central Bank of Ireland (thousands
of pounds):
Gold . . .
2 ,646 2,646 2 ,646 2 ,646
40 510
Sterling funds
40,262 39,728 40
9 150
874 43 ,157
Note circulation
42,908 42 374
9 0 815
2 839
21 39^
41 779
21 175
238
2
937
1 2 50 1 9 50
9 ,820
2 ,668
8 377
11 749
30,506 9 8 ,852
9 8S5
2 941
5,813
7 ,803
12 527
451
9,948
8 ,554
403
93
760
Sept.
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad..
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted. .
Loans to Government
Other assets
Deposits
Other liabilities and capital
Bank of Italy (millions of lire):
Gold...
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
Government securities . . . . .
Other assets.
Bank of Italy notes
Allied military notes
Deposits—Government . . .
Demand
Other
Other liabilities and capital
—3 255 — 1 0S1 —4 060 —2 813
38,351 39 ,125 38,071 32 ,875
994
916
902
417
1,406
741
887
1 ,179
9
8
078
27 371 24 484
28,189 1
1 669 Bank of J a p a n (millions of yen):
2 392
744
1 601
Cash and bullion
7,125 7 ,037 6,873 6 ,446
Advances to Government
Loans and discounts
Bank of Greece (billions of drachGovernment securities
mae):
Reconversion Fin. Bk. bonds. . .
Gold and foreign exchange (net).
641
641
650
Other assets
Loans and discounts
20
16
23
Note circulation
164
1 108
734
Advances—Government
1 272
Deposits—Government
1 306
Other
993
129
Other
244
213
Other assets
1 049
Other liabilities. . ,
Note circulation
1 046
764
169
190
Deposits—Government
74
Bank of Java 2
Reconstruction and
118
relief accts.
96
198
Bank of Mexico (millions
of pesos):
262
261
Other
Monetary reserve 3
1,691
1 ,486
1 ,742
Other liabilities and capital
"Authorized" holdings of securities, etc
Bank of G u a t e m a l a (thousands of
Bills and discounts
quetzales):
Other asf3ets
27 228 9 7
Gold
.
Note circulation
18 839
839
Rediscounts and advances
Other assets. .
Circulation—Notes
Coin
Deposits—Government
Banks . . . . . . .
Other liabilities and capital . .
1947
1948
393
92
1 291
340
242
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
E. C. A.
Other
Other liabilities and capital
59 S
525
15,583 14 ,216
641 587687 402
593
6 365
5 0 9 297
4 ,238
149 776 127 441 199 525
157 664 154 696 1 0 9 ,497
156,891 126 ,707 46 ,664
796 563 791 030 S96 ,961
71 S 70 794
54,274
9 389 7 283
69,280 60 ,731 51 ,362
159 939 165 146 50 ,656
32,581 31 ,082 22 ,406
642
77,596
58,024
93,917
48,924
13 398
254 200
8,808
17 924
11 560
635
637
1 649 1 710
735
755
235
189
1 790 1 798
7 SO
735
75
455
455
1
457
147
3,300
358
117
3.O7F
523
o3
67
534
336
1
452
148
3,300
361
116
3,035
504
78
107
541
337
620
2 ,857
70 953 49 378
48 ,871 36 ,705
96 ,031 62 ,845
49 ,856 23 ,367
0 996
838
M l 365 1 56,417
8 007
4 716
18 ,042 16 ,533
4 ,325
914
607
656
747
226
1 714
714
697
1 490
610
163
1 662
963
294
1
482
1
458
181
3 , 300
334
118
-> .996
765
51
520
305
502
9
379
154
3 ,600
152
9 ,356
860
79
647
220
1
sents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
This figure represe
engages in operations in this currency, the "net claim" will equal the country's gold contribution.
time;2as the Fund engag<
For
last
available
report (January 1942), see BULLETIN for March 1943, p. 278.
3
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
NOVEMBER 1948
1443
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
Sept.
Aug.
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital
32,605
9,916
21,301
48,446
76,772
4,944
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account ( n e t ) . . . .
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities and capital...
298
450
55
58
7,924
63
2,080
3,875
1,174
767
284
669
Sept.
2,802 2,802 2,802
63,537 77,288 79,705
Bank of Paraguay—Monetary
dept. (thousands of guaranies):
738
738
Gold
9,262 12,583
Foreign exchange (net)
2,709 2,709
Net claim on Int'l. Fund x
-14
-16
Paid-in capital—Int'l. Bank. . . .
52,461 45,310
Loans and discounts
5,374 5,569
Government loans and securities
2,401 1,861
Other assets
56,078 54,728
Note and coin issue
12,567 8,740
Demand deposits
4,286 5,287
Other liabilities and capital
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund *
Contribution to Int'l. B a n k . . . .
Loans and discounts to banks.. .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities and capital
National Bank of R u m a n i a
July
4,157
9,720
424
1,278
520
8,310
1,099
5,713
977
31,611 30,107
11,732 3,868
4,580
944
47,953 47,135
75,194 65,449
4,865 4,842
302
437
76
60
,924
57
,066
,877
,193
771
292
657
339
575
72
73
8,103
65
1,967
3,917
1,363
896
327
757
75,554
53,561
86,886
11,650
65,199
155.516
6,936
Sept.
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad- 4
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of the Republic of
Turkey (thousands of pounds):
Golds
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital
738
722
158 23,835
709 2,708
-16
3
808 16,559
493 9,451
568
455
628 41,289 Bank of the Republic of Uruguay
767 9,328 (thousands of pesos) :
063 3,116
Gold
Silver
Paid-in capital—Int'l. Bank. . . .
Advances to State and government bodies
,041 133,443
Other loans and discounts
,496 20,491
,356
Other assets
2,480
,654 91,792
Note circulation
,952 694,108
Deposits—Government
,163 102,111
Other
,414 688,003
Other liabilities and capital
,463 229,023
,784 127,400 Central Bank of Venezuela (thousands of bolivares):
Golds
Foreign exchange (net)
Other assets
196
4,975
Note circulation—Central Bank.
778 11.289
National banks.
412
391
Deposits
278
1,286
Other liabilities and capital
511
572
277
057
921
921
8 215
2,127
7,168
1,00:
2
South African Reserve Bank
(thousands of pounds):
Golds
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
1948
Central Bank
(Figures as of last report
date of month)
039 197,710
557 30,969
695
9,029
824 10,413
290 62,562
798 179,255
026
6,304
,217
500
,019
,695
,067
,972
812
,132
582
1,215
522
15,766
9,091
3,271
23,886
2,089
3,363
529
Aug.
1947
July
Sept.
178
206
178
176
178
188
204
343
,165
100
643
,884
616
108
683
,277
51
619
,824
595
218
662
3,041
150
463
2,784
645
119
472
2,638
234
311
2,664
570
135
360
5,774
174
145
97
4,322
1,326
542
5,607
145
126
92
4,246
1,179
545
5,560
124
204
93
4,233
1,202
546
,307
65
157
99
,108
,174
346
448,583 450,689 458,542 473,960
98,726 107,727 119,668 292,756
744,254 716,917 688.213 633,178
210 394 187,642
210,367 210.
36 180 33,857
41,061 31.
886 119 942,096
914,719 896,
153 029 149,338
153,030 153,
245.214 287,951
222,169 234,
228,635 242,008
253,074 233,
300,640 277,278
12,344 13,068
318
314
64,299 33,109
203,695 164,034
289,256 266 ,718
246,452 216,345
79,377 54,985
263,078 249 ,175
281,642 234,021
830,044 829
61,496
85,761
630,618
3,153
325,394 308
18,136 40
625
346
528
815
248
092
343
557,408
94,278
83,449
495,612
4,335
187,156
48,033
National Bank 2of the Kingdom
of Yugoslavia
Bank for7 International Settlements (thousands of Swiss gold
francs):
Gold in bars
114,904
Cash on hand and on current
account with banks
29,935
Sight funds at interest
500
Rediscountable bills and accept17,889
ances (at cost)
Time funds at interest
23,818
Sundry bills and investments. . . 93,761
Funds invested in Germany. . . . 297,201
Other assets
1,377
Demand deposits (gold)
16,994
Short-term deposits (various
currencies):
Central banks for own account
82,413
Other
1,339
Long-term deposits: Special accounts
228,909
Other liabilities and capital
249,731
94,137 95,974 89,695
10,360 30,153
497
497
6,211
496
19,414 20,079
31,529 33,260
136,900 127,439
297,201 297,201
1,259
1,243
17,743 18,045
34,157
19,785
62,233
291,160
4,290
18,071
94,958 109,568
1,435
1,123
8,080
2,928
228,909 228,909 228,909
248,547 247,904 250,038
r
Revised.
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. LFntil such
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February3 1941), see BULLETIN for March 1942, p. 282.
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
* Includes small amount of non-Government bonds.
*6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.7
See BULLETIN for December 1936, p. 1025.
1444
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
er- Swegium lands
den
dom
In'effect Dec. 31,
1937
May 10, 1938. .
May 13
May 30
Sept. 28
Oct. 27
Nov. 2 5 . . .
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940. .
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 16, 1945. .
Jan. 20
Feb. 9
Nov. 7, 1946. .
Dec. 19
Jan. 10, 1947
Aug. 27
Oct. 9
June*28, 1948
Sept. 6
Oct. 1
In effect Oct. 31,
1948
2
2
4
4
3
2y2
Central
bank of—
Rate
Oct.
31
Albania
Argentina
Austria
Belgium
Bolivia
2
3
3
2
Switzerland
Date
effective
Central
bank of—
Rate
Oct.
31
Date
effective
Mar. 21, 1940
Mar. 1, 1936
Aug. 3, 1945
Aug. 27, 1947
Feb. 4, 1948
Ireland
Italy
Japan
Java
Latvia
Aug.
Feb.
Dec.
July
Apr.
Oct.
14, 1946
8, 1944
16, 1936
18, 1933
1, 1939
28, 1945
Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
Peru
6
Jan.
June
Oct.
Oct.
Feb.
15, 1946
8, 1943
15, 1946
1, 1935
6, 1948
Portugal....
Rumania....
South Africa.
Spain
Sweden
2y2
3
Jan. 12, 1944
Mar. 25, 1948
June 2, 1941
Oct. 27, 1947
Feb. 9, 1945
3
Oct. 1, 1948
U - 5 June 28, 1948
12
July 12, 1948
5
Nov. 1, 1947
3
Nov. 28, 1935
Switzerland..
Turkey
United Kingdom
U. S. S. R . . . .
Yugoslavia. .
I*
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
5
2
Nov. 23, 1943
Sept. 6, 1947
5.11 July 5, 1948
Jan. 14, 1937
3
5
Feb. 17, 1940
53J
2y2
3
Bulgaria
Canada
Chile
Colombia
Costa Rica....
Czechoslovakia
4
3
4
3
3
2
4
3
2
6
3
July 15, 1939
June 4, 1942
June 27, 1941
July 26, 1941
Jan. 9, 1946
Nov. 13, 1947
3
Denmark. . .
2
3y
7
El Salvador...
Estonia
Finland
3y
1M
2i/
3
4
2
1y
i «
France
Germany
Greece
Hungary
India
I"
sy2
2^&3
11-5
NOTE.—Changes since Sept. 30: France—Oct. 1, down from 3% and 4 to
3 per
cent.
l
T h e lower rate applies to the Bank Deutscher Laender 1md the higher
rate applies to the Land central banks.
3
3
2
1
1-5
3H
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Year and
month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
.60
.30
.74
.58
.53
.52
.51
1.92
1.02
1.00
1.00
1.00
1.00
1.00
.51
.51
.73
.62
.81
.75
.75
.75
.75
1.35
1.00
1.00
1.00
1.11
1.13
1.13
.63
.63
1932—Aug..
1933—Aug..
1934—Aug..
1935—Aug..
1936—Aug..
1937—Aug..
1938—Aug..
1939—Aug..
1940—Aug..
1941—Aug..
1942—Aug..
1943—Aug..
1944—Aug..
1945—Aug..
1946—Aug..
1947—Aug..
.69
.64
.52
.55
.65
.56
.53
.50
.38
.36
.40
.41
.74
.41
.79
.60
.55
.55
.53
1.58
1.03
1.03
1.03
1.03
1.03
1.03
.53
.53
1947—Sept..
Oct...
Nov..
Dec.
.41
.41
.41
.41
.53
.53
.53
.53
.51
.51
.51
.51
A 948— Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug..
.41
.41
.41
.41
.41
.41
.41
.41
.54
.56
.56
.56
.56
.56
.56
.56
.51
.50
.51
.51
.51
.51
.51
.51
France
Bankers'
allowance
on deposits
Day-today
money
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
.53
,66
.62
.68
.50
,32
1.46
1.41
1.30
1.18
1.00
1.50
1.50
1.50
2.47
2.25
1.00
1.00
1.00
1.50
1.25
1.25
.25
.25
.25
.25
.25
.63
.63
.63
.63
1.44
1.64
2.12
2.04
1.08
.95
.93
1.13
.75
.95
.74
.53
.25
.38
.38
.38
.63
.63
.63
.63
.63
.63
.63
.63
2.02
2.00
2.09
2.00
2.12
2.02
2.00
1.88
1.28
1.38
1.45
1.38
1.33
1.36
1.56
1.35
.57
.78
.99
.93
.94
.84
1.35
1.06
.50
.50
.50
.50
.50
.50
.63
.63
3.60
2.06
1.75
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172,
s PP. 656-661, and for description of statistics see pp. 571-572 in same publication.
^NOVEMBER
1948
1445
COMMERCIAL BANKS
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Assets
Cash
reserves
Liabilities
Treasury
Money at
call and Bills dis- deposit Securities Loans to
counted receipts *
customers
short
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilitiesand
capital
1941—December.
1942—December.
1943—December.
1944—Decem ber.
1945—December.
1946—December.
366
390
422
500
536
499
141
142
151
199
252
432
171
198
133
147
369
610
758
896
1,307
1,667
,523
,560
999
,120
,154
,165
,234
,427
823
794
761
772
827
994
324
325
349
347
374
505
3,329
3,629
4,032
4,545
4,850
5,685
2,168
2,429
2,712
3,045
3,262
3,823
,161
,200
,319
,500
,588
,862
253
236
245
250265
342
1947—September.
October...
November.
December.
465
468
488
502
472
466
476
480
758
825
799
793
,193
,147
,196
,288
,493
,500
,500
,483
1,155
1,185
1,205
1,219
476
487
492
567
5,615
5,690
5,767
5,935
3,653
3,713
3,781
3,962
,962
,977
,986
,972
397
387
389
396
1948—January. .
February. ,
March... .
April
May
June
July
August. . .
476
465
472
478
488
492
489
499
460
442
468
463
454
473
477
489
800
713
804
778
723
659
715
695
,217
,157
,153
,240
,248
,361
,320
1,323
,480
,485
,486
,482
,477
,478
,478
1,474
1,231
1,280
1,308
1,315
1,334
1,354
1,335
1,334
513
500
507
509
547
530
487
477
5,776
5,642
5,794
5,861
5,869
5,955
5,909
5,903
3,821
3,700
3,686
3,744
3,832
3,872
3,834
3,829
,955
,942
2,108
2,117
2,037
2,083
2,075
2,074
401
400
404
404
401
393
390
388
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other due from
Security loans
and foreign
loans
discounts banks
Entirely in Canada
Cash
reserves
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities^
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
356
387
471
550
694
753
32
31
48
92
251
136
169
168
156
211
274
1,507
168
231
250
214
227
132
1,759
2,293
2,940
3,611
4,038
4,232
653
657
744
782
869
1,039
71
60
42
34
26
21
3,105
3,657
4,395
5,137
5,941
6,252
1,436
1,984
2,447
2,714
3,076
2,783
1,669
1,673
1,948
2,423
2,865
3,469
1947—September
October...
November
December.
663
702
695
731
83
93
92
105
2,027
1,931
2,065
1,999
113
102
107
106
3,963
3,882
3,850
3,874
933
1,156
1,051
1,159
19
19
18
18
6,193
6,283
6,279
6,412
2,387
2,531
2,569
2,671
3,806
3,753
3,710
3,740
962
,049
,172
,289,386;
,525.
,570^
,563
,562*
1,544
1948—January. .
February..
March....
April
May
June
July
August. . .
698
679
698
710
728
685
671
712
77
70
65
76
80
84
77
77
1,953
1,933
1,922
1,930
1,925
1,930
1,948
1,958
97
108
106
108
127
135
128
144
3,972
3,968
4,036
4,072
4,066
4,143
4,154
4,209
1,029
1,017
1,123
1,114
1,107
1,129
1,019
1,082
18
18
18
18
17
17
17
17
6,281
6,227
6,399
6,464
6,456
6,528
6,446
6,609
2,457
2,346
2,472
2,513
2,501
2,592
2,487
2,606
3,824
3,881
3,927
3,951
3,955
3,936
3,959
4,003
1,5261,531
1,532
1,528
1,561
1,561
1,533
1,557
France
(4 large banks. End
of month figures in
millions of francs)
Assets
Liabilities
Cash
reserves
Due from
banks
Bills discounted
Loans
1941—December
1942—December
1943—December
1944—December
1945—December
1946—December
6,589
7,810
8,548
10,365
14,602
17,943
3,476
3,458
4,095
4,948
13,804
18,919
61,897
73,917
90,897
99,782
155,025
195,177
8,265
10,625
14,191
18,653
36,166
64,933
1947—August
September
October
November
December
21,585
20,950
19,696
21,597
22,551
19,464
20,451
19,018
20,691
19,410
210,551
209,323
211,760
205,314
219,374
1948—January
February
March
April
May
June
July
31,004
29,111
36,687
29,808
32,885
34,770
34,308
28,345
30,800
27,214
27,283
26,713
27,317
28,539
230,986
250,402
260,660
269,554
270,399
274,098
305,928
Other
assets
Deposits
Own
acceptances
Other
liabilities ;
and
capital
Total
Demand
Time
2,040
2,622
2,935
2,190
7,360
23,392
76,656
91,549
112,732
128,758
213,908
291,894
75,744
91,225
111,191
126,578
211,871
290,004
912
324
1,541
2,180
2,037
1,890
557
2,898
15,694
10,151
12,777
80,220
85,712
86,269
92,010
86,344
29,200
31,391
32,338
33,482
37,291
326,393
331,219
330,949
333,858
342,166
323,415
328,438
327,997
331,059
338,710
2,978
2,781
2,952
2,799
3,457
21,932
23,149
23,304
23,632
25,175
12,695
13,45914,830
15,603
100,960
98,196
101,565
105,112
113,086
112,566
110,301
28,604
29,248
32,114
33,661
35,138
38,313
39,267
384,403
401,930
419,991
423,905
435,436
440,776
470,004
379,194
396,683
414,629
418,077
429,788
435,902
465,104
5,210
5,247
5,362
5,828
5,649
4,874
4,900
25,218
25,123
26,173
26,878
27,104
28.590
28,044
10,278*
10,704
12,076
14,634
15,681
17,698
20,295 •
413
462
428
5,199
6,422
7,506
6,623^
17,628
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from.*
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except in June and December, when the statements will give end-of-month data.
* Represent six-month loans to the Treasury at 1 H per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
1446
FEDERAL RESERVE BULLETIN:
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
In cents per unit of foreign currency]
Australia
(pound)
Year or month
1942.
1943
1944.
1945.
1946.
1947
29.773
29.773
29.773
29.773
29.773
29.773
23.704
732
25.125
25.125
25.125
25.125
29.773
29.773
29.773
29.773
29.773
7
29.773
7 29.773
29.773
29.773
29.773
25 125
2 5.125
25.125
25.125
25.125
7
25.125
7 25.125
25.125
25.125
25.125
Czechoslovakia
(koruna)
Denmark
(krone)
4
6.0584
6.0586
6.0594
6.0502
6.0602
322.8O
6321.17
321.34
321.00
5.1427
5.1280
5.1469
5.1802
00
November
December.
January..
February.
March. . .
April. . . .
May
June
July
August...
September
October. .
9
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
2780
2793
2796
2798
2.2805
2.2807
2.2830
2.2844
2.2850
20.000
20.000
20.000
20.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
90.455
89.062
89.280
90.633
92.273
93.229
92 829
92.701
92.180
92.898
New
Zealand
(pound)
1942
1943
1944
1945
1946
1947
30.122
30.155
30.164
2O.5S1
20.581
20.577
1947—November
December
1948—January. .
February.
March. . .
April....
May
]une
July
August. . .
September
October. .
2 0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0C60
2.0060
i().3270
.3270
.3277
.3272
.3268
.3265
.3268
.3213
Straits
Settlements
(dollar)
30.172
30.168
30.168
H30.169
H30.169
H13.169
"30.169
H30.169
"30.168
H30.168
Switzerland
(franc)
JIM. 13
403.11
I.;?.IS
.L5
1
Through June 22, 1943, shown as official rate.
Through June 22, 1948, shown as special export rate.
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
4
Average of daily rates for that part of the year during which quotations were certified.
5
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
6
*
The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July 1-19 is 5.1902, and for Jan. l-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955.
7
8
Quotations not available June 23-July 14.
Quotations not available after June 10.
9
10
Based on quotations beginning July 15.
Quotations not available Jan. 24-Feb. 9.
11
n
Excludes Pakistan.
Quotations not available July 22-Oct. 12.
13
As of Aug. 19, the New Zealand Government increased the value of its currency, placing it on a par with the British pound.
14
Based on quotations through Oct. 15.
15
Quotations not available Aug. 1-Oct. 15. Rates shown in the first two columns are comparable to those shown previously under "Controlled" and "Non-controlled," respectively. The application of the new rates depends upon the type of merchandise. Averages for October are
based on quotations beginning Oct. 18.
2
3
NOVEMBER 1948
1447
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
1926
1934
1935
1936
1937
1938
1939
1940 .
1941
1942
. . . .
1943
1944
1945
1946
1947
,. .
1947—October
November
December
1948—January
February
March
April
May
June
July
August
September
....
.
,.. .
Canada
(1926 =
100)
100
100
75
72
80
81
86
72
75
85
Mexico
(1929 =
100)
United
Kingdom
(1930 =
100)
» 124
95
95
101
119
Italy
(1938 =
100)
France
(1938 =
100)
106
88
58
89
94
109
52
63
89
79
77
79
87
99
103
104
106
79
75
83
90
96
100
103
104
126
127
128
136
148
182
227
247
101
103
137
153
159
163
166
169
100
105
139
171
201
234
265
375
121
109
175
129
286
152
159
160
163
Netherlands
(July 1938June 1939
= 100)
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
132
150
i 126
144
99
90
196
90
103
110
133
87
91
108
100
102
114
90
96
111
Japan
(1933 =
100)
65
72
80
94
100
104
121
136
102
105
131
150
157
160
164
181
111
115
146
172
189
196
196
194
107
111
143
184
210
218
223
221
251
186
199
215
271
302
192
648
989
5,159
140
155
173
183
197
209
233
308
1,599
5,103
139
143
144
304
306
303
199
203
204
1.129
1,211
L.217
6,010
5,647
5,526
7,833
8,599
8,863
274
277
280
203
204
205
230s
232
232
166
161
161
163
164
166
169
147
147
147
149
150
152
152
302
304
303
303
313
321
326
212
217
217
219
220
222
222
1,463
1,537
1,536
1,555
1,653
5,373
5,352
5,318
5,240
5,185
9,144
9,288
9,485
9,537
9,634
10,029
14,049
279
279
279
279
279
280
P279
234
234
235
234
169
169
158
158
331
328
221
220
207
209
210
213
214
216
215
153
691
P5,141
1,698
Pl 783
Pl.791
P5.131
P280
217
224
233=
233
232
231
P Preliminary.
i Approximate figure, derived from old index (1913 = 100).
Sources.—See
B U L L E T I N for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October
1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1926 = 100)
United States
(1926 = 100)
Year or month
Other
Farm
commod- products
ities
United Kingdom
(1930 = 100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Farm
products
Foods
1926
100
100
100
100
100
100
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
65
79
81
71
84
82
78
78
80
59
64
69
64
66
71
73
73
74
65
70
81
64
86
69
1947—October
86
74
85
82
87
74
68
82
71
83
83
89
68
73
106
123
100
107
96
97
85
98
123
128
149
181
105
106
131
169
190
Foods
Industrial
products
85
87
92
90
90
96
Netherlands
(July 1938-June 1939 = 100)
Foods
Industrial raw
products
84
73
81
78
102
97
112
104
67
75
97
106
103
112
160
164
157
157
170
175
184
207
179
193
282
328
163
184
261
276
218
159
172
200
214
213
175
174
339
221
227
341
277
279
279
75
82
82
89
133
146
90
99
92
93
158
160
99
100
110
135
107
112
118
126
104
106
110
131
94
94
99
117
178
140
129
139
128
188
178
142
178
143
131
197
146
133
December
1943—January . . . .
February
March
April
May
June
July... .
August
September
199
185
186
187
189
196
195
180
172
174
177
177
181
188
148
148
148
149
149
150
151
191
189
190
186
153
153
158
158
158
165
167
171
138
156
121
140
163
177
145
132
172
222
236
141
139
138
141
144
148
147
148
147
147
150
153
156
155
137
137
137
137
137
138
139
174
181
181
182
182
184
184
235
237
239
241
243
244
244
235
233
232
231
230
340
340
339
340
341
235
342
145
143
163
163
143
144
183
181
243
243
137
Industrial
finished
products
342
104
126
148
154
159
279
280
280
280
281
281
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1448
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
SwitzUnited
King- France Nether- erUnited
Canland
dom
lands
States
ada
(1935-39 (1935-39 (June 17 =(1938
(June
100) (1911-13
1947
= 100) = 100)
= 100) 1914
= 100)
= 100)
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
101
105
98
95
97
106
124
138
136
139
160
194
98
103
104
101
106
116
127
131
131
133
140
160
130
139
141
141
164
168
161
166
168
170
169
»101
100
108
129
149
174
224
275
377
645
1,043
1947-October. ..
November.
December.
202
203
207
171
174
179
101
103
103
1,309
1,378
1,393
1948-January...
February..
March....
April
May
June
July
August....
September
210
205
202
208
211
214
217
217
215
182
186
186
187
191
194
201
203
204
104
108
109
109
108
113
108
107
1,437
1,541
1,518
1,524
1,541
1,560
1,559
1 ,716
Pl.842
.
120
127
130
130
150
177
191
198
United
SwitzUnited
King- France NethererCandom
land
States
lands
ada
(1935-39 (1935-39 (June 17 =(1938
(1911-13 (June
100)
1947
= 100)
= 100) 1914
= 100)
= 100)
= 100)
Year or
month
1936
1937
1938 . .
1939
1940
1941
1942
1943
1944
1945 .
1946
1947
99
103
101
99
100
105
117
124
126
128
139
159
98
101
102
102
106
112
117
118
119
119
124
136
147
154
156
158
184
199
200
199
201
203
204
2
101
108
129
150
175
224
285
393
645
1,030
229 1947-October...
230
November.
December.
230
164
165
167
142
144
146
101
103
104
1,268
1,336
1,354
223
223
223
230 1948-January...
February..
230
March....
229
April
229
May
229
June
230
July . . , ,
229
August....
228
September.
169
168
167
169
171
172
174
175
175
148
150
151
152
153
154
157
158
159
104
106
106
108
108
110
108
108
1,414
1,519
1,499
1,499
1,511
1,529
1,528
1,670
»1,783
224
224
223
223
223
224
223
223
120
130
130
132
146
175
200
211
215
215
210
222
,
ioo
1132
137
139
140
154
175
187
195
130
137
137
138
151
174
193
203
208
209
208
217
P223
P Preliminary.
1
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
2
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 203 for retail food prices and 166 for cost of living.
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States i
(high
grade)
Number of issues...
12
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921=100)
(2)
87
Common stocks
France
(1938=
100)
Netherlands *
50
13
NetherCanada <
France *
United
lands •
(1935-39 Kingdom (December
=100)
(1926=100) 1938= 100) (1938= 100)
100
278
«295
109.0
105.6
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
77.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0
75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
112
'140
«308
479
540
551
694.
875
1 149
122.0
121.4
122.2
105.9
104.0
103.7
125.1
123.6
122.4
105.5
107.3
106.2
89.3
90.2
92.6
1,245
1,294
1,211
200.6
191.2
193.8
118.9
119.1
119.0
119.1
118.2
118.6
117.8
119.3
108.3
107.3
107.6
107.6
107.3
106.9
120.1
114.2
116.4
124.6
130.2
135.1
131.9
127.1
125.7
107.5
102.2
101.5
109.1
116.5
120.3
116.3
113.6
113.4
93.9
91.1
90.2
93.2
94.8
93.9
91.4
91.2
1,301
1,229
1,239
1.190
1,127
1,086
1,217
1,208
202.9
216.0
217.6
208.3
113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4
1
103.2
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
118.5
112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8
114.2
U14.2
8 143.4
146.4
146.6
150.5
152.1
144.6
132.0
1947—October
November. . .
December....
101.1
99.6
97.9
118.8
118.5
117.9
128.0
128.2
130.1
1948—January
February. . . .
March
April
May
June
July
August
September...,
98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
98.2
108.6
108.6
103.4
103.6
104.9
104.8
104.6
104.0
104.1
130.5
130.6
130.0
129.1
129.1
129.5
129.3
129.7
1939
1940 .
1941
1942
1943
1944
1945
1946
1947
United
States
(1935-39
= 100)
416
37
f
1S4. ^
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.
a
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.
*8 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies
abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
8
This is a new index for 37 Netherlands issues(27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average
of daily
quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
1
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for 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.
NOVEMBER
1948
1449
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON, Assistant
CHESTER MORRILL, Special Adviser
WINFIELD W. RIEFLER, Assistant
to the Board
to the Board
to the Chairman
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
DIVISION OF EXAMINATIONS
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant Director
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Associate General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel
ROBERT F. LEONARD, Associate Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF PERSONNEL
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
FRANK A. SOUTHARD, JR., Associate Director
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE
CLAYTON
ERNEST G. DRAPER
ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE
SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant Director
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
First Vice President
W . RANDOLPH BURGESS, N E W YORK DISTRICT
MARRINER S. ECCLES
R. M . EVANS
R. R.
GILBERT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H . MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H . G . LEEDY
M . S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H .
WILLIAMS
Second Vice President
J. T . BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
C. S. YOUNG
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
WATROUS H. IRONS, Associate Economist
JOHN K. LANGUM, Associate Economist
T. BRUCE ROBB. Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
1450
President
JAMES H . PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
1
Federal Reserve Chairman
Bank of
Deputy Chairman
President
First Vice President
v ice r rCS1UCULS
Boston
Albert M. Creighton
Harold D. Hodgkinson
Joseph A. Erickson
William Willett
Robert B. Harvey2
E. G. Hult
E. 0. Latham
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
E. 0. Douglas
H. H. Kimball
L. W. Knoke
Walter S. Logan
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin 3
A. H. Laning
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Philadelphia . . .
Warren F. Whittier
Ray M. Gidney
Wm. H. Fletcher
Cleveland
George C. Brainard
Reynold E. Klages
Richmond.
Hugh Leach
W. G. Wysor
J. S. Walden, Jr.
Charles P. McCormick
Atlanta
Frank H. Neely
St. Louis
Minneapolis. . , .
Kansas City. . . .
Dallas
San Francisco.. .
VICE
Federal Reserve
Bank of
Branch
C. S. Young
Charles B. Dunn
Federal Reserve
Bank of
Chief Officer
New York.
Buffalo
Cleveland.
Cincinnati
Pittsburgh
I. B. Smith'
B. J. Lazar
J. W. Kossin
Richmond.
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta.
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago..
Detroit
E. C. Harris
St. Louis.
Little Rock
Louisville
Memphis
C, M. Stewart
C. A. Schacht
Paul E. Schroeder
1
Also Federal Reserve Agent.
NOVEMBER
B. J. Lazar
Martin Morrison
Donald S. Thompson
R. W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
W. W. Turner
0. M. Attebery
Paul E. Schroeder
Chester C. Davis
Russell L. Dearmont
William H. Stead
Wm. E. Peterson
F. Guy Hitt
Wm. H. Bryce
C M . Stewart
C A. Schacht
R. E. Towle
H. G. McConnell
J. N. Peyton
Roger B. Shepard
Sigurd Ueland
A. W. Mills3
0. S. Powell
W. D. Cochran
Harry I. Ziemer
Otis R. Preston
John Phillips, Jr.
L. H. Earhart
H. G. Leedy
Robert B. Caldwell
G. H. Pipkin
Henry 0. Koppang Delos C. Johns
Robert L. Mehornay
C. E. Sandy*
R. L. Mathes
D. W. Woolley
W H Hollowav
E. B. Austin
R. R. Gilbert
J. R. Parten
Watrous H. Irons
R. B. Coleman
W. D. Gentry
R. B. Anderson
L. G. Pondrom*
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
W. L. Partner
Brayton Wilbur
C. E. Earhart
Albert C. Agnew
C. R. Shaw
W. N. Ambrose
H. N. Mangels
Harry R. Wellman
H. F. Slade
D. L. Davis 8
W. F. Volberg
J. M. Leisner
0. P. Wheeler
PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Clarence W. Avery
Paul G. Hoffman
Chicago
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black9
Neil B. Dawes
W. R. Diercks
E. C. Harris
W. S. McLarin, Jr.
L. M. Clark
J. F. Porter
Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
P. M. Poorman'
1948
' Cashier.
3
Branch
Chief Officer
Minneapolis
Helena
R. E. Towle
Kansas City
Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
Dallas.
El Paso
Houston
San Antonio
C M . Rowland
W. H. Holloway
W. E. Eagle
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
\V. N. Ambrose
D. L. Davis
W. L. Partner
C R. Shaw
General Manager.
1451
FEDERAL RESERVE PUBLICATIONS1
The material listed below may be obtained from
ports, and introduction reviewing the monetary
the Division of Administrative Services, Board of
history of Paraguay. July 1946. 170 pages.
Governors of the Federal Reserve System, Wash$1.00 per copy.
ington 25, D. C. Remittance should be made pay- RULES OF ORGANIZATION AND RULES OF PROCEDURE
able to the order of the Board of Governors of the
(Board of Governors of the Federal Reserve SysFederal Reserve System.
tem). September 1946. 31 pages.
THE FEDERAL RESERVE ACT, as amended to NovemFEDERAL RESERVE BULLETIN. Issued monthly. Subber 1, 1946, with an Appendix containing proscription price in the United States and its possesvisions of certain other statutes affecting the
sions, Bolivia, Canada, Chile, Colombia, Costa
Federal Reserve System. 372 pages. 50 cents per
Rica, Cuba, Dominican Republic, Ecuador, Guatepaper-bound copy; $1.00 per cloth-bound copy.
mala, Haiti, Republic of Honduras, Mexico, NewFEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
foundland (including Laborador), Nicaragua,
Space for plotting through 1948. April 1947
Panama, Paraguay, Peru, El Salvador, Uruguay,
edition. 24 pages. 50 cents per copy; in quanand Venezuela is $2.00 per annum or 20 cents per
tities of 10 or more copies for single shipment,
copy; elsewhere, $2.60 per annum or 25 cents per
35 cents each.
copy. Group subscriptions in the United States
POSTWAR ECONOMIC STUDIES. (8 pamphlets)
for 10 or more copies to one address, 15 cents per
No. 1. Jobs, Production, and Living Standards.
copy per month, or $1.50 for 12 months.
No. 2. Agricultural Adjustment and Income.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
No. 3. Public Finance and Full Employment.
RATES, AND BUSINESS. Issued monthly. $9.00 per
annum, or $1.00 per copy. In quantities of 10 or
No. 4. Prices, Wages, and Employment.
more copies of a particular issue for single shipNo. 5. Private Capital Requirements.
ment, 75 cents each.
No. 6. Housing, Social Security, and Public
DIGEST OF RULINGS to October 1, 1937. Digests of
Works.
Board rulings, opinions of the Attorney General
No. 7. International Monetary Policies.
and court decisions construing the Federal ReNo. 8. Federal Reserve Policy.
serve Act, with compilation showing textual
changes in the Act. 683 pages. $1.25 per copy. The price for the set of eight pamphlets is $1.25;
BANKING STUDIES. Comprising 17 papers on bank- 25 cents per pamphlet, or, in quantities of 10 or
ing and monetary subjects by members of the more for single shipment, 15 cents per pamphlet.
Board's staff. August 1941; reprinted March
1948. 496 pages. Paper cover. $1.00 per copy; THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947. 125 pages. 75
in quantities of 10 or more copies for single shipcents per cloth-bound copy; in quantities of 10
ment, 75 cents each.
or more copies for single shipment, 50 cents each.
BANKING AND MONETARY STATISTICS. Statistics of
Paper-bound copies available without charge.
banking, monetary, and other financial developDEBITS
AND CLEARINGS STATISTICS, THEIR BACKments. November 1943. 979 pages. $1.50 per
GROUND AND INTERPRETATION. October 1947. 50
copy. No charge for individual sections (unpages. 25 cents per copy; in quantities of 10 or
bound).
more copies for single shipment, 15 cents each.
PROVISIONS OF STATE LAWS RELATING TO BANK RESJERVES as of December 31, 1944. 1945. 30 pages. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES,
December 31, 1947. July 1948. 122 pages.
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying re- REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
1
A more complete list, including periodical releases and rewith amendments.
prints, appeared on pp. 750-53 of the June 1948 BULLETIN.
1452
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
PUBLICATIONS
REPRINTS
III. CONSUMER OWNERSHIP AND USE OF LIQUID
(From Federal Reserve Bulletin unless indicated by an asterisk)
AND NONLIQUID ASSETS.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
IV. CONSUMER SAVING AND THE ALLOCATION OF
TISTICS.
DISPOSABLE INCOME.
September 1947. 12 pages.
September 1947.
1948 SURVEY OF CONSUMER FINANCES.
SUMERS, July 1947. October 1947. 4 pages.
Sep-
June, July,
August, and September 1948. 65 pages.
RETAIL CREDIT SURVEY—1947.
From July 1948
October and December
BULLETIN with supplementary information for
nine separate trades. 41 pages.
CURRENT INFLATION PROBLEM—CAUSES AND
SALES FINANCE COMPANY OPERATIONS IN 1947, by
BANK LOANS TO FARMERS.
1947. 36 pages.
CONTROLS, by Marriner S. Eccles.
1947. 8 pages.
#
1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
AGAINST THE DEMAND AND T I M E DEPOSITS OF
BANKS, by Marriner S. Eccles.
10 pages.
January 1948.
T H E FEDERAL RESERVE CHART BOOK AS AN AID TO
BANK MANAGEMENT, by Charles H . Schmidt.
April 1948. 9 pages.
* STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented by Marriner S. Eccles on April 13,
1948. 7 pages.
* WHAT ABOUT MONEY AND CREDIT ?
Milton Moss. July 1948. 6 pages.
December
BANKING ASSETS AND THE MONEY SUPPLY SINCE
Address by
M. S. Szymczak on May 7, 1948 at the 55th
Annual Convention of the Alabama Bankers
Association. 7 pages.
NEW
19 pages.
tember 1948. 8 pages.
FINANCIAL POSITION AND BUYING PLANS OF CON-
THE
August 1948.
15 pages.
V. HOUSING EXPENDITURES AND FINANCE.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F . M. Tamagna.
8 pages.
July 1948.
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.
RECENT DEVELOPMENTS IN BUSINESS FINANCE and
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING, by Charles H . Schmidt. June 1948.
19 pages.
1948 SURVEY OF CONSUMER FINANCES—
I. EXPENDITURES FOR DURABLE GOODS. June 1948
15 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.
* MEANS OF COMBATING INFLATION.
Statements of
Marriner S. Eccles before House Banking and
Currency Committee on August 3, 1948 and before the Senate Banking and Currency Committee
on July 29 and 30 on S. J. Res. 157. 2 pamphlets.
STATEMENT BEFORE THE HOUSE BANKING AND CUR-
RENCY COMMITTEE. Presented by Thomas B. Mc-
Cabe on August 2, 1948. 8 pages.
REGULATION
OF CONSUMER
INSTALMENT
CREDIT.
Statement by R. M. Evans before the House
Banking and Currency Committee on August 2,
1948. 2 pages.
T H E PHILIPPINE CENTRAL BANK ACT and Text of
the Act, by David Grove and John Exter. In
part a reprint from the August 1948 BULLETIN.
36 pages.
T H E BALANCE SHEET OF AGRICULTURE, 1948.
Sep-
tember 1948. 16 pages.
BANK CREDIT DEVELOPMENTS.
October 1948.
12
pages.
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. 5 pages.
FINANCIAL POSITION AND BUYING PLANS OF CON-
SUMERS, July 1948. November 1948. 5 pages.
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
II. T H E DISTRIBUTION OF CONSUMER INCOME IN
OF PAYMENTS PROBLEMS, by David L. Grove and
1947. June 1948. 8 pages.
Gerald M. Alter.
NOVEMBER 1948
November 1948. 11 pages.
1453
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
J
§
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE 8RANCH CITIES
OCTOBER I. 1948
srsretf:
P
@FedFRASER