Full text of Federal Reserve Bulletin : October 1948
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FEDERAL
ESERVE
BULLETIN
OCTOBER 1948
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Bank Credit Developments.
1205-1216
Policies and Activities of the International Monetary Fund, 1947-48.
1217-1220
Report of the International Bank for Reconstruction and Development.
Annual Report of the Bank for International Settlements.
Current Events and Announcements. .
1220
1221-1239
1239
Law Department:
Consumer Instalment Credit—Transactions Initiated Before Effective Date
of Regulation—Automobile Appraisal Guides.
Foreign Funds Control—Treasury Department Releases
1240-1242
1242-1244
National Summary of Business Conditions. .
1245-1246
Financial, Industrial, Commercial Statistics, U. S. (See p. 1247, for list of tables) .
1247-1304
International Financial Statistics (See p. 1305, for list of tables).
1305-1323
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council .
1324
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Federal Reserve Publications.
1326-1327
Map of Federal Reserve Districts.
Subscription Price of BULLETIN
A copy of the Federal Reserve BULLETIN
price in the United States and its possi
Dominican Republic, Ecuador, Guatemal;
1325
1328
FEDERAL
VOLUME 34
RESERVE
BULLETIN
October 1948
NUMBER
10
BANK CREDIT DEVELOPMENTS
Inflationary pressures have continued dominant in the economy notwithstanding measures of restraint in the credit field that have
been adopted since mid-1947. Continuing
expansion of bank credit for private purposes
during the past fifteen months has been a
contributing factor to, as well as an effect of,
prevailing inflationary tendencies. Business
outlays for plant and equipment and consumer expenditures for homes and for other
goods and services have mounted further
over the period. In addition, foreign aid and
military expenditures of the Federal Government have been substantially enlarged,
and public works expenditures of State and
local governments have increased significantly.
Financing of the nation's growing volume
of expenditures has been possible from rising
personal incomes, business profits, and governmental revenues, supplemented by reductions of liquid asset holdings by many businesses and individuals and by growth in private and State and local government debt,
including indebtedness to commercial banks.
With output of commodities and services
close to maximum levels and undergoing
only moderate further growth, over-all demand has continued to exceed available supply. As a consequence, strong upward pressure on wholesale and consumer prices has
persisted.
Expansion in the volume of privately held
OCTOBER
1948
deposits and currency has been smaller over
the past twelve months as a whole than in
other comparable periods since the war.
In the fall of 1947 the rapid growth in bank
loans and a large gold inflow sharply increased the volume of deposits and currency.
Subsequently, however, a Treasury cash surplus drained a substantial amount of funds
out of private accounts. In recent months
deposit expansion has been resumed. The
further growth of bank deposits has been
the result of additional bank loan expansion
and of sales of Government bonds by nonbank investors to the Federal Reserve, the
proceeds of which have been used to make
business or real estate loans or to buy corporate securities.
In the period since mid-1947 a moderate
restraint on bank credit expansion has been
achieved by use of Treasury surplus funds
to retire securities held by the Federal Reserve
Banks. Drains on bank reserves achieved
in this way have been the most important
means of restraint on bank credit expansion.
Reductions in taxes effective in May and increased Government expenditures for defense and foreign aid, however, reduce and
may eliminate the Treasury cash surplus
available to exert this restraining influence.
Supplementing the restraining effect of the
Treasury surplus, action has been taken to
increase rates on short-term Government
1205
BANK CREDIT DEVELOPMENTS
securities. This has raised the cost of reserves
to banks and at the same time made it more
attractive to banks and others to hold these
securities. Other short-term money rates
have shown a corresponding rise.
In addition, a large amount of bank reserves, or assets potentially convertible into
reserves, has been immobilized through action of the Board increasing reserve requirements of member banks. Increases were imposed on central reserve city banks in New
York and Chicago in February and June 1948
on the basis of then existing statutory authority. In September the Board made use
of new powers, granted in August in a special session of Congress, to increase reserve
requirements for all member banks. T h e
latter increase, which absorbed into required
reserves a total of about 2 billion dollars, corresponded approximately to net Federal Reserve purchases of Government securities
from nonbank investors in recent months,
and necessitated little or no decline in the
total of bank loans and investments from the
level prevailing three months earlier.
BANK CREDIT EXPANSION
The continuing inflationary tendencies and
the large aggregate expenditures for goods
and services that have characterized the economic situation during the past year have
been fed by a total loan expansion at commercial banks of over 6 billion dollars in
the twelve months ending June 30. In addition, commercial bank investments in securities other than those of the United States
Government increased about 700 million dollars during this period. Private bank credit
expansion was larger than in any similar past
period except the previous year. This expansion occurred at banks located in all sections
of the country and at banks of all sizes, but
particularly at banks in rural areas and small
1206
cities. Since June of this year private bank
credit expansion has followed a pattern similar to, but somewhat smaller than, that of a
year ago. Expansion has occurred in all
credit categories except loans on securities,
and during September it gained considerable
momentum.
Business credit. Businesses as a group have
sought a particularly heavy volume of funds
from banks since mid-1947. T h e outstanding
business loans of banks rose about 4 billion dollars from mid-1947 through the third
quarter of 1948. Business demand for bank
credit has stemmed from continued largescale operations under conditions of steadily
rising prices. Funds have been sought for
inventory accumulation and plant and equipment expenditures, as well as for higher
day-to-day expenses and an increase in customer financing. Demand has been widespread and pervasive, coming from small as
well as large companies in many industrial
lines. Insurance companies and some other
nonbank lenders have also increased considerably their loans to business enterprises.
Business loan demand at banks in recent
years, as can be seen from the accompanying
chart, has exhibited a marked seasonal character, increasing sharply during the last half
of each year, with a small increase, or even
a slight decrease, occurring during the first
half of the year. During the past fifteen
months, there has been an increase of nearrecord proportions in the last half of 1947, a
slight decrease in the first half of 1948, and
since mid-June, according to data for member banks in leading cities, a growth that has
proceeded at a somewhat slower rate than
last year.
Corporations have also satisfied a significant portion of their demand for new funds
during the past year by issuing new securities, largely bonds. Commercial bank holdFEDERAL RESERVE BULLETIN
BANK CREDIT DEVELOPMENTS
ings of corporate securities increased only
slightly in this period, the bulk of the offerings being absorbed by insurance companies
and other nonbank investors, including individuals.
COMMERCIAL BANK LOANS
MEMBER BANKS
ALL INSURED BANKS
BILLIONS OF DOLLARS
1944
IN LEADING CITIES
^
1946
1948
BILLIONS OF DOLLARS
1947
1948
All insured commercial banks in the United States. Commercial loans include commercial and industrial loans, openmarket commercial paper, and acceptances. Latest figures are
for June 30, 1948.
.
For member banks in leading cities figures on commercial
loans include commercial, industrial, and agricultural loans,
open-market commercial paper, and acceptances. Latest figures
are for September 22, 1948.
Agricultural credit. Farmers, despite continued high incomes, have also borrowed
considerable amounts from banks and other
lenders in the past fifteen months, principally to finance expanded operations and
larger acquisitions of farm machinery and
other goods purchased at higher prices.
The short-term debt of farmers, which in
recent years has been at a low level, has increased by more than 25 per cent since mid1947. Loans to farmers by commercial
banks and the production credit associations
have shown similar percentage increases during this period. In view of the large crop
OCTOBER
1948
surpluses this year, short-term loans to farmers guaranteed by the Commodity Credit
Corporation under the Federal farm price
support program may be expected to increase
substantially this fall.
Farm mortgage debt, on the other hand,
has risen only slightly this past year. Commercial banks, insurance companies, and
other private investors have increased their
holdings of farm mortgages, but those of
public lending agencies have decreased.
Consumer credit. Consumers have also
sought substantial amounts of credit since
mid-1947, largely to make additional purchases of automobiles, home furnishings, and
other durable goods. The increase in consumer debt has occurred in spite of rising
incomes and larger aggregate consumer holdings of liquid assets.
Total short-term consumer credit outstanding has increased approximately 3l/2 billion
dollars during the past fifteen months. Commercial banks have accounted for about onehalf of this increase. In addition, a part of
the increase in business loans at banks represents advances to other consumer financing
institutions, which in turn have loaned to individuals or bought consumer credit paper
from dealers.
The increase in consumer credit since mid1947 has reflected primarily growth in instalment credit for the purchase of durable
goods, as contrasted with such types as charge
accounts and single payment loans, which
have been leveling off. Expansion of consumer credit has added to buying power
in the face of a limited supply of goods.
Mortgage credit. Rising expenditures on
newly constructed housing and a high turnover of existing home properties have encouraged a further expansion in urban real
estate loans by banks and other lenders over
the past fifteen months. The aggregate out1207
BANK CREDIT DEVELOPMENTS
standing mortgage debt on 1- to 4-family
houses, for example, is estimated to have
risen by more than 7 billion dollars or about
25 per cent during this period. Commercial
banks in the aggregate have made only a
slightly smaller proportion of the new mortgage loans in recent months than they did
in the earlier postwar periods, even though
real estate loan portfolios of a growing number of individual banks are approaching the
limits relative to liability and capital structures that are set by statute for national and
some State banks. Savings and loan associations, insurance companies, and saving banks,
have also been important investors in real
estate mortgages.
Estimates for new residential construction
and for consumer housing expenditures indicate that a large volume of urban real estate
mortgages will continue to be available to
banks and other lenders. The recent actions
taken by the Congress in the housing field
will also tend to strengthen the demand for
houses and for mortgage credit.
Security loans. The only significant decrease in the loan portfolios of banks during
the past year has been in loans for purchasing or carrying securities. This decline, however, has been more gradual than in the early
postwar period and has not been large
enough to dampen noticeably the increase
in total bank loans.
State and local government securities.
State and local governments have sold a
sizable volume of new securities during the
period under review to finance numerous
construction projects for schools, highways,
and other public works, as well as to provide
funds for State bonus payments to veterans.
Total outstanding State and local government debt increased about \x/2 billion dollars from mid-1947 to the end of September
1948. Commercial banks, principally the
1208
medium-size and smaller ones, absorbed
about half of this increase.
GROWTH IN MONEY SUPPLY
Expansion in privately held deposits and
currency was considerably less rapid over the
12-month period ending last June than in
the preceding postwar period. Total time
and demand deposits, excluding interbank
and United States Government deposits,
were 2.3 billion dollars larger at mid-1948
than at mid-1947. This compares with a
deposit growth of 6.5 billion dollars in the
12 months ending June 1947. Currency in
the hands of individuals and businesses declined about 700 million dollars. Almost
the entire increase in deposits in the 12month period, July 1947-June 1948, occurred
in time deposits, as is shown in the chart.
Privately held demand deposits expanded
only 600 million dollars as compared with 2.7
BANK DEPOSITS AND CURRENCY
BILLIONS OF DOLLARS
180
BILLIONS OF DOLLARS
180
Figures are partly estimated. Deposits are for all banks in
the United States. Demand deposits adjusted exclude U. S.
Government and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings
System and in mutual savings banks. Figures are for December 1940; June and December, 1941-1942; end of month, 19431946; last Wednesday of month 1947 and 1948. Figures subsequent to December 1947 are preliminary; latest figures are
for August.
FEDERAL RESERVE BULLETIN
BANK CREDIT DEVELOPMENTS
billion dollars in the preceding 12 months.
During the third quarter of 1948, deposit
growth was substantial. The increase was
due in large part to Federal Reserve support
purchases of restricted long-term Government securities sold by insurance companies
and other nonbank holders and in part to
bank loan expansion. These factors were
partly offset in their effect on the total money
supply by large nonbank purchases of shortterm Government securities, as well as by
Treasury retirement of bank-held Government securities. Nevertheless, all market
transactions in Government securities by nonbank investors tended to expand the money
supply by about 1.5 billion dollars in this
three-month period.
Treasury cash receipts continued in excess
of expenditures in the third quarter, and
in addition there were large sales of savings
bonds to certain institutional investors in the
July drive. Part of these funds were drained
out of private deposit accounts, and the
deposit expansion was smaller because of
this. However, some of the funds made
available to the Treasury from sales of savings bonds to banks and nonbank investors
were obtained by these investors, either at
the time or shortly thereafter, through their
sales of other Government securities to the
Reserve Banks.
Dampening in the rate of private deposit
growth since mid-1947 reflected primarily
the large drain on private balances from an
excess of Treasury receipts over expenditures,
as is shown in the table. Purchases from
banks of short-term Government securities,
especially by corporations and nonprofit associations, also tended to reduce deposits.
Bank loan expansion and the gold inflow
were largely responsible for the moderate
growth in deposits that occurred. Deposits
were also created as a result of sales by nonOCTOBER
1948
bank investors of long-term Government securities, which were purchased for Federal
Reserve account in support of the market.
Monetary expansion had been very substantial in the second half of 1947. Accelerated
commercial bank loan expansion, a large
gold inflow, and some nonbank selling of
Government securities to the Federal Reserve
Banks all tended to add to the volume of
deposits and currency. A Treasury cash surplus provided some offset to these expansive
factors, but the growth in the money supply
was nonetheless nearly 6 billion dollars.
MAJOR
FACTORS AFFECTING
DEPOSITS AND
CURRENCY
[In billions of dollars, partly estimated]
Factor
Expansive factors
Commercial bank loans (increase). . .
Gold inflow
Federal Reserve support purchases
from nonbank investors of longterm, restricted U. S. Government
securities
Other factors, net
Contractive factors
Treasury cash surplus used to:
Retire U. S. Government securities held by:
Federal Reserve Banks
Commercial banks
Increase Treasury deposits
Nonbank investor purchases in the
market of short- and mediumterm U. S. Government securities
from banks, net
Other factors, net
Changes in deposits and currency
held by individuals and businesses,
total
Demand deposits, adjusted
Time deposits
Currency outside banks
1
8
Jan.JulyJune,
Sept.,
1948
1948 1
(3 mo.) (6 mo.)
JulyDec,
1947
(6 mo.)
1.6
.3
1.8
.8
4.4
1.5
2.8
1.9
.6
1.1
1.1
.5
.7
4.0
.3
1.8
1.0
.7
.2
1.0
2.5
.2
( 2 )-.2
+1.4
+1.2
-4.3
+5.9
+5.0
+ .2
-4.4
+ 1.0
-.9
Figures for July-September 1948 are preliminary estimates.
Net sales.
Although bank loan expansion and gold
inflow continued as an expanding force on
the private money supply in the first half
of 1948, deposits and currency declined 4.3
billion dollars. This drop was due almost
entirely to a large Treasury cash surplus
which was used to retire bank-held securities
or to increase Treasury deposit balances. In
1209
BANK CREDIT DEVELOPMENTS
addition, nonbank investors purchased shortterm Government securities in the market
directly or indirectly from the banking system. These purchases were in excess of sales
of long-term restricted Government securities to the Reserve Banks, and accordingly
the Government security market transactions
of nonbank investors as a group tended to
reduce the private deposit and currency supply.
INCREASED USE OF MONEY
The increase in expenditures of all private
groups in the economy have in the aggregate
been greater than the moderate growth in
the privately held money supply. This development reflects an increase in the average
rate at which money is being used. As is
shown in the chart, the annual rate of turnover of demand deposits at banks in leading
cities has been rising significantly since the
end of the war. Demand deposit turnover
TURNOVER
OF DEMAND
DEPOSITS
ANNUAL RATE
OF TURNOVER
ANNUAL RATE
OF TURNOVER
35
r
35
V \A
I
r
i
i
NEW
V
YORK CITY
( \
n
•V
OTHEF \
LEAD ING C 1TIES
Data are quarterly averages of monthly figures, adjusted for
seasonal variation, and relate to total demand deposits, except
interbank and U. S. Government deposits, at weekly reporting
member banks in New York City and in other leading cities.
Latest figures are for the third quarter of 1948.
1210
at banks in leading cities outside New York,
which was comparatively low from 1943 to
the end of 1947, was about the same on a seasonally adjusted basis in the first nine months
of 1948 as it was on an average over the fouryear prewar period 1938-41.
The wartime growth of the money supply
was more rapid than the growth in the use
of money, but more recently, with a diminished rate of growth in total amount, the
turnover of the available supply has expanded. On the basis of an even more rapid
use of money, a substantial further inflation
could be supported even without additional
deposit creation through credit expansion.
Any further growth in the volume of deposits
and currency accompanied by continued increases in the rate of use of money would
intensify the inflationary pressures.
AVAILABILITY OF BANK RESERVES
Liquidity positions of commercial banks
are currently strong enough to insure their
capacity to meet any part of the prospective
loan demand that banks may be disposed to
satisfy. Although banks have only a moderate operating volume of excess reserves, they
hold about 65 billion dollars, or over 40 per
cent of their total assets, in United States
Government securities. About 20 billion
dollars of these securities mature or are callable in less than one year and over 50 billion
in less than five years. Maturing securities
may be turned in for cash. Others may be
sold in the market and, if no other buyers
come forward, may be purchased by the Federal Reserve System, in accordance with the
System's policy of maintaining an orderly
and stable market for Government securities.
Federal Reserve purchases increase bank reserves and provide the basis for a multiple
expansion of bank credit. Banks are therefore in a position, on the basis of present
FEDERAL RESERVE
BULLETIN
BANK CREDIT DEVELOPMENTS
resources, to make further large increases in
their loans.
Effect of Treasury operations. Throughout the period since mid-1947, a principal
objective of fiscal and debt management
operations has been to restrain bank credit
expansion by draining off bank reserves.
Surplus funds of the Treasury have been applied principally to retirement of Government securities held by the Reserve Banks.
Current cash receipts by the Treasury from
taxes and other sources over the 15-month
period ending September 30 have exceeded
expenditures by about 10 billion dollars, as
is shown in the table. These surplus receipts
were supplemented by about 2.8 billion dollars from net sales of nonmarketable savings
and investment bonds, including sales
through special offerings in October 1947 and
again in July 1948. Part of the Treasury's
surplus cash funds—over 4 billion dollars
—was used for retirement of maturing securities held by commercial banks and nonbank
investors; in addition, about 1.5 billion dollars was used to build up Treasury accounts
at commercial banks. These funds remained
with commercial banks. The bulk of the
surplus funds, however, were withdrawn
from commercial banks and used to retire
securities held by the Federal Reserve or to
build up Treasury deposits at the Reserve
Banks.
In each of the five quarters since mid-1947,
Treasury operations exerted a contractive
force on bank reserves ranging in amount
from a few hundred million dollars in some
quarterly periods to nearly 5 billion dollars
in the first quarter of 1948. For the entire
15-month period since mid-1947, this reserve
drain has totaled 7 billion dollars.
Gold inflow. Banks have been supplied
with large amounts of reserves throughout
the postwar period as a result of a substantial
OCTOBER 1948
inflow of gold. This inflow, which has been
received in partial settlement of the country's
large excess of exports over imports, has
amounted to 2.6 billion dollars since mid-
TREASURY
CASH TRANSACTIONS,
BY
QUARTERS
[In billions of dollars]
1947
1948
JulySept.
0)
Cash operating income
Cash operating outgo
Net cash surplus
Apr.-
June
Jan.Mar.
Oct.Dec.
JulySept.
10.3
11.4
-9.0 -10.2
15.8
-9.3
1.2
6.4
1.3
.6
.5
-.3
-.5
-.3
-.2
-.5
-3.7
-.2
-.6
-1.0
-.6
-.7
-.1
-.6
1.3
10.0
10.5
-8.7 -10.5
(2)
Net cash borrowing or repayment of borrowing
Net sales of nonmarketable securities, etc.. . .
Market sales or purchases ( - ) of U. S.
Govt. securities by U.
S. Govt. agencies and
trust funds
Cash
retirement
of
marketable
U. S.
Govt. securities held
by:3
Federal
Reserve
Banks
Commercial banks..
Other investors....
1.4
-.7
(2)
(2)
-1.1
-.5
— .4
1.
-.6
-1.7
-4.2
-2.2
.7
Change in Treasury balance:
At Federal Reserve Banks.
At commercial banks
.9
(2)
-.4
1.1
1.2
-.2
-.6
.3
.3
Total c h a n g e . . . .
.7
-.4
2.3
-.9
.6
.8
.3
4.8
.7
.3
Total
Drain on bank reserves from
Treasury operations (Sum
of retirement of debt held
by Federal Reserve and
increase in Treasury deposits at Federal Reserve
Banks)
1
Estimated.
* Less than 50 million dollars.
3
All Treasury bill retirements are assumed to be out of Federal
Reserve holdings. Distribution of voluntary retirement of other
securities among commercial banks and other investors is based
on holdings as of the last Treasury ownership survey date before the
retirement.
1947—an average of over 150 million dollars
a month. Although in recent months the
increase in the gold stock has moderated
somewhat, as gold resources of foreign countries have diminished, the gold inflow has
been adequate to supply the additional reserves for supporting the bank credit and
1211
BANK CREDIT DEVELOPMENTS
deposit expansion which has taken place.
Nonbanf^ sales of Government securities.
Shifting by financial institutions other than
commercial banks, particularly insurance
companies, mutual savings banks, and savings and loan associations, out of long-term
United States Government securities and into
other assets, especially private loans and investments, has been a major factor tending to
ease bank reserve positions since late 1947.
In less than a year nonbank holders have
sold in the market over 5 billion dollars of
long-term Government securities, largely for
the purpose of acquiring funds to expand
credit to other borrowers. In support of
the market the Federal Reserve System purchased most of these securities and in the
process supplied a corresponding amount of
reserves to the commercial banking system.
In recent months sales by insurance companies, and to a lesser extent by other types
of institutions, of Government securities
bought during the war loan drives have been
in especially large volume. Reductions in
total holdings of Government securities by
insurance companies alone probably have
been in excess of one billion dollars in the
last three months. Substantial support purchases of long-term Government securities
by the System have been required to maintain orderly and stable market conditions.
The resulting expansion in bank reserves has
more than offset a moderate reserve contraction effected by Treasury operations, with the
outcome a significant easing in bank reserve
positions.
Credit policies. Since the war, and particularly since mid-1947, Federal Reserve
credit policies and the Treasury fiscal and
debt management program have had as a
major objective as much restraint on monetary and credit expansion as was consistent
with maintenance of orderly and stable con1212
ditions in the market for Government securities. Action toward this objective on the
basis of existing powers included focus of
the Treasury program of debt retirement on
securities held by the Reserve Banks; upward
adjustment of rates on short-term Government securities and in the Federal Reserve
discount rate; reduction in Federal Reserve
support prices for medium-term and longterm Government securities; increase in reserve requirements on demand deposits of
member banks in New York City and Chicago. During September, in accordance with
additional powers granted to the Federal
Reserve Board in August by the recent special
session of Congress, control over the downFACTORS A F F E C T I N G BANK RESERVES AND FEDERAL RESERVE
BANK CREDIT, BY QUARTERS
[In billions of dollars]
1948
Factor
Factors decreasing available
reserves or increasing reserve needs:
Treasury cash transactions
Outflow of currency into circulation
Increase in required reserves
Increase in excess reserves
Factors making reserves
available or decreasing
reserve needs:
Increase in gold stock. .
Return of currency
from circulation
Decrease in required reserves
Reduction in excess reserves
Other factors, net
Federal Reserve open-market operations:
Purchases of long-term,
restricted U. S. Government
securities
from nonbank holders, net
Purchases of bank-eligible U. S. Government
securities3 in the market, n e t
July- Apr.Sept. 1 June
1947
Jan.- Oct.Mar. Dec.
JulySept.
.8
.3
.7
.3
.2
1
.3
.3
2.3
.7
.5
.6
3
1
.7
.1
.3
.4
.8
.3
.3
.2
.1
4.8
.4
1 i
4
8
.1
2.8
(2)
1.9
.6
.4
.8
(4)-.l
.6
.5
1
2
8
Partly estimated.
Less than 50 million dollars.
Transactions are partly with banks and partly with nonbank
investors.
4 Net sales.
FEDERAL RESERVE BULLETIN
BANK CREDIT DEVELOPMENTS
payment and repayment terms for consumer
instalment credit was reimposed and reserve
requirements on demand and time deposits
were increased at all classes of member banks.
Major factors affecting the volume of bank
reserves and the demand for Federal Reserve
credit are summarized for the period since
mid-1947 in the table.
INCREASE IN MONEY RATES
Beginning in mid-1947 and throughout
the last half of that year, the Treasury and
the Federal Reserve System acted in cooperation to permit an increase in yields on shortterm Government securities. As a result,
rates on Treasury bills rose from 3/$ per cent
in mid-1947 to one per cent in the early
part of 1948. Concurrently, yields on 12month certificates increased from % per
cent to V/s per cent. Yields on other shortterm paper in the market promptly adjusted
to these changes in rates on Treasury issues.
YIELDS ON TREASURY AND CORPORATE SECURITIES
For Treasury bills, rate is average discount on new issue
offered during week. In general 3-to-5 year Treasury securities are represented by Treasury notes maturing within that
range; however, selected issues of notes or bonds were substituted during periods when they were considered more representative. Latest figures are for week ended September 22,
1948.
OCTOBER
1948
In January 1948 the Federal Reserve Banks
increased their rediscount rates from one to
1*4 per cent.
These upward movements in short-term
yields, together with strong demands for
investment funds, were accompanied by increasing yields and declining prices of longerterm securities during the last half of 1947,
In the fall of 1947 there began large-scale
selling of medium-term and long-term Government securities, principally by nonbank
investors, and the Federal Reserve System
entered the market to cushion the resulting
decline in prices. On December 24 downward adjustments in support prices for these
securities were made in order that Reserve
Bank credit might not be obtained through
their sale at the premium prices previously
prevailing.
The increases in yields on short-term Government securities in the last half of 1947
were permitted to occur in order to raise the
cost of reserve funds to banks and to increase
the attractiveness of these securities to banks
and to nonbank investors. Some measure
of success for the latter objective is indicated
by the fact that during 1948 nonbank investors have made substantial market purchases of short-term Government securities.
In the case of insurance companies and
some other financial institutions, market
purchases of short-term Government securities probably reflected only the temporary
investment of funds acquired by the sale of
long-term Government securities to the Federal Reserve Banks. On the other hand,
purchases of short-term issues by nonfinancial corporations and associations were considerably greater than their sales of long-term
Government securities. These purchases
may have reflected an increased tendency for
such institutions to hold temporarily idle
funds in short-term securities instead of cash
1213
BANK CREDIT DEVELOPMENTS
as the rate on these securities became more
attractive.
There was no further rise in short-term
interest rates between January and August
of this year. During this period a considerable volume of maturing Government securities was refunded into one-year certificates,
bearing 1% per cent coupons, and Treasury
bill rates were held at about one per cent.
Yields on long-term Government bonds have
remained at or close to those reached on December 24, except for a slight temporary
decline in May and June. Shortly after the
first of the year, yields on medium-term Government bonds declined somewhat from the
peak of December 24, and they dropped
sharply in May following the Treasury announcement of the refinancing at ll/8 per
cent of certificates maturing in July.
In August the Treasury announced the
offering of 1*4 per cent one-year certificates
in exchange for the certificates maturing on
October 1, and of 1% per cent, 1%-year notes
in exchange for notes maturing on September 15. Announcement of these issues was
followed by an increase in Federal Reserve
Bank rediscount rates to V/2 per cent. Market rates on outstanding certificates rose
accordingly and rates on 90-day Treasury
bills advanced to 1.09 per cent. Other shortterm market rates moved into alignment.
Medium-term Government bond yields adjusted upward to the higher short-term rates,
while yields on long-term Government securities were held firm at support levels.
RESTORATION
OF INSTALMENT CREDIT
CONTROLS
Pursuant to temporary legislative authority
granted in August, the Board of Governors
of the Federal Reserve System reinstituted
controls on down payment and maturity
terms of consumer instalment credit, effec1214
tive on September 20,1948. Consumer instalment credit controls were first imposed in
1941 as an anti-inflationary measure. They
expired in November 1947, when the Board's
authority to regulate consumer credit terms
was terminated as a result of legislative
action. With the restoration to the System
of this instrument of credit restraint, some
check has been placed on further extension
of consumer instalment credit by banks,
finance companies, and other institutions
operating in this field. A discussion of recent trends in consumer instalment credit
was presented in the BULLETIN for August.
INCREASE IN RESERVE REQUIREMENTS
In February and again in June of this year,
the Board of Governors raised by 2 percentage points the reserve requirements on net
demand deposits at New York and Chicago
banks. These actions increased by about
one billion dollars the amount of reserves
that these banks were required to maintain.
To meet the increases the banks had to sell
Government securities to the Federal Reserve
Banks and thereby reduced the supply of
their assets which might be used to provide
the basis for further credit expansion. Increases in reserve requirements in the first
half of 1948 were necessarily limited to N e w
York and Chicago banks, since the requirements for other classes of member banks
were at the maximums permitted by law.
Legislation enacted in August granted additional temporary authority to the Board
to increase reserve requirements of member
banks by 4 percentage points for net demand
deposits and ll/2 percentage points for time
deposits. Effective September 16 for banks
outside reserve cities and September 24 for
reserve city and central reserve city banks, the
Board raised reserve requirements 2 percentFEDERAL RESERVE BULLETIN
BANK CREDIT DEVELOPMENTS
age points on demand deposits and ll/2 percentage points on time deposits.
This action was taken in part to absorb the
large volume of reserves flowing to banks as
a result of sales of restricted Government
bonds by insurance companies and other
nonbank investors and their purchase by
the Federal Reserve System in support of the
market. It was also an objective of the action
to continue moderate pressure on bank reserve positions and thereby make it necessary
for them to sell some part of their Government securities, particularly to the extent that
they increased loans or other investments.
Reserves supplied to banks since June
through Federal Reserve purchases of Government securities from nonbank investors
and further gold inflow appear to have been
about equal to the 2 billion dollar increase
in required reserves due to the higher percentage requirements set in September.
Although liquidity positions of banks continue strong, as stated earlier, they are not
now as strong as in mid-1947. Banks have
reduced their holdings of Government securities to meet drains on their reserve balances
resulting from use of the Treasury cash surplus to retire securities held by Federal Reserve Banks. Additional Government securities have been sold or presented for cash
redemption in order to meet increases in
required reserves resulting from deposit expansion or from the administrative raises in
the reserve percentages. Thus, while banks
as a group have maintained a high degree of
liquidity and are able to obtain readily any
funds needed, the intensity of their lending
programs may be increasingly affected by
changes in their reserve positions.
BANK EARNINGS
Earnings at member banks on loans and
investments and from bank services increased
OCTOBER
1948
further in the first half of 1948. Gains in
interest income from loans were substantial,
reflecting continued loan expansion and an
increase in average interest rates charged.
Earnings from bank services also continued
to increase. Member bank earnings from
Government securities declined as their portfolios were reduced. The growth in earnings was substantially larger than the small
further increase in bank expenses, and net
current earnings rose sharply.
Net profits for the first half of 1948 were
little changed from those of the previous
six months and somewhat below profits in
the first half of 1947. This decline reflects
the fact that banks have set aside from their
current earnings substantial amounts in reserves for bad debt losses on loans, as authorized late last year by the Bureau of Internal Revenue.
PROSPECTIVE CREDIT DEVELOPMENTS
Factors underlying the strong demand for
credit by businesses, real estate buyers, consumers, and State and local governments
have shown little tendency to abate. Business
plans for expansion of plant and equipment
indicate further substantial demand for external funds. Encouragement given to mortgage lenders and borrowers by recent liberalization of Government guarantee provisions will tend to stimulate continuation of
a large volume of such financing. Although
a check has been placed on instalment credit
growth by the recent reimposition of the
Board's regulation, continued large sales of
durable goods will assure some additional
credit expansion in this area.
Part of the large potential credit demand
may be satisfied by nonbank financing institutions such as insurance companies, building and loan associations, and savings banks.
As has been indicated previously, these agen1215
BANK CREDIT DEVELOPMENTS
cies have been shifting out of long-term
United States Government securities and into
private credits. Funds from the sale of
these Government securities have been supplied by the Federal Reserve System, which
in the absence of other buyers has purchased
them in support of their market price. This
process of shifting out of Government securities results in the creation of bank deposits
and bank reserves and is just as inflationary
as bank credit expansion.
Should sales of Government securities by
nonbank investors continue, banks would be
able, in the absence of further restraining
action, to accommodate a very large loan
demand without reducing their own holdings of Government securities. Banks may
1216
also receive reserve funds from a gold inflow
and could obtain any additional amounts
desired by selling some of their large holdings of Government securities,
In the recent postwar period credit developments have been an important influence
in the continuation of inflationary pressures,
notwithstanding the gradual satisfaction of
some of the acute shortages of goods and the
substantial Treasury surplus. Because of this
situation, the Federal Reserve authorities
have taken action to restrain credit expansion by permitting a rise in short-term interest rates, raising Reserve Bank discount
rates, placing limitations on the terms of consumer instalment credits, and increasing reserve requirements at member banks.
FEDERAL RESERVE BULLETIN
POLICIES AND ACTIVITIES OF THE INTERNATIONAL MONETARY FUND,
1947-48
The following address was delivered by M. manner by exports and international investment,
Camille Gutty Managing Director of the Inter- without further reducing already depleted monetary
national Monetary Fund, on the occasion of the reserves or depending on continued grants. All this
presentation of the Third Annual Report to the will take time, but it can be done.
Board of Governors of the Fund on September 28,
The basic job of placing each country in a posi1948, in Washington, D. C.
tion to restore its international payments is one for
The report, covering the year ending April 30, which the government of each country has the
1948, deals particularly with the experience of the primary responsibility. That government alone can
Fund in pursuance of its stated purposes, to promote take the measures to expand its output and to
exchange stability, to maintain orderly exchange place production on an efficient basis. That governarrangements among members, and to avoid com- ment alone can put its domestic finances in order,
petitive exchange depreciation. Statements em- and thus prevent a chronic dependence on excessive
bodying policy decisions by the Fund and issued imports or a chronic difficulty in supplying adequate
during the year as press releases are added as appen-exports. This is the job that each government can
dices to the report. A detailed record of exchange and must do for itself. No one else can do it. I
transactions on behalf of the members of the Fund know from discussions with our members that they
is given, both for the year under review and for the realize this.
entire period since the beginning of operations. The
There is another side to the problem. Interopening chapter of the report reviews briefly recent national payments are an international responsiprogress toward world recovery and restoration of bility. If the whole world economy is disordered,
international balance, with special reference to the it will be impossible for some countries to restore
European Recovery Program. Copies of the report their payments in a way that will assure them a
may be obtained from the International Monetary tolerable level of imports. This international reFund, 1818 H Street, N. W'., Washington 25, D. C. sponsibility, in which all countries share, has been
The Annual Report of the Executive Directors generally recognized. It has been recognized in a
of the International Monetary Fund, which is now concrete way by the aid that the Western Hemisbefore you, gives the views of the Executive Board phere countries have given to other regions of the
on the international payments problems which con- world. It has been recognized by the aid that the
European countries have given to each other and
front nearly all countries.
If there was any widespread feeling of optimism to some countries overseas. In truth, there are
that postwar economic problems could be solved few countries which have not, directly or indirectly,
without great and new sacrifices, the experience of put at the disposal of those with whom they trade,
the past few years should be enough to dissipate it. at one time or another, the facilities within their
Our danger today is rather that countries will fall capacity, however modest. This has made it posinto a fateful pessimism. There is no reason for sible to continue essential trade while steps are
assuming that, because these problems are difficult, being taken to restore a balanced world economy.
Inevitably, because the need for aid has required
they cannot be solved. In fact, as the report points
the
provision of very large resources, this is the
out, very considerable progress has been made in
phase
of international cooperation which has
building up production. The investment that is
now going on in all parts of the world offers prom- hitherto been, and for some years will continue to
ise that the expansion of production will continue. be, the most important. But we must not forget
We have good reason to expect that the time will that there is another form of international responsicome when countries will be able to provide for bility which has been recognized through the intheir needs with their own output. We have good stitutions that have been set up to deal with the
reason to hope that the time will come when inter- problems of a world economy. The International
national payments can be balanced in a satisfactory Monetary Fund is one of these institutions. It is
OCTOBER 1948
1217
POLICIES AND ACTIVITIES OF THE INTERNATIONAL MONETARY FUND, 1947-48
particularly concerned with the problem of international payments, monetary reserves, and exchange
policy. It has been established as a permanent institution, because these are continuing international
problems that will require continued cooperation.
In carrying out its international responsibility,
the Fund can succeed only to the extent that its
members genuinely believe in international cooperation and agree, without reservation, to submit their
exchange problems to international jurisdiction.
Each country has to realize how intimately its
well-being is related to the successful operation of
the Fund. The more this concept becomes part
of the basic policy of every member government,
the more effective an institution the Fund will be.
This is the fact which you, Gentlemen—the financial leaders of your countries—must stress to your
governments and to your peoples. They must be
aware at all times of the absolute necessity for a
coordinated international effort to surmount our
economic difficulties. Separately, indifferent to the
effect of their foreign exchange policies on each
other, their prospects would appear to be very
poor indeed. Only together may they hope to make
rapid progress in measuring the forces arrayed
against them and overcoming them.
The experience of the past few years has shown
that the Fund is not subject to the will of any one
country. It is a genuinely international institution.
It has no other purpose than to work with and
through its members in establishing a world economy in which all countries can have a chance to
place their international payments in order. The
achievement of this purpose depends largely upon
the willingness of our members to work wholeheartedly with each other, through the Fund. I
emphasize this necessity because I believe the time
has come when international cooperation should
be a more active concept; because I believe that the
Fund can better help its members if the work of
the Fund brings them into more continuous and
even closer relationship with each other, and with
the Fund, in dealing with their exchange and payments problems.
The various measures that have been taken in the
past year to meet the critical payments situation,
particularly the inauguration of the European Recovery Program, will give our members an opportunity to work out their problems without the
serious handicap that would be imposed upon them
by a sharp reduction of essential imports of food,
1218
raw materials and equipment. These measures
do not obviate the need for the nations to work
together. They intensify it. The problems our
members will face on international payments, on
monetary reserves, and on exchange policies will
become increasingly important. The best way to
meet these problems is through self-help and mutual
aid, by intensification of the collaboration of all
countries through the Fund and through the other
international institutions.
I should like to take this opportunity to comment
on two misconceptions which have to some extent
found their way into public opinion. A number
of criticisms have been directed against the Fund.
The happy side of this situation is that, in general,
they contradict each other.
It has been said in some quarters that the policy
of the Fund is unrealistic, that it tries to impose
rigid par values, not in keeping with the actual
position of the countries concerned. In other quarters, on the contrary, the view is expressed that the
Fund has been remiss in its duty because it has
sponsored exchange practices contrary to its avowed
aim of exchange stability. To the first criticism,
there is ample reply in the Fund's annual report.
I would refer particularly to the beginning of the
second part devoted to an examination of the concept of exchange stability versus exchange rigidity.
Therefore I shall not elaborate upon it. But I
should like to answer the second one.
I have stressed that there has to be full cooperation between the members and the Fund. And I
must also stress that full cooperation means cooperation that runs in both directions. When a member
seeks the advice of the Fund, the Fund cannot limit
itself to giving this advice on a "take it or leave it"
basis, irrespective of consequences or reactions.
It may well happen that the member country concerned may find it impossible to follow the Fund's
advice. Ought the Fund at that juncture adopt an
attitude of aloofness and condemn any solution
other than the one it has advocated ? We have never
thought so. We have always been ready to examine
the considerations put forward by the member,
since we have always been eager to take into account
the realities and the practicalities of the situation.
And sometimes, recognizing these practical considerations, we have not objected, in the end, to
solutions which did not constitute the immediate
application of the policy we had recommended.
Did this mean that we were acting illogicallyP
FEDERAL RESERVE BULLETIN
POLICIES AND ACTIVITIES OF THE INTERNATIONAL MONETARY FUND, 1947-48
That we were sponsoring a system in contradiction
with the very principle which we were set up to
promote ? Not in the least. It meant, first, that the
road to exchange stability is sometimes a long and
hard one; second, that, without losing sight of
the ultimate goal to be reached, we realize that in
given cases it is materially or psychologically possible to reach it by successive stages only. Thirdly,
it meant that when what we thought to be the best
plan, had been rejected as impossible of immediate
accomplishment, we preferred to have a country
choose a second best scheme rather than do nothing
and thus worsen its predicament.
This is, I think, a realistic attitude, in keeping
with our duty both to our members and to the
spirit of the Fund Agreement. People seem often
to forget that, even at the Bretton Woods conference in 1944, it was evident that provision would
have to be made for a postwar transitional period
during which certain leeway in applying the Fund's
principles should be allowed. Hence, Article XIV
of the Fund Agreement, which permits members to
apply temporarily certain measures of exchange
restriction. Of course, in their foreign exchange
policy, these members must have continuous regard
to the purposes of the Fund; but they can use the
leeway thus given them in this very difficult time.
Our members are assured that in their dealings
with the Fund they can expect a practical approach
to their problems. They know that no attempt
will be made to fit them into a standardized mold,
unsuited to their economies. They realize that the
way of the Fund in dealing with a member is to
look at the member's situation from the member's
point of view, and to provide such advice and such
assistance of a practical kind as will enable it to
work out its own problems. The essential duty of
the Fund is to see that the measures taken by a
member, first, are suitable to its problems, and
second, that they will not inflict damage on the
economy of other countries.
Another general misconception with which I
should like to deal relates to the usefulness of the
Fund. There, too, opinions are varied and contradictory, according to people and to countries.
Some argue that the Fund was not intended to
function in a period of profound disequilibria such
as the one in which we are living. For some
others the Fund, although equipped with the necessary powers, has seemed too cumbersome to be
efficient.
OCTOBER
1948
Again, I think such conceptions are belied by
reality. As to the period in which we are living,
to my mind it has in some respects exceeded, in
some other respects disappointed, the hopes which
were entertained at the time of the Bretton Woods
conference. It has certainly exceeded them from
the material point of view. I think that, had we
been told at Bretton Woods that four years after
the cessation of hostilities, despite the immense and
incredibly thorough destruction of wealth and
human lives which had taken place throughout the
world during the five preceding years, the world's
material recovery would have reached the stage
described in the first part of the Fund's current
annual report, we should hardly have believed it.
In other fields events have not measured up to our
expectations. The completion of recovery is being
delayed by a number of political difficulties, some
internal, most of them international, which have
manifested themselves since the end of the war,
which still remain unsolved, and which weigh
heavily upon us.
Are these reasons why the Fund should do nothing? As long as two years ago, in the letter transmitting to you the Fund's first annual report, I
said "no"—that the Fund must move, even in difficult times. Since then, the Fund has continuously
been acting in its dual capacity of monetary advisor
and financial help. It has been in close touch with
most of its members, either through its Executive
Directors, or through its staff or its Managing
Director. It has studied their problems and has
provided technical assistance when asked to. It has
sold over 633 million dollars of foreign exchange.
It has adjusted its policy to changing circumstances
and new facts, amongst which the European Recovery Program stands as a major factor.
In the light of what the Fund has done, I do
not think it fair to say that it has proved a cumbersome machinery. It has been aware of the
problems of its members. In many instances it has
called the attention of members to the necessity of
meeting these problems. It has given prompt consideration, and thorough consideration, to the exchange policy proposals of its members. On all
exchange transactions, it has acted with dispatch.
No normal request for exchange has had to wait
more than the three working days provided for
by our regulations. When some exceptional case
arose, the discussions took place at once and were
pursued until we came to a conclusion.
1219
POLICIES AND ACTIVITIES OF THE INTERNATIONAL MONETARY FUND, 1947-48
There are always, of course, some people who
feel that, because the present critical situation in
international payments could not be avoided, the
Fund, as well as other international institutions,
has failed in its task. By such an illogical test everything, everywhere, would stand condemned today.
The Fund could not prevent some difficult problems
from arising. The Fund alone could not solve
them. But this is far from saying that the Fund,
and other international institutions, have been
unequal to their task. The Fund, although it can
not itself meet the entire payments problem, has a
job to do. I believe that, considering the limitations
purposely set by the Charter of the Fund to its
activities; considering the difficult circumstances
in which this activity was started, the Fund has
done this job and done it efficiently.
People often recall the famed words of William
the Silent: "Hope is not necessary to undertake,
nor success to persevere." I would not apply those
words to the Fund. We undertook our task because
we earnestly hoped to fulfill it. And we shall persevere because, all things considered, without either
undue pride or false modesty, we think that we
have thus far succeeded.
REPORT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
On September 27, 1948, the Third Annual Report
of the International Bank for Reconstruction and
Development was submitted to the Board of Governors of the Bank by Mr. John J. McCloy, President. The report covers the period during which
the Bank's first credits for development purposes
were authorized. It discusses the prospects and
potentialities of further Bank-financed development
projects in various parts of the world, and the relation of the Bank to the financial problems of
Europe. It also discusses the sources of the Bank's
1220
funds, including the sale of bonds in the United
States and abroad. Throughout the report the
activities of the Bank and its relationship to other
international organizations are identified with international efforts to achieve rehabilitation and
long-range economic development throughout the
world.
A copy of the report may be obtained upon request from the International Bank for Reconstruction and Development, 1818 H Street, N. W.,
Washington 25, D. C.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
with additional appropriations for special aid programmes in Greece and Turkey and for the International Children's Emergency Fund of the United
Nations, as well as for assistance to Trieste and the
occupied areas.
The machinery set up to handle the European
Recovery Program is known as the Economic Cooperation Administration. Mr. Paul G. Hoffman
is at the head of it with Mr. W. Averell Harriman
The year 1947 saw the beginning of the European as an Ambassador-at-large specially charged with the
Recovery Program, which had its origin in Mr. representation of the United States in negotiations
Marshall's address at Harvard University on June 5, inside Europe.
1947. Never before had a speech led to so much
In Europe itself an organisation for permanent
comment and so much action within so short a economic cooperation by the 16 nations was set up
time. On July 12, 1947 a conference of 16 countries under a special charter signed in Paris on April 16,
was already at work in Paris on the drafting of a 1948. This organisation embraces 17 European
European programme setting out—as suggested by countries (including western Germany), with a
Mr. Marshall—the requirements of the situation and total population of about 270 million.
the part which participating countries could themIts main organs are a Council composed of all
selves play in giving proper effect to whatever action the members, this being the body (with a Chairmight be taken by the Government of the United man and two Vice-Chairmen) from which all deStates. Thus the Committee of European Economic cisions derive; an Executive Committee consisting
Cooperation came into being, and on September of seven members, to be designated annually by
22, 1947 its report (in two parts) was signed in the Council; and a Secretary General, assisted by a
Paris by (in most cases) the Foreign Ministers of first and second Deputy Secretary General, all three
the countries represented.
appointed by the Council.
Even before the signature of this report, investigaThis gives a bare outline of the funds made
tions of the European problem had been taken in available and the machinery set up. The European
hand, in the United States, by committees appointed Recovery Program represents a new departure in
by the President and by delegations nominated by the field of international cooperation, confined, for
Congress. In the autumn, steps were already being the time being, to the United States and the partaken to arrange for "interim aid'* of 522 million ticipating countries in Europe but open, for addollars to France, Italy and Austria; such aid was herence, to other countries also; it is not intended
granted by Congress in a session specially convened that the new machinery shall replace the peace
for that purpose, additional aid being voted at the structure of a more general character set up at the
same time for China (18 million). And on April 3, end of the war. In the Special Report, issued in
1948 the President signed the "Foreign Assistance May 1948 by the National Advisory Council on
Act of 1948," envisaging a total appropriation of International Monetary and Financial Problems
6,098 million dollars, including an allocation of (with its seat in Washington), on the operational
5,300 million for European recovery, to be expended policies of the International Bank for Reconstrucpartly in the form of grants and partly in the form tion and Development and the International Moneof loans in the period up to the end of March 1949. tary Fund, it is thus expressly stated that the "measAn allocation was also made for China, together ures of special United States assistance are not
intended to supersede the activities of the InterNOTE.—The selected passages given here represent about onefifth of the text of the report and include portions of seven national Monetary Fund and the International
chapters. The four chapters omitted are entitled Recovery and
Setbacks in 1947; Price Movements; Production and Movements Bank, which will continue to operate along the
of Gold; and Current Activities of the Bank.
lines originally laid down." On the contrary, the
Selections from the Bank's first Annual Report were published
in the Federal Reserve BULLETIN for July 1931 and the series Bank and the Fund both welcomed the European
was continued through the Twelfth Report—see BULLETIN for
January 1943, pp. 15-41. A reprint of brief sections of the
Recovery Program. While the Bank did not feel
Thirteenth Report was issued in pamphlet form by the Board
of Governors in November 1944. For selections from the Four- that it would be in a position to assume the risks
teenth and Seventeenth Annual Reports, see BULLETIN for
involved for more than a small proportion of that
September 1945, pp. 874-901, and October 1947, pp. 1228-50,
respectively.
part of the Program which would be placed on a
The Eighteenth Annual Report of the Ban\ for
International Settlements, covering the year ending
March 31, 1948, was submitted to the annual general meeting at Basle on June 14, 1948 by the General Manager, M. Roger Auboin, Selections from
the report, with a minimum of textual changes, are
given herewith.
OCTOBER 1948
1221
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
loan basis, it was emphatically of the opinion that,
in so far as the Program satisfied the need of the
participating countries for foreign exchange with
which to purchase foods, feeding stuffs, clothing,
fuel and raw materials, it would improve their
balance-of-payments positions and make it easier
for the Bank to negotiate long-term loans, such loans
contributing, in their turn, to the successful outcome of the European Recovery Program. And
the International Monetary Fund noted that the
participating countries should have little occasion
to require U. S. dollar assistance from it, save under
unforeseen and exceptional circumstances. NonEuropean countries would also benefit from the
Recovery Program, since dollars would become
available to them from the payments for goods procured outside the United States for the purpose of
the Program. Consequently, aid under this Program would make it easier to preserve the resources
of the Fund for the post-transitional period, when
they could be used more directly and effectively
for the attainment of exchange stability and the
elimination of discriminatory currency practices.
The European Recovery Program was, indeed,
born of the imperative need for immediate measures pending the long-term results which European
countries might be expected to produce in the field
of reconstruction, by their own efforts or with the
aid of the operations of the International Bank
for Reconstruction and Development and the International Monetary Fund. The United States alone
was in a position to provide immediate and decisive
aid. The most urgent task was to furnish European
countries with sufficient resources to enable them
to continue their purchases, in the United States
and elsewhere, of vital goods and especially of
foodstuffs and raw materials, these purchases having
already been so greatly compressed by the depletion
of the importing countries' gold and dollar reserves
that there was a serious danger of slowing down
the recovery of Europe. It was, therefore, natural
that in the earlier examinations of the problem
the main accent should be placed on deliveries
of foodstuffs and raw materials to be furnished
as part of the Program, though in the original
speech made by Mr. Marshall on June 5, 1947 not
only the material but also the financial and monetary aspects of the problem had already received
due recognition.
At their meetings in Basle the central banks naturally consulted one another with regard to these
questions, and then the Bank for International
Settlements was able to make its contribution by
clarifying certain aspects of the problem closely
connected with its own activities and experience.
Emphasis was thus laid on the impossibility of separating the question of commodity shortages (food,
1222
fuel, etc.) from the financial and monetary aspects
of the general situation, especially since the shortages of goods and services were to some extent
a direct result of financial and monetary instability,
including the inflationary tendencies persisting in
many European countries. It was not only that
distrust in the national currency gave rise to widespread hoarding of gold and foreign exchange and
to the accumulation of hidden stocks of foodstuffs
and manufactured articles (which farmers and
others hesitated to sell for money in which they
had no confidence), but also that the inflationary
expansion of purchasing power at home acted as a
magnet for imports and as a brake on exports,
with dwindling monetary reserves as a result. For
the central banks it was natural to stress the intimate relation which existed between methods of
internal financing and the state of the balance of
payments, and to urge the elaboration of a really
comprehensive programme of financial and monetary reconstruction, including the establishment of
an adequate degree of budgetary equilibrium, the
adjustment of investments to available resources and
the restoration of balance in the cost and price
structure, together with a repayment of government debt to the central bank itself, whenever this
was necessary in order to fortify its position.
As a practical contribution to the continuing work
of the Committee of European Economic Cooperation, which met in Paris in the summer of 1947,
the Bank for International Settlements acceded to
a request made to it to act as technical Agent under
the Agreement on Multilateral Monetary Compensation, which had been signed in Paris on November 18, 1947 by the Governments of Belgium
(acting also for Luxemburg), France, Italy and
the Netherlands. As described more fully on pages
1232-1236, the scheme for multilateral monetary
compensation has been put into operation. Although the volume of compensations arranged
during the early months has not been considerable in itself, the scheme may be regarded as
the germ of something more useful which may
develop in the future, and its operation has, moreover, made it possible to gain a new insight into
the working of the monetary system under the difficult circumstances of present-day Europe.
Moreover, the Bank for International Settlements
has continued and developed its cooperation with
the International Bank for Reconstruction and Development. This cooperation, which was first established between the research departments of the
two institutions, has been gradually extended to
include technical assistance given to officials of the
International Bank who had been sent to Europe
in order to examine the situation of particular
countries. And in the spring of 1948 the Bank
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
for International Settlements was able to assist in
the issue of 17 million Swiss franc bonds, which
allowed the International Bank for Reconstruction
and Development to lay greater stress on the international character of its operations, especially with
regard to the placing of its securities.
Between the Research Department of the International Monetary Fund and the Monetary and
Economic Department of the Bank for International Settlements documents have been exchanged and contact and consultation established
through mutual visits of officials, etc.
In the spring of 1948 the Bank for International
Settlements obtained a final and satisfactory settlement of certain outstanding questions to which the
war had given rise. One of these questions concerned the Bank's assets in the United States, which
had been blocked by the United States authorities
in 1941 (at the same time as similar assets of other
holders on the continent of Europe); another question referred to gold which had been received by
the Bank for International Settlements as payment
from Germany during the war and which the Bank
had subsequently been able to identify as having
been looted in countries occupied by Germany.
Work preparatory to a solution of these questions
had been in progress since the end of the war.
After a preliminary exchange of letters between
the Secretary of the Treasury of the United States
and the Chairman of the Board of Directors of
the Bank for International Settlements, the latter
paid a visit to Washington, accompanied by the
General Manager of the Bank, and concluded two
final agreements, both signed on May 13, 1948.
One of these agreements, concluded between the
Treasury Department of the United States and the
Bank for International Settlements, concerned the
unblocking of the Bank's funds in the United States.
As a result, all the funds in question belonging to
the Bank itself, as well as funds corresponding to
deposits of which the beneficiaries are no longer
blocked, were finally released and exempted from
any restriction.
On the other hand, funds corresponding to deposits of which the beneficiaries are still blocked
have been segregated in a special account with the
Federal Reserve Bank of New York, and this account cannot be drawn upon without the consent
of the competent United States authorities, the
amount involved being, however, very small.
The other agreement was concluded between, on
the one hand, the Government of the United States,
the British Government and the French Government and, on the other hand, the Bank for International Settlements. The three governments acted
on their own behalf and on behalf of all the other
governments signatory to the Paris Agreement of
OCTOBER
1948
January 14, 1946 and of the banks of issue of the
signatory governments.
This agreement finally fixed at 3,740 kilogrammes
the amount of gold which the Bank places at the
disposal of the three governments, the gold in
question having been received from Germany during the war and subsequently identified as looted.
The amount thus defined includes, to the extent of
10 per cent, gold received by the Bank for account
of a third party (another central tank). Consequently, the sum to be restituted by the Bank for
its own account amounts to 3,366 kilogrammes of
fine gold.
Such payments as were received by the Bank
for International Settlements from Germany during
the war were—as previously reported—connected
with operations carried out by the Bank in 1930-31
in application of the Hague Agreements,1 the
Bank then acting in virtue of the Trust Agreement
through which it was associated with the creditor
governments recipients of the annuities under the
Young Plan. These operations gave rise to a series
of investments, the origin and nature of which
were described in the seventeenth Annual Report
(page 160). During the war the Reichsbank continued to effect transfers in the form of remittances
of gold or Swiss francs (against Reichsmarks)
corresponding to the interest earned on these investments together with a very limited redemption
of capital.
The Bank was obviously not in a position to
refuse these payments, which were in accordance
with the contractual obligations governing the investments. It was, indeed, incumbent upon the
Bank to do its utmost to secure the payments in
question, since any interruption in the transfers
would have led to an increase in its holdings in
Reichsmarks and that would have been tantamount
to economic assistance to the market of a belligerent
country, which would have been contrary to the
rules of strict neutrality laid down in the Bank's
declaration of December 18, 1939.
When receiving the payments from Germany,
the Bank had to run the risk of taking over gold
which might not be the lawful property of the
Reichsbank. It did all it could to avoid receiving
such gold in that it asked for assurances, on each
occasion, that the gold had belonged to the Reichsbank itself since before the war. The gold which
the Bank for International Settlements received
was taken from the Reichsbank deposit with the
Swiss National Bank and placed by the latter at
the disposal of the Bank for International Settlements on instructions from the Reichsbank.
It was obviously not possible either for the Bank
for International Settlements or for the Swiss Na1
See BULLETIN for April 1930, pp. 172-249.
1223
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
tional Bank to ascertain what was the origin of
the gold in question. As early as September 1945
the Bank for International Settlements offered,
however, to cooperate unreservedly with such central banks as had notified it that they were looking
for monetary gold of which Germany had deprived
them during the occupation of their respective
countries. For its own part, the Bank for International Settlements arranged for a technical examination of the question; thanks to the work thus
undertaken, it was possible to produce a complete
list of all the bars received from Germany during
the war and full particulars of their characteristics.
At the same time, considerable work was being
done by the Allied authorities in Germany to trace,
from the bookkeeping records of the various German institutions, the monetary gold that had been
seized in the occupied countries.
The Bank for International Settlements was able,
after a close examination of the facts, in collaboration with the Bank of France and the National
Bank of Belgium in 1946 and with the Nederlandsche Bank in 1947, to prepare detailed minutes
relating to monetary gold which might have been
looted in occupied countries. Moreover, the Board
of Directors of the Bank for International Settlements decided, as early as 1946, to authorise the
restitution of all gold with regard to which it could
be proved by reasonably convincing evidence that
it represented looted monetary gold within the
meaning of Part III of the Paris Agreement on
Reparations dated January 14, 1946.
During the conversations in Washington, the
technical experts of the Allied Governments and
the Bank for International Settlements were able
to examine and compare all the available documents. On the basis of these records, the amount
to be restored wasfinallyfixedat 3,740 kilogrammes
of fine gold. This gold is now at the disposal of
the Allied Governments for distribution among the
rightful claimants by the Brussels Tripartite Commission for the Restitution of Monetary Gold,
created for that purpose in 1946.
RESTORATION OF MONETARY ORDER
No country—belligerent or neutral—was able
either in the first or in the second world war to
finance its current expenditure without some resort
to inflationary measures. As a result, all countries
have, since the end of the last war, been faced with
a number of financial problems, which may be conveniently grouped as follows:
1. In occupied as in other countries the war left
behind it a redundant supply of money in the
form of notes in circulation, deposits in banks and
other liquid resources such as Treasury bills, savings certificates, etc. Thus, whenever prices could
1224
be prevented from rising steeply, there was as a
rule a dangerous tension between the volume of
monetary purchasing power and the current supply
of goods and services.
2. With the cost of living going up (as it did
everywhere) and wages lagging behind, workers
and others would naturally seek to regain their
old standard of living. If the simple expedient of
raising money wages was resorted to before more
goods became available, the lack of balance not only
continued but might even be intensified, since goods
would often be kept back by farmers and other
producers and not reach the market. It was obviously necessary to find some means of arresting
the zigzag increase so harmful to the economy.
3. As long as heavy budget deficits continued to
be financed by recourse to central banks, the methods of war financing were in fact maintained, fresh
money being pumped into the economy. For balance to be restored these practices had to cease.
4. In addition to investments for the repair of
war damage, for reconstruction and for reconversion, there was in all countries a vast accumulated
need of investments for housing, etc., while the
volume of current savings would generally tend to
fall when, more goods being available, people
were once more in a position to satisfy, up to a
point, their consumption requirements. A lack of
balance would then be apt to arise between savings
and investments, with an inflationary effect.
5. Countries experiencing a scarcity of goods in
relation to the supply of monetary purchasing
power would find their imports apt to increase,
while their exports would lag behind or even
dwindle, the result being a widening gap in their
balances of payments. With costs and prices rising
at home more than on the world markets, their
officially fixed exchange rates might soon be out
of touch with realities.
Under the difficulties of the moment, measures
had often to be taken in a piecemeal fashion, it
being understood that, before full monetary order
could be restored, much more comprehensive programmes would have to be adopted and applied.
PRICE MOVEMENTS
With the continuance of a general rise in prices,
there has been wide-spread discussion of what can
be done by individual countries to bring the upward surge to an end. At the same time, dread of
a fall in prices is by no means extinct, it being
feared that this might prove the starting point for
a real depression. Whenever prices have weakened
in any sector of the economy, there have been signs
of concern, not only among those engaged in
the particular trade or industry, but also in governFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL
ment circles, the "authorities" being increasingly
regarded as responsible for the course which business takes. Something approaching alarm was
aroused in February 1948—the most anxious period
through which the international commodity markets have passed since the end of the war. By
February 20, wheat and maize had fallen about
30 per cent from the peak price reached some weeks
earlier, and the majority of other agricultural commodities had also gone down in price, although
not to the same extent as the leading cereals.
But the "fears" of a general fall in prices, with
untoward effects on current business, soon proved
to be without foundation. While the setback on
the agricultural markets had a certain psychological
influence on trading in other staples (the temporary
result being an all-round slackening in demand),
it had no influence whatever on prices of nonagricultural products. Moreover, the decline from
the high level to which wheat and maize prices had
climbed during the typical boom in foodstuffs must
be regarded as a healthy reaction. By the end of
1947 prices for raw materials were, on an average,
two to three times as high as before the war, while
the prices of the most important foodstuffs had risen
five to six times. Even after the recession, agricultural commodities continued to be relatively
dearer than raw materials.
The adjustment of relative prices to a more normal pattern after the wartime dislocation is bound
to cause some disturbance; but, provided that the
general price level remains comparatively stable
while the adjustment is in progress, the process
should not be too difficult and, in any case, it is
unavoidable. The period from the beginning of
1947 to the spring of 1948 has seen considerable
progress in reconversion from war to peace conditions in practically all commodity trades, with
production approaching the prewar level or even
exceeding it, especially as regards oil (for which
commodity, however, a rise by 50 per cent above
the 1938 output has not been large enough to meet
the extraordinary expansion in demand).
In contrast to what happened in connection with
the first world war, the second world war did not
lay the foundation for a large-scale expansion of
raw materials production. As a matter of fact,
actual warfare, this time, damaged many producing
areas (especially in the East) which had been untouched by the first world war. To meet the growing demand due, inter alia, to a 6 per cent increase
in the world population since 1938, both potential
and actual production of primary commodities must
he expanded, and that will require new investments
on a large scale and additional workers of all
grades. The facile assumptions of an all-round
abundance which were entertained in the thirties,
OCTOBER 1948
SETTLEMENTS
and never well founded even then, have now given
place to a more realistic but also a more constructive
attitude.
THE TENSE POSITION OF INTERNATIONAL TRADE
Never, perhaps, since the exhortations of the
mercantilists in the seventeenth century, have countries been more preoccupied than in 1947 with the
anxieties of an adverse balance of trade or, to use
a more modern expression, with the problem of
meeting a growing deficit in the balance of payments. During the war, lend-lease and mutual aid
were sufficient to cover immediate needs, and in the
first two years after the war the same purpose was
served by assistance from UNRRA, special loans
and the use of accumulated reserves. As these resources began to run out, however, practically all
countries (the United States and Switzerland being
almost the only exceptions) had to concern themselves increasingly with the lack of balance in their
foreign accounts.
Since more and more administrations have resumed the issue of their regular trade statistics and
are also making careful estimates of other items in
their balances of payments, a fairly complete picture
can be formed of the network of international payments. The following table gives prewar and postwar trade figures for 43 countries responsible, in
1938, for about two-thirds of the total foreign commerce of the world and, in 1947, when Germany
and Japan had almost dropped out, for four-fifths
of world trade.
The monthly turnover of the foreign trade of
the 43 countries was equal to about 6.1 billion dollars in 1929 but only 2.4 billion in 1938 (when,
however, dollar prices were about 20 per cent lower
than in the boom year 1929). After the war, the
monthly turnover reached 6.5 billion dollars in July
1947 and exceeded 7 billion in the following December. By the end of the year, prices were probably
some 120 per cent higher than in 1938, account
being taken of the effect of freights on import
prices. On this basis, 7 billion dollars a month
corresponds to about 3lA billion a month at 1938
prices, and this would make the volume of foreign
trade of the 43 countries larger than in 1938, but
not yet up to the 1929 level. Account being taken
of the virtual disappearance of the foreign trade of
Germany and Japan, the recovery is less pronounced
than the above figures suggest; and, of course, the
loss suffered by those two countries has also an
effect on the real-income position of their previous
trade partners. It is, moreover, one of the changes
that have enhanced the importance of the United
States in world trade at the expense of Europe.
1225
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
imports. If account is taken of the rise in prices,
it will be found that Europe's exports to the United
States totalled perhaps two-thirds of prewar, but
] -•rewar
Postwar
Europe's exports to other areas were nearer to the
Country
prewar level. There was thus a shift in the current
1929 1937 1938 1946 1947
of European exports which has certainly not been
the result of any deliberate move, since countries
15 2
9.1
12.0
7.3
6 5
United Kingdom
16.1
6.3
5.0
14.3 21.1
United States
have
been anxious to earn dollars.
42.1 19.7 17.2 28.3 42.5
41 other countries
In relation to the gross national product of the
28.7 51.7 75.6
Total for 43 countries... 73.4 33.3
United States, imports into that country were in
12.2
5.1
4.7
Germany (and Austria)
1947 proportionately somewhat larger than in 1946
3.3
2.0
1.5
Japan
1.6
0.6
0.5
U. S S R
but not as large as in the two boom years 1929
25.7 12.8 11.6
Rest of the world
and 1937.
Total for 76 countries... 116.2 53.8 47.0
It is somewhat surprising to find that, in relation
to
the gross national product, exports from the
1
According to League of Nations monthly tables of "world
United States were slightly larger in the years
trade," covering 76 countries.
immediately after the first world war than in the
The decline in the volume of trade which Euro- corresponding period after the second world war.
pean countries carry on with one another (so-called But, in dollars, the export surplus of 10 billion in
"intra-European trade") is even more striking: its 1947 represents the highest total of any peacetime
share in world trade fell from 30 per cent in 1938 year. The increase in exports particularly affected
to about 18 per cent in 1947. Here the disappear- such lines as machinery and vehicles during the
ance of Germany's trade makes itself particularly first half of 1947 and food and farm products
felt, since Germany accounted for about 20 per cent towards the end of that year. Since the figure for
of intra-European trade before the war but only commodity imports was only 17 per cent higher
in 1947 than in the previous yea* but prices of
4 per cent in 1947.
imported goods were 21 per cent higher, the actual
Volume of World Trad«, monthly, In million* of dollar*.
volume of imports was smaller in 1947 than in
1946.
With regard to service items, the United States
had, on balance, a substantial amount to its credit
both in 1946 and 1947, owing to the fact that not
only income from investments but also the other
items yielded a surplus in those years.
While the income of the United States from
foreign investments is likely to increase, there
should be a reverse movement as regards the remaining items. The proportion of exports carried
in American ships fell from 60 per cent in 1946
to 50 per cent in 1947; and the number of American
tourists coming to Europe promises to establish a
new record in 1948.
The table on page 1227 shows, for a number of
countries, the balance of trade and also the net
balance of service items (including net income from
Expressed in terms of real values, the trade of investments) together with the net surplus or
European countries with one another in 1947 repre- deficit on the current account of the balance of
sented only 56 per cent of the prewar volume, payments. The export of newly-mined gold by
while Europe's trade with non-European countries any country is usually regarded as forming part
amounted to 78 per cent as regards exports and of ordinary exports; the shipment of gold from
106 per cent as regards imports—owing, in par- monetary reserves, however, is regarded not as a
ticular, to the magnitude of imports from the current item but as the employment of a capital
United States.
asset for the settlement of a balance on foreign
In 1947, European exports covered not quite one- account. On the other hand, the import of gold—
half of the continent's imports. With the United except when clearly for industrial purposes—is left
States alone the position was even less favourable outside the current account, being regarded as a
for Europe, exports covering only one-sixth of balancing item of a capital nature.
WORLD TRADE
TURNOVER
[Yearly figures, in billions of dollars]
1226
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
VISIBLE AND INVISIBLE TRADE OF A N U M B E R OF COUNTRIES
[In millions of national currency units]
Country
Surplus of
exports (+)
or
imports (—)
Surplus ( + )
Surplus ( + ) or deficit ( —)
or deficit ( —) on current
of service
account of
items
balance of
payments
Year
Currency
United States. .
1938
1946
1947
Dollars
3,243
12,140
16,022
2,173
5,264
6,047
+ 1,070
+6,876
+9,975
+210
+ 1,257
+ 1,301
+ 1,280
+8,133
+ 11,276
Canada. .
1938
1946
1947
Can. $
844
2,393
2,723
649
1,822
2,535
+ 195
+571
+ 188
-95
-214
-141
+ 100
+357
+47
Argentina. .
1939
1946
1947
Pesos
1,573
3,935
5,332
1,223
1,975
5,351
+350
+ 1,960
— 19
-406
-251
-56
+ 1,709
Austria...
1937
1946
1947
U. S. $
228
20
85
273
180
340
-45
-160
-255
+ 10
+ 15
-150
-240
Belgium..
1938
1946
1947
B. fcs
21,670
29,654
61,609
23,069
52,561
85,528
-1,399
-22,907
-23,919
+18,419
-5,500
Denmark..
1938
1946
1947
D. Kr.
1,582
1,624
2,316
1,665
2,863
3,087
-83
-1,239
-771
+ 194
+533
+291
+ 111
-706
-480
Finland. .
1938
1945
1946
1947
FM
8,607
15,228
123,051
i 43,193
8,398
6,820
24,274
46,888
+209
-1,592
-1,223
—3,695
+600
+832
+809
-760
France. .
1938
1946
1947
Fr. fcs
22,700
54,000
112,000
36,700
236,000
253,000
-14,000
-182,000
-141,000
+ 13,700
-62,000
-48,000
-300
-244,000
-189,000
M938
1946
1947
U. S. $
515
416
768
708
928
1,678
-193
-512
-910
+ 171
+61
+51
-22
-451
-859
Netherlands.
1938
1946
1947
Florins
1,086
815
1,752
1,245
3 2,143
4,066
-159
-1,328
-2,314
+ 176
+236
+312
+ 17
-1,092
-2,002
Norway. .
1938
1946
1947
N. Kr.
787
1,202
1,814
1,193
2,197
3,817
-406
-995
-2,003
+510
+223
+591
+ 104
-772
-1,412
Sweden. .
1938
1946
1947
S. Kr.
1,843
2,547
3,220
2,082
3,386
5,175
-239
-839
-1,955
+266
+474
+555
-365
-1,400
Switzerland...
1938
1946
1947
Sw. fcs
1,317
2,676
3 ,268
1,607
3,423
4,820
-290
-747
— 1,552
United Kingdom. .
1938
1946
1947
£ stg
533
888
1,125
835
1,092
1,574
-302
-204
-449
+232
-176
-226
-70
-380
-675
Italy..
Exports
Imports
+27
1 Excluding exports for reparation payments and commodities surrendered in compensation for German assets.
At June 1946 purchasing power.
F. o. b. imports.
2
8
As monetary reserves became more and more
depleted in the course of 1947 and countries had
increasingly to apply measures of control, it was
generally feared that the cumulative effect would
be a sharp contraction in the volume of foreign
trade. The most recent statistics indicate, however,
that very little contraction, if any, has occurred and
an explanation must be sought for this somewhat
surprising result. Not one but several factors would
seem to have kept the flow of trade from ebbing.
In the first place, the need to maintain health and
efficiency has forced a number of countries to allow
OCTOBER 1948
an even increased supply of foodstuffs to come in,
and thus left them no opportunity of saving much
on this account. Secondly, the movement of goods
has been kept up by the continued granting of
American aid in cases of special urgency (including
interim aid under the European Recovery Program). Thirdly, imports of raw materials have
usually been maintained, the governments being
anxious not to imperil the attainment of full employment, having committed themselves most
strongly to such a policy. To pay for these imports,
drafts have been made, when necessary, on what
1227
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
remained of the monetary reserves. Fourthly,
many ready-made articles have continued to be
imported, especially such as were not obtainable
from domestic sources. Fifthly, orders already
placed abroad with official approval could not, as
a rule, be cancelled all at once; trade cannot simply
be curtailed overnight.
Finally, with regard to articles which were of a
luxury character or could be dispensed with for
other reasons, it was not always possible to stop
the granting of new licences. A country would
usually want to sell some of its own products of
a luxury character and, in order to do so, it would
often have to accept luxury articles from its trading
partners in return. In bilateral negotiations much
time was often taken up in the settlement of such
questions, the result usually being that a large
volume of trade was maintained—fortunately, one
might add; for it would be of little benefit to the
European economy if what ought to be merely a
temporary difficulty were allowed to force fundamental structural changes upon the countries concerned (as might happen, for instance, if no consideration were shown to Dutch bulb-growing and
certain branches of the Swiss textile trade). Even
more than immediate unemployment and the resulting charge upon the budget, such a contingency
would be likely to impair the future economic
strength of Europe.
It is also generally realised that the entry of goods
of all kinds helps to hold back inflation. Assuming
that a country has succeeded in curtailing imports,
it is most unlikely that the purchasing power
which would have bought the goods thus kept out
will remain unused (and take the form of increased
saving). Instead, such purchasing power is likely
to turn, for the most part, to domestic goods and
services and, in doing so, it withdraws productive
power from manufacture for export, especially at
a time of full employment, and thus tends to reduce
exports. It is, therefore, anything but surprising
that the trade control of recent years has, in many
cases, signally failed even to compress the deficit
in the balance of trade, let alone to do away with it.
It is true that, under the totalitarian regime in
Germany, control of external trade seemed to be
successful in maintaining equilibrium in the country's foreign commerce, even though the monetary
purchasing power was expanded and interest rates
reduced. But it should be remembered that, at
the time, Germany was gradually introducing a
war economy (with increasing stress on armaments)
and, to that end, enforced control all along the line,
including such measures as the wage-stop and official direction of labour. Moreover, despite all
export premiums, there was a shrinkage in Germany's foreign trade, accompanied by a reduction
1228
in the standard of living, the bulk of the population having to subsist on a bare sufficiency with
very few frills. Full employment was kept up by
means of heavy state investment and continuous
monetary stimulus; but the control grew tighter
and tighter, and in the end it was found that—
even during the war—efficiency could not hold its
own against the industrial expansion in the AngloSaxon countries. Thus the German system by no
means invites imitation. And experience shows
that it will not do to adopt some of its less objectionable features, in the hope of succeeding in the
field of trade regulation, while leaving out the
more comprehensive control. The continent of
Europe has not yet recovered from the low level
to which trade was reduced by the war and its
consequences. In 1947 the danger was that exhaustion of foreign resources would force upon that
continent another reduction in trade and thus upset
and retard recovery at a time when production was
getting quite well under way.
One of the blessings that may be hoped for from
the European Recovery Program is that it will make
it unnecessary to contract imports, driving trade
down into a deep valley out of which it would be
most difficult to climb. An easing of monetary
restrictions—not least between the countries in
Europe—is an indispensable part of the solution
which has to be found for the problem of maintaining and developing a flourishing foreign trade;
but the question has other aspects which must not
be neglected. Should the individual countries fail
to establish internally an adequate balance between
the volume of purchasing power (especially as
manifesting itself in the flow of current incomes)
and the supply of goods and services, monetary
reserves, if they were replenished, would soon be
depleted again. Moreover, as regards production
and trade, Europe has several weak spots, Germany
being one of the most obvious. Certain commodities
are still in particularly short supply and require the
taking of special action. It should, for instance, be
possible, by judicious investment in certain specific
branches (such as the cutting of timber), to obtain
relatively quick results in the form of increased
supplies of particularly scarce products.
As a wider problem, mention may be made of
investments in colonial possessions, both in order
to procure direct supplies for Europe and in order
to foster triangular trade. The task of making
European countries self-supporting again is partly
bound up with the success attending schemes put
into operation outside Europe. Stimulation of foreign investment is part of the problem and, as a
rule, the provision of capital must be combined with
the supplying of technical knowledge and organisation under conditions which promise a fair return
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
on the amounts invested, especially since a surplus
of income cannot, as a rule, be expected during
the first few years.
In regard to commercial policy, one of the first
objectives will no doubt be the abolition" of quantitative restrictions—a job successfully tackled in the
twenties, after the first world war. In addition,
there is the most intricate but very important question whether a greater commercial cohesion in
Europe can be furthered by the formation of one
or more customs unions or, in cases where such a
solution appears impracticable, by the establishment
of low-tariff areas (in which, for instance, protective
duties might not generally exceed, say, 15 per cent
ad valorem). These questions are not made easier
by the fact that commercial problems cannot be
solved without taking into account the allegiance
of a political character which binds some European
countries to one another or to countries outside
Europe.
The result of the efforts to be made should be
a greater freedom from the obstacles which now
stand in the way of the interchange of goods and
services. Production is increasing up to, and beyond,
prewar levels. But, when trade is hampered, coun-
tries do not get the same benefit from their production as would be the case if they could buy and sell
freely in relation to other countries. No small
weight must be attached to the time and energy
lost in dealing with all the formalities which are
nowadays so often required. "Dispatch is the soul
of business," Lord Chesterfield wrote to his son, in
the middle of the eighteenth century—and, when
rules and regulations are being drafted, it would
be well to remember this, not only in order to ease
the task of the business man but because all waste
of time and effort has to be paid for ultimately by
the consumer, in the form of higher prices and a
correspondingly lower standard of living.
FOREIGN EXCHANGE RATES
Despite the great strain on monetary reserves
which characterised the year 1947 and the opening
months of 1948, an examination of the relevant
facts shows that in this period some progress was
nevertheless made towards a better exchange equilibrium. Only in a few countries was this the result
of alterations in official exchange rates; in general,
it was the outcome of a whole series of movements
affecting the international relation between cost-
OFFICIAL ALTERATIONS IN EXCHANGE RATES, 1939-48
Percentage change
U. S. dollar rate
National
currency unit
Country
Austria
Belgium
Bulgaria
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Hungary
Italy.
Netherlands
Norway
Poland
Portugal
Roumania
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Canada 11
Argentina
Brazil11
Peru12
Iran 13
China
.
August 24,
1939
Sch
B.fcs
Leva
Kcs
D.Kr
FM
Fr.fcs
RM
. . Dr
P/Frt
Lit. [Italian lire]...
Fl.
N.Kr
Zl.
Esc
Lei....
Pes
S.Kr
Sw.fcs.
£T
£stg
Dinars
Can. $
Pesos
Cruz
Soles
Rials
Chinese $
..
.
15.34
29.58
83.90
29.235
4 795
48.60
37 755
2.493
117.60
5.20
19.00
1.86
4.27
5.325
23.36
143.59
9.05
4.15
4.435
1.267
4/3Md
44.05
100 47
4.325
19.93
5 36
17.41
3.33
End of
December
1945
10.00
43.83
286.56
50.00
4 81
136.00
119 10
10.00
5,000.00
3
11.74
4225.00
2.65
4.963^
100.00
24.89
24.815
• 225,195.00
3,635.00
11.085
11.085
8 3.60
4.20
4.30
4.30
9
2.81
1.305
4/11 ^ d
4/ll^d
50.00
M50.00
8
100 25
110 25
4.0675
4.10
19.50
18.72
6 50
6 50
32.50
32.50
20.00
12,000.00
10.00
43.83
286.56
50.00
4 81
136.00
119 10
10.00
500.00
104,000 00
100.00
2.65
4.96
6
March
1947
March
1948
August 24,
1939 to
March 1948
10.00
43.83
286.56
50.00
4 81
136.00
2 214 39
10.00
5,000.00
11.74
s 573.00
2.65
4.96^
100.00
24.913^
» 151.50
11.085
3.60
4.30
2.81
4/11W
50.00
100.25
4.01
18.72
6.50
32.50
12,000.00
1
2
January 1938.
Devaluation on Jan. 26, 1948.
3
The Forint was introduced on Aug. 1, 1946 and was equal
to 400,000 quadrillion pengo.
4
5
Official rate, plus additional quota of 125 per7 cent.
Rate fixed monthly by decree of Nov. 28, 1947.
6
Including
the
supplementary
premiums.
The
new
leu
was
introduced on Aug. 15, 1947 and was equal
8
9
Revaluation in July 1946.
Official rates, excluding premiums. l l
10
Official rate, fixed13 at the time of the unification of the currency.
Free market.
« Official rate.
OCTOBER 1948
-47
-33
-71
-42
- 0 3
-64
—82
-75
-98
-56
-97
-30
-14
-95
- 6
- 5
-18
+ 15
+3
-55
-14
-12
+ 0.2
+8
+6
-18
-46
-99.9
December
1945 to
March 1948
0
0
0
0
0
0
—44
0
-90
-83
0
0.1
-
0.4
0
+ 17
0
-54
0
0
+ 10
+
1
+4
0
0
0
to 20,000 old lei.
Official rate (Central Bank selling rate).
1229
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
and-price levels, coupled with an improvement internally in the financial and credit position of a
number of countries.
Only three countries included in the table, viz.
France, Italy and Roumania, show any significant
change in their official quotation of the dollar between the end of March 1947 and the end of March
1948. In France and Italy, systems of exchange
rates, some of which are flexible, have been applied
in order to establish, under the play of market
forces, a series of more appropriate exchange relations.
In countries which have permitted the quotation
of fluctuating rates as part of their exchange regime,
the purpose has been to arrive at rates at which
goods would be imported and exported, and services paid for, on a basis more in conformity with
the economic realities of the situation. But, even so,
the countries in question have generally continued
to use official rates for certain purposes, applying
them, for instance, to the cession of part of the
foreign exchange received from exports, and to the
import of essential commodities, e. g. foodstuffs
and raw materials (often paid for by means of foreign grants or credits). It was felt that, at any
rate for the time being, it would be hazardous to
leave payments for essential imports (with all the
influence which such payments exert on the cost of
living and the cost of production) to the sway of
free market rates; and it was also felt that the
government should secure a minimum supply of
foreign exchange for itself.
But it was further thought that, as soon as the
situation became more consolidated, it should be
possible to apply a greater uniformity of rates all
round. In Italy, which has had considerable experience of the system of multiple rates, with, for
some time, a great disparity between the various
rates, it was soon found that such a system involved
many inconveniences and dangers; when the supply
of goods became more normal again and general
financial safeguards could be more effectively applied, action was taken to establish a more uniform
rate-structure, without losing touch with the forces
operating in the free market.
Events of outstanding importance in the foreign
exchange field were the re-establishment of the
convertibility of sterling on July 15, 1947 (in accordance with the Anglo-American Loan Agreement of
December 6, 1945) and its suspension as from
August 21 of the same year. As part of the preparation for sterling convertibility and especially in
order to lessen the shock which it might produce,
the United Kingdom had entered into a series of
payments agreements with individual countries.
On the date when general convertibility was due to
become effective, there were still 14 agreements in
1230
course of negotiation, and the authorities of the
United States granted a respite of two months, to
give these agreements time to become operative.
In addition, the United Kingdom had negotiated
a number of trade agreements all aiming at a certain
equilibrium in the balance of payments with the
partner countries. The fact that, notwithstanding
these precautions, convertibility could not be maintained is evidence of the great lack of 'balance—
a legacy from the war—affecting the United Kingdom as well as other countries.
Since the suspension of convertibility, the British
system of payments has undergone a number of
changes:
1. As regards the dollar-area countries, there has
been no variation in relation to the convertibility
and transferability of the so-called "American accounts," apart from a general endeavour on the
British side to reduce the deficit in the balance of
payments with the western hemisphere.
2. Inside the sterling area, some agreements have
been concluded for the purpose of limiting freedom
of drawing on the dollar pool and of providing
better regulations for the blocking of sterling balances. A case in point is the agreement with Eire,
in which it is stipulated that the amount of dollars
which that country can draw from the pool, above
the amount earned by means of exports, shall not
exceed 14 million pounds sterling (the agreement
remaining in force from October 1, 1947 until the
end of June 1948). By an agreement of November
1947, expiring in June 1948, Iraq is allowed to
draw dollars up to the equivalent of 5.8 million
pounds sterling—inclusive of export earnings. An
agreement was concluded with South Africa in
October 1947, under which South Africa lent the
United Kingdom gold up to an amount of 80 million pounds sterling in 1948, while, at the same
time, undertaking to meet its own dollar requirements. Another interesting feature is that the two
governments decided to prohibit such capital movements from the United Kingdom to South Africa
as are not considered necessary, this being the first
agreement in which restrictions have been imposed
on the free movement of capital inside the sterling
area.
Among other sterling-area countries, India and
Pakistan concluded financial agreements with the
United Kingdom, ceilings being fixed, in both cases,
for the drawing of dollars on the blocked-sterlingbalance accounts.
Egypt left the sterling area in July 1947 and
Palestine at the end of February 1948. Under
agreements with the United Kingdom, they are
allowed to convert part of their sterling balances
into gold and dollars.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
3. As regards countries outside the dollar and
sterling areas, many agreements have been concluded, representing either a new departure or a
modification of agreements already in operation.
An attempt has been made, on the one hand, to
render the British currency more widely acceptable
by increasing the number of countries for which
transferable-sterling accounts have been opened but,
on the other hand, to reduce to a minimum the
possibility for the countries in question to come
into possession—through the transfer of sterling
accepted in payment for their exports—of sterling
balances so large as to exceed the inconvertibility
limit generally fixed in the agreements. Thus, the
benefit of transferable accounts has been withdrawn
from certain countries and replaced by a restricted
form of transferability in which, for instance, a
special authorisation from the United Kingdom
Control is necessary (as explained more fully in another section of this Report—see pages 1232-1237).
These are the so-called "bilateral countries" and
include Italy, Belgium, Portugal and some Latin
American countries such as the Argentine, Brazil
and Uruguay. On the other hand, recent agreements with Poland and the U.S.S.R. have brought
these two countries into the "transferable-account
group."
By the end of March 1948, for purposes of the
British foreign exchange regulations, countries having trading and financial relations with Great
Britain could be grouped as follows:
(a)
STERLING-AREA OR SCHEDULED TERRITORIES:
British Empire (with the exception of Canada
and Newfoundland), Cameroons, Nauru, New
Guinea, South West Africa, Tanganyika, Togoland, Western Samoa, Burma, Iraq, Iceland
and the Faroe Islands.
(b) DOLLAR-AREA
TRIES:
OR AMERICAN-ACCOUNT
COUN-
United States, Philippines and territories under
the sovereignty of the United States, Bolivia,
Chile, Colombia, Costa Rica, Cuba, Dominican
Republic, Ecuador, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Panama, Peru, El
Salvador and Venezuela.
(c)
TRANSFERABLE-ACCOUNT COUNTRIES:
The Argentine,* Brazil,* Czechoslovakia,
Dutch monetary area, Egypt, Ethiopia, Finland, Iran, Norway, Poland, Siam, Spanish
monetary area, Anglo-Egyptian Sudan, Sweden
and U.S.S.R.
(d)
BILATERAL COUNTRIES:
Austria, Belgian monetary area, Bulgaria, Can* Transferred to the group of bilateral countries at the end of
May 1948.
OCTOBER
1948
ada, Newfoundland, China and Formosa, Denmark, French monetary area, Greece, Hungary,
Italy, Japan, Palestine, Paraguay, Portuguese
monetary area, Roumania, Switzerland, Transjordan, Turkey, Uruguay and Yugoslavia,
(e)
OTHER COUNTRIES:
Among these are Afghanistan, Albania, Nepal,
Saudi Arabia and Yemen. For this residual
group there is quite a wide range of transferability of sterling claims within the group and
with the sterling area.
While the suspension of the convertibility of
sterling was a result of the strained conditions in
the field of foreign exchange generally, it added
to the existing tension and necessitated the making
of new arrangements as regards the foreign exchange position in relation to various countries.
The failure of sterling convertibility drives home
the lesson of the fundamental importance of first
achieving a real balance in the economy of each
country and in the relations of the countries with
one another. But, if full convertibility is not always
practicable, other possibilities must be developed.
As shown in the section "European Payments
Agreements, Multilateral Compensation and the
European Recovery Program," new methods are
being tried, involving the extension of transferability
(sometimes on a limited scale) to an increasing
number of countries, together with arrangements
for compensation. In this way real progress may
be made in facilitating commercial relations, the
work gaining new impetus from the contacts and
cooperation initiated under the European Recovery
Program.
INTERNAL CREDIT CONDITIONS AND THE TREND OF
INTEREST RATES
The year 1947 produced a display of central banks
and finance ministries bowing to the inevitable—
with varying degrees of grace and reluctance. The
movement away from artificially low interest rates
(for which strong arguments had been advanced in
connection with war-financing) spread from the
United States over the greater part of the world,
irrespective, one might add, of differences in monetary theory and practice.
The urgent need for reconstruction and restocking, with booming business activity and high commodity prices, provided the basic conditions for full
employment of current savings, pressure being put
on the banking mechanism for further facilities,
thus provoking a widespread tightening of money
markets and upward adjustments of interest rates.
The increases have been usually on a moderate
scale and have tended to restore healthier market
conditions, bringing a better balance between the
1231
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
supply of and demand for disposable funds. Most
central banks would, indeed, subscribe to the statement made by the Governor of the Reserve Bank
of India at the annual general meeting held in
August 1947, when he said:
"It is being increasingly recognised that, beyond
a certain limit, cheap money not only ceases to be
beneficial but, in certain conditions, . . . becomes
positively harmful to the economy. It would seem
that that limit has already been reached in many
countries."
A survey of monetary and credit conditions in
the world leaves an impression of all-round reaction
against an extreme ease of money—with only one
or two obvious exceptions. More attention has been
paid to monetary means of control in addition to
those direct physical controls already in existence;
budget surpluses are beginning to appear in a number of countries and, in any case, serious efforts are
being made to discontinue government borrowing
at the central banks. In pressing for a sounder
policy, the central banks have often been able to
exert a wholesome influence. They have generally
given warnings to commercial banks to exercise
restraint in the granting of new credits to the private
economy and have made such recourse to credit
more expensive by raising bank rates.
The increases in interest rates recorded in this
section are moderate and cannot be considered inappropriate in the present atmosphere of full employment, with production reaching the limits of
capacity; but the danger of further inflation is by
no means completely overcome and the falling-off
of "small savings" in a number of countries is not
the least significant warning that private thrift
needs to be encouraged and that an essential factor
in a healthy economy must always be an adequate
formation of genuine savings out of current income.
EUROPEAN PAYMENTS AGREEMENTS, MULTILATERAL
COMPENSATION AND THE EUROPEAN RECOVERY
PROGRAM
In the course of 1947 the payments difficulties of
European countries further increased, not only in
relation to overseas countries but also amongst
themselves. The specifically European aspects of
these problems were considered by the Committee
on Payments Agreements, a prolongation of the
Committee of Financial Experts which met in Paris
in the summer of 1947, as part of the Committee of
European Economic Cooperation. Thanks to the
helpful attitude adopted by the monetary authorities
in the countries concerned, it proved possible for
the first time to collect comprehensive statistics on
the working of the European payments agreements.
Further, the Committee drafted the First Agree-
1232
ment on Multilateral Monetary Compensation,
which was signed in Paris on November 18, 1947.
There has been much criticism of the whole system of payments agreements, but only now have
the data become available for a comprehensive view
to be taken of the position. As a background for
an appraisal of the efforts now being made to arrive
at a more multilateral system, in connection with
the European Recovery Program, it is useful briefly
to review the evolution over the past few years.
Payments agreements had their origin in methods
of financing adopted during the war, but they first
became an important factor in the system of European payments after the cessation of hostilities,
when the network of agreements spread more particularly over western Europe (with important.
links with eastern Europe and also with some extraEuropean countries). The partners to the agreements had, as a rule, quite inadequate gold reserves,
which forced them to continue the application of
exchange control and also to enter into bilateral
arrangements.
It cannot be too strongly emphasised that, in the
situation which prevailed at the end of hostilities in
Europe, the credits granted under bilateral agreements—reciprocal rights to overdrafts—served as
much-needed oil in the European payments mechanism, without which it would have proved far
more difficult to get trade going again after the
disruption of the war. The agreements were usually
concluded between governments, according to a
fairly uniform pattern: the central banks, as technical agents, supplied their own currency at a fixed
rate of exchange against that of their partner up to
a certain limit, which was often referred to as the
"swing," since it was intended to afford room for
minor fluctuations in commercial deliveries between
the two countries; beyond the limit thus fixed settlements had generally to be made in gold or convertible currency.
In 1945, during the first phase of their operation,
the payments agreements had, indeed, the great
virtue of making commercial relations possible on
a scale that could not otherwise have been achieved;
they got goods moving between countries which,
in many cases, had been physically severed from
each other for many years. They helped to establish a uniform and smoothly working payments
mechanism with a series of reasonable and consistent
exchange rates and with relatively flexible controls.
They made it possible to economise the use of gold
and international exchange and to develop export
capacities. As a result, there was a widespread
revival of intra-European trade after the barren
years of war.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
POSITION ON PAYMENTS A G R E E M E N T ACCOUNTS, JUNE 30
AND AUGUST 3 1 ,
1947
[In millions of dollars]
Reporting country 1
June 30, 1947
Belgium2
with
Belgium2
Denmark
+7.3
France
+39.7
Italy
+ 1.2
Netherlands
+ 19.6
Norway.
+4.9
-0.1
Portugal
-7.2
Sweden
+4 9
Switzerland3 . .
Turkey
United Kingdom... + 131.5
Other countries 4 ...
Total
+201.8
Denmark
France
Italy
-7.3
-39.7
-1.2
-1.3
-7.3
+ 1.3
-1.5
-0.3
+6.5
-139.5
+4.0
"+7'.3
+ 19.0
-0.6
+ 1-9
+ 1.0
-12.1
-57 7
-3.7
+ 1.7
-0.9
-143.1
-84.4
-6.9
Netherlands
-19.6
+1.5
-19.0
-1.9
+2.6
-2.0
Norway
Portugal
-4.9
+0.1
+0.3
+0.6
-1.0
-2.6
Sweden
+7.2
—6 5
Switzerland 3
Turkey
-131.5
-4.9
+ 12.1
+57.7
+2.0
-0.7
-14.4
-2.7
-1.6
+65.2
+0.7
+2.7
+14.4
+ 1.6
+52. i
+0.9
+59.5
+6.8
+ 14.1
+ 18.0
+67.9
+8.9
+ 11.8 +113.7
United
Kingdom
+3.7
+61.7
+ 139.5
-52.1
-59.5
—6 8
-14.1
—65 2
—61.7
—0 9
Other
countries4
-1.7
+0.9
-0.9
+0.9
+65.4 - 2 5 2 . 3
-0.8
United
Kingdom
Other
coun-4
tries
Reporting country 1
August 31, 1947
with
Belgium2..
...
Denmark
France
.
. .
Italy
Netherlands
Norway
Portugal
Sweden
Switzerland3
Turkey
United Kingdom...
Other countries4. . .
Total
Belgium2
Denmark
France
Italy
Netherlands
Norway
Portugal
-13.5
-48.0
-2.3
-1.3
-4.0
-24.5
+ 1.8
-16.3
—2 4
-12.7
-1.2
+5.9
+0.2
+55.7
+2.7
+ 11.6
+4.7
-10.8
-2.7
-1.5
+67.0
+ 13.5 ' "-6. 7'
+48.0
+ 1.3
+2.3
-1.8
+24.5
-6.8
+ 12.7
+ 1.2
-5.9
+7.3
—0 2
+55.6 - 1 3 9 . 3
+0.3
+ 1.7
+ 152.0 - 1 5 7 . 8
+6.7
+4.0
+16.3
-2.1
+2.4
+0.2
—2 7
-4.7
-11.6
—55 7
—2 9
-1.4
-94.7
+5.5
-5.0
+6.8
+2.1
—0 2
-5.5
Sweden
-7.3
Switzerland3
+2.7
+ 10.8
+1.5
+51.4
+ 1.4
+82.1
+ 12.6
+23.4
+ 12.2
+84.9
+ 14.1
+27.5 + 118.7
Turkey
-55.6
+2.9
+69.0
+ 139.3
-51.4
-82.1
— 12 6
-23 4
—67 0
-69.0
—1 3
+71.9 - 2 2 3 . 1
-0.3
-1.7
+ 1.4
-1.4
+1.3
-0.7
1
2
3
4
The sign + or — indicates the creditor or debtor position of the country named above.
Belgo-Luxemburg Economic Union.
The debit balances of Switzerland represent freely transferable resources.
Austria, Greece, Iceland and the French Zone of Occupation in Germany.
Source,—Report of Committee on Payments Agreements, October 1947. The statistics apply only to countries participating in
E, R. P.
Nevertheless, a second phase soon appeared in
which the payments agreements began to show their
fundamental weaknesses. Since they had been
intended to cover current transactions only (hardly
any European country being in a position to grant
long-term credits), there was an absence of adequate provision for capital movements or nonseasonal deficits. Further, the agreements were
essentially bilateral; but, if the free flow of productive energies is allowed to develop along natural
lines, trade between two countries (or trading
areas) is rarely, and only exceptionally, balanced
bilaterally. Moreover, European countries were
weakened and exhausted in varying degrees, with
an uneven development in their productive capacity.
For these reasons the "swings" on the payments
accounts developed, in a number of cases, into
OCTOBER
1948
semi-permanent credits and became enlarged out
of proportion to the original intentions.
During 1946, as these tendencies became pronounced, a number of special steps were taken to
bring in, for instance, particular ad-hoc "balancing"
items of a capital nature (such as the proceeds of
requisitioned securities) or to consolidate, in the
currency of the creditor country, the whole or part
of the credits which had been granted voluntarily
or involuntarily. It became evident, however, that
trade would have to be controlled if the volume of
credit accommodation was to be kept within tolerable bounds; so a fresh start was made, and the
bilateral agreements were reconsidered in conjunction with trade negotiations inspired by the inescapable need for a greater bilateral balance.
It was at this time that the United Kingdom
1233
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
consolidated about 100 million pounds sterling—
the equivalent of part of the French francs which
had come into the possession of the Bank of England against sales of sterling to the Bank of France.
Belgium also consolidated debts which had been
run up by the Netherlands, and Sweden granted
further credits on commercial account, particularly
to Finland, but also to the Netherlands and Norway, and consolidated 80 million Swedish kronor
due by France. These consolidations, together with
the granting of new credits, afforded temporary
relief to the debtors; but they did not—indeed,
could not—alter the fundamental fact that the normal pattern of trade is not bilateral, it being thus
against the nature of things to try to solve the
payments relations of the various countries on a
purely bilateral basis.
The third phase developed as the "dollar shortage" made itself more acutely felt (this was the
case particularly in 1947 and especially after the
suspension of the sterling convertibility on August
20). As the creditors in intra-European trade found
it increasingly difficult to supply dollars and gold
to meet their payments in the United States, they
found themselves less in a position to extend further
credits inside Europe. As a rule, each country had
to confine any further credit accommodation to
what was compatible with its own economic capacity; for the debtor countries on the intra-European account, this often meant that an increasing
proportion of their exports had to be allocated to
the reduction of earlier debts, although they could
ill afford to do so.
Although statistics are not complete, it is clear
that, since the end of the war, the total of the intraEuropean credits on payments agreements has
amounted to some 1,500 million dollars in the aggregate. The jam into which the bilateral mechanism has run is, therefore, at least partly connected
with the very considerable volume of intra-European aid already granted. As pressure from outside the continent has been growing, it is not surprising that European self-help in its present form
seems to be reaching its practical limits.
EUROPEAN CREDITS ON PAYMENTS AGREEMENTS
End of 1947
Millions of dollars
Reported to B. I. S.1
770
Others: granted by
United Kingdom
Belgium
Sweden
Various
400
70
160
100
Round total
1,500
1
Working accounts reported for purposes of the multilateral
compensation.
1234
The distortion of bilateral relations has led to a
situation such that, inside Europe, countries tend
to become wholly debtors or wholly creditors. The
bilateral system itself contains no natural checks and
balances ensuring a more or less automatic adaptation, as was the case under the gold standard.
Moreover, as the credit limits have been reached
and become rigid, they act virtually as gold points
at which gold movements actually take place, any
further excess purchases by the debtor country thus
being covered up to 100 per cent in gold or dollars.
In this way the weaker currencies in Europe are
struggling under the burden of convertibility into
gold and dollars, with the result that useful imports
are being inhibited in one direction while economically unwarranted exports may be forced in some
other direction.
This situation was already evident when the
Committee on Payments Agreements met in Paris
in October 1947. As the Committee explained in
its report,
". . . the inadequacy of the system of bilateral
agreements . . . has led to increasingly serious
drawbacks. In particular, the margins of credit
possible under the payments agreements concluded
by some countries are almost exhausted, and this
is a quasi-permanent situation. For the expansion
of trade to the extent which is possible, increasingly
numerous gold payments would be necessary. This
situation risks hampering not only the development
of trade, but actually its maintenance at the present
level. . . In these circumstances, the Committee
considers that greater flexibility in the present payments system is more than ever necessary."
While the Committee considered that, as an
emergency measure, the existing credit margins
might temporarily be enlarged, it felt that the countries concerned could make further progress only
by taking "definite steps for the organisation of
their mutual payments on a multilateral basis."
But the Committee explained that "an integral
multilateral system presupposes a certain number
of conditions which are not at present fulfilled and
several of which depend upon external assistance."
These conditions are:
"Firstly, the production of each of the European
countries must have reached a point where it will
be able to provide the material for a sufficient flow
of trade.
"Secondly, conditions of monetary stability, where
they have not already been achieved, must be established in the participating countries. This, for
some of them, implies the reorganisation of their
public finances.
"Thirdly, the participating countries must be able
to dispose of more abundant foreign currency reFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
sources to enable them to effect the settlement
required.
"As shown by the work of the Committee of European Economic Cooperation, the fulfilment of these
three conditions mainly depends upon the efforts
of the European countries themselves. But it also
depends, in varying degrees, upon adequate external assistance.
''Moreover, for such external assistance to be fully
effective, an expansion of European economic activity must be furthered by an increasingly flexible
and ever-widening system of payments."
The Committee, therefore, recommended that
the return to full convertibility should be made in
several stages, beginning with some simple steps
which could be taken without further ado. "These
recommendations," said the Committee,
"appear to conform to the general principles of the
International Monetary Fund and of the future
International Trade Organisation. It is unnecessary to emphasise that any steps taken to apply
these recommendations will remain in harmony
with these principles and will promote their development."
As an immediate practical measure, the Committee drafted the First Agreement on Multilateral
Monetary Compensation, which was signed in Paris
by the Governments of Belgium (acting also for
Luxemburg), France, Italy and the Netherlands
on November 18, 1947. Soon after that date practically all countries participating in the European
Recovery Program adhered to the Agreement, the
complete list of the members being as follows:
PERMANENT MEMBERS
Belgium (and Luxemburg)
France
Italy
Netherlands
Bi-Zone of Germany
OCCASIONAL MEMBERS
Austria
Denmark
Greece
Norway
Portugal
Sweden
United Kingdom
French Zone of Germany
The "permanent" members are those which accept the automatic application of simple offsetting
operations amongst themselves; "occasional" members are open to propositions from the Agent, but
reserve the right, on each occasion, to accept or
OCTOBER 1948
reject such propositions, according to whether or
not they consider them desirable.
Among the countries participating in the European Recovery Program, the only ones not on this
list are Iceland (which has only one payments
agreement, with France), Eire (with no payments
agreement), Switzerland and Turkey; but the two
last-mentioned countries, although not taking part
in the actual compensations, cooperate by furnishing statistics and sending observers to the Committee of Delegates.
The Committee of Delegates and Representatives,
appointed for the application of the Agreement of
November 18, 1947, has continued in another form
the work begun by the Committee on Payments
Agreements. It is made up of representatives of
all countries participating in the compensations;
at four meetings (one in Brussels and three in
Basle) it has drawn up "regulations" for the application of the Agreement, which give wide powers
to the Agent to carry out the compensations.
The Bank for International Settlements has been
acting as Agent (under Art. 5) since the Agreement was signed. The work of the Agent is confined to the technical operation of the compensations, inter alia the collection and analysis of statistics on payments agreements, such statistics being
received each month from the technical institution
in each of the participating countries. These technical institutions are generally the central banks,
with which the Bank for International Settlements
has been on terms of close collaboration for many
years—a circumstance which has undoubtedly facilitated the work and incidentally made possible
the raising of bank secrecy necessary for the reporting of the figures and the smooth working of the
technical side of the compensations. The Bank
for International Settlements, as Agent, has been
authorised to debit or credit the payments-agreements accounts for the purpose of compensations.
The Agreement of November 18 came into force
on the date of signature and the technical organisation was set up with such speed that it was possible to start practical compensation operations from
the end of December 1947, since when they have
taken place regularly at the end of each month.
The Agreement made the following distinction
between two classes of compensation, those of the
first category and those of the second category:
First-category compensations involve only a reduction of existing balances ("balances" in this context covering both debit and credit accounts).
Such operations imply a "closed circuit" of countries each of which is debtor to its immediately
preceding partner, while it is itself a creditor of its
succeeding partner, the last country in the chain
1235
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
being the creditor of the first country, thus closing
the circuit.
These operations are partially automatic (in so far
as the "permanent" countries are concerned) and
partially optional (in so far as they apply to "occasional" members). To obtain the optimum results from closed circuits of reductions, a mathematical system is applied by the Agent on the basis
of the statistics received at the end of each month.
Second-category operations are those which produce
one or more increases of balances, or the formation
of new balances, in a given circuit. All member
countries may participate; those countries which
are wholly debtor or wholly creditor, and are automatically excluded from first-category operations,
may take an active part in the second category.
Such operations are entirely optional and each
country enters with the rights of an "occasional"
member, i.e. it may refuse any proposition. The
theoretical possibilities of second-category operations are great and they cannot, by their nature,
be reduced to a mathematical formula; they are,
however, subject to practical limitations, some of
which are discussed below.
The working accounts of the European payments
agreements show debts (and credits) entering into
the compensations to the equivalent of over 700 million dollars. About 400 million of this total is net
debt (or credit) which cannot be offset. Of the
300 million which can be subject to compensation
in theory, experience has shown that, at the present
time, the maximum possibilities of the first category
alone amount to about 30-50 million. From this
it follows that the possibilities for the reduction of
debts (and credits) by operations of the second
category are some ten times as great as those of
the first category. The possible "turnover" of such
compensations is much greater still.
The actual results attained so far are limited but
they are, nevertheless, of importance for more general reasons. A mechanism has been set up, and
this in itself required the surmounting of a number
of obstacles (such as traditional banking secrecy);
the task was carried through with a high degree of
European cooperation and the mechanism already
functioning is capable of adaptation and growth to
meet new developments.
European transferability and the exchange controls.
The term "multilateral compensation" covers two
quite separate conceptions:
(a) The simple offsetting (or "compensation parfaite") of the first category, which can lead only
to reductions of outstanding debts (and credits) and
presents no particular difficulties—except that, in
some cases, countries may for one reason or an1236
other desire to maintain certain balances in one or
more particular markets and thus are unwilling to
reduce them, and,
(b) the transferability of currencies involved in
second-category operations, which are considered
more fully in the following paragraphs.
A "second-category operation" may be defined as
a payment made by one country to another by
utilising the currency of a third country. A simple
example would be the payment of a Norwegian
debt to the Netherlands in sterling. It is evident
that such a transaction involves a limited transferability of sterling; the Netherlands, creditor of both
countries, has exchanged Norway as its debtor for
the United Kingdom, to the extent that Norway's
debt is repaid in sterling. Other transactions may
be envisaged which produce a similar degree of
transferability as regards any other currency.
Thus, second-category operations, unlike the
simple offset of the first category, clearly presuppose the transferability of at least one of the
currencies involved in any "circuit" of compensation. In this way the compensation is brought into
direct contact with the foreign exchange policy of
the countries concerned, finding its expression in
the foreign exchange control, of which the payments agreements are a part. The strict bilateral
application of the payments agreements may, indeed, be modified by the administration of the
exchange control, and such considerations are of
great significance for the working of the compensations.
European transferability and the European Recovery
Program. The multilateral compensation is the
logical outcome of the European Recovery Program.
Europe suffered greater devastation and dislocation
during the war than any other closely populated
area and the resulting disequilibrium inside the
area and in relation to the world is probably the
greatest. It is logical that it is precisely in this most
difficult area that a special effort at collaboration
in the form of the multilateral compensation should
be made under the European Recovery Program,
which aims at restoring equilibrium in western
Europe. Sterling convertibility, while it lasted, was
backed by "external aid," and it was particularly
after August 20, 1947 that an acute need was felt
to provide some new mechanism.
Some system of multilateral payments in Europe
is thus essential to a proper working of the European Recovery Program. In Paris, last summer,
the participating countries drew up their production
figures for various products and added them together before estimating the requirements from
outside Europe. This procedure was followed for
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
-many groups of commodities: food, coal, steel, timber, etc. As is well known, however, the present
dislocation in this field is such that trade movements, essential for the carrying out of the European
Recovery Program, are not taking place—that,
amongst many examples, Norwegian reconstruction has been held up for lack of Belgian steel,
simply because it could not be paid for.
The urgency of the need to introduce more flexibility into the present bilateral payments system is
well understood in Europe itself, the intense discussion of these problems being a sign of the awareness in Europe of this essential problem. Likewise,
the policy of the British Control is to extend the
field of transferability of sterling as widely and
quickly as circumstances permit.
Further, the countries participating in the European Recovery Program—the group which began
with the first step represented by the multilateral
compensation—adopted a Charter on April 16,
1948, of which Article 4 reads as follows:
"The Contracting Parties will develop, in mutual
cooperation, the maximum possible interchange of
goods and services. To this end they will continue
the efforts already initiated to achieve as soon as
possible a multilateral system of payments among
themselves, and will cooperate in relaxing restrictions on trade and payments between one another,
with the object of abolishing as soon as possible
those restrictions which at present hamper such
trade and payments.
"In the application of this article, the Contracting Parties will take due account of the necessity
that they should, collectively and individually, correct or avoid excessive disequilibrium in their financial and economic relations, both among themselves and with non-participating countries."
Although breaking new ground, the attempt at
multilateral compensation is but a modest step in
the direction of freer exchanges; but the various
discussions and the practical experience gained
month by month in working the compensation
system may, if a reasonable amount of outside aid
is forthcoming, lead to an easing of the present
restrictions and, with it, an opportunity of erecting
a new and stronger monetary structure, better
suited to intra-European trade and to relations
with other continents.
CONCLUSION
It is often difficult to discern behind the toil and
strain of everyday work the more deep-seated
tendencies of one's own times, or even to recognise
what are the real achievements and, maybe, the
dangerous developments in the economic life of
the nations. This is especially true with regard to
the present complex situation in Europe. On the
OCTOBER 1948
one hand, there are all the difficulties and dangers
brought to our notice with such appalling regularity; in parts of this continent there is still widespread hunger and distress, which lowers efficiency
and is in itself a cause of further unrest. Means
of transport may have been repaired but frontiers
are not easily crossed either by goods or by men
when, in addition to all other obstacles, foreign exchange is in short supply and strictly rationed for
payments or journeys abroad. This means not only
a loss of trade but a danger of moral isolation
through reduced contacts, particularly regrettable
at a time when Europeans ought to draw closer
together.
In other respects, however, impressive progress
has been made. With the exception of a few
(though not unimportant) areas, the volume of
industrial output has almost regained and (in some
countries) even exceeded the prewar level. But
for the hazards of the weather, which was the main
reason why the 1947 harvest yield was barely twothirds of normal, many European countries would
have come out well indeed, as far as their volume
of production was concerned. Financially also,
progress has been made: more and more budgets
have been balanced, the remaining deficits being
met, as a rule, without resort to the central banks;
the abundance of money left over from the war,
and often added to even when the war was over,
has been reduced in several countries by monetary
reforms and has, moreover, been increasingly kept
under control by a fairly general tightening of
conditions on the money markets. Notwithstanding
the strain which arose through the gradual depletion of gold and dollar reserves, considerable
progress has been made in establishing more realistic rates between the various currencies, partly by
the adoption of new exchange regimes and partly
owing to the fact that, in 1947, the rise in costs
and prices was more pronounced in the United
States than in most European countries.
In one respect Europe, in its efforts, has clearly
overreached itself: naturally desirous of repairing
war damage, building houses and renewing and
modernising industrial plant and equipment, many
countries pushed investment in capital assets beyond
the extent warranted by current savings and such
foreign resources as were available. While this
investment activity on a larger scale than could be
afforded placed a strain upon the balance of payments and led to other difficulties, it nevertheless
produced some capital assets which will be of
permanent benefit to the countries concerned.
Two particular conclusions emerge from an examination of the European situation. In the first
place, the progress made in Europe is sufficient
proof of the fact that the aid so far received through
1237
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
UNRRA and otherwise (mostly coming from the
United States) has not been wasted. Without the
food, the fuel and the industrial materials received
from abroad, Europe could not possibly have attained the present volume of output, which in the
countries concerned, forms the basis of the national
income and, with it, the means of restoring sufficient budgetary equilibrium for inflation to be
arrested. Secondly, the fact must not be overlooked
that the recovery of Europe is still largely conditional upon the amount of aid received, so that if
the aid were suddenly to cease a number of countries would be faced with almost overwhelming
difficulties even in trying to secure a minimum of
food and materials. They would incur the danger
of widespread unemployment, a consequent decline
in the national income and very likely a reappearance of budget deficits—a train of events which
could not happen without a general weakening of
the social and political fabric. After the first world
war, it took several years to regain a balanced position, and the second world war spread much greater
havoc and undoubtedly left behind it greater real
needs. Even so, the effort this time compares not
unfavourably with that of a quarter of a century ago.
Since physical damage can be fairly quickly repaired in most cases (given the facilities of modern
technique), disorganisation has proved to be the
great lingering injury caused by war. It is essentially to provide time for reorganisation that further
aid is required, and it is only if this remains its
chief purpose that such aid will be put to the best
use. Obviously, "reorganisation" must not mean
simply an attempt to restore the situation obtaining
before the war—a mere return to prewar conditions
(this being the meaning generally given to the
word "reconstruction" after the first world war).
In quite a new sense, the process of reorganisation
must aspire to a "refashioning" of a great many
aspects of present-day economic life, first as regards
the internal conditions of each individual country
(often much in need of modernisation) but also in
the community of nations and then with special
reference to Europe, whose prosperity and dignity
can be secured only by increased cooperation.
The greatest mistake of all, however, would be
to imagine that peacetime reorganisation could be
achieved simply by perpetuating the often improvised methods of the war economy. These methods,
which consist in the use of physical controls (over
raw materials, prices, wages, movements of labour,
investments, etc.) and seem always to involve a
strong admixture of inflation, had obviously to'be
employed so long as the war lasted, and they survived in the immediate postwar period during
which the countries still had to take many emergency measures. But an undue prolongation of the
1238
use of these methods would be even more dangerous
than an indiscriminate return to the prewar modes
of economic life.
With a new start in economic reorganisation, the
time is now ripe for a genuine overhauling of the
methods of official intervention in economic life.
The criterion should be the effectiveness of the
whole range of measures from the standpoint of
the peacetime aims of restoring prosperity and stability. It will then be imperative not merely to
think in terms of immediate results but to pay most
careful attention to possible secondary effects, which
may well be harder to foresee but may ultimately
be of much more importance. In any case, it will
be necessary to base the economy on a firmer foundation than pretence and, indeed, to be aware of
the fact that pretence in its various forms is generally self-defeating in the end.
It is, for instance, no use pretending that price
control was effective when, as happened in several
countries, more than one-half (and sometimes more
than three-quarters) of all actual transactions took
place in black or grey markets. In such circumstances it is not surprising to find that prices generally rose, no matter what form of so-called control
was administratively in force.
Another example may be chosen from the money
and capital markets. No doubt "the authorities"
have certain possibilities of influencing the level of
interest rates (by limiting, for instance, the demand
for capital on the part of official agencies or by the
use to which official funds are put). If the markets
fall into line (and whether that will happen depends largely on the total volume of investments
and on the flow of money savings), then the official
policy is a success. Should that not be the case, and
should the authorities decide to keep interest rates
down by means of large-scale purchases of market
securities by the central bank, then a new factor—
the use of central-bank funds—has been brought
into play, with consequences which may go far
beyond the results contemplated in the first instance.
Something similar may happen with regard to
the balance of payments. Through control of trade,
an attempt may be made to reduce a surplus of
imports over exports; but, here again, it may often
be found that the import surplus stubbornly refuses
to be compressed. Should that be the case, the
control will have failed; but the surplus imports
will still have to be paid for and, in the absence of
foreign aid, this will lead to drafts on the monetary
reserves, which may be brought near to vanishing
point.
It is obvious that, for the establishment of balanced conditions—and for the harder task of maintaining them when established—more effective
means than physical control are required. It then
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
becomes necessary to have recourse to those essentially financial types of control which, in conjunction with the price mechanism, have repeatedly
proved their usefulness in adjusting the balance of
payments and in giving stability to the national
currency. The point is to control the total volume
of monetary purchasing power and especially the
size of money incomes, which chiefly determines
the volume of demand for goods and services.
Expenditure in all its different forms—whether for
current consumption, for the upkeep of the government or for investment purposes—must be related to the available volume of goods and services,
with special attention to the flow of savings (including such aid as is received from abroad). The
principle of balancing the budget is subordinate to
the more general rule that the money income received by producers of all kinds should correspond
to the real value of their output of goods and services (less taxes and other charges required for the
upkeep of government establishments, etc.). In
other words, there must be no dilution by issues of
money having no counterpart in additions to the
volume of goods and services, and, accordingly,
the central banks must once more be in a position
to exert their influence on the volume of currency
and credit.
The boom conditions at present obtaining de-
mand a curb on the creation of new money, though
in times of depression a different policy may be
justified. There is, indeed, a danger that ideas
which were born during the great depression of
the thirties may still retain their sway over people's
minds and be allowed to influence practical action
in entirely changed conditions. The actual course
of events in many countries unmistakably points
to the conclusion that, for peacetime reconstruction
to rest on a firm foundation, measures of financial
control must again be applied—adapted, maybe, to
the circumstances of each particular country but
without detriment to their effectiveness. It will
then be found that a most useful step has been
taken on the road to international cooperation. By
their very nature most physical controls (and not
least trade and exchange controls) tend to intensify
the trend towards nationalistic insulation. As a
matter of fact, a wider application of appropriate
financial controls should permit the abolition of
many existing hindrances and thus help to
strengthen the ties of free international intercourse.
Such application would, moreover, be consonant
with the present-day orientation of ideas and action
towards a system which combines close cooperation
with the greatest possible freedom for the individual
countries.
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council held meetings in
Washington on September 19-21, 1948, and met
with the Board of Governors of the Federal Reserve
System on September 21, 1948.
The Conference of Presidents of the Federal Reserve Banks met in Washington on October 1 and
2, 1948. The Presidents met with the Board of
Governors of the Federal Reserve System on October 5, 1948.
A meeting of the Federal Open Market Committee was held in Washington on October 4, 1948.
Resignation of the President of the Federal Reserve
Bank of Boston
Mr. Laurence F. Whittemore resigned as President of the Federal Reserve Bank of Boston effective
October 4, 1948, in order to become President of the
New York, New Haven and Hartford Railroad
Company. Mr. Whittemore had served as President of the Bank since March 1, 1946, and as a Class
B director from September 7, 1944 to February 28,
1946.
Change in Board's Staff
Mr. Bonnar Brown resigned as Assistant Director of the Board's Division of Research and Statistics effective October 15, 1948, to resume his residence in the West. On October 1, 1937, Mr. Brown
OCTOBER
1948
was employed as a member of the staff of the
Board's Division of Security Loans and served as
Assistant Director of that division from July 1, 1944,
until October 19, 1947, when he was appointed
Assistant Director of the Division of Research and
Statistics. Prior to his association with the Board
he had been on the staff of the Federal Reserve
Bank of San Francisco.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period August 16, 1948 to September 15, 1948:
Connecticut
Windsor—The Windsor Trust Company
Idaho
Boise—Continental State Bank
New Yor\
Waddington—The Waddington Bank
Ohio
Metamora—The Metamora State Bank
Wisconsin
Sparta—Monroe County Bank
Wyoming
Basin—Security State Bank of Basin
1239
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Consumer Instalment Credit
Transactions Initiated Before Effective Date of
Regulation
The Board has been asked about the application
of Regulation W to extensions of credit where arrangements of some kind for the instalment sale of
an article subject to the regulation were made prior
to September 20, 1948, the effective date of the
regulation, but where the transaction was not
actually completed in all respects until after that
date.
The regulation by its terms applies to extensions
of credit made on or after September 20. Accordingly its applicability depends upon the date the
extension of credit is made, not the date arrangements for the credit are made.
There are many circumstances in which the question can arise and the determination of the date
of extension of credit would depend on the circumstances of the case. The most frequent inquiry
has been in connection with instances in which
all details of an instalment sale of an article subject
to the regulation have been completed before September 20 except delivery of the article. In such
a case where delivery is the only uncompleted detail,
the credit would have been extended prior to September 20 if the seller, prior to that date had
physical or constructive possession of the particular
automobile, refrigerator, or other item, and had set
it aside, or identified it on inventory records or
otherwise, as the article involved in the deal in
question. The postponement of delivery may have
occurred for any of a number of reasons such as
the customer's desire to have the article delivered
later to a home which he did not then occupy or
the time necessary for the seller to deliver the article
from the warehouse on his regular delivery schedule.
Another type of inquiry related to instances in
which a particular article in the seller's possession
has been identified or set aside as the one involved
in the transaction and all other details have been
completed before September 20 except the down
payment which the seller required under his own
1240
credit terms before he would go ahead with the deal
and make delivery. In this case, the extension of
credit would not have been made before September
20 and it would be subject to the regulation.
Automobile Appraisal Guides
Under Regulation W as recently issued effective
September 20, 1948, the credit value of any automobile is based on the lower of either (1) the cash
price or (2) the average retail value stated in one
of the used-car price guides designated by the
Board of Governors of the Federal Reserve System.
The Board has now determined which appraisal
guides are to be designated at present for the purposes of this rule, and these are shown on the list
published below. Detailed information as to which
of these publications have been designated for any
particular territory may be obtained from any Federal Reserve Bank or branch. A dealer is not required to use any particular automobile appraisal
guide but, for purposes of complying with Regulation W, may use quotations from the current edition of any of the publications that are designated
for use in his territory.
The automobile models for which designations
will initially apply are limited to used cars of
model years 1938 to 1948, inclusive. In the case of
these cars, the maximum credit value on and after
September 20, 1948, will be the specified percentage
(now 66% per cent) of whichever is the lower of
(1) the cash purchase price or (2) the "appraisal
guide value" (as determined from any designated
guide). For those automobiles which do not have
an "appraisal guide value" (new automobiles, used
1949 models, and used cars of 1937 and older
models) the maximum credit value will be the
specified percentage of the cash purchase price.
The "appraisal guide value" to be used for the
purposes of Regulation W does not include any
added value for cars equipped with a radio or
heater, but it may include the added value specified
in the appraisal guide for cars having an overdrive
or automatic transmission as extra equipment.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
AUTOMOBILE APPRAISAL GUIDES DESIGNATED FOR PURPOSES OF
REGULATION W
(Designations limited to quotations for used cars of model
years 1938 to 1948, inclusive)
Name of Guide
and publisher
Territory for which Guide
is designated (see note)
A M E R I C A N A U T O APPRAISAL,
Region A
published by American Auto
Appraisal
BLUE BOOK—EXECUTIVES' EDITION,
Regions A, B,
andC
RED BOOK NATIONAL USED CAR
MARKET REPORT,
NOTE: Regions for which specific editions are designated
are approximately as follows: Region A, the States east of the
Mississippi River; Region B, the States between the Mississippi
River and the Pacific Coast States; Region C, the Pacific Coast
States, including Arizona, California, Idaho, Nevada, Oregon,
Utah, and Washington.
Regions to Which Appraisal Guide Designations
Apply
Region A
Region C
published by Kelley Blue Book
MARKET ANALYSIS REPORT,
Region A
published by Used Car Statistical Bureau, Inc.
N.A.D.A. OFFICIAL USED CAR
GUIDE,
Regions A, B,
andC
published by National Automobile Dealers Used Car
Guide Co.
NORTHWEST USED CAR VALUES,
published by Northwest Publishing Company
OFFICIAL AUTOMOBILE GUIDE,
Price Edition,
published by Recording and
Statistical Corporation
OFFICIAL AUTOMOBILE GUIDE,
Price Edition,
published by National Used
Car Dealers Association, Inc.
OFFICIAL
GUIDE,
AUTOMOBILE
PRICE
Price Edition,
published by The National
Research Bureau, Inc.
OFFICIAL WISCONSIN AUTOMOBILE VALUATION GUIDE,
published by Wisconsin Automotive Trades Association
OCTOBER
1948
and C
published by National Used
Car Market Report, Inc.
published by National Used
Car Market Report, Inc.
KELLEY BLUE BOOK OFFICIAL
GUIDE,
Regions A, B,
Idaho, Oregon,
Washington
Regions A, B,
andC
(Effective
October 1,
1948)
Regions A, B,
and C
(Effective
October 1,
1948)
Regions A, B,
andC
(Effective
October 1,
1948)
Wisconsin
Alabama
Connecticut
Delaware
District of Columbia
Florida
Georgia
Illinois—except Madison, St.
Clair and Rock Island Counties
Indiana
Kentucky
Maine
Maryland
Massachusetts
Michigan
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Ohio
Pennsylvania
Rhode Island
South Carolina
Tennessee
Vermont
Virginia
West Virginia
Wisconsin — except Douglas
County
Region B
Arkansas
Colorado
Illinois—Madison, St. Clair and
Rock Island Counties
Iowa
Kansas
Louisiana
Minnesota
Missouri
Montana
Nebraska
New Mexico
North Dakota
Oklahoma
South Dakota
Texas
Wisconsin—
Douglas
County
Wyoming
Region C
Arizona
California
Idaho
Nevada
Oregon
Utah
Washington
1241
LAW DEPARTMENT
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
AUTOMOBILE APPRAISAL GUIDES DESIGNATED FOR PURPOSES OF
REGULATION W
Publishers' Addresses
Name of Guide
and publisher
published by American Auto
Appraisal
BLUE BOOK—EXECUTIVES' EDITION,
published by National Used
Car Market Report, Inc.
KELLEY BLUE BOOK OFFICIAL
GUIDE,
published by Kelley Blue Book
MARKET ANALYSIS REPORT,
published by Used Car Statistical Bureau, Inc.
N.A.D.A. OFFICIAL USED CAR
GUIDE,
published by National Automobile Dealers Used Car
Guide Co.
NORTHWEST USED CAR VALUES,
published by Northwest Publishing Company
OFFICIAL AUTOMOBILE GUIDE,
Price Edition,
published by Recording and
Statistical Corporation
OFFICIAL AUTOMOBILE GUIDE,
Price Edition,
published by National Used
Car Dealers Association, Inc.
OFFICIAL
GUIDE,
AUTOMOBILE
PRICE
Price Edition,
published by The National
Research Bureau, Inc.
1242
Address
OFFICIAL WISCONSIN AUTOMOBILE VALUATION GUIDE,
published by Wisconsin Automotive Trades Association
Address
A M E R I C A N A U T O APPRAISAL,
Name of Guide
and publisher
194 Grove
Avenue,
Detroit,
Michigan
900 South
Wabash
Avenue,
Chicago 5,
Illinois
1221 South
Figueroa
Street,
Los Angeles,
California
93 Massachusetts
Avenue,
Boston,
Massachusetts
1026 Seventeenth
Street, N.W.,
Washington,
D.C.
90 University
Street,
Seattle 1,
Washington
222 West Adams
Street,
Chicago 6,
Illinois
1043 Penobscot
Building,
Detroit 26,
Michigan
415 North
Dearborn
Street,
Chicago 10,
Illinois
RED BOOK NATIONAL USED CAR
MARKET REPORT,
published by National Used
Car Market Report, Inc.
119 Monona
Avenue,
Madison 3,
Wisconsin
900 South
Wabash
Avenue,
Chicago 5,
Illinois
Foreign F u n d s Control
Executive Order Transferring Jurisdiction to Attorney
General
There is set forth below the text of an Executive
Order issued by the President on August 20, 1948,
transferring jurisdiction over the foreign property
and interests remaining blocked on September 30,
1948, to the Attorney General:
EXECUTIVE ORDER
9989
TRANSFERRING JURISDICTION OVER BLOCKED ASSETS
TO THE ATTORNEY GENERAL
WHEREAS with the successful termination of hostilities, there has been a gradual release from control
by the Treasury Department over foreign property
and interests which had been blocked to prevent
their looting by the Axis and their use in ways
harmful to the war effort of the United States; and
WHEREAS certain of such foreign property and
interests have not yet been unblocked; and
WHEREAS it is now necessary and desirable to
place the jurisdiction over the assets remaining
blocked on September 30, 1948, in the same agency
which is administering the program of alien property control initiated under Executive Order No.
9095 of March 11, 1942, as amended, which program is presently being administered by the Attorney General:
Now, THEREFORE, by virtue of the authority vested
in me by the Constitution and the laws of the United
States, including the Trading With the Enemy Act
of October 6, 1917, as amended, and as President of
the United States, it is hereby ordered as follows:
1. The Attorney General is hereby authorized
and directed to take such action as he may deem
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
necessary with respect to any property or interest
of any nature whatsoever in which any foreign
country designated in Executive Order No. 8389 of
April 10y 1940, as amended, or any national thereof
has any interest (including property subject to the
proviso of paragraph (a) of General License No. 94,
as amended (31 C.F.R., 1947 Supp, 131.94), and
including any Scheduled Securities within the meaning of General Ruling No. 5, as amended (31
C.F.R., 1947 Supp., 131, App. A), both issued by
the Secretary of the Treasury) which on September
30, 1948, is not unblocked or otherwise removed
from the restrictions of the said Executive Order
No. 8389, as amended, by any order, regulation,
ruling, instruction, license, or other action issued or
taken by the Secretary of the Treasury. In the
performance of his duties under this order, the
Attorney General or any officer, person, agency, or
instrumentality designated by him, may exercise all
powers and authority vested in the President by
sections 3(a) and 5(b) of the Trading With the
Enemy Act, as amended. As used herein, the terms
"national" and "foreign country" shall have the
meanings prescribed in Executive Order No. 8389,
as amended.
2. With respect to the property and interests referred to in section 1 hereof, all orders, regulations,
rulings, instructions, or licenses issued by the Secretary of the Treasury under the authority of Executive Order No. 8389, as amended, and Executive
Order No. 9095, as amended, and in force on September 30, 1948, shall continue in full force and
effect except as amended, modified, or revoked by
the Attorney General.
3. It is the policy of this order that administrative
action under paragraph 1 hereof shall be taken by
the Attorney General or any officer, person, agency,
or instrumentality designated by him. However,
nothing in this order shall be deemed to limit or
remove any powers heretofore conferred upon the
Secretary of the Treasury or the Attorney General
by statute or by Executive order. No person affected
by any order, regulation, ruling, instruction, license,
or other action issued or taken by either the Secretary of the Treasury or the Attorney General may
challenge the validity thereof or otherwise excuse
his actions, or failure to act, on the ground that
pursuant to the provisions of this Executive order,
such order, regulation, ruling, instruction, license,
or other action was within the jurisdiction of the
OCTOBER
1948
Attorney General rather than the Secretary of the
Treasury or vice versa.
4. This order shall become effective as of midnight, September 30, 1948.
THE WHITE HOUSE,
August 20, 1948
HARRY S. TRUMAN
Treasury Department Releases
The following releases relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
have been issued by the Office of the Secretary of
the Treasury under authority of the Executive Order
of April 10, 1940, as amended, and the Regulations
issued pursuant thereto:
Treasury Department
FOREIGN FUNDS CONTROL
August 31, 1948
AMENDMENT TO PUBLIC CIRCULAR NO. 37
Under 'Executive Order No. 83 89, as amended, Executive
Order No. 9193, as amended, Sections 3 (a) and 5(b) of the
Trading With the Enemy Act, as amended by the First War
Powers Act, 1941, relating to foreign funds control*
Section 6 of Part 131 Appendix B, Public Circular No. 37
is hereby amended as follows:
Sec. 6. Manner in which Form TFR-600 should be filed.
As indicated in Sec. 4(B), reports on Form TFR-600 shall be
prepared in quadruplicate. Three copies shall be sent in a
set, on or before July 15, 1948, to Unit 600, Foreign Funds
Control, Treasury Department, Washington 25, D. C. (Reports covered by the same certification shall be transmitted
together.)
If between the date of reporting and October 1, 1948, any
property reported shall have been unblocked pursuant to
Treasury license, the reporter shall make a brief endorsement
to that effect on the bottom of page 2 of the fourth copy of
the report or on a separate sheet of paper which he shall
attach securely to the fourth copy of the report. His endorsement shall consist of a brief description of the property released, a statement of its value, and a statement of the
authority under which it was unblocked, e.g., certification
under General License No. 95, special license from the
Treasury Department, etc. On or before October 10, 1948,
* Appendix B; issued under Sec. 3(a), 40 Stat. 412, Sec. 5(b),
40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55
Stat. 839; 50 U.S.C. App. 3(a), 12 U.S.C. 95a, 50 U.S.C. App.
Supp., 5(b); E.O. 8389, April 10, 1940, as amended by E.O.
8785, June 14, 1941, E.O. 8832, July 26. 1941, E.O. 8963, Dec.
9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, 1942,
as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp.,
10 F.R. 6917; Regulations, April 10, 1940, as amended June 14,
1941, February 19, 1946, and June 28, 1946 and January 1,
1947; 31 CFR, Cum. Supp., 130.1-7, 11 F.R. 1769, 7184, 12
F.R. 6.
1243
LAW DEPARTMENT
the fourth copy appropriately endorsed shall be sent to Section 601, Office of Alien Property, Department of Justice,
Washington 25, D. C. If none of the property reported on
Form TFR-600 has been unblocked between the date of
reporting and October 1, 1948, the fourth copy of the report
may be retained by the reporter or may be destroyed.
JOHN W. SNYDER,
Secretary of the Treasury.
Treasury Department
FOREIGN FUNDS CONTROL
September 2, 1948
AMENDMENT TO GENERAL LICENSE NO. 53
Under Executive Order No. 83 89, as amended, Executive
Order No. 9193, as amended, Section 5(b) of the Trading
With the Enemy Act, as amended by the First War Powers
Act, 1941, relating to foreign funds control.f
Paragraph (4) (a) of General License No. 53 (Paragraph
( d ) ( l ) of § 131.53) is hereby amended to read as follows:
§ 131.53 * * *
t Sec. 5(b), 40 Stat. 415, 966, sec. 2, 48 Stat. 1, 54 Stat. 179,
sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 U.S.C. App. Supp.,
5(b); E.O. 8389, April 10, 1940, as amended by E.O. 8785, June
14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, Dec. 9, 1941,
and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, 1942, as
amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10
F.R. 6917; Regulations, April 10, 1940, as amended June 14,
1941, February 19, 1946, June 28, 1946, and January 1, 1947;
31 CFR. Cum. Supp., 130.1-7, 11 F.R. 1769, 7184, 12 F.R. 6.
1244
(4) As used in this general license:
(a) The term "generally licensed trade area" shall include
all foreign countries except the following:
(i) Germany and Japan;
(ii) Bulgaria, Hungary, Rumania, and Italy;
(iii) Sweden, Switzerland and Liechtenstein;
(iv) France (including Monaco), Belgium, Norway, Finland, the Netherlands, Czechoslovakia, Luxembourg, Denmark, Greece, Poland, Estonia, Latvia, Lithuania, and Austria,
but not including any colony or other non-European territory
subject to the jurisdiction of any such country except French
West Africa, Algeria, Tunisia, and French Morocco.
JOHN W. SNYDER,
Secretary of the Treasury.
Treasury Department
FOREIGN FUNDS CONTROL
September 2, 1948
REVOCATION OF GENERAL LICENSE NO. 70
Under Executive Order No. 83 89, as amended, Executive
Order No. 9193, as amended, Section 5(b) of the Trading
With the Enemy Act, as amended by the First War Powers
Act, 1941, relating to foreign funds control.f
General License No. 70 (Section 131.70) is hereby revoked.
JOHN W. SNYDER,
Secretary of the Treasury.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled September 26 and released for publication September 28]
Industrial output in August and the early part
of September regained most of the decline which
occurred in July. Department store sales showed
about the usual marked seasonal increase. Prices
of some additional industrial products were raised,
while prices of farm products and foods generally
declined somewhat from the beginning of August
to the latter part of September.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production was 190 per cent of the 1935-39
average in August, as compared with 186 per cent
in July and 192 per cent in June. Most of the increase in August reflected larger output of nondurable goods, but activity in these lines was about
2 per cent below the June rate.
Steel production increased in August and was at
a rate of 93 per cent of capacity. During September
steel mill activity has been scheduled at a somewhat
higher rate. Output of lumber and of stone, clay
and glass products was somewhat larger in August
than in the preceding month. Activity in the automotive industry, however, decreased in August and
in the early part of September, primarily as a result
of work stoppages at plants of parts suppliers and
shortages of sheet steel. Output of most other durable goods continued in August at about the July
rate.
Production in nondurable goods industries in
August recovered most of the decline shown in
July, when plant-wide vacations sharply reduced
output of textiles, leather, paper, and some other
products. Cotton consumption rose 11 per cent in
August but was at a rate somewhat below the same
month a year ago. Shoe production showed a
marked seasonal gain in August, according to trade
estimates. Activity also increased in the paper and
printing, chemicals, and rubber products industries.
Output of manufactured foods, on the other hand,
declined in August, reflecting mainly a further sharp
reduction in the volume of meat production and a
less than seasonal rise in the canning industry.
Production of fuels increased in August and was
at a rate 7 per cent above the same period a year
ago. Output at metal mines remained at the July
rate. In the early part of September crude petroleum output declined spmewhat as a result of a
West Coast refinery strike.
CONSTRUCTION
Value of construction contracts awarded in August, according to reports of the F. W. Dodge Corporation, declined moderately from the high levels
of recent months. The number of new nonfarm
dwelling units started in August was 83,000, as
compared with 94,000 in July and a peak of 98,800
in April, according to preliminary estimates of the
Bureau of Labor Statistics. Value of construction
activity on jobs under way continued to increase
during August.
DISTRIBUTION
Department store sales during August and the
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
_OF PERSONS
MILLIONS OF PERSONS
1
INDUSTRIAL PRODUCTION
I
I
I
I
1 I
1
I
!
1
i
1
i
20
PHYSICAL VOLUME SEASONALLY ADJUSTED.
1944
1945
1947
1948
Federal Reserve indexes. Monthly figures, latest shown are
for August.
OCTOBER
1948
Bureau of Labor Statistics' estimates adjusted for seasonal
variation by Federal Reserve. Proprietors and domestic
servants are excluded. Midmonth figures, latest shown are
for August.
1245
NATIONAL SUMMARY OF BUSINESS CONDITIONS
both to banks and others were also large, and the
total portfolio of Government securities was little
changed. In the first half of September bank reserves were substantially increased by a decline in
Treasury balances at the Reserve Banks, but in the
third week of the month these balances were rebuilt
by large tax receipts.
In the early part of September the Board of Governors announced an increase in reserve requirements of 2 percentage points on net demand deposits
and IJ/? percentage points on time deposits, effective
September 16 for member banks outside reserve
cities and September 24 for reserve city and central
reserve city banks. This action increased by 2 bilCOMMODITY PRICES
lion
dollars the amount of reserves that member
The general wholesale price index declined 1 per
banks
are required to hold.
cent in the latter part of August but advanced again
Pursuant
to legislative authority granted in Auin the middle of September, reflecting chiefly fluctuations in meat prices. In the latter part of Sep- gust, the Board of Governors reinstituted the regutember wholesale prices of farm products and foods, lation of consumer instalment credit, effective Sepincluding meats, were somewhat lower than in the tember 20.
Commercial and industrial loans increased by 700
early part of August, while average prices of indusmillion dollars at banks in leading cities in August
trial products were higher.
The consumers' price index increased further by and the first half of September. Real estate and conone-half per cent from mid-July to mid-August, sumer loans also expanded further. Bank holdings
reflecting advances in prices of all major groups of of Government securities were little changed, deitems except foods. Retail food prices, following a spite the retirement for cash of about 400 million
rise of 7 per cent from March to July, have appar- dollars of bank-owned Government bonds on September 15.
ently shown little change since that time.
first half of September showed about the usual
marked seasonal expansion and the Board's adjusted
index for the third quarter is likely to be slightly
higher than the level during the second quarter,
when the index was 309 per cent of the 1935-39
average.
Loadings of railroad revenue freight increased in
August, largely as a result of increased loadings of
coal and miscellaneous merchandise. Shipments of
grain decreased somewhat from the high July level,
and livestock shipments increased less than normally
for this season.
BANK CREDIT
INTEREST RATES AND SECURITY MARKETS
Federal Reserve System support purchases of
United States Government bonds sold by insurance
companies and other nonbank investors continued
heavy in August and the first half of September.
System sales of short-term Government securities
Interest rates showed little further change in the
first three weeks of September, following a rise in
short-term money market rates in August. Common stock prices showed further moderate weakness, but prices of high-grade corporate and municipal bonds changed only slightly.
CONSUMERS
PER
PRICES
CE
PER
220
1 /
200
OOD /
MEMBER BANK RESERVES AND RELATED ITEMS
.IONS OF DOLLARS
BILLIONS OF DOLLARS
\1**S
| QQ
(I
160
APPAREL
JJALL
ITEMS
140
120
.
•
RENT
100
-
80
1941
1942
1943
1944
1945
1946
1947
1948
Bureau of Labor Statistics indexes. "All items" includes
housefurnishings, fuel, and miscellaneous groups not shown
separately. Midmonth figures, latest shown are for August.
1246
1941
1942
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for September 29.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items. .
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements. .
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover
....
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances. .
Money rates and bond yields
...
Security prices and new issues
Corporate earnings and dividends
Treasury
finance
Government corporations and credit agencies. . . .
Business indexes
Department store statistics. .
Cost of living
Wholesale prices
Gross national product, national income, and income payments. .
Consumer credit statistics
Current statistics for Federal Reserve chart books . .
September crop report, by Federal Reserve districts
All member banks—assets and liabilities on June 30, 1948, by class
of bank
..
Assets and liabilities of insured commercial banks in United States and
possessions on June 30, 1948, December 31, 1947, and June 30, 1947
Number of banking offices on Federal Reserve par list and not on par list
1249
1250
1251-1254
1255
1255-1256
1257-1258
1258
1259
1260-1261
1262-1263
1264-1267
1268
1269
1270-1271
1272
1273-1275
1276
1277-1286
1287-1290
1290
1291
1292-1293
1294-1296
1297-1301
1301
1302
1303
1304
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.
OCTOBER
1948
1247
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
I
BILLIONS OF DOLLARS
L
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
I
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for September 29.
1248
1946
1947
1948
See page 1249.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
ecurities
Discounts
and
advances Total
Date
$
Monthly averages of
daily figures:
1947—June .
July
Aug........
194g—June
. .
July
Treasury
bills
and
certificates
All
other
Gold
All 1 Total stock
other
162
119
165
330
326
321
21,658 20,561 1,097
21,877 20,781 1,096
22,055 20,964 1,091
20,752 12,627 8,125
21,340 13,011 8,329
21,411 12,225 9,186
397
346
302
418
355
310
22,217 21,092
22,342 21,399
22,521 21,648
21,501 23,457
22,021 23,615
22,042 23,700
End-of-month figures:
1947—June 30
July 3 1 . . . .
Aug. 30
1948—June 30
July 3 1 . . . .
Aug. 3 1 . . . .
70
137
185
265
318
323
21,872 20,775 1,097
21,549 20,454 1,095
22,192 21,103 1,089
21,366 13,193 8,173
21,325 12,615 8,710
21,577 11,988 9,589
228
189
382
268
392
207
Wednesday figures:
1947—Nov. 5
Nov. 12
Nov. 19
Nov. 26
204
429
199
370
22,119 20,552 1,567
22,052 20,343 1,708
22,222 20,117 2,105
22,239 19,913 2,327
3....
10
17
24
31
262
250
168
283
85
1948—Jan. 7
Jan. 1 4 . . . .
Jan. 2 1 . . . .
Jan. 2 8 . . . .
Aug
Dec.
Dec.
Dec.
Dec.
Dec.
TreasTreasdeTreas- ury
ury
posits
Money
curury
with
in
cirrency
cash
culaouthold- Federal
Retion
standings
serve
ing
Banks
4,560
4,552
4,551
4,561
4,562
4,564
557
735
957
Member
bank reserve
balances
Other
Non- Fedmem- eral
Reber de- serve
posits
acExcounts Total cess 3
950
994
632
632
624
576
607
568
16,154
16,347
16,481
17,396
17,526
17,690
785
781
800
852
824
837
629
621
626
592
572
565
16,112
16,007
16,601
17,389
17,696
17,679
738
399
828
742
877
837
922
950
926
969
632
632
631
626
17,088
16,839
17,068
17,121
952
766
883
954
986
992
951
967
961
624
618
615
609
563
854
17,038
935
17,132
17,581 1,165
17,377 1,073
17,899 1,499
1,009
959
913
888
569
568
565
555
17,503 1,166
17,863 1,537
993
17,334
17,305 1,040
974
944
899
901
562
559
558
557
17,084
913
17,037 1,001
765
16,750
964
16,799
28,236
28,259
28,252
27,846
27,955
27,977
1 339
1,325
1,326
1,324
1,324
1,323
22,170
21,875
22,759
21,900
22,035
22,107
21,266 '4,552 28,297
21,537 4,552 28,149
21,766 4,553 28,434
23,532 4,565 27,903
23,679 4,565 27,866
23,735 4,571 28,055
1,314
1,327
1,323
1,327
1,323
1,321
859
1,928
1,755 1,067
864
1,919
317
208
620
325
22,640
22,689
23,041
22,934
22,336
22,442
22,513
22,597
4,551
4,550
4,552
4,554
28,635
28,709
28,595
28,725
1,324
1,328
1,327
1,330
1,224
1,560
1,314
22,120 19,587 2,533
21,985 19,273 2,713
21,657 18,772 2,886
21,900 18,659 3,241
22,559 18,230 4,329
448
382
913
827
536
22,830
22,617
22,738
23,011
23,181
22,680
22,708
22,723
22,743
22,754
4,553
4,556
4,557
4,556
4,562
28,817
28.874
28,923
29,111
28,868
1,342
1,331
1,332
1.318
1,336
164
165
168
281
21,683
21,896
21,540
21,987
17,148
17,018
16,311
15,904
4,536
4,878
5,229
6,082
473
507
518
391
22,320
22,568
22,227
22,658
22,762
22,790
22,829
22,894
4,560
4,559
4,559
4,558
28,658
28,374
28,211
28,086
1,340
1,333
1,323
1.332
1,268
1,945
1,187
1,725
1,656
1,487
1,829
1,834
756
795
751
926
1,256
934
616
929
870
562
819
1,079
890
957
912
881
1,066
1,343
Feb.
Feb.
Feb.
Feb.
4....
11....
18....
25....
240
578
295
279
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
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
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
257
298
363
447
430
21,071
20,678
20,373
20,607
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
21,851
21,326
21,187
21,429
21,607
23,036
23,083
23,119
23,135
23,137
4,559
4,559
4,559
4,557
4,559
28,024
28,006
27,920
27,851
27,781
1,333
1,331
1,325
1,336
1,325
954
751
677
1,027
1,006
L ,458 1,018
999
1,972
557
559
586
589
588
17,552 1,157
977
17,366
904
17,351
684
16,870
655
16,639
Apr. 7
Apr. 14
Apr. 21
Apr. 28
260
221
234
259
20,477
20,593
20,394
20,440
12,816
12,832
12,537
12,400
7,662
7,762
7,857
8,040
347
315
338
253
21,085
21,130
20,966
20,952
23,147
23,152
23,159
23,167
4,558
4,558
4,557
4,561
27,833
27,774
27,718
27,682
1,329
1,320
1,336
1,326
1,140
1,177
1,283
1,185
994
929
911
856
590
590
590
587
16,905
17,050
16,845
17,043
822
894
701
879
May
May
May
May
June
June
June
June
June
230
250
225
321
12,085
12,110
11,823
12,323
8,166
8,238
8,275
8,270
374
440
351
287
20,856
21,038
20,674
21,201
23,176
23,225
23,245
23,295
4,561
4,560
4,559
4,561
27,762
27,762
27,690
27,700
1,329
1,319
1,329
1,333
1,114
L,319
1,612
1,788
810
792
795
788
545
544
546
547
17,033
17,087
16,506
16,901
817
884
294
723
12,543
12,224
12,638
12,900
13,193
8,141
8,125
8,112
8,110
8,173
369
294
476
358
268
21,292
20,955
21,519
21,721
21,900
23,343
23,362
23,515
23,523
23,532
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
L, 144
1,863
L,928
754
828
879
827
859
551
551
593
598
592
17,094
941
908
17,154
17,999 1,132
728
17,408
742
17,389
616
955
5
12
19
26. . . .
2....
9....
16....
23
30....
239
312
294
353
265
20,251
20,348
20,098
20,592
20,683
20,349
20,749
21,010
21,366
July 7 . . . .
July 14
July 2 1 . . . .
July 28
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
310
302
277
187
22,243
22,139
21,888
21,723
23,584
23,593
23,650
23,670
4,562
4,562
4,561
4,563
28,142
27,959
27,864
27,821
1,334
1,331
1,324
1,329
1,841
\ ,861
1,879
,822
877
898
920
875
612
613
611
576
17,584 1,003
937
17,631
723
17,503
759
17,534
Aug. 4 . . . .
Aug. 11
Aug. 18
Aug. 2 5 . . . .
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
21,897
22,064
22,125
21,993
23,679
23,688
23,708
23,711
4,564
4,564
4,565
4,564
27,922
27,966
27,979
27,965
1,330
1,324
1,322
1,324
1,852
t, 756
1,963
1,902
860
865
965
843
569
570
566
567
17,606 '730
17,834 '"1,003
729
17,603
811
17,668
Sept. 1 . . . .
Sept. 8
Sept. 1 5 . . . .
Sept. 2 2 . . . .
Sept. 29. .. .
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
208
284
433
376
314
21,937
21,834
21,921
22,545
23,953
23,725
23,793
23,850
23,865
23,872
4,568
4,571
4,571
4,570
4,573
28,072
28,287
28,156
28.083
28,080
1,323
1,326
1,321
1,319
1,324
1,693
1,331
855
872
875
858
864
564
565
592
591
586
17,724
853
926
17,817
18,737 1,647
18,694 *>l,096
19,884 P903
984
661
1,436
1,660
r
P1 Preliminary.
Revised.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
2
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
OCTOBER
1948
1249
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect September 30, Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Effective
Rate
Aug. 13,
Aug. 13,
Aug. 23,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 19,
Aug. 13,
Aug. 16,
Aug. 13,
Aug. 13,
Boston
New York. . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.. .
Kansas City...
Dallas
San Francisco.
Other secured advances
[Sec. 10(b)]
Rate
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
Effective
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Effective
Rate
Aug. 13, 1948
Aug. 13, 1948
Aug. 23,%1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 19, 1948
Aug. 13, 1948
Aug. 16, 1948
Aug. 13, 1948
Aug. 13, 1948
Jan. 14, 1948
Apr. 6, 1946
Aug. 23,1948
Aug. 13,1948
Mar. 16,1946
Jan. 24,1948
Aug. 13,1948
Jan. 12, 1948
Aug. 23,1948
Jan. 19, 1948
Feb. 14,1948
Apr. 25,1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks 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 RATES ON INDUSTRIAL LOANS
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
AND COMMITMENTS UNDER SECTION 13b
RATES ON BANKERS' ACCEPTANCES
OF THE FEDERAL RESERVE ACT
[Per cent per annum]
Maturities not exceeding five years
Rate on
In effect bePrevious
[In effect September 30. Per cent per annum]
ginning—
Sept. 30
rate
Maturity
1- 90 days
91-120 days
121-180 days
lAug. 13, 1948
*Aug. 13, 1948
lAug. 13, 1948
\%
To industrial or
commercial
businesses
18
Federal
Reserve
Bank
i Date on which rate became effective at the Federal Reserve Bank
of New York. The same rates generally apply to any purchases made
by the other Federal Reserve Banks.
Back figures,—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
Feb.
June
Sept.
1917-Aug. 15, 1936..
1936-Feb. 28, 1937..
1937-Apr. 30, 1937. .
1937-Apr. 15, 1938..
1938-Oct. 3 1 , 1 9 4 1 . .
1941-Aug. 19, 1942..
1942-Sept. 13, 1942. .
1942-Oct. 2, 1942. .
1942-Feb. 26, 1948..
1948-June 10, 1948..
1948-Sept. 15, 1948. .
24, 1948 and after 2 ...
Central
reserve
city
banks
13
19H
26
22%
26
24
22
20
22
24
26
Reserve
city
banks
10
15
17J
20
20
20
20
20
20
20
22
Time
deposits
(all
Country member
banks)
banks
14
12
14
14
14
14
14
14
16
On discounts or
purchases
On
loans
l
On
commitments
Boston
,
New York. . . ,
Philadelphia. ,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
2H
2
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.
Remaining
portion
On
commitments
8
(8)
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
* Rate charged borrower but not to exceed 1 per cent above the
discount rate.
* Charge of \i per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,.
pp. 446-447.
MARGIN REQUIREMENTS i
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Nov. 1,1933- Feb. 1, 1935- Effective
Jan.31, 1935 Dec. 31,1935 Jan. 1, 1936
1250
Portion
for which
institution is
obligated
1
2
8
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U.2 S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
Change effective Sept. 16 at country banks; Sept. 24 at other classes.
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]
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
To financing institutions
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1945, p. 235.
FEDERAL RESERVE
BULLETIN:
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1948
Sept. 29
Sept. 22
Sept. 15
1948
Sept. 1
Sept. 8
Aug. 18
Aug. 25
Sept. 30
1947
Aug. 31
Sept. 30
Assets
21,987,670 21,987,670 21,970,672 21,912,674 21,852,672 21,837,672 21,827,670
,982,671 21,852,671 20,017,671
Gold certificates
Redemption fund for
618,674
608,977
615,531
620,975
618,974
611,921
612,463
620,529
611,922
705,068
F. R. notes
Total gold certificate reserves
22,603,201 22,606,344 22,591,647 22,531,648 22,461,649 22,449,593 22,440,133 22,603,200 22,464,593 20,722,739
Other cash
275,792
Discounts and advances:
For member banks.
For nonmember
banks, etc
104,056
56,341
30,565
50,461
58,342
91,238
68,893
77,733
63,371
60,239
253,000
253,000
253,000
259,700
259,700
232,700
232,700
247,150
259,700
31,700
357,056
309,341
283,565
310,161
318,042
323,938
301,593
324,883
323, C71
91,939
820
795
1,011
883
1,892
4,053
Total discounts and
advances
271,377
264,365
232,323
Industrial loans
956
1,009
Acceptances purchased.
U. S. Govt. securities:
Bills:
Under repurchase
option
Other
6,975,405 6,182,242 6,135,872
Certificates:
Special
Other
5,161,569 4,889,369 4,827,139
1,942,500 1,844,500 1 ,787,400
Notes
9,202,433 8,943,826 8,454,594
Bonds
262,780
6,660,657 6,8
3,757
270,758
276,128
267,842
265,725
267,138
456,035
7,051,057 7,154,957 7,023,625 7,029,257 13,563,291
4,927,339 4,948,839 5,013,339 5,128,407 5,175,569
1.787,400 1,798,300 1,808,300 1,857,600 1,953,500
7,864,319 7,795,246 7,587,369 7,409,756 9,260,342
,958,339 7,118,566
,808,300
471,800
,781,027
719,690
Total U. S. Govt.
23,281,907 21,859,937 21,205,005 21,239,715 21,411,142 21,460,065 21,550,720 23 ,413,036 21 576,923 22,329,382
securities
Other Reserve Bank
375,109
credit outstanding.
312,929
207,039
272,212
302,365
431,718
283,040
208,658
205,927
331,848
Total Reserve Bank
credit outstanding 23 ,952 ,901 22,545,343 21,921,218 21,833,839 21,937,043 21 ,993,456 22,125,213 24,070,778 22,106,804 22,729,631
Liabilities
Federal Reserve notes . . 23,992,059 23,996,907 24,056,310 24,128,355 23,952,342 23,864,218 23,862,648 24,024,390 23,935,390 24,481,766
Deposits:
Member bank — reserve account
19,883,511
18,736,599 17,816,772 17,723,924 17,667,895 17,602,520 19,986,140 17,678,660 16,784,308
U. S. Treasurer—general account
1,659,907 1,436,112
661,043 1,331,307 1,692,571 1,901,838 1,963,304 1,664,184 1,919,155 1,091,445
412,520
400,141
410,299
401,201
411,891
406,345
370,547
393,783
425,879
334,673
Foreign
442,466
472,213
438,172
454,082
463,300
465,383
571,713
443,068
457,256
507,119
Other
Total deposits
22,407,799
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent).. .
20,412,493 20,531,320 22,493,533 20,461,866 18,717,545
20,272,833 20,019,807
48.7
50.3
51.0
51.0
50.8
50.7
48.6
50.5
50.6
48.0
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Industrial loans:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
U. S. Government securities:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
OCTOBER 1948
Within
15 days
16 to 30
days
31 to 60
days
91 days to 6 months 1 year to 2 years to Over
5 years
5 years
6 months to 1 year 2 years
days
318,042
310,161
283,565
309,341
357,056
151,889
78,621
40,522
76,903
139,252
24,189
29,945
47,775
36,648
48,387
83,878
74,313
62,557
54,016
31,657
58,071
127,270
132,696
132,120
137,746
15
12
15
9,654
14
820
923
930
956
1,009
665
760
756
766
803
18
9
35
39
39
28
13
19
22
57
54
80
9
11
2
11
2
21,411,142
21,239,715
21,205,005
21,859.937
23,281,907
33
47
56
50
53
51
2,533,030 2 ,330,418 1,987,621 1,913,555 1,118,750 3, 732,522
730,022
2,432,223 2,394,008 1,593,720 2,113,173 1,112,2
1,666,677 2,246,275 1,474,689 1,972,948 1,096,7503, 652,522
2,919,837 865,766 1,637,513 2,044,473 1,133,050 3 674,922
2,939,424 906,257 2,013,705 2,433,366 1,368,550 3, 777,622
12
12
12
12
12
1,164,156 6,631,090'
1,164,156 6 ,700,163
640,550 1,822,591 6,632,003
640,550 1,824,566 7,119,260.
640,550 1,824,566 7,377,867"
1251
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
New
York
Boston
Total
Assets
Gold certificates:
21,852,672
Sept. 1
Sept. 8
21,912,674
21,970,672
Sept. 15
21,987,670
Sept. 22
21,987,670
Sept. 29
Redemption fund
for F. R. notes:
608,977
Sept. 1
618,974
Sept. 8
Sept. 15
620,975
618,674
Sept. 22
615,531
Sept. 29
Total gold certificate reserves:
22,461,649
Sept. 1
Sept. 8
22,531,648
22,591,647
Sept. 15
Sept. 22
22,606,344
Sept. 29
22,603,201
Other cash:
262,780
Sept. 1
232,323
Sept. 8
264,365
Sept. 15
271,377
Sept. 22
Sept. 29
275,792
804,345
805,434
770,795
785,839
799,673
Philadelphia
Cleveland
Richmond
Atlanta
St.
Louis
Chicago
6,937,074 1,008,040 1,445,500 1,062,969 1,039,564 4,356,036
7,040,900 1,013,043 1,447,105 1,066.531 1,033,820 4,337,610
7,336,827 972,189 1,420,352 1,047,825 1,013,978 4,364,590
7,125,738 1,021,971 1,410,905 1,065,981 1,022,955 4,384,384
7,077,715 983,188 1,441,508 1,013,360 1,015,868 4,382,536
Kansas
City
Minneapolis
San
Francisco
Dallas
617,542
587,806
585,956
603,299
627,212
484.036
459,495
423,271
452,298
471,039
813,639
792,521
790,184
790,990
788,523
551,220
571,914
522,033
536,247
537,226
2,732.707
2.756,495
2,722,672
2,787,063
2,849,822
95,630
95,630
95,630
95,288
95,028
45,462
45,461
45,461
45.359
45,296
22.384
22,384
22,384
22,344
22,321
34,646
34,645
36,645
36,569
36,520
26,179
27,179
27,179
27,110
27,054
47,615
47,614
47,615
47,381
47,272
1,075,243 4,451,666
1,074.499 4,433,240
1,054,657 4,460,220
1,063,369 4,479,672
1,056,127 4,477,564
663.004
633,267
631,417
648.658
672,508
506,420
481,879
445,655
474.642
493,360
848,285
827,166
826,829
827,559
825,043
53,564
53,564
53,564
53,300
53,138
61,762
61,762
61,762
60,533
59,903
57,885
58,885
58,885
58,425
58,152
72,636
73,636
73,636
73,235
72,990
55,535
57,535
57,535
58,716
57,598
857,909
858,998
824,359
839,139
852,811
6,998,836
7,102,662
7,398,589
7,186,271
7,137,618
1,065,925
1,071,928
1,031,074
1,080,396
1,041,340
1,518,136
1,520,741
1,493,988
1,484,140
1,514,498
1,118,504
1,124,066
1,105,360
1,124,697
1,070,958
27,860
24,460
27,433
27,762
26,472
46,290
41,919
47,875
45,922
49,280
13,775
11,415
12,634
14,268
14,074
23,475
19.690
24,840
22,463
24,117
16,252
13,488
15,944
15,851
15,974
19,307
18,104
19,113
21,939
19,664
38,065
34,922
37,240
38,723
40,779
11,266
9.507
10,275
10,433
11,293
10,163
9,989
11,041
11,609
11,641
11,151
9,527
11,393
12,837
12,713
11,840
9,986
12,292
12,172
12,637
4,550
3,297
2,747
2,855
8,160
7,170
950
900
1,750
1,950
1,000
1,300
3,100
35,679
40,679
40,679
40,414
40,259
577,399 2,780,322
599,093 2,804,109
549,212 2,770,287
563,357 2,834,444
564,280 2,897,094
33,336
29,316
34,285
37,398
37,148
J-JISCOIIHXS Ot. ctXi.1"
vances:
Secured by
U. S. Govt.
securities:
Sept. 1. .
Sept. 8. .
Sept. 15. .
Sept. 22. .
Sept. 29..
Other:
Sept. 1. .
Sept. 8..
Sept. 15..
Sept. 22. .
Sept. 29. .
Industrial loans:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept 29
4,825
5,825
1,575
2,696
2,356
7,605
22,165
9,445
6,845
40,895 |
4,025
3,635
1,485
4,060
11,289
4,895
4,380
1,750
2,015
5,665
12,740
2.400
2,425
7,740
13,290
4,125
1,925
1,975
6,075
4,825
4,800
1,300
100
4,900
5,250
4,746
9,145
5,895
2,880
305
245
295
663
262,600
261,883
255,214
255,260
254,908
16,361
16,361
15,939
15,939
15,948
83,104 !
83,104 i
80,960 I
80,960
81,008
21,036
21,036
20,493
20,493
20,505
23,937
23,937
23,321
23,321
23,330
13,025
13,025
12,697
12,697
12,704
10,829
10,827
10,590
10,584
10,479
35,319
35,319
34,408
34,408
34,428
11,701
10,986
10,718
10 771
10,392
6,493
6,493
6,325
6,325
6,329
9,090
9,090
8,855
8,855
8,860
8,852
8,852
8,644
8,643
8,648
22,853
22,853
22,264
22,264
22,277
568
663
687
708
764
210
210
199
200
199
42
50
44
48
46
820
923
930
956
1,009
U. S. Govt.
securities:
Bills:
Sept. 1.... 6,868,757
6,660,657
Sept. 8
Sept. 15.... 6,135,872
6,182,242
Sept. 22
Sept. 29
6,975,405
v^ertincates.
4,948,839
Sept. 1
Sept. 8
4,927,339
Sept. 15. ... 4,827,139
Sept. 22
4,889,369
Sept. 29. ... 5,161,569
Notes:
Sept. 1.... 1,798,300
1,787,400
Sept. 8
Sept. 15. ... 1 787,400
Sept. 22.... 1,844,500
Sept. 29.... 1,942,500
Bonds:
Sept. 1.... 7,795,246
Sept 8
7 864 319
8,454,594
Sept. 15
8,943,826
Sept. 22
Sept. 29.... 9,202,433
Total U. S. Govt.
securities:
21,411,142
Sept. 1
Sept. 8
21,239,715
Sept. 15
21,205,005
Sept. 22
21,859,937
Sept. 29
23,281,907
•^ 1 */~k4- n 1
TflOflc?
750
55,442
48,278
28,351
54,081
102,148
746
750
850
461,745
447,757
412,479
415,597
451,743
1,647,003
1,597,104
1,471,271
1,482,390
1,672,576
490,634
475,770
438,285
441,596
498,253
658,509
638,558
588,247
592,693
668,733
446,087
432,572
398,491
401,502
453,013
344,352 1,003,441
333,920 953,787
307,611 881,791
309,936 904,873
349,700 1,030,249
350,696
359,293
327,747
313,813
309,531
210,245
203,875
187,811
189,231
213,509
320,160
310,459
285,999
288,160
325,129
311,284
3O1.853
278,070
280,172
316,118
624,601
605,709
558,070
562,279
686,851
332,680
331,236
324,500
328,682
346,981
1,186,643
1,181,487
1,157,461
1,172,382
1,237,651
353,496
351,960
344,802
349,248
368,691
474,445
472,384
462,778
468,744
494,840
321,398
320,001
313,494
317,535
335,213
248,100
247,022
241,999
245,119
258,765
703,170
700,116
685,879
694,721
733,397
273,241
272,053
266,521
269,957
284,986
151,479
150,820
147,753
149,660
157,991
230,670
229,669
224,998
227,898
240,585
224,276
223,302
218,761
221,581
233,917
449,241
447,289
438,193
443,842
468,552
120,889
120,156
120 156
123,995
130,583
431,200
428,586
428,586
442,278
465,777
128,453
127,674
127 674
131>53
138,753
172,403
171,358
171 358
176',832
186,227
116,789
116,081
116,081
119,789
126,154
90,154
89,608
89 608
92^470
97,383
255,517
253,968
253 968
262i081
276,006
99,289
98,688
98 688
10l!841
107,251
55,044
54,711
54 711
56^58
59,458
83,821
83,312
83,312
85,974
90,542
81,497
81,003
81,003
83,591
88,032
163,244
162,255
162,255
167,438
176,334
524,028
528,671
568,351
601,240
618,624
1,869,160
1 885,723
2[O27,26O
2,144,569
2,206,578
556,814
561,748
603^912
638,857
657,330
747,330
753,952
8io!542
857,445
882,237
506,254
510 740
549,'o75
580,848
597,643
390,799
394,262
423^54
448,381
461,346
1,107,611
1,117,425
1,201,296
1,270,810
1,307,555
430,399
434 21 ^
466^803
493,815
508,094
238,605
240 719
258787
273,761
281 677
363,344
366 564
394^077
416,881
428,935
353,273
356,403
383,154
405,325
417,045
707,629
713,899
767,483
811,894
835,369
1,439,342
1,427,820
1,425,486
1,469,514
1,547,931
5,134,006
5,092,900
5,084,578
5,241,619
5,582,582
1,529,397 2,052,687
1,517,152 2,036,252
1,514,673 2,032,925
1,561,454 2,095,714
1,663,027 2,232,037
1,390,528
1,379,394
1,377,141
1,419,674
1,512.023
1,073,405 3,069,739
1,064,812 3,025,296
1,063,072 3.022,934
1,095,906 3,132,485
1,167,194 3,347,207
1,153,625
t,164,247
1,159,759
1,179,426
1,209,862
655,373 997,995 970,330
650,125 990,004 962,561
649,062 988,386 960,988
669,110 1,018,913 990,669
712,635 1,085,191 1,055,112
1,944,715
1,929,152
1,926.001
1,985,453
2,167,106
21,730,004
21,550,799
21,489,500
22,170,234
23,639,972
1,460,528
1,450,006
1,443,000
1,488,149
1,566,235
5,224,715
5,198,169
5,174,983
5,329,424
5,704,485
1,555,026 2,081,729 1,416,335
1,542,486 2,064,779 1,394,869
1,537,338 2,058,195 1,392,307
1,586,715 2,121,250 1,440,159
1,695,585 2,261,231 1,538,063
1,088,359 3,109,858
1,077,564 3,061,915
1,075,637 3,057,442
1,112,565 3,171,793
1,18-2,498 3,386,885
1,169,876
1,175,979
1,175,223
1,199,342
1,226,149
664,746
656,923
655,632
675,730
719,627
49
49
49
49
49
3
3
3
3
3
2
1
1
1
1
1
rtM/4
i otai loans anu
securities:
Sept.
1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
D u e from foreign
banks:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
116
i 16
i 16
i 16
i 16
4
4
4
4
4
4
4
4
4
4
2
2
2
2
2
2
7
7
7
2
1
1,010,382 980,132 1,968,318
1,001,841 972,313 1,953,955
1,000,096 970,382 1,949,265
1,035,928 1,000,162 2,009,017
1,101,221 1,065,510 2,192,483
2
2
2
2
2
4
4
4
4
4
i After deducting $33,000 participations of other Federal Reserve Banks on Sept. 1; Sept. 8; Sept. 15; Sept. 22; and Sept. 29.
1252
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Federal Reserve
notes of other
Banks:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Uncollected
items:
Sept. 1
Sept. 8
Sept. 15
Sept. 22.
Sept. 29
Bank premises:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Other assets:
Sept. 1
Sept. 8
Sept. 15 . .
Sept. 22
Sept. 29
Total assets:
Sept. 1
Sept. 8
Sept. 15
Sept, 22
Sept. 29
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
126,085
115,795
144,202
152,480
153,720
6,519
5,734
6,366
7,649
9,077
16,285
11,597
20,461
17,658
17,325
9,410
5,900
8,365
8,459
7,511
5,780
6,003
7,697
6,983
7,989
13,868
12,538
13,003
17,646
19,823
10,595
8,445
11,300
10,856
10,647
15,136
14,642
18,096
20,297
20,428
5,928
6,790
7,374
8,166
6,607
15,308
16,171
17,817
17,617
18,480
7,641
7,287
9,380
9,920
9,494
5,568
5,344
5,668
6,164
5,571
14,047
15,344
18,675
21,065
20,768
2,462,829
2,403,958
3,497,516
3,037,439
2,757,693
174,360
184,366
271,323
227,061
199,842
428,754
456,974
618,581
508,191
524,400
159,499
160,037
239,471
189,602
190,474
237,379
216,006
342,129
303,532
291,458
222,317
226,481
310,329
285,422
248,101
159,947
171,875
222,470
195,522
162,636
382,415
368,578
569,250
468,678
403,319
106,741
105,572
157,211
123,756
129,239
76,467
73,160
100,628
88,429
75,285
144,730
135,844
182,817
170,656
152,244
134,823
111,995
166,267
150,216
119,148
235,397
193,070
317,040
326,374
261,547
32,403
32,403
32,400
32,378
32,338
1,204
1,204
1,204
1,204
1,199
8,106
8,106
8,106
8,106
8,106
3,082
3,082
3,082
3,069
3,069
4,836
4,836
4,833
4,823
4,814
2,586
2,586
2,586
2,586
2,578
1,586
1,586
1,586
1,586
1,580
3,024
3,024
3,024
3,025
3,027
1,958
1,958
1,958
1,958
1,953
1,188
1,188
1,188
1,188
1,185
2,403
2,403
2,403
2,403
2,403
767
767
767
767
767
1,663
1,663
1,663
1,663
1,657
170,960
174,699
152,821
162,064
171,385
11,757
11,944
10,721
11,093
11,463
40,192
41,249
36,112
38,454
40,800
11,831
12,120
10,494
11,017
11,683
16,761
16,846
14,650
15,649
16,561
11,091
11,291
9,811
10,453
11,042
8,606
8,800
7,676
8,211
8,537
24,087
24,782
21,731
23,054
24,221
9,688
10,018
8,758
9,213
9,696
5,175
5,229
4,515
4,901
5,143
7,949
8,243
7,175
7,599
8,095
7,848
7,841
6,975
7,344
8,206
15,975
16,336
14,203
15,076
15,938
47,246,759
47,041,674
48,172,500
48,432,365
49,634,150
2,540,140
2,536,715
2,584,409
2,602,060
2,667,102
12,763,194 2,818,552 3,888,100 2,800,955 2,363,645 8,024,258 ,968,463
12,860,692 2,806,972 3,848,905 2,785,321 2,360,875 7,941,110 ,943,093
13,304,723 2,842,462 3,946,336 2,849,342 2,392,441 8,167,010 ,992,218
13,134,042 2,893,530 3,958,844 2,896,816 2,414,050 8,205,249 2,001,528
13,482,030 2,963,740 4,120,672 2,906,541 2,441,691 8,356,230 2,057,447
1,421,369
1,431,021
1,420,489
1,414,833
1,412,061
5,500,657 1,639,515 2,121,565 1,653,080 1,319,177 4,564,884 1,084,006
5,524,915 1,648,948 2,137,542 1,670,407 1,332,964 4,586,277 1,091,815
5,505,848 1,645,663 2,131,546 1,679,157 1,326,062 4,577,681 090 410
5,489,642 1,640,723 2,130,037 1,675,757 1,320,409 4,568,853 1,091,208
5,485,272 1,639,421 2,126,788 1,679,350 1,327,450 4,560,540 1,097,460
733,561
747,319
799,681
799,509
853,268
5,854,526
5,921,936
6,301,125
6,115,940
6,498,544
802,998
819,970
864,016
911,619
948,697
1,286,089
1,289,867
1,359,454
1,345,757
1,454,668
742,718
751,771
791,236
790,449
828,403
729,555 2,751,504
731,192 2,720,053
752,070 2,857,297
761,402 2,834,556
808,958 3,036,415
140,621
107,842
36,066
95,620
140,904
254,907
253,962
176,068
305,963
277,622
146,073
95,063
33,582
84,854
118,868
154,650
112,575
45,641
116,163
191,324
133,870
93,868
42,185
117,999
117,613
100,441
89,362
40,276
83,863
92,883
24,632
24,002
23,996
23,222
22,510
1147,292
H47,930
1153,554
1150,537
1167,313
31,582
30,772
30,764
29,857
28,941
35,871
34,951
34,941
33,911
32,872
19,105
18,615
18,610
18,061
17,508
3,135
3,690
2,902
3,231
2,755
380,869
399,679
397,177
394,855
387,147
2,138
1,700
4,787
2,028
1,722
4,618
5,442
6,297
5,523
5,020
2,514
2,811
3,625
2,720
1,712
6,637,594 982,791 1,481,228
6,723,507 947,505 1,442,835
7,027,924 933,149 1,446,333
6,967,295 1,028,358 1,501,354
7,330,626 1,098,228 1,683,884
,279,468 2,032,543
,244,540 ,992,313
,236,477 2,040,095
,274,117 2,066,904
,324,722 2,111,215
,718,379 5,049,062
,707,341 5,013,797
,711,565 5,105,422
,740,184 5,245,041
,776,121 5,426,639
616,688
624,320
623,963
626,907
627,383
934,055
939,305
934,501
933,452
933,052
615,378 2,481,968
621,302 2,519,539
617,275 2,503,715
616,654 2,488,432
618,396 2,484,886
609,851
623,933
666,683
669,796
703,181
438,249
449,800
455,184
488,091
501,440
828,727
806,017
863,129
867,951
908,298
830,432 2,115,714
858,399 2,096,515
875,794 2,150,930
879,459 2,229,484
921,721 2,419,918
209,596
167,424
86,190
253,335
222,884
126,594
84,294
40,818
75,574
90,332
127,221
77,492
37,748
49,761
95,909
99,783
86,034
42,750
71,913
88,522
105,091
81,923
29,740
68,015
80,630
93,724
81,468
49,979
113,052
142,416
15,986
15,576
15,572
15,113
14,649
53,026
51,666
51,653
50,130
48,593
14,036
13,676
13,673
13,270
12,863
9,748
9,498
9,495
9,215
8,933
13,646
13,296
13,293
12,901
12,505
13,256
12,916
12,913
12,532
12,148
34,340
33,447
33,427
32,452
31,464
520
548
502
425
1,088
2,008
4,131
3,717
3,269
3,025
5,876
6,489
5,376
5,733
8,433
1,525
1,334
1,395
1,767
1,410
466
170
479
226
180
426
354
469
286
3,477
38,371
39,035
36,574
37,193
38,113
898,207
867,065
855,656
929,229
965,236
846,502 3,016,134
836,678 2,943.274
808,420 2,998,857
860,803 3,141,290
917,578 3,310,917
756,357
728,392
726,550
764,373
814,809
T iah11itip<:
Li\a.lJ\i.\
HCo
Federal Reserve
notes:
23,952,342
Sept. 1
Sept. 8
24,128,355
Sept. 15
24,056,310
Sept. 22.
23,996,907
Sept. 29
23,992,059
Deposits:
M e m b e r bank
reserve
account:
Sept. 1. .17,723,924
Sept. 8.. 17,816,772
Sept. 15. .18,736,599
Sept. 22. .18,694,013
Sept. 29. .19,883.511
U . S. Treasurer-general
account:
Sept. 1. . 1,692,571
Sept. 8. . 1,331,307
Sept. 15. . 661,043
Sept. 22. . 1,436,112
Sept. 29. . 1,659,907
Foreign:
Sept. 1. . 412,520
Sept. 8. . 406,345
Sept. 15. . 411,891
Sept. 22. . 401,201
Sept. 29. . 410,299
Other:
Sept. 1. . 442,466
Sept. 8. . 465,383
Sept. 15. . 463,300
Sept. 22. . 457,256
Sept. 29. . 454,082
Total deposits:
Sept. 1
20,271,481
Sept. 8
20,019,807
Sept. 15
20,272,833
Sept. 22
20,988,582
Sept. 29
22,407.799
Deferred availability items:
Sept. 1
2,255,839
Sept. 8
2,120,967
Sept. 15
3,065,847
Sept. 22
2,662,379
Sept. 29
2,444,813
Other liab. incl.
accrued div.
Sept. 1.
12,556
Sept. 8
13,433
Sept. 15
13,794
Sept. 22
15,934
Sept. 29. . . . . 15,945
Total liabilities:
46,492,218
Sept. 1
Sept. 8
46,282,562
Sept. 15
47,408,784
Sept. 22
47,663,802
Sept. 29
48,860,616
901,949
882,853
862,645
921,582
1,019,437
576,743 942,622 949,205 2,282,14?
538,124 905,517 953,592 2,250,465
503,822 919,651 918,916 2,270,910
548,834 952,991 960,292 2,412,181
607,692 1,009,505 1,017,976 2,631,911
167,817
173,375
251,751
215,799
185,397
391,012
376,789
534,224
437,338
426,669
134,877
148,775
201,669
162,084
163,159
214,219
197,224
296,664
255,069
236,879
210,252
208,049
274,563
251,499
221,133
164,965
157,964
224,551
199,120
162,587
338,682
306,275
483,972
387,915
376,594
98,872
93,291
145,506
115,878
114,765
65,609
61,504
87,523
77,322
68,585
126,984
118,294
156,622
150,875
138,722
125,716
104,273
146,972
134,536
110,694
216,834
175,154
261,830
274,944
239,629
899
979
788
723
848
3,067
3,600
3,795
5,725
4,158
760
812
743
778
965
1,431
1,241
1,311
1,482
1,713
640
739
628
688
846
566
617
546
615
728
1,927
2,028
2,169
2,238
2,512
562
623
581
587
660
405
432
877
614
461
526
520
519
530
633
651
556
586
648
769
1,122
1,286
1,251
1,306
1,652
2,492,034
2,488,228
2,535,673
2,552,937
2,617,743
12,532,330 2,757,943 3,818,443 2,762,179 2,331,210 7,921,627 1,939,797 1,259,445 2,004,187
12,628,811 2,746,040 3,778,842 2,746,260 2,328,223 7,837,854 1,914,12 1,224,380 1,963,636
13,071,791 2,781,224 3,875,854 2,810,004 2,359,579 8,062,679 1,963,04 1,216,185 2,011,293
12,900,000 2,831,943 3,887,942 2,857,173 2,380,947 8,100,296 1,972,046 1,253,677 2,037,848
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
1,690,950 4,982,073
1,679,723 4,946,444
1,683,749 5,037,706
1,712,130 5,176,863
1,747,835 5,358,078
i After deducting $265,132,000 participations of other Federal Reserve Banks on Sept 1; $258,332,000 on Sept. 8; $258,264,000 on Sept. 15; $250,648,000 on Sept. 22; and $242,964,000 on Sept. 29.
OCTOBER
1948
1253
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Capital Accts.:
Capital paid in:
Sept. 1
199,260
Sept. 8
199,270
Sept. 15
199,737
Sept. 2 2 . . . .
199,827
Sept. 29
199,859
Surplus:
(section 7):
Sept. 1
448,189
Sept. 8
448,189
Sept. 15
448,189
Sept. 2 2 . . . .
448,189
Sept. 29
448,189
(section 13b):
Sept. 1
27,543
Sept. 8
27,543
Sept. 15
27,543
Sept. 22
27,543
Sept. 29. . . .
27,543
Other cap. accts.:
Sept. 1
79,549
Sept. 8
84,110
Sept. 15
88,247
Sept. 22
93,004
Sept. 29. . . .
97,943
Total liabilities
and cap. accts.:
Sept. 1
47,246,759
Sept. 8
47,041,674
Seot. 15
48,172,500
48,432,365
Sept. 22
Sept. 2 9 . . . . 49,634,150
Contingent liability on bills
purchased for
foreign correspondents:
Sept. 1
1,403
Sept. 8 . . . .
1,309
902
Sept. 15
776
Sept. 2 2 . . . .
774
Sept. 2 9 . . . .
Commit, to make
indus. loans:
Sept. 1 . . . .
6,192
6,072
Sept. 8 . . . .
6,041
Sept. 15. . . .
6,316
Sept. 22. . . .
6,262
Sept. 2 9 . . . .
Philadelphia
New
York
Boston
Richmond
Cleveland
St.
Louis
Chicago
Atlanta
Minneapolis
Kansas
City
Dallas
San
Francisco
11,323
11,325
11,335
11,336
11,335
69,016
69,001
69,004
69,009
69,012
14,623
14,628
14,627
14,628
14,630
19,021
19.014
19,009
19,013
19,025
8,525
8,526
8,527
8,528
8,529
7,796
7,800
7,802
7,805
7,806
24,723
24,735
25,190
25,204
25,206
6,562
6,565
6,565
6,595
6,596
4,396
4,396
4,397
4,400
4,403
6,871
6,874
6,875
6,872
6,877
7,732
7,734
7,734
7,765
7,768
18,672
18,672
18,672
18,672
18,672
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
5,655
6,034
6,273
6,659
6,896
15,933
16,965
18,013
19,118
20,378
6,147
6,465
6,772
7,120
7,498
7,457
7,870
8,294
8,710
9,204
5,692
5,976
6,252
6,556
6,888
4,767
4,980
5,188
5,426
5,670
10,262
10,875
11,495
12,103
12,815
4,611
4,914
5,113
5,394
5,664
3,321
3,458
3,589
3,734
3,892
4,200
4,518
4,642
4,899
5,141
4,279
4,466
4,664
4,871
5,100
7,225
7,589
7,952
8,414
8,797
2,540,140
2,536,715
2,584,409
2,602,060
2,667,102
12,763,194
12,860,692
13,304,723
13,134,042
13,482,030
2,818,552
2,806,972
2,842,462
2,893,530
2,963,740
3,888,100
3,848,905
3,946,336
3,958,844
4,120,672
2,800,955
2,785,321
2,849,342
2,896,816
2,906,541
2,363,645
2,360,875
2,392 441
2,414,050
2,441,691
8,024,258
7,941,110
8,167,010
8,205,249
8,356,230
1,968,463
1,943,093
1,992,218
2,001,528
2,057,447
88
82
57
49
49
1449
1419
1289
1248
1248
114
106
73
63
63
129
120
83
72
71
69
64
44
38
38
58
54
37
32
32
191
178
123
106
105
50
47
32
28
28
502
407
383
362
306
1,098
1,093
1,091
1,091
1,091
146
147
142
138
140
16
488
487
487
487
487
75
75
75
75
75
300
300
1,279,468 2,032,543
1,244,540 1,992,313
1,236,477 2,040,095
1,274,117 2,066,904
1,324,722 2,111,215
35
33
22
19
19
1,718,379 5,049,062
1,707,341 5,013,797
1,711,565 5,105,422
1,740,184 5,245,041
1,776,121 5,426,639
49
46
37
27
27
48
45
31
26
26
3 750
3,750
3 750
3,750
3,750
123
115
79
68
68
117
113
113
113
113
i After deducting $954,000 participations of other Federal Reserve Banks on Sept. 1; $890,000 on Sept. 8; $613,000 on Sept. 15; $528,000 on
Sept. 22; and $526,000 on Sept. 29.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
F. R. notes outstanding
(issued to Bank):
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Collateral held against
notes outstanding:
Gold certificates:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Eligible paper:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
U. S. Govt. s e c :
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Total collateral:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Richmond
Atlanta
Chicago
,602 2,178,828
1,700,772 2,189,986
1,690,199 2 ,193,840
1,690,976 2,193,646
1,683,681 2,193,294
1,701,996
1,718,745
1,725,826
1,729,021
1,728,560
,362,769
,377,847
,371,897
368,568
,374,495
,167
4,660,638
4,665 ,765
4,670,526
4,664,225
735,000
735,000
735,000
735,000
735,000
625,000
625,000
625,000
625,000
625,000
675,000
675,000
675,000
675,000
675,000
2,760,000
2,780,000
2,780,000
2,800,000
Philadelphia
Total
Boston
New
York
24,648,254
24,808,326
24,800,397
24,787,971
24,765,998
,480,074
,484,657
,484,218
,477,879
,476,491
5,658,633
5,689,782
5,687,777
5,673,234
5,665,325
13,539,000
13,559,000
13,559,000
13,579,000
13,579,000
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
42,882
41,340
25,016
41,284
85,567
4,825
5,825
1,575
2,696
2,356
7,605
22,115
9,095
6,295
40,595
4,025
3,635
1,485
4,060
11,289
11,950,000
11,975,000
11,975,000
11,975,000
11,975,000
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
25,531,882
25,575,340
25,559,016
25,595,284
25,639,567
1,564,825 5 ,777,605
1,565,825 5 ,792,115
,561,575 5,779,095
1,562,696 5,776,295
1,562,356 5,810,595
1254
Cleveland
2,800,000
12,740
2,400
2,425
7,740
13,290
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,100,000
1,125,000
1,125,000
1,125,000
1,125,000
1,754,025 2 ,235,000
1,753,635 2,235,000
1,751,485 2,235,000
1,754,060 2 ,235,000
1,761,289 2 ,235,000
1,737,740
1,752,400
1,752,425
1,757,740
1,763,290
750,000
750,000
750,000
750,000
750,000
1,900,000
1,900,000
1,900,000
1,900,000
1,900,000
Dallas
San
Francisco
954,423
964,844
961,895
958,511
960,360
642,827
644,731
649,621
647,468
647,158
2,591,863
2,604,870
2,600,767
2,601,400
2,591,591
Minne- Kansas
apolis
City
St.
Louis
1,120,903 633,169
1,132,024 639,430
1,128,274 640,318
1,136,750 639,992
1,138,570 642,248
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 2,030,000
6,760
2,363
6,336
10,738
7,104
2,880
305
245
295
663
3,297
2,747
2,855
8,160
7,170
750
1,950
1,000
1,300
3,100
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
1,425,000 4,660,000 1,271,760 652,880
1,425,000 4,680,000 1,267,363 650,305
1,425,000 4,680,000 1,271,336 650,245
1,425,000 4 700,000 1,275,738 650,295
1,425,000 4 700,000 1,272,104 650,663
500,000
500,000
500,000
500,000
500,000
800,000
800,000
800,000
800,000
800,000
983,297 669,000 2,800,750
982,747 669,000 2,801,950
982,855 669,000 2,801,000
988,160 669,000 2,801,300
987,170 669,000 2,803,100
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
•
outstanding
Guaranteed loans
authorized
to date
End of month
Number
Portion
guaranteed
Total
amount
Amount
69.674
632,474
565
1942—June.. .
Dec.. . . 2,665
310,680
2,688,397
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. . . 6,433
Dec.. . . 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.. .
81,108
803,720
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
1946—June. . . 8,771
Dec.. . . 8,771
10,344,018
10,344,018
70,267
18,996
60,214
17 454
142,617
28,791
1947—June.. . 8,771
Dec.. . . 8,771
10,344,018
10,344,018
3,589
2,412
3,218
2,183
6,726
1948—Jan
Feb.. . .
Mar....
Apr.. . .
May.. .
June. . .
July. . .
Aug
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
2.133
1.777
1 ,666
1,623
1.590
1,463
1 460
1,282
8,771
8,771
8,771
8,771
8,771
8,771
8,771
8,771
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.
Number
Participations
outstanding
(amount)
8,225
27.649
20,959
12,780
14.161
9 220
5,226
14,597
10,661
9,270
4.165
1.644
1,296
8.778
7.208
7.238
12.722
10.981
6 386
19 600
17,305
17,930
2.706
1,086
Amount
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
408,737
491,342
525,532
544,961
20,966
11,548
8,226
3.369
1,946
2,659
13,954
8,294
4,248
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
1946
June 2 9 . . . 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. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 30. . .
July 3 1 . . .
Aug. 3 1 . . .
984
3,576
3,582
3,587
3,593
3,595
3,599
3.600
3,603
589,986
596,048
600,322
604,623
606,305
610,956
611.604
612,099
926
1.295
1,025
145
45
70
120
1,045
620
65
1,972
4,906
3,785
1.394
916
851
802
883
7,077
7,918
7,700
6.646
6,612
6,482
6.417
6,187
964
979
1,163
1,186
6,438
6,543
6,567
6,626
4,706
4,757
4,942
4,970
Tuly
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
29
5
12
19
26
2
9
16
17,500
17,686
17,670
17,779
17,575
17,753
17,758
18,310
,868
,940
4,871
4,906
4,875
4,963
4,869
5,035
1,172
1,187
1,183
1,192
1,181
1,184
1,181
1,190
6,557
6,606
6,624
6,659
6,576
6,655
6,676
6,809
4,903
4,953
4,992
5,022
4,942
4,950
5,032
5,275
Excess reserves:
1947—July
August
1948—July
August
781
800
824
837
12
11
22
46
-1
4
5
6
222
226
229
222
548
559
567
562
732
'856
'830
927
722
879
863
Pl.242
20
69
10
51
11
97
27
111
4
6
5
6
5
8
4
4
188
223
226
238
178
240
244
317
520
'558
'589
632
528
534
588
P810
92
127
95
87
2
26
31
17
51
57
36
33
39
42
27
28
89
67
110
75
109
64
73
39
15
1
43
14
19
1
19
3
42
42
26
34
39
30
25
15
31
24
28
27
23
33
20
21
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
1948
29
5
12
19
26
2
9
16
Borrowings a t Federal
Reserve B a n k s :
1947—July
August
1948—July
August
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
29
5
12
19
26
2
9
16
r
P Preliminary.
Revised.
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.
1
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGB AND
SMALL CENTERS *
[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
Aug. 1947
July 1948
15,230
16,325
'8,484
8,814
'11,865
11,960
'6,041
6,059
Aug. 1948
5,213
6,770
5.109
4,234
3,272
3.238
3.346
3,353
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and 'commitments withdrawn or
expired.
OCTOBER
Country
banks 1
Ap-
proved
Loans Commit
ments
but not
outoutcom- standing 2
pleted i (amount) standing
(amount)
(amount)
1,993
2,280
2,406
2,653
2,781
2,908
3,202
3,423
. . . 3,471
3,489
3,511
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Chicago
4,239
4,203
4,861
4,909
[Amounts in thousands of dollars]
Applications
approved
to date
New
York
Reserve
city
banks
16,347
16,481
17,533
17,690
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
Date (last
Wednesday
or last day
of period)
Central reserve
city banks
Total reserves h e l d :
1947—July
August
1948—July
August
137,888
1,430,121
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
All
member
banks i
Month, or
week ending Thursday
In millions of dollars]
Time
deposits
16,376
8,799
12,119
6,070
Boston
New York
Philadelphia
Cleveland
1,892
2,947
1,232
1,333
866
2,220
817
899
352
1,079
927
1,072
232
1,164
903
827
Richmond
Atlanta
Chicago
St. Louis
1,107
1,529
2,220
659
393
482
1,592
338
868
649
1,719
969
472
215
963
276
Minneapolis
Kansas City
Dallas
San Francisco. . .
595
559
1,023
1,279
295
104
146
646
776
1,635
1,533
539
450
204
66
298
r
1
Revised.
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
1255
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollarsl
Gross demand deposits
Class of bank and
Federal Reserve district
Total
Interbank
Other
Net
demand
de- 2
posits
Time
deposits 3
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of August 1948
All member banks
88,861
10 ,891
77,970
78,206
28,785
5,392
17 ,722
16 ,845
877
86
Central reserve city banks:
New York
Chicago
21,326
5,162
3 ,969
1,102
17,357
4,060
19,851
4,683
1,664
945
40
138
4 ,902
1,186
4 ,864
1,181
37
5
21
6
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
32,973
1,876
4 ,960
28,014
1,618
28,593
1 ,718
503
1,891
3,561
1,800
1,690
3,392
1,632
864
2,282
2,031
7,230
11,303
191
296
238
1,439
430
404
1,994
334
179
357
377
5,064
1,721
32
25
67
171
99
125
275
90
59
262
245
270
6 ,644
368
122
396
840
401
379
833
357
189
505
473
1,781
6 ,397
355
118
393
799
386
362
798
346
183
478
429
1,750
248
13
4
4
41
IS
17
35
11
6
28
44
31
30
2
2,122
4,036
2,060
1,997
3,938
1,922
1,026
2,807
2,440
8,177
258
26
341
483
308
395
462
546
272
808
519
541
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
29,399
2,335
4,127
2,174
2,430
2,088
2,343
4,021
1,683
1,431
2,263
2,656
1,849
860
83
85
16
24
113
150
72
49
60
72
108
28
25,078
2,037
3,619
1,905
2,094
1,737
1,980
3,417
1,433
1,221
1,877
2,165
1,593
14,873
1,099
3,382
1,720
1,725
871
698
2,554
614
745
308
212
945
3,493
180
320
206
276
276
300
519
219
178
366
449
204
4 ,990
390
793
416
460
339
360
726
266
245
321
366
307
4 ,403
351
710
370
397
295
319
632
238
216
281
316
280
587
39
84
46
64
44
41
95
28
30
40
50
27
29
572
547
1,782
3,554
1,751
1,601
3,475
1,376
754
1,999
1,921
7,636
28,540
2,251
4,041
2,159
2,405
1,974
2,193
3,949
1,634
1,371
2,191
2,549
1,822
2
9
1
7
2
3
' "l
2
2
12
2
2
3
2
Second half of August 1948
All member banks
88,649
10 ,663
77,986
78,325
28,762
5,219
17 ,661
16 ,862
799
88
Central reserve city banks:
New York
Chicago
21,234
5,146
3 ,887
1,063
17,348
4.083
19,839
4,675
1,649
43
127
4 ,915
1,186
4 ,860
1,179
55
945
14
12
32,982
1,844
4,880
28,103
1,589
28,657
1,691
11,303
1,694
1,808
3,583
1,742
1,600
3,499
1,384
1,893
3,582
1,796
1,695
3,409
1,628
191
295
237
29
27
70
172
95
117
266
91
60
254
250
265
6 ,410
350
120
393
803
385
363
801
346
180
486
430
1,753
35
512
6 ,608
357
123
398
839
399
377
825
354
184
505
464
1,783
199
557
4 ,951
381
783
413
460
334
348
724
265
245
322
369
306
4 ,413
350
711
371
397
296
318
633
238
216
284
319
281
538
32
71
42
63
38
30
90
28
29
38
50
26
27
3
7
2
1
4
2
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
2,141
4,064
2,056
1,988
3,952
1,906
1,018
2,817
2,459
8,154
254
26
333
481
314
389
453
522
268
775
519
544
29,286
2,314
4,098
2,174
2,429
2,090
2,314
3,999
1,671
1,430
2,256
2,669
1,842
833
77
85
15
24
114
148
70
47
60
59
105
28
583
749
848
2,042
1,939
7,610
2,323
2,035
7,245
28,453
2,238
4,012
2,159
2,405
1,976
2,166
3,929
1,624
1,370
2,197
2,563
1,814
25,154
2,027
3,630
1,913
2,098
1,742
1,973
3,429
1,436
1,225
1,894
2,187
1,600
1,440
430
403
1,990
334
179
356
383
5,065
14,864
1,098
3,386
1,720
1,728
860
695
2,556
614
744
308
211
944
3,354
176
295
199
273
273
282
493
207
176
344
442
195
7
3
5
37
13
14
23
9
3
19
31
31
1
Averages of daily closing figures for reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
based 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.
«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 70,650 million dollars in the first half and 70,900 million in the second half of August.
1256
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
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
July
August
September...
October
November...
December. . .
28,261
28,297
28,149
28,434
28,567
28,552
28,766
28,868
1948—January
February....
March
April
May
June
July
August
28,111
28,019
27,781
27,716
27,812
27,903
27,866
28,055
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947—May
June
Large denomination currency 2
Coin and small denomination currency 2
Total
in circulation x
End of year or
month
Coin
* $1
$2
$5
$10
$20
Total
$50
$100
$500 $1,000 $5,000 $10,000
442
402
452
423
478
460
517
499
537
505
550
524
590
559
648
610
751
695
801
880
909
1,019
987
,156
1,274 1,039
1,361 1,029
33
32
33
35
33
34
36
39
44
55
70
81
73
67
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
,342
,326
,359
,501
,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
364
1,360
618
1,254
337
577
1,369
358
627
1,530
399
707
1,542
387
710
1,714
409
770
2,048
919
460
2,489
538
,112
3,044
724 1,433
3,837 1,019 ,910
5,580 1,481 2,912
7,730 1,996 4,153
7,834 2,327 4,220
8,518 2,492 4,771
125
112
122
135
139
160
191
227
261
287
407
555
454
438
237
216
239
265
288
327
425
523
556
586
749
990
801
783
19,773
19,769
19,622
19,837
19,881
19,833
20,008
20,020
1,351
1,355
1,356
1,362
1,375
1,385
1,396
1,404
985
986
980
990
1,010
1,011
1,020
1,048
63
64
63
64
64
63
64
65
2,089
2,078
2,058
2,092
2,085
2,078
2,102
2,110
6,303
6,289
6,230
6,308
6,270
6,233
6,303
6,275
8,982
8,996
8,935
9,020
9,077
9,064
9,123
9,119
8,489
8,530
8,529
8,600
8,689
8,721
8,760
8,850
2,449
2,466
2,453
2,477
2,503
2,499
2,513
2,548
4,789
4,808
4,824
4,874
4,941
4,986
5,023
5,070
430
430
428
428
428
427
426
428
19,369
19,335
19,169
19,144
19,259
19,323
19,309
19,450
1,382
984
1,385
972
1,394
975
1,399
976
1,409
994
1,421 1,000
1,422
994
1,432 1,006
63
63
62
61
62
63
62
63
2,017
2,005
1,986
1,991
2,015
2,017
2,010
2,023
6,064
6,084
6,013
6,017
6,054
6,085
6,059
6,099
8,858
8,826
8,738
8,700
8,724
8,737
8,762
8,827
8,745
8,687
8,614
8,574
8,555
8,581
8,559
8,607
2,511
2,492
2,470
2,456
2,453
2,465
2,452
2,464
5,022
4,996
4,962
4,951
4,943
4,945
4,940
4.977
424
421
416
412
410
407
404
403
Unassorted
10
7
16
18
12
32
32
60
46
25
22
24
24
26
10
5
8
7
5
2
4
4
3
2
3
2
3
804
810
806
804
800
793
782
782
11
12
12
12
12
11
11
17
2
2
2
2
2
3
3
3
771
762
749
739
735
749
748
748
1
12
11
10
10
10
9
11
3
3
1
1
2
2
2
2
5
7
7
6
17
20
30
24
9
9
10
7
1
i
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Backfigures.—SeeBanking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation l
Money
held by
For
Federal
Federal
Reserve
31, July 31, Aug. 31,
Reserve Banks and Aug.
1948
1948
1947
Banks and
agents
agents
Money held in the Treasury
Total outstanding, As security
Aug. 31,
against
Treasury
1948
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
...
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Aug. 31, 1948
July 31, 1948
Aug. 31, 1947
23,725
22,509
24,640
4,571
22,509
21,216
*2,258
50
55
493
1,960
3
298
1,960
34
2,258
961
362
347
350
99
(4)
(4)
(4)
19,649
ii''
6
3
1
24,767
24,717
22,823
(5)
1,321
1,323
1,323
19,649
19,591
17,719
2,815
830
266
45
23,760
4,250
45
23,588
4,233
47
24,151
4,236
3
159
157
150
203
26
6
23
4
1
2 ,055
924
350
321
345
98
2,046
917
348
318
349
98
2,052
878
334
320
397
106
3,911
4,028
3,808
28,055
27,866
28,434*
5
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
5
significance and is not shown. See note of explanation of these duplications.
Less than $500,000.
N T h
i i d i h T ( i )
f
Ui
as reserves.
Gold certificates as herein used includes credits with t
Reserve Bank notes and national bank notes are in process of retirement
OCTOBER
1948
1257
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amountunadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Change in
seasonally
adjusted
series *
Gold
stock
at end
Period
of
Increase
in gold
stock
period
End of year figures:
1939 .
1940
1941
1942
1943
1944
1945
1946
1947
+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—August
September
October
November
December
28,252
28,654
28,598
28,648
28,937
28,394
28,711
28,598
28,562
28,650
+78
+317
-113
-36
+88
1948—January
February
March
April
May
June
July
August
September
28,394
28,096
27,941
27,766
27,749
27,846
27,955
27.977
28,152
28,309
28,096
28,025
27,990
27.945
27,986
28.011
28,118
28,208
-341
-213
-71
-35
-45
+41
+25
+107
+90
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised son ew'iat 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.
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
2
.
12 760
14 512
17 644
21 995
22 737
22,726
21 938
20 619
20 065
20 529
22 754
502.5
7^1 5
132 0
351 2
741 8
-10 3
—788 5
—1 319 0
-553.9
464 0
' 2 724 9
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
21,955
22.294
22.614
22,754
22.935
23,036
23,137
23,169
23 304
23,532
23.679
23.725
P23,872
189.4
339.0
320.1
139.5
180.7
101.5
100.4
32.2
135 2
228 5
146.4
46.2
P146.9
109 6
450.8
265.7
178.2
235.0
159.4
99.9
234.2
151 3
177 7
266.7
P39.1
.
1947 -September..
October
November..
December. .
1948—January
February...
March
April
May
June
July
August
September. .
1
1
3
4
EarNet
marked
gold
gold:
deimport
or export
(-)
crease (—)
(4)
Domestic
gold
duction1
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
75.8
-200.4
—333 5
-534.4
—644 7
—407.7
-458.4
—803 6
-459.8
—356.7
465.4
210 0
153.1
—4.0
-82.8
-44.6
-14.9
-72 2
-63.4
-111.5
-2.8
81.7
-188.4
59.5
5 98.1
6.5
7.7
5.8
6.8
6.0
5.5
6.4
5.7
6.1
5.7
6.2
7.7
(4)
v Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation of monthly figures see table on p. 1307.
* Includes gold in the Inactive Account amounting to 1,228 million
dollars
on Dec. 31, 1937.
3
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
*1 Not yet available.
Gold held under earmark at the Federal Reserve Banks for foreign
account, including erold held for the account of international institutions
amounted to 3,832.3 million dollars on Sept. 30, 1948. Gold under earmark is not included in the gold Ftock 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 ir*
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits 1 o 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
City 1
140
other
centers 1
Other
reporting
centers 2
New
York
City
Other
reporting
centers
New
York
City «
Other
leading
cities 8
New
York
City 3
Other
leading
cities •
1942 *
1943
1944 .
1945
1946—old series «
1946—new series •
1947
641,778
792 937
891 010
974,102
}l,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
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
18.0
J947—August
September
October . .
November
December
84,427
91,903
105,290
92,910
118,382
28,331
31,837
37,504
31,738
46,225
46,720
49,962
56,554
51,002
60,295
9,377
10.104
11,232
10,169
11,862
17.5
20.2
21.8
21.6
27.2
11.0
12.1
12.4
13.1
13.5
29,025
31,605
35,162
33.531
44,131
47,026
49,978
55,025
51,621
59,878
20.6
23.1
23.9
26.5
29.9
16.6
18.0»
18 2
19.8
20.0
1948—January
February
March
April . . .
May
June
Tuly . .
August
105,193
'90,273
107,636
102,349
97,603
108 639
102.940
97,940
37,615
32,271
39,587
37,955
35,429
40 633
35.832
33,031
56,355
'48,507
56,900
53,685
51,807
56 667
55.972
54,118
11,223
9,495
11,148
10,708
10,367
11,339
11,136
10,791
22.3
22.1
23.4
23.7
23.0
25 4
22.5
20.9
12.7
12.6
12.7
12.5
12.4
13 0
12.8
12.3
38,286
32,298
38,648
36,880
37,060
38,942
36,350
32,540
55,902
47,890
56,372
52,740
51,557
55 442
55,233
53,754
26.2
25.6
26.4
26.5
27.9
28 0
26 6
23.9
18 7
18.6,
19.1
18 6
18 7"
19 1
19 1
18.5-
9.7
10.0
12.0
/
r
Revised.
1
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.
Weekly reporting member bank series.
*8 Deposits and debits for first four months are partly estimated.
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figuies 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.
1258
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
End of month
Total
demand
deposits
adjusted
and
currency
outside
Time deposits
Total
deposits
adjusted
Demand
deposits
adjusted 1
United
States
Government
deposits 2
Currency
outside
banks
Commercial
banks«*
Mutual
savings
banks * *
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
53,960
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
,786
2,032
2,340
2,657
2,932
3,119
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
55 800
56 100
56,300
56.000
56,395
56.500
56,800
56,900
56,900
57,000
57,400
57,300
57,300
34,900
35,100
35.200
35,000
35,233
35,200
35,500
35,500
35,500
35,500
35,800
35,700
35,700
17,500
17,600
17,700
17,600
17,746
17,900
17,900
18,000
18,000
18,100
18,200
18,200
18,200
3,400
3,400
3,400
3,400
3,416
3,400
3,400
3,400
3,400
3,400
3,400
3,400
3,400
26,100
26,300
26,200
26,500
26,476
25,800
25,700
25,600
25,400
25,400
25,600
25,500
25,600
Total
Postal
Savings
System 6
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—August (Aug. 27)...
September (Sept.24)
October (Oct. 2 9 ) . . .
November (Nov. 26)
December (Dec. 31).
1948—January (Jan. 28)P. .
February (Feb. 25) P.
March (Mar. 31)P..
April (Apr. 28)P... .
May (May 26^ P . . . .
June (June 30) P
July (July 28) P
August (Aug. 25)P. .
166,900
168,400
169.700
170,300
171,446
170,200
168,900
166,500
167,800
168,000
167,900
168,700
169,200
109,400
110,400
111,600
112,400
113,599
112,400
110,300
107,200
108,400
108,600
108,300
109,000
109,500
140,800
142,100
143,500
143,800
144,970
144,400
143,200
140,900
142,400
142,600
142,300
143,200
143,600
83,300
84,100
85,400
85,900
87,123
86.600
84 600
81 600
83,000
83,200
82,700
83,500
83,900
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
,700
,900
,800
,900
,452
,300
,800
2.400
2,500
2,400
2,200
2,400
2,400
28.611
28,189
21,656
21,715
27,463
27,738
P Preliminary.
3,639
3,557
4,761
4,782
6,699
7,325
f collection.
, open account; and postal savings rede-
posil
nk figures include three member mutual savings banks.
8
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Exrept 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.
BANK SUSPENSIONS 1
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
Total,
all
banks
U. S. Government
securities
Total
Direct
Cash
reserve
Guar- funds,
etc.2
anteed
1,319
1,348
1,396
1,464
1,843
2,411
3,022
3,387
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
1,128
1,220
1,716
2,252
2,837
5,182
1947—Oct... 3,412
Nov... 3,413
D e c . 3,417
3,524
3,527
3,525
6
6
6
3,314
3,314
3,308
5,314
5,314
5,308
205
207
212
1948—Jan.. .
Feb.. .
Mar...
Apr...
May..
June..
July. .
Aug.. .
3,541
3,551
3,546
3,528
3,509
3,494
6
6
6
6
6
6
3,332
3,336
3,346
3,316
3,291
3,291
5,332
5,336
5,346
5,316
5,291
5,291
204
209
194
205
211
196
3,432
3,441
3,435
3,415
3,395
3,379
*>3,359
2*3,347
146
146
146
126
74
88
95
102
118
152
179
200
1939—Dec.. . 1,279
1940—Dec. . 1,304
1941—Dec... 1,314
1942—Dec. . 1,417
1943—Dec.. . 1,788
1944—Dec. . 2,342
1945—Dec. . 2,933
1 9 4 6 — D e c . 3,284
asters.
Back
Back figures.—See Banking and Monetary Statistics, p. 519; for
descript
ascription, see p. 508 in the same publication.
OCTOBER
1948
Number of banks suspended:
1934-40
1941
1942
1943
1944
1945
1946
1947
1948—j a n Sept .
Nonmember
banks
Member
banks
National
313
16
8
9
4
1
0
4
2
State
6
Noninsured
Insured
207
84
3
6
2
3
1
1
0
1
1
...
Deposits of suspended banks
(in thousands of dollars) :2
1934-40
131,934 14,872 26,548 49,689 40,825
1941
1942
1943
1944
1945
1946
1947
1948—Jan.-Sept
3,726 3,144
1,702
6,223 4,982
405
0
0
167
503
1 375
1.241
405
79
327
167
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
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.
1259
ALL BANKS IN THE UNITED STATES, BY GLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and date
Total
Loans
Total
All banks:
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—D ec .
1946—Dec.
1947__j u n e
Dec.
1948—Feb.
Mar.
Apr.
May
June
July
Aug.
U.S.
Government
obligations
30
31
31
31
31
30.
31......
31
30 a
.
31
.
25 •
.
31*
.
28«
.
26«
.
30«. . . . .
28«
.
25 «
.
50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
131,096
134,908
134,390
132,620
133,340
133.580
133,080
134,090
134,430
22,165 28,719 19,417
23,756 30,422 20,972
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
26,015 93,446 85,885
30,362 109,865 101,288
35,648 96,050 86,558
38,365 92,730 82,679
42,999 91,909 81,186
43,650 90,740 79,970
43,900 88,720 77,560
43,860 89,480 78,330
44.570 89,010 77,870
45,130 87,950 76,750
45,470 88,620 77,280
46,030 88,400 76,980
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—Feb. 25 •
.
Mar. 31 •
.
Apr. 28 •
.
May 26*
.
June 3 0 « . . . . .
July 28«
.
Aug. 25 •
.
40,668
43,929
50,746
67,393
85,095
105,530
124,019
113,993
112,756
116,268
115,540
113,600
114,250
114,460
113,860
114,760
115,090
17,238
18,800
21,714
19,221
19,117
21,644
26,083
31,122
33,679
38,055
38,660
38,860
38,760
39,410
39,900
40,170
40,660
23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
79,077
78,213
76,880
74,740
75,490
75,050
73,960
74,590
74,430
33,941
37,126
43,521
59,263
74,258
91,569
107,183
96,362
. 94,802
97,846
97,051
95,129
95,847
96,052
95,449
96,213
96,475
13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
32,628
33,117
33,179
33.018
33.614
33,871
34,087
34,495
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,526
4,686
4,944
4,990
5,040
5,100
5,160
5,230
5.300
5,370
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. 31
1948—Feb. 25 Mar. 31 •
Apr. 28 •
May 26 •
June 30
July 28 •
Aug. 25 «
All mutual savings
banks:
I939—Dec. 30
1940—Dec 31
1941—Dec 31
1942—Dec. 31
1943—Dec 31
I944—Dec 30
I945—Dec. 31
1946—Dec. 31
1947—June 30 *
.
Dec. 31 , ,
1948—Feb. 25 •
.
Mar. 31 •
.
Apr. 28 •
.
May 26«. . . . .
June 3 0 « . . . .
July 28«
.
Aug. 25 •
.
10,216
10 248
10,379
10,754
11 871
13,931
16,208
17,704
18,339
18,641
18,850
19,020
19,090
19,120
19,220
19,330
19,340
Other
Other
securities
v^asn
assets 1
Total 1
Total
Number
capital
of
accounts banks
Interbank 1
j-^e-
mand
Time
9,302
9,449
8,999
8.280
7,433
7,561
8,577
9,491
10,051
10,723
10,770
11,160
11,150
11,140
11,200
11,340
11,420
23,292
28,090
27,344
28,701
28,475
30,790
35,415
35,041
33,544
38,387
34,510
33,560
33,720
33,390
34,990
34,080
33,910
68,242
75,996
81,816
99,803
117,661
141,448
165,612
155,902
153,349
161,850
157,130
154,160
155,220
154,980
156,330
156,200
156,390
9,874 32,516
10,934 38,562
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,656 92,462
11,679 89,295
13,033 95,727
11,470 92,130
10,920 89,620
10.900 90,670
10.640 90.690
11.410 90,830
11,260 90,950
11,190 91,220
25,852
26,499
26,479
27,058
31,081
37,551
45,613
50,784
52,375
53,089
53,530
53,620
53,650
53,650
54,090
53,990
53,980
8,194
8,302
8,414
8.566
8,996
9,643
10,542
11,360
11,721
11.946
12.040
12,080
12,110
12.220
12,250
12,300
12,360
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,585
14,716
14,714
14,726
14,730
14,731
14,727
14,719
14,717
14,719
16,316
17,757
21,808
41,379
59,842
77,557
90,606
74,780
70,539
69,207
67,930
65,470
66,270
65,870
64,760
65,270
65,060
7,114
7,372
7,225
6,793
6,136
6,329
7,331
8,091
8,538
9,005
8,950
9.270
9,220
9,180
9,200
9,320
9,370
22,474
27,124
26,551
28,039
27,677
30,206
34,806
34,223
32,704
37,501
33,660
32,760
32,970
32,630
34,160
33,350
33,170
57,718
65,337
71,283
89,135
105,923
128,072
150,227
139,033
135,907
144,087
139,180
136,130
137,160
136,890
138,120
137,990
138,160
9,874 32,513
10,934 38,558
10,982 44,349
11,308 61,431
11,003 75,569
12.235 91,653
14,065 105,921
12,656 92,446
11,679 89,281
13,032 95,711
11,470 92,120
10,920 89,610
10,900 90,650
10,640 90,670
11,410 90,810
11,260 90,930
11,190 91,200
15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
34,947
35,344
35,590
35,600
35,610
35,580
35,900
35,800
35,770
6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,577
9,880
10,057
10,150
10,170
10,200
10.290
10,300
10,340
10,390
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,044
14.183
14,181
14,193
14,197
14,198
14,194
14,187
14.185
14,187
19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
66,146
65,218
63,934
61,950
62,829
62,438
61,578
62,126
61,980
14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
57,914
56,709
54,463
55,383
55,055
54,139
54,575
54,371
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,625
6,948
7,304
7,225
7,487
7,446
7,383
7,439
7,551
7,609
19,782
23,963
23,123
24,280
23,790
25,860
29,845
29,587
28,694
32,845
29,431
28,744
28,858
28,609
30,303
29,407
29,300
49,340
56,430
61,717
78,277
92,262
110,917
129,670
118,170
115,435
122,528
118,039
115,190
116 213
116,049
117,452
117,128
117,274
9,410
10,423
10,525
11,000
10,555
11,884
13,640
12,060
11,041
12,403
10,894
10,364
10,332
10.107
10,833
10,701
10,624
28,231
33,829
38,846
54,523
66,438
79,774
91,820
78,920
76,380
81,785
78,603
76,270
77,315
77,375
77,796
77,694
77,937
11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,014
28,340
28,542
28,556
28,566
28,567
28,823
28,733
28,713
5,522
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,464
8,525
8,545
8,573
8.638
8,624
8,657
8,698
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,900
6,928
6,923
6,926
6,932
6,935
6,932
6,925
6,919
6,919
5,289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,653
13,696
13,860
13,980
13,990
13,960
13,990
14,030
13,970
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,778
12,140
11,978
12,040
12,090
12,060
12,000
11,990
12,010
11,920
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,400
1,513
1,718
1,820
1,890
1,930
1,960
2,000
2,020
2,050
818
966
793
663
797
584
609
818
839
886
850
800
750
760
830
730
740
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,869
17,442
17,763
17,950
18,030
18,060
18,090
18,210
18,210
18,230
1
3
4
6
6
8
10
14
16
14
17
10
10
20
20
20
20
20
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,428
17,745
17,940
18,020
18,040
18,070
18,190
18,190
18,210
1,309
1,292
1,241
1,236
1,276
1 ^378
1 592
1,784
1,842
1,889
1,890
1,910
1,910
1,930
1,950
1.960
1,970
551
551
548
546
545
543
542
541
533
533
533
533
533
533
532
532
532
• Partly estimated.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and 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.
1260
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and date
All insured commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30
Total
Total
U. S.
Government
obligations
Loans
Other
Cash
assets
Other
securities
Total
Interbank
83,507
103,382
121,809
112,178
110,682
114.274
111,794
18,841
21,352
25,765
30,733
33,250
37,583
39,372
64,666
82,030
96,043
81,445
77,433
76,691
72,421
58,683
75,875
88,912
73,554
69,136
67,941
63,490
5,983
6,155
7,131
7,891
8,297
8.750
8,931
27,183
29,733
34,292
33,694
32,190
36,926
33,699
104,094
125,714
147,775
136,990
133,659
141,851
135,945
National member
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30
47,499
58,308
69,312
63,723
62,982
65,280
63,638
10,116
11,480
13,925
17,272
18,764
21,428
22,243
37,382
46,828
55,387
46,451
44,218
43.852
41,395
34,065
43,292
51,250
41,658
39,271
38.674
36,091
3,318
3,536
4,137
4,793
4,947
5,178
5,303
16,017
17,570
20,114
20,012
19,342
22,024
20,415
59,961
71,858
84,939
78,775
77,146
82.023
78,753
7,159
8,056
9,229
8,169
7,432
8.410
7,305
State member banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30
26,759
33,261
37,871
32,639
31,820
32,566
31,811
6,171
7,196
8,850
9,424
9,891
11,200
11,628
20,588
26,065
29,021
23,216
21,928
21,365
20,183
18,883
24,393
27,089
21,384
19,927
19,240
18,048
1,705
1,672
1,933
1,832
2,001
2.125
2,135
7,773
8,290
9,731
9,575
9,353
10 822
9,888
32,302
39,059
44,730
39,395
38,289
40 505
38,699
Insured nonmember
commercial banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec 31
1947—June 30
Dec. 31
1948—June 30
9,258
11,824
14,639
15,831
15,896
16,444
16,360
2,556
2,678
2,992
4,040
4,597
4.958
5,504
6,702
9,146
11,647
11,791
11,299
11.486
10,856
5,739
8,197
10,584
10,524
9,949
10.039
9,362
962
949
1,063
1,268
1,350
1.448
1,494
3,395
3,875
4,448
4,109
3,498
4 083
3,397
Noninsured nonmember commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 *
Dec. 31
1,588
2,148
2,211
1,815
2,074
1,993
276
292
318
389
430
472
1,312
1,856
1,893
1,426
1,645
1,521
1,160
1,682
1,693
1,226
1,403
1,266
153
174
200
200
241
255
All nonmember commercial banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31
10,847
13,972
16,849
17,646
17,970
18,438
2,832
2,971
3,310
4,429
5,027
5,430
8,014
11,002
13,539
13,217
12,943
13,008
6,899
9,880
12,277
11,749
11,352
11,305
Insured mutual savings
banks :
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30
7,525
9,223
10,846
11,891
12,375
12,683
13,142
3,073
3,110
3,081
3,250
3,370
3.560
3,769
4,452
6,113
7,765
8,641
9,005
9 123
9,373
4,345
4,708
5,361
5,813
5,964
5,957
1,411
1.260
1,198
1,275
1,316
1,384
2,935
3,448
4,163
4,538
4,649
4,573
Noninsured mutual
savings banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31
Demand
74,309
10,705
12,074 89,761
13,883 104,015
12,320 91,144
87,930
11,243
12,670 94,300
89,491
11,035
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
,703
,945
2,957
3,019
3 055
3,091
1,698
1,789
1,867
1,893
1,916
1,918
1,927
11,842
14,809
18,119
18,836
18,240
19.340
18,509
149
190
244
260
201
266
202
7,870
9,987
12,196
12,225
11.550
12 515
11,695
3,823
4,632
5,680
6,351
6,488
6.558
6,611
979
1,022
1,083
1,193
1,245
1.271
1,333
6,535
6,452
6,416
6,457
6,461
6.478
6,493
494
473
514
530
514
575
1,829
2,358
2,452
2,043
2,248
2,236
299
161
181
336
436
363
1261
1.892
1,905
1,302
1,351
1,411
270
305
365
404
461
462
267
276
279
290
322
324
764
729
714
690
797
783
115
122
262
468
591
1,703
3,889
4,348
4,962
4,639
4,013
4.658
13,671
17,168
20,571
20,879
20,488
21,575
448
351
425
597
638
629
9,131
11,879
14,101
13,526
12,901
13,926
4,092
4,938
6,045
6,756
6,949
7,021
,245
,298
,362
,483
,566
,595
7,299
7,181
7,130
7,147
7,258
7,261
3,844
5,509
7,160
7,946
8,216
8,165
8,169
608
604
606
695
789
958
1,204
559
400
429
612
658
675
644
7,534
8,910
10,363
11,428
11,901
12,207
12,581
7,527
8,902
10,351
11,415
11,889
12.192
12,566
808
892
,034
,173
,218
,252
,302
184
192
192
191
191
194
193
2,246
2,819
3,522
3,833
3,924
3,813
689
629
641
705
724
760
238
184
180
206
181
211
4,204
4,466
5,022
5,442
5,541
5,556
4,203
4,464
5,020
5,439
5,539
5,553
468
485
558
611
624
637
361
351
350
350
342
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.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revi•ions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
OCTOBER
1948
1261
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Commercial,
Total
Class of bank
and
call date
Investments
Loans for
purchasing
or carrying
securities Real
AgnConcules- sumer Other Total
To
turtate loans loans
2
brok- T n loans
al
ers othand
deal- ers
ers
inloans
and
cludinvest- Total1 ing
openments
market
paper2
U. S. Government obligations
Obliga-
tions
of
Direct
Total
S tates Other
and secuCertifiGuar- politcates
an- ical rities
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
All insured commercial b a n k s :
1941 Dec 31 49 ^ 290 21 259
1943—Dec! 31.'. 83!507 18 ',841
1944—Dec. 30. . 103,382 21 ,352
1945—Dec. 31. . 121,809 25 .765
1946—Dec. 3 1 . . 112,178 30 ,733
1947—June 3 0 . . 110,682 33 ,250
Dec. 3 1 . . 114,274 37 ,583
1948—June 3 0 ' . 111,794 39 ,372
Member banks,
total:
1Q41
T~)pr 31
43 521 18 ,021
1943—Dec. 31. 74!258 16 ',288
1944—Dec. 30.. 91,569 18 ,676
1945—Dec. 31. . 107,183 22 ,775
1946—Dec. 3 1 . . 96,362 26 ,696
1947—June 30.. 94,802 28 ,655
Dec. 3 1 . . 97,846 32 ,628
1948—Apr. 12 r 95.896 33 .062
June 3 0 . 95,449 33 ,871
New York City:*
1941 j ) e c 3i
12,896 4 072
1943—Dec! 3 1 ! ! 19!994 4 !428
1944—Dec. 3 0 . . 24,003 5 ,760
1945—Dec. 3 1 . 26,143 7 ,334
1946—Dec. 3 1 . . 20,834 6 ,368
1947—June 30.. 20,332 6 ,548
Dec. 3 1 . 20,393 7 ,179
1948—Apr. 12
19' W7 7 ,169
June 30. 19,019 7 ,550
Chicago.*
954
1941—Dec. 31 . 2,760
4,554 1 ,004
1943—Dec. 3 1 .
5,443 1 ,184
1944—Dec. 30.
5,931 1 ,333
1945—Dec. 31.
4,765 1 ,499
1946—Dec. 31
4 802 1 ,565
30
*1947—Tune
-r ^» §
J U i.X V» V#
V/ .
1 ,801
5,'088
Dec. 3 1 .
1948—Apr. 12.
4,681 1 ,663
June 30.. 4! 742 1 !714
Reserve city banks:
1941—Dec. 3 1 . . 15,347 7 ,105
1943—Dec. 31. . 27,521 6 ,201
1944—Dec. 30. . 33,603 6 ,822
1945—Dec. 3 1 . . 40,108 8 ,514
1946—Dec. 31. . 35,351 10 ,825
1947—June 3 0 . . 34,611 11 ,441
Dec. 31. . 36,040 13 ,449
1948—Apr. 12. 34 969 13 352
June 3 0 . . 35!065 13 ,373
Country banks:
1941—Dec. 31
12,518 5 890
1943—Dec. 3 1 ! ! 22!188 4 !654
1944—Dec. 3 0 . . 28,520 4 ,910
1945—Dec. 3 1 . . 35,002 5 ,596
1946—Dec. 3 1 . . 35,412 8 ,004
1947—June 30.. 35,057 9 ,102
Dec. 3 1 . 36,324 10 ,199
1948—Apr. 1 2 .r . 36,699 10 .877
June 3 0 . 36,623 11 ,234
9 ,214
7 ,777
7 ,920
9 ,461
14 ,016
14 ,765
18 .012
17 ,834
j
,450
1 ,505
1 ,723
1 ,314
1 ,358
1 ,549
1 ,610
1 ,976
614
1 ,414
2 ,269
3 ,164
1 ,517
1 ,517
823
1 ,183
28,031
64,666
82,030
96,043
81,445
77,433
76.691
72,421
21,046
58.683
75,875
88,912
73,554
69,136
67,941
63,490
988
4 ,636
3 ,971
2 ,455
1 ,271
835
2 .124
2 ,327
13 ,218
15 ,300
19 ,071
12 ,288
9 .441
7 ,552
9 ,451
3 ,159
7 ,672
15 ,778
16 ,045
6 ,780
5 341
5 .918
5 ,069
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
19,539
52,948
67,685
78,338
63,042
59,198
57,914
55,364
54,139
971
4 ,360
3 ,748
2 ,275
1 ,167
773
1 ,987
12 ,071
13 ,982
16 ,985
10 ,043
7 ,544
5 ,816
3 ,007
6
14 !l27
14 .271
5 ,602
4 ,369
4 ,815
2 ,188
7 ,597
662
922
2 ,265
3 ,606
1 ,609
1 ,278
1 ,190
1 ,077
8 ,671
594
972
598
7
1 ,023 1 ,398
839
7 !531 1 ,198 2 ,249 2 ,108
8 ,949
855 3 ,133 3 ,378
13 ,154
884 1 ,506 1 ,467
13 ,820
972 1 ,507 1 ,154
811 1 ,065
16 ,962 1 ,046
16 ,734 1 ,241
2 807
2 !515
2 ,610
3 ,044
4 ,078
4 ,171
5 ,361
i ,171
8
412
169
323
24 1 ,054
859
30 1 ,742
2 ,453 1 ,172
1 ,096
389
1 ,196
286
545
267
5 ,275
4 , 545
4,773
4,437 1 ,868 918
4,343 1 ,888 944
4,677 2 ,361 1,181
7,103 4 ,031 1,098
8,201 4 ,893 1,047
9.266 5 ,654 1,028
10,101 6 ,412 1,119
3,494
3,274
3,209
3,455
5,358
6,240
7,130
3 , >92
1 ,484
848
1 ,505
877
1 ,900 1,104
3 ,308 1,020
3 ,998
965
4 ,662
952
1 623 3 .652 1 679
5 >4
8,823 7,265 311
153 15,566 14,563 1 ,328 3 409 1 829 7
252
'984
253
179 18,243 17,179
913 3 740 3 745 8 !592
189
298 18,809 17,574
477 3 ,433 3 325 10 ,337
287
1
992 10 ,202
455
250 14,465 13,308
387 1 725
1
291 13,784 12,571
137 1 ,103
775 10 ,555
1
500
564
640
330 13,214 11,972 1 ,002
558 9 ,771
616
161
1 ,094
1 178
1 418
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
93
45
45
51
105
130
149
1 ,357
2
61
75
47
156
3 ,456
3 058
3 034
3 661
5 548
5 726
7 088
300
279
348
205
201
197
225
1, 12
114
194 1,527
217
658
301
267 1,420
660
313
777 1,379
311
427 1 ,503 1,459
855
404
264
435
704 2,237 1 436
405
540 2,713 1 675
185
170
366
484 3,147 1 969
6 823
260
126
1
1
1
1
2
2
3
676
084
149
484
433
744
096
659
713
802
648
681
774
818
20
25
32
42
29
26
23
3 279
979
*22
543
356
389
512
862
945
1 049
1 101
478
482
525
459
474
576
563
735
20
16
21
31
12
11
13
12
428 3,333 2
5,776
9,258
11,824
14,639
15,831
15,896
16,444
16,360
3
2
2
2
4
4
4
5
241
556
678
992
040
597
958
504
i58
204 4,236 2 318
64
82
156
228
142
125
125
121
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
8,243
21,321
26,781
31,594
24,527
23,170
22,591
21,617
369 21,692
1, 30
1,823
1,725 528 381
1,719 547 351
707
363
1,881
2,970 1 312 306
3,381 1 693 240
3.827 1 979 229
Insured nonmember com-
mercial b a n k s :
1941—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 3 0 . .
Dec. 31 . .
1948—June 3 0 . .
12,378 11,129
372 11,469 10,358
250
183
197
310
471
273
244
227
11 729 3 832 3 ,09C 2 ,871
27 !265 2! 345 2 .'729 2 ,294
902 2 ,857 2 ,350
34 ,927
44 ,792
16 3 ,254 2 ,815
11 3 ,548 3 ,077
46 ,219
46 ,502
10 3 ,982 2 ,966
45 ,286
10 4 ,199 3 ,105
4 ,452 3 ,018
4 104 40 ,242 " 8 4 ,436 3 ,003
123
107
86
80
99
104
111
963
732
763
738
760
12 797 4,102 3 ,651 3 ,333
30 !656 2,501 3 !287 2 ,696
978 3 ,422 2 ,733
39 ,848
22 3 .873 3 ,258
51 ,321
15 4 ,298 3 ,592
53 ,200
14 4 ,826 3 ,471
53 ,505
14 5 ,129 3 ,621
52 ,334
12 5 ,434 3 ,497
46 ,630
1,282
1,165
1,136
1,224
1,748
1,963
2,139
2,328 1
6,628
17,534
23,610
29,407
27,408
25,955
26,125
25.822
267 25,389
1,430
3,238
3,913
4,213
2,912
2,890
2,890
2,620
2,667
693
983
256
199
250
133
60
106
132
877
1 045
1 467
498
368
235
160
250
520
8 !l62
153
903
484 I ,602
779 1 ,809
749 1 .864
146 2 ,207
132 2 284
248 2 ,274
214
119
74
31
2 ,043
557
631
638
721
583
830
558
596
629
601
582
604
528
528
182
158
160
181
167
175
213
223
185
193
155
185
204
187
173
185
174
176
729
444
468
606
6,467 295
751 4 ,248 1,173
820
956
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
5 1 126
916
29,552 1 ,034 6 982 5 653 15 ,878
4 1 272 1 004
22,250 441 3 799 1 993 16 ,013
962
3 1 364
20,845 334 3 038 1 503 15 ,967
373 2 358 1 901 15 ,560
3 1 342 1 053
20,196
1 343 1 039
19,234
19,222 '783 *3 244 i 501 13 ,692
3 1 446 1 0 2 4
4,377
110
481 2 ,926
15,465 1 ,032 3 094 2 096 8 ,705
882 3 466 4 422 12 ,540
21,552
26,999 630 5 102 4 544 16 ,713
279 4 020 2 470 17 ,797
24,572
197 3 035 1 960 17 ,696
22,893
480 2 583 2 108 17 ,681
22,857
22,381
552 3 121
21,892
i, 868 16 ,345
8 4
2,535 1,509
385
70 6,702 5,739
383
67 9,146 8,197
460
77 11,647 10,584
723
79 11,791 10,524
895
82 11,299 9,949
992
76 11,486 10,039
163
79 10,856 9,362
17
276
223
180
104
62
136
138
1 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
1
1
1
1
1
1
2
2
5 2
861
538
241
9
6
5
6
222
214
230
342
551
813
006
165
223
1 028
855
829
1 067
I 285
250
I 262
[ 277
L 275
271
156
76
6
3
4
4
4
563
560
566
619
752
845
931
999
462
403
383
443
516
505
517
494
r
Revised.
* 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. 831, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
1262
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
Cash
with
Federal in
vault
Reserve
Banks
BalDeances mand
dewith
posits
doad- 5
mestic4
banks justed
Interbank
deposits
12,396
12,834
14,260
15,810
16,013
16,039
17,796
17,355
1,358 8,570 37,845 9,823
1,445 8,445 59,921 9,743
1,622 9,787 65,960 11,063
1,829 11,075 74,722 12,566
2,012 9,481 82,085 10,888
1,804 8,498 80,869 9,807
2,145 9.736 85,751 11,236
2,063 8,238 81,420 9,628
Member banks
total:
1941—Dec. 31.
1943—Dec. 31.
1944—Dec. 30
1945—Dec. 31.
1946—Dec. 31.
1947—June 30.
Dec. 3 1 . .
1948—Apr. 12..
June 30..
12,396
12,835
14,261
15,811
16,015
16,040
17,797
16,750
17,356
1,087
1,132
1,271
1,438
1,576
1,409
1,672
1,563
1,606
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
New York City:*
1941—Dec. 31.
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31
1947—June 30. .
Dec. 31.
1948—Apr. 12..
June 30..
5,105
3,596
3,766
4,015
4,046
4,166
4,639
4,481
4,883
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
1,021
298
158
177
200
172
162
175
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
Reserve city banks:
1941—Dec# 31
I943—j)eCi 31
1944—Dec# 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30.
Dec. 31.
1948—Apr. 12.
June 30..
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
Country banks:
1941—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30
1945—Dec. 31. ,
1946—Dec. 31
1947—June 30
Dec. 31
1948—Apr. 12
June 30..
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
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
Chicago:*
1941—Dec#
1943—Dec#
1944—Dec>
1945—£)ec>
1946—Dec>
I947—j u n e
Dec.
194g—Apr.
Tune
31. .
31. .
30.
31. .
31
30.
31. .
12
30
821
899
942
928
973
Certified
U. S. States
and
Gov- political and
Offiern- subdi- cers'
ment visions checks,
etc.
DoFormestic8 eign
All insured commercial banks:
1941—Dec 31. .
1943—Dec. 3 1 . .
1944—Dec. 30.
1945—Dec. 31
1946—Dec. 31
1947—Tune 30
Dec. 31
1948—June 30..
Time deposits
673 1,761
893 9,950
948 19,754
U. S.
IndiIndi- Bor- CapiGov- States viduals,
viduals,
tal
ernand partner- row- acpartner- Inter- ment
ings counts
ships, bank and politships,
ical
and corcorPostal subdi- and
poraSav- visions porations
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
59
124
109
103
119
111
111
111
671 1,709
891 9,444
945 18,509
3,066
3,602
3,744
4,240
4,915
5,376
5,504
5,570
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
50
120
105
99
114
106
105
102
106
607
866
810 3,395
851 6,722
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
1,248
1,364
L,372
.379
1,357
1,243
1,353
1,369
1,375
1,375
1,353
23,740
2,930
1,247
1,325
2,052
22,179
2,672
1.095
1,176
2,115
1,846
1,105 6,940
651
1,195
179
1,228
267
1,217
375
1,220
333
1,183
8
14
16
20
24
24
21
24
22
127
713
1,338
942
915
1,105
5
7
10
15
14
12
14
14
492 15,146
395 18,561
423 23,347
496 29,277
664 32,742
771 33,604
826 33,946
1,061 34,246
10
46
122
215
39
60
61
63
6,844
7,453
7,989
8,671
9,286
9,558
9,734
9,955
418
327
347
399
551
649
693
872
912
11,878
14,822
18,807
23,712
26,525
27,259
27,542
27,616
27,805
4
39
111
208
30
50
54
235
53
5,886
6,475
6,968
7,589
8,095
8,315
8,464
8,610
8,624
29
26
17
20
39
17
14
54
41
778
816
977
1,206
1,395
1,407
1,418
1,460
1,621
1 648
29 1^862
96 1,966
195 2,120
1
30
119
26
2,205
2,234
2,259
2,268
2,262
152
181
72
102
105
233
174
167
237
228
304
285
251
320
4,302
4,770
5,421
6,307
5,417
4,773
5,497
4,539
4,751
54
491
63 3,373
70 6,157
110 8,221
127
991
109
311
131
405
124
793
140
728
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
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
790
994
2
225
5 1,962
8 4,230
8 5,465
877
8
8
424
432
7
8
844
9
680
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
53
506
611
750
258
152
149
207
1,052
1,119
1,188
1,259
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
74
68
76
97
113
122
132
149
3,276
3,750
4,553
5,579
6,232
6,361
6,420
6,457
6
6
10
7
9
10
7
10
1,022
1 ,083
1,193
1,245
1,271
1,333
972
1,132
1,292
1,130
,056
,196
,004
.nan
1,149
1,199
1,067
885
1,049
814
798
1,400
1,552
2
1
1
2
2
2
1
1
4
6
9
10
11
476
505
619
719
823
864
902
908
940
1
288
326
354
377
404
416
426
426
436
Insured nonmember commercial banks:
1941—Dec. 3 1 . .
I943—Dec. 31
I944—£)ec^ 30. .
1945—Dec 31'
1946—Dec. 31. .
I947—June 30..
Dec 31
1948—June 30
108
141
182
233
244
194
258
195
2
2
3
5
11
3
4
4
1,245
1,560
775
858
959
979
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
6
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
OCTOBER
1948
1263
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
1
Loans
Investments
For purchasing
or carrying securities
Date or month
Total
loans
and
investments
Total1
Commercial,
industrial,
and
agricultural
To brokers
and dealers
To others
U.S.
Other U.S. Other
Govt. se- CrOVt. seobcuri- ob- curiligaties liga- ties
tions
tions
U. S. Government obligations
Real Loans Other
estate to
loans banks loans
Total
Total
Bills
Certificates
of indebtedness
Notes Bonds2
Other
securities
Total— m
Leading Cities
1947—August. . .
63,630 20,838 12,259
622
471
504
472 3,127
1948—April
May
June
July
August....
63,030 23,311 14,258
63,208 23,421 14,218
62,993 23,646 14,223
62,930 23,917 14,469
63,211 24,013 14,790
398
502
580
547
291
435
401
466
489
467
277
279
278
272
251
477 ,649
479 ,722
497 ,787
503 ,842
500 3,891
242 3,141 42,792 38,561
649 4,294 2,626 30,992 4,231
227
208
293
284
3,567 39,719
3,593 39,787
3,655 39,347
3,744 39,013
3,781 39,198
35,398
3,825 2,401 27,076 4 ,321
35,560 2,315 3,835 2,415 26,995 4 ,227
35,134 ,995 4,814 2,400 25,925 4 ,213
34,709 ,848 4,478 2,449 25,934 4 ,304
4,822 ,222 4,225 2,546 25,829 4 ,376
July 7 . . .
July 14. . .
July 2 1 . . .
July 2 8 . . .
62,606
62,857
63,175
63,083
23,932
23,901
23,978
23,859
14,403
14,481
14,502
14,490
672
588
480
448
447
456
545
506
271
273
272
272
501 3,831
503 3,837
500 3,843
506 3,858
311
263
328
268
3,739
3,742
3,748
3,752
38,674
38,956
39,197
39,224
;4,431
34,656
34,879
34,870
,593
,758
,997
,042
4,543
4,500
4,447
4,420
Aug. 4 . . .
Aug. 1 1 . . .
Aug. 1 8 . . .
Aug. 2 5 . . .
63,168
63,034
63,399
C
63,241
23,804
24,033
24,090
24,122
14,627
14,813
14,872
14,847
271
341
217
336
510
452
464
441
256
250
250
249
503
502
500
493
3,873
3,887
3,894
3,910
242
250
346
299
3,764
3,780
3,789
3,790
39,364
39,001
39,309
39,119
35,023
34,660
34,904
34,702
,303
,081
,318
,186
4,290 2,539 25.891 4,341
4,208 2,542 25,829 4,341
4,218 2,554 25,814 4 ,405
4,182 2,551 25,783 4,417
Sept. 1 . . .
Sept. 8 . . .
Sept. 1 5 . . .
Sept. 2 2 . . .
Sept. 2 9 . . .
63,231
63,291
63,718
63,020
61,905
24,095
24,223
24,499
24,643
24,899
14,887
14,931
15,183
15,201
15,239
336
384
405
525
592
407
379
388
376
451
243
242
234
229
225
494 3,920
3,933
492 3,951
486 3,957
3,961
239
282
241
246
315
3,813
3,830
3,850
3,867
3,870
39,136
39,068
39,219
38,377
37,006
14,714
34,652
34,744
33,921
32,559
,148
,084
,488
,980
,142
4,164
4,181
4,174
4,037
3,745
1947—August. . . .
19,803
6,403
4,309
523
330
187
102
181
674 13,400 12,131
142
1948—April
May
June
July
August....
19,182
19,068
18,865
18,648
18,621
7,074
7,110
7,314
7,412
7,285
5,087
5,067
5,117
5,190
5,336
350
445
521
479
249
324
291
345
363
325
189
184
195
200
199
119
129
143
158
171
180
180
173
236
235
776
767
793
826
821
12,108
11,958
11,551
11,236
11,336
July 7 . . .
July 1 4 . .
July 2 1 . .
July 2 8 . . .
18,542
18,613
18,781
18,655
7,476
7,415
7,445
7,312
5,193
5,195
602
517
415
382
329
338
413
374
200
201
200
200
152
159
159
161
215
216
289
223
827
830
827
822
11,066
11,198
11,336
11,343
9,979
10,056
10,196
10,202
603
704
884
892
Aug.
Aug.
Aug.
Aug.
18,659
18,512
18,636
18,677
7,144
7,313
7,326
7,358
5,255
5,358
5,376
5,355
227
297
181
293
349
320
319
311
201
201
199
195
165
170
173
175
179
191
307
262
819
826
822
819
11,515
11,199
11,310
11,319
18,617
18,520
18,878
18,561
18,127
7,288
7,362
7,523
7,546
7,794
289
334
354
453
515
283
267
272
266
313
195
191
194
188
193
176
182
185
188
187
209
223
203
187
282
822
826
831
834
835
1947—August
43,827
14,435
7,950
141
407
285 3,025
1948—April
May
June
July
August. . . .
43,848
44,140
44,128
44,282
44,590
16,237
16,311
16,332
16,505
16,728
9,171
9,151
9,106
9,279
9,454
111
110
121
126
142
228
232
233
227
217
288
295
302
303
301
3,530
3,593
3,644
3,684
3,720
2,791
2,826
2,862
2,918
2,960
27,611
27,829
27,796
27,777
27,86:
24,507
24,688
24,658
24,601
24,638
2,935
2,959
3,745
3,586
3,404
1,905
1,859
1,855
1,940
2,047
18,600 3,104
18,640 3,141
17,918 3,138
17,998 3,176
18,005 3,224
July 7 . . .
July 14. . .
July 2 1 . . .
July 2 8 . . .
44,064
44,244
44,394
44,428
16,456
16,486
16,533
16,547
9,210
9,286
9,321
9,300
118
118
132
132
227
229
226
227
301 3,679
302 3,678
300 3,684
306 3,697
2,912
2,912
2,921
2,930
27,608
27,758
27,861
27,881
24,45
990 3,621
24,600 1,054 3,60.
24,683 1,113 3,576
24,668 1,150 3,541
1,901
1,94;
1,964
1,953
17,940 3,156
18,000 3,158
18,030 3,178
18,024 3,213
Aug. 4 . . .
Aug. 11. . .
Aug. 1 8 . . .
Aug. 2 5 . . .
44,509
44,522
44,763
44,564
16,660 9,372
16,720 9,455
16,764 9,496
16,764 9,492
161
132
145
130
222
215
217
216
302 3,708
301 3,717
301 3,721
298 3,735
2,94.
2,954
2,967
2,971
27,849
27,80:
27,999
27,800
24,639
24,591
24,767
24,558
1,161
1,165
1,276
1,125
3,444
3,384
3,416
3,369
2,014
2,055
2,069
2,055
18,020 3,210
17,987 3,211
18,006 3,232
18,009 3,242
Sept. 1...
Sept. 8...
Sept. 15. ..
Sept. 22...
Sept. 29...
44,614
44,771
44,840
44,459
43,778
16,807
16,861
16,976
17,097
17,105
9,520
9,537
9,640
9,712
9,712
124
112
116
110
138
211
211
207
202
198
299 3,744
295 3,751
298 3,766
298 3,769
299 3,774
2,991
3,004
3,019
3,033
3,035
27,807
27,910
27,864
27,362
26,673
24,557
24,665
24,62
24,128
23,444
1,091
1,176
1,315
1,132
741
3,358
3,379
3,380
3,233
3,10
2,079
2,099
2,116
2,054
1,966
18,029
18,011
17,811
17,
17.63C
2,388 25,907 4,243
2,451 25,947 4 ,300
2,484 25,951 4,318
2,474 25,934 4,354
2,600
2,608
2,670
2,592
2,442
25,802 4,422
25,779 4 ,416
25,412 4,475
25.312 4,456
25,230 4 ,447
811
725
10,453 1,269
10,891 1,029
890
10,872 1,085
876
10,476
855 1,069
10,108
892
771
10,184 1,040
821
495
556
545
509
499
8,477
8,355
8,007
7,936
7,824
1,217
1,086
1,075
1,128
1,152
922
897
871
879
487
508
520
521
7,967
7,947
7,921
7,910
1,087
1,142
1,140
1,141
10,384 1,142
10,069
916
10,137 1,042
10,144 1,061
846
824
802
813
525
487
485
496
7,871
7,842
7,808
7,774
1,131
1,130
1,173
1,175
11,329 10,157 1,057
11,158 9,987
908
11,355 10,122 1,173
11,015 9,793
848
10,333 9,115
401
806
802
794
804
638
521
509
554
538
476
7,773
7,768
7,601
7,603
7,600
1,172
1,171
1,233
1,222
1,218
New York City
4...
11...
18. . .
25...
Sept. 1...
Sept. 8...
Sept. 15. ..
Sept. 22...
Sept. 29. ..
5,489
5,527
Outside
New York City
2,467 29,392 26,430
507 3,483
,067
1,230
1,140
1,077
1,182
1,901 20,539 2,962
3,250
3,245
3,242
,234
3,229
c
Corrected.
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.
1
1264
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
ReBalserves
Dewith Cash ances mand
with
deFedin
posits
doeral vault
mestic ad- 3
Rebanks justed
serve
Banks
Individuals, States Certified
part- a n d
and
ner- politOffiships, ical
subcers'
and
cor- divi- checks.
sions
etc.
porations
Time deposits,
except interbank
Interbank
deposits
IndividIL S.
uals, States
and GovU. S. part- politernGov- nerical ment
ern- ships, suband
ment and
divi- Postal
cor- sions
Savporaings
tions
Demand
Domestic
Bor- Caprow- ital
acings counts
Time
Bank
debits *
Foreign
Total—
Leading Cities
1947—August. . .
11,952
753 2,295 46,817 46,632 3,096
1,326
808 14,080
332
9,274 1,374
222 5,766 76,051
1948—Apr U
May
June
July
August. . .
12,441
12,397
12,883
12,989
13,072
780
788
783
812
778
2,256 46,394 46 ,416
2,237
550 46,555
2,331
46,973
2,299 46,559 46 .831
2,226 46 822 46,881
3,425
3,456
3,442
3,333
3,305
,382
,376
,463
,390
.214
,300 14,232
,422 14,236
,182 14,333
,202 14,352
,355 14,293
491
503
515
535
544
8,594
8,515
8,777
8,920
8,840
1,343
,315
1,329
1 ,371
1,386
197
174
123
230
187
5,892
5,907
5,916
5,908
5,932
89.620
88,617
94,384
91.583
86,298
July 7 . . . 13.054
July 14... 12,994
July 2 1 . . . 12,922
July 2 8 . . . 12,988
797
844
792
816
2,331
2,457
2 234
2474
46,247 46,318
46,427 47,357
46,726 46,984
46,839 46 ,666
3,352
3,260
3,321
3,400
,655
,366
,298
,241
,072
,193
,282
,259
14,353
14,358
14,360
14,337
532
545
532
532
9,047
9,242
8,761
8,631
1,347
1,372
1,369
1,395
306
185
229
200
5,911
5,904
5,904
5,912
19,218
20,544
21,765
19,771
Aug. 4 . . .
Aug. 1 1 . . .
Aug. 1 8 . . .
Aug. 2 5 . . .
13,013
13,215
12,985
13,073
743
803
771
796
2,240
2,255
2,270
2,140
46,777 46,458
46 ,706
" 46,967
46 ,746 47,161
47.059 46,937
3,401
3,274
3,263
3,283
,190
,262
,210
,193
,306 14,306
,387 14,308
,433 14,283
,294 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
Sept. 1...
Sept. 8...
Sept. 15...
Sept. 22...
Sept. 29...
13,099
13,200
13,709
13,487
14,625
748
815
803
813
833
2,167
2,209
2,540
2,259
2,122
47,056 46,919
46,932 46,993
47,446 49 ,078
46,838 47 ,263
46,660 46,940
3,370
3,264
3,208
3,171
3,241
,255
,099
,717
,399
1,281
,217 14,271
,204 14,277
,234 14,315
,416 14,322
,704 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
21,978
New York City
1947—August. . .
4,117
122
15.955 16,325
220
692
203 1,351
2,859 1,222
1948—April
May
June
July
August. . .
4,535
4,469
4,761
4,856
4,838
124
122
122
126
118
15,574 16,067
15,470 15,994
15,484 16,135
15,207 15,813
15,286 15,761
325
279
219
246
252
725
726
781
718
569
347
377
300
319
368
1,397
1,405
1,497
1,532
1,498
2,777 ,188
2,741 ,157
2,824 ,164
2,823 ,197
2,741 ,209
91
91
64
154
82
2,211
2,208
2,205
2,210
2,218
36,880
37,060
38,942
36.350
32,540
July 7 . . .
July 1 4 . . .
July 2 1 . . .
July 2 8 . . .
4,926
4,852
4,820
4,828
129
130
119
125
15,065
15,146
15,341
15,277
15,752
15,830
15,924
15,746
215
245
265
260
955
696
627
593
270
299
357
350
,517
,532
,543
,536
2,895
2,917
2,764
2,717
,176
,201
,190
,221
264
114
132
106
2,210
2,211
2,211
2,208
8,057
7,922
8,432
7,764
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
15,226
15,228
15,395
15,693
15,728
15,794
15,827
246
238
270
254
550
617
555
555
367
377
386
342
,500
,510
,493
,492
2,795 ,196
2,768 ,211
2,765 ,212
2,637 ,218
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
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
114
32
111
203
2,222
2,220
2,218
2,211
2,210
7,696
5,436
9,107
9,839
9,123
1947—August. . .
7,835
631 2,263 30,862 30,307 2,876
634
605 12,729
316
6,415
152
1948—April
May
June
July
August. . .
7,905
7,928
8,122
8.133
8,234
656
666
661
686
660
2,223 30 820 30,348
2,206 31 080 30,561
2,298 31,308 30,838
2,265 31,352 31,018
2,195 31,536 31,120
3,101
3,177
3,223
3,087
3,053
658
952 12,835
650 1,045 12,831
682
882 12,836
672
883 12,820
645
987 12,795
443
460
474
502
516
62
63
65
66
69
5,817
5,774
5,953
6,097
6,099
154
158
165
174
177
106
83
59
76
105
3,682
3,699
3,711
3,698
3,714
52,740
51,557
55,442
55,233
53,758
July 7 . . .
July 1 4 . . .
July 2 1 . . .
July 2 8 . . .
8,128
8,142
8,102
8,160
668
714
673
691
2,298
2,425
2,196
2,141
31 ,182 30,566
31 ,281 31,527
31 ,385 31,060
31,562 30,920
3,137
3,015
3,056
3,140
700
670
671
648
12,836
12,826
12,817
12,801
494
506
505
505
66
67
66
67
6,152
6,325
5,997
5,914
171
171
179
174
42
71
97
94
3,701
3,693
3,693
3,704
11,161
12,622
13,333
12,007
Aug. 4 . . .
Aug. 1 1 . . .
Aug. 1 8 . . .
Aug. 2 5 . . .
8.203
8,293
8,169
8,268
629
679
656
678
2,210 31,484 30,765
2,227 31, 480 31,239
2,236 31 ,518 31,367
2,107 31, 664 31,110
3,155
3,036
2,993
3,029
640
939 12,806
645 1,010 12,798
655 1,047 12,790
638
952 12,781
511
515
521
519
66
70
70
69
6,090
6,214
6,149
5,943
174
174
177
182
Sept. 1...
Sept. 8...
Sept. 15. ..
Sept. 22...
Sept. 29...
8,256
8,261
8,514
8,483
9,270
635
689
682
692
703
2,13631 ,667 31,088
2,178 31,665 31,266
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
902
625
898
735
912
702 1,045
1,268
12,779
12,782
12,818
12,820
12,812
512
511
508
522
515
71
71
72
70
6,044
6,327
6,631
6,078
5,928
181
174
185
182
178
1...
8...
15...
22...
29...
12
123 2,190 29,025
Outside
New York City
802
894
925
909
99 3,576 47,026
86 3,710 12,219
64 3,715 12,005
159 3,712 13,572
3,719 12,053
3,731
3,736
3,723
3,731
3,744
12,021
10,015
13,308
14,209
12,855
8
4
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.
OCTOBER
1948
1265
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans *
Total
loans
and
mvest- Total*
Federal Reserve
district and date
Boston
Sept. 1
Sept. 8
Sept. 15 . .
Sept. 22
Sept. 29
New York*
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Philadelphia
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Cleveland
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Richmond
Sept. 1
Sept. 8 .
Sept. 15
Sept. 22
Sept 29
Atlanta
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Chicago*
Sept. 1.
Sept. 8
Sept. 1 5 .
Sept. 22
Sept. 29
St. Louis
Sept
1
Sept 8
S e p t . 15
S e p t . 22
S e p t . 29
Minneapolis
Sept 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Kansas City
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Dallas
Sept 1
Sept 8
Sept. 15
Sept. 22
Sept 29
San Francisco
Sept. 1
Sept. 8
Sept. 15
Sept 22
Sept 29
City of Chicago*
Sept
Sept.
Sept.
Sept.
Sept.
1
8
15
22
29
2,799
2,824
2,814
2,824
2,782
1,085
1,096
1,092
1,104
1,111
Commercial,
industrial
and
agricultural
905
4,401
4,384
4,386
4,394
. . . . 4,291
920
922
15
8
9
14
292
337
356
454
518
1
372
380
384
387
383
209
227
203
187
282
998
1,004
1,010
1,014
1,013
12,773
12,603
12,809
12,438
11,744
112
127
134
137
93
204
206
205
213
211
126
124
124
114
125
1,128
1,126
1,116
1,113
1,101
144
145
143
143
141
11,399 1,117
11,227
963
11,370 1,224
11,011
886
10,321
439
884
881
878
881
711
606
597
645
623
549
8,792
8,786
8,623
8,621
8,622
1,374
1,376
1,439
1,427
1,423
1
1
3
3
80
84
112
93
64
100
107
107
108
115
107
103
106
110
107
1,076
1,073
1,065
1,067
1,066
283
283
283
282
282
923
923
911
921
915
14
13
15
24
18
15
14
14
12
11
49
47
45
43
42
21
21
21
22
22
263
264
268
268
269
1
1
16
24
1
215 2,912
216 2,898
216 2,893
217 2,876
216 2,810
2,564
2,552
2,546
2,530
2,464
144
137
165
160
119
231
232
239
216
213
126 2,063
126 2,057
136 2,006
155 1,999
154 1,978
348
346
347
346
346
395
400
1
6
5
5
5
6
21
21
23
23
23
23
23
199
200
201
201
199
7
7
7
6
5
212
213
214
216
217
1,696
1,708
1,695
1,666
1 .638
1.564
575
L,562
S34
L ,507
36
41
44
40
32
202
204
203
194
184
84
92
92
85
83
1,242
1,238
1,223
1,215
1,208
132
133
133
132
131
7
7
8
6
7
18
20
35
35
35
35
35
65
64
65
65
65
6
6
6
6
7
184
184
183
186
186
1,499
,510
1,493
1,451
1,417
1,309
1,319
1,302
1,259
1,225
33
44
29
21
15
273
274
274
257
243
131
130
132
120
115
872
871
867
861
852
190
191
191
192
192
37
30
32
30
56
28
28
28
332
332
333
334
334
6
6
30
29
69
67
67
67
67
391
393
395
399
399
S 969
5,979
5,952
5,815
5,689
> 343
5,367
5,338
5,208
5,083
247
259
283
222
129
520
522
519
484
491
521
529
542
525
494
4,055
4,057
3,994
3,977
3,969
626
612
614
607
606
6
6
6
16
16
17
16
15
13
12
13
13
13
153
153
154
154
154
3
4
4
4
4
199
200
200
199
202
1,104
1,116
1,097
1,074
1,030
959
973
952
930
888
32
43
37
43
24
131
131
131
120
109
94
95
106
100
98
702
704
678
667
657
145
143
145
144
142
2
2
2
2
2
8
6
6
6
6
6
60
60
60
60
61
108
109
111
111
110
754
777
773
764
754
673
695
691
683
673
49
58
60
55
45
107
113
113
113
114
48
56
56
60
59
469
468
462
455
455
81
82
82
81
81
4
4
4
4
4
6
6
6
6
12
12
12
12
12
125
125
125
125
125
98
115
123
103
73
286
285
280
268
264
119
118
123
123
118
818
819
806
795
789
207
207
207
207
206
7
6
6
6
6
18
18
18
17
17
42
42
42
42
42
87
87
88
88
89
42
38
45
34
29
190
191
197
190
183
126
124
117
118
115
765
764
762
759
754
123
121
122
121
120
11
10
11
11
11
21
20
20
20
20
32
32
33
32
33
2,048
2,051
2,055
2 057
2,063
33
24
27
20
20
20
23
23
60
58
59
59
58
72
72
72
72
72
410
491
496
811
816
819
502
506
508
8,724
8,727
8,739
8,633
. . . . 8,536
2,755
2,748
2,787
2,818
2,847
1,902
1,899
1,941
1 948
1,951
26
35
2,036
2 047
2,045
2,026
. . . . 1,993
932
931
948
952
963
547
545
559
565
574
2
2
2
1
2
1 179
1,203
1,206
. . . . 1,203
1,193
425
426
433
439
439
244
244
249
256
257
2,404
2,416
2,415
2,376
2,333
876
872
576
572
576
579
581
710
880
883
2 281 1 035
2 273 1 035
2,283 1,040
2,265 1,043
2,245 1,044
215
211
215
208
213
1,570
1,583
1,579
1,577
1,530
1,363
1,367
1,390
1,378
1,352
799
805
876
1,714
1,728
1,722
1,720
1,671
1,646
1,650
1,673
1,660
1,634
873
....
201
201
201
202
203
270
272
272
272
273
2,298
2,315
. . . . 2,304
2,267
2,236
. . .
40
3
10
1
2
11
Notes Bonds
1
11
1
6
4
858
863
....
41
35
35
35
129
130
130
130
131
of indebtedness
87
87
88
88
88
2,554
2,571
2,567
. . . 2,539
2,511
....
13
13
17
16
16
17
17
Bills
Other
securities
9
9
9
9
9
1,489
1,486
1,493
1,518
1,481
872
873
13
13
Total
2
4
4
544
544
....
287
271
276
270
317
13
Certifi-
Total
4
2
1
. . .
8
8
8
8
8
Real Loans
estate to Other
loans banks
obligations
17
16
16
15
17
523
526
538
931
932
To others
U.S. Other
U. S.
Govt. Other
se- Govt.
ob- seob- curiliga- ties liga- curitions ties
tions
733
20,816 8,043 5,727
20,725 8,122 5,750
21,093 8,284 5,903
20,742 8,304 5,847
20,294 8,550 5,886
2,551
2,570
2,595
2,591
2,566
To brokers
and dealers
6
731
U. S. Government
For purchasing
or carrying securities
724
726
731
Investments
406
408
1
15
17
15
i
l
l
709
713
716
716
11,188
11,236
11,271
11 160
10,925
4,893
4,919
4,941
4 965
4,957
2,125
2,141
2,154
2 178
2,166
. . . . 5,430
5,429
5,445
5,349
5,314
1,881
1,869
1,900
1,923
1,956
1 483
1,479
1,513
1,517
1,523
c
4
6
15
17
15
26
35
7
6
25
49
21
20
19
19
19
19
8
8
7
7
8
1
1,321
1 ,337
1,332
1,289
1,244
155
154
155
155
156
1,528
1 ,544
1,539
1,496
1,450
1
1
176
178
179
180
180
1,246 1.123
1,238 1,117
1,243 1,121
1,222 1,101
1 .201 1,081
1
9
704
706
714
716
715
6,295
6,317
6,330
6,195
5,968
5,526
5,540
5,561
5,421
5,191
158
175
232
186
80
1,036
1,035
1,028
993
907
512
514
491
459
425
3,820
3,816
3,810
3,783
3,779
769
777
769
774
777
r
210
211
211
212
213
3,549
3,560
3,545
3,426
3,358
3,147
3,172
3.156
3,044
2,978
136
146
168
119
70
298
301
298
275
264
378
387
400
373
370
2,335
2,338
2,290
2,277
2,274
402
388
389
382
380
1
1
1
c
6
* 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.
1266
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
ReBalserves
with Cash ances
with
Fedin
eral vault domestic
Rebanks
serve
Banks
Boston
96
94
124
96
98
2,292
2,316
2,350
2,334
2,333
2,288
2,307
2,399
2,350
2,341
153
173
165
167
176
109
112
142
121
121
16,865
16,743
17,044
16,714
16,622
17,111
17,055
17,867
17,087
17,071
465
478
484
519
554
40
44
41
44
45
109
98
133
99
103
2,034
2,048
2,078
2,079
2,046
784
792
812
782
881
81
89
86
88
89
148
145
165
151
143
493
499
526
515
540
61
68
66
69
69
439
445
446
43
480
24
23
24
23
23
2,799
2,835
3,246
2,887
2,738
1,230
1,252
1,239
1,237
1,221
319
320
320
320
320
688
569
795
892
795
49
117
38
117
215
2,416
2,414
2,411
2,404
2,404
8,241
5,899
9,676
10,462
9,662
55
55
57
65
124
415
415
415
415
415
336
353
378
340
334
13
11
12
12
12
5
1
1
16
12
304
304
304
303
303
739
562
784
870
864
3,066
3,046
3,037
3,038
3,009
3,070
3,051
3,188
3,107
3,072
202
208
204
190
193
77
51
63
63
52
96
99
103
118
146
1,272
1,273
,300
1,301
1,301
482
491
511
460
448
4
4
4
5
5
1
5
6
469
469
459
460
459
1,168
935
1,192
1,298
1,303
148
174
188
174
164
2,019
2,046
2,041
2,026
2,019
2,000
2,032
2,087
2,033
1,985
190
204
174
174
199
42
38
47
48
57
60
60
61
67
71
582
581
581
581
580
370
416
444
401
391
7
6
6
6
5
215
215
216
217
217
706
635
793
831
764
39
42
43
44
44
175
201
217
191
160
1,758 1,662
1,773 1,667
1,784 1,727
1,746 1,658
1,736 1,638
284
289
286
274
280
22
20
25
22
22
38
38
36
40
43
526
526
525
525
524
448
479
484
441
430
9
9
10
9
9
182
182
182
183
183
639
544
715
739
658
,862
,835
,915
,857
,038
96
103
101
103
104
336
330
368
335
319
6,157
6,090
6,098
6,052
6,091
6,035
6,013
6,257
6,015
6,056
602
573
548
569
557
118
94
116
123
100
236 2,407
230 2,408
242 2,406
274 2,406
327 2,402
1,453
1,491
1,587
1,429
1,390
29
28
31
29
28
686
687
684
685
687
2,802
2,182
3,098
3,149
2,866
378
389
41:
40'
439
27
30
30
30
30
107
114
124
100
104
1,341
1,351
1,370
1,348
1,329
1,401
1,426
1,502
1,442
1,419
110
112
112
109
107
20
16
21
18
24
36
37
39
44
68
462
462
462
463
462
527
549
560
519
526
2
3
3
2
2
173
174
173
174
174
538
416
628
660
620
22
239
22
247
254
12
12
13
13
14
109
107
121
95
100
827
837
840
832
845
763
779
830
796
788
176
170
156
166
176
16
15
17
17
17
26
25
25
35
36
247
247
247
247
247
326
353
351
343
338
2
3
3
3
2
96
97
97
97
97
447
376
509
532
461
512
494
518
506
554
28
30
31
31
32
270
275
301
294
273
1,823 1,796
1,798 1,807
1,849 1,914
1,817 1,843
1,796 1,793
246
228
223
227
228
27
26
29
26
25
372
373
373
373
374
4
4
4
4
4
774
801
801
759
753
1
1
1
1
1
189
189
190
191
191
700
611
826
938
771
492
52
516
496
542
31
34
34
35
35
268 1,907
283 1,919
315 1,939
293 1,902
241 1.900
1,865
1,875
1,953
1,895
1,852
205
201
192
187
195
36
29
38
36
32
56
56
53
61
73
33
33
37
51
55
343
343
343
342
342
66
66
66
66
65
553
582
593
556
529
4
4
4
4
4
192
192
192
193
193
597
489
685
842
648
,804
,790
,821
,870
,074
12
128
132
128
134
292
276
342
310
296
6,967
6,965
7,016
6,950
6,934
6,822
6,855
7,138
6,869
6,808
571
570
553
574
562
211
215
253
221
210
152 4,829
151 4,829
152
170 4,827
182 4,826
270
270
269
269
268
450
468
547
482
450
83
78
83
85
84
712
713
713
715
726
2,452
2,233
2,714
2,835
2,566
,26.
,268
,329
,280
,392
35
39
38
36
38
167
161
177
167
149
3,957
3,922
3,917
3,897
3,924
3,986
3,967
4,121
3,959
3,998
293
282
265
288
276
63
43
55
48
45
39
39
39
39
39
1,067
1,092
1,173
1,049
1,021
24
22
25
23
23
463
463
461
461
463
1,818
1,465
2,003
2,036
1,846
City of Chicago*
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
259
276
303
279
272
30
29
32
32
39
Dallas
Sept. 1 . ,
Sept. 8
Sept. 15
Sept. 22
Sept. 29.
San Francisco
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
488
488
487
487
CapBank
Borital
debrowacits*
ings counts
85
86
104
88
97
Chicago*
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
St. Louis
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Minneapolis
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Kansas City
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
72
71
66
74
92
Demand
U. S.
Government DoTime
and
ForPostal meseign
tic
Savings
2,106
2,126
2,216
2,168
2,117
Atlanta
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
38
41
45
39
43
States
and
political
subdivisions
357 2,328
Cleveland
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Richmond
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
134
139
136
134
136
Individuals,
U. S. partGovnerern- ships,
ment and
corporations
Interbank
deposits
618
565
525
484
520 1,031
754
479
660
511
Philadelphia
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
IndividCertiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
divi- checks,
cor- sions
etc.
porations
55
62
61
61
61
499
505
534
522
581
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
New York*
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Demand
deposits
ad- 3
usted
Time deposits,
except interbank
349 2,332
363 2,350
417 2,355
2,357
120
116
121
137
178
1,227
1,228
1,228
1,228
1,225
25
For footnotes see opposite page and preceding table.
OCTOBER
1948
1267
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Based on
Held by
Accepting banks
End of month
Federal
Reserve
Banks
Others
Bills
Kf 3r own
bought account)
Exports
from
United
States
Imports
into
United
States
Total
Own
bills
1947—July
August....
September. ..
October...
November ..
December . .
148
158
168
180
188
197
75
71
83
83
76
88
74
87
85
97
S12
109
39
48
47
55
56
64
115
133
140
144
147
159
45
47
42
54
61
63
1948—January.
February
March...
April
May
Tune
July
August
188
174
162
151
161
142
134
122
85
79
70
71
71
61
67
60
103
94
92
80
90
81
67
62
74
79
79
91
95
111
102
99
168
168
151
143
155
155
151
143
53
43
48
54
57
56
47
40
Dollar
Goods stored in or
shipped jet ween
points in
ex-
change
United
States
(s)
Foreign
countries
1
2
4
3
3
21
20
24
23
25
25
7
6
11
10
9
11
1
2
2
4
3
2
1
1
27
24
23
19
19
19
19
20
13
17
17
22
21
20
18
17
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.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
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
1947—September. .
October
November. .
December...
3 570
8 606
8 593
578
1948—January....
February. . .
March
April
May
June
July
August
8 568
8 537
8 550
8 572
3615
619
3
608
3
573
25
16
12
12
11
8
9
7
9
11
5
7
11
12
7
5
6
7
7
73
78
58
99
89
86
86
154
190
188
253
260
333
413
399
312
333
315
326
Credit balances
Cash on
hand
and in
banks
Customers'
credit balances 1
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
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
1S2
212
198
216
227
264
299
314
290
271
393
3 280
3 257
3 247
240
3 630
8 616
8617
612
176
23
15
273
3217
3 208
3 229
3 241
3 258
283
3
288
3
252
3 622
33 596
592
3614
3619
576
»577
3551
145
20
11
332
291
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
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): June, 68; July, 74; August, 54.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
1268
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
u. s. Government
security yields
Prime Stock
exbank- change
ers'
9- to 12call
accept- loan
month
ances,
3certifi- 3- to 5reyear
90 1
month
cates
new8
days
of in- taxable
als 2 bills
issues
debtedness
1945 average.
1946 average
1947 average
.75
.81
1.03
.44
.61
.87
1.00
1.16
1.38
.375
.375
.604
.81
.82
.88
1947—September.
October. . .
November.
December..
1.06
1.06
.06
1.19
.94
.94
.94
1.03
1.38
1.38
1.38
1.38
.804
.857
.932
.950
.87
.97
.99
1.04
.28
.35
.47
L.54
1948—January.. .
February..
March
April
.31
1.38
1.38
1.38
1.38
L .38
L.38
1.44
L .56
1.06
1.06
1.06
1.06
1.06
1.06
1.06
1.13
1.19
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.63
1.63
.977
.996
.996
.997
.997
.998
.997
1.053
1.090
1.09
1.10
1.09
1.10
1.09
1.09
1.10
1.15
1.18
.63
1.63
L.60
L .58
.51
L.49
1.56
1.65
1.69
1.076
1.083
1.092
1.109
1.114
1.17
1.17
1.17
1.18
1.20
June
July
August....
September.
W e e k ending:
Sept. 4 . . .
1M
Sept. 11 . . .
1 }/2
Sept. 1 8 . . .
Sept. 25 . . . \ }/2~\ %
Oct.
2 . . . 1X-1*A
1 3/l6
I3/]6
l3/l6
l3/l6
lVl6
J 18
.16
L .32
4
1.66
1.68
1.69
1.70
1.70
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.
4
Beginning Sept. 15 includes the following bond issues: 2 per cent,
December 1951-55, and 2 per cent, December 1952-54.
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.
COMMERCIAL LOAN RATES
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
2.75
2.87
2.56
2.55
2.58
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
2.23
2.18
1.93
2.55
2.82
2.61
3.18
3.14
2.65
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
2.43
2 A3
2.93
2.97
2.75
2.76
1947—March. . .
June
September
December.
1948—March. . .
June
2.31
2.38
2.21
1.82
1.83
1.77
1.82
2.37
2.44
2.25
2.27
2.80
2.95
2.69
2.61
2.46
2.56
2.09
2.10
2.52
2.71
2.83
3.03
Total
19 cities
New
York
City
average 1 . . .
average.
average
average.
average
average.
average.
average... .
average....
average....
2.53
2.78
2.63
54
.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
1944—June
September
December.
2.63
2.69
2.39
1945—March. . .
June
September
December.
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
2.80
a basis not
tbles 124-125,
BOND YIELDS 1
[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
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—September
October. .
November
December.
1.53
1.58
1.72
1.86
2.24
2.27
2.36
2.39
1.92
2.02
2.18
2.35
2.57
2.68
2.75
2.86
2.85
2.95
3.02
3.12
2.61
2.70
2.77
2.86
2.69
2.79
2.85
2.94
2.86
2.95
3.01
3.16
3.23
3.35
3.44
3.52
2.67
2.76
2.84
2.92
3.09
3.22
3.30
3.42
2.78
2.87
2.93
3.02
1948—January.. ,
February.
March
April
May
June
July
August.. . .
September
2.09
2.08
2.03
1.99
1.89
1.89
1.96
2.05
2.04
2.45
"•2.44
2.44
2.42
2.41
2.44
2.45
2.45
2.45
2.55
2.52
2.38
2.31
2.26
2.33
2.45
2.46
2.85
2.84
2.81
2.77
2.86
2.85
3.12
3.12
3.10
3.05
3.02
3.00
3.04
3.09
3.09
2.86
2.85
2.83
2.78
2.76
2.76
2.81
2.84
2.84
2.94
2.93
2.90
2.87
2 86
2.85
2.89
2.94
2.93
3.17
3.17
3.13
3.08
3.06
3.03
3.07
3.13
3.13
3.52
3.53
3.53
3.47
3.38
3.34
3.37
3.44
3.45
2.91
2.90
2.89
2.85
2.82
2.80
2.84
2.89
2.88
3.44
3.43
3.40
3.34
3.27
3.23
3.26
3.31
3.32
3.03
3.03
3.01
2.97
2.95
2.96
3.02
3.07
3.07
2.04
2.04
2.05
2.04
2.02
2.45
2.45
2.45
2.45
2.45
2.47
2.46
2.47
2.46
2.46
2.84
2.85
2.85
2.85
2.85
3.09
3.09
3.09
3.09
3.09
2.84
2.84
2.84
2.84
2.83
2.93
2.94
2.94
2.94
2.93
3.14
3.13
3.14
3.13
3.13
3.44
3.45
3.46
3.46
3.47
2.88
2.88
2.88
2.89
2.89
3.32
3.32
3.32
3.32
3.32
3.07
3.07
3.08
3.07
3.06
Week ending:
Sept. 4. . .
Sept. 1 1 . . .
Sept. 18. ..
Sept. 25. ..
Oct. 2 . . .
5
2.45
2.74
2.73
2.80
r
Revised.
1
Monthly
2
Standard
4
and weekly data are averages of daily
figures, except for municipal bonds, which are based on Wednesday figures.
3
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.
5
Beginning Sept. 15, includes only 2\i per cent bonds of September 1956-59.
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.
OCTOBER
1948
1269
SECURITY MARKETS i
Stock prices5
Bond prices
Corporate 4
Year, month, or week
U. S.
Government2
Municipal
(highgrade) 3 Highgrade
Medium-grade
Total
Number of issues.
Industrial
Preferred6
Railroad
Public
utility
Volume
Common (index, 1935-39=100) of
trading7 (in
thousands of
Rail- Public shares)
Total Indusutility
road
trial
15
15
416
1945 average.
1946 average.
1947 average.
102.04 139.6
104.77 140.1
103.76 132.8
103.2
97.5
102.6
88.2
102.8
189.1
198.5
184.7
122
140
123
123
143
128
137
143
105
106
120
103
31
1,443
1,390
953
1947- -September.
October. ..
November.
December.
103.95
103.44
102.11
101.59
134.4
132.5
129.4
126.2
103.6
101.1
99.6
97.9
97.3
95.7
94.5
92.7
102.8
101.2
100.7
99.7
87.5
85.9
84.7
82.1
102.7
101.2
99.3
97.6
188.3
181.2
174.5
172.1
123
125
124
122
128
131
130
129
104
104
100
104
102
101
97
94
763
1,136
862
1,170
1948- - J a n u a r y . . .
February..
March....
April
May
June
July
August....
September.
100.70
100.70
100.78
100.84
101.20
101.23
100.82
100.73
100.70
124.5
122.6
123.1
125.7
127.1
127.8
126.6
124.4
124.0
98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
98.2
91.2
90.5
90.7
91.4
92.8
94.4
94.6
93.2
92.9
96.5
94.3
94.5
94.9
96.8
98.2
99.3
98.1
97.5
82.1
82.2
82.2
83.5
87.2
89.8
89.1
86.9
86.8
96.0
96.0
96.3
96.7
95.0
95.6
95.6
95.0
94.6
169.5
167.5
170.1
169.9
171.1
173.4
170.8
'166.9
166.5
120
114
116
125
130
135
132
127
126
126
119
122
131
137
143
139
134
132
107
102
105
115
123
126
125
120
120
95
93
93
96
99
101
100
97
97
895
857
974
1,467
1,980
1,406
1,171
684
Week ending:
Sept. 4.
Sept. 11.
Sept. 18.
Sept. 25.
Oct. 2.
100.72
100.70
100.69
100.69
100.70
123.9
124.1
123.9
124.1
124.1
98.5
98.4
98.2
98.0
97.9
93.1
93.0
92.9
92.9
92.5
98.1
97.9
97.6
97.4
96.7
86.8
87.0
87.0
86.8
86.4
95.0
94.6
94.5
94.6
94.5
167.1
167.5
166.7
166.3
165.1
12S
128
125
124
123
135
134
131
130
129
125
122
120
118
117
98
99
97
97
96
755
990
670
826
857
836
r
1
!
8
4
6
r
Revised.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis
of a 4 per cent 20-year bond.
6
Prices derived from average yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—-See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947 . .
Total
(new
and
refunding)
For refunding
Domestic
Total
(domestic
and
forTotal
eign)
5,790 2,277
4,803 1,951
5,546 2,854
2,114 1,075
642
2,169
913
4,216
8,006 1,772
8,645 34,645
3
9,611 7,451
State
and
municipal
Federal
agen-1
cies Total
2,239
931 924
1,948
751 461
2,852
518 1,272
1,075
342 108
90
640
176
15
896
235
26
1,761
471
4,635
952 127
7,139 2,228 203
Domestic
Corporate
Foreign2
Bonds
and Stocks
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
326
326
621
621
713
713
571
571
1,029 1,024
185
277
114
101
99
8
85
132
258
599
470
925
121
175
410
336
780
11
84
189
134
144
495
541
495
1948—January. .
837
782
781
February.
March. . . 1,374 1,222 1,221
936
769
768
April
652
591
591
May
954
888
888
June
763
679
679
July
706
531
528
August...
114
217
630
156
182
283
118
237
16
39
31
50
35
21
67
35
365
526
560
562
374
584
494
256
323
348
531
432
293
436
484
194
41
178
29
131
81
149
10
61
517
1947—August. . .
785
September
813
October. .
705
November
December 1,160
38
2
1
2
17
12
10
68
"Y
..
2
2
3
Total
(domestic
and
forTotal
eign)
State
and
municipal
Federal
agen-1
cies
Corporate
Total
Bonds
and Stocks
notes
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
191
165
101
134
130
191
165
101
134
130
3
5
2
2
40
42
20
48
45
147
122
76
84
83
140
113
51
78
80
46
56
152
166
61
66
85
175
46
56
152
166
61
66
85
175
2
3
1
1
8
3
2
50
42
39
54
114
49
34
68
123
3
14
97
50
4
29
15
2
3
13
87
50
3
29
15
2
195 1,537
482
344
435
698
181
440
259
497
404
418
324
912
208
734
44
422
For-2
eign
1,733 1,596
2,026 1,834
1,557 1,430
418
407
685
603
2,466 2,178
4,937 4,281
2,953 2,352
1,517 1,236
137
193
126
11
82
288
656
601
281
48
4
86
15
61
105
177
7
9
25
6
3
1
10
1
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
1270
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 proceeds*
Year or month
New money
Retirement of securities
Plant and Working
equipment capital
Total
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
1947—August........
September. . . . .
October
248
441
622
561
1,078
245
434
1,063
118
244
510
425
932
99
179
388
354
800
132
346
613
688
636
405
654
'•574
244
340
594
679
626
395
642
'564
238
294
546
560
434
356
563
193
309
343
334
297
449
'307
164
101
237
217
100
60
114
'117
58
November,....
December.....
1948—January...
February. .
March
April
May
June
July
August
612
547
222
26
96
478
417
177
155
145
207
187
167
405
442
1,164
1,046
Bonds and Preferred
stock
notes
Total
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
104
154
33
81
93
102
154
15
74
91
3
1
18
7
2
6
26
84
6
14
83
62
1
4
8
4
19
65
122
71
62
1
29
8
4
Repayment
Other
of
other debt purposes
11
23
49
84
170
154
111
215
69
174
144
138
73
49
134
379
310
12
1
26
36
7
26
19
28
35
27
47
133
231
153
16
6
26
45
22
12
24
18
26
26
22
30
104
20
45
'91
11
14
1
6
25
18
5
'40
1
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Retire- All
Retire- All Total
Retire- All Total
Total
Retire- All Total
net
New ment of other
net
net
New ment of other
New ment of other
net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 I>ro- money securi- pur- 4 pro- money securi- purposes*
ties
ties
poses ceeds
ceeds
ties
poses ceeds
poses ceeds
ties
Year or month
1934
1935
1936
1937..
1938
1939
1040
1941
1942
1943
1944
1945
1946 .
'1947
Real estate and financial
Indu strial
172
120
774
338
.
54
182
319
361
47
160
. , . .
. . . . .
1947— 4ugust
September..
November.
December..
1948—January....
February...
April
May
Tune
July
August . . . .
21
57
139
228
24
85
its
253
32
46
704
283
102
115
129
240
23
23
602
1,436
5
35
37
20
4
31
37
20
23
34
80
51
24
23
34
42
32
24
83
68
30
60
68
29
120
54
558
no
30
97
186
108
31
10
77
1
18
15
114
SOO
1,320
571
35
3
8
11
130
1,250
30
63
1,987
89
751
180
1,208
1,246
43
245
1,180
1,340
317
464
145
469
22
40
1,400
69
2,291
785
2,129
3,121 2,122
140
2
4
37
19
14
1
28
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,252
86
47
13
30
83?
584
961
828
469
188
167
244
226
353
738
463
16
164
119
320
265
216
149
106
281
233
209
6
12
34
403
363
149
29
73
2
75
761
373
27
25
14
80
90
79
65
71
259
213
496
9
1
5
17
7
95
425
123
269
152
45
193
129
422
70
390
83
154
120
'275
'168
93
123
9
19
4f>
7
88
9
18
4
20
7
1
5
104
21
61
85
164
169
4
42
65
64
56
4
3
56
95
54
2
1
4
218
57
146
71
4
21
8
9
42
55
76
148
419
325
107
206
323
279
6
2
4
13
13
20
49
56
13
45
35
18
51
16
21
54
38
7
15
9
14
13
24
1
25
21
27
91
31
57
16
157
41
4
52
15
153
15
3
23
62
45
10
60
39
8
70
113
20
122
390
71
16
102
155
94
136
43
56
121
527
293
89
497
199
228
1,033
454
504
1,969
811 1,010
981
3,601 2,201
364
2,429 1,740
13
16
i
1
11
27
2
150
34
550
439
616
95
136
8
31
11
25
74
1,280
1,079
923
157
280
245
480
62
774
27
50
17
63
93
76
306
303
277
493
rJ76
42
30
3
r
104
10
72
152
7
1
26
5
9
8
5
19
5
1
3
21
2
6
2
i
* Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net
proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
1
2
1
OCTOBER
1948
1271
Q U A R T E R L Y EARNINGS AND DIVIDENDS O F LARGE CORPORATIONS
I N D U S T R I A L CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits, 1 by industrial groups
Dividends
Manufacturing and inining
Year or quarter
1939
1940
1941
1942
1943
1944
1945
1946
1947
Quarterly
1946—1
2
. . . .
3
4
1947—i
2
3
1948
Nonferrous
metals
and
products
Iron
and
steel
Machinery
629
47
69
1,465
1,818
2,163
1,769
1,800
1 896
r
l,965
3
' 2,552
'3,671
146
115
223
102
278
325
226
204
194
189
158
193
159
165
174
164
242
274
209
201
222
173
227
182
180
100
'241
••207
131
129
417
205
109
135
'-3
-34
Number of companies.
Annual
Other
transAuporta
tomo- tion
biles equipment
Total
'282
437
871
49
119
70
15!
133
153
138
128
88
113
90
83
88
'90
148
159
151
162
175
1OQ
11.5
198
' 3 163
••239
r
357
354
30
80
74
152
152
152
98
186
134
122
564
194
207
164
170
187
to"
160
187
136
149
147
132
152
161
171
184
847
1,028
1,137
90
112
174
152
186
??n
90
92
88
86
86
£«>
'81
669
70c*
552
556
6«1
'628
'662
'841
45
'224
480
'275
345
281
'155
302
370
116
20
oo
'20
20
21
146
154
149
'213
63
71
80
80
421
432
432
501
20
23
22
23
177
192
190
'283
57
79
529
569
22
22
207
218
13
65
56
63
'61
»2
' 3 62
'35
41
62
77
'86
66
67
'79
'73
77
91
'81
'95
'»56
74
'95
124
70
83
77
105
94
105
103
115
*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
89
94
129
152
'64
71
46
51
64
72
77
80
192
194
91
97
101
100
1,033
1,029
1,107
120
117
'88
250
20
26
'40
r49
1
2
'996
' 3 l,l44
1,786
'312
' 3 417
4 —5
'450
r440
* 44
r
888
902
070
'202
'324
293
'22
'43
100
4
900
75
77
Other
nondurable
goods
'31
33
126
100
100
112
'866
68
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
67
96
97
22
'340
••586
•705
r3
855
» 171
334
15
Other
durable
goods
MiscellaNet 1
neous profits
Pre- Comservferred mon
ices «
PUBLIC U T I L I T Y CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Annual
Operating
revenue
Net
income 1
Dividends
Operating
revenue
Income
before
income
tax 8
Telephone 7
Net .
income1
Dividends
Operating
revenue
Income
before
Net
income income 1
tax"
Dividends
1,658
2,211
1,972
756
273
778
93
189
500
902
873
667
450
289
480
126
159
186
202
217
246
246
235
236
2,647
2,797
3,029
3.216
3,464
3,615
3,681
3,814
4,244
629
692
774
847
913
902
90S
970
961
535
548
527
490
502
507
534
647
652
444
447
437
408
410
398
407
456
470
1,067
1,129
1,235
1,362
i,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
13 6
1,869
1,703
2,047
2,008
39
-57
161
130
14
-45
128
191
56
52
41
85
967
919
931
998
303
225
212
229
196
151
143
157
10"
109
109
130
475
497
502
519
84
75
56
62
54
53
44
49
43
43
43
42
1947—1.
2.
3.
4.
2,039
2,111
2,177
2,357
166
189
184
239
89
121
112
157
44
52
38
103
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
32
32
30
1948—1.
2.
2,243
2,363
144
'285
72
185
57
'56
1,202
1,118
284
233
186
156
131
115
607
627
64
71
43
48
39
44
1939,
1940,
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1946—1.
2.
3.
4.
Quarterly
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7.627
8,685
Income
before
income
tax.8
Electric power 6
8
126
249
674
' Revised.
" N e t profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry. 21 in shipping and
transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
1
1
.. ..-,
„
» per cent of all railroad oper
#
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figure^ include affiliated nonelectric operations.
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 dividend );
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).
6
7
1272
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
End of month
Total
interestbearing
direct
Total
debt
Total
gross
direct
debt
57,938 57,451
1941—Dec
72,422
71,968
1942—June....
108,170 107,308
Dec
1943—June.... 136,696 135,380
165,877 164,508
Dec
1944—June.... 201,003 199,543
230,630 228,891
Dec
1945—June.... 258,682 256,357
278,115 275,694
Dec
1946—June.... 269,422 268,111
259,149 257,649
Dec
258,286 255,113
1947—June
Marketable public issues l
2
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury Total
indebtbills
notes
bonds
edness
2
Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes
Noninterestbearing
direct
debt
Fully
guaranteed interestbearing
securities
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
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
1947—Sept
Oct
Nov
Dec
259,145
259,071
258,212
256,900
256,107
256,270
255,591
254,205
167,946
167,109
166,404
165,758
15,725
15,732
15,335
15,136
24,894
24,808
24,501
21,220
7,840
7,840
7,840
11,375
119,323
118,564
118,564
117,863
58,640
59,714
59,670
59,492
51,759
51,897
52,008
52,053
5,531
5,618
5,534
5,384
29,520
29,447
29,517
28,955
3,038
2,801
2,621
2,695
70
78
83
76
1948—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
256,574
254,605
252,990
252,240
252,236
252,292
253,374
253,049
252,687
253,958
252,100
250,634
249,920
249,958
250,063
251,168
250,875
250,518
164,917
162,759
161,339
160,875
160,888
160,346
159,560
159,132
158,319
14,838
14,438
13,945
13,748
13,761
13,757
13,266
12,838
12,628
20,677
18,920
20,331
20,065
20,065
22,588
22,294
22,294
22,294
11,375
11,375
11,375
11,375
11,375
11,375
11,375
11,375
11,223
117,863
117,863
115,524
115,524
115,524
112,462
112,462
112,462
112,011
59,893
60,095
60,023
59,843
59,747
59,506
60,822
60,856
60,978
52,479
52,793
52,988
53,065
53,143
53,274
54,607
54,704
54,776
5,403
5,327
5,100
4,886
4,741
4,394
4,386
4,340
4,404
29,148
29,246
29,272
29,201
29,323
30,211
30,787
30,887
31,221
2,616
2,505
2,356
2,320
2,278
2,229
2,206
2,175
2,170
72
74
73
70
70
69
51
47
46
1
2
Including amounts held by Government agencies and trust funds, which aggregated 5,442 million on Aug. 31, 1948.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, Armed Forces Leave bonds, and 2% per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING SEPTEMBER 30, 1948
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Treas ury bills l
Oct. 7, 1948. . .
Oct. 14, 1948. . .
Oct 21 1948
Octl 28, 1948. . .
Nov. 4 1948
Nov. 12, 1948. . .
Nov. 18, 1948. . .
Nov. 26, 1948. . .
Dec. 2, 1948
Dec. 9, 1948
Dec. 16, 1948. . . .
Dec. 23, 1 9 4 8 . . . .
Dec. 30, 1948
Cert. of
Oct. 1,
Oct. 1,
Jan. 1,
Feb. 1,
Mar. 1,
Apr. 1,
June 1,
July 1,
1,102
906
909
910
804
890
901
1,000
1,001
1,002
1,101
1,001
1,102
Treasury
Oct. 1,
Jan. 1,
Apr. 1,
Treasury bonds—Cont.
Dec. 15, 1949-52 2 .3i/£
Dec. 15, 1949-53 2 . 2 H
M a r 15 1950-52
2
Sept. 15, 1950-52 2.2^2
Sept. 15, 1950-52. . . .2
\Yi
Dec. 15, 1950
2
Sept.
Sept.
Dec.
Dec.
Mar.
June
June
Dec.
indebtedness
1948 Ser.' 'T" 1
1948 Ser.' 'K" 1
1949
1949
1 VR
\\/
1949
1949
'.'•iy8
1949
1949
'.'•iys
notes
1948.... . . i
1949
1950. ..
June
June
1,354
1,467
2,592
2,189
3,553
1,055
4,301
5,783
4,092
3,535
3,595
In millions
Issue and coupon rate
June
Mar.
Mar.
Sept.
vSept.
June
June
Dec.
Dec.
June
Dec.
June
Dec.
Mar.
Mar.
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
June 15,
Sept. 15,
Dec. 15,
1951-54 . 2 %
1 9 5 1 - 5 3 . . . .2
1951-55 2 . . . 3
1951-532.2M
1951-55....2
1952-54. .2 H
1952-54
2
1 9 5 2 - 5 5 . .2 M
1952-54. . . . 2
1953-55 2 . . . 2
1954-562.2H
1955-60 2 . 2 ^
1956-58. .2H
1956-59 2 .2 : M
1956-59. .2H
1958-63 2.2^4
1959-62 3.2M
1959-623.2U
1960-65 2. 2 54
1962-67 3.2K2
1963-68 3.2^2
1964-69 3 . 2 H
1964-69 3 . 2 H
1 9 6 5 - 7 0 3 . 2 V^
1966-71 3.2J/£
1967-72 3 . 2 H
1967-72. . 2 H
1967-72 3 . 2 H
Postal savings
2 V>
bonds.
P a n a m a Canal Loan. 3
Treasury bonds 2
Dec. 15,1948-50 ...
June 15, 1949-51
Total direct issues
.2
2
2
Sept. 15, 1949-51
Dec. 15, 1949-51 . . . . 2
4571
1,014 Guaranteed securities
Federal Housing Admin.
1,292
2,098
Various
Amount
491
1,786
1,963
1,186
4,939
2,635
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
113
50
158,319
14
1
Sold on2 discount basis. See table on Open-Market Money Rates,
p. 31269
Partially
tax exempt.
4
Restricted.
Called for redemption on Dec. 15, 1948.
OCTOBER
1948
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
Fiscal year
ending:
June—1941. .
1942 . .
1943. .
1944..
1945..
1946..
1947..
1948..
1947—Sept
Oct
Nov... .
Dec.. . .
1948—Jan.. . .
Feb.. . .
Mar....
Apr.. . .
May. . .
June. . .
July. . .
Aug.. . .
Sept....
RedempAmount Funds received from sales during tions and
y e 1 1UU
maturities
outstanding
at end of
All
All
Series Series Series
month series
G
series
E
F
203
4,314 1 ,492
10,188 5 ,994 3 526
8 271
21,256 11,789
34,606 15,498 11 820
45,586 14,891 11 553
6 739
49,035 9,612
51,367 7,208 4 287
4 026
53,274 6,235
51,759
466
304
488
304
51,897
412
263
52,008
487
325
52,053
52,479
770
479
607
367
52,793
588
383
52,988
468
320
53,065
432
305
53,143
497
341
53,274
379
54,607 1,673
473
334
54.704
412
304
54,776
67
435
758
802
679
407
360
301
21
22
17
24
44
40
30
20
17
19
246
18
14
2
2
2
2
2
2
1
395
032
759
876
658
465
561
907
142
162
131
137
248
201
175
128
110
136
1 ,048
122
94
148
207
848
2,371
4,298
6,717
5,545
5,113
431
404
357
434
454
364
462
4*>2
428
465
438
442
407
Maturitie s and amounts outstanding September 30, 1948
Year of
maturity
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
Unclassified. .
Total
All
series
212
824
996
1,556
4,105
7,235
9,393
8,164
5,998
5 896
5,361
2,471
2,596
Series
C-D
Series
E
Series
G
202
521
562
642
513
321
428
1,097
2,098
2,175
2,507
2,276
2,452
2,151
2,168
3,483
16,924
F
212
824
996
435
' " i ! 121 *"
4 105
5,935
6,775
5,427
2,849
3 107
2,615
-29
54,776
Series
2,466
31,932
294
1273
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED 1
[Estimates of the Treasury Department. Par value, in millions of dollars]
Gross debt
Held 3y nonbank investors
Held by banks
End of
month
Total
interestbearing
securities
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
250,707
249,990
250,028
June... 250,132
J u l y . . . 251,219
1940—June...
1941—June...
Dec...
1942—June...
Dec...
1943-—June...
Dec...
1944—June...
Dec...
1945—June...
Dec...
1946—June...
Dec...
1947—June...
Dec...
1948—Mar. . .
Apr.. ..
May...
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
253,068
252,315
252,311
252,366
253,429
Total
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
86,287
86,740
86,462
86,366
86,925
Commercial2
banks
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
65,400
66,400
65,800
65,000
65,600
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
20,887
20,340
20,662
21,366
21,325
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
166,781
165,575
165,849
166,000
166,504
Individuals
Insurance
companies
Mutual
savings
banks
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
66,800
66,700
66,800
66,800
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
23,800
23,500
23,400
23,200
23,000
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
12,100
12,000
12,000
12,000
12,000
Other
corporations
and
associations
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
21,800
21,200
21,600
21,000
20,700
State
and
local
governments
U. S. Government agencies
and trust funds
400
600
700
900
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
5,701
5,613
5,556
5,538
5,580
1,000
1,500
2,100
3,200
4,300
5,300
6,500
6,500
6,300
7,100
7,300
7,500
7,300
7,300
7,200
7,400
Special
issues
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
29,272
29,201
29,323
30,211
30,787
Public
issues
1
2
Revised to include noninterest bearing debt.
Including holdings by banks in territories and insular possessions, amounting to
100 million dollars on June 30, 1942, and 400 million on May 31, 1948.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES •
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Government
agencies
and
trust
funds
Federal
Com- Mu- Insurmer- tual
ance
Recial
sav- com- Other
serve banks
ings
panies
Banks ( l )
banks
Type of
security:
Total: 2
1945—Dec
198,820
1946—June
189,649
Dec
176,658
1947—June.... 168,740
Dec
165,791
1948—June.... 160,373
1948—July.... 159,574
Treasury bills:
1945—Dec
17,037
1946—June
17,039
Dec
17,033
1947—June.... 15,775
Dec
15,136
1948—June.... 13,757
1948—July
13,266
Certificates:
1945—Dec
38,155
1946—June
34,804
Dec
29,987
1947—June.... 25,296
Dec
21,220
1948—June.... 22,588
1948—July. . . . 22,294
Treasury notes:
1945—Dec
22,967
1946—June
18,261
Dec
10,090
1947—June....
8,142
Dec
11,375
1948—June.... 11,375
1948—July. . . . 11,375
Treasury bonds:
1945—Dec
120,423
1946—June.... 119,323
Dec
119,323
1947—June.... 119,323
Dec
117,863
1948—June.... 112,462
1948—July.... 112,462
7,019 24,262
6,768 23,783
6,302 23,350
5,409 21,872
5,261 22,559
5,402 21,366
5,447 21,325
82,830
76,578
66,962
62,961
61,370
57,599
57,754
10,491
11,220
11,521
11,845
11,552
11,522
11,388
2,476
1,142
1,187
3
23,183
24,285
24,346
23,969
22,895
21,705
21,306
51,035
47,015
44,177
42,684
42,154
42,779
42,354
1
1
11
1
154
112
142
1,724
1,425
1,088
5
2
2
11
18
15
55
12,831
14,466
14,745
14,496
11,433
8,577
7,556
2,052
2,345
2,784
1
25
58
34
38
58
64
48
30
14
19
8,364
6,813
7,496
6,280
6,797
4,616
5,059
18,091
16,676
11,221
8,536
6,538
8,552
8,128
91
243
257
249
200
317
256
360 11,211
576 10,438
490 10,459
362 9,821
269 7,386
479 8,610
443
8,389
9 2,120 15,701
9 1,748 11,396
6
355 6,120
7
369 4,855
4 1,477 5,327
179
227
211
183
98
98
104
576
623
603
285
245
223
221
4,382
4,258
2,795
2,443
4,224
4,555
4,527
947 46,535 10,217
6,925
755 47,335 10,743
6,654
753 48,408 11,049
6,185
727 48,756 11,407
5,306
5,173 2,853 47,424 11,226
5,336 6,206 42,146 11,047
5,337 6,757 42,252 10,994
22,230
23,073
23,226
23,305
22,213
20,880
20,492
33,569
30,763
29,702
29,822
28,974
26,847
26,630
787
1,968 4,531
1,953 % 4,570
479
1,454
2,650
2,695
End of month
Total
outstanding
U. S.
Government
agencies
and
trust
funds
Treasury bonds
a n d notes,
d u e or
callable:
Within 1 year:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—June....
1948—July
1-5 years:
1945—Dec
1946—June
Dec
1947—June
Dec
1948—June....
1948—July
5-10 years:
1945—Dec
1946—June
Dec
1947—June
Dec
1948—June....
1948—July
10-20 years:
1945—Dec
1946—June....
Dec
Federal
Com- Mu- Insurmer- tual
ance
cial
sav- com- Other
serve banks ings panies
Banks 0)
banks
Re-
15,222
10,119
7,802
11,255
14,263
13,411
13,411
185 2,017
4 1,431
72
29
251
83
69 1,693
19 2,070
19 2,056
35,376
35,055
39,570
42,522
49,948
46,124
46,124
408
443
576
469
344
318
693
797
831
698
33,025
32,847
27,283
18,932
10,270
10,464
10,464
787
716
529
423
370
314
210
135
72
40
426
546
540
34,985
37,189
32,384
40,352
June
1947—Dec
54,757
1948—June
53,838
1948—July. . . . 53,838
After 20 years:
1945—Dec
24,781
1946—June
22,372
Dec
22,372
1947—June
14,405
9,956
5,655
4,341
6,936
8,244
5,922
5,948
63
116
181
374
266
171
175
235
495
591
420
316
273
270
2,761
2,418
2,591
3,191
3,675
4,956
4,943
25,165
25,285
28,470
29,917
1,377 33,415
2,636 30,580
318 2,652 30,701
701
709
1,047
1,574
1,876
1,829
1,816
1,742
1,506
2,101
2,671
3,046
2,790
2,730
6,673
6,319
6,550
7,193
9,890
7,971
7,907
21,007
21,933
16,657
11,577
6,090
6,251
6,269
2,058
1,609
2,042
1,245
2,902
2,822
2,826
2,002
90 3,691
2,779
83 3,308
3,400
78 2,433
2,975
78 2,587
3,374
834 5,003
4,393
4,685 2,921 3,922
4,685 3,463 3,905
5,523
6,026
5,303
6,751
8,606
8,639
8,599
10,996
12,547
11,708
15,137
18,211
17,129
16,809
11,905
11,829
9,886
12,425
17,710
16,542
16,377
2,764
2,103
2,084
2,051
2,510
2,687
1,649
6,933
6,325
6,602
3,358
10,559
8,826
8,313
5,812
314
964
57
57
55
29
2,418
2,550
2,632
2,593
576
506
508
6,063
5,632
5,156
3,645
880 1,928
911 1,936
906 1,927
Dec
1948—June
1948—July.
* 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.
1274
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Fiscal
year or
month
Fiscal year:
June 1946
June 1947
June 1948
1947—Sept.
Oct.
Nov.
Dec.
1948—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
MisIncome taxes1 cellaneous
interWithnal
held
1
by em- Other revenue
ployees
SoIn- War Trans- Other Total
cial Other Total Net
terand fers to exdetrust pendi- budget
Secu- rerere- 2 est
expenon fense
rity ceipts ceipts ceipts
acdebt activ- counts tures ditures
taxes
ities
etc.
9,392 21,493 7,725
714 3,953 44,276 43 ,038 4,722 48,870
10,013 19,292 8,049 2,039 5 ,325 44,718 43 ,259 4,958 17,279
,494 46,362 44,746 5,211 11,524
11,436 19,735 8,301
797 2,639 699
136 616 4,885 4,872
668 1,008
644
782
258 2,456 2,390
157 1,154
71
702
695
363 3,054 2,743
127
329
1,315
936
350
767
972
880 1,?
145
578 4,260 4,246
996
624 442,613 656
51 366 4,310 4,275
401 1,069
403 4,614 4,336
1,563 1,597 629
423
142
850
739
180 281 6,365 6,334
608
998 4,168
850
278 2,881
154
684 1,174 662
83
909
223
3,083
673
124
401
1,358
933
428
579 5,119
1,508
145
695 3,006 694
930
302 2,300
677
286 *1.155
67
535
719
742
114
410 228 2,948
1,165
403
809
159 4,597 4,589 570
676
130
694 2,939
P861
Social Security
accounts
Net
receipts
Redemption
or sale ( —)
of securities
of Govt.
corporaExInvest- penditions,
etc.
ments tures
in the
market (net)
(+)or
deficit
1,918 8,204 63,714 -20,676
-524
1,355 18,913 42,505
+754 - 1 , 1 0 3
«4,177 18,414 539,326 +5,419 +2,706
10
60
20
23
66
11
18
71
1
53,077
611
9
6
1,246
1,074
1,112
1,233
1,343
1,399
2,070
1,975
1,546
1,746
4
1,646
1,274
Pi,478
2,932
2,445
2,194
3,224
2,879
2,402
3,546
3,109
2,604
5
7,261
4
3,698
2,207
2,S
Del ails of trust a ccounts, etc.
Fiscal year
or month
Increase ( + ) or
decrease (—)
Trust Clearduring period
ing
acaccounts
8
Gross
etc.* count General
fund
debt
balance
Budget
surplus
+ 1,940 - 3 1 4
-55
+69
+549 +265
+1,022 - 4 6 8
+1,396 +259
+1,934 - 1 9 4
+2,788
-86
-302
+86
+103 +378
-2,159 +2,315
-1,462 -178
+362
+ 10
+ 1,674 -570
+555
-507
-121
+214
-127
-80
+222
-101
-53
+226
-144
-226
4+700
-289
+9
-10,460
-10,930
+1,624
+552
+155
-172
-838
+ 1,551
-330
+1,035
-741
+334
-14
+ 141
-241
+751
+ 10,740
-11,136
-5,994
-953
-74
-859
-1,312
-326
-1,969
-1,615
-750
-3
+56
+1,082
-324
-362
General fund of the Treasury (end of period)
Other
Assets
Receipts
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
Fiscal year:
June 1946... 2,978
June 1947... 3,235
June 1948... 3,918
1,261
1,785
2,210
1,656
1,509
1,640
95
359
-107
4,735
3,009
5,598
2,407
1,577
850
2,817
2,117
2,217
14,708
3,730
5,370
1 ,006
1 ,202
1 ,928
12,993
962
1,773
708
1,565
1,670
470
422
438
14,238
3,308
4,932
1947—Sept
Oct
Nov
Dec
66
164
524
80
272
24
274
119
125
124
108
116
-74
-2
1
-23
180
168
160
153
24
14
17
25
212
103
19
464
4,331
4,498
4,292
3,454
1 ,091
1 ,393
1 ,290
866
1,618
1,437
1,417
968
1,622
1,668
1,585
1,621
378
391
357
357
3,952
4,107
3,935
3,097
1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
254
433
92
173
577
348
455
607
38
68
230
51
-34
106
553
276
100
304
126
134
152
150
142
174
142
186
140
-61
10
1
59
4
-38
-56
5
-34
313
149
185
162
101
*3,475
362
100
135
21
28
28
7
10
349
250
21
23
154
374
131
66
39
470
383
385
310
5,042
4,664
5,692
5,037
5,327
5,370
5,506
5,229
6,020
2,256
1,571
1,972
1,236
1,714
1,928
1,755
1,919
1,664
959
1,434
1,972
2,156
2,007
1,773
2,081
1,741
2,703
1,828
1,658
1,749
1,645
1,606
1,670
1,671
1,568
1,653
394
346
339
425
381
438
433
397
437
4,648
4,318
5,353
4,612
4,946
4,932
5,074
4,832
5,583
1
P Preliminary.
Details on collection basis given in table below.
5
Total receipts less social security employment taxes,4which are appropriated directly
1
Excess of receipts ( + ) or expenditures ( —).
Change in classification.
1
to the Federal old-age and survivors insurance trust fund
Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
Fiscal year
or month
Individual
income taxes
Excise and
other miscellaneous
taxes
Excess
profits
Other
profits
taxes
3,263
5,944
10,438
8,770
8,847
9,501
9,464
3,069
4,521
5,284
4,880
4,640
6,055
9,852
1,618
5,064
9,345
11,004
7,822
3,566
305
57
84
137
144
91
55
18
433
447
511
643
677
779
899
3,405
4,124
4,842
6,317
7,036
7,285
7,412
1,495
26
1,188
1,491
36
62
1,128
246
67
408
276
1,514
384
249
1,463
43
35
28
22
24
1
1
1
2
1
79
64
65
54
65
572
625
736
627
691
645
2,250
279
1,165
1,670
154
849
1,543
2,338
1,004
2,034
602
167
1,111
228
101
473
326
2,276
376
268
1,877
432
283
17
22
20
13
17
16
17
13
1
4
1
1
1
2
1
2
72
56
125
118
75
61
95
56
562
586
603
578
584
629
608
674
Other
Fiscal year:
June—1942
1943
1944
1945
1946
1947
1948
686
7,823
10,264
9,858
9,842
11,534
1947—Aug
Sept
Oct
Nov
Dec
1948—Jan
Feb
Mar
Apr
May
OCTOBER
Estate
and
gift
taxes
and
surtax
Withheld
June
July
Aug
Corporation income
and profit taxes
1948
Normal
CASH OPERATING INCOME AND OUTGO
OF THE UNITED STATES TREASURY *
[In millions of dollars]
In millions of dollars]
Fiscal year
or month
Fiscal year:
June—1943
1944
1945
1946
1947
1948
1947—Aug
Sept
Oct
Nov
Dec
1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Cash
income
Cash
outgo
25,245 78,979
47,984 94,079
51,041 95,986
47,784 65,683
46,637 39,978
'47,680 '38,727
••3,212
'3,173
'4,718
'3,964
••2,640 '2,621
'3,345
'2,530
••4,037 '3,526
••4,552 '2,566
'4,727
'2,903
'6,479
'3,877
'2,969
'2,965
'3,334
'2,871
'5,105
'4,340
2,404
2,765
3,227
3,005
Excess income (+)
or outgo ( - )
-53,735
-46,095
-44,945
-17,899
+6,659
'+8,953
+41
+753
+18
+816
+510
+ 1,986
+ 1,824
+2,601
+4
+462
+765
-361
+221
' Revised.
1
Difference between these figures and changes
in the general fund balance represents net cash
borrowing ( + ) or net repayment of borrowing
(—). For description, see Treasury Bulletin for
September 1947.
1275
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 x
Corporation or agency
Total
All agencies:
Mar. 31, 1947
,
June 30, 1947
Sept. 30, 1947
Dec. 31, 1947
Mar. 31, 1948
Classification by agency,
Mar. 31, 1948
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.
Production credit corporations. . .
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corp
Farmers' Home Administration. . . .
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing Administration and
affiliate:
Public Housing Administration...
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association
Reconstruction Finance Corp.8
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission functions 7 . . .
War Shipping Adm. functions 8
All other"
32,337
429,666
31,037
30,966
31,107
1,588
1,792
1,556
1.481
1,369
Investments
7,294 1,003
7,662
851
9,212 1,093
9.714
822
10,134
570
1,985
1,777
1,725
1,685
1,845
3,426
3,565
3,553
3.539
3,526
380 1,176
165 1,163
283 953
247 879
245
15,486
12,691
12,662
12,600
12,535
3,142
2,045
2,144
2,037
781 1,868
1,250
506
667
689
27,268
26,763
28,005
28,015
28,233
509
269
138
143
150
42
418
248
67
100
2
15
242
432
306
488
100
2
2
125
817
1,048
354
35
U. S. PriBonds, notes,
DeGov- vately
Land, ferred
and debenern- owned
structures
payable
and
Other
Other
ment
tures,
asliabil- inter- interU. S. Other and undisFully
est
tribsets guarities
est
Govt. secu- equip- uted
secu- rities 2 ment charges8
anteed Other
rities
by U.S.
CommodiLoans ties,
supreCash ceivplies,
and
able
materials
32
(
16
22
379
22
24
1
86
785
260
270
1
23
9
148
53
9
259
270
374
666
()
498
4
43
91
321
187
12
192
484
530
54
210
10
295
8
24
10
142
1,387
911
2,113
1,065
233
800
() 2,097
4 (5)
88
3
18
4,192
7,003
8,889
560
163
33 3,805
173
134
188
467
203
1
1
1,052
10
8
30
100
(*)
19
2
121
817
507
350
32
520
54
4
178
10
1
236 1,152
28
85
82
15
9
2
6
()
140
764
3,305
6,507
3,385 1,574
29
115
10
212
191
47
177
35
(s)
13
1,936
1,031
233
788
393
333
45
3,799
6,670
8,844
(*)
CLASSIFICATION OF ]LOANS BY PURPOSE AND AGENCY
Mar. 31, 1948
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
. ....
To aid financial institutions:
Banks
Other
Other
Less: Reserve for losses
Total loans receivable (net)...
Fed.
Home
Fed. inter- Banks Com- Rural
Elec- FarmOwners'
Farm medi- for co- modity trificaers'
Home Loan
Mort. ate opera- Credit
tion
Adm. Corp.
Corp. credit tives Corp. Adm.
banks
101
432
243
281
786
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates
Bank
549
374
15
86
(5)
432
1
242
20
260
1
785
279
270
3
451
295
295
374
Dec. 31,
1947,
All
all
agen- agencies
cies
133
8 2,399
35
623
2,299
556
145
228
3
31
147
272
5
442
5,673
714
395
9,714
(6)
454
All
other
1
5
238
209
49
911
147
259
4
5
379
2,105 3,750 6,093
109
613
384
7
9
2,097 3,930 10,134
* Includes certain business type activities of the U. S. Government.
1 Assets are shown on a net basis, i.e., after reserve for losses.
Includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the International Bank for
Reconstruction and Development—476, 635, 635, 635, and 635 on Mar. 31, June 30, Sept. 30, Dec. 31, 1947, and Mar. 31, 1948, respectively;
International Monetary Fund Quota—2,750 on Mar. 31, June 30, Sept. 30, Dec. 31, 1947, and Mar. 31, 1948.
3 Deferred charges included under "Other assets" prior to Mar. 31, 1947.
* Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26,
1947.
8
s Less than $500,000.
« Includes U. S. Commercial Co. and War Damage Corp.
»Figures are for Mar. 31, 1947.
Figures are for
Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947.
• Figures for two small agencies included herein
are for dates other than Mar. 31.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
2
1276
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)2
1923-25 = 100
Industrial production
(physical volume)**
1935-39 = 100
Year and month
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employment 3
1939 = 100
All
other
Nonagricultural
Factory
DepartWholeFacFreight ment
Consale
tory carloadstore sumers'
compay-3 ings*
sales
prices
modity
rolls
(valprices3
1939 = 1935-39
ue)** 1935-39
= 100 1935
1926
100
39 = 100
= 100
= 100
Ad- Unad- AdAdAdAdAdAdAdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
63
63
56
79
84
94
122
44
30
44
68
81
95
124
79
90
65
88
86
94
120
103.7
104.2
79.7
88 2
101.0
93 8
97.0
103.9
124 2
80.2
86 0
109.1
101 7
107.2
120
129
110
121
142
139
146
83
99
92
94
105
105
110
123.8
143 3
127.7
119 7
121.9
122 2
125.4
138.6
154 4
97.6
96 7
100.6
98 1
103.5
1926
1927
1928
1929
1930
96
95
99
110
91
114
107
117
132
98
100
100
99
107
93
129
129
135
117
92
121
117
126
87
50
135
139
142
142 102.5
125 96.2
152
147
148
152
131
113
114
115
117
108
126 4
124.0
122 6
122.5
119.4
100 0
95.4
96 7
95.3
86.4
75
58
69
75
87
67
41
54
65
83
80
67
76
80
86
63
28
25
32
37
37
13
11
12
21
84
40
37
48
50
98.9
96.8
96 9
103.1
89.8
75.8
64.4
71.3
83.1
88.7
110 5
108.5
109 7
117.1
94.7
1931
1932
1933
1934
1935
79
83
85
93
84
79
70
79
81
90
71.8
49.5
53.1
68 3
78.6
105
78
82
89
92
97
75
73
82
88
108.7
97.6
92.4
95 7
98.1
73.0
64.8
65.9
74 9
80.0
1936
1937
1938
1939
1940
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
55
59
64
72
81
70 95.1
74 101.4
80 95.4
81 100.0
89 105.8
96.4 91.2
105.8 108.8
90.0 84 7
100.0 100.0
107.5 114.5
107
111
89
101
109
100
107
99
106
114
99.1
102.7
100 8
99.4
100.2
80.8
86.3
78 6
77.1
78.6
1941
1942
1943
1944
1945
162
199
239
235
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
122
166
68
41
68
37
41
45
60
72
89
82
40
16
26
132.1
154.0
177.7
172.4
151.8
167 5
245.2
334.4
345 7
293 A
130
138
137
140
135
133
150
168
187
207
105 2
116.5
123.6
125 5
128.4
87 3
98.8
103.1
104 0
105.8
1946
1947
170
187
192
220
165
172
134
149
153
157
143
142
161 137.0
169 145.2
143.4 269.6
157.3 332.1
132
143
264
286
139.3
159.2
121.1
152.1
147
140
151.4
151 8
154.5
155.5
294.9
297 9
303.9
312.6
138
139
272
260
143
155 140.7 150.6
148 141 5 151 4
143.0 154.1
163 143.5 155.1
137
140
271
276
145.9
148 6
152 2
153^3
124.0
134 1
139 7
140.9
148 143.5 156.2 155 6
149 144.1 156.9 156.6
134 144.2 156.7 157 0
142 143.4 156.8 155.9
140 143 5 155 0 153 8
152 144.8 155.2 154.7
170 144 8 154 5 153 3
179 145.2 156.3 157.8
195 146.2 158.9 160.2
196 147 1 160.0 160 4
217 147.3 160.4 160.8
227 147.9 161.1 161.9
314.2
317.6
320 9
317.6
319 3
327.2
321 8
331.5
345.3
350 1
353.4
365.7
150
142
146
266
267
272
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
223 148.6 161.2 160.5
215 147.8 159.8 159.5
208 147.9 160.1 160.3
202 147 2 157.1 156 1
206 147.7 156.7 155.5
220 148 8 158 7 158 1
219 149.4 159.6 158.4
PU9.7 P160.0 P161.6
358.7
354.1
358.4
347 1
346.7
359 0
360.1
145
139
130
1919
1920
1921
1922..
1923
1924
1925
1946
September
October
November
December
180
182
183
182
184
184
212
214
165
168
146
145
183
214
180
211
173
174
136
137
151
145
139
154
1947
January
February
March
April
May
189
189
190
184
185
187
221
222
225
176
176
175
146
151
132
144
152
129
187
185
172
170
146
146
148
148
140
150
153
155
155
156
133
127
136
155
166
183
184
193
197
123
110
168
163
169
172
176
179
173
June
July
August
September
October
November
December
1948
January
February
March
April
May .
June
July
August
. ..
....
. ..
..
....
122
185
185
222
218
184
176
182
187
190
192
192
185
178
185
191
194
193
189
219
207
210
217
223
224
229
193
194
191
189
190
188
229
226
229
178
180
177
154
155
142
191
187
181
152
152
148
217
221
222
177
178
179
147
162
159
181
188
201
154
165
177
188
192
192
186
P191
186
192
193
187
P194
219
P221
169
P176
143
151
153
205
P159
P198
116
136
150
168
170
163
161
187
P175
149
235
92
61
102
152
87.1
77.2
77.5
84 9
88.5
119 4
131.1
138.8
137.0
132.3
137
142
137
135
143
142
145
147
149
130
141
139
138
142
278
290
288
287
284
294
279
302
303
286
286
285
306
310
312
316
311
168 8 165 7
167.5 1 6 0 . 9
166 9 161 4
169 3 162 8
170 5 163 9
171 7 166 2
173.7 168.6
174.5 169.4
r
*1 Average per working day.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 1278-1281. For points in total index, by major groups, see p. 1300.
2
Based
on
F.
VV.
Dodge
Corporation
data;
for
description,
see p. 358 of BULLETIN for July 1931; by groups, see p. 1285 of this BULLETIN.
3
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau
of
Labor
Statistics.
Nonagricultural
employment
covers
employees only and excludes personnel in the armed forces.
4
For indexes by Federal Reserve districts and other department store data, see pp. 1287-1290.
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.
OCTOBER
1948
1277
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
Industry
Aug. Sept. Oct.
1948
Nov. Dec. Jan. Feb.
Mar. A p r M a y
June July Aug.
Industrial Production—Total
182
187
190
192
192
193
194
191
188
192
192
186
Manufactures—Total
188
192
197
199
198
200
201
200
195
197
198
192 P196
210
217
223
224
229
229
226
229
217
221
222
219 P221
188
195
204
202
205
203
203
207
177
207
207 '200
206
187
205
170
454
198
224
184
509
197
222
182
503
196
226
185
516
197
224
182
526
196
226
180
551
190
234
184
587
151
208
154
591
193
235
183
607
196
236
180
628
186
228
176
595
199
233
178
620
267
188
214
177
477
276
280
281
288
285
284
283
275 '273
276
268 P269
213
227
232
234
244
244
232
240
237
218
223
236 P231
180
197
198
200
206
206
192
202
197
179
187
205 P199
170
174
179
185
189
195
199
201
200
196
193
185 Pi 84
180
182
176
177
183
188
190
192
203
203
194
188 P187
167
171
180
188
192
198
202
204
199
194
193
184
Lumber and Products
142
140
143
150
153
155
150
151
145
142
140
142 P148
Lumber .
Furniture
133
160
128
164
128
172
137
176
143
179
135
178
137
178
132
169
131
163
129
161
135 P140
157
206
Durable Manufactures
. .
Iron and Steel . .
Pig iron
Steel
Open hearth
Electric
Machinery
Manufacturing
Arsenals
Transportation
Equipment
and Depots
P191
1
. . .
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government)1
Non ferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
..
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption)1
P183
199
202
201
201
139
181
205
202
207
211
211
207
200 P207
Glass products
Plate glass
Glass containers .
. . . .
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products l
211
151
231
171
162
225
219
151
243
171
160
221
210
156
229
174
161
230
207
143
229
178
162
236
199
141
218
196
166
236
187
149
200
199
179
246
197
166
208
208
168
246
216
226
224
226
244
215
242
205
160
219
196
176
248
212 201 199
165 152 170
227 218 208
193 187 190
173 172 176
249 '241 '238
244
244
248
185 206
123 172
206 217
188
169 P171
238 P238
246 P243
Nondurable Manufactures
169
172
176
179
173
178
180
177
177
178
179
169 P176
154
160
164
172
163
179
179
175
174
176
174
153 P166
166 161 161 162
153 147 147 147
'296 '303 '298 '308
159
140
313
137 P\S\
115 127
'323 P317
Stone, Clay, and Glass Products
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1
Wool textiles
. .
Carpet wool consumption
Apparel wool c o n s u m p t i o n . . . .
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.
Wheat flour
Cane su^ar meltinss 1
JVlanufactured dairy products .
Butter
Cheese .
Canned and dried milk
....
248
142
130
147
130
152
139
159
149
149
131
165
153
267
278
280
290
287
300
156
184
176
147
134
165
148
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 '176
226 220
191 184
163 162
145 146
189 185
172 '172
116
122
126
124
114
120
123
115
110
108
109
115
130
93
87
120
131
103
94
121
136
94
100
122
141
88
93
113
129
83
89
116
132
85
96
116
133
80
95
102
115
69
92
105
119
78
91
109
124
82
91
107
121
80
'89
95
109
65
80
101
117
118
123
112
128
108
101
114
101
122
100
127
92
123
91
113
93
94
126
107 '110
85
96
157
158
156
158
158
158
160
158
157
159
163
160 P157
148
136
136
143
133
140
134
122
134
139
138
139 P141
P147
74
174
158
P147 P140 P138 P139
76
66
66
67
75
167
160
163
157
151
137
148
130
156
127
P145
65
150
134
69
159
158
136
158
153
124
113
140
135
96 P109
P118
P154
P151 P152
71
71
72
75
72
170
171 171 '168 171
175
185 192 195 198
r
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
1278
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1948
Industry
Aug.
M.anufactured Food
Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June July Aug.
Products—Continued
M e a t packing
Pork and lard
Beef
Veal
L a m b and mutton
145
155
140
158
91
146
144
153
174
99
142
141
146
171
109
170
185
159
190
114
160
173
154
149
107
150
156
154
128
98
147
161
141
115
102
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
160
138
.... 118
173
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
182
176
198
229
219
167
167
198
191
182
167
170
173
179
168
56
.... 385
238
196
78
277
297
204
71
323
468
203
1
119
562
165
5
94
376
169
37
220
264
171
115
431
310
157
152
526
239
153
160
383
255
141
157
294
245
145
114
393
243
155
86
402
242
165
73
346
274
160
163
175
169
149
153
155
164
183
163
166
148
178
• • 107
211
80
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
108
226
68
98
200
63
113
242
75
158
159
163
165
158
163
163
166
168
169
165
150
165
153
. . . 178
113
105
278
151
149
178
86
157
..
148
138
. . . 94
153
171
110
104
259
149
150
182
87
157
151
135
97
157
177
105
107
275
154
154
184
89
167
152
141
91
160
182
97
112
281
159
156
186
89
168
158
146
90
153
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
164
159
187 1 8 3
104
106
112
111
309 301
151
146
160 156
191
187
86
'86
169
168
169
157
150
145
94
95
146
172
117
96
283
135
142
165
r74
150
160
135
93
161
194
122
110
328
150
155
184
83
160
161
152
96
145
144
152
152
146
148
157
150
154
156
157
147
155
. 133
131
138
137
131
134
144
139
143
143
146
145
149
.
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
A. Icoholic Beverages
- . . .. . .
!Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Industrial Alcohol froTn Beverage Plants *
Cigars
Cigarettes
Paper and Paper Products
.
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp .
.
.. .
Paper
Paperboard
.
Fine oaoer
Printing paper
Tissue and absorbent paper
Wraooins oaDer
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
P201 P203 P204 P205
Petroleunt and Coal Products
Chemical Products
...
^ 183
.
....
P208
P214
P215 P211 P213 P220 P220 P217
P218
163
180
164
177
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
171
164
415
170
162
439
177
169
449
177
170
414
179
171
440
178
171
442
179
171
421
166
164
237
137
135
186
174 175
166
168
421 •"407
170
166
318
249
248
248
251
254
255
252
250
249
249
256
251
P260
152
135
294
431
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
123
311
433
P127
P316
P450
210
217
223
225
230
223
215
205
200
'201
205
200
P204
150
153
155
155
156
154
155
142
147
162
159
153
P159
155
160
162
163
162
160
161
146
149
168
164
160 P166
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
153
164
111
166
152
161
112
165
148
155
118
167
99
97
108
169
103
102
105
171
160
171
116
172
147
157
105
173
134 P150
143
100 P117
172 P175
117
111
107
109
117
117
120
118
137
128
128
114 P116
163
153
145
146
159
159
163
161
193
179
179 P155
56
47
55
55
53
63
55
73
55
78
59
67
59
64
58
59
57
68
57
67
.
• -
Paints .
Soap
Rayon
Industrial chemicals
Explosives and ammunition *
. .
...
Rubber Products
Minerals—Total
. ..
Fuels
Coal
.
Bituminous coal
Anthracite
•
....
Metals
Metals other than gold and silver
(Conner* Lead* Zinc)1
Gold
Silver
P117
.
Tobacco Products. . ,
Petroleum refining ^
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products *•
Coke
.
By-product coke
Beehive coke
126
128
125
147
92
178
170
450
P158
«. .
.
55
65
r
x
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
OCTOBER
1948
1279
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
Industry
Aug. Sept. Oct. Nov. Dec
Jan. Feb. Mar. Apr. M a y June July Aug,
Industrial Production—Total.
Manufactures—Total
185
191
194
193
189
189
190
188
186
192
193
187
191
197
200
200
196
197
197
197
193
197
199
193
199
Durable Manufactures....
212
219
224
224
227
226
223
228
217
•222
223
220
'223
188
195
204
202
205
203
203
207
177
207
207
200
206
187
205
170
454
188
214
177
477
198
224
184
509
197
222
182
503
196
226
185
516
197
224
182
526
196
226
180
551
151
208
154
591
193
235
183
607
196
236
180
628
186
228
176
595
199
233
178
620
267
276
280
281
288
285
284
190
234
184
587
283
275
•273 276
268 V269
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Manufacturing Arsenals and Depots
194
1
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 1
Lumber and Products.
Lumber.. .
Furniture.
213
232
234
244
244
232
240
237
218
223
236 v231
180
197
198
200
206
206
192
202
197
179
187
205 P199
170
174
179
185
189
195
199
201
200
193
185 P184
180
182
176
178
183
188
190
193
203
193
187
P187
167
171
180
188
192
198
202
204
199
193
184
P183
151
150
150
148
140
138
137
143
144
144
148
147
160
143
164
138
172
133
176
119
181
117
179
116
178
125
178
131
169
134
163
141
161
148
157
P!57
207
210
210
206
200
190
193
201
208
211
209
201
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products 1.
218
151
241
193
166
226
216
223
151
248
198
166
225
226
215
156
236
202
169
236
224
209
143
231
192
169
240
226
187
141
203
178
172
242
244
184
149
196
161
166
236
215
193
166
201
158
160
235
242
205
160
219
160
169
238
248
212 212
165 152
227 233
183 196
168 171
246 '243
244 244
197
170
206
203
175
"243
248
179 213
123 172
198 226
207
169 P176*
238 P240
246 P243
Nondurable Manufactures.
173
178
181
180
171
173
176
173
174
154
160
164
172
163
179
179
175
142
130
267
147
130
278
152
139
280
159
149
290
149
131
287
165
153
300
166
153
296
161
147
'303
156
184
176
147
134
165
148
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
116
121
126
126
113
120
114
126
97
84
105
117
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
154
146
132
140
Stone, Clay, and Glass Products...
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1.. .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth. .
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers....
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings l
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream
178
147
167
148
144
144
P87
81
195
163
73
170
147
64
147
127
50
113
99
52
106
100
55
116
103
P215
177
179
170
P180
176
174
153
P166
161
147
298
162
147
"308
177
216
190
166
144
196
171
179
227
196
164
146
190
171
179
226
191
163
145
189
172
137 P151
115
'323 127
P317
•176 136
220 158
184 153
162 124
146 113
185 140
172 135
126
114
110
108
108
124
144
84
99
110
101
115
68
91
89
123
105
119
74
94
89
109
124
78
89
100
105
117
81
'90
93
•110
90
103
64
79
79
96
163
171
132
137
127
144
136
141
120
P119
58
63
123 143
120 155
113
107
143
153
134
P201
72
93
176 229
197 257
128
159
140
313
98
242
265
94 P108
P176
P223 P198
82
207 191
226 204
r
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
1280
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index n u m b e r s of the Board of Governors.
1935-39 average = 100]
1947
1948
Industry
Aug.
Manufactured
Food
Sept, Oct.
Nov. Dec.
Jan.
Feb.
Mar
Apr.
May
June
July
Aug.
Ill
98
127
144
90
Products—Continued
Aleat packing
Pork and lard
Beef
Veal
L a m b and mutton
..
Other manufactured foods
Processed fruits and vegetables
C o fectionery
. . . .
Other food products
A Icoholic Beverages
M a l t liquor
Whiskev
O t h e r distilled spirits
Rectified liquors
..
127
119
141
155
89
136
114
165
191
106
144
133
159
195
113
189
216
165
203
114
187
229
154
140
104
175
204
157
119
103
141
158
130
101
103
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
186
263
128
176
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
181
206
252
196
146
142
176
172
178
173
186
188
184
192
56
208
238
197
78
379
297
190
71
837
468
157
1
251
562
132
5
103
376
139
37
143
264
154
115
259
310
146
152
342
239
160
160
230
255
161
157
177
245
183
114
243
243
194
86
233
242
189
73
187
274
165
172
181
172
139
153
147
155
173
163
173
154
184
107
222
78
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
158
159
163
165
157
163
163
167
169
170
165
149
165
152
176
100
105
278
151
149
178
86
157
148
138
93
153
170
98
104
259
149
150
182
87
157
151
135
97
157
177
97
107
275
154
154
184
89
167
154
141
91
160
182
103
112
281
159
156
186
89
168
158
146
91
152
168
97
107
255
148
150
177
86
162
153
139
87
157
174
91
109
276
151
159
178
98
1
10
269
161
156
179
163
182
107
108
293
151
160
192
87
166
173
151
91
164
112
112
309
151
160
191
86
169
169
150
95
160
r
183
107
111
301
146
156
187
'86
168
160
145
95
145
170
104
96
283
135
••141
165
170
167
150
83
160
179
96
103
285
153
157
192
85
161
161
148
82
91
160
192
107
110
328
150
155
184
83
160
161
152
95
139
145
156
158
150
144
155
153
159
159
156
137
147
120
132
145
149
138
125
141
145
151
149
144
125
134
P214
P215
P222
P187
Industrial A Icohol from. Beverage Plants *
Tobacco Products
Cigars
.
Cigarettes
Other tobacco products
..
Paper and Paper Products.
Paper and pulp
Pulp
G r o u n d w o o d pulp
Soda pu^p ....
Sulphate pulp
Sulphite pulp
Paper
Paper board
Fine paper
Printing paper
Tissue <.nd absorbent paper
W r a p p i n g paper .
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as s h o w n under Paper)
P201
Petroleum and Coal Products,
Petroleum refining ^
Gasoline
Fuel oil
Lubricating oil
Kerosene . .
Other petroleum products *•
Coke
By-product coke
Beehive coke
. .
..
Chemical Products...
Paints
Soap
Ravon
Industrial chemicals
Explosives and ammunition *
Other chemical products *
..
P203
r>204 P205
P208
187
86
162
161
145
82
P211
P213
P220
P2Z0
J-74
>i53
P217
P218
163
180
162
170
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
155
184
170
192
152
179
171
164
415
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
245
248
251
252
255
253
253
252
251
249
253
247
P256
151
136
294
431
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
122
311
433
P\6\
P129
P316
P450
173
178
170
450
Rubber Products
...
210
217
223
225
230
223
215
205
200
"201
205
200
P204
Minerals—Total
...
155
158
158
155
151
149
149
136
145
164
163
158
P164
155
160
162
163
162
160
161
146
149
168
164
160
P166
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
153
164
111
166
152
161
112
165
148
155
118
167
99
97
108
169
103
102
105
171
160
171
116
172
147
157
105
173
134
143
100
172
153
148
215
325
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper* Lead' Zinc)*
Gold
Silver
r
151
145
132
106
85
81
83
82
126
144
219
326
206
298
183
257
136
159
101
76
97
70
103
73
103
77
178
228
210
302
226
331
61
46
63
55
62
63
62
73
57
78
56
68
53
65
51
61
51
68
50
67
52
63
P150
P158
P117
P175
P149
214
324
r
ately.
ublication ;
p Preliminary.
Revised.
* Series included in total and group indexes but not available for pub
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
OCTOBER
1948
1281
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
Industry group or industry
1947
July
Aug.
1947
1948
Apr.
May
June
July
Aug.
June
1948
Aug.
July
Apr.
May
June
July
Total
153.3 157.8 156.1 155.5 158.1 158.4 161.6 327.2 321.8 331.5 347.1 346. 359.0 360.1
178.7 181.5 185.1 183.9 184.4 184.6 185.7 375.5 359.4 366.8 393.4 390.8 401.3 403.1
133.4 139.1 133 3 133 1 137.4 137.7 142.7 280.0 285.1 297.0 301.9 303.6 317.7 318.1
Iron and Steel and Products
Blast furnaces, steel works, etc.
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work
158.2 161.0 161.7
132
130
131
214
200
205
132
139
150
149
138
136
158
176
168
166
170
Electrical Machinery
Electrical equipment
Radios and phonographs
218.9
202
212
219.6 217.4
202
200
212
220
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
;
Machine-tool accessories
Pumps
Refrigerators
221.7
226. i 227.4 228.5 230.4 226.9 225.2
236
285
182
226
138
214
298
220
238
287
178
233
143
219
295
224
239
289
143
267
130
215
281
227
236
287
180
264
130
214
279
235
238
280
193
267
128
215
272
241
235
281
192
262
128
200
267
239
471
589
314
475
265
391
633
431
456
579
314
463
242
362
614
426
462
597
307
472
254
363
610
409
494
612
249
572
240
393
610
450
491
618
285
571
241
390
610
472
501
601
356
595
243
384
597
509
Transportation Equipment, except Autos
Aircraft, except aircraft engines. . .
Aircraft engines
...
Shipbuilding and boatbuilding
253.7
326
301
127
255.0
329
300
126
290.9
346
278
177
276.0
315
282
168
273.7
322
291
157
270.6 270.0
329
287
150
571.1
622
482
394
492.5
622
485
243
492.4
638
487
242
601.4
695
481
374
566.4
634
494
346
561.2 552.4
661
649
533
518
305
322
Durable goods
Nondurable goods
187
185
190
189
185
190
161.4 162.4 161.4 164..
133
135
136
214
217
213
135
141
149
146
140
138
162
160
160
319.2
249
407
266
307
356
307.2
238
399
298
300
347
316.8
254
397
335
292
356
329.6
253
453
275
342
345
334.4
265
454
286
326
353
340.,
268
470
311
319
360
336.9
270
441
354
304
359
188
187
405
374
403
366
415
394
440
406
441
410
439
397
429
320
339
341
346
345
329
187
188
176
186
412
171
169
168
167
328
211.6 210.8
195
196
202
205
206.- 207.3
192
195
430.0 428.1
440.5 396
394
460
461
409
465
443.0 427.4 434.5
444.3 431.6 439.6 436.5
408
398
407
406
469
451
458
456
463.8 466.4 480.7 469.5
489
585
366
573
239
361
585
489
386.2 362.6 380.9 423.3
Automobiles
187.3 184.1
191.9
190.5 183.2
195.0 190.1
363.6 355.3 345.1
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
171.4
148
172.8 176.9
144
148
173.7 173.8
150
152
169.1 171.8
152
352.0 332.1
299
299
335.3 368.3 362.5 368.1
292
314
322
329
140
170
138
174
134
166
282
332
251
312
Lumber and Timber Basic Products.
Sawmills and logging camps
Planing and plywood mills
171.5
188
166
177.3 179.4 183.6 190.0 196.9 199.6
208
195
200
196
217
184
180
182
165
187
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
135.7 140.1
129
126
Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
103.8 105.1 113.7 113.0 113.2
126
125
126
118
118
88
88
89
79
80
110
110
111
100
103
83
81
81
75
76
124
123
114
125
115
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
125.7 135.6 139.8
121
135
128
111
97
102
154
140
154
92
93
80
137.1 138.6
135
137
109
108
149
152
80
79
Leather and Leather Products
Leather
Boots and shoes
107.5 111.1 107.1
95
97
98
102
103
106
103.3 107.- 108.3
96
94
95
104
98
103
110.5
225.9 229.0 235.8 227.1 215.4 233.4 236.9
197
203
200
198
201
205
204
221
231
225
220
203
225
231
Food and Kindred Products
Slaughtering and meat packing...,
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
153.4 168.8
136
135
142
142
114
115
104
113
188
183
164
233
122.6 127.7 147.4 160.0
86
140
141
72
134
139
135
143
115
114
118
119
101
110
103
101
164
172
185
196
92
112
84
164
163.7
286.7
260
302
213
229
319
249
Tobacco Manufactures
Cigarettes
Cigars
89.8
120
77
92.4
121
81
138
188
143.4
135
146.5 151.2 153.7
165
159
166
151
147
151
129
131
126
167
160
166
91.6
120
80
136
182
135
179
263
302
272
357
269
347
409.8 394.2 429.7 433.4 461.1
485
471
508
457
441
377
435
445
380
357
278
338
361.2
338
284
315
497.3 511.7
556
576
456
456
137.8 141.7
128
308.0 298.6 311.6
274
285
285
333.0 325.6 326.0 320.4
307
315
304
297
154.7 156.0 153.2 156.3
165
163
156
152
155
156
134
138
138
169
164
170
311.5 298.8 315.5
334
313
341
297
284
279
289
279
276
330
322
309
337.9
355
297
305
349
343.4
353
314
321
351
347.1 335.5
349
317
324
329
330
335
355
337
139.7 139 A
131
130
90.5
121
78
90.6
121
78
108.7 111.6
122
85
106
75
120
248.6
308
206
253
143
261
243.7
303
203
243
149
241
246.2
306
209
234
159
249
307.1
375
267
309
189
306
303.8
370
269
308
184
299
304.6
366
272
312
186
298
285.4
341
257
295
171
278
135.6
129
103
153
262.3
273
229
264
128
266.2
260
219
283
146
288.4
265
226
323
171
306.5
317
275
307
171
297.9
312
267
299
128
303.6
313
259
311
133
303.6
294
247
327
166
92.6
122
75
317.1 349.3
270
281
336
326
218
218
233
211
365
350
654
402
267.4
180
285
228
241
316
217
281.3
211
294
235
210
300
234
194.8 200.0 203.0 205.7 201.3
240
254
249
254
253
174
179
170
183
175
330.1
315
317
245
231
351
283
353.5
306
344
248
229
392
421
205.8 205.5
263
270
176
171
NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for August
are p:
preliminary. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics.
1948\ are
1282
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal
Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry group or industry
1947
July
Factory pay rolls
1947
1948
Apr.
May
307.2
325.7
317
314
280
333
351
293
238.0
240.0
209
271
214
267
195.7 201.0 384.1
458
229
133
215
528
276
325
519
180
362
82
201
123
350
387.7
450
250
534
495
359
194
335
157.3 160.3 160.7 162.0 291.4
280
159
157
160
282
146
143
147
163.8 161.1 161.6 157.5 160.7 342.3
169
356
171
168
169
320
158
152
162
158
174.1 177.7 178.4 176.6 175.4 173.6 179.7 363.5
468
243
243
243
244
243
246
216
217
392
214
220
217
217
July
Aug.
146.5 146.9 146.1 148.7 303.4
149
150
307
148
323
163
164
160
132
284
134
131
304.2
315
317
274
Printing and Publishing
Newspaper periodicals
Book and job
131.2 132.3 131.8 132.0 132.3 131.1 132.0 240.3
120
121
124
124
210
122
123
144
270
144
143
144
144
145
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
195.0
242
126
283
269
161
76
126
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
156.2 157.0 154.9
156
156
155
134
135
137
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
165.1 167.9
190
193
154
148
Miscellaneous industries
Instruments, scientific
Photographic apparatus
Paper and
Paper
Paper
Paper
Allied Products
and Pulp
goods, n.e.c
boxes
Aug.
Apr.
143.3 145.7 146 A
143
145
148
160
161
163
134
138
134
195.3
241
126
281
290
104
86
133
201.4
233
131
283
304
183
100
177
July
June
May
198.4
231
131
280
305
182
89
156
198.4
231
133
284
317
181
83
131
Aug.
June
1948
June
July
331.1
337.8
343
355
290
348
358
305
341.7
359
355
295
259.5
262.2
264.9
235
291
237
297
238
299
390.2
422.1
422.5
432.6
470
252
527
539
207
222
355
480
275
565
562
399
270
483
482
275
563
592
404
246
428
486
280
586
638
410
228
377
300.5
302.1
316.7
335.8
293
271
342.2
289
280
311
287
326
321
331
330
331.2
337.6
312.8
318.9
330.2
350
305
356
322
286
347
306
338
322
344
349.2
355.9
382.6
384.2
386.1
453
386
460
385
494
416
493
431
489
436
260.1
236
296
430.2
476
289
573
658
420
230
361
353.4
345
330
329.1
330
330
373.8
485
442
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
v Preliminary.
1948
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
154 5
178 8
135.4
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 7
183.9
138.8
159 6 P160.0
184.7 P184.8
139.8 P140.5
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 hourly earnings (cents per hour)
.Average hours worked per week
Industry group
1948
1947
June July
Mar. Apr. M a y
All manufacturing
40.2
39.8
40.4
40.1
Durable goods
40.7
40.0
40.9
40.5
40 5
39 8
41.3
40.1
38.7
40 5
42.8
41.7
40.8
39 3
39 8
40.9
40.1
37.7
39 7
42.2
41.1
40.1
40 6
40 3
41.6
40.3
38.9
41.1
42.3
41.8
40.8
39.9
39 9
41.4
40.5
38.6
40.9
42.1
41.0
40.7
39.8
39.7
39.9
38.6
36.0
38.1
43.2
38 2
42.9
39.9
41.1
40.7
39 1
40.3
38.4
35.8
38.2
43.2
39.6
42.9
39.6
40.9
40.5
38 6
39.4
40.6
36.7
37.8
41.6
37.7
43.1
39.5
41.2
40.6
37.8
40.6
Iron and steel and products
Electrical machinery
Machinery except electrical
Transportation equipment, except a u t o s . . .
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished lumber products
Stone, clay, and glass products
Nondurable goods
Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures
Food and kindred products
Tobacco manufactures.
Paper and allied products
Printing, publishing and allied industries...
Chemicals and allied products
Rubber products
Miscellaneous industries
1948
1947
June July
June
39.9
40.2
39.9
40.1
40.7
40.2
40.3
39 6
41.2
40.0
35.2
40.6
42.5
40.8
40.7
40.3
40 0
41.4
39.8
38.1
40.8
43.6
40.6
40.6
39.6
39.6
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
Apr.
June
July
130.1
131.5
133.2
136.6
138.3
140.6
142.3
135.7
144.1
148.1
154.8
135.5
111.5
113.6
128.6
143.1
137.3
146.1
148.9
160.9
136.9
113.4
114.5
129.1
145.7
140.9
147.5
150.1
164.0
140.5
115.1
115.2
130.6
122.0
123.0
124.2
125.2
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
114.7
105.5
111.8
121.7
100.3
129.2
167.7
136.7
165.0
143.9
126.1
114.5
108.3
111.2
121.7
101.4
131.7
167.5
139.0
170.0
147.0
126.8
July
Mar.
122.6
123.0
128.9
129.2
130.3
130.5
135.2
135.7
39.6
39 5
40.7
39.2
39.3
40.1
42.7
40.3
39.4
136.3
129 5
136.3
138.7
148.5
128.6
105.3
106.1
119.0
136.5
130.8
137.1
139.5
149.6
128.9
103.3
105.8
119.8
141.2
135 0
142.1
147.2
153.9
134.4
107.1
112.6
126.0
141.6
135.0
143.1
147.8
153.3
134.3
108.3
113.1
127.1
39.8
39.5
114.0
115.0
122.0
39.5
35.6
37.0
42.8
37.8
42.8
39.1
41.4
40.7
39.7
40.4
38.6
35.8
37.4
42.6
38.0
42.6
38.8
41.1
40.8
39.7
39.4
102.4
99.4
105.3
111.9
95.0
116.5
149.9
123.2
146.4
141.9
116.7
102.8
102.0
105.5
112.1
95.3
119.0
149.8
124.7
149.5
144.5
117.8
114.0
109.2
110.6
118.7
96.8
124.7
162.1
131.5
159.3
140.8
122.9
May
NOTE.—Preliminary August 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 134.5; Durable, 40.7
and 142.2; Nondurable, 39.4 and 126.4, respectively. Back figures are available from the Bureau of Labor Statistics.
OCTOBER
1948
1283
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL 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
government 1
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
7.567
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
3,362
3,554
,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
15,705
15,804
16,039
16,161
16,216
16,266
883
916
918
919
922
926
1,927
1,959
1,969
1,999
2,006
2,018
4,097
4,102
4,128
4,101
4,080
4,089
9,458
9,497
9,542
9,613
9,636
9,679
1,658
1,680
1,676
1,688
1,690
1,693
4,686
4,619
4,634
4,662
4,670
4,688
5,440
5,390
5,385
5,414
5,405
5,441
45,019
44,755
44,791
44,584
44,726
45,052
45,248
45,347
16,332
16,208
16,246
16,045
16,018
16,170
16,285
16,293
927
920
930
820
936
947
915
941
2,056
1,945
1,941
1,972
2,032
2,l'O
2,092
2,103
4,075
4,071
4,069
3,995
4,0?8
4,056
4.077
4,087
9,694
9,664
9,634
9,721
9,6*9
9,780
9,792
9,810
1,688
1,698
1,697
1,696
1,699
1 ,700
1,737
1,752
4,723
4,730
4,729
4,768
4,738
4.663
4,645
4,634
5,524
5,519
5,545
5,567
5,586
5,626
5,705
5,727
1947—July
August
September
October
November
December
43,686
44,125
44,513
44,758
44,918
45,618
15,580
15,962
16,175
16,209
16,256
16,354
890
923
921
922
923
925
2,043
2,096
2,107
2,099
2,046
1,978
4,155
4,163
4,134
4,097
4,077
4,071
9,316
9,356
9,471
9,684
9,886
10,288
,675
,688
,668
,671
,673
,676
4,686
4,619
4,634
4,662
4,670
4,688
5,341
318
403
5,414
5,387
5,638
1948—January
February
March
April
May
Tune
July
August
44,603
44,279
44,600
44,299
44,616
45,008
45,074
45,514
16,267
16,183
16,269
15,950
15,892
16,113
16,155
16,456
922
914
924
817
935
950
922
949
1,871
1,731
1,805
1,933
2,052
2,173
2,217
2,250
4,020
4,019
4,032
3,974
4,042
4,105
4,135
4,149
9,622
9,520
9,598
9,576
9.617
9,671
9,647
9,665
,680
,690
,697
,704
,716
,726
,754
1,761
4,723
4,730
4,729
4,768
4,738
4.663
4,645
4,634
5,498
5,492
5,546
5,577
5,624
5,607
5,599
5,650
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—July
August
September
October
November
December
43,854
43,967
44,291
44,557
44,625
44,800
1948—January
February
March
April
May
Tune
July
August
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY ADJUSTED
UNADJUSTED
1
Includes Federal Force Account Construction
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Employed x
Total noninstitutional
population
Total
labor
force
Total
1940 2
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—August
September
October
November
December
107,590
107,675
107,755
107,839
107,918
1948—January
February
March
April
May
June
July
August
107,979
108,050
108,124
108,173
108,262
108,346
108,597
108,660
Year or month
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
63,017
62,130
62,219
61,510
60,870
61,665
60,784
60,892
60,216
59,590
59,569
58,872
59,204
58,595
57,947
50,594
50,145
50,583
50,609
50,985
8,975
8,727
8,622
7,985
6,962
2,096
1,912
1,687
1,621
1,643
44,573
45,544
45,535
46,330
47,047
60,455
61,004
61,005
61,760
61,660
64.740
65,135
64,511
59,214
59,778
59,769
60.524
60,422
63.479
63,842
63,186
57,149
57,139
57,329
58,330
58,660
61,296
61,615
61,245
50,089
50,368
50,482
50,883
50,800
51,899
52,452
52,801
7,060
6,771
6,847
7,448
7,861
9,396
9,163
8,444
2,065
2,639
2,440
2,193
1,761
2.184
2,227
1,941
47,524
47,046
47,119
46,414
46,602
43,605
43,462
44,149
1
Includes self-employed, unpaid family, and domestic service workers.
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
1
1284
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
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
January
February
March
April
May
June
July
August
September
October
November
December
Year
Nonresidential building
Residential
building
Total
7,759.9
Factories
1947
1948
86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5
54.1
71.9
55.3
82.2
91.9
103.8
72.9
77.7
941.4
3,153.8
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
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
1947
58.7
37.8
50 3
55.4
83 8
63.5
103.1
55.8
391.9
1948
55.9
9.4
35 8
29.6
57 7
44.7
51.2
80.0
47.4
61 3
59.8
64.1
53.3
87.2
65 0
111.2
117 0
113.8
112.8
97.4
596.9
1947
1948
113.9
90.5
122 0
161.4
184 7
185.7
165.9
223.5
141.5
165 9
181.5
154.1
136.6
177.3
164 3
184.7
205 0
215.7
217.9
207.8
1,890 4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1948
1946 1947 1948 1946 1947 1948 1946 1947 1948
358
387
698
735
952
808
718
680
620
573
504
457
January....
February. . .
March
April
May
June
July
August
September. .
October....
November. .
December . .
572
442
597
602
675
605
660
823
650
793
715
625
7,490 7,760
615
682
690
874
971
935
47
56
146
127
197
215
202
205
187
134
130
109
963
167
96
143
177
234
226
203
218
193
209
224
207
197
248
181
236
298
324
335
1,754 2,296
405
346
453
425
441
379
458
605
457
584
492
418
311
331
551
608
756
593
516
475
433
439
373
348
419
434
509
638
673
611
628
5,735 5,464
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Mortgages on
Title I Loans
Year or month
1937
1938
1939
1940
1941
1942
.
1943
,
1944
1945
1946
1947
1947—August
September..
October....
November..
December. .
1948—January
February...
March
April
May
Total
489
684
950
1,017
1,172
1,137
935
875
666
755
1,787
175
183
244
192
228
224
228
272
292
265
329
Property
improve-1
ment
54
151
204
242
249
141
87
114
171
321
534
43
46
46
47
68
56
45
49
63
54
59
Small
home
construction
13
25
26
21
15
1
(8)
(8)
8
i
1
i
War and
l - t o 4 - Rental
Vetand
family group
erans'
houses housing housing
(Title (Title (Title
II)
VI)2
ID
424
473
669
736
877
691
245
216
219
347
446
11
48
51
13
13
6
7
4
3
13
284
603
537
272
85
808
37
41
48
39
48 . . . . . .
48
45
53
51
95
96
150
106
112
120
137
170
177
53
158
1948
1947
Federal Reserve district
Aug.
July
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
83,910
152,811
67,756
102,783
89,692
91,352
169,359
86,808
33,099
12,118
72,997
Total (11 districts)
854,091
962,685
Aug.
123,216
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Total
SavCom- Muings
tual
and
mer- savloan
cial
banks banks associations
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
1941—June
Dec
2,755
3,107
1,318
1,465
157
186
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
237
668
789
254
272
940
276 1,032
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
1944—June
Dec
3,554
3,399
1,669
1,590
1945—June
Dec
3,324
3,156
1946—June
Dec
1947—June
Dec
End of month
197
72
164
71
50
286
149
i
51
76
277
1
2
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.
June
July
August
OCTOBER
1947
Public works
and public
utilities
Other
Public ownership Private ownership
Total
Year
Educational
.785.5
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Commercial
Insur- Fed2
ance
eral
com- agen- Other
panies cies 1
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
234
154
179
195
163
284 1,071
292 1,134
243
245
235
79
258
260
284 1,119
269 1,072
73
68
150
140
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
3,102
2,946
1,488
1,429
247
233
974
917
11
9
122
106
2,860
2,871
1,386
1,379
260
252
245
244
229
232
889
899
8
7
102
110
158
159
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.
1285
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Merchandise imports s
1
Month
1945
1946
1947
1948
1944
1945
1946
1947
1948
1945
1946
January..
February.
March.. . ,
,124
,107
,197
903
887
1,030
798
670
815
1,114 Pl.092
1,146 Pi,086
1,326 Pl.141
301
314
358
334
325
365
394
318
385
532
437
445
P546
P582
P666
823
793
839
569
561
665
405
352
431
582
709
882
P504
P475
April. . .
May....
,231
,455
,296
1,005
1,135
870
757
851
878
1,295 Pl.122
1,414 Pl.103
1,235 Pi,013
361
386
332
366
372
360
406
393
382
512
474
463
P528
P549
P616
870
1,069
965
639
763
511
351
457
496
782
940
772
P594
P554
P398
July
August
September....
,197
,191
1,194
893
737
514
826
883
643
1,155 Pl,022
1,145
1,112
294
304
282
356
360
335
431
422
377
450
P400
P473
P559
903
887
912
537
378
180
395
461
266
705
P464
»639
October
November
December.. . .
1,144
1,185
938
455
639
736
537
986
1,097
1,235
1,138
1,114
329
323
336
344
322
297
394
478
529
P492
P455
P603
815
862
602
111
317
439
142
508
567
P744
P683
P511
6,724
5,594
2,346
2,478
2,707
3,312
6,261
4,246
2,887
5,372
Jan.-July
8,607
1948
1944
1944
June....
1947
Excess of exports
8,684 P7.579
P4,045
P546
P745
P 3 , 534
P Preliminary.
1
Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian
Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars (preliminary).
2
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
F R E I G H T CARLOADINGS BY CLASSES
[Index numbers, 1935-39 average = 100]
Tota
Annual
101
1939
1940
109
130
1941
138
1942
1943.... ... 137
140
1944
135
1945 .. .
132
1946
143
1947
SEASONALLY
ADJUSTED
1947—March
146
137
April
May .
142
137
June
'135
July
143
August ~
September... 142
October
145
November... 147
December. . . 149
1948—January
February....
March
April
May .
June
July.
..
August
UNADJUSTED
145
139
130
130
141
1947—March
April. .*
137
May
June
July
August '
September...
October
November...
December. . .
139
138
142
134
144
142
140
148
153
156
150
139
1948—January
February....
March
133
129
122
May. .
June
July
August
128
143
144
143
146
ForLive- est
Coal Coke Grain stock
products
Ore
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
Miscellaneous
Merchandise
I.C.I.
98
111
123
135
138
143
134
130
102
137
168
181
186
185
172
146
107
101
112
120
146
139
151
138
96
96
91
104
117
124
125
129
100
114
139
155
141
143
129
143
110
147
183
206
192
180
169
136
101
110
136
146
145
147
142
139
97
96
100
69
63
67
69
78
147
182
150
107
153
181
148
75
147
119
155
180
173
185
159
151
138
121
110
104
159
148
148
171
184
184
151
147
145
78
79
76
174
140
107
145
184
142
74
115
146
153
156
160
155
170
184
180
192
195
191
168
162
137
152
145
138
107
92
105
104
105
96
152
152
149
147
150
158
194
190
181
163
163
192
143
149
145
149
151
156
71
73
73
75
75
74
155
150
98
183
178
162
137
185
132
103
109
123
129
144
158
194
144
153
140
146
141
139
150
165
162
180
195
195
213
213
191
185
182
152
146
150
145
143
140
141
145
68
71
72
70
69
187
183
84
76
79
105
96
86
86
80
182
146
95
159
50
143
79
169
133
98
148
157
145
80
183
170
121
143
»-201
94
87
154
151
267
286
146
146
76
73
153
160
311
284
145
150
71
73
141
105
163
153
144
153
147
119
155
141
115
146
153
156
160
155
155
150
98
105
163
153
144
153
66
64
66
175
87
87
178
188
195
201
153
152
142
130
139
161
133
92
161
155
147
141
272
235
163
60
157
163
158
147
77
78
77
71
192
188
163
132
101
100
81
61
62
137
135
146
45
49
57
139
137
142
65
69
73
134
183
183
177
187
108
113
147
189
156
94
86
141
145
156
165
171
212
277
296
296
273
143
144
144
142
146
70
69
66
63
67
165
177
74
66
76
r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
1286
[In millions of dollars]
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
Net
railway
operating
income
Net
income
93
189
500
902
873
667
450
289
P480
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
P8.685
P7,904
589
682
998
1,485
1,360
1,106
852
620
P781
1947—April
May
June
July
August....
September.
October...
November.
December.
685
698
731
683
719
716
739
786
806
637
633
649
634
655
681
696
708
722
48
65
82
48
64
36
43
78
83
15
32
49
18
31
4
9
47
50
1948—January...
February..
March....
April
May
June
July
767
781
761
726
795
856
819
707
710
705
684
701
719
727
60
71
55
42
94
137
92
28
38
22
9
62
102
1947—April
May..::..
June..:...
July
August
September.
October...
November.
December.
690
725
698
••706
745
727
794
755
807
631
649
637
•"645
664
679
718
690
727
59
77
61
61
81
48
76
66
80
1948—January...
February..
March
April
May
June
July
751
716
777
729
796
838
842
709
676
716
676
706
713
737
41
39
61
53
90
125
105
SEASONALLY
ADJUSTED
P58
UNADJUSTED
36
49
••43
37
51
20
49
43
60
19
18
35
27
64
94
P77
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
1939
1940 . .
1941
1942
1943
..
.
1944
1945
1946
. .
1947
106
114
133
150
168
187
207
264
286
104
108
126
140
148
162
176
221
'234
101
106
119
128
135
150
169
220
239
104
111
129
143
151
167
184
235
261
106
114
138
153
167
182
201
257
281
109
120
144
170
194
215
236
292
303
113
123
145
162
204
244
275
345
360
107
116
135
149
161
176
193
250
275
111
119
143
158
179
200
227
292
314
106
109
123
129
148
164
185
247
274
105
110
127
149
184
205
229
287
311
112
116
138
157
212
245
275
352
374
109
119
139
171
204
224
248
311
336
SEASONALLY ADJUSTED
1947—August
September
October
November
December
284
294
279
302
303
237
241
211
244
239
'244
239
225
248
241
'257
266
265
280
277
273
290
271
296
309
'283
303
297
310
322
352
361
348
383
394
266
290
266
298
293
307
337
308
339
337
271
287
276
281
277
'308
323
320
335
334
376
368
360
415
389
'353
345
340
348
361
1948—January
February
March . .
April
May
June . . .
July
August
286
286
285
306
310
312
316
311
224
226
228
243
242
252
'255
236
240
241
229
255
268
265
266
256
272
280
263
278
284
283
288
289
284
284
270
295
320
306
313
308
286
306
317
321
313
335
328
315
355
359
368
390
394
397
392
402
271
281
274
289
289
299
312
295
291
307
318
343
340
346
355
354
286
267
278
283
306
291
'294
292
306
292
307
337
336
328
'322
336
390
368
384
448
418
406
436
419
348
327
339
362
365
372
365
382
UNADJUSTED
1947—August
September
October
. . .
November
Decembe r
236
300
299
376
485
176
248
234
306
419
'178
244
253
323
408
193
266
280
370
460
237
293
290
371
479
'234
322
324
394
542
310
368
372
460
619
224
296
284
364
455
264
340
330
428
516
242
311
304
335
424
277
336
336
392
505
327
387
396
507
633
'313
345
350
421
571
225
238
285
288
300
289
"•243
259
170
174
228
231
240
242
'176
174
192
202
234
237
252
246
181
187
204
216
284
262
287
266
207
216
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
302
316
324
384
399
393
345
331
365
281
295
326
333
339
338
311
338
1939
1940. .
1941
1942
1943
1944
1945.
1946
1947.
102
108
131
180
155
162
166
213
255
99
105
124
165
142
147
153
182
202
97
102
123
181
143
150
160
195
225
96
99
119
167
141
148
150
191
220
99
106
130
182
144
151
156
205
243
107
113
139
191
175
190
198
250
289
107
115
140
178
161
185
188
258
306
103
111
134
186
160
161
159
205
246
102
108
134
176
152
159
166
225
274
103
110
138
171
151
169
165
211
266
99
105
125
159
152
157
158
210
259
106
113
130
161
159
177
190
250
321
106
115
137
190
174
178
183
238
300
SEASONALLY ADJUSTED
1947—August
September
October
November
December
228
232
252
273
285
186
191
211
219
224
'207
210
224
234
236
206
210
231
238
245
219
222
238
268
272
261
252
281
310
323
273
282
300
337
344
221
225
245
259
264
250
246
274
290
297
241
246
251
281
306
'215
224
239
266
300
282
285
306
357
397
251
264
293
327
353
1948—January
February
March
April
May
June
July
August
289
304
313
309
297
284
273
266
224
227
240
238
228
212
204
204
233
250
255
249
243
237
228
232
243
253
261
264
257
248
'238
234
277
286
298
286
277
273
257
254
332
339
334
340
337
304
308
289
345
378
370
379
368
343
333
330
274
290
304
293
289
275
264
257
309
331
329
331
313
302
293
292
310
324
343
363
333
325
'321
310
316
329
353
325
315
300
'265
261
385
424
420
422
417
396
358
363
360
377
388
386
347
335
328
302
UNADJUSTED
1947—- August
September
October
November
December
245
257
284
296
244
195
206
239
249
201
215
227
253
263
211
214
231
263
262
208
236
246
274
283
225
294
283
320
329
269
295
311
336
354
289
236
250
275
285
238
273
273
307
310
250
255
265
279
303
268
'241
251
272
284
246
318
319
345
382
333
276
298
325
346
289
253
279
303
308
297
278
274
287
199
214
233
233
226
204
198
215
205
232
254
251
247
228
'215
242
211
246
261
270
259
235
'226
243
243
266
287
295
280
262
257
275
283
320
333
342
330
291
304
325
311
352
370
376
357
346
343
356
236
264
294
293
289
270
258
275
265
298
319
331
313
302
305
318
282
309
345
347
331
315
'326
329
273
296
317
315
309
300
'295
293
346
377
399
409
396
384
'387
410
317
331
360
381
360
341
347
332
1948—January .
February
March
April
May
June
July
August . . .
STOCKSi
1948—January
February
March
April
May
June
July
August
.. .
' Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1
OCTOBER
1948
1287
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)
Department
Number of
stores
reporting
Ratio of
stocks xto
sales
Stocks
(end of
mo.)
Sales during
period
Sales during
period
July
Seven
mos.
1948
July
1948
1948
+5
+5
+5
+4
3.3
3.0
3.5
3.2
+3
+5
+3
+5
+1
+13
+14
+10
3.8
3.8
3.9
7.4
2.3
3.8
4.3
3.0
4.4
3.5
3.6
3.3
6.8
2.4
3.5
4.0
2.4
4.3
4.0
3.2
3.0
3.8
5.0
5.4
3.2
8.6
4.9
4.3
3.5
4.8
355
MAIN STORE—total
355
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.
312
290
185
155
173
306
274
238
238
Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry
Silverware and clocks'
Costume jewelry4
Fine jewelry and watches4
Art needlework
Books and stationery
Books and magazines
Stationery
342
205
243
328
320
198
261
73
242
272
137
226
W o m e n ' 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
353
352
307
284
178
335
337
349
344
247
279
242
328
336
243
202
202
353
343
215
207
316
290
311
344
264
263
340
288
272
M e n ' s a n d boys* wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers. .
328
250
307
296
186
+4
+5
+3
+2
+2
Housef u r n i s h i n g s
Furniture and bedding
Mattresses, springs and studio beds4
Upholstered and other furniture4
Domestic floor coverings
Rugs and carpets4
Linoleum4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
Gift shop4
Radios, phonographs, records,
and instruments 4 .
Radios and phonographs4
Records, sheet music, and instruments 4
315
239
155
156
270
147
99
296
245
243
238
249
152
226
172
140
+7
+ 10
+ 11
+10
+8
+7
+7
+3
+2
+1
+15
+2
+ 10
Miscellaneous merchandise d e p a r t m e n t s
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy4
311
287
222
134
250
187
-4
-2
+ 17
+1
-6
+ 10
-2
+4
+6
+1
-4
+1
-3
+ 12
+1
+1
+5
-3
+1
+7
+ 10
0
-2
-7
-3
-6
-2
-2
2
+4
+6
+1
+5
+2
+5
-9
0
-8
-11
+2
+2
+7
+ 12
+7
-3
-4
+2
-1
0
+12
+ 17
+20
+8
+ 15
+ 19
+ 10
+ 10
+ 14
+5
+ 12
+ 19
-24
+5
2
+1
0
0
0
-14
7
-3
-2
-3
-6
-2
-2
-9
0
+ 13
+4
+4
+6
-5
-4
+4
+1
+1
+1
+8
+7
+10
+1
+9
+ 11
+7
+9
+ 14
+3
+ 13
+10
-13
0
+2
-1
-2
-2
+8
+ 12
+ 14
+12
+ 13
+15
0
0
+7
+9
+ 12
+5
+11
0
+1
+1
-1
+1
-4
+4
+1
-15
Stocks at end
of month
1948
July
1948
GRAND TOTAL—entire store'.
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
1947
1947
June
July
July
June
164
210
157
579
601
508
170
196
173
137
273
161
148
199
132
210
254
197
94
388
188
185
202
175
167
648
187
735
180
679
141 1,008
234
631
160
617
157
630
181
599
135
580
686
738
610
795
725
661
717
652
582
592
670
562
874
554
571
648
453
578
3.8
3.1
2.7
3.9
4.3
4.3
3.0
7.4
4.4
4.2
3.5
4.6
138
186
219
123
138
179
278
283
142
207
139
178
207
122
143
554
598
655
469
695
594
673
704
503
736
528
635
564
472
612
116
121
115
109
126
156
138
156
124
122
117
111
571
525
403
526
634
537
448
546
565
515
515
434
2.7
3.3
3.0
4.3
2.0
9.0
2.8
2.6
2.4
2.2
2.4
2.2
3.9
2.8
4.9
5.0
4.9
2.2
3.3
3.2
3.3
2.4
1.7
3.5
1.2
0.9
1.7
1.8
1.3
9.7
2.5
2.9
2.5
4.9
1.8
8.2
2.4
1.9
2.2
1.9
158
147
138
109
72
57
219
115
202
226
198
165
189
116
151
203
192
176
137
121
100
278
146
235
248
242
192
221
178
218
149
146
151
109
78
63
214
113
188
201
184
170
196
113
153
430
491
408
474
146
510
607
296
476
501
491
366
728
327
739
438
519
460
482
128
503
658
324
529
563
550
417
737
359
770
380
429
398
522
140
519
524
219
415
402
428
383
638
294
645
168
113
213
105
151
96
365
368
352
247
326
316
179
201
156
185
242
276
213
280
155
169
142
168
432
337
553
222
404
314
537
294
381
304
241
235
59
298
303
19
214
198
78
433
296
575
482
385
371
392
274
528
4.6
4.9
3.8
6.2
5.5
4.0
3.7
3.6
5.9
5.3
140
144
146
112
137
233
227
255
175
213
135
136
142
110
134
639
707
556
697
760
695
753
623
701
833
554
503
528
650
723
+20
+24
+25
+23
+30
+30
+78
+ 12
+9
+22
+43
+ 11
+3
+7
+4
+14
4.2
4.4
2.1
5.1
5.2
5.4
4.7
4.6
4.6
8.0
2.0
3.6
5.6
4.9
4.3
6.9
3.7
3.9
1.8
4.6
4.3
4.4
2.8
4.2
4.2
6.6
1.6
3.3
6.1
4.5
4.3
5.6
197
178
234
209
184
162
824
790
856
819
689
636
157
880
894
669
+6
+ 14
+ 13
+13
+22
-9
3.2
4.8
5.4
4.0
2.8
1.4
2.9
+ 10
+ 14
+6
+ 10
+9
+1
+35
+1
+5
+7
+ 16
-1
+ 12
+26
0
+ 12
+4
+1
-2
+2
+14
+14
+8
-11
+5
-2
+ 16
+37
+ 16
+28
+ 16
-4
+ 15
+ 12
+15
+13
+ 16
+ 12
+16
+ 15
+11
+ 14
+ 15
+ 13
+ 15
+ 10
+ 19
+ 11
+8
+8
+17
+40
+8
+8
+7
3.2
2.6
4.2
4.4
4.1
2.2
3.3
3.4
3.2
2.4
1.7
3.4
1.2
0.9
1.5
1.8
1.4
6.9
4.2
4.8
3.6
2.3
1.3
July
1948
170
July
195
156
137
126
421
241
209
189
172
363
296
152
714
790
134
624
670
125 1,012 1,015
368
830
712
236
880
968
644
563
824
570
S03
167
158
111
182
259
195
181
120
218
337
171
158
112
182
259
498
665
534
667
607
530
758
599
734
715
536
734
585
720
793
For footnotes see follow ing page.
1288
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
report-
Department
Sales during
period
ing
Ratio of
stocks lto
sales
Stocks
(end of
mo.)
July
1948
Seven
mos.
1948
July
1948
Index numbers
without seasonal adjustment
1941 average monthly sales =100 J
Sales during
period
July
1947
1948
1948
1947
Stocks at end
of month
1948
1947
July
June
July
July
June
July
168
221
153
381
411
351
BASEMENT STORE—total
198
+10
+11
+9
2.3
2.3
Domestics and blankets4
134
+4
+3
+6
2.6
2.6
W o m e n ' s a n d misses' ready-to-wear
Intimate apparel*
....
Coats and suits4
Dresses4
. .
Blouses, skirts,
and sportswear4
Girls' wear4 4
Infants' wear
.
. . . .
196
169
179
173
154
120
114
+14
+ 17
+7
+ 18
+ 13
+ 10
+5
+14
+ 18
+ 10
+ 17
+ 16
+9
+9
+ 13
+ 16
+9
1.7
1.9
3.1
0.8
1.4
2.6
3.1
1 8
2.0
2.9
0.9
1.7
2.4
2.8
173
223
152
299
322
275
Men's a n d boys' wear
161
136
93
112
116
+12
+ 12
+ 18
+9
+11
+ 12
+ 16
+9
+9
+11
+ 16
+24
+ 11
2.8
2.6
2.8
2.4
4.0
175
260
157
491
525
448
-4
2.8
2 6
3.0
2.4
3.5
101
+1
+5
+5
+10
3.1
2.9
140
189
138
440
497
390
+6
+5
3.3
3.3
133
187
127
443
501
425
180
+6
+7
102
+ 14
+6
Men's wear4
Men's clothing4 4
Men's furnishings
Boys' wear4
....
Shoes
+9
131
NONMERGHANDISE—total*
Barber and beauty shop4
.
-2
-6
+ 16
+ 18
i The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
* The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and
858 were
reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 1287.
• Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
B
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.
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
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)
average
average
average
average
average
average
average
average
average
128
136
156
179
204
227
255
318
336
344
353
419
599
508
534
563
714
823
108
194
263
530
560
729
909
553
1947—August . . .
September
October. . .
November.
December.
274
341
367
416
584
»790
823
912
941
770
'623
676
663
605
544
1948—January...
February.
March. . . .
April
May
June
July
August
271
263
355
331
339
789
878
941
938
919
859
827
P892
633
575
420
356
339
462
551
P544
1939
1940
1941
1942
1943
1944
1945
1946
1947
'336
268
P295
1947
Jan.
Feb.
Mar.
Apr.
1947
3 . . ..279 M a y
10..: ..311
17.. ..273
24.. s . .277
3 1 . . . 250
7..- . . 293 June
14.. . .300
21.'.- ..256
28.. ..245
5 . . .208 July
12.. . .228
19.. . 217
26.. . .213
4 . . : . .188 Jan. 3 . . ; : . .204
1 0 . . : . .251 Aug. 2 . . ..220
.232
11
9 . . . .223 Aug.
1 7 . . . . .232
1 8 . . . . .223
16.. ..225
2 4 . . . . .226
2 5 . . . . .220
23.. ..243
3 1 . . . . .233
.217
1
30.. ..277
8 . . . . .219 Feb. 7 . . . . .240
1 4 . . . . .238 Sept. 6 : . ..265 Sept.
1 5 . . . . .246
13.. ..291
.249
21
2 2 . . . . .216
20.. ..301
2 8 . . . . .248
1
.238
27.. ..316
8 . . . . .254 Mar. 6 . . . . .266
1 3 . . . . .279 Oct. 4 . : '..326 Oct.
1 5 . . . . .267
1 1 . . '..304
2 0 . . . . .313
22
.286
18.: ..299
2 7 . . . . .331
2 9 . . . . .283
.280
5 . . . . .319 Apr. 3
2 5 . : ..306
10
.298
1 2 . . . . .265
.294
17
1 9 . : . . .271
.296
24
2 6 . . . . .267
.277 Niov. 1 . . . . .313 M a y
8 . . . . .347
.314
1 5 . . . . .380
.342
2 2 . . . . .395
.363
2 9 . . . . .367
.334
.475 Dec. 6 . . .508 Jure
1 3 . . . . .570
.519
2 0 . . . .576
.532
2 7 . . . . .358
.281
July
1948
1947
Nov. 2 . . . .
9
16....
23....
30....
Dec. 7 . . . .
14....
21....
28....
1948
1 . . . . .300
8. . . .330
1 5 . . . . .293
2 2 . . . . .295
2 9 - . . . .297
5 . . . . .282
.304
12
.310
19
2 6 . . . .262
3 . . . . .265
1 0 . . . . .217
17
.236
2 4 . . . . .231
31
.235
7
.261
14
.258
21
.271
••255
28
.308
4
1 1 . . . . .285
1 8 . . . . .337
2 5 . . . . .319
.327
2
9....
16.
23....
r
r
v Preliminary.
Revised.
* These figures are not estimates for all department stores in the
United States.
Back figures.—Division of Research and Statistics.
OCTOBER
1948
Revised.
N O T E . — R e v i s e d series. F o r d e s c r i p t i o n a n d b a c k figures see p p .
8 7 4 - 8 7 5 of B U L L E T I N for S e p t e m b e r 1944.
1289
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Aug. July Eight
1948 1948 mos.
1948
Aug. July Eight
mos.
1948
1948
United States.
Boston
New Haven.. .
Portland
Boston Area. . .
Downtown
Boston
Springfield
Worcester
Providence
New York 1
Bridgeport ...
Newark 1
Albany
Binghamton...
Buffalo l
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester x
Schenectady. .
Syracuse *
Utica
Philadelphia.
Trenton l l
Lancaster
Philadelphia x .
Reading x
Wilkes- Barrel.
Yorki
Cleveland
Akron l
Canton l x
Cincinnati . . .
Cleveland *
Columbus l . . .
Springfield 1...
Toledo i
Youngstown *.
p+9
+11
0-2
r+9
+23
-6
-2
+2
+4
-i
-9
-10
+3
+4
+3
+10
+6
+15
+5 +6
- 7 + 17
+5 —4
+17 + 18
+12
+15
+22
+18
+3 +25
—2 +12
+3
+4
+8 Cleveland-cont.
Erie i
+ 11 + 18
+2
+9
- 1 Pittsburgh *.. . . + 15
Wheeling i
+8 +8
+1
+2 Richmond
+9 +12
l
+3 Washington .. . +7 ++6
13
Baltimore
+6
+7 Raleigh,
N. C. . +10 + 16
+2 Winston-Salem.
+6
+1 Charleston, S.C. +16
+13 + 16
+6 Greenville, S. C. + 18 +7
— 1 Lynchburg
+ 10 + 13
+ 18 + 13
+5 Norfolk
+ 12 + 16
+7 Richmond
+ 13 Roanoke
j +6 + 19
+ 10 Charleston,
+ 12 W. Va
| +23 +24
+6 Huntington. . . . J + 19 +24
+5
i
+8 +13 +11 Atlanta
1
+ 11 +10 +11 Birmingham . .
I
+ 12 + 10 +10 Mobile
+6
+5 Montgomery *. . |
+8 +u\ +9 Jacksonville l... j
Miami *
j
+12 +12 +11 Orlando
i
+16 +22 + 15 Tampa 1
1
+16 +9 Atlanta l
j
+14 +4 +8 Augusta
i
+6 +15 +10 Columbus
i
+ 19 +14 +12 Rome
+8 +23 +10 Macon 1
+13\ +11 +10 Savannah 1
+7 +10 +8 Baton Rouge . .
+16
"- +25 +12 New Orleans x. .
+15 + 11 +8 Jackson x
+13 +9 +10 Meridian
+19
+13 Bristol, Tenn.. .
+3
*. .
+5 Chattanooga
+10 +. 14
—, +9
+9 Knoxville x
+10 +13 +11 Nashville *
+14] +17\
+ 13: +30
+ 17 r+13
-3
+8
+37
+1
+ 11
+5
+24
+ |
+43
+ 14
+3
+ 13
+27
+20
+81
+2li
_L T1 I
+24
+ 17
+8
+3
+14
+21
+24
+ 17
+5
+ 11 + j
+17 +26
+32 +45
+ 18 +8
-t
Aug. July Eight
1948 1948 mos.
1948
Chicago
l
+ 13 Chicagol
+9 Peoria
l
+9 Fort Wayne 1 ...
Indianapolis 1 . .
+6 Terre Haute ...
+5 Des Moines....
+2 Detroit x
+3 Flint i
+7 Grand Rapids. .
+2 Lansing
+ 10 Milwaukee 1 l....
+8 Green Bay
+ 14 Madison
+9
+6 St. Louts
Fort Smith
+17 Little Rock *. . .
Evansville
+17 Louisville l
P+9
+12
+12
+9
P + 1 1 + 19
P+6\ +6
+ 10
+ 15
_!_ -j o I
+4
+ 11
+ 13
+7
P+9
P+18
+14\
+ 12
+ 19
+5!
+ 16j
+ 17
+10 Quincy
. + 16
+ 15 East St. Louis.
4-15
+ 14
+ 14 St. Louis x
+7 St. Louis Area. . + 15
+2
+4 Springfield1
+
+7 Memphis
+30 Minneapolis. .. P+8\
+9
*.. . + 12|
+8 Minneapolis
Paul 1
+7;
+ 1 St.
Duluth+ 19 Superior 1.. . .
+3J
+4
Kansas City. . . *+8\
+11 Denver
+2
+9 Pueblo
+3
+14 Hutchinson
+6
+8 Topeka
+io!
Wichita
16|
+3 Kansas City. . . ++8
+5 Joplin
+
3
+21 St. Joseph
+7 Lincoln
+ i
+9
,
+ 18
+ 13
+ 12
+7
+9
+. 18
-,
+18!
+15!
+13\
+ 17
+ 18
+36
+ 15
+ 11
+30
+9
+ 10
+9j
+ 12|
+10\
+81
+6j
+ 10|
r
+9
+7
+17
-31
-3
Aug. July Eight
I 1948 1948 mos.
1948
_|
+9 Kansas City—
+6 cont.
j +9 +6 +6
+9 Omaha
+5 Oklahoma City . I +12 + 14 +12
j -4-32J + 16| +19
+5 Tulsa
+10 Dallas
+12\ + 1S\ +12
+17 Shreveport
+17| +28! +21
+10
' ' " Corpus Christi.. i
0 +7! +1
+6 Dallas 1
+8 +8 +6
+ 11 Fort Worth
+14 +10
!
+7
+8 Houston x
I +29 +34 +27
+14 San Antonio. .. . j +6j +9 +10
+14
P +6\ +12\ +9
+14 San Francisco..I
Phoenix x
j +9) -4-17! + 1 1
+10 Tucson
I
+9! - 2
+4
+6 Bakersfield 1
| +111 + 17 +16
+ 11 Fresno l
+
14i
+9
|
+4|
+25 Long Beach l1. . . I 01 +9i +7
+ 12 Los Angeles . . .| +2J +4 +2
+7 Oakland and1
+21
+3J +11] +9
Berkeley ..
+ 10 Riverside and
+11 San Bernardino +7j +n; +5
+8 Sacramento *. . . +7| + 16 +12
+6 San Diego l . . x. . P+8\ + 17 +12
San Francisco
.
+4| +8i +4
1
+8 San
+5! +5 +2
+9 SantaJose
1
Rosa
+7| + 13 +8
+5 Stockton
+3i + 13 +3
Vallejo
and
j
J
+13 Napa 1
0
I -6
j
J
+8 Boise and
-2
Nampa
! —6! +7
+4 Portland
4-16
| +15| + 18! +11
+6 Salt Lake City i.j - 1 | -10 +4
+9 Bellingham
| -3
i.
.
.
|
— li
+11 E v e r e t t11
j +2
l P+6|
+ 10 Seattle 1
+
1 +9 + 1| +4
+8
+1
+9
Spokane
Tacoma 1i
Yakima
j
+ 1 + 14j +4
(2) I +7! 3 +2
*» —II +2ll +6
P Preliminary.
r Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
Seven months 1948.
1
2
3
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]
All items
Food
Apparel
Rent
Fuel,
electricity,
and ice
House
furnishings
1929....
122.5
132.5
115.3
141.4
112.5
111.7
1933...
92.4
84.1
87.9
100.7
100.0
84.2
98.4
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
139.3
159.2
105.3
97.8
95.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
102.8
102.2
100.5
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
100.9
104.1
104.3
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
100.2
99.9
99.0
99.7
102.2
105.4
107.7
109 8
110.3
112.4
121.2
104.3
103.3
101.3
100.5
107.3
122.2
125.6
136 4
145.8
159.2
184.4
101.0
101.5
100.7
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9
160.3
163.8
163.8
164.9
167.0
196.5
203.5
201.6
202.7
206.9
185.9
187.6
189.0
190.2
191.2
111.2
113.6
114.9
115.2
115.4
123.8
124.6
125.2
126.9
127.8
184.2
187.5
187.8
188.9
191 4
139.8
140.8
141.8
143.0
144.4
168.8
167.5
166.9
169.3
170.5
171.7
173.7
174.5
209.7
204.7
202.3
207.9
210.9
214.1
216.8
216.6
192.1
195.1
196.3
196.4
197.5
196.9
197.1
199.7
115.9
116.0
116.3
116.3
116.7
117.0
117.3
117.7
129.5
130.0
130.3
130.7
131.8
132.6
134.8
136.8
192 3
193.0
194.9
194.7
193.6
194.8
195.9
196.3
146.4
146.4
146.2
147.8
147.5
147.5
150.8
152.4
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
..
..
1947—Aueust
September
October
November
December
194g—January
February
March
April
May
June
July
August
...
Miscellaneous
104.6
Back figures.—Bureau of Labor Statistics, Department of Labor.
1290
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945.
1946
J947
1947—April
May
June
July
August
September
October .
November . . .
December......
1948—January . .
February
..
March
April
May.
Tune.
...
July
August.......
Week ending: 1
1948—ju]y 3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14..
Aug. 21
Aug. 28
Sept. 4 . .
Sept. 11
Sept. 18
Sept. 25
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
152 1
148.0
147.3
147.7
150.6
153.7
157.4
158.5
159.6
163.2
165.7
160.9
161.4
162.8
163.9
166.2
168.6
169.4
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
181 2
176.9
175.4
177.8
181.4
181.6
186.4
189.7
187.9
196.7
199.2
185.3
186.0
186.7
189.1
196.0
'195.2
191.1
99.9
91.6
90.5
85.2
75.0
74.6
61.0
70.2
71.2
60.5
78.4
70.5
83.7
77.9
79.6
82.1
85.5
85.3
81.7
73.6
70.4
81.3
83.0
71.3
82.7
89.0
99.6
95.5
106.6
96.9
104.9
98.5
106.2
99.7
130.7 109.5
168.7 135.2
162.4 132.4
159.6 132.3
161.8 131.6
167.1 133.5
172.3 136.2
179.2 138.3
177.7 140.1
177.9 142.1
178.4 145.5
179.9 148.3
172.4 147.6
173.8 147.7
176.7 148.7
177.4 149.1
181.4 149.6
188.3 '151 .0
189.5 153.0
166.7
166.8
168.9
168.2
168.3
169.2
169.0
169.2
168.4
167.4
168.0
169.2
168.7
197.2
196.1
198.1
194.6
192.2
193.6
190.4
191.0
189.3
187.8
188.1
190.1
190.8
184.1
185.3
191.2
190.4
187.7
190.0
190.3
189.5
187.8
184.0
185.9
189.9
187.8
Farm Products:
Grains. . .
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
!Meats
Other foods
Sides 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 oroducts
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity.
Gas
Petroleum products
Aug
Total
Fuel Metals Build- Chemi- HouseHides
and furand
Textile and
and
ing cals
allied
nishleather- prod- [ighting metal matemate- prodproding
products
rials
rials
goods
ucts
ucts
ucts
90. 4
109.1
80. ^
100.0
66. 3
86.1
54. Q
72.9
64. 8
80.9
77 9
86.6
70. 9
89.6
95.4
71. S
76. 3
104.6
66. 7
92.8
69. 7
95.6
73. 8
100.8
84 8
108.3
96. 9
117.7
97 4
117.5
98. 4
116.7
118.1 100. 1
116.
137,2
182.4 141. 7
172.1 140. 3
171.5 139 9
173.8 139. 9
179.1 140 5
182.8 141. 8
185.6 142. 4
193.1 143 4
202.5 145 7
203.4 148. 0
200.3 148 4
192.8 148 9
185.4 149 8
186.1 150 3
188.4 150 2
187.7 149 6
189.2 '149 0
188.4 148 5
149.8
188.3
149.9
188.1
150.4 1 189.1
150.6
189.5
152.1
189.6
152.4
188.5
152.9
188.3
153.1
189.6
153.2
189.9
153.3
189.2
153.6
188.8
153.5
188.2
153.3
187.9
148 1
148 1
148 0
148 1
148
148
147
148
147
147
147
147
146
3
1
8
0
7
5
5
2
7
95.4
83.0 100.5
78.5
92.1
89.9
67.5
79.2
84.5
70.3
80.2
71.4
66.3
77.0
79.8
86.2
73.3
86.9
73.5
86.4
85.3
76.2
86.7
87.0
95.2
77.6
95.7
76.5
95.7
90.3
73.1
94.4
90.5
71.7
94.8
95.8
76.2
99.4 103.2
78.5 103.8 110.2
80.8 103.8 111.4
83.0 103.8 115.5
84.0 104.7 117.8
90.1 115.5 132.6
108.7 145.0 179.7
103.2 141.3 178.1
103.4 141.9 176.2
104.0 142.0 174.1
109.0 143.1 175.5
112.6 148.5 179.6
114.2 150.1 183.4
116.1 150.5 185.8
118.2 150.8 187.7
124.6 151.5 191.0
130.0 154.3 193.3
130.8 155.3 192.7
130.9 155.9 193.1
131.6 157.2 195.0
132.6 157.1 196.4
133.1 158.8 196.8
135.7 '162.2 '199.5
136.6 170.8 202.8
134.1
134.7
135.8
136.5
136.8
136.9
137.3
137.3
137.4
137.6
137.6
137.7
137.8
159.4
159.4
160.9
160.9
167.3
169.2
170.9
171.5
171.7
172.0
172.0
171.5
171.8
197.6
197.5
197.9
198.0
200.7
201.6
202.0
202.0
202.3
203.2
203.1
203.2
202.9
94.
88.
79.
73.
72.
75.
79.
78.
82.
May
June
July
0
7
9
1
0
7
6
77. 0
76. 0
77. 0
84. 4
95. s
94. 9
95. 2
95.
101. 4
127.
133. 5
1
120 8
118. 8
117. 5
1 ?.?..
128. 6
135 8
135. 0
138 8
134. 6
136. 1
136. 2
134 7
135. 8
134. 4
132. 0
135. 5
134. 5
134. 5
132. 9
133. 1
132. 0
131. 6
131. 7
132. 2
132. 1
133. 2
137 5
133 5
Miscellaneous
Aug.
Subgroups
Metals and Metal Products:
Agricultural mach. & equip.. .
208. 8 213.5 209.2 190.6 179.2
Farm machiner y
215. 9 219.0 239.2 250.8 250.0
Iron and steel.
152. 6 163.3 165.4 161.9 157.8
Motor vehicles
Nonferrous met als
164
176 6 181.3 182.9 185.1
Plumbing and ]leating
153. 3 156.3 155.1 154.5 154.0
133 0 147.0 147.7 151.2 140.7 Building Materials:
Brick and tile
234
233 2 241 3 263 8 273.7
Cement
140 7 144 ? 148 1 148 5 146 7
Lumbe r
Paint Emd oaint materials....
176. S 185.6 185.8 186.3 189.4
214
218 0 215.2 220 3 212.1
Plumbing and heating..
191 1 188 2 186 9 189 2 186.0
Structural steel
Other building materials
139. 1 150.9 150.9 149.9 148.6
Chemicals and Allied Products:
Chemirals
135 8 145 8 145 2 '146 7 146.7
201. 8 217.8 213.1 '209.3 205.3
Drugs and Pharmaceuticals, .
99. 9 105.4 105.3 '104.9 104.9
Fertilizer m a t e r i a l s . . . .
46.4 46.4 46.4 46.4
68.
M i x e d fertilizers
37 0
40.7 40.7 40.7 41.6
Oils and fats
133. 3 147.5 147.5 147.5 149.4 Housefurnishing Goods:
Fnrnishinffs
171 ? 174 2 183 1 184 5 186.6
Furnit ure
121. 7 125.5 127.1 131.6 136.2 M iscellaneo us:
169 Q 181 8 182.6 192.8 194.5
Auto tires and tubes. . .
205.4 206.6 212.3 217.4
170
Cattle feed
Paper and pulp
64. 5 65.4 65.7
Rubber, crude.
86 0 89 3 90 7 90'. 4
122.1
miscellan eous
122.1
122.1
122.1
Other
92. 2
Raw
materials
Manufactured
products
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
129.1
129.5
129.7
129.8
129.9
131.3
132.4
137.5
139.4
141.3
141.8
142.0
142.3
142.6
143.5
'143.2
145.4
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
116.1
116.9
113.5
113.2
113.1
115.9
117.1
118.8
121.5
123.6
120.1
120.8
121.8
121.5
121.5
120.3
119.6
97.5
84.3
65.6
55 1
56.5
68.6
77 1
79 9
84.8
72.0
70 2
71.9
83.5
100 6
112.1
113.2
116.8
134 7
165 6
160.1
158.4
160.2
C
165.3
167.0
170.9
175.2
175.5
182.0
183.9
174.9
174.7
175.5
177.6
182.6
'184.2
182.0
94.5
88.0
77.0
70.3
70.5
78.2
82.2
82.0
87.2
82.2
80.4
81.6
89.1
98 6
100 1
100.8
101.8
116 1
146 0
142.1
142.0
142.0
144.2
147.9
151.8
151.2
152.4
154.9
157.8
154.5
155.8
157.6
158.5
159.7
162.5
164.5
145.0
145.8
145.9
145.9
146.0
146.4
146.8
146.8
146.8
146.9
147.7
147.8
147.8
121.1
120.3
119.4
119.2
118.6
118.2
118.3
118.7
118.4
118.5
119.9
120.3
119.3
184.3
184.2
186.4
184.6
183.4
184.3
182.5
182.8
181.7
180.7
180.9
182.0
182.4
160.9
161.1
163.4
163.1
163.5
164.3
164.7
164.9
164.2
163.0
163.9
165.5
164.4
1947
1948
1947
Subgroups
1926 a 100]
Other commodities
1948
Aug.
May
120.4
121 .6
138.3
156.4
141.8
129.4
130.5
132.1
148.9
161.7
150.0
143.2
144.3
116.9
276 9
154.2
129.4
143.0
150.1
152.8
128.2
312 9
158.4
143.2
153.3
163.1
153
128
313
158
14S
117.5
136.6
105.7
97.3
133.1
125.9
153.3
115.0
103.2
205.0
June
July
Aug.
'•134. 1
'136. 3
153. 1
'168. 2
153. 7
145 .3 145. 3
135.5
137.5
162.8
174.2
165.9
153.2
157. Q
8 '132.
2 '316. 8
7 157. 8
3 145.3
S 159.
163 .5 166. Q
158.6
133.3
318.2
158.0
153.2
178.8
172.0
8
153 . 7
113 .9
103 .2
717 7
126.3
153.3
114.9
105.9
180.3
134 .1
149 .4
'163 .9
IS? 1
127. 8
153. 6
115. 0
104. 4
193.
138.0 145.8 '146 7 '148. 6 149.3
129.1 139.6 139 .9 '140. 0 141.6
60.8 63.5 63 5 6 6 .
66.2
,4 239. f) 198.4
261.3 291.1
158.1 167.4 167 .3 166. 8 169.0
33.7 47.6 47 1 49. ft 48.1
122.0 129.7 129 .8 130. 0 132.2
c
1
2
Corrected.
' 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 earner months.
Back figures.—Bureau of Labor Statistics, Department of Labor.
OCTOBER
1948
1291
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
1929
1933
1939
1941
1944
1946
1947
1947
1
Less: Capital consumption allowances
Indirect business tax and related liabilities.
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of governEquals • 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
2
1948
3
4
90.4 125.3 212.2 209.3 231.6 226.4 228.3 227.9 243.8
103.8
55.8
8.8
7.0
.6
-,1
7.2
7.1
.7
1.2
-.1
87.4
C1)
39.6
.1
.7
-.1
.3
-.4
.9
.5
-.3
72.5 103.8 182.4 179.3 202^5 197.3 199.3 200.6 212.8
10.3
.2
.0
9
1.0
5.8
.6
85.1
2 6
1.3
1.4
82.5
78.8
3.7
-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
8.1
9.4
.5
.5
9.3
11.3
.5
.5
11.9
14.0
.5
4.1
11 8 13.3 12.8 13.3
17.5 18.5 18.0 18.1
6
6
6
.6
1.0 - 3 . 4 - 2 . 4 - 2 . 7
13.4
18.4
.6
-5.4
13.8
19.4
6
-3.3
1
2
243.8 248.2
14.0
18.9
.6
-5.2
14.2
19.4
.6
-7.7
-.3
-.3
215.1 221.4
26.2 30.9
14.6 24.0 16.8 24.7 21.8 25.2 24.3 27.5
5.0
5.0
2.8
5 9
5.6
6.1
5.1
6 2
5.2
5.2
.0
.0
.0
-.2
.0
.0
.0
.0
.0
.0
10.9 10.6
2.6
9.9
13.6 10.6
3 1 10 8 11 1 10 1
4.6
4.7
4.4
4.4
4.4
2.8
4.5
4.5
4.5
1.3
7.3
7.3
6.7
6.9
6.4
4.7
5.6
6.9
7.1
4.5
.6
.6
.6
.6
.6
.5
.6
.6
.6
95.3 164.5 178.1 195.2 190.9 189.6 196.7 203.1 207.3 208.8
23.6 21.6
3.3
18.9 18.9 21.6 21.2 21 A 21.7 22.2
21.5 19.4
2.0 17.5 17.2 19.7 19.3 19.4 19.8 20.2
2.1
2.1
1 9
1 9
1 3
1 4
1 7
2 0
2 0
2 0
92.0 145 6 159 2 173 6 169 7 168.2 175.0 180.9 183.7 187.3
82.3 110.4 147.4 164.8 158.1 164.2 165.6 171.1 172.0 175.1
9.8 34 2 11 8
11 7 12.2
8 8 11 6
4.1
9 4
9.7
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
1944
1946
1947
1948
1933
1939
87.4
39.6
72.5 103.8 182.4 179.3 202.5 197.3 199.3 200.6 212.8
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
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
-.4
-2.1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
6.8
4.5
3.5
1941
1947
1929
64.3 121.1 117.3 127.5 125.0 125.3 127.6 132.2
61.7 116.9 111.7 122.2 119.3 119.6 122.5 127.1
83.3 91.0 104.7 101.7 102.3 105.3 109.5
51.5
1.9 20.7
3.7
3.9
3.9
3.6
4.3
7.8
12.8 12.9 13.6 13.3 13.4 13.5 14.0
8.3
5.1
4.2
2.6
5.7
5.0
5.7
5.6
5.3
20.8 34.1 41.8 46.0 46.4 44.6 44.4 48.6
15.4 20.4 23.2
9.6
22.5 22.7
23.0 24.7
11.9 14.6 15.6 16.9 14.9 14.3 16.5
6.9
6.7
7.1
4.3
7.4
7.0
7.0
6.7
7.1
14.6
17.2
7.8
9.4
-2.6
4.1
24.0
24.3
13.5
10.8
-.3
3.1
16.8
21.8
9.0
12.8
-5.0
3.4
24.7
29.8
11.7
18.1
-5.1
4.3
21.8
28.9
11.4
17.5
-7.1
4.1
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
215.1
221.4
133.7 133.9
128.8 129.1
111.1 111.0
3.6
3.5
14.2 14.5
4.9
4.9
50.6 51.9
25.0 25.4
18.0 18 9
7.6
7.5
26.2
31.4
12.2
19.2
-5.3
4.6
30.9
33.4
13.0
20.4
-2.5
4.7
1
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
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
8
1292
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
Season?illy adjusted annual rates by quarters
Annual totals
1947
1929
1933
1941
1939
1944
1946
1
Gross national product
..
..
. .
103.8
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction *
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and
services
.
...
Federal
4
2
1
243.8 248.2
172.0 175.1
22.3
21.4
101.0 102.4
49.6 50 4
38.5 37.2
14.3
14 3
19.6 20.6
4.6
2.3
3.9
3.9
2
9
8 5
1 3
8 0
2 0
13 1
(s)
7.2
3
82. 3 111.4 147 .4 164 .8 158.1 164.2 165. 6 171.1
9 8
1 22.1
16 9 91 0 19.6 21.1
6.9
44. 0 67.5 87 .5 96 .5 92.5 96.3 96 8 100.2
6 47
46.0 46.7 47 7 48.8
37
0
28 s
26 .5 30 .0 32.6 26.4 25. 6 35.4
6.4
17. 2
8 Q 11 7 10.8 10.3 11 6 14.0
2 3
5 7
12 .8
16.6 17.9 17. 6 18.9
5.4
7. 7
17 .8
3 0 —1 4
4 8
6
2.5
S
5 2 -1.8
1 1 -2 1
4 7
8.2
8 9
10.2
8 4
8.8
67.5
6 7
35.3
25 5
9.0
4 0
4.6
4
20 6
1.3
1 i
1.8
—1 6
8
2
90.4 125. 3 212.2 209 .3 231 .6 226.4 228.3 227 9 243.8
78.8
9 4
37.7
31 7
15.8
7 8
6.4
1 6
War
Nonwar
Less: Government sales 2
State and local
55.8
46.3
35
22.3
1948
1947
5.2
?4 7
16. 0
2.0
1.3
3 9
(3)
(3)
13. 8
3 9
7. 8
5.9
96 5
89.0
88.6
1 6
1.2
7.5
30 8
?0
?8 0
6
21 .2
9 S
}l6 . 9
9
10 . 0
9
1 3
12 . 3
26.9
15.6
17.7
27.6
15.7
17.0
2.1
1.4
11.3
11.9
?8 3
15 7
16. 6
9
12. 6
29.0
15.5
16.3
29.4
16.0
17.3
32 1
17.9
18.6
.8
1.3
.7
13.5
13.4
14.2
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity
producing industries
Distributive
industries
Service
industries
Government
Less em
ployee
contributions
for
social
insurance
Other
labor
income5
DiviProdends
prietors'
and
perand
sonal
rental 6
income interest
income
Transfer
payments7
Nonagricultural
income8
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
50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.7
122.2
21.5
18.5
14.3
9.9
9.8
12.0
13.5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
46.1
54.6
15.5
14.4
12.5
9.8
8.8
9.9
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
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
10.5
11.5
13.8
15.1
5.0
5.2
5.3
5.0
5.2
6.1
6.5
7.9
7.5
8.2
8.2
8.5
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
.5
.5
.5
.4
.4
.4
.4
.5
.5
.5
.5
.6
.6
.7
.9
1.3
1.6
1.6
1.8
19.7
15.7
11.8
7.4
7.2
8.7
12.1
12.6
15.4
14.0
14.7
16.3
20.8
28.1
32.1
34.1
36.0
41.8
46.0
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
10.0
10.6
11.4
13.5
15.6
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
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
1947—July
August....
September.
October. . .
November
December.
193.2
190.8
206.2
200.0
201.4
207.7
119.4
120.1
121.9
122.7
125.5
127.4
121.4
122.2
123.9
124.7
127.3
129 A
53.6
54.3
55.4
55.9
57.4
59.2
35.2
35.4
36.0
36.0
37.1
37 A
15.5
15.3
15.2
15.2
15.2
15.2
17.1
17.2
17.3
17.6
17.6
17.6
2.0
2.1
2.0
2.0
1.8
2.0
1.8
1.8
1.9
1.9
1.9
1.9
45.3
42.8
45.0
47.5
47.1
51.3
15.6
16.2
11.1
10.5
21.2
12.0
10.8
10.9
172.9
173.1
187.4
179.7
181.4
184.2
1948—January...
February..
March....
April
May
June
July?
209.4
206.8
205.6
207.4
207.2
212.3
211.5
127.5
126.9
125.7
125.0
126.8
129.7
130.5
129.7
128.9
127.8
127.0
128.8
131.9
132.7
59.3
58.0
57.0
56.3
57.2
59.6
59.5
37.5
37.8
37.5
37.2
37.9
38.2
38.5
15.4
15
15
15
16.1
17.6
17.7
17.9
17.9
18.1
18.3
18.6
2.2
2.0
2.1
2.0
2.0
2.2
2.2
1.9
2.0
1.9
2.0
2.0
2.0
2.1
52.4
50.0
49.3
51.9
50.7
52.8
50.8
16.5
16.6
16.6
16.7
16.8
16.8
17.0
11.1
11.3
12.1
11.8
10.9
11.0
11.1
184.7
184.5
184.1
183.7
184.4
187.7
188.2
P Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling.3
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 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
OCTOBER
1948
1293
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit
End of year
or month
Instalment credit
Sale credit
Total
instalment
credit
Total
Automobile
Other
Loans 1
Singlepayment
loans2
Service
credit
Charge
accounts
1929
7 628
3,158
2,515
1,318
1,197
643
2,125
1,749
596
1933
3,912
1,588
1,122
459
663
466
776
1,081
467
2.752
2,313
2,792
3,450
3,744
1,491
1,384
1,267
1,729
1,942
1,368
1,343
1,525
1,721
1,802
1,009
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
1,442
1,468
1,488
1,601
,369
,192
,255
.520
2,'262
2,702
1.459
1,487
1,544
1,650
,764
1,513
,498
,758
.981
3,054
3,612
523
533
560
610
648
687
729
772
874
920
1937
1938
1939
1940
1941
1942
1943
19*4
. . .
1945
1946
1947 .
1947—j u ] y
August........
September
October
November
December
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
1,558
2,839
1,151
11,321
11,454
11,708
12,084
12,671
13,423
5,063
5,198
5,314
5,490
5,765
6,189
2,092
2,167
2,257
2.370
2,551
2,839
1,004
1,047
1,099
1,151
1,170
1,202
1,253
1,323
1,452
1,688
2,971
3,031
3,057
3,120
3,214
3,350
2,549
2,581
2,609
2,647
2,680
2,702
2,786
2,755
2,864
3,029
3,309
3,612
1948—January.......
February
March ,
April
May . .
June
July?
August?
13,096
12,977
13,423
13,627
13,814
14,132
14,185
14,382
6,219
6,283
6,533
6,769
6,958
7,144
7,328
7,553
2,818
2,835
2,986
3,137
3,258
3,366
3,477
3,640
1,202
1,254
1,367
1,468
1,536
1,602
1,689
1,804
1,616
1,581
1,619
1,669
1,722
1,764
1,788
1,836
3,401
3,448
3,547
3,632
3,700
3,778
3,851
3,913
2,713
2,705
2,689
2,665
2,661
2,679
2,698
2,717
3,240
3,061
3,275
3,259
3,263
3,364
3,202
3,148
814
835
903
970
482
175
200
227
544
922
965
639
635
676
557
923
920
921
918
917
920
924
928
926
934
932
945
957
964
Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
Small
loan
companies
43
263
466
29
246
1929
1933 . .
mercial
banks 1
Industrial 2
banks
Industrial
loan
com-
121
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
20
50
125
117
95
99
1937, . . . . . . .
1938,
1939,
1940, .
1941.
1942. 4
,
1943
1944.
1945
.,
1946
1947
1947—July. . . . .
August
September
October. . ,
November.
December .
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
1,435
374
380
448
498
531
41?
364
384
439
608
712
129
131
132
134
89
67
68
76
117
166
95
99
104
10?
72
59
60
70
98
134
83
103
135
174
200
130
104
100
103
153
225
2,971
3,031
3,057
3,120
3,214
3,350
1,278
1,307
1,320
1,350
1,383
1,435
649
652
643
647
670
712
148
152
154
157
162
166
121
124
125
127
130
134
1948—January. ..
February..
March.
April..
May
June
July*
August?. .
3,401
3,448
3,547
3,632
3,700
3,778
3,851
3,913
1,462
1,482
1,530
1,570
1,597
1,634
1,669
1,704
717
721
733
739
748
758
770
774
165
167
173
180
189
194
199
203
137
140
143
146
147
150
152
153
Commercial
banks *
Small
loan
companies
Industrial
banks 2
Indus
trial
loan
corp 2
panies
Credit
unions
463
413
38
322
202
32
2,636
194
200
204
208
215
225
91.
86
88
93
110
120
114
114
114
114
116
120
303
215
12$
120
179
344
558
662
664
827
912
975
7'U
800
869
956
1,251
1,454
467
482
497
517
538
558
227
213
216
228
233
267
123
113
107
121
142
191
29
25
27
28
27
33
23
22
24
23
25
30
38
36
35
39
39
46
227
230
241
252
260
272
282
291
121
121
123
123
124
125
126
127
572
587
604
622
635
645
653
661
248
221
287
269
258
275
277
277
110
107
140
121
123
127
130
127
27
25
32
31
31
37
33
32
26
25
29
27
25
27
26
26
38
38
48
50
47
54
52
52
tea
1
mi
1. 198
79'*
743
9A2
238
261
255
255
1S2
151
155
166
231
310
409
176
194
198
203
14.6
128
139
151
210
282
150
176
237
297
344
236
201
198
199
286
428
P Prelim inary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of August amounted to 112 million dollars,
and 2loans made during August were 14 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper,
Includes only loans insured by Federal Housing Administration
1294
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
Fear or
month
1929..
1933,
1937
1938.»
1939......
1940 .
1941,
1942 . , .
1943.. . . .
1944
1945 . .
1946......
1947
Department
Total,
stores
excludand
ng auto- mailmobile
order
houses
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1,197
160
583
265
56
133
663
119
299
119
29
97
1,368
1,343
1,525
1,721
1,802
1,009
639
314
302
469
485
307
266
68
70
210
220
273
302
313
93
110
120
246
271
284
635
183
377
439
466
252
172
536
599
619
391
271
269
130
29
13
14
28
77
66
70
159
101
100
74
123
107
160
192
266
676
1,014
1,688
198
337
283
366
650
528
1,170
1,202
1,253
1,323
1,452
1,688
440
462
495
555
650
408
423
443
474
528
41
43
46
49
52
124
128
131
145
192
189
197
208
229
266
1,616
1,581
1,619
1,669
1,722
1,764
1,788
1,836
632
624
653
680
703
720
732
753
502
492
497
511
528
541
545
560
52
52
54
60
65
68
72
77
176
164
160
155
155
157
157
157
254
249
255
263
271
278
282
289
52
1947
July
August....
September.
October. . .
November.
December.
1948
January...
February..
March. . . .
April
May .
June
Julyp
August?...
429
398
39
120
184
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-2
ment paper
Year and month
Total
Outstanding at end
of period:
1945.
1946.
1947.
104.1
162.7
233.5
1947—July
August. . ,
September
October. . .
November.
December.
Automobile
Other
Repair Personal
instaland
ment
modern
cash
ization12
loans
loans
17.2
28.3
43.3
206.7
212.6
215.5
221.0
227.9
233.5
13.8
27,5
50.0
42.8
44.9
46.3
48,1
49.6
50.0
9.8
17.8
30.2
24.3
25.3
26.0
27.0
28.5
30.2
36.9
38.4
39.4
41.2
42.5
43.3
63.3
89,1
110 0
102.7
104.0
103.8
104.7
107.3
110.0
1948—January. . . 231.8
234.6
February..
242.3
March.
253.3
April
265.1
May.....
271.6
June
277.8
July".....
282.3
Augusts. . .
49.0
50.3
53.4
56.8
59.0
61.4
64.3
66.3
31.0
31.4
32.8
35.7
38.0
40.1
42.1
43.3
43,5
44.0
44.8
46.7
48.3
48.8
49.1
49.8
108.3
108.9
111.3
114.1
119.8
121 .3
122.3
122.9
36.5
33.2
34.8
36.2
34.5
39.8
8.2
8.1
8.8
8.8
8.3
8.6
4.4
4.2
4.1
4.7
4.9
5.8
4.0
3.6
3.7
4.3
3.4
3.5
19.9
17.3
18.2
18.4
17.9
21.9
33.7
31.5
41.9
42.0
40.8
44.2
41.4
40.1
8,6
8.0
11.2
11.3
10.1
10.5
11.3
10.6
4.6
4.4
6.0
6.4
6.8
7.4
6.9
6.5
2.7
2.8
3.7
4.4
4.2
3.4
3.1
3.6
17.8
16.3
21.0
19.9
19.7
22.9
20.1
19.4
Volume extended
during month:
J947—July..:. . .
August
September
October.. .
November.
December.
1948—January..,
February...
March
April
May
June
July?. .
August? . . .
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates.
In millions of dollars]
Automobile
retail
Year or month
Total
Outstanding at end of
period:
1945.
........
1946
1947
1947—July
,
August......
September...
October
November...
December...
1948—Januaiy
February
March
April........
May
Tune
July?
August?
Volume extended during month:
1947—July
_
August.
.
September...
October...:..
November...
December.. .
1948.—January
February
March......
April
May
June........
July?
August?
Other
retail,
purchased
Pur- Direct and
chased loans direct
1,591
2,701
2,273
2,348
2,416
2,499
2,588
2,701
2,787
2,825
2,931
3,057
3,137
3,229
3,319
3,417
64
165
346
286
298
313
322
337
346
359
373
402
431
448
472
502
530
139
306
536
456
470
477
492
513
536
556
570
602
628
649
668
691
715
100
275
523
424
433
444
462
486
523
567
569
591
628
646
661
678
700
396
375
401
423
421
484
62
58
66
68
69
70
84
79
81
86
94
103
79
73
78
89
91
115
456
398
504
521
487
524
512
516
70
66
89
92
81
87
91
96
98
89
116
112
109
109
115
121
118
90
102
122
112
126
113
107
742
Repair
and
modernization
loans12
124
273
500
Persona]
insta]
ment
cash
loans
383
408
438
465
483
500
504
506
517
538
555
572
582
595
315
572
796
724
739
744
758
769
796
801
807
819
832
839
856
866
877
42
45
55
54
43
47
36
35
44
52
48
52
45
50
129
120
121
126
124
149
134
118
153
143
137
150
148
142
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month
Total
Outstanding at end
of period:
1945 . . . . . .
1946 . , . . .
1947
76.7
108.4
148.2
1947—July
August . . .
September.
October,..
November.
December.
1948—January . .
February. .
March. . ..
April
May
June
July?
August?. . .
Automobile
Other
Repair Personal
and
instalmodern- ment
cash
ization
12
loans
loans
4.0
7.4
17.1
1.5
2.4
4.2
60.2
83.6
99.8
134.0
137.8
138.4
141.1
144.8
148.2
11.0
15.0
27.1
22.4
23.6
24.3
25.3
26.3
27.1
12.8
13.4
14.1
14.7
15.9
17.i
3.4
3.6
3.8
4.0
4.2
4.2
95.4
97.2
96.2
97.1
98.4
99.8
151.7
154.6
158.2
161.8
163.1
166.0
168.0
169.9
28.0
28.7
29.9
31.1
31.9
33.3
34.9
36.3
17.7
18.0
19.0
20.1
20.5
21.2
21.0
21 .4
42
4.2
4.3
4.4
4.5
4.5
4.6
4.6
101.8
103.7
105.0
106.2
106.2
107.0
107.5
107.6
Volume extended
during month:
1947—July......
August . . .
September
October...
November.
December.
26.4
25.6
27.1
27.1
28.1
31.4
5.1
5.1
5.2
5.5
5.2
5.2
2,9
2.7
3.0
3.3
3.3
3.7
0.5
0.5
0.5
0.5
0.5
0.3
17.9
17.3
18.4
17.8
19.1
22.2
1948—January. .
February..
March
April
May
June
July?
August?...
28.3
26.6
32.1
30.5
27.7
30.6
29.1
28.2
5.7
5.3
6.9
6.9
5.7
7.1
6.7
5.9
2.8
2.8
3.4
3.8
3.7
3.5
3.3
3.6
0.3
0.3
0.4
0.4
0.4
0.4
0.5
0.4
19.5
18.2
21.4
19.4
17.9
19.6
18.6
18.3
P Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans
Includes both direct loans and paper purchased.
1
2
OCTOBER 1948
1295
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
Percentage change
from corresponding
month of preceding
year
Aug.
1948?
July
1948
June
1948
Aug.
1948?
July
1948
June
1948
+9
+4
+ 13
+5
-9
-12
-10
-7
-2
-3
+ 12
-14
+ 10
-13
+ 13
-9
-1
-2
+27
+1
+22
+3
+24
+4
Accounts receivable, end
of month:
Total
Instalment . . .
+3
+2
0
0
+2
+2
+46
+49
+44
+47
+48
+49
Collections during
month:
Total
Instalment
+1
-1
-3
+1
+2
+ 13
+ 19
+ 15
+21
+ 18
+27
Inventories, end of
month, at retail value..
+1
-2
-3
+ 15
+ 16
+ 16
Net sales:
Total . . . .
Cash sales
Credit sales:
Instalment
Charge account
-2
Preliminary.
Charge
accounts
Instalment accounts
Year and month
Household ap- Jewelry Department
pliance
stores
stores
stores
Department
stores
Furniture
stores
1947
July
August
September...
October
November...
December. . .
28
28
31
31
30
29
22
22
24
23
23
20
41
39
39
40
39
39
23
23
25
23
24
31
53
51
53
57
55
54
1948
January
February
March
April
May
June
July
August?
24
23
27
25
24
24
23
23
18
17
19
19
19
20
18
18
36
32
35
33
34
33
34
34
19
18
20
20
20
20
19
19
53
49
53
52
52
52
51
51
p Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
average
average
average
average
average
average
average
1947—July
August
September
October
November. . . . . .
December . .
1948—January
February
March
April
May
June
July
August?
Charge
account
100
102
100
91
100
103
100
110
48
56
9
6
43
38
79
84
94
138
174
80
70
69
91
133
107
61
5
34
32
32
143
157
208
226
253
100
78
46
38
37
50
88
83
84
87
95
111
146
145
166
181
204
125
123
138
147
152
100
131
165
112
125
176
200
161
174
217
235
266
184
195
236
251
285
115
132
157
180
224
373
174
Chargeaccount
sales
Instalment
100
114
188
211
242
237
Instalment
sales
Charge
account
130
145
162
202
214
Cash
sales
Instalment
Instalment
100
82
71
65
67
101
154
Collections during
month
Charge
account
Cash
Total
1941
1942
1943
1944
1945
1946
1947
Accounts receivable
at end of month
Sales during month
Year and month
Percentage of total sales
103
190
162
167
203
214
64
64
59
55
57
56
54
53
53
6
6
6
7
7
38
40
40
40
112
127
168
198
4
4
4
6
37
39
37
408
282
351
136
263
170
235
54
7
39
189
142
164
127
205
160
177
171
172
176
169
299
217
207
211
214
217
212
54
181
190
192
193
193
168
174
53
52
51
52
52
54
7
7
7
8
7
7
8
39
166
176
184
52
9
41
38
39
168
226
213
218
217
173
177
235
220
228
228
187
142
196
191
186
178
160
162
222
208
213
211
158
124
129
131
134
136
139
188
197
193
177
144
40
41
41
41
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. 1287.
1296
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS •
1948
Chart
book
page
Sept.
Sept.
Sept.
15
Sept.
Sept.
29 1
RESERVES AND CURRENCY
Sept.
Sept.
Sept.
Sept.
In unit indicated
MONEY RATES, ETC.'—Cont.
Reserve Bank credit, total.. . .
U. S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves
2, 4
Required reserves
4
Excess reserves*
4
Excess reserves (weekly avg ):
Total*
'. . 5
New York City
5
Chicago
5
Reserve city banks
5
Country banks*
5
21.94
21.41
6.87
4.95
1.80
7.80
23.73
28.07
3.02
17.72
16.87
21.83
21.24
6.66
4.93
1.79
7.86
23.79
28.29
2.66
17.82
16.89
.93
21.92
21.21
6.14
4.83
1.79
8.45
23.89
28.16
1.98
18.74
17.09
1.65
22.55
21.86
6.18
4.89
1.84
8.94
23.87
28.08
2.76
18.69
^17.60
Pl.10
.88
.10
.01
24
.53
.86
.03
3
()
.24
.59
Pl.23
.11
(3)
.32
P.79
P. 81
.03
.01
.26
P.52
63.23
34.71
25.80
4.16
2.60
2.15
4.42
47.06
1.30
24.10
14.89
3.92
63.29
34.65
25.78
4.18
2.61
2.08
4.42
46.93
1.29
24.22
14.93
3.93
63.72
34.74
25.41
4.17
2.67
2.49
4.48
47.45
1.32
24.50
15.18
3.95
63.02
33.92
25.31
4.04
2.59
1.98
4.46
46.84
1.50
24.64
15.20
3.96
61.91
32.56
25.23
3.7.
2.44
1.14
4.45
46.66
1.79
24.90
15.24
3.96
1.48
1.49
1.52
.58
.90
.63
.87
.64
.88
1.62
.75
4.05
4.11
4.09
1.76
.82
.94
4.19
.85
23.95 Stock prices (1935-39 = 100):
23.28
Total
6.98
Industrial
5.16
Railroad
1.94
Public utility
9.20 Volume of trading (mill, shares)
23.8
28.08
2.98
BUSINESS CONDITIONS
19.88
P18.98 Wholesale prices:
P. 90
Indexes (1926=100):
MEMBER BANKS IN LEADING CITIES
All reporting b a n k s :
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 b a n k s :
Loans and investments
17
U. S. Govt. securities, total. 17
Bonds
19
Certificates
19
Notes
19
Bills
. . 19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts. . . . . 21
On other securities... 21
To others
21
All other
21
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted. . 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
All other
21
18.62 18.52
10.16 9.99
7.77
.81
.52
7.77
.80
.51
.91
.86
4.11
.79
.55
.80
.54
.85
.33
.32
1.17
15.52
15.24
3.96
1.55
7.29
5.37
4 02
1.55
7.36
5.39
4.41
1.55
7.52
5.54
4.05
1.56
7.55
5.49
.29
28
.23
.33
.27
.22
.35
.27
.22
.45
.27
.22
1.21
1.23
1.22
1.21
.34
.39
44.46
24.13
17.71
3.23
2.05
1.13
31.60
.97
.97
.98
1.11
6.23 6.50 6.82
6.26
13.31 13.31 13.34 13.36
16.81 16.86 16.98 17.10
9.52
9.54 9.64 9.71
3.74 3.75 3.77 3.77
44.61 44.77 44.84
24.56 24.67 24.62
18.03 18.01 17.81
3.36
3.38
3.38
2.08 2.10 2.12
1.09
1.18
1.32
31.67 31.67 31.92
.68
.67
.67
.68
3.02
3.06
3.06
3.09
35 1 .076 1.083 1.092
35 1.17
1.17
1.17
34 1.66
1.68
1.69
34 2.04 2.04 2.05
36 2.45 2.45 2.45
35 1.50
1.50
1.50
35 1.50 1.50
1.56
35 1.19
1.19
1.19
2.84
3.44
2.84
2.84
3.45
2.85
2.84
3.46
2.85
1.114
1.20
1.70
2.02
2.45
1.50
1.56
1.19
2.84
3.46
2.85
2.83
3.47
2.85
128
134
122
99
.99
124
130
118
97
.83
125
131
120
97
.67
123
129
117
96
.86
168.7
190.8
153.3
167.1
186.4
153.4
78 218.8
78 199.3
78 30.9
219.6
177.1
31.2
217.5
159.1
31.2
218.9
199.6
31.1
220.1
190.2
31.3
78 29.38 29.28 29.35 29.58 28.35
70.8
65.4
78 75.2
72.9
74.8
46.1
44.8
78 46.5
43.1
42.9
8C
80
81
95.2
102
183
94.5
79,
96.1
96.1
98
188
192
96.4
120
144
81 5,531
5,294 5,343
5,346
82 5,470
5,426 5,461
5,166
82 314.1
310.0 306.3
315.7
313.7
83
895
83
308
910
789|
319
337
327
285
1948
June
.48
.40
MONTHLY FIGURES
15.16
.45
RESERVES AND CURRENCY
3.89
1.56 Reserve Bank credit
7
7.79 Gold stock
7
5.53 Money in circulation
7
Treasury cash
7
Treasury deposits
7
.52 Member bank reserves:
.31
Total . .
4, 7, 14
.22
Central reserve city banks... 14
1.30
Reserve city banks
15
Country banks
15
43.78 Required reserves:
23.44
Total
4
17.6.3
Country banks
15
3.11 Excess reserves:
1.97
Total
4,5
.74
New York City
Chicago
5
31.51
1.34
Reserve city banks
5
6.13
Country banks
5
13.35 Money in circulation, t o t a l . . . 9
17.11
Bills of $50 and over
9
9.71
$10 and $20 bills
9
3.77
Coins, $1, $2, and $5 bills.... 9
.71
3.07 ALL BANKS IN THE UNITED STATES
1.109
1.18
1.70
2.04
2.45
1.50
1.56
1.19
128
135
125
98
.76
73 167.4 168.0 169.2
73 187.8 188.1 190.1
73 153.3 153.6 153.5
.64
Per cent per annum
36
36
36
Total
Farm products
Other than farm and foods.
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 dozen)...
Production:
Steel (% of capacity)
Automobile (thous. c a r s ) . . .
Paperboard (thou. t o n s ) . . . .
Crude petroleum (thous.
bbls.)
Electric power (mill. kw.
hrs.)
»asic commodity prices
(Aug. 1939=100)
Total freight carloadings
(thous. cars)
Department store sales
(1935-39=100)
40
40
40
40
40
18.88 18.56 18.13
10.12 9.79 9.12
7.60
7.60
7.60
1.06
15.39 15.27
MONEY RATES, ETC.
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)...
Sept.
WEEKLY FIGURES 2 —Cont
{In billions of dollars)
WEEKLY FIGURES 2
Chart
book
page
Depositse and currency : e
Total
Excluding U. S. Govt.
deposits*
e
Demand deposits adjusted
,.,
Time deposits adjusted 6 e
Currency outside banks
U. S. Govt. deposits e
July
Aug.1
In billions of dollars
21.50
23.46
27.85
1.32
1.49
22.02
23.62
27.96
1.32
1.83
22.04
23.70
27.98
1.32
1.83
17.40
5.94
6.53
4.92
17.53
6.02
6.57
4.94
17.69
6.09
6.63
4.97
16.54
4.37
16.71
4.3?
16.85
4.41
.85
.04
.01
.24
.56
27.90
8.58
14.82
4.50
.02
'.51
27.8^
8.5(
14.82
.84
.05
.01
.22
.56
28.06
8.61
14.93
4.52
10
P167.90
P168.70 P169.20
10
10
10
10
10
P165.7O
P82.70
P57.40
P25.60
P2.20
P166.30 P166.80
P83.90
P83.50
P57.3O
P57.30
P25.6O
P25.50
P2.40
*>2.40
11
11
11
11
11
P34.20
P113.90
P39.90
P33.20
P33.40
P114.80 P115.2O
P40 . 2C P40.70
P65.10
P65.30
P9.40
P9.30
ALL COMMERCIAL BANKS
'ash assets e
-oans and
investments, total e
Loans e
U. S. Govt. securities 6
Other securities 6
P64.80
P9.20
For footnotes see p. 1300.
OCTOBER
1948
1297
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1948
June
July
Aug.
In billions of dollars
MONTHLY FIGURES—Cont.
MEMBER BANKS
All member b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjustede
Time deposits
Balances due to banks
Balances due from banks
Central reserve city b a n k s :
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 adjustede
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
June
July
Aug.1
In billions of dollars
MONTHLY FIGURES—Cont.
TREASURY FINANCE—Cont.
1 0 . 62
5 . 27
96.21
34.09
54.58
7.55
70.65
28.79
10.82
5.38
96.48
34.50 Ownership of U. S. Govt. securities—Cont.
54.37
Marketable public issues—Cont.
7.61
By earliest callable or due date:
71.01
Within 1 year-Total outstanding 31
28.76
Commercial bank and F. R.
10.77
Bank
31
5.30
F. R. Bank
31
14
14
14
14
14
14
14
2 3 . 76
9 . 26
1 3 . 03
1. 47
1 9 . 10
2 . 64
5 01
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
15
15
15
15
15
15
15
15
r35. 07
'•13. 37
22
' 2 . 47
'24. 3\
1 1 . 33
4 . 79
1. 78
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
15
15
15
15
15
15
15
11.
'21
'3
'26
'14
3
14
14
14
14
14
14
14
14
'95. 45
'33. 87
'54. 14
' 7 . 44
'70. 05
'28. 87
23
89
50
64
90
30
36.90
11.33
22.07
3.50
26.73
14.86
3.41
14 13
2 68
3 36
95
7 14
3 78
3 37
1 60
1 76
P14.19
P2.7O
P3.20
P. 96
P7.33
P3.85
P3A8
Pi.69
2*1.79
' 5 .11
2.40
2.77
-.36
'36. 62
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
1
22
22
22
22
22, 23
23
23
23
23
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
37.03
11.50
MONEY RATES, ETC.
22.03
3.50
26.90 LI. S. Govt. securities:
Bills (new issues)
14.87
Certificates
3.42
Bonds, 15 years or more
F. R. Bank discount rate
Commercial
paper
P14.38 Bankers' acceptances
P2.72 Corporate bonds:
P3.15 Aaa
P. 96
Baa
P7.5
High-grade (Treas. series)
P3.91
49.87
49.08
31.54
14.67
46.12
6
31
32.09
15.26
46.12
30.69
13.90
46.12
31
31
31
33.27
2.64
10.46
33.35
2.65
10.46
6
33.28
2.77
10.46
31
31
31
6.75
.55
53.89
6.81
.54
53.89
31
8.02
8.57
6
31
31
6.84
2.92
7.37
3.46
*8.27
4.37
48.66
6.81
.54
53.89
9.47
Per cent Per annum
33, 35
35
36
33, 35
35
35
.998
1.09
2.41
1.25
1.38
1.06
.997
1.10
2.44
1.25
1.38
1.06
1.053
1.15
2.45
1.50
1.44
1.13
33,36
36
36
2.76
3.34
2.73
2.81
3.37
2.80
2.84
3.44
2.86
P3.64
Pi. 80
Pl.84
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 6
Fed. agencies and trust funds...
F. R. Banks
Individuals" 6
Corporations
Insurance companies6 6
Mutual savings banks
State and local govts.6
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
4.34
+ .77
28
28
28
28
28
250
112
47
59
30
13
46
72
51
21
251.22
112.46
46.93
60.82
30.79
29
29
29
29
29
29
29
29
65
35
21
66
21
00
75
37
80
00
12 .00
7 .20
65.60
36.37
21.33
67.10
20.70
23.00
12.00
7.40
30
13 .76
13.27
30
30
30
10 .92
8 .58
22 .59
10.34
7.56
22.29
30
30
30
13 .17
4 .62
11 .37
13.19
5.06
11.37
30
30
30
6 .50
1 .97
112 .63
6.52
1.95
112.63
30
66 .79
67.31
30
30
48 .37
6 .21
49.02
6.76
23.20
prices (1935-39 = 100):
3.23 Stock
Total
3.01
Industrial
+ .22
Railroad
Public utility
250.9: Volume
trading (mill, shares)
112.46 Brokers' of
balances (mill, dollars):
46.51
Credit extended to customers
59.04
Money borrowed
30.89
Customers' free credit balances....
65.30
36.46
BUSINESS CONDITIONS
21.58
67.10
20.70 Personal income (annual rate, bill,
22.60
dollars);**
11.90 Total
7.40
Total salaries and wages
Proprietors' income, dividends, and
interest
12.84 All other
Labor force (mill, persons):*
P9.
Total
7.03
Civilian
22.29
Unemployment
Employment
^12.88
Nonagricultural
4.96 Employment in nonagricultural64estab11.37
lishments (mill, persons):
Total
P6.43 Manufacturing and mining
1.81 Trade
112.63 Government
Transportation and utilities.......
Construction
6
6 8 . 2 Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (cents)
7^78
Hours worked (per week)
39
39
39
39
39
135
143
126
101
1.41
132
139
125
100
1.17
127
134
120
97
.68
41
41
41
619
283
576
608
288
577
573
252
551
52
52
212.3
129.7
'212.9
'131.8
215.1
134.7
52
52
69.6
13.0
'68.0
'13.1
67.4
13.0
53
53
53
53
53
64.7
63.5
2.2
61.3
51.9
65.1
63.8
2.2
61.6
52.5
64.5
63.2
1.9
61.2
52.8
54
54
54
54
54
54
45.1
'17.1
9.8
5.6
4.1
2.1
45.2
17.2
9.8
5.7
4.1
2.1
P45.3
P17.2
P9.8
P5.7
P4.1
P2.1
55
55
55
'52.89
'131.5
40.2
53.08 P53.86
133.2 P134.5
39.9 MO.O
For footnotes see p. 1300
1298
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
MONTHLY FIGURES—Gont.
1948
June
July
Aug.
MONTHLY FIGURES—Gont.
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—Durable5
61
—Nondurable 5 ...
61
Wholesale
61
Retail—Durable5 5
61
—Nondurable
61
Inventories:
5
Manufacturing—Durable
61
—Nondurable 5 ...
61
Wholesale
61
Construction contracts (3 mo.4 moving
avg., mill, dollars), total
63
Residential
63
Other
63
Residential contracts (mill, dollars): *
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): *
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), total...
73
Farm products
73
Foods
74
Other than farm and foods, total...
73
Textile products
74
Hides and leather products
74
Chemicals and allied products...
75
Fuel and lighting materials
75
Building materials
75
Metals and metal products
75
Miscellaneous
74
Chart
book
page
1948
June
July
Aug.
In unit indicated
BUSINESS CONDITIONS — C o n t .
192
186
84.3
43.7
22.8
83.1
43.7
22.0
z-43.4
17.8
'83.8
22.0
23.0
23.6
15.3
24.2
17.4
79.3
19.4
22.5
23.2
14.2
23.3
P17.9
P82.6
P21.1
P22.6
P23.8
P15.1
P24.2
194
276
188
228
188
135
236
268
184
140
163
153
115
160
187
107
165
95
449
433
311
236
190
129
223
309
7.2
PS3.9
P22.6
P187
233
P140
P231
P269
127
P157
184
7.7
7.5
13.8
15.9
14.0
16.3
8.0
14.1
16.3
8.2
8.0
824
326
498
6.5
9.9
7.8
3.1
840
344
496
P811
P322
*489
327
19
309
247
61
316
11
304
226
79
324
12
312
254
1,605
1,715
1,790
372
595
392
638
434
661
5
633
5
680
5
690
139
138
142
58
77
77
251
295
79
79
79
79
2,437
1,613
781
43
77.0
30.7
30.5
2,693 P2.722
1,480 Pl.481
1,203 Pl,23S
10
1948
1947
Oct.Dec.
QUARTERLY FIGURES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
Jan.Mar.
Apr.June
In billions of dollars
TREASURY FINANCE
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total....
Individual income taxes
Corporate income taxes
Misc. internal revenue
*>598
P390
26
26
26
26
26
26
26
7.86
3.09
9.38
7.85
3.44
2.17
2.24
8.83
2.77
14.95
13.69
8.55
3.14
2.00
12.97
2.77
10.62
9.48
4.87
•2.57
2.04
Per cent per annum
33
37
37
37
2.22
1.82
2.27
2.61
2 .46
2 .09
2 .52
2 .83
2 .56
2 .10
2 .71
3 .03
79.4
32.6
29.7
In unit indicated
BUSINESS FINANCE
312
284
316
273
311
266
336
859
268
827
P892
462
2.6
551
3.1
P5U
P3.0
171.7
173.7
214.1
216.8
197.1
196.9
117.0
117.3
166.2
168.6
196.0 195.2
181.4
188.3
149.5 151.0
149.6 149.0
187.7
189.2
134.4
135.8
135.7
133.1
196.8 199.5
158.5 162.2
120.3
121.5
251
293
INTERNATIONAL TRADE AND FINANCE
MONEY RATES
76.8
32.6
29.2
251
301
Exports and imports (mill, dollars):
Exports
85 Pl,014 Pl.022
Imports
85
P559
P616
Excess of exports or imports
85
P464
P398
Foreign exchange rates:
See p. 1321 of this BULLETIN
86-87
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
6
5.02
Total liabilities
88
6
Official
88
2.01
Invested in U. S. Treasury bills
e .34
and certificates
88
6
3.01
Private
88
6
Total assets
88
1.16
P450
P316
7.0
10.9
8.2
3.3
7.4
10.7
7.8
3.2
Prices paid and received by farmers
(1910-14 = 100):
Paid
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
P295
174.5
216.6
199.7
117.7
169.4
191.1
189.5
153.0
148.5
188.4
132.0
136.6
202.
170.8
119.6
Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) «. .
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars):*
Public
Private
42
42
2.22
1.87
1.61
1.40
1.66
1.35
42
42
42
1.45
.12
.30
1.13
.09
.18
1.06
.18
.10
43
43
43
43
1,543
981
87
472
844
531
97
212
1,079
803
126
149
43
43
43
43
325
24
555
5
274
2
272
3
331
42
42
.91
.82
.61
.72
195
.87
.45
For footnotes see p. 1300.
OCTOBER
1948
1299
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS •—Continued
Chart
book
page
QUARTERLY FIGURES—Cont.
1948
Jan.Mar.
Apr.June
JulySept.
CALL DATE FIGURES»
In unit indicated
BUSINESS FINANCE—Cont.
Corporate assets and liabilities (bill,
dollars):'
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts p a y a b l e . . . .
Federal income tax liabilities....
Net working capital
Plant and equipment expenditures
(bill, dollars) :•*
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)
ALL
44
44
44
44
44
44
44
44
44
45
4.2
'4.8
45
45
2.7
2.0
r
46
31.4
33.4
46
46
19.2
11.9
20.4
13.1
47
4.8
5.1
47
1.3
1.4
47
512
557
47
461
471
47
47
229
72
204
185
3.3
'2.3
JanMar.
Apr.June
Annual rates
in billions of dollars
GROSS NATIONAL PRODUCT, ETC.
48
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
40.25
4.10
7.60
2.19
.97
6 .24
4 .00
16.96
1.05
7.13
4.66
16.73
1.24
7.78
5.25
1 .51
1 .15
3 .98
2 .97
1.07
4.20
3.11
46 .51
13
13
13
13
13.82
13
13
13
13
4.37
7 .54
.77
243.8
248.2
32.1
175.1
22.3 Individuals, partnerships, and corporations, total
102.4
Nonfinancial:
50.4
Total
Manufacturing and mining
41.1
Trade
Public utilities
20.6
Other
14.3 Financial:
2.3
Total
3.9
Insurance companies
Other
Individuals:
208.8
Total
Individuals excl. farmers
187.3
Farmers
175.1
12.2
Nonprofit assns. and other
48
48
49
49
49
29.0
171.1
22.1
100.2
48.8
29.4
172.0
21.4
101.0
49.6
48
43.6
42.4
50
50
50
50
18.9
14.0
2.5
8.2
19.6
14.3
4.6
3.9
51
51
51
51
203.1
180.9
171.1
9.7
207
183.7
172.0
11.7
1.17
.96
4.44
3.00
.81
1946
1947
Dec.
Dec.P
In billions of dollars
24
24
24
24
231.5
143.3
8.4
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
1947
243.8
June
30
45.29
4.82
5.82
1.99
12
12
12
12
LIQUID ASSET HOLDINGS*
Oct.Dec.
Dec.
31
June
30
In billions of dollars
FIGURES FOR SELECTED DATES
1948
1948
MEMBER BANKS
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:9
Commercial.
Agricultural
Real estate
Consumer.
For purchasing securities:
To brokers and dealers
To others
'5.0
State and local govt. securities.
Other
securities
'3.4
'2.4
115.3
22.1
13.2
43.0
35.4
52.9
32.6
10.0
62.4
1947
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 inventories.
Net foreign investment
Personal income,
consumption, and
saving:4
Personal income
Disposable income
Consumption expenditures
Net personal saving
Chart
book
page
1948
OWNERSHIP OF DEMAND DEPOSITS*
Feb. 26
Jan.
30P
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
4.7
25
25
25
25
28.9
22.0
6.9
5.2
30.1
22.9
7.2
5.1
r
e
* Estimated.
*> Preliminary.
Revised.
Corrected.
For charts on pp. 26, 28, 33, 35, 36, and 39, figures for a more recent period are available in the regular BULLETIN table 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.
*1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
4
Adjusted for seasonal variation.
1
Revised series.
e As of May 31, 1948.
7
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.
8
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 dollars, respectively; data for other series are available for June and December dates
only.9
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.
1
1300
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT*
1948
Chart
book
page1
June
July?
1948
Chart
book
page 1
Aug.?
June
In millions of dollars
Consumer credit outstanding, t o t a l . . .
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
July*
Aug.*
In millions of dollars
14,132 14,185 14,382 Consumer instalment sale credit
out2
7,144 7,328 7,553 standing, cumulative totals: —Cont.
Furniture and household appli3,778 3,851 3.913
ance stores
3,366 3,477 3,640
Department stores and mail3.364 3.202 3,148
2,717
order houses
2,679 2,698
964
945
957
All other
Consumer instalment sale3 credit
granted, cumulative totals:
14,132 14,185 14.382 Consumer instalment loan credit
out2
6.988 6.857 6,829 standing, cumulative totals:
3,681
Commercial and industrial banks
3,624 3,655
945
957
964
Small loan companies
Credit unions.
Miscellaneous lenders
3,366 3,477 3,640
Insured repair and modernization
loans
6
1,764
,788
1,836
6
6
1,155
435
,171
439
1,199
446
8
8
8
8
3,778
1,950
1,192
920
,851
,983
,213
931
3,913
2.006
1,232
941
8
645
653
661
1
» Preliminary.
Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
The figures shown here are cumulative totals not aggregate? for the individual components. Aggregates for each component may be derived
by subtracting
from the figure shown, the total immediately following it.
8
Figures for this series are in process of revision and will not be available for several months.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF SEPTEMBER 1, 1948
[In thousands of units]
Corn
Cotton
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Estimate
Sept. 1, 1948
Production
1947
Estimate
Sept. 1, 1948
Production
1947
Estimate
Sept. 1, 1948
Production
1947
Estimate
Sept. 1, 1948
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
274
'4,084
983
291
4,192
1,220
6,906
24,385
51,515
181 524
164,313
167,485
885,728
301,354
311,826
242.282
57,398
6.236
ll,857
15.219
2,400,952
1,121
2,185
2
. .•
r
1,720
2,881
3
3,210
4,915
Oats
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco
..
Total
r
1
2
1
Spring wheat
Production
1947 1
....
Total
Winter wheat
6.679
32,079
57,629
255 247
182,036
194,120
1,414,525
464,817
435.079
422,136
57.943
6,525
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
80
105
1,509
14
253,898
5,207
102
36,139
1,682
18
259,243
4,607
147
37,778
3,528,815
1,067,970
981,415
296,949
303,580
Tame hay
White potatoes
Tobacco
Production
1947
Estimate
Sept 1, 1948
Production
1947
Estimate
Sept. 1, 1948
Production
1947
Estimate
Sept. 1, 1948
Production
1947
Estimate
Sept. 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
4,913
27,500
18,042
65,115
27 375
28,925
635,102
76,842
413,055
147,352
18,654
30,532
4,108
6,648
2,646
5,863
4,522
3 902
18,080
9.018
9,893
9,578
1,825
13,111
3,984
6,544
2,555
5,609
5,034
3,696
15,383
8,995
9,498
10,040
1,710
12,530
35,499
1,323
58,518
128,945
1,259,188
264,387
36,431
317,270
2,876
3,326
34,989
1,083
59,685
128.435
993,910
219,287
31,092
312,726
2,400
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
77,191
41,909
21,702
12,521
26,823
12,224
22,308
8,399
39,484
32,772
4,934
108,099
1,215,970
1,493,407
89,194
85,578
2,107,763
1,787,723
384,407
408,366
Revised
As revised in September 1948.
Includes 10,000 bales grown in miscellaneous territory.
Includes 15,000 bales grown in miscellaneous territory.
OCTOBER
1948
1301
ALL MEMBER BANKS—ASSETS AND LIABILITIES ON JUNE 30, 1948, BY CLASS OF BANK
[Amounts in thousands of dollars]
Central reserve city
member banks
ASSETS
Loans and investments
Loans (including overdrafts)
United States Government direct obligations. .
Obligations guaranteed by United States Government
Obligations of States and political subdivisions.
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve
Bank stock)
Reserve
city
member
banks
4,742,194 35,064,984 36,623,382 95,449,273 63,637,990 31,811,283
1,714,172 13,372,679 11,234,326 33,871,224 22,243,297 11,627,927
2,667,204 19,219,805 21,886,195 54,130,980 36,086,065 18,044,915
469
582,706
433,534
94,181
2,541
1,445,503
935,266
5,406
2,222,750
1,189,083
8,416
4,435,849
2,723,653
5,251
3,204,161
1,940,945
10,158
89,190
85,622
279,151
158,271
120,880
1,726,117 11,729,218 10,049,505 30,303,148 20,415,307
1,144,426 6,462,250 4,866,397 17,356,081 11,298,657
1,104,982
521,405
934,141
1,605,925
28,032
9,887,841
6,057,424
500,943
Due from own foreign branches
Bank premises owned and furniture and fixtures. . .
Other real estate owned
Investments and other assets indirectly representing
bank premises or other real estate
Customers' liability on acceptances
Income accrued but not yet collected
Other assets
818
158,321
354
2,920
123,822
58,017
110,889
26,272,162
LIABILITIES
21,670,797
Demand deposits
Individuals, partnerships, and corporations. . . . 16,306,338
332,645
United States Government
271,524
States and political subdivisions
2,829,676
Banks in United States
1,182,594
Banks in foreign countries
Certified and officers' checks, cash letters of
748,020
credit, and travelers' checks, etc
Total liabilities.
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits
Other capital accounts
Total capital accounts
Total liabilities and capital accounts.
MEMORANDA
Par or face value of capital
Capital notes and debentures..
First preferred stock
Second preferred stock
Common stock
1
3,357,247
11,650
2,194
877,876
5,386,644
32,392
23,047
5,899,059
4,144,892
23,944
13,710
3,829,122
1,241,752
8,448
9,337
2,069,937
16,279
6,113
306,325
6,983
365,581
5,342
6,931
846,506
12,679
6,113
551,579
8,533
818
294,927
4,146
164
4,546
15,551
4,353
44,973
60,059
103,459
51,048
11,793
3,215
48,514
35,615
59,850
191,642
225,541
201,905
45,337
112,505
143,207
160,474
14,513
79,137
82,334
41,431
A
6,509,204 47,373,162 47,142,947 127,297,475
85,081,045 42,216,430
5,087,691 32,821,363 29,002,937
3,539,045 24,197,839 24,161,034
679,826
728,150
105,032
320,162 2,442,206 2,839,425
797,564
1,054,907 4,751,139
8,942
140,199
21,680
59,194,368 29,388,420
45,131,966 23,072,290
605,018
1,240,635
1,438,503
4,434,814
6,573,079 2,860,207
653,159
700,256
88,582,788
68,204,256
1,845,653
5,873,317
9,433,286
1,353,415
516,146
1,872,861
1,113,618
759,243
40,635
682
14,121
951,165 11,327,479 14,900,027
939,515 10,771,351 14,473,230
45,988
40,785
900
2,642
1,251
10,750
364,120
496,431
14,047
16,261
1,400
28,869,445
27,805,454
101,651
3,893
911,936
30 ,990
19,558,939
18,714,288
86,380
2,794
724,268
25,138
6,071
9,310,506
9,091,166
15,271
1,099
187,668
5,852
9,450
23,361,571
6,038,856 44,148,842 43,902,964
1,690,774
1,621,358
13,978
46,865
561,830
15,521
78,753,307 38,698,926
117,452,233
250,698
18,317
26,200
136,179
21,263
15,909
78,862
119,421
2,537
69,415
16,216
71,529
142,909
33,566
24,010,103
609,797
1,194,035
398,831
59,396
2,262,059
26,272,162
5,190
1,658
4,315
18,074
5,394
6,073,487 44,503,331
269,015
52,833
214,368
51,839
144,876
313,648
174,656
44,086,547 118,673,468
955,208
1,233,252
498,857
182,514
1,043,886
1,269,011
573,148
170,355
2,754,141
3,885,248
1,524,489
460,129
435,717
2,869,831
3,056,400
8,624,007
6,509,204 47,373,162 47,142,947 127,297,475
145,250
608,77:
145,250
15,591,635
1,115,918
35
24,096
3,584
12,702
53,123
73,803
16,275
145,250
188,950
53,653
47,864
609,797
1,022
Retirable value of capital: First preferred stock...
Second preferred stock.
Demand deposits adjusted 1
Pledged assets (and securities loaned)
Number of banks
3,165
1,231,688
782,708
184,890
165,770
150,779 1,834,794
16,713
1,566
7,870
564
400,750 12,886,186
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for
borrowed money
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
,
Expenses accrued and unpaid
Other liabilities
All State
member
banks
19,018,713
7,550,047
10,357,776
43,824
2,463
12,419
1,734,247
Total deposits
banks
All
national
member
banks
Chicago
6,798,308
4,883,008
122,347
Time deposits
Individuals, partnerships, and corporations
United States Government
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign countries
All
member
New York
Reserves, cash, and bank balances
Reserve with Federal Reserve Banks
Cash in vault
Demand balances with banks in United States
(except private banks and American
branches of foreign banks)
Other balances with banks in United States. . .
Balances with banks in foreign countries
Cash items in process of collection
Total assets
Country
member
banks
955,208
6,250
20,679
150
928,129
1,043,945
8,154
34,615
3,924
997,252
21,436
150
84,702
7,718
3,505,322 24,315,689 26,638.729
555,562 5,176,637 4,484,798
14
335
6,541
2,754,200
15,426
55,294
4,074
2,679,406
243,268
25,747
42,871
125,416
34,054
9,962
88,952
17,785
45,273
106,490
132,042
99,603
207,158
42,614
79,548,291 39,125,177
1,800,253
2,446,653
970,022
315,826
953,888
1,438,595
554,467
144,303
5,532,754
3,091,253
85,081,045 42,216,430
1,800,312
21,711
2,087
1,776,514
953,888
15,426
33,583
1,987
902,892
74,773
31,365
106,138
4,768
3,100
7,868
70,051,375 46,851,276 23,200,099
8,577,265 2,755,650
11,332,915
1,927
6,925
4,998
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
1302
FEDERAL RESERVE BULLETIN
ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND
POSSESSIONS ON JUNE 30, 1948, DECEMBER 31, 1947, AND JUNE 30, 1947
[Amounts in thousands of dollars]
All insured commercial banks x
Insured banks not members of
Federal Reserve System
June 30, 1948 Dec. 31, 1947 June 30, 1947 June 30, 1948 Dec. 31, 1947 June 30, 1947
ASSETS
Loans and investments
Loans (including overdrafts)
United States Government direct obligations.
Obligations guaranteed by United States Government
Obligations of States and political subdivisions.
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve
Bank stock)
111,823,114
39,382,301
63,495,212
114,304,295
37,591,988
67,946,187
110,712,106
33,258,041
69,141,228
16,389,703
5,514,192
9,375,705
16,474,281
4,966,842
10,053,342
15,925,729
4,605,491
9,964,017
12,205
5,436,459
3,193,390
13,504
5,130,927
3,319,506
13,678
4,827,879
3,169,582
3,789
1,001,585
3,804
932,822
493,088
3,815
847,207
481,436
303,547
302,183
301,698
Reserves, cash, and bank balances
Reserve with Federal Reserve Banks
Cash in vault
Demand balances with banks in United States
(except private banks and American
branches of foreign banks)
Other balances with banks in United States. .
Balances with banks in foreign countries
Cash items in process of collection
33,707,629
17,355,020
2,064,673
36,936,014
17,795,563
2,147,943
32,199,046
16,039,194
1,806,395
8,194,982
49,463
23,343
6,020,148
9,689,645
52,359
25,778
7,224,726
8,453,306
51,042
34,885
5,814,224
Due from own foreign branches
Bank premises owned and furniture and fixtures.. .
Other real estate owned
Investments and other assets indirectly representing
bank premises or other real estate
Customers' liability on acceptances
Income accrued but not yet collected
Other assets
6,931
967,339
17,397
284
914,008
17,922
64,156
192,989
237,718
226,200
4,789
9361444
17,801
62,240
143,230
239,372
128,901
147,243,473
Total assets
LIABILITIES
D e m a n d deposits
Individuals, partnerships, and corporations. . .
United States Government:
War loan and Series E bond accounts.. . .
Other
States and political subdivisions
Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of
credit, and travelers' checks, etc
Time deposits
Individuals, partnerships, and corporations. . . ,
United States Government
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign countries
Total deposits
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for
borrowed money
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities...
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits
Other capital accounts
Total capital accounts
Total liabilities and capital accounts. .
MEMORANDA
Demand deposits adjusted 2
Pledged assets (and securities loaned)
Number of banks
469,986
24,383
23,763
4,092,849
3,507,287
"476',095
397,648
3,454,057
18,541
324
143,832
2,965,193
19,454
657
124,335
116,305
5,562
115,585
5,199
65,193
87,202
237,673
139,720
120,893
4,718
4,306
1,347
12,177
24,308
4,139
1,976
11,986
23,411
3,899
763
12,036
23,548
152,773,086
144,373,154
19,963,776
20,730,509
19,594,046
100,495,726
78,301,105
106,934,598
83,737,730
11,912,950
10,096,849
12,796,751
11,033,980
> 2,054,409
7,135,118
9,628,071
1,357,149
1,327,075
6,695,228
11,236,131
1,379,176
99,126,859
78,090,841
1,043,850
205,561
6,496,970
9,806,903
1,371,889
208,768
1,261,801
194,785
3,734
[150,978
1,191,174
258,495
3,685
11,765,403
10,157,592
133,154
21,096
1,121,303
194,434
2,621
24,446
3,406,324
'458',972
2,808,861
17,071
296
121,124
2,019,874
2,559,258
2,110,845
147,013
158,439
135,203
35,485,469
34,263,031
105,690
5,754
1,060,956
34,512
15,526
34,954,068
33,963,323
105,520
4,994
825,901
43,225
11,105
34,568,905
33,623,136
105,678
4,881
771,394
42,662
21,154
6,632,269
6,473,819
4,039
1,861
149,023
3,522
5
6,580,605
6,437,828
4,326
1,630
132,457
4,359
5
6,511,381
6,379,910
3,114
1,554
122,503
4,296
4
135,981,195
141,888,666
133,695,764
18,545,219
19,377,356
18,276,784
269,015
221,778
270,208
62,671
215,752
54,373
176,355
338,040
188,730
61,345
166,556
60,315
151,851
332,864
153,908
59,543
99,892
53,358
124,721
374,727
134,880
9,838
1,384
2,534
31,479
24,426
14,084
7,380
1,991
4,806
27,114
26,406
12,416
9,533
783
2,327
23,192
25,527
9,311
137,286,131
143,037,283
134,813,093
18,628,964
19,457,469
18,347,457
3,229,569
4,391,227
1,803,724
532,822
3,193,918
4,316,404
1,650,231
575,250
3,171,036
4,182,796
1,644,081
562,148
475,428
507,298
279,378
72,708
463,524
494,130
240,860
74,526
452,042
482,146
242,353
70,048
9,957,342
9,735,803
9,560,061
1,334,812
1,273,040
1,246 ,589
147,243,473
152,773,086
144,373,154
19,963,776
20 ,730 ,509
19,594,046
81,435,949
13,031,725
13,420
85,767,490
11,648,069
13,403
80,884,432
11,653,224
13,391
11,384,539
1,698,910
6,498
12,239,761
1,610,009
6,483
11,289,763
1,702.08S
6,466
1
Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on
opposite
page.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
OCTOBER
1948
1303
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United
Dec.
Dec.
Dec.
States total:
31, 1945
31, 1946
31, 1947
Aug.
On par list
Total banks, branches
and offices on which
checks are drawn
31, 1948P..-
Total
Member
Not on par list
(Nonmc
Nonmember
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
4,260
11,869
11,957
12.037
12,073
3,616
3,654
3,823
3,944
6,877
6,894
6,917
6,913
2,909
2,913
3,051
3,138
4,992
5,063
5,120
5,160
772
806
496
912
843
298
851
137
263
336
786
646
708
219
788
100
225
160
126
197
431
79
63
37
38
800
553
328
131
548
72
479
345
210
114
225
39
321
208
Branches
and offices
707
741
Branches
and offices
Banks
2,133
2,086
2,041
2,014
325
316
633
118
17
323
33
213
623
54
344
118
36
25
60
17
3
11
67
658
9
110
3
68
10
4
43
331
327
By districts and
by States
Aug. 31, 1948?
District
Boston
New York
Philadelphia
Cleveland
496
912
843
1,139
298
851
137
263
1,139
Richmond
Atlanta...
Chicago
St. Louis . .
1,013
1,176
2,489
1,472
446
167
573
132
2,435
1,128
Minneapolis
Kansas City
Dallas . .
San Francisco
1,279
1,750
1,016
. .
State
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
621
111
9
39
1,741
43
9
30
1,001
495
1,234
476
758
617
266
26
6
19
1,434
1,167
145
983
289
233
502
1 234
906
499
222
10
230
192
142
22
41
19
911
1
114
10
105
192
142
22
41
5
911
1
88
5
67
113
92
22
31
1
868
1
26
5
38
79
50
115
39
19
179
26
14
39
2
115
39
19
118
26
14
39
2
13
4
36
2
389
31
99
50
22
3
45
13
10
3
27
65
17
16
73
49
45
49
881
487
666
608
3
95
161
879
487
1
666
108
65
26
34
1
45
26
43
23
2
3
95
161
502
237
164
214
3
39
377
250
502
392
56
161
39
41
69
103
159
112
46
38
78
147
25
36
37
68
144
271
12
25
88
37
14
5
32
35
15
49
606
383
161
63
166
184
39
64
69
103
159
Michigan
Minnesota
Mississippi
Missouri
Montana
443
679
206
596
112
212
6
56
443
263
40
529
112
212
6
8
230
206
32
180
84
163
6
1
213
57
8
349
28
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
410
8
74
337
49
2
18
2
139
11
410
8
74
337
49
2
18
2
139
11
144
6
52
289
34
2
17
1
124
2
266
2
22
48
15
1
15
9
...
647
725
647
725
567
674
80
62
6
199
1
54
34
...
177
24
199
1
92
61
666
376
51
208
150
666
384
425
224
172
1
38
19
241
152
28
6
27
70
86
157
41
34
70
33
754
11
32
80
131
29
27
37
232
8
28
6
26
12
5
986
19
149
170
14
61
290
4
2
Kentucky
Louisiana
IVIaine
Maryland
Massachusetts
Oregon.. .
.
. .
Pennsylvania
Rhode Island
South Carolina... . . .
South Dakota
125
2
383
58
63
166
184
New York.
.
North Carolina
North Dakota
Ohio
Oklahoma. . . .
9
7
103
23
416
166
67
48
116
89
115
18
1
8
19
60
86
157
41
32
70
22
63
20
7
2
89
2
47
100
25
199
837
60
3
81
566
48
3
118
271
12
95
59
16
22
11
31
40
20
2
24
29
2
9
i
986
Tennessee
Texas
Utah
Vermont
Virginia
294
896
76
3
55
69
22
11
315
93
309
92
203
45
106
47
6
1
Washington
West Virginia
Wisconsin
Wyoming.
120
182
553
55
123
117
180
446
55
123
53
109
163
40
116
64
71
283
15
7
3
2
107
50
151"
55
69
101
21
80'
p Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 241, of the BULLETIN for February 1948).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
1
2
1304
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Reported gold reserves of central banks and governments. .
1306
Gold production .
1307
Gold movements .
1307
International capital transactions of the United States. .
International Monetary Fund and Bank.
Central banks .
1308-1313
1314
1314-1318
Money rates in foreign countries.
1319
Commercial banks
1320
Foreign exchange rates.
1321
Price movements:
Wholesale prices .
1322
Retail food prices and cost of living. .
1323
Security prices
1323
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.
OCTOBER 1948
1305
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina1
Belgium
609
734
734
735
734
21,955
22,294
22,614
22,754
474
416
497
614
838
992
1,197
1,072
451
367
323
322
22,935
23,036
23,137
23,169
23,304
23,532
23,679
23,725
313
296
266
229
214
202
201
196
593
578
591
606
615
622
637
643
End of month United
States
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Sept..
Oct...
Nov..
Dec...
1948—Jan...
Feb...
Mar..
Apr. .
May.,
June..
July..
Aug...
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
India
Iran
Persia)
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
1947—Sept..
Oct...
Nov..
Dec...
1948—Jan...
Feb...
Mar..
Apr. .
May..
June.,
July..
Aug...
274
274
274
274
127
127
127
127
274
274
274
274
274
274
127
127
127
127
127
127
127
End of month
find of month
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Sept
Oct
Nov
Dec
1948—Jan
Feb
Mar
Apr
May
June
July....
Aug
Sweden
Switzerland8
308
160
223
335
387
463
482
381
93
101
101
105
104
101
97
96
93
85
81
81
549
502
665
824
6
965
1,158
1,342
1.430
1,386
1,389
1,372
1,356
1,352
1,353
1,353
1,352
1,351
1,345
1,322
716*
735
650
599
593
597
Brazil
Canada Chile
40
51
70
115
254
329
354
354
354
354
354
354
354
354
354
354
354
354
214
27
5
6
5
6
2
361
2
543
8
6
7
2 294
7
7
7
7
8
9
9
9
Japan
Java
164
164
90
140
235
'216
I
Italy
144
120
124
141
118
24
24
28
28
28
28
28
M64
29
88
92
114
161
221
241
237
169
169
170
170
171
171
171
168
168
164
164
45
45
45
45
46
46
44
21
17
16
25
59
92
127
145
89
83
84
83
84
85
86
81
1
1
1
16
46
111
191
226
279
279
279
279
279
279
279
279
Mexico Nether- N e w
lands Zealand
Uruguay
Venezuela
Yugoslavia
68
90
100
89
121
157
195
200
52
29
41
68
89
130
202
215
215
215
215
215
59
82
*83
183
177
175
175
189
200
200
203
203
203
215
230
240
243
263
263
304
Czecho- Denslomark
vakia
56
58
61
61
61
61
61
61
23
23
23
23
23
23
23
23
Norway
81
75
58
23
23
23
23
23
23
23
23
23
23
23
B.I.S.
7
12
12
21
45
37
39
32
29
28
30
30
33
35
40
39
32
30
31
31
80
91
73
73
72
72
70
69
66
66
66
66
66
Other
coun-7
tries
178
170
166
185
229
245
247
240
240
240
240
240
241
242
242
P243
P244
P244
P244
P244
P Preliminary.
1
Estimated dollar values derived by converting gold at home in amounts up to 1,224.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447
pesos
per U. S. dollar.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945, December 1946, December 1947 when gold holdings of Foreign Exchange Control3 Board are included also.
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, as follows: Java—Jan.
31,
1942; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
5
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
Beginning December 1943, includes gold holdings of Swiss Government.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For gold holdings of International Fund and Bank, see p. 1314. For back figures,
see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of
figures, including details regarding special internal gold transfers affecting the reported data,
see pp. 524-535 in the same publication.
1306
Egypt
France
53
52
44
44
44
44
38
38
55
52
52
52
52
52
52
53
2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
32
32
32
32
53
53
53
53
53
53
53
53
53
53
444
444
548
548
32
32
32
32
32
32
32
289
692
617
575
506
500
500
270
265
190
191
223
231
220
209
193
182
183
183
183
172
28
United
Kingdom
45
45
45
45
Cuba
32
47
47
39
203
222
294
181
100
100
100
100
96
86
87
86
78
71
43
44
28
28
28
28
28
Turkey
30
30
31
36
54
79
82
65
Colombia
Peru
Poland
20
20
21
25
31
32
28
24
Germany
29
29
29
29
29
29
28
28
28
28
28
28
548
548
548
548
548
548
548
PortuRumania
gal 8
245
203
200
195
193
189
189
184
181
179
Hungary
24
24
24
24
24
24
24
33
33
33
34
34
34
34
34
34
34
34
34
152
158
182
203
260
267
269
20
20
20
20
20
20
20
20
20
Greece
P215
P215
P215
215
216
216
217
South
Africa
249
367
366
634
706
814
914
939
805
804
796
762
764
448
438
446
388
373
338
Spain
42
42
91
105
110
111
111
111
111
111
111
111
111
111
111
111
Government gold reserves1 not included in
previous figures
United
BelEnd of month United
France gium
States Kingdom
1938—Dec
1939—Aug
Dec
1940—Aug
Dec
1941—Sept...,
Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June....
Sept
Dec
1947—Mar...,
June
Sept.....
Dec
1948—Mar
80
»759
•876
331
«460
156
48
24
25
12
43
12
18
71
113
177
163
151
129
114
79
44
17
292
5 2,354
2,341
52,196
52,535
52,587
5 2,345
5 2,382
«2,341
*2,O35
«2.2OO
«293
214
457
17
17
17
17
17
17
1
Reported at infrequent interval
layed
ayed basis: U. S.—Exchange Stabilization
Stabili
Fund
Special A/c No. 1);
1); U. K.—Exchange Equaliation Account; France—Exchange
rance—Exchange Stabilization
und and Rentes Fund; Belgium—Treasury.
Belgium—Treasury
of September,
f
lBiih
ld
dollars, as reported by banks in the United
States are shown in table on p. 1311.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 1314, footnote 4, and p. 1315,
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month
Estimated
world
production Total
reported
outside
U.S.S.R.i monthly
1938
1939
.
1940
1941
1942
1943
1944
1945
1946
1947
1947—July..
Aug...
Sept..
Oct...
Nov..
Dec...
1948—Jan...
Feb..,
Mar..
Apr..
May.
June.
July.
,142,400
,219,400
,311,450
,265,600
,130,115
880,495
794,080
745,430
762,195
South I
Africa
968,320
,031,214
,106,447
,110,379
982,130
774,086
702,534
683,011
696,998
705,447
425,649
448,753
491,628
504,268
494,439
448,153
429,787
427,862
417,647
392,004
64,148
61,616
60,833
60,644
59,738
60,433
'60,377
'•57,211
'60,861
59,507
35,396
34,875
34,692
35,361
33,888
34,025
34,775
32,459
34,384
34,175
34,368
33,941
34,544
Production reported monthly
North and South America
Rho- I West I Belgian United I CanMex- IColom- I
Nica*
desia 1 Africa21 Congo* States 4 1 ada
ico I bia | Chile ragua1
%1 —15*/a grains of told B/io fine;i.e.,m ounce of fine goid =
,379 32,306 18,225 10,290 1,557
28,532 24,670 16,564 178,143
,303 29,426 19,951 11,376 3,506
28,009 28,564 18,258 196,391
,890 30,878 22,117 11,999 5,429
29,155 32,163 19,413 210,109
,081 27,969 22,961 9,259 7,525
27,765 32,414 19,571209,175
,446 28,018 20,882 6,409 8,623
26,641 29,225 17,992 130,963
,796 22,081 19,789 6,081 7,715
23,009 19,740 15,791 48,808
,302 17,793 19,374 7,131 7,865
20,746 18,445 12,747 35,778
,385 17,458 17,734 6,282 6,985
19,888 18,865 12,144 32,511
,139 14,703 15,301 8,068 6,357
19,061 20,475 11,596 51,182
,432 16,250 13,406 5,908 7,403
18,296 19, 320 10,780 75,786
,855
980 6,866
1,554
9,149 1,525
1,112
636
513
,855
910 6,580
1,541
9,131 1,360
684
1,079
410
,820
805
1,516
6,526 8,668 1,389
530
1,044
658
35
840
1,540
7,733 9,057
922
424
915
679
,225
770 5,791
1,513
8,826 2.491
383
742
945
,750
770 6,828
1,489
9,614
529
778
672
680
,890
910 6,042
1,504
9,568
369
648
658
1,124
,820
840 5,489
1,442
9,156 1,367 1,302
288
682
,820
910 6,372 10,070
1,431
474
634
1,166
809
,855
945
1,477
5,650 10,012
494
652
879
713
,855
910 6,078 '10,047
1,539
602
611
916
,925
980
5,719 10,113
592
,995
910
6,180 10,367
647
Other
AustraIndia*
lia*
55,721
57,599
57,540
52,384
40,383
26,295
22,990
23,002
28,857
32,807
11,284
11,078
10,126
10,008
9,111
8,828
6,577
5,893
4,612
6,055
4,003
,701
,696
,720
2,639
2,808
'2,433
'1,945
'2,266
2,129
2,205
560
490
490
420
525
490
455
420
525
525
525
490
560
r
Revised.
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.
1
Beginning
1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
1
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.
1
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
1
Beginning
1946, subject to revision.
1
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
UNITED 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
Belgium
Netherlands
1,955
315,678
68,938
88
-845,392 -695,483
160
-106,250
458
-14
311,494
1,866,348 488,433 162,941
Sweden
27,990
Canada
208,917
66,920
46,210
53,148
344,130
445,353
Argentina
Other PhilipLatin
AusMexico Ameri- pine tralia
can Re- Republics public
99 40,016 39,581
321
-10,817 -3,287 24,306
-50,268 •109,695 •58,292
-5
15,094-41 ,743
103
-403 -156
-134,002
3,591
335,505 —7,110 10,684 -3,508
South
Africa
India
All
other
countries
528 4.119
129 20,013
152
307
-8,731
199 3,572
18,365
106
357
-133,471
41 118, 550-2 ,613 -18,083
,691 -4,423 • -337
1947
Aug
Sept.
Oct
Nov........
Dec
111,657
109,600
450,830
265,700
178,166
2
- 5 22,515
245,712 140,568
142,821
101,541
1948
Jan
Feb
Mar
Apr
May
June
July
Aug.?
234,978
159,388
99,943
234,156
151,326
177,741
266,691
39,078
182,808
104,264
20,274
167,906
157,131
177,829
178,038
4,400
13,903
14,088
9,970
31,301
61,931
20,023
1,437
6,132
5,523
26
2,220
499
552
63,697
37,735
90,463
23,444
48,190
56,849
35,436
458
289
-19,660
-10,693
-29,635
-12,031
30,512
698
12,009
29,998
4,145
6,942
5,937
330
242
152
103
208
16,042
37,760
21
29
-94-1,543
1,286 -286
1,073
-56
1,434 -252
2,126
85
74
201 2,418
211 1,102 -289
2,673
-1,279
271
242 6 4,872 -208
161 -24,092 -228
198 s-27,736 -144
3,904 6,523
-53
9,706 e-35,822 -56
32 991
227
97
674
888
756
331
764
,463
60 ,625
4
•4,221
10,215
4
490
997
1,026
-5,950
-1,390
-5,161
-6,871
-1,106
-1,167
-1,078
-6,412
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: August, $5,627,000; September, $11,287,000; October, $5,346,000.
tncludes $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.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, Bee p. 524 in the same
publication.
1
2
1
4
1
6
OCTOBER
1948
1307
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, ( —). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935,
through—
Total
Increase in foreign banking
funds in U. S.
Total
Official i
Other
Increase in
funds of international
institutions
in U . S .
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
fundi
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
1,440.7
2.667.4
3,501.1
3,933.0
631.5
989.5
1,259.3
1,513.9
38.0
140.1
334.7
327.0
593.5
849 4
924.6
1,186.9
361.4
431.5
449.1
510.1
125.2
316.2
583.2
641.8
316.7
917.4
,162.0
,219.7
6.0
12.9
47.5
47.6
1939—Mar. 29
June 28
Sept. 2 7 . . . ,
Dec. (Jan. 3, 1940)
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
,436.2
,686.5
,927.3
,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
,188.9
,201.4
,177.3
,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1. 1941)
5,207.8
5,531.3
5,831.2
5,8079
2,630.9
2,920.7
3,175.9
3,239.3
631.0
,012.9
,195.4
,281.1
,999.9
,907.8
,980.5
,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
,095.0
,042.1
987.0
888.7
88.7
98.9
101. &
100.9
1941—Mar.
June
Sept.
Dec.
(Apr. 2)
(July 2 ) . . , . .
(Oct. 1)
31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
,388.6
,459.8
,424.0
,177.1
,841.0
,818.2
,817.7
,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar.
June
Sept.
Dec.
(Apr. 1)
30 s
30
31.
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
,068.9
,352.8
,482.2
,557.2
,752.0
,864.2
,873.5
,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
1943—Mar.
June
Sept.
Dec.
31. . . . . . . . .
30
30
31
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
,920.3
,931.2
-.939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.*
1944—Mar.
June
Sept.
Dec.
31
30
30...,
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
,026.2
,019.4
685.8
702 4
737.8
911.8
119.0
119.1
122.2
126.3
1945—Mar.
June
Sept.
Dec.
31.....
30
30
31
8,002.6
8,422.8
8,858.6
8,802.8
5,219.4
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
,011.2
998.2
972.8
820.6
848.4
818.4
798.7
130.5
131.8
134.6
144.1
1946—Mar.
June
Sept.
Dec.
31
30
30
31
8,730.8
8,338.2
8,250.1
8,009.5
6,098.8
5,662.7
5,681.7
5,272.3
3,384.6
2,852.0
2,834.4
2,333.6
2,714.1
2,810.7
2,847.3
2,938.7
70.6
190.8
249.1
453.8
703.6
624.5
519.8
427.2
,073.0
,103.9
,170.7
,237.9
645.1
615.0
478.3
464.5
139.9
141.4
150.4
153.7
Jit47—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
28
31
30
31.
30
31.....
31.........
30
31..........
30
31...........
8,077.3
9,959.9
9,736.7
9,771.5
9,508.2
9,440.8
9,443.6
9,516.8
9,018.6
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
,725.4
,718.8
,448.7
,447.2
,616.8
,726.9
,298.5
,232.9
,200.0
,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
211.6
174.6
,308.2
,229.8
,282.6
,341.6
,380.7
,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
*367.0
150.4
156.6
154.3
161.6
156.4
160. $
159.$
164.1
159.9
162.2
153.1
142.4
8,174.2
8,216.1
8,159.7
7,950.1
7,858.0
4,094.8
4,235.0
4,370.6
4,250.1
4,285.9
,137.2
,270.7
,346.4
,281.8
,299.0
2,957.6
2,964.3
3,024.2
2,968.3
2,986.9
2,185.0
2,124.6
1,985.3
1,955.2
1,935.1
106.5
88.7
51.7
22.0
-27.3
1,287.7
1,292.4
1,296.4
1,304.3
1 ",304.0
359.6
340.3
312.3
272.4
213.6
140.6
135.2
143.3
146.1
146.8
1935—Dec.
1936—Dec.
1937—Dec.
I93g—Dec.
.
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
168.
178.
172.
• Corrected.
1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures
are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
8
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 4Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Bankint 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 September 1945, pp. 960-974.
1308
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec. (Jan. 3, 1940).
1940—Dec. (Jan. 1, 1941).
1941—Dec. 31
1942-Dec. 31
1943 Dec. 31
1944 -Dec. 31
1945-Dec. 31
1946—Dec. 31
United
King- France
dom
Netherlands
Switzerland
Italy
5,112 8 ,101.3 468.7
5,807 9 865 2 670 3
5.354 1 674
639 9
5,980 2 837 8 625 9
7,267
1,257 7 636.8
7,728 4 1,090 0 585.7
8.802 8 892.5 464.2
7,555.
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
918 9 3,790 1 229.4 483.4
55 4 1.098 6 4,056 6 411 7 606 8
50 5 .071 7 3,626.3 340 5 567.5
425 1 835 8
48 1 . 030 3 3,608
48.2
,133 3 4.192 8 7603 951.0
63 1 ,172 5 4.081 8 976 4 ,193.7
106 5 .311 8 4,037.0 ,395.7 ,338.4
287.5 ,246.3 3,574.2 979.7 ,474.0
340.5
336 0
329 8
311 4
258 7
240 4
213 8
189.2
188.7
186.2
150.0
125.2
799 3 181.2
811 8 161.2
808 0 158 1
800 8 145 1
810 6 139 8
820 5 140.4
839 3 150.1
836 2 160 1
840.0 180.7
841 .2 187 0
850.6 205.8
860.9 216.6
Total1
6,746
26,582
6,758
6.363
6.212
6.171
* 6 081
5.989.
6.091.
6.174
5.994.9
5,922.9
1947—June 30.
July 31..
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1948—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
May 31 .
441.7
614
648.5
486
447.7
464.2
437 0
451
52^.9
562 8
488
449.9
390.2
306 2
324 6
308 2
359 6
318.8
234.3
153.1
161.8
127.8
97.9
64.8
Total
Europe
Other
Europe
,093.2
,112.2
,161 3
,131 3
,135 6
,124 7
,088.6
,101.2
,088.8
,079.1
.060.8
,054.7
CanLatin
ada America
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
803.4 .447.1 1,018.7 231.1
794.7 ,477 0
972 1 2 - 2 . 9
830 3 ,531 4
958 0
8.9
780
6
931 6
,470 0
-2.6
,183 6
937 3
3,152 0 681 0 ,446 4
-4.6
981 0
3,109.0 684 9 ,406.1
-9.4
975 8 •70.2
2,963.1 688 6 ,383.4
727.8
946.3
,338.2
2.891 1
85.9
931.9
2,983.9 721.5 ,364.9
89.3
798 0 ,368 0
938.9
2,984
85.3
892.1
2.853 .9 838.4 ,360.8
49.7
893.6
2,772.2 878.7jl ,329.5
49.0
3,246.2
3,341.6
,430 2
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.
1946—Dec.
(Jan. 3, 1940).
(Jan. 1, 1941).
31
31
31
31
31
31
1947—June 30..
July 3 1 . .
Aug. 3 1 . .
Sept 30..
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1948—Jan. 3 1 . .
Feb 29 .
Mar 31. ,
Anr 30..
May 3 1 . ,
Total
NethUnited
King- France
erdom
lands
Switzerland
Italy
Other
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
- 9
-3.4
6.2
6 9
7.0
50.1
247.6
19 7
449.9
580 8
538 0
479 8
565.3
611 2
745.8
687.2
1,655.4 174.5
1,986.3 334.1
1,766.9 273.1
1,697 5 399 5
2,271.2 704 7
2,193.7 818 6
2.223.4 ,414.2
2,065.5 823.9
417.0
215.1
531.2
326.4
541.4
296 7
482 8
743 9
578.7
928 2
794 7
888 6
924.9 1,369.1
983.3 1,135.7
60.5
61.3
101.6
141.9
162.0
169.7
212.9
263.9
4.591.9
4,703 2
4,870 3
4.456 0
4.324 1
4,262 4
4.120
4.094.8
4.235 0
4.370 6
4.250.1
4,285
267.2
438 1
471 2
307 8
275 5
293 1
264 9
274 9
343.6
383 9
314.9
279.4
190 2
109 7
125 6
114 9
188.5
156 8
192 6
197 2
210 0
199 7
156.3
141 8
126 7
107.5
112.3
114.5
108 2
93.6
381 5
388 9
385.5
382.1
392 2
405.9
432.8
435 7
446.7
454 2
471 .1
515.8
166 8
146.8
143.1
129 7
126 3
125 6
132.8
143.1
163.4
167.0
184 1
195.5
589 0
619 8
669.2
635 1
637.2
626 5
576.6
586 0
579.5
587.3
576 1
568.0
1,787 2
1,900 6
2.004.5
, 769 4
,776.0
,749 8
,621
,635.8
,769
.813.8
.749.4
,734.9
,120.9
,168.9
,221.0
,144.6
,116.3
,081.3
,095 0
,047.8
,067.5
,087.0
,097.3
,085.5
238 2
245,3
249.7
237.1
235.6
228.5
224.9
238.0
234.5
227.5
190.7
193.3
87 6
88 6
124.3
107 0
94.9
82.6
Total
Europe
Canada
Latin
America
478.8
455.8
484 2
420.5
319.2
319.3
3016
327.0
322.7
400 0
429.0
462.6!
Asia
966.7
932.6
910.8
884.4
877.0
883.5
877 3
846.3
840.3
842.4
783 7
809.6
All
other
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—j u n e 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
4948—j an> 3i
Feb 29
Mar. 31
Apr 30
May 31
.
.
Total
United
King- France
dom
Netherlands
650
775
791
888
877
805
742
427
252
269
271
279
272
266
266
244
12
17
17
18
18
18
17
-132
4
1
3
8
6
8
7
2
202 5
156 3
168 2
178 3
172 1
211 6
174 6
106 5
88.7
51 7
22.0
-27.3
2
2
2
4
1
1
6
3
252 7
255 1
257 9
262 8
258 9
260 2
262 8
269 5
273.1
273 5
268.5
266.7
73
74
76
77
77
77
78
73
8
6
9
8
9
7
0
4
59 0
57 6
58.1
57.0
61.5
64 I
55 7
18 7
-34.6
-39 4
-36.9
-43.6
Switzerland
9
2
7
6
6
5
1
6
3
5
3
6
7
5
3 -1
Italy
Total
Other
Europe Europe
9
5
4
6
1
8
2
7
15 5
25 3
25 8
26 2
26 2
26 2
26.2
10.6
206
241
250
253
256
231
235
226
2
4
5
5
8
5
1
9
3
—30 4
-28 6 -2 1
-27.3
7
?
—28.2
-30.0
7
I 4
-28.6
1
30 5
8
-32 5
-33.7
2 1
-32.7
7
0
—41 5
-40.6
2.2
2 5
2 3
3.0
3 3
1.6
3.0
5 5
5 4
5 6
9 2
10 6
9 4
182 2
170 9
170 1
171 9
174 4
174 1
178 9
180 5
175 3
156.9
149 7
151.1
563
634
647
661
656
626
593
421
5
7
4
5
5
6
4
3
466.2
455 3
460.1
465 5
468 2
475.2
473 5
406 0
387.8
369 3
352.3
345.2
Canada
Latin
America
Asia
All
other
52.6
43.2
17 7
68.3
55.7
37.0
9.1
-58.8
-21.5
34.8
64 7
93 8
102.7
77.7
99 2
29.9
~ 8
2.1
—1 2
6.6
7.5
56.5 -256.9
58 8 -276.9
60 7 -283.8
63 8 -279.7
63 1 -298.7
66 4 -309.5
65.4 -346.3
67.7 -351.3
67.5 -349.5
64.5 -369.3
65.2 -391.6
68.0 -413.7
—44.3
-56 0
-48 6
-48.4
-35.5
1.4
2.0
2 4
—5.4
-2 0
7.6
-15.9
- 19.1
-24.9
-20.3
-22.9
-24.9
-21.9
-20.1
56 5
60.3
62 7
58 6
55 1
64 8
39 5
40.7
1.5
-5.8
-18.3
-11.7
-10.8
-11 4
-10.9
1
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
* See Table 1. footnote 3.
• See Table 1, footnote 4.
OCTOBER
1948
B09
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—D CCI
1940—Dec.
1941—D eCt
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
(Jan. 3, 1940),
(Jan. 1, 1941).
31 - , .
31..;:
31
31
31
«... .
3i
1947—June 30
July 31.
Aug. 3 1 . . .
Sept. 30
Oct. 31.
Nov. 30.
Dec. 31
1948—Jan. 31
Feb. 2 9 . . . :
Mar. 31
Apr 30
May 31
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
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
1.398 0
1,177.3
,193.6
1,230.3
1,243.6
1,254.5
L.276.9
1,287.7
1,292.4
L,296.4
[,304.3
,304.0
105.7
104.2
104.3
101 5
99.1
96.9
94.9
93.2
93.3
92.0
90.7
89.0
49 5
48.3
47.9
47.9
47.5
47.2
47.1
46.8
46 6
46.1
45.2
44.4
1 7
.7
.2
—1 1
—2.6
—3.3
-3.9
-4.4
—4 9
-5.9
-6.2
-6.6
31.2
31.2
30.1
26.5
22.7
18.8
16.3
13.7
10.7
26.8
26.7
26.7
26.7
26.6
26.5
26.5
26.4
26.4
26.5
26.5
26.5
265.4
266.4
267.3
267.9
267.8
267.9
275.8
276.7
277.1
277.8
278.4
278.3
480 4
477.5
476.5
469.4
461.1
453.9
456.7
452.5
449.3
443.9
438.2
426.8
374.7
389.1
397.0
417.3
421.9
427.2
441.8
451.3
454.6
458.6
467.0
469.9
478 8
481.8
488.0
507 9
523.3
534 0
537.6
542.1
546 2
549.3
552.9
559.6
3.0
61.1
61.2 -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
7.4
3.7
-4.8
TABLE 6.—DOMESTIC SECURITIES: 1 NFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
United
Neth- SwitzCanLatin
Other
Total
King- France
erFrom Jan. 2, 1935, through—
Total
erItaly Europe
ada
\merica
Europe
dom
lands
land
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—June 30
July 31
Aug. 31
Sept. 30
Oct. 31 .
Nov. 30
Dec. 3 1 .
1948—Jan. 3i
Feb. 29
Mar. 31
Apr 30
May 31
1,133.7
888.7
626 7
673.3
701.1
911.8
798.7
464.5
328.1
157.1
-70.1
—77.6
-100.3
-125.4
-157.9
-194.9
76.6
74.4
74 9
80.5
82.7
77.3
81.7
74.9
227.7
233.2
236 7
236 9
239.9
239.0
233 5
207.0
344.7
348.1
336 4
360.5
367.3
368.5
355.4
337.9
2.1
32.2
35.8
37 1
44.4
55.4
72.4
68.0
57.3
393.4
385.9
362.6
338 8
310.0
290.0
2
367.0
359.6
340.3
312.3
272 4
213.6
-202.7
71.8
-203.5 71.1
-203.3 73.6
—204.1 69.0
-205.1 42.9
-205.7 31.5
-203.8 24.7
-203.7
17.3
-203.6
6.6
-204.4 - 4 . 7
—203.6 - 2 4 5
-202.9 - 3 7 . 0
158.4
149.7
129.9
124.4
118.0
113.9
108.7
106.2
102 9
96.7
78 0
66.5
343.1 -15.3
351.2 -15.1
350.7 -15.1
350 4 -15.1
352.0 -15.2
353.9 -15.2
350.9 -15.0
347.2 - 1 5 . 3
343.2 - 1 5 . 2
336.7 -16.2
330 4 -16.2
304.2 -15.2
42.6
40.8
40.6
42.2
41.8
42.1
43.1
44.1
43.8
44.0
43.5
45.4
—4.9
2.7
— .1
— .1
.6
1.9
2.2
1,004.4
851.3
615 0
644.7
645.7
633.7
582.9
484.3
Asia
Asia
All
other
11.3
13.5
16.6
18.0
19.9
21.0
22 0
All
other
—2.6
-18.4
—44 7
-45.1
-58.2
-28.1
-126.6
-143.0
30.1
25.6
28 1
35.2
40.5
54.9
81.3
87.6
87 6
17.6
17 5
27 7
62.5
240.5
251.3
26.8
14.3
12.6
10 9
10.9
10,6
10.7
9.9
398.0 -126.3
394.2 -128.1
376.3 -131.7
366 9 -141.7
334.5 -142.6
320.5 -147.0
308.7 -139.8
295.7 -137.8
277.6 -142.3
252.1 -144.3
207.7 — 142.0
161.0 -142.1
85.3
84.2
82.7
78 5
84.6
82.9
84.2
87.8
91.0
90.3
90 6
83.9
28.4
27.5
27.3
27 1
27.7
27.8
28.3
28.5
28 6
28.9
31 0
30.1
8.0
8.1
8.0
8 1
5.9
5.7
'85.6
85.4
85 3
85.4
85 1
80.6
Asia
All
other
8.8
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1939—DeCt
1940—Dec
1941—Dec.
1942—Dec
1943—DeCt
1944—Dec
1945—Dec.
1946—Dec.
(Jan. 3, 1940)
(Tan. 1 1941)
31
31 . .
31
31 . . .
31
31
1947—j u n e
July
Aug
Sept
Oct.
Nov
Dec.
1948—Jan
Feb.
Mar
Apr
May
30
31
31
30
31
30
31
31
29...:
31
30
31
.
.
...
.
...
. . .
Total
United
King- France
dom
Netherlands
Switzerland
9.3
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
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
160.8
159.8
164.1
159.9
162 2
153.1
142.4
140.6
135.2
143 3
146.1
3
146.8
18.9
20.2
18.3
18.7
19.3
19.7
18.2
17.5
17.4
17 8
18.4
17.6
19.7
19.5
19.4
19.5
19.2
19.1
19.1
19.1
18.9
18 9
19.2
18.4
18.2
17.0
17.0
16.6
16.9
16.6
12.7
12.4
12.2
13 6
11.7
12.3
43.2
42.6
43.4
43.0
42.0
39.6
38.2
37.8
37.2
41 1
43.4
43.6
Italy
.1
.2
.2
.2
.3
.3
.4
.4
.5
.5
.4
.4
.4
.4
.3
.5
.4
.5
.7
.4
Other
Europe
Total
Europe
Canada
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
113.6
112.0
10.7
14.1
15.2
17.6
16.2
19.5
21.5
14.0
14.3
14.2
14 3
14.4
14.1
14.2
13.7
13.1
13 1
13.1
12.0
114.5
114.0
112.8
112 5
112.2
109.5
102.7
101.1
99.3
105 1
106.4
104.3
19.7
19.1
20.0
20 7
19 5
19.0
19.6
19 6
19.1
19 2
19.1
20.2
4.9
8.7
Latin
America
1.6
9.2
3.9
4.2
3.8
5 1
5.9
13.4
19.0
19.0
23.5
18 7
20 9
17.3
12 9
11 8
9.7
10 7
11.7
14.1
—3 4
6.0
6.3
6.0
6.0
5 6
3 8
4 8
2 1
,T
.8
.9
1.3
1 8
1 3
2 0
6 7
6.9
7.1
7 3
6 8
6.5
6 6
7 4
6 6
7 7
7 6
1 0
.8
.8
8
2 8
.7
.7
7.6
.6
7
.6
7
1 1
1
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 2Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes
inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions.
8
Amounts outstanding May 31 (in millions of dollars): foreign brokerage balances in United States, 94.8; United States brokerage balances
abroad, 24.8.
1310
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
ternational
institutions i
Date
1938—Dec.1
1939—Dec.11
1940—Dec.
1941—Dec. 31 :r.
1942—Dec. 31::.
1943—Dec. 31 1944—Dec. 31
1945—Dec. 31
1946—Dec. 31.:.
1947—June 30. ..
July 31.:
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 30...
Dec. 3 1 . . .
1948—Jan. 31...
Feb. 29...
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
Total foreign
countries1
Official
United
NethKing- France
erdom
lands
ClfflHni
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia 1
All
other1
private
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
1,237.8 201.8
248.5
1,882.6 274.6
336.0
2,213.5 434.3
447.3
1,994.0 373.2
417.7
2,020.7 507.4
597 7
2,584.5 812.6
693.7
2,517.8 926.5
909.3
2,583.0 1,522.2 1,046.4
2,420.7 * 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
23218
2 ,714 2
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
5 ,326.0
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
2,157.5
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
328. 5
499. 5
532. 5
369. 1
336. 8
354. 5
326. 2
336. 2
404. 9
445. 2
376. 2
340. 7
270.3
189.8
205.8
195.0
268.6
236.9
167.7
168.7
204.4
187.1
175.0
162.7
209.2
213.8
226.6
216.4
172.9
158.4
143.3
124.1
128.9
131.1
124.8
110.2
395.1
402.5
399.1
395.8
405.8
419.5
446.4
449.3
460.3
467.8
484.8
529.4
187.1
167.1
163.4
150.0
146.6
146.0
153.1
163.4
183.7
187.3
204.5
215.8
752.3
783.1
832.4
798.3
800.5
789.8
739.8
749.3
742.8
750.6
739.4
731.3
2,142.5
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
1,147.4
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
207.0
214.1
218.5
205.9
204.4
197.3
193.7
206.8
203.4
196.3
159.5
162.1
586.8 1,242.5
563.7 1,290.4
592.2 1,342.5
528.4 1,266.1
427.1 1,237.9
427.2 1,202.8
409.6 1,216.6
434.9 1,169.3
430.6 1,189.0
507.9 L.208.5
537.0 1,218.8
570.6 1,207.0
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
31...
31...
31...
31...
31...
650.9
728.6
774.5
909.1
850.5
121.8
122.9
124.3
185.0
159.5
17.7
13.9
14.8
25.9
66.5
1947—June 3 0 . . .
July 3 1 . . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 31. . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Aor. 3 0 . . .
May 3 1 . . .
752.3
783.1
832.4
798.3
800.5
789.8
739.8
749.3
742.8
750.6
739.4
731.3
142.5
164.0
185.3
132.0
135.7
131.7
124.9
124.2
126.0
149.2
128.1
133.7
52.0
45.6
48.8
42.2
48.9
55.0
52.8
53.0
51.5
48.0
56.1
46.3
Date
1942— Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
LuxemGermany5 Greece bourg
Norway
Portugal
Rumania
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
17.7
22.2
7.5
6.5
6.8
7.0
7.1
22.7
36.2
39.9
42.0
39.2
39.2
30.5
31.1
29.3
27.7
30.9
29.0
27.3
46.3
53.6
63.2
74.9
79.1
89.5
96.8
103.7
103.5
106.1
107.1
32.2
32.2
36.0
41.5
48.5
45.7
34.7
38.8
41.9
38.0
39.9
36.3
22.3
22.6
20.1
19.7
19.2
22.5
21.7
22.0
20.2
19.9
18.9
17.5
91.2
80.0
79.2
79.3
76.2
70.7
56.2
54.7
50.5
54.7
54.4
55.7
42.5
40.1
47.7
48.0
47.8
49.8
47.1
46.0
46.0
33.1
32.9
38.5
8.2
8.2
9.4
9.5
8.7
8.3
8.7
8.9
7.7
7.9
7.9
7.7
11.8
12.2
12.1
11.7
10.1
11.9
12.8
16.2
17.2
19.4
19.7
20.8
133.2
122.9
115.2
109.4
86.8
72.9
58.6
56.8
52.4
53.4
50.3
42.0
50.6
50.3
52.5
58.5
64.1
69.4
73.7
74.8
66.1
72.6
74.0
73.7
11.8
13.1
12.5
Cuba
French
West
Indies
and
Gui-
Panama
Other
Latin
Peru Venezuela America
Finland
7.9
7.7
7.1
5.5
All
Spain Sweden USSR Yugoslavia othar
9.9
5.7
5.7
12.4
9.7
9.4
10.6
12.1
10.6
20.5
24.0
23.9
22.0
57.9
76.9
52.1
43.7
89.9
104.0
109.3
120.2
131.7
130.8
122.9
116.5
115.4
109.8
99.1
96.4
101.1
Latin America
NethLatin
America
Date
Argentina
Bolivia
Brazil
Chile
Colombia
Costa
Rica
er-
Mexico
ana
lands
West
Indies
and
Surinam
597.7
693.7
909.3
1,046.4
1,104.8
67.6
69.8
93.9
77.3
112.6
10.8
12.6
17.7
14.5
14.0
67.7
98.7
140.8
195.1
174.0
34.5
54.0
55.0
66.3
50.7
43.4
67.1
83.6
79.2
57.8
12.4
12.2
t,242.5
July 31 . . . 1,290.4
Aug. 3 1 . . . 1,342.5
Sept. 30. .. 1,266.1
Oct. 31. . . 1,237.9
Nov. 3 0 . . . 1,202.8
Dec. 3 1 . . . 1,216.6
1948—Jan. 31. . . 1,169.3
Feb. 29. . . L,189.0
Mar. 3 1 . . . 1,208.5
Apr. 3 0 . . . 1,218.8
May 3 1 . . . 1,207.0
265.0
309.3
307.5
229.0
245.7
240.5
236.2
196.1
213.0
204.4
202.4
185.2
16.4
14.6
15.2
17.3
22.4
20.6
17.8
16.1
14.3
15.1
15.7
13.5
85.2
98.8
110.8
106.3
103.6
97.4
104.7
110.6
123.2
124.5
112.3
125.1
50.7
41.2
44.9
38.2
38.3
41.8
46.3
43.1
41.1
43.9
50.5
48.6
42.4
32.0
34.2
32.6
39.1
42.4
46.1
49.2
43.4
27.2
26.9
40.2
8.6
6.9
8.6
8.3
7.9
7.0
7.3
9.2
9.8
9.8
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31...
31...
31...
31. ..
31. ..
1947—June 3 0 . . .
7.4
6.9
7.7
10.4
12.2
100.3
70.4
139.3
128.3
153.5
4.9
2.6
4.4
7.1
5.4
95.7
70.4
83.1
116.4
152.2
20.7
41.2
36.0
28.2
16.1
36.9
57.6
69.1
88.7
77.2
17.7
17.4
27.7
43.9
40.9
20.9
24.2
31.5
49.7
74.0
64.2
95.4
119.8
144.8
168.7
289.6
284.0
287.7
271.9
256.6
249.4
234.7
217.3
225.5
259.7
272.6
255.3
2.9
3.2
2.3
2.8
2.5
2.8
2.4
2.7
1.8
1.9
1.7
1.3
126.7
137.7
149.2
157.2
148.7
140.5
139.2
132.7
131.7
132.4
119.6
134.2
10.3
10.1
13.6
12.6
14.7
18.4
14.9
17.2
18.3
17.4
17.2
19.3
69.9
69.7
71.5
76.6
72.6
70.9
70.3
71.7
72.9
78.2
79.2
80.3
39.7
38.2
41.7
43.2
40.9
41.0
41.8
39.2
40.0
37.8
33.6
39.5
53.6
66.2
74.0
89.5
73.4
61.1
78.0
89.1
75.3
65.5
84.5
58.8
181.4
178.6
181.3
180.6
171.5
169.0
176.8
175.1
178.7
190.7
192.2
193.6
For footnotes see following page.
OCTOBER
1948
1311
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Asia
Date
31.
31
31
31
31.
.
.
.
.
.
930 0
1,108 8
1,069 2
1,549 6
1,316.4
360 9
574 2
427 3
582.3
431.9
27.4
27 4
27 4
28 0
39.9
30
31
31
30
31
30
31
31
29
Mar. 31.
Apr. 30.
M a y 31.
.
.
.
.
.
.
.
.
.
.
.
.
1,147 4
1,113 2
1,091 5
1,065 1
1,057 7
1.064 2
[,057 9
L.O26 9
1,021.0
1,023.0
964.4
990.2
339 1
309 6
286 1
269 7
263 3
250 2
229 9
213 5
188.7
173 .8
150.2
156.4
37
36
35
8
8
9
6
1942—Dec.
1943 -Dec.
1944 -Dec.
1945 -Dec.
1946—Dec.
1947—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1948—Jan.
Feb.
1
Egypt
Neth- PhilChina
Britand French Union
erand French Hong
Aus- New AngloTurish
ippine
Other
All
of
Man- Indo- Kong India Ma- Japan lands
tra- Zea- Egyp- Mo- South
Isother
key
Asia*
East lands
chu- China
lia land tian rocco Africa
laya
Indies
ria
Sudan
41.6
23 9
22 9
27 4
44.9
2
2
3
2
7
3
5
41.1
47 2
44 7
45 5
43 6
41 8
39 8
6 . 2 41 1
6 . 3 41.6
4 9 38 8
4 . 8 37.6
5 . 4 46.1
13 1 1 0
9
18 2
22 1 1.3
2
1
33 4
43.5 17 3
4
4
4
4
16
8
1
0
1
6
160
110
110
113
127
4
1
5
7
1
254
259
365
629
446
7 29 9
\ 35 4
8 23 7
52 5
6 54 7
36.2
55 5
64 2
78.0
93.8
149
175
174
181
232
6
3
0
8
8
23
25
52
28
45
1
3
9
9
5
4
5
3
4
8
41 2
43 3
53 6
54 4
55 0
56 7
62 4
67 7
57.8
53.1
41 .9
56.0
16
17
17
17
25
28
31
37
53
85
7
6
6
8
5
9
3
1
8
4
94
85
82
70
59
65
69
65
57
60
51
49
9
8
8
8
7
9
3
7
0
5
8
0
448
452
440
464
470
476
488
466
484
476
474
474
8
6
3
3
9
0
6
9
7
68 5
68 7
74 9
79 1
78 9
79 7
81 5
82 7
83.4
86 3
89.6
85.9
207
214
218
205
204
197
193
?06
203
196
159
162
0
1
5
9
4
3
7
8
4
3
5
.1
47
42
46
47
43
34
30
26
28
24
19
21
8
4
2
5
8
8
6
2
5
8
y
0
8 6
9 4
9 5
8 3
6 5
6 5
5 9
5 4
6 2
6 1
4 6
5.0
8
11
14
13
12
16
11
11
13
13
12
10
8
8
6
8
4
5
0
8
1
9
3
6
76.3
82 4
51
40
41
41
39
39
37
34
34
4 30
2 25
8 23
0
4
7
7
7
2
6
2
6
0
7
5
8
t
5
3
0
Other
6 8
6 1
7 3
18 9
20. 8
12
10
4
10
14
1
3
3
0
9
11
4
8
6
47
0
5
3
4
2
91.8
124.1
97 6
113.4
96.4
6
4
1
4
8
9
0
6
7
4
3
2
13
13
13
11
11
10
10
9
9
8
8
8
9
7
3
8
4
2
I
4
2
6
2
5
39
49
55
37
43
46
46
55
41
44
21
26
5
5
5
6
3
3
4
1
5
8
0
6
74.5
79.7
72 9
76.2
73.6
72 7
75 8
73.1
75.2
75 6
74.7
71.9
22
19
21
24
25
26
25
37
42
36
31
29.
Beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India,
Footnotes to table on preceding page.
i Country breakdown is for "Official and private."
1
Prior to Jan. 3. 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
1
Report dates for these years are as follows: 1938 —Jan. 4. 1939; 1930 —Jan. 3. 1940; and 1940 —Jan. 1. 1941.
4
Official ^atiaHian hnMi^gs of H 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.
* 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 tor 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
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)
(Jan. 1, 1941)
31
31
31
31
31
31
1947 —June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
I94g—y an 31
Feb. 29
Mar 31
Apr. 30
May 31
. . .
Total
United
NethKing- France
erdom
lands
594 0
508 7
384 0
367 8
246 7
257 9
329 7
392 8
708.3
86 0
39 9
23 0
20 9
12 6
19 9
25 9
25 4
47.7
10 3
4 9
4 2
1 1
1 4
1 1
5.7
.3
36 3
151 0
933 0
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
39 3
36 9
34 1
29 2
33 1
31 8
29 2
22.5
18 9
18 5
23 5
25.3
20 1
21 4
20 9
22 1
17 6
14 9
23 4
97 8
113 7
118.5
116 0
122.7
49 0
47 2
45 9
46 8
48.6
47 2
49 1
51.1
52 3
51.3
60.2
59.2
1.8
1.3
24 2
5.7
.9
1.1
.5
.4
Switzerland
Italy
5 5
5 2
1 5
2 6
1 5
3 0
1 3
2 9
9.8
13 5
11 8
2 0
.3
.3
16 0
135
104
69
60
56
52
78
74
82
7 8
10 2
9 8
9 3
6 4
5 7
7.0
6.3
6 0
6 4
24 1
24 3
23 6
23 2
24 9
23 6
21 1
21 2
20 9
17.4
15.9
17.2
127 6
138.8
139 7
137 9
135 4
135 6
130 9
129 2
134 S
152 9
160 1
158.7
6.2
6.0
1.5
.4
.4
Canada
Latin
America
Asia »
9
2
0
4
6
6
5
7
9
60 4
39 7
36 0
33 6
34 3
37 8
28 1
53 3
52.2
99
113
122
148
99
112
131
158
226
144
174
117
87
35
26
51
29
99
268 0
278 9
274 0
268 6
266 0
258 9
260 6
328 2
346 3
3*4 9
381 .9
389.0
36 4
34 0
32 2
29 1
29 8
26 5
27 5
25 2
25 4
28 4
27.7
24.9
424 9
444 9
451 8
447 7
466 7
477 5
514 3
519 3
S17 5
537 3
559.6
581.7
Other
Total
Europe Europe
4
7
5
5
3
9
3
6
8
274
172
101
88
72
77
107
140
312
1
3
7
3
7
2
0
9
8
All
other *
1
1
8
9
3
3
4
9
2
15 5
9 3
6 4
9 7
4 8
3 9
11 7
9 9
17.2
173 3
185 0
177.7
177 5
164 6
127 7
127 0
126 6
134 4
131.1
121.5
145.0
30 5
36 3
31 7
34 3
36 3
33 3
31 5
29 7
23 1
22 I
22 8
22.3
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.
1312
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
BelEurope gium
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31
31
31
31
31
1947—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
Denmark
Finland
Germany
Greece Luxembourg
56.3
52.9
78.3
74.6
82.8
.8
.7
.7
.6
7.5
0)1
0)
c1)
5.6
7.6
C11)
C)
6.2
34.0
33.9
33.9
33.9
30.4
1.1
.6
.6
.7
12.4
127.6
138.8
139.7
137.9
135.4
135.6
130.9
129.2
134.5
152.9
160.1
158.7
10.1
9 0
10 3
11.2
13 2
12 9
15 0
12.7
11.3
24.2
20.7
18.8
.6
.6
.4
.6
1.0
1.1
2.2
1.5
3.2
6.6
9.9
8.6
11.4
17 8
17.9
17.5
13.1
11 9
8 0
8.3
7.6
7.0
6 1
5.6
30.3
30 3
30.3
30.3
30.5
30.5
30.5
30.6
30 5
30.4
30.4
30.3
12.9
13.0
12.6
12,4
12.8
12.8
10.6
10.1
10.2
9.6
7.2
6.8
C)
Nor-
Portugal
Rumania
.2
.2
35.1
31.6
3.3
2.4
1.4
.8
.5
1.0
0)
0)
0)
ll
3.2
3.2
.8
.6
.2
.4
.2
.2
.9
4.9
6.3
7.0
8.0
9.4
10.3
8.1
9.2
11.3
10 7
8.9
12.1
11.5
.5
.3
.3
.2
.3
.1
.1
.2
.2
.5
.4
.1
6.9
11.9
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
.3
.6
.3
.2
.3
1.4
.9
1.5
3.5
3.7
4.6
5.5
7.5
8.7
9.3
9.3
9.3
7.6
5.4
4.0
3.7
3.5
2.8
4.1
1
C)
8"
C1)
0)
C1)
Spain Sweden
Yugo- All
USSR slavia
other
8.4
5.0
5.1
4.7
9.4
0)
0)1
C)
8
0)1
35.4
37.5
36.2
32.6
30.6
36.1
35.8
35.8
40.5
45 4
52.9
54.3
0)
0)
0)
C 1)
C)
C 1 )'
8
0)
I
(01
C 1)
C)
p)
C1)
C1)
Latin America
Latin
America
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31
31
31
31
3 1 ...
1947—June 3 0
July 3 1 .
. . .
Aug. 3 1
Sept. 3 0 . . , . , . . .
31
Oct.
Nov. 3 0
Dec. 31
1948—Jan. 3 1
Feb. 2 9
Mar 31
Apr 3 0
May 3 1
99.7
112.2
131 0
158.9
226.8
424.9
444.9
451.8
447.7
466.7
477,5
514.3
519.3
517.5
537 3
559 6
581.7
Argen- Bolivia
tina
6 9
15
3
21
41
3.0
3
1
0
8
1.8
1.8
1.3
2.3
57 6
65 8
71 8
65 5
67.4
66.4
65 2
60 0
3.6
3.3
3.2
3.4
4.2
2.9
2.0
2.4
2.3
2 3
(SO
S7 7
5
52 6
2.2
3.1
Brazil
Colombia
Chile
16 7
18 9
?S
24 7
49 8
1S
16
9
6
14
160
164
163
161
9
1
6
4
162 3
0
165 8
169 8
175
.6
0
.6
.6
17 .4
?0 5
22 . 7
7
2 2 .8
22
27 .8
29 .3
?7 1
185 9
194 5
209 7
24
Q
Q
20 .4
Costa
Rica
Cuba
20.7
12.2
15 5
16.8
26.4
.7
1.2
1.2
2.9
20.
47.
33.
25.
40.3
35.7
35.2
35.9
32.0
31.2
32.6
35.7
36 9
39 3
50 5
47.9
3.9
3.9
3.8
3.6
4.0
3.6
3.5
3.3
3.5
3 2
3 1
46.
.6
2.9
French
West
Indies
and
Guiana
.2
8
54.
59
73.
91
108.
113.
106
1
4
3
7
0
3
5
7
8
5
6
4
4
8
.2
.3
.6
.1
(i)
109 1
124 1
110. 1
1
Netherlands
West
Mexico Indies Panama
and
Surinam
.3
.5
.3
.5
.8
2.1
2.8
1.1
.8
1.1
1.3
1 n
2.6
2.7
3.8
4.9
4.9
5.0
4.7
4.8
4.2
4 1
4 2
1.4
1 2
1.9
3.7
5.6
5.9
6.3
6.5
6.7
6 1
4.3
4.1
3 9
4 1
3 8
4.4
4.0
4.8
11
8
11
25
.2
6
.0
.5
32 .9
?7 6
3 1 .0
30
3 9 .5
38 3
5 2 .2
5 1 .8
S? 7
0
.1
1
.2
L.I
.8
I 1
59 Q
58
75 .8
•j
1.4
Other
Vene- Latin
zuela America
Peru
14.2
8.7
11.7
33.4
23.1
3.9
3.8
5.1
6.1
8.7
16.7
18.2
18.5
15.3
14.6
15.1
15.3
14.2
16 9
17 6
17 0
19.3
36.3
42.3
36.2
38.3
33.4
31.9
31.0
29.6
26.8
28 5
28.1
30.1
Asia and All Other
China
a n d French
Asia Man- Indo- HK oo nn gg I n d i a
chu- China
ria
Date
35.3
26.3
51.4
29.9
99.2
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31
31
31
31
31
1947—June
July
Aug.
Sept
Oct.
Nov.
Dec.
1948—Jan
Feb.
Mar
30
3 1 , .,
31
30
31
30
31
31
29
3 1
....
A p r 30
May 3 1
173.3
185.0
177.7
177.5
164.6
127.7
127.0
126.6
134.4
131 1
121.5
145.0
11 1
1 7
1. 5
1 0
53. 9
104 8
110 7
108. 2
103 7
78 6
41. 3
40 8
37 1
37 9
1
36 4
51. 7
.9
1.0
(*)
1
.9
.8
5.9
C)
(1)
C1)
.1
.1
.3
3.2
3.3
3.3
.3
.2
.3
.3
.2
.6
?
?
2 0
22 .3
7 5
12 . 0
3? 8
33 7
27 .5
?7
2 . 2 ?8 9
1.9 28 .2
2.6 ?9 6
British
Malaya
.7
.5
.1
.1
.2
3.5
2.2
3.1
1.6
3.1
2.1
2.9
3.9
3.7
3.5
4.5
?7 0
?S 5
0
?6 1
24 . 3
1.6
.8
1.0
.8
.9
.7
.7
6
6
1.5
NetherJapan l a n d s
East
Indies
5
5
.5
5
1.6
1.7
Egypt
PhilNew A an ng dl o French U no if o n
i p p i n e Tur- Other All AusOthei
MoZeaIskey Asia2 other tralia land E t gi ay np - rocco SA of ru i t c h a
lands
Sudan
14 4
13 9
.2
1.5
1.4
1.0
13 8
13 8
20.2
.5
20,2
3
.5
.3
3
3
.3
9
4 0
5 7
S 9
4 0
4 .2
.4
5
5
7
0
4
.4
3.1
.6
.5
.6
29
31
31
33
42
3
0
1
.4
.5
3 3
25 1 3 ?
24.
24
27
29
27
.5
.7
1 8
3 ?
1.8
? 0
1.4
3.5
5 6
13 1
12.9
17 7
17 6
18 6
15 S
7 3
7
7 6.1
2.0
1.8
4.8
5 8 30 5
6 . 7 36.3
8.4 31.7
9 0 34 3
9 . 1 36.3
9.6 33.3
6.3 31.5
7 . 4 29.7
7 . 7 23.1
9 4 22 1
9 . 3 22.8
8 . 7 22.3
7
.1
.1
f1)
2
7
1 1
.2
.3
.4
0)
0)
1 0
3 9
8.8 11.7
.6
2.7 9.9 1 7
4.4 17.2 3 . 4
1
1
1
1
10
1? 0 ?
10 . 2 2
Q 0
1
9 0
11 3
9 0
0
7
5
4
n
3
s
8 5 1 4
6 4 1 1
4 7
Q
7
4 3
3 .4
.6
.3
.2
.2
.7
.2
.2
.1
.1
.1
.1
.2
.2
1 7
2 4
1
9 7
4 7
10 1
1
1
15
3
3
15 8
15 0
6
.4
5
3
5
4
3
.2
18 8
14 5
14 2
14 4
14
10
10
11
11
3
0
1
7
8
1 7
7
1 .0
s
2. 2
0
4
4 .9
6 7
7 n
6. 0
6 0
0
5 .0
6.0
5
6 .1
i Less than $50,000.
* Beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
OCTOBER
1948
1313
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1948
1947
1947
International Fund
International Bank
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
May Feb.
1,400 1,363 1,357 1,345
1,441 1,450 1,559 1,929
4,000 3,992 3,869 3,304
1,143 1,171 1,176 1,342
(2)
(2)
(2)
7,986 7,976 7,961 7,922
-2
1948
Currency bought *
(Cumulative figures)
Aug.
Belgian francs
Chilean pesos
Danish kroner
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders
Norwegian kroner
Turkish liras
Pounds sterling
July
June
33.0
33.0
33.0
10.2
10.2
10.2
125.0 125.0 125.0
44.1
44.1
44.1
22.5
22.5
22.5
75.4
75.4
75.4
9.6
9.6
7.3
5.0
5.0
5.0
300.0 300.0 300.0
Total.
633.9 633.6 631.3
June
Aug.
Aug.
13.5
24.0
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 reserve
Capital 4
Accumulated net income
Mar.
102
918
June
Dec.
165
914
267
909
478
872
410
422
412
156
5
5
5
4
497
497
497
250
5
3
7
254
250
250
27
94
197
158
4
2
4
3
2
1 ()
1,657 1,653 1,645 1,605
3
1
-1
-1
1
Quarterly statements on a new fiscal year basis.
2 Less than $500,000.
s As of Aug. 31, 1948, the Fund had sold 616.4 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
6,629 million dollars as of June 30, 1948, of which 2,540 million represents the subscription of the United States.
137.5
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
1935—Dec.
1936—Dec
1937—Dec.
1938—Dec.
1939—Dec
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec
25
30
29
28
27
25
31
30
29
27
26
25
Other
assets 2
Gold*
,
. . .
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
.2
.2
1947—Sept. 24
Oct 29
Nov. 26
Dec 31
.2
,2
.2
.2
194g—Tan 28
Feb. 25
Mar. 31
Apr. 28
May 26
June 30
July 28
Aug 25
.2
.2
.2
.2
.2
.2
2
.2
i
i
6
Assets of banking
department
Notes
and
coin
1,100.0
L,250.0
L,400.0
1,450.0
36.2
46.8
41.9
52.5
26.6
14.2
28 8
27.7
12.5
13.5
20.7
23.4
1,450.0
1,450.0
L,450.0
1,450.0
76.0
91.4
111.2
100.8
1,400.0
L,350.0
1,300.0
1,300.0
L.300.0
1,300.0
1 300 0
1,300.0
131.5
118 9
54.8
63.1
56.7
48.7
16 1
48.0
Discounts
and advances
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
14.6
5.9
4.5
15.2
12.7
11.3
14.4
14.5
9.8
17.8
13 4
5.4
Securities
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
325.9
318.9
302.1
331.3
274.3
284.3
367.0
350.6
366.9
383.8
400 5
405.8
Liabilities of banking department
Note
circulation 1
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
L.088.7
1,238.6
1,379.9
L,428.2
1,376.5
1,360.8
,340.5
1,349.7
L,269.0
1,231.6
1,245.9
1,237.8
L.244.2
,252.2
L,285.0
1,253.3
Deposits
Bankers'
Public
72.1
150.6
120.6
12.1
12.1
11.4
15.9
29.7
12.5
11.2
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
289.6
288.8
292.5
315.1
290.8
290.6
314.3
307.4
311.8
325.4
311.0
300.3
E.C.A.
9.0
10.3
5.2
5.3
10.3
16.2
13.8
14.0
18.6
16.3
12.1
9.0
12.6
10.7
14.5
11 2
16.9
33.4
Other
Other
liabilities and
capital
37.1
39.2
36.6
36.8
42.0
51.2
54 1
48.8
60 4
52.3
58.5
57.3
92.1
95.9
93.3
95.5
18 0
18.0
18 0
18.0
17.9
17 9
17 9
17 9
17 9
17.8
17 8
18.1
93.0
93.3
94.3
90.3
93.0
92 2
89 4
90.1
18.3
18 4
18.6
17 8
18.0
18 2
18 3
18.4
18.5
17.8
18 0
18.1
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 shilling!
and three pence.
*1 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
•Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, ana 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.
1314
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Short-l
term
Deposits
Other
assets
Other
liabilities
and
capital»
Note
nrculation2
Chartered
banks
Other
Dominion
government
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
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
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
1947—Sept. 30.
Oct. 31.
Nov. 29.
Dec. 31.
1.9
.7
1.4
2.0
1,088.0
1,136.4
1,039.9
1,022.0
744.7
799.4
820.6
858.5
49.5
53.1
46.2
43.7
1,172.2
1,179.4
1,182.3
1,211.4
481.1
548.7
536.7
536.2
128.2
143.4
84.2
68.8
62.0
71.2
62.0
67.5
40.5
46.9
42.8
42.4
1948—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
()
.6
.1
.2
.5
.2
.1
.1
931.3
974.4
985.2
1,124.1
1,179.7
1,152.9
1,145.2
1,155.2
863.2
825.7
806.7
767.8
775.0
790.9
773.6
778.1
48.2
47.2
62.7
60.5
51.6
56.8
39.2
50.2
1,157.5
1,156.3
1,180.8
1,183.0
1,195.7
1,206.5
1,220.3
1,226.9
538.3
531.8
519.2
558.9
547.3
517.0
502.5
525.1
44.6
60.8
42.2
57.9
135.9
138.4
119.0
105.1
60.6
75.0
86.7
126.0
95.8
107.2
84.1
90.3
41.7
24.0
25.9
26.9
32.0
31.7
32.1
36.2
185.9
225.7
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—Dec. 31.
Liabilities
Assets
Bank of France
(Figures in
millions of francs)
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
Domestic bills
Gold «
Foreign
exchange
29.. 87,265
28.. 97,267
26.. 84,616
31.. 84,598
31.. 84,598
30.. 84,598
28.. 75,151
27.. 129,817
26.. 94.817
Advances to
Government
For occupation
Other i
costs 8
Open I
market 7 Special'
Other
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
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
72,317
142,507
210,965
326,973
426,000
426,000
426,000
1,797
2,345
661
12
169
29
48
303
3,135
20,627
34,673
63,900
69,500
68,250
64,400
15,850
67,900
Other
assets 9
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577
Note
circulation
Deposits
Government
5,061
110,935
1,914
151,322
984
218,383
270,144
1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
721,865
765
C.A.R.w
41,400
64,580
16,857
10,724
Other
Other
liabilities
and
capital
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
1947—Aug. 28..
Sept. 25..
Oct. 30..
Nov. 27..
Dec. 31..
64,817
52,817
52,817
65,225
65,225
3
7
10
13
12
97,490
107,877
108,050
111,368
137,397
20
98,224
130 101,935
250 132,913
285 150,065
64 117,826
426,000
426,000
426,000
426,000
426,000
124,900 "105,639 838,442
139,300 "103,067 852,195
127,800 "108,155 867,700
116,000
110,303 879,492
147,400
121,061 920,831
750
779
762
846
733
70,651
71,299
81,030
87,513
82,479
7,250
6,861
6,502
11,408
10,942
1948—Jan. 22".
Mar. 2 5 . .
Apr. 29..
May 27..
June 24..
July 2 9 . .
Aug. 26..
65,225
65,225
65,225
65,225
65,225
65,225
65,225
9
15
17
22
21
45
50
145,814
157,997
156,424
149,849
141,276
148,812
147,288
64
12
55
27
55
156
544
426,000
426,000
426,000
426.000
426,000
426,000
426,000
120,700
155,000
129,500
121,800
122,800
153,200
156,800
"104,474
"108,979
"113,590
"113,938
"102,405
"113,212
"104,213
771
791
790
812
738
764
858
82,849
271,034
265,123
256,948
216,026
225,251
203,467
12,808
16,045
15,186
15,800
16,362
13,646
14,011
125,687
147,841
149,341
165,265
165,984
169,674
163,109
891,546
773,199
759,054
768,567
790,639
836,662
844,894
i
1
1
8
4
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July s1940, pp. 677-678).
Less than $50,000.
8
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.
» 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.
i°
Central Administration of the Reichskreditkassen.
11
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.
18
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.
OCTOBER
1948
1315
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks 1 .
Other assets
Currency circulation 2
Deposits—Member bank
Government 1
Nationalized
Other
Other liabilities and capital
C o m m o n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Net claim on Int'l. Fund 3
Loans to Government
Other loans and discounts
Claim against Bank of Issue
Other assets
Note circulation
Demand deposits 4
Blocked accounts
E. C. A
Other liabilities and capital
1948
Aug.
July
1947
June
,184
,233
544
,049
,589
,597
,291
,014
,551
,701
19
,201
621
,083
880
170
885
955
579
748
185
253
918
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Contributions to Int'l. Fund and
to Int'l. Bank
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account....
Other assets
Note circulation
Deposits—Government
1,775
Other
Other liabilities and capital
27,922
240 28,453
11,336
099 12,161
544
544 1,364
51,045 49 461 48,947
10,280
088 4,296
64,597
597 64,597
1,762
967 2,379
81,112
365 77,818
5,516
723 3,893
78,696 78 699 78,712
2,162
954
174
453
765
8
,883
227
244
National Bank of Bulgaria »
1
2
8
Aug.
Central Bank of Chile—Cont.
Note circulation
,540
Deposits—Bank
,399
Other
952
Other liabilities and capital..
,610
,594 Bank of the Republic of Colombia
,596|
(thousands of pesos) :
366
Gold and foreign exchange3 7 . . . .
,277
Net claim on Int'l. Fund
,984
Paid-in capital—Int'l. Bank. . . .
76
Loans and discounts
796
Government loans and securities
Other assets
Note circulation
Deposits
263,709 255,287 173,
Other liabilities and capital
3,083 11,752
National Bank of Costa Rica—
376,869 396,819 411
Issue dept. (thousands of colones):
47,720 43,
Gold
196,605 196,,605 205,
Foreign exchange
Contributions to Int'l. Fund and
281,980 294, 480 238,
to Int'l. Bank
22,699 28
Loans and discounts
190,096 187, 785 130
Securities
Other assets
Note circulation
Demand deposits
48
48
48
Other liabilities and capital. . . .
98
75
35
96
251
55
2 National Bank of Czechoslovakia
263
,384
7,337 7,324 7,310
(millions of koruny):
5
6
3
5
Gold and foreign exchange 9 . . . .
4,737
4,474
4,914
Loans and discounts
,874
610
730
641
Other assets
,955
409
444
461
Note circulation
1,971
1,847
1,733
Deposits
,643
Other liabilities and capital
620
1,898
873
17,459
3,012
6,077
518
1,765
14,267
305
931
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
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net) 3
Net claim on Int'l. Fund . . . .
Discounts for member banks.
Loans to Government
Other loans and discounts....
Other assets
Aug.
1,152
107
1
1,151
782
1,345
1,350
,150
94
1
996
782
,508
,346
1947
1948
Central Bank
(Figures as of last report
date of month)
July
June
Aug.
4,293
877
340
378
4,414
754
365
343
3,658
675
280
506
153,617 162,260 166, 704 186,160
21,867 21,868 21, 867 21,867
1,230 1,230 1,229 1,225
157,947 151,983 146,867 114,061
123,359 126,831 127, 605 88,302
56,846 54,375 46. 674 44,126
300,421 309,390 301 600 250,298
171,796 166,218 165, 502 168,691
42,651 42,939 43 845 36,752
(May)
11,663 11,420
36,591 13,777
30,321
66,770
8,039
1,032
102,204
45,064
7,149
3,505
20,685
50,418
64,018
844
9,746
3,403
19,349
50,736
61,518
1,773
10,197
70
117
70
101
70
98
71
88
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
65
26
19
99
5,229
172
1,477
1,741
2,410
151
26
20
116
5,930
259
1,450
2,347
2,562
151
3,736 4,925
16,998 4,677
51,749 57,873
60,238 47,288
1,374 7,730
10,872 12,457
922 Central Bank of the Dominican
338 Republic (thousands of dollars):
250
Gold
4,000 4,000 4,000
631
Foreign exchange
15,611 16,055 16,337
11
Net claim on Int'l. Fund 3 . . . . . .
1,250
1,250 1,250
1,671
Paid-in capital—Int'l. Bank. . . .
40
40
256
Government securities
4,000 3,000 3,000
225
Other assets
91
122
104
Note circulation
19,131 18,883 18,697
Demand deposits
5,738 5,422 5,833
Other liabilities and capital
154
148
146
200
43
658
1,162
1,394
1,662
Central Bank of Ecuador
(thousands of sucres):
Gold.
Foreign exchange (net) 3
Net claim on Int'l. Fund ..,
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities and capital.
277,330 277 274 274,525
18,730
-1,954 2
16,877
16,882 16
290,914
241,571 234
119,398
104,357 104
341,906
325,801 321
297,684
242,074 244
80,854
70,311 69
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
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
6
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
7
Gold not reported separately beginning May 31, 1948.
8
Latest month available.
9
Gold not reported separately beginning Dec. 31, 1946.
1316
30,321
62,515
3,996
1,166
79,153
37,180
6,862
Until such
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
Aug.
July
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
1947
June
Aug.
6,376 6,376
15,625 13,432
2,122
3,124
315,694
19,741
133.745
82,154
134,483
9,175
297,554
26,780
119.946
85,349
127,437
14,535
Central Reserve Bank of El Salvador (thousands of colones):
36,471 36.510 36,560 37,028
Gold
35,790 39.820 42,776 37,528
Foreign exchange (net) l
1,564
1,564
Net claim on Int'l. Fund
1,564
1,563
1,335
1,282
1,190
Loans and discounts. .
1.833
Government debt and securities. 5,319 5,123 5,248 5,516
1,549
1,682
Other assets
1.596
1,751
49.847 50,855 52,207 50,122
Note circulation
26,378 29,188 31,150 27,588
Deposits
5,803
Other liabilities and capital
5,759
5,755
7,508
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
,
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities .
Other assets
Note circulation
Deposits
Other liabilities and capital
2.891
2.782
32.570
5.832
29,459
43,899
28,704
930
Bank of Guatemala (thousands of
quetzales) :
Gold
Foreign exchange
Gold contribution to Int'l. Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
Other assets
2,500
2.486
35,641
2,832
29,315
43.141
28,704
930
403
102
1,435
340
1,467
280
641
16
1,108
1,306
213
1,046
190
64;
18
1,018
1,274
198
1,012
127
96
261
1,691
89
299
1,626
National Bank of Hungary—
Cont.
Note circulation
Demand deposits—Government
Other
Other liabilities and capital
1948
Aug.
2,413
182
942
490
July
1947
June
2,224
227
837
471
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
2,070
254
570
501
1948
1,754
30
104
376
444
444
11.353 11,353
1,278
578
434
326
13,199 11,806
311
4,001
17
(2)
602
4,626
305
32.912
2.832
20.652
44.801
20,556
180
68'
18
674
94
101
732
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
525
14.216
687.402
896
3,825
65
10
889
5,538
146
523
6.936
503.713
15,259
113.486
105,500
31.022
567.297
72,217
127.441
154,696
126,707
791.030
55.715
7.283
60,731
165.146
31,082
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government. . . .
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds.
Other assets .
Note circulation
Deposits—Government
Other
Other liabilities
54.458
60,375
22,091
615
71,6^5
52.296
77,844
51,417
10.419
230,588
,007 9.317
18.042 15,735
5,914 8,617
620
70.953
48.871
96.031
49,856
9,996
241.365
2.844
48.297
39,710
62.279
19.002
5.997
150.684
5.868
15.777
5,801
B a n k of Java 3
165
1,443
27.228
18.839
1,250
2.668
11.749
30,506
2.941
5.813
12,527
9,948
27,228
20,939
1,250
2.899
11.906
30,996
2,935
5,598
14.674
10,017
27,229
22.006
1.250
2.44
7,978
29.433
2.838
6,990
13,127
8,51
403
50
1,731
340
789
447
403
49
1,999
340
227
377
355
111
1,178
340
"'280
Bank of Mexico (millions
of pesos):
Monetary reserve 4 . . .
"Authorized" holdings of securities, etc.
Bills and discounts
Other assets
Note circulation
Demand lianilities
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
,
Loans and discounts
Govt. deot and securities
Other assets
,
Note circulation—Old
New
Deposits—Government
Blocked
E. C. A
Other
Other liabilities and capital
.710
73
189
.798
751
721
455
1
457
147
3.300
358
117
3.078
523
63
67
534
336
607
598
653
1,545
747
226
1,714
714
697
1,455
724
107
1,685
709
491
1,522
617
90
1,683
927
271
482
1
458
181
3,300
334
118
2,996
482
51
467
150
3,300
329
120
2,961
741
81
502
2
418
152
3,600
155
126
2,785
900
82
520
30:
506
320
724
213
765
1
This figure represents the amount of the bank's subscription to the Fund less the bank'sjocal currency liability to the Fund.
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Less than 500,000.
8
For last available report (January 1942), see BULLETIN for March 1943. p. 278.
4
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
OCTOBER
Aug.
Central Bank of Ireland (thousands
of pounds):
Gold
2.646
2.646
2.646
2,646
Sterling funds
39.728 40.228 39.832 38,503
Note circulation
42,374 42,874 42,478 41,148
9,141
268
268
2
268
-140
-182
980
-222
-4,051 -4,060 -3,656 -3.920
39,125 38,071 37,627 33,241
916
430
902
365
741
887
876
698
28,078 27,371 27,204 23,94
1,744
1,269
1,148
1,601
7,037 6,873
6,826 6,339
Bank of Greece (billions of drachmae) :
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
J
Loans—Treasury
Other
2,891
2.632
35,786
2,832
29,243
43.749
28,704
930
Central Bank
(Figures as of last report
date of month)
Until such
1317
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
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
July
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 1
Contribution to Int'l. Bank. . . .
Loans and discounts to banks.. .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities and capital
National Bank of R u m a n i a
2
South African Reserve Bank
(thousands of pounds):
Gold 3
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
June
Aug.
2,802 2,802 2,802
77,288 79,522 90,666
31,611 32,838 23,462
11,732 7,868 3,868
4,580 4,17
850
47,953 47,791 47,420
75,194 74,575 68,262
4,865 4,841 5,966
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities and capital
Bank of Paraguay—Monetary
dept. (thousands of guaranies):
738
Gold
12,583
Foreign exchange (net)
2,709
Net claim on Int'l. Fund 1
-16
Paid-in capital—Int'l. Bank. . . .
45,310
Loans and discounts
5,569
Government loans and securities
1,861
Other assets
54,728
Note and coin issue
8,740
Demand deposits
5,287
Other liabilities and capital
1947
302
437
76
60
,924
57
,066
,877
,193
771
292
657
302
477
107
62
,924
57
,021
,919
,242
810
274
663
339
499
8
74
,103
63
,956
,968
,266
897
33.
744
1948
Central Bank
(Figures as of last report
date of month)
Aug.
July
June
Aug.
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
178
176
178
188
188
170
278
339
,277
51
619
,824
595
218
662
3,041
150
463
2,784
645
119
472
3,24'
60
36
2,824
732
133
342
2,707
120
346
2,632
478
317
362
Swiss National Bank (millions~of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
,
Note circulation
Other sight liabilities
,
Other liabilities and capital.....
5,607
145
126
92
4,246
1,179
545
5,560
124
204
93
4,233
1,202
546
5,659
117
252
102
4,221
1,246
663
5,234
70
111
83
4,022
1,132
345
"entral 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
458,542 458 ,542 487,705
119,668 146,630 309 ,078
688,213 649,338 631 ,403
187,669
210,394
31,839
36,180
941,619
886,119 865
148,378
153,029
328,299
245,214
229,399
228,635
745
738
722
,158 22,360 24 ,792
,709 2,709
,708
-16
-16
3
,808 28,647 16 ,620
,493
,607
,568
454
,62i 53,228
,668 Bank of the Republic of Uruguay
,76'
(thousands of pesos):
,272
,063
Gold
,966
300, 640 308,258 277,278
Silver
12,344 12,387 13,047
318
314
314
Paid-in capital—Int'l. Bank. . . .
Advances to State and govern124 041 101,667
ment bodies
910
64,299 63,044 29,110
20 496 20,496
Other loans and discounts
491
203,695 195,271 154,041
2 356
356
Other assets
480
289,256 303,011 316,908
,890
Note circulation
93
460
246,452 250,513 212,753
,249
748
373
Deposits—Government
79,377 75,635 54,736
59
49,519
870
Other
263,078 268,244 245,181
• • 278,031
744
723,256
320
Other liabilities and capital
281,642 2 8 7 , "894
221
226,232
530
82 784 72,690
735 Central Bank of Venezuela (thousands of6 bolivares):
Gold
830,044 829, 625 705,716 557,408
Foreign exchange (net)
61,496 72 ,346 210,793 80,131
96,419 77,993
Other assets
85 ,761 78,
,196
,276
,033
638, 266 495,669
,778
933
Note circulation—Central Bank. 630,618 628,
,358
4,531
412
406
3,371
National banks. 3,153 3
399
,278
282
310,058 184,287
Deposits
325 ,394 308
,283
511
510
61,233 31,046
Other liabilities and capital
18,136 40
541
,277
,438
,218
,057
,038
,203 National Bank 2of the Kingdom
,921
,018
of Yugoslavia
,226
921
913
967
Bank for International Settlements 7 (thousands of Swiss gold
francs):
Gold in bars
94,137 95,974 92,728 79,485
Cash on hand and on current
305
83,
account with banks
10,360 30,153 32,426 9,635
71,258
870
57,
1,726
Sight funds at interest
497
497
374
85,876
991
86,
Rediscountable bills and accept36,159
7,791
796
7,
20,345
ances (at cost)
19,414 20,079
64,741
080
65,
Time funds at interest
31,529 33,260 33,412 10,363
184,255
844
162,
Sundry bills and investments. . . 136,900 127,439 100,259 74,325
038
7,
Funds invested in Germany. . . . 297,201 297,201 297,201 291,160
Other assets
1,243 1,259 2,575 4,286
Demand deposits (gold)
17 ,743 18,045 19,380 18,093
,215
,217
Short-term deposits (various
522
500
currencies):
,781 15 ,826
Central banks for own ac,345
,639
count
94,958 109,568 82,268 8,113
,851
,961
Other
1,123 1,435 1,371 2,591
,148
,644
Long-term deposits: Special ac,946
885
counts
228,909 228,909 228,909 228,909
,071
,045
Other liabilities and capital
248,547 247,904 247,390 249,434
596
524
ry3 lv^ri;, see BULLETIN ior iviarcn iv*^, p. zsz.
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
4
Includes small amount of non-Government bonds.
6
Gold
revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
6
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the GovernLent.7
See BULLETIN for December 1936, p. 1025.
1318
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. 25
Jan. 4, 1939. .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29.
Sept. 28.
Oct. 26
Dec. 15
Jan. 25, 1940. .
Apr. 9
May 17
Mar. 17, 1941. .
May 29
June 27.
Jan. 16, 1945. .
Jan. 20.
Feb. 9
Nov. 7, 1946. .
Dec. 19
Jan. 10, 1947 . .
Aug 27
Oct. 9
Tune 28, 1948...
Sept. 6 .
In effect Sept. 30,
1948
2
4
3
2
4
Central
bank of—
Switzerland
Rate
Sept.
30
Central
bank of—
Date
effective
sy2 Mar. 21, 1940
Rate
Sept.
30
Date
effective
Albania
Argentina
Austria. .
Belgium
Bolivia
6
Mar.
Aug.
Aug.
Nov.
1,
3,
27,
8,
1936
1945
1947
1940
Ireland
Italy
Japan
Java
Latvia
Nov. 23, 1943
Sept. 6, 1947
5.11 July 5, 1948
3
Jan. 14, 1937
5
Feb. 17, 1940
Bulgaria
Canada
Chile
Colombia
Costa Rica... .
Czechoslovakia
434 Aug.
Feb.
Dec.
4
July
3
Apr.
234 Oct.
14,
8,
16,
18,
1,
28,
1946
1944
1936
1933
1939
1945
Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
Peru
6
3
Denmark
Ecuador.
El Salvador
Estonia
Finland
7 2
4
434
7M
Jan. 15, 1946
June 8, 1943
Oct. 15, 1946
Oct. 1, 1935
Feb. 6, 1948
Portugal....
Rumania. . . .
South Africa.
Spain
Sweden
2\/
France
Sept. 6, 1948
Switzerland..
Turkey
United Kingdom
U. S. S. R.. . .
Yugoslavia. .
2
IX
2y2
3
2
3
2V
2
2
4
3
234
4
3
3
2
3
2
334
IK
"\y
2K&3
334 &4
2
Germany
Greece
Hungary
India
sy2
1
1-5
334 &4 i 1-5
334
2>|
6
3
234
July
June
June
July
Jan.
Nov.
15,
4,
27,
26,
9,
13,
1939
1942
1941
1941
1946
1947
Jan.
Mar.
June
Oct.
Feb.
12,
25,
2,
27,
9,
1944
1948
1941
1947
1945
IX
234
&2M
4K
234
IX
&42
1-5
12
5
3
1
June
July
Nov.
Nov.
28,
12,
1,
28,
1948
1948
1947
1935
iy2
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
NOTE.—Changes since Aug. 31: France—Sept. 6, up from 23^ and 3 to 3%
and1 4, respectively.
The lower rate applies to the Bank Deutscher Laender and the higher
rate applies to the Land central banks.
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
.76
.63
.49
.58
.72
.58
.54
.50
.38
.36
.40
.41
.92
.48
.87
.65
.58
.56
.55
.79
1.03
1.03
1.03
1.03
1.03
1.03
.53
.53
.66
.40
.76
.59
.58
.53
.52
.77
1.02
1.00
1.00
1.00
1.00
1.00
.51
.51
.62
.85
.75
.75
.79
.75
.75
1.00
1.00
1.00
1.04
1.13
1.13
.63
1947—Aug
Sept
.41
.41
.41
.41
.41
.53
.53
.53
.53
.53
1948—Jan
Feb
Mar
Apr
May
June
July
.41
.41
.41
.41
.41
.41
.41
.54
.56
.56
.56
.56
.56
.56
1932—July
1933—July
1934—July
1935—July
1936—July
1937—July
1938—July
1939—July
1940—July
1941—July
1942—July
1943—July
1944—July
1945—July
1946—July
1947—July
Oct
Nov
Dec...
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
4-6
3-534
^ 5
.67
Y25
2Y2-5
234-5
234-5
3^-534
3-534
3-534
3-534
3-534
2^-5
4.36
2.15
1.75
1.50
1.50
1.50
2.79
2.25
1.00
1.00
1.00
1.50
1.25
1.25
1.25
1.25
1.25
1.25
1.25
.63
1.50
1.62
1.64
.49
.25
.30
.51
1.52
1.52
1.31
1.09
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.46
.44
.64
2.12
2.04
1.30
1.08
.95
.93
1.13
1.00
.75
.95
.74
.53
.25
.25
.38
.38
.38
.51
.50
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
2.02
2.00
2.09
2.00
2.12
2.02
1.28
1.38
1.45
1.38
1.33
1.36
1.56
.57
.78
.99
.93
.94
.84
1.35
.50
.50
.50
.50
.50
.50
1.63
234-43^
2^4^
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
OCTOBER
1948
1319
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Liabilities
Assets
United K i n g d o m 1
Cash
reserves
Money at
call and
short
notice
Bills dis
counted
Treasury
deposit
Loans to
receipts * Securities
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
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
,667
,523
,560
999
1,120
1,154
1,165
1,234
1,427
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
1,161
1,200
1,319
1,500
,588
,862
253
236
245
250
265
342
1947—August. . .
September
October...
November.
December.
479
465
468
488
502
455
472
466
476
480
724
758
825
799
793
,248
,193
,147
,196
1,288
,492
,493
,500
,500
,483
1,154
1,155
1,185
1,205
1,219
473
476
487
492
567
5,628
5,615
5,690
5,767
5,935
3,663
3.653
3,713
3,781
3,962
.965
,962
,977
1,986
1,972
396
397
387
389
396
1948—January..
February.
March... .
April
May
476
465
472
478
488
402
489
460
442
468
463
454
473
477
800
713
804
778
723
659
715
1,217
1,157
1,153
1,240
1,248
1,361
1,320
,480
,485
,486
,482
,477
,478
.478
1,231
1,280
1,308
1,315
1,334
1 .354
1,335
513
500
507
509
547
530
487
5.776
5,642
5,794
5.861
5.869
5 955
5,909
3,821
3,700
3,686
3.744
3,832
3.872
3,834
1,955
1,942
2.108
2.117
2.037
2.083
2,075
401
400
404
404
401
393
390
June
July
Liabilities
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilitiesand
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
1,169
1 ,168
1,156
1,211
1,274
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
962
1,049
1,172
1,289
1,386
1,525
1947—August. . .
September
October...
November
December.
670
663
702
695
731
82
83
93
92
105
1,805
2,027
1,931
2,065
1,999
116
113
102
107
106
4,109
3.963
3,882
3.850
3,874
1,014
933
,156
.051
,159
19
19
19
18
18
6 186
6.193
6.283
6.279
6.412
2.412
2.387
2.531
569
671
3,774
3.806
3,753
3,710
3,740
1,591
1.57G
1,563
1,562
1,544
1948—January..
February..
March... .
April
May
698
679
698
710
728
685
671
77
70
65
76
80
84
77
1,953
1,933
1,922
1,930
1,925
1,930
1,948
97
108
106
108
127
135
128
3,972
3.968
4,036
4,072
4,066
4.143
4,154
,029
.017
,123
,114
,107
.129
,019
18
18
18
18
17
17
17
6.281
6.227
6.399
6.464
6.456
6.528
6,446
2,457
2,346
2.472
2.513
2,501
2. 5Q2
2.487
3,824
3.881
3.927
3.951
3.955
3.936
3,959
1,526
1,531
1.532
1,528
1,561
1.561
1,533
June
July
Assets
France
(4 large banks. End
of month figures in
millions of francs)
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—July
August
September
October
November
December
21,428
21,585
20.950
19,696
21,597
22,551
20.388
19.464
20.451
19.018
20,691
19,410
208,792
210.551
209,323
211,760
205,314
219,374
1948—January
February
March. .
April
May
31.004
29,111
36.687
29.808
32.885
34,770
28,345
30.800
27.214
27,283
26.713
27,317
230,986
250.402
260.660
269,554
270.399
274,098
June
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
413
462
428
557
2.898
15,694
5,199
6,422
7,506
6,623
10,151
12,777
79,789
80,220
85,712
86,269
92,010
86,344
24,928
29,200
31,391
32,338
33,482
37,291
324.665
326 393
331 219
330 949
333 858
342,166
321 678
323 415
328 438
327 997
331,059
338,710
2.987
2,978
2.781
2.952
2.799
3,457
18,589
21.932
23.149
23,304
23,632
25,175
12,072
12,695
13.459
14,830
15,603
17,628
100,960
98,196
101.565
105,112
113.086
112,566
28,604
29.248
32.114
33.661
35.138
38,313
384.403
401,930
419.991
423.905
43 S.436
440.776
379 194
396,683
414 629
418 077
429 788
435,902
5.210
5.247
5.362
5.828
5 649
4,874
25.218
25.123
26.173
26.878
27 104
28.590
10,278
10.704
12,076
14.634
15,681
17,698
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.
8
Represent six-mo ith loans to the Treasury at 1 Y% per cent through Oct. 20, 1945. and at V% 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.
1320
FEDERAL RESERVE BULLETIN.
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
(peso)
'Regu- "Non- Certain
regular' induslar"
prodprodtrial
ucts l
ucts 2 product*
Australia
(pound)
Official
Free
In cents per unit of foreign currency]
Brazil
(cruzeiro8)
Belgium
(franc)
Official
Free
Official
Free
6.0575
6.0584
6.0586
6.0594
6.0602
6.0602
5.0705
5.1427
5.1280
5.1469
5.1802
90.909
90.909
90.909
90.909
90.909
95.198
100.000
87.345
88.379
89.978
89.853
90.485
93.288
91.999
1941
1942
1943
1944
1945
1946
1947
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
24.732
25.125
25.125
25.125
25.125
1947—October
November
December
29.773
29.773
29.773
25.125
25.125
25.125
321.19
321.15
321.21
2.2830
2.2812
2.2789
5.4406
5.4406
5.4406
100.000
100.000
100.000
89.989
89.589
88.359
1948—January
February
March
April
May
June
July
August
September
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
321.16
321.20
321.21
321.23
321.21
321.21
321.23
321.23
321.23
2.2784
2.2789
2.2793
2.2796
2.2798
2.2805
2.2807
2.2830
2.2844
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
100.000
100 000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
90.455
89.062
89.280
90.633
92.273
93.229
92.829
92.701
92.180
China
(yuan
Shanghai)
Colom Czecho- Denbia slovakia mark
(peso) (koruna) (krone)
Finland
(markka)
India
(rupee)
Itaaly
• 5.313
57.004
57.052
57.265
57.272
57.014
57.020
57.001
2.0101
2.0060 •20.876
2.0060 20.864
1947—October. . .
November.
December.
56.980
56.980
56.980
2.0060
2.0060
2.0060
20.861
20.863
20.860
1948—January
F<ebruary. .
March. . . .
April
May
June
July
August....
September.
56.991
57.010
57.010
57.010
57.010
1257.010
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20.860
20.860
20.860
20.860
20.860
20.859
20.858
20.855
20.854
Year or month
1941..
1942..
1943. .
1944..
1945. .
1946..
1947. .
Year or month
(13)
(13)
(13)
322.80 321.27
322.80 321.50
322.80 * 321.50
322.80
•322.80
•2.2860
2.2829
321 34
2.2817
321.00
Canada
(dollar)
20.000
20.000
20.000
5.4403
France
(franc)
Official
()
Hong
Kong
(dollar)
Free
4
24.592
•1.9711
.8409
.8407
.8407
.8404
.8403
».8400
".4671 10.3270
.4671
.3270
.4671
.3277
.4671
.3272
.4671
.3268
.4671
.3265
.4671
.3268
.4671
.3213
Straits
New
South
ZeaNorway Portugal
Africa Spain Settleland
(krone) (escudo) (pound) (peseta) ments
(dollar)
(pound)
47.133
•46.919
Sweden
(krona)
Switzerland
(franc)
(liira)
Chile
(peso)
Official
4
Export
5.1664 •4.0000
Mexico
(peso)
Netherlands
(guilder)
30.137 •5.0703
30.122
30 122
30.122
30.122
30.155 • .4434
30.164
20.538
20.569
20.577
20.581
20.581 •37.933
20.581 37.813
20.577 37.760
30.169
30.176
30.177
20.576
20.576
20.575
37.762
37.768
37.699
30.172
30.168
30 168
!30.169
U30.169
"30.169
u
30.169
ll
30.169
30.168
20.576
20.575
20.575
20.578
20.574
20 573
"20.573
37.654
37.714
37.750
37.765
37 755
37.718
37.645
37.621
37.598
(13)
(13)
United
Kingdom
(pound)
Official
Free
23.829 •23.210
Uruguay
(peso)
Controlled
Noncontrolled
65.830
65.830
65.830
65.830
65.830
65.830
65.830
43.380
52.723
52.855
53.506
55.159
56.280
56.239
1941
1942
1943
1944
1945
1946
1947
322.54
•4.0023
322.78
324.20
324.42
323.46
322.63 •20.176 •4.0501
322.29 20.160 4.0273
398.00
398.00
398.00
398.00
399.05
400.50
400.74
•9.130
1947—October...
November.
December.
322.48
322.44
322.50
20.159
20.159
20.159
4.0240
3.9985
4.0088
400.75
400.75
400.75
9.132
9.132
9.132
27.823
27.825
27.826
23.363
23.363
23.363
403.10
403.05
403.13
65.830
65.830
65.830
56.204
56.204
56.204
1948—January...
February..
March
April
May
June
July
August....
September.
322.45
322.49
322.50
322.51
322.49
322.50
322.51
6353.87
399.15
20.159
20.160
20.160
20.160
20.160
20.158
20.158
20.158
20.158
4.0043
3.9700
3.9856
3.9966
4 0334
4.0345
4.0329
4.0327
4.0319
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
27.825
27.826
27.826
27.826
27.825
27.824
27.824
27.824
27.823
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
403.07
403.11
403.13
403.15
403.12
403.13
403.14
403.15
403.15
65.830
65.830
65.830
65.830
65.830
65.830
65.830
56.198
56.180
56.180
56.180
56.180
56.180
56.180
•9.132
9.132
403.50 403.18
403.50 403.50
403.50 403.50
403.50
•403.50 8 403]02
•25.859 •23.363
403.28
27.824 23.363
402.86
(13)
(18)
(13)
(13)
11 Through June 22, 1948, shown as official rate.
Through June 22, 1948, shown as special export rate.
I
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
•8 Average of daily rates for that part of the year during which quotations were certified.
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying ratea
in the8 New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July
1-19 is 5.1902, and for Jan. 1-July 19, 5.1860,
while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955.
7
8
Based on quotations through June 22.
Based on quotations beginning July 15.
10
•II Based on quotations through Jan. 23.
Based
on quotations beginning Feb. 10.
IJ
Excludes Pakistan.
Based on quotations through June 10.
lJ
u
Temporarily omitted.
Based on quotations through July 21.
i* As of Aug. 19, the New Zealand Government increased the value of its currency, placing it on a par with the British pound.
•OCTOBER
1948
1321
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
Canada
(1926 =
100)
Mexico
(1929 =
100)
United
Kingdom
(1930 =
100)
France
(1938 =
100)
1926
100
100
i 124
106
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
75
80
81
86
79
77
79
87
99
103
104
106
121
152
72
72
75
85
79
75
83
90
96
100
103
104
109
129
95
95
101
119
126
127
128
136
148
182
227
247
286
302
89
94
109
101
103
137
153
159
163
166
169
175
192
58
52
63
89
100
105
139
171
201
234
265
375
648
989
1947—September
October...
November.
December.
157
159
160
163
134
139
143
144
298
304
306
303
195
199
203
204
1,096
1,129
1,211
1,217
1948—January..
February.
March
April
May
June
July
August. . .
166
161
161
163
164
166
169
169
147
147
147
149
150
152
152
158
302
304
303
303
313
321
326
331
212
217
217
219
220
222
222
221
1,463
1,537
1,536
1,555
1,653
1,691
^1,698
Pl.783
Italy
(1938 =
100)
Netherlands
(July 1938June 1939
= 100)
Japan
(1933 =
100)
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
132
150
i 126
144
5,159
99
103
110
133
140
155
173
183
197
209
233
308
1,599
5,103
90
87
91
108
102
105
131
150
157
160
164
181
251
271
196
100
102
114
111
115
146
172
189
196
196
194
186
199
90
90
96
111
107
111
143
184
210
218
223
221
215
224
6,202
6,010
5,647
5,526
6,960
7,833
8,599
8,863
272
274
277
280
202
203
204
205
224
230
232
232
5,373
'5,352
5,318
'5,240
5,185
P5.141
P5.131
9,144
9,288
'9,485
9,537
9,634
10,029
279
279
279
279
279
280
P279
207
209
210
213
214
216
215
234
234
235
234
233
233
232
P231
65
72
80
94
100
104
121
136
153
p Preliminary.
' Revised.
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October
1935, p. 678.
1
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926 = 100)
Year or month
Farm
products
Canada
(1926 = 100)
Foods
Other
commodities
products
Farm
United Kingdom
(1930 = 100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
1926
100
100
100
100
100
100
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
65
79
71
84
78
78
59
64
64
66
73
73
85
87
90
90
80
85
82
69
87
74
71
84
73
74
81
78
92
102
97
96
112
104
81
86
69
.. .
1947—September
October
November
December
1948—January
February
March
April
June
July
August
65
68
82
106
123
123
128
149
181
82
86
74
70
71
83
100
107
105
106
131
169
81
83
89
96
97
99
100
110
135
64
68
73
85
98
107
112
118
126
67
75
82
90
99
104
106
110
131
75
82
89
92
93
94
94
99
117
97
133
146
158
160
158
158
158
165
103
121
140
157
157
159
172
200
214
213
205
186
179
138
127
178
178
178
140
142
146
129
133
137
139
143
145
128
131
132
167
171
172
218
221
222
199
185
186
187
189
196
195
180
172
174
177
177
181
188
148
148
148
149
149
150
151
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
191
190
153
145
163
143
183
243
123
165
Foods
106
138
156
160
164
170
175
184
207
190
188
197
134
Netherlands
(July 1938-June 1939 = 100)
Industrial raw
products
Industrial
finished
products
112
163
177
175
174
179
193
282
328
104
126
148
154
159
163
184
261
276
339
277
213
227
236
339
341
342
235
233
232
231
230
340
340
339
340
341
279
280
280
280
281
235
342
281
277
279
279
:h 1935, p. 180; and March 1931, p. 159.
1322
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
(June
(1935-39 (1935-39 (June 17 =(1938
100) (1911-13
1947
= 100) 1914
= 100) = 100)
= 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
2 101
100
108
129
149
174
224
275
377
645
1,043
1947-September
October. ..
November.
December.
204
202
203
207
165
171
174
179
100
101
103
103
1,187
1,309
1,378
1,393
1948-January...
February..
March....
April
May
June
July
August
210
205
202
208
211
214
217
217
182
186
186
187
191
194
201
203
104
108
109
109
108
113
108
1,437
1,541
1,518
1,524
1,541
1,560
Pl.559
United
SwitzUnited
CanKing- France NethererStates
dom
lands
land
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
100
108
129
150
175
224
285
393
645
j 03 n
222 1947-September
229
October...
230
November.
230
December.
164
164
165
167
139
142
144
146
101
101
103
104
1,157
1,268
1,336
L.354
218
223
223
223
230 1948-January...
February..
230
March....
229
April
229
May
229
June
230
July
229
August... .
P228
169
168
167
169
171
172
174
175
148
150
151
152
153
154
157
158
104
106
106
108
108
110
108
1,414
1,519
,499
1,499
L ,511
1 ,529
p L ,528
224
224
223
223
223
224
223
P223
120
127
130
130
150
177
191
198
120
130
130
132
146
175
200
211
215
215
210
222
U32
137
139
140
154
175
187
195
130
137
137
138
151
174
193
203
208
209
208
217
P Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 203 for retail food prices and 166 for cost of living.
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues. . .
United
States i
(high
grade)
Canada 2
(1935-39
= 100)
12
(2)
United
Kingdom
(December
1921=100)
87
Common stocks
France
(1938=
100)
50
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
i 114.2
U43.4
146.4
146.6
150.5
152.1
144.6
132.0
1947—September. . .
October
November. . .
December....
103.6
101.1
99.6
97.9
119.0
118.8
118.5
117.9
126.4
128.0
128.2
130.1
1948—January
February. . . .
March
April
May
June
July
August
98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
108.6
108.6
103.4
103.6
104.9
104.8
104.6
104.0
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
Nether-
lands *
13
United
States
(1935-39
= 100)
NetherFrance «
Canada * United
lands *
(1935-39 Kingdom (December
=100)
(1926= 100) 1938= 100) (1938= 100)
278
»295
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
M40
«308
479
540
551
694
875
1,149
184.3
123.1
125.1
123.6
122.4
104.1
105.5
107.3
106.2
88.7
89.3
90.2
92.6
1,298
1,245
1,294
1,211
196.5
'200.6
191.2
193.8
120.1
114.2
116.4
124.6
130.2
135.1
131.9
127.1
107.5
102.2
101.5
109.1
116.5
120.3
116.3
113.6
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
Pl.217
Pi,207
'202.9
'•216.0
••217.6
'208.3
416
109.0
105.6
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
125.2
122.0
121.4
122.2
106.6
105.9
104.0
103.7
118.9
119.1
119.0
119.1
118.2
118.6
P118.2
P119.3
108.3
107.3
107.6
107.6
107.3
106.9
100
37
r
P Preliminary.
Revised.
New series beginning 1947, derived from average yields of 12 bonds on basis of a 2M per cent 30-year bond. Annual average for the old
series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
in the
United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter
on the capitalized yield as calculated on the 15th of every month.
8
This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial
bonds.
The
average yield in the base period (January-March 1937) was 3.39 per cent.
4
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
8
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(2 7 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly avcage
of daily
quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
7
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June
1935, p. 394; and February 1932, p. 121.
1
OCTOBER
1948
1323
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
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Associate General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant Director
DIVISION OF BANK
OPERATIONS
EDWARD L. SMEAD, Director
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 A N D STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
FRANK A. SOUTHARD, JR., Associate Director
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE,
Chairman
Vice
Chairman
ALLAN
SPROUL,
LAWRENCE CLAYTON
ERNEST G.
DRAPER
ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
SERVICES
Director
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
First Vice
BOSTON DISTRICT
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 . M C C O Y ,
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 ROBE, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
1324
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
C H A I R M E P N r,
DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
Boston
President
First Vice President
Albert M. Creighton
Harold D. Hodgkinson
New York.
Robert T. Stevens
William I. Myers
Philadelphia....
Warren F. Whittier
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
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
W. G. Wysor
Charles P. McCormick
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
W. S. McLarin, Jr.
L. M. Clark
St. Louis
Minneapolis... .
Kansas C i t y . . . .
Dallas
San Francisco...
VICE
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
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. Poorman3
B. J. Lazar
Martin Morrison
Donald S. Thompson
R. W. Mercer
W. R. Miiford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
Joel B. Fort, Jr.8
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihier
W. W. Turner
Paul E. Schroeder
0. M. Attebery
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. Pipkin1
Henry 0. Koppang Delos C. Johns
Robert L. Mehornay
C. E. Sandy
R. L. Mathes
D. W. Woolley
W. H. Holloway
E. B. Austin
R. R. Gilbert
J. R. Parten
Watrous H. Irons
R. B. Coleman
W. D. Gentry
R. B. Anderson
L. G. Pondrom8
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
W. L. Partner
C. E. Earhart
Brayton Wilbur
Albert C. Agnew
C. R. Shaw
W. N. Ambrose
H. N. Mangels
Harry R. Wellman
H. F. Slade
D. L. Davis 3
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
Robert B. Harvey2
E. G. Hult
E. 0. Latham
William Willett
Cleveland
J. F. Porter
Vice rlesiueiics
Federal Reserve
Bank of
Branch
Allan M. Black
Neil B. Dawes
W. R. Diercks
E. C. Harris
C. S. Young
Charles B. Dunn
Federal Reserve
Bank of
Chief Officer
Branch
Chief Officer
New York
Buffalo
I. B. Smith*
Minneapolis
Helena
R. E. Towle
Cleveland.
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin
Kansas City
Richmond
Baltimore
Charlotte
W. R. Miiford
R. L. Cherry
Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
Atlanta.. ,
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Dallas.
El Paso
Houston
San Antonio
C M. Rowland
W. H. Holloway
W. E. Eagle
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.
OCTOBER 1948
8
Cashier.
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
* Also Cashier.
4
W. N. Ambrose
D. L. Davis
W. L. Partner
C R. Shaw
General Manager.
1325
FEDERAL RESERVE PUBLICATIONS1
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the
Federal Reserve System.
ports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Laborador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay,
and Venezuela is $2.00 per annum or 20 cents per
copy; elsewhere, $2.60 per annum or 25 cents per
copy. Group subscriptions in the United States
for 10 or more copies to one address, 15 cents per
copy per month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $9.00 per
annum, or $1.00 per copy. In quantities of 10 or
more copies of a particular issue for single shipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937.
Digests of
Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve Act, with compilation showing textual
changes in the Act. 683 pages. $1.25 per copy.
BANKING STUDIES. Comprising 17 papers on bank-
ing and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1948. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
POSTWAR ECONOMIC STUDIES.
(8 pamphlets)
No.
No.
No.
No.
No.
No.
1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS.
November
1947.
125 pages.
75
cents per cloth-bound copy; in quantities of 10
or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per DEBITS AND CLEARINGS STATISTICS, THEIR BACKGROUND 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 RESERVES as of December 31, 1944.
1945. 30 pages.
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying reX
A more complete list, including periodical releases and reprints, appeared on pp. 750-53 of the June 1948 BULLETIN.
1326
DISTRIBUTION
OF BANK DEPOSITS BY COUNTIES,
December 31, 1947. July 1948. 122 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
PUBLICATIONS
NEW
SURVEY OF CONSUMER FINANCES.
COMMERCIAL BANKING OFFICES, 1936-1947,
by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
(From Federal Reserve Bulletin unless indicated by an asterisk)
June, July, and
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
August 1947. 44 pages.
RETAIL CREDIT SURVEY—1947.
AND BUSINESSES. June 1948. 2 pages.
From July 1948
BULLETIN with supplementary information for
nine separate trades. 41 pages.
BUSINESS LOANS OF MEMBER BANKS.
RECENT DEVELOPMENTS IN BUSINESS FINANCE and
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING, by Charles H . Schmidt. June 1948.
19 pages.
March, May,
June, July, and August 1947. 80 pages.
FINANCIAL POSITION OF MANUFACTURING AND TRADE
1948 SURVEY OF CONSUMER FINANCES—
I. EXPENDITURES FOR DURABLE GOODS. June 1948.
IN RELATION TO SIZE AND PROFITABILITY, 1946,
15 pages.
by Albert R. Koch and Charles H . Schmidt.
September 1947. 12 pages.
II. T H E DISTRIBUTION OF CONSUMER INCOME IN
1947. June 1948. 8 pages.
III. CONSUMER OWNERSHIP AND USE OF LIQUID
REVISION OF NATIONAL INCOME AND PRODUCT STA-
TISTICS.
AND NONLIQUID ASSETS.
September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F. M. Tamagna.
8 pages.
DISPOSABLE INCOME.
September 1947.
SUMERS, July 1947. October 1947. 4 pages.
Sep-
tember 1948. 8 pages.
1948 SURVEY OF CONSUMER FINANCES.
June, July,
August, and September 1948. 65 pages.
Milton Moss. July 1948. 6 pages.
CONTROLS, by Marriner S. Eccles.
1947. 8 pages.
December
BANKING ASSETS AND THE MONEY SUPPLY SINCE
1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
AGAINST THE DEMAND AND T I M E DEPOSITS OF
BANKS, by Marriner S. Eccles.
10 pages.
January 1948.
BANK MANAGEMENT, by Charles H . Schmidt.
April 1948. 9 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.
RENCY COMMITTEE. Presented by Thomas B. Mc-
Cabe on August 2, 1948. 8 pages.
REGULATION
* 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 ?
#
STATEMENT BEFORE THE HOUSE BANKING AND CUR-
T H E FEDERAL RESERVE CHART BOOK AS AN AID TO
Address by
M. S. Szymczak on May 7, 1948 at the 55th
Annual Convention of the Alabama Bankers
Association. 7 pages.
19 pages.
SALES FINANCE COMPANY OPERATIONS IN 1947, by
CURRENT INFLATION PROBLEM—CAUSES AND
OCTOBER 1948
August 1948.
October and December
1947. 36 pages.
THE
15 pages.
V. HOUSING EXPENDITURES AND FINANCE.
FINANCIAL POSITION AND BUYING PLANS OF CON-
BANK LOANS TO FARMERS.
July 1948.
IV. CONSUMER SAVING AND THE ALLOCATION OF
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.
1327
to
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FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
1
FEDERAL RESERVE BRANCH CITIES
OCTOBER I. 1949
f
VE SYSTEM
@FedFRASER