Full text of Federal Reserve Bulletin : April 1946
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FEDERAL
ESERV
BULLETIN
APRIL 1946
:******»*
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
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
Review of the Month—Establishment of Bretton Woods Institutions.
361-372
The Financial Agreement Between The United States and Great Britain, by
Marriner S. Eccles. .
373-375
Member Bank Profits in 1945. .
376-383
Revision of Consumer Credit Statistics.
383
Law Department:
Limitation on Claims Connected with Government Checks
Foreign Funds Control—Treasury Department Releases.
384
384-385
Current Events. .
386
National Summary of Business Conditions.
387-388
Financial, Industrial, Commercial Statistics, U. S. (See p. 389 for list of tables).
389-439
International Financial Statistics (see p. 440 for list of tables)
440-457
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council. .
458
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
459
Map of Federal Reserve Districts. .
460
Federal Reserve Publications (See inside of bac\ cover)
Subscription Price of Bulletin
A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription
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$1.50 for 12 months.
April 1946
VOLUME 32
NUMBER 4
ESTABLISHMENT OF BRETTON WOODS
INSTITUTIONS
The governing bodies of the International
Monetary Fund and the International Bank
for Reconstruction and Development held
their first meetings in March and the institutions are expected to begin financial operations before the end of this year. Proposals for the Bank and the Fund were
agreed on at the International Monetary and
Financial Conference held at Bretton Woods,
New Hampshire, in July 1944. The Articles
of Agreement of the Fund and the Bank provided that they should enter into force when
accepted and signed by governments having
at least 65 per cent of the total subscriptions
allocated to the countries represented at Bretton Woods and should remain open for
signature by the governments of these countries until December 31, 1945. Participation
of the United States was authorized by the
Bretton Woods Agreements Act of July 31,
1945. Many countries passed the necessary
legislation only after the Agreements had
been approved by the British Parliament in
December.
The Fund and the Bank came into existence on December 27, 1945, when the Agreements were signed in Washington on behalf
of governments with approximately 80 per
cent of total subscriptions. Several others
signed before the end of the year. Of the
44 governments which were eligible to sign
before December 31 and become original
members of the Fund and the Bank, only
APRIL
1946
nine failed to sign; i. e., Russia, Australia,
New Zealand, Venezuela, Haiti, El Salvador,
Nicaragua, Panama, and Liberia. Colombia
signed the Fund Agreement but not the
Bank Agreement.
FIRST MEETINGS OF BOARDS OF GOVERNORS
President Truman invited the Boards of
Governors of the International Monetary
Fund and the International Bank for Reconstruction and Development to hold their
first meetings beginning on March 8,1946, at
Wilmington Island near Savannah, Georgia.
This was in accordance with the Agreements
which made it a function of the government
having the largest subscription to call the
first meetings. Those governments represented at Bretton Woods which had not
signed the Agreements before December 31,
1945, and the United Nations Economic and
Social Council, were invited to send observers. With the exception of Haiti and
Liberia, all of those invited were in attendance.
The principal task of the Boards of Governors at their first meetings was to take the
procedural steps necessary before the institutions could begin operations. The main
features of the organization and management of the Fund and the Bank are similar
and are outlined in the Articles of Agreement. The superior governing body in each
case is a Board of Governors, consisting of
361
REVIEW OF THE
one Governor and one Alternate appointed by
each member, which will meet at least once
a year and more often if necessary. A smaller
body of at least twelve Executive Directors is
responsible for conducting the operations of
the institution under the powers delegated to
it by the Board of Governors. Five of the
Executive Directors are appointed by the five
members with the largest subscriptions. The
other seven Executive Directors are elected,
in accordance with procedures outlined in
the Articles of Agreement, by the Governors
representing the remaining members. A
chief of the operating staff selected by the
Executive Directors is responsible for conducting the ordinary business of the institution under the direction of the Executive Directors. The chief of the operating staff of
the Fund is the Managing Director; of the
Bank, the President.
In order to supplement the arrangements
as outlined in the Articles of Agreement,
each Board of Governors adopted a series of
by-laws relating to organizational and procedural matters. The more important relate
to the powers and responsibilities of the
Executive Directors and Alternates and the
Managing Director or President. Each Board
of Governors delegates to its Executive Directors all powers except those specifically reserved to the Board in the Articles of Agreement. The powers reserved to the Boards of
Governors relate for the most part to such
matters as the admission or expulsion of
members, changes in required subscriptions,
and interpretations or amendments of the
Agreements. The Executive Directors, therefore, will be able to direct all the ordinary
business of the Fund and the Bank and to
make most of the decisions required in the
course of current operations. Each Board of
Governors also decided to locate the main
office of its institution in Washington.
362
MONTH
Of major importance were the decisions
reached, and incorporated in the by-laws, relating to the functions and remuneration of
the Executive Directors and Alternates and of
the Managing Director or President. The
functions of the Executive Directors, as distinguished from those of the Managing Director or President, were discussed at length
with special reference to the question of
whether the Executive Directors and their
Alternates should be full-time or part-time.
Agreement was reached on a compromise
providing that each Executive Director and
his Alternate are to devote all the time and
attention to the business of the Fund or Bank
that its interests require and, between them,
are to be continuously available at the main
office of the Fund or Bank. A body of Executive Directors, or their Alternates, will therefore be continuously available for day-to-day
decisions. It will be possible, however, for an
Executive Director to devote a major part of
his time to official duties in his own country,
leaving his Alternate to be available most of
the time at the main office.
After considerable discussion the maximum annual salaries of Executive Directors
were fixed at $17,000, net of taxes. The Alternates will receive maximum annual salaries
of $11,500, net of taxes. These salaries include all expense allowances except those
covering certain reasonable traveling expenses. An Executive Director or Alternate
serving part-time will receive a salary based
on the amount of time he devotes to the
work of the Fund or Bank. An Executive
Director or Alternate, furthermore, may elect
to receive a salary less than that to which he
is entitled. The Managing Director of the
Fund and the President of the Bank will each
receive a salary of $30,000, net of taxes, plus
certain expense allowances. The Boards of
Governors agreed to request all member govFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
ernments to exempt from national taxation
salaries and allowances paid by the Fund
and the Bank in order to relieve the institutions of this tax burden.
Special arrangements were made for the
admission of certain countries to membership. The Boards of Governors agreed that
those governments represented at Bretton
Woods which had not become original members might sign the Agreements at any time
before December 31,1946, on the same terms
as original members. In the course of the
meetings the Governments of El Salvador,
Nicaragua, Panama, and Cuba were admitted
to membership in the Fund and the Bank.
Although Cuba had signed the Agreements
before December 31, 1945, it did not deposit
until March 15, 1946 the necessary instrument stating that legislative action had been
taken to enable fulfillment of its obligations
under the Agreements. The amount to be
subscribed to the Fund and the Bank by
Denmark was set by the Boards of Governors
at 68 million dollars and, in accordance with
the Agreements, Denmark accepted membership in the Fund and the Bank on March
30, 1946. At present, therefore, the Fund
has 39 members and the Bank 38 members.
Governments not represented at Bretton
Woods may in the future be admitted to
membership by the Boards of Governors on
such terms and conditions as these Boards
prescribe. In the course of the March meetings applications for membership were received from Italy, Lebanon, Syria, and Turkey. These applications, which were supported by the United States, were referred to
the Executive Directors for their consideration and recommendations.
Requests for interpretations of the Fund
and the Bank Agreements were submitted
by the Governor appointed by the United
States as directed by the Bretton Woods
APRIL 1946
Agreements Act. These and other requests
for interpretation submitted by the Governors appointed by the United Kingdom
and India were referred to the Executive
Directors of the Fund and the Bank in accordance with the Articles of Agreement.
Toward the close of the Governors' meetings on March 18, seven Executive Directors
of each institution were elected by the Governors representing countries not entitled
to appoint Executive Directors, including
those admitted during the course of the
meetings. A list of the elected Directors,
and of the countries whose Governors
elected them, is given in the table on page
372. They will serve until the next regular
election of Executive Directors in September
1948. It was agreed that the Executive
Directors of the Fund should meet on May
6 and the Executive Directors of the Bank on
May 7, 1946, in Washington. Their first
concern will be the selection of the Managing
Director and the President. The Boards of
Governors will meet again in September
1946 and thereafter will hold their regular
annual meetings in September.
DISTRIBUTION OF VOTING POWER
The Fund and the Bank will be responsible for reaching important decisions on international monetary matters. Except in a few
special cases these decisions will be made by
a majority of the votes cast whether by the
Board of Governors or by the Executive
Directors. The percentage distribution of
the voting power of the present members of
the Fund and the Bank is shown in the following table. Each member has 250 votes
plus one vote for each $100,000 of its subscription to the Fund or Bank. In voting
by the Board of Governors the Governor appointed by each member has the voting
power allotted to that member.
363
REVIEW OF THE MONTH
PERCENTAGE DISTRIBUTION OF VOTING POWER
OF MEMBER COUNTRIES 1
Country
United States
United Kingdom
China
France
India
Canada
Netherlands
Belgium
Latin America total1
Other countries1
Total
International International
Bank
Fund
33.1
15.8
6.9
5.7
5.1
3.9
3.6
3.0
10.7
12.3
100.0
37.1
15.4
7.3
5.5
4.9
4.1
3.5
2.9
ordinary percentage distribution of the voting power of the Executive Directors of the
Fund and the Bank is shown in the table
at the bottom of the preceding column.
FINANCIAL OPERATIONS OF THE FUND
In order to help member countries maintain stable exchange rates and avoid un11.4
necessary
exchange restrictions the Interna100.0
tional
Monetary
Fund will have a pool of
x
The number of votes and percentage of the total voting
power of each present member of the Fund and the Bank is resources subscribed by member countries.
shown in a table on page 371.
The required subscription, or quota, of each
An appointed Executive Director casts the member, as shown in the table, will be paid
number of votes of the member which ap- partly in gold and partly in its own curpoints him; an elected Executive Director, rency. Each member must pay in gold 25
on the other hand, casts en bloc the number per cent of its quota or 10 per cent of its net
of votes of the members whose Governors official gold and dollar holdings, whichever
elected him. For voting on certain matters is smaller. The balance will be paid in the
the voting power of Executive Directors of member's own currency. The Fund will
the Fund is slightly modified to take account accept non-negotiable, non-interest-bearing
of the financial position vis-a-vis the Fund of demand notes from any member in place of
the members which they represent. The any part of its currency not needed for the
Fund's operations. Payments are due on the
PERCENTAGE DISTRIBUTION OF VOTING
POWER
OF EXECUTIVE DIRECTORS1
date when a member becomes eligible to use
International International
the resources of the Fund, as described on
Fund
Bank
page 366.
Directors Appointed By:
The total to be subscribed to the Fund by
33.52
37.53
1. United States
16.00
15.54
2. United Kingdom
all present members is 7,397.5 million dollars
6.94
7.33
3. China
5.74
5.57
4. France
as compared to the 8,800 million allotted
5.13
4.98
5. India
Elected Directors i
to the governments represented at Bretton
International Fund
5.53
Woods. Of the total, 2,750 million dollars or
6. Santos-Filho (Brazil)
5.28
7. Gomez (Mexico)
5.13
8. Bruins (Netherlands)
37 per cent will be subscribed by the United
4.83
9. Rasminsky (Canada)
4.65
10. Mladek (Czechoslovakia).
States, of which 687.5 million must be in
3.76
11. Gutt (Belgium)
3.49
12. Saad (Egypt)
gold. The gold subscriptions of other memInternational Bank
6. Beyen (Netherlands). . .
bers, with quotas equal to 4,647.5 million
4.98
7. Gutt (Belgium)
4.53
8. Moller (Chile)
4.30
dollars, may be estimated roughly at 850 mil9. Baranski (Poland)
4.28
4.23
10. Machado (Cuba)
lion on the basis of their estimated gross
4.11
11. Bryce (Canada)
2.62
12. Varvaressos (Greece). . .
official gold and dollar holdings as of DecemTotal.
100.0
100.0
ber 31, 1945. Actual gold subscriptions will
1
Detailed tables indicating the number of votes of each appointed and elected Director and the countries appointing the be based on net official gold and dollar holdGovernors whose votes elected each of the elected Directors of
the Fund and the Bank are shown on page 372. The total ings as of the date when the Fund notifies
number of votes and the percentage distribution of voting
power of Executive Directors are affected by the fact that members that it will shortly be in a position
Denmark did not join until after the election of the Executive
Directors.
to begin exchange operations.
364
8.0
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
INTERNATIONAL MONETARY FUND QUOTAS
the outset gold, United States dollars, and
Canadian dollars, which are also likely to be
Amount
Per cent
(In millions
Country
of total
in demand, equal to 76 per cent of the maxiof dollars)
mum normal drawing privileges of all
37.2
2,750
United States
17.6
1,300
United Kingdom
....
members other than the United States and
7.4
550
China
6.1
450
France
...
...
Canada.
5.4
400
India
4.1
300
Canada
. .
The Fund's ability to supply the currencies
3.7
275
Netherlands
3.0
225
Belgium . . . .
....
6.3
469.5
Latin America totalsneeded will not depend solely on the initial
9.1
678
Other countries 1
subscription payments to the Fund. There
100.0
7,397.5
Total
i otai
/, oy / . o
IUU . u
will be a constant tendency toward restora1
The quotas of all present members of the Fund and the pertion of balance in its holdings of various
ntage of total quotas are shown in a table on page 371.
currencies. Members may use the Fund only
Any member country will be entitled to to meet deficits in their current international
obtain foreign currencies from the Fund in transactions which are expected to be temexchange for its own currency to assist in porary, either because the situation will
meeting deficits in its international payments presently correct itself or adequate correcfor current transactions. Quantitative limits tive measures will be taken. To the extent
are set on a member's purchases of foreign that this principle is realized in practice
currencies from the Fund which may not members will periodically return to the Fund
be exceeded except by special permission. the equivalent of the currencies they have
Normally a member may purchase foreign withdrawn. In addition there are specific
currencies with its own currency until the provisions which encourage or require reFund's holdings of its currency equal 200 placement of currencies drawn from the
per cent of its quota, but the increase in the Fund. On the Fund's holdings of a memFund's holdings above 75 per cent of the ber's currency in excess of its quota a memquota (i.e., the minimum initial currency ber must pay charges which increase with
contribution) may not exceed 25 per cent of the amount held by the Fund and the period
over which it is held. At the end of each
the quota in any twelve-month period.
An examination of the initial subscription year members with adequate reserves must
payments to the Fund indicates that the repurchase a specific amount of the Fund's
Fund will be in a strong position at the out- excess holdings of their currencies with gold
set to meet demands upon it. The United or with currencies needed by the Fund. In
States dollar is likely to be the currency most addition, members wishing to purchase
in demand and the Fund will hold approxi- foreign currencies with gold must purchase
them from the Fund if they can do so with
mately 3,600 million dollars in United States
equal advantage.
dollars or in gold, an amount equal to 65 per
cent of the maximum normal drawing
INITIAL PROBLEMS OF THE FUND
privileges of all members of the Fund other
than the United States. Some countries will
In the early phase of its operations the
not use their full drawing privileges and the Fund has special responsibilities with respect
United States dollar will not be the only cur- to the determination of exchange rates and
rency in demand. The Fund will hold at the gradual elimination of existing restricAPRIL 1946
365
REVIEW OF THE MONTH
tions on payments for current international
transactions.
Before the Fund can begin exchange transactions, agreement must be reached on the
initial par values of the currencies of members having 65 per cent of the total quotas
allocated at Bretton Woods (77 per cent of
the quotas of present members). When the
Fund believes it will shortly be in a position
to begin exchange operations it will notify
the members and request each member to
communicate the actual par value of its
currency in terms of gold or United States
dollars based on rates of exchange prevailing on October 27, 1945, sixty days before
the Fund Agreement entered into force.
If during a ninety-day period following the
request neither the Fund nor the member
objects to the communicated value, it will
become the initial par value for purposes
of the Fund Agreement. The period of
ninety days during which the Fund or the
member may object may be extended for
countries which were occupied by the enemy.
If either the Fund or the member objects to
the communicated value, agreement must
be reached within a period to be determined
by the Fund. The whole process will take
at least three months and the Fund will probably not be in a position to begin exchange
transactions before the latter part of 1946.
Except for possible special arrangements for
occupied countries, a member will not be
eligible to purchase currencies from the Fund
until it has agreed with the Fund on the
initial par value of its currency.
The selection of an initial rate will be difficult in some cases because of relatively disturbed conditions in individual countries and
uncertainties with respect to the necessary
adjustments to wartime changes. The return to normal trading and financial relations will be facilitated, however, if the rates
366
chosen are consistent with balance in the international transactions of members and can
be maintained reasonably stable. Although
many countries will rely for some time
on restrictions on current payments to balance their international transactions the
early removal of such restrictions is one of
the primary objectives of the Fund and will
be impeded if the rate chosen is not consistent
with a balanced position.
The Fund's responsibilities with respect to
the elimination of exchange restrictions and
discriminatory currency practices will be especially heavy in the first few years of operation. When a member becomes eligible to
purchase foreign currencies from the Fund
it must decide whether it will take advantage
of special transitional arrangements permitting the maintenance of existing exchange
restrictions on current transactions or whether
it will almost immediately eliminate all restrictions and discriminatory currency arrangements not authorized or approved by
the Fund. Under the transitional arrangements each member promises to eliminate
such exchange restrictions as soon as possible
and measures designed to encourage this will
be brought into play at the end of three
years, and more strongly at the end of five
years. In exceptional circumstances a member which persists in maintaining unnecessary exchange restrictions may be declared
ineligible to use the resources of the Fund.
In order to carry out its responsibilities
the Fund must analyze carefully the exchange
restrictions and currency practices in force
and the balance of payments position of the
individual members. The Fund's work on
exchange restrictions in the early years of its
operations will be of special importance because a system of exchange controls and discriminatory currency arrangements tends to
perpetuate itself. Adjustments which would
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
be required in the absence of such measures
are postponed and become more difficult.
The chances of eventual freedom from
harmful exchange restrictions will be determined largely by the progress made in removing such restrictions in the transition
period.
The removal of restrictions by the United
Kingdom is of critical importance because
of that country's strategic position in world
trade. The proposed American loan of 3,750
million dollars and the proposed Canadian
loan of 1,136 million United States dollars
to the United Kingdom are intended primarily to meet the unique balance of payments difficulties of that country. Only
with the help of the proposed loans is there
any possibility that the United Kingdom will
be able to eliminate exchange restrictions and
discriminatory practices in the near future.
FINANCIAL OPERATIONS OF THE BANK
The International Bank for Reconstruction and Development will promote the international flow of long-term capital to meet
reconstruction and development needs either
by direct loans, made out of its own resources or from borrowed funds, or by guaranteeing loans made by private investors.
Except in special circumstances the Bank's
loans and guarantees will be long-term and
for specific projects, whereas the Fund will
provide foreign exchange for short periods to
meet overall balance of payments deficits.
The total amount to be subscribed to the
Bank by the present members is 7,670 million
dollars, as compared to the 9,100 million allocated to the countries represented at Bretton Woods. Of the total subscriptions, 1,534
million dollars—20 per cent of each country's subscription—may be used in making
direct loans while the balance, 6,136 million,
may be called only if needed to meet obliAPRIL 1946
gations of the Bank incurred as a result of
its borrowing operations or guarantees. Of
the 20 per cent of each country's subscription which may be used in making direct
loans, one-tenth must be paid in gold or
United States dollars when the Bank is ready
to begin operations; the remainder will be
paid in the member's own currency when
called by the Bank. Payments on the share
of each country's subscription which may be
called only to meet obligations of the Bank
must be made in either gold, United States
dollars, or the currency in which the obligation is to be met.
SUBSCRIPTIONS TO THE INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
Total
subscription
Country
In
Per
millions cent
of
of
total
dollars
3,175
United States
1,300
United Kingdom
600
China
450
France
400
India
325
Canada
275
Netherlands
225
Belgium
1
288
Latin America, total . .
632
Other countries1
7,670
Total
41.4
17.0
7.8
5.9
5.2
4.2
3.6
2.9
3.8
8.2
100.0
Amount which may
be used
(In millions of dollars)
For
Bank's
own
loan
fund
Only tc
meet
Bank's
obligations
635.0
260.0
120.0
90.0
80.0
65.0
55.0
45.0
57.6
126.4
1,534.0
2,540.0
1.040.0
480.0
360.0
320.0
260.0
220.0
180.0
230.4
505.6
6,136.0
1
The subscription of each member to the Bank and the
amount of each member's subscription which mav be vised for
the Bank's own loan fund or only to meet the Bank's obligations is shown in a table on page 371.
The total capital subscriptions to the Bank
are of special significance because loans made
by the Bank, whether out of its own resources
or out of borrowed funds, plus the guarantees
of the Bank may not exceed its unimpaired
subscribed capital, reserves, and surplus.
Since the Bank's own funds from which it
may make loans are equal to only one-fifth
of the subscribed capital of the Bank, it is
clear that loans out of borrowed funds or
guarantees of loans made by private in367
REVIEW OF THE MONTH
vestors will bulk large in the Bank's operations. The amount subscribed to the Bank
by any member establishes that member's
relative share in the ultimate risks of the
Bank's operations, but does not measure the
ability of the Bank to make or guarantee
loans in the currency of that country. In
the case of dollars, for example, in addition
to the subscription of the United States, the
Bank, with the approval of the United States,
may borrow funds in this country for the
purpose of making dollar loans, or may guarantee foreign issues floated in this country.
While the United States subscription is 41
per cent of total subscriptions, the funds
raised from all sources in the United States
will no doubt constitute a much larger share
of the total funds raised by the Bank.
INITIAL PROBLEMS OF THE BANK
In the early years of the Bank's operations
the long-term foreign capital needs of the
world for reconstruction and development
purposes are expected to be much greater
than the Bank can meet. One of its major
problems will be how to use most effectively
its limited power to make and guarantee
loans. An analysis of the overall requirements of individual countries and of the
world as a whole must underlie the Bank's
lending program if the Bank is to assist the
most useful and urgent projects.
The Bank will not be the only source of
long-term foreign capital, but it will be the
principal source in the early years of operation. Private investors will be encouraged to
lend at their own risk, but the volume of such
loans is likely to be small at the outset. The
urgent needs of the Transition period will be
met in part by the special loans proposed for
the United Kingdom—The American loan
of 3,750 million dollars and The Canadian
loan of 1,136 million—and by Export-Import
368
Bank loans. During the period from July
1945 through March 1946 the Export-Import
Bank authorized loans totaling 1.5 billion
dollars. Under its existing authority the
Export-Import Bank may lend an additional
1.5 billion, and President Truman has approved the recommendation of the National
Advisory Council, created by the Bretton
Woods Agreements Act, that its lending authority be further extended by 1% billion.
The Export-Import Bank is unlikely to lend
on a large scale after The International Bank
is in operation. In the aggregate, however,
these loans will substantially relieve the pressure on the resources of the International
Bank.
Since most of the International Bank's
operations will be loans with borrowed funds
or guarantees of loans made by private investors, the market for the Bank's obligations will be of fundamental importance.
The principal market is likely to be in the
United States. Private investors and commercial banks may be active purchasers
from the start although purchases by member banks of the Federal Reserve System
are limited under existing legislation to
10 per cent of their capital and surplus,
or about 600 million dollars. Under the
terms of existing laws the Bank's securities
are not yet eligible for purchase by savings
banks and insurance companies in a number
of states. The New York State Legislature,
however, has recently passed a measure making the Bank's securities eligible for purchase
by savings banks, and similar steps will undoubtedly be taken elsewhere—particularly
after the securities become available on the
market.
In view of the complex problems confronting the Bank, some months will elapse before
it is ready to begin financial operations. It can
hardly reach full-scale activity until 1947.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
PROSPECTS FOR INTERNATIONAL MONETARY
STABILITY
The International Monetary Fund and the
International Bank for Reconstruction and
Development have important roles to play in
the immediate transition period, but both are
primarily agencies for permanent international monetary cooperation. They are expected to contribute substantially to the
maintenance of orderly exchange relationships and to a balanced growth of world
trade. The Bank will influence the direction
and terms of international investment with a
view to assuring productive use of the funds
borrowed and reasonable prospects of repayment and to avoiding sudden changes in the
flow of international investment. The Fund
will help to maintain reasonable stability
of exchange rates while making possible
orderly changes in rates when necessary
to correct fundamental maladjustments, and
will help to eliminate harmful exchange restrictions on current transactions. In addition, the resources of the Fund will help
members to meet temporary overall balance
of payments deficits without resorting to restrictive measures.
The prospects of achieving international
monetary stability depend partly on the magnitude and nature of the problems which the
Fund and the Bank will be called on to
meet. The successful carrying out of the
lending programs of the United States and
Canada will enable the Fund and the Bank to
avoid being overwhelmed by the unusual
demands of the transition period. They will
be able to conserve their resources to meet
the needs which develop from year to year
and to exert a continuing influence toward
international financial stability.
Several other factors may help to achieve
stability in international monetary relationships. Probably no important country will
APRTL
1946
permit large disturbing capital movements
in the future. Many countries suffered
serious disturbances in their international
exchange relationships during the thirties
resulting from large and erratic international short-term capital movements. Several countries developed the technique of
controlling such movements and during the
war almost every important country was
forced to control capital flows. The experience thus gained is likely to be applied in
varying degrees in the postwar period.
While the Fund Agreement does not obligate members to control capital movements,
it recognizes each member's right to do so
and any member drawing on the Fund may
be required to prevent large or sustained capital outflows as a condition of further use of
the Fund's resources.
Most countries will have substantial gold
and dollar reserves on which they will be
able to draw to meet balance of payments
deficits. Official gold and dollar reserves
of countries other than the United States are
estimated at 20 billion dollars at the end
of 1945 as compared to 7 or 8 billion at the
end of the twenties. Although large drafts
on these reserves may be necessary during
the immediate transition period, in the aggregate they will undoubtedly continue at
a much higher level than in prewar years.
Annual gold production abroad reached a
peak of 1,300 million dollars in 1940 and
1941 and will continue to supplement available foreign reserves. Although total gold
and dollar reserves are not distributed
among individual countries in proportion to
need, the ability to draw on reserves, supplemented by the privilege of using the resources of the Fund, should enable most
countries to meet temporary foreign trade
deficits without resorting to harmful restrictive measures. In certain cases, however, the
369
REVIEW OF THE MONTH
imposition of restrictions on payments for of a high level of employment with its accurrent international transactions may be ap- companiment of increased consumption will
proved by the Fund as the most appropriate permit a substantial increase in the volume
means of meeting a temporary deficit.
of imports without any decrease in domestic
Whenever it appears that a balance of pay- production of the same types of commodities;
ments deficit may become chronic and is due and in those cases in which imports force
to fundamental maladjustments, corrective some shift away from types of production in
measures will be necessary. Changes in ex- which the surplus country is relatively less
change rates, long-term borrowing abroad for efficient, the shifts can readily be effected if
productive purposes, reorganization or ra- business is active and employment high
tionalization of productive methods, appro- throughout the economy.
priate domestic monetary policies or other
In addition to the contribution that it
measures may be discussed by the Fund with would make toward a larger volume of
the member country concerned as steps to imports, the steady maintenance of high
aid in eliminating a deficit in a country's employment in the surplus countries would
international transactions. The Fund will help to relieve the world of the international
also aim to correct a chronic tendency toward crises and pressures that characterized the
a surplus in the balance of payments of any 1930's. Great fluctuations in the purchasing
member country and may discuss with the power of the countries which are predomimember possible measures to reduce or elimi- nant in world markets lead to booms and denate the surplus.
pressions in those markets that distort whole
The adoption of measures designed to national economies and render orderly intereliminate a chronic balance of payments national relationships impossible. Avoidance
surplus, including the elimination of bar- of such fluctuations is essential to the full and
riers to international trade, will be greatly successful functioning of the Bretton Woods
facilitated by the maintenance of a high institutions. The attainment of national and
level of employment in "surplus" countries international stability, however, must be
such as the United States. Only if there attacked as a common problem; both must be
is confidence in such countries that in- achieved together. The international meascreased imports will raise the domestic ures of which the Fund and the Bank constandard of living and not contribute to stitute a part are as essential to orderly naunemployment at home will a greater inflow tional developments as they are dependent
of foreign goods be welcomed. Attainment upon them.
370
FEDERAL RESERVE BULLETIN
REVIEW OF THE
MONTH
VOTING POWER AND SUBSCRIPTIONS OF MEMBER COUNTRIES
Voting power of member countries
Required subscriptions to International Bank
International Fund
quotas
Total subscription
Amount which may
be used
(in millions of dollars)
International Fund
International Bank
Number
of votes s
Per cent
of total
Number
of votes
Per cent
of total
Amount
(in
millions
of dollars)
Per cent
of total
Amount
(in
millions
of dollars)
Per cent
of total
For
Bank's
own loans
2,500
350
1,750
3,250
750
2.99
.42
2.09
3.88
.90
2,500
320
1,300
3,500
600
2.90
.37
1 51
4.06
70
225 0
10.0
150 0
300.0
50 0
3.04
.14
2.03
4.06
.68
225.0
7.0
105.0
325.0
35.0
2.93
.09
1.37
4.24
.46
45.00
1.40
21.00
65.00
7.00
180 00
5.60
84 00
260.00
28 00
5,750
750
300
750
1,500
6.87
.90
.36
.90
1.79
6,250
7.25
7.43
.68
.07
.68
1.69
7.82
120.00
480.00
.31
.70
1.74
550.0
50.0
5.0
50.0
125.0
600.0
270
600
1,500
2.0
35.0
125.0
.03
.46
1.63
.40
7.00
25.00
1.60
28.00
100.00
930
300
300
700
275
1.11
.36
.36
.84
.33
930
270
282
650
260
1.08
.31
33
.75
30
68.0
5.0
5.0
45.0
2 5
.92
.07
.07
.61
.03
68.0
2.0
3.2
40.0
1.0
.89
.03
.04
.52
.01
13.60
.40
.64
8.00
.20
54.40
1.60
2.56
32.00
.80
Ethiopia
France
...
Greece
Guatemala
Honduras
310
4,750
650
300
275
.37
5 67
.78
.36
.33
280
4 750
500
270
260
.32
5 51
58
.31
.30
6.0
450 0
40.0
5.0
2.5
.08
6.08
.54
.07
.03
3.0
450.0
25.0
2.0
1 .0
.04
5.87
.33
.03
.01
.60
90.00
5.00
.40
.20
2.40
360 00
20.00
1.60
.80
Iceland
India . . . .
Iran
Iraq
Luxembourg
260
4,250
500
330
350
.31
5.08
.60
.39
.42
260
4,250
490
310
350
.30
4 93
.57
36
.41
1.0
400.0
25.0
8 0
10.0
.01
5.41
.34
.11
.14
1.0
400.0
24.0
6.0
10.0
.01
5.22
.31
.08
.13
.20
80.00
4.80
1.20
2.00
.80
320.00
19.20
4.80
8.00
Mexico
Netherlands
Nicaragua
Norway
Panama
1,150
3 000
270
750
255
1.37
3 58
.32
90
.30
900
3 000
258
750
252
1.04
3 48
.30
87
.29
90.0
275 0
2.0
50 0
'.5
1.22
3.72
.03
.68
.01
65.0
275.0
.8
50.0
.2
.85
3.59
.01
.65
0)
13.00
55.00
.16
10.00
.04
52.00
220.00
.64
40.00
.16
Paraguay
Peru
Philippine Commonwealth..
Poland
Union of South Africa
270
500
400
1,500
1,250
.32
.60
.48
1.79
1.49
258
425
400
1,500
1,250
30
.49
.45
1.74
1.45
2.0
25.0
15.0
125.0
100.0
.03
.34
.20
1.69
1.35
.8
17.5
15.0
125.0
100.0
.01
.23
.20
1.63
1.30
.16
3.50
3.00
25.00
20.00
.64
14.00
12.00
100.00
80.00
13,250
27,750
400
850
15.83
33.14
48
1.02
13,250
32 000
355
650
15.37
37.12
41
.75
1,300.0
2,750.0
15 0
60.0
17.57
37.17
.20
.81
1,300.0
3,175.0
10.5
40.0
16.95
41.40
. 14
.52
260.00
635.00
2.10
8.00
1,040.00
2,540.00
8.40
32.00
83,725
2100.00
86,200
U00.00
7,397.5
H00.00
7,670.0
100.00
1,534.00
6,136.00
Country
Belgium
Bolivia.
Brazil
Canada
Chile
..
China
Colombia
Costa Rica
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
United Kingdom
United States
...
Uruguay
Yugoslavia
Total
1
Less than .005 per cent.
APRIL 1946
2
2
Only to
meet
Bank's
obligations
The figures shown in the table do not add to 100.00 because of rounding.
371
REVIEW OF THE MONTH
VOTING POWER OF EXECUTIVE DIRECTORS *
INTERNATIONAL FUND
INTERNATIONAL BANK
Number
of
votes
Per cent of
total voting power
27,750
13,250
5,750
4,750
4,250
United States
United Kingdom
China
France
India
33.52
16.00
6.94
5.74
5.13
1,750
750
500
400
350
300
270
255
7. Gomez (Mexico), elected by votes of:
Mexico
1,150
Colombia
750
Cuba
750
Costa Rica
300
Dominican Republic
300
Guatemala
300
El Salvador
275
Honduras
275
Nicaragua
270
8. Bruins (Netherlands), elected by
votes of:
Netherlands
Union of South Africa
3,000
1,250
9 Rasminsky (Canada), elected by
votes of:
Canada
3,250
Norway
750
10. Mladek (Czechoslovakia), elected
by votes of:
Czechoslovakia
Poland
Yugoslavia
1,500
1,500
850
4,575
4,370
4,250
5.53
5.28
5.13
4,000
4.83
3,850
4.65
3,000
1,250
7. Gutt (Belgium), elected by votes of:
Belgium
2,500
Norway
750
Luxembourg
350
Iceland
260
8. Moller (Chile), elected by votes of:
Brazil
1,300
Chile
600
Philippines
400
Bolivia
320
Costa Rica
270
Guatemala
270
Paraguay
258
Panama
252
32,000
13,250
6,250
4,750
4,250
37.53
15.54
7.33
5.57
4.98
4,250
4.98
3,860
4.53
3,670
4.30
3,650
4.28
3,610
4.23
3,500
4.11
9. Baranski (Poland), elected by votes of:
Czechoslovakia
1,500
Poland
1,500
Yugoslavia
650
10. Machado (Cuba), elected by votes of:
Mexico
900
Cuba
600
Peru
425
Uruguay
355
Ecuador
282
Dominican Republic
270
El Salvador
260
Honduras
260
Nicaragua
258
11. Bryce (Canada), elected by votes of:
Canada
3,500
3,110
Total
United States
United Kingdom
China
France
India
6. Beyen (Netherlands), elected by
votes of:
Netherlands
Union of South Africa
11. Gutt (Belgium), elected by votes of:
Belgium
2,500
Luxembourg
350
Iceland
260
12. Saad (Egypt), elected by votes of:
Egypt
Greece
Iran
Philippines
Iraq
Ethiopia
1.
2.
3.
4.
5.
Elected Directors
Elected Directors
6. Santos-Filho (-Brazil), elected by
votes of:
Brazil
Chile
Peru
Uruguay
Bolivia
Ecuador
Paraguay
Panama
Per cent of
total voting power
Directors appointed by:
Directors appointed by:
1.
2.
3.
4.
5.
Number
of
votes
12. Varvaressos (Greece), elected by
votes of:
Egypt
Greece
Iran
Iraq
Ethiopia
700
650
500
400
330
310
2,890
3.49
82,795
100.00
Total
650
500
490
310
280
2,230
2.62
85,270
100.00
* The total number of votes and the percentage distribution of the voting power of member countries are affected by the fact that Denmark
did not join in time to participate in the elections.
372
FEDERAL RESERVE BULLETIN
THE FINANCIAL AGREEMENT BETWEEN THE UNITED STATES
AND GREAT BRITAIN
by
MARRINER S. ECCLES
Chairman of the Board of Governors of the Federal
Reserve System
The statement given below was made by Chair- forget how different is the situation of countries
man Eccles before the Banking and Currency Com- which can not survive without a large measure
of foreign trade.
mittee of the Senate on March 8, 1946.
Britain's export trade, the main source of her
Mr. Chairman, I appreciate this opportunity to international earning power, was down to oneappear before this Committee to express my views third of normal by the end of the war. Why?
on the proposed British loan. I learned about the Because in her wartime partnership with us, it
British problem the hard way—by weeks of contin- was agreed that she should concentrate her efforts
uous negotiations in which we thoroughly explored on war production while we provided her essential
the British situation and every proposal for dealing imports under Lend-Lease. Lend-Lease abruptly
with it. I should like to summarize my conclusions ended on V-J Day. Britain's struggle to rebuild
by offering answers to three questions:
her export trade did not begin until that day. It
will take years for her to rebuild her exports,
1. Why do the British need our help?
especially
since they must now rise far above
2. What would it cost us to give this help?
the
prewar
level to make up for her wartime loss
3. What would we get in return?
of income from her overseas investments.
First: Why do the British need our help? They
Before the war Britain was one of the greatest
need it because they have just finished an exhaust- creditor countries in the world, receiving each year
ing war against our common enemies. They need close to one billion dollars of net income from her
a blood transfusion to help them regain their inter- foreign investments. The necessities of war comnational economic health. The proposed credit pelled her to liquidate a large part of her foreign
is not and, therefore, should not be judged as a com- investments and to incur, in the form of frozen
mercial loan. It is more like a draft on a blood sterling balances, foreign obligations amounting
bank.
to approximately 12 billion dollars. As a result,
Why has the war left Britain in this anemic state ? her net income from foreign investments has been
Because in their extremity the British threw all their reduced to about 400 million dollars. Not only
resources into the battle without reckoning the cost has she lost this income, but she has lost liquid
in terms of where they would be left after victory. assets which might otherwise have been available
Domestically, their economy can be readily con- to tide her over this postwar situation.
verted to peacetime purposes. Internationally, the
This, in brief, is why the British seek our help.
wartime drains on their resources have reduced There is nowhere else they can turn to get the
them to the point where their only alternatives are help which they need in addition to what they
to gain recuperative help from us or else to attempt can get from within the Empire.
recovery through exploitation of the Empire system.
Second: What would it cost us to give this help?
The British Isles are normally a great workshop. We are asked to provide a line of credit of 3,750
The British people depend for their existence upon million dollars to be drawn over a period of from
large imports of food and raw materials. They three to five years. The British wanted, and made
need the food to exist. They need the raw mate- a strong case for much more. The American negotirials for manufacture into the goods which they ators, however, were not willing to ask the Conconsume and those they sell abroad. Only by selling gress to provide more than we concluded was the
goods and services abroad can they get the dollars irreducible minimum needed to do the job, having
necessary in the long run to buy what they need in mind (1) Britain's urgent requirements for
abroad. We, in America, who live so largely foreign goods, based on continuation of an austere
from the resources within our nation, sometimes standard of living for her people, (2) her capacity
APRIL
1946
373
THE FINANCIAL AGREEMENT BETWEEN THE UNITED STATES AND GREAT BRITAIN
to pay out of her own resources, and (3) the we expect far more than a mere financial return.
amount of help she might obtain from countries The contract provides for repayment of the principal and for a moderate rate of interest. But at
other than the United States.
What does a loan of 3,750 million dollars cost this juncture in our affairs we are not looking for
the United States? The interest rate which our loans just for the sake of playing the role of world
Government has to pay on borrowed money is not banker. Only the most real and urgent reasons,
the important matter that some have tried to make based on our own national advantage, would
it seem. The real question is the strain on our justify our incurring the costs of any foreign loan
financial and economic resources. That involves at this time. If the granting of this British loan
a real cost. I scarcely need remind you that we, does not reasonably promise lasting benefits and
too, have inherited troubles from the war. We compensations to the United States which far outhave a national debt of nearly 280 billion dollars. weigh the financial considerations involved, the
We still face dangerous inflationary pressures be- loan should not be made. If I did not feel that
cause of the excessive purchasing power created this loan is in the deepest sense in the interest of
as a result of the way in which we financed the this country, I would not be here today recomwar and because of our great shortages of goods mending that you approve it.
relative to this purchasing power. The expenditure
We live today in a sick world. We have yet
in our markets of dollars provided under this loan to attain the objectives of the Atlantic Charter,
would admittedly add further inflationary pressures freedom from want and freedom from fear. These
to our economy at this time.
objectives will never be attained, and our ideals of
Fortunately the added pressures would not be peace and democracy can not long survive if we
as heavy as they might seem at first sight. Ex- merely indulge in pious hopes and do nothing to
penditure of the dollars provided in this proposed prevent the world from degenerating into further
loan would be spread out over several years. Some economic chaos in the aftermath of the most
of the dollars would be spent initially in other devastating of all wars.
countries and might take some time to find their
What are we doing about it? As you know,
way back to our markets. Some would be spent the American Government has taken the lead in
on commodities which are not in short supply. drawing up treaties of economic peace as the basis
And unless we bog down in the management of for a stable world order. We have laid down
our own affairs at home, our vast capacity to pro- "rules of the game" for a peaceful and productive
duce goods will progressively overcome the short- system of world trade and finance, first in the
Bretton Woods Agreements and then in the proages during the life of this extension of credit.
It was neither practical nor desirable to attempt posals for an International Trade Organization.
to specify as a condition of the loan how, or when, The basic justification for the British loan is that
or for what the dollars should be spent in our it would enable Britain to join with us in making
markets. We already have and should retain the a living reality out of these blueprints for world
over-all control of exports, through export licenses, recovery and reconstruction.
British interests in this field correspond with
whereby we can exert a real measure of control
over the timing and nature of all foreign demands, our own. No country has a greater stake in a
whether they arise under this loan or otherwise, sound and healthy world trade than Britain. With
that may be made on our economy during the the loan, the British will be given the help they
period of inflationary pressures. However, we shall need to work out of their postwar predicament
have to share with the world some of our scarce in a peaceful and orderly way. They would open
resources. This fact has been recognized in our their markets to the world on a basis of nondisfood program. We shall need to recognize it as crimination and receive access to foreign markets
it affects other necessities if we are to help bring on the same basis. They would be able to make
about economic and political stability in the world. pounds sterling earned by foreign suppliers of
the British market freely convertible into other
This takes me to my third point.
Third: What would we get in return? Out of currencies so that trade would no longer be arbithis proposed loan, which is an integral part of a trarily channeled along bilateral lines. They would
far larger fabric of international arrangements, become part of a world trading system, which is
374
FEDERAL RESERVE BULLETIN
THE FINANCIAL AGREEMENT BETWEEN THE UNITED STATES AND GREAT BRITAIN
essential to the maintenance of employment and
economic stability in a democratic world.
On the other hand, if we refuse the loan, the
British would be forced to make a desperate bid
for economic domination in large areas of the
world. They would have to intensify their trade
and exchange restrictions, and to resort to every
economic device to gain advantage in world markets
and obtain necessary supplies. This would force
a large part of the rest of the world into retaliation
along the same lines. As a matter of self-preservation countries would turn increasingly toward state
trading and barter. The British people would
suffer privations even greater than in wartime,
and no one could say whether freedom and democracy could survive such conditions there. Along
this road lies further totalitarian development.
Such a prospect would be profoundly disturbing.
If our relations with the British Empire degenerate
into a state of bitter rivalry between trading blocs,
can we retain any hope of salvaging a decent peace
from the wreckage of war? Faced with this
situation, we are asked to provide a sum equal to
fifteen days' cost of fighting the war. I believe that
if we could afford to give 21 billion dollars of LendLease aid to a partner in winning the war, we
should be able to lend a small fraction of this sum
to secure a partner in winning the peace. If the
war had lasted longer, as many expected, we would
not have hesitated to furnish further Lend-Lease
aid to Britain even though the amount might have
far exceeded this loan.
But what about the risk of default? Of course
it exists. We can not foresee the conditions which
will prevail over the rest of this century and neither
this loan agreement nor any of the other economic
arrangements into which wre now enter can survive
a state of world-wide economic collapse such as
we suffered during the Great Depression. But if
the world economy is restored to a healthy basis,
the payments on this loan, amounting to no more
than 2 per cent of Britain's annual expenditures
APRIL
1946
abroad, can not be judged burdensome. Let me
impress this thought upon you: that our very
purpose in making the loan is to create the con
ditions in which it can be repaid.
You will have noted that I advocate this loan on
its own merits and primarily as a contribution to
world stability. I do not believe in foreign lending
for the sake of creating employment here and exporting unemployment to foreign shores. We get
employment, yes, while the money is being spent,
but the fruits of that employment are lost to us
permanently if we persist in refusing to take goods
and services from foreign countries to enable them
to service and repay their debts. If we desire to
maintain a thriving export business and receive
service on our investments abroad, we must make
the exchange of goods and services a two-wav
street. In the end, responsibility for making it pos
sible for our debtors to pay is ours, and ours alone.
The decision is in your hands. It is a fateful
one. Without effective British participation, which
is possible only if we lend our aid, the Bretton
Woods institutions can not fulfill the hopes which
we have placed in them. Without the fulfillment
of these hopes for a stable economic order in the
world, there is little prospect of success for the
United Nations Organization in its search for
political stability and security. Without economic
or political stability, we can expect only a continued
drift of world affairs toward the catastrophe of a
third World War.
Is there not finally another compensation if
we make this loan? It arises from the American
sense of fair play. Are we the sort of people
that would fail to help in an hour of great need
a stout-hearted ally dedicated to the institutions
of freedom and democracy—an ally which once
stood alone through the long dark night as the
only barrier between this country and Axis aggression? As we review the past, let's not forget that
while the British owe us much, we also owe them
something.
375
MEMBER BANK PROFITS IN 1945*
According to preliminary reports, net profits after
taxes of member banks of the Federal Reserve System increased further in 1945. This increase was
due in part to a continued growth in earnings on
Government securities and in part to exceptionally
large profits obtained from sales of securities. The
latter source of earnings is largely temporary and
may not be expected to continue, and, with the
prospects for debt retirement by the Treasury, it is
likely that bank earnings on Government securities have reached their peak. Bank expenses and
taxes also increased further in 1945, and somewhat
higher expenses may be expected in 1946, although
taxes will be lower.
As is shown in the chart, net profits after taxes
of member banks have increased rapidly since 1942,
from the relatively low level that prevailed during
the 1930's. Unlike manufacturing profits, bank
profits did not spurt up suddenly at the beginning
of the war; indeed, profits in 1942 were below those
in 1941 and were not much above the general
average of the 1930's. Since 1942, however, bank
profits have exceeded those of the late 1920's, the
latest period of high earnings.
The present level of bank profits, as compared
with that of the late 1920's, results from circumstances markedly different from those which prevailed at that time. Total earning assets of banks in
1945 were about three times as great as in 1929.
MEMBER BANK EARNINGS AND PROFITS
AS PERCENTAGES OF CAPITAL ACCOUNTS
The rate of interest return on these earning assets,
15
however, was decidedly lower. While the level of
market interest rates had fallen substantially for
V NET CURR ENT EARNINGS
a decade and a half, the average return received
by banks from earning assets had dropped even
more. The composition of earning assets had
shifted from a dominance of loans, a high-yield
asset, to United States Government securities, the
b
lowest yielding of all earning assets. At the same
NET PROFITS
time, however, banking losses had also declined
greatly.
Nearly all of the wartime growth in bank
earnings is the result of income and profits from
United States Government securities. Earnings
from other sources remained almost unchanged
over the war period, while income from Government securities increased rapidly and now constitutes almost half of gross earnings.
This characteristic of the wartime growth in
1 1 1 L_ 1 1 1 1 1 1 1 1 1 1 1 1
1 1 1 1
-10
1935
1925
1920
earnings has been accompanied by a narrowing of
t Prior to 1927, profits on securities were included in current differentials in earnings among classes of banks
earnings.
* Beginning in 1942, taxes on net incomes are not, while re- and among individual banks. In 1940 the esticurring depreciation is, a current expense deduction from
mated average return received from Government
earnings.
Net profits after taxes of all member banks securities by country banks was almost twice as
aggregated 794 million dollars in 1945, and the ratio great as that received by money market banks. At
of net profits to total capital accounts was 11.0 per present there is little difference between these groups
cent. About one-third of the net profits was paid of banks. Furthermore almost every bank, regardout as dividends to stockholders; the remainder was less of size, is now earning some profit, and the
profits ratios of most banks cluster around the
added to capital accounts.
average, that is, fall within the range of about
* This article was prepared by Roland I. Robinson and Caro9 to 12 per cent.
line Cagle of the Board's Division of Research and Statis-
i
i
\
\
V
tics.
376
FEDERAL RESERVE BULLETIN
MEMBER BANK PROFITS IN 1945
inroads on bank earnings as the war progressed,
and in 1945 member banks were paying more than
a quarter of a billion dollars in income taxes.
FACTORS INFLUENCING BANK PROFITS
The most important factor explaining the growth
in bank profits over the past &vc years has been
the increase in interest received on Government
securities. The revenue from this source for member banks has increased about three-quarters of a
billion dollars. As shown in the accompanying
table, gross earnings of member banks increased by
about the same amount while expenses increased by
345 million dollars. This increase in expenses was
due to a variety of factors, the most important of
which was the rise in salaries and wages. Recoveries and profits on securities sold were large during this period and losses were smaller than in
earlier years. At the same time taxes made deeper
SOURCES OF INCOME
The principal sources of bank income from current operations in the period 1919-45 are shown in
the accompanying chart. It is clear that in this
interval of more than 25 years interest and dividends on securities has supplanted earnings on
loans as the principal source of bank earnings.
For the year 1945 the amount of interest on
United States Government securities reported by
member banks amounted to 997 million dollars,
or almost half of gross earnings. For all com-
MEMBER BANK EARNINGS, EXPENSES, AND DIVIDENDS 1929, 1935, AND 1940-45
[In millions of dollars]
Item
1929
Earnings
Interest and dividends on securities:
United States Government
Other
Interest and discount on loans
Other earnings
2,399
473
1,563
363
Expenses
Salaries and wages
Interest on time deposits..
Other expenses
Net current earnings before taxes on i n c o m e
Recoveries, profits on securities, etc
Losses and charge-offs
1935
1940
1941
1943
1945
1,323
1,417
1,487
1,650
1,874
2,100
467
498
242
202
595
297
"239
206
665
307
*336
204
649
298
«594
172
563
321
«802
158
563
351
997
"153
"585
"365
1,684
464
445
1775
833
334
196
1303
921
400
147
1374
988
426
140
H22
1,002
461
128
413
1,039
487
124
428
1,127
525
144
458
1,266
«586
«180
1715
137
295
1374
376
538
1402
303
356
1429
278
318
485
188
223
611
312
251
747
318
232
834
*427
*200
451
673
833
1,061
68
115
184
267
794
1,207
Profits before i n c o m e t a x e s . .
Taxes on net i n c o m e .
1942
0)
1
C)
0)
0)
Net Profits
557
212
349
390
383
557
649
Cash dividends declared 2 . . .
387
187
210
211
203
208
226
4,161
5,951
25,615
46,954
13,332
37,295
6,360
11,492
5,422
11,985
41,607
10,181
35,694
5,118
14,823
5,799
14,298
58,025
12,055
51,919
5,597
17,753
5,994
16,699
65,044
12,458
58,717
5,798
25,408
5,842
17,218
72,610
12,413
66,103
5,977
48,182
5,286
16,229
94,299
14,176
87,381
6,304
60,324
5,131
17,682
108,920
17,198
101,484
6,712
71,795
5,566
19,815
125.132
21,487
116,983
7,243
65.2
, 19.7
15.1
19.3
31.7
19.2
70.2
41.3
38.7
20.0
27.7
17.3
24.0
69.0
45.0
32.6
22.4
30.3
11.1
28.2
69.6
47.0
31.4
21.6
30.0
9.9
29.8
69.7
43.6
36.3
20.1
31.0
8.6
27.8
67.4
34.1
46.4
19.5
29.5
7.5
25.9
63.0
30.1
51.2
18.7
28.0
7.7
24.4
60.1
"27.9
«54.8
«17.3
"27.9
*8.6
«23.8
60.3
11.2
8.8
6.1
4.7
3.3
7.3
4.1
4.2
2.8
1.9
7.2
6.2
4.2
2.1
1.2
7.4
6.7
4.0
1.9
1.1
8.1
6.4
3.8
1.7
1.0
9.7
8.8
3.5
1.4
0.9
11.1
9.7
3.2
1.5
0.8
11.5
11.0
Asset and liability items: 3
United States Government securities. .
Other securities
Loans
Total assets
Time deposits
Total deposits
Total capital accounts
Ratios to total earnings (per c e n t ) :
Interest and discount on loans
Interest and dividends on securities. .
Other earnings
Salaries and wages
Interest on deposits
Other current expenses
Total expenses
Other ratios:
Net current earnings (before taxes on income)1
to total capital accounts
Net profits to total capital accounts
Interest and discount on loans to loans
Interest and dividends on securities to securities
Interest on time deposits to time deposits
n.5
e
Estimated; 1945 figures are based on preliminary tabulations.
Taxes on net income were included with "other expenses" and, therefore, deducted in computing net current earnings prior to 1942.
Includes interest paid on capital notes and debentures.
3
Figures are averages of the amounts reported for every call date in the current year and for the last call date in the preceding year,
except for 1944 when the figures are the averages for three call dates, the spring call being omitted.
1
2
APRIL 1946
377
MEMBER BANK PROFITS IN 1945
mercial banks this amount must have been about
1,150 million dollars. Since member banks held
an average of 71,790 million dollars of Governments
during the year, the average return on these
securities was in the neighborhood of 1.39 per cent.
This return is about 0.15 per cent lower than the
securities held by member banks in 1945, which
was computed above to be 1.39 per cent, is appreciably below the average interest rate paid by the
Treasury on securities held by these banks in 1945,
which is estimated at about 1.64 per cent. The
difference in these rates is indicative of the amount
applied to the amortization of premiums. In 1945
MEMBER BANK EARNINGS
it is estimated that the Treasury paid or accrued
1,370 million dollars of interest on the United
States Government securities held by commercial
banks. This amount was equal to 28 per cent of
TOTAL
the
average computed1 interest cost of the public
/I
\
f t
\ CURRENT EARNINGS
debt
in that year.
f '
' *
The average return booked by member banks
on their holdings of Government securities, while
A
below the average coupon rate, is considerably in
\
1
\
f
/
excess
of the prevailing average market yield.
\
Banks are still receiving income from the securities
i\
^s**—
purchased in earlier years when higher yields pre1
\
f
vailed. In other words, without a further increase
\
/
%
in holdings the interest income of banks will tend
1
\
EARNINGS
to recede if yields stay at their present levels. If
S
ON L O A N S ' ,
/\ .«*»
yields decline further the reduction in income will
ON SECURITIES
be all the sharper.
^ v » ^ ^
OTHER
One of the striking developments of the war
period has been the convergence of average rates
1
of interest income on Government securities for
Current earnings do not include recoveries, profits on sethe various classes of banks. Before the war most
curities sold, etc., except that prior to 1927 profits on securities
sold are included in "other earnings." Beginning in 1942, money market banks concentrated their portfolio
"service charges and fees on loans," formerly included in
holdings in relatively short-term issues and received
"other earnings," are included in earnings on loans.
correspondingly lower average returns. Country
estimated average of 1.54 per cent for member banks, on the other hand, held larger proportions
banks for 1940. Nevertheless estimated earnings of Treasury bonds and received correspondingly
on Government securities were more than four higher average yields. The policy followed by the
times as great in 1945 as in 1940 because of an Treasury since the fall of 1942 of allowing only
increase during this period of 57 billion dollars in the relatively short or intermediate term securities
average holdings of Government securities.
issued to be eligible for bank ownership has tended^
The interest reported by banks on their holdings however, to reduce this differential. Country banks
of Government securities is based on the book value during this period made large additions to their
of these securities. Such income was separately portfolios from intermediate term securities. Money
reported for the first time in 1945, and the figures market banks, on the other hand, having increased
for earlier years shown in the table on page 377 confidence in the stability of yields for the nearare therefore estimates. For securities acquired term, went more and more from short into interfrom the market above par value the reported mediate term securities. The convergence of the
income is less than the coupon interest collected. average interest returns on Government securities
Since direct offerings of securities by the Treasury
iThe computed interest cost of the public debt allows an into banks after the fall of 1943 were small and most terest return on all nonmarketable securities at their average
rate for the entire period outstanding. In other words, the
additions to holdings were acquired by market interest on Series E savings bonds is computed at 2.9 per cent
rather than at the rate of accrual according to the redemption
purchase, banks paid premiums for most of the schedule of these bonds. If the interest paid or accrued on
Government securities held by commercial banks is compared
securities purchased over this interval. In other with
the budgeted expenditure for interest on the public debt,
which
words, the effective earnings rate on Government cent. is on the latter basis, it would amount to about 34 per
r A
N
M-
EARNINGS
378
FEDERAL RESERVE BULLETIN
MEMBER BANK PROFITS IN 1945
for various classes of banks is shown in the following table:
AVERAGE YIELD ON MEMBER BANK HOLDINGS OF
UNITED STATES GOVERNMENT SECURITIES, 1940-45
[Per cent per annum]
11940 U941
All member banks. ..
Central reserve city
banks:
New York City..
Chicago
Reserve city banks.
Country banks
1.54
1.35
1.01
1.43
1.81
2.00
.87
1.28
1.62
1.78
U942
U943
*1944
1945
1.18
1.36
1.32
1.46
1.29
1.32
1.37
1.49
of savings deposits; the rates paid on such deposits
continued to decline. Other expenses also increased.
For many years salaries and wages have been
the most important item in bank expenses. This
item increased substantially in dollar amount during the war period and in 1945 was in the neigh-
1.23
MEMBER BANK EXPENSES
.97
1.32
1.48
1.60
1.05
1.27
1.29
1.34
1
Yields estimated; earnings on U. S. Government securities
not reported separately before 1945.
It is estimated that in 1940 country banks were
earning an average of 2.00 per cent on their
Governments while central reserve city banks in
New York City earned only 1.01 per cent, a differential of about 1.00 per cent. In 1945 this range
was from 1.29 per cent for New York City banks
to 1.49 per cent for country banks, a differential
of only .20 per cent.
Earnings of member banks from loans remained
relatively constant over the war period, as shown
by the chart on page 378. The average volume
of loans held increased about 5.5 billion dollars
(from 14.3 billion in 1940 to 19.8 billion in
1945), but the average interest return on loans
declined from 4.2 to about 3 per cent. This decline
in average return appears to have been due in part
to a lowering of rates but it is very likely that the
more important reason was a change in the composition of loans. High-rate consumer credit loans
became a smaller share of loan portfolios while
loans for purchasing and carrying Government
securities, on which very low interest rates are
charged, became an increasing share.
The average rate of earnings from loans has
declined greatly over the past decade and a half.
In 1929 the average return on loans was over 6
per cent, while in 1945 it appears to have been
about half this rate.
BANK EXPENSES
Along with all other lines of business, banks
encountered higher costs of operation during the
war years, as is shown by the accompanying chart.
From 1940 to 1945 expenses increased 37 per cent.
The salary and wage bill increased both because of
more employees and higher rates of pay. Interest
on time deposits grew because of a larger volume
APRIL
1946
Current expenses do not include losses, charge-offs, etc.
Beginning in 1942 taxes on net income are excluded while
recurring depreciation is included in current expenses.
borhood of 585 million dollars, an all-time peak.
As is indicated in the accompanying table, from
1940 to 1945 the number of persons employed by
member banks increased by roughly 43,000, and
the average annual salary of employees and officers
by about 27 and 17 per cent, respectively. As a
result the total wage bill increased by around 46
per cent. Both salaries and wages and total exAVERAGE NUMBER AND AVERAGE SALARY OF EMPLOYEES OF MEMBER BANKS, 1940, 1943, 1944, AND 1945
1940
Average number of employees (full- and parttime)
Officers
Others
Salaries and wages
millions of dollars)
Officers
Others
Average salary
Officers
Others
1
(in
1943
1944
1945
(est.)
195,731 222,190 228,863 238,336
34,771 36,001 37,046 38,513
160 960 186,189 191,817 199,823
400
155
457
175
525
188
586
200
245
312
337
386
$2,044
4,458
1,522
$2,192
4,861
1,676
$2,294
5,075
1,757
$2,459
5,200
1,930
1
These are rough averages derived by dividing aggregate annual salary payments by the average of the number of full- and
part-time employees at the beginning and end of the year.
379
MEMBER BANK PROFITS IN 1945
penses, however, increased less rapidly during the
war period than total earnings.
NONCURRENT LOSSES AND GAINS
As credit grantors, banks ordinarily suffer some
losses on earning assets. While the losses are
usually offset in part by recoveries of previous
charge-offs and by profits on securities sold, there
has generally been some net loss on noncurrent account. This net loss varies considerably in amount
from time to time and often has an important bearing on net profits of banks. During the war period,
however, the rise in Government security prices,
together with the differential maintained between
long- and short-term interest rates, has resulted in
an increase in bank profits from security transactions of such magnitude that noncurrent income
accounts of banks have shown substantial net gains.
Profits from the sale of Government securities
have resulted from two factors: first, the general decline in interest rates and the accompanying rise in
price of outstanding issues, and, second, the difference between short- and long-term interest rates.
Profits that result from a decline in interest rates
continue to be reported as long as market yields decline and even after the decline ceases if banks are
selling securities from portfolios acquired earlier at
lower prices. But with stable yields these profits
tend to shrink. Profits from the sale of securities
that result from differences between short- and longterm interest rates arise because any security when
sold has a shorter period to maturity than when
purchased; hence, depending on the amount of the
difference, it sells at a lower yield and therefore a
relatively higher price than when purchased. But
for ease of computation the premium is usually
amortized on a straight-line basis or a constant
yield basis. Hence if the security is sold before
maturity the difference between the relatively
higher price and the amortized book value is realized
as a profit. Such profits could continue even with
stable interest rates. The amount banks have realized in the past few years from these sources is not
known, but it certainly has been material. As long
as interest differences and these accounting methods
persist, this revenue will have an assured character,
similar for all practical purposes to interest income.
None of this income is, however, included with the
997 million dollars of interest on Government securities reported by member banks for 1945.
380
On assets other than securities, losses in recent
years have been low, and there have been appreciable recoveries, particularly through the sale
of real estate acquired in earlier foreclosures.
TAXES
Income taxes increased by 200 million dollars
from 1942 (the earliest year for which separate
figures are available) through 1945, although other
taxes remained almost unchanged during this
period. In 1945 Federal income taxes for all
member banks amounted to 267 million dollars,
or 25 per cent of net profits before income taxes.
The increase in Federal income taxes paid is
the result of new levies inaugurated during the
defense and war periods, increases in rates, higher
earnings and profits, and the dwindling supply
of tax-exempt securities. In 1940 a new excess
profits tax was inaugurated. In 1941 the introduction of the surtax had the effect of further increasing taxes on income, including income from
partially tax-exempt United States Government securities. In addition to the new taxes the rate
schedules for all Federal taxes were increased. As
a result small banks (with taxable income of less
than $25,000) paid a minimum rate of 25 per cent
while large banks (with taxable income of $50,000
or more) paid a minimum rate of 40 per cent.
Also, the capital gains tax of 25 per cent on net
long-term capital gains has added considerably to
bank taxes in recent years. Some banks were also
subject to the excess profits tax, the rates of which
ranged from 25 to 50 per cent of adjusted excess
profits net income in 1940 to an effective rate of
85.5 per cent in 1944 and 1945. Prior to 1944 few
banks were affected by the excess profits tax levy,
largely because of the substantial proportion of
their income derived from tax-exempt securities.
In 1944 and 1945, as their tax protection from
this and other sources dwindled, more and more
banks, particularly large ones, entered the excess
profits tax bracket.
CASH DIVIDENDS AND RETAINED EARNINGS
Notwithstanding the substantial profits associated
with the war years 1943-45, banks have followed
a conservative policy with respect to dividend payments. Dividends for the war period reached their
peak in 1945, when they were 246 million dollars,
or about 30 per cent of net profits. This is in conFEDERAL RESERVE BULLETIN
MEMBER BANK PROFITS IN 1945
trast to dividend payments of 387 million dollars
or almost 70 per cent of net profits in 1929, and
of 210 million dollars or 60 per cent of net profits
in 1940.
As a result of conservative dividend policy the
greater part of net profits of banks in the war
period was retained as capital, thus providing additional protection to bank depositors. Capital accounts of member banks increased from 1940 to
1945 by about 1,600 million dollars, or about 30
per cent. This is in contrast to a decline of 1,500
million dollars in capital accounts from 1929 to
1933 and an increase of 700 million from 1933 to
1940.
ness from 1940 to 1942, they have been above the
corporate average since that time, as shown by the
accompanying tabulation. Since 1942 bank profits
have been relatively higher than those of such
stable earning industries as public utilities and
transportation. In 1945 they exceeded those of
every industrial group except service and construction.
COMPARISON OF BANK PROFITS BY CLASS AND BY
SIZE OF BANK
All classes of banks shared in the high wartime
profits, and the differentials of earlier years were
largely eliminated. The accompanying table shows
that in 1940 net profits after taxes of country
banks were only about 5 per cent on invested capital,
while at reserve city banks the average rate was
about 7 per cent and at central reserve city banks
about 6 per cent. In 1945 the rate of return on
invested capital was practically uniform at all
classes of banks and averaged close to 11 per cent.
BANK PROFITS COMPARED WITH PROFITS OF OTHER
LINES OF BUSINESS
[Percentage ratio of annual net profits to invested capital]
Business
1940
1941
Banking:
All member banks.
6.2
6.7
6.4
Manufacturing
10.5
Mining and quarrying 6.3
Trade
10 4
Transportation
1.8
Public utilities
7 1
Service and construction
.
7 0
Finance
8.5
All group
. .
7.8
12.3
6.8
11 0
4.6
6 8
9.9
7.4
9 9
8.2
6 2
9 4
7.2
8.9
11 1
6.9
8.5
12 5
8.0
8.6
1942
1943
1944
1945
8.8
9.7
11.0
9.6
7.2
10 1
7.7
6 6
9.8
7.6
10 2
5.8
6 5
9.1
7.6
10 9
3.8
6 7
11 7
7.7
8.2
11 6
7.6
7.6
SOURCE: National City Bank letter.
Although there is likely to be some drop in
earnings and profits on securities, banks are better
assured that net profits will continue to be adequate
than are most other lines of business, mainly because most bank assets are relatively riskless GovernRATIO OF NET PROFITS TO CAPITAL ACCOUNTS, BY
ment securities. If there should be a rise in interCLASSES OF MEMBER BANKS, 1940 AND 1945
est rates and assets were measured at current market
[Per cent per annum]
values, banks could suffer some capital losses, but
1945
Class of bank
these would not need to be realized in most cases
and would be more than recouped from higher
All member banks
earnings on new credit extensions. In the case
Central reserve city banks
Reserve city banks
of deflationary developments there would be no
Country banks
capital losses from Government security holdings
The figures of profits by size of banks for 1945 since interest rates would probably remain low.
Not only are bank earnings relatively high, but
are not yet available but partial tabulations indicate
that the differences between large and small banks the banking business is materially different from
were less than before the war. Small banks re- other industries in that virtually every bank in the
ceived somewhat higher average rates of return on country is making some profit. In 1944 less
loans and on earning assets as a whole, but they than one per cent of the member banks failed to
also had relatively larger proportions of capital earn a profit. This is in contrast with other into earning assets. As a result the ratios of net dustries such as manufacturing, trade, and service,
profits to capital accounts were about the same for in which appreciable numbers within the industry
—ranging from 20 per cent to 50 per cent—suffer
small as for large banks.
losses even in good times.
NET PROFITS OF BANKS COMPARED WITH PROFITS IN
OTHER LINES OF BUSINESS
PROSPECTS BEYOND 1945
While bank profits relative to invested capital
were below the level for most other groups of busi-
The prospects for banking profits beyond 1945
depend on a number of variables, the most im-
APRIL 1946
381
MEMBER BANK PROFITS IN 1945
portant of which are: (1) the volume of Government securities held by banks and the rates of
interest prevailing on these securities; (2) the
volume of loans made by banks and the rates of
interest received on these loans; and (3) the expenses of bank operations.
The prospect for 1946 is that bank holdings of
Government securities will shrink somewhat. The
use of large accumulated Treasury cash balances to
retire maturing notes and bonds and to reduce the
volume of Treasury certificates outstanding works
in this direction. Banks may be able to replace
a part of these holdings by buying from the market
but the extent to which this can be done is limited.
The volume of securities eligible for bank ownership now held outside the banking system is steadily
dwindling. With no new Treasury offerings in
sight the nonbanking holders of these eligible securities may be more and more reluctant to sell.
Even if interest rates do not fall further, the
rates now prevailing will tend to diminish the interest income from Governments received by banks.
The 1.39 per cent average rate received by member
banks on their holdings of Government securities
in 1945 is materially above the average of yields
prevailing in the market on securities eligible for
bank purchase. With the retirement of highercoupon securities now held in bank portfolios the
average rate of earnings from Governments will
approach the market rates.
Now that the large-scale market operations incident to war financing have passed, the opportunities
for banks to realize profits on securities sold will
be less. As indicated above, the profits so far
obtained have been largely the result of both the
general decline in interest yields and consequent increase in price of securities over the past decade
and of the differential between long-term and shortterm rates. Unless there should be a further decline
in rates, profits arising from the first of these
factors will tend to disappear. Profits on the sale
of securities which result from the differential
between long- and short-term interest rates will
probably tend to shrink because this differential
was considerably reduced by sharp declines in market yields on longer term securities during 1945 and
early 1946.
Profits reported for the first half of 1946 may,
however, exceed the 1945 average. Banks purchased a large volume of securities just before the
end of 1945 at the time of the Victory Loan drive.
382
Banks that do not accrue the interest on Government securities reported no revenue from these
issues for the year 1945 but will book this revenue
in the first part of 1946. Even for banks using
accrual accounting the period of accrual was relatively short.
The volume of loans made by banks and the
rates received from loans will also have an important bearing on bank profits. A large part of
the loans for purchasing and carrying Government
securities probably will be liquidated during 1946.
Although these loans were sizeable in dollar volume,
the rates received on them were relatively low.
Loans made primarily for war purposes were being
reduced during 1945 and there will probably be
further liquidation in 1946. On the other hand,
the volume of commercial and industrial loans for
nonwar purposes appears to have grown considerably during the second half of 1945 and further
growth in 1946 is probable. In spite of the generally high level of business liquidity, considerable
demand for credit at the present levels of business
activity seems to exist. The expansion of consumer
credit which has already occurred with relatively
little increase in the supply of consumer durable
goods would indicate that with the appearance of
durable goods in volume the amount of credit
extended for this purpose could be considerable.
The strong and continued demand for housing will
also open up new opportunities for mortgage lending. Since the expected contractions are of low-yield
loans and the expected expansion is in higher yielding loans, the average rate of return received from
loans could increase with no increase in market
interest rates.
The expenses of bank operation increased
throughout the war and some further increases are
in sight. During the war period the number of
bank employees increased less than any measure
of physical banking activities which can be devised.
The number of employees, for example, increased
less proportionately than the number of checks
cleared (and a great deal less than the dollar
volume of checks cleared). The number of bank
employees also appears to have increased less
proportionately than the number of deposit accounts. Although better office machinery and new
methods may, in the long run, reduce the number
of bank employees needed, a further growth in
their number as manpower becomes available is
FEDERAL RESERVE BULLETIN
MEMBER BANK PROFITS IN 1945
likely. Salaries and wages at banks may also increase further in line with the upward adjustments
of other wages. The hourly rate paid employees
appears to have increased much less during the
war than in the service industries or in manufacturing and mining.
The recent deposit growth has been more in
savings accounts than was the case in the early
part of the war period and this factor has brought
about some increase in the amount of interest paid
on time deposits. Some further growth in total
interest payments may be in prospect. Other expenses of bank operation may also increase. On
the other hand, the repeal of the excess profits tax
and the reduction in other income tax rates will add
to net profits, particularly of the larger banks.
All factors considered, the dollar volume of bank
profits may be at or nearly at its peak. If substantial loan volume appears, the dollar volume of
profits may not recede appreciably, but any further
increase, except possibly for the first half of 1946,
does not seem likely. In view of the large growth
in earning assets, however, it seems probable that
bank profits while no longer increasing will be well
sustained.
REVISION OF CONSUMER CREDIT STATISTICS
Several components of the consumer credit series
have been recently revised, and new estimates for
these parts and for aggregates are presented on
pages 432-434 of this issue of the BULLETIN.
Revised estimates have been made for industrial
banks and industrial loan companies for the period
1938 to date. Estimates for these two lending
groups were previously shown in combination as
a single series for industrial banking companies,
but separate estimates will be published in the
future. A breakdown of figures between industrial
banks and loan companies is not available for the
years 1929-37. Data obtained currently from both
industrial banks and loan companies cover all types
APRIL
1946
of instalment lending by these institutions and provide a classification by type of credit for loan
volume and amounts outstanding.
Figures for credit unions have been revised from
January 1944 to date in order to adjust the series
to official data compiled annually for Federal credit
unions by the Federal Deposit Insurance Corporation and for State credit unions by the Bureau of
Labor Statistics.
Single-payment loans outstanding at commercial
banks have also been revised for the period June
1944 to date in accordance with recent call report
figures.
383
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Limitation on Claims Connected with
Government Checks
An Act approved March 6, 1946 provides certain
relief for banks, merchants and others who handle
Government checks. The relief is, in effect, a six
year statute of limitations on claims by the United
States against banks or others who handle a Government check that turns out to have had a forged
or unauthorized endorsement. The text of the Act
is as follows:
[PUBLIC LAW 308—79TH CONGRESS]
[CHAPTER 48—2D SESSION]
[H. R. 129]
AN ACT
To provide for the barring of certain claims by the United
States in connection with Government checks and warrants.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, That
no proceeding in any court shall be brought by the United
States or by any agency or official of the United States
to enforce the liability of any endorser, transferor, or depositary, or financial agent, arising out of a forged or
unauthorized signature or endorsement upon or alteration of
any check, checks, warrant, or warrants issued by the Secretary of the Treasury, the Postmaster General, the Treasurer
and Assistant Treasurers of the United States, or by disbursing officers and agents of the United States, unless such
proceeding is commenced within six years after the presentation to the Treasurer of the United States or other drawee of
such issued checks or warrants for payment of such check,
checks, warrant, or warrants, or unless within that period
written notice shall have been given by the United States
or an agency thereof to such endorser, transferor, or depositary, or financial agent of a claim on account of such
liability. Unless a court proceeding shall have been brought
or such notice given within the period prescribed herein, any
claim against such endorser, transferor, or depositary, or
financial agent on account of such liability shall be forever
barred: Provided, That in connection with any claim presented to the General Accounting Office within the time
limitation prescribed by section 2 of the Act of June 22, 1926
(44 Stat. 76; U. S. C , title 31, sec. 122), the period within
which such a proceeding may be brought or such notice given
shall be extended by an additional one hundred and eighty
days, and unless such notice shall be given or a court proceeding broilght within such extended period any claim against
such endorser, transferor, depositary, or financial agent on
account of such liability shall be forever barred.
384
SEC. 2. The Comptroller General of the United States is
authorized and directed to allow credit in the accounts of
the Treasurer of the United States for the amount of any
check, checks, warrant, or warrants with respect to which
court proceedings shall have been barred pursuant to the
provisions of this Act upon a showing that the barring of
such proceedings did not result from any negligence on the
part of the Treasurer of the United States in failing to give
the notice required by the provision of section 1 of the Act.
SEC. 3. If any endorser, transferor, or depositary, or financial agent who is liable to any of the actions mentioned in
this Act shall fraudulently conceal the cause of such action
from the knowledge of the United States or any agency or
official of the United States entitled to bring such action, the
action may be commenced at any time within two years after
the United States or any agency or official of the United
States who is entitled to bring the same shall discover that
the United States or any agency or official of the United
States had such cause of action, although such action would
be otherwise barred by the provisions of this Act.
Approved March 6, 1946.
Foreign Funds Control
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
March 15, 1946
PUBLIC CIRCULAR NO. 29
Under Executive Order No. 8389, 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*
Instructions or notifications by or in behalf of the Treasury
Department blocking the property of any person as an internee shall be regarded as revoked upon the parole or release
*Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941,
Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941,
and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6,
1942, as amended by Ex. Order 9567, June 8, 1945; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
of the person from internment or, if the person has already
been paroled or released, upon the date of this Circular.
However, the provisions hereof shall not apply to any person
released into the custody of the Immigration and Naturalization Service for deportation proceedings nor to any person
who is the subject of a "removal order" issued pursuant to
Presidential Proclamation 2655 of July 14, 1945.
FRED M. VINSON,
Secretary of the Treasury
Treasury Department
Trading with the Enemy Act, as amended by the First War
Powers Act, 1941, relating to Foreign Funds Control.*
General Ruling No. 10 is hereby revoked.
FRED M. VINSON,
Secretary of the Treasury
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941,
Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941,
ind Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6,
.942, as
as amenaea
amended by
Ex. Order
8,o,1945;
1942
ly^z,
Dy XLX.
uraer 9567,
ioo/,June
june
JLV^O;Regulations,
j^eguiations,
\ ~~:i i n
inAt*\
,»,-. ~ « ~ , ~ « ~ , 4 ^ J T , . - . . o i A
10/I1
~*->A T.-tKr o <
1041
April
10, 1940,
as
amended June 14, 1941,
and
July 26, 1941.
FOREIGN FUNDS CONTROL
March 15, 1946
REVOCATION OF GENERAL RULING NO. 10
Under Executive Order No. 8389, as amended, Executive
Order No. 9193, as amended, sections 3(a) and 5(b) of the
APRIL 1946
385
CURRENT EVENTS
Appointment of Mr. Vardaman to the Board of
Governors
The appointment of Commodore James K. Vardaman, Jr. as a member of the Board of Governors
for the term ending January 31, 1960, was approved by the Senate on April 3 and he assumed
his duties as a member of the Board on April 4,
1946. Commodore Vardaman succeeds Mr. John
K. McKee, whose term expired January 31, 1946.
Commodore Vardaman was born in Greenwood,
Mississippi on August 28, 1894, and is the son of
the late James Kimble Vardaman, Governor of
and United States Senator from that State. Upon
graduating from Millsaps College, Jackson, Mississippi with an L.L.B. degree in 1914, he began the
practice of law in Jackson. He entered military
service in February, 1917, was assigned to the Field
Artillery, and after serving with the A. E. F. in
France was discharged in April, 1919 with the rank
of Captain. He moved to St. Louis, Missouri in
1919 where he was engaged in the investment banking business from 1919 to 1926. He entered the
commercial banking field in 1926, occupying various executive positions during the next seven
years. He became Regional Director of the Reconstruction Finance Corporation for the St. Louis
area in 1933, from which position he resigned in
1937 to become President of the Tower Grove Bank
& Trust Company of St. Louis. He retired from
the banking business in 1939 but continued his
interest in several business enterprises.
Commodore Vardaman was appointed a Lieutenant Commander in the U. S. Naval Reserve in
September, 1939 and entered active duty with the
Navy in June, 1941, holding various commands in
America, Europe, and with the amphibious forces
in Algeria, Tunisia, Sicily, Europe, and the Philippines. He was wounded in action and for six
months was hospitalized in the United States. In
April, 1945, while serving with the Tenth Army's
amphibious forces in Okinawa in preparation for the
invasion of Japan, he was promoted to the rank of
Captain, and in May, 1945 was ordered from that
station to the White House for duty as Naval Aide
to the President. Among other medals, he was
awarded the Silver Star, Legion of Merit and Purple
Heart. He was promoted to his present rank of
Commodore in August, 1945, after his return from
386
the Potsdam Conference where he accompanied the
President, and from that position was appointed to
the Board of Governors.
Appointment of Assistant Director of Research
Mr. Ralph A. Young has been appointed an
assistant director of the Board's Division of Research and Statistics and assumed his new duties
on March 20, 1946. Mr. Young has for some
years been serving on the staff of the National
Bureau of Economic Research in connection with
its financial research program and also as Professor
of Economics at the University of Pennsylvania.
Appointment of Branch Directors
The Board of Governors of the Federal Reserve
System on April 4, 1946, announced the appointment of Mr. Fred G. Sherrill, Vice President, J. G.
Boswell Company, Los Angeles, California, as a
director of the Los Angeles Branch of the Federal
Reserve Bank of San Francisco for the unexpired
portion of the term ending December 31, 1946.
The Board of Governors of the Federal Reserve
System on April 8, 1946, announced the appointment of Mr. Aaron M. Frank, President, Meier
and Frank Company, Portland, Oregon, as a Director of the Portland Branch of the Federal Reserve Bank of San Francisco for the unexpired
portion of the term ending December 31, 1947.
Death of Director
Mr. C. E. Myers of Covina, California, who had
served as a director of the Los Angeles Branch
of the Federal Reserve Bank of San Francisco
since January 1, 1943, died on March 8, 1946.
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 February 16, 1946, to March 15, 1946:
Indiana
Brookston—The Farmers State Bank
New Jersey
Jersey City—The Trust Company of New Jersey
Texas
El Campo—Commercial State Bank of El Campo
San Benito—The San Benito Bank & Trust
Company
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled March 21, and released for publication March 23]
Production and employment at factories declined
in February but advanced in the first three weeks
of March, reflecting mainly the influence of the
steel strike. The value of retail trade reached new
record levels. Wholesale prices of a number of
commodities increased.
Lumber production, after advancing in January,
showed little change in February. Plate glass production increased sharply to the highest level since
November 1941.
Production of most nondurable goods continued
to advance in February, partly reflecting increases
in working forces. Output at textile mills rose
INDUSTRIAL PRODUCTION
further and was at a rate slightly above the level
Output of durable goods declined considerably of a year ago. Activity in the meat-packing infurther in February, while production of non- dustry increased sharply in February following
durable goods and minerals continued to increase. settlement of the wage dispute at major plants and
Production of steel, automobiles, and machinery was 20 per cent higher than a year ago. Flour
has advanced sharply since the settlement of wage production likewise showed a substantial gain for
disputes in these industries, and the Board's index the month. In March a Federal program was
of industrial production, which declined from 160 instituted to reduce domestic consumption of
in January to 154 per cent of the 1935-39 average wheat in order to increase exports for relief
in February, will show a considerable rise in March. purposes. Output of automobile tires in February
Steel mill operations in February were at an rose to the highest rate on record.
Output of coal was maintained at exceptionally
average rate of 19 per cent of capacity as compared with 50 per cent in January. Output at high levels in February and early March. Crude
steel mills has increased rapidly since the middle petroleum production showed a gain in February,
of February, and during the week ending March but declined in March.
23 is scheduled at 89 per cent of capacity—the
highest rate since V-J day. In February producEMPLOYMENT
tion of nonferrous metals, machinery, and transEmployment
continued
to advance from the
portation equipment also declined, reflecting chiefly
middle
of
January
to
the
middle
of February in
the direct or indirect effects of work stoppages.
most lines of activity except at manufacturing
INDUSTRIAL PRODUCTION
DEPARTMENT STORE SALES AND SIOCKS
SEASONALLY ADJUSTED, 1935-39-100 FOR TOTAL
260
f
240
220
180
160
140
100
MACHINERY AND
FRANSPORTATION
EQUIPMENT
\
DUR VRI F
MAN JFACTURES
\
/
1
/"
80
£
1
S
60
OTHE7 ^\
N
DURABLE
180
160
140
80
1942
1944
1946
r.
1*40
120
1
1942
!
1944
20
I
1
100
-
200
1 SALES
180
\ T\KA
s
L
/V
- 160
/\
140
V
V
- 120
- 100
- 80
0
1946
Federal Reserve indexes. Groups are expressed in terms
of points in the total index. Monthly figures, latest shown
are for February.
APRIL 1946
A
A
200
0
MINERALS
220
220
20
-V1
240
-
40
S
V
1940
120
100
f
J
DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39-100
140
1
/
/
A
/
200
120
i
1942
Federal Reserve indexes.
are for February.
1943
1944
1945
1946
Monthly figures, latest shown
387
NATIONAL SUMMARY OF BUSINESS CONDITIONS
plants closed by industrial disputes. After February 15, with the settlement of the steel strike,
there were large increases in employment in the
durable goods industries and by the middle of
March employment in private nonagricultural
establishments is estimated to be about 2/4 million
larger than last September, after allowing for
seasonal changes. Unemployment increased from
January to February by about 400,000 to a level
of 2,700,000 persons.
most groups of agricultural and industrial products. Since last September wholesale prices have
advanced 3.3 per cent, according to the Bureau
of Labor Statistics' index. Price control regulations
permit manufacturers and distributors to pass on
to consumers only part of the recent advances
granted in maximum wholesale prices.
BANK CREDIT
The general level of wholesale commodity prices
advanced one per cent from the middle of February to the middle of March, reflecting increases in
Retirement of 2.8 billion dollars of United States
Government obligations during March was reflected
in a decline of about the same amount in Treasury balances during the four weeks ending March
20. Holdings of Government securities by both
Federal Reserve Banks and member banks declined,
accompanying reductions in Treasury deposits at
these banks. Deposits, other than those of the
Treasury, at member banks showed little change.
Member banks' required and excess reserves also
changed little during the period. Member banks
increased their borrowings at the Reserve Banks
to over 700 million dollars on March 13, but reduced
them somewhat in the following week.
Commercial and industrial loans at member
banks in leading cities continued to increase between the middle of February and the middle of
March. Loans on Government securities to brokers and dealers fluctuated considerably in connection with the Treasury retirement and refunding operations, while those to others continued to show a slow decline.
WHOLESALE PRICES
MEMBER BANK RESERVES AND RELATED ITEMS
DISTRIBUTION
Department store sales in February, after allowance for seasonal changes, were the largest on
record by a considerable margin, and in the first
half of March sales continued to show marked
increases over a year ago. Total retail trade in
February was probably close to one-fourth higher
than in the same month last year.
Shipments of most classes of railroad freight
increased from the middle of February to the
middle of March and almost the same number of
cars were being loaded in the first two weeks of
March as during the same period last year, when
shipments of war products were at peak levels.
COMMODITY PRICES
1939
Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are week ending March 23.
388
1940
1941
1942
1943
1944
1945
1946
Wednesday figures, latest shown are for March 20.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
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.
Consumer credit statistics.
Wholesale prices
Gross national product, national income, and income payments.
Current statistics for Federal Reserve chart book.
Number of banking offices in the United States.
391
392-393
393-397
397
397-398
399-400
400
401
402-403
404-405
406-409
410
411
412-413
414
415-417
418
419-428
429-431
432-434
435
436
437-438
439
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.
APRIL
1946
389
MEMBER
BANK
1939
RESERVES
AND
1940
1941
1942
ITEMS
BILLIONS OF DOLLARS
1943
J
\
/
\i
^^VWlL^jy
1939
RELATED
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
1940
1941
1942
1943
1944
REQU
1945
1946
1945
1946
"
EXCESS RESERVES
1944
Wednesday figures, latest shown are for Mar. 20. See p. 391.
390
FEDERAL
RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve ]Bank credit outstanding
U. S. Government
securities
Discounts
and
advances Total
Date
Monthly averages of
daily figures:
1944—Dec
1945—j a n
Treasury
bills
and
certificates
All
other
TreasOther
ury deMoney Treas- posits Non- Fedcureral
ury
with memin cirrency
cash Federal ber de- Reculaoutserve
holdtion
Reposits
standacings
serve
ing
counts
Banks
Treas-
Member
bank reserve
balances
ury
All
other 1 Total
Gold
stock
Total
Excess2
19,612
19,387
19,879
24,744
24,298
417 23,934
20,657
20,582
20,519
20,047
20,106
20,197
4,125
4,129
4,125
4,322
4,375
4,426
25,207
25,243
25,527
28,452
28,158
27,944
2,355
2,371
2,377
2', 269
2,265
2,307
666
532
536
625
648
856
1,595
1,501
1,633
1,247
1,282
1,248
403
403
410
493
505
517
14,168
14,048
14,040
16,027
15,921
15,685
1,284
1,114
18,846 16,035 2,812
19,006 16,272 2,734
19,439 16,748 2,692
24,262 21,196 3,067
23,264 20,913 2,352
22,904 20,584 2,320
819
370
398
580
418
397
19,745
19,552
20,158
25,091
23,976
23,648
20,619
20,550
20,506
20,065
20,156
20,232
4,131
4,127
4,122
4,339
4,406
4,451
25,307
25,290
25,751
28,515
27,917
27,954
2,375
2,371
2,355
2,287
2,293
2,301
440
648
460
977
845
829
1,598
1,634
1,581
1,308
1,295
1,193
402
402
410
495
506
519
14,373
13,884
14,228
15,915
15,682
15,537
1,625
569
552
487
724
886
20,479
20,720
20,668
20,929
21,023
18,374
18,617
18,555
18,809
18,891
2,104
2,103
2,113
2,120
2,132
358
318
432
327
349
21,406
21,589
21,587
21,980
22,258
20,374
20,352
20,351
20,271
20,270
4,130
4,132
4,137
4,142
4,141
26,204
26,312
26,372
26,399
26,500
2,382
2,384
2,376
2,319
2,315
423
447
102
526
426
1,571
1,463
1,541
1,592
1,619
438
439
438
440
439
927
14,892
961
15,029
15,246 1,045
866
15,117
15,371 1,113
June
6....
June 1 3 . . . .
June 20
June 27
912
852
307
203
20,896
21,103
21,507
21,693
18,126
18,323
18,710
18,896
2,771
2,780
2,797
2,797
398
392
473
315
22,207
22,347
22,287
22,211
20,268
20,268
20,265
20,263
4,145
4,146
4,145
4,144
26,513
26,533
26,536
26,628
2,314
2,292
2,297
2,314
352
170
347
687
1,546
1,550
1,710
1,774
443
444
452
454
15,452
15,771
15,354
14,760
July 3 . . . .
July 1 1 . . . .
July 1 8 . . . .
July 2 5 . . . .
39
73
126
229
21,745
21,544
21,613
21,570
18,948
18,747
18,816
18,771
2,798
2,798
2,798
2,799
464
411
430
331
22,249
22,028
22,170
22,129
20,213
20,214
20,213
20,212
4,145
4,145
4,144
4,144
26,834
26,932
26,901
26,926
2,285
2,230
2,274
2,279
667
585
690
594
1,647
1,617
1,553
1,539
450
453
450
450
14,722 1,408
14,570 L.136
14,660 1^048
994
14,699
Aug.
Aug.
Aug.
Aug.
Aug.
1....
8
15....
22....
29
399
353
312
400
442
21,877
21,910
21,869
22,296
22,358
19,066
19,099
19,058
19,466
19,516
2,811
2,811
2,811
2,829
2,841
288
342
601
447
263
22,564
22,606
22,782
23,142
23,063
20,152
20,151
20,130
20,088
20,088
4,198
4,197
4,198
4,201
4,215
27,130
27,269
27,351
27,506
27,600
2,260
2,269
2,257
2,248
2,262
678
538
398
671
397
1,532
1,588
1,643
1,557
1,577
454
457
458
458
458
14,861
14,833
15,004
14,992
15,070
Sept.
Sept.
Sept.
Sept.
5
12....
19
26
377
457
301
422
22,435
22,808
22,965
23,186
19,670
20,014
20,116
20,306
2,765
2,795
2,850
2,880
380
412
441
285
23,192
23,677
23,707
23,892
20,088
20,096
20,095
20,093
4,216
4,216
4,222
4,222
27,750
27,793
27,777
27,729
2,269
2,267
2,268
2,263
304
598
428
961
1,529
1,538
1,525
1,506
463
465
475
475
15,180
966
964
15,329
15,552 1,039
893
15,274
Oct.
Oct.
Oct.
Oct.
Oct.
3....
10....
17....
24. . . .
31....
314
313
316
389
439
23,212 20,297
23,272 20,357
22,901 19,985
23,089 20,192
23,276 20,379
2,916
2,916
2,916
2,898
2,898
294
338
482
312
272
23,821
23,923
23,699
23,790
23,987
20,072
20,040
20,039
20,038
20,036
4,248
4,257
4,262
4,270
4,278
27,853
27,962
27,952
27,974
28,049
2,268
2,282
2,249
2,248
2,244
648
535
293
295
429
1,469
1,419
1,324
1,349
1,373
484
485
482
482
483
15,420
15,537
15,700
15,751
15,723
Nov. 7 . . . .
Nov. 14
Nov. 21
Nov. 2 8 . . . .
508
596
630
792
23,076 20,179
23,448 20,510
23,343 20,372
23,646 20,627
2,898
2,938
2,970
3,019
292
455
359
326
23,877
24,498
24,331
24,764
20,035
20,034
20,032
20,031
4,285
4,284
4,297
4,297
28,137
28,178
\28,198
28,169
2,268
2,265
2,272
2,269
261
580
410
557
1,310
1,313
1,360
1,351
484
486
484
485
15,737
928
15,994 1,163
15,937 1,043
16,261 1,293
Dec. 5 . . . .
Dec. 1 2 . . . .
Dec. 19
Dec. 26
345
312
360
492
359
460
829
643
24,229
24,264
24,859
25,172
20,029
20,045
20,066
20,065
4,303
4,317
4,326
4,334
28,279
28,370
28,557
28,649
2,242
2,268
2,288
2,283
8
627
718
1,199
1,304
1,204
1,284
1,282
487
488
496
500
16,242
15,669
15,906
15,658
1,594
1,296
1,332
1,213
1946—Jan. 2
Jan. 9 . . . .
Jan. 1 6 . . . .
Jan. 23
Jan. 30
222
215
210
207
310
23,525 20,474 3,052
23,493 20,440 3,053
23,668 20,602 3,067
24,037 20,970 3,067
24,092 21,602 2,490
23,859 21,377 2,482
23,437 21,030 2,407
23,341 20,968 2,373
23,297 20,945 2,352
533
463
426
373
291
24,847
24,536
24,072
23,922
23,898
20,065
20,046
20,111
20,135
20,157
4,352
4,362
4,377
4,385
4,404
28,491
28,297
28,119
27,977
27,914
2,306
2,256
2,262
2,282
2,295
771
758
272
578
762
1,299
1,307
1,257
1.239
1,298
498
505
505
506
507
15,900
15,822
16,145
15,859
15,681
1,439
1,266
1,423
1,169
L,061
Feb. 6 . . . .
Feb. 13
Feb. 2 0 . . . .
Feb. 27
289
411
352
380
23,227 20,876
23,253 20,904
23,017 20,692
22,972 20,652
324
270
417
325
23,840
23,933
23,787
23,677
20,157
20,157
20,233
20,233
4,413
4,424
4,434
4,447
27,929
27,967
27,955
27,938
2,306
2,301
2,318
2,317
716
864
940
826
1,226
1,173
1,235
1,203
516
516
516
517
15,717 1,115
15,693 1,146
950
15,490
15,555 1,039
Mar. 6 . . . .
Mar. 13
Mar. 20
443 22,526
710 22,393
483 22,592
4,451 27,957
4,456 27,946
4,467 27,889
2,284
2,260
2,267
612
501
774
1,153
1,210
1,230
P904
531 15,444
530 15,663 v\ H9
540 15,484
P881
265
118
233
381
232
367
18,693 15,895
18,726 15,956
19,152 16,440
23,708 20,649
23,590 21,147
23,150 20,811
End of month figures:
1944—Dec. 31
1945—Jan. 31
Feb. 2 8 . . . ,
Dec. 3 1 . . . .
1946—Jan. 3 1 . . . .
Feb. 28
80
176
321
249
294
347
Wednesday figures:
1945—May 2
May 9
May 1 6 . . . .
May 2 3 . . . .
May 3 0 . . . .
Feb
Dec
1946—j a n
Feb
2,798
2,770
2,712
3,059
2,443
2,340 '
2,352
2,349
2,326
2,320
20,207 2,320
20,074 2,320
20,335 2,258
654
543
494
654
476
327 23,297 20,232
319 23,423 20,232
408 23,483 20,233
952
1,498
1,311
1,131
869
965
1,471
1,089
1,018
1,098
1,237
L.454
1,362
1,063
1,066
1,132
1,018
986
1,001
1,027
1,032
1,002
904
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
APRIL
1946
391
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect March 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Federal Reserve Bank
Rate
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
discounts of and
[Sec. 10(b)J
advances secured by
eligible paper 1
(Sees. 13 and 13a)
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Rate
Effective
Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Mar. 21,
Feb. 28,
Mar. 14,
Mar. 28,
Apr. 11,
Mar. 21,
Apr. 4,
Rate
1939
1939
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Effective
Oct. 27,
Oct. 30,
Oct. 17,
vSept. 12,
Oct. 28,
Oct. 15,
Aug. 29,
Mar. 14,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,
Advances to individuals, partnerships,
or corporations other
than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Effective
Rate
1942
1942
1942 2
1942 2
1942 2
1942
1942 2
1942 2
1942
2
1942 22
1942 2
1942
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Mar.
Oct.
Oct.
Oct.
27,1942
30,1942
17,1942
27,1942
28,1942
15,1942
17,1942
27,1942
23, 1946
27,1942
17,1942
28,1942
1
2
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
One per cent to nonmember banks. Similar rates to nonmember banks eliminated in March 1946 by the nine other Reserve Banks.
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 BUYING RATES ON BILLS
| FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
IPer cent per annum]
OF THE FEDERAL RESERVE ACT i
Maturities not exceeding five years
In effect bePrevious
Rate
on
Maturity
. ginning—
rate
Mar. 31 '
[In effect March 31. Per cent per'annum]
To industrial or
commercial
To financing institutions
Apr. 30, 1942
Treasury bills x
H
businesses
2
Bankers' acceptances:
1
Oct. 20, 1933
1- 90 days
On discounts or
Oct. 20, 1933
91-120 days
1
H
purchases
Federal
Oct. 20, 1933
121-180 days
Reserve
On
On
Bank
Portion
On
commit- for which
commit1
ReEstablished rate at which Federal Reserve Banks stand ready
loans2
ments
ments
institumaining
to buy all Treasury bills offered. Effective Aug. 3, 1942, purchases
portion
tion is
of such bills, if desired by the seller, were made on condition that the
obligated
Reserve Bank, upon request before maturity, would sell back bills of
like amount and maturity at the same rate of discount. Since May
15, 1943, all purchases have been made subject to repurchase option.
Boston
2
Minimum buying rates on prime bankers' acceptances.
New York
()
Back figures.—See Banking and Monetary Statistics, Table 117,
*2
Philadelphia. . .
()
pp. 443-445.
Cleveland
Richmond. . . .
Atlanta
()
GUARANTEE FEES AND MAXIMUM INTEREST AND COM23^-5
Chicago
23^-5
MITMENT RATES CHARGEABLE UNDER REGULATION
St. Louis
1-13^
()
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
Minneapolis. . .
(8)
NAVY DEPARTMENT, AND MARITIME COMMISKansas City. . .
SION UNDER EXECUTIVE ORDER NO. 9112 AND
Dallas
CONTRACT SETTLEMENT ACT
San Francisco..
OF 1944
1
[Rates in effect March 31]
See table on maximum interest and commitment rates chargeable
under Regulation V for rates on guaranteed Section 13b loans.
F E E S PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
2
Including loans made in participation with financing institutions.
3
Rate charged borrower less commitment rate.
•6 Rate charged borrower.
Guarantee fee
May charge rate charged borrower by financing institution, if
(In terms of perlower.
centage of amount
Percentage of loan guaranteed
8
Charge of J4- Per cent is made on undisbursed portion of loan.
of interest payable
Back figures.—See Banking and Monetary Statistics, Table 118,
by borrower) 1
pp. 446-447.
MAXIMUM RATES ON TIME DEPOSITS
80 or less
10
Maximum rates that may be paid by member banks as established by
85
15
90
20
the Board of Governors under provisions of Regulation Q
95
30
[Per cent per annum]
Over 95
50
Nov. 1,1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec.31,1935 Jan. 1, 1936
8(*)
MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS
[Per cent per annum]
]VIaximum rate of interest
Maximum commitment rate 2 . . .
1
2
...
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative, charge a flat fee of not to exceed $50, without regard to the
amount or maturity of the commitment.
392
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
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.
FEDERAL RESERVE
BULLETIN
MARGIN REQUIREMENTS '
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
[Per cent of market value]
Net demand deposits1
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
21,
16,
1,
1,
16,
1,
20,
14,
3,
1917-Aug. 15, 1936..
1935-Feb. 28, 1937..
1937-Apr. 30,1937..
1937-Apr. 15, 1938..
1938-Oct. 31, 1941..
1941-Aug. 19, 1942..
1942-Sept. 13, 1942..
1942-Oct. 2,1942..
1942 and after
Central
reserve
city
banks
Reserve
city
banks
13
19M
22M
26
22^
26
24
22
20
10
15
17^
20
17^
20
20
20
20
3
4^
5M
6
5
6
6
6
6
10K
UH
14
12
14
14
14
14
1
Demand deposits subject to reserve requirements, i. e., demand
deposits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.
EffecJuly 5,
tive
1945Jan. 20, Jan. 21,
1946
1946
Prescribed in accordance with
Securities Exchange Act of 1934
Feb. 5,
1945July 4,
1945
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
50
50
75
75
100
100
50
75
100
Time
deposits
(all
Country member
banks
banks)
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.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1946
Mar. 27
Mar. 20
Mar. 13
1946
Mar. 6
Feb. 27
Feb. 20
Feb. 13
1945
February
March
March
Assets
17,289,060 17,289,060 17,289,565 17,306,565 17,266,565 17,248,560 17,188,565 17,299,058 17 266,563 17,616,264
Gold certificates
Redemption fund for
785,978
787,043
775,977
788,634
782,367
794,410
771,633
794,408
782,368
644,793
F. R. notes
Total gold certificate reserves. . . 18,075,038 18,076,103 18,078,199 18,078,198 18,048,932 18,042,970 17,982,973 18,075,035 18,048,931 18,261,057
Other cash
340,530
337,068
338,010
346,219
353,515
348,732
347,008
341,307
357,973
258,241
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
643,110
443,560
670,545
402,880
340,075
312,610
366,015
586,479
307,400
243,964
40,000
40,000
40,000
40,000
40,000
40,000
45,000
40,000
40,000
790
683,110
483,560
710,545
442,880
380,075
352,610
411,015
626,479
347,400
1,458
2,016
1,529
1,542
1,538
1,589
1,754
1,751
1,497
2,016
1,546
Total discounts and
advances
Industrial loans
Acceptances purchased. .
U. S. Gov't securities:
Direct:
Bills:
Under repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
4,100
5,824,650 5,713,314 5,430,203 5,340,168 5,320,458 5,343,071 5,283,470 5,354,007 5,196,921 4,996,885
7,906,416 7,917,386 7,906,909 7,841,189 7,785,774 7,754,464 7,776,914 7,926,456 7,841,189 7,082,325
6,903,014 6,703,914 6,736,414 7,025,414 7,546,211 7,594,211 7,843,711 6,954,014
1,437,300 1,354,800 1,372,700 1,372,700 1,372,700 1,378,700 1,401,700 1,463,300
902,942
902,942
946,892
902,942
946,892
946,892
946,892
946,892
Total U. S. Govt.
securities
22,974,2
Other Reserve Bank
credit outstanding....
302,352
2,592,356 22,393J
405,848
546,211 5,410,511
372,700 1,051,350
946,892 1,128,152
,526,363 22,972,035 23,017,338 23,252,687 22,600,719 22 903,913 19,669,223
317,483
326,461
322,969
415,386
267,780
399,320
395,313
392,497
Total Reserve Bank
credit outstanding 23 ,963 ,258 23,483,293 23,422,688 23,297,242 23,676,668 23,787,088 23,933,233 23,630,031 23,648,172 20,310,574
Liabilities
Federal Reserve notes. . 23,966,314 24,012,331 24,071,424 24,125,712 24,124,304 24,151,094 24,155,038 23,990,565 24,130,539 22,319,353
Deposits:
Member bank — reserve account
15,555,461 15,490,106 15,693,102 14,852,
15,537,355 14,166,184
15,395,265 15,483,606 15,663,170
U. S. Treasurer—gen829,035
646,708
773,934
eral account
1,397,003
826,157
940,449
864,040 1,592,925
501,470
611,790
Foreign
771,849
749,018
752,447
781,274 1,167,559
780,650
808,482
749,834
743,135
750,585
460,470
411,230
481,454
466,434
402,900
453,883
193,123
Other deposits
422,058
426,179
423,312
Total deposits
18,018,000 17,488,012 17,374,209 17,209,606 17,584,326 17,665,216 17,730,288 17,658,710 17,558,894 16,173,574
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..
47.4
43.1
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
March 27, 1946
Discounts and advances
Industrial loans
Acceptances purchased
U. S. Government securities
APRIL
1946
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days to 6 months 1 year to 2 years to
5 years
6 months to 1 year 2 years
591,280
23,710
44,890
23,230
1,312
4
22
6
8
83
99
302
805
810
??. 974 ?>?? 4,151,880 2,189,356 4,792,978 4,940 854 2,934,540 2,914,024
683,110
1,458
2,016
13
Over
5 years
10
460.500
590,190
393
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
New
Total
Assets
Gold certificates:
Feb. 20
17,248,560
Feb. 27
17,266,565
Mar. 6
17,306,565
Mar. 13
17,289,565
Mar. 20
17,289,060
Redemption fund
for F. R. notes:,
Feb. 20
794,410
Feb. 27
782,367
Mar. 6
771,633
Mar. 13
788,634
Mar. 20
787,043
Total
J-ULcll gUIU.
cnlH C"iLlll~
pprtifi
cate
Feb. reserves:
20
18,042,970
Feb. 27
18,048,932
Mar. 6
18,078,198
Mar. 13
18,078,199
Mar. 20
18,076,103
Other cash:
Feb. 20
348,732
Feb. 27
353,515
Mar. 6
346,219
Mar. 13
338,010
Mar. 20
337,068
Discounts & advances:
Secured by
U. S. Govt.
securities:
Feb. 2 0 . .
312,610
Feb. 2 7 . .
340,075
402 880
Mar. 6 . .
Mar. 13. .
67O,'545
Mar. 20. .
443,560
Other:
Feb. 2 0 . .
40,000
Feb. 2 7 . .
40,000
Mar. 6 . .
40,000
Mar. 13. .
40,000
Mar. 20. .
40,000
Industrial loans:
Feb. 20
1,754
Feb. 27
1 589
Mar. 6
. 1^538
Mar. 13
1 542
Mar. 20
l!529
U. S. Govt.
securities:
Bills:
Under repurchase
option:
Feb. 2 0 . . 5,343,071
Feb. 27. . 5,320,458
Mar. 6. . 5,340,168
Mar. 1 3 . . 5,430,203
Mar. 20. . 5,713,314
O t h p r HIIIQ*
wLil"!
D111S •
7,754,464
Feb.
Feb. 20..
2 7 . . 7,785,774
Mar. 6. . 7,841,189
Mar. 13. . 7,906,909
Mar. 20. . 7,917,386
Certificates:
Feb. 2 0 . . . . 7,594,211
Feb. 2 7 . . . . 7,546,211
Mar. 6
7,025,414
Mar. 1 3 . . . . 6,736,414
Mar. 20. . . . 6,703,914
Notes:
Feb. 2 0 . . . . 1,378,700
Feb. 2 7 . . . . 1,372,700
Mar. 6 . . . . 1,372,700
Mar. 13. . . . 1,372,700
Mar. 20
1,354,800
Bonds:
Feb. 2 0 . . . .
946,892
Feb. 2 7 . . . .
946,892
Mar. 6 . . . .
946,892
Mar. 13. . . .
946,892
Mar. 20. . . .
902,942
Total U. S. Govt.
securities:
Feb. 20
23,017,338
Feb. 27
22,972,035
Mar. 6
22,526,363
Mar. 13
22,393,118
Mar. 20
22,592,356
Total loans and
securities:
Feb. 20
23,371,702
Feb. 27
23,353,699
Mar. 6
22,970,781
Mar. 13
23,105,205
Mar. 20
23,077,445
394
Boston
York
Philadelphia
750,252
741,193
735,610
734,831
732,192
5,368,167
5,268,952
5,119,098
4,766,459
5,007,789
818,533
841,339
807,994
818,336
816,041
58,978
58,790
58,699
58,699
58,563
108,121
107,290
106,967
121,967
121,570
60,825
60,527
60,404
60,405
60,751
809,230
799,983
794,309
793,530
790,755
5,476,288
5,376,242
5,226,065
4,888,426
5,129,359
32,971
34,146
35,468
36,119
35,465
70,042
70,602
74,140
70,512
70,949
879,358
901,866
868,398
878,741
876,792
23,165
23,085
23,189
21,347
21,349
19,255
25,605
20,625
20,785
19,090
145,310
204410
254,240
552^650
285,500
2,560
2,560
2,560
2,560
2,560
13,320
13,320
13,320
13,320
13,320
16,865
9,140
9,015
3,890
8,865
3,320
3,320
3,320
3,320
3,320
Cleveland
Louis
Minneapolis
Kansas
City
Dallas
547,107
573,826
568,089
588,255
539,620
325,692
333,248
346,431
360,193
325,178
565,278
573,436
577,345
601,969
586,791
457,326
460,142
459,121
459,919
451,225
2,600,141
2,554,243
2,645,222
2,755,373
2,781,637
145,042
136,770
127,661
127,661
127,493
42,922
42,840
42,798
42,798
42,750
20,119
20,096
20,081
20,081
20,060
35,177
35,109
35,078
35.078
35,037
26,086
26,026
25,995
25,995
25,967
111,580
111,322
111,219
111,219
111,073
1,182,770 944,641 1,040,789 2,978,466
1,167,606 949,672 1,037,614 3,085,661
1J82,856 990,502 1,068,874 3,115,815
1,227,094 1,040,729 1,085,359 3,163,440
1,195,289 979,789 1,044,729 3,140,052
29,074
26,634
45,340
31,366
46,858
26,273
31,086
29,407
44,055
24,439
25,978
31,564
42,225
25,318
26,434
28,298
39,297
24,029
24,100
31,899
590,029
616,666
610,887
631,053
582,370
345,811 600,455
353,344 608,545
366,512 612,423
380,274 637,047
345,238 621,828
483,412
486,168
485,116
485,914
477,192
2,711,721
2,665,565
2,756,441
2,866,592
2,892,710
11,323
11,208
11,437
11,874
11,885
40,238
42,170
41,100
41,438
43,327
St.
Atlanta
Chicago
1,105,002 881,977 995,661 2,833,424
1,090,084 888,281 992,930 2,948,891
1,105,466 929,716 1,024,319 2,988,154
1,149,704 977,943 1,040,804 3,035,779
1,118,042 917,667 1,000,319 3,012,559
77,768
77,522
77,390
77,390
77,247
26,985
11,835
9,385
15,735
32,485
3,720
3,720
3,720
3,720
3,720
1,614
1,449
1,398
1 402
1,395
101
101
101
101
96
Richmond
62,664
61,391
60,786
62,786
62,122
5,800
7,590
3,750
2,450
4,450
1,880
1,880
1,880
1,880
1,880
45,128
44,684
44,555
44,555
44,410
3,300
1,550
5,550
550
7,150
1,520
1,520
1,520
1,520
1,520
16,537
15,006
12,792
12,066
12,283
4,370
5,483
4,653
4,932
4,369
17,672
18,191
17,404
17,447
18,116
51,400
47,300
55,415
47,365
12,150
10,000
8,250
10,750
8,500
37,250
17,500
5,350
15,175
24,075
21,000
17,000
28,200
50
50
5,360
5,360
5,360
5,360
5,360
1,360
1,360
1,360
1,360
1,360
1,000
1,000
1,000
1,000
1,000
1,320
1,320
1,320
1,320
1,320
1,280
1,280
1,280
1,280
1,280
12,000
1,520
3,020
3,360
3,360
3,360
3,360
3,360
38,590
24,690
22,540
24,440
58,860
309,762
319,721
325,343
327,203
327,500
32,102
39,022
43,864
32,866
57,147
565,983
562,647
569,978
575,918
576,429
15,421
20,819
28,949
21,924
25,914
444,490
440,884
449,161
465,283
475,024
364,835
365,665
337,246
330,982
342,032
1,178,505
1,159,398
1,113,849
1,072,930
1,051,480
206,172 369,636
204,821 367,299
190,231 341,919
182,142 327,836
181,173 326,248
67,107
37,430
37,258
66,813
37,169
66,808
37,115
66,804
36,613
65,931
25,707
46,089
25,701
46,088
25,639
46,084
25,602
46,081
24,402
43,942
332,772
330,699
308,167
295,659
294,291
60,413
60,156
60,214
60,248
59,474
600
1,150
50
1,020
20
39
39
39
39
38
93,765
78,695
58,854
63,339
64,026
2,779,895
2,796,529
2,900,901
2,996,963
3,101,423
250,551
234,385
231,700
214,485
189,575
108,180
100,430
83,530
88,600
90,440
70,621
70,479
50,457
49,877
70,297
21,188
24,100
23,900
29,675
39,975
1,454,044
1,472,675
1,461,415
1,481,165
1,560,465
113,879
92,969
96,812
95,887
113,160
662,288
676,302
695,096
740,049
744,402
51,999
59,503
72,784
88,535
83,870
614,589
610,918
649,069
692,868
745,102
1,050,278
1,109,244
1,121,608
1,128,180
1,129,228
758,951
760,940
764,460
768,634
769,299
643,078
644,720
647,627
651,074
651,623
988,837
954,494
926,538
887,406
860,170
485,704
487,003
505,676
508,829
503,259
1,913,577 573,779
1,901,989 570,112
1,775,572 530,391
1,705,339 508,356
1,698,064 505,828
721,134
716,367
664,944
636,439
632,980
475,340
472,299
439,339
421,054
418,950
393,085
390,573
363,344
348,240
346,508
975,629
969,501
902,964
866,036
861,930
373,813
371,503
346,358
332,397
330,891
518,982
515,555
478,574
458,076
455,592
San
Francisco
740,292
735,493
683,611
654,840
651,459
134,397
133,792
133,572
133,439
131,654
92,304
41,492
41,496
92,290
41,535
92,138
41,559
92,046
39,638
87,744
94,219
93,783
93,510
93,344
92,071
347,402
345,983
346,929
347,502
343,163
104,166
103,706
103,633
103,589
102,224
130,919
130,312
129,923
129,690
127,919
86,297
85,913
85,842
85,799
84,666
71,363
71,047
70,995
70,963
70,027
177,122
176,358
176,430
176,474
174,188
67,865
67,579
67,675
67,733
66,870
64,710
64,692
64,503
64,389
61,363
238,596
238,660
239,313
239,708
228,710
71,541
71,537
71,487
71,456
68,130
89,915
89,889
89,622
89,460
85,255
59,269
59,263
59,214
59,185
56,428
49,012
49,008
48,972
48,951
46,671
121,647
121,652
121,702
121,732
116,092
46,610
46,616
46,683
46,723
44,567
1,433,964
1,429,027
1,390,537
1,419,197
1,417,454
5,331,469
5,342,664
5,335,499
5,378,047
5,455,230
1,614,626
1,590,658
1,586,280
1,590,754
1,610,859
2,100,426
2,146,242
2,089,627
2,072,369
2,065,822
1,450,478
1,448,894
1,399,312
1,384,549
1,399,640
1,177,726 3,717,279
1,179,448 3,694,680
1,154,838 3,589,049
1,148,903 3,532,813
1,154,804 3,572,845
1,087,871
1,065,670
1,063,204
1,051,569
1,058,747
617,661
612,191
600,922
596,502
628,548
1,080,917
1,081,869
1,068,653
1,049,505
1,069,697
894,588 2,510,333
894,054 2,486,638
888,026 2,360,416
884,673 2,284,237
894,341 2,264,369
1,455,880
1,457,293
1,413,823
1,442,643
1,439,200
5,490,099
5,560,094
5,603,059
5,944,017
5,754,050
1,636,425 2,131,131
1,604,567 2,161,797
1,600,013 2,102,732
1,599,366 2,091,824
I,624,439i2,102,027
1,458,197
1,458,403
1,404,981
1,388,918
1,406,008
1,182,546 3,774,039
1,182,518 3,747,340
1,161,908 3,649,824
1,150,973 3,585,538
1,163,474 3,590,355
1,099,231
1,075,280
1,075,314
1,061,429
1,097,357
636,161
613,791
603,072
597,552
634,898
1,097,412
1,107,264
1,090,973
1,067,825
1,099,217
895,868 2,514,713
895,334 2,490,018
889,306 2,375,776
886,003 2,289,117
895,671 2,270,749
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
In thousands of dollars]
Philadelphia
New
Total
Due from foreign
banks:
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Federal Reserve
notes of other
banks:
Feb. 20
Feb. 2 7 . . . .
Mar. 6 . . . .
Mar. 1 3 . . . .
Mar. 20. . ..
Uncollected
items:
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Bank premises:
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Other assets"
Feb. 20..'
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Feb. 20..'
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Liabilities
Federal Reserve
notes:
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Deposits:
Member bank
—reserve
account:
Feb. 20..
Feb. 2 7 . .
Mar. 6 . .
Mar. 1 3 . .
Mar. 20. .
U. S Treasurer-general
account:
Feb. 20..
Feb. 2 7 . .
Mar. 6 . .
Mar. 13. .
Mar. 20. .
Feb. 20..
Feb. 2 7 . .
Mar. 6. .
Mar. 13. .
Mar. 20. .
Other*
Feb. 20..
Feb. 2 7 . .
Mar. 6 . .
Mar. 13. .
Mar. 20. .
Total deposits:
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Deferred availability items:
Feb. 20
:
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Boston
York
110
110
110
110
110
7
153,913
147,029
143,671
137,315
143,901
37
Cleveland
Richmond
Minneapolis
St.
Atlanta
Chicago
Louis
Kansas
City
San
Francisco
Dallas
137
137
137
137
9
9
9
9
9
10
10
10
10
10
5
5
5
5
5
4
4
4
4
4
15
15
15
15
15
4
4
4
4
4
3
3
3
3
3
4
4
4
4
4
3
3
3
3
3
9
9
9
9
9
5,209
3,333
3,866
3,518
3,619
19,016
17,763
17,332
16,692
18,349
3,748
3,847
3,442
3,473
4,043
9,301
8,335
6,571
6,568
6,486
44,526
43,448
41,635
39,337
39,511
12,773
12,936
11,610
11,783
12,108
11,808
13,018
13,275
13,116
13,582
7,285
7,297
7,977
8,213
7,649
4,489
5,269
4,547
4,320
5,005
6,865
5,985
6,320
6,409
6,739
4,841
4,408
4,929
4,266
4,647
24,052
21,390
22,167
19,620
22,163
2,203,086
2,093,208
1,934,765
2,227,032
2,388,190
150,898
147,263
132,242
167,692
166,658
478,336
431,084
364,197
462,750
470,736
140,699
131,616
118,909
130,861
154,113
219,074
202,281
166,103
190,482
235,195
152,335
157,299
136,754
161,501
196,494
150,590
135,415
137,671
163,262
176,144
347,062
333,608
335,962
356,449
354,578
90,290
93,058
96,941
103,927
112,343
52,299
53,488
50,816
53,872
57,766
108,194
118,036
105,989
124,768
125,090
91,597
92,398
93,263
95,802
101,353
221,712
197,662
195,918
215,666
237,720
33,284
33,257
33,222
33,234
33,224
1,348
1,343
1,343
1,343
1,343
8,656
8,656
8,638
8,638
8,638
3,289
3,289
3,289
3,289
3,289
3,970
3,970
3,970
3,970
3,961
2,762
2,755
2,755
2,755
2,755
1,565
1,561
1,561
1,561
1,561
3,111
3,110
3,105
3,105
3,105
2,053
2,052
2,049
2,049
2,048
1,262
1,260
1,260
1,272
1,272
2,585
2,585
2,579
2,579
2,579
826
826
823
823
823
1,857
1,850
1,850
1,850
1,850
63,746
65,695
56,063
57,391
49,801
4,209
4,471
3,732
3,841
3,421
14,470
15,124
" 12,841
13,665
11,761
4,420
4,569
4,105
4,235
3,226
6,640
6,779
5,869
6,045
5,380
4,066
4,246
3,609
3,620
2,829
3,459
3,542
3,055
3,167
2,644
8,185
8,158
7,207
7,422
6,712
3,645
3,628
3,139
3,058
2,757
1,719
1,767
1,559
1,602
1,473
3,131
3,273
2,731
2,781
2,158
2,846
2,937
2,153
2,191
2,106
6,956
7,201
6,063
5,764
5,334
44,217,543
44,095,445
43,563,02.9
43,976,496
44,105,842
2,459,752
2,447,839
2,384,790
2,448,693
2,440,468
11,556,944
11,479,602
11,306,309
11,404,737
11,463,879
2,691,113
2,672,848
2,621,354
2,641,321
2,687,260
3,584,262
3,580,185
3,499,675
3,554,291
3,580,247
2,633,166
2,642,101
2,604,680
2,662,183
2,651,420
2,420,800
2,404,676
2,410,661
2,442,543
2,424,764
7,168,026
7,237,768
7,169,258
7,171,310
7,147,696
1,809,074
1,812,991
1,809,103
1,821,799
1,816,811
1,046,114
1,034,405
1,032,422
1,043,827
1,050,024
1,836,318
1,863,883
1,838,423
1,858,860
1,875,731
1,490,716 5,521,258
1,493,282 5,425,865
1,487,030 5,399,324
1,486,876 5,440,056
1,493,680 5,473,862
24,151,094
24,124,304
24,125,712
24,071,424
24,012,331
1,451,085
1,450,122
1,451,604
1,448,707
1,447,641
5,285,235
5,282,687
5,281,647
5,277,878
5,286,406
1,614,656 2,048,281
1,614,147 2,044,575
1,611,471 2,042,760
1,608,286 2,039,195
1,605,058 2,035,216
1,695,174
1,693,507
1,689,901
1,684,332
1,678,572
1,450,556 4,393,255
1,447,586 4,389,720
1,451,009 4,392,945
1,445,370 4,386,456
1,439,248 4,375,430
1,046,963
1,047,084
1,048,722
1,047,713
1,045,365
548,135
547,951
551,029
550,899
549,577
898,275
899,044
900,242
896,661
892,918
600,978 3,118,501
600,045 3,107,836
600,585 3,103,797
597,324 3,088,603
595,314 3,061,586
15,490,106
15,555,461
15,444,331
15,663,170
15,483,606
677,971
680,511
682,665
701,254
700,111
4,835,663
4,839,000
4,746,969
4,804,476
4,762,979
764,516
765,983
773,688
776,372
784,909
1,133,948
1,150,691
1,139,740
1,145,647
1,142,788
697,729
701,774
700,882
714,039
675,926
738,465
743,973
746,201
770,537
738,003
2,207,001
2,267,219
2,244,122
2,264,357
2,227,306
591,522
594,661
599,976
609,577
584,266
379,287
377,399
385,696
389,386
378,960
758,800
775,957
779,578
784,014
766,396
728,595
732,652
738,704
733,903
728,704
1,976,609
1,925,641
1,906,110
1,969,608
1,993,258
940,449
826,157
611,790
501,470
773,934
808,482
780,650
750,585
743,135
749,018
426,179
422,058
402,900
466,434
481,454
89,619
85,827
32,819
47,385
39,339
251,567
196,480
191,909
106,937
188,525
81,726
69,404
24,777
32,981
52,950
94,521
89,846
45,528
69,199
78,650
42,876
41,809
30,803
41,427
58,652
40,535
32,934
31,099
31,330
32,751
126,537
128,572
99,427
63,894
96,618
33,628
29,323
24,219
16,651
34,413
40,019
30,724
20,024
26,008
35,684
33,102
31,367
17,370
16,492
56,784
49,769
47,998
45,537
45,259
45,775
2 294,370
2 283,865
2 280,323
2 276,697
2 274,602
63,912
61,771
58,459
57,971
58,998
71,613
69,213
65,503
64,956
66,106
36,191
34,979
33,103
32,827
33,409
29,261
28,281
26,764
26,541
27,011
103,184
99,727
94,380
93,592
95,250
26,181
25,304
23,947
23,747
24,168
19,251
18,606
17,608
17,461
17,771
4,610
2,452
2,344
4,364
3,012
334,405
333,705
308,450
371,752
387,573
3,158
5,852
3,789
2,668
3,897
9,626
9,135
8,974
8,938
9,416
2,746
2,513
5,943
7,118
6,400
3,036
2,426
2,076
2,103
2,680
3,582
3,225
5,228
4,763
4,870
10,056
9,986
9,799
9,695
9,367
4,359
4,808
4,064
3,779
4,480
25,411
24,560
23,243
23,049
23,457
1,940
1,336
3,220
2,014
1,888
39,524
34,249
26,082
25,589
36,310
24,641
23,815
22,539
22,350
22,746
1,043
1,329
1,540
2,047
17,665,216
17,584,326
17,209,606
17,374,209
17,488,012
821,969
816,788
763,365
798,262
788,237
5,716,005
5,653,050
5,527,651
5,559,862
5,613,679
913,312
903,010
860,713
869,992
900,754
1,309,708
1,318,885
1,259,745
1,288,740
1,296,960
779,542
781,075
770,731
795,411
774,387
811,297
807,614
806,140
830,511
800,445
2,440,304
2,498,743
2,443,157
2,426,606
2,424,044
661,387
659,274
657,941
659,670
652,214
442,916
431,537
427,392
436,634
436,895
819,253
833,220
823,411
825,569
848,525
793,803
792,045
788,865
783,889
788,696
66,795
55,622
67,733
23,577
63,258
64,698
62,531
59,179
58,685
59,725
47,618
45,291
47,473
47,193
46,935
2,155,720
2,089,085
2,080,495
2,099,063
2,163,176
1,787,810
1,770,349
1,608,414
1,909,659
1,982,452
147,136
141,132
129,901
161,355
164,172
359,687
346,937
298,524
368,865
365,139
112,771
105,101
98,472
112,118
130,427
169,202
159,344
139,656
168,559
190,161
128,661
137,573
113,923
152,146
168,046
133,958
124,322
128,287
141,282
159,598
252,187
266,476
250,255
275,019
264,840
78,861
84,656
80,347
92,184
96,976
38,676
38,655
37,584
39,747
46,741
97,089
109,807
92,838
114,581
112,226
75,016
80,148
76,548
84,502
88,359
194,566
176,198
162,079
199,301
195,767
I
936
1
2
After deducting $73,000 participations of other Federal Reserve Banks.
After deducting $513,608,000 participations of other Federal Reserve Banks on Feb. 20; $496,400,000 on Feb. 27; $469,788,000 on Mar. 6;
$465,865,000 on Mar. 13, and $474,118,000 on Mar. 20.
APRIL
1946
395
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Boston
Total
Other liabilities
including accrued div.:
Feb. 20
Feb. 2 7 . . . .
Mar. 6 . . .
Mar. 1 3 . . . .
Mar. 20
New
York
10,133
10,694
11,581
11,284
11,575
Philadelphia
2,490
2,810
3,869
3,016
3,124
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Francisco
Dallas
2,065
2,077
2,026
1,929
1,970
380
396
400
450
412
496
308
414
488
715
402
401
410
399
414
43,614,253 2,420,707 11,363,417 2,641,288 3,528,163 2,603,908 2,396,242 7,087,811
Feb. 20
Feb. 2 7 . . . . 43,489,673 2,408,604 11,285,484 2,622,891 3,523,920 2,612,694 2,380,016 7,157,016
Mar. 6 . . . 42,955,313 2,345,455 11,111,691 2,571,254 3,443,212 2,575,080 2,385,871 7,088,383
Mar. 13
43,366,576 2,409,197 11,209,621 2,591,082 3,497,647 2,632,461 2,417,631 7,090,010
Mar. 20. .. 43,494,370 2,400,905 11,268,348 2,636,890 3,523,425 2,621,528 2,399,750 7,066,284
Capital Acc'ts:
Capital paid in:
Feb. 2 0 . . .
180,142
10,731
63,985
13,422
18,090
7,408
6,664
21,468
Feb. 2 7 . . . .
180,448
10,732
64,200
13,433
18,096
7,427
6,678
21,484
Mar. 6. . .
180,733
10,743
64,222
13,434
18,108
7,537
6,697
21,497
Mar. 13. .
180,815
10,743
64,233
13,441
18,111
7,540
6,719
21,499
Mar. 20
180,970
10,771
64,254
13,449
18,116
7,570
6,730
21,518
Surplus
(section 7):
Feb. 2 0 . . . .
358,355
22,439
116,860
28,946
33,745
15,593
14,450
53,029
Feb. 27. . . . 358,355
22,439
116,860
28,946
33,745
15,593
14,450
53,029
Mar. 6. .
358,355
22,439
116,860
28,946
33,745
15,593
14,450
53,029
Mar. 13. .
358,355
22,439
116,860
28,946
33,745
15,593
14,450
53,029
Mar. 20
358,355
22,439
116,860
28,946
33,745
15,593
14,450
53,029
Surplus
(section 13b):
762
Feb. 20.
27,428
3,012
7,205
4,501
1,007
3,326
1,429
762
Feb. 2 7 . . . .
27,428
3,012
7,205
4,501
1,007
3,326
1,429
762
Mar. 6 . . . .
27,428
3,012
7,205
4,501
1,007
3,326
1,429
762
Mar. 13. ..
27,428
3,012
7,205
4,501
1,007
3,326
1,429
762
Mar. 20
27,428
3,012
7,205
4,501
1,007
3,326
1,429
Other capital accounts:
37,365
5,477
2,863
3,257
2,682
4,289
2,956
2,931
Feb. 2 0 . . . .
Feb. 27. .
39,541
3,052
5,853
3,077
3,417
3,061
2,770
4,810
Mar. 6. . .
41,200
3,141
6,331
3,219
3,603
3,144
2,881
4,920
Mar. 13. .
43,322
3,302
6,818
3,351
3,781
3,263
2,981
5,343
Mar. 20
44,719
3,341
7,212
3,474
3,954
3,403
3,072
5,436
Total liabilities
and
capital
accounts:
Feb. 2 0 . . . 44,217,543 2,459,752 11,556,944 2,691,113 3,584,262 2,633,166 2,420,800 7,168,026
Feb. 2 7 . . . 44,095,445 2,447,839 11,479,602 2,672,848 3,580,185 2,642,101 2,404,676 7,237,768
Mar. 6 . . . 43,563,029 2,384,790 11,306,309 2,621,354 3,499,675 2,604,680 2,410,661 7,169,258
Mar. 13. . . 43,976,496 2,448,693 11,404,737 2,641,321 3,554,291 2,662,183 2,442,543 7,171,310
Mar. 20
44,105,842 2,440,468 11,463,879 2,687,260 3,580,247 2,651,420 2,424,764 7,147,696
Commitments to
make industrial loans:
164
638
300
200
Feb. 20
1 559
1,647
Feb. 27
100
790
300
200
100
915
300
200
Mar. 6 . .
1,772
Mar. 13.
1,745
100
888
300
200
100
300
200
Mar. 20
1,968
1,111
1,787,591
1,791,410
1,787,410
1,800,017
1,794,967
1,030,223
1,018,451
1,016,419
1,027,768
1,033,928
1,815,019
1,842,472
1,816,901
1,837,210
1,854,083
5,745
5,752
5,760
5,770
5,773
3,935
3,939
3,945
3,950
3,952
5,923
5,929
5,930
5,934
5,935
6,256
6,259
6,263
6,278
6,305
16,515
16,519
16,597
16,597
16,597
12,939
12,939
12,939
12,939
12,939
8,869
8,869
8,869
8,869
8,869
11,891
11,891
11,891
11,891
11,891
10,670
10,670
10,670
10,670
10,670
28,924
28,924
28,924
28,924
28,924
527
527
527
527
527
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
2,142
2,142
2,142
2,142
2,142
2,272
2,363
2,467
2,546
2,605
2,014
2,073
2,116
2,167
2,202
2,348
2,454
2,564
2,688
2,685
2,321
2,394
2,458
2,536
2,608
3,955
4,217
4,356
4,546
4,727
1,809,074
1,812,991
1,809,103
1,821,799
1,816,811
1,046,114
1,034,405
1,032,422
1,043,827
1,050,024
1,836,318
1,863,883
1,838,423
1,858,860
1,875,731
517
562
585
873
855
549
633
598
686
651
972
1,116
1,051
1,153
1,088
531
539
525
572
523
431
494
435
468
459
J. OLdl ilciDl.liXi.cb •
....
365
414
334
370
421
935
944
934
880
943
1,470,162 5,469,722
1,472,652 5,374,063
1,466,332 5,347,305
1,466,085 5,387,847
1,472,790 5,421,472
1,490,716 5,521,258
1,493,282 5,425,865
1,487,030 5,399,324
1,486,876 5,440,056
1,493,680 5,473,862
178
178
178
178
178
...
79
79
79
79
79
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
_L
Federal Reserve notes
outstanding (issued
to bank):
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Collateral held agai nst
notes outstanding:
Gold certificates:
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Eligible paper:
Feb. 20.
Feb. 27
Mar. 6
Mar. 13
Mar. 20
U. S. Govt. securities:
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Total collateral:
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
New
York
25,203,486
25,196,400
25,208,211
25,192,210
25,175,741
1,509,848 5,509,468
,508,806 5,510,559
1,502,654 5,507 ,271
1,504,358 5,508,266
1,504,250 5 ,509,738
10,854,000
10,969,000
11,234,000
11,034,000
11,334,000
460,000 3,520,000
460,000 3,520.000
460,000 3 ,520,000
460,000 , 220,000
460,000 3,420,000
230,925
279,390
332,530
606,845
391,725
19,255
25,605
20,625
20,785
19,090
145,310
204,110
254,240
552,650
285,500
15,213,879
15,042,969
14,546,812
14,545,887
t4,563,160
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
26,298,804
26,291,359
26,113,342
26,186,732
1,579,255 5,665,310
1,585,605 5,724,110
1,580,625 5,774,240
1,580,785 5,772,650
26,288,885 1,579,090 5,705,500
396
Philadelphia
Cleveland
Richmond
San
Francisco
643 ,888 3,317,074
646,019 3,311,660
600,000
600,000
600,000
600,000
600,000
655,000 1,720,000 300,000 165,000
680,000 1,810,000 300,000 165,000
280,000
280,000
280,000
280,000
280,000
169,000 1,850,000
169,000 1 ,850,000
169,000 1,900,000
169,000 2,000,000
169,000 2 ,100,000
5,800
7,590
3,750
2,450
4,450
10,000 17,500
8,250
600
10,750
1,150
8,500
50
37,250 5,350
15,175
24,075
21,000
1,020
20
12,000
1,520
3,020
635,000
635,000
635,000
635,000
635,000
1,516,244 4,502,447
1,517,308 4,495 ,302
1,524,186 4,501 ,920
1,528,362 4,497,154
1,531,661 4,495,615
690,000 2,010,000
690,000 2,010,000
690,000 2,010,000
1,200,000 1,550,000 1,225,000 900,000 2,800,000
>, 700,000
1,200,000 1,550,000 1,225,000 850,000 2,\
1,200,000 1,550,000 1,225,000 850,000 2,500,000
:
1,200,000 1,550,000 1,225,000 850,000 2,500,000
1,200,000 1 ,550,000 1 ,225,000 850,000 2,500,000
1,716,865 2,185,000
1,709,140 2,185,000
1,709,015 2,185,000
1,703,890 2,185,000
1,708,865 2,185,000
Dallas
936,563
933,515
936,427
934,801
932,723
1,777,419
1,777,840
1,778,652
1,774,351
1,773,024
16,865
9,140
9,015
3,890
8,865
Minne- Kansas
apolis
City
St.
Louis
Chicago
1,104,486 560,893
1,107,708 561,892
1,115,891 563,884
1,113,805 564,656
1,114,344 564,632
1,692,055 2,133,101
1,692,897 2,132,794
1,699,066 2 ,128,461
1,701,007 2,127,244
1,696,824 2 ,125,912
500,000
500,000
500,000
500,000
500,000
Atlanta
1,830,800
1,832,590
1,828,750
1,827,450
1,829,450
300,000 170,000
300,000 170,000
300,000 170,000
938,879
917,969
921,812
920,887
938,160
400,000
400,000
400,000
400,000
400,000
555,000 4,520,000 1,248,879 582,500
643,672 3,306,127
642,615 3,295,591
644,223 3,282,795
17,L00
28,200
700,000
700,000
700,000
700,000
700,000
500,000
500,000
500,000
500,000
500,000
1,900,000
1,900,000
1,600,000
1,600,000
1,600,000
995,175 669,000 3,751,020
1,530,000 4,510,000 1,226,219 565,600 1,004,075 669,000 3,750,020
1,540,000 4,510,000 l,:232,562 571,150 1,001,000 669,000 3,512,000
1,540,000 4,510,000 1,229,387 570,050 997,000 669,000 3,601,520
200 669,000 3,703,020
1,540,000 4,510,000
1,275,410 575,350 1,008
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Date
Guaranteed
loans
outstanding
Portion
guaranteed
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
1943
Mar. 31
June 30
Sept. 30
Dec. 31
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
1,245,711 999,394 1,865,618
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286
Mar.
June
Sept.
Dec.
1944
31
30
30
30
5,904
6,433
6,882
7,434
7,466,762
8,046,672
8,685,753
9,310,582
2,009,511
2,064,318
1,960,785
1,735,970
Mar.
June
Sept.
Dec.
1945
31
30
30
31
7,886 9,645,378 1,599,120 1,365,959 3,963,961
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,695 10,313,868 1,073,892 916,851 3,043,674
8,757 10,339,400
510,270 435,345
966,595
1946
Jan. 31
Feb. 28
Total
amount
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
8,761 10,340,275
8,766 10,341,8^0
69,674
137,888
356,677
230,720
632,474 1,430,121
81,108
427,918
803,720
1,680,046
1,735,777
1,663,489
1,482,038
427,278
357,161
3,615,963
3,810,797
4,301,322
4,453,586
363,048
302,597
764,093
477,429
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees
available but not completed, and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)
Applications
approved
to date
Approved
Loans Commitments
but not
outoutcom- 1 standing 2 standing
pleted (amount) (amount)
(amount)
Participations
outstanding
(amount)
Number
Amount
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
1942
June 2 4 . . . 3,352
Dec. 31. . 3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
1943
June 3 0 . . . 3,452
Dec. 3 1 . . 3,471
475,468
491,342
3,203
926
13,044
10,532
12,132
9,270
19,070
17,930
1944
June 3 0 . . .
Dec. 30. .
3,483
3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
1945
Mar. 3 1 . . .
June 30. . .
Sept. 3 0 . . .
Dec. 3 1 . . .
3,493
3,502
3,505
3,511
528,936
537,331
540,241
544,961
85
70
130
320
4,214
3,252
3,166
1,995
3,321
5,224
4,291
1,644
2,365
2,501
2,018
1,086
1934
1935
1936
1937
1938
1939
1940
1941
1946
J a n . 3 1 . . . . 3,512
Feb. 2 8 . . . . 3,513
545,372
546,149
1
195 • 1,843
545 1,590
1,579
1,575
1,046
976
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.
APRIL 1946
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Friday
All
member 1
banks
Central reserve
city banks
Reserve
city
banks
Country
banks 1
York
Chicago
14,048
14,040
15,921
15,685
3,711
3,793
4,054
4,037
864
884
921
901
5,625
5,590
6,357
6,235
3,848
3,774
4,590
4,511
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 22
Mar. 1
Mar. 8
Mar. 15
Excess reserves:
1945—Jan
Feb
1946—Jan
Feb
15,908
15,782
15,767
15,696
15,667
15,617
15,619
15,665
4,071
4,074
4,065
4,027
4,040
4,018
4,014
3,991
922
911
905
901
904
891
895
890
6,342
6,295
6,264
6,250
6,228
6,198
6,170
6,224
4,573
4,502
4,533
4,518
4,494
4,510
4,541
4,559
1,114
952
1,311
1,131
11
17
7
15
3
8
8
8
297
252
337
269
804
676
958
839
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 22
Mar. 1
Mar. 8
Mar. 15
Borrowings at Federal
Reserve B a n k s :
1945—Jan
Feb
1946—Jan
Feb
1,224
1,153
1,169
1,155
1,110
Pl.137
Pl.103
Pl.110
14
17
18
12
27
16
13
12
6
6
6
6
12
7
8
8
287
271
276
278
265
258
247
248
917
859
869
859
806
P856
*>835
118
232
185
324
39
82
94
134
1
l'
51
101
66
134
28
49
25
54
219
273
317
378
381
399
492
635
76
89
111
140
136
156
1
1
1
2
2
1
67
114
123
144
141
128
130
104
75
69
82
92
102
114
106
93
Total reserves held:
1945—Jan
Feb
1946—Jan
Feb
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
25
1
8
15
22
1
8
15
New
256
438
P842
p Preliminary
i Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS 1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
inter-2
bank
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
February 1945
January 1946
14,728
17,523
6,060
7,415
9,384
12,103
4,194
5,200
February 1946. .
17,530
7,528
12,132
5.271
Boston
New Yor,k
Philadelphia
Cleveland
2,219
3,468
1,248
1,551
815
365
212
1,900
1.161
1,029
Richmond
Atlanta
Chicago
St. Louis
1,214
1,728
2,159
Minneapolis
Kansas City. . . .
Dallas
San Francisco. . .
633
588
535
924
1,263
663
841
976
1,104
354
443
894
734
1,212
298
1,613
1,013
258
101
108
535
1,512
1.428
716
615
773
724
404
182
820
240
380
181
56
270
Includes any banks in outlying sections ©f reserve cities which have
been given permission to carry the same reserves as country banks.
All2 reserve cities have a population of more than 15,000.
Includes war loan deposits, shown separately for all country banks
in the table on the following page.
397
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank
and
Federal Reserve district
Total
Interbank
U. S.
Government
war loan
deposits2
De-
Other
Demand
deposits
ad- 3
justed
Net
de-
mand
de-
posits*
Time
de-
posits5
mand
balances
Borrowings
Reserves with Federal
Reserve Banks
at
due
from
domestic
banks
Total
Required
cess
Kx
Federal
Reserve
Banks
First half of February 1946
All m e m b e r banks
103,836
12,918
21,827
69,091
64,852
71,648
24,713
6,378
15,724
14,571
1,153
303
Central reserve city banks:
New York
Chicago
27,919
6,232
4,413
1,226
6,835
1,538
16,670
3,468
15,382
3,217
19,777
4,270
1,290
56
178
4,045
4,031
13
732
897
898
127
1
Reserve city banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
38,896
2,443
638
2,857
4,493
2,469
2,456
4,656
2,294
1,238
3,108
604
9,640
6,101
8,143
22,628
1,416
26,912
1,657
1,908
6,256
5,979
654
139
679
24,652
1,505
9,942
284
27
366
570
394
663
523
657
331
969
605
712
1,812
2,865
1,559
1,315
3,089
1,161
1,688
2,674
1,440
1,176
2,876
1,029
1,979
3,075
1,718
1,691
3,103
1,588
177
282
195
346
109
415
1,621
1,503
7,170
1,443
1,383
6,545
2,141
1,732
6,999
45
22
75
174
127
155
304
103
67
278
262
297
342
107
408
685
369
361
729
335
165
448
364
1,705
1,667
277
4
2
7
38
28
29
44
9
2
34
40
38
4
1
7
30
1
8
24
13
14
24
1
5
Country b a n k s . . .
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City...
Dallas
San Francisco.
30,789
1,178
5,310
20,689
1,781
3,102
1,516
1,760
1,484
1,810
2,544
1,251
4,525
3,661
636
23,624
1,873
3,341
1,732
2,064
1,663
1,993
3,032
1,389
1,051
1,825
2,069
1,590
4,235
87
85
18
31
152
252
78
138
80
89
140
29
24,300
1,955
3,469
1,777
2,114
1,731
2,060
3,090
1,425
1,080
1,850
2,114
1,634
189
338
240
342
346
450
576
282
220
451
532
269
345
725
370
443
313
360
605
251
215
283
335
280
311
609
298
340
253
291
477
207
166
223
247
238
864
34
115
72
103
60
70
127
43
49
60
88
42
42
15
18
2
1
2
1
1
1
1
1
2,678
4,704
2,242
2,686
2,259
2,701
3,842
1,780
1,372
2,133
2,486
1,905
1,058
517
478
1,044
476
326
518
497
1,758
1,151
448
541
376
389
675
217
212
194
232
242
472
581
445
514
451
779
916
1,472
1,693
1,359
1,174
421
372
1,805
294
154
324
293
4,451
12,749
1,025
2,916
1,432
1,561
755
622
2,028
537
632
281
165
796
. 724
397
389
773
344
167
482
404
Second half of February 1946
All m e m b e r banks
Central reserve city banks
New York
Chicago
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
103,855
12 ,822
21 ,971
69,062
64,673
71 ,451
24,873
6,299
15 ,639
14 ,534
1,105
348
27,774
6,222
4 ,376
1 ,234
6 ,846
1 ,550
16,552
3,438
15,288
3,165
19 ,648
4 ,223
1,304
732
53
180
4 ,027
906
4 ,008
888
19
17
144
2
38,983
2,449
8 ,218
654
141
685
1 ,065
521
482
1 ,054
482
326
522
504
1 ,782
24,706
1,515
473
1,785
2,877
1,579
1,345
3,047
1,185
5.77
1,665
1,534
7,125
22,543
1,414
26 ,769
1 ,651
453
446
1 ,939
1,652
3 ,046
2,657
1 ,724
1,453
1 ,711
1,198
3 ,044
2,821
1,045 ' 1 ,595
770
503
2 ,163
1,470
1 ,739
1,399
6 ,935
6,486
9,979
1,924
178
282
196
45
20
71
175
125
158
305
100
68
295
268
295
6 ,211
344
110
406
709
394
388
765
346
166
488
403
1 ,691
5 ,953
341
107
400
680
370
365
718
337
163
452
365
1 ,654
259
3
3
7
29
24
24
47
9
3
36
38
37
136
2,827
4,501
2,483
2,490
4,622
2,312
1,237
3,168
2,639
9,613
6 ,059
280
27
357
559
384
663
521
645
334
980
601
707
30,877
2,661
4,724
2,237
2,684
2,258
2,725
3,858
1,786
1,400
2,140
2,496
1,907
1 ,154
84
85
14
30
148
248
77
135
81
87
137
28
5 ,357
639
1 ,161
450
545
380
392
682
219
217
196
229
247
24,366
1,938
3,479
1,773
2,109
1,730
2,085
3,100
1,432
1,102
1,856
2,130
1,632
23,677
1,855
3,350
1,727
2,059
1,658
2,018
3,038
1,390
1,074
1,832
2,088
1,588
4 ,495
342
724
364
437
307
362
601
250
213
285
333
278
3 ,685
309
614
299
342
254
295
481
208
170
224
249
240
810
33
110
65
95
53
67
120
41
44
60
84
37
67
20
33
4
640
.,
20 ,811
1 ,764
3 ,123
1 ,516
1 ,770
1 ,489
1 ,837
2 ,560
1 ,257
936
1 ,484
1 ,708
1 ,367
1,183
423
375
1,815
295
155
325
294
4,457
12,858
1,031
2,943
1,441
1,568
762
628
2,038
539
645
283
163
816
4,142
184
326
230
324
331
444
566
279
223
445
531
258
6
1
13
20
1
4
52
8
12
18
1
5
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks
and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
• Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than 4 war loan and Series E bond accounts) on the latest available call report date.
Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection
and demand
balances due from domestic banks.
8
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
398
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency2
Large denomination currency2
Total
in circula-1
tion
Total
Coin
3$1
$2
$5
$10
$20
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
442
452
478
517
537
550
590
648
751
880
1,019
402
423
460
499
505
524
559
610
695
801
909
33
32
33
35
33
34
36
39
44
55
70
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
1944—September...
October
November...
December. . .
1945—January
February....
March
April
May
June
July
August
September...
October
November.. .
December. . .
23,794
24,425
25,019
25,307
25,290
25,751
25,899
26,189
26,528
26,746
27,108
27,685
27,826
28,049
28,211
28,515
16,715
17,089
17,461
17,580
17,456
17,778
18,000
18,353
18,715
19,183
19,599
20,141
20,235
20,381
20,500
20,683
1,105
1,125
1,144
1,156
1,150
1,158
1,170
1,180
1,196
1,205
1,223
1,236
1,243
1,252
1,263
1,274
937
948
962
987
950
953
954
957
972
981
995
1,003
1,001
1,000
1,009
1,039
75
76
78
81
77
75
73
73
73
73
73
73
72
71
71
73
2,078
,103
,129
,150
,102
,135
,132
,151
,186
,215
,250
,301
,288
5,789
5,877
5,990
5,983
5,936
6,076
6,132
6,238
6,377
6,515
6,659
6,826
6,815
779
783
2,279
6,782
2,313
1946—January
February
27,917
27,954
20,126
1,261
1,264
End of year and
month
$100
$500
,342
,326
,359
,501
,475
,481
1,576
1,800
2,545
4,096
5,705
364
1,360
618
1,254
337
577
1,369
627
358
1,530
707
399
1,542
710
387
1,714
770
409
2,048
919
460
2,489
538 1,112
3,044
724 1,433
3,837 1,019 1,910
5,580 1,481 2,912
125
112
122
135
139
160
191
227
261
287
407
237
216
239
265
288
327
425
523
556
586
749
6,731
6,960
157
224
242
381
539
754
7,911
8,193
,400
8,700
8,816
9,004
9,095
9,201
7,081
7,339
7,561
7,730
7,837
7,974
7,900
837
814
565
511
546
7,592
671
7,713
7,834
1,829
1,893
1,946
1,996
2,022
2,059
2,088
516
532
546
555
566
571
550
527
513
483
472
466
464
461
457
454
939
963
981
990
990
994
965
932
909
868
847
832
825
816
811
801
Total
$50
126
159
132
139
180
204
243
264
2,327
3,765
3,918
4,056
4,153
4,228
4,317
4,266
4,210
4,192
4,044
4,013
4,038
4,071
4,123
4,154
4,220
$1,000 $5,000 $10,000
5
7
7
6
17
20
30
24
9
' 9
9
10
10
10
10
10
9
9
Unassorted
10
7
16
18
12
32
32
60
46
25
22
10
5
8
7
5
2
4
4
3
2
22
23
23
24
21
24
23
33
33
31
32
22
21
21
20
24
2
2
3
3
3
1
1
1
1
2
2
2
2
2
2
2
as de
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
against
Feb. 28,
Treasury
gold and
1946
cash
silver
certificates
20,232
18,100
25,202
4,451
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—February 28, 1946
January 31, 1946
February 28 1945
...
494 •
1,818
*2,147
866
318
347
490
117
18,100
' "^',147' '
328
1,818
20,247
20,142
20,194
2
2,133
For
Federal
Reserve
Banks
and
agents
15,233
111
58
Money in circulation1
Money
held by
Federal
Reserve
Feb. 28,
28, Jan. 31,
Banks and Feb.
1945
1946
1946
agents
2,815
1,223
358
51
23,868
4,035
51
23,867
3,999
53
21,964
3,735
27
2
136
136
118
17
6
5
1
282
28
5
34
5
1
1,865
820
307
307
484
116
1,828
819
306
307
487
117
1,585
757
283
320
550
122
4,397
4,457
3,741
27,954
2,301
2,293
2,355
15,233
15,168
15,530
27^917
"25'75i"
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals
for other
end-of-month dates shown in table above, totals by weeks in table on p. 391, and seasonally adjusted figures in table on p. 400.
2
Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of
1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31,
1945.
3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Because some of the types of money shown are held as collateral or reserves5 against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal
Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold
certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United
States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be
deposited with the Treasurer of the United States, against Federal Reserye notes in actual circulation; gold certificates pledged as collateral may
be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates.
Federal Reserve Bank notes and national bank notes are in process of retirement.
APRIL 1946
399
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Change in
seasonally
adjusted
series1
Gold
stock
at end
Period
Increase
in gold
stock
of
period
End of year figures:
1939
. .
1940
1941
1942
1943
1944
1945
7,598
8,732
11,160
15,410
20,449
25,307
28,515
+ 742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
Monthly averages of daily
figures:
1944—October
November
December....
24,112
24,738
25,207
24,112
24,664
24,957
1945—January
February.
March
April
May
25,243
25,527
25,850
26,009
26,351
26,561
26,918
27,392
27,765
27,943
28,151
28,452
25,167
25,527
25,928
26,219
26,537
26,694
26,972
27,530
27,821
27,943
28,067
28,170
June
July
August
September
October
November
December
.
+540
+552
+293
+210
+360
+401
+291
+318
+ 157
+278
+558
+291
+ 122
+124
+ 103
19342.
1935.
1936.
1937.
1938
1939.
1940.
1941
1942.
1943
1944.
1945.
8,238
10,125
11,258
312,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
4,351.2
741.8
-10.3
— 788.5
-l,319!o
-553.9
20,374
20,270
20,213
20,152
20,088
20,073
20,036
20,030
20,065
20,156
20,232
*>20,257
-45.1
-103.3
-57.3
-60.6
-64.6
-15.0
-36.9
-6.2
35.2
91.0
76.3
^24.6
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3
1945- -April
May
June
July
August
September..
October....
November..
December. .
1946—January.. . .
February...
March
3,132.0
EarNet
marked
m gold
import gold: deor export crease
or increase ( —)
1 ,133.9
1 ,739.0
1 ,116.6
1 ,585.5
1 ,973.6
3 ,574!2
4 ,744.5
982.4
315.7
68 9
-845!4
-106.3
2.4
-18.3
-83.8
-7.0
-12.3
13.5
-4.3
.8
19.3
154.1
P82.4
(4)
82.6
2
-85.9
-200.4
—333.5
—534!4
—644! 7
—407.7
-458! 4
— 803.6
-459! 8
-356.7
-53.2
-66.9
96.0
-100.3
-63.0
-19.0
34.6
-38.2
-4.3
-12.5
-5.8
6
19.7
Domestic
gold
production 1
92.9
110.7
131.6
143.9
148.6
161.7
17o!2
169 1
125 .'4
48 3
35." 8
34.£
2.3
2.6
2.5
2.1
3.4
2.9
3.8
4.0
3.8
4.0
(4)
P Preliminary.
1
Annual figures through 1944 are estimates of the United States
Mint. Annual figure for 1945 and monthly figures are those published
-130
in table on p. 442, adjusted to exclude Philippine Islands production
+53
received
in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and
1
For end of year figures, represents, change computed on absolute
$35
a fine ounce thereafter.
3
amounts in first column.
Includes gold in the Inactive Account amounting to 27 million
NOTE.—For discussion of seasonal adjustment factors and for back
dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Not
yet available.
5
Because of an apparent recent change in the seasonal pattern around
Gold held under earmark at the Federal Reserve Banks amounted
the year end, adjustment factors have been revised somewhat for dates
to 4,292.4 million dollars on Mar. 31, 1946. All of this was earmarked
affected, beginning with December 1942; seasonally adjusted figures
directly for foreign account except 102.8 million dollars which was
for money in circulation, as shown in Banking and Monetary Statistics,
earmarked in the name of a domestic bank as security for a foreign
Table 111, p. 414, and described on p. 405, are based on an older series
loan. Gold under earmark is not included in the gold stock of the
of adjustment factors.
United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
1946—January
February
March
28,158
27,944
27,913
28,074
27,944
27,997
-96
Debits to total deposit accounts except
interbank accounts
Annual rate of
turnover of total
deposits except
interbank
Year and month
New
York
City
333 other
reporting
centers
Total, all
reporting
centers
New
York1
City
140
other
centers1
Other
reporting
centers2
1937
1938
1939
1940
1941
1942—old series3
1942—new series3
1943
1944
1945
469 463
405,929
423,932
445 863
537,343
607,071
641,778
792,937
891,910
974,102
197 836
168,778
171,382
171 582
197,724
210,961
226,865
296,368
345,585
404,543
235 206
204,745
218,298
236 952
293,925
342,430
347,837
419,413
462,354
479,760
36 421
32,406
34,252
37 329
45,694
53,679
67,074
77,155
83,970
89,799
16.1
16.5
17.1
18.3
13. i
1945—February
March
April
May
June
July
August
September
October
November
December
1946—January
February
70,249
81,077
74,139
81,724
98,024
79,163
73,208
71,169
81,616
79,401 •
101,577
89,132
73,969
29,065
31,884
29,413
33,678
41,725
33,590
29,388
28,545
34,984
32,246
45,035
38,819
30,498
34,724
41,722
37,846
40,643
47,716
38,286
36,767
35,718
39,006
39,255
47,774
41,977
36,210
6,461
7,471
6,881
7,403
8,583
7,287
7,054
6,906
7,626
7,900
8,766
8,337
7,261
17.7
17.0
17.2
18.8
22.0
17.5
14.4
16.5
18.1
18.1
23.1
18.5
16.6
9.7
10.0
9.9
10.1
11.3
.•
11.7
10.8
9.7
9.2
8.2
9.1
8.8
9.9
10.9
c
9.0
8.8
Debits to demand
deposit accounts
except interbank
and Government
Annual rate of
turnover of demand
deposits except interbank and Government
New
York
City
100 other
leading
cities
New
York
City
100 other
leading
cities
193 143
164,945
167,939
167 373
193,729
200,337
258,398
298,902
351,602
215 090
186,140
200,636
217 744
270,439
308,913
369,396
403,400
412,800
29 5
25.1
21.0
17 1
17.3
18.0
20.5
22.4
24.2
22 4
19.9
19.4
18 6
19.4
18.4
17.4
17.3
16.1
25,416
28,924
25,115
28,384
36,951
29,190
24,803
26,534
29,990
28,423
37,046
34,165
27,425
30,024
36,008
32,430
34,418
41,870
32,662
30,796
30,631
33,474
34,616
41,070
35,546
31,402
24.3
22.9
20.8
21.4
28.9
25.6
19.7
22.9
22.4
23.5
31.8
28.3
25.6
16.0
16.1
15.5
15.3
18.9
16.1
13.7
14.9
14.4
16.5
19.5
16.2
16.2
c1 Corrected.
National series for which bank debit figures are available beginning with 1919.
2
Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
s
See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; 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 101 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.
400
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Time deposits
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Totai
deposits
adjusted
Demand
deposits
adjusted1
1929—June
December
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
1933—June
December
41,680
42,548
19,172
19,817
36,919
37,766
1937—June
December
1938—June
December
1939—June
December
1940—June
December. . .
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
1941—June
December
1942—June
December
1943—June
December
1944—June
December
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
1945—February
March
April
May
June
July?
AugustP
September?.. . .
October?
November. . ..
December? . . . .
1946—January?
February?
150,800
150,600
150,900
152,600
162,785
163,500
163,400
162,800
163,800
168,100
175,000
176,400
176,900
End of month
United
States
Government
deposits2
Currency
outside
banks
Total
Commercial
banks 3 *
Mutual
savings
banks 4
Postal
Savings
System 5
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
3,639
3,557
14,411
15,035
852
1,016
21,656
21,715
10,849
11,019
9,621
9,488
1 ,186
1L.208
4,761
4,782
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
666
824
599
889
792
846
828
753
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
,267
1,269
1,251
L.251
L.261
1,278
L.292
1,303
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
1,303
1,313
1,315
1,415
L.576
1,786
2,032
2,340
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
93,800
95,100
98,100
100,800
94,150
97,600
100,000
101,600
104,500
107,000
101,900
102,700
102,200
126,700
126,400
126,400
127,800
137,688
138,000
137,400
136,600
137,400
141,600
148,200
150,200
150,700
69,700
70,900
73,600
76,000
69,053
72,100
74,000
75,400
78,100
80,500
75,100
76,500
76,000
15,600
13,400
9,800
8,200
24,381
20,800
17,300
14,300
11,700
13,100
24,600
24,600
25,000
41,400
42,100
43,000
43,600
44,254
45,100
46,100
46,900
47,600
48,000
48,500
49,100
49,700
25,200
25,700
26,300
26,700
27,171
27,800
28,500
29,100
29,600
29,800
30,200
30,600
31,100
13,700
13,900
14,100
14,300
14,426
14,600
14,800
15,000
15,100
15,300
15,400
15,500
15,600
2,500
2,500
2,600
2,600
2,657
2,700
2,800
2,800
2,900
2,900
2,900
3,000
3,000
24,100
24,200
24,500
24,800
25,097
25,500
26,000
26,200
26,400
26,500
26,800
26,200
26,200
P Preliminary, includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits and postal savings redeposited in banks.
*5 Beginning June 1941, the commercial bank figures exclude and mutual sayings bank figures include three member mutual savings banks
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
2
3
POSTAL SAVINGS SYSTEM
[In millions of dollars]
BANK SUSPENSIONS
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
Total
Direct
1939—Dec.. . 1,279
1940—Dec.. . 1,304
1941—Dec. . 1,314
1942—Dec.. . 1,417
1943—Dec.. . 1,788
1944—Dec. . 2,342
1,319
1,348
1,396
1,464
1,843
2,411
53
36
26
16
10
8
1,192
1,224
1,274
1,345
1,716
2,252
1,046
1,078
1,128
1,220
1,716
2,252
1945—Feb.. .
Mar...
Apr.. .
May. .
June. .
July. .
Aug.. .
Sept...
Oct. . .
Nov..
Dec. ..
1946—Jan.
Feb
2,536
2,590
2,646
2,696
2,751
2,809
2,867
2,921
2,968
2 ,999
8
8
8
8
8
7
8
8
6
6
2,363
2,426
2,463
2,518
2,574
2,625
2,674
2,737
2,780
2,809
2,363
2,426
2,463
2,518
2,574
2,625
2,674
2,737
2,780
2,809
2,458
2,513
2,563
2,609
2,659
2,720
2,785
2,836
2,880
2,909
?2,930
?2,979
?3,013.
Cash
reserve
Guar- funds,
anetc 2
teed
146
146
146
126
74
88
95
102
118
152
164
156
175
170
169
176
185
176
182
. 184
* Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
APRIL 1946
Number of banks suspended:
1934-39
1940...
1941.. .
1942
1943
1944. . .
1945...
1946—Jan.-Mar.
Nonmember
banks
Member
banks
Total,
all
banks
U. S. Government
securities
l
National
291
15
22
1
8
9
4
4
1
2
State
6
Insured
Noninsured
189
81
18
3
3
6
1
3
2
1
o
0
Deposits of suspended banks2
(in thousands of dollars) :
1934-39
125,991 14,616 26,548 44,348 40,479
1940..
1941
1942
1943
1944
1945
1946—Jan -Mar.
256
5,943
3,726 3,144
1,702
6,223 4,982
405
0
0
5,341
503
1,375
1,241
405
346
79
327
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.
401
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
Investments
Total
Other
Other
securities
Total*
Total
U.S.
Government
obligations
Loans
Interbank*
Number
of banks
Demand
Time
All banks:
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—June 30.
Dec. 30.
1945—June 30.
Dec. 31*
48,831
50,885
54,170
61,101
78,137
96,966
108,707
119,461
129,639
140,220
21,261
22,169
23,751
26,616
23,915
23,601
25,424
26,015
27,979
30,340
27,570
28,716
30,419
34,485
54,222
73,365
83,284
93,446
101,661
109,880
17,953
19,402
20,983
25,488
45,932
65,932
75,737
85,885
93,657
101,300
9,617
9,314
9,436
8,997
8,290
7,433
7,547
7,561
8,004
8,580
61,319
68,225
75,963
81,780
99,796
117,661
128,605
141,449
151,033
165,600
7,484 28.695
9,883 32,492
38,518
10,941
10,989 44,316
11,318 61,395
75,561
11,012
11,219 83,588
12,245 91,644
96,725
12,605
14,080 105,920
25,140
25,850
26,504
26,476
27,083
31,088
33,797
37,559
41,702
45,600
15,207
15,035
14,895
14,825
14,682
14,579
14,553
14,535
14,542
14,553
All commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
1945—June 30
Dec. 31«
38,669
40,667
43.922
50,722
67,391
85,095
95,731
105,530
114,505
124,010
16,364
17,243
18,792
21,711
19,217
19,117
21,010
21,644
23,672
26,060
22,305
23,424
25,130
29,011
48,174
65,978
74,722
83,886
90,833
97,950
15,071
16,300
17,759
21,788
41,373
59,842
68,431
77,558
84,069
90,620
7,234
7,124
7,371
7,223
6,801
6,136
6,290
6,329
6,764
7,330
51,041
57,702
65,305
71,248
89,132
105,923
116,133
128,072
136,607
150,210
7,484 28,695
9,883 32,492
38,518
10,941
10,989 44,316
11,318 61,395
75,561
11,012
11,219 83,588
12,245 91,644
96,725
12,605
14,080 105,920
14,862
15,327
15,846
15,944
16,419
19,350
21,326
24,183
27,276
30,210
14,652
14,484
14,344
14,277
14,136
14,034
14,009
13,992
14,000
14,011
All insured commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
1945—June 30
37,470
39,289
42,556
49,288
66,240
83,507
93,936
103,382
112,353
16,021
16,863
18,394
21,258
18,903
18,841
20,729
21,352
23,376
21,449
22,426
24,161
28,030
47,336
64,666
73,207
82,030
88,978
14,506
15,566
17,063
21,046
40,705
58,683
67,085
75,875
82,401
6,943
6,859
7,098
6,984
6,631
5,983
6,122
6,155
6,577
49,772
56,069
63,461
69,411
87,803
104,094
114,145
125,714
134,245
7,254
9,523
10,539
10,654
11,144
10,705
11,038
12,074
12,401
27,849
31,483
37,333
43,061
60,504
74,309
82,061
89,761
94,910
14,669
15,063
15,589
15,697
16,154
19,081
21,045
23,879
26,934
13,655
13,531
13,438
13,426
13,343
13,270
13,264
13,263
13,277
All member banks:
1938—Dec. 3 1 . . .
1939—Dec. 30. . .
1940—Dec. 31. . .
1941—Dec. 312...
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—June 30. . .
Dec. 30. . .
1945—June 30. . .
Dec. 3 1 . . . .
32,070
33,941
37,126
43,521
59,263
74,258
83,587
91,569
99,426
107,183
13,208
13,962
15,321
18,021
16,088
16,288
18,084
18,676
20,588
22,775
18,863
19,979
21,805
25,500
43,175
57,970
65,503
72,893
78,838
84,408
13,223
14,328
15,823
19,539
37,546
52,948
60,339
67,685
73,239
78,338
5,640
5,651
5,982
5,961
5,629
5,022
5,164
5,208
5,599
6,070
43,363
49,340
56,430
61,717
78,277
92,262
101,276
110,917
118,378
129,670
7,153
9,410
10,423
10,525
11,000
10,555
10,903
11,884
12,230
13,640
24,842
28,231
33,829
38,846
54,523
66,438
73,488
79,774
84,400
91,820
11,369
11,699
12,178
12,347
12,754
15,268
16,884
19,259
21,748
24,210
6,338
6,362
6,486
6,619
6.679
6,738
6,773
6,814
6,840
6,884
All national banks:
1938—Dec. 31. . .
1939—Dec. 30. ..
1940—Dec. 31. . .
1941—Dec. 31. . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—June 30...
Dec. 30. ..
1945—June 30. ..
Dec. 31....
20,903
21,810
23,648
27,571
37,576
47,499
53,343
58,308
63,177
69,312
8,469
9,022
10,004
11,725
10,183
10,116
11,213
11,480
12,369
13,925
12,434
12,789
13,644
15,845
27,393
37,382
42,129
46,828
50,808
55,387
8,691
9,058
9,735
12,039
23,744
34,065
38,640
43,292
47,051
51,250
3,743
731
908
806
648
318
490
536
3,757
4,137
27,996
31,559
35,787
39,458
50,468
59,961
65,585
71,858
76.533
84,939
4,499
5,898
6,574
6,786
7,400
7,159
7,402
8,056
8,251
9,229
15,587
17,579
20,885
24,350
34,499
42,605
46,879
50,900
53,698
59,486
7,910
8,081
8,329
8,322
8,570
10,196
11,304
12,901
14,585
16,224
5,224
5,187
5,144
5,117
081
5,040
5,036
5,025
5,015
5,017
State member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31 2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
1945—June 30
Dec. 31
11,168
12,130
13,478
15,950
21,687
26,759
30,244
33,261
36,249
37,871
4,738
4,940
5,316
6,295
5,905
6,171
6,870
7,196
8,219
8,850
6,429
7,190
8,162
9,654
15,783
20,588
23,373
26,065
28,030
29,021
4,532
5,271
6,088
7,500
13,802
18,883
21,699
24,393
26,188
27,089
1,897
1,920
2,074
2,155
1,980
1,705
1,674
1,672
1,842
1,933
15,367
17,781
20,642
22,259
27,808
32,302
35,690
39,059
41,844
44,730
2,653
3,512
3,849
3,739
3,600
3,397
3,501
3,827
3,980
4,411
9,255
10,652
12,944
14,495
20,024
23,833
26,609
28,874
30,702
32,334
3,459
3,617
3,849
4,025
4,184
5,072
5,580
6,357
7,163
7,986
1,114
1,175
1,342
1,502
,598
,698
,737
,789
,825
1,867
e
Partly estimated. Figures have been rounded to the nearest 10 million dollars.
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the
Currency
and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at
all
insured commercial banks.
1
During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These
banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included
only 1once in "all banks."
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System
of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
4
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941,
its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
402
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Total
Loans
Total
All nonmember commercial banks:
1938—Dec 31
1 9 3 9 — D e c . 30
1 9 4 0 — D e c 31
1941—Dec. 31
1 9 4 2 — D e c 31
1 9 4 3 — D e c . 31
1 9 4 4 — J u n e 30
D e c 30
1 9 4 5 — J u n e 30
D e c . 31 «
...
. . . .
. .
Insured nonmember commercial
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec 31
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—June 30
Dec. 30
1945—j u n e 30
Noninsured nonmember commercial
banks:
1938—Dec
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec
1943—Dec.
1944—June
Dec
1945—june
31
30
31
31
3134
31
30
30
30
..
Other
Investments
Class of bank
and
call date
. . .
All mutual savings banks:
1938—Dec 31
1939—Dec. 30
1940—Dec 31 2
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—June 30
Dec 30
1945—June 30
Dec 31 «
...
Insured mutual savings banks:
1938—Dec 31
1939—Dec. 30
1940—Dec 31
1941—Dec. 312
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
1945—j u n e 30
Noninsured mutual savings banks:
1938—Dec. 31
1939—Dec 30
1940—Dec. 31
1941—Dec. 31
1942—Dec 31
1943 Dec. 31
1944—June 30
.
Dec 30
1945—j u n e 30
U.S.
Government
obligations
Other
securities
Total*
Number
of banks
Interbank^
Demand
Time
6,598
6,726
6,796
7,208
8,135
10,847
12,155
13,972
15,091
16,840
3,156
3,281
3,471
3,693
3,132
2,832
2,929
2,971
3,087
3,280
3,442
3,445
3,325
3,515
5,003
8,014
9,226
11,002
12,005
13,560
1,848
1,971
1,936
2,251
3,829
6,899
8,099
9,880
10,839
12,300
1,594
1,474
1,389
1,264
1,174
1,115
1,128
1,122
1,166
1 260
7,678
8,362
8,875
9,539
10,864
13,671
14,869
17,168
18,242
20,550
331
473
518
464
318
457
315
362
375
440
3,853
4,260
4,689
5-.470
6,872
9,123
10,100
11,870
12,326
14,100
3,493
3,629
3,668
3,605
3,674
4,091
4,453
4,936
5,541
6 010
8,314
8,122.
7,858
7,661
7,460
7,299
7,239
7,181
7,163
7,130
5,399
5,348
5,429
5,774
6,984
9,258
10,360
11,824
12,940
2,813
2,901
3,074
3,241
2,818
2,556
2,648
2,678
2,790
2,586
2,447
2,356
2,533
4,166
6,702
7,712
9,146
10,150
1,283
1,238
1,240
1,509
3,162
5,739
6,752
8,197
9,170
1,303
1,209
1,116
1,025
1,004
962
960
949
979
6,409
6,729
7,032
7,702
9,535
11,842
12,880
14,809
15,880
101
113
116
129
145
149
135
190
171
3,007
3,252
3,504
4,215
5,981
7,870
8,573
9 987
10,510
3,300
3,365
3,411
3,358
3,409
3,823
4,172
4 632
5,199
7,317
7,169
6,952
6,810
6,667
6,535
6,494
6,452
6,440
1,199
1,378
1,367
1,434
1,151
1,588
1,795
2,148
2,152
343
380
397
452
314
276
281
292
297
856
998
969
982
837
1,312
1,514
1,856
.1,855
565
733
696
742
667
1,160
1,347
1,682
1,668
291
265
273
239
170
153
168
174
187
1,269
1,633
1,843
1,837
1,329
1,829
1,989
2,358
2,362
230
360
402
335
173
307
181
171
204
846
1,008
1,185
1,255
891
1,253
1,527
1,883
1,815
193
264
257
247
265
269
281
304
343
997
953
906
851
793
764
745
729
723
10,162
10,218
10 248
10,379
10 746
11,871
12 976
13,931
15 134
16,210
4 897
4,926
4 959
4,905
4 698
4,484
4 414
4,370
4 307
4,280
5 265
5,292
5 289
5,474
6 048
7,387
8 562
9,560
10 827
11,930
2 883
3,102
3 224
3,700
4 559
6,090
7 306
8,328
9 588
10 680
2 382
2 190
2 065
1 774
1 489
1 297
1 257
1232
1 ?40
1 250
10 278
10 523
10 658
10 532
10 664
11 738
12 471
13 376
14 426
15 390
10 278
10 523
10 658
10 532
10 664
11738
12 471
13 376
14 426
15 390
555
972
461
605
637
642
740
232
303
470
421
405
608
626
604
1 012
1,409
1 818
1,789
2,048
7,534
8 235
8,910
9,671
1 012
1 409
1 818
1 789
2 048
7 534
8 235
8 910
9,671
48
51
53
52
56
184
192
192
2,150
1,887
1,595
1,353'
1,084
689
9,266
9,114
8,840
8,743
8,616
4,204
4,236
4,466
4,754
9 266
9,114
8,840
8 743
8,616
4,204
4 236
4,466
4,754
507
500
498
1,329
1,655
1,693
2,007
7,525
8,489
9,223
10,063
9,190
8,889
8,593
8,686
8,739
4,345
4,487
4,708
5,071
511
724
280
422
548
629
861
3,073
3,111
3,110
3,089
1,018
1,050
1,267
4,452
5,378
6,113
6,974
3,844
4 752
5,509
6,368
4,436
4,321
4,322
4,263
3,958
1,411
1,302
1,260
1,218
4,754
4,568
4,271
4,424
4,781
2,935
3,185
3,448
3,853
2,603
2,680
2,676
3,071
3,698
2,246
2,554
2,819
3,220
607
631
629
633
I
551
551
548
546
545
544
543
542
542
192
496
490
361
352
351
350
For footnotes see page 402.
APRIL
1946
403
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans•
Class of bank
and
call date
Total
loans
and
investments
Investments
Loan s for
purchasing
or carrying
securities
Commercial,
in-
U. S. Government obligations
Obliga-
AgriRealesclud- culCon- Other
ing
tur- T o
tate sumer loans Total
Total open- al brokloans loans
marTo
ers
ket
a n d othdeal- ers
paper
ers
Direct
Total
All insured commercial banks: 1
1938—Dec. 31. . . 37,470
1940—Dec. 31... 42,556
1941—Dec. 31. . . 49,288
1942—Dec. 31. . . 66,240
1943—Dec. 31. . . 83,507
1944—June 30. . . 93,936
Dec. 30. . . 103,382
1945—June 30. . . 112,353
16,021
18,394
21,258
18,903
18,841
20,729
21,352
23,376
5,636
7,178
9,214
7,757
7,777
7,406
7,920
7,501
1,060 1,002 885
1,281 663 727
1,450 614 662
1,642 950 597
1,505 1,414 922
1,474 2,221 2,296
1,723 2,269 2,265
1,632 3,113 3,601
3,857
4,468
4,773
4,646
4,437
4,364
4,343
4,413
3,583
21,449
4,077
24,161
4,545
28,030
2,269 1,042 47,336
1,868 918 64,666
.1,862 1,106 73,207
1,888 944 82,030
2,108 1,008 88,978
14,506
17,063
21,046
40,705
58,683
67,085
75,875
82,401
Member banks,1
total:
1938—Dec. 31. . . 32,070
1940—Dec. 31. . . 37,126
1941—Dec. 31. . . 43,521
1942—Dec. 31. . . 59,263
1943—Dec. 31. . . 74,258
1944—June 30. . . 83,587
Dec. 30. . . 91,569
1945—June 30. . . 99,426
Dec. 3 1 . . . 107,183
13,208
15,321
18,021
16,088
16,288
18,084
18,676
20,588
22,775
5,179
6,660
8,671
7,387
7,421
7,023
7,531
7,095
8,949
2,716
3,228
3,494
3,423
1,089
3,274
1,023 1,398
1,023 2,200 2,130 3,207
1,198 2,249 2,108 3,209
1,125 3,089 3,407 3,248
855 3,133 3,378 3,455
2,853
18,863
21,805
3 273
25,500
3,'692
1,847 870 43,175
1,484 848 57,970
1,467 1,033 65,503
1,505 877 72,893
1,688 934 78,838
1,900 1,104 84,408
13,222
15,823
19,539
37,546
52,948
60,339
67,685
73,239
78,338
3,262
3,384
4,072
4,116
4,428
5,479
5,760
7,069
7,334
1,594
2,125
2,807
2,546
2,515
2,430
2,610
2,380
3,044
5
6
8
21
24
64
30
53
539
696
954
832
17
5
6
6
6
11
17
13
2
New York City:2
1938—Dec. 31. . .
1940—Dec. 31. . .
1941—Dec. 31. . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—June 30. . .
Dec. 30. . .
1945—June 30. . .
Dec. 31. . .
8,335
10,910
12,896
17,957
19,994
22,669
24,003
25,756
26,143
712
865
972
973
642
594
934
775
652
598
538
839
787
465
412
787
220
190
169
193
323
751
859
121
130
123
117
107
93
86
76
80
535
468
554
303
252
232
253
270
287
70
54
52
32
52
130
163
299
233
12
19
22
23
22
21
24
23
36
63
84
96
62
45
49
45
50
51
1,054
1,657
1,742
2,528 1,539
2,453 1,172
6\285
12,071
14,228
13,982
15,584
16,985
3,389 7,208 2,340 2,448
2,594 9 091 3,486 3,013
3,007 11,729 3,832 3,090
5,409 18,948 2,540 2,965
6,906 27,265 2,345 2,729
10,640 30,118 887 2,834
14,127 34,927 902 2,857
33 3,102
14,723 40,266
16 3,254
14,271 44,792
286
652
971
4,363
4,360
4,466
3,748
2,633
2,275
158
3,857
1,142 1,663 894
6,044 207
1,245 2,977 1,615
7,265 311
1,623 3,652 1,679
12,547 1,855 2] 144 2,056 5,420 1,071
14,563 1,328 3,409 1,829 7,014 984
16,157 1,258 4,242 2,805 7,650 201
17,179 913 3,740 3,745 8,592 189
2
17,492 424 3,538 3,607 9,920
1
17,574 477 3,433 3,325 10,337
141
188
182
166
158
204
160
154
181
176
186
193
186
155
169
185
196
204
1,224 2,997 740 808
984
771 3,281 1,049
751 4,248 1,173 956
1,723 6,810 811 954
2,497 9,943 749 913
3,893 10,689 402 963
5,181 11,987 440 1,000
10 1,100
5,689 13,906
5 1,126
5,653 15,878
866
893
820
821
726
735
740
794
916
18
14
40
34
34
40
5,018
5,204
6,467
13,038
19,682
22,484
25,042
27,523
29,552
57
103
295
312
301
350
313
315
404
6,691
7,081
8,243
14,813
21,321
24,183
26,781
29,417
31,594
5,669
5,517
6,628
11,380
17,534
20,071
23,610
26,253
29,407
11
732 1,893
3,233
45
433 2,081
3,269
110
481
4,377
2,926
671 ' i ^251 1,240 5,436
9,172
15,465 1,032 3,094 2,096 8,705
18,009 926 3,362 3,355 10,114
21,552 882 3,466 4,422 12,540
24,094 762 4.1Q4 4,613 14,504
26,999 630 5,102 4,544 16,713
2,063
2,589
3,456
2,957
3,058
2,787
3,034
2,883
3,661
207
263
300
290
279
277
348
304
205
Country banks:
1938—Dec. 31. ..
1940—Dec. 31. . .
1941—Dec. 31. . .
1942—Dec. 3 1 . . .
1943—Dec. 31. . .
1944—June 30. . .
Dec. 30. . .
1945—June 30. . .
Dec. 3 1 . . .
4,444
5,309
5,890
5,038
4,654
4,780
4,910
5,114
5,596
1,186
1,453
1,676
1,226
1,084
1,096
1,149
1,162
1,484
483
590
659
772
713
671
802
755
648
25
21
20
17
25
33
31
31
42
243
201
183
161
197
345
310
422
471
1,353
1,644
1,823
1,797
1,725
1,708
1,719
1,771
1,881
674
528
536
547
611
707
Insured nonmember commercial banks:
1938—Dec. 31. . . 5,399 2,813
1940—Dec. 31. . . 5,429 3,074
1941—Dec. 31. . . 5,774 3,241
1942—Dec. 31. . . 6,984 2,818
1943—Dec. 31. . . 9,258 2,556
1944—June 30. . . 10,360 2,648
Dec. 30. . . 11,824 2,678
1945—June 30. . . 12,940 2,790
457
518
543
370
356
383
389
406
348
416
478
553
482
452
525
506
28
21
20
16
16
21
21
24
110
75
64
59
82
166
156
193
1,141
1,240
1,282
1,225
1,165
1,159
1,136
1,167
730
2,586
803
2,356
854
2,533
173 4,166
422
70 6,702
385
73 7,712
395
67 9,146
383
74 10,150
420
1,101
1,322
1^512
1,154
1,400
1,530
393
381
392
351
362
363
1,283
1,240
1,509
3,162
5,739
6,752
8,197
9,170
1,441
1,802
1,914
1,704
1,320
1,034
4
10
17
99
276
242
223
198
1,038
1,045
1,253
1 467
2,253
4,691
5,586
5,730
6,598
6,982
3,192
2,970
2,871
2,664
2,294
2,331
2,350
2,497
2,815
698
788
830
701
558
577
596
629
629
59
297
256
397
199
367
250
127
133
637
877
3,011 3,932
3,608 3,491
3,651 3,333
3,533 3,098
3,287 2,696
3,393 2,730
3,422 2,733
3,684 2,892
517
695
729
593
444
456
468
567
606
1,114
1,307
1,430
2,789
3,238
3,688
3,913
4,130
4,213
4,963
5,931
7,105
6,102
6,201
6,761
6,822
7,155
8,514
10,113
10,826
12,518
16,419
22,188
24,850
28,520
31,368
35,002
4,462
4,636
4,708
3,971
2,831
1,430
1,681
1,806
3,141
3,550
4,060
4,258
4,480
4,598
1,004
1,064
1,184
1,250
1 333
808
658
650
660
757
855
6,727
13,218
15,466
15,300
17,204
3,648 8,000 2,568
2,756 9,925 3,719
3,159 12,797 4,102
5,799 20,999 2,718
7,672 30,656 2,501
11,834 34,114 963
15,778 39,848 978
43
16,454 45,870
290
662
988
148
153
251
179
223
298
335
492
732
658
763
710
738
671
760
242 1,230
119
207 1,436
115
114
194 1,527
97
153 1,486
217
267 1,420
409
903 1,385
777 1,379
311
371 1,147 1,378
427 1,503 1,459
of
States Other
CerGuar- a n d secutifian- politi- rities
cates
teed cal
Bills of in- Notes
Bonds
subdebtdiviedsions
ness
5,072
7,527
8,823
13,841
15,566
17,190
18,243
18,687
18,809
Chicago:2
1938—Dec. 31. . . 1,969
1940—Dec. 31. . . 2,377
1941—Dec. 31. . . 2,760
1942—Dec. 31. . . 3,973
1943—Dec. 31. . . ' 4,554
1944—June 30. . . 5,124
Dec. 30. .. 5,443
1945—June 30. . . 5,730
Dec. 3 1 . . . 5 931
Reserve city banks:
1938—Dec. 31. . . 11,654
1940—Dec. 31. . . 13,013
1941—Dec. 31. .. 15,347
1942—Dec. 31. .. 20,915
1943—Dec. 31. .. 27,521
1944—June 30. . . 30,943
Dec. 30. . . 33,603
1945—June 30. . . 36,572
Dec. 31... . 40,108
43
42
48
34
102
102
163
159
211
tions
291
145
153
391
484
587
779
814
749
259
162
152
390
766
655
752
903
1,282
1,602
1,665
1,809
1,936
1 864
793
834
1,069
"442
2,053
1,147
3,395
1,238 1,194 4,002
1,319 1,652 4,928
1,620 1,731 5,611
109
112
119
83
74
31
31
597
710
861
574
538
252
241
21
9
228
234
271
179
156
76
76
10
982 1,453
1,146 1,102
1,222 1,028
1,252 956
1,214 855
1,212 849
1,230 829
1,281 878
1,342 1,067
563
595
563
569
560
560
566
584
739
521
462
435
403
400
383
396
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit
Insurance Corporation.
1
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These
banks2 are included in "member banks" but are not included in "all insured commercial banks."
Central reserve city banks.
404
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demand deposits
Re-
Class of bank
and
call date
All insured Commercial banks: 1
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Member banks,1
total:
1938—Dec. 3 1 . .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31. .
New York City:2
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31. .
serves
with
Cash
Federal in
Revault
serve
Banks
8,694
13,992
12,396
13,072
12,834
12,812
14,260
14,806
1,234
1,358
L,305
1,445
1,464
1,622
L.474
8,694
13,992
12,396
13,072
12,835
12,813
14,261
14,807
15,811
DeBalances mand
dewith
posits
doad- 4
mestic
banks 3 justed
Interbank
deposits
Certified
U. S. States
and
and
Gov- political
offiern- subdi- cers'
ment visions
checks,
etc.
DoFormestic3 eign
5,663
8,202
8,570
9,080
8,445
8,776
9,787
9,959
25,198
33,820
37,845
48,221
59,921
59,197
65,960
68,048
503
6,595
702
9,677
673
9,823
813
10,234
893
9,743
940
10,030
948
11,063
11,217 1,119
L.087
1,019
1,132
L,143
,271
,150
,438
4,240
6,185
6,246
6,147
5,450
5,799
6,354
6,486
7,117
22,293
30,429
33,754
42,570
52,642
51,829
57,308
59,133
64,184
4,104
7,057
5,105
4,388
3,596
3,455
3,766
3,879
4,015
68
102
93
72
92
85
102
89
111
109
122
141
82
61
60
76
64
78
7,168
11,062
10,761
11,899
13,899
13,254
14,042
14,643
15,065
884
902
821
811
899
929
942
35
42
43
39
38
41
43
33
36
235
319
298
164
158
179
177
180
200
1,688
1,941
2,215
2,557
3,050
3,070
3,041
3,152
3,153
1,090
1,132
1,174
1,292
9
8
8
12
14
15
16
19
2Q
2,354
4,027
4,060
4,940
5,116
5,109
5,687
5,882
6,326
321
396
425
365
391
399
441
396
494
1,940
2,741
2,590
2,202
1,758
1,922
2,005
2,029
2,174
7,214
9,581
11,117
14,849
18,654
18,405
20,267
20,682
22,372
2,719
3,919
4,302
4,831
4,770
4,757
5,421
5,510
6,307
53
49
54
63
63
65
70
90
110
1,353
1,857
2,210
2,842
3,303
3,438
3,909
4,117
4,527
322
452
526
542
611
618
684
632
796
1,956
3,002
3,216
3,699
3,474
3,638
4,097
4,213
4,665
446
6,224
633
7,845
790
9,661
957
13,265
994
17,039
951
17,099
19,958 1,149
20,656 1,108
23,595 1,199
2
2
2
4
5
143
151
225
204
243
271
287
313
322
352
324
1,423
2,017
2,325
2,934
2,996
2,978
3,434
3,473
2
3
2
2
2
3
3
13
48
50
53
243
506
950
746
991
1,762
8,167
9,950
18,757
19,754
23,478
2,942
3,298
3,677
3,996
4,352
4,402
4,518
4,698
1,077
1,219
1,669
1,550
1,354
1,240
6,510
501
790
700
616
9,581
671 1,709
9,714
811 7,923
10,101
891 9,444
9,603
937
9,904
17,634
945 18,509
10,881
11,064 1,106 21,967
12,333 1,243 22,179
2,386
2,724
3,066
3,318
3,602
3,638
3,744
3,877
4,240
1,009
1,142
1,573
1.460
1,251
1,138
2,450
437
2,687
641
4,032
607
3,595
733
3 209
2,867
810
852
3,105
851
3,179
989
3,271
3,535 1,105
838
666
139
48
866
4 186
3,395
6,150
6,722
7.618
6,940
595
971
547
913
U. vS.
IndiGov- States
viduals
and
ernpartner- Inter- ment
ships, bank and political
and corPostal subdiporavisions
Savtions
ings
23,475
32,398
36,544
47,122
58,338
57,351
64,133
65,494
157
160
158
97
68
68
64
66
86
69
59
61
124
108
109
105
575
522
492
397
395
407
423
482
14,009
14,998
15,146
15,697
18,561
20,530
23,347
26,346
18
11
10
10
40
84
122
65
6,434
6,673
6,841
7,055
7,453
7,709
7,989
8,340
21,119
29,576
33,061
42,139
51,820
50,756
56,270
57,417
62,950
142
141
140
87
62
63
58
61
64
61
56
50
56
120
104
105
102
99
462
435
418
332
327
333
347
392
399
10,846
11,687
11,878
12,366
14,822
16,448
18,807
21.254
23,712
6
3
4
5
39
75
111
52
208
5,424
5,098
5,886
6,101
6,475
6,696
6,968
7,276
7,589
6
5
6
3
4
11
11
16
17
652
768
778
711
816
861
977
" *29
8
10
36
51
29
23
26
17
17
19
20
1,593
1,015
1,648
1,727
1,862
1,907
1,966
2,023
2,120
5
9
8
280
370
319
263
252
213
199
229
237
1,338
7,273
11,357
11,282
12 501
14,373
13,740
14,448
14,789
15,712
181
174
233
17£
174
218
167
193
237
29
27
34
38
44
41
33
29
66
1,597
1^905
2,152
2,588
3,097
3,040
3 100
3,124
3,160
796
995
1,144
1,319
1,448
1,464
1,509
1.516
1,763
170
228
286
385
475
384
488
422
611
7,034
9,468
11,127
15,061
18,790
18,367
20,371
20,559
22,281
1,128
1,184
1,370
1,558
1,727
1,743
1,868
1,939
2,004
154
187
239
272
344
314
369
346
435
555
574
611
678
750
764
775
820
48
58
68
76
96
90
103
101
195
471
450
448
710
722
361
341
CapiIndital
viduals, Boracpartner- rowings
counts
ships,
and corporations
5
7
7
1,082
1,206
64
96
40
195
Chicago:2
1938—Dec. 3 1 . .
1940—Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31. .
Reserve city banks:
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31. .
Country banks:
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31. .
1,051
1,021
Insured nonmember commercial b a n k s :
1938—Dec. 31. .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec< 31
1944—June 30
Dec. 30. .
1945—June 30
2,904
3,391
4,092
5,651
7,279
7,368
8,652
8,915
658
997
1,027
1,105
972
85
95
108
133
141
126
182
153
83
90
127
665
713
1,105
1,400
1.499
1,552
424
327
491
1,982
3,373
6,453
6,157
7,655
8,221
1,090
1,962
5 3,926
8 4,230
8 5,195
8 5,465
1,124
1,245
1,511
2
452
496
476
453
505
543
619
663
719
257
2/0
288
304
326
343
364
302
377
1,777
1,904
1,907
2 2,028
2,135
2,207
2,327
2,450
2 2,506
2
1
1
1
1
113
107
104
63
41
37
33
31
30
17
19
20
22
56
45
40
30
38
269
226
243
169
151
158
154
166
160
4,233
4,505
4,542
4,805
5,902
6,567
7,561
8.529
9,563
5,215
6,846
8,500
11,989
15,561
15,609
18,350
18,945
21,797
23
29
30
20
17
15
14
14
17
44
33
31
32
56
52
57
54
52
147
150
146
140
149
157
175
207
219
5,509
5,917
6,082
6,397
7,599
8,477
9,650
10,981
12,224
6
3
4
3
10
11
10
9
11
1,798
1,909
1,982
2,042
2,153
2,239
2,321
2,440
2,525
2 356
2,822
3,483
4,983
6,518
6 595
15
18
18
10
6
5
6
5
25
13
8
5
4
4
4
4
113
87
74
65
68
74
76
90
3,163
3,311
3,276
3,339
3,750
4 094
4,553
5,105
11
8
6
5
6
9
10
13
1,010
7 ] 863
8,078
975
956
955
979
1,015
1,022
1,065
il bank
' Beginning June 30, 1942, excludes i cuipruciii
ua.nK balances,
uaiances, which
WHICH on
un Dec.
UGL". 31,
j i | 1942,
±y±£, aggregated
a.gg'ieg'a.Leu 513
DLO million
mnuuu dollars
uuiiaia cat all member banks and
525 million at all insured commercial banks.
* Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see page 404.
Back figures.—See Banking and Monetary Statistics, Table 18-45, pp. 72-103 and 108-113.
APRIL
1946
405
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans
Date or month
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
Total—101 Cities
1945—February
58,796 11,768 6,320
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S. Other
U. S.
Govt. Other
sese- Govt.
obobcuriliga- ties liga- curities
tions
tions
U. S. Government obligations
Real- Loans
estate to Other
Total
loans banks loans
Total
CerOther
tifisecuGuar- rities
cates
Bills of in- Notes Bondi anteed
debtedness
763
354 1,047
1,288 47,028 44,074 2,389 10,072 9,149 22,104
360 2,954
1945—October
60,988 12,438 6,267 1,263
November... 61,646 13,034 6,659 1,382
December. . . 67,752 15,746 7,148 1,881
858 1,004
843 1,044
854 2,560
402 ,062
401 ,068
,086
1,500 48,550 45,264 1,284 9,853 9,159 24,959
1,568 48,612 45,373 1,070 9,798 9,049 25,444
1,684 52,006 48,710 1,958 11,196 9,080 26,464
3,286
12 3,239
12 3,296
1946—January
68,066 15,367 7,272 1,675
68,124 15,142 7,368 1,568
774 2,345
703 2,137
,102
,120
1,704 52,699 49,325 1,849 12,518 7,981 26,968
1,730 52,982 49,576 1,565 12,853 7,924 27,226
3,374
8 3,406
67,733 15,829 7,259 1,917
February....
1945—Dec. 26
1946—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
2
9
16
23
30
6
13
20
27
Mar. 6
Mar. 13
Mar. 20
991
865 2,495
432 1,091
1,699 51,904 48,541 1,674 11,186 9,073 26,598
10 3,363
67,948
67,838
68,220
68,112
68,211
15,890
15,310
15,224
15,221
15,190 7,300
1,910
1,636
1,586
1,636
1,608
881 2,531
763 2,418
765 2,303
732 2,252
729 2,225
1,095
420 1,098
421 1,101
1,106
462 1,107
49
44
83
56
1,714 52,058 48,
1,684 52,528 49,
1,708 52,996 49,
1,708 52,891 49.
1,703 53,021 49,
1,761
1,958
2,030
,756
1,742
12,130 8 ,036 26,737
12,371 7,968 26,825
12,593 7,994 27,003
12,716 7,961 27,089
12,778 7, 944 27,184
3,384
3,395
3,367
3,360
3,365
68,223
67,943
,182
68,148
15,135
15,074
15,181
15,178
7,342
7,361
7,386
7,382
1,535
1,524
1,558
1,655
715 2,184
706 2,153
701 2,128
690 2,082
429 1,110
1,118
1,125
1,129
106
58
80
55
1,714
1,723
1,738
1,747
1,703
1,526
1,514
1,517
12,868
12,788
12,894
12,860
7,931 27,202
7,921 27,242
7,945 27,226
7,900 27 ,234
.3,372
J3.384
7 3,415
3,452
67,689 15,036 7,458 1,480
67,749 15,221 7,486 1,655
66,298 15,411 7,491 1,824
674 2,031
690 2,006
721 1,959
440 1,130
430 1,136
428 1,140
61 1,762 52,653 49,222 1,415 12, 669 7,910 27,222
27,230
55 1,763 52,528 499,088 1,268 12,686 7
60 1,788 50,887 47,458 1,008 12,272 7,153 27,019
. 3,431
6 3,440
3,429
New York City
1945—February
53,088 49 ,716
52,869 49 ,485
53,001 49,586
52,970 49 ,518
21,019 4,798 2,437
787
1945—October
21,281 5,173 2,415 1,021
November... 21,342 5,415 2,597 1,134
December. . . 23,875 6,837 2,792 1,529
588.
409
146
300 16,221 15,253
664 3,348 3,290 7,878
623 377
628 325
632 1,091
185
179
194
417 16,108 14,967
434 15,927 14,855
462 17,038 15,958
395 2,779 2 ,986 8,805
209 2,750 2 ,939 8,955
580 3,155 2,916 9,305
1,141
1,072
1,080
1946—January
570 918
522 816
635 1,033
185
195
477 17,342 16,244
483 17,397 16,300
553 3,492 2,699 9,498
438 3,582 2,747 9,532
,098
1,097
February
1945—Dec. 26
1946—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
2
9
16
23
30
6
13
20
27
Mar. 6
Mar. 13
Mar. 20
23,754 6,412 2,837 1,317
23,702 6,305 2,908 1,257
186
474 16,979 15,851
441 3,176 2,886 9,346
1,128
6,798
6,328
6,283
6,335
6,315
2,821
2,815
2,853
2,842
2,853
1,513
1,251
1,240
1,303
1,279
631 1,048
565 960
567 877
547 859
541 846
176
173
178
183
213
478
471
479
478
479
17,106
17,313
17,487
17,363
17,443
15,987
16,200
16,400
16,275
16,360
523
626
587
470
560
3,384 2,665
3,470 2,673
3,553 2,723
3,525 2,720
3,5272,715
9,413
9,429
9,535
9,558
9,556
1,119
1,113
1,087
1,088
1,083
23,815
23,610
23,662
23,720
6,282
6,229
6,344
6,365
2,1
2,t
2,920
2,928
1,212
1,215
1,250
1,349
533
523
522
510
834
819
819
790
186
186
216
194
477
481
486
489
17,533
17,381
17,318
17,355
16,446
16,299
16,227
1.6,229
540
473
375
365
3,608
3,528
3,592
3,599
9,568
9.562
9,503
9,493
1,087
1,082
1,091
1,126
23,514 6,211 2,976 1,176
23,641 6,386 2,994 1,341
22,837 6,542 2,985 1,499
498
508
536
759
740
711
192
189
185
498 17,303 16,200
503 17,255 16,156
512 16,295 15,206
283 3,627 :2,807 9,482
212 3,694 2, 818 9,431
189 3,349 2,365 9,302
1,103
1,099
1,089
208
1945—Dec. 26
1946—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
2
9
16
23
30
6
13
20
27
Mar. 6
Mar. 13
Mar. 20
2,728
2,735
2,756
2,771
175
520
979
30,807 28,821 1,725 6,724 5,859 14,226
287 1,986
3,852
4,062
4,356
242
248
352
235
215
627
719
1,469
217 995
222 1,004
240 1,021
7,074 6 ,173 16,154
1,083 32,442 30,297
1,134 32,685 30,518 861 7,048 6 ,110 16,489
1,222 34,968 32,752 1,378 8,041 6,164 17,159
2,145
10 2,167
10 2,216
44,312 8,955 4,435
44,422 8,837 4,460
43,916 8,991 4,430
358
311
204 1,427
181 1,321
247 1,039
1,056
1,227 35,357 33,081 1,296 9,026 5,282 17,470
1,247 35,585 33,276 1,127 9,271 5,177 17,694
7 2,276
2,309
355
1,462
1,026
17 1,225 34,925 32,690 1,233 8,010 6,187 17,252
2,235
4,428
4,427
4,443
4,433
4,447
397
385
346
333
329
1,483
198 1,458
198 1,426
1,393
188 1,379
1,031
247 1,035
243 1,037
1,043
249 1,045
1,236 34,952 32,687
35,215 32,933
35,509 33,229
1,230 35,528 33,256
1,224 35,578 33 ,296
,238
,332
,443
,286
,182
8, 746 5,371
8,901 ,295
9, 040 5,271
9,191 5,241
9,251 5,229
17,324
17,396
17,468
17,531
17,628
8 2,265
2,282
2,280
2,272
6 2,282
4,456
4,463
4,466
4,454
44,175 8,825 4,482
44,108 8,835 4,492
43,461 8,869 4,506
323
309
308
306
182 1,350
1,334
179 1,309
1,292
243 1,047
1,054
249 1,060
1,064
1,237 35,555 33,270
1,242 35,488 33 ,186
1,252 35,683 33,359
1,258 35,615 33,289
1,163
1,053
1,139
1,152
9,260 5 ,203
9,260 5 ,186
9,302 5,189
9,261 5,129
17,634
17,680
17,723
17,741
10 2,285
2,302
6 2,324
2,326
304
314
325
176 ,272
182 ,266
185 1,248
,063
241 1,070
243 1,071
1,264 35,350 33 022 1,132 9,042 5,103 17,740
1,260 35,273 32,932 1,056 8,992 5,080 17,799
1,276 34,592 32,252 819 8, 923 4,788 17,717
2,328
2,341
2,340
37,777 6,970
1945—October
39,707 7,265
November... 40,304 7,619
December. . . 43,877 8,909
February
968
23,904
23,641
23,770
23,698
23,758
23,817 6,838 2,829 1,562
(
Outside
New York City
1945—February
1946—January
73
44,044
44,197
44,450
44,414
44,453
44,408
44,333
44,520
44,428
9,092
8,982
8,941
8,886
8,875
8,853
8,845
8,837
8,813
3,883
Backfigures.—SeeBanking and Monetary Statistics, pp. 127-227.
406
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
Reserves
BalDewith :ash ances mand
Fedwith
dein
eral
do- posits
ault mestic
Readserve
banks usted 1
Banks
IndividCertiuals, States
fied
and
part- politand
neroffiical
ships, subcers'
and
cor- divi- checks,
etc.
pora- sions
tions
Time deposits,
except interbank
U. S.
Government
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
S.
banks
BorStates U.
Govrowand
ernFor- ings
polit- ment
eign
ical
and
subDe- Time banks
divi- Postal
mand
sions Savings
Capital
Bank
debits 2
Total 101 Cities
1945—February. . .
9,448
,812
123
8,917
939
247 4,662 55,440
1945—October
November...
December...
10,307
10,491
10,223
569 2,210 39,331 39,458 1,983
603 2,266 39,751 40,011 2,112
643 2,507 37,591 37,884 1,957
1,135 8,571 9,087
1,186 8,218 9,186
1,359 16,242 9,200
108
106
100
9,921
10,419
10,795
1,105
1,116
1,145
312 4,905 63,464
533 4,942 63,039
348 4,959 78,116
1946—January
10,218
10,060
1,997
592 2,431 37,648 37,*
580 2,271 37,665 37,822 2,144
1,254 16,237 9,372
1,170 16,377 9,482
102
119
10,790
10,121
1,189
1,221
200 4,995 69,711
303 5,031 58,827
10,133
668 2,416 37,556 37,662
1,981
1,251 16,100 9,228
99
10,666
1,162
451 4,954 12,801
10,217
10,175
10,375
10.236
10,088
610
613
583
568
585
2,595 37,066
2,448 37,384
2,526 37,728
2,352 38,037
2,238 38,026
37,674
37,491
38,257
38,084
37,933
1,949
1,934
1,956
2,024
2,123
1,631
1,151
1,220
1,195
1,073
16,660
16,100
16,165
16,032
16,227
9.304
9,360
9,376
9,402
9,416
99
101
101
105
106
11,061
10,986
11,213
10,562
10,131
1,183
1,198
1,177
1,181
1,204
232
161
162
187
259
4,993
4,996
4,995
4,997
4,995
18,273
16,258
16,578
15,664
14,929
10,133
10,110
10,004
9,992
545
604
573
597
2,231 37,821 37,650
2,309 37,542 38,170
2,275 37,687 37,727
2,268 37,61037 ,741
1,273
1,117
1,196
1,092
16,291
16,348
16,387
16,481
9,442
9,464
9,496
9,526
115
117
120
123
10,180
10,212
10,065
10,026
1,224
1,229
1,219
1,214
290
350
297
275
5,025
5,029
5,036
5,035
15,761
13,140
16,882
12,933
9,911
10,051
9,886
551 2,243 37,387 37,286 2,142
593 2,237 37,678 38,022 2,159
562 2,110 37,435 37,426 2,165
1,068 15,843 9,554
1,205 15,565 9,563
1,192 14,459 9,569
123
126
126
10,099
10,008
9,690
1,226
1,238
1,244
361 5,055 16,456
626 5,056 14,516
429 5,061 16,828
February...
1945—Dec. 26
1946—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
2
9
16
23
30
6
13
20
27
Mar. 6
Mar. 13
Mar. 20
567 2,141 36,493 36,772
1,904
933 11,290
New York City
1945—February. . .
3,443
92
13,241 13,631
240
574 4,745
922
2,850
849
99 1,805 25,416
1945—October
November..,
December...
3,767
3,809
3,636
87
98
106
14,561 14,938
14,711 15,127
13,548 14,001
219
261
194
724 3,370 1,085
726 3,077 1,100
862 6,361 1,090
3,031
3,138
3,335
986
992
1,016
100 1,884 29,990
227 1,894 28,423
240 1,900 37,046
1946—January....
February...
3,654
3,628
91
94
13,534 13,934
13,600 13,950
214
264
712 6,252 1,132
6,263 1,118
3,356
3,141
1,059
1,092
1,922 34,165
143 1,937 27,425
1945—Dec. 26
3,659
13,625 13,999
213
791 6,183 1,089
3,272
1,031
344 1,893
1946—Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
3,690
3,612
3,647
3,690
3,631
95
97
87
86
92
13,387
13,420
26 13,403
13,734
13,728
13,965
13,739
13,897
14,036
14,033
203
191
188
221
268
998
661
726
721
6,478
6,226
6,232
6,154
6,224
1,104
1,121
1,119
1,121
1,123
3,433
3,374
3,555
3,261
3,154
1,054
1,068
1,046
1,050
1,076
166
90
98
113
130
1,92: 8,957
1,924 7,942
1,925 8,350
1,925 7,758
1,919 7,080
Feb. 6
Feb. 13
Feb. 20
Feb. 27
3,64
3,632
3,630
3,603
85
96
95
100
13,728
13,461
13,567
13,643
13,982
13,928
13,898
13,991
266
281
247
262
823 6,234 1,125
647 6,250 1,125
748 6,257 1,138
6,266 1,141
3,156
3,183
3,136
3,091
1,096
1,099
1,090
1,086
154
159
130
129
1,936 7,462
1,937 6,053
1,940 8,203
1,935 5,652
Mar. 6
Mar. 13
Mar. 20
3,52
3,575
3,551
85
90
83
13,489 13,788
13,460 13,889
13,386 13,691
213
244
227
6,012 1,134
5,928 1,135
706 5,467 1,136
3,118
3,082
2,992
1,102
1,110
1,117
193 1,944 7,795
1,945 6,930
1,943 8,030
359 6,54i 6,890
411 5,201 8,002
460 5,141 8,086
497 9,881 8,110
105
6,067
90
87
82
6,890
7,281
7,460
119
124
129
3,021 33,474
306 3,048 34,616
3,059 41,070
515 9,974 8,254
458 10,125 8,350
9,91 8,139
82
95
7,434
6,980
130
129
81 3,073 35,546
3,094 31,402
81
7,394
131
107 3,061
7,059
9,316
8,316
8,228
7,906
7,849
Outside
New York City
1945—February. . .
6,005
475 2,115 23,252 23,141
1,664
1945—October
November..
December...
6,540
6,682
6,58
482 2,186 24,770 24,520
505 2,241 25,040 24,884
537 2,478 24,043 23,883
1,764
1,851
1,763
1946—January
6,564
6,43
501 2,403 24,114 23,954
2,246 24,065 23,872
1,78.
1,880
February...
1945—Dec. 26
1946—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
2
9
16
23
30
6
13
20
27
Mar. 6
Mar. 13
Mar. 20
1
3
486
6,474
2,390 23,931 23,663 1,768
556
6,527
6,563
6,728
6,546
6,457
5,742
2,857 30,024
2,565
2,423
2,500
2,319
2,214
23,679
23,!"
24,325
24,303
24,298
23,709
,752
24,360
24,048
23,900
1,746
1,743
1,768
1,803
1,855
490
494
474
485
10,182 8,200
9,874 8,239
9,933 1,25
9,878 1,281
10,003 1,293
81
83
81
84
7,628
7,61
7,658
7,301
6,97
129
130
131
131
128
66
71
64
74
129
3,071
3,072
3,070
3,072
3,076
2,205
2,282
2,250
2,242
24,093
24,081
24,120
23,967
6,486
6,478
6,37
6,389
51
516
496
482
493
460
508
478
49
23,668
24,242
23,829
23,750
1,872
1,859
1,894
1,898
450
470
448
464
10,057 5,317
10,098 !,339
10,130 8,358
10,215 ,385
93
94
95
98
7,024
7,029
6,929
6,935
128
130
129
128
136
191
167
146
3,089
3,09:
3,096
3,100
8,299
7,087
8,679
7,281
6,384
6,476
6,335
466 2,220 23,898 23,491
503 2,208 24,218 24,13.
479 2,08: 24,049 23,73J
1,929
1,915
1,938
441 9,831 8,420
461 9,637 8,428
486 8,992 8,433
9
99
101
6,981
6,926
6,698
124
128
12
168 3,111
117 3,111
168 3,118
8,661
7,586
8,798
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.
APRIL
1946
407
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Boston
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
New York*
, Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Philadelphia
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Cleveland
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Richmond
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Atlanta
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Chicago*
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
St. Louis
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Minneapolis
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Kansas City
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Dallas
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
San Francisco
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
City of Chicago*
Feb. 2 0 . . . :
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
Loans Other
to
loans Total
banks
To ot
U.S.
U. S.
Govt. Other Govt. Other
seseob- curiobliga- curi- liga- ties
tions
tions
Total
CerOther
tifiGuar- secucates
Bills of in- Notes Bonds an- rities
teed
debtedness
3,424
3,426
3,421
3,409
3,374
807
815
813
809
803
485
483
482
484
485
42
45
45
43
38
15
20
18
18
18
46
46
45
45
41
19
18
19
18
18
71
71
70
70
71
125
126
128
129
128
2,617
2,611
2,608
2,600
2,571
2,537
2,530
2,527
2,515
2,486
86
82
94
82
78
25,990
26,041
25,830
25,927
25,103
6,728
6,743
6,589
6,765
6,920
3,068
3,076
3,123
3,141
3,135
1,268
1,362
1,191
1,353
1,507
527
515
503
514
543
857
827
795
777
747
238
216
214
211
207
151
152
153
154
157
553
555
565
570
579
19,262
19,298
19,241
19,162
18,183
18,073
18,075
18,041
17,965
16,996
419
412
346
252
220
2,832
2,814
2,787
2,776
2,763
553
560
558
561
568
254
256
264
271
276
8
9
9
10
11
30
32
30
28
29
70
69
65
63
59
10
10
10
10
10
34
34
35
35
36
146
149
144
143
146
2,279
2,254
2,229
2,215
2,195
2,072
2,048
2,023
2,009
1,991
126
135
118
111
118
404
395
387
378
389
5,400
5,398
5,375
5,370
5,298
2,252
2,253
2,262
2,257
2,234
1,108
L,105
1,108
L, 112
L.126
438
435
443
443
442
61
64
62
62
74
30
25
25
25
26
251
249
247
252
246
14
14
14
14
14
159
160
160
160
161
155
158
157
156
159
4,292
4,293
4,267
4,258
4,172
4,003
4,004
3,980
3,970
3,884
48
57
69
55
45
1,078
1,072
1,042
1,032
1,025
406
404
405
405
408
176
178
179
178
182
9
6
6
7
6
5
5
5
6
6
80
79
78
77
76
10
10
10
10
10
51
51
51
51
51
73
73
74
75
76 1,826
1,772
1,775
1,782
1,777
1,751
57
59
66
58
53
435
437
437
440
440
208 1,072
208 1,071
201 1,078
201 1,078
187 1,071
74
74
75
75
75
2,330
2,326
2,306
2,31*
2,290
9,971
9,918
9,874
9,817
9,581
2,221
2,226
2,218
2,211
2,178
498
498
498
497
503
242
242
240
238
243
2
2
2
1
1
8
8
8
10
9
120
120
119
119
120
9
9
25
25
25
26
21
92
92
94
93
99
1,832
1,828
1,808
1,814
1,787
1,682
1,677
1,657
1,663
1,636
71
71
65
61
43
522
511
502
510
512
243
242
241
235
227
844
852
848
856
853
150
151
151
151
151
L ,816
L,813
L ,819
L.826
L.834
989
984
990
994
999
116
120
119
132
138
39
40
38
43
41
272
268
266
258
256
80
80
82
75
75
167
167
168
169
170
153
154
155
154
155
8,155
8,105
8,055
7,991
7,747
7,570
7,521
7,470
7,402
7,153
337
308
292
261
155
2,533
2,530
2,498
2,461
2,414
1,144
1,129
1,118
1,111
1,048
3,556
3,554
3,562
3,569
3,536
585
584
585
589
594
613
610
612
607
604
348
347
348
345
342
5
3
3
2
2
6
6
6
6
6
65
65
64
63
62
15
15
15
14
14
71
71
71
72
72
99
100
103
103
104
1,608
1,616
1,606
1,604
1,574
1,474
1,482
1,473
1,470
1,440
23
40
37
36
12
313
306
300
302
314
306
300
297
296
277
832
836
839
836
837
134
134
133
134
134
387
372
372
370
363
1,485
1,496
1,499
1,498
1,497
80
81
81
85
85
3,981 3,022
3,987 3,035
3,997 3,069
4,048 3,077
3, 709 2,607
10,650
10,640
10,628
10,587
10,459
1,189
1,223
1,200
1,197
1,187
1,242
207
206
206
206
204
644 2,233
642
639
633
555 2,259
289
289
287
288
288
579
580
562
565
548
275
255
262
261
242
1,395
1,396
1,381
1,386
1,353
2,511
2,506
2,501
2,516
2,466
250
243
237
234
232
122
119
113
111
111
1
1
1
1
1
3
3
3
3
3
41
40
38
37
35
4
4
4
5
5
28
27
27
28
28
50
48
50
48
48
1,145
1,153
1,144
1,152
1,121
,088
,095
,086
,094
,066
24
35
37
44
15
243
243
232
234
238
153
153
152
151
149
668
664
665
665
664
57
58
58
58
55
429
428
426
423
423
249
246
244
242
240
2
3
2
2
2
4
4
4
5
4
51
51
51
51
52
9
9
9
9
9
41
42
42
42
42
72
72
73
71
73
2,082
2,078
2,075
2,093
2,043
,933
,929
1,925
1,941
1,891
93
87
84
91
66
574
573
568
577
576
378
379
378
377
353
889
895
896
896
149
149
150
152
152
2,188
2,198
2,188
2,195
2,167
662
668
677
676
684
390
397
405
404
406
1
1
1
1
1
6
5
5
5
8
124
127
125
126
126
31
27
27
26
27
32
33
33
34
34
78
78
81
80
82
,526 1,463
,530 1,466
74
71
63
68
65
516
521
508
503
486
218
218
220
227
212
655
656
656
657
655
63
64
64
64
65
7,668
7,646
7,546
7,574
7,491
1 ,311
1 ,291
1 ,294
1 ,306
1 ,306
625
619
627
635
630
43
39
39
41
43
28
27
29
27
28
151
141
138
138
139
27
27
28
29
30
295
296
295
295
297
142
142
138
141
,716
156
,705
160
,636
144
,636
149
138 1,621
967
967
961
959
933
3,076
3,080
3,066
3,079
3,050
438
439
441
441
439
6,053
5,988
5,938
5,898
5,739
1 ,250
1 ,245
1 ,247
1 ,254
1 ,260
739
734
737
740
742
112
115
114
127
134
32
32
31
36
35
177
174
173
167
166
72
72
73
66
66
37
37
37
37
37
1,592
1,593
1,566
1,541
1,539
638
621
612
608
562
1,900
1,899
1,905
1,909
1,874
378
376
375
378
382
1,447
1,455
1,418
6,357
6,355
6,252
6,268
6,185
5,919
5,916
5,811
5,827
5,746
4,803 4,425
4,743 4,367
4,691 4,316
4,644 4,266
4,479 4,097
295
254
233
208
122
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
or the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
408
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
fin millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault do- posits
Remestic ad- 1
serve
banks justed
Banks
Boston (6 cities)
457
Feb. 20
Feb. 27
446
Mar. 6
451
458
Mar. 13
Mar. 20
460
New York (8 cities)*
Feb. 20
3,896
3,877
Feb. 27
,799
Mar. 6
,844
Mar. 13
Mar. 20
3,811
Philadelphia (4 cities)
Feb. 20
420
Feb. 27
412
Mar. 6
421
Mar. 13
419
Mar. 20
426
Cleveland (10 cities)
Feb. 20
729
Feb. 27
744
Mar. 6
730
740
Mar. 13
736
Mar. 20
Richmond (12 cities)
Feb. 20
339
Feb. 27
\
334
Mar. 6
345
Mar. 13
356
Mar. 2 0 . . .
321
Atlanta (8 cities)
Feb. 20
380
Feb. 27
381
Mar. 6
380
Mar. 13
383
Mar. 20
371
Chicago (12 cities)*
Feb. 20
,403
Feb. 27
,449
Mar. 6
,425
Mar. 13
,437
Mar. 20
,400
St. Louis (5 cities)
Feb. 20
344
Feb. 27
345
Mar. 6
343
Mar. 13
352
Mar. 20.
331
Minneapolis (8 cities)
Feb. 20
197
190
Feb. 27
203
Mar. 6
203
Mar. 13
194
Mar. 20
Kansas City {12 cities)
Feb. 20
442
Feb. 27
461
Mar. 6
456
459
Mar. 13
430
Mar. 20
Dallas (9 cities)
Feb. 20
384
Feb. 27
382
392
Mar. 6
387
Mar. 13
386
Mar. 20
SanFrancisco (7 cities)
Feb. 20
1,013
Feb. 27
971
Mar. 6
966
1,013
Mar. 13
1,020
Mar. 20
City of Chicago*
863
Feb. 20
911
Feb. 27
882
Mar. 6
885
Mar. 13
852
Mar. 20
2,112
2,097
2,125
2,132
2,157
Time deposits,
except interbank
Individuals, States Certified
part- a n d
U. S.
and
ner- politGovoffiships, ical
ernsubcers'
and
ment
cor- divi- checks
etc.
pora- sions
tions
Indi
viduals,
partnerships,
and
corporations
Interbank
deposits
Domestic
S.
banks
States U.
Bor- CapBank
Govrow- ital
and
debernacFor- ings counts
polit- ment
its'
ical
eign
and
sub- Postal Debanks
divimand Time
sions Savings
2,094
2,087
2,101
2,128
2,151
116
111
115
116
112
34
35
31
36
36
915
917
880
867
803
437
438
439
440
442
291
290
289
298
302
26
25
24
24
25
13
21
19
18
16
289
289
290
291
291
685
548
661
632
701
116
109
108
117
118
14,944 15,022
15,004 15,103
14,855 14,906
14,819 15.034
14,746 14,815
537
542
492
505
492
781
668
658
778
744
6,710
6,719
6,447
6,358
5,864
1,798
1,802
1,797
1,799
1,801
3,206
3,158
3,186
3,150
3,058
1,092
1,088
1,104
1,112
1,119
150
159
226
527
277
2,097
2,092
2,102
2,102
2,101
8,634
5,986
8,194
7,293
8,454
32
32
30
34
32
78
81
81
85
81
1,774 1,842
1,758 1,836
1,762 1,819
1,771 1,847
1,804 1,845
50
51
51
53
70
22
23
19
22
30
733
738
708
699
648
225
227
227
227
227
372
365
371
373
371
11
11
11
11
10
15
8
7
2
256
256
257
257
256
650
543
669
552
636
76
78
74
78
77
211
200
191
190
2,931
2,946
2,939
3,036
2,942
2,959
2,970
2,947
3,070
2,964
135
137
139
152
148
53
53
50
51
54
1,162
1,167
1,123
1,038
1,028
1,253
1,254
1,258
1,259
1,261
549
546
546
539
526
483
483
483
484
484
922
758
830
780
920
37
39
37
41
37
149
160
166
146
135
1,313
1,307
1,338
1,340
1,320
1,312
1,319
1,333
1,358
1,322
86
82
85
82
85
28
27
29
27
32
515
528
512
506
469
351
351
353
354
354
417
415
423
417
398
135
135
139
139
140
446
396
430
393
463
29
32
29
32
29
156
153
172
169
145
1,300
1,298
1,293
1,311
1,306
1,223
1,214
1,212
1,252
1,229
196
203
203
194
203
17
16
15
17
18
470
472
454
448
414
424
423
425
426
427
583
582
593
592
564
125
125
125
125
126
415
373
396
398
445
89
93
87
95
90
403 5*, 278
411 5,242
399 5,225
402
,258
356
,175
5,160
5,153
5,090
5,203
5,053
454
460
464
448
452
83
76
76
89
86
2,387
2,404
2,308
2,280
2,109
1,858
1,860
1,870
1,871
1,872
1,699
1,727
1,732
1,701
1,638
596
599
600
598
600
2,248
1,754
2,238
1,882
2,213
22
23
21
23
22
111
110
109
112
104
1,075 1,123
1,080 1,133
1,075 1,117
1,097 1,160
1,060 1,111
71
73
74
75
75
16
16
17
14
15
495
502
484
477
442
347
347
349
350
351
644
641
644
637
612
134
134
135
135
135
406
354
425
369
464
10
10
10
11
10
98
98
100
97
76
77
87
86
87
10
11
11
11
11
374
373
362
357
332
213
214
215
216
216
347
355
359
353
337
87
87
87
87
87
271
217
275
239
286
23
24
21
23
22
290
285
277
275
261
1,408
1,399
1,402
1,436
1,398
1,390
1.384
1,373
1,402
1,367
168
171
167
185
180
27
34
• 29
27
25
505
508
487
485
451
295
295
296
297
298
905
910
906
893
856
148
149
149
149
150
518
465
496
462
527
24
26
24
26
25
273
262
253
255
244
1,380
1,388
1,383
1,398
1,406
1,386
1,390
1,383
1,413
1,415
94
99
96
91
25
25
24
28
32
492
493
474
467
433
273
273
276
277
277
592
582
593
588
570
137
137
137
137
138
448
359
394
382
447
49
51
47
50
48
277
283
280
274
280
3,506
3,421
3,315 3,354
3,390 3,480
3,449
164
159
166
167
170
100
108
109
105
460
455
457
467
458
549
549
551
552
553
1,239
3,640
3,537
1,134
1,272
36
38
36
38
36
185
192
184
187
145
3,225
3,195
3,165
3,173
3,084 3,114
203
195
192
185
188
1,209
1,226
377
378
380
377
377
1,458
1,132
1,393
1,217
1,467
56
58
55
57
56
113
116
107
115
115
126
131
116
123
114
666
670
675
690
672
651
662
651
675
650
1,6
,629 2,022
1,6
, 660 2,042
1,604 2,049
1,583 2,047
1,466 2,043
1,554
1,562
1,498
44 1,478
1,362
758
759
764
764
764
1,223
1,203
1,164
* See note on page 408.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
1
2
APRIL
1946
409
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Accepting banks
Total
1944—November
December
June
July
.
August
September
October
November
December
.
1946—January.
February
84
Own
bills
40
115
129
93
44
50
162
157
130
126
98
97
48
52
50
46
147
119
103
101
107
110
111
128
117
104
107
117
128
135
96
90
82
80
90
101
104
54
52
51
44
45
50
52
42
38
32
36
45
50
52
127
156
159
135
145
154
174
178
166
167
100
107
112
126
128
44
Bills
bought
167
166
1945—January
February
March
April
]VIay
Based on
Held by
Commercial
paper
Total
out- 1
outstanding standing
53
58
64
71
74
Others2
35
86
14
32 •
29
86
87
13
12
55
53
Goods stc red in or
shipped between
poin ts in
United
States
11
10
9
10
9
10
11
87
81
72
74
81
91
98
32
26
22
27
226
28
31
Dollar
exchange
14
74
32
46
49
48
Exports
from
United
States
Imports
into
United
States
Foreign
countries
(3)
(3)
24
25
4
3
(3)
(3)
(3)
25
24
5
4
25
24
22
20
22
25
23
4
2
2
3
4
2
3
6
(3)
(3)
(3)
(3)
(3)
35
38
42
95
100
103
12
15
18
(3)
(3)
(3)
(3)
40
39
109
109
20
18
(3)
22
23
26
6
7
8
9
29
31
(3)
1
2
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks except on July 31, 1945, when their holdings were $486,000.
3 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 i n millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
Cash on
hand
and in
banks
Customers'
credit balances1
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1936—June
December...
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...
1,267
1,395
1,489
985
774
991
834
906
653
677
67
64
55
34
27
32
25
16
12
12
164
164
161
108
88
106
73
78
58
99
219
249
214
232
215
190
178
207
223
204
985
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
616
600
496
543
761
788
887
1,041
11
8
9
7
9
11
5
7
89
86
86
154
190
188
253
260
186
211
180
160
167
181
196
209
395
368
309
378
529
557
619
726
255
289
240
270
334
354
424
472
65
63
56
54
66
65
95
96
17
17
16
15
15
14
15
18
7
5
4
4
7
5
11
8
222
213
189
182
212
198
216
227
3722
3701
3742
853
3824
3758
3762
3743
3711
795
3 734
3 645
3553
3575
3583
549
3580
3573
3594
3632
3639
654
121
14
13
264
13
'299
1945—March
April
May
June
July
August
September. .
October
November. .
December . .
1946—January....
February...
31,034
31,065
31,094
1,223
8
1,141
31,100
31,084
31,063
31,095
1,138
31,168
31,048
11
333
220
12
413
313
112
29
3 727
3 760
r
Revised.
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): December, 196; January, 193; February, 172.
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.
410
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months1
Year,
month, or
week
1943 average
1944 average
1945 average
.69
.73
.75
1945—March
April
July
August....
September.
October. . .
November.
December..
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
1946—January.. .
February. .
March
.75
.75
.75
May
June
Week ending:
Mar. 2
Mar. 9
Mar. 16. . .
Mar. 23. . .
Mar. 30. . .
U.S. Government
security yields
Prime Stock
exbank- change
9-to 12ers'
call
month
accept- loan
to 5certifi- 3-year
ances,
3recates taxable
90 1
month
3
newof inbills
days
als2
debted- notes
ness
1.34
.44
.373
.75
1.00
.44
.79
1.00
.375
1.33
.44
.81
1.00
.375
1.18
.78
1.18
.44
1.00
.375
.44
.77
1.00
.375
1.14
44
375
80
1 00
1 .16
.44
.375
.16
1.00
.81
.44
.80
1.00
.375
.16'
.44
.82
.17
1.00
.375
4' .19
.44
.84
1.00
.375
.44
.83
1.00
.375
.17'
.44
.84
1.00
.375
.14;
.84
.44
L. 1 5
1.00
.375
1.00
1.00
1.00
.375
.375
.375
.79
.76
.79
1.10
1.03
7
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.76
.78
.79
.80
.81
.99
.97
.97
.99
7
A 6
/l6
7
/l6
7
/l6
7
/l6
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
2.59
2.53
1.73
1.69
2.88
2.75
3.25
3.26
average.
average.
average.
average.
average.
average.
average.
-2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.07
2.04
1.97
2.07
2.30
2.11
1.99
2.87
2.56
2.55
2.58
2 80
2.68
2.51
3.51
3.38
3.19
3.26
3.13
3.02
2.73
1941—September.
December..
2.60
2.41
1.98
1.88
2.62
2.45
3.29 ]
2.99 ,
1942—March
June
September.
December..
2.48
2.62
2.70
2.63
1.85
2.07
2.28
2.09
2.48
2.56
2.66
2.63
3.20
3.34
3.25
3.26
1943—March
June
September.
December..
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September.
December..
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March
June
September.
December..
1946—March
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
1.75
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1937 average1.
1938 average1.
1939
1940
1941
1942
1943
1944
1945
4
.44
.44
.44
Total
19 cities
.99
1.03
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1..25 per
cent
during the entire period.
3
Rate on new issues offered within period.
4
From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept.
15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15,
1945, includes only Treasury bonds of Dec. 15, 1950.
Backfigures.—SeeBanking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Backfigures.—-SeeBanking and Monetary Statistics, Tables 124-125
p p . 463-464; for description, see pp. 426-427.
BOND YIELDS *
[Per cent per annum]
Corporate (Moody's)4
U. S. Government
7 to 9
years
Year, month,
or week
Taxable
15 years and
over
Partially tax
exempt
Municipal
(highgrade)2
Corporate
(highgrade)3
By groups
By ratings
Total
Taxable
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues.
1-5
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1943 average
1944 average. . . .
1945 average. . . .
1.96
1.94
1.60
1.98
1.92
1.66
2.47
2.48
2.37
2.06
1.86
1.67
2.64
2.60
2.54
3.16
3.05
2.87
2.73
2.72
2.62
2.86
2.81
2.71
3.13
3.06
2.87
3.91
3.61
3.29
2.85
2.80
2.68
3.64
3.39
3.06
2.99
2.97
2.89
1945—March....
April
May
June
July
August. . .
September.
October.. .
November.
December.
1.70
1.62
1.57
1.56
1.58
1.59
1.56
1.50
1.42
5 1.38
1.70
1.68
1.68
1.63
1.63
1.68
1.68
1.62
1.56
1.51
2.40
2.39
2.39
2.35
2.34
2.36
2.37
2.35
2.33
2.33
1.61
1.57
1.58
1.58
1.57
1.70
1.79
1.76
1.70
1.64
2.51
2.49
2.53
2.54
2.53
2.56
2.56
2.54
2.54
2.54
2.91
2.90
2.89
2.87
2.85
2.86
2.85
2.84
2.82
2.80
2.62
2.61
2.62
2.61
2.60
2.61
2.62
2.62
2.62
2.61
2.72
2.73
2.72
2.69
2.68
2.70
2.70
2.70
2.68
2.68
2.92
2.90
2.88
2.86
2.85
2.85
2.85
2.84
2.81
2.79
3.38
3.36
3.32
3.29
3.26
3.26
3.24
3.20
3.15
3.10
2.68
2.69
2.68
2.68
2.68
2.68
2.67
2.65
2.64
2.64
3.11
3.07
3.05
3.03
3.00
3.02
3.05
3.03
2.99
2.96
2.94
2.94
2.93
2.89
2.87
2.86
2.85
2.84
2.81
2.79
1946—January..
February .
March
1.31
1.28
1.28
(6)
(6)
(6)
2.21
2.12
2.09
1.57
1.49
1.49
2.43
2.36
2.35
2.73
2.68
2.66
2.54
2.48
2.47
2.62
2.56
2.54
2.73
2.70
2.69
3.01
2.95
2.94
2.57
2.54
2.54
2.89
2.83
2.80
2.71
2.65
2.64
Week ending:
Mar. 2.
Mar.
9.
Mar. 16.
Mar. 2 3 .
Mar. 30.
1.28
1.28
1.27
1.27
1.29
(6)
(6)
(6)
(6)
(6)
2.10
2.10
2.09
2.09
2.08
1.49
1.49
1.49
1.49
1.48
2.36
2.36
2.34
2.35
2.34
2.67
2.66
2.66
2.66
2.66
2.48
2.48
2.47
2.47^
2.46
2.56
2.54
2.54
2.54
2.53
2.70
2.69
2.69
2.69
2.68
2.94
2.94.
2.94
2.95
2.95
2.55
2.54
2.54
2.55
2.54
2.83
2.82
2.81
2.80
2.79
2.64
2.64
2.64
2.64
2.64
.
.
.
.
.
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
3 u . S. Treasury Department.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively.
*6 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
No partially tax-exempt bonds due or callable in 15 years and over.
Backfigures.—SeeBanking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
APRIL 1946
411
SECURITY MARKETS 1
Stock prices5
Bond prices
Corporate4
Year, month, or week
Number of issues
U.S. MunicGovipal
ern(highment2 grade)3 Highgrade
Medium- and lower-grade
Industrial
Total
Pre- 6
De- ferred
faulted
Public
utility
Railroad
Common (index, 1935-39=100) Volume
of trading7 (in
thousands of
shares)
IndusRailPublic
Total
trial
road utility
15
15
50
10
20
20
15
15
402
354
20
28
1943 average. . . .
1944 average. . . .
1945 average. . . .
100.50 131.8
100.25 135.7
102.04 139.6
120.3
120.9
122.1
109.5
114.7
117.9
117.0
120.5
122.2
97.6
107.3
115.1
114.0
116.3
116.3
44.0
59.2
75.4
172.7
175.7
189.1
92
100
122
94
102
123
89
101
137
82
90
106
1,032
971
1,443;
1945—March. . .
April
May
June
July
August. . .
September
October. .
November
December.
101.56
101.68
101.74
102.38
102.46
102.22
102.02
102.38
102.60
102.68
140.7
141.6
141.3
141.5
141.6
138.8
137.0
137.7
139.0
140.1
122.7
122.9
122.3
122.1
122.3
121.7
121.6
121.9
122.0
121.9
118.1
118.2
117.9
118.1
117.9
117.2
117.1
117.7
118.3
119.0
122.9
123.1
122.1
122.2
122.2
121.7
121.4
122.0
122.5
123.1
114.8
115.0
115.0
115.5
115.2
114.4
114.4
115.3
116.6
117.5
116.5
116.5
116.5
116.7
116.4
115.5
115.6
115.7
116.0
116.2
68.9
71.9
77.5
81.4
80.4
75.6
74.5
76.6
78.9
82.1
187.7
190.9
191.2
190.9
189.6
188.1
186.7
188.0
192.2
195.3
112
114
118
121
118
118
126
132
137
140
114
117
120
122
119
119
128
135
139
142
124
129
135
144
140
131
138
145
154
157
96
98
101
106
108
107
111
114
121
120
1,195
1,273
1,357
1,828
951
1,034
1,220
1,556
1,961
1,626
1946—January..
February.
March....
104.59 141.6
106.03 143.4
106.46 143.4
123.8
124.5
124.5
119.7
120.0
120.1
123.9
124.4
124.5
118.9
119.6
119.9
116.3
116.1
115.9
84.9
85.4
82.7
197.9
200.5
203.1
145
143
142
148
146
145
164
160
154
124
124
123
2,183
1,776
1,116
Week ending:
Mar. 2 . . .
Mar. 9 . . .
Mar. 16...
Mar. 2 3 . . .
Mar. 3 0 . . .
106.25
106.35
106.49
106.4
106.59
143.3
143.3
143.3
143.3
143.5
124.3
124.5
124.4
124.6
124.5
120.0
120.1
120.2
120.1
120.1
124.3
124.4
124.7
124.5
124.6
119.5
119.7
119.9
120.0
120.0
116.3
116.1
116.0
115.8
115.7
82.6
82.0
81.4
83.0
84.4
201.2
201.8
201.8
203.5
205.3
139
140
139
143
146
141
142
141
146
149
154
152
150
155
157
122
122
121
124
124
1,657
968
1,097
1,180
1,260
1-9
1
2
3
4
5
6
7
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.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average, daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
Total
(new Total
and
(dorefund- mestic
and
ing)
foreign)
Domestic
Total
State
and
municipal
Federal
agen-1
cies Total
Corporate
Bonds
and Stocks
notes
839
817
807
287
601
889
506
282
422
602
2
29
68
101
158
1
212
107
105
209
60
161
24
33
50
103
"'34'
64
35
103
28
107
1
18
131
47
10
5
1,972
2,138
2,360
'2,277
1,951
2,854
1,075
642
913
'1,764
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
896
1,752
1945—February.
222
March.. . . 563
April
••761
May
584
June
169
July
1,229
August. . . 510
September. 879
October.. . 1,338
November. 223
December.
838
44
92
130
187
52
249
144
142
243
94
243
44
92
126
186
52
249
144
142
238
94
241
6
24
19
28
43
35
37
37
29
34
80
9
346
350
200
65
200
65
68
1946—January. . .
February..
Domestic
1,192
1,225
873
383
736
1,062
624
374
646
1,255
735
22
712
157
971
481
931
924
751
461
518 1,272
342
108
176
90
235
15
471
26
6,214
3,937
4,449
' 5 , 790
4,803
5,546
2,114
2,174
4,216
r
7;958
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
For refunding
6
352
408
67
97
135
173
118
92
224
654
Total
(doFor-2 mestic
and
eign
foreign)
23 4,242
44 1,799
35 2,089
•38 '3,513
2 2,852
1 2,693
1,039
2 1,532
3,303
17
'12 6,194
Total
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,146
State
and
municipal
Federal
agen-1
cies
382
353
191
281
129
665
195 1,537
482
344
435
698
181
440
259
497
404
418
324
912
Corporate
Bonds
and Stocks
Total
notes
3,387 3,187
856
1,209
1,267 1,236
1,733 1,596
2,026 1,834
1,557 1,430
407
418
603
685
2,466 2 , H 8
4,911 4,256
Foreign5
200 119
352 119
31
28
137 '48
193
126
4
11
82 " 9 0
288
15
655
48
163
5
178
471
35
471
631
51
631
55
397 -395
1
117
1
117
981
178
981
366
43
366
732
70
737
106
1,096 1,070
129
31
129
594
54 • • • - • 594
8
150
30
9
8
31
7
' 9
38
7
3
18
25
46
19
30
200
20
17
42
44
255
137
296
555
367
79
750
338
705
989
78
337
137
15
265
31
530
25
272
95
"2
79
623 "i27*
297
41
645
60 ' ' 5
820
169
26
60
18
282
55
146
284
3
30
20
113
264
55
247
122
42
146
284
58
17
r
1
2
Revised.
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.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce,
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
412
Monthly figure
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
fin millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds3
Year or month
New money
Total
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
June
July
August
September
October
November
December
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
5,800
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,691
208
858
991
681
325
569
868
474
308
657
996
111
380
574
504
170
424
661
287
141
252
581
96
478
417
177
155
145
207
187
167
405
415
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,447
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,017
71
226
190
87
59
128
100
30
72
351
430
219
463
742
380
182
215
453
729
373
178
61
29
125
33
66
27
18
10
17
9
34
11
115
17
57
151
415
594
338
109
149
375
570
224
106
2
40
24
115
3
281
215
226
643
496
92
944
440
795
1,077
121
. 470
275
212
221
632
485
91
925
433
780
1,057
117
462
35
28
48
102
136
5
190
80
99
150
20
103
14
16
28
55
49
1
147
41
50
97
7
75
21
12
19
47
88
3
43
39
49
53
13
27
240
177
171
513
331
79
719
297
668
854
70
327
221
160
158
501
278
72
581
278
634
798
51
286
19
17
13
12
53
7
138
19
35
56
19
41
5
1
14
12
1
5
50
1
19
4
C
12
1
2
3
6
6
11
6
12
34
22
19
253
297
245
291
111
37
63
17
49
20
118
238
56
222
62
16
5
2
10
15
1944—August
September
October
November
December
1945—January
February
March.
April
May
Plant and
equipment
Retirement of securities
1946—January
February......
23
49
36
7
26
19
28
35
27
47
124
170
154
111
215
69
174
144
138
73
49
124
3
7
7
2" "
3
1
3'"
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Year or month
Other
Industrial
Retire- All
Retire- All Total
Total
Retire- All Total
Retire- All Total
New ment of other
net
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 pro- money securi- pur- 4 pro- money securi- purposes
ties
poses ceeds
ties
ceeds
ties
poses ceeds
ties
poses ceeds
120
774
338
54
182
319
361
47
160
602
1,436
57
139
228
24
85
115
253
32
46
102
115
54
558
110
30
97
186
108
15
114
500
1,320
10 1,250
77 1,987
1
751
1,208
1,246
18 1,180
1,340
464
469
1,400
2,196
30
63
89
180
43
245
317
145
22
40
61
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2 083
30
27
50
86
47
13
30
27
25
17
51
774
1,280
1,079
831
584
961
828
527
497
1,033
1,865
74
439
616
469
188
167
244
293
228
454
732
550
761
373
226
353
738
463
89
199
504
984
150
80
90
136
43
56
121
146
71
76
149
122
390
71
16
102
155
94
4
21
107
194
46
218
57
8
9
42
55
4
13
61
88
72
152
7
7
88
9
18
1944—August
September..
October
November..
December. .
134
189
36
52
82
19
10
2
4
115
179
35
48
82
31
167
499
272
21
3
5
9
7
26
155
485
265
20
2
6
5
47
91
191
47
34
36
12
115
22
24
10
77
74
23
7
1
3
3
1
3
3
6
3
2
42
3
2
1
4
j'
i
1945—January
February.. .
March
April
119
108
' 12'
119
96
65
60
124
139
184
30
301
115
371
565
42
200
"'15*
2
23
65
60
122
127
183
30
297
110
364
523
35
169
82
27
93
118
223
59
480
221
130
218
49
166
28
9
41
64
117
3
163
63
87
89
17
51
54
16
50
38
89
49
301
111
38
107
26
106
43
32
1
1
43
31
181
100
98
26
68
59
1935
1936
1937
1938
1939..
1940
1941 . . .
1942
1943 . .
1944
1945
May
June
July
August
September..
October
November..
December. .
1946—January
February...
360
75
105
84
270
246
14 ' "346'
18
57
12
93
10
74
4
266
219
27
68
19
50
7
150
7
1
148
1
2
12
1
4
1
"i'
6
26
5
8
"
42
2
15
17
7
16
47
6
23
6
9
1C
18
4
15
2
2
40
13
10
27
27
27
8
7
4
12
15
15
13
9
6
9
'{'
i
11
6
8
19
1
9
4'
42
60
2
6
1
2
29
2
5'
10
3
4
20
7
1
5
104
21
4'
3
47
2"
5
1
1
5
1
4
15
15
7
c
Corrected.
1
Estimates of new issues sold for cash in the United States. Current figures subject
2
Gross
proceeds are derived by multiplying principal amounts or number of units by
3
to revision.
offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
4
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.
APRIL
1946
413
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Number of companies..
1939
1940
1941
1942
1943
1944
1945
Quarterly
1942—i .
2
3
. . . .
4*.
1943—i
2
3
4
1944—i
2
3
4
1945—i
2
3
4
. . . .
.......
Iron
and
steel
NonOther
trans- ferrous
Au- portaMametals
chin- tomo- tion
and
ery
biles equip- products
ment
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
Other
nondurable
goods
Dividends
MiscellaNet 1
neous profits
servPre- Comices
ferred mon
629
47
69
15
68
77
75
49
45
30
74
152
152.
152
1,465
1,818
2,163
1,769
1,800
1,896
1,922
146
278
325
226
204
194
190
115
158
193
159
165
174
156
223
242
274
209
201
222
244
102
173
227
182
180
190
169
119
133
153
138
128
115
107
70
88
113
90
83
88
85
151
148
159
151
162
175
199
98
112
174
152
186
220
226
186
194
207
164
170
187
188
134
160
187
136
149
147
156
122
132
152
161
171
184
202
847
1,028
1,137
888
902
970
976
90
90
92
88
86
86
85
564
669
705
552
556
611
612
413
358
445
553
52
52
51
72
38
35
36
49
46
25
46
92
22 46
43
2 43
2
50
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
31
32
52
46
205
174
213
296
21
23
20
23
134
135
125
158
430
433
461
477
52
47
51
53
39
41
41
45
47
50
52
53
2 48
246
2 46
2 41
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
246
21
22
21
22
127
132
127
170
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
2 52
2 47
2 47
2 43
29
30
28
28
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
36
37
37
37
39
43
52
50
224
230
244
272
21
22
20
23
142
149
137
184
492
508
'439
483
49
53
'37
50
38
42
35
40
63
77
'46
59
2 50
2 47
'2 36
2 36
31
27
23
26
21
21
'20
23
45
46
'50
58
62
64
61
39
48
45
43
52
39
38
'37
43
45
47
'53
57
250
269
'224
232
20
22
21
22
142
145
143
182
80 •
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad 3
Year or quarter
Telephone5
Electric power4
Operating
revenue
Income
before
income
tax 6
Net
income1
Dividends
Operating
revenue
Income
before
income
tax«
Net
income1
Dividends
Operating
revenue
Income
before
income
tax 6
Net
income1
Dividends
3,995
4,297
5,347
7,466
9,055
9,437
8,902
126
249
674
1,658
2,211
1,971
93
189
500
902
873
668
126
159
186
202
217
246
629
692
774
847
914
915
535
548
527
490
502
499
444
447
437
408
410
390
191
194
178
163
180
174
447
253
906
523
399
1,067
1,129
1,235
1,362
1,537
1 641
1,803
227
248
271
302
374
399
755
2,647
2,797
3,029
3,216
3,464
3,618
3,695
396
177
175
178
172
163
168
168
1,483
1,797
2,047
2,139
178
390
556
534
286
327
30
101
24
46
816
770
234
196
131
104
98
96
I943—1
2
3
2,091
2,255
2,368
2,340
515
608
653
435
214
244
250
166
29
52
36
100
864
835
859
906
195
222
254
221
210
228
1944—1
2,273
2,363
2,445
2,356
458
511
550
• 452
148
174
180
165
31
55
30
130
925
886
878
929
2,277
2,422
2,231
1.972
425
504
229
-404
139
187
125
30
72
29
971
909
887
1939
1940
1941
1942
1943
1944
1945
. .
1942—1
2
Quarterly
3
4
4
2
3
4
I945—1
2
3
4
90
198
-4
123
792
839
928
173
342
359
72
75
41
41
39
43
44
42
72
83
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
135
123
111
130
94
102
94
101
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
292
233
211
139
123
116
102
96
92
436
444
449
115
109
103
46
45
44
41
44
43
171
145
109
474
70
43
46
105
150
84
131
136
118
114
133
262
241
207
205
324
337
39
38
' Revised.
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
*5 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,6 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 (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published
reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war
producers,whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
1
3
414
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues1
Total
gross
direct
debt
Total
interestbearing
direct
debt
Total 2
1942—Dec
1943—June
Dec.
1944—June....
Dec.
108,170
136,696
165,877
201,003
230,630
107,308
135,380
164,508
199,543
228,891
76,488
95,310
115,230
140,401
161,648
6,627
11,864
13,072
14,734
16,428
10,534
16,561
22,843
28,822
30,401
9,863
9,168
11,175
17,405
23,039
1945—Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec.
1946—Jan
Feb
Mar
233,950
235,069
238,832
258,682
262,045
263,001
262,020
261,817
265,342
278,115
278,887
279,214
276,012
232,026
233,063
235,761
256,357
259,781
260,746
259,630
259,439
262,849
275,694
277,456
277,912
274,748
162,625
162,680
162,652
181,319
183,080
183,334
182,833
182,790
185,112
198,778
199,633
199,810
197,063
16,921
17,041
17,049
17,041
17,025
17,038
17,018
17,026
17,026
17,037
17,042
17,032
17,047
34,544
34,478
34,442
34,136
34,472
34,430
35,072
35,021
35,021
38,155
41,502
41,413
40,399
18,588
18,588
18,588
23,497
23,498
23,498
23,498
23,498
23,498
22,967
19,551
19,551
18,261
End of month
Nonmarketable public issues
Noriinterestbearing
debt
Fully
guaranteed interestbearing
securities
Total 2
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
49,268
57,520
67,944
79,244
91,585
21,788
29,200
36,574
44,855
50,917
15,050
21,256
27,363
34,606
40,361
6,384
7,495
8,586
9,557
9,843
9,032
10,871
12,703
14,287
16,326
862
1,316
1,370
1,460
1,739
4,283
4,092
4,225
1,516
1,470
92,377
92,377
92,377
106,448
107,890
108,172
107,049
107,049
109,371
120,423
121,358
121,635
121,177
51,833
52,460
54,517
56,226
57,143
57,379
56,278
56,072
57,028
56,915
57,168
57,206
56,550
42,159
42,626
43,767
45,586
46,508
46,715
46,741
46,786
47,473
48,183
48,588
48,692
48,733
8,948
9,109
10,031
10,136
10,119
10,148
9,021
8,776
9,058
8,235
8,107
8,043
7,365
17,567
17,923
18,592
18,812
19,558
20,033
20,519
20,577
20,710
20,000
20,655
20,897
21,135
1,923
2,006
33,071
2,326
2,264
2,255
2,391
42,378
52,492
2,421
1,431
1,301
1,264
1,119
1,132
1,151
409
484
515
527
541
536
553
545
539
542
CertifiTreasury cates of Treasury Treasury
indebtbills
notes
bonds
edness
1
Including amounts held by Government agencies and trust funds, which aggregated 7,023 million dollars on Feb. 28, 1946.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
a Including prepayments amounting to 947 million dollars on securities dated June 1, 1945, sold in the Seventh War Loan, beginning on May
14, 1945.
4
Including prepayments amounting to 54 million dollars on securities dated Nov. 15, 1945, and Dec. 3, 1945, sold in the Victory Loan, beginning 6on Oct. 29, 1945.
Including prepayments amounting to 192 million dollars on securities dated Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, MARCH 31, 1946
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
T r e a s u r y bills 1
Apr. 4, 1946
Apr. 11, 1946
Apr. 18, 1946
Apr. 25, 1946
May 2 1946
M a y 9, 1946
Mi ay 16 1946
M a y 23. 1946
May x 1 1046
June 6, 1946..
June 13 1946
June 20, 1946.. .
June 27, 1946
1,303
1,316
1,312
1,317
1,316
1,315
1,309
1,301
1,317
1,309
1,304
1,315
1,313
Cert. of indebtedness
Apr. 1, 1946
H
M a y 1, 1946
• r4
y
June 1, 1946
Aug. 1, 1946....
%
Sept. 1, 1946
Oct. 1, 1946
Nov. 1, 1946.... • 4
T
Dec. 1, 1946....
4
Jan. 1, 1947
4
Feb. 1, 1947....
4
y*
Mar. 1, 1947
4,811
1,579
4,799
2,470
4,336
3,440
3,778
3,768
3,330
4,954
3,133
Treas ury
July 1,
Dec. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Sept. 15,
4,910
3,261
1,948
2,707
1,687
3,748
Treasury
June 15,
June 15,
Oct. 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
June 15,
notes
1946.... . . .90
1946.... . .IK
1947.... . .iy
1947.... .. IK
1947
• • i yi
1948.... . . i K
bonds
1946-48. . . . . 3
1946-49. . .zy%
1947-52. '' 4y
1947
2
2
1948-50.
1948-51. ..2K
1948
• •IK
1948.... . .2K
2
1948-50.
2
1949-51.
2
Issue, and coupon rate
Treasury bonds—Cont.
Sept. 15, 1949-51.. .. .2
Dec. 15, 1949-51!. .. .2
Dec. 15, 1949-52.. • 3}i
Dec. 15, 1949-53.. .2K
Mar. 15, 1950-52..
2
Sept. 15, 1950-52.. .2K
2
Sept. 15, 1950-52.
Dec. 15, 1950
. .IK
June 15, 1951-54..
Sept. 15, 1951-53.. '.. .2
3
Sept. 15, 1951-55.
Dec. 15, 1951-53.. .2%
2
Dec. 15, 1951-55..
Mar. 15, 1952-54.. .2K
June 15, 1952-54.. . . . 2
June 15, 1952-55.. • 2 y.
Dec. 15, 1952-54.. . . . 2
June 15, 1953-55.. . . . 2
June 15, 1954-56.. .2)4
Mar. 15, 1955-60.. .2V8
Mar. 15, 1956-58.. .2K
Sept. 15, 1956-59..
Sept. 15, 1956-59.. '.2yi
June 15, 1958-63.. .2H
June 15, 1959-62.. • 2K
Dec. 15, 1959-62.. .2%
Dec. 15, 1960-65.. 2^i
June 15, 1962-67.. '.2y2
Dec. 15, 1963-68.. .2K
June 15, 1964-69..
Dec. 15, 1964-69.. . 2 }/2
Mar. 15, 1965-70.. • 2 }/2
Mar. 15, 1966-71.. .2 y2
June 15, 1967-72.. !2K
Sept. 15, 1967-72.. .2K
Dec. 15, 1967-72.. .2K
Amount
451
571
G u a r a n t e e d securities
Federal Housing Admin.
Various
RedempAmount Funds received from sales during tions and
outmaturities
standing
at end of
All
All
month
Series Series Series
G
F
series
series
E
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
3,467
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,691
40
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 2411.
Called for redemption on June 15, 1946.
APRIL 1946
Month
1,292
2,098
l,036
2
819 Postal Savings
117
759
bonds
2K
13
701 Conversion b o n d s . .. .3
1,115 P a n a m a Canal l o a n . . 3
50
1,223
3,062
Total direct issues... 197,063
1,014
UNITED STATES SAVINGS BONDS
[In millions of dollars]
1944—Sept
Oct....
Nov
Dec... .
37,323
37,645
38,308
40,361
1945—Jan
Feb.. . .
Mar....
Apr.. . .
May.. .
June. . .
July. . .
Aug
Sept....
Oct
Nov....
Dec. ..
1946—Jan
Feb.. . .
Mar
41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
46,786
47,473
48,183
48,588
48,692
48,733
692
695
1,023
2,386
1,074
591
599
807
1,855
848
889
838
804
653
712
684
1,540
2,178
1,295
1,195
1,468
1,032
571
420
510
865
908
641
367
371
700
514
625
1,184
1,254
960
622
626
16
14
43
125
85
83
174
406
283
401
382
365
42
31
27
23
63
178
47
22
18
8
54
83
40
30
27
228
164
151
130
282
532
215
107
76
107
265
262
278
225
230
341
323
464
404
426
403
428
531
528
616
533
559
629
565
634
Maturities and amounts outstanding, March 31, 1946
Year of
maturity
1946
1947
1948
1949
1950
1951
1952
1953
1954
....
1955
1956
1957
1958
Unclassified. .
Total
All
series
Series
B-D
275
423
275
423
496
802
988
496
802
988
441
1,634
4,799
8 770
11,731
10,625
4,423
3 092
Series
E
Series
F
i , 192
4,799
7,385
8,863
7,561
924
213
581
584
87
766
-90
48,733
656
734
3,425
30,724
2,855
Series
G
i', i 73
2,286
2,408
2,765
2,508
679
11,818
415
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
Privately, held1
Held
by
Federal
Reserve
Banks
Other investors
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Marketable
issues
Nonmarketable
issues
1942—June
December
1943—June
December
1944—June
December
76,517
111,591
139,472
168,732
201,059
230,361
7,885
9,032
10,871
12,703
14,287
16,326
2,738
3,218
3,451
4,242
4,810
5,348
2,645
6,189
7,202
11,543
14,901
18,846
63,249
93,152
117,948
140,244
167,061
189,841
26,410
41,373
52,458
59,842
68,431
77,558
3,891
4,559
5,290
6,090
7,306
8,328
9,200
11,300
13,100
15,100
17,300
19,600
10,700
14,800
18,700
23,700
30,700
35,200
13,000
21,100
28,400
35,500
43,300
49,200
1945—May
June
July
August
September
October
November
December
1946—January
236,912
256,766
260,265
261,261
260,156
259,980
263,386
276,246
278,001
18,592
18,812
19,558
20,033
20,519
20,577
20,710
20,000
20,655
5,217
6,128
6,105
6,121
6,123
6,175
6,134
7,038
7,043
20,954
21,792
21,717
22,530
23,328
23,276
23,472
24,262
23,264
192,149
210,034
212,885
212,577
210,186
209,952
213,070
224,946
227,039
77,500
84,069
85,300
84,500
83,500
84,200
85,600
90,000
91,800
8,700
9,588
9,800
10,000
10,000
10,000
9,800
10,700
10,900
20,100
22,700
22,700
22,500
22,500
22.400
'22,200
24,100
24,700
33,100
39,500
40,100
40,300
40,000
39,400
-40,500
45,300
44,500
52,700
54,200
55,000
55,300
54,200
54,000
55,000
54,800
55,100
1
Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial
banks and mutual savings banks have been rounded to nearest 100 million for all dates except
June and December for which call report data are
r
available. Backfigures.—SeeBanking and Montetary Statistics, Table 149, p. 512.
Revised.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Public marketable securities. Par values in millions of dollars]
End of month
Total
outstanding
U. S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
agen-, Resav- ance Other
cial
cies serve banks ings comand
Banks C1) banks panies
trust
funds
Total:2
1945—June..
July..
Aug...
Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
181,353
183,114
183,369
182,870
182,829
185,151
198,820
199,672
Treasury bills:
1945—June..
July. .
Aug...
Sept..
Oct.. .
Nov. .
Dec..
1946—Jan.. .
17,041
17,025
17,038
17,018
17,026
17,026
17,037
17,042
3
9
15
18
21
18
5
6
Certificates:
1945—June..
July..
Aug...
Sept..
Oct.. .
Nov. .
Dec...
1946—Jan.. .
45,652
45,939
45,837
45,227
44,512
45,679
51,046
50,210
77,484
78,609
77,862
76,939
77,547
78,935
82,830
84,700
9,382
9,621
9,775
9,845
9,847
9,587
10,491
10,726
20,930
21,146
21,273
21,437
21,501
21,375
23,183
23,758
12,962
12,810
13,254
13,234
13,172
12,593
12,831
12,866
2,798
2,737
2,193
2,035
1,978
2,306
2,476
2,387
1
2
2
10
6
14
4
1
34,136
34,472
34,430
35,072
35,021
35,021
38,155
41,502
47 6,032
45 6,096
46 6,400
55 7,184
77 7,206
62 7,800
38 8,364
51 8,047
16,789
16,812
16,413
16,209
16,230
16,358
18,091
21,380
92
96
158
211
221
171
91
101
420
454
423
494
553
561
360
390
10,756
10,968
10,991
10,918
10,735
10,070
11,211
11,532
Treasury notes:
1945—June.,
July..
Aug...
Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
23,497
23,498
23,498
23,498
23,498
23,498
22,967
19,551
52
52
52
53
80
71
8
8
16,076
16,211
16,058
15,830
15,834
15,678
15,701
13,652
242
244
247
260
258
223
179
176
601
598
587
581
591
607
576
546
4,841
4,695
4,793
4,841
4,815
4,817
4,383
3,764
Guaranteed
securities:
1945—j une
July..
Aug...
Sept..
Oct...
Nov
Dec...
1946—Jan.. .
34
34
35
37
39
39
41
39
6
6
7
7
7
7
7
7
10
10
11
12
12
13
11
12
2
2
2
2
2
3
3
3
13
13
13
13
13
14
14
13
3
3
2
4
4
3
6
4
6,112 21,792
6,083 21,717
6,092 22,530
6,094 23,328
6,146 23,276
6,104 23,472
7.009 24,262
7,014 23,264
1,685
1,698
1,762
1,933
1,920
2,102
2,120
1,405
1
1,273
1,466
1,574
1,721
1,850
1 2,094
1 1,723
1,783
End of month
Total
outstanding
U. S.
Government
agencies
and
trust
funds
Treasury bonds:
Total:
1945—June..
July. .
Aug...
Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
Maturing within
5 years:
1945—June..
July. .
Aug...
Sept..
Oct...
106,448
107,890
108,172
107,049
107,049
109,371
120,423
121,358
Fed- Com- Mu- Insurmer- tual
eral
sav- ance Other
cial
Rebanks
ings comserve
banks panies
Banks 0)
5,968 1,113 41,795 9,045 19,892 28,636
5,936 1,113 42,822 9,278 20,079 28,661
5,937 1,114 43,170 9,365 20,251 28,334
977 42,834 9,360 20,348 27,604
5,926
977 43,477 9,360 20,343 26,964
5,926
977 44,564 9,176 20,192 28,551
5,911
947 46,535 10,217 22,230 33,579
6,915
947 47,253 10,445 22,807 33,000
6,905
8,939
8,939
8,939
7 725
7,725
8,214
10,879
10,879
547
530
532
381
379
456
481
478
5,770
5,814
5,803
5,126
5,177
5 ,387
7,282
7,360
172
175
183
181
184
173
161
169
375
350
352
320
304
277
257
258
2,074
2,069
2,06a
1,714
1,681
1,917
2,697
2,613
48,155
48,423
48", 425
49,180
49,180
49,180
46,484
46,484
1,333
1,322
1,319
1,398
1,396
1,386
1,340
1,323
29,147
29,954
30,209
30,798
31,241
32,125
31,317
31,776
3,400
3,228
3,101
3,056
2,970
2,705
2,460
2,230
4,267
4,194
4,163
4,179
4,066
3,945
3,840
3,735
10,009
9,725
9,631
9,749
9,506
9,021
7,534
7,418
16,727
17,307
17,446
16,748
16,748
16,880
20,532
20,643
1,054
1,058
1,057
982
985
907
967
970
4,562
4,667
4,687
4,388
4,451
4,371
5,406
5,479
2,458
2,673
2,814
2,868
2,928
2,966
3,298
3,427
2,471
2,476
2,534
2,493
2,505
2,458
2,995
3,054
6,179
6,433
6,352
6,020
5,880
6,178
7,865
7,711
32,626
33^219
33,360
33,394
33,394
35 095
D e c . . 42',526
1946—Jan.. . 43,350
4 146
4^140
4,141
4,141
4,140
4 139
5',073
5,082
2 317
2^385
2,470
2,521
2,609
2 679
2^532
2.634
3 010
3! 200
3,266
3,257
3,277
3 333
4',300
4,617
12 779
13^061
13,199
13,357
13,466
13,511
15!141
15,759
10,375
IO]435
10,284
10,120
9,900
11 432
15^482
15,257
Dec.
1946—Jan.. .
Maturing in 5-10
years:
1945—June..
July. .
Aug...
Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
Maturing in 10-20
years:
1945—June..
July. .
Aug...
Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
Maturing after 20
years:
1945—June..
July..
Aug...
Sept..
Oct...
banks nas been expanded. .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. On Jan. 31, 1946, commercial banks reporting to the Treasury held 31,667 million dollars of U. S. Government2 securities due or callable within one year out of a total of 70,478 million outstanding.
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
416
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
Fiscal year ending:
June 1943
June 1944
June 1945
MisChange
TransIncome taxes1 cella- Social
in
Trust
Na- fers to Other Total
neous Secu- Other Total Net Intergenacest
trust
exDefitional
budget
inter- rity
rerere- 3 on
eral
counts,
acpendi- expend- cit
denal
fund
etc 4
taxes ceipts ceipts ceipts debt fense counts, tures itures
With- Other revebal1
etc.
held*
nue
ance
Increase
in
gross
debt
16,094 4,553 1 508 1,230 23,385 22,282 1, 808 72,109
435 3,827 78,179 5 5 , $97 -1,861 +6,515 64,274
556 3,540 93,744 4 9 , 595 +4,051 + 10,662 64,307
8*393 26,262 5,291 1 751 3,711 45,408 44,149 2 , 609 87,039
10,289 24,884 6,949 1 793 3,824 47,740 46,457 3 , 617 90,029 1,646 5,113 100,405 53,948
+798 +4,529 57,679
1945—March
883 4,935
600 1,567
April
745
May
1,282
June
826 3,930
July
669 1,073
466
August
1,200
768 3,440
September. .
572 1,021
October
449
November. . 1,076
707 2,659
December. ..
520
534
557
561
718
877
573
689
602
516
96
46
337
69
66
306
69
58
257
69
473
221
477
529
228
432
342
241
225
170
6,908
2,967
3,398
5,916
2,754
3,281
5,192
2,581
2,609
4,122
2,201
1,704
4,180
645
584
649
51
310
100
397
191
176
3,848 3,819
3,875 3,678
5,762 5,747
1946—January....
February. . .
March
554
1,086
658
6,892
628 8,246
139 7,139
2,929
66 8,156
3,085
5,914 1, 009 7,837
2,695
156 7,324
99 6,398
2,997
647 5,365
5,189
172 5,124
2,530
84 4,224
2,374
817 4,244
4,118
45
236
296
335
530
162
34
38
309 3,417
118 2,702
646 2,550
684
148
23
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
2,810
June 1943
June 1944... . 3,202
3,239.
June 1945..
1945—March
April
May. . .
June...
July
August
September.
October... .
November. .
December. .
1946—Tanuary....
February. . .
March
Net exoenditures
in checking acExcounts of
Invest- pendiGovernments tures
ment
agencies
+262 -2,036
2 , 540
5 , 340
+9 -3,911
6 , 190
+686 -1,741
3 , 727 - 1 , 0 5 0 + 15,073
5 , B62
- 1 1 6 -2,615
- 5 0 -3,451
4 , . 357
- 9 5 -2,497
1, 122
3 , 420
+302 -3,321
2 , 282
+390 + 1 632
1, 327
+113 + 11,558
513
455
757
460
547
695
564
617
348
384
9,433
7,968
9,275
9,641
8,557
7,354
6,611
5,950
4,656
5,445
482
543
4,891 1, 373
3,510 + 168
4,602 +1, 146
1,383
242
1,120
3,763
19,850
3,362
956
-980
-203
3 524
12,773
-577
772
327
+534
-1,593 -3,201
-276
+39
+462
General fund of the Treasury (end of period)
Other
Assets
De-
Receipts
Investments
Expenditures
Total
posits
in
special
depositaries
Other
assets
Total
labilities
Balance
in
general
fund
2,350
2,816
2,757
456
380
453
2,194
4,403
1,178
1,117
1,851
3,820
1,313
2,444
-571
10,149
20,775
25,119
1,038
1,442
1,500
7,667
18,007
22,622
1 ,444
1 ,327
997
643
607
421
9,507
20,169
24,698
43
40
42
42
51
56
91
146
143
149
-407
54
22
48
271
482
203
239
241
-66
38
198
270
412
530
701
579
336
407
284
295
260
128
228
296
663
441
172
163
80
65
54
84
137
-21
3
89
487
9
228
158
195
15,722
11,809
10,055
25,119
22,469
19,018
16,582
13,307
14,849
26,520
1,547
1,224
1,140
1,500
1,252
1,300
1,755
1,124
1,372
1,674
13,055
9,492
7,941
22,622
20,303
16,874
13,989
11,389
12,694
24,044
1 ,120
1 ,093
974
997
914
844
839
794
784
802
445
443
430
421
386
387
447
494
404
517
15,277
11,366
9,625
24,698
22,082
18,631
16,134
12,813
14,445
26,003
178
355
64
-36
-13
87
178
178
174
810
393
181
583
225
548
309
25,851
26,414
24,743
1,011
1,209
2,160
24,030
24,447
21,776
810
758
807
424
453
376
25,427
25,961
24,367
66
122
592
217
312
543
52
132
' 419
71
-154
778
222
-26
51
-274
-79
-395
-9
9
-635
655
De-
posits
in
Federal
Reserve
Banks
133
192
157
1
3
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
* Excess of receipts ( +) or expenditures ( —).
Backfigures.—SeeBanking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
In millions of dollars]
Miscellaneous internal revenue
Income taxes
Period
Total
Fiscal year
June
June
June
ending:
1943.... 16,299 5,771
1944... . 33,028 10,254 7^038
1945.... 35,062 8,567 10,263
3,158
4,996
2,408
2,406
4,025
2,242
1,916
3,553
2,031
1,856
2,742
759
1,737
907
201
1,127
318
87
1,112
271
41
539
CurOther
rent Back Excess profits
Total
corpo- taxes profits
taxes taxes
ration
686 4,137
785 4,763
1 4,422
84 4,571
137 5,353
144 6,960
6
13
9
10
21
8
5
11
6
6
13
510
560
517
571
572
791
824
531
706
605
512
222
604
151
1,670
949 1,848
173
-3
Withheld by employers (Current Tax Payment Act of 1943).
536
236
6
4
643
597
APRIL 1946
1
-1
57
956
160
70
858
161
74
768
191
105
660
557 5,064
705 9,345
661 11,004
301
2,170
443
295
1,895
429
228
1,584
421
248
1,398
1946—January
3,189
February. . . 3,206
1,892
61
915
1,751
46
1,249
1,461
32
1,094
1,405
27
Victory
tax
143
59
-26
79
79
75
62
46
47
50
105
1945—February....
March
April
May. . .
June...
July
August. . .
September. . .
October
November. . .
December.. . .
1
Current Withindi- held i
vidual
ManufacCapi- Estate Alcoholic
To- Stamp turers'
and
tal
and beverbacco taxes retailers'
stock gift
age
taxes
tax
excise
taxes taxes
taxes
329
381
372
105
209
7
30
447 1,423
511 1,618
643 2,310
924
988
932
45
51
66
Miscellaneous
taxes
670
732
729 1,075
1,207 1,430
37
89
75
64
62
49
69
34
44
44
45
195
171
171
180
191
198
199
198
243
230
188
66
74
68
83
93
84
108
101
120
98
62
6
6
5
6
6
6
5
6
7
8
7
116
104
97
116
104
121
102
93
122
112
107
90
117
100
121
116
228
132
93
140
113
102
61
54
221
210
96
89
8
8
136
142
121
93
417
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items
Corporation or agency
Total Cash
All agencies:
Mar 31
June 30,
Sept 30
Dec. 31,
1945
1945
1945
1945
31,309
33,552
34,247
33 ,844
Classification by agency
Dec. 31, 1945
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks. .
Federal land banks
Production credit corporations....
Regional Agricultural Credit Corp..
Farm 3Security Administration
Other
Federal Farm Mortgage Corp
Rural Electrification Administration.
Commodity Credit Corp
Federal Crop Insurance Corp
Federal Surplus Commodities Corp.. .
National Housing Agency:4
Federal Home Loan Bank Administration:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority.
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
Reconstruction Finance Corp. 5
Office of Emergency
Management:
Smaller Wrar Plants Corp
War Shipping Administration
Coordinator of Inter-American Affairs
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission
All other
768
700
815
925
CommodiLoans ties,.
resupceiv- plies,
able
and
materials
U. S. PriBonds, notes,
Gov- vately
and debenLand,
ern- owned
struc- Undis- Other tures payable Other
tures, tribinter- interliabilasest
U. S.
uted
and
est
ities
Govt. Other
charges sets Fully
guar- Other
secu- equipsecu- rities
ment
anteed
rities
by U.S.
5,789
5,544
5,409
5,290
1,756
1,679
1,756
1,683
2,960
2,507
2,487
2,288
Investments
268
28
196
43
298
20
48
1
11
231
1 016
43
145
67
458
17
57
1
320
13
191
416
12
3
1,311
39
3
30
11
3
173
407
99
335
21
165
2
919
36
840
552
66
168
7
50
29
1
24
286
1
19
7
38
10,283
65
991 1,131
175
8,825
17
256
931
272
741
3,739
1,970
132
179
16
1
16
2
7
21
149
1 231
124
16
388
375
368
325
16,734
20,164
20,816
21,017
1,001
772
442
472
5
1,237
1,163
1,135
1,113
1
8
3
17
245
792
4,962
4,162
4,486
4,212
1,034
3
49
2
7
24
()
9
4
1
9
1
449
15
181
416
135
24
506
491
3
314
36
3
46
125
65
100
1
2
21
8
222
64
7
1
19
(2)
49
244
6,912
1
130
580
26
884
1
1
3
551
65
128
7
47
1,630
8,654
(2)
34
6
C (2)
172
3
950 7,876
6
11
152
103
150
642
272
734
8
102 3,638
62 1,909
1
649
2
12
43
897
147
721
3 3,395
2 1,684
30
9
5
c3\3
14
7,813
1
54
69
4
(2)
7
8
44
12
230
5
3
106
(2)-
8
51
169
123
14
5
161
11
1
3
259
13
451
459
465
472
252
6
5
118
15
(2)
23,510
27,266
27,610
27,492
1
41
(2)
2
195
252
6
80
2
7
78
1,150
502
551
555
55
4
27
1,913
1,811
2,154
1,845
95
139
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Dec. 31, 1945
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural
Fed. Farm
Elecmedifor co- modity trificaland
ate
opera- Credit
banks Mort.
tion
Corp. credit tives Corp. Adm.
banks
1,088
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
72
Less: Reserve for losses.
Total loans receivable
(net)
1,016
242
231
197
99
407
Farm
Security
Adm.
Home
Owners'
Loan
Corp.
Fed.
ExFed. R.F.C. portPublic home
and
Hous- loan affiliIming
port
Auth. banks ates Bank
(2)
43
467
852
70
(2)
173
231
(2)
1
196
99
407
147
12
320
840
286
195
Sept.
1945.
All 30, all
agen- agencies
cies
145 2,878
1
896
205
149
286
All
other
223
232
232
185
12
40
28
227
32
582 "'252' ' 112' 1,232
438
133
3
(2)
43
132
1,365
457
195 1,036
18
83
2,948
961
252
238 5,290
5,409
1
3
4
5
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
c Corrected.
Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
All assets and liabilities of the United States Housing Corp. have been liquidated.
Includes War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation, and U. S. Commercial
Company, which were transferred to the Reconstruction Finance Corporation from Foreign Economic Administration under Executive Order
9630, and War Damage Corporation.
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. Monthly figures on the old reporting basis for the months prior to Sept.
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,
Table 152, p. 517.
418
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Income
payments
(value)
1935-39
= 100
Year
and
month
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
.1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Manufactures
Total
Durable
Nondurable
Minerals
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
235
203
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
353
274
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
166
71
83
66
71
98.
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
68
174
174
175
176
177
177
178
179
179
180
174
131
133
131
129
11
134
135
138
136
133
137
102
85
63
52
45
60
59
65
49
60
61
203.5
206.9
208.8
209.4
212.8
214.8
216.7
216.8
219.3
222.9
224.
232
235
237
239
237
240
242
244
247
247
241
229
23
236
239
238
241
24.
248
249
24'
239
344
351
356
359
358
360
365
368
374
376
365
June
July
August... .
September
October. .
November
December
227.2
232.4
231.
231.
232.
233.
233.
234.0
232.5
235.5
237.5
239.0
243
244
241
239
236
235
230
232
230
232
232
232
240
240
238
23
236
236
232
235
234
234
232
230
369
367
364
361
356
354
347
348
342
344
341
343
176
177
175
172
169
169
165
168
168
169
173
173
139
142
139
140
143
142
139
142
143
143
143
137
1945
January.. .
February..
March
April
May
June
July
August....
September
October. ..
November.
December.
241.9
245.2
244.
242.3
241.9
244.6
243.4
236.0
229.0
231.4
235.7
234.1
234
236
235
230
225
220
210
186
167
162
168
163
230
232
232
229
225
220
211
188
171
164
167
161
345
346
345
336
323
308
292
239
194
186
191
185
175
176
176
174
173
173
165
157
156
154
158
156
140
141
142
140
,138
144
143
140
134
124
138
133
1946
January
February..
P231.6
160
P154
155
P150
167
P144
161
P165
1944
January.. ,
February.,
March
April
May
Total
Residential
All
other
Employment4
1939=100
Nonagricultural
Factory
DepartFac- Freight ment Wholesale Cost of
tory carload- store
com- living4
sales
pay
modity
1935-39
igs*
(val4
rolls*
= 100
ue) *5 prices
1939 = 1935-39
1926
100
1935-39 = 100
100
= 100
Ad- Unad- AdAdAdAdAdAd- Unad- Unad- AdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed! justed
122.9
109.1
92.
70.6
68.9
78.
87.1
101.3
107.7
98..
105.
113.5
138.0
174.6
213.0
233.4
P239.1
1943
February.
March. . .
April
May
June
July
August.. .
September
October. .
November
December
Construction
contracts
awarded (value)3
1923-25=100
Industrial production
(physical volume)* 2
1935-39=100
c
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
26
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
102
140
119
87
68
55
80
79
89
61
78
81
102.6
95.5
86.1
75.5
76.0
83.8
87.6
94.9
100.9
94.4
100.0
104.7
117.5
126.7
130.9
127.5
P143
75
96
118
112
89
73
79
91
104
121
134
150
107
P109
P145
Unadjusted
Unadjusted
103.2
123.5
79.7
85.5
108.4
101.2
106.6
109.9
107.9
109.1
116.4
94.1
71.2
49.2
52.8
67.
78.0
90.5
108.2
84.2
100.0
114.5
167.5
245.2
334.4
339.1
P277.3
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
135
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186
207
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
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
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
102.5
103.4
103.7
131.6
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.2
130.1
173.1
175.1
176.2
176.9
179.0
180.1
180.2
179.6
180.6
181.5
179.9
172.5
174.6
175.4
175.
178.3
180.2
181.4
180.8
181.4
181.9
180.3
308.9
318.0
324.9
330.4
336.1
335.8
343.1
349.5
354.9
359.7
350.7
139
138
136
435
127
141
140
140
137
139
143
191
161
160
159
168
169
166
165
172
176
168
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
121.0
122.8
124.1
125.1
124.8
123.9
123.4
123.9.
124.4
124.2
124.4
130.0
129.6
128
128.0
127
127
178.1
177.1
174.6
171.8
170.1
169.2
167.6
166.8
164.9
163.3
162.6
163.0
177.5
176.5
174.1
171.0
169.1
168.6
167.7
167.9
166.0
164.1
163.0
163.3
350.0
349.7
346.3
339.
339.2
339.5
331.7
335.0
333.8
335.1
331.8
336.8
145
142
140
138
138
139
142
142
139
137
141
137
174
174
183
174
183
176
189
187
187
193
204
196
103.3
103.6
103.
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
124.2
123 .-8
123.8
124.6
125.1
125.4
126 A
126.4
126.5
126.5
126.6
127.0
162.9
162.5
160
157
162.4
162.0
160.2
156.9
153.6
150.5
145.6
142.1
122.4
121.4
121.7
121.6
335.2
333.7
330.2
321.5
307.0
302.5
286.7
256.2
214.2
212.7
'212.3
'215.3
144
139
145
141
140
140
139
128
127
118
133
127
••198
211
220
182
188
202
218
200
200
212
225
216
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8
107.1
127.1
126-9
126.8
127.1
128.1
129.0
129.4
129-3
128-9
128.9
129.3
129-9
217.2
123.5
P119.0 P118.5 P118.0
133
126
'228
225
107.1
107.7
129.9
129.4
127.5
127.3
126.5
125.7
125.3
125.7
48
59
72
70
58
50
54
61
69
83
94
108
103.
104.
79.
88.
101,
93,
97,
98
96
96
103
89
75,
64
71
83
88
96
105
90
100
107
132
154
177
169
Adjusted
126.6
126.7
126.7
125.1
124.4
123.4
122.7
121.5
115.8
115.4
116.4
154.5
151
145.5
141.1
121.4
120.6
"121.3
117.3 121.3
r
* Average per working day.
P Preliminary.
Revised.
Department of Commerce series on value of payments to individuals.
'
For indexes by groups or industries, see pp. 420-423. For points in total index, by major groups, see p. 438.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 427 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living 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.
5
For indexes by Federal Reserve districts and other department store data, see pp. 429-431.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, pp. 1054-1055; for department store sales,
June 1944, pp. 549-561.
1
2
3
4
APRIL
1946
419
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
(Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1945
Industry
Jan. Feb. Mar. Apr.
Industrial
234
Production—Total...
251
Manufactures—Total
Durable Manufactures .
345-
Iron and Steel
. . . 197
Pig iron
2
Steel
Open hearth
Electric
Machinery
Manufacturing
Arsenals and Depots^..
Transportation
Equipment.
Metals
and
Products...
Smelting and refining
(Copper smelting; Lead refining; Zinc
smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium
products; Tin consumption) 1
Lumber
and
Products...
Lumber
Furniture
Stone, Clay, and Glass Products. .
Glass p r o d u c t s
P l a t e glass
Glass c o n t a i n e r s
Cement
Clay products
'. . . .
Gypsum and plaster products . . .
A b r a s i v e a n d asbestos p r o d u c t s . . .
Other stone and clay products1. .
....
....
Nondurable Manufactures
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
C a t t l e hide l e a t h e r s . . .
Calf a n d k i p l e a t h e r s
G o a t a n d kid l e a t h e r s
Sheep a n d l a m b l e a t h e r s . . .
Shoes
Manufactured
Food
Products...
Wheat flour
Cane sugar meltings1
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard. ..
Beef
Veal
Lamb and mutton
252
346
202
235
252
345
210
230
247
336
206
225
240
323
204
June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
220
210
186
167
162
168
163
160 P154
233
222
194
173
168
173
169
164 P156
308
292
239
194
186
191
185
192
187
155
163
146
167 '164
101
42
161
164
142
319
166
171
154
296
129
159
139
307
158 164
178 172
160 155
306 '293
101
107
95
191
49
44
36
100
231
230
221 P205
167 P144
188
219
176
526
192
226
180
552
198
234
189
561
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
421
431
436
431
419
405
393
371
310
230
232
706
695
676
651
610
572
535
405
273
258
252
218
220 P214
235
242
236
231
218
207
188
142
105
120 137
•"95
105 P101
253
257
267
263
248
219
196
165 rl39
'144
rl48
rl47
187
191
193
194
188
184
183
171
148
147
140
280
284
296
291
272
234
202
162
126
123
121
119
118
116
110
107
98
91
96
93
109 P107
118
142
112
146
110
144
109
140
108
138
98
134
98
124
89
115
76
120
83
123
72
133
95 P91
137 P 1 3 8
162
163
166
167
162
104
138
166
169
164
174 P186
164 168
60
56
'203 '209
87
87
125 122
182 185
302 305
175
61
216
86
124
183
306
183 179
61
62
225 '220
85
85
122 115
180 168
300 295
...
Automobiles
....
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous
236
May
... .
150
135
143
r
148
150
160
161
161
158
176 193 177
62
61
43
223 '240 '218
93
97
95
121 117 110
172 179 162
298 287 260
200
79
243
97
110
172
220
186
50
235
106
116
177
218
175 181
4
3
235 244
113 119
119 124
181 182
215 217
150
140^ P 1 3 0
154
190
29
247
131
143
198
208
P216
106
255
149
P143
P199
P206
175
176
176
174
173
173
165
157
156
154
158
156
161 P165
150
155
153
149
150
150
132
134
144
141
146
143
151 P156
139
145
215
144
152
215
142
150
214
137
143
218
138
142
221
138
144
220
121
123
220
123
123
213
134
138
215
131
128
215
135
133
226
132 140 P145
125 138 146
228 '233 234
146
49
225
156
162
148
159
15l'
44
238
160
170
146
169
149
43
249
156
166
142
166
142
36
233
147
153
139
161
146' 144
40
42
243 234
151 152
161 162
137 137
165 161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150 149
89 104
193 184
160 156
163 159
156 1 5 2
154 1 5 3
153
110
200
157
159
154
155
113
121
122
122
121
127
109
108
119
112
116 rill
119
113
125
85
68
155
114
119
137
89
63
148
123
117
132
88
69
144
126
118
134
95
61
146
125
115
132
91
62
132
126
119
137
97
56
137
132
109
128
79
50
133
109
98
112
75
47
130
114
112
125
97
52
151
123
107
121
89
46
145
116
115
131
92
54
151
121
155
158
160
160
153
151
147
138
144
143
109 114
125 1 3 1
83 r92
51
49
140 139
120 1 0 9
150 rl53
153 P159
130
131
125
138
140
138
135
130
127
129
133
136
139 P 1 4 8
"132 M32 P138 P143 P133 "143 P148 P146 P148 P145 P 1 5 4 P131 P116 P 1 1 7
59
72
'59
83
89
85
75
65 '59
81
87
90
84
87
163 162 168 181 175 179 181 171 160 155 149 1 4 3 1 5 1 152
172 175 189 204 196 206 222 208 201 156 146 136 130
146
149
147
123
143
146
135
169
101
129
146
139
165
104
129
134
137
139
88
121
132
135
134
95
128
141
144
142
103
142
140
146
136
116
133
133
126
144
151
110
141
120
165
179
125
129
99
159
197
134
155
153
158
189
135
155
171
138
138
148
131
146
122
87
105
178
205
153
87
184
l
' Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
2 Beginning December 1945 allowances for July 4, Labor Day, and Christmas resumed in computation of steel indexes.
420
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1945
Industry
Nov. Dec. Jan. Feb.
Jan.
Feb. Mar. Apr. May June July Aug. Sept. Oct.
162
162
137
167
165
163
143
170
169
180
151
169
168
170
156
169
161
149
151
165
155
139
129
163
150
134
108
161
139
101
107
155
146
109
108
162
148
128
108
160
152
128
113
165
159
138
137
168
'164
142
164
140
174
175
213
170
148
144
136
139
193
173
192
201
216
212
231
167
198
452
346
167
11
250
312
153
0
156
265
152
0
67
283
139
0
61
291
139
0
57
318
147
199
448
293
149
55
399
306
181
52
236
365
182
70
218
420
199
83
223
427
197
130
274
343
199
131
431
396
197
121
123
123
120
128
139
128
160
167
154
112
143
156
92
156
94
93
177
90
83
162
91
195
98
106
206
99
111
216
96
110
194
94
87
139
64
104
185
71
111
205
141
142
135
131
143
143
142
134
133
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
Alcoholic Beverages.. .
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Industrial Alcohol from Beverage Plants1
Tobacco Products
Cigars
Cigarettes
Other tobacco products..
Paper and Paper Products..
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing.
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 .
Coke
By-product coke
Beehive coke
Chemical Products.
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products1
'.
85
147
95
95
145
97
93
147
91
91
143
90
136
137
141
140
132
152
111
95
214
137
129
153
85
119
147
128
76
134
156
113
98
227
139
130
152
87
125
143
127
83
137
157
113
101
227
139
134
157
84
127
148
133
82
136
160
114
103
234
141
132
158
79
126
144
129
80
136
160
108
103
236
140
133
161
78
125
141
132
80
137
160
116
103
236
138
134
160
75
126
139
139
79
131
149
120
93
227
122
128
149
73
122
146
133
80
102
105
105
105
105
106
105
85
84
83
85
85
85
129
146
118
92
219
120
126
141
74
126
142
135
72
138
152
124
100
223
126
136
165
77
125
142
141
81
96
69
'139
139
154
124
101
227
129
137
157
80
133
147
147
79
138
153
114
103
223
131
136
158
79
132
145
140
81
132
137
95
100
195
120
131
143
78
132
149
140
86
130
131
93
102
167
125
130
145
81
134
146
128
86
115
114
112
118
123
92
102
108
96
135
155
82
139
141
135
86
273
276
272
268
273
269
'267
143
171
133
123
150
174
126
126
145
166
134
131
145
167
136
120
149
174
138
121
148
177
136
132
156
175
136
133
155
173
138
140
132
151
119
116
129
152
120
122
147
164
133
144
140 P137
164
123
157
167
162
335
168
163
367
171
164
387
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
294
*>273
P234
P146
317
318
319
142
136
244
396
140
136
241
400
139
135
244
402
135
134
241
405
318
318
307
131
134
240
407
134
132
243
412
139
130
243
409
319
P184
•134
P174
P172
265
239
230
'228
'230
235
133
122
222
368
136
126
237
386
139
124
238
371
142
124
244
370
142
127
•242
378
145
130
243
388
Rubber Products
247
247
236
233
224
222
218
193
172
191
192
'205
211 P215
Minerals—Total
140
141
142
140
138
144
143
140
134
124
138
133
140 P142
Fuels
145
146
147
145
143
150
148
146
139
126
143
137
140
151
96
148
143
150
112
148
142
149
115
150
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
135
144
102
152
142
148
114
138
112
110
120
133
149
159
112
141
132
142
94
139
150 P152
159
114 P\21
143 P147
111
HI
HI
111
110
109
109
105
106 '109
109
108
108
170
170
170
169
167
168
168
162
161
164
163
'159
159
Coal.
Bituminous coal. .
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
P149
r
1
Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. 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.
APRIL 1946
421
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
Annual
Industry
1945
1945 1944 Jan.
1946
Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec
Jan. Feb.
Industrial Production—Total.
Manufactures—Total
203
235
230
232
232
229
225
220
211
188
171
164
167
214
252
248
249
249
245
240
234
223
196
177
171
173
Durable M a n u f a c t u r e s . . . .
274
353
343
345
344
335
323
308
292
240
195
187
184
165 P\42
183
206
197
202
210
206
204
192
187
155
163
146
167
r
164
101
175
200
167
434
188
219
176
526
192
226
180
552
198
234
189
561
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
421
161
164
142
319
166
171
154
296
129
159
139
307
158
178
160
306
164
-172
155
r
293
343
200
227
186
521
439
431
436
431
419
405
393
371
310
230
232
231
230
49
101
44
107
36
95
191 100
221 P205
487
719
706
695
676
651
610
572
535
405
273
258
r
252
218
220 P214
180
231
235
242
236
231
120
r
137
'95
105
v204
259
253
257
267
248
196
165
139
•144
148
147
150
Smelting and refining
<
P173
(Copper smelting, Lead refining,
Zinc smelting;
Aluminum;
Magnesium; Tin) 1
Fabricating
'216
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium1
products; Tin consumption) .
247
187
191
194
189
183
182
171
150
148
148
141
140 P130
280
284
296
272
234
202
162
135
143
148
150
114
115
120
121
116
113
104
94
95
87
99
P99
97
146
101
144
108
140
113
138
107
134
108
124
98
115
82
120
81
123
63
133
80
137
P79
165
112
138
167
166
168
165
166
167
162
159
165
183
62
225
81
119
177
300
175
43
221
102
120
175
298
186
62
230
102
115
179
287
183
61
-227
110
113
162
260
204
79
247
112
114
176
220
192
50
242
123
122
182
218
176
4
237
122
123
183
215
169
3
227
108
128
186
217
186
29
242
107
133
191
208
210
106
247
113
•136
•190
•206
159
161
158
158
154
157
161
'145
146
234
•Iron and steel
Pig iron
Steel 2
Open hearth.
Electric
Machinery
Manufacturing Arsenals and Depots
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products
Lumber and Products
109
125
Lumber. ..
Furniture.
98
133
115
144
163
164
156
156
161
180
50
226
97
119
177
269
174
61
214
85
123
183
302
161 163
56
60
"198 -203
66
71
116 118
176 177
302 305
175
61
216
71
119
177
306
170
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers .*.
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products1
Nondurable Manufactures .
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption l . . ..
Wool textiles
Carpet wool consumption....
Apparel wool consumption...
Woolen and worsted yarn. . .
Woolen yarn
Worsted yarn
Woolen and worsted cloth. . .
Leather 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
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
2
156 P150
160 P153
l
Transportation equipment
Leather and products.
161
99
142
167
138
142
221
138
144
220
121
123
220
123
123
213
134
138
215
131
128
215
135
133
226
132
125
228
140
138
233
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
'89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
157
159
154
155
122
122
121
126
107
107
118
113
117
111
119
116
132
87
68
140
126
117
134
91
•63
143
125
115
132
87
61
142
126
116
132
99
57
135
132
103
120
78
49
123
97
109
79
46
134
114
110
123
95
52
148
123
108
122
91
46
145
116
113
130
86
50
148
120
113
131
'90
132
109
115
133
90
54
140
121
141
142
145
146
150
151
166
153
151
149
142 P144
132
122
133
134
132
128
139
136
134
135
P150
47
103
105
-112
105
171
179
164
202
135
182
225
138
130
145
155
191
125
81
111
142
150
214
137
143
218
146
49
225
156
162
148
159
151
44
238
160
170
146
169
149
43
249
156
166
142
166
113
114
125
111
119
82
81
151
114
113
128
83
68
144
114
128
148
93
66
162
123
152
143
118
130
137
145
196
139
145
215
143
58
210
151
157
142
154
149
48
205
163
168
157
163
117
113
128
88
56
141
119
vl50
89
115
169
295
'138
P175
132
144
152
215
134
137
218
•235
101
173
171
149
171
148
190
61
142
150
172
153
166
146
207
172
172
109
157
133
144
146
141
81
168
188
144
152
171
69
120
140
71
133
157
77
151
186
189
231
112
234
272
124
254
284
109
223
257
93
191
214
72
164
185
120 P100
62
50
139 112
127 105
143
139
149
134
131
177
216
137
150
128
171
195
150
114
152
139
132
156
89
131
135
129
150
98
126
125
125
131
86
118
132
135
134
98
130
139
144
139
103
132
131
129
137
116
127
119
97
146
148
108
134
95
179
197
134
133
93
173
224
140
149
P209
r49
52
124
171
201
141
76
186
Revised.
v Preliminary.
iSeries included in total and group indexes but not available for publication separately.
Beginning December 1945 allowances for July 4, Labor Day, and Christmas resumed in computation of steel indexes.
422
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
Annual
1945
1946
Industry
Jan. Feb.
Mar. Apr. May June July Aug. Sept. Oct.
Nov. Dec.
Jan. Feb.
149
103
144
161
148
99
140
162
148
104
130
162
145
97
117
162
146
107
96
165
157
174
88
165
154
165
115
158
176
242
139
165
164
165
142
168
158
'156
108
139
171
151 P149
92
J>88
134
173
167
191
158
139
148
147
162
214
175
199
214
201
188
198
158
9
129
230
137
198
414
346
150
11
228
312
142
0
136
265
160
0
44
283
158
0
36
291
175
0
35
318
184
199
400
293
170
55
216
306
183
52
324
365
169
70
566
420
154
83
467
427
157
130
301
343
163
131
280
396
178
136
125
121
118
117
115
128
145
13 3
155
169
173
157
104
142
148
95
170
92
92
152
86
85
147
93
95
136
94
93
137
91
91
133
90
92
156
95
93
186
92
83
170
88
91
204
95
106
220
106
111
225
103
110
198
97
87
128
57
104
185
70
111
193
67
139
139
136
138
141
141
142
142
134
131
144
143
142
134
133
P139
135
153
114
99
224
132
132
154
79
127
144
135
80
135
154
112
95
224
135
132
153
111
117
154
127
79
132
152
115
95
214
137
129
153
85
119
145
128
76
134
157
118
98
227
139
131
152
87
125
148
127
83
137
158
121
101
227
139
134
157
84
127
148
133
82
136
162
125
103
234
141
132
158
79
126
145
129
82
137
161
117
103
236
140
133
161
78
125
141
132
81
137
160
117
103
236
138
134
160
75
126
142
139
80
130
147
107
93
227
122
128
149
73
122
140
133
78
129
144
104
92
219
120
126
141
74
126
142
135
71
138
150
110
100
223
126
136
165
77
125
142
141
81
139
153
115
101
227
129
137
157
80
133
148
147
79
138
153
121
103
223
131
136
158
79
132
145
140
82
131
137
96
100
195
120
131
143
78
132
145
140
84
130
131
96
102
167
125
130
145
81
134
144
128
86
136
155
82
139
147
135
86
108
101
99
104
107
108
106
105
99
107
110
117
118
114
114
122
89
85
79
83
87
90
88
84
76
87
94
101
104
96
94
106
247
273
276
272
268
273
269
P267
145
167
131
131
258
135
163
128
126
143
171
129
126
150
174
125
132
145
166
132
134
145
167
141
123
149
174
143
122
148
177
136
124
156
175
134
124
155
173
137
135
132
151
119
115
129
152
120
122
147
164
133
148
140
164
122
162
157
152
322
172
165
433
167
162
168
163
367
171
164
387
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
294
P273
... 284
324
316
319
321
320
318
315
303
261
239
232
'230 '231
234
P235
138
130
240
392
140
134
236
404
139
133
244
396
139
135
241
400
139
135
244
402
137
131
241
405
135
130
240
407
138
130
243
412
137
129
243
409
132
124
222
368
135
131
237
386
139
130
238
371
1945
1944
Other manufactured fcods
154
Processed fruits and vegetables. . 132
Confectionery
127
Other food products
164
153
134
133
162
148
105
141
160
178
144
162
66
288
331
Manufactured Food
Products—Continued
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Industrial Alcohol from Beverage Plants l. . .
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products. .
Paper and pulp
Pulp
G r o u n d w o o d pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper. .
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as shown
under Paper)
Petroleum and Coal Products. .
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
Chemical Products. .
Paints
Soap
Rayon
Industrial chemicals
Kxplosives and ammunition 1
Other chemical productsl
P235
P240
P184 P156
P174 P172
140
125
244
370
P137
P131
142
127
242
378
142 P145
127
243 P244
388
Rubber Products....
215
234
247
247
236
233
224
222
218
193
172
191
192
211
P215
Minerals—Total..
137
140
134
135
136
140
141
147
145
143
137
125
134
126
133
P135
Fuels
143
145
145
146
147
145
143
150
148
146
139
126
143
137
146 P149
137
144
107
146
149
156
126
143
140
151
96
148
143
150
112
148
142
149
115
150
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
135
144
102
152
142
148
114
138
112
110
120
133
149
159
112
141
132
142
94
139
150 P152
159 P160
114 P121
P147
101
113
68
68
72
109
131
129
125
124
123
116
80
61
60
151
192
171
207
95
63
98
68
104
80
166
216
207
304
204
301
196
289
192
289
188
281
175
245
111
108
'79
50
78
50
25
52
25
67
23
56
21
53
21
56
21
61
21
54
20
47
23
42
25
46
29
51
32
54
34
52
34
47
Coal .
Bituminous coal
Anthracite .
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver.
r
Revised.
v Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. 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.
1
APRIL 1946
423
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
I Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory pay rolls
Factory employment
Industry group or industry
1946
1945
Jan.
Feb.
Oct.
Nov.
Dec.
Jan.
1944
Feb.
Dec.
1945
Jan.
Feb.
Oct.
1946
Nov.
Dec.
Jan.
Total
Durable goods
Nondurable goods
162.4 162.0 121.4 121.7 121.6 123.0 118.0 336.8 335.2 333.7 212.7 212.3 215.3 217.2
219.4 218.7 136.4 136.7 134.4 136.7 123.1 463.6 461.5 458.3 233.8 231.3 '229.9 231.7
117.4 117.2 109.5 109.8 111.5 112.2 114.0 212.8 211.7 211.9 192.1 193.7 200.9 203.1
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
169.8
122
240
125
130
137
170.8
123
241
129
131
139
120.6
110
177
113
98
101
121.5
111
170
111
97
105
125.4
115
173
117
104
111
127.1
115
173
120
107
112
183
157
184
158
133
110
139
115
145
121
145
123
206
206
116
120
123
Electrical Machinery
Electrical equipment
Radios and phonographs
273.7 273.1 173.4 177.8 179.6 175.9 178.5
160
237
162
238
161
166
151
270
144
271
129
132
512.8 513.2 513.5 278.3 290.3 298.4
452
261
452
265
454
254
535
260
537
540
238
218
285.1
252
274
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors... .
Machine tools
Machine-tool accessories
Pumps
Refrigerators
223.8 224.2 165.7 165.9 166.2 171.0 167.2
429.8 428.9 431.6 273.6 272.6 277.4
284.6
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding
223
365
186
160
203
258
305
149
225
363
185
161
204
259
300
149
1333.6 1308.1
1613 1629
2395 2404
1474 1405
161
207
165
145
146
184
217
98
163
230
158
129
158
182
213
99
161
229
161
135
142
181
215
112
405.1
320
331
532
•347.8 r327.1
'306 '304
300
246
413
387
81.5
165
209
170
140
159
186
218
103
172.. 171.9 110.2 '125.6 r92.6
176.. 178.8 128.1 '134.1 r136.6 139.5 134.3
128
144
125
'125 '127
143
182
284
Lumber and Timber Basic Products.. . .
Sawmills and logging camps
Planing and plywood mills
110.6 110.5
76
76
97
97
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
103.3 103.9
97
96
96.3
67
83
137
163
r
97.0
67
84
141
173
322.9
224
454
227
278
274
200.4
169
290
186
184
180
202.2
174
282
186
178
182
211.9
181
297
202
195
198
207.8
171
354
332
358
337
355
338
230
200
238
209
254
222
252
225
402
395
396
421
790
295
322
379
458
649
271
424
792
292
328
382
466
646
277
318.5 308.0 ',952.4
2900.1 2803.3
301
3198 3257 3235
243
4295 4335 4368
3446 3313 3108
368
Nonferrous Metals and Products
Primary smelting and refining.. . .
Alloying and rolling, except aluminum
Aluminum manufactures
129
153
321.2
224
457
219
274
267
419
808
294
322
381
452
650
287
Automobiles
185
292
321.4
226
455
216
276
269
98.1
93.8
196
188
268
380
220
230
255
271
386
159
263
367
229
231
233
270
385
176
265
368
235
249 j
245
279
687.5
537
444
893
•561.7
'507
390
•6J8
•562.2 548.3
•520
516
360
346
625
•656
317.9 324.8 324.7 165.5 184.9
406
144
130.3
257
271
166.0
114
143
170.4
117
147
101.2 102.3
94
193.9 194.0 196.9 161.9 •165.8 179.8
184
164
151
147
180
180
184.2
169
116.1 120.0
125
92
92
126
192.1 189.0
202
204
107
114
117
118
194
185
189.6
202
106
119
187
184.9
196
139
133
187
177.4 '185.5
'182
135
137
139
148
188
195
189.2
192
134
155
196
96.4
108
73
100
67
90
186.5
217
150
207
116
166
348
512
98.6 100.9 101.8
69
68
89
86
355
530
362
542
223
235
239
254
200.1 199.2 202.9 169.1 164.3
140
114
117
139
138
171
140
137
167
167
98.7
179.0
212
142
195
106
157
176.3
210
138
194
103
152
175.5
207
140
193
102
151
168.1
199
143
178
105
137
171.3
200
142
184
109
143
Apparel and Other Finished Textiles. . .
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
107.8 107.9 101.0 100.6 100.9 102.2 105.5
83
93
81
82
81
92
72
70
72
70
72
70
76
79
75
76
75
79
81
75
83
75
74
80
195.0
165
128
144
113
198.5
165
126
149
131
206.0
171
132
154
156
183.6
141
131
142
135
177.7 182.6
141
137
134
132
141
136
110 '119
90..
84
79
Food and Kindred Products
Slaughtering and meat packing.. .
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
119.9
128
119
111
118
137
78
118.0
120
119
112
117
139
75
Tobacco Manufactures
Cigarettes
Cigars
128
65
128
65
90.6
86
80
93.1
90
82
125.
105
126
110
108
151
125
121.9
110
125
110
111
150
'93
120.5
120
125
110
111
148
80
91.9
131
71
88.8 87.4
127
120
68
69
88.5
84
78
146.1
247
267
144
180
Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
90.
84
79
273
382
245
231
263
284
391
152
341.3 343.0 348.3 222.0 •234.3 •240.7 245.8
264
225
•221
•220
264
222
264
89.8 93.6 98.1
90
85
82
111.6 111.3 109.8 107.4 111.0
126
113
126
124
110
68
69
85
85
89
73
73
79
83
88
119
117
120
119
123
96.0 95.3 90.6 91.1 95..
108
107
102
101
109
74
73
71
71
74
98
99
94
96
98
63
66
62
64
63
80
81
90
Leather and Leather Products
Leather
Boots and shoes
264
208
205
197
95.3
92
84
98.4
163.2 164.
146
147
148
146
198.0
222
206
168
198
195
154
a 70
166.5 161.7 161.9
150
146
151
150
144
146
191.3
188
204
169
199
201
149
207.1
228
199
177
211
205
163
86.5
118
69
177.8 166.4 165.3 181.0 171.4
208
218
208
211
223
149
159
134
135
147
86.7
192.4
148
136
150
147
175.4 180.3
163
162
157
163
206.4 210.6
212
185
212 '221
181
181
202
198
227
225
167
179
117.7 116.8
124
127
111
106
152
69
207.7
173
224
177
188
226
252
184.1
216
149
200
113
164
205.7
214
229
182
191
228 ]
144
163.3 165.1
201
185
144
149
r
Revised.
NOTE.—Indexes for major groups and totals have been adjusted to final 1943 data made available by the Bureau of Employment Security
of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. Figures for February 1946 are. preliminary.
424
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal
Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
Factory pay rolls
1945
1944
1946
Jan.
Feb.
Oct.
Nov.
Dec.
Jan.
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
118.5
107
119
112
118.7
107
119
113
117.5
106
115
115
119.3
108
115
116
122.4
111
118
118
124.4 126.3 200.5
114
185
118
198
185
120
Printing and Publishing
Newspaper periodicals
Book and job
98.8 98.5 102.5 105.9 108.1 109.4
103
103
92
92
97
101
118
106
113
106
110
116
Chemicals and Allied Products
217.8 221.3
Drugs, medicines, and insecticides. . 179
180
Rayon and allied products
112
113
Chemicals, n.e.c
166
166
Explosives and safety fuses
1349
1311
1544
Ammunition, small-arms
1431
Cottonseed oil
122
130
Fertilizers
134
123
153.5
174
115
157
409
243
119
108
r
154.0
175
118
159
'361
264
136
111
Feb.
Jan.
Dec.
Feb.
Oct.
198.3 198.7 201.2
183
183
187
198
184
198
184
193
Nov.
Dec.
Jan.
204.9
190
186
197
212.2
197
198
203
214.5
198
202
204
141.1 139.8 138.2 150.7 158.5 163.2 165.3
144
118
133
138
142
122
118
188
157
169
178
184
160
160
153.9 154.3 377.9 384.2 389.9
277
180
273
272
180
123
180
182
295
165
291
293
239
1970 1999 2020
2633 2915 3070
226
257
117
289
276
302
130
250
269
'153.0
177
120
'162
'297
233
128
118
1946
1945
259.6
269
186
261
'626
472
265
250
'258.0
276
'194
'267
'470
437
280
256
256.6
269
189
261
'527
488
306
240
259.5
288
195
277
365
428
253
281
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
126.0 126.1 122.8 "130.4 131., 132.9 134.2 221.9 221.7 223.3 196.8 '221.3 *221.3 219.8
218
'216
211
132
190
126
131
131
215
216
'213
126
122
184
193
109
182
186
163
193
102
103
106
189
102
100
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
164.9 165.1 144..
178
163
179
140
115
138
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
167.8 169.1 130.3 133.4 137.6 139.9 144.2 332.2 334.3 336.6 229.1 235.6 r249.1 252.1
1063
346
'332
330
200
1057
325
539
203
1058
532
216
202
'204
276
199
127
278
189
198
162
130
259
162
125
120
r
149.2 156.5 160.2 163.4 308.5 323.2 323.6 237.0 '240.4 256.3
240
240
340
182
342
169
178
319
257
'204
266
'209
127
261
124
256
119
••225
265.7
273
222
For footnotes, see page 424.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 =1001
1945
Group
Total
Durable
Nondurable
r
Revised.
1946
Jan
Feb
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct
162. 9
219. 8
118. 0
162. 5
219. 1
117. 8
160.6
215.9
117.1
157.6
210.3
116.1
154 5
204 1
115 4
151 0
196 7
115 0
145.5
187.6
112.3
141.1
180.0
110.3
121.4
138.3
108.1
120. 6 '121.3
136. 1 '136.6
108. 4 '109.2
P Preliminary.
Nov.
Jan
Dec
121. 3
'134. 5
111. 0
Feb.
123. 5 P118.5
137. 1 P123.6
112. 7 P114.6
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry group
Dec.
Jan.
1945
1946
1945
1944
Sept. Oct.
Nov. Dec.
Jan.
Dec.
Jan.
Sept.
Oct.
Nov.
Dec.
Jan.
All Manufacturing
45.6
45.4
41.4
41.6
41.2
41.6
41.1
104.0
104.6
95.7
98.5
'99.0
r99.6
100.4
Durable Goods
47.1
46.8
41.0
41.6
41.1
41.5
40.9
114.0
114.4
107.2
106.3
106.4
106.9
107.1
47.4
46.6
48.9
48.4
45.7
47.6
42.3
44.3
44.1
46.9
46.5
48.7
48.0
45.2
47.2
42.6
44.4
43.6
41.8
40.8
43.0
38.8
36.5
42.5
40.8
42.3
41.8
42.1
41.1
43.0
39.1
38.4
43.2
42.2
42.7
42.5
'42.1
41.3
'42.3
37.4
'37.8
43.2
'40.5
'42.0
'42.0
•42.6
41.5
42.9
39.8
•36.0
43.4
39.2
42.8
'42.0
40.9
41.3
42
40
37.5
43.3
38.6
42
40.8
109.5
105.9
114.6
130.9
127.9
106.9
79.4
84.4
91.3
110.1
106.9
114.9
130.4
131.4
107.9
79.1
84.5
91.7
108.9
101.4
111.9
126.4
122.4
104.4
81.9
83.3
93.7
107.8
103.1
111.8
125.0
121.V
104.8
78.4
84.1
93.2
108.2
103.9
112.4
'124.4
121.7
105.8
78.9
84.4
'92.8
109.1
105.3
113.4
124.3
122.0
106.3
'81.1
85.3
94.0
109.2
103.5
113.8
123.4
123.4
106.6
83.0
85.8
94.3
43.5
43.4
41.8
41.5
41.:
41.6
41.3
88.3
89.1
90.3
90.9
91.8
92.8
94.1
42.8
37.7
41.6
46.0
45.0
46.6
41.4
45.7
47.1
46.6
45.7
42.3
38
41.8
45.6
43.4
46.2
41.5
45.7
46.6
47.3
45.7
40.6
36.2
40.6
44.7
42.3
45.9
42.2
43
44.9
43.0
42.2
40.4
36.7
40.9
44.1
42.0
45.8
41.6
43.3
42.6
41
42.0
40.3
'36.1
39.6
44.4
40.4
45.7
41.7
'42.5
'44.0
40.2
'41.9
40.7
36.4
40.6
45.4
39.1
'45.6
41.5
r
42.5
'43.1
40.9
'42.1
40.4
36.7
39.7
45.0
72.5 72.9 76.3 77.3 78.6 '79.6
83.1 84.9 87.8 87.5 86.4 87.6
88.1
82.4 82.9 85.3 85.2 85.
86.5 86.7 88.0 89.5 90.8 '91.4
73.8 73.6 78.6 79.3 80.7 80.6
86.4 86.9 89.3 89.7 90.2 91.1
110.8 110.9 115.8 115.5 117.1 118.6
96.4 97.2 99.2 99.1 '99.1 '100.4
120.0 120.6 121.7 120.4 '121.7 '123.3
113.0 115.1 109.8 110.0 '111.2 '111.3
'96.
98.5 99.3 95.1 95.
'98.5
80.3
90.7
90.1
92.1
82.2
93.1
120.3
101.6
124.6
112.2
99.0
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and Other Finished Products. . .
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
r
Revised.
f9.3
44.4
41.0
42.1
41.9
41.1
41.7
NOTE.—Back figures are available from the Bureau of Labor Statistics.
APRIL 1946
425
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
845
916
947
970
891
835
P779
1,753
1,722
2,236
2,078
1,259
2,912
3,013
3,248
3,433
3,619
3,761
P3.822
6,618
6,906
7,378
7,263
7,030
7,044
J>7,174
4,160
4,310
4,438
4,447
4,115
4,348
P4.589
3,988
4,136
4,446
5,203
5,890
5,911
J>5,887
13,879
14,041
14,255
14,463
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333
996
981
976
982
982
981
982
973
962
954
944
933
2,102
3,372
3,357
3,382
3,402
3,419
3,419
3,433
3,448
3,448
3,484
3,503
3,525
7,481
7,414
7,331
7,319
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136
4,520
4,491
4,523
4,541
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229
4,707
4,821
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701
39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479
16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
1944—January...
February..
March....
April
May
June
July
August... .
September.
October. . .
November.
December.
39,454
39,352
39,123
38,865
38,749
38,766
38,700
38,654
38,400
38,159
38,044
38,164
16,910
16,819
16,642
16,391
16,203
16,093
16,013
15,943
15,764
15,614
15,529
15,554
862
862
852
848
843
848
833
830
822
812
808
802
830
786
737
719
673
677
653
648
627
609
611
619
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304
5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
1945—January.. .
February..
March
April
May
38,426
38,469
38,456
37,963
37,746
37,465
37,231
36,888
35,151
35,029
'35,338
'35,610
15,633
15,595
15,445
15,178
14,885
14,534
14,130
13,762
12,022
11,893
'11,910
'11,855
805
802
796
765
732
798
784
780
780
714
789
798
633
658
691
736
782
828
868
858
883
940
984
'1,085
3,797
3,848
3,846
3,811
3,802
3,792
3,801
3,803
3,774
3,806
'3,871
3,916
7,210
7,164
7,214
7,004
7,056
7,039
7,117
7,121
7,215
7,258
'7,315
'7,336
4,394
4,404
4,438
4,466
4,513
4,521
4,558
4,597
4,603
4,745
4,894
4,936
5,954
5,998
6,026
6,003
5,976
5,953
5,973
5,967
5,874
5,673
5,575
5,684
36,358
36,116
12,109
11,672
815
823
1,217
1,343
3,950
3,995
7,705
7,730
5,034
5,053
5,528
5,500
38,731
38,744
38,571
38,360
38,347
38,889
16,013
16,023
15,843
15,692
15,607
15,632
833
834
826
816
812
806
686
700
671
652
629
594
3,809
3,818
3,791
3,767
3,771
3,770
6,942
6,918
6,994
7,148
7,299
7,611
4,618
4,582
4,488
4,340
4,315
4,304
5,830
5,869
5,958
5,945
5,914
6,172
37,952
37,968
38,062
37,791
37,679
37,549
37,273
36,984
35,321
35,231
'35,639
'36,319
15,555
15,517
15,368
15,102
14,811
14,534
14,130
13,831
12,082
11,952
'11,970
'11,914
801
798
796
761
728
794
784
784
784
718
793
802
582
599
636
699
798
845
911
927
945
1,006
1,014
' 1 , 042
3,740
3,771
3,788
3,792
3,802
3,830
3,858
3,860
3,831
3,825
'3,871
3,896
7,030
6,985
7,084
6,990
7,021
7,004
6,975
6,979
7,143
7,331
'7,571
'7,960
4,350
4,360
4,394
4,444
4,513
4,589
4,672
4,666
4,603
4,698
4,845
4,936
5,894
5,938
5,996
6,003
6,006
5,953
5,943
5,937
5,933
5,701
5,575
5,769
811
819
1,222
3,891
3,915
7,512
7,537
4,984
5,002
5,473
5,445
Total
Manufacturing
ning
30,353
31,784
35,668
38,447
39,728
38,698
P36,981
10,078
10,780
12,974
15,051
16,924
16,121
P13.897
1942—January.
February
March
April
May
June
July
August
September
October
November
December
37,057
37,195
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898
1943—January.. .
February. .
March....
April
May
June
July
August....
September.
October. . .
November.
December.
Year and month
1939.
1940.
1941.
1942.
1943.
1944.
1945.
679
*>834
SEASONALLY ADJUSTED
June
July
August... .
September.
October. . .
November.
December..
1946—January..
February.
2,090
2,055
2,054
2,048
2,057
2,077
2,101
2,077
2,136
2,095
2,041
UNADJUSTED
1944—July
August
September.
October
November.
December....
1945—January... ,
February.. ,
March
April
May
June
July
August
September.
October
November..
December. .
1946—January..
February.
35,839
35,554
12,04811,614*
1420
* Includes Contract Construction and Federal Force Account Construction.
11.
• Revised.
v Preliminary.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates
ana salary workers in
imates include an
all tunfull- ana
and part-time wage and
nonagricultural establishments employed during the pay period endi
.„,.;„„ and
n-,,™ipersonnel
^.^KI.-OV,™^*-,-.
A,,»r,are
„„„ ~^\~AFebr"
~ nc ii n g nearest the 15th of the month. Proprietors, self-employed persons, domestic
n <-u~
servants,
of the ~™~i~,^
armed forces
excluded.
>ruary 1946 figures are preliminary. For back seasonally adjusted estimates see
BULLETIN for June 1944, p. 600. Back unadjusted data are ava
r
ailable from the Bureau of Labor Statistics.
426
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
January
February
March
April
May
June
July
August
September
October
November
December
Year
Nonresidential building
Residential
building
Total
Factories
Other
1946
1945
1946
1945
1946
1945
1946
1945
1946
1945
1946
1945
1946
140.9
147.0
328.9
395.8
242.5
227.3
257.7
263.6
278.3
316 6
370.1
330 7
357.5
387.4
19.5
19.3
26.9
42.7
47.2
41.8
46.3
42.7
42.6
59.9
88.4
86 1
89.7
102.1
45.2 104.7
66.6 97.7
160.4
174.5
43.4
25.5
51.5
75.5
98.3
85.4
107.9
92.6
7.5
8.5
10.0
12.3
9.5
18.8
19.8
25.5
45.5
60.8
62.8
65.5
69.0
77.5
4.9
3.0
4.6
4.3
5.1
10.5
13.4
10.4
10.2
18.6
7.0
8.2
18.1
17.1
23.9
17.6
36.3
49.9
29.4
35.6
36.9
32.0
27.0
30.8
30.0
27.3
25.8
28.3
39.8
32.0
90.6
111.9
107.9
95.0
89.9
77.5
54.6
61.1
74.0
51.0
50.2
64.7
3,299.3
1,027.0
563.5
346.4
Total
100.2
885.4
376.8
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]
1945
1946
Public ownership Private ownership
Month
Federal Reserve district
1944 1945 1946
January.... 159
February.. . 137
March
176
April
179
May
144
June
164
July
191
August
169
September. . 176
O c t o b e r . . . . 145
November. . 165
December. . 188
141
147
329
396
243
227
258
264
278
317
370
331
1,994 3,299
358
122
109
133
133
98
122
148
125
127
102
103
114
75
74
221
309
148
82
108
67
43
61
61
62
37
28
43
46
46
42
42
44
49
43
62
74
47
1,435 1,311
559
66
73
107
87
95
146
149
196
235
256
309
269
311
Title I Loans
Year or month
Total
Property
improvement
320
557
495
694
954
1,026
1,186
1,137
942
886
684
224
246
60
160
208
251
262
141
96
125
189.
1945—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
68
60
53
62
56
52
45
44
62
60
55
19
13
10
14
13
12
12
11
26
28
23
1946—Jan
Feb
56
46
17
14
. .
Small
home
construction
13
25
26
21
15
1
4
i
i
>
1- to 4- Rental
War
and
family group
housing
houses housing (Title
(Title (Title
VI)
ID
II)
2
2
11
48
51
13
13
6
14
17
15
22
19
19
18
16
19
21
20
*
27
24
7
3
*
2
*
1
27,332
40 731
15,304
50,019
53 192
38,912
68 557
21,986
15,005
18,788
37,573
17,663
54 726
19,371
38,289
36,842
29,042
72,259
21,740
12,786
19,103
35,680
9,373
6,360
10,974
11,891
15,625
14,157
26,653
11,387
14,345
8,392
17,800
387,399
357,501
146,957
. .
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
94
309
424
473
669
736
877
691
243
216
219
Feb.
NOTE.—Data for most recent month preliminary.
13
284
601
537
272
34
30
28
26
24
21
15
14
17
11
11
12
8
*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.
APRIL 1946
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago . . .
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
1,988
Jan.
Feb.
1944 1945 1946 1944 1945 1946
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
1935
1936
1937..
1938
1939
1940
1941
1942...
1943
1944....
1945
Educational
Public works
and public
utilities
1945
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]
Year
Commercial
End of month
Total
SavCom- Muings
tual
merand
savcial
loan
ings associbanks banks
ations
Insur- Fed5
ance
eral
com- agen- Other
panies cies1
1936—Dec
1937—Dec
1938—Dec
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
June
Sept
Dec
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
856
264
940
272
276 1,032
237
243
245
200
195
163
1943—June
Dec
V700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
x
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
'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.
427
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Merchandise imports 2
1
Excess of exports
Month
1943
1942
January
February
March
1944
1945
1943
1944
1945
228
230
365
520
494
739
823
793
838
569
*561
*665
P870
235
191
215
258
281
295
361
386
332
P366
P372
*360
482
351
435
731
811
708
869
1,069
965
P639
*763
»511
1,197
1,191
1,194
*893
P737
P514
213
186
196
302
316
286
294
304
282
P356
P360
P335
446
518
536
963
964
983
903
887
912
>537
>378
P180
1,238
1,073
1,288
1,144
1,187
939
J»455
?639
200
168
358
329
311
281
329
323
336
P344
P322
P736
P297
603
620
525
909
762
1,006
815
863
603
*111
P317
P439
12,963
14,261
P9,806
2,742
3,372
3,921
P4.136
5,338
9,591
10,341
P5.670
717
542
650
989
1,092
1,003
1,231
1,455
1,297
PI.005
PI.135
August
September....
659
705
732
1,265
1,280
1,269
October
November. . . .
December
803
788
883
Jan.-December
8,080
July
1942
P365
903
P887
Pl.030
...
1946
301
314
359
1,124
1,107
1,197
.
1945
1944
229
234
249
749
728
988
June
1943
254
254
272
482
483
637
April
May
1942
1946
P800
334
P398
P325
1946
P402
P Preliminary.
1
Including both domestic and foreign merchandise.
a
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 April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
F R E I G H T CARLOADINGS BY CLASSES
REVENUES, EXPENSES, AND INCOME
RAILROADS
[Index numbers: 1935-39 average=100]
OF CLASS 1
[In millions of dollars]
ForLive- est
Total Coal Coke Grain stock products
Ore
Miscellaneous
Merchandise
l.c.1.
110
147
183
206
192
180
169
101
110
136
146
145
147
142
97
96
100
69
63
67
68
Total
railway
operating
revenues
Total
railway
expenses
Net
railway
operating
income
Net
income
3 406
3,614
4,348
5,982
7,693
8,343
589
682
998
1,485
1,362
1 093
93
189
500
902
874
668
Annual
1939
1940
1941
1942
1943
1944
1945
101
109
130
138
137
140
135
98
111
123
135
138
143
134
102
137
168
181
186
185
172
107
101
112
120
146
139
151
96
96
91
104
117
124
124
100
114
139
155
141
143
129
SEASONALLY
ADJUSTED
Annual
1939
1940
1941
1942
1943
1944
1945
3,995
4,297
5,347
7,466
9,055
9,437
P8.902
P8,052
P850
P447
1944—November..
December.
788
780
697
711
91
69
57
33
1945—January.. . .
February.. .
March
April
May
June
July
August....
September.
October
November..
December. .
766
781
796
799
796
831
791
705
691
657
668
628
673
678
698
704
704
725
696
648
655
620
608
674
93
103
98
96
92
106
95
57
36
37
61
-36
60
68
63
62
57
71
61
22
4
r3
'30
-56
1946—January.. . .
655
567
88
. . .
SEASONALLY
ADJUSTED
1944—December. . .
137
127
166
134
128
135
133
151
68
1945—January
February....
March
April
May
August
September.. .
October
November...
December
144
139
145
141
140
140
139
128
127
118
133
127
141
139
137
126
126
143
136
128
143
109
148
133
176
178
190
180
193
181
193
167
155
113
167
164
128
119
134
160
167
155
157
163
146
158
167
153
120
121
129
124
120
121
121
115
114
123
145
140
142
133
134
133
137
144
140
133
125
109
110
106
161
168
218
204
204
170
171
166
174
134
134
117
157
152
159
153
151
146
146
132
126
125
133
130
66
66
67
71
69
68
67
64
66
69
74
74
1946—January
February....
133
126
148
152
127
107
152
150
126
158
122
126
118
94
134
121
78
78
1944—December. . .
128
127
175
126
124
120
41
142
65
UNADJUSTED
1945—January
February....
March
April
May
132
130
136
139
142
145
143
132
137
128
136
119
141
139
137
126
126
143
136
128
143
109
148
133
185
188
192
176
191
178
187
160
154
111
167
172
128
117
124
141
147
158
188
176
163
158
164
144
115
97
102
111
108
99
97
109
150
189
183
135
128
128
134
133
143
149
140
140
135
115
108
94
40
42
63
203
268
263
273
249
261
215
114
36
144
'143
151
151
152
150
148
133
136
136
139
123
63
64
68
71
69
68
67
65
69
72
75
71
1944—November..
December. .
780
757
689
»-684
91
••73
'63
123
119
148
152
133
114
152
147
120
126
109
121
29
24
123
113
74
75
1945—January.. . .
February.. .
March... .
April
May
June
July
August. . .
September
October...
November.
December.
751
713
813
779
823
820
796
755
679
697
661
614
'675
640
713
687
723
724
699
669
635
643
600
651
••76
73
100
92
100
96
97
87
44
54
61
-37
39
37
63
56
65
66
63
51
9
20
34
-75
1946—January.. .
641
570
71
June
July
UNADJUSTED
June. . .
July
August
September..
October....
November.. .
December...
1946—January
February. . .
«• 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.
428
r44
r
P Preliminary.
Revised
N O T E . — D e s c r i p t i v e material and back figures m a y be obtained from the Division of Research and Statistics. Basic
d a t a compiled by t h e I n t e r s t a t e Commerce Commission.
Annual figures include revisions not available m o n t h l y .
FEDERAL RESERVE BULLETIN
DEPARTMENT STOfeE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
Year and month
United
States
Richmond
Atlanta
Chicago
St.
Louis
84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167
182
201
73
81
78
75
85
87
92
96
95
95
96
92
86
68
68
81
87
98
105
101
109
120
144
170
194
214
235
88
105
90
85
94
91
95
99
100
100
98
91
79
60
62
78
84
97
105
103
113
123
145
162
204
244
275
80
83
98
96
102
106
108
114
116
101
88
67
68
79
86
100
109
98
107
116
135
149
161
176
193
105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179
200
227
113
126
117
112
120
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
109
122
133
149
165
186
161
168
158
169
157
170
167
182
170
166
181
166
191
182
180
190
204
190
200
'210
208
'211
215
219
228
'230
221
221
233
237
262
243
247
260
271
258
166
170
165
178
180
181
185
189
190
185
201
189
198
207
210
207
213
218
-•154
165
••187
150
156
169
177
165
161
172
182
179
172
188
204
162
170
185
198
175
175
184
202
184
186
204
222
174
179
197
220
189
187
209
220
211
'234
238
250
210
210
235
252
'236
225
248
'251
237
268
274
274
234
243
277
300
274
268
292
298
288
184
202
207
168
170
184
197
189
193
199
208
206
186
201
'194
210
'206
221
214
240
'262
283
'308
339
137
142
133
100
111
158
173
206
269
158
161
142
116
123
173
189
229
303
172
179
157
140
159
191
204
244
304
194
211
183
151
177
232
249
293
372
Phila- Clevedelphia land
Boston
New
York
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186
207
95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162
176
84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
150
169
106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151
168
184
174
183
176
189
187
187
193
204
196
157
164
155
160
158
162
165
168
174
141
150
144
150
152
149
151
161
156
1945—January
February
March
April
May
June
July
August
September. . . .
October
November.
December
198
211
220
182
188
202
218
200
200
212
225
216
167
166
193
157
160
177
183
166
167
177
183
188
1946—January
February
'228
255
172
178
163
142
157
196
209
248
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Minne- Kansas
Dallas
City
apolis
Fran-
119
124
123
125
119
117
111
96
74
73
85
89
99
107
100
105
110
127
149
184
205
'229
93
112
92
86
91
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
117
138
157
212
246
277
67
80
75
78
91
93
99
106
107
110
112
104
94
71
68
77
86
100
106
100
109
117
139
169
200
221
244
157
160
151
165
173
162
158
189
175
181
192
192
212
203
200
214
'243
'207
237
242
239
256
253
252
250
258
256
201
214
210
222
222
216
229
253
234
211
222
233
202
213
220
237
225
232
238
240
239
181
208
205
157
162
172
187
186
185
180
219
193
241
'245
240
199
203
218
243
214
217
241
265
225
260
271
269
256
264
268
300
272
278
289
288
287
'248
'258
249
219
234
233
255
231
232
245
273
256
209
241
'234
281
211
265
'269
302
306
339
'269
301
228
228
199
197
216
257
273
317
417
166
170
160
139
151
185
197
231
295
183
197
170
154
178
212
221
268
333
159
162
151
130
153
184
179
218
269
183
194
177
168
191
220
225
263
338
228
228
203
194
220
265
275
314
417
192
200
193
184
202
225
239
297
373
SEASONALLY
ADJUSTED
1944—April
May
June
July
August
September
October
November
December
UNADJUSTED
1944—April
May
June
July
August
September. . . .
October
November. . . .
December
••320
161
162
144
110
118
170
184
207
300
1945—January
February
March
April
May
June
July
August
September. . . .
October
November. . . .
December
156
171
212
174
183
186
163
168
209
230
274
351
132
130
187
156
158
165
127
125
176
196
225
'323
123
137
176
142
148
155
118
120
171
196
235
307
132
149
200
152
163
167
137
136
178
208
255
327
145
163
214
171
177
187
161
165
199
224
264
338
176
191
'251
193
209
207
181
194
239
271
318
'399
214
236
282
227
238
233
225
244
279
307
348
466
147
162
200
165
170
178
154
158
197
213
254
320
173
187
233
192
209
198
185
194
234
255
303
365
136
144
186
156
164
171
147
165
210
204
252
297
178
194
233
195
205
200
192
201
239
253
286
'366
211
239
269
228
248
228
228
237
292
318
352
467
197
217
232
205
219
215
211
210
243
254
321
407
1946—January
February
179
207
147
156
155
175
158
175
167
192
197
227
246
291
167
193
192
236
158
184
199
239
248
299
'214
254
r
Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
APRIL
1946
429
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
LAs reported by 296 department stores in various Federal Reserve
districts]
Amount
(In millions of dollars)
Sales
(total
for
month)
1939
1940
1941
1942
1943
1944
L945
average...
average...
average...
average...
average...
average...
average...
Stocks
(end of
month)
Outstanding
orders
(end of
month)
Index of stocks
(1935-39 average
= 100)
Seasonally
adjusted
Aug.
Unadjusted
344
353
419
599
508
534
564
108
194
263
530
560
728
1944—July
Aug
Sept
Oct
Nov
Dec
162
198
234
257
300
385
517
574
583
607
580
451
631
579
561
577
613
618
165
172
161
156
144
138
148
165
167
174
167
130
1945—Jan
Feb
Mar
Apr. . . .
M a y . . ..
June
July....
Aug
Sept
Oct
Nov
Dec
198
198
284
209
231
236
191
213
243
298
334
429
463
••767
••495
819
772
725
671
697
722
671
652
700
777
764
148
149
148
156
165
181
189
187
171
161
150
141
133
142
151
162
170
172
170
179
178
179
173
133
1946—Jan
Feb
Without seasonal adjustment
Sept.
128
136
156
179
204
227
255
524
566
591
601
592
625
620
624
602
462
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Oct.
99
101
120
172
146
153
162
224
488
889
156
140
P239
P528
P982
P159
P152
Nov.
Dec.
1942
15. . . .125
22. . . .126
29. . . .142
5. . . .165
12. . . .140
19. . . .152
26. . . .172
3 . . . .183
10. . . .171
17. . . .166
24. . . .172
3 1 . . . .168
7. . . .182
14. . . .182
21. . . .182
28. . . .176
5. . . .250
12. . . .295
19. . . .333
26. . . .222
2 1 . . ..146
28. . ..145
19. . .149
25. .
26. . .171 Sept. 1. .
8. .
11. . ..156
9 . . .177
15. .
18. . ..179
16. . .196
22. .
25. . . .176
23. . .193
29. .
30. . .196 Oct.
6. .
Oct. 2. . ..175
9 . . ..188 Oct.
7. . .218
13. .
16. . ..189
14! '. .221
20. .
23. . . .194
2 1 . . .209
27. .
30. . ..187
28. . .207 Nov. 3 . .
10. .
Nov. 6. . . .202 Nov. 4 . . .215
13. . ..211
11. . .231
17. .
20. . . .223
18. . .252
24. .
27. . ..201
25. . .236 Dec. 1. .
8. .
Dec. 4. . ..269 Dec. 2. . .304
11. . ..297
9 . . .365
15. .
18. . . .321
16. . .377
22. .
25. . ..274
23. . .369
29. .
30. . .123
Sept. 4. . ..169 Sept. 2. . .194
1944
1. . . .110
8. . . .143
15. . ..146
22. . . .144
29. . ..137
Feb. 5 . . ..146
12. . ..142
19. . ..142
26. . ..146
Mar. 4. . ..153
11. . ..160
18. . ..172
25. . ..182
Apr.
1. . ..212
8. . ..208
15. . . .152
24.
22. . 163
182
29. . ..168
1. '. '. !l42
1943
2
.117
9. . . .146
16. . . .139
23. . . .125
30. . . .126
Feb. 6. . . .143
13. . . .178
20. . . .155
27. . . .16?
Mar. 6. . . .150
13. . . .144
20. . . .147
27. . . .155
Apr.
3. . . .161
10. . . .168
17. . . .170
Jan.
May
1945
1944
1943
Aug. 14. . ..131 Aug. 12. . .148 Aug. 18. . .124
Jan.
1945
6. . . .145
13. . . .166
20. . ..160
27. . . .161
Feb.
3 . . ..163
10. . ..172
17. . . .176
24. . ..177
Mar. 3 . . .182
10. . .204
17. . .214
24. . ..226
31. . ..230
Apr.
7. . ..181
14. . . .156
21. . . .192
Jan.
28
May
.182
.194
.177
.213
.220
.209
.242
.245
.237
.233
.236
.261
.275
.258
.326
.401
.433
.421
.158
1946
5 . . 135
12. . . .188
19. . ..191
26. . . r 188
Feb.
2. . . '197
9. . . »-214
16... ..209
23. . . '213
Mar. 2. . . . 2 1 7
9. . ..233
16. . ..243
23. . ..255
30. .
Apr.
6. .
13. .
Jan.
184
5 . . ..193 M a y
20
27
4
r
Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year]
Feb. Jan. T w o
1946 1946 mos.
1946
United
States. +21
+15
Boston
+21
New Haven. . . + 15
Portland
+ 15
Boston
+22
Springfield
+9
Worcester
+25
Providence.. . . +25
New York
+27
B r i d g e p o r t . . . . + 19
Newark
+27
Albany
+65
Binghamton... +26
Buffalo
+26
Elmira
+ 11
Niagara Falls.. + 14
New York City +27
Poughkeepsie.. +26
Rochester
+23
Schenectady... + 11
Syracuse
+27
Utica
+18
+12
Philadelphia.
.
Trenton
Lancaster
Philadelphia...
Reading
Wilkes-Barre. .
York
+18
+30
Cleveland
Akron
Canton
Cincinnati
Cleveland
Columbus
Springfield....
Toledo
r
Revised.
+19
+9
+9
+28
+5
+ 11
+ 13
+2
+8
+ 12
+25
+9
+26
+60
+26
+32
+ 15
+6
'+25
+31
+21
+9
+38
+12
+20
+31
+ 19 + 17
+ 13 + 14
+24
+26
+25
+27
+ 12 + 17
+15
+10
+ 12
+15
+ 18 + 14
+22 + 16
+ 13 +7
+ 14 +4
Feb. Jan. T w o
1946 1946 mos.
1946
+18 Cleveland-cont.
Youngstown.... + 9
+16 Erie
+7
+20
+10 Pittsburgh
+23
+13 Wheeling
+17
+19
+5 Richmond
+21
+16 Washington
Baltimore
+ 18 Raleigh, N . C . . . + 15
+21
+26 Winston-Salem.. + 17
+14 Charleston, S. C. - 2
+27 Greenville, S. C. + 12
+63 Lynchburg
+ 19
-2
+26 Norfolk
+25
+29 Richmond
Charleston,
+ 13
W. Va
+ 19
+10
+26 Clarksburg
+31
+28 Huntington
+20
+22
+24
+10 Atlanta
+32 Birmingham.... +23
Mobile
+ 15 Montgomery.
+ 13
. . +29
+19 Jacksonville.... + 13
+31 Miami
+24
+25
+ 18 Orlando
+24
+ 14 Tampa
+25 Atlanta
+28
+27 Augusta
+32
+14 Columbus
+8
Macon
+32
+17 Baton Rouge. . . +30
+9 New Orleans. . . +23
+10 Bristol, T e n n . . . +24
+21 Jackson
+17
+ 16 Chattanooga. . . +27
+2
+ 19 Knoxville
+10 Nashville
+38
+9
+ 12 +10
+21 + 14
+20 +20
+ 17 +20
r+12 +15
+11 + 16
+ 13 + 14
+ 8 + 15
+7 + 13
—6
-4
+8
+10
+ 11 + 15
-5
+ 18 +22
+ 17 + 18
0
+28
+19
+28
+15
+11
+19
+17
0
+4
+ 14
+ 11
-4
+10
+24
+35
+23
+22
+22
+ 19
+24
+30
+23
+25
+27
+2 + 5
+ 14 +23
+33 +31
+ 11 + 17
+ 15 + 19
+10
+22
-5
+14
+24
-2
+ 19 +29
Feb. Jan.
1946 1946
Chicago
Chicago
Peoria
Fort Wayne.. .
Indianapolis...
Terre H a u t e . . .
Des Moines. . .
Detroit
Flint
Grand Rapids.
Lansing
Milwaukee. . . .
Green B a y . . . .
Madison
St. Louis
Fort Smith
Little Rock
Quincy
Evansville
Louisville
East St. Louis.
St. Louis
St. Louis Area.
Springfield....
Memphis
Minneapolis.
.
Minneapolis. . .
St. Paul
Duluth-Superior
Kansas
City...
Denver
Pueblo
Hutchinson
Topeka
Wichita
Joplin
Kansas C i t y . . .
St. Joseph
Omaha
+19
+23
+14
+ 18
+ 14 '+15
+24 + 15
+ 16 + 12
+35
+25
+11
+8
+8
+23
+30
+21
+27
+32
+25
+20
+ 13
+2
Q
+ 14
+ 12
+15
+ 14
+ 18
r+14
+15
'+2
+ 14 '+24
+ 14 + 12
+24 + 14
-5
*
+27
+9
+27
+9
+49 '+25
+30 +13
+28 +17
+30 +19
+25 + 16
+ 15
+5
+23
+24
+12
+ 15
+ 16
+ 14
+ 18
+9
r +1
+6
+39 +22
+21 + 13
+30 + 17
+33 '+17
Two
mos.
1946
Feb. Jan. Two
mos.
1946 1946 1946
+17 Kansas City—
cont.
+20
City. . +20
+ 14 Oklahoma
+20
+ 19 Tulsa
+ 14 Dallas
+25
+28 Shreveport
+ 19 Corpus Christi. . +22
+ 16
+7 Dallas
+33
Fort Worth
+ 19
+ 8 Houston
+ 19
+10 San Antonio. . . . +31
+19
+21 San Francisco. . +17
+23
+ 19 Phoenix
Tucson
+35
+19 Bakersfield
+20
+24 Fresno
+24
+ 15 Long Beach
+
13
+ 19 Los Angeles
+23
+ 13 Oakland and
+ 19 Berkeley
+12
*
Riverside and
+ 18 San Bernardino. + 15
+ 18 Sacramento
+24
+37 San Diego
1
+21 San Francisco.. . ++13
+25
+23 San Jose
Rosa
+19
+24 Santa
Stockton
+17
+20 Vallejo and
+9
-10
Napa
+18 Boise and
Nampa
+
15
21 Portland
+8
+ 12 Salt Lake City. . +29
+26
+9 Bellingham
+10 Everett
+ 17
+30 Seattle
+7
+15
+ 17 Spokane
+24 Tacoma
+9
+26 Yakima
+ 17
t
+ 13
+ 11
+21
+ 14
+ 10
+28
+14
+
19
+ 19 +27
+24
+ 9 +13
18
r+14 +
+23 +28
+ 17 + 18
'+20 +22
+ 8 + 10
'+11 + 17
r
+9
+7
+6
••+5
+18
+8
+4
+23
+9
+7 + 11
+ 15 +-19
1
-3
+9
'+5
+20
+ 15
+9 + 14
+9
'-2
y
+7 + 10
+9
'+10
+ 17 +23
+20 +23
+20 + 19
+3
-- //
r • " +12
+9
+ 1 ++5
10
+3
* Data not available.
430
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Per cent change from a year ago (value)
Number
of stores
reporting
Department
GRAND TOTAL—entire store.
MAIN STORE—total
Women's apparel and accessories
Coats and suits
Dresses.'
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's). . .
Gloves (women's and children's)
Shoes (women's and children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Handbags and small leather goods...
M e n ' s a n d boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers. .
Sales during period
335
335
332
312
317
304
286
293
268
313
315
326
311
229
>257
243
263
163
301
Q
319
119
204
304
285
219
213
Stocks (end
of month)
+8
-4
+11
+6
+ 15
+6
+ 16
+ 10
+14
+11
+ 12
+9
+8
+ 13
+5
+ 12
+13
+9
+3
+21
Q
+6
+23
+37
+7
+2
+ 15
+ 19
+2
+5
276
212
203
189
154
129
47
127
Luggage
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings.
Home furnishings
Piece goods
Shoes
+12
+12
+13
+ 14
+ 19
+20
+ 18
+9
+ 11
+8
+21
0
+ 12
+ 18
+7
+ 10
+8
+ 13
+ 10
+14
+ 18
+ 14
+9
+24
+13
+ 19
-4
+6
+ 107
+2
+23
+ 14
+34
+2
+9
+ 18
+ 17
+14
-1
+28
+6
+ 16
+37
+38
+28
+ 12
+430
+24
+35
+32
+60
-8
-12
270
117
Miscellaneous
+14
+15
+8
+4
+16
+ 10
+ 14
+1
+ 13
+ 10
+ 16
+1
+ 14
293
218
241
274
172
276
212
208
211
Furniture, beds, mattresses, springs.
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Lamps and shades
China and glassware
Housewares
Piece goods
Cotton wash goods
Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions.
Jewelry and silverware
Art needlework
Stationery, books, and magazines
Year
1945
-17
305
215
290
267
167
Home furnishings.
Jan.
1946
Ratio of stocks to sales
January
Jan.
1946
1946
1945
+5
+5
+5
+3
-6
+ 16
+ 15
+ 10
+1
2.2
2.4
2.5
2.0
1.6
1.4
2.3
2.4
2.6
1.6
1.6
1.7
2.3
1. 9
1. 6
1. 2
2. 4
-14
-3
—7
+ 17
+14
+20
+22
+9
2. 4
2. 8
1. 4
1. 3
1. 7
1. 2
2. 7
2. 4
2. 6
2. 2
4. 4
1. 5
3. 1
-32
-62
-22
-10
-26
2.
1.
1.
3.
2.
Q
+23
+ 14
+4
+5
+ 16
+ 159
-2
+26
+22
+38
-11
-10
+ 19
+1
+ 15
+ 13
+24
+23
+35
+18
+31
+2
+7
-20
+8
2
+2
1. 2
2. 8
3. 0
2. 0
2. 0
4. 1
1. 4
3. 3
1
2
8
9
6
3. 4
3 . .2
3. 0
4. 6
4. 1
2. 7
2. 9
2,.4
3^.3
0, .9
1 .5
3 .7
3 .4
3 .3
3. 2
3. 9
3. 0
3. 9
1,
1 .9
4, .0
3 .8
3 .8
1 .7
1 .4
1 .8
1 .4
3 .4
3 .8
3 .1
3 .6
3 .8
2 .8
3 .2
3 .1
3 .9
3 .0
3 .4
3 .8
2 .1
2 .5
2 .7
2 .6
2 .9
2 .7
2 .2
2 .1
2 .3
2 .1
1 .6
3 .9
2 .4
2 .0
3 .4
2 .4
1 .7
4 .1
!S
NOTE.—Group totals include sales in departments not shown separately. 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.
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
index numbers, without seasonal adjustment 1941 average = 100
1945—January .
February
March
April
May
June
July
August
September
October
November
December
1945—January . . .
February?
Accounts receivable
at end of month
Sales during month
Year and month
Total
Cash
126
126
178
133
147
149
121
'165
163
230
171
190
194
163
Collections during
month
Instalment
sales
Chargeaccount
sales
33
33
34
35
34
34
31
Instalment
Charge
account
Instalment
57
57
73
52
55
52
48
96
98
141
107
117
117
88
43
40
40
37
35
34
32
97
84
96
88
88
88
76
80
'70
77
65
64
61
57
'168
128
120
128
122
121
117
63
63
63
62
63
63
66
4
4
3
3
3
3
3
Charge
account
Instalment
Charge
account
Cash
sales
136
154
190
182
203
245
58
63
90
99
118
147
32
33
36
76
85
99
57
59
71
104
103
122
65
63
63
4
4
4
31
33
33
212
270
272
357
101
108
165
204
41
48
113
'145
77
79
143
148
62
64
4
4
34
32
142
152
186
192
64
73
107
123
45
43
108
100
82
72
190
142
64
61
4
4
32
35
^Preliminary.
'Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on page 429.
APRIL 1946
431
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of month
or year
1929
1930.
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Total
consumer
credit*
. .
. .
.
.
1945—February
March
April
Mi ay
June
July
August
September
October . ..
November
December
1946—Januarys
February?
Total
instalment
credit *
Sale credit
Loans2
Total
Automobile
Singlepayment
loans3
Charge
accounts
Service credi*
Other
7 637
6,839
5 528
4,082
3,905
4,378
5,419
6,771
7,467
7,030
7,981
9,153
9,899
6,485
5,338
5,777
6,734
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,578
4,436
5,455
5,924
2,955
1,961
2,039
2,365
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
814
835
903
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
227
1,197
1,104
958
677
663
741
865
1,147
L,368
[,343
1,525
1,721
L,802
009
639
635
676
674
619
516
459
532
802
1,065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
2,125
1,949
1 402
962
776
875
1,048
1,331
1,504
1,442
1,468
1 .488
L,601
1,369
1,192
1,251
1,616
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
1,758
1,981
5,343
5,606
5,483
5,541
5,697
5,654
5,649
5,702
6,000
6,344
6,734
6,509
6,559
1,928
1,952
1,947
1,961
1,987
1,992
1,988
2,010
2,086
2,190
2,365
2,369
2,414
741
731
723
718
719
712
706
717
754
805
903
877
875
186
184
184
184
188
192
196
202
210
219
227
235
245
555
547
539
534
531
520
510
515
544
586
676
642
630
1,187
1,221
1,224
1,243
1,268
1,280
1,282
1,293
1,332
1,385
1,462
1,492
1,539
1,239
L.244
L.288
L,348
L,420
1,452
L,466
1,466
L,490
L,556
L,616
L,659
1,665
1,438
1,669
1,506
1,488
1,544
1,459
1,441
1,470
1,666
1,835
1,981
1,701
1,692
652
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
738
741
742
744
746
751
754
756
758
763
772
780
788
1
P Preliminary
Revised. See footnotes 2 and 3.
2
Includes repair and modernization loans insured by Federal Housing Administration. Estimates for instalment loans of industrial banks
and industrial
loan
companies
are
revised beginning January 1938; estimates for credit unions are revised beginning January 1944.
3
Revised beginning June 1944 to adjust estimates of single-payment loans at commercial banks in accordance with call report figures.
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Loans made by principal lending institutions
(during period)
Amounts outstanding
(end of period)
Year or month
Total 1
1929.
1930
1931.
1932.
1933.
1934
1935.
1936.
1937.
1938
1939.
1940.
1941
1942.
1943
1944.
1945
652
674
619
516
459
532
802
Commercial2
banks
Small
loan
companies
Industrial
banks 3
1,065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
358
471
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
445
129
131
132
134
89
67
68
76
1945—February. . . 1,187
March
1,221
1,224
April
May
1,243
June
1,268
July
1,280
1,282
August
September. . 1,293
1,332
October
November. . 1,385
December... 1,462
1946—JanuaryP... 1,492
February?.. 1,539
357
374
377
388
400
406
406
413
428
448
471
494
521
372
381
381
384
389
391
389
387
395
409
445
446
452
66
68
68
69
70
70
70
70
71
73
76
76
78
[ndustrial
loan
com- 3
panies
219
218
184
143
121
125
156
191
221
Credit
unions4
Miscellaneous
lenders
Insured
repair
and
Commodern- mercial2
ization5
banks
loans
95
99
104
107
72
59
60
70
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
25
168
244
148
154
213
284
301
215
128
120
179
60
61
60
61
63
63
63
64
64
67
70
71
72
118
120
119
120
122
122
121
120
121
124
128
127
128
86
87
87
87
88
88
88
87
88
90
93
93
94
128
130
132
134
136
140
145
152
165
174
179
185
194
Small
loan
companies
Industrial
banks 3
[ndustrial
loan
com- 3
panies
Credit 4
unions
636
744
938
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876
978
238
261
255
255
182
151
155
166
176
194
198
203
146
128
139
151
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
62
82
69
75
81
75
73
72
88
94
101
104
105
56
94
70
78
82
76
71
74
89
97
133
76
80
11
15
12
14
14
13
13
13
16
15
18
14
14
10
14
11
13
13
12
11
12
14
14
16
14
14
16
22
18
20
21
18
18
16
20
21
23
19
19
69
130
248
368
460
680
1,017
1 198
'792
413
380
340
250
202
234
288
354
409
1
P2Preliminary.
Revised. See footnotes 3 and 4.
These 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.
3
Estimates for industrial banks and industrial loan companies (formerly shown combined as industrial banking companies) have been revised
beginning January 1938. Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct
retail 4instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Figures beginning January 1944 are revised in accordance with official data compiled by the Federal Deposit Insurance Corporation for
Federal
credit unions and by the Bureau of Labor Statistics for State credit unions.
5
Includes only loans insured by Federal Housing Administration.
432
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Dept.
HouseTotal,
All
stores
End of
Furnihold
excluding
Jewelry
and
other
year or
appliture
automailstores
retail
month
ance
stores
mobile
order
stores
stores
houses
1929
1,197
265
583
160
56
133
1930
1,104
222
539
155
47
141
1931
958
185
454
138
136
45
1932
121
313
677
103
110
30
119
299
1933
663
119
97
29
131
314
146
1934
741
115
35
171
336
186
1935
132
" 865
40
255
406
256
174
1936
1,147
56
307
469
314
210
1937
1,368
68
266
485
302
220
1938
1,343
70
273
536
377
246
1939
1,525
93
302
599
439
271
1940
1,721
110
313
619
466
284
1941
1,802
120
130
391
252
159
1942
1,009
77
29
271
172
101
1943
639
66
13
269
183
100
1944
635
70
14
283
198
107
1945
676
74
1945
547
Mar
11
238
162
50
86
539
Apr
11
237
158
48
85
534
May
10
238
154
48
84
531
June
11
237
150
49
84
520
July
11
235
145
47
82
510
Aug
11
232
142
45
80
515
Sept
11
235
144
44
81
544
Oct
11
247
156
44
86
586
Nov
12
262
173
47
92
676
Dec
14
283
198
74
107
1946
Jan.P
642
* 272
189
14
66
101
Feb.p. . .
630
274
14
60
99
183
CONSUMER
Total 2
Retail instalment paper »
Automobile
June
July
August
September
October
November... .
December. . . .
1945—January
February
March
April
May.
June
July
August
September....
October
November.. . .
December....
1946—Januarys
February?....
Volume extended5
during month
1945—January.......
February
March.
April
May
June
July
August
September....
October
November... .
December. . . .
1946—January?
Februaryp....
90.8
91.1
90.8
91.2
92.0
90.8
89.5
91.1
91.1
92^6
94^6
95.1
95 1
95.7
97.7
100.9
104.1
105.5
107.2
12 7
12!6
13.1
13.6
13.8
14.3
14.7
15.4
14.3
18.0
14 9
17.1
18.0
16 2
15.8
16.4
19.7
19.9
21.3
18.8
18.0
2.1
2.0
2.6
2 4
2!4
2.4
2.3
2.1
2.2
2 7
3.0
3.1
3.2
3.0
1.4
1.2
1.3
1 1
l!3
1.6
1.4
1.3
1.3
1.7
2.2
2.0
1.7
1.7
9o!o
53.5
49.3
34.3
21.4
14 4
12l6
12.3
12.0
12.1
12.1
12^4
12 5
12^
13.1
13.1
13.1
13.1
13.0
12 7
12^6
12. 7
12^5
10 A
S3 S3 t
r
18.4
18.8
16.3
12.8
8 8
I'.l
7.3
7.1
7.0
6^8
6*8
6 8
6!8
6.9
7.2
7.3
7.5
7.8
7 6
7.5
7.4
7^5
7*5
I'.l
7.8
7 9
8^0 "
8.4
9.0
9.8
9.9
10.1
202.5
196.8
162 4
125.4
100.2
91.8
88.9
87.7
89.1
87^6
88'. 1
89^6
ooooc
Outstanding at end
of period *
1941—June
December....
1942—June
December. . . .
1943—June
December....
1944—January
February
March
April
May
i'•"• *J
Other
Repair Persona'
and
instalmodern- ment
ization
cash
loans l
loans
18 2
18^6
16.5
15^6
14.1
13.6
13.3
13 0
12^8
12 8
12 9
13^0
13.3
13.4
13.5
13 5
13.4
13 1
13.1
13 1
13 3
13 6
14!2
14.6
14.9
15^4
16.2
16.8
17.2
18.0
18.2
112 4
110.1
95 3
75^6
62 9
57!5
55.7
55.3
57.0
55 9
56! 1
57 4
57^3
57.5
57.4
56.9
57 1
57.8
57 4
56^4
57 9
57 8
58 9
59^9
59.9
59 6
59^7
60.0
61.5
63.3
63.3
64.2
L.I
L.I
3
'3
:l ! 5
L.6
5
l!5
1.6
2.1
1.9
1.6
1.8
1.6
10.8
10.0
12 8
10.1
11^9
12.4
11 0
10^9
11.3
13.2
12.8
14.6
12.1
11.7
14!o
Other Repair Personal
retail, and
mod- instalpurPur- Direct chased erniza- ment
tion
and
cash
chased loans
1
direct loans loans
Automobile
retail
Year or month
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943.
1944
1945
1945—March
April
May
June
July
August
September..
October. . . .
November..
December..
1946—January?.. .
February?..
Volume extended during month:
1945—March
April
May
June
July
August
September..
October. . . .
November..
December. .
1946—January?...
February?..
INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
t
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollarsl
56
55
55
56
56
57
58
60
62
65
70
73
164
253
310
123
81
99
146
107
109
112
116
118
119
122
128
135
146
155
164
155
217
288
143
68
75
97
76
77
78
79
79
79
79
83
90
97
107
110
209
247
234
154
89
83
121
84
86
89
93
96
100
103
109
116
121
125
131
347
422
451
289
221
245
302
250
252
258
265
270
267
271
279
291
302
315
329
12
9
10
12
11
11
12
13
14
14
19
18
24
21
22
24
22
23
23
28
29
32
34
34
15
16
18
15
13
15
13
19
21
24
27
24
9
10
10
12
11
12
12
15
16
13
14
15
54
45
50
53
50
47
46
56
60
64
63
63
1,093
1,450
1,694
845
514
559
731
218
311
411
136
55
57
65
573
579
592
609
619
622
633
659
694
731
772
807
114
101
110
116
107
108
106
131
140
147
157
154
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Outstanding at end
of period 6
104.1 Tiinp
104.7
Time
1Q43
Tune
T~)prpmber
December....
1945—January
February
March
April
May
June
July
August
September....
October
November... .
December....
1946—January?
February?....
Volume extended
during month 5
1945—January
February
March
April
May
June
July
August
September....
October
November....
December....
1946—January?
February?....
Total 2
Retail instalment paper 3
Automobile
Other
136 7
130 0
110 2
84 4
70 3
65 8
66 8
67.1
66.6
66.3
67.3
66.6
68.2
69.6
70.0
69.3
70.4
71.4
73.8
76.7
10.5
10.0
10.0
9.8
9.4
9.4
9.2
9.6
9.6
9.6
10.0
10.6
11.0
3.8
3.8
3.7
3.8
3.5
3.6
3.7
3.8
3.7
3.8
3.9
4.0
4.0
77.7
79.6
11.3
12.5
11.7
11.3
15.0
12.5
14.1
14.1
13.4
13.1
13.8
16.0
16.2
17.8
15.7
15.4
Repair Persona
instaland
ment
moderncash
ization
loans
loans l
51.7
51.7
51.5
52.6
52.5
54.0
55.4
55.3
54.7
55.6
56.0
57.6
60.2
4.0
4.1
1.1
1.1
1.1
1.1
1.2
1.2
1.3
1.3
1.3
1.4
1.5
1.6
1.5
1.6
1.6
60.8
61.4
1.5
1.9
2.2
2.2
2.0
2.3
2.4
2.2
2.2
2.6
2.7
2.7
0.8
0.6
0.9
0.6
0.7
0.6
0.7
0.7
0.7
1.0
1.1
0.8
0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
9.3
8.7
11.8
9.6
11.2
11.0
10.1
10.0
10.7
12.2
12.2
14.1
2.7
2.6
0.7
0.8
0.1
0.1
12.2
11.9
1
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
? Preliminary.
2 For monthly estimates for 1938-1944 see p. 434.
a Includes both direct loans and paper purchased.
4
Data by type of credit not available prior to 1941; available only on semi-annual basis prior to 1944.
5
6
Data by type of credit not available prior to January 1945.
Data by type of credit not available prior to December 1944.
APRIL 1946
433
CONSUMER CREDIT STATISTICS—Continued
TOTAL INSTALMENT CREDITS OF INDUSTRIAL BANKS
[Estimated amounts. In million of dollars]
Volume extended during month
Amount outstanding, end of month
Month
January
February
March
April
May
June
July
August
September
October
November
December
1938
1939
1940
1941
1942
1943
1944
163
162
165
165
167
170
171
170
171
169
170
174
173
175
177
178
181
182
182
183
182
182
184
184
186
187
190
192
191
190
191
190
190
191
191
193
196
199
203
205
207
205
203
200
189
184
179
174
167
162
157
153
147
138
131
118
112
110
106
101
100
97
95
95
94
92
89
88
89
88
88
90
90
91
91
91
91
173
185
192
197
125
92
92
Month
January
February
March
April
May
June
July
August
September
October
November
December
1938
1939
1940
1941
1942
1943
1944
22
21
27
27
27
29
26
26
25
25
27
27
26
29
30
31
34
30
29
30
30
28
29
28
33
33
33
32
31
29
28
29
29
30
28
33
34
35
34
33
31
29
29
27
26
23
27
23
20
23
21
21
21
19
16
16
17
22
17
16
19
16
16
18
18
17
32
34
32
30
19
18
15
16
21
16
18
19
17
18
17
17
17
19
NOTE.—These figures include personal instalment cash loans, retail instalment paper (both loans made directly to consumers and paper purchased from dealers), and repair and modernization loans. Figures beginning January 1945 appear in table on p. 433.
TOTAL INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES
[Estimated amounts. In millions of dollars]
Amount outstanding, end of month
January
February
March
April
May
June
July
August
September
October
November
December
Volume extended during month
1938
1939
1940
1941
1942
1943
1944
110
115
120
128
125
80
64
109
111
111
112
114
114
113
114
113
113
115
115
116
116
117
119
120
119
120
119
119
120
122
122
125
127
126
126
127
127
127
128
130
132
135
137
138
138
137
135
132
121
128
130
122
120
118
113
110
107
104
99
93
88
77
76
74
71
70
68
67
67
66
65
84
66
65
66
65
65
67
66
66
66
66
66
67
Month
January. . . .
February
March....
April
May
June
July
August
September
October
November
December
1938
1939
1940
1941
1942
1943
1944
18
19
20
15
14
18
18
18
19
18
17
16
17
18
17
19
20
21
22
20
19
20
19
19
19
21
22
22
21
20
19
18
19
20
22
22
22
17
11
11
19
23
23
23
23
22
21
19
19
18
15
18
16
14
15
14
14
13
13
11
12
15
20
13
11
12
12
12
12
15
12
13
14
13
13
12
13
12
to to to to
Menth
13
14
NOTE.—These figures include personal instalment cash loans, retail instalment paper (both loans made directly to consuimers and paper purchased from dealers), and repair and modernization loans. Figures beginning January 1945 appear in table on p. 433.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
-
Percentage change
from corresponding
month of preceding
year
Jan.
1946
Dec.
1945
Feb.
1946?
Jan.
1946
Dec.
1945
+8
+5
+7
+9
-29
-31
+49
+76
+41
+63
+ 16
+30
-32
-24
r+14
+28
+7
'+14
+42
+50
+41 + 12
+22 ' + 14
Accounts receivable, at
end of month:
Total
Instalment
+1
+1
-7
-5
+9
+ 10
+ 10
+ 11
+5
+8
+4
+6
Collections during
month:
Total
Instalment
-7
-7
+ 10
+4
-2
-1
+23
+24
+ 18
+24
+ 12
+ 11
Inventories, end of
month, at retail value.
+7
+5
-10
+ 10
+ 11
r
Feb.
1946 P
Net sales:
Total
Credit sales:
Instalment
Charge account
*» Preliminary
r
Revised.
434
+7
Charge
accounts
Instalment accounts
Year and month
Household ap- Jewelry
pliance
stores
stores
Department
stores
Furniture
stores
1945
January
February
March
April
May
June
July
August
September
October
November
December
32
30
36
30
32
32
31
33
35
40
40
36
21
21
24
22
23
23
24
23
23
27
27
24
35
32
36
36
40
43
42
48
49
52
51
48
29
28
32
30
33
33
31
31
30
31
35
46
61
61
66
61
64
64
62
63
63
66
67
61
1946
January
February P
32
30
25
24
52
52
32
31
61
61
Department
stores
P Preliminary.
1
Ratio of collections during month to accounts receivable at beginning of month.
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926=100]
Other commodities
All
commodities
Farm
products
Foods
1938. . .
1939. . .
1940...
1941...
1942...
1943.. .
1944. . .
1945...
1945—February. .
March
April
May
June
July
August....
September.
October
November.
December..
1946—January...
February..
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
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8
107.1
107.1
107.7
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65
67.7
82.4
105.9
122.6
123.3
128.2
127.0
127.2
129.0
129.9
130.4
129.0
126.9
124.3
127.3
131.1
131.5
129.9
130.8
99.9
90.5
74.6
61.0
60
70
83
82
85
73
70.4
71.3
82.7
99.6
106.6
104.9
106.2
104.7
104.6
105.8
107.0
107.5
106.9
106.4
104.9
105.7
107.9
108.6
107.3
107.8
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
99.2
99.2
99.3
99.4
99.6
99.7
99.9
99.8
100.1
100.2
100.5
100.8
101.3
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
117.6
117.8
117.9
117.9
118.0
118.0
118.0
118.7
118.6
118.8
118.9
119.4
119.6
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
99.7
99.7
99.6
99.6
99.6
99.6
99.6
100.1
101.0
101.1
101.4
101.6
102.2
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
83.3
83.4
83.5
83.7
83.9
84.3
84.8
84.1
84.2
84.6
84.8
84.9
85.1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
104.2
104.2
104.2
104.3
104.7
104.7
104.7
104.9
105.0
105.2
105.6
105.7
106.6
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
117.0
117.1
117.1
117.3
117.4
117.5
117.8
118.0
118.3
118.7
119.5
120.0
120.9
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
94.9
94.9
94.9
94.9
95.0
95.3
95.3
95.3
95.5
95.7
96.1
96.0
95.9
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.
88
94.3
102
102
104
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.6
Week ending:
1945—Nov. 17. . .
Nov. 24. . .
Dec. 1 . . .
Dec. 8 . . .
Dec. 15. . .
Dec. 2 2 . . .
Dec. .29. . .
1946—Jan. 5 . . .
Jan. 12. . .
Jan. 1 9 . . .
Jan. 2 6 . . .
Feb. 2 .
Feb. ^9.
Feb. 16.
Feb. 2 3 . . .
Mar. 2. . .
Mar. 9. . .
Mar. 1 6 . . .
Mar. 23. . .
106.3
106.7
106.8
106.5
106.7
106.8
107.0
106.8
106.7
106.7
106.8
106.8
107.1
107.2
107.4
107.6
108.2
108.4
108.4
130.3
132.1
132.0
130.3
131.3
131.5
132.7
131.3
130.0
129.3
129.9
129.7
130.4
131.0
131.1
130.7
133.9
133.1
132.9
107.2
108.7
108.5
108.1
108.3
108.6
109.5
108.0
107.6
107.3
106.8
106.7
107.1
108.0
108.3
107.9
109.2
109.5
109.4
100.3
100.3
100.4
100.5
100.5
100.5
100.6
100.6
100.7
100.8
100.9
100.9
101
101.1
101.1
101.5
101.6
101.9
102.0
119.1
119.1
119.4
119.4
119.4
119.4
119.4
119.4
119.4
119.4
119.4
119.8
120.0
120.1
120.1
120.1
120.1
120.1
120.1
100.5
100.5
100.6
100.6
100.6
100.6
100.6
100.6
101.0
101.1
101.1
101.
101.
101.
101.
101.
101.9
101.9
102.4
84.6
84.6
85.1
85.2
85.2
85.2
85.3
85.2
85.5
85.5
85.4
85.4
85.8
85.7
85.6
85.4
85.4
85.4
85.4
105.3
105.3
105.3
105.3
105.
105
105
105.3
105.4
105.4
105.8
105.8
105.8
105.8
105.8
107.8
107.8
107.7
107.9
118.6
118.7
118.7
118.7
118.8
118.8
118.9
119.1
119.2
119.8
119.9
119.9
119.9
120.0
120.2
121.0
121.1
123.3
123.6
95.6
95.6
96.1
96.1
96.1
96.1
96.1
96.1
96.1
96.1
96.0
96.0
96.0
95.9
96.0
96.0
96.0
96.0
96.0
106.4
106.4
106.4
106.4
Year, month, or week
1929...
1930.. .
1931.. .
1932.. .
1933...
1934...
1935...
1936...
1937...
Total
1945
1946
Subgroups
Feb.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods.. .
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Nov.
Hides and Textile Fuel and Metals
leather
lighting and metal Building
products products materials products materials
Dec
Jan.
Feb.
129.8 132.9 133.2 133.8 133.9
133.8 131.8 129.6 131.5 132.7
121.4 129.3 131.3 126.9 127.9
110.8
94.9
118.1
106.5
95.1
113.2
95.5
123.8
107.9
100.7
113.8 115.0 115.8
95.7 95.8 96.1
128.7 125.7 127.5
107.9 108.1 108.1
100.6 96.2 96.5
126.3
115.4
101.3
115.2
126.7
117.6
103.8
115.2
126.8
117.6
104.1
115.2
127.9
117.6
103.8
115.2
128.2
117.6
103.9
115.2
107.4 107.4 107.4 107.4 109.4
119.9 125.1 125.5 125.6 125.8
71.5 71.5 73.5 75.2 75.3
30.2 30.2 30.2 30.2 30.2
112.7 112.7 112.7 112.7 112.7
100.9 101.9 101.9 101.9 102.0
95.3 102.2 103.4 103.9 104.0
120.5 124.8 125.0 125.1 125.1
130.7 134.9 134.9 134.9 134.9
61.1 68.0 68.7
76.9 79.1 77.7 77.4
64.3 61.7 61.6 61.5 61.6
ChemiHouse- Miscelcals and furnishallied
ing
goods laneous
products
104.
104.
104.
106.
106.5
1946
1945
Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials.;
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
House furnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Nov.
94.6
94.6
94.6
94.6
95.0
95.0
95.0
95.0
95.0
95.0
95.0
95.0
95.3
95.4
95.4
95.4
95.4
95.4
95.4
106
106
106
106
106.4
106.6
106.6
106.8
106.8
106.8
108.0
108.0
108.3
108.4
108.4
Subgroups
Feb.
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
94.6
94.6
94.8
94.8
94.8
94.8
94.8
94.8
94.8
94.8
94.8
95.3
95.6
Dec.
Jan.
Feb,
97.5 98.1 98.1 98.1 98.1
98.7 99.1 99.1 99.1 99.2
98.0 100.2 101.0 101.2 103.3
112.8 112.8 112.8 112.8 112.8
85.9 85.8 85.8 85.7 85.7
92.4 95.0 95.0 95.0 95.1
110.5
99.0
154.4
106.4
92.4
107.3
103.6
116.7
100.1
155.5
107.7
95.0
107.3
105.4
116.7
100.5
157.8
107.8
95.0
107.3
105.9
116.9
101.0
158.5
107.8
95.0
107.3
106.6
116.9
101.5
160.1
107.8
95.1
113.7
107.2
95.8 96.7 97.1 97.1 97.0
106.9 110.7 112.3 112.1 111.5
81.9 81.9 81.9 81.9 81.9
86.6 86.6 86.6 86.6 86.6
102.0 102.0 102.0 101.7 101.8
107.5 107.9 107.9 109.7 110.1
101.5 101.6 101.6 102.8 102.9
73.0 73.0 73.0 73.0 73.0
159.6 159.6 159.6 159.6 159.6
108.0 109.3 109.3 112.0 113.7
46.2 46.2 46.2 46.2 46.2
98.9 98.9 98.9 98.9 98.9
Back figures.—Bureau of Labor Statistics, Department of Labor.
APRIL 1946
435
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
1945 by quarters
Annual totals
Seasonally adjusted
annual rates
Unadjusted
1937
1938
1939
1940
1941
1942
1944
87.7
80.6
88.6
97.1
120.2
152.3
187.4
Government expenditures for
goods and services
Federal Government
13.6
6.1
14.4
6.8
16.0
7.9
16.7
8.8
26.5
18.6
62.7
55.3
93.5
86.2
97.1
89.5
War
Nonwar
State and local governments
Private gross capital formation.
Construction
7.5
11.6
3.7
7.6
7.7
3.3
1.4
6.5
8.1
10.9
3.6
2.8
6.1
7.9
14.8
4.3
13.3
5.3
7.9
19.1
5.3
50.3
5.0
7.4
7.6
2.9
81.3
4.9
7.4
2.5
1.6
2.0
1.6
2.4
2.0
2.8
2.5
1.3
1.6
0.6
1.0
Gross national product.
Residential
Other
Producers durable equip4.5
6.3
ment
Net change in business in1.1 - 1 . 3
ventories
Net exports of goods and
0.1
1.1
services
Net exports and monetary
0.4
0.1
use of gold and s i l v e r . . . .
Consumer goods and services.. . 62.5 58.5
Durable goods
7.6
6.0
Nondurable goods
54.9 J52.5
Services
87.7 80.6
Gross national product
Deductions:
Business tax and nontax
8.3
9.0
liabilities
6.2
6.1
Depreciation and depletion.
0.
Other business r e s e r v e s . . . .
1.0
Capital outlay charged to
0.8 0.5
current expense
Adjustments:
For inventory revaluation - 0 . 7 + 0 . 9
0
0
For discrepancies
71.5 64
National income
Additions:
2.4
1.7
Transfer payments
Deductions:
Corporate savings
-0.8 -1.
Contributions to social insurance funds
1.9
Income payments to individuals
72.3 66.2
Income payments to individuals
Personal taxes and nontax
payments
Federal
State and local
Disposable income of individuals
Consumer expenditures...
Net savings of individuals. .
National income
Total compensation of employees
Salaries and wages
Supplements
Net income of proprietors
Agricultural
Nonagricultural
Interest and net rents
Net corporate profit
Dividends
Savings
1945
197.6 197.3 49.8
51.8
48.7
47.0 204.5 206.3 195.7 182.8
83.0
75.1
24.0
21.9
25.1
23 A
19.5
17.7
14.5
12.4
95.6
87.8
99.2
91.3
79.5
71.6
57.7
49.8
83.7
5.7
7.7
2.0
1.6
69.0
6.1
7.9
9.4
2.7
20.5
1.4
2.0
1.2
0.4
21.3
1.7
2.0
1.6
0.6
16.3
1.4
1.7
3.5
0.8
10.8
1.6
2.1
3.1
1.0
82.2
5.6
7.8
3.9
1.8
85.3 65.2
6.0
6.4
7.8
7.9
7.1 12.5
C
2.3
2.9
43.3
6.5
8.0
14.2
3.7
0.5
1.1
0.8
1.9
0.1
0.3
0.1
0.4
0.2
0.5
0.3
0.6
1.8
1.8
6.4
5.5
6.9
8.9
5.1
3.1
4.0
0.9
1.8
3.5
-0.5
-0.6
-1.7
C1)
0.8
1.5
1.2
C1)
-1.5
-1.8
0.4
0.2
61.7
6.4
32.6
22.7
0.3
65.7
7.4
34.4
23.9
0.2
74.6
9.1
40.1
25.4
88.6
97.1
120.2
10.4
6.2
0.8
6.4
0.7
18.5
7.0
0.8
o.i
82.0
6.3
47.9
27.8
C1)
91.3
6.6
55.1
29.7
-0.1 -0.
98.5 '04.
6.7 7.4
60.0 64.4
31.8 33.1
1.3
0)
1.5
-0.2
-0.4 -0.2
0)
24.7
1.5
15.0
8.2
25.0
1.7
14.9
8.4
6.1
7.0
7.2
0.4 - 0 . 2
-1.3 - 0 . 2
0.2
1.6
0.5
-1.7 - 1 . 0
2.5
1.9
-0.1
0.1 - 0 . 1
(*)
29.5 105.0 100.0 103 7
6.7
2.5
7.2
7.1
18.8 65.2 59.5 63.3
8.2 32.6 33.7 33.3
-0.1
110.9
8.4
69.5
33.0
0.6
0)
25.7
1.7
15.7
8.3
5.2
152.3 187.4 197.6 197.3 49.8 51.8 48.7 47.0 204.5 206.3 195.7 182.8
23.1
7.6
0.6
27.4
8.0
0.5
0.9
1.3
1.1
0.8
-0.4 -0.4
0
-0.4
70.8 77.6
-3.2
-1.1
96.9
-2.1
-0.2
122.2
-0.
1.
149.4
29.7
8.2
0.5
28.6
8.2
0.5
7.3
2.0
0.1
0.9
1.1
0.2
-0.1
V)
-2.2 -2.
-0.8
160.7 161.0 40.9
7.5
2.0
0.1
7.3
2.0
0.1
6.5
2.0
0.1
0.2
0.3
0.3
0)
C1)
(1)
0.6 - 0 . 8 _
41.3 39.8 39.0 167.6 166.2 158.4 150.7
2.4
2.6
2.5
2.7
3.2
5.3
8.1
1.5
1.7
1.9
3.0
0.4
1.8
4.0
4.4
5.5
5.4
4.5
1.6
1.5
1.1
0.
2.0
2.
2.6
3.2
3.8
3.9
3.8
1
1.0
0.9
70.8
76.
92.
117.3
143.1
156.8 160.
39.8
40.4 3 9 .
40.9 163.7 163.2 158.6 156.9
72.3 66.2 70.8 76.
92.
117.3
143.1
156.8 160.
39.8
40.4 39.
40.9 163.7 163.2 158.6 156.9
6.7
4.7
2.0
18.6
16.6
2.0
110.6
82.0
28.6
122.2
84.1
80.8
3.3
20.6
9.
10.9
8.8
8.
4.3
4.4
3
1.6
1
3.1
1.3
1.9
3.3
1.4
1
69.
62.9
67.7
4.4
6.0
72.9
65.
7.3
88.
6.
71.5 64.2
48.3 45.1
45.0 41.2
3.3
3.9
11.9 10.1
4.0
5.1
6.8
6.1
7
7.4
3.9
1
4.
3
-0.8 -1.5
70.8
48.
44.
3.8
11.
4.3
6.9
7.4
4.
3.8
0.4
77.6
52.3
48.6
3.
12.0
4.4
7.6
7.5
5.8
4.0
1.8
96.9
64.5
3.1
1.4
1
62.5 58.5 61.
4.0
2.0
2.0
74.6
14.
60.8
3.
15.8
6.3
9.6
8.0
8.5
4.5
4.0
21.0
18.9
2.1
8.7
8.1
0.6
4.9
4.3
0.6
3.8
3.5
0.3
124.6
91.3
33.3
137.4 139
98.5 104.9
38.9 34.9
31.1
35.5
35.9
149.4
106
103.1
3
23
11
11.6
9
9.8
4.3
5
160
116.0
112.8
3.
24.
11.8
12.3
10.6
9.9
4.5
5
41.3
29.8
29.0
0.8
5.8
2.6
3.
3.
2.6
1.1
1
39.8
28.
27.5
0.8
6.6
3
3
2.8
2
1.0
1
19.4
17.4
2.1
161.0
114.5
111.4
3.1
25.6
12.5
13.1
11.8
9.0
4
4
0.9
3. 22.1 21.7 20.6 19.7
3.0 20.0 19.5 18.5 17.6
0.6 2.1 2.1 2.1 2.1
37.
24. 25.0 25.7 29.
6.4 10.5 10.2 7.
.6 138.0 137.3
141.
105.0 100.0 103 .7 110.9
36.7 41.6 34.3 26.4
167.6
119.6
116.4
3.2
26.3
13.3
13.0
11.4
10.4
166. 2
118.
115.
3.
25.
13.
12.
11.
10.
158.4
113.0
110.0
3.0
25
12
12
11.9
8.4
150.7
105.7
102.7
2.9
26.0
12.1
13.9
12.2
6.8
1
c
Less than 50 million dollars.
Corrected.
NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business,
for May and August 1942, and March 1943.
Back figures: For annual totals 1929 through 1936, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates
1929 through 1944, see the Survey of Current Business for April 1944 and February 1946.
436
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page Feb.
20
WEEKLY FIGURES*
Feb.
27
Mar.
Mar.
13
Chart
book
page
Mar.
MONTHLY FIGURES
In billions of dollars
1945
Dec.
1946
Jan.
Feb.*
In billions of dollars
RESERVES AND CURRENCY
RESERVES AND CURRENCY
Reserve Bank credit, total
2
U. S. Govt. securities, total
3
Bills
3
Certificates
3
Notes
3
Bonds
3
Discounts and advances
2
Gold stock
2
Money in circulation
2
Treasury cash
2
Treasury deposits
2
Member bank reserves
2, 4
Required reserves
Excess reserves*
4
Excess reserves (weekly average), total* 5
New York City
5
Chicago
5
Reserve city banks
5
Country banks *
5
23.79 23.68 23.30 23.42 33.48 Reserve Bank credit
23.02 22.97 22.53 22.39 22.59 Gold stock
13.10 13.11 13.18 13.34 13.63 Money in circulation
7.59 7.55 7.03 6.74 6.70 Treasury cash
1.35 Treasury deposits
1.38
1.37
1.37
1.37
.90 Member bank reserves, t o t a l . . .
.95
.95
.95
.95
.71
.38
.44
.48
.35
Central reserve city banks. . .
Reserve city banks
20.23 20.23 20.23 20.23 20.23
Country banks
27.96 '27.94 27.96 27.95 27.89
2.32 2.32 2.28 2.26 2.27 Required reserves, total
.77
.94
.83
.61
.50
Central reserve city banks. : .
Reserve city banks
15.49 15.56 15.44 15.66 15.48
Country banks
14.54 14.52 P14.54 P14.54 P14.60
.95
Excess reserves, total
1.04
P.90 P I . 1 2
Balances due from banks:
1.11 Pi.14 Pi.10 Pi.11
.02
.01
.01
.03
.01
Reserve city banks
.01
.01
.01
.01
.01
Country banks
.27
.25
.26
.25
Money in circulation, total
.81
Bills of $50 and over
P. 86
P.84
P. 84
$10 and $20 bills
Coins, $1, $2 and $5 bills
MEMBER BANKS IN LEADING CITIES
6
6
6
6
6
6,7
13
13
13
7
13
13
13
7
24.74
20.05
28.45
2.27
24.30
20.11
28.16
2.26
16.03
5.06
6.39
4.58
14.53
4.99
5.98
3.56
1.50
15.92
4.97
6.36
4.59
14.61
4.96
6.02
3.63
1.31
13
13
2.07
4.53
28.51
7.84
15.98
4.70
2.07
4.54
27.92
7.79
15.59
4.53
9
9
9
9
9
P175.OO
P75.10
P48.50
P26.80
P24.60
.62
.65
23.93
20.20
27.94
2.31
.86
15.68
4.94
6.24
4.51
14.55
4.91
5.97
3.67
1.13
1.92
4.19
27.95
7.82
15.61
4.53
ALL BANKS IN U. S.
Total—101 cities:
Loans and investments
U. S. Govt. obligations.
Demand deposits adjusted
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, total
Bonds
Certificates
Notes and guar. securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U. S. Govts
Brokers'—on other securities...
To others
All other
100 cities outside New York:
Loans and investments
U. S. Govt. obligations, total
Bonds
Certificates
Notes and guar. securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities
All other
68.18
49.59
37.69
16.43
15.18
68.15
49.52
37.61
16.53
15.18
67.69
49.22
37.39
15.89
15.04
67.75
49.09
37.68
15.61
15.22
66.30
47.46
37.44
14.51
15.41
Total deposits and currency....
Demand deposits
Time deposits
Currency outside banks
U. S. Govt. deposits
CONSUMER CREDIT
23.66 23.72 23.51 23.64 22.84
16.23 16.23 16.20 16.16 15.21
Consumer
credit, total
18
9.50 9.49 9.48 9.43 9.30
Single payment loans
18
3.59 3.60 3.63 3.69 3.35
Charge accounts
18
2.76 2.77 2.81 2.82 2.37
Service credit
18
.21
.38
.37
.28
.19
Instalment credit, total
18, 19
13.57 13.64 13.49 13.46 13.39
Instalment loans
19
6.27 6.28 6.02 5.94 5.48
Instalment sale credit, total.
19
4.23 4.18 4.22 4.19 4.11
Automobile
19
1.16
1.16
1.17
1.16
1.16
Other
19
6.34 6.37 6.21 6.39 6.54
2.92 2.93 2.98 2.99 2.99
6.73
1.62
1.98
.77
2.37
1.46
.90
.23
.68
P176.40 P176.90
P76.50 P76.00
P49.10
P49.70
P26.20 P26.20
P24.6Q P25.00
P6.51
Pl.66
Pl.70
P. 78
P2.37
Pi. 49
'.88
P. 24
P.64
P6.56
Pl.67
PI.69
p.79
P2.41
Pl.54
p.88
P. -25
P.63
TREASURY FINANCE
1.25
1.35
1.18
1.34
.52
.51
.98
.59
.50
.95
.61
.51
.93
.61
44.43
33.29
17.74
9.26
5.14
1.15
23.97
10.25
7.09
8.48
8.81
4.45
2.02
2.34
44.18
33.02
17.74
9.04
5.11
1.13
23.90
9.87
7.13
8.52
8.83
4.48
2.00
2.34
44.11
32.93
17.80
8.99
5.09
1.06
24.22
9.68
7.08
8.53
8.84
4.49
2.00
2.34
1.04
.62
44.52
33.36
17.72
9.30
5.20
1.14
24.12
10.17
7.09
8.45
8.84
4.47
2.05
2.33
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues)
24 .375
Treasury notes (taxable)
24 1.00
Treasury bonds (taxable)
24, 26 2.10
High-grade corporate bonds (5 issues). 26 2.36
Corporate Aaa bonds
26 2.48
Corporate Baa bonds
26 2.94
.375
.99
2 .10
2 .36
2 .48
2 .94
.375
.97
2 .10
2 .36
2 .48
2.94
.375
.97
2.09
2.34
2.47
2.94
1.50
.54 U. S. Govt. obligations outstanding, total interest-bearing. .
.90
By classes of securities:
.63
Bonds (marketable issues)..
Notes, cert., and bills
43.46
Savings bonds and tax notes
32.25
Special issues
17.72
By maturities:
8.92
5 years and over
4.79
5-20 years
.82
5-10 y e a r s . . .
24.05
Within 5 years
9.03
Within 1 year
6.85
Certificates
8.53
Bills
8.87
4.51 Holdings of U. S. Govt. obligations:
2.00
Commercial banks
2.36
Fed. agencies and trust funds.
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
.375
Marketable issues
.99
2.09
2.35
2.47
2.95
20 276.25 278.00 278.45
20 120.42 121.36 121.63
20 78.16 78.10 78.00
20 56.91 57.17 57.21
20 20.00 20.65 20.90
20 109.70 110.63 110.91
20 67.17 67.28 67.33
20 46.59 46.59 46.59
20 89.08 89.00 88.90
20 68.57 68.51 70.26
20 38.16 41.50 41.41
20 17.04 17.04 17.03
21 90.00
21 27.04
21 24.26
21 10.70
21 24.10
21 100.10
21 45.30
91.80
27.70
23.26
10.90
24.70
99.60
44.50
27.96
22.90
Per cent per annum
MONEY RATES, ETC.
In unit indicated
Stock prices (1935-39 = 100). t o t a l . . . .
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
27
27
27
27
27
141
143
154
122
139
141
154
122
1.90
1.66
140
142
152
122
.97
139
141
150
121
1.10
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
143 Treasury bills (new issues)
146
155
124
1.18
BUSINESS CONDITIONS
Steel production (% of capacity)
Electric power prod. (mill. kw. hrs.). .
Freight carloadings (thous. cars)
Department store sales (1935-39 = 100)
Wholesale prices (1926 = 100), t o t a l . . .
Farm products
Other than farm and food
3
37
45
45
49
49
49
15.2 58.6 76.7 83.6 88.9
3,923 4,000 3,953 3,988 4,017
723
213
782
217
786
234
800
233
107.4 107.6 17.2 108.2
131.1 130.7 133.9 133.1
101.1 101.5 101.6 101.9
805
255
108.4
132.9
102.0
Stock prices (1935-39 =100):
Total
Industrial
Railroad
Public utility..
Volume of trading (mill, shares).
Brokers' balances (mill, dollars):
Credit extended customers...
Money borrowed
Customers' free credit balances
23
23
23
2.61
2.48
.50
.375
2.54
,50
.50
.375
.375
In unit indicated
27
27
27
27
27
140
142
157
120
1.63
145
148
164
124
2.18
143
146
160
124
1.78
29
29
29
1,138
795
654
1,168
734
727
1,048
645
760
For footnotes see page 438.
APRIL 1946
437
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
MONTHLY FIGURES—Cont.
1945
Dec.
1946
Jan.
Chart
book
page
Feb.
In unit indicated
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS
Income payments (mill, dollars):3
Total
30
Salaries and wages
30
Other
30
Cash farm income (mill, dollars):
Total
31
Livestock and products
31
Crops
31
Govt. payments
31
Armed forces (mill, persons)
32
Civilian labor force (mill, persons):
Total
..32
Male
33
Female. . .,
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural
33
Industrial production: 3
Total (1935-39 = 100)
35
Groups (points in total index):
Durable manufactures
35
Nondurable manufactures
35
Minerals
35
New orders, shipments, and inventories
(1939 = 100):
New orders:
Total
36
Durable
36
Shipments:
Total
36
Durable
36
Nondurable
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls (1939
= 100):
Pay rolls
38
Employment
38
Hours and earnings at factories:
Weekly earnings (dollars)
39
Hourly earnings (cents)
39
Hours worked (per week)
39
Nonagricultural employment (mill, persons) :3
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts 3(3 mo. moving
average, mill, dollars):
Total
41
Residential
48
Other
41
Residential contracts (mill, dollars) :3
Total
42
Public
42
Private, total
42
1- and 2-family dwellings
42
Other
42
Freight carloadings:3
Total (1935-39 = 100)
43
Groups (points in total index):
Miscellaneous
43
Coal
43
All other
43
3
Department stores (1935-39 = 100) :
Sales
44
Stocks
44
Exports and imports (mill, dollars):
Exports
46
Excluding Lend-Lease exports
46
Imports
46
Excess of exports excluding Lend-Lease
exports
46
Cost of living (1935-39 = 100):
All items
47
Food
47
Clothing
47
Rent
47
1945
Dec.
Jan.
Feb.
In unit indicated
BUSINESS CONDITIONS—Cont.
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
13,105 P 1 2 , 9 6 4
8,403 P 8 , 1 8 6
4,702 P 4 , 7 7 8
1,802
P1,537
956
830
16
878
659
7.9
6.2
5.2
53.7
37.6
16.2
2.3
51.4
44.7
6.8
54.3
38.3
16.0
2.7
51.7
44.7
7.0
163
160
P154
70.1
73.0
20.2
63.3
75.5
21.3
P54.7
P183
195
P185
196
194
P170
P196
165
172
158
P166
P173
P160
215.3
121.6
217.2
123.0
P175
443
440
112
328
P447
126
2
C
124
c
102
22
137
1
136
109
27
127
133
126
71.5
28.3
26.8
73.5
31.6
27.5
66.0
32.4
27.5
216
141
'228
156
255
159
P7.7
P5.5
P4.0
Pi.3
P117
P331
P800
P669
P398
P27O
129.9
141.4
149.4
108.3
129.9
141.0
149.5
r
c
•1 Estimated.
P Preliminary.
Revised.
Figures for other tha'n Wednesday dates are shown under
2
For charts on pages 20, 23, 24, 26, and 27, figures for a more
3
Adjusted for seasonal variation.
4
2.45
2.05
2.53
2.81
SECURITY MARKETS
2.09
1.71
2.23
2.38
1.75
In millions of dollars
28
28
28
28
2,139
831
1,636
433
459
786
315
28
28
28
28
369
313
26
272
157
46
41
CALL DATE FIGURES
piis.o
P36.1
P12.5
P252
1946
Jan.Mar.
5
807
1945
36.4
12.9
7.7
5.5
4.0
1.2
P7$6
P549
P297
107.7
130.8
101.3
Per cent per annum
Mar.
20
35.6
12.7
7.3
5.7
3.9
1.1
107
11
96
82
14
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
Corporate security issues:
Net proceeds:
All issues
P21.6
Industrial
Railroad
Public utility
New money:
All issues
Industrial
Railroad
Public utility
41.27
100.4
41.6 41.1
C
107.1
129.9
100.8
Oct.Dec.
JulySept.
QUARTERLY FIGURES
P77.4
••41.40
'99.6
104
339
107.1
131.5
100.5
1945
53.3
36.1
17.2
2.0
51.4
44.2
7.2
181
170
49
49
49
129.4
139.6
149.9
June
30
Dec.
31
In billions of dollars
ALL MEMBER BANKS
Loans and investments, total
10
U. S. Govt. obligations, total
10
Bonds
11
Certificates
11
Notes
11
Bills
11
Guaranteed obligations
11
Other securities, total
10
State and local government obligations
11
Other securities
11
Loans, total
10
Commercial
11
Real estate
11
Brokers'
11
Agricultural
11
Demand deposits adjusted
10
90.52
67.92
(4)
(4)
(4)
(4)
(4)
5.39
99.43
73.24
40.27
15.58
14.72
2.63
.03
5.60
107.18
78.34
44.79
16.98
14.27
2.27
.02
6.07
2.99
2.40
17.22
(4)
(4)
(4)
(4)
61.17
3.10
2.50
20.59
7.10
3.25
2.53
1.13
59.13
3.25
2.82
22.78
8.95
3.46
2.45
.86
64.18
, . 12
12
12
12
12
12
27.95
20.41
1.47
6.07
18.60
1.73
31.49
21.62
1.55
8.32
17.80
1.79
32.07
21.79
1.62
8.67
18.22
1.97
12
12
12
12
12
12
33.45
25.30
1.80
6.35
21.74
8.28
36.57
27.52
1.89
7.15
20.68
8.76
40.11
29.55
2.04
8.51
22.37
9.79
13
13
13
13
13
13
29.13
22.20
2.12
4.81
20.84
10.54
31.37
24.09
2.16
5.11
20.66
11.26
35.00
27.00
2.41
5.60
23.60
12.51
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Country banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Corrected.
the Wednesday included in the weekly period.
recent period are available in the regular BULLETIN tables that show those series.
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
438
FEDERAL RESERVE BULLETIN
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks x
All
rebanks i
Total
Banks (Head Offices)
Dec. 31, 1942
Dec. 31, 1943
Dec. 31, 1944
Dec 31 1945
Feb. 28, 1946?
14,682
14,579
14,535
14 553
14 558
14,136
14,034
13,992
14,011
14,017
6,679
6,738
6,814
6,884
6,888
5,081
5,040
5,025
5,017
5,018
Branches a n d
Additional Offices 3
31, 1942
31 1943
31, 1944
31 1945'
28,1946P
3,739
3 933
4,064
4 090
4,076
3,602
3,797
3,924
3,947
3,933
2,615
2,793
2,892
2,910
2,900
1,592
1,741
1,813
1,811
1,795
Dec.
Dec
Dec.
Dec
Feb.
Total 2
National
Total
Insured
1,598
1,698
1,789
1,867
1,870
7,460
7,299
7,181
7,130
7,132
6,667
6,535
6,452
6,416
6,425
1,023
1,052
1,079
1,099
1,105
987
1,004
1,032
1,037
1,033
935
952
State 2
Noninsured x
Insured 2
56
130
184
192
192
490
764
729
714
707
191
350
112
112
52
52
35
95
102
41
54
56
56
99
101
101
41
42
42
793
978
981
977
Noninsured
Nonreporting
banks
(nonmember
noninsured)
Mutual savings
banks
Nonmember banks x
Member banks
119
120
361
351
350
P Preliminary.
1
Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative" banks in Arkansas and 99 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas.
2 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks
are not
included in the total for "Commercial banks" and are included only once in "All reporting banks."
3
Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military
reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated
as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 217, respectively.
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banning and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS,
BY DISTRICTS AND STATES
On par list
Federal Reserve
district or State
Total»
Total
United States total:
Dec. 31, 1942. . . . 14,132
14,030
Dec. 31, 1943
Dec. 31, 1944. . . 13,997
.
Dec. 31, 1945. . . 14,009
.
Feb. 28, 1 9 4 6 P . . . 14,016
11,422
11,501
11,552
11,876
11,896
Member
banks
6,679
6,738
6,814
6,884
6,888
Nonmember
banks
4,743
4,763
4,738
4,992
5,008
On par list
Not
on
par
list
State
Total
2,529
2,445
2,133
2,120
By districts a n d
by States
February 28, 1946 P
Boston
New York
Philadelphia
Cleveland
493
949
851
1,178
493
949
851
1,178
339
809
647
721
154
140
204
457
Richmond
Atlanta
Chicago
St. Louis
1,007
1,121
2,462
1,463
766
491
2,403
1,099
473
326
1,000
492
293
165
1,403
607
241
630
59
Minneapolis
Kansas City
Dallas
San Francisco. . . .
1,271
1,746
972
503
587
1,731
853
495
472
751
587
271
115
980
266
224
684
15
Alabama
Arizona
Arkansas
California
Colorado
217
11
226
193
138
99
11
96
193
138
83
6
66
113
92
16
5
30
80
46
118
Connecticut
Delaware
Dist. of Columbia.
Florida
Georgia
116
40
21
166
360
116
40
21
100
83
64
17
18
67
59
52
23
3
33
24
Idaho
Illinois
Indiana
Iowa
Kansas
46
853
491
658
613
46
851
491
658
611
26
491
238
164
213
20
360
253
494
398
Kentucky
Louisiana
Maine
Maryland
Massachusetts. . .
386
152
63
170
185
386
113
43
38
80
150
273
8
25
90
35
APRIL 1946
51
63
170
185
364
130
66
277
2
. . „
Total i
.
ioi*
Member
banks
Nonmember
banks
Michigan
Minnesota
Mississippi
Missouri
Montana
443
674
203
591
111
442
257
33
517
107
230
210
29
183
78
212
47
4
334
29
Nebraska
Nevada
New Hampshire
New J e r s e y . . . .
New Mexico. . .
410
8
65
346
41
407
8
65
346
41
146
6
53
295
27
261
2
12
51
14
New York
North Carolina.
North Dakota..
Ohio
Oklahoma
676
204
150
678
380
676
84
45
678
369
584
55
42
424
217
92
29
3
254
152
Oregon
Pennsylvania...
Rhode Island. .
South Carolina.
South Dakota..
70
1,020
21
144
166
70
1,020
21
43
66
33
770
11
28
60
37
250
10
15
6
Tennessee. . . .
Texas
Utah
Vermont
Virginia
293
862
57
71
314
186
795
57
71
297
82
545
34
40
197
104
250
23
31
100
Washington... .
West Virginia. .
Wisconsin
Wyoming
121
179
557
113
176
441
56
54
108
168
38
68
273
56
59
18
Not
on
par
list
1
417
170
74
4
120
105
101
100
107
67
3
116
P Preliminary.
1
Total represents the number of banks on which checks are drawn,
with the following exceptions: it includes member mutual savings banks
and member nondeposit trust companies on which no checks are
drawn (three and four, respectively, on the latest date) and it excludes
nonmember mutual savings banks on a few of which some checks are
drawn.
The total differs from total commercial banks in preceding table
because the commercial bank total excludes some banks on which
checks are drawn, namely, those that do not report to State banking
departments (see footnote 1 of preceding table), and the three member
mutual savings banks; also the commercial bank total includes nonmember industrial banks and nondeposit trust companies on which
no checks are drawn (116 on the latest date).
NOTE.—Prior to February 1946, statistics on the Federal Reserve
par list were published annually. For back figures see Banking and
Monetary Statistics, Table 15, and descriptive text, pp. 14-15.
439
PAGE
Gold reserves of central banks and governments
441
Gold production
442
Gold movements
442
Net capital movements to United States since January 2, 1935.
443-448
Central banks
449-452
Money rates in foreign countries
453
Commercial banks
454
Foreign exchange rates
455
Price movements:
Wholesale prices
456
Retail food prices and cost of living
457
Security prices
457
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.
440
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
United
States
Argentina 1
Belgium
Brazil
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
14,512
17,644
21,995
22,737
22,726
21,938
20,619
431
466
353
354
1658
1939
il.lll
581
609
734
734
735
734
32
40
51
70
115
254
329
274
274
274
274
274
274
274
192
214
27
5
6
5
6
30
30
30
31
36
54
79
24
21
17
16
25
59
92
1945—Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec,
1946—Jan.. .
Feb.. .
20,419
20,374
20,270
20,213
20,152
20,088
20,073
20,036
20,030
20,065
20,156
20,232
409
409
409
409
409
409
409
407
404
403
398
715
715
714
713
712
712
694
698
711
716
729
747
341
341
342
342
342
352
352
357
356
354
274
274
274
274
274
274
274
274
274
274
274
5
6
4
6
7
6
7
5
5
7
7
6
80
80
81
80
82
82
82
82
82
82
97
99
100
102
103
104
106
114
115
127
128
Iran
(Persia)
Italy
Japan
Java
26
26
26
26
34
92
128
193
144
120
164
164
164
5164
80
90
140
235
Hun-
End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
37
24
24
24
24
24
24
1945—Mar
Apr
May....
June....
July....
Aug
Sept.. . .
Oct
Nov.. . .'
Dec
1946—Jan
British
India Canada
P128
P128
P128
eb.
End of month
1938—Dec
1939—Dec.. . .
1940—Dec
1941—Dec.. . .
1942—Dec
1943—Dec.. . .
1944—Dec. . .
1945—Mar....
Apr.. . .
May. . .
June...
July....
Aug.. . .
Sept
Oct
Nov.. . .
Dec
J
an...
1946Feb...
Sweden
Switzer-.
land
Turkey
321
308
160
223
335
387
463
701
549
502
665
824
964
1,052
"29
29
88
92
114
161
221
474
472
470
478
478
479
479
475
474
482
481
481
1,072
1,103
1,105
1,069
1,073
1,084
1,085
1,111
1,109
1,104
1,099
1,091
225
225
225
234
234
234
236
236
236
241
"I
Chile
Nether- New
Mexico lands Zealand
29
32
47
47
39
203
222
998
692
617
575
506
500
500
23
23
23
23
23
23
23
220
219
219
231
230
255
255
250
296
294
288
284
500
500
500
500
270
270
270
270
270
270
270
23
23
23
23
23
23
23
23
23
23
23
United
Kingdom
Uruguay
Venezuela
Yugoslavia
2,690
69
68
90
100
89
121
157
52
52
29
41
68
89
130
57
59
82
483
166
168
173
175
179
189
195
195
195
195
147
161
161
176
176
186
191
191
202
202
212
212
n
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Colombia
B.I.S.
37
37
39
39
39
39
39
39
39
39
39
Cuba
Czechoslovakia
1
1
1
16
46
111
83
56
58
61
61
61
61
53
53
52
44
44
44
44
55
55
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
61
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
38
38
52
52
52
52
52
52
52
52
52
1,777
1,777
1,777
131
141
151
166
171
176
176
186
Norway
94
'94
*84
APRIL 1946
Peru
Poland
20
20
20
21
25
31
32
85
484
30
30
30
28
28
28
28
28
28
28
28
28
Other
coun-6
tries
166
178
170
166
185
229
245
246
246
247
247
248
248
248
247
245
248
P248
P248
P xPreliminary.
i cii
in nidi y •
1 Figures through March 1940 and for December 1942,
1942, December
December 1943, and December 1944
" at• home,
'
" of the Central Bank held
include, ; n addition to gold of the Central Bank held
gold
abroad
and
gold
belonging
to
the
Argentine
Stabilization
Fund.
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.
3
Figure for December 1938 is that officially reported on Apr. 30, 1938.
4
Figures relate to last official report dates for the respective countries, as follows: Java—
Jan.
31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
5
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,
1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February
1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have
been
carried forward from last previous official report.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—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.
r
Denmark
Egypt
France
Germany
29
29
29
29
29
29
29
Greece
27
28
28
28
28
28
28
28
28
1,777
1,777
1,540
1,540
1,090
1,090
Portugal
Ruma-
South
Africa
69
69
59
59
59
60
60
133
152
158
182
241
316
220
249
367
366
634
706
814
3525
848
851
865
878
886
909
938
954
943
914
949
108
109
109
109
109
109
108
108
108
60
60
60
60
60
60
60
60
60
Spain
42
42
91
105
Government gold reserves 1 not included
in previous figures
United
End of month United
France
States Kingdom
1938—Dec
1939—Mar....
May... .
June
Sept.. . .
Dec
1940—June
Dec
1941—June....
Dec
1942—June....
Dec
1943—June
Dec
1944—June
Dec
1945—Mar
June... .
Sept
80
154
'"85"
164
156
86
48
89
25
8
12
11
43
21
12
32
81
20
2759
1, 732
3
876
"'292*
4151
331
559
477
Belgium
44
• 'iy '
17
17
17
17
17
17
17
17
17
17
17
17
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund
and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of England on that date.
4 Figure for Sept. 1, 1941.
NOTE.—For available back figures and for details regarding special internal gold transfers
affecting the British and French institutions, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for February 1945, p. 190.
441
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
1944..
1945..
Estimated
world
production Total
outside 1 reported
monthly
U.S.S.R.
Production reported monthlyNorth and South America
Other
South I Rho- I West2 I Belgian United4 | CanMexColom-I Chile I Nica-7 Austra-I British9
desia |Africa | Congo^ States
Africa
ico6
ada*
bia
ragua
lia»
India
$1 =155/zi grains of gold 9/wfine; i. e., an ounce of fine gold —$35.
823,003 708 ,453 366,795 24,264 12,153 6,549 108,191 104,,023 23,135 12,045 8,350 1,166 30,559 11,223
882,533 752 ,847 377,090 25,477 13,625 7,159 126,325
,971 23,858 11,515 9,251
868 31,240 11,468
971,514 833 ,895 396,768 28,053 16,295 7,386 152,509 114;,181 26,465 13,632 9,018
807 40,118 11,663
1,041,576 893 ,384 410,710 28,296 20,784 8,018 168,159 131 ,367 29,591 15,478 9,544
848 46,982 11,607
1,136,360 958 ,770 425,649 28,532 24,670 8,470 178,143 143 ,379 32,306 18,225 10,290 1,557 54,264 11,284
165,
1,208,705 1,020 ,297 448,753 28,009 28,564 8,759 196,391
29,426
,303
19,951
11,376
56,182 11,078
3,506
1,297,349 1,094 ,264 491,628 29,155 32,163 38,862 210,109 178,,890 30,878 22,117 11,999 5,429 55,878 10,157
1,288,945 1,089 ,395 504,268 27,765 32,414
27,969
209 175 185,
,081
22,961
9,259
51,039
7,525
187,,446 6 30,000 20,882 6,409 8,623 42,525 9,940
968 ,112 494,439 26,641 29,225
130 963 169,
8,960
,471 448,153 23,009 19,740
48
19,789 6,081 7,715 28,560 8,820
127,,796
663i960 429",787 20,746 18,445
35
,980
19,374 7,131 7,865 16,310 6,545
101,
P19.887 18,865
P647.139 427,862
"*34
17,734 P5.594 6,985 P16.590 5,950
92,,794
2,463 ••8,162
2,342 7,432
2,446 8,004
2,328
,831
2,563
,614
,426
,516
,357
,078
3,528 7,411
2,926 7,404
3,836 8,034
4,020 7,726
3,832 8,391
3,984 /8.391
••55,196
50,782
54,703
54,096
53,934
53,213
53,373
53,560
52,953
36,216 1,674 1,610
33,698 1,610 1,575
36,458 1,686 1,610
35,937 1,718 1,610
36,073 1,673 1,575
35,800 1,645 1,575
36,311 1,679 1,610
34,199 1,668 1,610
35,313 1,680 1,610
55,937 36,809 1,664 1,610
P54.907 36,005 1,595 1,400
1,470
P 5 4 , 4 8 5 35,043 fl,595
*>53,374 35,892 /lf595 fl,470
1945—Jan.. .
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.. .
Nov..
Dec...
1946—Jan.. .
1,882
1,379
1,382
1,836
1,736
1,460
518
459
400
319
224
140
/I,140
486
372
542
526
528
574
538
464
370
425
P385
672 1,470
590 1,260
615 1,365
560 1,225
631 1,190
574 1,295
393 1,400
595 2,065
570 1,190
559 1,190
592 1,470
634 n, 470
522 /I,470
560
525
595
525
350
350
490
560
490
490
490
525
/525
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, r 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
P Preliminary.
Revised.
/ Figure carried forward.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944 they represent Gold
Coast3 only.
Beginning May 1940 monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the
year.
4
Includes Philippine Islands production received in United States. Annual figures through 1944 are estimates of United States Mint. Annual 6figure for 1945 and monthly figures represent estimates of American Bureau of Metal Statistics.
Figures for Canada beginning 1944 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in
first 7three months of year.
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
1943 they represent total Australia; beginning January 1944, Western Australia only.
» Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries.
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Total
Year
net
or
month imports
United
Kingdom
19341 1,131,994 499,870
1935 1,739,019 315,727
1936 1,116,584 174,093
1937 1,585,503 891,531
1938 1,973,569 1,208,728
1939 3,574,151 1,826,403
1940 4,744,472 633,083
3,779
982,378
1941
1,955
315,678
1942
88
68,938
1943
1944 -845,392 -695,483
160
1945 -106,250
1945
July
Aug.
Sept.
Oct.
Nov.
Dec.
1946
Jan.
Feb.p
-6,979
-12,339
13,496
-4,317
789
19,253
41
64
154,070
82,439
France
Belgium
Netherlands
Sweden
SwitzerCanada
land
Mexico
PhilOther
ipLatin
Ameri- pine
Iscan Republics lands
28,153 12,038
30,270
86,829
12,402
260,223 8,902 94,348
29,359 15,335
13,667
95,171
968
3 227,185
934,243
30,790 21,513
39,966
72,648
2 7,511
573,671 3,351 71,006
39,485 25,427
38,482
6 54,452 111,480
-13,710 90,859 6,461
65,231 27,880
36,472
76,315
81,135 15,488 163,049 60,146 1,363
57,020 35,636
33,610
3,798 165,122 341,618 28,715 86,987 612,949
29*880 128,259 38,627
977 63,260 161,489 90,320 2,622,330
241,778
61,862 42,678
16,791
1,747
899 412,056
1
1
39,680
321
40,016
5 208,917
13,489
-3,287
66,920
46,210 -109,695 -108,560
15,094 -41,748 "103
53,148
481
848
11,796
463
272
37,131
151,270
80,629
1,583
11,524
1,192
517
951
272
1,115
329
1,698
355
247 -18,499
391
126
1,729
1,479
100
3
BritSouth
ish
Africa Japan India
Australia
All
other
countries
12
1,029
4 76,820 21,095
65
3,498
75,268 28,529
8
23,280
77,892 20,856
181 246,464 50,762
34,713
8,910
401 168,740 16,159
39,162
13,301
74,250 22,862 165,605 50,956 2 68,623
103,777 184,756 111,739 49,989 3 284,208
67,492 292,893 9,444 9,665 < 63,071
528 4,119
129 20,008
307
152
-8,731
199 3,572
18,365
5
357
106
-133,471
2
19
ii
3
3
22
16
11
12
15
9
-20,589
-15,014
407
-6,236
-1,562
297
23
11
654
191
P Preliminary.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
3 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000
from other countries.
« Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries.
6
Includes $133,980,000 to China and $509,000 from other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of Statistics, see p. 524 in the same
publication.
1
442
FEDERAL RESERVE BULLETIN
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*
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
259.5
616.0
899.4
1,412.5
57.7
213.8
350.7
603.3
-2.0
6.1
-4.5
9.8
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,511.1
1,949.2
2,283.3
2,608.4
578.4
779.0
898.5
930.5
44.4
35.9
37.4
81.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243.9
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30. . . ^
June.29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
L.927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
L.907.8
L,980.5
L.958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1)
June 30 2
Sept. 30
Dec. 31
5,082.4
5,495.3
5,654.9
5,835.0
2,684.0
3,075.9
3,212.6
3,320.3
932.0
1,211.7
1,339.1
1,412.0
1,752.0
1,864.2
L.873.5
L.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.
6,147.1
6,506.4
6,771.3
7,118.6
3,643.4
4,002.6
4,130.6
4,496.3
1,723.1
2,071.4
2,190.9
2,461.5
1,920.3
1,931.2
1,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6
4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7
2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4
2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3
870.8
843.5
868.0
873.4
872.9
856.6
931.7
924.2
904.1
905.4
903.2
929.8
695.1
698.8
685.8
686.2
680.1
702.4
117.0
118.9
119.6
118.3
119.9
119.1
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
2,622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2
2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3
850.6
869.7
883.5
891.3
872.7
805.8
1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4
706.9
709.4
737.8
735.8
732.4
911.8
119.3
119.9
122.2
127.1
125.0
126.3
7,633.1
7,755.4
7,739.1
7,797.3
7,857.7
8,071.9
4,723.9
4,887.3
4,909.9
4,958.2
5,004.5
5,261.4
2,468.7
2,587.3
2,555.6
2,588.9
2,634.0
2,903.6
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
2,357.9
848.2
859.8
848.5
844.7
845.7
760.4
1,025.9
1,033.4
1,029.6
1,061.6
1,088.9
1,069.9
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
8,296.8
8,353.2
8,469.9
8,541.1
8,409.0
5,442.6
5,505.0
5,594.8
5,731.0
3 5,645.1
3,078.8
3,096.2
3,107.5
3,110.0
3
2,953.2
2,363.9
2,408.8
2,487.2
2,620.9
32,691.9
810.2
829.0
865.3
875.5
3 804.2
1,073.7
1,058.4
1,056.9
1,005.2
1,041.7
843.2
831.6
818.4
795.1
779.1
127.1
129.1
134.6
134.4
3
139.0
31.
30
30
31
,
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31.
Sept. 30
Oct. 31
Nov. 30
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;
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.
3
Amounts outstanding Nov. 30, in millions of dollars: total foreign banking funds in United States, 6,310.9, including official funds,3,590.8,
and other funds, 2,720.1; United States banking funds abroad, 331.3; and brokerage balances (net due "foreigners"), 62.1.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
APRIL 1946
443
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, t h r o u g h -
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
1
Latin
America Asia
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan 1, 1936). . .
30
29
(Jan. 4, 1939). . .
(Jan. 3, 1940). . .
1,412.5
2,608.4
3,410.3
3,844.5
5,021.2
554.9
829.3
993.7
1,183.8
1,101.3
210.2
299.5
281.7
339.6
468.7
114.5
229.7
311.9
328.6
470.3
130.4
335.5
607.5
557.5
773.0
36.6
83.1
123.9
140.5
165.9
24.0
45.6
22.1
32.2
58.0
130.0
228.5
312.2
472.0
752.9
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
150.5
106.3
155.3
229.4
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 1, 1941). . .
31
31
31
31
5,727.6
5,230.7
5,835.0
7,118.6
7,475.7
865.2
674.1
837.8
1,257.7
1,090.0
670.3
639.9
625.9
636.8
585.7
455.6
464.4
474.0
487.7
506.2
911.5
725.7
592.1
629.1
664.3
175.9
179.9
179.5
178.6
179.1
55.4
50.5
48.1
48.2
63.1
922.7
891.8
850.9
954.8
993.3
4,056.6
3,626.3
3,608.1
4,192.8
4,081.8
411.7 606.8 562.3 90.2
340.5 567.5 567.7 128.6
425.1 835.8 787.7 178.3
760.3 951.0 1,013.1 201.4
976.4 1,193.7 1,020.9 203.0
7,633.1 1,008.6 566.6
7,755.4 1,053.6 558.3
7,739.1 1,048.9 506.5
7,797.3 1,026.0 477.6
7,857.7 1,029.3 453.0
8,071.9 1,066.2 521.7
8,296.8 1,075.0 542.4
8,353.2 1,018.8 499.8
8,469.9
946.7 463.9
8,541.1
937.8 510.9
8,409.0
888.7 469.8
503.3
506.3
505.7
506.3
506.8
513.0
516.1
518.1
518.1
523.8
526.3
659.6
666.4
673.0
670.7
677.1
679.7
689.9
695.6
698.4
705.2
709.8
179.0
179.0
179.2
179.2
179.0
179.0
179.0
179.2
179.3
179.5
179.4
66.7
69.8
72.0
75.5
77.5
80.0
85 ?
89.6
94.2
98.0
100.8
965.2
970.5
967.6
990.5
1,003.6
1,017.9
1,053.0
1,059.2
1,134.2
1,118.1
1,127.8
3,949.0
4,003.9
3,952.9
3,925.8
3,926.4
4,057.5
4,140.6
4,060.2
4,034.8
4,073.2
4,002.6
1945—Jan. *31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
70.9
201.2
410.6
384.6
483.4
All
other1
(2)
128.3
184.0
224.6
214.2
431.0
12.7
21.4
15.9
36.2
87.4
1,250.2
1,262.4
1,234.2
1,263.0
1,324.3
1,353.8
1,411.7
1,392.1
1,413.3
1,404.7
1,336.5
1,199.2
1,200.1
1,205.3
1,202.9
1,193.8
1,175.5
1,175.5
1,238.7
1,316.3
1,321.3
1,323.9
204.1
207.7
211.4
210.7
208.5
208.4
207.6
220.3
235.2
264.1
253.0
Latin
America
Asia1
All
other1
5
3
^
6
1
58.8
90.4
126 2
163.3
325.4
11.5
15.2
8 0
22.2
60.5
4
7
8
7
7
848 7
855 4
842
872 0s
913 5
955 4
979. 2
965. s
989.0
976.2
924. 2
450.9
418.0
598 7
779.7
635.9
61.3
101.6
141 9
162.0
169.7
804 5
803.8
809.3
808.3
807.7
770 5
757.6
834 7
882.5
899 8
895.9
169 7
172.5
175.7
175.2
172.7
173 5
172.3
183 6
197.6
225 7
216.8
Latin
1
America Asia
All
other1
1,030.8
1,081.3
1,135.4
1,194.9
1,204.7
1,276.7
1,361.4
1,441.8
1,469.9
1,477.9
1,493.0
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935 ,through—
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
.8
2 .7
9 6
- 1 1 .8
- 2 0 .1
7 .3
23 .0
6 9
1 .7
19 .7
.9
- 3 .4
-6 ?
- 6 .9
7 .0
60
79
109
208
470
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936)...
30
29
603.3
930.5
1,168 5
(Jan. 4, 1939)... 1,425.4
(Jan. 3, 1940). . . 2,430.8
128 .6
163 .5
189
364 .0
376 .1
129
144
111
155
256
6
2
8
3
1
55.7
65.9
76.3
87.9
190.9
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 1, 1941). . . 3,159.0
2,856.2
31
3,320 3
31
4,496.3
31. . .
4,612.5
31
293 3
328 6
493
939.4
804.4
458 0
416 5
394 S
404.1
356.6
160.3
161.0
170.0
176.7
193.1
72 4
109 8
288. 4
205. 1
362. 7
494. 7
326. 2
166.
192. 7
221. 4
4,723.9
4,887.3
4,909.9
4,958.2
5,004.5
5,261 4
5,442.6
5,505 0
5,594.8
5,731 0
5,645.1
726.4
777 0
772 9
758 5
770 7
800 s
810 6
762 6
684 8
678 9
338.9
329 6
286 4
258.3
235.0
292.2
318. 8
276. 6
233. 3
280 9
247. 1
190.0
192.6
192.2
192.2
192.7
196.7
199.2
201.4
204.0
211 4
253.0
219. 8
227. 1
234. s
234. 1
240. 1
243.
250.6
255.8
259. 7
266 s
272. 0
1945—Jan. 31.
Feb. 28
Mar. 31.
Apr. 30
May 31.
June 30
July 31.
Aus. 31
Sept. 30.
Oct 3 1
Nov. 30
..
..
..
.
..
..
638 3
- 2 2 .9
- 2 3 .1
-?? 7
- 2 3 .7
- 2 3 .4
-?S 4
- 2 3 .4
-?S ^
- 2 3 .3
- 2 3 .5
-?S s
- 2 3 .5
-9S 4
- 2 3 .4
—23 ?
- 2 3 .4
10 7
13 .5
1S 7
19 .1
22 .5
9S 6
29 .2
6
38 .2
41 7
45 . 1
7
453 .5
7
588 .9
4
791 7
6 1,010.7
0 1,655.4
603. 7
561. 1
502. s
589. 0
634. 7
570. 5
576. 7
582. 8
606. 8
619. 7
670. 0
706. 8
672. 4
744. 8
729. 9
738. 2
Canada
46 0
86 8
76.
101. 6
174. 5
334. 1
273. 1
399. s
704. 7
818. 6
1,986.3
1,766.9
1,697.5
2,271 2
2,193 7
2,032 9 868. 1
2,093 2 962. 3
2,061 ^ 1,021. ?
2,045 9 1,056. 8
2,057 3 1,053. 4
2,202 7 1,159. s
2,291 7 1,241. 8
2,179 0 1,341. 9
2,141 4 1,384. 1
2,185 4 1,443 9
2,170 3 1,437. 8
33
149
166
127
215
326
296
482
578
794
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through-
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
(Jan. 3, 1940)
361.4
431.5
449". 1
510.1
650.4
208.8
178.0
207.4
206.2
252.2
48.1
62.0
65.3
68.4
73.8
-.4
-3.3
-4.4
-5.6
12.9
1.6
2.7
2.6
2.6
2.9
29.7
66.0
105.1
141.7
177.8
6.5
22.0
26.9
33.8
28.4
310.2
343.7
409.3
460.9
563.5
-4.6
36.9
-21.7
35.9
56.5
20.1
24.9
51.6
66.8
52.6
37.3
30.4
18.7
-46.5
-21.5
-1.6
-4.4
-8.7
-7.0
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 1, 1941)
31
31
31
31
775.1
791.3
888.8
877.6
805.8
269.2
271.2
279.4
272.1
266.1
74.6
76.9
77.8
77.9
77.7
17.7
17.6
18.1
18.3
18.3
6.5
5.4
6.6
5.1
6.8
191.6
196.8
196.7
196.9
196.9
25.3
25.8
26.2
26.2
26.2
49.8
53.6
56.8
60.0
34.6
634.7
647.4
661.5
656.5
626.6
60.3
62.7
58.6
55.1
64.8
43.2
17.7
68.3
55.7
37.0
34.8
64.7
93.8
102.7
77.7
2.1
-1.2
6.6
7.5
-.3
848.2
859.8
848.5
844.7
845.7
760.4
810.2
829.0
865.3
875.5
804.2
266.2
264.6
268.8
266.6
261.5
264.1
267.2
260.4
267.1
270.5
266.1
77.6
77.6
77.6
77.6
77.8
77.8
77.8
77.8
77.8
78.1
78.0
18.3
18.3
18.3
18.1
18.2
18.0
18.3
18.2
18.0
18.0
-17.9
6.2
7.3
7.2
7.2
7.3
2.7
4.5
6.1
5.4
5.1
6.5
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.4
26.2
70.7
70.3
70.4
70.6
70.1
30.9
30.3
69.4
70.9
69.4
68.8
662.0
661.2
665.3
663.3
658.0
616.5
621.2
655.0
662.5
664.4
624.6
61.8
68.1
69.0
69.9
67.3
39.1
47.7
51.4
53.3
60.7
54.9
36.1
40.7
23.9
23.0
40.1
23.5
58.2
51.4
47.4
54.4
22.2
87.6
88.2
88.1
86.4
77.9
79.9
81.4
68.4
98.3
91.7
99.9
.8
1.7
2.2
2.1
2.4
1.5
1.8
2.9
3.8
4.2
2.6
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Other
Total
Europe Europe
Canada
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
* Inflow less than $50,000.
444
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 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—
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
1
Latin
America Asia
All
other1
125.2
316 2
583.2
641.8
725.7
67.8
116 1
136.8
127.7
125.5
6.8
18 2
22.8
26.1
42.1
7.4
10 4
21.2
27.3
29.4
-1.2
13.7
30.4
36.1
45.0
13.3
22 5
26.6
33.536.6
2.9
9 4
13.5
22.0
27.6
46.1
87 9
115.2
167.8
189.0
143.1
278.3
366.4
440.6
495.2
-39.7
1 7
10.5
-9.7
-7.6
12.7
15 7
175.0
167.4
184.0
7.9
17 0
24.5
33.8
42.8
1.1
3 5
6.8
9.7
11.3
803.8
1940—Dec. (Jan. 1, 1941). . .
855.5
1941—Dec. 31
1942—Dec. 31
848.2
1943—Dec< 3i
925.9
1944—£)ec> 3i
1,019.4
128.6
127.6
125 4
127.6
126.5
43.4
51.6
52 4
50.6
51.0
31.0
31.5
31 6
33.0
33.6
46.0
44.3
44.9
44.7
44.5
36.5
36.5
36.5
36.5
36.5
28.1
28.1
28 0
27.9
27.6
196.4
201.8
207 6
210.1
210.4
510.0
521.3
526 3
530.3
530.1
25.0
35.4
—3 0
41.2
104.9
202.3
221.1
245.4
272.3
302.0
53.0
61.2
61.5
62.2
61.3
13.5
16.6
18 0
19.9
21.0
1945—Jan. 3 1 . .
Feb 28
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 3 1 . . . '
Nov. 30
124.8
125.2
124 0
121.6
120 8
118.9
119.0
119.0
119. 1
119.2
119.1
51.0
51.2
51.4
51.3
51.2
51.3
51.2
51.2
51.2
51.1
51.1
33.6
33.6
33 6
33.6
33.5
33.5
33.5
33.5
33.5
33.7
33.0
44.5
44.7
44.7
44.7
44.5
44.7
45.0
45.0
45.2
45.5
45.0
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
210.4
210.3
210.3
210.1
210.0
210.1
210.1
210.1
210.9
211.1
210.4
528.4
529.1
528.0
525.4
524.1
522.5
522.8
522.9
523.9
524.6
522.7
111.5
118.1
113.9
147.1
171.4
152.0
153.1
135.7
131.8
82.1
118.3
303.5
303.7
305.1
306.1
310.4
312.4
314.7
316.5
317.6
314.9
317.4
61.3
61.5
61.5
61.9
61.7
61.7
61.7
61.7
61.8
61.8
61.5
21.1
21.0
21.1
21.2
21.2
21.3
21.3
21.7
21.8
21.9
21.8
Can1
Latin
ada America Asia
All
other1
1935—Dec. (Jan. 1, 1936). ..
1936—£>ec# 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940). . .
1,025.9
1,033.4
1,029 6
1,061.6
1,088.9
1,069.9
1,073.7
1,058.4
1,056 9
1,005.2
1,041.7
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
1935—Dec.
1936—T)ec.
1937—Dec.
1938—Dec.
1939—Dec.
Total
316.7
(Jan. 1, 1936). . .
30
917.4
1,162.0
29
(Jan. 4, 1939). . . 1,219.7
(Jan. 3, 1940). . . 1,133.7
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
23.4
64.7
70.3
76.9
76.6
50.5
157.6
213.8
212.1
227.7
55.1
200.2
275.3
304.1
344.7
-5.4
-7.5
-17.4
-22.8
-28.2
-.1
-3.3
-4.9
-5.5
-4.9
12.9
38.5
55.7
56.6
60.4
286.2
818.0
1,041.6
1,094.1
1,004.4
2.8
32.6
37.6
25.7
-2.6
3.7
15.5
18.2
23.7
30.1
21.4
44.1
54.7
65.2
87.6
2.6
7 1
9.8
11.1
14.3
64.9
67.3
75 3
86.3
103.2
851.3
615.0
644 7
645.7
633.7
-18.4
-44.7
—45 1
-58.2
-28.1
25.6
28.1
35 2
40.5
54.9
17.6
17.5
27 7
62.5
240.5
12.6
10 9
10 9
10 6
10.7
103.0
102.4
93 7
92.5
93 5
96.4
95.3
96.5
96.4
96.4
98.0
629.0
621.4
598.9
591.2
585.9
611.0
602.1
600.0
600.8
592.4
577.4
-27.4
-84.2
—85.7
-95.9
— 106.7
-91.7
-98.5
-105.4
— 117.9
-126.4
-136.8
55.7
55.4
55.2
55.1
52 8
58.5
57.2
56.1
55.1
54.6
65.8
241.1
241 9
241 7
241.9
242 7
260.4
272.2
270.9
270 6
264.4
263.1
10.7
10 6
10 5
10 3
10 3
10 3
10.2
10 0
9 8
10 0
Latin
1
America Asia
All
other1
United
King- France
dom
149.8
367.7
448.7
472.6
328.1
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
888.7
626.7
673 3
701.1
911.8
157.1 74.4
-70.1
74.9
— 77 6 80 5
-100.3 82.7
- 1 2 5 . 4 77.3
233.2
236.7
236 9
239.9
239.0
348.1
336.4
360.5
367.3
368.5
-29.1
-30.1
—30.9
-30.8
-30.8
2.7
— .1
— .1
1945—Jan. 31
Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov 30
909.0
845.0
820 6
802.5
785 0
848.4
843.2
831.6
818 4
795.1
779.1
-127.4
-131.7
— 135 4
-139.2
— 142 8
-138.9
-140.3
-141.5
— 143 4
-149.9
-154.0
239.0
239.1
239 1
239.4
239 3
241.3
240.9
240.7
237.8
235.5
234.0
366.1 - 3 0 . 8
363.3 - 3 0 . 8
362.2 —30.8
360.1 - 3 0 . 8
359.4 - 3 0 . 7
363.1 - 3 0 . 7
363.5 - 3 0 . 7
362.0 - 3 0 . 7
360.2 - 3 0 . 7
360.9 - 3 0 . 7
358.1 - 3 0 . 6
1.8
2.1
77.2
76.9
68 0
67.1
66 4
77.6
71.7
71.1
78.5
78.3
70.4
.6
1.9
2.1
2.2
.8
2.2
1.9
1.8
1.8
1.9
1.6
9.4
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)
Netherlands
Switzerland
2.4
10.4
11.5
12.9
20.1
1.3
-.9
— .2
6.8
9.3
2.5
9.1
10.8
9.6
17.8
17.0
16 8
17.4
18 8
18.5
19.9
19.9
20.7
21.5
23.1
13.4
17.6
17.5
19.9
22.3
16.2
13.5
13.7
19.3
23.0
-.2
— .2
-.1
-.2
18.5
18 6
18.6
18.4
19.1
21.7
18.5
18.2
19 1
19.1
19.3
21.9
22 9
23.1
23.1
22.6
22.8
22.8
23.1
23.1
23.2
23.1
22.4
22 7
22.6
23.0
23.1
23.5
24.2
24.4
24 7
25.2
24.1
22.9
23.9
24.5
24.7
25.8
26.0
26.4
26.6
27.8
27.3
28.2
-.2
— .2
United
King- France
dom
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan. 1, 1936). . .
1936—Dec. 30
1937—o ec- 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940). . .
6.0
12.9
47.5
47.6
80.6
(2)
4.0
11.5
13.4
19.4
1940—Dec. (Jan. 1, 1941). . .
1941—Dec 31
1942—Dec. 31
1943—Dec 3i
1944—Dec. 31
100.9
100 9
104.4
117.8
126.3
1945—j aru 3i
Feb 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct 31
Nov. 30
126.1
129 9
130.5
130.4
133.6
131.8
127.1
129.1
134 6
134.4
139.0
5.0
Germany
-.7
(2)
-.2
-.1
(3)
1
1
-.1
1
(2)
(3)
Italy
Total
Other
Europe Europe
.1
.3
.1
.2
.1
1.4
.4
5.0
5.2
.2
.2
.2
.3
.3
7.9
8.0
.3
.3
.3
.3
.3
.3
.4
.4
.4
.4
.4
7.6
22.6
44.0
47.9
71.6
Canada
-4.5
-7.6
1.0
-4.2
3.5
— .5
-.9
1.6
10.5
74.3
75.7
78.1
89.1
97.7
1.8
8.7
10.7
14.1
15.2
17.6
16.2
10.6
10.8
10.5
10.5
10.3
10.6
10.6
10.8
11.1
11.3
12.4
96.6
99.0
99.4
100.0
101.1
104.8
102.7
103.4
106.1
106.4
107.5
16.7
17.0
17.0
17.0
19.3
17.9
17.3
18.2
18.6
17.6
18.8
5.0
8.7
9.4
9.2
3 9
4.2
3.8
5.1
6.3
7.2
7.5
7.0
7.5
4.1
2.3
2.3
4.5
4.5
6.9
2.9
2.1
.5
-1.5
— .9
-3.4
.3
2.1
6.0
6 3
.7
8
(3)
(3)
6.0
9
6 0
1 3
1 8
5.6
4.7
4 8
4.7
4.4
3 9
3.0
2 7
3.2
3 2
3.6
3.4
1 8
1 9
1 9
1 9
1 9
1.9
1 9
2 0
22
22
2.4
1
Prior to Jan. 3, 1940, the figures under Asia
represent Far East only, the remaining Asiatic countries being included under "All other."
3
* Inflow less than $50,000.
Outflow less than $50,000.
APRIL 1946
445
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
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
33.9
163.5
176.3
143.9
187.4
12.9
68.6
78.8
89.1
101.8
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25.7
20.4
46.8
107.5
126.3
156.0
255.5
232.9
686.3
814.3
1,017.1
1,237.8
99.3
145.3
186.1
175.6
201.8
122.8
156.3
263.9
280.9
248.5
130.1
188.9
200.2
236.0
274.3
12.0
23.4
27.1
20.0
34.1
448.2 288.2
1939—Dec. (Jan. 3, 1940). . . 3,057.0
365.5 490.1
1940— Dec. (Jan. 1, 1941). . . 3,785.2
3,482.4
400.8 448.6
1941—Dec. 31
3,987.5
554.6 432.3
1942—Dec. 31
5,153.7 1,000.8 439.9
1943—Dec. 31
5,271.4
865.7 401.2
1944—Dec. 31
204.9
174.3
174.9
186.6
193*3
209.7
376.3
508.4
339.9
184.2
210.6
239.3
9.5
6.7
6.6
7.5
6.5
6.8
38.5
17.9
15.4
12.1
11.3
27.3
516.9
650.6
608.0
643.4
722.1
767.7
1,882.6
2,213.5
1,994.0
2,020.7
2,584.5
2,517.8
274.6
434.3
373.2
507.4
812.6
926.5
336.0
447.3
417.7
597.7
693.7
909.3
491.4
616.9
583.9
712.1
887.6
743.8
72.5
73.3
113.6
149.6
175.3
174.0
787,8 383.6
206.6
237.8
6.8
31.0
703.6 2,357.1
976.0
963.3
912.4 174.1
206.6
209.3
208.8
208.8
209.3
213.3
215.8
218.0
220.6
228.1
269.6
237.8
245.0
252.5
252.0
258.0
261.2
268.5
273.8
277.7
284.4
290.0
6.8
6.8
6.9
7.0
6.7
6.7
6.8
6.9
6.9
7.1
6.9
31.0
33.8
36.0
39.4
42.9
43.9
49.5
53.9
58.5
62.0
65.4
703.6
709.8
715.8
739.9
752.7
803.0
839.8
805.4
877.9
862.9
871.2
Date
United
King- France
dom
Total
1934—Dec. (Jan. 2, 1935). .. 597.0
1935—Dec. (Jan. 1, 1936). .. 1,200.2
1,491.6
1936—Dec. 30
1,729.6
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). .. 1,996.6
5,382.8
1945—Jan. 31
2
5,389.7
5,553.1
5,575.7
5,624.0
5,670.4
5,927.3
6,108.5
6,170.8
6,260.6
6,396.8
6,310.9
Jan. 31
Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
76.9
205.5
235.7
261.5
436.1
787.8
838.3
834.2
819.9
832.1
861.8
872.0
824.0
746.2
740.2
699.6
419.0
409.8
366.6
338.5
315.1
372.3
399.0
356.7
313.4
360.3
327.3
2,392
2,452
2,420
2,405
2,416
2,562 .3
2,651
2,538
2,501 .0
2,545
2,529
Canada
976.0
1,070.3
1,129.1
1,164.8
1,161.3
1,267.3
1,349.8
1,449.9
1,492.1
1,551.8
1,545.7
Latin
1
America Asia
970.2 912.4
976.9 911.7
964.0 917.2
993.5 916
,035.0 915.6
,076.9 878.4
,100.7 865.5
,087.4 942.6
,110.6 990.4
1,097.7 ,007.7
1,045.7 ,003.9
All
other1
138.6
141.4
144.5
144.1
141.6
142.4
141.2
152.5
166.5
194.6
185.7
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
1939—Dec. (Jan. 3, 1940). . 516.9
1940—Dec. (Jan. 1, 1941). . 650.6
608.0
1941 Dec 31
643 4
1942—Dec 31
722.1
1943 Dec 31
1944—Dec 31
. . . 767.7
1945—j an 3i
703 6
709.8
Feb. 28
715 8
Mar 31
739.9
Apr 30
752.7
May 31
803.0
June 30
July 31
839.8
805 4
Aug 31
877.9
Sept. 30
862.9
Oct 31
871.2
Nov 30
Belgium
Denmark
Finland
159.2
144.8
117.3
121 8
122.9
124.3
28.1
17.3
18.1
17 7
13.9
14.8
21.4
16.5
5.7
79
7.7
7.1
121 8
123.5
133 7
139.7
147.3
142.1
150.5
149 9
218.6
195.6
183.0
14 4
14.2
14 4
13.7
13.4
13.7
13.7
14 4
16.8
20.1
24.3
70
6.6
7.1
7.0
6.8
6.7
6.6
6 7
7.2
6.7
6.2
Greece3 Luxembourg3
Norway
39.3
43.5
48.7
18.3
18.4
18.6
56 3
48.7
65 2
132.4
158.9
220.8
48.7
48.6
50.6
52.5
53.7
56.6
60.5
63.2
66.1
68.7
71.0
18.5
18.6
18.6
18.5
19.1
19.3
22.9
22.9
22.9
22.9
23.0
185.4
187.2
194.7
199.9
194.0
240.6
236.6
187.1
184.4
182.7
182.9
3
PortuRuAll
3 Yugogal3 mania3 Spain Sweden USSR slavia3 other
35.7
53.4
54.5
9 4
9.3
9.5
42.0
41.3
35.4
39.4
36.6
40.6
46.4
39.0
45.5
45.2
48.5
9.4
9.1
9.3
9.3
9.3
9.3
9.3
9 7
9.2
9.2
9.2
17.5
31.8
43.4
142 2
235 4
210 7
153.5
163.2
152.1
14 3
12.3
16.1
38.2
41.1
27.3
31.5
37.6
31.8
36.9
40.4
32.6
24.4
31.2
148 6
152.3
157.7
158.0
160.2
165.4
183.7
194 3
199.1
213.5
217.2
12 7
12.9
8 6
12.8
17.5
20.9
22.3
25 7
25.4
24.4
24.8
17 7
9.9
5.7
5 7
5.7
5 8
5.8
5 6
5.7
5.2
5 1
5 2
5.2
5.4
109.8
187.9
191.0
57 9
76.9
52.1
51 0
48.7
52 8
51.8
51 7
50.3
45.2
46 9
45.0
44.5
44.3
Latin America
Date
1939—Dec. (Jan. 3, 1940)
1940— Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—Dec 31
1945—Jan. 31
Jan.
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct.
Nov
31 2
28
31
30
31 . .
30
31
31
30
31
30
Latin
BoAmer- Argentina livia 4 Brazil Chile
ica
Colombia*
NethFrench
erWest
lands
Other
4 Vene- Latin
Costa Cuba Indies Mex- West Panaand
Indies ma5 Peru zuela* AmerRica<
ico
Guiand
ica
ana*
Surinam4
57.7
115.4
75.7
67.6
69.8
93.9
36.4
36.2
50.5
10.8 67.7
12.6 98.7
17.7 140.8
26.8
28.5
27.3
34.5
54.0
55.0
43.*4
67.1
83.6
37.0
47.9
62.5
i2.4 100.3
12.2 70.4
7.4 139.3
963.3 89.3
19.9 160.2
54.4
85.0
7.0 139.1
160.2
156.9
128.2
133.3
138.8
146.2
164.4
163.0
181.5
179.2
185.6
54.4
53.2
52.1
51.3
54.9
66.8
64.6
64.5
63.2
63.6
71.4
85.0
82.8
81.5
77.2
76.6
76.2
82.3
90.2
93.2
83.1
84.5
7.0
336.0
447.3
417.7
597.7
693.7
909.3
970.2
976.9
964.0
993.5
1,035.0
1,076.9
1,100.7
1,087.4
1,110.6
1,097.7
1,045.7
89.3
89.9
73 4
73.1
70.0
73.2
82.5
75.1
78.0
77.2
82.3
19.9
18.9
17.1
18.5
17.7
19.2
17.2
18.0
17.9
17.9
15.6
6.9
7.4
8.1
8.2
7.5
8.0
7.0
6.2
6.6
7.1
139.1
136.6
141.2
160.2
169.6
190.4
153.9
156.9
154.5
145.4
136.5
4.9
2.6
4.4
4.6
4.6
5.1
5.4
5.2
6.3
6.3
8.6
7.3
7.8
7.3
6.6
58.8
55.0
37.7
95.7
70.4
83.1
20.7
41.2
36.0
34.0
58.7
42.1
36 9
57.6
69.1
99.3
35.3
99 3
114.2
129 0
140.1
158.4
163.8
177.2
158.7
164.4
164.3
111.8
35 3
35.5
34 3
33.7
32.5
29.2
31.5
31.7
32.9
33.6
31.0
20 9
24.2
31.5
69.4
17.7
17.4
27.7
29.2
85.3
105.6
121.8
64 2
95.4
119.8
49.0
121.5
76 3
78.7
82 5
81.8
83.1
86.2
89.6
87.8
89.1
90 5
90.7
29 2
29.7
32 7
33.9
33.9
35.5
35.8
38.8
38.8
42 6
45.9
49 0
43.9
49 4
43.2
48.2
41.5
50.2
43.0
44.3
48 5
38.3
121 5
124.6
129 9
133.8
136.6
134.8
134.9
145.3
138.6
138 1
138.3
For footnotes see p. 447.
446
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]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Date
Asia
India,
BurFrench
Hong ma,
China Indo- Kong and
China1
Ceylon1
Japan
(incl. Neth- PhilBriKoerippine Tur- Other All Aus- New
tish
rea)
lands
Iskey1 Asia other2 tra- ZeaMaand
East
lia land
1
laya Man- Indies1 lands
churia
1939—Dec.
(Jan
1940—Dec.
(Jan
1941—jj ec
1942—Dec
1943—Dec.
1944—Dec
3 1940)
491 4 167 0
71.4
165 4
1 1941)
3i
31
31
31
616 9
583 9
712.1
887.6
743 8
207.5
156 8
360.9
574.2
427.3
27.4
27.4
27.4
91.1
61.6
41.6
23.9
22.9
13.1
18.2
22 1
110 3
69 9
4.8
1.0
4.1
.9
1 3
4 0
1945—j a n
31
912.4 573.9
27.4
22.6
20.8
1.3
4.0
111.1
27 4
27.4
27.4
27.5
27.5
27.5
27.5
27.6
27.6
27.5
27.5
22 6 20 8
22.8 21.1
21.9 21.3
21.6 23.5
21.9 26.6
22.0 23.2
21.9 24.1
21.7 25.3
21.9 28.9
21.7 33.2
22.1 34.6
1 3
.9
.9
.9
.8
1.0
.9
.9
.9
1.0
1.0
4 0
3.9
4.0
4.0
4.0
4.1
4.3
3.. 9
4.2
4.2
4.1
111 1
113.5
116.5
115.4
117.6
111.3
112.6
108.8
99.3
104.4
103.8
Jan.
Feb.
Mar.
Apr
May
June
July
Aug
Sept
Oct.
Nov
1
2
3
313
28
31
30
31
30
31
31
30
31
30
912 4
911.7
917.2
916.2
915.6
878.4
865.5
942.6
990.4
1,007.7
1,003.9
573 9
556.9
554.4
546.9
541.7
519.6
501.1
578.7
588.5
591.7
581.4
29.1
160.4
110.1
110 5
Egypt
Union
and
French
of
Anglo- MoEgyp- rocco South Other
Africa
tian
Sudan
72.5
58.5
45.6
162.4 73.3
30.7
264.9 113.6
36.8 29.9 36.2 149.6 23.1
37.9 35.4 55.5 175.3 25.3
40.4 71 7 64.2 174.0 52.9
4.8
5.1
3 5
6.8
6.1
7.3
12.1
10.3
4.3
11.0 91.8
4.5 124.1
8.3 97.6
40.2 37.1
74.0 174.1 34.2
5.6
8.4
4.2
8 . 9 112.8
34.2
34.9
34.6
34.5
32.0
30.7
27.8
27.6
28.5
29.0
30.2
5.6
4.8
4.1
3.6
3.5
3.3
3.3
4.6
3.1
3.7
4.3
8 4
8.8
9.0
9.8
9.5
11.0
10.8
13.6
13.6
17.3
19.6
4.2
4.1
3.9
4.1
4.3
3.6
4.0
4.7
5.8
7.7
9.4
8 . 9 77.4
8.0 80:8
7.4 85.5
7.1 85.0
6.0 86.2
6.4 87.4
4.7 90.5
5.8 96.2
8.4 107.1
6.4 130.4
8.0 114.2
40.2
42.8
40.4
43.8
45.2
49.6
52.5
50.4
92.0
89.7
109.2
M 1
46.0
50.4
51.6
50.7
51.5
50.8
51.2
50.5
50.5
47.2
74.0
76.4
80.1
80.9
79.4
68.6
69.6
74.2
76.7
83.7
73.0
138 6
141.4
144.5
144.1
141.6
142.4
141.2
152.5
166.5
194.6
185.7
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 2 for main table.
Footnotes to table on p. 446.
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2
Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice
of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude
the unreal
movements introduced by
Figures
above are adjusted to compare with those of previous months.
unrea
mo
y these changes.
g
g s shown
sow a
33 P i
l d d under
d "All
h "
Prior to JJune 30
30, 1942
1942, iincluded
"All other."
4 Prior to Ju
Prior to June 30,, 1942,, included under "Other Latin America."
5
"Canal
30, 1942.
5 Included
I l d d "
C l Zone"
Z " prior
i to JJune 30
1942
NOTE.—For previous changes or corrections in the reporting practices of reporting banks (similar to those indicated in footnote 2 above),
which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941, see Banking and Monetary Statistics, pages 578-584. For changes
subsequent to 1941, which occurred on Apr. 1 and June 30, 1942, Sept. 30 and Oct. 31, 1943, and Mar. 31 and Dec. 31, 1944, see BULLETIN for
September 1945, pp. 967-970.
ASSETS
Date
Total
United
Kingdom
France
Nether
lands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia1
All
other1
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
139.9
778.6
672.6
655.0
594.0
296.9
88.1
114.1
84.8
86.0
80.5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
,71.2
57.8
52.9
45.9
743.2
433.0
392.1
326.5
274.9
96.3
100.9
59.4
118.0
60.4
174.6
154.5
141.1
114.4
99.1
117.4
80.1
67.2
78.9
144.1
8.5
10.1
12.9
17.2
15.5
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
508.7
384.0
367.8
246.7
257.9
329.7
39.9
23.0
20.9
12.6
19.9
25.9
4.9
4.2
1.8
1.3
1.1
1.4
5.7
.9
1.1
.5
.4
.3
5.2
1.5
2.6
1.5
3.0
1.3
53.4
39.6
34.4
34.0
33.9
33.9
11.8
2.0
1.5
.4
.4
.3
51.4
29.9
26.2
22.3
19.0
44.4
172.2
101.0
88.4
107.5
39.7
36.0
33.6
34.3
37.8
28.1
113.3
122.7
148.3
99.7
112.2
131.0
174.1
117.8
87.9
35.3
26.3
51.4
9.3
6.4
9.7
4.8
3.9
11.7
1945—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
31
28
31
30
31
30
31
31
30
31
30
287.3
275.6
286.9
290.8
289.8
375.0
325.2
306.5
270.2
260.0
331.3
25.8
27.4
23.2
25.4
30.5
27.9
24.8
31.6
24.9
21.5
25.9
1.5
1.5
1.5
1.4
1.3
1.3
1.2
1.2
1.2
1.0
1.1
.3
.3
.3
.5
.4
.7
.3
.4
.6
.6
36.5
1.9
.8
.9
.9
.8
5.4
3.6
2.0
2.7
3.0
1.6
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
.4
.3
.3
.3
.3
.3
.3
.3
.3
.1
.3
8.4
8.7
8.7
8.4
8.9
48.2
48.7
9.7
8.1
9.6
10.2
72.1
72.9
68.8
70.8
76.2
117.6
113.0
79.1
71.7
69.8
109.6
31.1
24.8
23.9
23.0
25.6
53.8
45.2
41.$
39.6
32.2
38.0
131.9
127.3
144.1
145.0
127.9
144.5
109.8
116.6
120.6
113.6
145.8
41.5
40.9
41.0
42.6
51.1
49.2
47.7
60.7
30.8
37.3
29.1
10.6
9.7
9.2
9.3
9.0
9.9
9.5
8.5
7.6
7.2
72.6
77.6
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.
APRIL 1946
447
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
1945—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Other
Europe
Bel-
Denmark
Finland
51.4
29.9
26.2
22.3
19.0
44.4
6.5
1.5
1.1
3.2
.3
00
1.4
1.8
1.9
5.6
7.6
()
Greece1 Luxembourg1
48
48
9.7
8.1
9.6
10.2
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
()
1.5
1.5
Portugal1
3.6
.9
.5
.2
.2
35.1
1.1
.6
.6
.7
Nor-
Ru-
2.4
1.4
40.
40.5
.1
.1
.1
.1
()
00
()
Spain: Sweden
Yugo-1 All
USSR1 slavia
other
3.2
3.2
1.8
8.7
1.0
.6
.4
.2
.2
28.0
24.5
22.1
8.4
5.0
5.1
.9
1.2
1.3
.9
1.5
.9
.9
1.4
.9
1.0
.9
.2
.2
.2
.2
.3
.3
.7
1.5
.3
.5
1.0
5.0
5.1
5.0
5.1
4.9
4.8
4.9
4.9
5.1
5.0
4.9
Latin America
Latin
BoAmer- Argentina livia3 Brazil Chile
ica
Date
•
1939—Dec#
1940—Dec.
1941—Dec.
1942—Dec
1943—Dec
1944—Dec
(Jan. 3, 1940)... 113.3 16.8
(Jan. 1, 1941)... 122.7 11.9
148.3 16.8
31
99.7 6 . 9
31
31
. . . 112.2 15.3
131.0 3.1
31
1945—Jan. 31
Feb 28
Mar. 31
Apr 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30
.
131.9
127.3
144.1
. . . 145.0
127.9
144.5
109.8
. . . 116.6
120.6
113.6
145.8
2.8
2.9
5.5
8.7
7.7
8.3
14.1
11.0
12.8
10.8
20.5
3.0
1.8
1.8
32.2
33.1
38.0
16.7
18.9
25.3
1.7 • 24.8
1.2 23.8
1.3 22.7
1.4 24.1
1.3 25.5
1.2
30.6
26.9
1.2
1.3
24.4
21.7
1.1
1.8
18.2
1.2
22.0
Colombia'
NetherFrench
lands
West
Other
West PanaCosta3
Indies Mexico Indies
3 Vene- Latin
Rica Cuba
and
ma4 Peru zuela3 Amerand
Gui-3
ica
Suriana
nam 3
10.5
11.7
11.3
9.7
13.4
14.9
15.3
16.6
9.0
8.5
8.5
7.8
8.7
8.4
7.0
8.4
6.3
7.5
6.8
7.2
20.7
12.2
15.5
15.5
13.5
16.0
14.7
15.1
16.8
16.3
17.1
16.7
14.2
19.4
.6
8.3
.7
1.2
20.1
47.4
(2)
(2)
1.1
1.0
.9
1.0
1.1
49.2
50.1
60.9
57.1
39.1
49.7
10.3
14.5
18.3
17.0
27.2
(2)
1.1
1.2
1.2
1.5
1.4
1.2
.2
00*
(2)
00 . 1
00
00
.1
.1
.2
5.9
6.1
7.6
1.0
2 1
4 8
11.2
8.6
3
.5
.3
9.3
8.4
9.1
8.8
8.7
8 9
10.2
8 7
.5
.3
4
.4
4
4
.3
3
.3
.4
.3
9.0
9.7
10.6
2.4
2 1
1.1
.8
.9
1.0
1 0
1.0
9
1 0
1 1
8
8
.8
1.0
2 8
1.4
1.2
3 9
3.8
5.1
1.7
1.4
1 4
1.4
1 4
1 4
1 7
1 9
1 3
1 3
4.1
3.7
4 0
4.9
5 8
5 6
5 5
5 2
5 2
5 7
1.7
6.1
37 2
44 4
57 3
14 2
8.7
11.7
11.8
11.4
13 1
13.0
12 6
12 3
12 4
23 7
24 1
25 4
27.3
As 1a and All Other
India,
French Hong Burma,
Asia China Indo-5 Kong and
China
Ceylon*
Date
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec
1943—Dec
1944 Dec
(Jan. 3, 1940)
(Jan 1 1941)
31
31
31
....
31
1945—Tan 31
Feb 28
Mar. 31
Apr 30
May 31
Tune 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
British
Malaya*
Japan
find.
Korea)
and
Manchuria
Egypt
Neth- Philand French Union
erAus- New Angloippine
TurOther
All
of Other
lands
ZeaMo- South
Is- key5 Asia other6 traEast 5 lands
lia land Egyprocco Africa
tian
Indies
Sudan
102.1
55.8
18.9
174.1
117.8
87.9
35.3
26.3
51.4
22.0
23.7
23.5
11.1
2.2
2.0
.7
.5
.5
.5
i.6
1.5
00
.9 22.3
.1
.5
1.5
41.5
40.9
41.0
42.6
51.1
49 2
47.7
60.7
30.8
37.3
29.1
1.7
1.2
1.3
1.3
(2)
00
00
(2)
.9
.9
.9
.9
12.4
12.1
11.8
12.1
.9 19.4
. 8 16.8
. 8 14.5
. 8 15.0
.8 8.0
.8 7.2
.1
.1
.1
.1
.5
.5
.5
.5
1.4
1.4
1.4
1.4
.1
.1
.1
.1
.5
.5
.5
.5
1.4
1.4
1.4
1.4
.5
.5
1.4
1.4
.1
.5
1.4
...
1.7
1.1
1.2
1.0
1.1
1.1
1.2
1.7
00
(2)
00
00
(2)
00
2
()
00
.2-
1.9
1.7
3.1
.9
1.0
.8
7.1
.1
.1
1.7
26.4
21.6 9 . 3
22.6
14.0 6 . 4
23.0
19.5 9 . 7
14.4 1 8 2 . 0 4 . 8 1 0
13.9 3 7 1.8 3 . 9
.5
13.8 1.8 8.8 11.7 .6
13.9
13.9
13.9
13.9
13.9
13.6
13.9
26.0
13.6
13.0
13.7
2.0
1 8
1.8
1 9
7 0
? 0
?, ?
21
2.3
1 6
1.7
8.6 10.6 .8
9.0 9.7
.7
9.1 9.2
.8
10.5 9.3
.8
11.8 9 . 0 1.0
.9
12.5 9 . 9
13.1 9 . 5 2 . 1
13.6 8 . 5 1.0
2.9 7.6
.7
11.4 7.2
.7
2.0
8.8
.9
7
.2
1
.2
.1
.2
.2
.2
.4
.4
.2
.3
.3
.4
.3
.4
.4
.4
.4
.2
.3
.3
.7
.2
.3
.6
.3
.2
00
00
2
1 7
2 4
9.7
1 2
00
8.3
7 2
6.7
6 7
6 1
6 0
5 2
5 0
4.5
4 1
1.1
1 2
i!i
1 2
1 2
2 4
1 6
1 8
1.6
1 5
5.0
1.9
()
(2)
(2)
(2)
00
00
002
()
(2)
(2)
7
1.0
1
Prior to June 30, 1942, included under "All other."
2
Less than $50,000.
3
Prior to June 30, 1942, included under "Other Latin America."
*5 Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
6
Country breakdown not available until June 30, 1942.
448
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
Assets of banking department
Liabilities of banking department
Bank of England
(Figures in millions of
pounds sterling)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
25
31
30
28
27
26
25
30
29
28
27
25
31
30
29
27
1945—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28
25
30
27
25
29
26
31
28
26
1946—Jan. 30
Feb. 27
Cash reserves
Other
assets2
Gold1
Coin
Securities
Notes
Discounts
and advances
Note
circulation3
Deposits
Bankers'
Public
Other
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5 630.0
6 780.0
5 950.0
& 1,100.0
5
1,250.0
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
1,250.0
1,250.0
s 1,300.0
1,300.0
5
1,350.0
1,350.0
1,350.0
1,350.0
1,350.0
5 1,400.0
1.5
1.3
1.2
1.3
.9
.4
.2
.4
.5
.4
14.5
15.0
30.6
15.1
44.5
24.3
20.3
28.1
22.6
20.3
18.6
20.1
9.6
3.8
1.8
7.2
3.6
11.2
11.3
8.4
268.4
269.9
254.3
324.2
263.6
295.3
331.7
288.9
301.6
327.0
1,235.8
1,235.2
1,269.6
1,285.2
1,305.7
1,325.9
1,329.9
1,322.2
1,327.6
1,379.9
218.9
229.6
212.4
262.3
229.1
238.2
279.1
244.2
250.2
274.5
8.9
8.5
14.8
12.7
10.3
16.0
5.5
9.2
10.5
5.3
57.0
50.5
50.7
51.6
53.6
55.0
53.1
57.4
57.7
58.5
18.1
17.7
17.8
17.9
17.9
18.0
18.1
17.7
17.8
17.8
.2
.2
1,400.0
1,400.0
.5
.9
68.8
77.1
5.5
7.4
289.6
236.7
1,331.4
1,323.1
279.7
234.5
11.0
16.7
55.9
53.0
17.9
18.0
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
* .2
.2
.2
.2
.2
.2
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
31
31
31
31
30
31
31
31
31
30
Other
liabilities
Gold
180.5
179.4
179.8
185.9
225.7
Sterling
and United
States
dollars
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
172.3
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm6
Note
irculation7
Other
liabilities8
Chartered
banks
Other
Dominion
government
Other
906.9
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
1945—Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30. .
July 31.
Aug. 3 1 .
Sept. 29..
Oct. 31. .
Nov. 30..
Dec. 31..
177.1
196.6
177.9
174.4
174.4
176.1
176.1
176.1
159.0
156.8
926.5
937.7
1,068.3
1,073.8
,034.7
,031.5
,028.9
,109.4
,168.1
,157.3
608.7
621.7
533.5
559.5
558.3
584.0
591.4
590.6
629.4
688.3
33.2
49.7
42.0
34.4
56.5
62.3
34.9
39.5
69.5
29.5
1,048.7
1,062.3
1,055.8
1,063.2
1,078.8
1,097.9
1,112.4
1,136.6
1,113.8
1,129.1
422.0
448.9
464.8
492.0
441.1
444.4
442.9
474.2
495.2
521.2
18.7
39.5
33.6
43.9
57.5
32.6
39.6
51.0
159.1
153.3
52.7
50.8
32.4
35.9
37.6
39.7
22.4
32.4
27.4
29.8
203.4
204.2
235.1
207.1
208.8
239.2
213.9
221.3
230.5
198.5
1946—Jan. 3 1 . .
Feb. 28.
101.8
95.2
,143.8
,155.2
686.2
688.8
33.2
48.0
1,088.1
1,086.7
505.9
522.9
187.2
201.7
34.2
56.4
149.6
119.6
i Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939.
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
* 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.
s Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on
May 8, July 3, and Dec. 10, 1945.
6
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
APRIL 1946
449
CENTRAL BANKS—Continued
Assets
Bank of F r a n c e
(Figures in
millions of francs)
Liabilities
Advances to
Government
Domestic bills
Foreign
exchange
Gold*
2
Open
market 2 Special
Other
1929—Dec. 2 7 . . .
1930—Dec. 2 6 . . .
1931—Dec. 30. . .
1932—Dec. 3 0 . . .
1933—Dec. 2 9 . . .
1934—Dec. 2 8 . . .
1935—Dec. 27. . .
1936—Dec 30
1937—-Dec. 30. . .
1938—Dec 29
1939—Dec. 2 8 . . .
1940—Dec. 2 6 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 0 . . .
1944—Dec. 2 8 . . .
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60 359
58,933
87 265
597,267
584,616
84,598
84,598
84,598
75,151
25,942
26,179
21,111
4,484
1,158
963
1,328
1 460
911
821
112
42
38
37
37
42
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
47,288
1945—j a n 25
Feb. 2 2 . . .
Mar 29
Apr. 26. ..
May 3 1 . . .
Aug. 3 0 . . .
Sept. 2 7 . . .
Oct. 3 1 . . .
Nov 29
Dec. 27 .
75 151
75,151
75 151
75,151
75 151
75,151
75 151
5
65',152
65
152
5
129,817
42
42
44
44
45
46
46
47
45
68
47,842
47,894
48,483
48,257
48 141
48,703
49 363
60,087
62,210
7
23,038
303
?6 ,360
23 ,473
16 ,601
14 ,967
10 162
12 ,936
14 242
20 ,442
?6 ,073
?s ,548
1946—Jan. 3 1 . . . 129,817
69
26,081
220
27
For ocOther2
cupation
costs3
8 ,624
8 ,429
7 ,389
3 438
4 ,739
3 971
1,379
652
1,797
2,345
661
12
169
29
48
16
9
2
27
153
9 ,712
17,698
8 ,465
10 ,066
31,909
,880
20,627
7
5 ,149
34,673
3 ,646 "72*, 317 63,900
4 ,517 142, 507 69,500
5 ,368 210, 965 68,250
7 ,543 326, 973 64,400
18 ,592 426, 000 15,850
,415
Deposits
Other
assets
426,
426,
426,
426,
426
426,
426
426,
426,
426,
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
6
35,221
6
000
45,435
000 7,700 66 37,903
000 17,550 6 42,093
000 20,900 643,634
000 19 750 635 403
000
41,666
6
000
42 717
H6.152
000
6
000
45,859
6
000
39,122
6
426, 000
44,818
Note
circulation
Govern- C.A.R.4
ment
Other
68,571 11 ,737
76,436 12 ,624
85,725 c ,898
85,028 2 ,311
,322
82,613
83,412 : ,718
,862
81,150
,089
89,342
93,837 2 ,461
110,935 c .061
151,322 1,914
984
218,383
270,144 1,517
770
382,774
578
500,386
748
572,510
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13 655
19,326
25 595
14,751
27,202
25,272
29,935
33,137
37,855
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2 557
3,160
2 718
2,925
3,586
3,894
4,461
4,872
7,078
4 852
4,797
5 075
4,950
7 701
4,600
4 506
5,617
4 540
4 087
4,156
41,400
64,580
16,857
10,724
3 196
778
775
756
562,416
568,900
580,123
580,944
548 945
469,652
496 258
528,945
545,795
570,006
80,246
53 598
30,793
21,708
12-048
50 382
43,697
39 951
42,302
57 231
50,005
53 156
52,552
53 447
57 755
592,436
5,781
52,046
774.
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
Gold
1929—Dec 31
1930—Dec. 3 1 . . .
1931—Dec. 3 1 . . .
1932—Dec. 3 1 . . .
1933—Dec. 3 0 . . .
1934—Dec. 3 1 . . .
1935—Dec. 3 1 . . .
1935—Dec. 31 #
I937—Dec 31
1938—Dec. 31 . .
1939—Dec. 3 0 . . .
1940—Dec. 31
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 31 .
2 687
2,685
1,156
920
396
84
88
2,283
2,216
984
806
386
79
82
72
76
76
78
66
71
71
71
I944—Mar 31
Apr 29
May 3 1 . . .
June 3 0 . . .
July 31
Aug 31
Sept 30
Oct 31
Nov. 30'
Dec. 30.. .
77
77
77
1945—Jan. 3 1 . . .
Feb 28
77
77
78
77
76
77
71
71
71
71
(8)
77
77
77
77
77
77
77
71
Bills (and
checks),
including
Treasury
bills
Other
liabilities
Liabilities
Securities
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21.656
29,283
41,342
251
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
46
38
28
112
64,625
70,699
199
307
Eligible
as note
cover
Other
65
2,33ir
33,792
34,569
35,229
35,920
36,888
38,579
42,301
44,' rO4
46,870
50,102
7,237
7,179
7,240
6,754
6,813
7 480
9 088
9,603
10,829
13,535 "
L 788
L 833
1.915
2,004
2 054
2 185
2 160
2 216
2,264
2,445
51,207
55,519
13,566
16,419
2,353
1,909
303
286
298
393
27
1
65£
638
1,065
1,114
735
827
853
765
861
1
45
2,281
2,525
2,096
2,397
2,396
2,275
2 510
2,351
2,795
2,351
81
112
60
61
2,083
2,591
27
21
67
70
69
822
1,338
1,313
836
1,001
923
33
31
23
221
106
557
804
42
47
46
62
652
755
540
640
984
1 ,032
1L,012
1 ,059
1 .527
2,018
2,561
3,649
5,292
8,186
Other
liabilities
357
283
210
74
60
45
30
26
38
Deposits
1,621
2,498
2,066
2,311
1,664
259
445
349
102
161
398
322
319
315
32
107
87
Note
circulation
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
92
256
245
176
183
146
84
38
32
25
Other
assets
20
25
24
21
755
736
953
970
L.091
1,378
L,396
L.493
L.680
L.980
1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram.
For details on previous devaluations see BULLETIN for
May 2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
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.
4
Central
Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending'Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, and in week ending Dec. 27, 1945, 53,000
million
francs of gold transferred from Bank of France to Stabilization Fund.
6
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.
7
Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds.
8
Gold not shown separately in weekly Reichsbank statement after June 15, 1939.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and
pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication.
450
FEDERAL RESERVE BULLETIN
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
Temporary advances to Govt.. . .
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o1n 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
National Bank of Belgium
(millions of francs):
Gold*
Foreign exchange
Loans to Government
Other loans and discounts
Claim against Bank of Issue... .
Other assets
Note circulation
Demand deposits 3
Blocked accounts
Other liabilities
Central Bank of Bolivia (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank
of Czechoslovakia
in Prague 6 (millions of koruny):
Gold
Foreign exchange
Loans and discounts
Other assets
1946
Feb.
1945
Jan.
Dec.
Feb.
,209
,456
866
41
148
,871
,799
477
204
1,223
3,366
866
154
2,830
1,765
436
203
150
,354
,337
578
195
166
205
167
208
126
203
177
176,712
1 610 1,063
419 092 426,160
15, 813 13,272
193 714 199,964
236 780 233,831
32
32,971
150
150,442
32,728 31,943 31,383
124 3,688
4,576
42,270
49,894
1,769
2,128
64,597
64,597
628
1,342
1,725
470 70,376
73,143
119
3,444
2,675
70,082
78,434
393 1,147
1,398
,094
,044
,691
,720
,589
,096
,945
,445
,835
,009
(Nov.)
768
539
406
628
42
237
1,446
1,020
155
642
380
285
625
41
82
,251
699
105
340
447
701
605
1,738
2,892
416
198
325
277
341
710
973
,206
,580
447
157
324
224
221,561
1001,958 87,806
7 ,600 25,748
67 ,273 65,549
529
28 ,618
188,636 204,938
198 ,041 174,436
41 ,850 51,819
090
079
031
981
281
208
907
347
384
337
701
614
,843
,798
554
206
320
1,517
869
3,520
124,557 65
,517
788
,936
,457
Central Bank
(Figures as of last report
date of month)
1945
Feb.
Jan.
Dec.
Feb.
National Bank of Czechoslovakia
in Prague—Continued
Note circulation—Old
2,192 37,402
New
24,233
Deposits—Old
91,224 20!225
New
2,187
Other liabilities
10,627 14,070
National Bank of Denmark
(millions of kroner):
Gold
83
97
83
83
Foreign exchange
130
22
100
88
Clearing accounts (net)
121
2,864
114
121
Loans and discounts
30
29
68
75
Securities
82
90
85
88,
Govt. compensation account 7 ... 7,611 7,611 7,6111
85
Other assets. _
4,605
130
132
147
Note circulation
1,618
1,509
1,516
1,561
Deposits—Government
2,639
2,727 2,891
2,737
Other
3,695 3,524 3,634 3,072
Other liabilities
464
256
262
280
Central Bank of Ecuador
(thousands of sucres):
(Oct.)*
Gold
288,843 288,648
Foreign exchange (net)
118,365 148,701
Loans and discounts
131,895 94,635
Other assets
>
90,598 99,196
Note circulation
337,865 305,782
Demand deposits
263,650 298 ,978
Other liabilities
28,187 26,420
National Bank of Egypt 8 (thousands of pounds):
(Nov.)4
Gold
6,241
6,241
Foreign exchange
18,063 17,185
Loans and discounts
6,083 4,673
British, Egyptian, and other
Government securities
299,913 270,944
Other assets
27,596 24,578
Note circulation
142,232 119,225
Deposits—Government
64,722 72,068
Other
135,914 119,612
Other liabilities
15,028 12,717
Central Reserve Bank of El Salvador (thousands of colones):
Gold
33,008 33,205
Foreign exchange
37,382 34,546
Loans and discounts
1,290
2,113
Government debt and securities.
6,337 5,999
Other assets
1,527
1,725
Note circulation
46,022 47,794
Deposits
27,655 21,895
Other liabilities
6,887 6,878
Bank of Finland5 5
Bank of Greece
5
National Bank of Hungary
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
444
444
444
Sterling securities
11,353 11,053
9,543
Indian Govt. securities
578
578
578
Rupee coin
146
101
105
Note circulation
11.997 12,109 10,593
Banking department:
Notes of issue department..
480
77
113
Balances abroad
5,421
5,623 3,690
Treasury bills discounted..
63
47
82
Loans to Government
8
4
Other assets
267
467
352
Deposits
6,187 5,934 3,798
Other liabilities
252
282
240
Central Bank of Ireland (thousands
of pounds):
Gold
2,646
2,646
2,646
2,646
Sterling funds
35,196 34,918 36,287 29,292
Note circulation
37,842 37,564 38,933 31,938
5
Bank of Japan
Bank of Java 5
1
Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while
previously
these statements included the operations of the General Banking Division.
2
Gold revalued provisionally at 49.318 francs per gram.
3
Includes
increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
4
Latest month available.
. 5 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943),
see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary
(November
1944), see BULLETIN for January 1946, p. 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278.
6
First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia.
7
In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to
Government
compensation account.
8
Items for issue and banking departments consolidated.
APRIL 1946
451
CEisnfRAL BANKS— Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions of pesos):
Metallic reserve 1
"Authorized" holdings of securities, etc.
Bills and discounts. . f
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold2
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation—Old
New3
Deposits—Government
Blocked
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
. .
I n vestments
Other assets
Note circulation
Demand deDosits
Other liabilities
Bank of Norway 4
Bank of Paraguay—Monetary
Dept. 5 (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation
Demand deoosits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Government loans
Other assets
Note circulation
Other liabilities
Bank of Portugal (millions of escudos):
Gold7
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other liabilities
.
. . .
National Bank of Rumania 4
South African Reserve Bank 8
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
...
Note circulation
Deposits
. . . .
Other liabilities
Bank of Spain (millions of pesetas):
Gold .
.
Silver
Government loans and securities.
Other loans and discounts
Other assets
.
1945
1946
Feb.
Jan.
Dec.
761
Feb.
769
623
039
405
59
1 696
1 ,348
?
040
4?0
63
731
1 S46
1 573
388
62
1 356
1 ,137
154
713
1
4 ,573
713
1
4 539
931
146
145
309
1 716
2 ,116
167
119
327
1 S86
2 493
48?
368
48 S
9
543
59?
4 ,542
148
102
5 ,294
105
385
80?
80?
80?
75 ,681 8 2 , 881 47 ,308
40 ,937 37 504 31 125
1? 670
4 951 11 737
1 003
1 ,689
980
39 316
44 17? 46
84 OSS 73 212 51 ,440
3 ,906
4 816
4 713
3 ,323
3 ,332
3, 323
•800
75 ,671 78 471
3 ,009
4 ,559
4, 841
10 ,14? 10 145 10 698
475
1 ,117
404
26 ,011 27, 121 25 ,655
14
18, 503 15 ,281
1 ,878
1,560
1 ,570
(Nov.)*
159,487
?9 037
568 033
?0 649
483, 881
?56 457
3 6 , 868
(Aug.)6
1,419
6 383
9 6?0
1, 020
76?
7 717
10, 884
885
,177
?0 991
458 180
?0 754
417 ,363
177 441
76 798
1 415
5 ,717
9
261
1 ,020
779
7 389
10 ,194
860
115
110 909 101
56 58? *>9 043 ?8 558
3 ,976
2 ,881
3 , 604
106
101 737 91 973
65 ,831 6 7 , 879 56 ,520
593 16? 581
446
5 ,410
5 ,539
4,
1 710
597
15, 510
4, 192
1 940
1 166
609
15 ,983
3 ,387
1 747
1946
Central Bank
(Figures as of last report
date of month)
Feb.
Bank of Spain—Continued
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kronor)
Gold
. .
Foreign assets (net)
Swedish Govt. securities and advances to National Debt Office9
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
1945
Jan.
Dec.
Feb.
18 961 17 298
1,698
538
3 324 3 407
488
627
1 060
771
1 060
800
1 062
758
1 047
585
1 ,213
42
1 ,121
2 ,506
953
73
674
1 ,254
68
1 ,091
2 ,587
897
85
704
1,500
32
1,120
2,782
831
122
739
1,314
34
1,051
2,345
608
344
734
/\ 722
198
116
84
589
1 232
300
/\ 757
185
145
84
,615
1 ,261
296
4 777
165
198
110
3 835
1,110
306
4 591
108
286
81
3 478
1,301
288
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of t h e Republic of
Turkey (thousands of pounds):
Gold
300 926 276,382
Foreign exchange and foreign
clearings
59 206 85,070
Loans and discounts
743 049 835,281
Securities
172 926 173,893
Other assets
27 191 21,155
Note circulation
882 425 961,056
Deposits—Gold
91,821 85,586
Other . . .
139,953 174,526
Other liabilities
189,100 170,613
Bank of t h e Republic of Uruguay
(thousands of pesos):
Issue department:
(Oct.)6
Gold and silver
122,751 122,751
Note circulation
158 063 158,171
Banking department:
Gold and silver
186 825 139,998
Notes and coin
23,848 23,164
Advances to State and to
government bodies
9,944 16,550
Other loans and discounts
95 014 91,761
Other assets
320 844 297,080
Deposits
287,620 263,021
Other liabilities
348 854' 305,533
Central Bank of Venezuela (thousands of bolivares):
547 58? 547 582 517,093 380,249
Gold1(>
41 897 35 963 64,658 77,155
Foreign exchange (net)
Credits to national banks
10,157 20,310
15 494 17 794 11 234 13,817
Other assets
. . .
Note circulation—Central Bank. 373 ?78 S75 936 375,379 304,741
9 142
Q 223
National banks
9 813 16,079
917 ?09 144 211,131 160,945
Deposits
7, 636
7 037
9,768
Other liabilities
6,820
National Bank of t h e Kingdom
of Yugoslavia 4
Bank for International Settlements 1 1 (thousands of Swiss gold
francs):
Gold in bars
120 197 118,285 114,043
Cash on hand and on current
account with banks
4? 146 41 669 44,730
11 395 10 888 12,697
Sight funds at interest
Rediscountable bills and accept81 345 81 790 84,761
ances (at cost)
Time funds at interest
2 750
2,749
2,750
Sundry bills and investments
97 054 198 935 197,793
Other assets
99
100
93
Demand deposits (gold)...
16 972 16,942 18,842
Short-term deposits (various
currencies):
Central banks for own account
3 671 3,670
6,530
1 516
Other
1 495 1 846
Long-term deposits: Special accounts
229 001 229,001 229,001
Other liabilities
203 824 203,301 200,655
1
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram.
Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the
currency reform decrees effected between June and October 1945.
4
For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942,
p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286.
6
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is
divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes
central banking functions, was issued for the end of December 1944.
6
10
Latest month available.
Beginning October 1944, a certain amount of gold,
7
Valued at average cost beginning October 1940.
formerly reported in the Bank's account, shown separately
8
Beginning July 1945, end-of-month statements have been available.
for account of the Government.
9
Includes small amount of non-Government bonds.
" See BULLETIN for December 1936, p. 1025.
2
3
452
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1936
Tan 28 1937
June 15
July 7
. .
Aug 4
Sept. 3
Nov 13
Mav 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
In effect Mar. 31,
1946
... .
SwitzUnited
Ger- Bel- Netherer- SweKing- France many
den land
gium lands
dom
2
2
4
6
5
4
2
\y2
2
Rate
Mar.
31
Central
bank of—
Albania
Argentina
Belgium
Bolivia
Date
effective
Central
bank of—
Rate
Mar.
31
SlA Mar. 21, 1940
Italy
Japan
4
3.29
IX Jan. 16, 1945
Java
3
5
6
Mar. 1. 1936
4
23^
British India. .
Bulgaria
Canada
Chile
Colombia
Czechoslovakia
3
3
2i/
2Y2
4
3
Denmark
Ecuador
El Salvador...
Estonia
Finland
4
3
3
2
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
6
Nov. 8, 1940
Latvia
Lithuania....
3
5
Nov. 28. 1935
Dec. 1, 1940
8, 1944
Dec. 16, 1936
July 18, 1933
Oct. 28, 1945
Mexico
Netherlands . 23^2
New Zealand. IX
Norway
5
Peru
Portugal
June
June
Tuly
Jan.
Aug.
Jan.
Rumania.... 4
South Africa. 3
4
Spain
Sweden
Switzerland.. 13^
May 8, 1944
June 2, 1941
4
3
r)ate
eff active
IX Feb.
4
Jan.
May
Mar.
43^ Oct.
4
Dec.
7
3
15, 1946
26, 1938
30, 1939
1, 1935
3, 1934
3
4, 1942
27, 1941
26. 1941
8, 1946
1, 1940
12, 1944
Dec. 1, 1938
Feb. 9, 1945
Nov. 26, 1936
2
3A
zy2
1s/
France
Germany
Greece
Hungary
Ireland
3
IX
2J4
i%
sy2
2
IX
2y2
23^
2y2
Jan. 20, 1945
1%
3 J^ Apr.
7
Feb.
Oct.
2% Nov.
9, 1940
11, 1945
22, 1940
23, 1943
Turkey
United Kingdom
U. S. S. R . . . .
Yugoslavia. .
1, 1938
4
July
2
4
5
Oct. 26, 1939
Tniv 1, 1936
Feb. 1, 1935
NOTE.—Changes since Feb 28: None
IX
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1929—Jan
1930—Jan
1931—Jan
1932—Jan
1933—Jan
1934—Jan
1935—Jan
1936—Jan
1937—Jan
1938—Jan
1939—Jan
1940—Jan
1941—Jan
1942—Jan
1943—Jan
1944—Jan
1945—Jan
4.32
4,07
2.25
5.52
.87
1.01
.36
.56
.56
.54
.55
1.10
1.03
1.03
1.03
l.v03
1.03
4.29
4.04
2.24
4.94
.76
.90
3.41
3.62
1.74
4.20
.73
.53
.54
.51
.53
1.09
1.01
1.01
1.01
1.01
1.01
.75
.75
.75
.75
1.02
1.00
1.04
1.08
1.08
1.00
1945—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
.83
.53
.53
1.00
1.00
1.01
1.00
1.00
00
00
00
.75
.51
.50
1.00
1.00
1.00
1.03
1.13
1.13
1.13
1.13
.96
.63
.63
.53
.50
.63
1946—Jan
.26
.86
.66
Germany
Bankers'
allowance
on deposits
Private
discount
rate
5.80
6.33
4.75
6.94
3..88
3..88
3..51
3..00
3..00
2..88
2..88
2..50
2.25
2.13
2.13
2.13
2.13
2.13
2.13
Netherlands
Day-today
money
Private
discount
rate
Money
for
1 month
5.13
4.20
2.99
1.38
2.24
.37
.50
.59
2.21
.52
.13
.13
1.85
2.25
4.46
2.85
1.55
2.37
1.00
1.00
1.00
2.29
1.01
.50
.50
2.64
2.75
6.03
4.93
7.86
4.98
4.74
3.82
2.81
2.54
2.98
2.46
2.03
1.73
1.92
1.84
1.89
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.28
2.97
1.17
1.68
1.50
1.50
1.50
2.48
1.25
1.00
1.00
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
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.
APRIL
1946
453
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Liabilities
Assets
United Kingdom *
Cash
reserves
Money at
call and Bills dis- Treasury
Loans to
deposit2 Securities customers
short
counted receipts
notice
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
274
324
366
390
422
500
174
159
141
142
151
199
334
265
171
198
133
147
314
758
896
1,307
1,667
1945—February..
March
April
May
June
July
August
September,
October. ..
November
December.
455
464
472
482
494
500
511
518
513
496
536
188
180
180
196
195
198
233
226
201
229
252
140
149
109
120
135
181
195
215
189
296
369
1,639
1,681
1,821
1,882
1,939
1,994
1,993
1,971
1,925
1,703
1,523
1946—January.. .
496
249
361
1,493
Deposits
Other
assets
Total
Demand
Time
609
771
999
1,120
1,154
1,165
1,015
924
823
794
761
772
290
293
324
325
349
347
2,441
2,800
3,329
3,629
4,032
4,545
1,398
1,770
2,168
2,429
2,712
3,045
1,043
1,030
1,161
,200
,319
,500
256
250
253
236
245
250
160
153
140
126
128
1,123
1,126
1,146
1,178
1,201
1,234
769
780
749
757
774
767
769
771
799
809
827
305
299
300
297
331
300
292
299
308
318
374
4,405
4,459
4,525
4,617
4,752
4,819
4,875
2,904
2,944
2,994
3,064
3,147
3,205
3,236
3,266
3,277
3,254
3,262
,501
,516
,530
,553
,605
,613
,638
,632
,582
,535
,588
250
246
245
243
243
244
244
247
254
263
265
1,230
840
333
4,729
898
859
4,789
4,850
Assets
Canada
Cash
Security
loans
271
Liabilities
Security
loans
abroad
and net
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Other
liabilities
Securities
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
292
323
356
387
471
550
53
40
32
31
48
92
1,088
1,108
1,169
1,168
1,156
1,211
132
159
168
231
250
214
1,646
1,531
1,759
2,293
2,940
3,611
612
570
653
657
744
782
85
80
71
60
42
34
2,774
2,805
3,105
3,657
4,395
5,137
1,033
1,163
1,436
1,984
2,447
2,714
1,741
1,641
1,669
1,673
1,948
2,423
963
846
962
1,049
1,172
1,289
1945—February. .
March. . . .
April
May
June
July
August
September.
October. . .
November.
December.
539
544
598
622
622
591
581
582
640
646
694
80
78
82
125
123
135
112
109
130
239
251
1,125
1,094
1,047
1,299
1,142
1,079
1,021
1,002
1,009
1,372
1,274
254
219
269
251
248
237
242
237
242
229
C
227
3,624
3,606
3,799
3,885
3,996
3,802
3,835
3,960
4,159
4,015
4,038
717
708
750
775
766
769
789
750
812
888
C
869
31
31
30
29
29
28
28
27
27
26
26
5,021
4,938
5,210
5,616
5,540
5,269
5,229
5,269
5,573
6,013
5,941
2,390
2,214
2,475
3,053
2,894
2,528
2,396
2,331
2,582
3,197
3,076
2,631
2,725
2,735
2,563
2,646
2,741
2,833
2,935
2,992
2,816
2,865
1,287
1,280
1,306
1,312
1,326
1,316
1,324
1,344
1,392"
1,350
1,386
1946—January...
665
210
1,213
209
4,100
793
5,810
2,848
2,963
1,354
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
4,599
6,418
6,589
7,810
8,548
3,765
3,863
3,476
3,458
4,095
29,546
46,546
61,897
73,917
90,897
7,546
8,346
8,280
10,625
14,191
2,440
2,229
2,033
2,622
2,935
42,443
62,032
76,675
91,549
112,732
41,872
61,270
75,764
91,225
111,191
571
762
912
324
1,541
844
558
413
462
428
4,609
4,813
5,187
6,422
7,506
1944—July. .
August...
September.
October. . .
November.
December.
10,555
10,175
8,941
,8,637
11,228
10,365
3,970
3,933
3,868
3,963
3,970
4,948
101,529
100,287
103,358
104,535
103,188
99,782
16,758
17,731
17,014
17,052
18,074
18,653
2,261
2,522
2,524
2,858
3,156
2,190
127,704
127,160
128,108
129,121
131,561
128,758
125,493
124,627
125,646
126,427
128,962
126,578
2,212
2,533
2,462
2,694
2,600
2,180
368
435
439
571
595
557
7.000
7,054
7,159
7,354
7,460
6,623
1945—January. .
February.
March. . .
April
May
June
8,673
9,623
8,117
8,582
27,281
16,282
4,969
4,790
5,072
4,954
4,999
5,660
93,982
94,986
98,593
99,146
109,270
156,620
18,586
18,705
21,255
22,246
23,108
23,216
1,887
1,949
2,118
2,490
3,008
3,618
121,169
123,070
128,007
129,859
159,526
196,167
119,039
121,118
126,132
128,154
157,453
193,828
2,130
1,952
1,876
1,705
2,073
2,339
616
681
745
939
1,212
1,544
6/312
6,302
6,403
6,619
6,928
7,685
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
.
.
.
.
.
c
Corrected.
1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported
by individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at IK Per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for
description of statistics see pp. 566-571 in same publication.
454
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noorI buying rates in Slew York for cable transfers.
Official
Special
Export
32 959
32.597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
223.704
23.704
24.732
25.125
25.125
1945—Mar
Apr. . . .
May
June .
July
Aug. .
Sept
Oct
Nov
Dec
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
24.125
25.125
25.125
25.125
25.125
25.125
25.125
1946—Jan
Feb.
29.773
29.773
25.125
25.125
1937
1938
1939
1940
1941
1942
1943
1944
1945
.
Year or month
56.726
55.953
57.061
57 085
57.004
57.052
57.265
57.272
57.014
1945—M a n
Apr
May
July
Aug
Sept.
Oct
Nov.
Dec
57.036
56.980
56.980
56.980
56 980
56.980
56 980
56.980
56 980
56.980
1946—j a n
Feb.
56 980
56.980
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
(pound)
Official
2322.80
322.80
322.80
322.80
322.80
2322.80
322.80
322.80
322.80
322.80
Brazil
(cruzeiro1)
Official
Free
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
2321.17 22.2860 6.0602
'5!1248
5.0214
5.0705
5.1427
5.1280
5.1469
5.1802
6.0602
6.0602
6 0602
6.0602
6.0602
321 35
6.0602
320.87
320.70 n.2883 6.0602
321.31 2.2879 6.0602
321.41 2.2857 6.0602
321.41 2.2839 6.0602
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
393.94
389.55
353.38
305.16
321.27
321.50
2321.50
3.3752
3.3788
3.3704
23.3760
British BulIndia garia
(rupee) (lev)
3.4930
3.4674
23.4252
30.122
30.122
30 122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
2.1811
2.1567
1.9948
1.8710
22.0101
4.0460
2.8781
2.5103
22.0827
40.204
40.164
40.061
40.021
2
39.968
24.840
24.566
23.226
22.709
Free
.9055
.8958
.8153
2.6715
30.694
30.457
27.454
22.958
224.592
5
2O 877
18.923
18.860
218.835
4.4792
4.4267
4.0375
3.7110
2
4.0023
2
.7294
.7325
.7111
.6896
June
July
Au°"
Sept.
Oct
Nov.
Dec
5
4.0501
Official
China
(yuan
Shanghai)
Export
5.1697
5.1716
5.1727
5.1668
2
5.1664
24.OOOO 29.606
4.0000 21.360
4.0000 11.879
4.0000
6.000
24.OOOO 2 5.313
90.909 90.712
90.909 90.695
19.779
19.727
19.238
18.475
219.770
Italy
(lira)
Japan
(yen)
5.2607
5.2605
5.1959
5.0407
25.0703
28.791
28.451
25.963
23.436
223.439
New
NethMex- erlands
Zeaico
land
(guild(peso)
(pound)
er)
27.750
22.122
19.303
18.546
20.538
20.569
20.577
20.581
20.581
55.045
55.009
53.335
253.128
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
2
37.933 323.46
2.0189
2 0189
2.0189
2 0186
1.7822
20 582
324.42
324.42
20.582
324.42
20.582
324.42
20.582
322.69
20 582
322.16
20.581
321.99
20 578
322.60
20.578
20.578 437.933 322.70
20.579 37.933 322.70
8410
8410
20.580 37.933 322.70
20.581 37.926 322.70
489.62 6.053 57.973 25.487
484.16 5.600 56.917 25.197
440.17 10.630 51.736 23.991
397.99 29.322 46.979 23.802
398.00 9.130 247.133 223.829
46 919
398 00
398 00
398.00
399 05
400.50
400.50
United
Kingdom
(pound)
Official
22.938
22.871
22.525
22.676 H03 '.50
223.210 403.50
403.50
403.50
403.50
2
403.50
Free
59.132
523.852 5 23.363
Uruguay
(peso)
Controlled
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
2
403.02 65.830
494.40
488.94
443.54
383.00
403.18
403.50
2403.50
403.50
403 50
403.50
403 50
403.50 402.95
402.69
402.49
403.24
403.38
403.37
398.00
398 00
398 00
398 00
398.30
400 50
400.50
400.50
400 50
400.50
Apr
May
Chile
(peso)
90.295
90.506
90.753
90.828
90.736
90.475
89.908
90.358
90.736
90.725
21.9711
1945—Mar
S2O.2O2
Official
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
321.41 2.2840 6.0602 5.1802 30.122
321.41 2.2845 6.0602 5.1802 30.122
22.069
21.825
20.346
219.308
Canada
(dollar)
6.1983 37.326 1.2846
00.004
36.592 2 1.2424
99.419
33.279 1.2111
96.018
30.155
290.909 85.141
30.137
90.909 87.345
30.122
90.909 88.379
30.122
90.909 89.978
30.122
90.909 89.853
30.122
90.909 90.485
SwitzRuma- South Spain Straits
Settle- SweNorway Poland Portuden
erland
gal
nia Africa
(krone)
(zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
2
1946—j a n .
Feb
Free
Belgium
(franc)
FinGerHong H u n Colom- Czecho- Denland France many Greece
gary
slovakia mark (markbia
(drach- Kong
(reichs(franc)
(dollar)
(pengo)
(peso) (koruna) (krone)
ma)
ka)
mark)
1937
1938
1939. . .'
1940
1941
1942
1943
1944
1945
June
Australia
Argentina
(peso)
Year or month
In cents per unit of foreign currency
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
Noncontrolled
Yugoslavia
(dinar)
2.3060
2.3115
236.789 2.2716
37.601 2.2463
43.380 22.2397
52.723
52.855
53'. 506
55.159
54.197
54.253
54.265
54.265
55.489
56.125
56.175
56.282
56.290
56.290
403.38 65.830 56.290
403.38 65.830 56.290
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
2
Average of daily rates for that part of the year during which quotations were certified.
3
Based on quotations beginning Sept. 24.
4
Based on quotations beginning Nov. 2.
6
Based on quotations beginning Feb. 5.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943,
p. 201, and February 1944, p. 209.
APRIL 1946
455
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
1926
100
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
65
67
66
75
67
72
72
75
85
79
75
..
United
Kingdom
(1930 =
100)
Canada
(1926 =
100)
Germany
(1913 =
100)
Italy
(1928 =
100)
695
134
427
97
70
398
376
338
411
581
653
707
93
98
102
104
106
106
107
110
112
114
63
62
68
76
89
79
77
79
87
99
103
104
106
103
83
90
96
100
103
(1913 =
100)
U24
86
86
88
89
94
109
101
103
137
153
159
163
166
169
80
81
86
France
1945—February
March
April
IVlay
June
July
August
September
October
November
December
105
105
106
106
103
103
103
103
167
168
168
168
106
106
106
105
106
107
107
103
104
103
103
103
103
103
170
171
171
170
169
169
169
1946—January
February
107
108
104
172
172
2 901
Switzerland
Japan
(October
1900 =
100)
Netherlands
(1926-30
= 100)
Sweden
(1935 =
100)
(July 1914
= 100)
237
106
U26
144
161
180
178
186
198
238
251
278
311
329
65
i 92
i 90
i 96
96
91
90
90
96
111
107
95
99
116
132
63
63
62
64
76
72
74
3 88
116
100
102
114
111
115
111
143
184
210
218
223
146
172
189
196
196
194
221
195
196
196
196
197
196
194
191
191
191
190
221
221
221
221
222
222
223
222
220
219
214
215
1
2
3
Approximate figure, derived from old index (1913 =100).
Average based on figures for 5 months; no data available since May 1940, when figure was 919.
Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Year or month
Farm
products
Foods
United Kingdom
Canada
(1926=100
United States
(1926=100)
Other
commodities
Raw and Fully and
chiefly
partly
Farm
manumanuproducts factured
factured
goods
goods
Foods
Industrial
products
1926
100
100
100
100
100
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
48
51
65
79
81
86
69
65
68
82
61
61
71
70
71
78
55
84
82
86
78
80
85
82
81
83
89
96
48
51
59
64
69
70
70
73
73
74
81
78
75
82
89
92
93
94
94
146
158
160
158
158
170
175
173
174
1945—February
March
.... .
April
May
June
Tuly . ..
August
September
October
November
December
1946—January
February
106
123
123
128
74
70
71
83
100
107
105
106
97
99
100
127
127
105
105
99
99
129
130
106
107
99
99
130
129
108
107
127
124
127
131
132
106
105
106
108
109
100
100
100
100
100
100
101
130
131
107
108
101
101
87
74
64
67
71
83
96
103
105
105
105
105
105
106
108
106
104
106
106
106
107
57
64
66
71
84
73
67
75
82
90
99
104
105
Germany
1913=100)
(1930=100)
88
83
85
87
92
102
97
97
133
85
87
90
90
96
112
104
106
138
156
160
164
105
105
94
94
157
156
105
105
94
94
156
156
174
175
106
107
94
94
160
161
175
176
106
105
105
105
105
94
94
94
94
94
161
158
158
158
158
176
175
175
175
175
105
95
158
180
IndusIndusAgricul- trial raw trial finand semitural
ished
products finished products
products
129
130
150
91
87
96
102
105
105
106
108
111
112
89
88
91
92
94
96
118
113
116
119
121
125
126
126
129
133
US
119
94
95
99
100
102
102
134
135
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
456
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
Year or
month
SwitzUnited
United
CanKingGerNether- erStates
land
ada
dom
many
lands
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
= 100)
= 100)
= 100)
= 100)
1914
1914
= 100)
= 100)
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
94
100
138
136
139
131
131
133
166
168
170
1945-February..
March. . . .
April
May
137
136
137
139
131
131
131
132
168
168
168
168
141
133
170
93
95
101
105
98
95
98
103
104
101
97
106
106
124
June
July
August....
September.
October.. .
November.
December.
142
141
139
139
140
141
1946-January...
February..
141
140
116
127
136
136
134
133
134
122
125
130
139
141
141
164
168
161
118
120
122
122
122
123
128
129
132
134
124
118
120
127
130
130
2
140
115
114
120
130
130
132
SwitzUnited
GerNether- erKingUnited
Canland
dom
many
lands
States
ada
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
1914
= 100)
= 100)
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945 .
96
96
96
98
141
143
125
125
126
126
1
129
128
140
136
130
137
137
138
132
137
139
140
3
148
98
101
102
102
100
106
112
117
199
200
133
137
124
126
128
118
119
119
199
201
203
139
216 1945-February..
March
216
216
April
216
May
127
127
127 •
1?8
119
119
119
119
202
202
202
203
217
129
120
204
209
209
209
210
210
207
207
146
175
200
211
215
215
176
172
169
169
169
217
216
216
213
210
134
169
210
133
169
169
210
June
105
117
. .
147
154
156
158
121
123
99
103
101
99
184
July
August
September.
October. . .
November
December
129
129
129
129
129
120
121
120
120
120
130
120
203
1946—Tanuarv
February..
130
129
P120
120
203
203
130
151
174
193
203
208
209
211
210
210
208
207
205
203
203
203
207
figure was 141.
Lre was 149.
p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
Number of issues. .
United
States
(derived
price)1
United
Kingdom
Germany
France
(December (1938=100)2 (average
1921 =100)
price)3
15
87
50
3 139
1939
1940
1941
1942
1943
1944
1945
113.8
115.9
117.8
118.3
120.3
120.9
122.1
112.3
118.3
123.8
127.3
127.8
127 5
128 3
114.2
6
114.2
9
143.4
146.4
146 6
150 5
152 1
99.0
100.7
103.0
6
103.3
1945—February. . .
March
April
May . . . .
June
July
August
September. .
October
November. .
December...
121.9
122.7
122 9
122 3
122.1
122 3
121.7
121.6
121.9
122.0
121.9
128.7
128 7
129 3
128 1
127 8
128 3
128.3
128 2
128.5
127.8
127.5
154 2
154 4
153 1
153 8
151 9
151 1
150 6
150 9
150.2
150 3
151.2
1946—January....
February...
123.8
124.5
129.1
130.1
P148.6
(1926 = 100)
Netherlands 4
United
States
(1935-39
= 100)
8
402
278
(5)
90.9
77.9
84.3
94.7
98 5
94.2
88.1
80.0
69.4
91 9
99 8
\i\ 5
75.9
70.8
72.5
75.3
84 5
88 6
92 4
94.1
114.6
136.8
142.1
145.0
113
111
114
118
120
118
117
126
132
136
139
90
91
92
92
92
93
91
92
93
94
94
7
0
8
4
2
7
4
9
1
0
9
7
144 8
143.3
United
Kingdom
Germany
France
lands
(1938=100)2 (1930=100)
2
295
112
6
140
9 308
479
540
551
453
6
1
0
8
8
7
4
0
2
5
2
505
498
469
414
386
360
421
477
467
441
450
95 2
94.9
P433
100
89.7
895.0
129.0
131.5
151.0
Preliminary.
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United
States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
.Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number
of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, and on 295
thereafter as a result of the nationalization of five banks. For complete information on the composition of the bond and stock indexes see "Bulletin
de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes
from 3 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior
to that
date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
4
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index
beginning
January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent.
5
This number, originally 329, has declined as the number of securities eligible
for the index has diminished. In May 1941 it was down to 287.
6
Average
based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept.
8
Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
APRIL 1946
457
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON,
CHESTER MORRILL,
RONALD RANSOM, Vice Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
Assistant to the Chairman
Special Adviser to the Board of Governors
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LEGAL DIVISION
DIVISION OF SECURITY LOANS
GEORGE B. VEST, General Counsel
CARL E. PARRY, Director
J. LEONARD TOWNSEND, Assistant General Counsel BONNAR BROWN, Assistant Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
CHANDLER MORSE, Assistant Director
RALPH A. YOUNG, Assistant Director
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Director
C. E. CAGLE, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER
S. ECCLES, Chairman
Vice Chairman
ALLAN SPROUL,
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
FRED A. NELSON, Assistant Director
OFFICE OF ADMINISTRATOR FOR WAR LOANS
EDWARD L. SMEAD, Administrator
GARDNER L. BOOTHE, II, Assistant Administrator
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
Vice President
IRA CLERK
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
ERNEST G. DRAPER
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
HUGH LEACH
JOHN H. MCCOY,
CLEVELAND DISTRICT
W. S. MCLARIN, JR.
A. L. M. WIGGINS,
RICHMOND DISTRICT
M. S. SZYMCZAK
ROBERT STRICKLAND,
ATLANTA DISTRICT
JAMES K. VARDAMAN, JR.
EDWARD E. BROWN,
CHICAGO DISTRICT
R. M. EVANS
RONALD RANSOM
C. S. YOUNG
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
E. A. KINCAID, Associate Economist
JOHN K. LANGUM, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
CHESTER MORRILL,
458
President
JAMES H. PENICK,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
ED H . WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
Boston....
New York.
Albert M. Creighton
Henry I. Harriman
Beardsley Ruml
William I. Myers
President
First Vice President
Vice Presidents
Laurence F. Whittemore
William Willett
E. G. Hult
J. C. Hunter2
Carl B. Pitman
O. A. Schlaikjer
Allan Sproul
L. R. Rounds
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
Philadelphia. .
Alfred H. Williams
Thomas B. McCabe
W. J. Davis
Warren F. Whittier
E. C. Hill
Wm. G. McCreedy
C. A. Mcllhenny
Philip M. Poorman*
C. A. Sienkiewicz
Cleveland....
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
W. D. Fulton
J. W. Kossin 3
A. H. Laning
B. J. Lazar
Martin Morrison
W. F. Taylor
Richmond....
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
Claude L. Guthrie3
E. A. Kincaid
R. W. Mercer
C. B. Strathy
Edw. A. Wayne
Atlanta
Frank H. Neely
J. F. Porter
Simeon E. Leland
W. W. Waymack
W. S. McLarin, Jr.
Malcolm H. Bryan
C. S. Young
Charles B. Dunn
V. K. Bowman
L. M. Clark
H. F. Conniff
S. P. Schuessler
Allan M. Black2
Neil B. Dawes
J. H. Dillard
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
Minneapolis. .
Roger B. Shepard
W. D. Cochran
J. N. Peyton
0. S. Powell
Kansas City. .
Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry O. Koppang
Dallas
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
E. B. Austin3
R. B. Coleman
H. R. DeMoss
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley3
W. E. Eagle
W. H. Holloway
L. G. Pondrom
San Francisco.
Henry F. Grady
Harry R. Wellman
Ira Clerk
C. E. Earhart
J. M. Leisner3
H. N. Mangels
H. F. Slade
W. F. Volberg
Chicago
O. M. Attebery
Wm. E. Peterson
A. F. Bailey
William B. Pollard
Henry H. Edmiston C. A. Schacht
C. M. Stewart
E.
W. Swanson
H. G. McConneli
Sigurd Ueland
A. W. Mills2
Harry I. Ziemer
Otis R. Preston
O. P. Cordill
L. H. Earhart
C. O. Hardy
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Federal Reserve
Bank of
Chief Officer
Branch
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar5
J. W. Kossin5
Richmond
Baltimore
Charlotte
W. R. Milford4 4
W. T. Clements
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers4
Geo. S. Vardeman,
Jr.4
4
Joel B. Fort,
Jr.
E. P. Paris4
Chicago
Detroit
E. C. Harris5
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailey5 5
C. A. Schacht
William B. Pollard5
1
Also Federal Reserve Agent.
APRIL
1946
2
Cashier.
3
Chief Officer
Branch
Minneapolis. . . . Helena
R. E. Towle4
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin55
0. P. Cordill 6
L. H. Earhart
W. E. Eagle5 6
L. G. Pondrom
W. H. Holloway*
El Paso
Houston
San Antonio
Dallas
4
W. N. Ambrose
D. L. Davis4
W. L. Partner*
C. R. Shaw4
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
Managing Director.
5
Vice President.
459
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
5
B
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
f
@FedFRASER