Full text of Federal Reserve Bulletin : August 1946
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FEDERAL
ESERYE
BULLETIN
AUGUST 1946
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction o£ 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—Current Price Developments
.
A National Survey of Liquid Assets—Prospective Spending and Saving and Summary of
Survey Findings.
Publication of Postwar Economic Studies No. 6
Index of Department Store Sales and Stocks, by Major Departments.
Statement by the Minister of Finance on the Appreciation of the Canadian Dollar
Monetary and Banking Reform in Paraguay
Foreign Banking Laws and Reports:
Franco-American Agreements of May 28, 1946.
.
Devaluation of the French Franc and Gold Transfers.
Law Department:
Regulation U:
Bank Loan to Enable Finance Company to Make Securities Loans.
Applicability to Bank Acting as Trustee.
Consumer Credit:
Meaning of "Principal Amount" Section 2 (e) of Regulation W
Exemption of "Add-on Sale"
Listed Article Installed in Connection with Repairs or Improvements
Foreign Funds Control—Treasury Department Releases. .
Current Events. .
...
National Summary of Business Conditions.
Financial, Industrial, Commercial Statistics, U. S. (See p. 879 for list of tables) .
.
International Financial Statistics (See p. 936 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Map of Federal Reserve Districts
Federal Reserve Publications (See inside of bac\ cover)
833-843
844-855
855
856-858
859-865
865
866-870
871-873
874
874
874
874
874-875
875
876
877-878
879-935
936-953
954
955
956
Subscription Price of BULLETIN
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$1.50 for 12 months.
August 1946
VOLUME 32
NUMBER 8
CURRENT PRICE DEVELOPMENTS
On the first anniversary of the war's end
inflationary pressures still dominate the economic situation. Incomes have increased in
recent months, supplies of numerous goods
and services have continued to be limited,
and buyers, with some exceptions, have been
making purchases freely. As a consequence,
the upward pressure on prices has been very
great and price increases have been substantial, with a quite general rise even before the
period in July when controls were not in
effect, and with sharp increases in prices of
basic commodities during that period. The
general level of wholesale prices and the cost
of living also advanced considerably in July,
as indicated in the accompanying chart showing price changes during the two war pePR1CES
MONTHLY. 1935-39-100
A
A
WHOLESAL E
0 0MMOOITY Pf
/
..—J-
J,
J''
COST
LIVING
riods. Recent price advances have resulted
in part from buying of a speculative sort and
have themselves, in turn, stimulated such
buying. To the extent that commitments
for materials have been made at recent advanced prices they will add to the pressure
from the cost side for further increases in
prices of finished goods.
The central immediate problem of price
control continues to be to prevent a spiral
of price increases which would create new
disparities and make more difficult the readjustments in price relationships which are
to be expected eventually. The difficulties
in the way of stabilizing the situation are
especially great now as a result of recent developments in connection with the renewal
of the price control law, and it is essential
that action to control prices be supported
throughout the community. As supplies
continue to increase, sellers and buyers in a
growing number of lines may find it to their
direct advantage to exercise restraint in regard to prices and purchases. They may
also recognize the general advantage of holding price advances to a minimum in order
that the process of readjustment to peacetime
conditions may be as orderly as possible.
INFLATIONARY PRESSURES CONTINUE
1
I
i
i
i
!
1
1
I
|
Bureau of Labor Statistics indexes. Index of wholesale
prices converted to 1935-39 base by Federal Reserve. Latest
figures shown are estimates for July 1946.
AUGUST 1946
DOMINANT
Individual incomes, following a temporary
decline after the cessation of hostilities, have
833
REVIEW OF THE
been rising and are now at the 1945 summer
level. Incomes may be expected to rise somewhat further as production of peacetime
goods, especially durable goods, is increased.
Personal taxes are now less than a year ago
and current incomes available for spending
or saving are larger. Individual holdings of
liquid assets have also increased somewhat
further. Business enterprises generally continue in a strong financial position.
Total private and public expenditures for
currently produced goods and services are
at about the same level as a year ago and
outlays for nonwar purposes are very much
greater. Transfers of existing property, such
as farm and urban real estate, have been in
large volume. In general, growing expenditures for goods have reflected increases in
supplies available for purchase and higher
prices, but only because of strong demand
on the part of buyers has a ready market
been found for all the goods made available.
Private expenditures are now a third again
as large as at the end of the war, with sharp"
increases in both consumer and business outlays. The return of 10 million veterans has
been one important element in the increase
in consumer buying, but increased supplies
and deferred demands have been fully as
important. Consumer outlays for food, textile, and other nondurable products have
risen to exceptionally high levels, in part
perhaps because automobiles and some other
durable consumer goods could be obtained
only in limited quantities and because some
costs, notably rent, have not. increased with
incomes. As supplies of durable goods increase, expenditures on durable goods will
expand considerably. The same appears to
be true of the purchase of new houses. Demand has been continually far in excess of
supply. In considering this market, however, a special factor to be noted is that prices
834
MONTH
of houses have already risen much more than
prices of most durable goods. To some extent consumer outlays, particularly for durable goods, will depend on how much further
consumers are willing to go in reducing their
current savings and supplementing their
incomes by drawing on their liquid assets
or using consumer credit. Already the proportion of current income being saved has
declined sharply from the unusually high
wartime levels.
Business expenditures for plant, equipment, and inventory have been rising steeply.
With large orders outstanding and increased
supplies becoming available, they may be
expected to continue upward. Many inventories are still below the relationship to current sales regarded by business men as appropriate and many industrial and commercial
establishments are pressing forward with
maintenance and expansion programs deferred during the war or rendered attractive
by wartime developments. Similar factors
are responsible for a large and continuing
foreign demand for American goods. Finally, the military expenditures of the Federal Government recently have been declining only gradually and probably will be
curtailed only slowly in the near future.
The volume of production, while increasing and already at a high level, is still inadequate to meet numerous demands at current
prices, and consequently the general upward
pressure on prices still prevails. The situation has been, and to some extent still is,
aggravated by bottlenecks which distort the
patterns of production and contribute to
shortages of particular materials and parts.
The lack of balance in the economy which
was inherited from the war years runs all
through the demand situation as well as the
supply situation and is responsible, in fact,
for much of the inflationary pressure. DisFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
parities, for example, create opportunities
for quick gains and thereby stimulate speculation. Moreover, they increase the problems of direct price control, generating demands which otherwise would not arise,
which, if granted, may necessitate numerous
other price advances. The fact that foreign
prices of certain major commodities imported or exported by the United States are
above domestic prices is a further complicating element in the current situation.
Two factors which would assist in the
process of control would be a continued large
and growing volume of production and increasing reluctance on the part of consumers
and business buyers to follow up price
advances in view of increasing evidence
of larger supplies in many lines and the
progressive satisfaction of currently urgent
requirements.
Production of goods for civilians, although
still quite uneven, is now at the highest
level on record and in many lines is far above
any prewar level. Output in most nondurable goods industries has been in large
volume for six months or more. In the
durable goods industries, where output has
been interrupted by industrial disputes; activity is now increasing considerably. In
agriculture, most crops in this country will
be at or near record-breaking levels this season but carryovers are small and world shortages of food continue.
There is some evidence that processors and
distributors of finished goods, recognizing
the transitory character of many existing demands and scarcities, may be reluctant to
increase prices. At high levels of production
many manufacturers and distributors can
absorb some increase in operating costs without reducing the return on net worth below
a reasonable figure. The widespread pursuit
of a policy of avoiding price increases in
AUGUST 1946
coming months would greatly facilitate the
task of price control and, by helping to discourage speculation, contribute importantly
to future economic stability.
PRICE CONTROL LEGISLATION
The President's message accompanying the
veto on June 30 of the bill extending the
Emergency Price Control Act expressed
strong disapproval of amendments designed
to remove ceilings on major food products
and to require increases in ceilings to take
account of advances in manufacturing costs
for particular products since 1941. During
the latter part of July a compromise bill was
passed extending controls until July 1, 1947,
with the following major amendments: (1)
a three-man control board is to be established
with the power of removing or replacing
Federal ceilings on prices; (2) ceilings on
prices of meats, dairy products, grains, cottonseed products, and soybean products are to
be restored on August 21 unless otherwise
determined by the control board; (3) prices
of eggs, poultry products, tobacco, and
petroleum products are to be exempted from
control unless the control board finds that
ceilings are necessary; (4) no ceilings are
to be placed on agricultural products unless
the product is certified by the Secretary of
Agriculture as being in short supply and
necessitating control; (5) no new Federal
subsidy or purchase operations are to be permitted, no subsidy payments are to be made
on products without ceilings, and all subsidies on food products are to be ended by
April 1, 1947; (6) price ceilings on manufactured goods are to permit a reasonable
profit with adequate allowance for average
industry-wide increases in costs since 1940;
(7) no limitations are to be placed on sellers
to market goods at different price levels;
(8) price ceilings for distributors are to
835
REVIEW OF THE
MONTH
ucts 20 per cent, and foods 30 per cent.
Among industrial goods some of the largest
advances occurred in prices of hides and
leather products, textile products, household
fuels, and building materials.
Wholesale prices of these industrial products and of food products are an important
element in the prices of most goods purchased by consumers and, partly as a result
of large increases in these wholesale prices,
retail prices of most consumer goods have
advanced about 15 per cent since the end of
the war. Some of the advances in wholesale
markets, however, have not yet been fully
reflected in retail prices. Rent controls,
moreover, have held that item of living
costs at previously existing levels and, with
prices of most other services purchased by
consumers showing fairly moderate increases
in this period, the total cost of living has
risen by somewhat less than 15 per cent
since the end of the war.
Prices of producers equipment have also
been under considerable upward pressure,
reflecting partly the accumulation of deferred demands during the war period and
increases in labor and material costs. Price
POSTWAR PRICE ADVANCES
ceilings on many types of industrial equipCommodity prices had already increased ment are difficult to administer effectively
considerably this year before the lapse of and prices for equipment do not figure as
Federal price controls at the end of June. an important item in the current cost of
Numerous products had been removed from doing business for many producers. As a
control, ceilings on many others had been result, price ceilings for a number of these
raised, and a growing amount of certain products were removed this spring and their
commodities had been marketed above ceil- prices are reported to have risen from 10 to
20 per cent. At the time Federal ceilings
ing levels.
By the end of July, following large in- on these products were lifted it was excreases in quotations for farm products and plained that even if ceilings had been refoods after the lapse of controls, the general tained it would have been necessary to raise
level of wholesale commodity prices was them considerably owing to increases in
about 15 per cent higher than at the end of costs of materials and labor since the ceilings
the war. Prices of industrial commodities were established in 1941 or 1942.
had advanced about 10 per cent, farm prodManufacturers reconverting to the pro-
allow the average margins prevailing on
March 31, 1946; (9) ceilings for cotton and
wool products are not to be set below the
sum of current costs of cotton or wool, average mill conversion costs, and average profits
per unit equivalent to profit earned in the
period 1939 to 1941; and (10) price ceilings
on essential imported products are to be
increased or removed under certain conditions when they are lower than world prices.
The new bill was signed by the President
on July 25 and in an accompanying statement he warned that if it proved unworkable
he would summon the Congress into special
session to consider another measure. While
the new law relaxes various features of previously existing controls, a certain amount
of modification in the administration of these
controls had already occurred before the end
of June. To an important degree the success
of the new law in restricting price increases
will depend on the manner in which it is
administered, the coordination of other Federal actions to minimize inflationary pressures, and the cooperation and support of
business and consumer groups.
836
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
duction of consumer durable goods were
initially allowed moderate price increases to
compensate for cost increases since 1942,
when output of these products was discontinued. Subsequently many of these allowances were raised to around 20 per cent and
provision was made to have part of the
advance in wholesale prices absorbed by
distributors.
An important development last winter and
spring which was a factor leading to a modification of the Federal price control program
was the strong pressure for sharply increased
wage rates. In the wage-price readjustments
that followed, the country experienced a
number of prolonged work stoppages which
had the effect of restricting the supply of
goods and adding to the upward pressure
on prices, since there was not a corresponding reduction in demand for goods. A wage
dispute in the steel industry was terminated
in the middle of February with an increase of
about 18 cents per hour in wage rates. This
was accompanied by an increase in ceiling
prices for iron and steel products of approximately 10 per cent. Subsequent to that time
widespread advances were granted in price
ceilings for other industrial products as well
as in prices of farm products and foods.
WHOLESALE PRICES
MONTHLY, 1926 " 1 0 0
1
A L L COMMOD TIES
_
-
-.
*
-
\
1
FARM
-
PRODUCT
>v
F00 DS
-
OTHER C OMM0D1T IES
—
^
4
1940
1942
Bureau of Labor Statistics indexes.
are estimates for July 1946.
1944
>.
T)
1946
Latest figures shown
products prices rose much less, as sellers and
buyers were generally in a position to await
developments in other markets and clarification of Federal control policies.
Daily indexes of sensitive commodities,
which are influenced considerably by changes
in prices of agricultural commodities, adRECENT PRICE CHANGES
vanced by about 20 per cent in July. TypiDuring the early part of July, following the cally these indexes fluctuate much more
lapse of price control, there were sharp in- sharply than do indexes of the general levels
creases in prices of agricultural commodities of wholesale commodity prices and of retail
while industrial prices continued to advance prices of goods and services.
The general index of wholesale prices comat a relatively moderate rate. The sudden rise
in prices shown on the accompanying chart piled by the Bureau of Labor Statistics infor farm products and foods reflected partly creased 10 per cent from the end of June to
the discontinuance of large Federal subsidy the week 'ending July 27. This index is
payments, but some commodities, notably based on open market quotations and is
cotton, corn, and hogs, not directly affected heavily weighted with prices of farm and
by changes in subsidy arrangements, also ad- food products—close to 40 per cent of the
vanced sharply. In markets for industrial total index—and, since prices of these comAUGUST 1946
837
REVIEW OF THE MONTH
modities advanced more sharply than prices
of other products, the actual rise in the general level of wholesale prices was probably
smaller than 10 per cent in this period. On
the other hand, the actual rise earlier this year
was probably greater than the rise shown by
the index—partly because actual prices of
goods in urgent demand and sold in widely
dispersed markets, like various foods, textiles,
and building materials, ranged above openmarket quotations and partly because of the
difficulty of securing comparable price quotations in a period when the supply of various
types of goods is changing rapidly.
In retail markets price comparisons under
present conditions are also difficult to make.
Final data for the consumers' price index of
the Bureau of Labor Statistics are not yet
available for July, but a preliminary survey
by the Bureau showed increases of around 5
per cent from June in consumer prices in
11 large cities. In the preceding month the
index advanced one per cent, reflecting
mainly increases in ceilings allowed for retail
prices of cereal and dairy products and of
some clothing and housefurnishing items.
After the middle of July prices of most
agricultural commodities, except livestock,
declined from earlier peak levels. These declines reflected an expansion in marketings
and improved crop prospects as well as buyer
resistance to sharp price increases. Considering the extent of the sharp price increases for
agricultural commodities in July and the
longer term outlook for their supplies, it is
possible that prices of these products had
already gone far in reflecting the near term
demand and supply situation. Some of the
large supplies coming on the market, however, particularly of meats, were goods that
had been withheld during the consideration
of price control legislation pending possible
higher prices. Larger marketings of live838
stock were also expected because of increases
permitted during May in prices of feeds.
After the new Price Control Act became
effective on July 25, ceiling prices of all
products not exempted from control and
also rents were reestablished at the end of
June levels. However, many increases in
price ceilings, which had been pending before expiration of the old law, were announced immediately. These increases applied to various types of products but especially to building materials. Ceilings were
removed from additional types of industrial
equipment and various miscellaneous products, and it was planned that most changes
in existing price ceilings made necessary by
the new law would be put into effect very
soon.
RISING CONSUMER DEMANDS
Last autumn, after the end of the war,
national income and the gross value of national production declined by only 10 per
cent, after allowing for seasonal changes, as
a marked expansion in employment and
production for civilian use largely offset the
curtailment in munitions output. Incomes
of individuals declined by a smaller amount,
reflecting partly increased payments to discharged soldiers and unemployment compensation. Individual incomes were at an
annual rate of 157 billion dollars during the
first quarter of this year, compared with 163
billion at the end of the war, as shown in the
chart on page 839. They rose by 4 billion
dollars from the first to the second quarter,
mainly as the result of larger incomes of industrial workers after the settlement of major
wage disputes at sharply increased rates of
pay. Production and incomes in most other
lines of activity, including construction, distribution, and services, also continued to expand. Salaries and wages paid by the FedFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
INDIVIDUAL INCOMES, EXPENDITURES, AND TAXES
BILLION*
Department of Commerce estimates. Figures for the first
and second quarters of 1946 are preliminary. Amounts indicated as "Savings" represent excess of individual incomes over
consumer expenditures and taxes.
portant share of the incomes of workers is
being created in the production and distribution of materials and goods to replenish
business inventories and consumer stocks of
goods. This will continue and may increase
for a time, but will not go on indefinitely.
Even if price advances should contribute to
a concerted drive in subsequent months by
organized workers for further increases in
rates of pay, the effects on income payments
will be delayed. These and other considerations indicate that while total incomes are
still rising, the gains are moderate when
compared to current changes in prices and
in supplies of finished goods.
On the other hand, individual holdings
of liquid assets were tremendously expanded
during the war. Surveys made early this
year indicate that while a few holders own
a large portion of these assets, many individuals own some. The surveys also show that
although the holders plan to draw upon only
a small percentage of their holdings this year
to buy goods or property, the amounts they
intend to spend would represent substantial
additions to demands expected from current
incomes. Also, demand might be augmented
by a further large expansion in the use of
instalment credit or commercial bank loans.
eral Government, including those to the
armed forces, continued to decline.
Reduced Federal taxes on corporate and
individual incomes became effective at the
beginning of the year and with wartime
savings incentives no longer existing and
many Federal controls discontinued, private
demands for goods and services and for
capital assets showed a further marked rise.
Inventories of goods in all positions were low
and, while production of finished civilian
BUSINESS DEMANDS
goods was increasing, aggregate supplies
were still low relative to the levels of total
Current orders and expenditures by busiincomes and demands.
ness for materials and equipment are not reDuring the third quarter of this year in- stricted by the level of individual incomes.
dividual incomes are likely to rise further, Business demands typically show much
reflecting additional increases in production greater fluctuations than do consumer deand employment and also higher prices, mands, and at the present time businesses
which will raise incomes of farmers and are able to greatly extend their commitments
some other proprietors considerably.
for goods because they have substantial holdIncomes of most individuals, however, ings of liquid assets and are in a favorable
change slowly. The immediate influence of position to obtain additional credits.
price changes is limited largely to net inPrivate investment demands for new plant
comes of proprietors. Moreover, a fairly im- and equipment have increased greatly since
AUGUST 1946
839
REVIEW OF THE
last autumn as a result of large markets for
goods, improved technical processes, an
abundance of investment funds, low interest
rates, and various other factors. While production of new plant and equipment will
subsequently add considerably to the country's capacity to produce, it results immediately in adding to incomes without increasing the supply of goods available for final
consumption. In fact, in some instances use
of materials and other resources in the manufacture of producers goods has temporarily
limited the production of consumer goods.
As a result, it is difficult to appraise accurately the long-term markets for equipment
and for goods in such a period as the present
—especially in view of the unstable price
situation. With shortages still general and delivery dates greatly extended, there is danger
that orders for goods from manufacturers
and distributors will be accumulated to such
an excessive extent that their reduction to
more reasonable levels will create serious
repercussions in the markets. In the distribution field, for example, reports from
large department stores indicate that their
outstanding orders increased considerably
after the end of the war and on June 30 were
over three times as large relative to their current sales as before the war. In the period
when they are receiving shipments of the
goods on order in large volume, these distributors will probably find it necessary to
reduce the rate at which they are placing new orders or renewing old ones. This
adjustment could be made gradually and in
orderly fashion. If, on the other hand, outstanding orders for goods should continue
to mount and the downward readjustment
should not be made promptly enough, large
cancellations may occur in the event of an
important change in the outlook for supplies
and prices.
840
MONTH
So long as individual incomes are rising
or are maintained at levels supporting a high
rate of sales to consumers, business decisions
may readily remain favorable to further expansion. It is essential, however, in such
periods as the present, that business orders
and expenditures do not become overextended relative to underlying changes in incomes and consumption.
EXPANDING SUPPLIES OF GOODS
After the end of the war supplies in retail
markets of certain goods like gasoline and
tobacco products expanded quickly, but the
flow of most finished products to consumers
was still relatively low for some months
because of the time it took to rehire and
train workers, seek out new sources of materials here and abroad, process the goods,
replenish inventories, and settle wage-rate
disputes.
Since the beginning of the year, however,
production and shipments of most finished
products for civilian use have shown a
marked expansion. The extent and timing
of this expansion is not indicated directly by
such an over-all measure as the Board's index
of industrial production because the total
index is based on output at different stages
of production and covers output for war as
well as for civilian purposes. Last July, just
prior to the end of the war, the total index
was 210 per cent of the 1935-39 average and
only about 85 points of the total were estimated to be production for civilian use. Probably close to 150 points were for civilian
purposes during the first half of this year
when the index was at an average level of
162 and in July the volume was nearly double the low rate of civilian production twelve
months earlier. These figures can not be
used to measure changes in total current output for civilian purposes because they do not
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
include unprocessed agricultural products,
construction, arid services of various kinds,
but they indicate roughly the magnitude of
the expansion in civilian production which
has occurred in manufacturing and mining
—one of the most volatile sectors of the
economy. An important share of the rise in
production for civilians has been in producers
goods and part of the rise in output of consumer goods has reflected the transfer of 10
million veterans to the civilian population.
Capital goods. Total output of many types
of producers equipment during the past
twelve months has been above the record volume reached in 1941, despite widespread industrial disputes last winter and spring and
shortages of materials. With certain exceptions, like trucks and commercial aircraft,
manufacturers of these goods were encouraged to resume large-scale output after VEday, and since the early months of this year
output of most types of machinery, transportation equipment, and iron and steel products has expanded further.
While production of this equipment has
been at high levels, orders from both domestic and foreign buyers have been even greater
and large backlogs of orders have accumulated. Only in scattered instances, like truck
tires and standard machine tools, have supplies begun to exceed demands. It is difficult to judge when the major part of demands for new equipment will be satisfied
and especially what will be the prospective
magnitude of these demands when the present most urgent needs are filled. It is certain, however, that the production and use
of this equipment will add considerably to
the economy's capacity to produce, lower
production costs, and reduce labor requirements per unit of output. All of these developments ultimately will have the effects
of reducing prices for goods.
AUGUST 1946
In the construction industry, also, activity
since the beginning of the year, both in
residential and nonresidential building, has
been above the advanced levels reached in
1941. Value of private awards for new factories and commercial building has far exceeded the level of the twenties and after
allowing for a sharp increase in construction
costs it appears that this building is in record
volume. The number of new nonfarm
dwelling units started in recent months has
been at an annual rate of about 800,000. This
is below the peak level of 937,000 in 1925
but much higher than the average rate of
515,000 units in 1939. Considerable numbers
of such residential buildings are still in process owing to great difficulties in securing the
supplies needed to complete the building
started. Even if residential building activity
is greatly increased beyond current levels—
and contract awards in June and the first half
of July showed a decline from the May peak
—the total supply of housing can not be expanded much within a short period of time.
On the other hand, a high rate of construction would indicate an easing of the situation
after a while and current demands might
prove less insistent than at present, especially
if prices of houses should advance much
above present high levels.
Goods for consumers. Output of most
consumer durable and nondurable goods for
civilian use, except automobiles and major
electrical appliances, was at a sharply advanced level by the spring of this year. Since
that time there have been further increases,
in production of clothing, textile housefurnishings, rubber, and petroleum products,,
and output and marketings of these products
and various other nondurable goods, including foods, have been from 30 to 60 per cent
above average prewar levels. Also, since the
spring of this year output of consumer metal
841
REVIEW OF THE MONTH
products, except automobiles, has risen considerably above the prewar average and has
reached or surpassed the previous record
levels reached in 1941. In recent weeks
automobile production has exceeded the
average rate prevailing in 1939.
The relatively high level of output of consumer nondurable goods since last autumn
together with the more recent sharp expansion in output of durable goods has resulted
in a large increase in supplies of goods available in retail markets. Comprehensive data
are not available to measure how large the
increase was from the end of the war to the
middle of this year. Some indication of the
extent of the rise, however, is provided by
figures on receipts of merchandise at department stores. These stores sell most major
classes of consumer goods except automobiles
and foods and it is possible to derive the value
of their receipts of these goods from the data
reported on changes in the value of sales and
stocks.
RECEIPTS OF GOODS AT DEPARTMENT STORES
9 MOO
li
_
-
:
/•
"
/ /
_
'I
'1
K
_
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A
ADJUSTED FOR
SEASONAL VARIATION £*—
V
:
A
/'
/ \
f
/ /
\7
/"\ ill
J
WITHOUT SEASONAL
ADJUSTMENT
_
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(/
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50
50
1940
1942
1944
1946
Indexes based on dollar figures derived from the value of
sales and stocks reported by department stores to the Federal
Reserve System.
842
In the fourth quarter of 1945 receipts of
this merchandise rose by more than the usual
seasonal amount, as shown in the chart, but
they failed to surpass the levels prevailing
during the first half of the year. During the
first quarter of this year, however, receipts
were 25 per cent larger than in the fourth
quarter of last year and in the same period a
year ago, after allowing for seasonal changes.
Receipts during the second quarter increased
further, as shown in the chart, and were
about 40 per cent larger than during the
same period last year despite transportation
difficulties, industrial disputes in some supplying industries, and some withholding by
manufacturers of goods pending the settlement of price uncertainties. Higher prices
account for some of the rise shown in the
past year, but since the average price advance
in that period was probably not more than
10 per cent, the expansion indicated in the
physical quantity of goods received was also
quite sizeable. Considering the advances in
recent months in output of clothing, housefurnishings, and miscellaneous products, it
is likely that receipts of these goods during
the third quarter will show a further increase
from second quarter levels.
The sharpest gains in receipts during the
past year have been in those types of goods
like nylon hose, radios, ranges, and refrigerators, whose production was suspended
during the war. The expansion in the receipts of these products does not, however,
account for much of the rise this year in the
total quantity and value of goods received
at department stores. Practically all classes
of goods have shared in the advance in recent
months.
Demands accumulated during war years
are still a factor of considerable importance
in the sale of various types of semi-durable
and durable goods sold at department stores
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
—particularly metal products. Moreover,
prices of metal products have not advanced
as much as for most other products so that
buying has not been restricted by this development. Receipts of these products, however, are now increasing at such a sharp
rate that available supplies of some products
like small radios and miscellaneous housewares are beginning to exceed demand.
Supplies of other consumer durable goods
are still generally short of demand.
Prices of clothing, jewelry, leather products, toilet articles, textile housefurnishings,
and furniture have advanced sharply since
prewar days. Receipts and sales of a num-
AUGUST 1946
ber of these products were maintained at
relatively high levels during the war period
and have shown further large gains since
last autumn. The period when their supply
will generally begin to exceed consumer
demands is likely to come sooner than for
most durable goods—especially in view of
the prospects of further advances in retail
prices of these products.
The severity of eventual readjustments in
commodity markets, economic activity, and
employment will depend upon the extent
to which inflationary forces are held in check
during the period before increased production relieves the pressure on prices.
843
A NATIONAL SURVEY OF LIQUID ASSETS
PROSPECTIVE SPENDING AND SAVING AND
SUMMARY OF SURVEY FINDINGS1
Indications are that the use of liquid assets by
individuals will exert strong inflationary pressures
in consumer goods and some investment markets
through 1946. The demand for consumer goods
made possible by the current all-time high in consumer income, plus purchasing power obtained from
the spending of liquid assets and from borrowing,
will continue to exceed the supply of goods. This
will be particularly true for goods supplied by industries not yet producing at top capacity. It would
appear that as much as 10 to 15 billion dollars of
liquid asset holdings might be used for various purposes during 1946. From 2 to 3 billion dollars of
this sum might be spent to buy consumer durables
and housing; another 4 to 5 billion might be used
for current consumption purposes, including meeting of family deficits; and a further 3 to 6 billion,
held largely by top income groups, might be shifted
to investments promising higher returns, such as
real estate, equity securities, and unincorporated
business. In addition to expenditure from liquid
asset holdings, consumers might obtain from 3.5 to
4.5 billion dollars for spending from borrowing on
the instalment plan to pay for durable goods or by
mortgage credit to finance the purchase of new
housing. Some current savings would of course be
invested in liquid assets and such savings would be
an offset to spending from the use of liquid assets
and from borrowing. But on balance, in markets of
limited supply, it does not seem likely that saving
in liquid forms during 1946 would substantially
dampen the inflationary pressures originating in
consumer use of liquid assets and in consumer
borrowing.
These conclusions are based upon the findings of
1
This is the third of three articles covering the national liquid
assets survey. Prepared by Duncan McC. Holthausen of the
Board's Division of Research and Statistics, it presents the
findings in part three of the report of the Division of Program
Surveys and summarizes the results of all three reports. Those
wanting fuller information may obtain the full report (parts
one, two, and three) by applying to the Division of Program
Surveys, Bureau of Agricultural Economics, U. S. Department
of Agriculture. Mr. George Katona and Mrs. Eleanor Maccoby
of the Division of Program Surveys were primarily responsible
for the conduct of the studies and Mr. Henry H. Villard, formerly of the Board's research staff, was closely associated with
them throughout the planning and execution of the investigations.
the national liquid assets survey conducted for the
Board of Governors by the Division of Program
Surveys of the Bureau of Agricultural Economics.
The results of this survey are being presented in a
series of three articles, of which this is the third.
The first of the three articles reporting the findings
of the survey of liquid asset holdings, which was
published in the June BULLETIN, presented some of
the major results, together with a description of the
survey's methods and several tests of its reliability.
The second article, devoted to factors influencing
liquid asset holdings and savings with particular
reference to income, appeared in the July BULLETIN.
The present article is concerned with factors influencing prospective spending and saving as reflected in survey interviews. It also reviews the
indicated demand for consumer durable goods and
housing in 1946 in relation to the characteristics of
prospective buyers and the methods that consumers
will use in paying for these items. Another subject
covered is the possible tendency of heads of spending units to convert investment in liquid assets into
investment in non-liquid assets. A special feature
of this article is a brief discussion of the changes
in the distribution of income and saving during
the war years. The changing pattern of distribution revealed by the analysis no doubt influenced
respondents' attitudes toward spending and saving.
Also included is a summary of the major findings
of the national survey of liquid assets and a resume
of general conclusions to which the survey's results
point. Finally, a special note prepared by the staff
of the Division of Program Surveys of the Bureau
of Agricultural Economics discusses the reliability
of the survey findings.
Interviews with a carefully selected cross-section
of the population conducted in the first quarter of
1946 indicate that people expected their income
payments in 1946 to be almost the same as in 1945.
The majority of spending units expected prices of
cost-of-living articles to rise during 1946.2 People
2
A "spending unit" is defined as all persons living in the
same dwelling unit and belonging to the same family who pool
their income to meet their major expenses.
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
expected to spend more on regular living expenses
in 1946 than they had in 1945. In addition to increased spending for current consumption purposes,
many people expressed the intention of purchasing
automobiles, other durable goods, and houses, which
were not available during the war.
Although most consumers attached great importance to a continuation of saving, many people,
and especially those who had saved most in the
past, expected that they would reduce their saving
this year. A large majority of consumers, as was
shown in the first article (June BULLETIN), reported
that they had no intention of using their liquid
assets for any purpose in 1946. People generally
planned to finance the bulk of their intended purchases of consumer durable goods out of current
income, either directly or by using instalment
credit. While only a minority of consumers might
use liquid assets to meet extraordinary or ordinary
consumption needs, their spending of such assets
could represent a substantial addition to consumer
expenditures from income and thus supplement
existing inflationary forces.
In addition to the use of liquid assets for consumption purposes, some consumers planned to
convert their liquid asset holdings during 1946
into investments in real estate, securities of changing value, or private business. The consumers having these intentions were only a small minority
whose most frequently declared motive was the
higher return to be obtained on investment in nonliquid assets. But a significant proportion of them
were holders of substantial amounts of liquid assets.
The aggregate amount of such conversions, if carried out in accordance with intentions, could generate strong inflationary pressures in the markets
for non-liquid assets, with further repercussions in
other markets. The fact that only a small minority
indicated such intentions needs special emphasis.
At least two-thirds of the holders of substantial
amounts of liquid assets considered Government
bonds and bank deposits the safest and wisest investment.
CONSUMER EXPECTATIONS REGARDING INCOME,
SPENDING, AND SAVING IN 1946
expected income payments this year which will
approximately equal total income payments to individuals in 1945. Actually, income payments to
date in 1946 point to a total for the year of roughly
160 billion dollars, or about the same total as the
all-time high recorded in 1945. As is shown in
Table 1, one-fourth of the people expected their
incomes to be higher in 1946 than in 1945, and onefourth expected decreases in income. The average
amounts of increases and decreases in income expected by these two groups were approximately
equal. One-third of the spending units expected
their incomes would be the same while one-sixth
had no definite expectation as to what changes
would occur.
About half the people expecting 1946 incomes
higher or lower than 1945 apparently based their
expectations upon changes in their income status
that had occurred by the early part of 1946. Loss
of overtime or changes to lower paying jobs were
important factors indicated for decreases. Improvement in income status for those discharged from
the armed forces and higher pay rates for others
were the principal reasons given for expecting
increases.
As is indicated by the table, people in the two lowest income groupings expected income rises more
frequently than people with incomes of $2,000 and
above. Spending units in the $2,000 to $7,500 income range expected income decreases more frequently than those in other ranges.
TABLE 1
1946
AUGUST 1946
CLASSES 1
Percentage of spending units in each
income class expecting:
Income class 1
Income
Income
increases Income decreases
of 5
of 5
the same
per cent (within 5 per cent
or more per cent) or more
Uncertain
and
not
known
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
29
29
25
20
21
19
23
35
33
32
34
30
38
44
10
16
28
35
35
29
20
26
22
15
11
14
14
13
All classes
25
34
23
18
1
Prospective income. Estimates of prospective
income made by individuals or heads of spending units covered in this survey during the first
quarter of 1946 indicate that consumers generally
INCOME EXPECTATIONS BY INCOME
Based on 1945 money income before taxes.
Occupationally, self-employed businessmen and
managerial people generally expected higher incomes in 1946 than in 1945. Professional people
845
A NATIONAL SURVEY OF LIQUID ASSETS
tended to expect higher 1946 incomes. The whitecollar group, where almost half of the individuals
made less than $2,000 in 1945, also tended to expect
higher 1946 incomes. Skilled and semi-skilled
workers, three-fourths of whom made over $2,000
in 1945, more often thought their incomes would
be lower during 1946. Unskilled and service
workers were evenly divided in opinion as to a
rise or drop in income.
Expected trend of prices and living expenses.
In the first quarter of 1946, more than 50 per
cent of the spending units expected prices to rise
during the year. Forty per cent expected prices
to remain the same or were uncertain about
the future price trend. Reasons given for price
increases reflect the widespread strikes and wage
increases during the interviewing period. References to the effects of wage increases as a factor in
price increases were far more frequent than any
other opinion. Few people mentioned the possibility of price increases as a result of ending or
relaxing price controls.
When asked about the amounts that would be
spent on regular living expenses such as food,
clothing, and rent during 1946 as compared to
1945—
four of every ten spending units expected to spend
more,
four of every ten spending units expected to spend
the same,
one of every ten spending units expected to spend
less, and
one of every ten spending units was uncertain as
to future spendings.
These expectations correlated closely with expectations regarding prices. In some instances people referred to other added expenses making for increased
living expenses, such as more persons in the spending unit or the need for nondurable goods, particularly clothing, not bought during the war. Expected
reductions in expenses, not attributed to people's
price expectations, were most often occasioned
by the belief that there would be smaller outlays
for moving or hospitalization, or by reason of a
lower income in 1946, which would necessitate less
spending.
Prespective saving? People's plans for saving
3
The survey measured savings by adding to the change in
liquid assets (excluding currency) the amount used to purchase
other assets (including housing and insurance ^ and to r e p ^ '
loans, and then subtracting the amount derived from the sale of
such assets or the increase in loans.
846
reported in the first quarter of the year indicate
that total saving may be substantially less in
1946 than in 1945. This was noted in the first
article of this series published in the June BULLETIN
and was based on the finding that the people accounting for 90 per cent of 1945 saving expected
to save less in 1946. The findings of the supplementary analysis indicate that expectations as to
saving were not entirely consistent with expectations
as to spending. In general, however, the nature
of the inconsistency is such as to strengthen the
conclusion of the first article.
Slightly over 50 per cent of the people expected
to save as much in 1946 as they had in 1945, or
more. Yet according to the expectations expressed,
aggregate income will remain the same as in 1945,
spending for regular living expenses will rise, and
more will be spent for consumer durables and housing. It appears that predictions as to saving
were inconsistent with income and spending expectations in the case of one in every four spending
units. If the reported income and spending expectations are realized, then obviously less will be
available for saving and saving expectations will be
frustrated. As was shown in the second article,
about half of the people have no plan for saving
on a regular basis, but only put aside what has
not been spent during the month, and those in
this group particularly will probably save less than
expected.
The survey findings suggest that reluctance to
give up plans for purchasing durable goods and to
reduce living standards as prices rise is a major
factor operating to decrease current saving. The
findings, however, provide no support for a conclusion that people believe that they had saved
enough during the war, or that they would recklessly increase their spending in relation to income
after the war. Almost three-fifths of the respondents
wanted to save as much as or more than during
the war and an overwhelming majority indicated
that saving was as important under postwar as
under wartime conditions, or more so. The major
motives for saving, e.g., desire for security in case
of adversity or old age, desire to provide adequately
for children's education, or desire to own a home,
will apparently continue to be potent influences in
postwar consumer saving.
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
POTENTIAL BUYERS OF CONSUMER DURABLE
GOODS IN 1946
In the first article of this series (June BULLETIN)
it was estimated from the survey replies that about
11 per cent of all spending units would probably
buy automobiles in 1946 and 28 per cent would buy
other consumer durable goods. If all prospective
buyers were able to purchase desired consumer durable goods in 1946, some 4.0 to 5.5 billion dollars
would be spent for cars and 3.2 to 4.0 billion for
other consumer durables such as refrigerators, furniture, radios, and washing machines. Assuming people could actually buy in 1946 two-thirds of the cars
and other consumer durables they said they would
or would probably buy, from 5.0 to 6.5 billion
dollars would be spent.
Although the bulk of prospective buyers come
from middle-income groups, the more income a
person has the more likely he is to buy a car or
other durable consumer good. This is particularly
so among car buyers, as is shown in Table 2.
Only 3 per cent of the spending units with less
than $1,000 of income expected to buy cars as compared to 28 per cent of those with incomes of $5,000
or over. In the case of other consumer durable
goods, potential buyers were found to include 14
per cent of the under $1,000 income group and 38
per cent of those receiving $5,000 or more.
TABLE
2
PROSPECTIVE BUYERS OF CARS AND O T H E R
DURABLES IN 1946
Income class
Percentage of spending units
in each income class 1 who
expected to buy:
Other
consumer
durables
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$4,999
$5,000 and over
3
8
11
16
28
14
25
32
34
38
All units
11
28
1
Includes those who said definitely that they would buy and
those who said they probably would buy.
Characteristics of prospective buyers of cars and
other durable goods in 1946 are given in Table 3.
Sixty per cent of potential buyers have incomes of
less than $3,000. People who expected to buy cars
or other durables held more liquid assets than nonbuyers, but over 40 per cent of prospective buyers
AUGUST 1946
TABLE
3
CHARACTERISTICS OF P E O P L E W H O EXPECTED TO BUY
AND O T H E R CONSUMER DURABLES IN
CARS
1946
[Percentage of buyers and nonbuyers respectively'in each group]
Grouping of spending units
By income classes:
Under $1,000....
$1,000-$ 1,999...
$2,000-$2,999. . .
$3,000-^4,999. . .
$5,000-$7,499. . .
$7,500 and over.
Not ascertained.
By liquid asset holdings:
None
$l-$499
$500-$999
$l,000-$2,999
$3,000 and over
Not ascertained
By age of head of unit:
20-29 years
30-44 years
45-60 years
Over 60 years
Not ascertained....
CONSUMER
BY INCOME CLASSES
Cars
held less than $500 of liquid assets. On the whole,
prospective buyers of durables tended to be younger
than nonbuyers. Over two-fifths of the buyers
were skilled or unskilled workers, while about onethird were professional, white-collar, or business
people. Potential buyers wrere found in small cities
and rural areas as well as large cities, in numbers
that are roughly proportional to the population of
these places.
By occupational status of head of unit:
Professional and white collar
Businessmen, managers
Skilled and unskilled workers
Farm operators
Retired, unemployed, other
Not ascertained
By type of community:
Metropolitan areas
Other cities of more than 50,000 population
Towns of 2,500 to 50,000 population.
Open country
Potential
buyers 1
Nonbuyer?
10
24
26
28
7
4
1
25
28
21
19
4
100
100
15
28
15
24
16
2
25
30
14
19
100
100
23
40
29
18
30
31
20
1
100
100
22
14
44
10
10
17
10
38
10
24
1
9
3
100
26
18
27
29
17
25
29
100
100
1
Those who said they would buy and who said that they probably
would buy.
People who planned to buy new cars in 1946
usually expected to pay between $1,000 and $1,350.
As is shown by the chart on page 848, one-fourth of
the new car buyers were willing to pay $1,350 or
more. The amount individual units expected to
pay for durable goods other than cars varied according to the number and kind of items to be
847
A NATIONAL SURVEY OF LIQUID ASSETS
METHOD OF PAYMENT FOR CONSUMER
AMOUNTS INDIVIDUAL BUYERS PLANNED TO SPEND
FOR CONSUMER DURABLE GOODS IN 1946
PER CENT OF
NEW CAR BUYERS
PER CENT OF
NEW CAR BUYERS
60
60
$1,350
11.999
UNDER
$ 1,000
|e,ooo
OR OVER
OTHER CONSUMER DURABLES
PER CENT OF
OTHER DURABLE
000P3 BUYERS
OTHER DURABLE
POOPS BUYERS
30 •
30
UNDER
$100
$100
$200
$300
$500
$1,000
$199
$299
$499
$999
OR OVER
AMOUNTS
INDIVIDUAL BUYERS PLANNED TO SPEND
NOTE.—Includes buyers who said they definitely would buy,
and those who said they would probably do so. The percentages
shown would add to 100 if buyers who did not know how much
they would spend were included.
bought. Potential buyers of these goods most often
mentioned refrigerators, furniture, radios, and
washing machines as the articles which they planned
to buy. About a sixth of the people expected to
pay $500 or more for goods of this kind. Almost
two-thirds of the buyers, however, intended to
spend less than $300. Only one in everyfivecar
buyers wished to purchase a used car. As would
be expected, used car buyers planned to spend substantially less than new car buyers. Two-fifths of
the spending units planning to buy used cars intended to pay less than $500.
The possibilities of price increases would seem
to have had little dampening effect on potential
consumer demand for durable goods at the beginning of the year. Most of the prospective buyers
expected prices to rise during the year. Only one
in five of those intending to buy cars and other
durables thought that 1946 would be a good time
to buy. Approximately the same expectations with
regard to prices and time to buy were expressed
by nonbuyers.
848
DURABLES
Consumer durable goods may be paid for either
fully in cash or with part cash (including trade-in
allowance) and the remainder through borrowing.
Somewhat more than half the spending units who
planned to buy cars and other durables expected
to pay for them fully in cash, or, in the case of
cars, with cash plus the trade-in value of their old
car. A third of the prospective buyers planned to
use the instalment plan where a cash down payment (or equivalent in trade-in value) would of
course be necessary. For cars only, not more than
40 per cent of prospective buyers in 1946 planned
to finance their purchase through use of the instalment plan. Prior to the war, approximately 60
per cent of all car purchases were financed through
the use of instalment credit.
Two out of three of prospective buyers who had
some liquid assets preferred to buy durable goods
out of income, directly or else indirectly by purchase
on the instalment plan. Small holders of liquid
assets, generally speaking, had a stronger preference
for retaining their liquid assets than large holders,
perhaps because of a need for having a backlog of
assets to meet emergencies. Only a minority of all
savings bond holders indicated specific plans for
using them to purchase durables.
Prospective buyers with large liquid asset holdings for their income very seldom expected to make
use of instalment credit to purchase cars and other
durable goods. As is indicated in Table 4, threeTABLE 4
METHOD OF PAYMENT
FOR CARS AND OTHER
DURABLES BY
PROSPECTIVE BUYERS WITH LIQUID ASSET HOLDINGS
Percentage of holders
in each
size group 1
Method of payment
Large
holders
for their
income
Medium
holders
for their
income
Small
holders
for their
income
All cash
75
51
41
Instalment credit
Less than 40 per cent of cost. .
40 to 59 per cent of cost
60 per cent or more of cost
13
1
5
7
32
3
6
23
42
2
3
37
Uncertain as to method
All cases
12
17
17
100
100
100
1
Liquid asset holders in all income classes are included in these
size groups. Large holders are defined as those in the upper onefourth of asset holders by comparison with others at their income
level. Small holders are the lowest one-fourth of asset holders
relative to their income level.
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
fourths of the buyers with large amounts of liquid
assets relative to their income intended to pay all
cash. Thirteen per cent of this group expected to
borrow or use the instalment plan while over 40 per
cent of the small holders would resort to instalment
financing.
There were a number of significant differences
in the characteristics of prospective buyers of consumer durable goods planning to pay in cash and
those planning to use the instalment plan to finance
TABLE 5
CHARACTERISTICS OF CASH BUYERS AND INSTALMENT
PLAN
BUYERS OF CONSUMER DURABLE GOODS X
[Percentage of cash and instalment buyers respectively
in each group]
Grouping of spending units
By income classes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 or over
Not ascertained
By liquid asset holdings:
None
$l-$499
$500-$999
$l,000-$l,999
$2,000-$4,999
$5,000 or over
Not ascertained
By age of head of unit:
20-29 years
30-44 years
45-60 years
Over 60 years
By occupational status of head of unit:
Professional and white collar. . . .
Self-employed, managerial
Skilled and semi-skilled
Unskilled workers
Farm operators
Retired, housewives
Unemployed
Not ascertained
By type of community:
Metropolitan areas
Other cities of more than 50,000
population
Towns of 2,500 to 50,000 population
Towns of less than 2,500 population
• •. •
Open country
1
Will pay
all cash
Will borrow 60
per cent or more
(Instalment plan)
10
23
22
19
10
9
6
1
8
27
34
17
7
5
1
1
100
100
11
21
15
19
21
12
1
25
40
16
11
4
2
2
100
100
20
39
31
10
29
44
23
4
100
100
24
17
23
13
14
6
3
16
9
36
24
4
2
8
1
100
100
24
27
15
25
29
23
13
19
16
9
100
100
This table includes: Spending units who said they definitely
would buy cars or other durable goods or probably would do so,
and who said they would either pay all cash for their purchases
or would buy on the instalment plan (borrow 60 per cent or more
of the cost).
AUGUST
1946
a major part of the total expenditure. A third of
the cash buyers held $2,000 or more in liquid assets
as compared to less than a tenth of those planning
to use instalment credit. Over three-quarters of
the instalment buyers fell within the income levels
of $1,000 and $4,000, which normally embrace the
bulk of the instalment credit market, and nearly a
third were concentrated in the middle income class
between these levels, i.e., between $2,000 and $3,000.
Two-thirds of the cash buyers were in the $1,000
to $4,000 income range, and about a fifth had incomes from $2,000 to $3,000. Skilled and unskilled
workers accounted for 60 per cent of the purchasers
using the instalment plan and only about 35 per
cent of the cash purchasers. Confirming the urban
character of instalment credit use, prospective instalment credit buyers were more widespread in
cities than in rural communities; farm operators
buying consumer durables would pay all cash in
most instances. These and other characteristics of
cash and instalment plan buyers are shown in
Table 5.
POTENTIAL HOUSE BUYERS IN
1946
About 7 per cent of all spending units other than
farm operators expected to build or buy houses
during 1946 (see first article in June BULLETIN).
On the average, the heads of these units expected
to pay about $5,000 for their houses. Were all
these units able to purchase houses during 1946,
the aggregate expenditure would amount to roughly
13 to 15 billion dollars. While it is probable, on
the basis of new houses that may be available, that
less than a quarter of the desired purchases of new
houses will be realized, it is also probable that the
typical purchase price paid for new and old houses
will substantially exceed $5,000. Aggregate expenditure therefore may run considerably higher
than one-quarter of the amount originally estimated
as possible on the basis of consumer expectations at
the outset of this year.
No more than a third of the house buyers indicated they would pay over $6,000. Another onethird planned to spend less than $4,000, while a
fifth planned to purchase houses in the $4,000 to
$6,000 class. About 15 per cent of the prospective
house buyers were not sure how much they would
spend.
In terms of liquid asset holdings and income
groups, the prospective buyers of houses had characteristics very similar to those of prospective buyers
849
A NATIONAL SURVEY OF LIQUID ASSETS
of consumer durable goods. About 60 per cent of
the people expecting to buy houses had incomes of
less than $3,000, and roughly 85 per cent held some
liquid assets.
As might be expected, the prospective buyers of
houses seldom intended to make full payment in
cash. About one-sixth of potential house buyers
said they would pay all cash. Three-fourths indicated they would borrow all or part of the total
purchase price. It is estimated that prospective
buyers as a group expected to borrow about onehalf of the entire amount to be spent on housing.
Whereas about one-third of the potential buyers
of cars and other durables who had some liquid
assets expected to use them to make such purchases,
nearly one-half of the prospective house buyers who
owned liquid assets expected to use them to buy
houses. Large holders of liquid assets in particular
planned to use them for personal housing.
FARM DEMAND FOR MACHINERY AND BUILDINGS
Farm operators in the survey were asked special
questions to determine their plans for buying farm
machinery or building or repairing farm buildings.
A fifth of the farm operators had definite plans
to buy farm machinery, and a similar proportion
expected to repair or remodel farm buildings.
Roughly one in ten planned to put up new farm
buildings. Farmers expected to borrow only a very
small proportion of the total cost of desired farm
machinery or building repairs. Despite the substantial amounts of money farmers expected to
spend for farm machinery and buildings, they
planned to buy cars and other durable consumer
goods as extensively as the nonfarm population.
PROSPECTIVE TRANSFER OF LIQUID ASSETS TO
NON-LIQUID INVESTMENTS
With 10 per cent of the spending units holding
60 per cent of the liquid assets, the decision of
relatively few people to purchase non-liquid assets
—real estate, securities other than Government
bonds, or businesses—out of the proceeds of their
liquid assets could involve large transfers of money
and have substantial effects on the real estate and
security markets. During the interviewing period
for this survey—the first quarter of 1946—heads of
spending units holding $1,000 or more in liquid
assets were questioned on their attitudes towards
various types of investments and their plans for
850
transferring liquid assets to other investment channels.
Almost two-thirds of these substantial holders of
liquid assets expressed a preference for assets with
fixed value (Government bonds and bank deposits).
One-sixth stated that they thought it was wiser to
hold assets with changing value, particularly real
estate. The remaining group did not express a
clear preference as to type of asset that should be
held. In general, people with highest incomes and
the largest holdings of liquid assets showed the
greater preference for assets of changing value.
About a quarter of the spending units holding assets
of $5,000 or more preferred assets of variable value
as compared to a seventh of those units holding less
than $5,000. Among spending units with incomes
of $7,500 or more about one-third preferred assets
of changing value as against one-sixth of those with
less income.
According to intentions expressed during JanuaryMarch 1946, a relatively small number of the people
holding liquid assets of over $1,000, motivated according to their own declarations by the higher
returns on alternative investments, planned to
transfer some of their Government bonds or bank
deposits to securities, real estate, or business during
1946. The survey indicated that 6 per cent of these
holders definitely projected a shift from assets of
fixed value to assets of changing value and 7 per
cent had considered such action but made no definite decision. Most of those planning to shift assets
mentioned sums between $2,000 and $5,000. Using
a rough figure of $3,000 as the average amount that
may be transferred, it is estimated that about 3
billion dollars of Government bonds and bank deposits would be invested in assets of changing value
by those holders with definite plans for shifting.
If all heads of units considering such transfers but
with no definite plans shifted similar average
amounts, the aggregate total could reach 6 billion.
Obviously such a sum, in addition to the flow of
new savings for investment in securities and real
estate other than personal housing, could exert a
significant inflationary pressure in these markets
and could have important secondary inflationary
effects in other markets. Many factors, of course,
would influence the possible inflationary effects.
It is to be emphasized that these results and
interpretations are derived from interviews made
in the first quarter of the year. Conditions affecting
investment decisions of liquid asset holders have
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
changed considerably since, and investment developments of the year may be expected to reflect these
changes.
WARTIME CHANGES IN DISTRIBUTION OF INCOME
AND SAVING
In assessing this report on consumer expectations
and plans for spending and saving, it is important
to keep in mind that the current pattern of income
distribution is significantly different from that before the war. Over the war period, there was a
general shifting of spending units from lower to
higher income groups, and a large decrease in the
proportion of total saving accounted for by the
highest income recipients. These broad generalizations concerning trends in income and saving patterns are shown by comparing the findings of the
1945 liquid assets survey with roughly comparable
data for prewar years.
The shift of spending units from lower to higher
income groups is clearly illustrated by the accompanying chart. Spending units were much more
widely distributed among income classes in 1945
than in 1941 or 1935-36. Whereas about one-half
of all spending units received incomes under $1,000
in 1935-36, the proportion of spending units in this
income class declined to one-third in 1941 and to
one-fifth in 1945. The general movement to higher
income classes is evidenced by the fact that, despite
the shift of people from the lowest income class,
DISTRIBUTION OF INCOME BY INCOME CLASSES
1935-36,1941. AND 1945
SPENDING
UNITS
1935-36
1941
1945
NOTE.—For sources of data, see Table 6, page 852.
AUGUST 1946
the proportion of spending units in the next higher
income class—$1,000-$ 1,999—was almost the same
in each of these three periods. The income classes
receiving $2,000 and over have shown the greatest
increases in numbers of spending units. In 1945
over half the spending units had annual incomes
of $2,000 or more as compared to one-third in 1941
and one-sixth in 1935-36. A sizeable part of the
increase in the number of spending units receiving
over $2,000 has occurred in the broad income class
of $3,000-$4,999. Over 20 per cent of the spending
units were in this class in 1945, about 10 per cent
in 1941, and only 5 per cent in 1935-36.
As a result of this shift of spending units to
higher income classes, significant changes have occurred in the proportion of total income received
by each income class, as is indicated by Table 6.
The spending units in the income classes receiving
under $2,000, which had been substantially reduced
in number, accounted for a fifth of the total income
received by individuals in 1945. This may be compared with a third in 1941 and a half in 1935-36.
The proportion of income received by the top 15
per cent of income recipients declined from about
one-half in both 1935-36 and 1941 to a third in 1945.
In interpreting these shifts between income
classes, it should be realized that income refers to
money income received and does not take into
account price and tax changes that have occurred
during the war years. The Consumer's Price Index
of the Bureau of Labor Statistics shows prices in
1941 to be about 7 per cent higher than prices prevailing in 1935-36, and prices in 1945 to be roughly
30 per cent higher. Because of these substantial
price rises, a spending unit which has shifted from
the under $1,000 income group to the $1,000 to
$2,000 income group may not have materially improved its buying power or financial position. Furthermore, taxes increased substantially during the
war. This increased tax burden undoubtedly affected the spending habits of some lower income
groups and to an even greater extent affected total
saving, particularly of the highest income brackets.
In the case of saving, the comparative data indicate that there has been a marked decline since
before the war in the degree of concentration among
the top income recipients. Whereas the top 15 per
cent of income recipients accounted for over 100
per cent of net saving in 1935-36 (thereby offsetting substantial dissaving on the part of some
other income recipients), and about 85 per cent of
851
A NATIONAL SURVEY OF LIQUID ASSETS
net saving in 1941, the proportion of total net
saving accounted for by the corresponding group
in 1945 dropped to about 50 per cent. As was
shown in the second article reporting the findings
of the liquid assets survey (July BULLETIN), however, there were still a large number of spending
units that did not save or that actually dissaved in
1945; they made up one-third of all spending units
in that year. Within income classes, the largest
proportion of non-savers and dissavers (one-half)
was in the income class under $1,000, and the
smallest (one-twentieth) in the group receiving
$5,000 and over.
No comparable data are available on prewar holdings of liquid assets. It was found that in 1945
the 15 per cent of the spending units that were the
top income recipients held about half of all liquid
assets. Since liquid assets represent accumulations
of net saving, it is likely that these liquid asset holdings in 1945 were less concentrated in top income
brackets than in prewar years, as was found in the
case of saving.
SUMMARY OF MAJOR FINDINGS OF THE SURVEY
1. Over three-fourths of all spending units held
some liquid assets in the form of bank deposits or
United States Government securities in the first
quarter of 1946. Almost two-thirds of the people
held savings bonds, two-fifths held savings accounts,
and one-third checking accounts. Although the
bulk of liquid assets was concentrated in a relatively small proportion of all the spending units,
a substantial portion of the people with moderate
incomes held considerable amounts of liquid assets,
while some with rather large incomes held relatively small amounts of accumulated savings in
liquid form.
2. About 70 per cent of all spending units managed to put aside some savings during 1945. As
with liquid assets, these savings were largely concentrated in a relatively small proportion of the
spending units. The 10 per cent of the spending
units that saved the largest amounts in 1945 accounted for 60 per cent of all net saving in
that year. When spending units are distributed by
amounts of income received in 1945, units with
incomes of $5,000 or more a year accounted for
40 per cent of the saving and made up 8 per cent
of all spending units. About half of the saving
was contributed by spending units with incomes of
TABLE 6
DISTRIBUTION OF SPENDING U N I T S , INCOME, AND N E T SAVING, BY INCOME CLASSES, IN 1935-36, 1941,
AND
1945 1
[Percentage of totall
1941
1935-36
Annual income
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$4,999
$5,000 and over
All classes
1945
Income
saving
Spending
units
Income
Net
saving
Spending
units
Income
Net
saving
53
31
10
4
2
20
33
17
11
19
-28
15
22
20
71
35
30
20
10
5
9
21
24
18
28
-6
9
11
18
68
20
27
23
22
8
4
16
23
33
24
-1
11
14
36
40
100
100
100
100
100
100
100
100
100
Spending
units
Net
1
Figures for 1935—36 and 1941 are from Spending and Saving of the Nation's Families in Wartime, Bureau of Labor Statistics
Bulletin No. 723, October 1942. Table 1 of this Bulletin gives the distribution of income by income classes, and Tables 2 and 4
were used to estimate total net saying by income classes.
The 1935—36 data were originally developed in the Study of Consumer Purchases, 1935-36, made by the National Resources
Committee. The material for 1941 represents a combination of the results of two surveys—one a survey of spending units in urban
areas made by the Bureau of Labor Statistics, the other a survey of spending units in rural areas made by the Bureau of Home
Economics, United States Department of Agriculture. For 1945, the data are taken from the national liquid assets survey.
Readers are cautioned that the findings of these three surveys are not strictly comparable. The various surveys differ somewhat in the definition of spending units, in the coverage of spending units, and in the methods used in collecting the data. The
figures in this table, therefore, can not be used to measure precise changes in income and saving by income classes. However, it is
believed that the data accurately show the nature of certain broad changes which occurred in the pattern of income and saving during
the war years.
In the table, income refers in all cases to money income before taxes and excludes income in kind. For the most part, each
survey measured net saving as the net change in assets and liabilities for the spending unit. Total net saving represented the
difference between the total of positive saving and the total of negative saving. Positive saving included the increase in liquid
assets plus amounts invested in housing, insurance, securities, and business, plus the net reduction in debt. Negative saving
included amounts realized from the sale of assets and the amount of increase in debt. The 1945 survey did not include under
changes in debt the amounts of increase or decrease in instalment sale or charge account debt. However, the net change in
these two types of debt was small in 1945, amounting to an increase of 250 million dollars.
The 1935—36 income data have been adjusted by use of income tax returns for under-representation of the higher income
brackets in the sample. The 1941 figures were partly adjusted for this factor, but the blown-up sample totals of income and saying
do not show as close agreement with recognized income and saving aggregates for the country as do the 1935-36 data. No adjustments were made in the 1945 data; in the liquid asset survey, the spending units in the higher income brackets were purposely
over-sampled during the interview period in an attempt to secure more representative data for this group. The relation of the 1945
income and saving figures to over-all aggregates is discussed in the first article (June BULLETIN).
Acknowledgment is made of the assistance of Miss Janet Austrian of the Bureau of Agricultural Economics, United States
Department of Agriculture, in the preparation of this table.
852
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
$1,000 to $4,000 a year and this group included
65 per cent of all spending units. These figures
demonstrate that the relatively small savings of
many consumers in the lower and middle income
groups cumulate to a significant proportion of national savings in a country like the United States.
3. In addition to income, there are other factors
which are responsible for the volume of current
saving, and to an even greater extent for the
volume of accumulated savings. People who have
had more education, who live in rural communities,
who are self-employed or have professional occupations, or who have regular saving programs
tend to save more and to hold more liquid assets
than do other people with similar income.
4. According to people's expectations for 1946,
their income would not differ greatly from 1945.
A substantial majority of the spending units expected prices to rise during 1946. They expected
that expenditures would be much larger than in 1945
—partly because of higher prices and partly because
additional amounts would be spent for durable
goods. As a result, amounts saved during 1946
would be substantially lower than in 1945.
5. A measure of the demand for consumer durable goods in 1946 is roughly provided by the survey
results. About 3.6 million spending units definitely
planned to buy new and used cars in 1946; by
adding those units who would probably buy cars,
a total of 5 million prospective car buyers is obtained. Prospective buyers of other consumer durables such as refrigerators, furniture, radios, and
washing machines numbered 12.6 million, with 9.9
million definitely planning to buy. Prospective
house buyers numbered 3.1 million, of whom 2.6
million definitely planned to buy. Were all prospective buyers able to make their purchases during
1946 at the prices they indicated, about 5.5 billion
dollars would be spent for cars, 4.0 billion for other
consumer durables, and 15.5 billion for housing, a
grand total of 25.0 billion. Obviously, this tremendous backlog demand for durable goods will not be
filled during 1946. The estimates of dollar "totals"
used in this and subsequent paragraphs are in the
nature of best guesses and therefore are subject to
a considerable margin of error. They are based not
only on the survey results but also on certain assumptions as to the availability of new consumer
durable goods and housing.
6. Assuming that people should be able to buy
from new production in 1946 two-thirds of the
AUGUST 1946
consumer durable goods (including cars) and onefourth of the houses they said they would or would
probably buy, then between 4.8 and 6.3 billion
dollars would be spent for consumer durable goods
and between 3.2 and 3.9 billion for new housing.
Thus the grand total of these expenditures might
amount to roughly 8.0 to 10.2 billion dollars.
7. It is estimated that 4.5 to 5.7 billion dollars of
total expenditures for consumer durables and new
housing would be paid for in cash, of which 2.0
to 3.0 billion would be supplied from liquid assets.
The remaining 3.5 to 4.5 billion would be obtained
by paying on the instalment plan in the case of
consumer durables and by mortgage financing in
the case of houses. These estimates reflect the intentions expressed by the heads of spending units
with respect to payment. For consumer durables,
they planned that about one-third of the total cost
would be financed by borrowing and the remainder
would be paid in cash, with one-quarter of the total
cost representing use of liquid assets. According to
expressed intentions, about three-fifths of the total
cost of houses bought would be financed by borrowing and the remainder would be on cash payment.
Liquid assets would be used to meet one-quarter of
the total cost or over half of the cash payment.
8. To the amount of liquid assets that may be
spent on new durables and housing—2 to 3 billion
dollars—must be added the dissaving that may be
incurred to meet other consumption expenditures.
These funds would be used for such consumption
expenditures as living expenses, medical care, and
vacations. Such dissavings might amount to 4 or 5
billion dollars. Therefore, the total use of liquid
assets for consumption in 1946 might run as high
as 6 to 8 billion dollars.
9. Roughly 3 billion dollars would be transferred
during 1946 from liquid assets (Government bonds
and bank accounts) to real estate, other types of
securities, or businesses, by those liquid asset holders
with definite plans at the first of the year to make
transfers. If all heads of spending units that were
undecided about transferring some of their liquid
assets made similar shifts, the aggregate total transferred might reach 6 billion dollars.
10. It would appear that as much as 10 to 15
billion dollars of individual liquid asset holdings
might be used for various purposes during 1946.
According to intentions expressed at the beginning
of this year, consumers might use roughly 2 to 3
billion dollars of liquid assets to buy consumer
853
A NATIONAL SURVEY OF LIQUID ASSETS
durable goods and new housing, and possibly 3 to 6
billion in shifting assets to the markets which include real estate, other securities than Government,
and unincorporated businesses. In addition, perhaps 4 to 5 billion dollars of liquid assets in the
form of dissavings—expenditure in excess of income—might be used for consumption purposes
other than the purchase of durable goods and housing.
11. The pattern of the distribution of income and
saving changed significantly during the war years.
There was a general shifting of spending units
from lower to higher income classes, and a large
decrease in the proportion of total saving accounted
for by the individuals with highest incomes. This
is revealed by comparison of the survey results with
income and saving data for the years 1935-36 and
1941.
GENERAL CONCLUSIONS
1. Current buying will be paid for primarily out
of current income. Relatively small amounts of
liquid assets are held by most individuals and,
according to intentions expressed at the beginning
of 1946, these people do not intend to use their
Government bonds or bank deposits for consumption expenditures. However, the use of liquid assets
by consumers who plan to use them to purchase
durable goods or housing, together with the use of
liquid assets by consumers to meet other consumption outlays, could amount to a sizeable fund relative to the available supplies of such goods.
2. The use of instalment credit, an indirect way
of buying from current income, will be substantial
during the year. Borrowings to finance the purchase of consumer durable goods and houses will
greatly exceed the amounts of liquid assets people
plan to use for these purchases.
3. Strong inflationary pressures will continue in
the consumer goods markets. The present demand
for consumer goods, largely made possible by current income plus the additional purchasing power
created by the availability of borrowing and by
spending of liquid assets, will continue to exceed
production, particularly in those industries not yet
able to operate at top capacity.
4. The demand for consumer durable goods, in
addition to the increase in prices of cost-of-living
articles, will result in savings far below 1945 levels
and in a large reduction in the rate of liquid asset
accumulation. A greatly increased proportion of
consumer income is currently being allocated to
854
consumer expenditures at the expense of saving.
5. Transfers of liquid assets to other forms of
investment could exert considerable inflationary
pressure in the real estate market and the markets
for securities other than Government, and have important secondary effects in other markets.
6. The sum of 10 to 15 billion dollars, the estimated volume of liquid assets that might be used
for various purposes in 1946, is a significant inflationary magnitude. Some allowance must be
made, however, for the non-inflationary character of
consumer savings that will be invested during 1946
in liquid assets. Even when allowance is made for
the offsetting effects of such savings, it would
appear that the likely use of individual liquid asset
holdings during this year constitutes a serious current inflationary pressure. And in assessing its full
inflationary force, account must be taken of additions to consumer purchasing power through the
mechanism of borrowing.
7. The liquid assets held by the majority of
people can not be considered to constitute a reserve
fund large enough for carrying on regular expenditures in the event of drastic changes in income.
Total asset holdings of three-fourths of the people
amounted to less than one-fifth of their annual
NOTE ON RELIABILITY OF THE FINDINGS
4
Some readers who are not familiar with scientific sampling procedures may wonder how a
nation-wide survey based upon less than 3,000 interviews can be adequate for reaching reliable conclusions as to the nature of liquid asset holdings,
spending, and saving of the nation's consumers.
The size of a sample is, of course, only one of
several considerations that influence the accuracy
of results. Millions of cases did not prevent the
Literary Digest from having a serious bias in its
poll. Accurate results require the elimination of
bias and this can be achieved by using area sampling
(in contrast to quota sampling), stratification of
the universe, overinterviewing of units the variations of which may affect the results greatly, and
several other refinements of scientific sampling
methods.5
4
Prepared by the staff of the Division of Program Surveys,
Bureau of Agricultural Economics, United States Department
of 5Agriculture.
A brief description of the methods in the Survey is given in
the first article in this series, published in the Federal Reserve
BULLETIN, June 1946. A fuller description is contained in
part one of the report on the Survey issued by the Division of
Program Surveys.
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
The Division of Program Surveys of the United
States Department of Agriculture has pioneered in
developing sampling methods during the past few
years. With national samples similar in size to
that used for the Liquid Asset Survey, data have
been collected on people's holdings, purchases, and
redemptions of savings bonds. The findings of
these studies concerning the total holdings of bonds
were in accord with Treasury data and the findings
on the concentration of bonds were in accord with
the findings of the Liquid Asset Survey. Furthermore, a pilot study on liquid assets done a year
ago and conducted in two localities showed a
similar degree of concentration of liquid assets to
that found by the national survey.6
Every sample is subject to sampling error, and
the size of the error is reduced if the size of the
sample is increased (although not proportionally).
Within a given sample, the sampling error is larger
for some items of information than for others. The
sampling error is smallest for data in which the
range of answers is limited (e.g., with respect to
the proportion of people who plan to draw on their
liquid assets next year). The sampling error is
larger for figures which show certain quantitative
characteristics of the population or the percentage
distribution of quantitative data (e.g., the percentage of people having incomes or liquid asset holdings of a certain size), and is greatest of all when
averages and total dollar amounts are derived from
the sample (e.g., the total holdings of liquid assets for
6
Cf. Federal Reserve BULLETIN, September 1945.
comparison with data obtained from other sources).7
Reliable estimates of the error of the survey findings on concentration of personal holdings of liquid
assets can be made through a series of time consuming computations. The following rough estimates may, however, suffice to show the order of
magnitude of the error.
The statement that 50 per cent of the spending
units—the 50 per cent who hold the least assets—
jointly own 3 per cent of the aggregate liquid assets
is subject to an error of approximately 0.6 percentage points. That is, there is a very high
probability that the true value lies between 2.4 per
cent and 3.6 per cent. Concerning the finding that
the top 20 per cent of the units jointly own an
amount of liquid assets (in dollars) which represents 77 per cent of all liquid assets, the margin of
error may be estimated at 8 percentage points. In
other words, it is very likely that the true value of
the relation lies between 69 per cent and 85 per
cent, with 77 per cent being the most probable
value.
In summary, it must be emphasized that sample
surveys do not yield exact values which are absolutely correct. If properly conducted, they do yield
reliable information on the true order of magnitude
of the values. It is possible that the concentration
of personal liquid asset holdings is somewhat
greater, or somewhat smaller, than is indicated by
the published figures, but the range of error is so
small as to require no change in the practical conclusions drawn from the survey.
7
Cf. the last section in the article of the Federal Reserve
BULLETIN of June 1946.
POSTWAR ECONOMIC STUDIES NO. 6
The sixth of the Board's series of eight postwar
economic studies is now available for distribution.
Entitled Housing, Social Security, and Public
Wor\s, it contains the following three papers:
"Housing Needs and the Housing Market," by
Ramsay Wood; "Economic Aspects of Social Security," by Eliot J. Swan; and "Public Works and
Services in the Postwar Economy," by Walter F.
Stettner.
The fifth pamphlet in the series, Postwar Capital
Formation and Its Financing in Manufacturing and
Mining Industries, will be ready for distribution in
a few weeks. Its publication will be announced
promptly in the BULLETIN. Notices of release of
AUGUST 1946
the last two pamphlets will appear as they become
available.
Each pamphlet contains essays on related subjects
by specialists on the staffs of the Board and the
Federal Reserve Banks. The views expressed in
the papers are entirely those of the authors, and
there is no official endorsement of any of the proposals made.
Individual pamphlets may be purchased for 25
cents each, or for 15 cents each for group purchases
of ten or more in single shipment. Orders should
be sent to the Division of Administrative Services,
Board of Governors of the Federal Reserve System,
Washington 25, D. C.
855
INDEX OF DEPARTMENT STORE SALES AND STOCKS,
BY MAJOR DEPARTMENTS
Monthly indexes of department store sales and
stocks, by major departments, have now been compiled by the Board's Division of Research and
Statistics. Indexes of sales, by departments, are
available on a monthly basis for the period from
January 1940 to date. End of month stocks indexes,
by departments, are available for October 1940,
January 1941, April 1941, and monthly beginning
June 1941. Figures for the new indexes of sales
and stocks for department groups are shown in
the accompanying tables and the movements in
the indexes are shown in the accompanying chart.
The departmental indexes are computed and
published in order to provide additional information on the fluctuations in department store sales
and stocks of various types of merchandise. They
are not intended to serve as a measure of the
changes in total department store sales and stocks.
For this purpose the System's comprehensive
monthly indexes of total sales and stocks should be
used. The latter, moreover, are adjusted for seasonal variation and, in the case of the sales index,
for changes in the number of business days. These
refinements have not been attempted for the departmental indexes.
Although some of the Federal Reserve Banks
have gathered data on department store sales and
stocks, by departments, for a number of years, the
compilation of such figures on a national basis was
not begun until 1941. Collection of monthly data by
departments was begun in January 1941 for sales
and in June 1942 for stocks. Departmental sales
and stocks data are now reported regularly to the
System by about 350 independent department
stores located in various cities throughout the
country. The sample of reporting stores has been
carefully selected from the standpoint of geographical distribution, and reports are now obtained
from stores in virtually every department store
trading area of importance. For the most part only
the larger department stores are included in the
sample inasmuch as they are able to report departmental figures in greater detail than is possible
for most smaller firms. In recent years this reporting group of stores has accounted for about 50 per
cent of the estimated total department store sales
and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for
individual departments is not so comprehensive as
that for department groups.
856
The indexes of sales, by departments, were computed in the following manner. Monthly sales
totals, by departments, were compiled for an identical sample of 353 stores for the years 1943 and
1944. These figures were carried back to 1940 and
forward to current months on the basis of the yearto-year changes shown for each month by a group
of stores which varies somewhat in number from
month to month. The 1941 average of monthly
sales for each department, thus obtained, was used
as the base in computing the sales index for that
department. Indexes of stocks were derived by
applying to the sales index for each month the
corresponding stocks-sales ratio (the stocks-sales
ratio is obtained by dividing stocks at the end of
the month by sales during the month). The
stocks indexes for each department, therefore, like
the sales indexes, have as a base 1941 average
monthly sales for that department.
Indexes of department store sales and stocks, by
departments, are shown for recent months on
page 921 of this BULLETIN, and figures for future
months will be shown regularly in the BULLETIN.
DEPARTMENT STORE SALES AND STOCKS
BY SELECTED DEPARTMENT GROUPS
PER CENT
1941 AVERAGE MONTHLY SALES • 100, WITHOUT SEASONAL ADJUSTMENT
1940
1942
1944
PER CENT
1946
FEDERAL RESERVE BULLETIN
INDEX OF DEPARMENT STORE SALES, BY DEPARTMENT GROUPS
1941 Average Monthly Sales = 100 a
[Without seasonal adjustment]
Main store
Year or month
1940 average 3
1941 average 4
1942 average
1943 average
1944 average
1945 average
1940—October
November
December
1941—January
February
March
April
May
June
July
August
September
October
November
December
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May. .
June
July
August
September
October
November
December
1944—January
February
March
April
May
June
July
August
September
October
November
December
1945- -January. . .
February..
March
April
May
June
July
August
September
October
November
December
1946—January
February
March
April
May
Basement
store
Main
store
total
Women's
apparel
and
accessories
Men's
and
boys'
wear
Home
furnishings
Piece
goods
Small
wares
Miscellaneous 2
296
417
353
368
384
281
229
307
304
334
358
236
382
536
426
439
401
388
366
540
384
358
361
321
371
521
470
469
369
367
323
448
413
474
554
286
424
334
356
414
219
337
299
309
327
200
217
167
272
275
310
249
193
153
267
203
351
330
351
296
254
183
'259'
271
304
341
389
396
318
306
351
399
437
446
465
455
467
460
452
433
340
326
314
329
326
319
337
353
393
407
409
399
329
330
354
364
362
364
359
354
396
401
414
400
310
316
336
356
386
405
406
399
421
424
428
413
317
337
361
398
432
464
189
198
240
282
316
310
229
216
260
293
320
321
329
330
357
349
337
325
243
243
233
261
256
255
282
312
375
388
382
372
292
298
331
336
320
316
313
311
369
373
386
372
279
292
323
331
363
384
387
376
397
387
390
378
289
311
343
367
397
420
342
340
400
460
499
522
380
354
418
472
537
571
589
572
609
622
629
609
447
414
396
406
398
401
384
397
462
494
504
490
367
369
403
430
432
447
422
418
484
512
522
493
332
333
370
385
428
461
438
433
458
458
443
387
214
230
250
298
347
403
341
360
369
401
442
460
438
413
465
529
575
586
621
608
595
573
542
512
461
423
407
401
389
365
379
381
387
386
377
364
343
344
358
378
376
368
368
361
369
363
358
343
312
316
323
349
357
369
379
377
385
392
382
366
339
363
386
425
455
489
335
335
404
440
440
435
418
424
499
554
596
^547
550
516
548
539
505
483
485
494
429
458
474
447
467
475
505
498
476
448
464
492
491
475
468
468
467
462
498
468
461
430
445
437
380
370
387
404
387
385
384
364
329
294
310
397
363
365
397
425
294
290
312
341
425
466
337
326
365
428
474
471
494
476
482
490
509
508
350
334
335
358
371
371
403
406
452
486
518
527
397
394
419
421
451
476
468
449
501
530
576
584
425
410
442
502
547
563
552
530
577
624
678
708
511
485
521
589
632
651
240
261
295
319
407
457
280
279
324
383
424
454
479
498
497
502
508
469
266
255
267
292
297
311
329
356
377
405
420
404
294
289
306
319
332
353
358
378
403
418
446
410
259
269
289
342
392
418
445
469
491
524
540
486
307
320
329
398
444
499
189
200
236
279
309
312
228
219
277
328
357
365
386
359
384
378
366
351
273
262
259
282
264
260
283
298
340
356
350
347
286
280
314
323
308
305
296
283
325
336
345
337
260
273
306
320
339
352
346
331
351
349
350
344
263
278
317
345
367
390
1
The stocks index is derived by applying to the sales index for each month the corresponding stock-sales ratio. This, in effect, bases the
stocks
index on 1941 average monthly sales.
2
Included in this group are departments not classified elsewhere, such as luggage, toys and games, groceries and meats.
3
Data available for October 1940 only.
4
Data available for only nine months in 1941. Averages are estimated.
NOTE.—Indexes by departments within each department group may be obtained from the Division of Research and Statistics of the Board
of Governors.
AUGUST 1946
857
INDEX OF DEPARTMENT STORE STOCKS, BY DEPARTMENT GROUPS
1941 Average Monthly Sales = 100 x
[Without seasonal adjustment!
Main store
Year or month
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1940—January
February
March
April
May
June
July
August
September
October
November
December
1941—January
February
March
April
May
June.
July
August
September
October
November
December
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
August
September
October
November
December
1944—January
February
March
April
May
June
July
August
September
October
November
December
1945—January
February
March
April
May
June
July
August
September
October
November
December
1946—January
February
March
April
May
Main
store
total
Women's
apparel
and
accessories
Men's
and
boys'
wear
87
100
113
130
145
163
68
65
80
79
81
78
58
76
91
98
104
165
73
71
86
96
95
87
72
100
114
107
113
185
101
86
109
107
95
92
77
96
118
132
134
211
101
118
120
126
116
118
94
107
132
147
166
221
107
109
145
130
139
125
100
125
150
164
191
252
128
127
178
133
147
148
119
134
156
190
214
280
147
154
194
205
196
89
100
118
147
166
187
67
63
94
86
83
76
55
80
100
104
104
151
71
68
96
107
95
81
66
108
123
107
109
169
97
83
124
116
97
92
76
105
136
146
140
206
109
141
143
153
127
127
99
124
159
169
180
234
122
124
179
158
160
136
110
149
181
188
209
269
149
150
235
156
172
170
136
167
195
219
224
275
160
166
230
231
204
89
100
112
121
131
149
63
53
75
67
77
98
59
61
84
92
116
219
65
57
74
92
93
102
69
73
98
106
127
244
101
75
116
93
82
105
70
72
103
119
134
269
88
100
96
110
96
135
74
73
110
132
164
268
81
77
105
111
117
133
79
93
127
147
190
307
99
92
149
96
112
154
93
98
133
188
227
346
112
115
159
195
171
Home
furnishings
82
100
104
103
107
121
73
68
63
79
85
72
61
86
93
98
95
114
84
78
80
90
103
91
83
117
119
114
108
132
115
93
95
108
99
86
77
99
108
119
112
137
95
93
94
98
107
97
87
95
105
116
122
126
90
87
99
100
117
101
85
101
110
124
134
141
100
97
113
112
117
110
96
100
114
154
167
174
137
146
169
181
198
Piece
goods
Small
wares
Miscellaneous 2
91
100
126
173
210
226
90
100
113
102
98
84
60
73
100
103
91
83
88
93
120
100
105
88
70
93
118
118
104
103
127
122
154
136
126
116
92
107
135
146
127
126
144
239
208
163
163
164
134
150
179
187
184
158
182
212
253
205
224
196
166
205
229
225
223
195
252
252
285
225
222
202
178
194
224
251
233
189
232
261
304
268
267
()
100
114
137
157
175
()
100
113
124
147
163
74
75
77
78
85
83
69
76
109
94
120
259
97
87
86
88
88
90
76
85
106
120
144
297
99
104
109
110
115
117
99
102
124
145
195
323
113
123
162
110
128
123
101
119
147
165
228
366
132
131
155
128
154
150
126
129
146
178
242
429
143
148
159
168
179
53
56
63
74
79
83
74
71
87
84
138
337
65
63
80
80
78
84
81
82
93
130
176
349
71
82
91
101
92
100
94
89
104
140
221
309
78
88
115
105
119
118
106
110
137
175
260
350
95
97
138
110
126
138
118
112
120
171
286
439
118
126
151
181
180
Basement
store
89
100
115
122
134
145
63
61
89
86
88
88
62
74
93
99
110
153
68
65
92
106
101
93
73
91
110
113
117
170
96
82
120
115
104
105
S3
98
125
137
133
187
99
112
119
129
112
123
91
98
122
135
144
183
100
95
133
128
139
127
101
116
136
151
166
211
116
114
175
123
135
145
115
121
135
165
175
225
124
125
168
182
166
1
2
3
The 1941 average of monthly sales for each department is used as a base in computing the sales index for the department.
Included in this group are departments not classified elsewhere, such as luggage, toys and games, groceries and meats.
Data not available.
NOTE.—Indexes by departments within each department group may be obtained from the Division of Research and Statistics of the Board
of Governors.
858
FEDERAL RESERVE BULLETIN
STATEMENT BY THE MINISTER OF FINANCE ON THE
APPRECIATION OF THE CANADIAN DOLLAR
Decision of the Canadian Government to appreciate the Canadian dollar to parity with the United
States dollar was announced by the Minister of
Finance, Mr. ]. L. llsley, to the House of Commons
at an evening session on July 5, 1946. In his address, which is printed in full below, the Minister
reiterated the Government's intention to continue
Canadian price control operations, including the
payment of subsidies, and emphasized the value of
the exchange rate shift as a method for partially
protecting the Canadian economy from the inflationary effects of price increases abroad,
I wish to announce to the House several important steps which the Government is taking in the
economic and financial field in order to prevent
undue increases in the cost of living and costs of
production, improve the effectiveness of price control, encourage a greater supply of scarce goods
which we import from other countries, and generally strengthen the stabilization program and facilitate an orderly postwar adjustment of the Canadian
economy while protecting it from the major effects
of adverse developments outside our borders.
It is now almost six months since the Prime
Minister in a public statement gave a comprehensive review of the anti-inflation policy in the light
of the postwar situation. At that time it was said
that essential controls would be maintained so long
as emergency economic conditions arising out of or
resulting from the war required special action to
preserve economic stability. But it was also stated
that, in order to assist the process of conversion
from war to peace production and the many adjustments that had to be made to postwar conditions,
a degree of flexibility would be recognized in the
administration of price control, and that progress
would be made in removing controls that were no
longer necessary or desirable.
Early postwar developments were not unfavourable. Reconversion unemployment did not occur
on the scale which some had feared, demobilization
proceeded with comparative smoothness and rapidity, and the evils of both inflation and deflation
were avoided. In many lines there has been a
AUGUST 1946
marked increase in the supply of goods and services
available to consumers, and this will be further apparent to civilian consumers in the near future as
the special requirements of demobilized members
of the Armed Forces are satisfied. In the case of
some other goods, however, various interruptions
have seriously delayed the progress of production
and distribution.
When Parliament gave its approval to the National Emergency Transitional Powers Act last
December, it recognized that the emergency economic conditions which prevailed at that time
would continue to endanger the stability of the
Canadian economy for at least another year, and
that certain measures such as price controls and
rationing would have to be continued. Most of us
hoped that the situation which made these controls
necessary would gfadually improve. In recent
months and weeks, however, a series of developments of increasing seriousness have combined to
create a great and growing threat to our national
stabilization program.
Perhaps the greatest threat to the stability of
prices in Canada comes from the rise in prices in
the United States and, to a lesser extent, in other
countries. The present position with respect to the
future of price control in the United States is confused and uncertain. Without presuming to fore
cast what will happen in the legislative sphere, recent developments would seem to suggest that
further increases in prices in that country are likely
to occur. Indeed, quite aside from recent congressional developments, the fact is that prices in the
United States have been rising steadily for some
time and are already at a level substantially above
the Canadian level when compared with the normal
or prewar position. In view of the strong commercial ties between this country and the United States,
this trend has naturally exercised an increasingly
strong upward pressure upon Canadian costs and
prices, which we have sought to resist or neutralize
as best we could. To a lesser extent, increases in
prices in other countries than the United States
have had the same effect. Higher prices for Canadian imports tend to push up production costs and
859
STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR
the cost of living in Canada, except to the extent
that these increases are offset by subsidy payments,
or absorbed by Canadian importers and distributors. Every increase in foreign prices for our own
export products also stimulates pressures for increases in the domestic price of such commodities.
It tends to divert more of these commodities to the
export market, and compels us to strengthen our
controls over distribution so as to retain sufficient
supplies for use in Canada itself.
But while the greatest threat to the stability of
prices in Canada arises outside our own borders,
the situation in Canada itself is not free from difficulty. The same tendencies that are present in
almost every other country today are working in
Canada also to raise prices. Most of the price increases which have been authorized in Canada in
recent months, and which have naturally given rise
to concern on the part of the public, were the result
of an accumulation of cost increases (increases in
labour and material costs and the like) which have
been going on for five years. Moreover, the continued shortage of materials, and shortages of labour
in certain lines, are tending to raise costs of production still further and to push prices up.
Still other price increases have resulted from the
necessity of encouraging the production of needed
but less profitable lines of goods as against the more
profitable alternatives available to the same producers. The removal or reduction of subsidy payments on certain imports and domestic products
have also given rise to price increases in recent
months.
On the other side of the picture, it is clear to
every observer that, with employment and consumer spending power being maintained the way
they have, the demand for goods has continued to
rise ever since the end of the war. In this situation
many goods are still relatively scarce and this, too,
creates another upward pressure on prices.
The whole combination of actual and prospective
price rises abroad, shortages of goods which we
urgently need from abroad, and delavs in domestic
production, taken in conjunction with the difficulties of providing effective administration of controls
in a transitional period, undoubtedly threaten to
undermine price control in Canada unless strenuous measures of defense are taken now.
Accordingly I wish to announce the Government's decision to take four major steps to implement this country's determination to maintain
860
order, stability and independence in its economic
and financial affairs. These measures we feel will
go a long way toward insulating Canada against
unfavourable external conditions and easing the inflationary pressures which are now so strong.
The first of these is the issuance of a long but
simple and clear list of all goods and services which
continue subject to price control, a list which includes practically all articles of significance in the
normal household budget and in the costs of production of farmers, fishermen and other primary
producers. The result of this will be to suspend
from price control a number of less important
articles which create administrative trouble and red
tape out of all proportion to their importance.
That list is contained in an Order of the Wartime
Prices and Trade Board, of which I am tabling
copies now. It tells exactly what goods are subject
to price control. #The next question is, how is control to be exercised? As regards domestic products
the answer is that the principles of price control
remain the same as heretofore, that is, maximum
prices are based on prices in effect in October 1941,
or on specific price ceilings or regulated prices
named in orders of the Prices Board, and price increases are in general authorized by the Board only
where over-all financial need is proved. As regards
imported goods, however, a change is being made
which constitutes the second of the major announcements which I have to make. Hereafter all imported goods of a kind subject to price control, unless specifically dealt with on another basis in orders
of the Board, will be priced on the basis of the importer's landed costs, plus a prescribed maximum
mark-up in each case which will be somewhat less
than the mark-up normally obtained by distributors
of similar domestic goods.
Thirdly, for reasons which I shall discuss at some
length later on, it has been decided to adjust the
rate of exchange of the Canadian dollar to parity
with the United States dollar. This change is
effective immediately, that is to say, at 8:00 p.m.
Eastern Daylight Saving Time. Banks and other
authorized agents of the Foreign Exchange Control
Board will now buy United States dollars at $1.00
Canadian funds, and sell at $1.00/4. Similarly,
the buying rate for pounds sterling will now be
$4.02, and the selling rate $4.04. I wish to draw
special attention to the fact that persons accepting
United States dollars from tourists should now do
FEDERAL RESERVE BULLETIN
STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR
so at par, that is to say, dollar for dollar, instead of
at a premium.
The fourth matter which I wish to mention is
that the policy of paying subsidies will remain in
effect in order to prevent undue increases in prices
of articles of major importance in the consumer's
cost of living or in primary producers' costs of
production.
Having described in brief the four main features
of this program, I should like now to give the
House and the people of Canada some more detailed description and explanation of the steps we
are taking.
First, in order to reassure the public and industry that the Government has no intention of dismantling the system of price control so long as the
emergency exists, we have prepared a definitive
and detailed list of all the goods and services which
will remain under price control. I am aware that
the decision made several months ago to suspend
certain goods and services from price control, necessary as that was, has been followed by a certain
amount of public confusion and uneasiness. But
it will be agreed as a general principle that, as part
of our gradual progress towards decontrol, and in
order to lighten the heavy burden of administration, it is desirable to remove price ceilings from
items which are trivial or unimportant to most consumers or producers, and from all items which are
in such ample supply that price ceilings are no
longer needed to keep prices within reasonable
bounds. The present measure recognizes this and
has the effect of removing from control a substantial
number of individual items. This measure has the
further merit that, by concentrating its attention on
those things which matter most, the Prices Board
will be able to make more effective use of the staff
at its disposal.
The list of goods and groups of goods and services still under control is very large, so large that
some may feel it should be further reduced. It is
intended to cover virtually all of the items which
are of everyday importance in the household budget,
and many more; and also all the items of chief importance in costs of production. In general, basic
materials are included and almost all parts and
components of consumer goods. So far as the consumer is concerned, practically all food, fuel, clothing, textiles and leather goods remain under control, as well as the significant items under the headings of kitchenware, hardware, household appliAUGUST 1946
ances, radios, automobiles, furniture, house furnishings and building materials. The farmer or
fisherman will observe that most of the goods he
needs to purchase to assist him in production are
also included. The control of rents, I should add,
remains unchanged.
At this point I want to emphasize that no increase in the ceiling prices of domestic goods remaining under control is involved in this step. The
basis of price control continues to be the prices
already authorized by the Wartime Prices and
Trade Board. Demands for price increases will
continue to be resisted, except in cases where the
financial need of the producer concerned make
some upward adjustment imperative.
The second step which the Government has
authorized the Prices Board to take, that relating
to prices of imported goods, is one which has been
forced by external circumstances over which we
have no control. The new system may be briefly
described as follows: an order of the Prices Board
will be issued establishing maximum mark-ups
over landed costs for a wide list of imported consumer goods. The mark-up will be somewhat less
than normal, in order to minimize any adverse
eflect on consumer prices in Canada, prevent pyramiding of foreign price increases, and remove any
temptation to handle imported goods rather than
domestic goods if domestic goods are available in
adequate quantity.
It will be recalled that, commencing in February
last, the Prices Board has been permitting imports
from the United Kingdom and those war-ravaged
countries which were so recently our allies to enter
this country on somewhat the same terms as those
now extended to all countries. It is expected that
as a result of this action, goods which were in
danger of being excluded from Canada in the operation of our own price control policy will begin to
be imported more freely as conditions of supply improve. We are taking the view that it is better to
get the goods, even at a higher price, than to insist
that domestic price ceilings must be maintained on
imports, which in many cases makes importation
impossible. In so doing we are taking a step towards decontrol and providing for an extension of
a two-way system of trade without seriously endangering our price control program at large.
Needless to say, this decision will also assist considerably in easing the administrative burden of
the Prices Board. Applications for specific price
861
STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR
increases on imported goods, with the exceptions
noted, will no longer be necessary. The general
law applicable to such goods is simple and clear,
and provides for automatic flexibility in accordance
with movements of foreign prices whether up or
down.
It should be noted, however, that the new system
does not apply to imported foods or to imports of
goods eligible for subsidy. Existing price control
orders will continue to apply to such goods. There
are also a number of other classes of goods such as
imported motor vehicles, farm implements and
household appliances, which will not be in this list
because they are already controlled by specific
Board orders on a somewhat similar basis, or will
be so controlled upon application and investigation.
The adjustment in the exchange rate will help
to offset the effect of high and rising prices in other
countries. It will mean that the cost of imports
will be 10% less, in Canadian-dollar terms, than
would otherwise have been the case. This is important in respect of machinery, equipment and
supplies, and a wide variety of consumers' goods.
In fact, we may hope that in some cases there will
be an actual decrease below present costs of imports.
In any event, as a result of the movement of the
rate, actual or prospective increases in other countries' prices of such items as coal, crude oil, gasoline, farm implements, sisal for binder twine, clothing and textiles, citrus fruits, bananas, coffee, tea,
sugar, etc., will be restricted in their effect upon
Canadian prices, and the task of holding a reasonable level of costs by means of subsidies on essential imports will be kept within manageable proportions.
Another benefit from this change will be that
prices of goods which we normally buy from England, France and a number of other countries will
now be more in line with our prices, with the result that we will receive more goods from them.
They will receive more Canadian dollars from their
commerce with us and so be less dependent on
inter-governmental loans to finance their purchases
from us.
Before dealing further with the question of exchange rate, it will be convenient here to comment
on the policy with respect to subsidies. The change
in import price policy does not affect imports of
materials basic to the cost of living which are presently being subsidized. We may find it necessary
to increase these subsidy payments, notwithstanding
862
the Government's desire to reduce and ultimately
eliminate all wartime subsidies of this character.
And the same will be true of certain important
domestic subsidies. It had originally been intended
that the Prices Board would be able to withdraw
from practically all subsidy arrangements by the
end of 1946, and actually a good deal of progress
has already been made in this direction. However,
as I have said, the Government feels the time is not
opportune for any further major removal of subsidies and, having in mind the likelihood of rising
prices in foreign markets, it is possible that wTe may
not be able to reduce our total subsidy bill for this
current year to the extent that we had expected.
I come now to the question of the exchange rate.
The other proposals, it might be said, are principles
of policy, and make for greater administrative efficiency, and for greater public assurance as to what
is under price control, and as to how that control
is to be exercised, but they do not actually attack
the inflationary pressures at their source, except perhaps through subsidies.
Undoubtedly the greatest present source of inflationary pressure lies in the high and still rising
price levels of other countries. Prices in other
countries directly affect the prices of our exports
and imports, and ultimately, through their influence
on costs, affect the prices of virtually all our goods
and services. Foreign prices are translated into
Canadian equivalents through the medium of the
exchange rate, and the question of the appropriate
rate of exchange for the Canadian dollar is a matter
of major importance in its own right, as well as in
relation to price control.
Our present situation is that a very marked difference has developed between the general price
levels of Canada and the United States, especially
if American prices are translated into Canadian
funds by the addition of 10% exchange premium.
The depreciation of the Canadian dollar by 10%
at the beginning of the war caused an immediate
increase in many of our prices as compared with
the United States. In the course of time our entire
price structure might have reflected, on the average,
the full 10% difference in the values of our two
currencies. The application of price ceilings, however, came sooner in Canada, and had a more restraining influence on price increases here than in
the United States. The result was that by the end
of the war our general level of wholesale prices had
increased on the whole no more than theirs, despite
FEDERAL RESERVE BULLETIN
STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR
the 10% exchange differential. In respect of retail
prices and the cost of living the disparity is even
more marked, for the United States index had by
May of this year increased 33% over the level of
August 1939, compared with an increase of 21%
in Canada.
It has become increasingly clear that we could
not continue to maintain a price structure which is
roughly 10% out of balance in terms of our exchange rate, or, looking at it the other way round,
to maintain an exchange rate which is roughly 10%
out of line with our price structure.
If world prices, or at least American prices, had
declined soon after the war, or showed any likelihood now of an early decline, no doubt it would
be better for us to continue without changing the
rate; but instead United States prices and costs have
risen, and it is most unlikely that a major decline
of the general price level can occur during the
transitional period when both the foreign and the
domestic demand for goods is so strong.
Accordingly, when this trend became clear, we
were faced with the alternative of either changing
the exchange rate, or of setting in motion, as the
process of decontrol continued, an increase in our
own price and cost structure, more or less to the
American level plus 10%. What this last would
mean in terms of high cost of living, social unrest,
and wage conflicts, can readily be imagined. The
Government has decided that such an extra measure
of inflation, additional to whatever price increases
may otherwise be necessary if we are ever to complete the adjustment to postwar conditions, would
have the most serious disruptive effects on the entire
economic and social structure of our country, and
must be prevented by the only action which in the
long run can prevent it.
There are a number of further points I should
mention, to avoid misunderstanding. I would not
want anyone to think that by this action we were
conflicting with the rules of the International Monetary Fund or using up our freedom of action to
make other changes at a later time if we saw fit to
do so. We propose to notify the Fund that the
new rate is the proper initial rate for Canada at
the time the Fund commences to operate. We
believe that the circumstances are such as to make
this new rate acceptable to the Fund as the initial
rate for the Canadian dollar. In such event we
retain the same freedom as any other member to
move the rate later up or down by as much as 10%
AUGUST
1946
without the Fund's approval, and by other amounts
in accordance with the provisions of the Fund
Agreement, if circumstances should arise which
made such a move on our part seem necessary and
desirable.
I have emphasized, for the sake of clarity, our
future freedom of action in this regard. But we do
not propose—no Canadian Government would ever
propose—to move the exchange rate with every
passing wind. The present move is only being
made after very careful study and deliberation over
a considerable period. I should like to re-affirm
what I said on June 17th last, when introducing in
this House the Foreign Exchange Control Bill,
with reference to the great advantages obtainable
by maintaining exchange stability for as long a
period as economic conditions may justify. To
maintain that desirable degree of stability, to avoid
erratic and frequent fluctuations, as well as to protect ourselves against speculative or otherwise undesirable capital movements, we must maintain the
principles and the administrative machinery of foreign exchange control. The present action does not
in any way change that, for exchange control is as
necessary at one level of rates as at another.
The alteration of the exchange rate at this time
takes on added significance in the light of very recent developments in the United States. Even before the recent difficulties over price control legislation, however, price increases in the United States
and further increases in prospect as a result of cost
increases, were such as to make the case for restoring parity of exchange a strong one on economic
grounds. The rapid deterioration in price control
in the United States in recent weeks aggravated the
situation, and emphasized the need for our action
on practical grounds, to cushion the immediate impact of higher United States prices. But whatever
the United States may do in the future to revive
the Office of Price Administration and restore price
ceilings in the United States, the divergence of the
price levels in our two countries had alreadv ,£one
too far to permit the continuation of what had become an unrealistic exchange rate.
I have spoken several times of the general level
of prices, and of the fact that our price structure as
a whole has been prevented, so far, from showing
the effects of the 10% exchange premium. The
total price level is composed of many different
prices, some of which -have been held far below the
American level; others have, in respect of exports
863
STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR
at least, already fully reflected the increases in the
United States and the 10% exchange premium as
well. It is a fact, therefore, that some industries
which export chiefly to the United States have
already obtained, for their exports though not for
their domestic sales, the benefit of higher American
prices which, when converted to Canadian currency, yielded them an additional premium of 10%
which will no longer be available.
We must recognize that the disappearance of
that premium will have some unfavourable effects
for a number of industries. But I think we must
also recognize that the action which is being taken
is clearly desirable in the interest of the country
as a whole, and that therefore it will also be in the
long-run interest of Canadian industry. Moreover,
this action is being taken at a time when the unfavourable effects will be minimized for practically
every one of our great export industries with the
exception of gold mining. In the case of agricultural products, for example, export prices are
now almost entirely expressed in Canadian dollars
rather than in foreign currencies; the same is true
of a number of other products, and to the extent
that exports to certain markets are still priced in
foreign currency, there is in most cases a firm and
rising price level in such markets. In any event,
our export industries share with our domestic industry the benefits of our stabilization policy and
the lower costs of production which it makes possible.
Indeed, unless we absolutely refuse to consider
the possibility of ever restoring our dollar to parity
with the American dollar regardless of their intrinsic values, it would be difficult to conceive of
an occasion more appropriate than the present time.
That completes what I wish to say at this time
about specific measures, the strenuous measures
which I said earlier the present situation calls for.
I believe they are necessary, and that they are also
adequate for the job we have to do until full peacetime production is restored and supply is in better
balance with demand. But that job is not easy,
and success will continue to depend, as we must
all recognize it has always depended, upon public
understanding and support. That support implies
a widespread feeling of responsibility, of restraint,
of moderation in individual and collective action.
When all is said and done, the objectives of our
national stabilization program are the preservation of real social values, the protection of the value
864
of real wages, of the real incomes of primary producers, of the real value of the income of pensioners, and teachers and office workers, and of
the wartime savings of so many millions of
Canadians.
Demands for increases in actual money wages,
if pushed to extremes, lead only to conflict and
turmoil, and in the end are worthless if they result
in skyrocketing prices and a corresponding fall in
the value of money. It is to protect the real value
of the workman's wage and the purchasing power
of the housewife's dollar that we are continuing
the struggle to avoid price and wage increases beyond such reasonable amounts as are seen to be
justified by changed conditions.
The same is true of farm prices and costs, both
the farm household's living costs and the farm
operator's costs of production. The farmer above
all has reason to fear a substantial increase in his
costs, for one thing because he knows how rigid
those costs prove to be at a time when his own
prices may be depressed. The Government has
endeavoured by its policy of floor prices to insure
farmers against sharp declines in agricultural prices
in the future. But in the meantime, and for the
future as well, it will be recognized by all farmers
as essential to their welfare to keep their costs of
production, I do not say absolutely fixed, but
within reasonable limits. For this purpose, no
amount of increase in farm prices, to be followed
by an inevitable decline in the usual boom and
collapse cycle, could possibly provide adequate
compensation. It is the preservation of a reasonable balance that we must strive for, and it is by
holding in check the farmer's costs that we can do
him the best service.
The war, and the experience of other countries,
have indeed taught us the vital importance of keeping all inflationary pressures under firm control
until supply and demand conditions are in a more
normal relationship. The present Canadian program should strengthen our hands in that regard.
We have removed uncertainties and simplified
administration by preparing a specific list of goods
and services whose prices are under control. We
have re-affirmed the principles of price control, and
of adjustments where necessity is proved, in respect of Canadian products. We have established
a simple and workable pricing principle for imports, which among other things will ensure a
continued flow of whatever goods are available
FEDERAL RESERVE BULLETIN
STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR
from other countries despite fluctuations in foreign
prices. We will reduce the impact of increases in
foreign prices of the most essential goods by continuing and if necessary increasing subsidies. Finally, we have taken a step which will reduce the
cost of imported goods, or will offset increases that
would otherwise occur, through our action in moving the exchange rate to a point which more
accurately reflects the true international and domestic value of the Canadian dollar,
MONETARY AND BANKING REFORM IN PARAGUAY
The Board of Governors has ready for distribution a monograph on the structure and functioning
of monetary and banking institutions in Paraguay.
This monograph, prepared by Robert Triffin and
entitled Monetary and Banking Reform in Paraguay, is the result of work done by members of
the Board's staff in connection with the recent
adoption by Paraguay of new central banking legislation. The new legislation reflects recent developments in monetary theory and techniques that have
not hitherto been systematically embodied in banking legislation.
At the request of the Paraguayan Government,
the Board of Governors of the Federal Reserve
System made available to Paraguay the services of
three members of its staff, in order to help in prepa-
AUGUST 1946
ration of basic monetary, central banking, and general banking legislation. These men served, in a
personal and informal capacity, as members of a
broader technical group formed in Asuncion, under
the leadership of the Minister of Finance and the
President of the Bank of the Republic of Paraguay.
Legislative enactment followed promptly upon the
completion of each phase of the program.
The publication includes a translation of the
laws, accompanying reports, and an introduction
reviewing the monetary history of the country.
Copies may be purchased for $1.00 each. Orders
should be sent to the Division of Administrative
Services, Board of Governors of the Federal Reserve
System, Washington 25, D. C.
865
FOREIGN BANKING LAWS AND REPORTS
FRANCO-AMERICAN AGREEMENTS OF
MAY 28, 1946
Agreements on economic and financial problems,
concluded between France and the United States,
were signed by representatives of the two countries
on May 28, 1946, and made public by the Department of State on the same date. Four agreements
were signed but only the following three1 are reprinted below:
1. A joint declaration by the President of the United
States and the President of the Provisional Government of the French Republic.
2. A joint declaration on commercial policy and
related matters.
3. A memorandum of understanding regarding the
settlement of lend-lease, reciprocal aid, surplus
war property, and financial claims arising out of
the conduct of the war.
DECLARATION MADE IN WASHINGTON BY THE
PRESIDENT OF THE UNITED STATES
AND IN PARIS BY THE PRESIDENT OF THE
PROVISIONAL GOVERNMENT OF THE FRENCH REPUBLIC
28, 1946
Representatives of the Government of the United
States and the Provisional Government of the
French Republic have met together in Washington
and have discussed important economic and financial problems of common interest. These problems
have included the need for foreign credits for
reconstructing and modernizing the French economy, the settlement of lend-lease, reciprocal aid
and other war accounts, the purchase of United
States surplus property situated in France and certain French overseas territories, the purchase of
ships owned by the United States, and international
commercial policy.
The discussions have brought out clearly the full
agreement of the two Governments on cooperation
in the fulfillment of the economic objectives which
both Governments recognize as essential to world
peace and prosperity. The well-being of the people
of all nations can be advanced through a full flow of
ON MAY
1
The fourth agreement refers to the exhibition of American
motion pictures in France.
866
trade which enables each country to maintain
higher levels of production and better standards of
living. These benefits of world trade can be realized
only as the markets of the world are opened to
all countries on fair and equal terms. The two
Governments are determined to work together in
securing general international acceptance of the
world trade proposals of the United States to be
considered by a conference of the United Nations.
The reconstruction and modernization of the
French economy will facilitate the integration of
Europe in the world economy and enable France
to resume her place as a great producing and trading nation. The French Delegation has presented
a program for reconstructing and modernizing the
economy of France. The immediate objective is to
restore French production to the prewar level;
the ultimate objective is to expand French production to higher levels commensurate with the technical progress of the past two decades. One requisite for the fulfillment of this program is an adequate and assured supply of coal, not only from
increased French production, but also from imports
of German coal. The United States Government
will continue to assist France in securing an adequate supply of coal from Germany.
In the opinion of the American representatives,
attainment of the objectives of increased production and trade presented by the French Delegation
is necessary to the full and effective participation
of France in the world economy. In furtherance
of the efforts of the French people to this end, the
United States has agreed to the extension of additional credits to France.
At the end of 1945 the Export-Import Bank
niade a loan of 550 million dollars to France. The
Board of Directors of the Export-Import Bank have
now approved a new line of credit of 650 million.
This action has been taken pending the time when
the International Bank for Reconstruction and
Development will be in full operation.
The two Governments have reached complete
agreement for the final settlement of all lend-lease
and reciprocal aid, including military and civilian
supplies furnished by each Government to the
other.-They have also agreed on the acquisition of
FEDERAL RESERVE BULLETIN
FOREIGN BANKING LAWS AND REPORTS
United States Army and Navy surplus property located in France and certain French overseas territories. Under this Agreement, credits of 720 million dollars have been provided for the purchase of '
surplus property and for goods supplied to France
since the end of the war.
Discussions are taking place for an additional
credit, subject to the provisions of the Merchant
Ship Sales Act of 1946, whereby France will acquire approximately 750,000 tons of merchant shipping owned by the Government of the United
States.
The two Governments believe that the results of
the discussions which have now been concluded
will help France in reconstructing and modernizing
the French economy and are a substantial step
towards the achievement of the international economic cooperation which is the prerequisite of a
peaceful and prosperous world. They welcome the
support of all of the United Nations, in establishing
a world trading and monetary system which will
assure a full flow of commerce to the benefit of
the peoples of all countries.
DECLARATION BY THE GOVERNMENT OF THE UNITED
STATES OF AMERICA AND THE PROVISIONAL
GOVERNMENT OF THE FRENCH REPUBLIC ON
COMMERCIAL POLICY AND RELATED MATTERS
The Government of the United States and the
Provisional Government of the French Republic,
having concluded comprehensive discussions on
commercial policy and related matters, find themselves in full agreement on the general principles
which they desire to see established to achieve the
liberation and expansion of international trade,
which they deem to be essential to the realization
of world-wide prosperity and lasting peace.
The French Government has made known to the
United States Government the measures which it
has taken and intends to take to make possible
the attainment of this common objective. The
French Government has also made known to the
United States Government its plan for the reconstruction and modernization of the French
economy. In accordance with the letters exchanged
on November 8, 1945, the two Governments have
examined this plan and have agreed that the attainment of its objectives should make possible
full participation by France in the cooperative
achievement of an expanding world economv.
The two Governments have studied the problems
AUGUST
1946
involved in the construction of a general framework for world trade and have also examined a
number of specific questions relating to commercial policy and other matters which are of
interest to themselves and to other countries. The
following joint statement by the two Governments
summarizes the understandings reached in these
discussions.
The two Governments are in complete agreement, at all important points, on the principles
expressed in the "Proposals for Consideration by
an International Conference on Trade and Employment" submitted to the French Government
by the Government of the United States. They
have therefore resolved to continue discussions
between themselves and with other like-minded
countries in order to give effect to these principles
in the Charter of the proposed International Trade
Organization. The two Governments are of the
opinion that the prior conclusion of agreements
among the major trading nations of the world for
the substantial reduction of tariffs and other barriers to trade and for the removal of discriminatory
arrangements would contribute greatly to the success of the World Conference.
II
The French Government has advised the United
States Government of the following policies:
(a) A new French tariff is being prepared which
will contain ad valorem duties only and which
will not increase the degree of protection over the
level which existed prior to the war. This new
tariff will serve as the level from which reciprocal
reductions will be negotiated in the forthcoming
multilateral conference.
(b) France has definitely abandoned its prewar policy of protecting French producers with
import quotas.
(c) The French Government has reiterated that
it has abandoned the price equalization (perequation) procedure which it was compelled to use
provisionally during the period prior to the revaluation of the franc in order to facilitate exports.
Ill
The French Government has made clear that
it must maintain import controls within the framework of an import program but that it will main867
FOREIGN BANKING LAWS AND REPORTS
tain such controls only so long as they are neces- opinion of the French Government, tend to hamper
sary to safeguard the equilibrium of its balance unduly the importation of French products into
of payments and to achieve in an orderly way its the United States. Special attention has been
plan of reconstruction and modernization. The ' given to trade mark and copyright legislation, the
French Government will administer the issuance use of geographic names related to particular prodof import licenses under the French import pro- ucts, price control of imported goods, and valuagram without discrimination as among foreign tion of imported goods for the assessment of customs
sources of supply as soon as France possesses, or duties. The various agencies of the United States
is able to earn, sufficient free foreign exchange so Government which are concerned with these matthat it is no longer necessary for her to make her ters have agreed to give careful and sympathetic
purchases within the limits of bilateral trade and consideration to the views of the French Government, and to study the possibility of altering their
financial arrangements.
administrative procedures or recommending to
IV
the Congress the revision of existing legislation.
The two Governments have reached a mutually
VI
satisfactory understanding on the return to priThe two Governments have agreed, subject to
vate channels of trade between France and the
United States. The French Government has al- participation in the program by other important
ready restored to private channels a large part of industrial nations, each to license freely and withthe import trade of France and its colonies, and out royalty to the nationals of the other, on condiwill continue to curtail the foreign procurement tions of reciprocity, all former German-owned
patents which have come into the full possession of
activities of the Government.
French Government procurement in the United either Government, reserving only those rights
States will be limited to equipment for public which have already been granted with respect to
corporations and agencies. For the time being, such patents. The two Governments believe that
Government procurement will also be continued the general adoption of this policy will eliminate
for a restricted list of items, such as short supply an important barrier to international trade and
foodstuffs, steel, lumber, tires and certain medical will contribute substantially to the achievement
of expanding world economy. In accordance with
supplies.
Temporarily, a part of French imports will be these objectives, they have agreed, at some future
handled by associations of private traders (groupe- time, jointly to consider other questions relating
ments), until the difficulties of loading, shipment, to German patents.
VII
and transport of essential supplies and their distribution in France are overcome.
The French Government will accord to AmeriThe French Supply Council in the United States can nationals who have suffered damage to their
will continue to operate on a reduced scale, en- properties in France, through causes originating in
gaging principally in the liquidation of outstand- the war, compensation equal to that payable to
ing contracts and governmental procurement as French nationals having the same types and extent
indicated above. It will limit its purchases to the of losses. The United States Government has insatisfaction of essential civilian requirements; it formed the French Government that equality of
will make the maximum practicable use of normal treatment is accorded to French and American
trade channels; it will pursue methods consistent nationals with reference to war damages to propwith commercial practices and it will cease opera- erty in the United States.
tions as soon as possible.
VIII
V
In order to provide a sound framework for the
The two Governments have agreed that im- expansion of mutually beneficial economic relaportant benefits would accrue to both countries tions between their two countries, the Governments
from a substantial expansion of French exports to of France and the United States have agreed to
the United States. They have discussed certain begin negotiations as soon as possible looking
United States laws and regulations, which, in the toward the conclusion of a modern and compre868
FEDERAL RESERVE BULLETIN
FOREIGN BANKING LAWS AND REPORTS
hensive Treaty of Establishment, Commerce and
Navigation.
MEMORANDUM OF UNDERSTANDING BETWEEN T H E
GOVERNMENT OF T H E UNITED STATES OF AMERICA
AND T H E PROVISIONAL GOVERNMENT OF T H E
FRENCH REPUBLIC
REGARDING
SETTLEMENT FOR LEND-LEASE, RECIPROCAL AID,
SURPLUS WAR PROPERTY, AND CLAIMS
1. The Government of the United States of
America and the Provisional Government of the
French Republic have reached an understanding
for the final settlement of lend-lease and reciprocal
aid, and of the French obligation to the United
States Government under the military supply program (Plan A); the acquisition by the French
Government of certain United States Army and
Navy surplus property, including installations, located in France and certain French overseas territories, and for the final settlement of other financial
claims of each Government against the other arising out of the conduct of the war. In arriving
at this understanding both Governments have
recognized the considerations expressed in Article
VII of their Preliminary Agreement of February
28, 1945, on the principles applying to mutual aid,
as well as the benefits accruing to each from the
contributions of both to the defeat of their common enemies. In the light of the foregoing, both
Governments agree that no further benefits will
be sought as consideration for lend-lease and reciprocal aid.
2. The net amount due from the French Government to the United States Government for the
foregoing, including all indebtedness arising from
provisions of the lend-lease and reciprocal aid
agreements of February 28, 1945, is $720,000,000,
made up in part of amounts now agreed upon and
in part of estimated amounts subject to revision.
The latter, for which the best available figures
have been used pending their final determination
by agreed accounting procedures, represent in the
main transfers after September 1, 1945.
3. The French Government will pay interest
on the net amount due to the United States Government from July 1, 1946, at the rate of two per
cent per annum. Such interest payments will be
AUGUST
1946
made annually on the first day of July of each
of the years 1947 to 1950,# inclusive. Beginning
on July 1, 1951, interest and principal will be
paid in thirty (30) equal annual instalments. Each
instalment shall consist of the full amount of the
interest due for the year preceding the July 1 on
which the payment is made, and the remainder of
the instalment shall be the principal due in that
year. Nothing herein shall be construed to prevent
the French Government from anticipating the
payment of any of such instalments, or of any
part thereof. If, by agreement of both Governments, it is determined that because of extraordinary and adverse economic conditions arising during the course of payment, the payment of any
instalment would not be in the joint interest of
both Governments, payment may be postponed for
an agreed upon period.
To the extent that the terms of payment provided in this paragraph 3 are inconsistent with
those contained in previous agreements, the provisions of this paragraph shall prevail.
4. The two Governments have agreed upon arrangements and procedures for the settlement of
past and future troop pay and procurement of
United States Armed Forces in France and French
overseas territories.
5. As and when requested by the United States
Government from time to time prior to January 1,
1950, the French Government will transfer to the
United States Government real property to be
mutually agreed upon and not to exceed a total
dollar value of $15,000,000. In addition, the
French Government will provide, at the request of
the United States Government, francs representing
an aggregate dollar value not in excess of $10,000,000. Any francs so transferred will be furnished at the exchange rate established in conformity with procedures of the International
Monetary Fund, or if no such rate exists, at the
rate used in official French Government transactions at the time of such transfer. The United
States Government will use francs so transferred
exclusively to acquire or improve real property
for United States Government use or to carry out
educational programs agreed between the two
Governments.
Transfers made in accordance with this paragraph 5 will be credited first to interest then due
869
FOREIGN BANKING LAWS AND REPORTS
and then to instalments of principal in direct order
of maturity.
6. The two Governments have also agreed upon
the following:
(a) All claims and financial obligations between
the two Governments arising out of the acquisition, operation, disposition or loss of French vessels
and cargoes of such vessels while under United
States control will be settled by the United States
for $17,500,000 in accordance with the provisions
of an agreement relating to the purchase by France
of up to 75 Liberty ships.
(b) Both Governments express their intention of
entering into a maritime claims agreement, providing for the mutual waiver of intergovernmental
claims arising from maritime accidents, and for
the handling by each Government of claims asserted in its courts by its nationals against the other
Government and based on maritime accidents
occurring prior to November 1, 1945.
(c) As part of the general settlement, the French
Government has agreed to process and pay all
unpaid claims of French residents against the
United States Government arising out of the use
or infringement in war production of patent rights
held by them, out of the requisitioning by the
United States Government for use in the war program of any property interest owned by French
residents, and out of acts or omissions prior to
July 1, 1946, in France or French overseas territories of members of the United States Armed
Forces or civilian personnel attached to such
Forces.
(d) During the course of the negotiations both
Governments have reached agreement on the disposition of certain specific claims of one Government against the other. All other financial claims
of either Government against the other, except
where liability has heretofore been acknowledged
and the method of computation agreed, which (1)
arose out of lend-lease or reciprocal aid, or (2)
otherwise arose on or after September 3, 1939,
and prior to September 2, 1945, out of or incidental to the conduct of the war, not otherwise
dealt with in this Memorandum of Understanding,
are hereby waived.
(e) Appropriate nondiscriminatory treatment
will be extended by the French Government to
United States nationals in the use and disposition
of installations in the building of which there has
870
been a United States Government contribution and
which are transferred under this settlement.
(f) The United States Government reserves its
right of recapture of any lend-lease articles held by
the French Armed Forces, except petroleum products and an agreed list of noncombat aircraft. The
United States Government has indicated that it
does not intend to exercise generally this right of
recapture, except that vessels of the United States
Navy and lend-lease merchant vessels are to be returned to the United States Government unless
otherwise agreed.
(g) Disposals for military use to forces other than
the French Armed Forces of lend-lease articles held
on September 2, 1945, or received thereafter by the
French Armed Forces, and disposals for civilian
use other than in France and French overseas territories of such lend-lease articles, will be made
only with the consent of the United States Government and any net proceeds will be paid to the
United States Government. The French Government will not, except to a very limited extent, release for civilian use in, or export from, France and
French overseas territories lend-lease articles held
by the French Armed Forces.
(h) Except as otherwise provided in this Memorandum of Understanding, the French Government and the United States Government receive
full title to lend-lease and reciprocal aid articles respectively held as of September 2, 1945, or transferred thereafter. If any United States surplus installation not transferred under this Memorandum
of Understanding contains a lend-lease interest,
such lend-lease interest is retained by the United
States.
(i) The United States Government will undertake to make available to the French Government
part of the United States Government's share of
captured German and Japanese surface naval vessels when such vessels become excess to United
States needs and are no longer needed for any task
connected with the implementation of the German
and Japanese surrenders.
7. The two Governments agree to conclude such
specific agreements as may be necessary to implement this general understanding.
8. This Memorandum of Understanding will be
effective upon signature, and instruments of ratification will be exchanged as soon as possible.
FEDERAL RESERVE BULLETIN
FOREIGN BANKING LAWS AND REPORTS
DEVALUATION OF THE FRENCH FRANC
AND GOLD TRANSFERS
In a notice published in the Journal Officiel of
December 26, 1945, the Minister of Finance established the new parity of the franc at 119.10669
francs to 1 U. S. dollar and 480 francs to 1 pound
sterling. Accordingly, the French Exchange Stabilization Fund has fixed new buying and selling
rates for the foreign currencies which it handles.
The official buying rate for the dollar is 118.9
francs and the selling rate is 119.3 francs. The
previous dollar buying rate was 49.53 francs and
the selling rate 49.72 francs, so that the new rates
represent a devaluation of the franc of approximately 58 per cent. The same notice of the Minister of Finance also fixed the parities between the
metropolitan franc and the currencies of French
overseas territories, which for this purpose were divided into groups. Most of the currencies were
previously at par with the metropolitan franc,
while henceforward only the franc currencies of
Algeria, Tunisia, Morocco, the French Antilles, and
French Guiana remain at par with the metropolitan franc.
The gold reserve of the Bank of France was revalued as a result of a convention concluded between the Bank and the Government on December
24, 1945, approved by a law of December 26, 1945,
on the basis of 134,027.90 francs per kilogram of
fine gold; the previous rate of valuation, established on February 29, 1940, had been 47,605.45
francs per kilogram fine.
Before revaluation the gold reserve had amounted
to 65.2 billion francs. Revaluation increased its
value by 118.2 billion francs to 183.4 billion francs.
Coinciding, however, with the revaluation of the
gold stock, 400 tons of gold amounting' to 53.6
billion francs at the new gold price were transferred to the Exchange Stabilization Fund, leaving
the Bank of France with a gold reserve of 129.8
billion francs.
The gold revaluation profit of some 118 billion
francs was allocated, in compliance with the convention of December 24, 1945, as follows: (1) over
53 billion francs to the Exchange Stabilization
Fund representing the price of the transferred
gold; (2) 40 billion francs to the cancellation of
negotiable Treasury bills on the statement of the
Bank of France which the Bank had received in
exchange for gold transferred to the Exchange
AUGUST
1946
Stabilization Fund under agreements of February
29, 1940, and September 20, 1945 x; (3) 11 billion
francs to the upward revision of franc balances of
the central banks of Argentina, Belgium, Denmark, Sweden, Switzerland, and Czechoslovakia;
(4) the remainder of 14 billion francs to the credit
of the Treasury's account with the Bank of France.
A further transfer of gold from the Bank of
France to the Exchange Stabilization Fund was
agreed upon by a convention between the Bank
of France and the State on April 11, 1946, which
was approved by a law of May 9, 1946. According to the agreement the Bank of France transferred to the Fund 35 billion francs of gold, on
the basis of the new gold valuation price, for which
it received an equal amount of negotiable Treasury bills with a maturity of three months, to be
shown in a special item among the assets of the
institution. The transfer was the third since August 1945. In terms of dollars the three transfers
amounted to (1) 236.4 million dollars (agreement
of September 20, 1945),2 (2) 449.7 million dollars
(agreement of December 24, 1945), and (3) 294.0
million dollars (agreement of April 11, 1946), making a total of 980.1 million dollars. Since the
reserve of the Bank of France, before the three
transfers took place, amounted to 1,776.6 million
dollars, it amounts at present to 796.5 million dollars.
The gold transferred to the Fund is being spent
mainly to meet overseas obligations, especially for
imports from the United States. For the same purpose the Law of December 25, 1945, authorized
the Government to requisition gold, foreign exchange, and foreign securities owned by French
individuals or corporations.
CONVENTION
[December 24, 1945]
Between the undersigned, M. Rene Pleven, Minister of Finance, acting on behalf of the State, on
the one hand, and M. Emmanuel Monick, Governor of the Bank of France, duly authorized by
decision of the general council of the Bank of
France, on the other hand, under date of December 24, 1945, it has been agreed as follows:
Art. 1. The Bank of France shall proceed to
revalue:
1
See BULLETINS for May 1940, pp. 406-407, and for January
1946,
p. 33, respectively.
2
See BULLETIN for January 1946, p. 33.
871
FOREIGN BANKING LAWS AND REPORTS
(1) Its gold reserve on the basis of 134,027.90
francs per kilogram of fine gold;
(2) Its liquid foreign exchange balances on the
basis of the buying prices of the Exchange Stabilization Fund beginning December 26, 1945.
Art. 2. The increment resulting from this procedure shall be entered in an account called "Increment of Revaluation—1945", and it shall be
debited according to the provisions set forth in the
following article, in derogation of the provisions of
article 12 of the Convention of February 29, 1940,
of article 4 of the Convention of June 9, 1940, and
of article 4 of the Convention of June 8, 1944.
Art. 3. To the debit of this account there shall
be charged the amounts necessary to:
A. Provide for the payment, at the price of a
kilogram of fine gold stated in article 1 above, for a
transfer of four hundred tons of fine gold, effected
by the Bank of France in favor of the Exchange
Stabilization Fund;
B. Amortize on the statement of the Bank of
France the negotiable Treasury bills delivered in
application of the Conventions of February 29,
1940, and September 20, 1945;
C. Carry out the exchange guarantee provided
for in the Franco-Argentine, Franco-Belgian,
Franco-Danish, Franco-Swedish, Franco-Swiss, and
Franco-Czechoslovak monetary and financial agreements.
The balance of the account "Increment of Revaluation—1945" remaining after execution of the
transactions provided for in the preceding paragraphs, shall be credited to the current account of
the public Treasury.
Art. 4. There shall be maintained in effect the
provisions applicable to:
1. The advance of 10 billion francs provided for
in article 2 of the Convention of November 12,
1938;3
2. The advances provided for by the Conventions
of September 29, 1938/ February 29, 1940, June 9,
1940, and June 8, 1944.
Art. 5. The present Convention is exempt from
stamp and registration taxes.
Done at Paris, December 24, 1945.
Read and approved:
Read and approved:
EMMANUEL MONICK
REN£ PLEVEN
CONVENTION
[April 11, 1946]
Between the undersigned, M. Andre Philip, Minister of National Economy and Finance, acting on
behalf of the State, on the one hand, and M. Emmanuel Monick, Governor of the Bank of France,
duly authorized by decision of the general council
of the Bank of France, under date of April 11,
1946, on the other hand, it has been agreed as follows:
Art. 1. The Bank of France shall transfer to the
State, for account of the Exchange Stabilization
Fund, gold drawn from its reserve to an amount
of 35 billion francs, on the basis of 134,027.90 francs
per kilogram of fine gold.
Art. 2. In return for the transfer provided for in
article 1 of the present convention, the Bank of
France shall receive negotiable Treasury bills with
a maturity of three months, to the nominal amount
of 35 billion francs.
It may at any time sell them or buy them in the
market. The conditions under which these transactions are to take place shall be specified in an
exchange of letters between the Minister of Finance
and the Governor of the Bank of France in such a
manner that the Bank shall neither derive a profit
nor suffer a loss.
Art. 3. The Bank of France shall enter as a
special item on the assets side of its balance sheet
the nominal amount of negotiable bills which it
shall have received in execution of article 2 of the
present convention.
Art. 4. In case of retrocession of gold by the
State to the Bank, the amount of negotiable bills
referred to in the preceding articles shall be correspondingly reduced.
If the amount of such negotiable bills held in
portfolio by the Bank is less than the amount of
gold returned, a new convention shall specify the
terms of the transaction.
Art. 5. The amount of negotiable bills received
by the Bank in execution of the present convention
shall not be included in the figure of the productive
circulation serving as the basis for calculation of
royalties and of stamp tax as provided by the laws
and conventions in effect.5
Art. 6. The Bank shall receive, as reimbursement for expenditures incurred, a commission
8
See BULLETIN for January 1939, pp. 29-30.
*See
--BULLETIN for November 1939, pp. 976-977.
S72
s
See Statutes of the Bank of France (1940), art. 166.
FEDERAL RESERVE BULLETIN
FOREIGN BANKING LAWS AND REPORTS
equal to 0.20 per cent per annum of the nominal
amount of the negotiable bills transferred to it.
This commission shall be paid quarterly and in
advance, at the time of the delivery of the negotiable bills and of their successive renewals.
Art. 7. The present convention is exempt from
stamp and registration taxes.
AUGUST 1946
Done at Paris, in duplicate, April 11, 1946.
Read and approved:
F o r t h e G o v e r n o r of the Bank of France:
Read and a
PProved:
The Minister of Finance,
Signed: A. PHILIP.
The Vice-Governor,
Signed: BLETTERIE.
873
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Regulation U
Bank Loan to Enable Finance Company to Make
Securities Loans
An inquiry has arisen as to whether, under Regulation U, a bank may lend to a finance company to
enable the latter to make loans that are secured by
stocks and are for the purpose of purchasing or
carrying stocks registered on a national securities
exchange.
Under the present provisions of Regulation U, a
loan by a bank is not subject to the regulation if it
is not secured directly or indirectly by any stock.
However, it would, of course, be so secured if it
was collateraled by notes for which stocks are
pledged.
Furthermore, the Board is of the opinion that
the proposed loans to the finance company should
be considered to be for the purpose of purchasing
or carrying registered stocks. Hence, if they are
secured directly or indirectly by any stock, they
would be subject to the regulation and a bank
would not be permitted to make them.
Applicability to Bank Acting as Trustee
The question has arisen as to whether Regulation
U applies to the activities of a bank when it is acting in its capacity as a trustee.
It is the opinion of the Board that Regulation U
is applicable in such circumstances. In addition to
the fact that this conclusion is indicated by the general purposes of the regulation, it is significant that
the definition of "bank" in the regulation makes
special reference to institutions "exercising fiduciary
powers."
Consumer Credit
Meaning of "Principal Amount" in Section 2(e) of
Regulation W
Amendment No. 20 to Regulation W, effective
July 5, 1946, amended section 2(e) of the regulation by inserting the words "in a principal amount
874
of $1,500 or less" after the word "credit." The term
"principal amount" as introduced into the section
by this amendment has the same meaning as the
term "deferred balance" as used in clause (4) of
section 4(d) which is for instalment selling the
counterpart of the term "principal amount lent"
as used and defined in clause (1) of section 6(a).
Exemption of "Add-On Sale"
With reference to Amendment No. 20 of Regulation W effective July 5, 1946, which introduced
the words "in a principal amount of $1,500 or less"
into section 2(e), the following question has been
presented. An obligation of $700 evidencing a
prior instalment sale is to be consolidated, in consequence of an "add-on sale" of one or more listed
articles having a cash price of $900, with an additional instalment obligation arising from that sale.
If the latter sale were standing alone, the down
payment required by the regulation would not
permit the deferred balance arising from that sale
to be as large as $800. The Board has been asked
whether, in the case presented, the deferred balance
arising from the "add-on sale" may exceed $800
with the consequence that the consolidation may
amount to more than $1,500 and thus become exempt from the regulation.
The Board answered this question in the affirmative, and stated further that the same rule would
apply in case the "add-on sale" or original sale
were a sale of unlisted articles or both listed and
unlisted articles.
Listed Article Installed in Connection with Repairs
or Improvements
The proviso added to section 8(a) of Regulation
W by Amendment No. 20 does not make inapplicable section 12(b) of the regulation. Consequently, a credit to repair a house and in addition
to install a listed article cannot exceed the cost of repairs plus an amount equal to the cost of the listed
article minus the down payment required thereon
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
by the regulation, and instalments in which the
credit is payable must be sufficiently large to repay
the balance of the cost of the listed article within
12 months. The cost of the listed article would include installation charges if any.
Foreign Funds Control
Treasury Department Release
The following release relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN, has
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:
Foreign Funds Control
July 4, 1946
30
Under Executive Order No. 83 89, as Amended, Executive
Order No. 9193, as Amended, Sections 3 (a) and 5 (b) of
AUGUST
1946
STATUS OF KOREA
(1) In general. For the purposes of the Order and
General Ruling No. 11:
(a) Korea shall not be deemed to be a blocked country
or to be enemy territory;
(b) Nationals of Korea shall not be deemed to be nationals of a blocked country solely by reason of
the fact that Korea was regarded as subject to the
jurisdiction of Japan.
(2) Under General Ruling No. 11 A. P a r a g r a p h ( l ) ( c )
of General Ruling No. 11A shall not be deemed to apply
to a partnership, association, corporation, or other organization solely by reason of the fact that it is organized under
the laws of Korea, or has had its principal place of business
therein.
JOHN W. SNYDER,
Treasury Department
PUBLIC CIRCULAR NO.
the Trading with the Enemy Act, as Amended by the First
War Powers Act, 1941, Relating to Foreign Funds Control.*
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,
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, July 26, 1941,
and February 19, 1946.
875
CURRENT EVENTS
Death of Member of Federal Advisory Council
Changes in Board's Staff
Mr. Robert Strickland, President, Trust Company
of Georgia, Atlanta, Georgia, who had served as a
Class A Director of the Federal Reserve Bank of
Atlanta from February 6, 1945, to December 31,
1945, and as the member of the Federal Advisory
Council representing the Sixth Federal Reserve District since January 1, 1946, died on August 8, 1946.
Effective August 1, 1946, the following changes
were made in the Board's staff:
Leo H. Paulger, who had been Director of the
Division of Examinations since January 16, 1932,
was appointed Special Adviser to the Board of
Governors.
Robert F. Leonard, who had been Director of
the Division of Personnel Administration, was appointed Director of the Division of Examinations.
Fred A. Nelson, who had been Assistant Director
of the Division of Administrative Services, was
appointed Director of the Division of Personnel
Administration.
Effective August 9, 1946, Gardner L. Boothe, II,
who had been Assistant Administrator for War
Loans, was appointed Assistant Director of the
Division of Administrative Services.
Appointment of Branch Directors
The Board of Governors of the Federal Reserve
System on August 2, 1946, announced the appointment of Mr. John C. Curry, Administrative Assistant to Mr. Algernon Blair, Contractor, Montgomery, Alabama, as director of the Birmingham Branch
of the Federal Reserve Bank of Adanta for the
unexpired portion of the term ending December
31, 1947.
The Board of Governors of the Federal Reserve
System on August 7, 1946, announced the appointment of Mr. David P. Cameron, President, The
Merchants Company, Hattiesburg, Mississippi, as
director of the New Orleans Branch of the Federal
Reserve Bank of Atlanta for the unexpired portion
of the term ending December 31, 1946.
Resignation of Branch Director
On July 23, 1946, the Board of Governors accepted the resignation of Mr. E. F. Billington, Vice
President and Secretary, Soule Steam Feed Works,
Meridian, Mississippi, as a director of the New
Orleans Branch of the Federal Reserve Bank of
Atlanta. Mr. Billington had served the Branch
as a director since December 29, 1938.
876
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 June 16, 1946, to July 15, 1946:
Indiana
Osgood—The Ripley County Bank
Minnesota
Barnum—State Bank of Barnum
Mississippi
Tupelo—Citizens State Bank
New Mexico
Roswell—Roswell State Bank
Texas
College Station—College Station State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled July 24, and released for publication July 26]
With settlement of major industrial disputes, output at factories and mines increased sharply in June.
Retail trade was in exceptionally large volume in
June and the early part of July. Prices of agricultural commodities rose sharply in the first half of
July following the lapse of Federal controls, and
prices of industrial commodities showed some further rise.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production rose from 159 per cent of the 193539 average in May to 170 in June. This compares
with earlier postwar highs of 168 in November and
in March. Most of the increase from May to June
reflected sharp advances in output of coal and of
iron and steel after settlement of the coal strike.
Output of durable manufactures increased about
10 per cent in June, reflecting chiefly the recovery
of iron and steel output from the sharply reduced
May rate. Steel mill activity advanced from 44 per
cent of capacity at the end of May to 87 per cent
of capacity at the end of June and in July rose
somewhat further to a rate of 89 per cent during
the current week. Output of nonferrous metals
and of machinery showed moderate gains in June,
largely reflecting settlement of wage disputes in
these industries, and production of stone, clay and
glass products recovered from the low May level.
Lumber production showed about the usual seasonal
increase.
Output of nondurable goods as a group showed
little change from May to June, with a further decline in manufactured food output offset in the
total by moderate gains in most other lines. Meat
production under Federal inspection dropped further in June to a rate about 8o per cent of the 193539 average, but rose sharply after the lapse of price
controls on June 30. Output at textile mills continued to advance slightly in June and was at a
level 10 per cent above a year ago. There were
slight gains in activity in the paper, chemical, petroleum and rubber products industries.
Minerals output rose 23 per cent as coal and
metals production showed sharp gains with the
settlement of wage disputes, and crude petroleum
production advanced further to a new record rate
under the pressure of exceptionally large demand
for petroleum products.
CONSTRUCTION
Value of construction contract awards, according
to the F. W. Dodge Corporation, declined in June,
following a sharp rise during the past year. Residential awards were reduced by one-fourth from
the record level reached in May, while those for
nonresidential construction showed only slight declines.
EMPLOYMENT
EMPLOYMENT IN N0NA6RICULTURAL ESTABLISHMENTS
ONS
MILLIONS OF PERSONS
INDUSTRIAL PRODUCTION
Federal Reserve index,
for June.
AUGUST
1946
Monthly figures, latest shown are
Bureau of Labor Statistics monthly estimates, adjusted for
seasonal variation by Federal Reserve. "Other" group includes
transportation, public utilities, finance, service and miscellaneous
industries. Proprietors and domestic workers are not included
in these estimates. Latest figures shown are for June.
877
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Employment in nonagricultural establishments
continued to advance in June, after allowance for
seasonal changes, reflecting large increases in mining and construction and a slight gain in manufacturing. The number of persons unemployed,
other than students looking for summer jobs,
showed little change from May to June.
hides, cotton goods, newsprint, lumber, lead, and
zinc also increased in July.
BANK CREDIT
Prices of farm products and foods advanced
sharply during the first half of July after the
lapse of Federal price controls. Subsequently prices
of grains and some foods declined somewhat while
prices of livestock advanced further. Prices of
Treasury operations in connection with retirement of maturing obligations and quarterly income
tax collections dominated bank developments in
June and the first half of July. Member bank reserve positions fluctuated somewhat as Treasury
balances at the Reserve Banks were built up and
drawn down around the security redemption dates
of June 1, June 15, and July 1. Reserve positions
tightened generally during the period as a whole,
however, reflecting both the shift of deposits from
Treasury balances to private accounts accompanying
security retirement and cash redemption of about
800 million dollars of Government securities held
by the Reserve Banks. Drains on bank reserves
were met by purchases of about 1 billion dollars of
Government securities by the Reserve System.
Holdings of Government securities at reporting
banks declined further by 3 billion dollars in June
and the first half of July, reflecting the sale of these
securities to the Reserve Banks as well as cash redemption by the Treasury. Loans for purchasing
and carrying Government securities showed further
declines. Commercial and industrial loans expanded
considerably at banks outside New York City and
real estate and other loans continued to increase.
WHOLESALE PRICES
MEMBER BANK RESERVES AND RELATED ITEMS
DISTRIBUTION
Department store sales in June, after allowance
for seasonal changes, were the largest on record,
and in the first half of July sales showed about the
usual seasonal decline.
Loadings of railroad revenue freight increased
sharply in June, following interruptions to shipments in April and May as a result of industrial
disputes. All classes of freight shared in the rise.
After a temporary decline in the week of July 4,
there was a further rise and in the middle of the
month coal, livestock, forest products, and less than
carload lot shipments exceeded those during the
same period last year.
COMMODITY PRICES
1939
1940
1941
1942
1943
1944
1945
Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week ending July 27.
878
1939
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for July 24.
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. .
Cost of living
Wholesale prices. . .
Gross national product, national income, and income payments. .
July Crop Report, by Federal Reserve districts.
Current statistics for Federal Reserve chart book. .
Number of banking offices in the United States. .
Member bank operating ratios, 1945.
.
Earnings and expenses of Federal Reserve Banks for the six-month period
ended June 30, 1946.
881
882-883
883-887
887
887-888
889-890
890
891
892-893
894-895
896-899
900
901
902-903
904
905-907
908
909-918
919-921
922-924
924
925
926
927
928-930
931
932-934
935
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 arc 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.
AUGUST 1946
879
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
1939
1940
1941
1942
1943
1944
1945
1946
10
1939
880
1940
1941
1942
1943
Wednesday figures, latest shown are for July 24.
1944
See p. 881.
1945
1946
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member
bank reserve
balances
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances Total
Date
Treasury
All
bills
and other 1
certificates
All
other
Total
Gold
stock
TreasOther
Treasdeury
Treas- ury
posits Non- Federal
cur- Money
ury
cir- cash
with memRerency inculaFederal ber de- serve
outholdtion
posits
Restandings
acserve
ing
counts Total
Banks
Excess1
Monthly averages of
daily figures:
1945—Apr
May
June
1946—Apr
May
June
360 20,115
6335 20,754
590 21,271
433 222,260
212I 22,699
245> 23,152
17,985
18,640
18,488
19,855
20,076
20,570
2,129
2,114
2,783
2,406
2,623
2,582
459
412
457
376
458
503
20,934 20,400
21,799 20,325
22,318 20,263
23,070 20,252
23,369 20,246
23,900 20,267
4,120
4,136
4,145
4,510
4,534
4,536
26,009
26,351
26,561
27,923
27,978
28,140
2,367
2,361
2,302
2,261
2,263
2,266
504
405
368
448
556
686
,516
,549
,631
,120
,074
,053
_... 14,621
437
931
439 15,156 1,005
449 15,415 1,339
550 15,531 1,024
956
551 15,727
943
561 15,996
End of month figures:
1945—Apr. 30...
May 3 1 . . .
• June 3 0 . . .
1946—Apr. 3 0 . . .
May 3 1 . . .
June 29. ..
489 20,455
875 20,954
46 21,792
279 22,732
254 22,932
157 23,783
18,344
18,824
18,994
20,166
20,291
21,280
2,111
2,130
2,798
2,566
2,641
2,503
362
303
466
346
331
516
21,307 20,374
22,131 20,270
22,304 20,213
23,357 20,251
23,518 20,242
24,456 20,270
4,130
4,144
4,145
4,537
4,535
4,539
26,189
26,528
26,746
27,885
28,120
28,245
2,371
2,331
2,279
2,263
2,257
2,251
446
362
599
679
846
833
,549
,589
,668
,166
866
,250
918
437 14,818
440 15,296 1,038
450 14,920 1,585
547 15,606
959
553 15,653
807
561 16,123 1,112
Wednesday figures:
Sept. 5...
Sept. 12...
Sept. 19...
Sept. 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
,529
,538
,525
,506
463
465
475
475
15,180
966
15,329
964
15,552! 1,039
15,274j 893
Oct. 3...
Oct. 10...
Oct. 17...
Oct. 24...
Oct. 31...
314 23,212
313 23,272
316 22,901
389 23,089
439 23,276
20,297
20,357
19,985
20,192
20,379
2,916
2,916
2,916
2,898
2,898
294
338
482
312
272
23,821 20,072
23,923 20,040
23,699 20,039
23,790 20,038
23,987 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
,469
,419
,324
,349
,373
484
485
482
482
483
15,4201
15,537
15,700
15,751
15,723;
1,001
1,027
1,032
1,002
904
Nov.
Nov.
Nov.
Nov.
7...
14...
21...
28...
508 23,076
596 23,448
630 23,343
792 23,646
20,179
20,510
20,372
20,627
2,898
2,938
2,970
3,019
292
455
359
326
23,877 20,035
24,498 20,034
24,331 20,032
24,764 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
,310
,313
,360
,351
484
486
484
485
15,737
15,994
15,937
16,261
928
,163
,043
,293
Dec.
Dec.
Dec.
Dec.
5...
12...
19...
26...
345 23,525
312 23,493
360 23,668
492 24,037
20,474
20,440
20,602
20,970
3,052
3,053
3,067
3,067
359
460
829
643
24,229 20,029
24,264 20,045
24,859 20,066
25,172 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
627
718
1,199
,304
,204
,284
,282
487
488
496
500
16,2421
15,669
15,906i
15,658;
,594
,296
,332
,213
1946—Jan.
Jan.
Jan.
Jan.
Jan.
2...
9...
16...
23...
30...
222 24,092
215 23,859
210 23,437
207 23,341
310 23,297
21,602
21,377
21,030
20,968
20,945
2,490
2,482
2,407
2,373
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
,299
,307
,257
.239
,298
498
505
505
506
507
15,900
15,822i
16,145
15,859!
15,681
,439
,266
,423
,169
,061
Feb. • 6...
Feb. 13...
Feb. 20...
Feb. 27...
289 23,227
411 23,253
352 23,017
380 22,972
20,876
20,904
20,692
20,652
2,352
2,349
2,326
2,320
324
270
417
325
23,840 20,157
23,933 20,157
23,787 20,233
23,677 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
,226
,173
,235
,203
516
516
516
517
15,717 ,115
15,693 ,146
15,490
950
15,555 1,039
Mar.
Mar.
Mar.
Mar.
6...
13...
20...
27...
443 22,526
710 22,393
483 22,592
683 22,974
20,207
20,074
20,335
20,634
2,320
2,320
2,258
2,340
327
319
408
305
23,297
23,423
23,483
23,963
20,232
20,232
20,233
20,257
4,451
4,456
4,467
4,478
27,957
27,946
27,889
27,842
2,284
2,260
2,267
2,298
612
501
774
1,397
,153
,210
,230
,226
531
530
540
540
15,444
924
15,663 1,112
15,484
929
15,395
995
Apr.
Apr.
Apr.
Apr.
3...
10. ..
17...
24. ..
686 21,969
353 22,232
326 22,103
324 22,304
19,603
19,866
19,736
19,874
2,366
2,366
2,366
2,430
280
261
429
274
22,936
22,846
22,857
22,901
20,255
20,253
20,251
20,247
4,485
4,492
4,514
4,536
27,912
27,955
27,948
27,877
2,271
2,259
2,259
2,260
533
260
334
385
,013
,161
,138
,159
550
550
548
547
15,396 1,072
15,406
940
15,395
843
15,457
836
May 1 . . .
May 8 . . .
May 1 5 . . .
May 2 2 . . .
May 2 9 . . .
225 22,579
207 22,732
145 22,660
163 22,643
237 22,983
20,003
20,134
20,019
20,001
20,341
2,577
2,598
2,641
2,641
2,641
279
279
447
326
337
23,084 20,251
23,219 20,248
23,252 20,245
23,132 20,245
23,556 20,242
4,535
4,534
4,534
4,532
4,533
27,888
27,958
27,950
27,961
28,106
2,267
2,266
2,265
2,262
2,265
409 ,010
314 ,162
504 ,110
562 ,069
681 1,038
548
550
550
550
553
15,747 1,111
15,751 1,014
15,652
916
15,505
700
15,689
830
June 5 . . .
June 1 2 . . .
June 1 9 . . .
June 2 6 . . .
252 22,780
252 23,270
252 22,691
231 23,385
20,129
20,619
20,187
20,882
2,651
2,651
2,503
2,503
417
374
512
369
23,450
23,896
23,454
23,986
20,272
20,271
20,272
20,269
4,534
4,537
4,536
4,539
28,159
28,128
28,116
28,135
2,285
2,280
394 1,063
860
969
419
985
970
950
556
557
566
569
15.799
15,909
15,916
15,910
738
833
671
867
July 3 . . .
July 1 0 . . .
July 1 7 . . .
July 2 4 . . .
239 23,003
292 23,394
204 23,230
219 23,652
21,652
,351
22,043
,351
21,879
,351
22,301 1,351
453 23,694 20,270
333 24,019 20,271
462
20,271
358 24,229 20.269
4,540
4,537
4,538
4.539
28,395
28,335
28,241
28,187
2,249
507
971
664 1,116
513 1,165
674 1,473
567
568
568
563
15,815
15,889
15,968
15,877
P577
2,263
P719
P880
P793
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
8
AUGUST
1946
881
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect July 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Rate
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Effective
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
Apr.
May
Apr.
27,
25,
25,
3,
10,
10,
26,
26,
26,
27,
10,
25,
Other secured advances
[Sec. 10(b)]
Rate
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
Effective
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
Effective
Mar. 29,
Apr. 6,
Mar. 23,
Mar. 9,
Mar. 16,
Mar. 16,
Mar. 16,
Mar. 16,
Mar. 23,
Apr. 13,
Mar. 16,
Apr. 25,
Oct. 27, 1942
Oct. 30, 1942
Oct. 17,1942
Sept. 12,1942
Oct. 28, 1942
Oct. 15,1942
Aug. 29, 1942
Mar. 14, 1942
Oct. 30, 1942
Oct. 27, 1942
Oct. 17, 1942
Oct. 28, 1942
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made Under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Rate on
July 31
In effect beginning—
H
Apr. 30, 1942
Treasury1 bills
Bankers acceptances:
1- 90 days
91-120 days
121-180 days
Previous
rate
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT i
Maturities not exceeding five years
[In effect July 31. Per cent per annuml
To industrial or
commercial
To financing institutions
businesses
Federal
Reserve
Bank
1
Date at which rate became effective at the Federal Reserve Bank
of New York.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112 AND
CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effectjjuly 31]
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Percentage of loan guaranteed
B0 or less
85
90
95
Over 95
.
. .
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower)1
10
15
20
30
50
MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY
FINANCING INSTITUTIONS
On discounts or
purchases
On
loans2
On
commitments
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco
1
1
On
commitments
()
(*)
8
-iH
8
(3)
()
(*)
()
Nov. 1,1933- Feb. 1, 1935- Effective
Jan.31, 1935 Dec.31,1935 Jan. 1, 1936
4H
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.
882
Remaining
portion
1
See table on maximum interest and commitment rates chargeable
under Regulation V for rates on guaranteed Section 13b loans.
2
Including
loans made in participation with financing institutions.
3
Rate
charged borrower less commitment rate.
4
Rate
charged
borrower.
5
May charge rate charged borrower by financing institution, if
lower.
8
Charge of }4 per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
(Per cent per annum]
Maximum rate of interest....
Maximum commitment rate 2 .
Portion
for which
institution is
obligated
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . . .
In less than 90 days
2H
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 *
[Per cent of market value]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Central
reserve
city
banks
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..
1936-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
Reserve
city
banks
10
15
13
19H
22%
26
22H
26
24
22
20
17H
20
17^
20
20
20
20
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)
3
4H
$H
7
10H
12^
14
12
14
14
14
14
6
5
6
6
6
6
July 5,
Effec1945tive
Jan. 20, Jan. 21,
1946
1946
1
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.
Regulations T and U limit the amount of credit that may be intended 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
July 31
Assets
•Gold certificates
Redemption fund for
F. R. notes
End of month
1946
July 24
July 17
1946
July 10
July 3
June 26
June 19
July
1945
June
July
17,339,209 17,334,209 17,344,208 17,341,207 17,341,208 17,342,055 17,354,060 17 339,209 17,347,057 17,320,615
766,272
773,221
765,349
770,307
770,306
760,979
752,035
766,272
755,979
659,954
Total gold certificate reserves. . . 18,105,481 18,107,430 18,109,557 18,111,514 18,111,514 18,103,034 18,106,095 18,105,481 18,103,036 17,980,569
«Other cash..
307,379
Discounts and advances:
For member banks...
For nonmember
banks, etc
300,467
296,028
270,738
263,090
279,626
283,344
307,379
280,138
229,792
125,354
99,200
83,505
171,863
118,353
111,243
131,259
125,354
36,772
301,328
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
730
Total discounts and
advances
203,505
291,863
156,772
245,354
238,353
231,243
251,259
219,200
245,354
302,058
1,182
1,178
1,210
1,189
1,260
1,206
Industrial loans
1,113
1,173
3,094
1,173
42,323
28,283
22,710
18,173
15,118
^Acceptances purchased..
38,164
18,057
33,789
486
33,789
U. S. Gov't securities:
Direct:
Bills:
Under repurchase
option
5,154,209 5,227,033 4,821,339 5,327,182 4,991,258 5,385,431 4,907,219 5,154,209 5,383,696 4,803,559
Other
9,251,820 9,197,970 9,191,835 9,125,515 9,082,635 9,013,815 8,946,995 9,251,820 9,082,635 8,006,702
Certificates:
Special
Other
7,875,732 7,875,732 7,865,732 7,589,982 7,577,982 6,482,370 6,332,870
,875,732 6,813,370 6,096,011
595,600 1,748,200 1,748,200
Notes
595,600
595,600
595,600
595,600
595,600 1,748,200 1,697,950
Bonds
755,290
755,290
755,290
755,290
755,290
755,290
755,290
755,290
755,290 1,112,642
Total U. S. Govt.
23,632,651 23,651,625 23,229,796 23,393,569 23,002,765 23,385,106 22,690,574 23,632,651 23,783,191 21,716,864
securities
Other Reserve Bank
251,229
319,202
429,013
350,167
495,985
251,229
303,837
496,589
336,699
418,235
credit outstanding
Total Reserve Bank
credit outstanding 24,164,196 24,229,304 23,895,037 24,018,762 23,694,023 23,985,878 23,454,196 24,164,196 24,455,815 22,359,201
Liabilities
JFederal Reserve notes.. 24,244,229 24,183,233 24,227,768 24,281,728 24,321,625 24,090,486 24,077,691 24,244,229 24,190,592 23,313,877
^Deposits:
Member bank — reserve account
15,991,184 15,877,292 15,967,618 15,889,284 15,815,468 15,909,762 15,916,383 15,991,184 16,123,380 14,793,630
U. S. Treasurer—gen507,053
664,304
513,091
969,537
419,092
833,364
585,536
eral account
673,721
513,250
513,250
505,286
560,968
514,068
519,116
552,125
504,531 1,102,726
Foreign
892,647
823,540
823,540
604,501
466,033
601,885
431,247
432,406
413,651
745,209
579,935
577,845
Other deposits
577,845
Total deposits
17,905,819 18,023,595 17,646,178 17,669,541 17,293,840 17,829,662 17,320,006 17,905,819 18,206,484 16,895,543
iRatio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..
43.0
42.9
43.2
43.2
43.5
43.2
43.7
43.0
42.7
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
fin thousands of dollarsl
July 31, 1946
Discounts and advances
Industrial loans
Acceptances purchased
V. S. Government securities
AUGUST
1946
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90 91 days to 6 months
days
6 months to 1 year
245,354 122,756 117,198
4,025
1,375
957
6
1,173
6
122
12
11,515
8,822
33,789
10,486
2,966
23,632,651 4,200,278 2 ,193,690 6, 105,304 5 ,196,747 1,234,900 3,629,642
1 year to 2 years
to Over
y
5 years
2 years
5 years
20
42
46,400
443,250
582,440
883
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
June 26
July 3
July 10
July 17
July 24
Redemption fund
for F. R. notes
June 26
July 3
July 10
July 17
July 24
Total gold certificate reserves:
June 26
July 3
July 10
July 17
July 24
Other cash:
June 26
July 3
July 10
July 17
July 24
Discounts & advances:
Secured by *
U. S. Govt.
securities:
Jure 26...
July 3 . . .
July 10...
July 1 7 . . .
July 2 4 . . .
Other:
June 2 6 . . .
July 3 . . .
July 10...
July 1 7 . . .
July 2 4 . . .
Industrial loans:
June 26
July 3
July 10
July 17
July 24
Acceptances
purchased:
June 26
July 3
July 10
July 17
July 24
U. S. Govt.
securities:
Bills:
Under repurchase
option:
June 2 6 . . .
July 3 . . .
July 1 0 . . .
July 1 7 . . .
July 2 4 . . .
Other bills:
June 2 6 . . .
July 3 . . .
July 10...
July 1 7 . . .
July 2 4 . . .
Certificates:
June 26
July 3
July 10
July 17
July 24
Notes:
June 26
July 3
July 10
July 17
July 24
Bonds:
June 26
July 3
July 10
July 17
July 24
Total U. S. Govt.
securities:
June 26
July 3
July 10
July 17
July 24
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dalla
San
Francisco
17,342,055
17,341,208
17,341,20^
17,344,208
17,334,209
760,834
746,236
742,82:
741,073
741,118
4,956,76:
5,252,414
5,156,538
5,358,974
5,424,511
852,36
835,59
857,463
825,318
850,906
1,099,76'/
1,097,035
1,092,153
1,119,566
1,120,617
860,049
847,039
871,143
855,694
848,67f
926,606
909,351
915,784
897,153
893,675
3,605,317
3,342,396
3,4£2,009
3,336,685
3,316,762
551,568
534,441
543,795
556,84.
572.893
327,681
328,62,
334.04C
321,86^
326,182
546,250
575,666
569,409
574,809
563,154
468,367
451,479
478,046
466,830
473,012
2,386,486
2,420,923
2,378,000
2,289,392
2,202,707
760,979
770,306
770,307
765,349
773,221
57,824
57,755
57,755
57,658
57,564
118,208
117,909
117,909
117,489
116,89
59,620
59,996
59,99V
59.85C
59,724
76,354
76,250
76,250
76,113
76,025
61,333
60,810
60,810
62,162
61,632
43,376
43,286
43,286
43,188
43.021
111,471
121,345
121,345
116,209
126,107
42,450
42,415
42,415
42,371
42,33^
19,952
20,289
20,289
20,27
20,263
34,815
34,790
34,790
34,762
34,729
25,743
25,723
25,723
25,69*
25,66
109,833
109,738
109,738
109,575
109,253
18,103,034
18,111,514
18,111,514
18,109,557
18,107,430
818,658
803,991
800,577
798,731
798,682
5,074,970
5,370,323
5,274,447
5,476,463
5,541,408
911,987
895,593
917.46C
885,168
910,630
1,176,121
1,173,289
1,168,403
1,195,679
1,196,64:
921,382
907,849
931,953
917,856
910,304
969,982
952,637
959,070
940,341
936,696
3,716,788
3,463,741
3,523,354
3,452,894
3,442,869
594,018
576,856
586,210
599,216
615,232
347,634
348,916
354,335
342,143
346,445
581,065
610,456
604,199
609,571
597,883
279,626
263,090
2/0,738
296,028
300,467
17,981
17,177
19,088
22,808
21,287
78,448
70,766
77,401
80,856
87,210
18,853
17,112
18,644
19,054
20,276
20,657
19,568
19,830
19,707
21,686
17,290
16,626
14,569
17,322
16,155
20,996
21,050
20,234
23,689
22,005
30,491
30,898
31,458
36,149
37,054
11,421
9,542
9,898
11,044
10,715
4,021
4,345
4,074
5,574
5,081
16,38
14,265
15,217
15,491
15,205
111,243
118,353
171,863
83,505
99,200
6,079
4,542
3,297
1,045
1,605
16,726
14,656
74,896
22,471
14,741
5,044
7,270
8,910
5,260
8,705
13,350
15,485
14,645
8,814
13,674
18,900
13,300
5,825
1,950
5,555
7,100
1,000
3,000
4,000
5,550
15,400
24,300
35,900
25,200
26,000
19,050
19,920
16,190
8,665
11,770
1,000
3,100
3,300
1,200
4,250
1.5,350
3,300
2,300
3,400
120,000
120,000
120,000
120,000
120,000
7,680
7,680
7,680
7,680
7,680
39,960
39,960
39,960
39,960
39,960
9.960
9,960
9,960
9,960
9,960
11,160
11,160
11,160
11,160
11,160
5,640
5,640
5,640
5,640
5,640
4,560
4,560
4,560
4,560
4,560
16,080
16,080
16,080
16,080
16,080
4,080
4,080
4,080
4,080
4,080
3,000
3,000
3,000
3,000
3,000
3,960
3,960
3,960
3,960
3,960
3,840
3,840
3,840
3,840
3,840
10,080
10,080
10,080
10,080
10,080
1,189
1,182
1,210
1,178
1,113
82
82
82
82
77
18,173
22,710
28,283
42,323
38,164
494,110 2,496,319
477,202 2,530,661
503,76fc 2,487,738
492,528 2,398,967
498,679 2,311,960
9,710
9,093
8,989
10,434
10,627
33,374
32,648
31,336
33,900
33,166
5,200
3,530
2,800
500
7,000
1,107
1,100
1,128
1,096
1,036
18,173
22,710
28,283
42,323
38,164
5,385,431
4,991,258
5,327,182
4,821,339
5,227,033
90,447
69,415
70,000
50,422
55,423
3,460,337
3,263,770
3,583,004
3,171,227
3,291,779
146,138
189,013
172,983
214,192
209,182
82,639
82,609
82,205
56,840
57,120
71,556
69,821
58,441
44,416
61,951
26,100
15,800
15,800
6,700
16,300
944,536
827,961
845,461
764,816
927,446
77,708
77,257
84,227
69,422
91,507
32,755
40,460
50,964
45,434
39,706
75,358
75,545
64,455
68,128
65,488
22,942
16,672
27,277
14,837
31,921
354,915
262,935
272,365
314,905
379,210
9,013,815
9,082,635
9,125,515
9,191,835
9,197,970
815,718
784,174
787,774
785,191
770,533
292,860
77,649
87,933
103,839
132,407
786,560
727,979
734,226
700,568
713,397
,186,643
,251,310
,291,301
,272,522
,290,838
845.8Q2
852,541
855,272
859,496
859,887
727,110
746,625
748,880
752,368
752,691
,049,542
,239,628
,221,446
,331,743
,297,929
536,283
541,646
537,868
526,907
520,338
349,849
335,914
319,308
322,908
330,543
570,054
579,043
596,167
587,962
595,123
495,920
526,370
521,265
517,576
502,911
,357,384
,419,756
,424,075
,430,755
,431,373
6,482,370
7,577,982
7,589,982
7,865,732
7,875,732
430,211
526,456
527,307
546,848
547,556
1,629,338
1,928,243
1,931,146
1,997,870
2,000,290
489,887
580,507
581,422
602,455
603,217
624,970
674,971
676,144
703,109
704,087
406,784
461,714
462,473
479,926
480,560
324,906
393,953
394,584
409,061
409.585
835,510
,014,522
,016,072
,051,672
,052,962
325,264
390,201
390,787
404,237
404,724
184,923
217,530
217,868
225,649
225,933
308,927 274,558
358,706 308,686
359,288 309,198
372,644 321,014
373,129 321,442
647,092
722,493
723,693
751,247
752.247
1,748,200
595,600
595,600
595,600
595,600
116,021
41,378
41,379
41,408
41,409
439,408
151,552
151,541
151,281
151,271
132,115
45,625
45,625
45,618
45,618
168,544
53,050
53,058
53,240
53,247
109,705
36,289
36,291
36,341
36,342
87,622 225,326
30,963 79,738
30,963
79,733
30,974
79,633
30,975
79,630
87,719
30,669
30,666
30,609
30,607
49,871
17,097
17,097
17,087
17,086
83,314
28,193
28,194
28,217
28,218
74,043
24,261
24,264
24,307
24,309
174,512
56,785
56,789
56,865
56,888
755,290
755,290
755,290
755,290
755,290
50,126
52,472
52,473
52,510
52,512
189,841
192,186
192,172
191,841
191,829
57,079
57,858
57,858
57,849
57,849
72,817
67,274
67,284
67,515
67,523
47,397
46,018
46,021
46,084
46,086
37,856
39,265
39,265
39,279
39,280
97,349
101,117
101,111
100,984
100,980
37,898
38,891
38,888
38,816
38,814
21,546
21,681
21,681
21,668
21,667
35,995
35,752
35,753
35,783
35,783
31,990
30,766
30,769
30,824
30,826
75,396
72,010
72,015
72,137
72,141
13,385,106
13,002,765
13,393,569
13,229,796
13,651,625
,502,523
,473,895
,478,933
,476,379
,467,433
6,011,784
5,613,400
5,945,796
5,616.058
5,767,570
,611,779
,600,982
,592,114
,620,682
,629,263
,135,613
,129,214
,169,992
,153,226
,172,815
,481,334
,466,383
,458,498
,466,263
,484,826
,203,594 U52.263
,226,606 ,262,966
,229,492 3,263,823
,238,382 3,328,848
,248,831 3,458,947
,064,872
,078,664
,082,436
,069,991
,085,990
638,944
632,682
626,918
632,746
634,935
,073,648
,077,239
,083,857
,092,734
,097,741
899,453
906,755
912,773
908,558
911,409
,609,299
,533,979
,548,937
,625,929
,691,859
884
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total loans and
securities:
June 263 . . . .
July
July 10 ..
July 17
July 24
Due from foreign
banks:
June ^6
July 3
July 10
July 17
July 24
Federal Reserve
notes of other
Banks:
June 26
July 3
July 10
July 17
July 24
Uncollected
items:
June 26
July 3
July 10
July 17..
July 24
Bank premises:
June 26
July 3
July 10
July 17
July 24
Other assets:
June 26
July 3
July 10
July 17 ... .
July 24
Total assets:
June 26
July 3
July 10
July 17
July 24
Liabilities
Federal Reserve
notes:
June 26
July 3
July 10
July 17
July 24
Deposits:
Member bank
—reserve
account:
June 26..
July 3..
July 10. .
July 17..
July 24..
TJ g Treasurer-general
account:
June 26..
July 3..
July 10..
July 17..
July 24..
Foreign:
June 26..
July 3..
July 10..
July 17..
July 24..
Other:
June 26..
July 3..
July 10..
July 17..
July 28..
Total deposits:
June 26
July 3 ..
July 10
July 17
July 24
Deferred availability items:
June 26 .
July 3
July 10
July 17
July 24
New
York
Boston
Total
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Francisco
Dallas
3,635,711
3,265,010
3,714,925
3,476,802
3,910,102
,516,364
,486,199
,489,992
,485,186
,476.795
6,086,643
5,690,726
6,088,935
5,720,812
5,860,441
,627,890
,619,312
,612,112
,636,998
,648,964
,160,123
,155,859
,195,79/
,173,200
,197,649
1.505,874
1,485,323
1,469,963
1,473,853
,496,021
,215,254
,232,166
,237,052
,246,942
,258,941
,183,743
,303,346
,315,803
,370,128
,501,027
,088,002
,102,664
,102,706
,082,736
,101,840
641,944
636,682
633,018
639,046
639,135
,081,858
,094,549
,091,117
,098,994
1,105,101
903,437
910,595
916,613
912,398
915,249
2,624,579
2,547,589
2,561,817
2,636,509
2,708,939
84
83
83
83
83
5
5
5
5
5
i 28
127
127
127
27
7
7
7
7
7
8
8
8
8
8
4
4
4
4
4
3
3
3
3
3
11
11
11
11
11
3
3
3
3
3
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
7
7
119,795
113,524
118,231
140,931
133,125
4,250
3,746
3,451
5,561
6,985
17,185
15,264
15,264
24,422
22,735
5,466
4,351
5,783
6,584
5,800
5,485
4,626
5,325
6,049
5,823
24,453
22,128
22,979
21,201
20,407
9,225
7,674
8,023
9,968
9,313
12,688
13,277
13,169
15,148
14,103
8,375
5,357
6,87
8,159
6,590
4,622
4,778
5,972
6,708
8,005
6,262
7,134
6,634
8,089
6,419
2,975
4,022
4,076
4,484
3,845
18,809
21,167
20,682
24,558
23,100
2,185,412
2,224,684
2,039,720
2,586,772
2,194,616
178,728
187,011
170,434
226,018
186,966
477,893
528,142
424,834
607,219
485,324
135,093
129,935
130,390
156,355
123,170
185,807
200,550
182,318
255,685
208,157
183,859
175,629
159,122
189,619
164,359
130,774
133,550
121,376
151,173
127,034
337,315
309,176
307,292
373,380
346,041
85,159
91,555
93,760
118,480
92,219
48,098
49,792
50,485
58,052
54,398
104,922
115,517
109,979
127,490
117,013
91,057
84,689
86,593
98,541
85,813
226,707
219,138
203,137
224,760
204,122
32,966
32,921
32,920
32,921
32,917
1,329
1,325
1,325
1,325
1,325
8,583
8,564
8,564
8,564
8,564
3,241
3,242
3,242
3,242
3,241
3,942
3,933
3,933
3,933
3,933
2,728
2,728
2,728
2,728
2,721
1,547
1,547
1,547
1,547
1,546
3,085
3,085
3,085
3,085
3,081
2,036
2,034
2,033
2,034
2,032
1,273
1,270
1,270
1,270
1,281
2,562
2,556
2,556
2,556
2,556
815
812
812
812
812
1,825
1,825
1,825
1,825
1,825
50,326
47,075
48,625
51,694
55,200
3,124
2,953
3,087
3,289
3,693
11,726
10,887
11,470
12,311
12,740
3,208
3,100
3,162
3,508
3,716
5,647
5,134
5,219
5,614
6,018
3,221
2,954
2,878
2,978
3,305
2,568
2,552
2,605
2,832
3,056
7,109
6,803
7,126
7,056
7,784
2,940
2,918
3,047
3,166
3,290
1,344
1,196
1,250
1,437
1,503
2,196
2,062
2,067
2,164
2,401
2,246
1.975
2,022
2,321
2,545
4,997
4,541
4,692
5,018
5,149
44,406,954
44,057,901
44,336,756
44,694,788
44,733,940
2,540,439
2,502,407
2,487,959
2,542,923
2,495,738
11,755,476
11,694,699
11,900,942
11,930,674
12,018,449
2,705,745 3,557,790 2,658,811 2,350,349
2,672,652 3,562,967 2,613,241 2,351,179
2,690,800 3,580,833 2,604,196 2,349,910
2,710,916 3,659,875 2,625,561 2,376,495
2,715,804 3,639,916 2,613,276 2,358,594
7,291,230
7,130,337
7,201,298
7,257,851
7,351,970
1,791,954
1,790,929
1,804,530
1,824,838
1,831,921
1,048,938
1,046,981
1,050,406
1,054,232
1,055,850
1,795,252
1,846,542
1,831,772
1,864,358
1,846,581
24,090,486
24,321,625
24,281,728
24,227,768
24,183,233
1,474,401
1,492,068
1,487,224
1,477,165
1,467,529
5,434,214
5,515,418
5,475,831
5,470,429
5,465,671
1,424,130 4,427,653
1,432,295 4,456,441
1,430,025 4,466,015
1,425,599 4,460,796
1,421,410 4,462,207
1,046,668
1,059,143
1,057,636
1,057,146
1,054,933
556,428
560,168
559,978
559,361
559,452
887,075
895,738
896,067
897,357
897,816
593,755
600,096
600,756
599,340
598,214
2,911,674
2,925,972
2,924,191
2,906,955
2,894,253
15,909,762
15,815,468
15,889,284
15,967,618
15,877,292
727,691
738,717
724,513
751,689
725,160
5,050,755
4,960,799
5,015,200
5,000,797
4,966,446
795,421
797,779
799,426
802,067
796,181
1,144,976
1,175,637
1,169,656
1,196,325
1,183,502
687,659
711,27
705,828
697,034
696,679
719,164
732,638
738,433
739,699
721,957
2,270,032
2,206,932
2,239,283
2,247,016
2,279,215
590,921
577,868
587,677
582,928
594,723
396,709
393,601
388,795
389,159
390,363
760,773
775,808
773,898
787,675
767,769
749,127
753,536
764,201
763,672
762,737
2,016,534
1,990,882
1,982,374
2,009,557
1,992,560
969,53
507,053
664,304
513,09
673,72
519,116
505,28
514,068
560,968
892.64
431,24
466,03
601,885
604,50
579,935
90,351
28,996
43,667
42,637
41,235
188,386
112,854
178,219
92,476
184,887
73,312
25,658
36,902
35,122
45,919
82,571
40,768
57,902
55,531
56,675
30,128
28,590
27,655
26,784
36,312
26,685
24,266
29,851
27,913
21,640
21,325
29,612
30,461
25,964
21,333
43,703
24,790
42,256
29,664
28,671
101,451
59,178
65,926
37,887
52,535
2 193,923
21O,747
2 196,274
22 212,507
323,044
45,283
41,023
44,259
48,538
79,351
65,247
59,108
63,771
69,937
114,335
16,555
14,998
16,181
17,745
29,010
12,173
11,028
11,898
13,048
21,331
16,068
14,557
15,705
17,223
28,157
15,581
14,115
15,229
16,701
27,304
40,935
37,086
40,010
43,875
71,706
4,602
4,052
3,346
3,90
3,052
306,620
305,865
490,745
489,703
490,147
40,414
36,612
39,500
43,319
70,819
3,647
5,300
3,006
3,016
3,639
35,660
29,618
24,544
23,748
35,429
18,503
16,762
18,08
19,833
32,423
173,389
71,029
93,955
74,698
107,999
31,549
28,518
30,790
33,712
55,065
9,154
11,519
10,490
10,128
9,386
102,576
31,694
32,966
40,66
41,086
22,885
20,73
22,36
24,53
40,102
2,338
4,694
2,715
2,710
2,689
2,217
1,330
1,342
2,063
2,620
3,345
4,159
3,955
3,993
6,411
8,91
9,472
8,429
8,339
7,724
2,62
1,785
2,131
2,235
2,467
795
934
2,119
2,336
1,857
2,251
2,240
1,179
86,055
113,498
72,742
75,594
48,370
854,19,
800,28802,316
831,939
824,512
5,739,684
5,590,265
5,880,438
5,795,483
5,964,524
912,794
865,349
878,834
883,524
916,558
1,281,984
1,268,947
1,282,307
1,310,522
1,328,914
815,458
768,39
763,87
764,94
780,556
775,544
780,348
782,403
785,343
792,429
2,512,013
2,341,228
2,400,964
2,395,644
2,507,960
646,520
630,928
639,942
635,796
667,769
438,191
430,680
432,675
432,355
435,801
798,961
822,096
822,400
832,719
819,510
809,345
794,681
822,334
810,999
819,891
2,244,975
2,200,644
2,161,052
2,166,913
2.165,171
157,34
143,97
140,94
167,43
145,23
123,799
111,723
110,549
138,626
117.679
264,132
246,055
247,36
314,346
204.07
75,263
77,479
83,434
108,504
85.69
37,189
39,063
40,268
45,019
42,687
85,830
105,424
89,879
110,834
105.702
78,585
71,157
77,214
88,594
76.789
193,476
174,732
169,544
194,956
172,084
17,829,66
17,293,84
17,669,54
17,646,17
18,023,59
1,835,32
1,795,75
1,735,96
2,168,62
1,875,49
2
169,«45
168,283
156,556
191,986 s
161.810 i1
375,22
384,674
339,517
457,128
383.484
1,627,956 2,052,603
1,642,508 2,072,844
1,641,975 2,074,772
1,638,711 2,073,767
1,636,069 2,070,394
112,085 162,554
112,17
161,009
117,352 163,348
135,955 215,234
110.269 179.989
1,653,929
1,668,934
1,667,258
1,661,142
1,655,285
7
1,504,353 5,406,617
1,488,391 5,357,576
1,522,876 5,311,234
1,521,521 5,325,544
1,517,573 5,288,268
648
962
1
After deducting $56,000 participations of c ther Federal Reserve Banks on June 2c; July 3: July 10; July 1/; and July 24.
* After deducting $324,774,000 participations of other Federal Reserve Banks on June 26; $294,218,000 on July 3; $317,427,000 on July 10; $348,120,000 on July 17; and $569,113,000 on July 24.
AUGUST 1946
885
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Boston
Total
Other liabilities
including accrued div.:
15,769
June 26
9,371
July 3
10,506
July 10
12,295
July 17
July 24
10,636
Total liabilities:
43,771,246
June 26
July 3
43,420,590
July 10
43,697,741
44,054,861
July 17
44,092,961
July 24
Capital Accounts:
Capital paid in:
182,860
June 26
183,218
July 3
183,470
July 10
183,703
July 17
183,777
July 24
Surplus
(section 7):
358,355
June 26
July 3
358,355
July 10
358,355
358,355
July 17
358,355
July 24
Surplus
(section 13b):
27,428
June 26
27,428
July 3
27,428
July 10
27,428
July 17
27,428
July 24
Other capital acJune26
July 3
July 10
July 17
July 24
Total liabilities
and capital accounts:
June 26
July 3
July 10
July 17
July 24
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Francisco
Dallas
930
599
641
615
607
5,182
2,636
2,995
5,010
2,262
879
487
520
485
513
1,479
887
964
899
1,005
702
460
514
446
488
651
401
425
420
459
2,478
1,730
1,810
1,707
2,064
547
329
355
339
361
420
330
693
667
1,097
548
376
410
402
400
604
291
328
385
415
1,349845
851
920
965
2,499,369
2,461,233
2,446,737
2,501,7,05
2,454,467
11,554,307
11,492,993
11,698,781
11,728,050
11,815,941
2,653,714
2,620,521
2,638,681
2,658,675
2,663,409
3,498,620
3,503,687
3,521,391
3,600,422
3,580,302
2,627,433
2,581,763
2,572,592
2,593,967
2,581,559
2,324,124
2,324,767
2,323,402
2,349,988
2,331,977
7,206,276
7,045,454
7,116,150
7,172,493
7,266,304
1,768,998
1,767,879
1,781,367
1,801,785
1,808,755
1,032,228
1,030,241
1,033,614
1,037,402
1,039,037
1,772,414
1,823,634
1,808,756
1,841,312
1,823,428
1,482,289
1,466,225
1,500,632
1,499,318
1,495,309
5,351,474
5,302,193
5,255,638.
5,269,744
5,232,473
64,390
13,494
64,432
13,513
64,476 „ 13,533
64,515
13,566
64,516
13,575
18,309
18,283
18,303
18,351
18,368
7,645
7,673
7,709
7,717
7,719
6,830
6,933
6,943
6,978
6,986
21,953
21,987
22,009
22,028
22,044
5,886
5,897
5,908
5,918
5,922
3,968
3,977
3,982
3,984
3,988
6,023
6,034
6,066
6,074
6,074
6,615
6,674
6,692
6,697
6,699
16,918
16,981
17,012
17,034
17,037
10,829
10,834
10,837
10,841
10,849
22,439
22,439
22,439
22,439
22,439
116,860
116,860
116,860
116,860
116,860
28,946
28,946
28,946
28,946
28,946
33,745
33,745
33,745
33,745
33,745
15,593
15,593
15,593
15,593
15,593
14,450
14,450
14,450
14,450
14,450
53,029
53,029
53,029
53.C29
53,029
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
3,012
3,012
3,012
3,012
3,012
7,205
7,205
7,205
7,205
7,205
4,501
4,501
4,501
4,501
4,501
1,007
1,007
1,007
1,007
1,007
3,326
3,326
3,326
3,326
3,326
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
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
67,065
68,310
69,762
70,441
71,419
4,790
4,889
4,934
4,926
4,971
12,714
13,209
13,620
14,044
13,927
5,090
5,171
5,139
5,228
5,373
6,109
6,245
6,387
6,350
6,494
4,814
4,886
4,976
4,958
5,079
4,183
4,267
4,353
4,317
4,419
8,543
8,438
8,681
8,872
9,164
3,604
3,687
3,789
3,669
3,778
2,800
2,821
2,868
2,904
2,883
3,787
3,846
3,922
3,944
4,051
3,472
3,515
3,575
3,529
3,588
7,159
7,336
7,518
7,7OQ
7,692
44,406,954
44,057,901
44,336,756
44,694,788
44,733,940
2,540,439
2,502,407
2,487,959
2,542,923
2,495,738
11,755,476
11,694,699
11,900,942
11,930,674
12,018,449
2,705,745
2,672,652
2,690,800
2,710,916
2,715,804
3,557,790
3,562,967
3,580,833
3,659,875
3,639,916
2,658,811
2,613,241
2,604,196
2,625,561
2,613,276
2,350,349
2,351,179
2,349,910
2,376,495
2,358,594
7,291,230
7,130,337
7,201,298
7,257,851
7,351,970
1,791,954
1,790,929
1,804,530
1,824,838
1,831,921
1,048,938
1,046,981
1,050,406
1,054,232
1,055,850
1,795,252
1,846,542
1,831,772
1,864,358
1,846,581
1,504,353
1,488,391
1,522,876
1,521,521
1,517,573
5,406,617
5,357,576
5,311,234
5,325,544
5,288,268
916
924
894
925
984
521
521
521
521
521
262
161
159
159
159
16
16
16
16
3 600
3,600
3,600
3,600
3,600
170
170
170
170
170
15
15
10
8
8
make industrial loans:
June 26
July 3.
July 10
July 17 . .
July 24
5,484
5,407
5,370
5,399
5,458
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars
Total
Federal Reserve notes
outstanding (issued
to Bank):
June 26
July 3
July 10
July 17
July 24
Collateral held against
notes outstanding:
Gold certificates:
June 26
July 3
July 10
July 17
July 24
Eligible paper:
June 26
July 3
July 10
July 17
July 24
U. S. Govt. securities:
June 26
July 3
July 10
July 17
July 24
Total collateral:
June 26
July 3
July 10
July 17
July 24
24,797,939
24,952,332
25,013,146
24,962,789
24,936,435
11,019,000
10,929,000
10,949,000
10,999,000
10,699,000
75,249
77,568
118,318
45,491
53,976
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
1,511,033 5,597,949 1,669,905 2,100,629 1,707,233 1,459,946
1,527,783 5,640,630 1,685,765 2,129,065 1,714,774 1,464,837
1,525,066 5,655,096 1,691,053 2,131,553 1,718,929 1,467,969
1,520,200 5,646,318 1,683,228 2,126,105 1,715,121 1,463,612
1,514,678 5,649,142 1,677,293 2,125,355 1,709,481 1,464,023
430,000 3,320,000
430,000 3,420,000
•
430,000 3
L420,000
|<
430,000 3,420,000
430,000 3,420,000
500,000
500,000
500,000
500,000
500,000
16,726
14,656
74,896
22,471
14,741
5,044
7,270
8,910
5,260
8,705
6,079
4,542
3,297
1,045
1,605
635,000
635,000
635,000
635,000
635,000
Chicago
Minne- Kansas Dallas
City
apolis
St.
Louis
4,505,986)1,084,568 567,855
4,536,9571,091,612 569,952
4,550,5831,097,093 571,154
1,103,370 571,264
4,549,8881,101,030 571,794
640,000 2,325,000 300,000
625,000 21,145,000 300,000
625,000 2,165,000 300,000
625,000 2,265,000 300,000
625,000 2,065,000 300,000
170,000
175,000
175,000
175,000
175,000
280,000
280,000
280,000
280,000
280,000
18,900
13,300
5,825
1,950
5,555
19,050
19,920
16,190
8,665
11,770
1,000
3,100
3,300
1,200
4,250
13,350
3,300
2,300
3,400
14,594,422 1,100,000 2,300,000 ,200,000 1,550,000 ,200,000
14,816,507 1,100,000 2,300,0001,200,000 1,550,000 1,200,000
25,571,957
25,683,825
25,776,545
25,638,91"
25,569,48.
1,536,079 5 ,636,726
1,534,542 ~5,734,656
1,533,297 5,794,896
1,531,045 5,742,471
1,531,605 5^,734,741
1,705,044 2.,185,000
1,707,270 2,185,000
1,708,910 2U 85,000
1,705,260 2 ,185,000
1,708,705 2 ,185,000
907,308 622,366 3,063,161
916,507 628,121 3,046,329
917,678 629,670 3,057,302
920,438 626,777 3,038,813
920,660 628,708 3,024,383
550,000
550,000
550,000
550,000
550,000
14,477,708 1,100,000 2,300,000 1,200,000 1,550,000 1,175,000 850,000 2,200,000 902.708 400,000
14,677,257 1,100,000 2,300,000 1,200,000 1,550,000 1,175,000 850,000 2,400,000 902,257 400,000
14,709,227 1,100,000 2,300,000 1,200,000 i;55O,OOO 1200,000 850,000 2,400,000
909,227 400,000
:
1,743,900
1,738,300
1,755,825
1,751,950
1,755,555
>,300,000
850,000 2,:
850^00 2,500,000
1,490,000
1,475,000
1,475,000
1,475,000
1,475,000
4,525,000
4,545,000
4,565,000
4,565,000
4,565,000
894,422 400,000
916,507 400,000
1,221,758
1,222,177
1 ,225,417
1,203,087
1,228,277
570,000
576,000
578,100
578,300
576 ,200
San
Francisco
169,000
169,000
169,000
169,000
169,000
1,700,000
1,700,000
1,700,000
1,650,000
1,550,000
5,200
3,530
2,800
500
7,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
1,600,000.
1,600,000
1,600,000
1,600,000
1,600,000
984,250 669,000
993,350 669,000
983,300 669,000
982,300 669,000
983,400 669,000
3,305,200
3,303,530
3,302,800
3,250,500
3,157,000
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]
Date
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Portion
guaranteed
Number
Amount
1942
June 30
Sept. 3 0 . /
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
1.428,253 1,153,756
1,708,022 1,413,159
1,914,040 1 ,601,518
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 1,680,046 3,615,963
2 ,064,318 1,735,777 3,810,797
1,960,785 1,663,489 4,301,322
1,735,970 1,482,038 4,453,586
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
Mar. 30
Apr. 30
May 31
June 29
8,761
8,766
8,768
8,770
8,771
8,771
Total
amount
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
10,340,275
10,341,890
10,342,690
10,343,018
10,344,018
10,344,018
81,108
427,918
803,720
427,278
357,161
271,793
171,036
116,077
70,267
69,674
137,888
356,677
230,720
632,474 1,430,121
1,865,618
2,216,053
2,494,855
3,146,286
363,048
302,597
230,110
147,164
100,316
60,214
764,093
477,429
363,010
286,701
147,815
142,617
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)
Approved
Loans Commitments
but not
outoutcom- 1 standing2 standing
pleted (amount) (amount)
(amount)
Amount
Applications
approved
to date
Number
Participations
outstanding
(amount)
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
294
H ,589
32 ,493
25 ,526
20 ,216
17 ,345
13 ,683
9 ,152
10 ,337
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 . . . 3,483
Dec. 30. . . 3,489
510,857
525,532
1 295
45
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
1946
Jan.31....
Feb. 28
Mar. 3 0 . . . .
Apr. 30
May 3 1 . . . .
June 2 9 . . . .
3,512
3,513
3.519
3.520
3,520
3,524
545,372
546,149
547.581
551,512
551,890
552,711
195
545
755
4 095
45
615
843
590
536
486
310
210
1,579
1,575
2.063
1,631
5,393
5,366
1 ,046
976
1 .014
1 ,034
1 ,229
1 ,110
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
?0 966
1942
June 2 4 . . . 3,352
Dec. 3 1 . . . 3,423
1934
1935
1936 . .
1937
1938
1939
1940
1941
984
1
11
8
3
1
2
n8
548
226
369
946
659
954
1946
All
member
Month, or
week ending Thursday 1
Total reserves h e l d :
1945—May
June
1946—May
June
May 31
June 7
June 14
June 21
June 27
July 4
July 11
July 18
Excess reserves:
1945—May
June
1946—May
June
May 31
June 7
June 14
June 21
June 27
July 4
July 11
July 18
Borrowings a t Federal
Reserve B a n k s :
1945—May
June
1946—May
June
May
June
June
June
June
July
July
July
31
7
14
21
27
4
11
18
Central reserve
jcity banks
Reserve
city
banks
Country
banks*
New
York
Chicago
15,156
15,415
15,727
15,996
4,215
4,211
4,077
4,199
940
937
878
887
5,970
6,072
6,220
6,320
4,032
4,195
4,552
4,588
15,808
15,949
15,951
16,086
15,926
16,034
15,985
16,062
4,126
4,172
4,168
4,225
4,206
4,216
4,182
4,163
888
893
889
895
878
876
881
897
6,250
6,313
6,314
6,335
6,284
6,332
6,294
6,338
4,545
4,571
4,580
4,632
4,559
4,611
4,628
4,664
1,005
1,339
956
943
13
30
12
29
8
8
-1
5
254
370
230
240
730
932
714
669
945
981
887
950
867
P969
P939
27
36
13
17
24
30
17
19
5
7
5
5
3
3
3
9
229
256
217
226
210
280
227
243
684
682
652
702
630
P656
P667
P668
632
590
150
127
330
399
7
6
209
132
105
84
92
58
36
33
82
81
100
100
79
52
107
97
36
35
35
26
34
16
26
33
P914
126
127
148
139
119
81
149
137
* Preliminary.
1
Prior to the six-day period ending June 27, figures were for week
ending
Friday.
2
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 *
[Averages of daily figures. In millions of dollars]
19 600
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
AUGUST
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
Demand
deposits
except
interbank'
June 1945
May 1946
15,243
17,074
June 1946
Time
deposits
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
9,823
11,965
4,551
5,437
16,889
6,600
7,845
7,925
11,903
5,503
Boston
New York
Philadelphia
Cleveland
2,101
3,329
1,202
1,455
849
2,046
694
870
360
1,104
962
1,078
221
1,075
818
756
Richmond
Atlanta
Chicago
St. Louis
1,164
1,652
2,065
642
368
462
1,270
310
875
728
1,603
967
423
195
855
248
Minneapolis
Kansas City
Dallas
San Francisco. . .
573
532
943
1,231
269
103
122
562
704
1,503
1,425
594
391
188
53
279
1
Includes any banks in outlying sections of reserve cities that 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.
887
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
De-
U.S.
GovernInterment
bank war loan Other
deposits*
Demand
deposits
adjusted*
Net
demand
de-
posits*
Time
de-
posits*
mand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Borrowings
at
Re-
Total
quired
Kxcess
Federal
Reserve
Bank
First half of June 1946
All member b a n k s
98,033
11,895
3,674
72,463
67,616
73,988
25,912
5,758
15,971
15,021
951
144
Central reserve city banks
New York
Chicago
26,023
5,569
4,237
1,136
4,105
17,682
3,503
16,087
3,231
20.305
4,194
1,422
51
175
4,167
4,146
771
897
885
21
12
9
4
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
36,402
2,264
5,468
5,166
25,768
1,578
23,538
1,460
27,293
1,701
10,330
1,806
6,324
6,078
245
1,853
3,029
1,650
1,430
3,195
1,246
1,720
2,817
1,506
1,278
2,971
1,106
1,984
3,151
1,754
1,693
3,187
1,569
186
290
209
1,559
1,475
6,618
2,164
1,823
6,980
357
110
421
722
402
378
783
347
180
477
425
351
108
409
702
377
362
751
333
177
453
383
1,722
1,672
6
2
11
19
24
16
33
15
3
24
41
50
92
3
2
2
31
8
3
1,739
1,613
7,295
46
22
74
165
112
141
281
114
60
270
221
299
Country b a n k s
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
30,038
2,562
4,552
2,178
2,573
2,193
2,626
3,770
1,748
1,354
2,115
2,504
1,863
25,510
2,074
3,739
1,872
2,196
1,819
2,161
3,242
1,474
1,142
1,898
2,219
1,674
24,760
1,970
3,573
1,823
2,143
1,746
2,097
3,180
1,436
1,113
1,873
2,177
1,629
22,196
1,889
3,369
1,635
1,894
1,577
1,958
2,746
1,325
3,727
4,583
3,911
182
305
207
280
307
367
515
245
187
386
518
228
364
741
376
439
310
361
616
252
215
295
332
282
328
658
319
363
268
313
511
219
179
238
262
251
673
36
83
57
77
42
47
105
33
36
57
70
30
39
5
17
3
2
3
593
2,607
4,195
2,322
2,279
4,345
2,128
1,172
2,943
2,480
9,074
930
401
85
417
673
326
299
661
309
199
335
303
286
27
337
492
346
551
489
573
313
868
564
622
1,158
1,054
3,474
91
86
14
26
125
216
69
128
69
75
128
27
396
727
292
351
249
249
458
146
144
141
158
162
481
659
448
580
454
834
998
1,573
1,797
1,435
1,204
441
391
1,892
314
161
338
309
4,596
13,388
1,067
3,110
1,507
1,622
789
653
2,118
560
658
291
174
839
20
13
5
4
Second half of June 1946
All member banks
96,692
11,800
11 ,920
72,972
67,908
74,297
26,060
5,647
16 ,020
15 ,085
934
110
Central reserve city banks
New York
Chicago
25,857
5,412
4,276
1,104
3 ,525
802
18,056
3,506
16,292
3,224
20,541
4,166
1,424
774
58
164
4 ,232
878
4 ,194
880
38
-2
3
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
35,791
2,238
5,388
4 ,502
348
76
360
586
284
258
580
269
172
295
261
1 ,013
25,901
1,596
23,621
1,459
10,394
1,805
6 ,317
1,880
3,058
1,637
1,440
3,189
1,231
1,733
2,826
1,501
1,294
2,960
1,094
187
292
209
1,749
1,619
7,360
1,563
1,486
6,675
27,297
1,710
455
009
157
740
685
155
545
818
2,161
1,834
7,028
45
24
76
167
112
138
282
104
61
267
218
311
360
113
426
726
390
375
778
342
178
475
416
1 ,739
6 ,083
353
109
414
704
375
361
745
328
173
453
386
1 ,683
234
7
4
11
22
15
14
33
14
5
23
30
56
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
29,632
2,544
4,488
2,178
2,543
2,131
2,556
3,704
1,715
1,335
2,106
2,489
1,841
3 ,091
351
639
262
315
219
218
411
133
129
130
140
143
25,509
2,101
3,762
1,901
2,203
1,793
2,132
3,226
1,464
1,137
1,901
2,218
1,671
24,771
1,993
3,596
1,847
2,151
1,723
2,074
3,166
1,429
1,110
1,877
2,177
1,628
22,292
1,904
3,391
1,658
1,901
1,581
1,949
2,761
1,320
1,005
1,579
1,807
1,437
13,468
1,073
3,133
1,517
1,630
4 ,594
365
754
380
443
306
353
612
252
217
293
334
284
3 ,929
331
663
323
364
269
313
515
218
180
239
264
252
665
34
92
57
79
37
41
98
33
37
55
70
33
589
2,591
4,136
2,257
2,221
4,238
2,051
1,126
2,903
2,443
8,997
294
27
351
493
336
523
469
550
299
859
563
624
1,031
92
87
15
26
119
206
68
118
68
76
130
27
486
655
451
578
1,208
443
393
1,903
315
162
340
313
4,628
793
660
2,133
556
662
292
177
843
3,618
191
308
210
280
274
343
483
232
177
383
511
225
4
76
i
2
11
7
4
22
18
4
5
27
3
11
2
3
5
1
Averages of daily closingfiguresfor reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based jpn deposits at opening of business^
and,
than warloan and Series E bondaccounts) 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.
* Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars
End of year or
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945—February
April
May
June
July
August
September...
October . . . .
November...
December.. .
1946—Januarv . . .
February....
March
April
May
June
....
Coin and small denomination currency2
Large denomination currency2
Total
in circula-1
tion
Total
Coin
3$1
$2
$5
$10
$20
5,519
5.536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15 410
20,449
25,307
4,167
4,292
4.518
5,021
5,015
5,147
5.553
6,247
8,120
11.576
14,871
17,580
442
452
478
517
537
550
590
648
751
880
1,019
1,156
402
423
460
499
505
524
559
610
695
801
33
32
33
35
33
34
36
39
44
55
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4.051
5,194
5,983
1,342
1,326
1,359
1,501
1,475
1.481
1,576
1,800
2,545
4.096
5,705
7,224
25,751
25,899
26,189
26,528
26,746
27,108
27.685
27,826
28,049
28,211
28.515
27,917
27,954
27.879
27,885
28,120
28,245
Total
$50
$100
$500
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3.837
5,580
7,730
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
618
577
627
707
710
770
919
1.112
1,433
1 910
2,912
4,153
125
112
122
135
139
160
191
227
261
287
909
70
987
81
719
771
815
906
905
946
1,019
1,129
1,355
1.693
1,973
2,150
17,778
18.000
18,353
18,715
19.183
19,599
20,141
20,235
20.381
20,500
20.683
1,158
953
1,170
954
1.180
957
1,196
972
1,205
981
1,223
995
1,236 1,003
1,243 1.001
1,252 1,000
1,263 1,009
1.274 1,039
75
73
73
73
73
73
73
72
71
71
73
2,135
2,132
2,151
2,186
2,215
2,250
2,301
2,288
2,274
2,279
2,313
6,076
6,132
6,238
6,377
6,515
6,659
6,826
6,815
6,779
6,783
6,782
7,381
7,539
7,754
7,911
8,193
8,400
8,700
8.816
9,004
9,095
9,201
7,974
7,900
7.837
7,814
7,565
7,511
7,546
7,592
7,671
7,713
7,834
2,059
2.088
2.126
2,159
2,132
2,139
2,180
2,204
2,243
2,264
2,327
20,126
20,139
20.045
19,997
20,171
20,248
1,261
1,264
1.269
1,280
1,291
1,300
985
982
984
69
68
67
987
66
2,217
2,211
2.191
2,173
2,199
2,191
6.568
6,570
6.547
6,509
6,586
6,604
9,027
9,044
8.986
8,981
9,029
9,087
7.794
7.816
7.834
7,889
7,950
7,998
2,316
2,322
2.327
2,337
2,352
2,364
999
998
67
67
$1,000 $5,000 $10,000
237
216
239
265
288
327
425
523
556
586
10
7
16
18
12
32
32
60
46
25
8
5
7
7
6
17
20
30
24
9
Unassorted
8
10
5
8
7
5
2
4
4
3
407
749
9
22
2
555
990
10
24
3
4,317
4,266
4.210
4 192
4.044
4,013
4,038
4,071
4,123
4,154
4,220
571
550
527
513
483
472
466
464
461
457
454
994
965
932
909
868
847
832
825
816
811
801
10
9
9
8
8
8
8
8
7
7
7
24
23
33
33
31
32
22
21
21
20
24
1
1
1
1
2
2
2
2
2
2
2
4,224
4.248
4 267
4,309
4,356
4,387
445
443
442
779
772
768
7
9
Q
22
22
22
3
1
1
439
773
8
22
438
438
775
781
8
8
21
22
1
1
2
1
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
» Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
against
June 30,
Treasury
gold and
1946
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
20,270
18,153
24,839
4,539
Standard silver dollars
. .. .
Silver bullion
Silver certificates and Treasury notes of 1890 3 .
Subsidiary silver coin
. .
Minor coin
United States notes
Federal Reserve Bank notes
. .
National Bank notes
Total—June 30, 1946
May 31, 1946
June 30, 1945
.
494
1 909
3 2,245
879
326
347
18,153
2,117
15,288
5 2,245
336
1 909
98
37
20.398
20,368
19,924
2,815
768
280
50
50
52
23 973
4,222
23,861
4,209
22,867
3,827
15
2
140
139
125
13
4
2
218
23
5
28
2,026
843
317
317
2,019
837
315
317
1,652
788
292
323
464
114
468
114
527
120
1
1
469
115
(4)
2
For
Federal
Reserve
Banks
and
agents
Money in circulation1
Money
held by
Federal
Reserve
June 30,
30, May 31,
Banks and June
1945
1946
1946
agents
2 251
2,257
2,278
4
15 288
15,277
15,239
3,864
3,806
3,746
28 245
28,120
26,746
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. 881, and seasonally adjusted figures in table on p. 890
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.
* To avoid duplication, amount of silver dollars and bullion
held as security against silver certificates and Treasury notes of 1890 outstanding
6
is not4 included in total Treasury currency outstanding.
Less than $500,000.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
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 wl ich must bo
deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificate^ 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.
AUGUST 1946
889
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
Amount—
adjusted for
seasonal
variation
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Change in
seasonally
adjusted
series1
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:
1945—February
March
April
May
June
July
August
September
October
November
December
25,527
25,850
26,009
26,351
26,561
26,918
27,392
27,765
27,943
28,151
28,452
25,527
25,928
26,219
26,537
26,694
26,972
27,530
27,821
27,943
28,067
28,170
+360
+401
+291
+318
+157
+278
+558
+291
+ 122
+ 124
+ 103
1946—January
February
March
April
May
June
July..
28,158
27,944
27,913
27,923
27,978
28,140
28,281
28,074
27,944
27,997
28,148
28,175
28,281
28,338
-96
-130
+53
+ 151
+27
+ 106
+57
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
Gold
stock
at end
of
period
Period
Increase
in gold
stock
1934J
8,238
4,202.5
10,125
1935
1,887.2
311,258
1936
1,132.5
312,760
1937
1,502.5
14,512
1938
1,751.5
17,644
1939
3,132.0
21,995
4,351.2
1940
22,737
1941
741.8
22,726
-10.3
1942
21,938
1943
-788.5
20,619 -1,319.0
1944
20,065
-553.9
1945
20,152
1945—July
-60.6
20,088
August
-64.6
September.. 20,073
-15.0
20,036
October
-36.9
November.. 20,030
-6.2
December. . 20,065
35.2
20,156
1946—January
91.0
February... 20,232
76.3
20,256
March
23.9
20,251
April
-5.2
20,242
May
-9.1
20,270
June
28.1
P2O.267
July
P-2.9
DoEarNet
marked mestic
gold
gold: de- gold
import
crease
proor export
or induc(-)
crease (—) tion1
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
-7.0
-12.3
13.5
-4.3
.8
19.3
154.1
82.4
31.4
-20.5
-27.0
P36.3
(4)
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
-100.3
-63.0
-19.0
34.6
-38.2
-4.3
-12.5
-5.8
19.7
15.1
27.5
15.0
5
8.0
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
"32. a
'•1.8
'•3.2
'2.7
'3.6
'3.8
••3.6
4.0
P3.7
P4.2
P3.9
P4.3
(*)
(4)
r
p Preliminary.
Revised.
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 938, adjusted to exclude
Philippine
Islands production received in United States.
?
Figures based on rate of $20.67 a fine ounce in January 1934 and
$35
a
fine
ounce
thereafter.
1
Includes gold in the Inactive Account amounting to 27 million
dollars
on
Dec.
31,
1936, and 1,228 million on Dec. 31, 1937.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account amounted to 4,226.8 million dollars on July 31, 1946. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
1
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Annual rate of
turnover of demand
deposits except interbank and Government
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
333 other
reporting
centers
New
York
City
100 other
leading
cities
New
York
City
100 other
leading
cities
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
41,870
32,662
30,796
30,631
33.474
34,616
41,070
35,546
31,402
36,543
36,478
35,324
36,894
28.9
25.6
19.7
22.9
22.4
23.5
31.8
28.3
25.6
27.5
27.6
24.5
26.3
18.9
16.1
13.7
14.9
14.4
16.5
19.5
16.2
16.2
16.8
16.8
15.8
16.7
Year and month
Total, all
reporting
centers
New
York1
City
140
other
centers1
Other
reporting
centers2
1937
1938
1939
1940
. .
1941
1942—old series' 3
1942—new series
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
13.1
11.7
10.8
9.7
193,143
164,945
167,939
167,373
193,729
200.337
258,398
298,902
351,602
1945—June
July
August
September
October
November
December
1946—January
February
March
April
May
June
98,024
79,163
73,208
71,169
81,616
79,401
101,577
89,132
73,963
87,579
87,532
85,898
86,667
41,725
33,590
29,388
28,545
34,984
32,246
45,035
38.819
30,498
35,670
37,208
35,085
34,972
47,716
38,286
36,767
35,718
39,006
39,255
47,774
41,977
36,210
43.449
42,122
42,433
43,219
8,583
7,287
7,054
6,906
7,626
7,900
8,766
8,337
7,255
8,459
8,201
8,380
8,476
22.0
17.5
14.4
16.5
18.1
18.1
23.1
18.5
16.6
17.8
19.0
17.9
18.9
11.3
9.2
8.2
9.1
8.8
9.9
10.9
9.0
8.7
9.4
9.2
'9.2
9.9
36,951
29,190
24,803
26,534
29,990
28,423
37,046
34,165
27,425
32,831
33,290
30,408
32,439
r
1
1
1
Revised.
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
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 front
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.
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
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—June
July
August
September
October
November
December
1946—January*
February P . . . . .
March*
April P
Mayp
June?
162.784
163,600
163,200
162,900
163,900
167,300
175,401
176.300
177,000
173,700
174,200
173,400
170,900
End of month
Time deposits
United
States
Government
deposits1
Currency
outside
banks
Total
Commercial
banks' *
Mutual
savings
banks*
Postal
Savings
System5
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
1,208
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
1,267
1,269
1,251
1,251
1,261
1,278
1,292
L.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
L.303
1,313
1,315
1,415
1,576
1,786
2,032
2,340
8,204
9,615
10.936
13,946
15,814
18.837
20,881
23,505
94,150
97,700
99,900
101,700
104,500
106,300
102.341
102,700
102,300
101,200
103.600
104.900
105,800
137,687
138.100
137,300
136,800
137,600
141,000
148,911
150,200
150,900
147,600
148,000
147,000
144,400
69,053
72,200
74,000
75.600
78,200
80,000
75,851
76,600
76,200
75,100
77,400
78,500
79,300
24,381
20,800
17.300
14,300
11,700
13,100
24,608
24,600
25,000
22,400
20,000
17,400
13,400
44,253
45,100
46,000
46,900
47,700
47,900
48,452
49,000
49,700
50,100
50,600
51.100
51,700
27,170
27,800
28,500
29,200
29,700
29,800
30,135
30,500
31,100
31,300
31,600
32,000
32,400
14,426
14,600
14,700
14,900
15,100
15,200
15,385
15,500
15,600
15,800
15,900
16,000
16,200
2,657
2,700
J.800
2,800
2,900
2,900
2,932
J.000
J.000
J.000
J,100
5,100
5,100
25,097
25.500
25,900
26,100
26.300
26,300
26.490
26,100
26,100
26,100
26,200
26,400
26,500
Preliminary, includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
2
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
3 Excludes interbank time deposits and postal savings redeposited in banks.
^Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
5
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.
POSTAL SAVINGS SYSTEM
[In millions of dollars]
BANK !SUSPENSIONS
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1,279
1,304
1,314
1.417
1,788
2,342
1,319
1,348
1,396
1,464
1,843
2,411
53
36
26
16
10
8
1945—June. .
July..
Aug.. .
Sept...
Oct. . .
Nov...
Dec...
1946—Jan....
Feb...
Mar...
Apr.. .
May..
2,659
2,720
2,785
2,836
2,880
2,909
2,933
2,981
3,013
3,043
P3.062
P3 ,088
P3 110
2,751
2,809
2,867
2,921
2,968
2,999
3,022
3,073
3.107
3,139
8
7
8
8
6
6
6
5
5
5
June
Total,
all
banks
U. S. Government
securities
Total
1,192
1,224
1.274
1.345
1,716
2,252
Direct
1,046
1,078
1,128
1,220
1,716
2,252
2,574 2,574
2,625 2,625
2,674 2,674
2,737 2,737
2,780 2,780
2,809 2,809
2,837 2,837
2,886 2,886
2,910 2,910
2,951 2,951
Cash
reserve
Guar- funds,
anetc 2
teed
146
146
146
126
74
88
95
102
118
152
169
176
185
176
182
184
179
181
192
182
p Preliminary.
Outstanding principal, represented by certificates of deposit.
* Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
AUGUST 1946
Number of banks suspended:
1934-39
1940
1941
1942 .
1943
1944
1945. .
1946—Jan.-July
Nonmember
banks
Member
banks
InNational State sured
291
15
22
1
g
9
4
1
l
4
2
6
Noninsured
189
81
18
3
3
6
2
1
1
3
o0
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
1945—j a n .July
256
5,943
3,726 3,144
1,702
6,223 4,982
405
0
5,341
503
1,375
1,241
346
79
327
405
0
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 oi 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.
891
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Class of bank
and
call date
Deposits
Investments
Total
Other
Number
of banks
U. S.
Government
obligations
Other
securities
27.570 17,953
28,716 19,402
30,419 20,983
34,485 25.488
54,222 45,932
73,365 65,932
83,284 75,737
93,446 85,885
101.661 93,657
109,872 101,295
9,617
9,314
9,436
8,997
8,290
7,433
7,547
7,561
8,004
8,577
61,319
68 225
75,963
81.780
99.796
117,661
128,605
141,449
151 033
165,612
7,484 28,695
9 883 32,492
10.941 38,518
10,989 44.316
11,318 61.395
11,012 75,561
11,219 83.588
12.245 91,644
12 605 96,725
14,065 105,923
25,140
25 850
26,504
26,476
27 083
31,088
33 797
37,559
41 702
45,623
15,207
15.035
14.895
14.825
14.682
14,579
14.553
14.535
14.542
14,553
Loans
Total
Total1
Interbank
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—j une 30
Dec. 31
48,831
50,885
54,170
61.101
78,137
96,966
108,707
119,461
129,639
140,227
21,261
22,169
23.751
26.616
23,915
23.601
25,424
26,015
27,979
30,355
All commercial banks:
193g—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
124,019
16,364
17,243
18,792
21,711
19,217
19,117
21,010
21.644
23,672
26,076
22,305
23,424
25,130
29,011
48,174
65,978
74 722
83,886
90.833
97,943
15,071
16,300
17,759
21,788
41,373
59,842
68,431
77,558
84,069
90,613
7,234
7,124
7,371
7,223
6,801
6,136
6,290
6,329
6,764
7,331
51,041
57,702
65.305
71,248
89.132
105,923
116 133
128,072
136,607
150,227
7 484 28,695
9,883 32,492
10 941 38.518
10.989 44.316
11 318 61,395
11,012 75,561
11,219 83,588
12,245 91.644
12.605 96.725
14,065 105,923
14 862
15.327
15 846
15.944
16 419
19,350
21 326
24,183
27.276
30,238
14,652
14,484
14,344
14.277
14.136
14.034
14,009
13,992
14.000
14,011
37,470
39,289
42,556
49,288
66,240
83,507
93,936
103,382
112.353
, . . . 121,809
16,021
16.863
18,394
21,258
18,903
18,841
20,729
21.352
23.376
25,765
21,449
22,426
24,161
28,030
47,336
64,666
73 207
82,030
88,978
96,043
14,506
15,566
17,063
21,046
40,705
58,683
67,085
75,875
82.401
88,912
6,943
6,859
7,098
6,984
6,631
5,983
6,122
6,155
6,577
7,131
49 772
56,069
63 461
69.411
87 803
104.094
114 145
125,714
134,245
147,775
7,254 27,849
9,523 31,483
10 539 37,333
10,654 43.061
11 144 60 504
10,705 74,309
11 038 82 061
12,074 89,761
12.401 94.910
13,883 104,015
14 669
15.063
15 589
15,697
16 154
19,081
21 045
23 879
26.934
29,876
13,655
13,531
13,438
13,426
13 343
13,270
13,264
13,263
13,277
13,297
All member banks:
1938—Dec. 31
1939—Dec 30
1940—Dec. 31
1941—Dec. 31*
1942—Dec. 31
1943—Dec. 31
1944 Tune 30
Dec. 30
1945—June 30
Dec. 31
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—j une 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
3,731
3,908
3,806
3,648
3,318
3,490
3.536
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
5,081
5 040
5,036
5,025
5,015
5,017
State member banks:
1938—Dec. 31
1939—Dec 30
1940—Dec. 31 s
1941—Dec 31
1942—Dec. 31
1943—Dec 31
1944—June 30
Dec 30
1945—j une 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
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
Dec. 31
}
175
1,342
1,502
L 598
1,698
L 737
1,789
1,825
1,867
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the1 Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
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.
* 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 once 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.
< 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.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
892
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES*—COH/II
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Class of bank
and
call date
Deposits
Investments
Total
Other
Other
securities
TotaP
Total
U.S.
Government
obligations
Loans
Interbank^
Number
of banks
Demand
Time
All 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—June 30
Dec. 31 .
.
6,598
6,726
6,796
7,208
8,135
10,847
12,155
13,972
15,091
16,849
3,156
3,281
3,471
3,693
3,132
2,832
2,929
2.971
3,087
3,303
3,442
3,445
3,325
3,515
5,003
8,014
9,226
11,002
12,005
13,546
1,848
1,971
1,936
2,251
3,829
6,899
8,099
9,880
10.839
12,284
1.594
1,474
1,389
1,264
1,174
1.115
1,128
1,122
1,166
1,262
7,678
8,362
8,875
9,539
10,864
13,671
14,869
17,168
18,242
20,571
331
473
518
464
318
457
315
362
375
426
3,853
4,260
4,689
5,470
6,872
9,123
10,100
11,870
12,326
14,104
3 493
3,629
3,668
3,605
3 674
4,091
4 453
4,936
5,541
6 042
8,314
8,122
7,858
7,661
7,460
7,299
7,239
7,181
7,163
7,130
Insured nonmember commercial
banks:
193g—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 3i
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
. .
1 9 4 5 _ j u n e 30
Dec. 31
5,399
5,348
5,429
5,774
6,984
9,258
10,360
11,824
12,940
14,639
2,813
2,901
3,074
3,241
2,818
2,556
2,648
2,678
2,790
2,992
2,586
2,447
2,356
2,533
4,166
6,702
7,712
9,146
10,150
11,647
1,283
1,238
1,240
1,509
3,162
5,739
6,752
8,197
9,170
10,584
1.303
1,209
1,116
1,025
.004
1,063
6,409
6,729
7,032
7,702
9,535
11,842
12,880
14,809
15,880
18,119
101
113
116
129
145
149
135
190
171
244
3,007
3,252
3,504
4,215
5,981
7,870
8,573
9,987
10,510
12,196
3,300
3,365
3 411
3,358
3 409
3,823
4,172
4,632
5,199
5,680
7,317
7,169
6.952
6,810
6,667
6,535
6,494
6,452
6,440
6,416
1.199
1,378
L.367
1,434
1,151
1,588
L.795
2,148
2,152
2,211
343
380
397
452
314
276
281
292
297
311
856
998
969
982
837
565
733
696
742
667
1,312
1,514
1,856
1,855
1,900
1,160
1,347
1,682
1,668
1,700
291
265
273
239
170
153
168
174
187
200
1,269
1,633
1,843
1,837
1,329
1,829
1,989
2,358
2,362
2,452
230
360
402
335
173
307
181
171
204
182
846
1,008
1,185
1,255
891
1,253
1,527
1,883
1,815
1,908
193
264
257
247
265
269
281
304
343
362
997
953
906
851
793
764
745
729
723
714
All 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 une 30
Dec. 31
10,162
10,218
10,248
10,379
10,746
11,871
12,976
13,931
15,134
16,208
4,897
4,926
4,959
4,905
4,698
4,484
4,414
4,370
4.307
4,279
5,265
5,292
5,289
5,474
6,048
7,387
8,562
9,560
10,827
11,928
2,883
3,102
3,224
3,700
4,559
6,090
7,306
8,328
9,588
10,682
2,382
2,190
2,065
1.774
,489
1,246
10,278
10,523
10,658
10,532
10,664
11,738
12,471
13,376
14,426
15,385
10,278
10,523
10,658
10,532
10,664
11,738
12,471
13,376
14,426
15,385
555
551
551
548
546
545
544
543
542
542
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 une 30
Dec 31
1,329
1,655
1,693
2,007
7,525
8,489
9.223
10 063
10,846
972
461
605
637
642
740
511
724
280
422
548
629
861
232
303
470
421
405
608
626
604
607
606
1 012
1,409
1,818
1,789
2,048
7,534
8,235
8,910
9.671
10,363
1 012
1,409
1,818
1,789
2,048
7,534
8,235
8.910
9,671
10 363
48
51
53
52
56
184
192
192
192
192
9,190
8,889
8,593
8,686
8,739
4,345
4,487
4,708
5,071
5,361
2,150
1,887
1,595
1,353
1,084
9,266
9,114
8,840
8,743
8,616
4,204
4,236
4,466
4,754
5,022
9,266
9,114
8,840
8,743
8,616
4.204
4,236
4,466
4.754
5,022
507
500
498
496
490
361
352
351
350
350
Noninsured nonmember commercial
banks:
193g—Dec. 3i
1939—Dec. 30
1940—Dec. 31
194t—Dec. 31
1942—Dec. 31* *
1943—Dec. 31
1944—June 30
. Dec. 30
1945—j une 30
.
Dec. 31
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—Tune 30
Dec. 31
3.073
3,111
3,110
3,089
3,081
1,018
1,050
1,267
4,452
5,378
6,113
6,974
7,765
3,844
4,752
5,509
6,368
7,160
4,436
4,321
4,322
4.263
3,958
1,411
1,302
1,260
1.218
1,198
4,754
4,568
4,271
4,424
4,781
2,935
3,185
3,448
3,853
4,163
2,603
2,680
2,676
3,071
3,698
2,246
2,554
2,819
3,220
3,522
962
960
949
979
L ,297
,257
,232
.240
689
631
629
633
641
For footnotes see page 892.
AUGUST 1946
893
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
Loans for
Compurchasing
meror carrying
cial,
securities
in- AgriReal- ConculesOther Total
Total ing tur- To
tate sumer
open- aU brokloans loans
loans
marTo
ers
ket
and othpaers
dealperi
ers
U. S. Government obligations
Total
Obligations
Direct
of
States Other
Cerand secuGuartifian- politi- rities
cates
cal
Bills of in- Notes Bonds teed subdividebtedsions
ness
All insured commercial banks:
1938—Dec 31
37,470
1940—Dec. 31*.!! 42,556
1941—Dec. 3 1 . . . 49,288
1942—Dec. 3 1 . . . 66,240
1943—Dec. 3 1 . . . 83.507
1944—Dec. 30. .. 103,382
1945—June 3 0 . . . 112,353
Dec. 3 1 . . . 121,809
Member banks,
total:
1938—Dec 31
32,070
37,126
1940—Dec. 31'
1941—Dec. 312 .. 43,521
1942—Dec. 3 1 . . . 59,263
1943—Dec. 3 1 . . . 74,258
1944—Dec. 3 0 . . . 91,569
1945—June 3 0 . . . 99,426
Dec. 3 1 . . . 107,183
1945—June 29P 102,017
New York City:*
1938—Dec. 3 1 . . . 8,335
1940—Dec. 3 1 . . . 10,910
1941—Dec. 31.
12,896
1942—Dec. 3 1 . ! . 17,957
1943—Dec. 3 1 . . . 19.994
1944—Dec. 30. .. 24,003
1945—June 3 0 . . . 25,756
Dec. 3 1 . . . 26,143
1946—June 29P. . 23,304
Chicago:*
1938—Dec. 31. .. 1,969
1940—Dec. 31. .. 2,377
2,760
1941—Dec. 31
1942—Dec. 3 1 . . . 3,973
1943—Dec. 3 1 . . . 4,554
1944—Dec. 30. .. 5,443
1945—June 30. .. 5,730
Dec. 3 1 . . . 5,931
1946—June 29P. . 5,166
Reserve city banks:
1938—Dec. 31. .. 11,654
1940—Dec. 31. . 13,013
1941—Dec. 3 1 . . . 15,347
1942—Dec. 3 1 . . . 20,915
1943—Dec. 31. .. 27,521
1944—Dec. 30. .. 33,603
1945—June 30. .. 36,572
Dec. 3 1 . . . 40,108
1946—June 29P. . 37,676
Country banks:
1938—Dec. 31
10,113
1940—Dec. 3 1 . . . 10,826
1941—Dec. 3 1 . . . 12,518
1942—Dec. 3 1 . . . 16,419
1943—Dec. 31. .. 22,188
1944—Dec. 30. .. 28,520
1945—June 30. .. 31,368
Dec. 3 1 . . . 35,002
1946—June 29P. . 35,871
[nsured non-
5,636
7,178
9,214
7,757
7,777
7,920
7,501
9,461
1,060
1,281
1,450
1,642
1,505
1,723
1,632
1,314
13,208
15,321
18,021
16,088
16.288
18,676
20,588
22,775
23,314
5,179
6,660
8,671
7,387
7,421
7,531
7,095
8,949
712
865
972
2,716
3,228
3,494
1,089
3,423
1,023 1,398
3,274
1,198 2,249 2,108 3,209
1.125 3,089 3,407 3,248
855 3,133 3,378 3,455
3,262
3,384
4,072
4,116
4,428
5,760
7,069
7,334
6,506
1,594
2,125
2,807
2,546
2,515
2,610
2,380
3,044
5
787
220 . 121
6
465
130
190
8
412
123
169
21
787
117
193
24 1,054
107
323
30 1,742
86
859
53 2,528 1,539
76
80
2,453 1,172
539
696
954
832
335
492
732
658
763
738
671
760
17
5
6
6
6
17
13
2
4,963
5,931
7,105
6,102
6,201
6,822
7,155
8,514
8,863
2,063
2,589
3,456
2,957
3,058
3,034
2,883
3,661
207
263
300
290
279
348
304
205
4 444
5,309
5,890
5,038
4,654
4,910
5,114
5,596
6,616
1,186
1,453
1,676
1,226
1,084
1,149
1,162
1,484
483
590
659
772
713
802
755
648
25
21
20
17
25
32
32
42
243
201
183
161
197
310
422
471
1,353
1,644
1,823
1,797
1,725
1,719
1,771
1,881
674
528
547
611
707
mercial banks:
1938—Dec. 3 1 . . . 5,399 2,813
1940—Dec. 3 1 . . . 5,429 3,074
5,774 3,241
1941—Dec. 31. .
1942—Dec. 3 1 . . . 6,984 2,818
1943—Dec. 3 1 . . . 9,258 2,556
1944—Dec. 30. .. 11,824 2,678
1945—June 30. .. 12,940 2,790
Dec. 3 1 . . . 14,639 2,992
457
518
543
370
356
389
406
512
348
416
478
553
482
525
506
459
28
21
20
16
16
21
24
31
110
75
64
59
82
156
193
228
1,141
1,240
1,282
1,225
1,165
1,136
1,167
1,224
730
2,586 1,283
803
2,356 1,240
854
2,533 1,509
173 4,166 3,162
422
70 6,702 5,739
385
383
67 9,146 8,197
74 10,150 9,170
420
77 11,647 10,584
460
1,004
1,184
1,250
L,333
.329
1,002
885
727
662
597
922
16,021
18,394
21,258
18,903
18,841
21,352
23,376
25,765
3,857
4,468
4,773
4,646
1,414
4,437
2,269 2,265 4,343
3,113 3,601 4,413
3,164 3,606 4,677
663
614
950
973
642
594
934
43
42
48
34
102
163
159
211
775
652
598
538
839
70
54
52
32
52
163
299
233
12
19
22
23
22
24
23
36
119
242 1,230
115
207 1,436
114
194 1,527
97
153 1,486
217
267 1,420
311
777 1,379
371 1,147 1,378
427 1,503 1,459
3 583
4'077
4,545
2,269 1,042
1,868 918
1,888 944
2,108 1,008
2,361 1,181
21,449
24,161
28,030
47,336
64,666
82,030
88,978
96,043
14,506
17,063
21,046
40,705
58,683
75,875
82,401
88,912
2 153
18,863
21,805
25,500
43,175
57,970
72,893
78,838
84.408
78,702
13,222
15,823
19,539
37,546
52,948
67,685
73,239
78.338
72,248
5,072
7,527
8,823
13,841
15,566
18,243
18,687
18,809
16,796
3,857
158
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
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
15,646
3 273
3,692
1,847 870
1,484 848
1,505 877
1,688 934
1,900 1,104
5 35
468
554
303
252
253
270
287
148
153
179
223
298
63
84
96
62
45
45
50
51
18
14
34
34
40
1 101
l',322
1,512
808
658
660
757
855
312
301
313
315
404
1 154
1,400
1,530
393
381
351
362
363
4 t 462
4,636
3.971
2,831
2,455
2,448
3,013
3,090
2,965
2,729
902 2,857
33 3,102
16 3,254
3,308
3,192
2 970
2,871
2,664
2,294
2,350
2,497
2,815
3,146
*6,'727
13,218
15,300
17,204
19,071
2,568
3,719
4,102
2,718
2,501
6^285
12,071
13,982
15,584
16,985
3,389
2,594
3,007
5,409
6,906
14,127
14,723
14,271
7,208
9,091
11,729
18,948
27,265
34,927
40,266
44,792
2,340
3,486
3,832
2,540
2,345
1,430
1,681
1,806
3,141
3,550
4,258
4,480
4,598
3,837
1,114
1,307
1,430
2,789
3,238
3,913
4,130
4,213
3,485
59
297
256
397
199
250
127
133
6,691
7,081
8,243
14,813
21,321
26,781
29,417
31,594
28,812
5,018
5,204
6,467
13,038
19,682
25,042
27,523
29,552
26,585
57
103
295
5,669
5,517
6,628
11,380
17,534
23,610
26,253
29,407
29,255
11
3,233
732 1 893
3,269
45
433 2,081
110
481 2,926
4,377
671 1,251 1,240 5,436
9,172
15,465 1,032 3i094 2,096 8,705
21,552 882 3,466 4,422 12,540
762 4,194 4,613 14,504
24,094
26,999 630 5,102 4,544 16,713
26,533
1,441
1,802
1,704
1,320
1,034
3,932
3,491
3,333
3,098
2,696
2,733
2,892
3,258
8,000
9,925
12,797
20,999
30,656
39,848
45,870
51,321
286
652
971
4,363
4,360
3,748
2,633
2,275
3,011
3,608
3,651
3,533
3,287
978 3,422
43 3,684
22 3,873
3,648
2,756
3,159
5,799
7,672
15,778
16,454
16,045
290
662
988
637
877
1,045
1,253
1,467
2,253
4,691
5,730
6,598
6,982
291
145
153
391
484
779
814
749
655
752
903
1,282
1,602
1,809
1,936
1,864
109
112
119
83
74
31
517
695
729
593
444
468
567
606
535
698
788
830
701
558
596
629
629
617
141
188
182
166
158
160
154
181
153
176
186
193
186
155
185
196
204
200
1,224 2,997 740 808 866
893
771 3,281 1 049 984
956
820
751 4,248 1,173
954
821
811
1,723 6,810
2,497 9,943 749 913 726
440
1,000 740
5,181 11,987
794
10 1,100
5,689 13,906
5
1,126 916
5,653 15,878
1,194 1,034
597
710
861
574
538
241
21
9
982 1 453
1,146
1,222
1,252
1,214
1,230
1,281
1,342
1,427
1,102
1,028
563
595
563
569
560
566
584
619
739
521
462
435
403
383
396
443
956
855
829
878
1.067
1,294
member com-
4
10
17
99
276
223
198
180
259
162
152
390
766
793
834
1 069
442
2! 053
3,395
1,147
1,319 1,652 4,928
1,620 1,731 5,611
2,087 1,774 6,538
228
234
271
179
156
76
10
6
P Preliminary.
* 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 the period .Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the itema
for Dec.
31, 1945, may not be entirely comparable with prior figures.
2
During 1941 three mutual savings banks with total deposits of 8 million dollars became membera of the Federal Reserve System. TheM
banks are included in "member banks" but are not included in "all insured commercial banks."
» Central reserve city banks.
894
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Re-
Class of bank
and
call date
serves
Cash
with
Federal in
vault
Reserve
Banks
DeBalances mand
dewith
posits
doadmestic4 justed5
banks
All insured commercial banks:
950
1938—Dec. 3 1 . . 8,694
5,663
1940—Dec. 31. . 13,992 1,234 8,202
1941—Dec. 31. . 12,396 1,358 8,570
1942—Dec. 3 1 . . 13,072 1,305 9,080
1943—Dec. 31. . 12,834 1,445 8,445
1944_Dec. 30. . 14,260 1,622 9,787
1945—June 30. . 14,806 1,474 9,959
Dec. 3 1 . . 15,810 1,829 11,075
Member banks,
total:
746
991
Interbank
deposits
•25,198
33,820
37,845
48,221
59,921
65,960
68,048
74,722
838
503
6,595
702
666
9,677
673 1,762
9,823
813 8,167
10,234
893 9,950
9,743
948 19,754
11,063
11,217 1,119 23,478
12,566 1,248 23,740
2,942
3,298
3,677
3,996
4,352
4,518
4,698
5,098
1,077
1,219
1,669
1,354
1,240
2,585
595 23,475
971 32,398
36,544
47,122
58,338
64,133
65,494
72,593
157
160
158
97
68
64
66
70
§6
69
59
61
124
109
105
103
575
522
492
397
395
423
482
496
14,009
14,998
15,146
15,697
18,561
23,347
26,346
29,277
18
11
10
10
46
122
65
215
6,434
6,673
6,841
7,055
7,453
7,989
8,340
8,671
501
790
6,510
700
616
9,581
671 1,709
9,714
811 7,923
10,101
891 9,444
9,603
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
3,744
3,877
4,240
547
913
1,009
1,142
1,573
1,251
1,138
2,450
21,119
29,576
33,061
42,139
51,820
56,270
57,417
62,950
65,448
142
141
140
87
62
58
61
64
61
56
50
56
120
105
102
99
462 10,846
435 11,687
418 11,878
332 12,366
327 14,822
347 18,807
392 21,254
399 23,712
6
3
4
5
39
111
52
208
5,424
5,698
5,886
6,101
6,475
6,968
7,276
7,589
7,273
11,357
11,282
12,501
14,373
14,448
14,789
1,338 15,712
16 836
6
5
6
3
4
11
16
17
8,694
13,992
12,396
13,072
12,835
14,261
14,807
15,811
1,087
1,019
1,132
1,271
1,150
1,438
4,240
6,185
6,246
6,147
5,450
6,354
6,486
7,117
22,293
30,429
33,754
42,570
52,642
57,308
59,133
64,184
New York City:*
193g_Dec. 31. .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec 30. .
1945_ June 30. .
Dec. 3 1 . .
1946—June 29 P .
4,104
7,057
5,105
4,388
3,596
3,766
3,879
4,015
68
102
93
72
92
102
89
111
109
122
141
82
61
76
64
78
7,168
11,062
10,761
11,899
13,899
14,042
14,643
15,065
884
902
821
899
929
942
35
42
43
39
38
43
33
36
235
319
298
164
158
177
180
200
1,688
1,941
2,215
2,557
3,050
3,041
3,152
3,153
1,132
1,174
1,292
Reserve city banks:
1038—Dec. 3 1 . .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29P.
2,354
4,027
4,060
4,940
5,116
5,687
5,882
6,326
321
396
425
365
391
441
396
494
1,940
2,741
2,590
2,202
1,758
2,005
2,029
2,174
7,214
9,581
11,117
14,849
18,654
20,267
20,682
22,372
Country banks:
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Tune 30.
Dec. 31. .
1946—June 29P.
1,353
1,857
2,210
2,842
3,303
3,909
4,117
4.527
322
452
526
542
611
684
632
796
1,956
3,002
3,216
3,699
3,474
4,097
4,213
4,665
1,051
1,021
U.S.
Certi- IndiIndi- Bor- CapiGov- States viduals,
fied viduals
tal
U. S. States
and partner- row- acernand
and
partnerGov- political offiment polit- ships, ings counts
ships, Interern- subdi- cers' and
bank
ical
and
corand corment visions checks, poraPostal subdi- poraSav- visions tions
etc.
tions
ings
DoFormestic4 eign
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 312 .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Tune 30. .
Dec. 31. .
1946—June 29? .
Chicago:3
1938—Dec. 3 1 . .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29 P .
Time deposits
437
2,687
4,032
641
3,595
607
733
3,209
810
2,867
851
3,179
989
3,271
3,535 1,105
658
997
9
8
8
12
14
16
19
20
139
48
866
4,186
3,395
6,722
7,618
6,940
83
90
127
665
713
280
370
319
263
252
199
229
237
195
471
450
448
710
361
341
5
9
8
5
652
768
778
711
816
977
1,082
1,206
1,593
1 615
1,648
1,727
" 2 9 1.862
96 1,966
40 2,023
195 2,120
452
496
476
453
505
619
663
719
257
270
288
304
326
354
362
377
1,400
1,499
1,552
181
174
233
178
174
167
193
237
2,719
3,919
4,302
4,831
4,770
5,421
5,510
6,307
424
53
327
49
54
491
63 1,982
63 3,373
70 6,157
90 7,655
110 8,221
1,144
1,319
1,448
1,509
1,516
1,763
170
7,034
228
9,468
286 11,127
385 15,061
475 18,790
488 20,371
422 20,559
611 22,281
113
107
104
63
41
33
31
30
17
19
20
22
56
40
39
38
269
226
243
169
151
154
166
160
4,233
4,505
4,542
4,805
5,902
7,561
8,529
9,563
1,777
1,904
1,967
2 2,028
2,135
2,327
3 2,450
2 2,566
446
6,224
633
7,845
790
9,661
957
13,265
994
17,039
19,958 1,149
20,656 1,108
23,595 1,199
2
143
2
151
2
225
4 1,090
5 1.962
8 4,230
8 5,195
8 5,465
1,128
1,184
1,370
1,558
1,727
1,868
1,939
2,004
154
5,215
187
6,846
239
8,500
272 11,989
344 15,561
369 18,350
346 18,945
435 21,797
23
29
30
20
17
14
14
17
44
33
31
32
56
57
54
52
147
150
146
140
149
175
207
219
5.509
5.917
6,082
6,397
7,599
9,650
10,981
12,224
6 1,798
3 1,909
4 1,982
3 2,042
10 2,153
16 2,321
9 2,440
11 2,525
85
95
108
133
141
182
153
233
2
48
50
3
2
53
2
243
506
2
3 1,245
13 1,511
5 1,560
555
574
611
678
750
775
820
858
48
58
68
76
96
103
101
135
15
18
18
10
6
6
5
6
25
13
8
5
4
4
4
4
113
87
74
65
68
76
90
97
3,163
3,311
3,276
3,339
3,750
4,553
5.105
5,579
1,027
1,105
972
796
995
29
27
34
38
44
33
29
66
7
8
10
36
51
29
23
26
17
19
20
1,597
1,905
2,152
2,588
3,097
3,100
3,124
3,160
3,153
2
2
1
1
1
23,015
22,443
Insured nonmember com-
mercial banks:
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31
1943—Dec. 3 1 . .
1944—Dec 30
1945_y U ne30.
bee. 31
204
243
271
287
313
352
324
391
1,423 2,904
2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,473 8,915
3,959 10,537
2,356
2,822
3,483
4,983
6,518
7,863
8,078
9,643
11
8
6
5
6
10
13
7
1,010
975
956
955
979
1,022
1,065
1,083
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars ai all member banks and
525 million
at all insured commercial banks.
5
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see oage 894.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
AUGUST
1946
895
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
CommerTotal
cial,
loans
indusDate or month
and
trial,
invest- Total
and
ment;
agricultural
Investments
For purchasing
or carrying securities
U. S. Government obligations
To brokers
and dealers
To others Real- Loans
estate to Other Total
loans banks
U. S. Other U. S. Othei
Govt. seGovt.
obobliga- curi- liga- curitions ties tions ties
Total
Total—101 Cities
1945—June
60,923 12,848 5,876 1,652
1,481
15,142
15,340
15,128
14,899
14,812 7,506
1,568
1,756
1,491
1,351
1,296
2,137
1,986
743 1,869
758 1,713
1,597
441
431
423
445
450
1,120
1,140
r>, 169
1,213
1,258
75 730 52,982 49,576
61. 780 51,588 48,146
76 ,846 50,232 46,803
84 867 49.225 45,840
95 879 47,800 44,425
1946—February..
March. . . .
April
May
June
68,124
66,928
65,360
64,124
62,612
48,075 44,962 1,655
388 1,047
7
6
7
7
7
3,387
3,379
3,385
3,383
3,390
,854 48,589
,879 48,078
,894 47,702
,889 46,831
45,222 1,205
44,716 824
44,324 1,268
43,437 758
'9,827
'9,680
'9,705
'9,380
'6,713
r
6,677
r
6,604
r
6,549
27,469
27,528
26.740
26,744J
8
7
7
6
3,367
3,362
3,378
3,394
,920 46,161
,906 45,591
,908 46,108
,028 45,744
42,744 1,026
42,185 709
42,643 1,121
42,266 780
9,905
9,687
9,572
9,557
5.033
4.994
.,995
4,972
26.774J
6 3,417
6 3,406
63,465
6 3,478
804
754
715
718
797
1,780
1,747
1,702
1,671
1,663
444
435
442
457
450
1,195
1,206
1,214
1,221
1,228
91 , 866 49,38045,993
100 ,864 49,156 45,777
65 ,874 49,256 45,871
91 893 49,348 45,965
1,840 48,983 45,593
June
June
June
June
14,74
14,786
14,80;
14,917
7,469
7,507
7,520
7,529
1,279
1,242
1,264
1,400
744
733
728
719
1,629
1,610
1,588
1,559
448
448
453
454
1,239
1,251
1,264
1,277
80
116
92
90
7,611 1,199
7,717 1,315
7,810 1,031
7,974
832
754
744
703
785
1,511
1,472
1,431
1,393
455
463
452
457
1,284
1,296
1,306
1,313
154
111
120
121
691
686
174
1,257
1,435
1,163
1,059
1,028
522
527
541
525
500
816
728
664
599
543
195
190
186
205
203
60
48
64
72
83
6,090 2,949 1,069
6,023
933 1,067
5,913
925 1,059
5,883
910 1,016
5,900 2,910 1,084
557
532
496
496
544
633
623
591
576
57C
204
197
203
215
204
79
90
53
74
63
2,918 1,009
2,894
967
2
1,001
2
1,136
509
505
497
489
556
544
541
531
200
199
204
207
July 3 . . . 20,970 5,786
954
July 10.. . 20,617 5,893
1,105
July 17... 20,690 5,582
831
July 24. . . 20,528 5,483 3,023
651
523
513
477
492
519
499
490
463
208
205
202
203
1946—February..
March.. . .
April
May
June
May
May
May
May
May
21,891 5,643 2,229 1,365
23,702
23,189
22,521
21,993
21,507
1... 22,145
8. . . 21,952
15.. . 21,915
22.. . 22,036
29. . . 21,915
6,305
6,483
6,213
5,962
5,789
,790
June 5.. .21,732
June 12. . .21,525
,761
June 19... 21,589 5,761
June 26. ..21,182 5,845
2,908
2,981
3,003
2,925
2,891
3,406
3,442
3,429
3,385
3,375
1,565 12,853
1,119 12,393
1,230 11,322
1,106 '10,436
1,014 9,648
27,402
27.418
6,884 27,427
'6.81027
,469
r
6,742 27.471
1,400
1,3 i
1,342
1,294
1,370
New York City
1945—June
22 3,113
7,924127.226!
7,5O2j27.126j
7,033
'6,854 27.437
6,636 27,120
r
6,924
r
6,908
r
7,473
7,456
7,461
7,467
7,482
July 3. . . 61,049 14,888
July 10. . . 60,615 15,024
July 17.. . 60,869 14,761
July 24. . . 60,547 14,803
9,956 9,316-24.C13f
i0,608
10,461
'10,333
'10,417
10,359
15,053
14,911
14,815
14,812
14,904
63,331
62,864
62,50!
61,748
Other
secuiGuar- rities
Note? j B »nds| anteed
1,052
984
1,220
1,262
1,014
May 1 . . . 64,433
May 8 . . . 64,067
May 15.. . 64,071
May 22.. . 64,160
May 29.. . 63,887
5...
12...
19...
26.. .
Bills
Certificates
of indebtedness
362 16,248 15,180
281
26.7
26,949|
26.951 [
2,988 3,233! 8.677
1,097
1,098
1,085
1,023
1,029
9.672
9,700
9.730
9.759
1,013
1,016
1,026
1,030
ill,027
I
1,019
1,022
1,026
1,047
16,300
15,608
15,223
15,008
14,689
438 3,582 2 ,747(
199 3,449 2,573
420 2,993 2.3O7j
356 '2,768 '2.155
396 2,669 2,067
533
515
520
533
464
16.055
15,929
16,002
16,153
16,015
15,042
14,913
14,976
15,123
14,988
341
255
386
477
321
'2,786
'2,731
'2,701
'2,787
'2,837
67
105
81
79
15,942
15,764
485 15,828
15,337
14,923
14,742
14,802
14,290
519
256
643
167
'2,568 2.051 9.784
'2,588 2.052 9.845
'2,755 , 1111 9,292
'2,766 ,053 9,303
144
97
105
107
474
478
471
481
14,133
13,673
14,012
13,945
375
47
375
246
15,184
14,724
15,108
15,045
"2,242
"2,226
"2,158
"2.099
"2.052
ill,068
9.532J
9.386j
9,502!
9.728!
9.556;
507
527
513
477
17,397
16,706
16,308
16,031
15,718
9,325
9.327
9,449
9,471
1,051
1,051
1,096
1,100
6,968 6,083 15?336
21 2,045
2 972 ,460!
2,861
,437
2,775 ,412
2,831 1,396
Outside
New York City
1945—June
39,032 7,205 3,647
287
795
214
1946—February..
March. .. .
April
May
June
44,422
43,739
42,839
42,131
41,105
8,837
8,857
8,915
8,937
9,023
4,460
4,494
4,508
4,543
4,615
311
321
328
292
268
,321
1,25
202 ,205
233 1,114
231 1,054
46
241
237
240
247
1,056
1,073
1,104
1,149
1,194
1,247
1,273
1,319
1,354
12 1,402
35,585
34,882
33,924
33,194
32,082
33,276 1,127
32,538 920
31,58f 810
30,832 750
29,736 618
9,271
8,944
8,329
7,668
6,979
5,177
4,929
4,726
4,699
4,569
17,694
17,740
17,708
17,709
17,564
2,309
2,344
' 2,344
6 2,362
6 2,346
May 1 . . .
May 8 . . .
May 15. . .
May 22. . .
May 2 9 . . .
42,288
42,115
42,156
42,124
41,972
4,524
4,523
4,536
4,557
4,572
5 . . . 41,599 8,952 4,551
12... 41,339 9,025 4,613
19. . . 40,916 9,042 4,632
26.. . 40,566 9,072 4,664
331
282
283
278
286
247
222
219
222
1,147
1,124
1,111
,095
1,093
240
238
239
242
246
1 ,129
,140
,148
,158
1,167
1,333
10 1,349
1,354
1,360
1,376
33,325
33,227
33.254
33.195
32,968
30,951
30,864
30,895
30,842
30,605
711
729
834
785
693
7,822
7,730
7.632
7,630
7,522
4,682
4,682
4,726
4,711
4,690
17,730
17,718
17,697
17,710
17,694
62,374
2,363
6 2,359
2,353
2,363
270
275
263
264
235
228
231
230
1,073
1,066
1,047
1,028
248
249
249
247
1,177
1,187
1,200
1,212
13 1,385
1,396
1,409
1,416
32,647
32,314
31,874
31,494
30,299
29,974
29.522
29,147
686
568
625
591
,7,259
7,092
6,950
6,614
4,662 17,685
4,625 17,683
4,493 17,448
4,496 17,441
2,348
6 2,340
6 2,352
5 2,347
245
210
200
181
231
231
226
293
992
973
941
930
247 1,221
258 1,233
250 1,242
254 ,250
1,446
1,428
15 1,437
1,447
30,977
30,867
31,000
30,699
28,611
28,512
28,631
28,321
651
662
746
534
6,933
6,826
6,797
6,726
3,573 17,449
3,557 17,462
3,583 17,500
3,576 17,480
5 2,366
2,355
2,369
2,378
June
June
June
June
8,963
8,888
8,902
8,929
9,004
July 3 . . . 40,079 9,102
July 10... 39,998 9,131
July 17... 40,179 9.179
July 24.. . 40,019 9,320
710
784
868
4,951
1,065 31,827 29,782 1,374
r
Revised.
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
896
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]
Time deposits,
except interbank
Demand deposits,
except interbank
Date or month
Total 101 Cities
1945—June
1946— February.
March....
April
May
June.
Reserves
IndiDeBalwith Cash ances mand vid- States CertiFedin
with
uals, and
defied
eral vault do- posits part- politand
mestic ad- 1 nerReoffiical
banks justed ships, subserve
cers'
Banks
and
divi- checks,
cor- sions
etc.
porations
Individuals,
U. S. partGov- nerern- ships,
ment and
corporations
1,112 9,884 8,380
States
and
political
subdivisions
Interbank
deposits
Domestic
U. S.
banks
Bor- Cap- Bank
Govdebrow- ital
ernacits2
Forings counts
ment
eign
and
Postal De- Time banks
Sav- mand
ings
10,239
580 2,348 38,854 38,951 2,068
109
9,898
1,044
519 4,761 78,821
10,060
9,930
9,862
10,083
10,21
580
569
568
56
595
2,271 37,665 37,822
.2,165 37,386 37,413
2,160 37,412 37
~,329
,502 38,350
2,
2,139 39,59 39,564
2,144
2,177
2,296
2,403
2,404
,170
,167
,258
,306
,336
16,377 9,482
15,119 9,567
13,725 9,632
11,864 9,769
9,257 9,910
119
126
130
129
124
10,121
9,787
9,543
9,368
9,266
1,221
1,240
1,264
1,265
1,268
303
508
360
139
,565
,175
,219
,206
,364
12,363 9,704
11,990 9,740
11,922 9,765
11,666 9,785
11,377 9,851
129
131
130
129
128
9,505
9,422
9,540
9,247
9,125
1,280
1,279
1,252
1,252
1,260
198
17,708
181
15,051
77
124 14,991
122
128 15,276
118 5,121 14,657
5,031 58,827
5,059 69,374
5,093 69,768
5,124 65,732
5,141 69,33
May
May
May
May
May
8
15....
22
29
1..
10,152
10,123
10,045
9,978
10,118
541
569
558
574
568
2,154 38,242 38,041
2,128 38,251 37,770
2,254 38,348 38,690
2,11838.727 38,581
2,119 38,941 38,669
2,456
2,398
2,381
2,345
2,433
June
June
June
June
5....
12
19
26... .
10,195
10,219
10,208
10,244
580
61:
58'
600
2,118
2,195
2,148
2,096
39,190
39,738
40,034
39,295
2,436
2,372
2,370
2,436
,349 10,071 9,882
,362 9,654 9 ,901
,353
,915
1,282 8,660 9,943
129
125
121
120
9,352
9,355
9,363
8,997
1,254
1,264
1,287
1,268
173
176
184
126
5,145
5,142
5,137
5,135
14,037
14,732
17,530
16,122
July 3 . . . .
July 1 0 . . . .
July 1 7 . . . .
July 24... .
10,111
10,141
10,177
10,145
545
619
594
590
2,164 39,241 39,374
2,143 39,,134 39,250
2,241 39,24' 39,757
2,132 39,427 39,505
2,318
2,256
2,212
2,239
1,464 7,665 9,958
1,275
•,969
1,269
,449 9.980
161 9,994
1,249
121
134
139
139
9,403
9,371
9,639
9,287
1,266
1,261
1,272
1,265
233
204
172
168
5,162
5,167
5,162
5,170
19,493
13.028
16,883
15,588
New York City
1945—June
39,471
39,505
39,869
39,522
14,460 14,799
221
733 3,895
996
3,177
937
1946—February. . .
March
April
May
3,628
3,563
3,57
3,718
3,761
94
8'
8'
88
96
13,600
13,445
13,563
13,965
14,446
13,950
13,790
13,898
14,290
14,823
264
230
254
279
240
712
701
768
797
824
6,252
5,723
5,159
4,425
3,408
1,132
1,137
1,148
1.197
1,250
10 3,141
3,014
2,999
2,990
2,988
1,092
1,114
1,132
1,125
1,117
143
322
136
34
67
May
May
May
May
May
1
8
15
22
29
3,810
3,711
3,679
3,648
3,741
85
90
83
88
93
13,887
13,863
13,827
14,091
14,159
14,255
14,086
14,279
14,401
14,431
322
263
284
262
264
986
695
712
720
872
4,609
4,485
4,449
4,348
4,234
1,172
1,187
1,190
1,191
1,244
3,113
2,969
3,017
2,946
2,906
1,144
1,139
116
108
118
47
46
10
29
38
,967
,968
,968
,965
,958
8,835
7,183
6,711
6,878
6,851
June
June
June
June
5....
12....
19....
26
3,740
3,762
3,725
3,817
94
100
91
98
14,371 14,717
14,324 14,768
225
240
241
252
815
874
812
797
3,711
3,560
3,187
3,172
1,249
1,253
1,248
1,249
2,980
2,991
3,063
2,919
,105
,111
,135
,119
77
79
67
46
,970
,970
,964
,959
6,565
6,748
8,314
7,330
3,692
3,732
3,710
3,709
99
104
96
93
207
188
239
239
912
777
739
736
2,769
2,678
2,684
2,566
1,230
1,223
1,224
1,228
3,042
2,974
3,048
2,895
,111
,111
,123
,111
139
105
89
87
,972
,973
,972
,973
9,590
5,976
7,639
7,097
June
July 3
July 10
July 1 7 . . . . ,
July 24
3,775
28 14,604 15,005
14,484 14,801
14,374 14,860
14,266 14,693
29 14,255 14,711
14,383 14,775
370 1,830 36,951
,937 27,425
,943 32,831
,955 33,290
,965 30,408
966 32,439
Outside
New York City
1945—June
6,464
489 2,325 24,394 24,152 1,847
379 5,989 7,384
89
6,721
107
149 2,931 41,870
1946—February.
March... .
April
May
June
6,43
6,367
6,285
6,365
6,456
486
482
481
47.
499
2,246 24 ,065 23,872
,941 23,623
2,
2,105 23,849 23,431
2,128 24,537 24,060
2,111 25,146 24,741
1,880
1,947
2,042
2,124
2,164
458 10,125 8,350
466 9,396 8,430
490 8,566 8,484
509
8,572
5,849 8,660
95
100
108
108
106
6,980
6,773
6,544
6,378
6,278
129
126
132
140
151
160 3,094 31,402
186
36,543
224
36,478
105 3,159 35,324
May
May
May
May
May
1.
8.
15.
22.
29.
6,342
6,412
6,366
6,330
6,377
456
479
475
486
475
2,129 24 ,355 23,786
2,099 24 ,388 23,684
2,226 24 ,521 24,411
2,091 24,636 24,180
2,091 24,782 24,238
2,134
2,135
2,097
2,083
2,169
579
480
507
486
492
7,754 8,532
7,505 8,553
7,4""
473 8,575
1,594
7,3
7,1143 8,607
108
110
109
108
107
6,392
6,453
6,523
6,301
6,219
136
140
136
144
142
151
135
67
93
80
3,152
3,158
3,156
3,163
3,163
8,873
7,868
8,280
8,398
7,806
June
June
June
June
5.
12.
19.,
26..
6,455
6,45
6,483
6,427
486
512
496
502
2,093 25,100 24,473
2,168 25,181 24,970
2,120 25,265 25,029
2,065 25,038 24,494
2,211
2,132
2,129
2,184
534
488
541
485
6,360 8 ,633
6,094 8 ,648
5,457 8,667
5,488 8 ,694
108
108
104
104
6,372
6,364
6,300
6,078
149
153
152
149
96
97
117
80
3,175
3,172
3,173
3,176
7,472
7,984
9,216
8,792
July 3.
July 10..
July 17.
July 24..
6,419
6,409
6,467
6,436
446
51
498
49
2,138
2,118
2,212
2,105
24,86 24,514
24,868 24,557
24,992 25,046
25,044 24 ,730
2,111
2,068
1,973
2,000
552
498
530
513
4,896
4,735
4,765
4,595
105
118
124
123
6,361
6,397
6,591
6,392
155
150
149
154
3,190
3,194
3,190
3,197
9,903
7,052
9,244
8,491
8,728
8,746
8,756
8,766
3,175 36,894
1
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.
AUGUST
1946
897
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Boston
June 26.
July 3
July 10
July 17
July 24
New York*
June 26
July 3 . .
July 10 . . .
July 17
July 24
Philadelphia
June 26
July 3
July 10
July 17
July 24
Cleveland
June 26 .
July 3 . . .
July 10
July 17 .
July 24
Richmond
June 26.. . .
July 3
July 10
July 17
July 24
Atlanta
June 26
July 3 . . .
July 10
July 17
July 24 . .
Chicago*
June 26
July 3
July 10
July 17
July 24 . .
St. Louis
June 26
July 3 . . .
July 10
July 17.
July 24
Minneapolis
June 26
July 3 . . .
July 10
July 17
July 24
Kansas City
June 26
Tilly 3
July 10
July 17
July 24
Dallas
June 26
July 3
July 10
July 17
July 24
San Francisco
June 26
July 3
July 10
July 17
July 24 .
City of Chicago*
June 26
July 3
July 10
July 17
Julv 24 . . . .
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
U . S. Government obligations
For purchasing
or carrying securities
To brokers
and dealers
To others
U . S . Other
IL S.
Govt. Other
sese- Govt.
obob- curiliga- curiligations ties tions ties
Real- Loans
estate to Other
Total
loans banks loans
Total
CerOther
tificates
Guar- secuBills of in- Notes Bonds an- rities
debtteed
edness
30
38
32
28
16
24
14
19
22
27
36
36
37
36
36
17
17
17
18
16
79
79
79
80
80
1
1
1
2
2
137
139
139
139
139
2,262
2,224
2,227
2,239
2,241
2,171
2,131
2,133
2,145
2,146
3,028 1,145
961
3 067
3 101 1 112
839
3,117
659
3 ''Ol
494
528
518
483
501
560
548
228
229
162
161
79
144
226
518
491
161
97
162
162
105
107
17,163
16 940
16 474
16,851
16 757
16,018
15,790
15,324
15,657
15,558
284
290
292
299
303
10
10
10
11
10
32
31
31
33
40
44
40
39
33
33
222
223
10
10
10
10
10
550
552
556
549
560
161
161
161
161
163
1,964
1 913
1,941
1,917
1,882
1,774
1,717
1,745
1,719
1,686
103
77
103
67
75
245
261
264
271
254
276
231
230
226
225
1,150
1,148
1,148
1,155
1,132
190
196
196
198
196
1,142
1,157
1,151
1 138
1,148
480
41
33
220
15
182
14
184
19
18
37
37
765
750
738
740
527 2,295
407 2,299
397 2,310
397 2,314
397 2,319
286
213
36
34
32
3,582
3,490
3,475
3,486
3,493
732
42
170 3 868
167 3,769
164 3,752
163 3 765
163 3,769
28
500
36
502
504
507
2,070
2,048
2 054
2,063
2,053
401
399
400
401
406
176
175
177
181
180
1,669
1,649
1 654
1,662
1,647
1,585
1,565
1 570
1,577
1,562
11
17
23
26
15
379
390
389
391
390
175
138
138
138
133
1,020
1,020
1,020
1,022
1,024
2,119
2,096
2,092
2,089
2 088
507
510
506
504
509
87
88
86
86
88
96
104
89
88
90
1,612
1 586
1,586
1,585
1 579
1,451
1,425
1,426
1,425
1,419
27
30
30
33
31
411
413
413
407
404
202
169
165
165
164
809
811
816
818
818
2
2
2
2
160
8,825
8,767
8,698
8,779
8,709
181
189
192
193
192
6,914
6,871
6,808
6,884
6,788
6,351
6,293
6,234
6,305
6,206
69
171
160
213
114
1,720
1,773
1,710
1,685
1,684
974
756
760
786
786
3,587
3,592
3,603
3,620
3,621
1
1
1
1
1
563
578
574
579
582
118
121
119
121
122
1,403
1,370
1,373
1,366
1,335
1,262
1,226
1,229
1,221
1,192
15
6
4
13
3
202
206
204
192
181
227
199
211
205
201
818
815
810
811
807
141
144
144
145
9
11
5
9
8
55
58
64
66
61
137
116
109
112
102
167
161
155
155
153
648
648
647
647
644
61
61
60
59
63
458
487
482
488
487
328
280
278
277
280
862
861
862
865
865
162
162
163
395
404
403
410
211
179
182
183
645
650
647
646
3,086
3,044
3,052
3,067
3,072
824
820
825
828
831
23,409
23 130
22 772
22,846
22 661
6,246
6 190
6,298
5,995
5 904
2,550
2 501
2,530
2,511
2,489
586
588
589
594
607
5,010
4,926
4,903
4 903
4,917
500
496
501
503
515
527
40
213
205
202
15
14
14
5
4
4
2
2
8
8
7
10
56
54
52
51
51
246
250
252
253
258
1
2
1
2
2
13
12
11
10
11
1,911
1,896
1,890
1,895
1,921
1,070
1,077
1,091
1,117
1 136
138
110
92
82
81
1,975
1 948
1,956
1 951
1,928
572
578
583
585
593
290
290
297
302
304
1 263
1,241
1 226
1,235
1,228
2,300
2 289
2,297
2,316
2,325
241
244
250
253
258
2 038
2,029
2,017
2,043
2 021
44
45
45
46
47
26
50
49
65
59
364
412
421
417
425
304
193
189
191
191
1,477
1,476
1,474
1,472
1,471
280 '3,016 '2,288 10,433
413 3,263 1,648 10,465
85 3,152 1,621 10,465
716 3,056 1,596 10,588
268 3 083 1,585 10,621
186
188
189
3
1
1
9
9
9
9
9
59
59
60
60
61
2
2
4
5
5
107
97
97
94
91
10
10
20
20
20
31
32
33
33
33
3
3
3
4
4
57
63
60
57
67
190
180
177
173
169
76
77
76
70
71
199
200
202
203
205
4
2
3
4
3
8
12
11
8
13
52
53
52
50
51
15
15
15
15
15
82
83
84
84
85
114
113
120
122
123
1
1
1
1
3
3
2
2
5
30
30
29
28
29
5
5
5
4
5
32
32
33
33
33
57 1,022
997
60
60
976
982
63
62
970
961
936
916
923
907
431
440
449
458
469
245
251
258
268
276
2
2
2
2
2
6
6
6
6
8
37
38
37
36
36
9
9
10
()
9
49
49
50
51
51
83 1,869
85 1.849
86 ,848
86 ,858
87 ,856
1,703
1,686
1,686
1,696
1,693
673
675
670
679
395
398
395
404
1
1
1
1
7
9
8
7
110
107
102
103
29
29
30
30
43
43
44
44
88
88
90
90
103
31
44
1,298
1.284
1,276
1,293
1,261
47
51
44
54
8
,365
,354
,347
.364
89 1,333
39
394
182
646
35
117
31
315
5,720
5,639
5,605
5,635
5,587
5.281
5,201
5.171
5,196
5,143
88
1,321
1,415
1.390
1,405
1,413
870
3,000
2,989
2,987
2,991
2,983
3,871
97 3,881
98 3,857
97 3,937
97 3,870
3,529
3,523
3,503
3,579
3,510
32
29
688
412
1
7,103 1,383
7,030 1,391
7,018 1,413
7,066 1,43*1
7 056 1,469
701
704
731
23
26
21
32
38
740
759
25
23
39
55
5,170
5,167
5,133
5,213
5,158
802
813
107
89
136
49
55
52
115
114
67
66
834
849
80
79
49
48
1,299
1,286
1,276
1,276
1,288
795
115
110
31
30
317
319
104
101
31
34
322
323
118
66
44
111
109
61
62
43
44
44
44
3
2
2
1
161
166
164
1
1
169
173
91
123
124
122
70
36 1.037
136 1,050
146 1.016
175 1,044
105 1 ,'048
672
668
676
675
1,917
423 1,914
426 1,915
435 1,925
433 1,924
539
r
Revised.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
91
93
94
94
95
1
1
1
1
1
1,145
1,150
1,150
1,194
1,199
279
277
279
276
84
84
84
85
85
161
161
160
160
143
166
163
67
70
71
71
72
2
2
2
2
2
439
438
434
439
444
342
358
354
358
360
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
Boston (6 cities)
June 26
July 3
July 10
July 17
July 24
New York (8 cities)*
June 26
July 3
July 10
July 17
July 24
Philadelphia (4 cities)
June 26
July 3
July 10
July 17
July 24
Cleveland (10 cities)
Tune 26
July 3
July 10
July 17
July 24
Richmond (12 cities)
June 26
July 3
July 10
July 17
July 24
Atlanta (8 cities)
June 26
July 3
July 10
July 17
July 24
Chicago (12.cities)*
June 26
July 3
July 10
July 17
July 24
67. Louis (5 cities)
June 26
July 3
Tuly 10
July 17
July 24
Minneapolis (8 cities)
June 26
July 3
July 10
July 17
July 14
Kansas City(12 cities)
June 26
July 3
July 10
July 17
July 24
Dallas (9 cities)
June 26
July 3
July 10
July 17
July 24
SanFrancisco(7 cities)
June 26
July 3
July 10
*Tuly 17
July 24
City of Chicago*
June 26
July 3
Tuly 10
July 17
July 24
Reserves
BalDewith
ances mand
Fedwith
deeral vault do- posits
Remestic ad- 1
serve
banks usted
Banks
Individuals,
partner-
States Certiand
fied
and
political
offisubcers'
and
cor- divi- checks,
etc.
pora- sions
tions
Time deposits,
except interbank
Individuals,
U. S. partGov- nerern- ships,
ment and
corporations
Interbank
deposits
Domestic
banks
Bank
Bor- CapStates u. s.
row- ital
and
ac- debings
Forpolit- Govcounts its'
erneign
ical
banks
sub- ment
De- Time
divi- and mand
sions Postal
Savings
490
486
467
490
473
57
51
62
59
57
122
114
116
115
114
2,219
2,205
2,221
2,245
2,259
2,191
2,202
2,207
2,249
2,233
135
128
126
128
130
44
48
40
51
43
484
424
411
414
399
458
459
461
462
463
294
310
307
320
305
24
26
26
35
26
1
1
1
293
293
293
294
294
757
794
535
701
647
4,045
3,946
3,989
3,958
3,953
132
131
142
133
127
131
129
121
120
119
15,924
15,770
15,649
15,619
15,742
15,985
16,043
15,873
15,918
15,956
556
454
459
447
451
830
964
814
779
776
3,414
3,000
2,906
2,908
2,781
1,937
1,926
1,921
1,923
1,927
2,988
3,114
3,048
3,123
2,966
1,122
1,114
1,115
1,127
1,115
47
141
117
107
95
2,121
2,134
2,136
2,135
2,136
7,787
10,137
6,314
8,110
7,474
427
430
431
432
429
33
27
33
32
31
84
92
89
95
86
67
56
8f
61
65
26
27
28
394
34
337
338
32.
234
234
240
238
239
357
366
356
375
347
11
11
11
10
11
6
5
7
4
5
259
259
259
259
260
685
916
472
683
577
748
765
752
784
763
78
71
78
79
79
188
202
188
196
190
1.843 1,909
1,840 1,925
1,871 1,922
1,839 1,922
1,842 1,888
3,10: 3,103
3,086 3,09:
3,07: 3,074
3,06 3,118
3,082 3,099
168
166
164
159
148
5
69
62
70
7C
637
568
553
574
559
333
348
339
340
334
40
36
40
39
40
122
128
127
124
121
1,370 1,369
1,370 1,377
1,388 1,391
1,38
1,398
1,394 1,402
93
100
95
95
94
31
28
28
28
26
284
251
244
245
236
369
370
371
372
372
338
366
361
371
349
144
144
144
144
412
476
348
448
415
371
370
376
378
367
31
28
32
30
31
124
146
140
150
135
1,360
1 ,360
1,365
1,376
1,380
1,250
1.266
1,273
1,300
1,271
223
21
213
216
222
15
15
14
14
17
251
220
213
215
207
443
445
446
446
447
461
488
484
478
457
129
128
129
129
129
416
485
350
458
441
1.44:
1,384
1,400
1,408
1,443
367
364
373
409
394
5,379
5,342
5,292
5,34
5,348
5,17
5,173
5,160
5,310
5,225
549
535
50:
493
50.'
86
98
93
95
9
1,243
1,088
1,062
1,061
1,022
1,944
1,952
1,954
1,958
1,961
1,503
1,549
1,582
1,662
1,644
618
61
617
613
617
2,187
2,491
1,708
2,366
2,175
336
322
334
326
341
110
121
112
119
113
1,116
1,078
1,111
1 ,101
1,123
1,155
1,137
1,165
1,184
1,179
74
78
73
72
73
21
21
17
18
18
273
240
234
234
225
363
365
366
366
366
533
571
562
569
542
1.39
138
138
138
139
391
478
353
456
410
206
206
202
200
203
82
84
89
05
89
746
740
734
742
739
699
690
694
708
701
112
120
111
107
106
12
15
1
14
14
197
175
169
170
16:
223
224
225
225
225
309
313
309
314
316
90
90
90
90
90
259
283
222
288
273
436
444
446
460
446
265 1,492
272 1,472
290 1,490
303 1,502
276 1,481
1,451
1,460
1,488
1,516
1,476
182
178
176
172
177
25
25
26
25
25
286
251
245
245
238
306
306
307
308
309
784
829
856
891
886
153
.153
154
153
154
494
504
463
593
575
396
391
410
402
403
212 1,443
229 1,444
233 1,463
235 1 .484
228 1,483
1.439
1,439
1,461
1,500
1,483
95
103
100
96
96
27
28
27
29
31
258
226
220
220
212
289
290
290
290
290
532
565
566
564
545
147
146
146
146
146
441
434
356
449
452
1,014
1,019
995
999
289
283
265
280
267
3,528
3,534
3,478
3,538
3,554
3,567
3,570
3,542
3,633
3,592
182
183
157
166
174
106
126
113
113
109
939 2,084
2,091
2,091
825 2,094
795 2,096
419
431
451
460
431
551 1,326
572 1,350
573 1,167
573 1,318
573 1,214
905
859
850
871
887
164
169
173
178
177
3,210
3,216
3,195
3,239
3,243
3,192
3,18
3,205
3,317
3,265
249
260
241
233
236
39
49
43
45
42
795
800
801
803
804
1,061
1,087
1,112
1,169
1,148
392 1,412
392 1,610
392 1,086
388 1,508
389 1,428
791
688
668
673
648
1 ,293
1,296
1,297
1,298
1,299
479
501
489
512
499
9
15
12
18
17
967
491
489 1,145
740
488
488 1,013
941
488
""Revised.
*1 See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection
* Debits to demand deposit accounts except in interbank and U. S. Government accounts.
AUGUST
1946
899
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
1945—March
April
May
147
119
103
101
June
July
. . . .
August
September
October
November
December
107
110
111
127
156
1946—January
February
March
April
May
June
128
117
104
107
117
128
135
135
145
Accepting banks
Total
Own
bills
Bills
bought
96
54
42
90
82
80
90
52
51
44
45
Federal
Reserve
Banks
(For own
account)
Others
50
52
53
58
50
52
46
49
28
31
35
38
91
98
95
100
United
States
Foreign
countries
25
4
10
9
10
24
22
20
9
81
26
101
104
100
107
Goods stc>red in or
shipped between
poin ts in
11
81
72
74
26
22
27
(3)
Exports
from
United
States
87
32
38
32
36
45
Imports
into
United
States
22
10
11
12
15
25
23
22
23
-o to to
End of month
Based on 2
Held by
Commercial
Total
paper
outout- 1 standing
standing
4
2
3
6
6
159
154
112
64
48
42
103
18
26
7
174
166
126
71
55
40
109
20
29
8
22
178
172
149
126
167
163
169
177
128
119
109
108
74
64
65
66
53
55
44
42
2
13
13
39
42
47
55
109
104
114
124
121
192
109
65
45
18
64
134
18
17
16
18
31
33
30
28
27
9
8
9
7
8
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Credit balances
Customers'
credit balances1
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
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...
1945—June
616
600
496
543
761
788
887
1,041
1,223
11
8
9
7
9
11
5
7
11
89
86
86
154
190
188
253
260
333
186
211
180
160
167
181
196
209
220
395
368
309
378
529
557
619
726
853
255
289
240
270
334
354
424
472
549
65
63
56
54
66
65
95
96
121
17
17
16
15
15
14
15
18
14
7
5
4
4
7
5
11
8
13
222
213
189
182
212
198
216
227
264
1945—July
August
September. .
October
November. .
December...
31,141
31,100
31,084
»l,063
81,095
1,138
3580
3573
3594
3632
3639
654
112
29
13
299
1946—January....
February. . .
March
April
May
June
31,168
31,046
3 936
3 895
3 856
809
3824
3758
3762
3743
3711
795
3 734
3 645
3 622
3 575
3 547
498
120
24
17
314
12
7
413
399
3i3
370
3
3
3
3
3
727
755
712
697
669
651
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'1 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
• 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): April, 154; May, 144.
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.
900
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
u. s
Prime
commercial
paper,
4- to 6months 1
Year,
month, or
week
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Government
security yields
Prime Stock
exbank- change
ers'
9 - t o 12call
accept- loan
month
ances,
3certifi- 3- to 5reyear
90 1
month
cates
newtaxable
days
bills*
of inal
notes
debtedness
1943 average
1944 average
1945 average
1945—July
August....
September.
October
November.
December..
.69
.73
.75
.44
.44
.44
1.00
1.00
1.00
.373
.375
.375
.75
.79
.81
.75
.75
.75
.75
.75
.75
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.375
.80
.82
.84
.83
.84
.84
1946—January...
February. .
March
April
May
.75
.75
.75
.75
.75
75
.77
.44
.44
.44
.44
.47
.50
.59
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.375
.375
.79
.76
.79
.81
.83
.83
.84
L. 10
L.03
.99
L.12
L.18
L 15
.376
.375
.375
.375
.376
.84
.84
.84
.84
.83
:[A3
11/16
11/16
1.00
1.00
1.00
1.00
1.00
June
July
...
Week ending:
June 29
M
July 6 . . . .
July 1 3 . . . .
July 2 0 . . . .
July 2 7 . . . . H-Vs
L. 16
L. 17
L.19
L.17
1.14
L. 15
4
1937 average1....
1938 average1
['.13
L.ll
L.12
L.15
L.12
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.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1.73
1.69
2.88
2.75
3.25
3.26
average....
average
average....
average....
average
average....
average....
2.78
63
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
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
2.10
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.
2.53
2.50
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
1946—March
June
2.31
2.41
1.75
1.84
2.34
2.51
1939
1940
1941
1942
1943
1944
1945
1.34
L.33
L. 18
4
Total
19 cities
2.93
2.97
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS *
[Per cent per annum]
Corporate (Moody's)4
U. S. Government
Year, month,
or week
7 to 9
years
Taxable
15 years and
over
Partially tax
exempt
Taxable
Municipal
(highgrade)2
Corporate
(highgrade) 3
By groups
By ratings
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues.
1-5
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1943 average
1944 a v e r a g e . . . .
1945 a v e r a g e . . . .
L96
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
2.34
2.36
2.37
2.35
2.33
2.33
1.57
1.70
1.79
1.76
1.70
1.64
2.53
2.56
2.56
2.54
2.54
2.54
2.85
2.86
2.85
2.84
2.82
2.80
2.60
2.61
2.62
2.62
2.62
2.61
3.13
3.06
2.87
2.85
2.85
2.85
2.84
2.81
2.79
2.85
2.80
2.68
L.58
L.59
L.56
L.50
[.42
5 '
L.38
2.86
2.81
2.71
2.68
2.70
2.70
2.70
2.68
2.68
3.91
3.61
3.29
1945—July
August. . .
September
October...
November
December.
1.98
1.92
1.66
1.63
1.68
1.68
1.62
1.56
1.51
3.26
3.26
3.24
3.20
3.15
3.10
2.68
2.68
2.67
2.65
2.64
2.64
3.64
3.39
3.06
3.00
3.02
3.05
3.03
2.99
2.96
1946—January. .
February..
March....
April
May
.31
.28
2.21
2.12
2.09
2.08
2.19
2.16
2.18
1.57
1.49
1.49
1.45
1.54
1.55
1.60
2.43
2.36
2.35
2.37
2.44
2.42
2.41
2.73
2.68
2.66
2.67
2.71
2.71
2.71
2.54
2.48
2.47
2.46
2.51
2.49
2.48
2.62
2.56
2.54
2.56
2.58
2.59
2.59
2.73
2.70
2.69
2.69
2.73
2.73
2.72
3.01
2.95
2.94
2.96
3.02
3.03
3.03
2.57
2.54
2.54
2.57
2.60
2.59
2.58
2.89
2.83
2.80
2.78
2.84
2.85
2.86
2.99
2.97
2.89
2.87
2.86
2.85
2.84
2.81
2.79
2.71
2.65
2.64
2.65
2.69
2.70
2.69
2.16
2.15
2.15
2.20
2.20
1.56
1.58
1.59
1.60
1.62
2.40
2.40
2.41
2.42
2.41
2.71
2.71
2.70
2.71
2.71
2.49
2.49
2.48
2.49
2.49
2.59
2.59
2.58 2.59
2.59
2.73
2.72
2.71
2.72
2.72
3.03
3.03
3.03
3.04
3.03
2.59
2.58
2.57
2.58
2.58
2.85
2.86
2.85
2.87
2.87
2.69
2.69
2.68
2.69
2.69
L.94
L.60
July
1.28
L.36
L.47
1.43
1.40
Week ending:
June 2 9 . . .
July 6 . . .
July 13. . .
July 20. . .
July 27.. .
1.41
1.38
1.37
1.42
1.41
June
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
6
( )
(6)
(6)
1
J
4
Monthly and weekly data are averages of daily figures,
except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been 6reduced 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.
Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
6
No partially tax-exempt bonds due or callable in 15 years and over.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
AUGUST
1946
901
SECURITY MARKETS 1
Stock prices5
Bond prices
Corporate 4
Year, month, or week
U. S.
Government2
Municipal
(highgrade) 3 Highgrade
Number of issues....
Medium- and lower-grade
Total
Industrial
Railroad
Pre- 8
De- ferred
Public faulted
utility
Common (index, 1935-39=100) Volume
of trading7 (in
thousands of
shares)
RailIndusPublic
Total
trial
utility
road
15
50
20
20
15
15
402
354
20
28
1943 average
1.944 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—July
August
September....
October
November....
December....
102.46
102.22
102.02
102.38
102.60
102.68
141.6
138.8
137.0
137.7
139.0
140.1
122.3
121.7
121.6
121.9
122.0
121.9
117.9
117.2
117.1
117.7
118.3
119.0
122.2
121.7
121.4
122.0
122.5
123.1
115.2
114.4
114.4
115.3
116.6
117.5
116.4
115.5
115.6
115.7
116.0
116.2
80.4
75.6
74.5
76.6
78.9
82.1
189.6
188.1
186.7
188.0
192.2
195.3
118
118
126
132
137
140
119
119
128
135
139
142
140
131
138
145
154
157
108
107
111
114
121
120
951
1,034
1,220
1,556
1,961
1,626
1946—January
February....
March
April
,
May
June
July
104.59
106.03
106.46
106.61
104.82
105.28
104.
141.6
143.4
143.4
144.1
142.1
142.0
140.9
123.8
124.5
124.5
124.3
123.7
123.9
124.0
119.7
120.0
120.1
119.9
119.5
119.5
119.1
123.9
124.4
124.5
124.4
123.9
123.9
123.4
118.9
119.6
119.9
119.6
118.6
118.7
118.5
116.3
116.1
115.9
115.8
116.0
116.0
115.3
84.9
85.4
82.7
83.6
81.8
83.2
80.0
197.9
200.5
203.1
204.9
'201.9
202.4
204.1
145
143
142
152
154
153
150
148
146
145
156
159
157
153
164
160
154
157
157
162
154
124
124
123
128
129
130
128
2,183
776
116
,391
,311
,086
936
Week ending:
June 29
July 6
July 13
July 20
July 27
105.20
105.3
105.36
104.66
104.61
141.8
141.4
141.2
140.9
140.5
124.0
124.1
124.1
124.0
123.9
119.5
119.4
119.4
119.1
118.8
124.0
123.8
123.8
123.7
122.9
118.7
118.8
118.8
118.6
118.4
115.8
115.5
105.6
115.1
115.1
83.1
82.4
81.7
79.3
78.2
202.4
202.9
204.7
203.5
204.1
150
153
153
149
144
153
157
158
153
147
159
160
158
155
147
129
129
129
128
125
1,022
865
900
932
1,085
T
1
2
Revised.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
' Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
* Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
1
Standard and Poor's Corporation.
8
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
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
1936
1937 .
1938
1939
1940
1941
1942
1943
1944
1945..
Total
(new Total
and
(dorefund- mestic
and
ing)
foreign)
6,214
3,937
4,449
5,790
4,803
5,546
2,114
2,174
4,216
. . 7,958
1,972
2,138
2,360
2,277
1,951
2,854
1,075
642
913
1,764
For refunding
Domestic
Total
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
896
1,752
State
and
municipal
735
22
712
157
971
481
931
924
751
461
518 1,272
342
108
176
90
235
15
471
26
1945—June
169
July
1,229
August. . . 510
September. 879
October... 1,338
November. 223
December.
838
52
52
249
249
144
144
142
142
238
243
94 | 94
241
243
43
35
37
37
29
34
80
8
2
1946—January.. . 346
February. . 350
557
March....
1,097
April
1,037
May
847
June
200
65
223
373
310
425
200
65
222
373
302
425
68
1
18
16
22
7
9
79
61
103
108
Domestic
Total
(doCorporate
Formestic
Fedeign'2 and
eral
foragen-1
Bonds
eign)
cies Total
and Stocks
notes
1,192
1,225
873
383
736
1,062
624
374
646
1,255
839
817
807
287
601
889
506
282
422
602
352
408
67
97
135
173
118
92
224
654
1
212 " ' 3 4 '
64
107
35
105
103
209
28
60
107
161
1
178
43
70
106
31
54
131
47
127
290
192
307
122
42
111
172
93
193
10
5
17
118
99
115
23
44
35
38
2
1
2
17
12
4,242
1,799
2,089
3,513
2,852
2,693
1,039
1,532
3,303
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
Corporate
ForFedeign2
eral
Bonds
agen-1
and Stocks
cies Total
notes
382
353
191
281
129
665
195 1,537
482
344
435
698
181
440
259
497
404
418
324
912
3,387 3,187
1,209
856
1,267 1,236
1,733 1,596
2,026 1,834
1,557 1,430
418
407
685
603
2,466 2,178
4,911 4,256
200
352
31
137
193
126
11
82
288
655
119
119
28
48
4
90
15
48
117
117
981
981
366
366
737
732
"" s' 1,096 1,070
129
129
594
594
3
8
31
7
9
38
7
3
30
200
20
17
42
44
255
79
750
338
705
989
78
337
79
623 " l 2 7 '
297
41
645
60 ' " 5
820
169
26
60
18
282
55
146
284
334
723
728
423
3
30
20
23
326
17
41
113
264
284
363
664
366
55
247
238
277
536
301
1
8
146
284
311
698
728
423
4
10
47
16
58
17
46 " 2 3
85
25
127
65
1
2
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 /oreign issues, U. S. Department of Commerce.
subject to revision.
Back figures—See Banking and Monetary Statistics, Table 137, p. 487.
902
Monthly figures
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated Estimated
gross
net
proceeds2 proceeds3
New money
Total
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
5,800
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
June
July
August
September
October
November
December
208
858
991
681
325
569
868
474
308
657
996
Working
capital
111
380
574
504
170
424
661
287
141
252
581
96
478
417
177
155
145
207
187
167
405
415
Total
Bonds and
notes
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
Preferred
stock
Repayment
of
other debt
Other
purposes
23
49
36
7
26
19
28
35
27
47
124
170
154
111
215
69
174
144
138
73
49
124
71
226
190
87
59
128
100
30
72
351
430
182
178
66
9
57
109
106
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
12
6
12
34
22
19
253
297
417
682
'844
654
245
291
405
666
'825
634
111
37
99
213
'153
239
63
17
55
148
'91
169
49
20
44
65
118
238
287
376
'630
311
56
222
257
320
'514
279
62
16
30
56
"•116
32
5
2
2
57
28
13
10
15
17
21
14
72
1944—December
1945—January
February
March
April
May
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3.142
5.691
Plant and
equipment
Retirement of securities
1946—January
February
March
April
May
June
••62
70
3
1
2
3
6
6
It
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Public utility
Indu strial
Other
Retire- All Total
Retire- All
Total
Total
Retire- All Total
Retire- All
New ment of other
New- ment of other
net • New ment of other
net
net
New ment of other
net
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses ceeds
ties
ties poses ceeds
poses ceeds
ceeds
ties
poses
ties
120
774
57
139
338
54
228
24
182
319
361
85
115
253
47
160
602
1,436
54
558
110
30
97
186
108
32
46
102
115
15
114
500
1,320
12
1,250
1,987
751
1,208
1,246
18 1,180
1,340
464
469
1,400
2,196
10
77
1
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
527
497
1,033
1,865
74
439
616
469
188
167
244
293
228
454
732
774
1,280
1,079
831
584
961
828
550
761
373
226
353
738
463
89
199
504
984
1944—December. .
82
82
21
20
34
24
7
1945—January
February...
March
April
May
119
108
119
96
65
65
82
28
9
41
64
117
3
163
63
87
89
17
51
54
360
75
14
18
346
57
July
August
105
84
270
93
74
266
October
November
December. .
246
12
10
4
27
219
68
19
50
7
7
150
192
98
76
35
1
2
1
7
9
June
1946—January
February
[March
April.
May
June
148
190
97
69
26
60
124
139
1
2
12
1
27
93
60
122
127
1
118
184
30
301
115
371
565
42
200
4
1
15
2
23
183
30
297
110
364
523
35
169
43
1
43
181
32
78
138
1
31
76
119
••408
129
100
126
412
••289
402
'424
173
6
5
10
4
6
26
5
8
13
11
34
223
59
480
221
130
218
49
166
98
26
94
198
••127
200
16
50
150
80
122
390
46
218
72
152
4
20
43
56
121
102
155
94
9
42
55
88
9
18
5
104
21
4
42
60
3
47
2
6
5
90
136
71
16
57
8
146
71
76
149
4
21
107
194
4
13
61
88
3
42
42
1C
8
15
12
89
49
301
111
38
107
26
106
1
2
15
17
7
16
47
6
23
6
9
2
2
40
13
10
27
27
27
11
6
8
19
1
9
29
2
5
10
3
68
15
13
6
7
59
13
157
15
19
56
25
51
9
10
18
37
24
9
2
7
14
20
8
3
17
4
38
'137
152
18
4
7
7
7
4
1
1
2
7
1
4
I
i
5'
1
4
15
15
*•
9
6
r
1
2
8
Revised.
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
* Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors.
AUGUST
1946
903
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
Iron
and
steel
Machinery
Other
transportation
equipment
Automobiles
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Net
profits1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,163
1,769
1,800
1,896
1,925
146
278
325
226
204
194
188
115
158
193
159
165
174
163
223
242
274
209
201
222
243
102
173
227
182
180
190
169
119
133
153
138
128
115
108
70
88
113
90
83
88
88
151
148
159
151
162
175
199
98
112
174
152
186
220
223
186
194
207
164
170
187
187
134
160
187
136
149
147
154
122
132
152
161
171
184
203
847
1,028
1,137
888
902
970
989
90
90
92
88
86
86
85
564
669
705
552
556
611
612
Quarterly
1942—i
2
3
4
413
358
445
553
52
52
51
72
38
35
36
49
46
25
46
92
2
46
43
43
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
1943—i
2
3
4
430
433
461
477
52
47
51
53
39
41
41
45
47
50
52
53
2 48
2
46
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
1944—i
2
3
4
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
2
52
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
1945—i
2
3
4
492
508
439 !
485
49
53
37
49
38
42
35
47
63
77
46
58
2
50
2 47
2
36
2
36
31
27
23
27
21
21
20
26
45
46
50
58
62
64
61
37
48
45
43
51
39
38
37
40
45
47
53
58
250
269
224
246
20
22
21
22
142
145
143
182
1946—1
312
25
-17
-38
19
12
65
54
62
64
76
112
20
146
Number of companies.
1939
1940
1941
1942
1943
1944
1945
2
2
2
2
2-10
PUBLIC U T I L I T Y CORPORATIONS
[In millions of dollars]
Railroad 8
Year or quarter
1939
1940
1941
1942
1943
1944
1945
Electric power4
Operating
revenue
Income
before
income
tax 6
Net
income 1
Dividends
3,995
4,297
5,347
7,466
9,055
9,437
8,902
126
249
674
1 .658
2.211
I 971
755
93
189
500
902
873
668
447
126
159
186
202
217
246
253
Telephone 5
Income
before
income
tax*
Net
income 1
Dividends
Operating
revenue
Income
before
income
tax*
Net
income 1
Dividends
2,647
2,797
3,029
3 216
3,464
3,618
3,695
629
692
774
847
914
915
906
535
548
527
490
502
499
523
444
447
437
408
410
390
399
1,067
1,129
1,235
1 362
1,537
1 641
1,803
227
248
271
302
374
399
396
191
194
178
163
180
174
177
175
178
172
163
168
168
173
Operating
revenue
Quarterly
1942—1
2
3
4
1,483
1,797
2,047
2.139
178
390
556
534
90
198
286
327
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
1943—i
2
3
4
2.091
2,255
2,368
2,340
515
608
653
435
214
244
250
166
29
52
36
100
864
835
859
906
254
221
210
228
136
118
114
133
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
1944—i
2
3
4
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
31
55
30
130
925
886
878
929
262
241
207
205
135
123
111
130
94
102
94
101
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
2,277
2,422
2 231
1,972
425
504
229
-404
139
187
125
4
30
72
29
123
971
909
887
928
292
233
211
171
139
123
116
145
102
96
92
109
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
1,866
38
14
56
971
280
176
107
475
84
54
44
1945—i
2
3
4
,
...
1946—1
1
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.
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, 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. For description
of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
J
4
5
904
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
End of month
Total
gross
direct
debt
136,696
1943—June
165,877
Dec,
201,003
1944—June
230,630
Dec.
1945—June.... 258,682
262,045
1945—July
263,001
Aug
262.020
Sept
261,817
Oct
265,342
Nov
278,115
Dec
278,887
1946—Jan
279,214
Feb
276,012
Mar
273,898
Apr
M a y . . . . 272,583
J u n e . . . . 269,422
268,270
July
Marketable public issues1
Total
interestbearing
direct
debt
Total 2
135,380
164,508
199,543
228.891
256,357
259,781
260,746
259,630
259,439
262,849
275 ,694
277,456
277,912
274,748
272,711
271,440
268,111
267,039
95,310
115,230
140,401
161,648
181.319
183,080
183,334
182,833
182,790
185,112
198,778
199,633
199,810
197,063
195,079
193,487
189,606
187,596
In millions of dollars]
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtbonds
bills
notes
edness
Total 2
Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes
57,520
67 ,944
79,244
91,585
106,448
107,890
108,172
107,049
107,049
109,371
120,423
121,358
121,635
121,177
121,177
121,177
119,323
119,323
29,200
36,574
44,855
50,917
56,226
57,143
57,379
56 278
56 072
57^028
56 915
57,168
57,206
56,550
56,408
56,472
56,173
56,399
21,256
7,495
27,363
8,586
34,606
9.557
40,361
9,843
45,586 10,136
46,508 10,119
46,715 10,148
46,741
9,021
46,786
8,776
47,473
9,058
48,183
8,235
48,588
8,107
48,692
8,043
48,733
7,365
48,828
7,144
48,917
7,127
49, 035 6,711
49 320
6,669
11,864
13,072
14,734
16,428
17,041
17,025
17,038
17,018
17,026
17,026
17,037
17,042
17,032
17,047
17,054
17,041
17,039
17,023
16,561
22,843
28.822
30,401
34,136
34,472
34,430
35,072
35,021
35,021
38,155
41,502
41,413
40,399
38,408
36,828
34,804
37,720
9,168
11,175
17,405
23,039
23,497
23,498
23,498
23,498
23,498
23,498
22,967
19,551
19,551
18,261
18,261
18,261
18,261
13,351
10,871
12,703
14,287
16,326
18,812
19,558
20.033
20.519
20,577
20,710
20,000
20.655
20,897
21,135
21,224
21,481
22,332
23,045
Fully
Nonguaraninterest- teed inbearing terestbearing
debt
securities
1,316
1,370
1,460
1,739
2,326
2,264
2,255
2,391
3 2,378
* 2,492
2,421
1,431
1,301
1,264
1,188
1,143
1,311
1,231
4,092
4,225
1,516
1,470
409
484
515
527
541
536
553
545
539
542
533
542
467
324
1
2
Including amounts held by Government agencies and trust funds, which aggregated 6,759 million dollars on June 30, 1946.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including prepayments amounting to 54 million dollars on securities dated Nov. 15, 1945, and Dec. 3, 1945, sold in the Victory Loan, beginning 4on 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 JULY 31, 1946
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Treasury bills1
Aug. 1, 1946 . . . .
Aug. 8 1946
Aug. 15, 1946 . . . .
A U K 22 1946
Aug. 29, 1946
Sept. 5, 1946
Sept. 12 1946
Sept. 19 1946
Sept. 26, 1946 . . . .
Oct. 3 1946
Oct. 10 1946
Oct. 17, 1946
Oct. 24, 1946 . . .
Cert. of i n d e b t e d n ess
Aug. 1, 1946
.14
Sept. 1, 1946
Oct. 1, 1946
•B
Nov. 1, 1946
H
Dec. 1, 1946
Jan. 1, 1947
V%
Feb. 1, 1947
14
Mar. 1, 1947
14
Apr. 1, 1947
14
June 1, 1947
14
July 1, 1947
• • 14
Treasury notes
1/4
Dec. 15, 1946
Mar. 15, 1947
134
Sept. 15, 1947
Sept. 15, 1947
1/4
Sept. 15, 1948
Treasury bonds
Oct. 15, 1947-52.. 4/4
2
Dec. 15 1947
Mar. 15, 1948-50.. ..2
Mar. 15, 1948-51.. 254
1 54
June 15, 1948
Sept. 15, 1948
.
..2
15,
1948-50..
Dec.
June 15, 1949-51.. . . . 2
Sept. 15, 1949-51.. . . . 2
Dec. 15, 1949-51.. . . 2
i Sold on discount basis.
p. 901.
AUGUST
1946
1,309
1,308
1,301
1,314
1,313
1,313
1,310
1,310
1 306
1,308
1,315
1,311
1,305
2,470
4,336
3,440
3,778
3,768
3,330
4,954
3,133
2,820
2,775
2,916
3,261
1,948
2,707
1,687
3,748
759
701
Issue and coupon rate
Amount
Month
Treasi ury bonds—Cont.
491
Dec. 15, 1949-52... 3 H
1,786
Dec. 15, 1949-53... 2J4
1,963
Mar. 15, 1950-52
2
1.186
Sept. 15, 1950-52...234
4,939
Sept. 15, 1950-52
2
2,635
Dec. 15, 1950
134
1,627
June 15, 1951-54.. .2%
7,986
2
Sept. 15, 1951-53
755
Sept. 15, 1951-55
3
1,118
Dec. 15, 1951-53... 2lA
510
Dec. 15, 1951-55
2
1,024
Mar. 15, 1952-54... 234
5,825
June 15, 1952-54
2
1,501
June 15, 1952-55...2M
8,662
Dec. 15, 1952-54
2
725
June 15, 1953-55
2
681
June 15, 1954-56...2M
2,611
Mar. 15, 1955-60...2 %
1,449
Mar. 15, 1956-58...23^
982
Sept. 15, 1956-59... 25^
3,823
Sept. 15, 1956-59...2U
919
15,
1958-63...
2
%
June
June 15, 1959-62... 2 %' 5,284
Dec. 15, 1959-62...2 %
3,470
Dec. 15, 1960-65... 2 54 1,485
June
2,118
15, 1962-67... 234
Dec. 15, 1963-68...234
2,831
June 15, 1964-69... 2 34 3,761
Dec. 15, 1964-69... 234
3,838
5,197
Mar. 15, 1965-70...234
3,481
Mar. 15, 1966-71... 234
7,967
June 15, 1967-72...234
2,716
Sept. 15, 1967-72... 234
Dec. 15, 1967-72... 2M 11,689
Postal Savings
bonds
234
1,115 Conversion bonds.... 3
1,223 Panama Canal loan. .3
3,062
451
571
UNITED STATES SAVINGS BONDS
[In millions of dollars]
116
13
50
Total direct issues.... 187,596
1,014 Guaranteed securities
1,292
Federal Housing Admin.
2,098
Various
43
See table on Open-Market Money Rates,
1945—Jan
Feb.. . .
Mar....
Apr.. . .
May...
June...
July...
Aug
Sept....
Oct....
Nov
Dec...
1946—Jan
Feb....
Mar....
Apr.. ..
May...
June...
July. ..
RedempAmount Funds received from sales during tions and
maturities
outmonth
standing
at end of
All
All
Series Series Series
month
G
E
F
series
series
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
48,828
48,917
49,035
49,320
1,074
848
889
838
804
653
712
684
1,195
1,468
1,032
1,184
1,254
571
420
510
865
908
42
31
27
23
63
178
47
22
18
8
54
83
228
164
151
130
282
532
215
107
76
107
265
262
1,540
2,178
1,295
559-
960
622
626
668
594
571
753
641
367
371
388
345
321
387
40
30
27
30
24
24
31
278
225
228
251
225
226
335
565
634
621
552
519
537
700
514
625
341
323
464
404
426
403
428.
531
528
616
533
629-
Maturities and amounts oustanding, July 31, 1946
Year of
maturity
1946
1947
1948
1949
1950
1951
1952
1953
. .
1954
1955
1956
1957
1958
. .
Unclassified. .
Total
All
series
195
425
500
802
985
1,616
4,661
8,441
11,210
10,019
5,572
3,052
1,908
-66
49,320
Series
B-D
195
425
500
802
985
438
3,346
Series
E
1,178
4 661
7,068
8,377
7,004
2,128
30,415
Series
F
Seriei
G
211
572
641
720
575
195
1,163
2 261
2,374
2,724
2 477
1,712
2,914
12,711
905
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by banks
Total
interestbearing
securities
End of month
1942—June
December
1943—June
December
1944—j une
December
1945—June
1945—September
October
November
December
1946—January
February
March
April
May
76,517
111,591
139,472
168,732
201,059
230,361
256,766
260,156
259,980
263,386
276,246
278,001
278,451
275,290
273,244
271,983
Commercialx
banks
Federal
Reserve
Banks
26,000
41,100
52,200
59,900
68,400
77,700
84,100
83,700
84,400
85,900
90,100
92,000
92,500
89,000
88,600
86,900
2,645
6,189
7,202
11,543
14,901
18,846
21,792
23,328
23,276
23,472
24,262
23,264
22,904
22,601
22,732
22.932
Total
28,645
47,289
59,402
71,443
83,301
96,546
105,892
107,028
107,676
109,372
114,362
115,264
115,404
111,601
111,332
109,832
Held by non bank investors
Total
47,872
64,302
80,070
97,289
117,758
133,815
150,874
153,128
152,304
154,014
161,884
162,737
163,047
163,689
161,912
162,151
Individuals
18,200
23,800
30,300
37,100
45,100
52,200
58,500
59,500
59,300
62,000
63,600
63,700
63,700
63,800
r
63,300
63,300
Insurance
companies
Mutual
savings
banks
9,200
11,300
13,100
15,100
17,300
19,600
22,700
22,500
22,400
22,200
24,400
24,700
24,800
25,000
25,000
25,200
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,000
10,000
9,800
10,700
10,900
11,100
11,200
11,300
11,300
Other
corporations
and
associations
State
and
local
governments
U. S. Government agencies
and trust funds
Special
issues
Public
issues
5,400
11,600
15,700
20,100
25,700
27,600
29,900
28,900
28,300
27,800
29,900
29,300
29,000
29,200
r
27,7OO
27,500
600
800
1,300
2,000
3,200
4,300
5,300
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,519
20,577
20,710
20,000
2,737
3,218
3,451
4,242
4,810
5,348
6,128
6,123
6,175
6,134
7,038
7,043
7,061
7,046
7,045
7.048
5,500
5,500
5,300
6,300
6,400
6,400
6,400
6,400
6.400
20,655
20,897
21,135
21,224
21,481
r
1
Revised.
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 600 million on
May 30, 1946.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Public marketable securities. ^ar values in millions of dollars]
End of month
Total: 2
1945—Oct...
Nov. .
Dec...
1946—Jan.. .
Feb.. .
Mar. .
Apr...
May..
Total
outstanding
182,829
185,151
198,820
199,672
199,849
197,104
195,120
193,529
U. S.
Govern- Fedment eral
agen- Recies serve
and Banks
trust
funds
Commercial
banks
Mu- Insurtual
sav- ance Other
ings combanks panies
6,146 23,276 77,547
6,104 23,472 78,935
7.009 24,262 82,830
7,014 23,264 84,700
7,030 22,904 85,192
7,016 22,601 81,861
7,014 22,732 81,477
7,018 22,932 79,884
9,847 21,501 44,512
9,587 21,375 45,679
10,491 23,183 51,046
10,726 23,758 50,210
10,871 23,895 49,957
10,955 24,008 50,663
11,026 24,060 48,811
11,087 24,229 48,379
0)
Treasury bills:
1945—Oct... 17,026
Nov. . 17,026
Dec... 17 037
1946—Jan.. . 17,'042
Feb
17,032
Mar. . 17,047
Apr... 17,054
May.. 17,041
21
18
5
6
14
9
8
7
1,978
2,306
2,476
2,387
2,396
1,512
1,875
1,715
6
14
2
8
1
6
Certificates:
1945—Oct.. .
Nov. .
Dec...
1946—Jan.. .
Feb.. .
Mar. .
Apr...
May..
35,021
35,021
38,155
41,502
41,413
40,399
38,408
36,828
77 7,206 16,230
62 7,800 16,358
38 8,364 18,091
51 8,047 21,380
58 7,546 21,716
73 6,954 20,618
69 6,505 19,598
75 6,395 18,157
221
171
91
101
119
179
205
211
553
561
360
390
531
573
549
579
Treasury notes:
1945—Oct...
Nov. .
Dec...
1946—Jan.. .
Feb.. .
Mar..
Apr...
May..
23,498
23,498
22,967
19,551
19,551
18,261
18,261
18,261
80 1,920 15,834
71 2,102 15,678
8 2,120 15,701
8 1,405 13,652
7 1,373 13,625
9 1,463 12,292
9 1,663 12,071
13 1,738 11,828
258
223
179
176
184
211
211
224
591
607
576
546
538
520
527
584
Guaranteed
securities:
1945—Oct.. .
Nov. .
Dec.
1946—Jan.. .
Feb...
Mar..
Apr.
May..
39
39
41
39
39
40
41
42
12
13
11
12
12
13
11
14
2
3
3
3
3
3
3
3
13
14
14
13
13
13
13
12
7
7
7
7
8
8
8
9
13,172
12,593
12,831
12,866
13 038
13,280
13,661
13,896
i1
1
i
End of month
Treasury bonds:
Total:
1945—Oct.. .
Nov. .
Dec...
1946—Jan.. .
Feb...
Mar. .
Apr...
May..
Maturing within
5 years:
1,850
1945—Oct.. .
2,094
Nov
1,723
1,783
Dec...
1946—Jan.. .
1,584
Feb...
2,239
Mar. .
1,502
Apr...
1,421
May..
Maturing in 5-10
10,735 years:
1945—Oct.. .
10,070
Nov. .
11,211
Dec...
11,532
1946—Jan.. .
11,442
Feb...
12,003
Mar. .
11,483
Apr...
11,410
May..
Maturing in 10-20
4,815 years:
1945—Oct...
4,817
Nov. .
4,383
Dec...
3,764
1946—Jan...
3,824
Feb...
3,765
Mar. .
3,779
Apr...
3,874
May..
Maturing after 20
4
3
6
4
4
3
6
4
1945—Oct...
Nov. .
Dec...
1946—Jan...
Feb.. .
Mar. .
Apr...
May..
Total
outstanding
107,049
109,371
120,423
121,358
121,635
121,177
121,177
121,177
U. S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
sav- ance Other
agen- Recial
cies serve banks ings combanks panies
and Banks 0)
trust
funds
5,926
5,911
6,915
6,905
6,909
6,882
6,884
6,877
977
977
947
947
947
903
903
903
43,477
44,564
46,535
47,253
47,429
47,414
47,908
48,155
9,360
9,176
10,217
10,445
10,565
10,561
10,599
10,647
20,343 26,964
20,192 28,551
22,230 33,579
22,807 33,000
22,812 32,974
22,896 32,523
22,972 31,912
23,052 31,541
7,725
8 214
10,879
10,879
10,879
11,613
11,613
11,613
379
456
481
478
478
561
561
561
5,177
5,387
7,282
7 360
7,320
7,887
8,019
8,009
184
173
161
169
159
174
179
189
304
277
257
258
257
288
268
264
1,681
1 917
2^697
2,613
2,666
2,701
2,585
2,586
49,180
49,180
46,484
46,484
46,484
45,261
45,261
45,261
1,396
1,386
1,340
1,323
1,321
1,154
1,153
1,148
31,241
32,125
31,317
31,776
31,901
31,247
31,502
31,668
2,970
2,705
2,460
2,230
2,128
2,052
2,000
1,963
4,066
3,945
3,840
3,735
3,697
3,603
3,513
3,464
9,506
9,021
7,534
7,418
7,444
7,202
7,092
7,019
16,748
16,880
20,532
20,643
20,692
20,701
20,701
20,704
985
907
967
970
972
973
975
974
4,451
4,371
5,406
5,479
5,541
5,596
5,687
5,729
2,928
2,966
3,298
3,427
3,476
3,422
3,484
3,438
2,505
2,458
2,995
3,054
2,986
3,012
3,100
3,146
5,880
6,178
7,865
7,711
7,718
7,696
7,454
7,414
33,394
35,095
42,526
43,350
43,577
43,600
43,600
43,598
4,140
4,139
5,073
5,082
5,086
5,098
5,100
5,100
2,609
2,679
2,532
2,634
2,669
2,679
2,695
2,744
3,277
3,333
4,300
4,617
4,802
4,909
4,936
5,054
13,466
13,511
15,141
15,759
15,871
15,991
16,090
16,179
9,900
11,432
15,482
15^257
15,150
14,922
14,783
14*,523
sanies
for certain dates are shown in the table above.
1
Including stock savings banks. On May 31, 1946, commercial banks reporting to the Treasury held 26,829 million dollars of U. S. Government securities due or callable within one year out of a total of 65,972million outstanding.
2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
906
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 1944...
June 1945...
June 1946. . .
MisChange
Transin
Income taxes1 cella- Social
Trust
Na- fers to Other Total
neous Secu- Other Total Net Intertional trust
exbudget Defi- counts, geninter- rity
rere- 3 est
reeral
on
acpendideexpendcit
4
nal
ceipts ceipts ceipts debt fense counts, tures itures
fund
etc.
reve-1 taxes
Withbaletc.
held* Other nue
ance
,039
8,393 26,262 5,291 1,751 3,711 45,408 44 ,149
556 3,540 93,744 49 ,595 -4,051 +10,662 64,307
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
9,392 21 ,493 7,725 1,714 3,915 44,239 43 ,038 4,722 48,542 1,918 9,837 65,019 21 ,981 +781 -10,460 10,740
1945—July
August. . .
September.
October...
November.
December.
669
1,200
768
572
1,076
707
1,073
466
3,440
1,021
449
2,659
718
877
573
689
602
516
66
306
69
58
257
69
228 2,754
432 3,281
342 5,192
241 2,581
225 2,609
170 4,122
1946—January..
February. .
March
April
May
June
July
554
1,086
658
485
966
650
514
2,201
1,704
4,180
1,118
645
584
649
642
615
615
695
51
310
100
65
285
76
6
397
191
176
424
690
399
349
442
2,742
974
3,848
3,875
5,762
2,734
2,998
4,482
2,600
2,695
2,997
5,189
2,530
2,374
4,118
7,325
6,399
5,367
5,126
4,226
4,245
530
162
34
38
546
694
563
615
346
384
309 3,417
3,819
118 2,702
3.678
646 2,550
5,747
174 2,560
2,677
106 2,182
2,733
4,479 1,395 2,442
249
2,539
1,190
684
148
23
200
95
5
631
482
543
1,383
1,316
1,294
1,671
2,444
156
99
647
172
84
817
Period
Net
receipts
1945—July
August....
September.
October
November.
December..
1946—January. . .
February..
March
April
May
June
July
Other
Net expenditures
in checking accounts of
ExInvest- pendiGovernments tures
ment
agencies
5,862
4,357
1,422
3,420
2,282
1,327
4,891 1,073
3,510 + 168
4,602 +1,146
4,251 1,573
,677
944
5,513 1,034
4,514 1,975
-116 -2,615 3,362
- 5 0 -3,451
956
- 9 5 -2,497 -980
+302 - 3 , 3 2 1 -203
+390 + 1,632 3,524
+ 113 +11,558 12,773
-276
+39
+462
+254
-139
-103
+918
-577
+534
-1,593
-3,433
-2,398
-4,298
-2,209
772
327
-3,201
-2,114
-1,316
-3,161
-1,152
Assets
Balance
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
20,775
25,119
14,708
,442
,500
,006
18.007
22.622
12,993
1,327
997
708
607
421
470
20,169
24,698
14,238
Investments
Expenditures
Total
1,851
3.820
4,726
1,313
2.444
2,407
192
-571
'2,550
Receipts
8,557
7,354
6,611
5,950
4,656
5,445
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
Fiscal year ending:
June 1944....
June 1945
June 1946
Increase
in
gross
debt
Other
assets
Total
liabilities
general
fund
3,202
3,239
2,940
2,816
2,757
1,261
380
453
1,618
4,403
1.178
-952
312
543
52
132
419
54
203
239
241
-66
38
198
51
56
91
146
143
149
222
-26
51
-274
-79
-395
579
336
407
284
295
260
441
172
163
80
65
54
89
487
9
228
158
195
22,469
19,018
16,582
13,307
14,849
26,520
,252
,300
,755
,124
,372
,674
20,303
16,874
13,989
11,389
12,694
24,044
914
844
839
794
784
802
386
387
447
494
404
517
22,082
18,631
16,134
12,813
14,445
26,003
-36
-13
87
-60
72
359
103
178
178
174
155
158
140
137
-9
9
810
393
181
326
390
r466
5
586
583
225
72
133
165
253
5778
548
309
85
-18
419
25,851
26,414
24,743
21,293
18,859
14,708
12,444
,011
,209
,160
,124
,230
1,006
702
24.030
24,447
21,776
19,502
16,949
12,993
10,961
810
758
807
667
681
708
781
424
453
376
359
323
470
415
25,427
25,961
24,367
20,935
18,536
14,238
12,029
178
355
64
135
465
232
276
r
-635
-4
181
8
s-1,704
r
Revised.
1
Details on collection basis given in table below.
* Withheld by employers (Current Tax Payment Act of 1943).
8
Total
receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust
4
Excess of receipts (4-) or expenditures (—).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
5
Adjustment in classification.
fund.
Not comparable with back figures.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
In millions of dollars]
Income taxes
Period
Total
Fiscal year
June
Tune
June
ending
1944... 33,028 10,254 7,038
1945... 35,062 8,567 10,263
1946... 31,258 8,430 9,857
* 1945—June
July
August
September. .
October
November. .
December...
1946—January
February. . .
March
April
May
June
1
Current Withindi- held 1
vidual
4,025
2,242
1,916
3,553
2,031
1,856
2,742
1,127
318
87
1,112
271
41
539
46
1,249
1,461
32
1,094
1,405
27
604
3,189 1,670
3,206
949 1,848
4,320 1,821
154
1,703
460
708
1,663
136 1,245
2,837 1,026
30
Victory
tax
Miscellaneous internal revenue
Current Back Excess Other
profits Total
corpo- taxes profits
taxes taxes
ration
785 4,763
1 4,422
705 9,345
661 11,004
858
161
74
768
191
105
660
79 1,895
75
429
62
228
46 1,584
47
421
50
248
105 1,398
21
8
5
11
6
6
13
572
791
824
531
706
605
512
151
-3
933
104
52
703
222
536
236
173
134 1,268
324
102
157
69
994
68
6
4
9
5
3
16
643
597
639
614
641
611
3,902 1,155 7,822
1
-1
137 5,353
144 6,960
91 7,713
ManufacCapi- Estate Alcoholic
To- Stamp turers'
and bevertal
and
bacco
stock gift
taxes taxes retailers'
tax
taxes t age
excise
taxes
381
372
352
105
209
7
30
511 1,618
643 2,310
677 2,526
988
932
1,166
Miscellaneous
taxes
729 1,075
1.207 1,430
1,414 1,490
62
49
69
34
44
44
45
191
198
199
198
243
230
188
93
84
108
101
120
98
62
104
121
102
93
122
112
107
116
228
132
93
140
113
102
61
54
84
66
64
63
221
210
212
214
214
198
96
89
99
96
113
100
136
142
113
111
123
131
121
93
120
119
119
110
Withheld by employers (Current Tax Payment Act of 1943).
AUGUST 1946
907
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
Corporation or agency
Total
All agencies:
June 30, 1945
Sept. 30, 1945
Dec. 31, 1945
Mar. 31, 1946
:ash
33,552
700
34,247
815
33,844
925
33,325 1,279
Classification by agency,
Mar. 31, 1946
Department of Agriculture:
Farm Credit Administration:
248
Banks for cooperatives
334
Federal intermediate credit banks..
1,200
Federal land banks
124
Production credit corporations....
15
Regional Agricultural Credit Corp..
456
Farm Security Administration. . . .
26
Other'
151
Federal Farm Mortgage Corp
432
Rural Electrification Administration.
Commodity Credit Corp
1,401
7
Federal Crop Insurance Corp
3
Federal Surplus Commodities Corp.. .
National Housing Agency:
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 HousingAuthority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
5,544
5,409
5,290
5,069
20
10
43
1
12
55
1
9
4
521
4
3
183
279
998
18
2,507
2,487
2,288
1,918
U. S. PriBonds, notes,
Gov- vately
Land,
and debenern- owned
struc- Undis- Other tures payable
ment
Other
tures, tribinterasinterliabiland
U. S.
uted
est
Fully
est
ities
equip- charges sets guarGovt. Other
secusecu- rities ment
anteed Other
rities
by U.S.
Investments
1,679
1,756
1,683
1,789
43
43
135
73
'781
163
15
553
64
172
7
38
285
1
21
7
26
1,943
1,163
1,135
1,113
1,133
267
797
49
965
27
27,266
27,610
27,492
26,218
240
65
132
124
14
451
5
25
1
143
4
432
(2)
1,163 -255
3
3
3
37
(2)
459
465
472
479
234
100
818
18
225
62
1
213
39
4,162
4,486
4,212
4,959
124
103
951 1,046
()
279
5
80
2
3
77
502
551
555
536
492
166
42
1,811
2,154
1,845
460 1,741
772
442
472
20,164
20,816
21,017
20,784
50
153
304
13
30
17
2
12
31
39
375
368
325
285
2
322
23
137
422
31
168
849
338
Reconstruction Finance Corporation*. . 9,832
Office of Emergency Management: 6
8,910
War Shipping Administration
14
Office of Inter-American Affairs
311
Export-Import Bank
997
Federal Deposit Insurance Corp
271
Federal Works Agency
747
Tennessee Valley Authority
3,716
U. S. Maritime Commission
All other
CommodiLoans ties,
supreceiv- plies,
and
able
materials
551
63
134
7
32
32
6,794
486
1,712 8,121
7,818
()
620
955 7,955
5
9
2
309
698
160
271
(2)
740
141 3,575
65 1,878
2
11
43
3
334
30
146
721
3,224
1,752
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1946
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural
Elec- Farm
Fed. Farm
Secufor co- modity trificaland Mort. mediCredit
rity
ate
operation
banks Corp. credit tives Corp.
Adm.
Adm.
banks
1,070
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses.
72
Total loans receivable
(net)
998
206
279
183
31
422
Home
Owners'
Loan
Corp.
Fed.
Public
Housing
Auth.
Fed. R . F . C . Exporthome
and
Imloan
affiliport
banks ates
Bank
475
153
70
(2)
137
279
(2)
1
183
31
422
152
13
322
781
285
285
153
All
agencies
Dec.
31, 1945,
all
agencies
2,878
; 95
31
148
1
2,816
825
178
151
18
49
196
200
223
232
10
"(2)"'
114
127
25
185
545
715
438
40
227
526
707
438
213
5,069
5,290
(2)
794
All
other
15
32
267
316
4
"279'
(2)
(2)
985
279
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
* 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
9630,5 and War Damage Corporation.
All assets and liabilities of the Smaller War Plants Corp. have been transferred to the Reconstruction Finance Corp. and the Department
of Commerce.
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.
908
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year
and
month
Income
payments
(value)1
1935-39
= 100
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
122.9
1929
1930
. , 109.1
92.3
1931
70.6
1932
68.9
1933
78.7
1934.....
87.1
1935
101.3
1936
107.7
1937
98.5
1938. .'
105.4!
1939
113.5
1940
138.0
1941
174.6
1942
213.0
1943
233.4
1944
P239.1
1945
1943
206.9
March
208.8
April
209.4
May
212.8
June
214.8
July
August... . 216.7
216.8
September
October. .. 219.3
222.9
November.
224.7
December
1944
227.2
January...
232.4
February..
231.9
March....
231.1
April
232.1
May
233.9
June
233.2
July
234.0
August
232.5
September
October. .. 235.5
November. 237.5
239.0
December
1945
241.9
January...
245.2
February..
244.1
March
242.3
April
241.9
May
244.6
June
243.4
July
236.0
August
229.0
September
231.4
October...
November. 235.7
December. 234.1
1946
233.5
January
February.. 231.7
234.7
March
236.4
April
P240.2
May
June
Construction
contracts
awarded (value)3
1923-25 =100
Industrial production
(physical volume)* 2
1935-39=100
Manufactures
Total
Durable
Nondurable
Min- Total
erals
Residential
All
other
Employment4
1939=100
Nonagricultural
Factory
DepartFac- Freight ment Wholesale Cost o
tory carload- store
com- living4
sales modity
pav
ings*
(val-8 prices4 1935-39
rolls* 1935-39
= 100
1939 = = 100 ue)*
1926
1935-39 =
100
100
= 100
AdAdAd- Unad- AdAdAdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
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
11
125
129
132
140
137
63
63
56
79
84
94
122
129
129
135
117
92
6;
28
25
32
37
55
59
64
72
81
122
166
68
41
68
44
30
44
68
81
95
124
121
11
126
81
50
3
13
11
12
21
37
41
45
60
72
89
82
40
16
26
79
90
65
88
86
94
120
135
139
142
14
125
84
40
3
48
50
70
74
80
81
89
149
235
9
61
102
102.6
95.5
86.1
75.5
76.0
83.8
87.6
94.9
100.9
94.4
100.0
104.
117.5
126.
130.9
127.5
121.8
235
237
239
237
240
242
244
247
247
241
232
236
239
238
241
245
248
249
247
239
351
356
359
358
360
365
368
374
376
365
174
175
176
177
177
178
179
179
180
174
133
131
129
117
134
135
138
136
133
137
85
63
52
45
60
59
65
49
60
61
42
33
31
32
36
35
35
34
37
35
119
87
68
55
80
79
89
61
78
81
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.2
130.1
243
244
241
239
236
235
230
232
230
232
232
232|
240
240
238
237
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
55
45
40
36
33
34
38
41
39
42
46
51
29
21
17
17
16
15
14
13
13
13
13
14
76
64
59
52
46
50
57
63
61
65
73
81
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
48
59
72
70
58
50
54
61
69
83
94
108
14
13
15
18
20
22
23
24
26
36
44
56
160
152
168
165
159
156
148
164
163
159
P171
166
138
183
191
175
J»192
161
166
165
163
160
P161
141
141
138
104
115
107
136
147
170
169
P176
61
95
129
172
179
P185
p
P141
Adjusted
Unadjusted
Unadjusted
•103.8
104.2
79.8
88.2
101.0
93.8
97.1
98.9
96.8
96.9
103.1
89.8
75.8
64.4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
177.7
172.4
149.5
103
123
79
85
108
101
106.6
109.0
107.9
109.1
117.1
94.7
71.8
49.5
53.1
68.3
78.6
91.2
108.8
84.
100.0
114.
167.5
245.2
334.4
345.7
288.4
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
149
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
175.1
176.2
176.9
179.0
180.1
180.2
179.6
180.6
181.5
179.9
174.6
175.4
175.8
178.3
180.2
181.4
180.8
181.4
181.9
180.3
318.0
324.9
330.4
336.1
335.8
343.1
349.5
354.9
359.7
350.7
138
136
135
127
141
140
140
137
139
143
161
160
159
168
169
166
166
172
176
168
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
130.0
129.6
128.9
128.0
127.7
127.7
127.5
127.3
126.5
125.7
125.3
125.7
178.8
178.5
176.6
174.5
173.3
172.5
171.4
170.9
169.3
168.1
167.3
168.0
178.3
178.0
176.2
173.8
172.3
172.2
171.9
172.0
170.1
168.5
167.7
168.3
351.6
352.7
350.5
345.0
345.3
346.6
339.6
343.1
341.9
343.8
341.0
346.7
145
142
140
138
138
139
142
142
139
137
141
137
174
173
183
174
183
177
189
187
187
193
204
197
103.3
103.6
103.8
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
126.1
126.4
126.5
126.5
126.6
127.0
75
96
118
112
89
73
79
91
104
121
134
150
126.6
126.7
126.7
125.1
124.4
123.5
122.7
121.5
115.8
115.4
116.4
117.3
168.1
168.0
166.5
163.8
160.8
157.2
151.7
147.6
127.8
127.2
127.8
128.1
167.7
167.5
166.0
163.0
159.8
156.9
152.1
148.7
128.5
127.6
128.2
128.4
345.6
344.8
341.7
333.3
318.7
314.6
298.7
267.3
224.2
222.9
222.9
226.2
144
139
145
141
141
140
139
128
127
118
133
127
198
210
220
182
189
202
218
200
200
213
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
145
169
161
168
161
P169
119.7
118.4
121.0
122.2
123.3
124.0
130.7
122.4
130.3
136.7
138.1
P138.7
130.2
121.9
••129.9
••136.0
137.0
P138.4
229.2
210.5
'232.9
'248.5
246.2
133
126
139
109
106
133
228
254
263
250
107.1 129.9
107.7 129.6
108.9 130.2
110.2 r131.1
111.0 ••131.7
112.9 133.3
••256
275
r
* Average per working day.
Preliminary.
Revised.
Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 910-913. For points in total index, by major groups, see p. 929.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 917 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.
6
For indexes by Federal Reserve districts and other department store data, see pp. 919-921.
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, October 1945, p. 1055, and May 1946, p. 529; for department
stores sales, June 1944, pp. 549-561.
1
2
8
AUGUST
1946
909
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
I Index numbers of the Board of Governors.
1935-39 average = 100]
1945
1946
Industry
May
June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
May
June
P170
Industrial Production—Total
225
220
210
186
167
162
168
163
160
152
168
165
159
Manufactures—Total
240
233
222
194
173
168
173
169
163
154
173
176
167 p/75
323
308
292
239
194
186
191
185
166
138
183
191
175
P192
204
192
187
155
163
146
167
164
102
43
169
159
109
154
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
293
100
108
95
199
48
46
38
106
168
176
161
286
142
175
148
363
86
126
'98
144
168
143
341
405
393
371
310
230
232
231
232
217
'188
'207
225
230
....
610
572
535
405
273
258
252
217
220
199 '209
'245
239
P236
Automobiles
(Aircraft: Railroad cars; Locomotives; Shipbuild-
218
207
188
142
105
120
137
95
107
98 1 1 4
162
162
P166
248
219
196
165
139
144
148
147
151
139
141
132
130
P137
188
184
183
171
150
148
147
140
140
128
123
109
109
P110
272
234
202
162
135
143
148
150
155
144
148
141
139
118
116
110
107
98
91
96
92
108
119
125
130
129
P130
108
104
98
98
89
76
83
72
108
134
124
115
120
123
138
123
131
135
139
117
123
138
95
142
144
142
P122
P145
162
166
169
160
161
161
158
164
172
185
192 '190
179
176
193
177
200
186
175
181
216
43
223
95
121
61
218
97
110
79
243
97
110
50
235
106
116
4
235
113
119
3
244
119
124
209
29
247
131
144
106
255
149
144
221
214 '193
61
220
85
115
62
240
93
117
190
136
251
152
150
130
243
152
148
119
240
Durable Manufactures
Iron and Steel
Pig iron
Steel
.
Ooen hearth
Electric
Machinery .
. . ..
Transportation Equipment
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum* IVIaErnesium* TinH
Fabricating
(Copper products; Lead shipments: Zinc shipments; Aluminum products; Magnesium
Lumber &nd Products
...
Lumber
Furniture
Stone Clay, and Glass Products
Glass products
Plate glass
Glass containers . . . .
.
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
168
295
Nondurable M a n u f a c t u r e s
Textiles and Products
Textile fabrics
Cotton consumption
Ravon deliveries
NVlon and silk consumotion 1
^Wool textiles
Carpet wool consumption.. . .
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
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
r
Revised.
*» Preliminary.
910
179
287
162
260
172
220
177
218
181
215
182
217
197
199
201 204 202
197 '217 '221
176 P189
133
213
128
140
P147
187 P194
226 P240
173
173
165
157
156
154
158
156
161
166
165
163
160
P161
150
150
132
134
144
141
146
143
151
159
162 '161
164
P165
138
138
121
123
134
131
135
123
220
138
215
128
215
149
144
220
133
226
125
228
140
150
148
142
221
123
213
132
152
117
127
142
144
147
138
233
146
234
147
241
144
245
149
246
171
173 '169
138 122
229 224
174 1 7 1
176 172
135
231
176
180
171
169
170
134
130
126
120
115
105
140
84
62
135
84
54
125
74
49
118
58
172
136
145
82
186
154
158
93
191
156
156
149
40
234
152
162
33
185
124
129
150
42
243
151
161
89
193
160
163
104
184
156
159
110
200
158
160
135
222
175
177
137
156
152
154
171
155
170
146
137
117
125
149
156
165
161
129
136
144
149
121
127
109
108
119
115
119
109
98
137
97
56
128
79
50
112
75
47
112
132
91
62
132
126
Manufactured Food Products
172
298
'319
153
154
153
112
116
111
117
133
107
109
114
121
89
46
126
125
83
51
131
92
49
146
138
173 1 7 4
152
240
174
176
145
116
140
120
139
109
115
131
92
54
151
118
144
143
150
153
154
159
155 '151
127
129
133
136
149
163
122
120
100
P146
P145
P154
P120
201
149
146
127
63
208
155
156
P131 P116 P117 P122
65
59
59
59
58
P129
181
222
P148
85
75
171
160
166
163
166
140
133
141
129
155
125
97
52
137
132
133
109
130
114
151
123
153
151
147
138
140
138
135
130
P133
P143
87
90
P148
175
196
179
206
132
141
89
135
134
144
142
146
136
126
144
95
128
103
142
116
133
151
110
120
165
179
125
72
99
159
197
134
143
136
151
130
155
131
153
158
171
138
189
135
138
148
146
99
64
148 1 3 4
144 141
65
142 P138
62
P99
150
131
153
144
173
163
178
140
130
157
101
151
90
97
65
80
157
72
132
68
94
60
126
146
122
205
153
87
105
87
184
149
132
120
85
^Series included in total and group indexes but not available for publication separately
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
Industry
May June July Aug. Sept. Oct. Nov. Dec
Jan. Feb. Mar. Apr. May June
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
P\50
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
165
143
145
174
164
140
143
174
165
153
139
173
161
151
132
169
160 P156
136
139
193
173
192
201
216
212
231
238
176
169
155
139
0
61
291
139
0
57
318
147
199
448
293
149
55
399
181
52
236
365
182
70
218
420
199
83
223
427
197
130
274
343
199
131
431
396
197
125
524
416
127
100
370
401
117
96
356
409
109
60
352
387
123
Industrial Alcohol from Beverage Plants1..
Tobacco Products
150
160
167
154
112
143
156
161
154
163
153
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
69
110
217
65
109
205
69
110
219
71
108
200
76
141
142
135
131
143
143
142
134
133
140
148
146
142 P145
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
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
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
13?
140
140
86
130
131
93
102
167
125
130
145
81
134
146
128
86
136
144
96
104
203
130
135
155
82
139
141
135
86
143
156
98
111
239
132
141
165
82
144
149
138
86
141
155
96
112
235
131
139
166
85
144
143
126
86
138
150
92
100
223
133
136
160
84
141
143
128
83
139
164
85
143
142
132
83
105
106
114
112
118
123
127
126
124
129
85
85
102
108
110
108
108
116
273
269
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
164
123
157
131
171
129
180
129
176
130
190
130
172
141
183
133
172
135
161
168
161
406
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
116
111
296
91
85
295
151
145
337
113
116
73
75
14
'270
319
318
307
265
239
230
228
230
234
232
232
235
131
134
240
407
134
132
243
412
139
130
243
409
133
122
222
368
136
126
237
386
139
124
238
371
142
124
244
370
142
127
246
378
145
130
251
384
147
126
255
148
122
256
382
143
150
123
123
260 P261
392
393
387
P145
P122
P264
P399
224
222
218
193
172
191
192
205
215
216
221
219
215
P221
Minerals—Total .
138
144
143
140
134
124
138
133
141
141
138
104
115
I 41
Fuels
143
150
148
146
139
126
143
137
146
149
145
108
123 P150
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
159
114
144
152
160
121
147
159
168
125
138
32
10
121
60 P156
P&6
125
110
109
109
105
106
109
109
108
108
95
93
167
168
168
162
161
164
163
159
159
135
133
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
Rubber Products. . .
Coal
Bituminous coal.
Anthracite
Crude petroleum....
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
139
109
96
P267
P184
P172 P166 P161 P171
P!56
30
51
P39
P41
P37
233 P239
P154
146
P148
81
v68
112
89
P86
P39
P34
r
Revised.
J» 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 B U L L E T I N
for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1
AUGUST 1946
911
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
Industry
1946
May June July Aug. Sept. Oct. Nov. Dec
|
!
Jan. Feb. Mar. Apr. May June
Industrial Production—Total.
225
220
211
188
171
164
167
161
156
148
164
163
159
P171
Manufactures—Total
240
234
223
196
177
171
173
167
160
'150 170
174
166
P176
U6
323
308
292
240
195
187
192
184
164
182
190
176 P!93
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
204
192
187
155
163
146
167
164
102
43
169
159
109 P154
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
164
172
155
293
100
108
95
199
168
176
161
286
142
86
175 -•126
148 '98
363 '319
Machinery
405
371
310
230
232
232
217
48
46
38
106
'188
610
572 535 405
273
258
252
217
220
199 '209 '245 239
P236
218
142
105
120
137
95
107
98
162
P166
196
165
139
148
147
151
139
141
132
130
'137
150
148
148
141
140
128' 123
109
109
P109
143
148
150
155
144
148
141
139
Durable Manufactures.. .
225
144
168
143
341
230 P241
Manufacturing Arsenals and Depots *
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products
248
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.
219
189
183
182
171
272
234
202
162
135
120
121
116
113
104
94
95
86
99
110
120
129
131
P137
112
138
113
138
107
134
108
124
98
115
82
120
81
123
63
131
80
135
95
139
108
142
122
144
126
142
P133
P145
184
'187 184
167
166
168
165
166
167
162
159
163
174
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. .
Abrasive and asbestos products.
Other stone and clay products *.
190
61
235
89
115
169
295
175
43
221
102
120
175
186
62
230
102
115
179
287
183
61
227
110
113
J62
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
134
190
199
210 221 214
106 136 130
247 251 243
113 125 145
138 143 144
191 197 198
197 '217 '221
204
133
228
135
140
190
226
P240
Nondurable Manufactures . .
172
173
167
159
161
158
158
154
157
162
161
160
159
P161
134
144
141
146
143
151
159
162
131
128
215
135
133
226
132
125
228
140
138
233
149
146
234
150
147
241
148
144
245
152
149
246
Stone, Clay, and Glass Products
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption x . .
Wool textiles
Carpet wool consumption..
Apparel wool consumption.
Woolen and worsted yarn..
Woolen yarn
Worsted yarn
Woolen and worsted cloth.
150
150
132
138
142
1
138
144
220
121
123
220
123
213
134
138
215
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
158
160
154
155
171
135
222
175
177
171
170
173
138
229
174
176
171
173
'169
122
224
171
172
169
-174
174
135
231
176
180
170
176
Leather and Products.
121
126
107
107
118
113
117
111
117
137
134
•130
126
115
132
87
61
142
126
116
132
99
57
135
132
103
120
78
49
123
109
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
49
132
109
115
134
90
54
140
118
136
157
104
67
160
138
119
140
82
62
144
144
114
135
81
56
131
105
125
71
48
127
146
150
157
151
166
153
151
149
143
144
138
134
132
133
128
139
134
135
149
165
119
47
103
105
49
112
105
116
P101 P134 P160
51
66
80
54
123 138 180 222
118 141 184 227
182
225
138
130
145
155
191
125
81
111
171
201
141
76
186
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 *
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
Ice cream
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
r
Revised.
» Preliminary.
912
136
P178 P209
112 124
234 254
272 284
109
223
257
93
191
214
M20 P100
72
62
50
164 139 112
185 127 105
139
144
139
103
132
131
129
137
116
127
119
97
146
148
108
134
95
179
197
134
132
135
134
98
130
133
93
173
224
140
171
179
164
202
135
129
138
120
75
154
297
119
237
P165
152
240
141
138
120
143
95
71
128
135
P137
96
P96
120
151
90
70
96
187
86
236
84
97
63
60
117
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
1945
1946
Industry
May June July Aug. Sept. Oct.
Nov. Dec. Jan.
Feb. Mar. Apr. May June
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
,
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
118
134
173
156
108
139
171
152
93
149
167
149
88
144
166
147
84
129
166
143
92
110
162
157 P 1 5 7
147
162
214
175
199
214
201
188
198
211
162
164
157
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
125
314
416
118
100
241
401
123
96
214
409
124
60
211
387
154
92
156
95
93
186
92
83
170
142
142
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
106
92
P141
P112
Industrial Alcohol from Beverage Plants l.
155
17 3
157
142
148
152
147
164
159
91
204
95
106
220
106
111
225
103
110
198
97
87
128
57
104
185
70
111
193
67
110
202
65
109
190
69
110
219
71
10S
210
77
134
131
144
143
142
134
133
141
148
146
142 P!45
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
137
145
100
104
203
130
136
155
82
139
147
135
86
143
157
105
111
239
132
141
165
82
144
149
138
86
141
156
106
112
235
131
139
166
85
144
144
126
138 P 1 4 1
151
100
100
223
133
136
139
160
164
84
85
141
143
143
145
128
132
83
84
105
107
110
117
118
114
114
122
129
129
84
87
94
101
104
96
94
106
114
114
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
v267 P240
P!84
273
269
149
174
143
122
148
177
136
124
156
175
134
124
155
173
137
135
151
119
115
168
161
406
163
155
421
165
158
400
153
148
332
318
315
303
135
130
240
407
138
130
243
412
137
129
243
409
P!56
P!74
P172
P161 P171
P129
112
115
'138
P139
P165
,
Other petroleum products l
Coke
By-product coke
Beehive coke
Chemical Products.
Paints
Soap
Rayon
Industrial chemicals........
Explosives and ammunition 1
Other chemical products *...
129
152
120
122
147
164
133
148
140
164
122
162
131
171
125
184
129
176
129
200
130
172
139
187
133
172
141
165
152
150
224
116
115
145
148
144
276
154
150
286
116
111
296
91
85
295
151
145
337
113
116
261
239
232
230
231
233
233
234
237
232
132
124
222
368
135
131
237
386
139
130
238
371
140
125
244
370
142
127
246
378
142
127
251
384
145
124
255
379
148
122
256
382
151
121
260
392
P150
120 P120
261 P264
387 P 3 9 9
132
73
75
14 P 2 7 O
P236
Rubber Products. . .
224
222
218
193
172
191
192
205
215
216
221
219
215
P221
Miner a Is— Total.
141
147
145
143
137
125
134
126
134
134
131
100
115
P144
Fuels
143
150
148
146
139
126
143
137
146
149
145
108
123 P150
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
159
114
144
152
160
121
147
159
168
125
138
32
73 P 1 4 2
60 P156
10
125
121
P86
146 P148
P154
131
129
125
124
123
116
80
61
60
49
48
51
P66 P105
207
304
204
301
196
289
192
289
188
281
175
245
111
108
79
50
78
50
58
22
57
28
62
58
90
116
Coal.
Bituminous coal. ..
Anthracite
Crude petroleum
Metals..
Metals other than gold and silver..
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
P35
P43
P35
P35
P34
P38
r
Revised.
* 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.
AUGUST
1946
913
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1945
May
June
Factory pay rolls
1946
Feb.
Mar
Apr.
1946
May
June
Apr.
Total
Durable goods
Nondurable goods
159.8 156.9
211.5 204.4
119.0 119.5
121.9 129.9 '136.0 137.0 138.4
122.6 '138.4 '151.8 154.8 156.2
123.1 123.5 123.0 124.4
121.
Iron and Steel and Products
Blast furnaces, steel works, e t c . . .
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
169.7 164.
122
121
230
213
130
133
127
125
131
127
85.0 127.9 135.9 134.7 133.6 328.8
44
120
124
119
229
r87
'129
169
'166
451
105
91
125
117
228
112
108
125
122
275
103
109
95
108
265
Electrical Machinery
Electrical equipment
Radios and phonographs
r
266.6 134.2 141.5 •171.7
271.6 223
103
130
'93
157
254
165
228
149
260
219.9 216.3 '157.2 166.5
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
f
Agricultural, excluding tractors.. .
Machine tools
Machine-tool accessories
Pumps
Refrigerators
Transportation Equipment, except Autos
Aircraft, except aircraft engines. .
Aircraft engines
Shipbuilding and boatbuilding.
176
165
150
104
168
'91
121
117
153
130
179
214
339
174
149
198
250
279
139
210
332
173
150
195
244
274
135
1153.0 1059.1
1450
1284
2167
1950
1132
1067
'147
127
81
107
160
186
196
125
155
'135
129
109
156
186
202
'125
294.4
296
239
329
'289.3 r306.4
'294
'303
'252
'294
'316
306
146
-•133
170
'185
130
108
162
187
212
144
148
128
June
May
Feb.
Mar.
Apr.
May
333.3 318.7 314.6 210.5 '232 9 '248.5 246.2
451.6 427.6 414.2 199.6 '236.8 '265.9 263.1
217.5 212.2 217.3 221.3 '229.2 '231. 229.7
348
323
318.6
227
422
213
268
247
308.
223
387
230
261
242
127.2 r211.
48
182
rl49
'213
178
149
209
196
182
159
'228.0
186
'293
206
230
-195
218.4
169
291
207
236
192
334
313
320
304
'204
189
'218
216
•265
240
266
242
134
'201
134
365
341
188.9
150
172
517.8
441
521
500.5 490.0 211.1 '224.1 r286.8 315.2
415
426
rl39
'155
248
'209
486
501
272
286
316
303
186.0 188.8 426.4 404.7
170
198
136
146
161
186
217
156
410
732
278
313
371
449
593
260
255.3 277.9 300.7 310.4
386
680
278
306
353
422
585
243
386
683
272
289
348
430
576
250
297.5 283.1 2615.4 2396.0 2223.5
311
3071
2837 2546
302
3957 3703 3232
277
2711
2434 2328
239
231
105
166
258
277
346
168
258
231
'199
'170
'257
287
355
'200
491.5
521
369
530
'507.0 '558.1
'524
552
'384
460
'549
'554
290
312
178
170
261
284
374
'235
287
370
175
222
260
287
398
256
537.8
564
483
495
Automobiles
165.3 159.4 103.0 '111.2 rl54.8 161.9 164.2 317.5 292.2 281.6
Nonferrous Metals and Products
Primary smelting and refining. . ..
Alloying and rolling, except aluminum
Aluminum manufactures
183.4 178.4 126.8 r137.9 '144.6 147.1 148.2 360.0 347.3 337.9 228.7 247.8 261.1 265.0
140
'105
141
100
-•118
262
269
262
'101
'182
172
'173
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
123.4 124.5 124.0 127.0 132.6 137.0 143.
75
72
70
75
75
77
93
91
91
93
93
95
Furniture and Lumber Products
103.7 103.9 108.1
93
95
93
Furniture
183
296
176
284
121
104
124
171
128
181
109.9 111.5
97
98
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
107.7
124
69
71
115
109 6
127
71
73
117
Textile-Mill and Fiber Products
Cotton goods except small wares..
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
93.1
104
71
94
61
86
93.6 101 2 102 8 103.4
112
110
105
112
75
74
72
75
106
103
94
107
70
69
61
71
94
86
93
95
121 4 124 9 128.
142
146
147
99
94
105
96
93
99
132
130
134
128
189
362
554
90.0
82
78
111.4 112.8 197.9 194.2
98
177
173
120.4 122.2
106
126
119
127
110
110
108
103
143
154
79
67
121.0 119.8 118.3 120.0 194 A
115
122
113
168
118
122
110
201
107
110
104
170
104
106
99
192
140
143
139
207
68
63
70
150
Tobacco Manufactures
Cigarettes
Cigars...
86.1
124
65
87.9
117
73
90.8
120
76
204.6
237
142
158
210
'217.2
247
155
169
217
103.6 104., 172.9 168.3 177.3 203.7 212.6
112
202
210
200
230
242
76
135
142
134
158
164
107
187
187
179
227
234
71
99
100
95
125
129
94
148
147
141
178
181
204.5
157
123
131
84
91.3 100.4 102.4 102.5 102.6 103.3 169.3 163.6
93
92
83
95
93
148
147
86
79
89
150
143
87.3
116
72
222
291
91.2
121
77
226
312
195.9 200.4 209.0 214.6
173
177
184
190
129 7 132.4 190.7 185 5 189.
146
201
206
200
109
121
115
114
102
126
124
121
132
186
189
184
Food and Kindred Products
117.
Slaughtering and meat packing.. . , 103
116
Flour
110
Baking
109
Confectionery
139
Malt liquors
73
Canning and preserving
85.6
124
64
222
173
233
321
228.3 230.5 239.7 219.9 -234.5 248.2 261.8
148
141
142
123
132
147
140
167
167
164
'165
161
175
170
Apparel and Other Finished Textiles. . . , 116.2 115.9 125 8 128 6 128.9 128.3 130.1 219.7
90
Men's clothing, n.e.c
85
87
88
90
167
87
68
Shirts, collars, and nightwear
73
74
75
69
129
74
74
Women's clothing, n.e.c
79
80
78
71
144
80
69
70
86
Millinery
66
126
83
Leather and Leather Products
Leather
Boots and shoes
328
497
341
524
142.4 rl66.9 241.1 214.6
207.6
164
126
125
93
240.2
158
148
153
153
263.6
170
153
173
170
'226.0
250
172
181
219
188
225.6
243
177
180
215
215.8 214.8
246
244
167
167
239
238
131
131
179
175
263.5
174
153
170
143
258.8
176
157
163
99
173.1 194.5 202.1 203.9 203.1
149
165
164
165
159
154
174
183
185
185
193.7 202.6 211.5
163
178
199
202
211
242
171
174
181
185
187
183
206
220
238
157
137
144
206.6
191
214
183
186
200
132
205.4
181
203
179
193
195
149
202.5
181
182
171
176
201
150
91.3 160.8 157.2 164.5 165.2 171.3 174.6 181.1
200
192
204
194
202
205
217
131
133
137
149
156
162
164
r
Revised.
NOTE.—Indexes for major groups and totals have been adjusted to final 1944 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 production workers only. Figures for June 1946
are preliminary.
914
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
1945
Factory pay rolls
1946
1945
1946
May
June
Feb.
Mar.
Apr.
May
June
Apr.
May
June
Feb.
Mar.
Apr.
May
116.9
104
115
109
118.5
105
115
111
131.0
116
121
120
132.9
118
123
121
134.5
119
123
122
135.3
120
123
123
137.0
199.8
182
194
180
194.5
178
186
175
202.0
184
193
183
226.2
204
205
204
233.3
208
212
213
235.9
211
212
216
237.4
213
212
217
97.5
92
104
97.5
92
104
112.1
105
121
113.5
107
122
114.2
108
122
114.3
109
121
114.7
138.2
121
156
138.9
122
154
139.6
122
156
171.2
149
194
177.2 178.9
154
158
200
-200
179.5
161
197
236.8
183
110
164
1349
1549
88
126
232.8
183
111
165
1304
1508
79
112
170.3
186
124
165
212
198
101
152
171.4
186
124
166
200
194
92
168
170.9
187
122
170
199
181
78
155
167.4
188
121
170
175
177
65
132
428.1 425.7 417.6
277
282
284
181
183
186
296
295
299
2076
2096 1984
3150
3185
3037
203
168
184
351
293
259
284.7
297
197
273
325
384
215
336
290.0
301
200
276
310
377
198
387
291.2
302
201
283
305
342
168
363
285.7
305
200
281
283
319
140
301
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
126.8
127
100
127.4
127
100
130.8
132
91
136.7
133
115
138.2
134
114
136.9
134
105
140.6
230.3 227.8 230.6 221.3
217
227
223
224
162
179
186
182
231.0
218
210
233.5 229.5
221
222
197
175
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
166.6
169
134
164.5
167
131
177.1
187
129
181.5
192
132
182.0
193
130
182.7
193
129
184.
315.9
306
256
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
172.9
534
158
171.9
512
157
155.4
201
130
160.5
205
136
163.7
203
136
165.0
198
139
167.7
Paper and
Paper
Paper
Paper
Allied Products
and pulp
goods, n.e.c
boxes
Printing and Publishing
Newspaper periodicals
Book and job
Chemicals and Allied Products
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Explosi ves and safety fuses
Ammunition, small-arms
,
Cottonseed oil
Fertilizers
299.8 304.3 292.1
272
289
294
234
244
243
345.2 336.7 337.5 278.1
1070
996
322
988
270
265
205
263
302.8 324.9 327.6
281
313
314
242
241
241
293.1
346
215
301.6
342
220
300.5
331
221
For footnotes, see page 914.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1945
Group
Total
Durable
Nondurable
Preliminary.
1946
May
June
July
Aug.
Sept.
160 8
211.5
120.8
157.2
204.3
120.1
151 7
147 6
127.8
144.8
114.5
" Revised.
195 2
117 4
187 5
116 1
Oct
177 7
142. 6
115. 1
Nov.
Dec.
Jan
Feb.
127.8
143.3
115.6
128.1
141.2
117.8
130. 7
144. 4
119. 8
122.4
122.9
122.0
Mar.
Apr.
1 3 0 3 136.7
138 6 151.9
123 7 124.7
May
June
138.1 P138.7
154.8 P156.2
124.9 P125.0
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 hours worked per week
Industry group
All
Manufacturing.
Durable Goods
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 P r o d u c t s . . . .
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
• Revised.
Average hourly earnings (cents per hour)
1946
1945
1946
Apr. M a y
Jan.
Feb.
45.1
44.1
41.0
40.5
40.7 '40.5
46.5
45.5
40.8
40.0
r
40.6 40.4
46.9
46.4
48.1
46
45.5
47.1
43.6
44.3
44.5
46.0
45.6
46.6
45.9
43.9
46.0
42.9
43.6
43.6
41.1
41.3
42.0
40.0
37.5
43.3
38.8
41.8
40.7
39.1
40.3
41.4
39.0
34.5
43.2
40.1
42.3
41.1
40.0
-"40.3
'41.7
'40.0
r
37.O
'42.2
41.1
'42.5
41.6
39.9
••40.3
'41.5
39.9
'37.4
'41.8
41.3
42.3
'41.3
38.3
38.8
40.2
39.2
35.8
41.2
40.9
41.3
40.2
110.9
106
115.2
129.5
43.2
42.3
41.2
40.9
40.9
40.6
40.1
89.9
41.9
37.9
42.0
45.0
42.3
46.5
41.2
45.7
48.3
45.7
45.8
40.7
36.4
40.4
44
41.6
45.4
41.2
45.7
47.5
44.2
44.8
40.4
36.7
39.9
44.9
39.3
44.3
41.1
42.0
41.7
41.7
41.8
40.5
36.5
40.4
44.3
38.5
43.9
40.8
41.7
41.6
40.8
41.8
40.4
37.5
40.8
42.9
39.7
43.9
41.2
41.6
40.
40.8
42.1
40.3
37.2
40.5
••42.8
39.2
43.5
'40.9
41.4
40.2
40.3
41.8
Apr.
May
Jan.
Feb.
Mar.
39.7
104.4
104.2
100.4
100.2
103. 5 105.8 107.1
39.2
113.8
113.4
107.0
106.4 mo.3 113.0 114.8
111.2
106.8
115.2
129.7
128.0 126.9
108.2 107.7
80.7 81.4
85.5 85.9
92.9 92.8
109.5
105.3
113.9
123.1
123.0
106.6
83.0
86.4
94.2
108.4
102.9
114.7
123.4
124.8
109.1
83.6
87.1
96.7
90.3
94.1
Mar. Apr. M a y
39.8 73.5 74.5 80.3
36.9 86.2 84.7 90.6
39.6 85.2 85.9 90.4
42.3 86.9 87.4 92.1
39.5 74.0 74.7 82.4
42.8 87.4 87.6 92.8
40.4 112.9 113.3 120.0
40.8 98.0 99.0 101.5
39.7 120.2 120.4 124.9
39.4 113.6 113.2 112.1
40.9 99.3 99.2 99.1
116.9
103.6
117.2
126.4
-126.4
111.3
84.8
88.8
98.5
95.3
97.5
83.3
92.2
90.7
92.4
83.2
r93.7
122.1
102.1
128.6
112.9
98.5
85.8
96.1
91.7
94.3
83.0
r
95.7
•123.5
103.3
130.7
113.8
99.9
Apr.
118.6
109.5
117.9
131.6
130.0
112.9
85.6
'90.4
100.3
May
119.3
113.8
120.7
133.1
131.8
114.5
88.1
91.7
101.8
99.6
86.9
96.6
92.8
95.3
83.0
96.5
124.5
104.4
133.1
123.4
101.5
87.3
95.6
94.3
96.1
84.8
97.9
126.3
106.4
134.0
126.9
102.8
NOTE.—Back figures are available from the Bureau of Labor Statistics.
AUGUST 1946
915
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
779
1,753
1,722
2,236
2,078
1,259
679
834
2,912
3,013
3,248
3,433
3,619
3,761
3,822
6,618
6,906
7,378
7,263
7.030
7,044
7,173
4,160
4,310
4,438
4,447
4,115
4,348
4,589
3,988
4,136
4,446
5,203
5,890
5,911
5,887
14,865
15,143
15,442
15,644
15,798
16,048
16,333
981
982
973
962
954
944
933
2,057
2,077
2,101
2,077
2,136
2,095
2,041
3,419
3,433
3,448
3,448
3,484
3,503
3,525
,206
,210
,222
227
,224
132
7,136
4,532
4,520
4,518
4,382
4,330
4.255
4,229
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
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
Jjine
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
June
July
August
September
October
November
December
38.426
38,469
38,456
37,963
37,746
'$7,472
37,231
36,888
35 151
35,029
35,338
35,605
15.633
15.595
15.445
15.178
14.885
'14,538
14,130
13.762
12.022
11,893
11,910
11,851
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
'3,795
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
7,335
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
36,333
35,938
'36,729
'•37,095
37,422
37,652
12,098
11,458
••12,070
'12,^06
12.71Q
12,771
814
812
801
508
729
825
1,230
1,385
1,462
'1,597
1,709
1,896
3,956
3,987
'3,990
'3,941
3,876
3,880
7,673
7,697
'7,757
7,775
7,729
7,725
5,034
5,082
5,127
5,166
5,140
5,074
5,528
5,517
5,522
5,502
5,520
5,481
1944—July
August
September
October
November
December
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
1945—January
February
March
April
May
June
July
August
September
October
November
December
37,952
37,968
38,062
37,791
37,679
'37,556
37,273
36,984
35,321
35,231
35,639
36,314
15,555
15,517
15,368
15,102
14,811
'14,538
14,130
13,831
12,082
11,952
11,970
11,910
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
'3,833
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
7,959
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
1946—January
February
March
April
May
June
35,815
35,374
••36,273
'36,887
37,377
37,762
12,038
11,401
'12,010
'12,543
12,655
12,771
810
808
801
505
725
821
1,132
1,260
1,345
'1,517
1,743
1,934
3,897
3,907
'3,930
'3,921
3,876
3,919
7,481
7,505
'7,617
7,759
7,690
7,686
4,984
5,031
5,076
5,140
5,140
5,150
5,473
5,462
5,494
5,502
5,548
5,481
Manufacturing
Mining
30,353
31,784
35,668
38,447
39,728
38,698
36,981
10,078
10,780
12,974
15,051
16,924
16,121
13,897
1942—June
July
August
September
October
November
December
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
Total
1939
1940.
1941
1942
1943
1944
1945
SEASONALLY ADJUSTED
,
1946—January
February
March
April
May
June
UNADJUSTED
* Includes Contract Construction and Federal Force Account Construction.
' Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in
nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestt c
servants, and personnel of the armed forces are excluded. June 1946 figures are preliminary. For back seasonally adjusted estimates see BULLETIN
for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics.
916
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
T o t al
Factories
Month
1946
1945
1946
263 .6
278 .3
316 .6
370 .1
330 .7
42. 7
42. 6
59. 9
88. 4
86. 1
45.2
66.6
160.4
174.5
43.4
25.5
51.5
75.5
98.3
85.4
107.9
92.6
3,299 .3
563. 5
1,027.0
January
February
March
April
May
June
July
August
September
October
November
December
140
147
328
395
242
227
257
Year
1945
1946
1945
9
0
9
8
3
7
19. S
19. s
26. Q
42. 7
47. ?
41. 8
46.
357 5
4
697 6
734 9
95? 4
807 0
89. 7
102. 1
275. ?
370. 6
463. 6
332. ?
104
97
113
105
140
159
Educational
1945
1946
1945
0
4.9
3.0
4.6
4.3
5.1
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
77
112
75
88
55
346.4
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]
s7
1
7
1946
10.5
13.4
10.4
10.2
18.6
7.0
8.2
18. 1
17. 1
11. 4
18. 0
23 4
23. 4
Other
1945
1946
1945
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.
40. 9
37 9
38.
35. ?
39.8
32.0
90.6
111.9
107.9
95.0
89.9
77.5
54.6
61.1
74.0
51.0
1946
50. ?
64. 7
143. 6
178. 1
197. Q
202. 4
885.4
376.8
100.2
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]
1946
Public ownership Private ownership
Total
Month
1945
Federal Reserve district
1944 1945 1946
January....
February. . .
March
April
May
June
,7
7
.7
.1
S
4
Commercia
Public work s
and public
utilities
..
July
August... .
September. .
October....
November. .
December. .
159
137
176
179
144
164
191
169
176
145
165
188
141
147
329
396
243
227
258
264
278
317
370
331
1.994 3,299
Year
358
387
698
735
952
1944 1945 1946 1944 1945 1946
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
56
146
127
197
1,435 1,311
559
66
73
107
87
95
146
149
196
235
256
309
269
311
331
551
608
756
Total (11 districts).
1935
1936
1937
1938 .
1939
1940 .
1941
1942
1943
1944
1945
Total
320
557
495
694
954
1,026
1,186
1,137
942
886
684
1945—June
Tuly
Aug
Sept
Oct.
Nov
Dec.
Feb
Mar
Apr.
May
June
Small
home
construction
1- to 4- Rental
War
and
family group
housing
houses housing (Title
(Title (Title
VI)
ID
II)
13
94
309
424
473
2
2
11
48
208
251
25
26
669
736
51
13
262
141
96
125
21
15
1
877
691
243
216
219
13
6
224
246
60
160
189.
19
19
•
7
3
56
52
13
12
12
18
*
*
44
62
11
26
16
19
60
55
28
23
2
*
56
46
48
17
14
13
58
80
21
39
83
40
45
1946—j a n
Property
improvement
i
5
(
*
*
21
20
1
27
24
28
28
31
37
1946
Total
46,640
119,885
44,168
105,519
110,262
71,480
156,536
43,922
32,877
22,207
54,418
77,544
145,675
73,346
81,946
86,876
161,614
45,641
32,548
44,992
84,961
12,260
31,135
14,936
22,965
29,798
30,126
45,431
12,269
-6,249
9,253
25,374
807,914
952,418
227,298
SavCom- Muings
tual
merand
savcial
loan
ings associbanks banks
ations
117,275
Insur- Fedance
2
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
1,949
971
2,232
2.409
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
264
856
272
940
276 1,032
237
243
245
200
195
163
1943—June
Dec
3,700
3.626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
7
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
6
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
June.... 2,075 1.026
13
284
601
537
272
24
21
15
14
17
11
11
12
8
1
1
End of month
1940—Mar
8
10
•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.
AUGUST
June
NOTE.—Data for most recent month preliminary.
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
Title I Loans
May
1,988
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Year or month
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
June
Sept
Dec.. .
!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.
917
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports2
Excess of e x p o r t s
Month
1942
1943
1944
1945
1946
January
February
March
482
483
637
749
728
988.
1,124
1,107
1,197
903
887
1,030
April
May
June
717
542
650
989
1,092
1,003
1,231
1,455
1,297
1,005
1,135
P87O
July
August
September....
659
705
732
1 265
1 280
1,269
1 197
1 191
1,194
October. . . . . . .
November
December
803
788
883
1,238
1 073
1,288
2,860
4,547
Jan.-May . .
1942
1943
1944
1945
300
314
358
334
325
365
235
191
215
258
282
296
352
386
331
366
372
P360
J>893
P737
P514
214
187
196
302
318
289
294
304
282
1,144
1 187
939
P455
P639
P736
200
168
359
329
312
282
6,114
4,960
1,205
1,253
P800
P671
P815
P758
P853
P3,897
254
254
272
230
234
249
1946
1942
1946
824
793
839
569
561
665
P406
P352
732
810
707
879
1,069
965
639
763
P511
P352
P456
446
518
536
963
962
981
903
887
912
P=>37
P378
P180
603
620
524
909
761
1,005
815
863
591
Pill
P 3 17
P439
1,655
3,294
4,403
3,198
P394
P319
P384
228
230
365
P406
J>397
482
351
434
P356
P360
P335
328
323
347
P344
P322
P297
1,711
1,762
Pi,899
1945
1944
1943
519
494
739
P431
Pl,998
P Preliminary.
Including both domestic and foreign merchandise.
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.
1
2
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average=100]
ForLive- est
Total Coal Coke Grain stock prod- O r e
ucts
Annual
1939
1940
1941
1942
1943
1944
1945
101
109
130
138
98
111
123
135
137
140
135
110
147
183
206
Miscellaneous
Merchandise
I.C.I.
101
110
136
146
97
96
100
69
102
137
168
181
107
101
112
120
96
96
91
104
138
143
186
185
146
139
117
124
141
143
192
180
145
147
63
67
134
172
151
124
129
169
142
68
100
114
139
155
SEASONALLY
ADJUSTED
1945—April
May
June
July
August
September.. .
October
November. . .
December....
141
126
180
160
124
133
204
153
71
141
140
139
127
143
136
193
181
193
167
155
157
120
121
121
137
144
140
204
170
171
151
146
146
69
68
67
128
128
167
163
115
133
166
132
64
127
118
133
127
143
109
148
133
155
113
167
164
146
158
167
153
114
123
145
140
125
109
110
106
174
134
134
117
126
125
133
130
66
69
74
74
133
126
139
148
152
155
127
107
165
152
150
141
126
158
140
122
126
134
118
94
121
134
121
143
78
78
78
109
106
133
26
68
146
95
62
140
112
126
126
143
114
127
143
125
149
66
66
137
143
123
135
81
74
81
139
142
145
126
127
143
176
191
178
141
147
158
111
108
99
133
143
149
203
268
263
151
152
150
71
69
68
July
August
September.. .
October
November. . .
December....
143
132
137
128
136
119
136
128
143
109
148
133
187
160
154
111
167
172
188
176
163
158
164
144
97
109
150
189
183
135
140
140
135
115
108
94
273
249
261
215
114
36
148
133
136
136
139
123
67
65
69
72
75
71
1946—January
February....
IVlarch.
April
....
May
123
119
132
148
152
155
133
114
166
152
147
130
120
126
111
109
121
134
29
24
35
123
113
136
74
75
79
107
107
137
26
68
146
93
61
138
99
111
128
127
103
96
143
130
155
50
103
213
141
125
139
82
74
81
1946—January
February
]VIarch
April
May
June
UNADJUSTED
1945—April
May
June
June
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.
918
Total
railway
operating
revenues
Net
Total
railway
railway
operating
expenses
income
Net
income
Annual
P850
93
189
500
902
874
668
P447
698
704
704
725
696
648
655
620
608
674
98
96
92
106
95
57
36
37
61
-36
63
62
57
71
61
22
4
3
30
-56
655
635
651
566
515
567
555
667
562
524
88
80
-16
4
—9
51
51
-45
—28
P—51
711
684
July
August....
September.
October....
November..
December. .
813
779
823
820
796
755
679
697
661
614
102
95
••104
96
97
87
44
54
61
66
'59
65
66
63
51
9
20
34
-75
1946—January.. . .
February.. .
March
April
May
641
579
646
567
533
3,995
4,297
5,347
7,466
9,055
9,437
P8,902
3,406
3,614
4,348
5,982
7,693
8,343
P8.052
1945—March
April
May
Tune
July
August....
September.
October
November..
December. .
796
799
796
831
791
705
691
657
668
628
1946—January.. . .
February.. .
March
April
May
1939
1940
1941
1942
1943
1944
1945 .
589
682
998
1,485
1,362
1,093
SEASONALLY
ADJUSTED
UNADJUSTED
1945—March
April
May
June
'719
724
699
669
635
643
600
651
570
521
667
557
537
-37
71
58
-20
10
c
34
29
-49
— 21
p-36
P Preliminary.
r Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
Year and month
United
States
San
Francisco
Richmond
Atlanta
Chicago
St.
Louis
106
114
138
153
167
182
201
109
120
144
170
194
215
236
113
123
145
162
204
244
275
107
116
135
149
161
176
193
111
119
143
158
179
200
227
106
109
123
129
148
164
185
105
110
127
149
184
205
229
112
117
138
157
212
246
277
186
198
175
175
184
202
184
rl99
r206
189
rl97
209
r212
r218
'236
252
236
225
248
251
237
277
300
274
268
292
298
288
184
197
189
193
199
208
206
220
237
225
232
238
240
239
181
184
178
191
190
203
199
218
226
216
239
241
238
244
268
300
272
278
289
288
287
r
194
210
232
219
226
241
205
221
244
224
232
254
r219
r236
r246
r244
r256
r273
262
283
294
276
276
302
308
339
335
317
319
365
209
241
243
237
234
253
234
281
286
267
277
306
212
236
246
224
••252
253
249
261
275
'273
r
289
288
306
339
336
352
342
368
269
300
297
291
'305
315
165
127
125
176
196
225
323
155
118
120
171
196
235
307
167
137
136
178
208
255
327
187
161
165
199
224
264
338
207
181
194
239
271
319
399
233
225
244
279
307
348
466
178
154 158
197
213
254
320
198
185
194
234
255
303
365
172
149
160
207
210
243
305
200
192
201
239
253
286
366
228
228
237
292
318
352
467
215
211
210
243
254
321
407
179
207
238
255
248
253
147
156
197
223
211
215
155
174
206
219
214
222
158
174
219
228
229
167
194
237
254
243
257
197
227
264
281
274
266
246
292
315
336
313
307
167
193
226
242
234
245
192
236
264
281
272
275
158
182
223
234
»"242
241
199
238
255
'273
272
265
248
299
316
335
322
313
214
253
258
287
'284
289
102
108
131
179
155
162
166
99
105
124
165
142
147
153
97
102
123
181
143
150
159
96
99
119
167
141
148
150
99
106
130
182
144
151
156
107
113
139
191
175
190
198
107
115
140
178
161
185
188
103
111
134
186
160
161
159
102
108
134
176
152
159
166
103
110
138
171
151
169
165
99
105
125
159
152
157
156
106
113
130
161
159
177
190
106
113
137
187
172
177
182
1945—June
July
August
September
October
November
December
180
176
169
166
164
165
158
160
161
155
152
151
148
139
176
174
170
161
155
152
150
165
163
159
152
149
149
146
173
166
156
153
151
157
149
211
212
199
200
196
195
192
201
198
187
186
188
193
189
171
167
161
155
156
155
147
182
174
166
172
166
163
155
178
177
166
163
160
160
155
167
156
157
154
155
158
154
208
196
187
212
193
189
198
196
189
186
184
185
191
176
1946—January
February
March
April
May
Tune
167
171
177
189
200
210
145
154
157
171
177
181
162
166
170
180
190
205
149
153
160
172
177
189
157
163
174
178
192
209
207
201
206
217
233
243
184
192
201
r
220
239
252
163
165
168
179
191
199
160
175
185
193
211
222
166
162
166
183
186
196
165
163
183
184
195
218
179
190
195
208
239
253
183
190
190
215
217
218
1945—June
July
August
September
October
November
December
175
175
182
184
185
179
136
153
154
164
166
169
167
127
166
160
173
174
175
173
136
156
155
165
167
170
164
124
166
166
169
171
174
165
124
202
210
224
224
224
207
160
203
204
202
205
211
203
155
168
164
172
173
174
171
132
182
181
181
190
186
175
130
172
180
176
176
178
173
136
167
174
175
173
176
170
126
201
212
212
237
218
202
166
200
200
205
207
205
202
144
1946—January
February
March
April
Mav
June
146
158
172
188
200
205
132
145
154
164
173
174
144
156
171
182
192
192
130
148
160
175
179
179
138
151
168
183
194
201
177
190
205
218
228
232
166
179
201
217
232
255
140
150
163
179
191
195
138
158
180
193
211
222
151
155
167
174
185
189
143
147
165
179
191
218
161
169
185
202
227
246
161
167
177
212
225
221
Phila- Clevedelphia land
Boston
New
York
106
114
133
149
168
186
207
104
108
126
140
148
162
176
101
106
119
128
135
150
169
104
111
129
143
151
168
184
1945—june
July .
August
September
October .
November
December
202
218
200
200
213
225
216
177
183
166
167
177
183
188
169
177
165
161
172
182
179
1946—January .
February
March
April
May
June
228
254
263
250
r
256
275
186
200
218
210
213
232
186
163
168
209
230
273
352
Minne- Kansas
Dallas
apolis
City
SALES*
1939
1940
1941
1942
1943
1944
1945
109
117
139
169
200
221
244
SEASONALLY ADJUSTED
235
255
231
232
245
273
256
UNADJUSTED
1945—Tune
Julv
August
September
October
November
December
. . .
1946—January
February
March
Anril
JVIay
June
••222
STOCKS*
1939
1940
1941
1942 .
1943
1944
1945
SEASONALLY ADJUSTED
UNADJUSTED
r
Revised.
* Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
>r June 1946, pp. 588-612.
AUGUST
1946
919
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
SALES, STOCKS, AND OUTSTANDING ORDERS
[Weeks ending on dates shown.
(As reported by 296 department stores in various Federal Reserve
districts]
Amount
(In millions of dollars)
Year or month
Dec.
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
average
average
average
average
average
average
average
128
136
156
179
204
227
255
344
353
419
599
508
534
564
108
194
263
530
560
728
1944—Nov..
Dec...
'299
385
580
451
'614
618
1945—Jan.. .
Feb.. .
Mar...
Apr...
May. .
June. .
July..
Aug...
Sept..
Oct.. .
Nov...
Dec.. .
rlQ9
198
280
209
231
'235
191
213
243
298
334
429
'465
'500
524
566
592
'597
592
625
620
624
602
462
'771
-817
772
725
671
'695
722
671
652
700
'779
764
1946—Jan.. .
Feb.. .
Mar..,
Apr.. .
May .
June..
224
239
301
319
304
P303
r491
••533
582
644
675
P699
'896
'979
974
910
934
^1046
1939
1940
1941
1942
1943
1944
1945
r
P Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
1935-39 average = 1 0 0 '
Without seasonal adjustment
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1942
12. . . .295 Dec.
19. . . .333
26. . . .222
1943
2. . . .117
9. . . .146
16. . . .139
23. . . .125
30. . . .126
6. . . .143
13. . . .178
20. . . .155
2 7 . . . .162
6. . . .150
13. . . .144
20. . . .147
27. . . .155
3 . . . .161
10. . . .168
17. . . .170
24. . . .182
1. . . .142
8. . . .169
15. . . .149
22. . . .153
29. . . .151
5. . . .151
1 2 . . . .168
19. . . .168
26. . . .132
3
134
io;.'; !ll3
17. . . .126
24. . . .124
3 1 . . . .118
7
131
14!'.'. 131
2 l ! '. '. 146
28! '.'. .'l45
Jan.
Feb.
Mar.
Apr.
May
June
July
1944
1943
9. . . .365 D e c .
11. . . .297 Dec.
16. . . .377
18. . . .321
23. . . .369
25. . . .274
30. . . .123
1945
1944
6. . . .145 Jan.
1. . . .110 Jan.
8. . . .143
13. . . .166
20. . . .160
15. . . .146
27. . . .161
22. . . .144
3 . . . .163 Feb.
29. . . .137 Feb.
10. . . .172
5. . . .146
12. . . .142
17. . . .176
24. . . .177
19. . . .142
26. . . .146 Mar. 3 . . . .182 Mar.
4. . . .153
10. . . .204
17. . . .214
11. . . .160
24. . . .226
18. . . .172
25. . . .182
3 1 . . . .230
7. . . .181 Apr.
1. . . .212 Apr.
8. . . .208
14. . . .156
15. . . .152
2 1 . . . .192
28. . . .184
22. . . .163
5 . . . .193 M a y
29. . . .168 M a y
6. . . .184
12. . . .196
.197
19.
. . .178
13...
26. . . .182
20. . . .177
27. . . .168 June 2. . . .169 June
3 . . . .163
9 . . . .196
16. . . .206
10. . . .172
2 3 . . . .183
17. . . .173
30. . . .173
24. . . .151
1
7
1 S3 July
149 July
14. . . .167
8!'.'. ! 116
21. . . .157
15. . . .145
22. . . .138
28. . . .153
29. . . .132 Aug.
4. . . .167 Aug.
5 . . . 137
1 1 . . . 176
18. '. .. 124
12 ,'.'. 148
25. . . 182
19 '. 149
26'. '. ..171 Sept. 1. . . . 1 9 4
1945
8. . . .401
15. . . .433
22. . . .421
29. . . .158
1946
5. . . .135
12. . . .188
19. . . .191
26. . . .188
2 . . . .197
9 . . . .214
16. . . .209
23. . . .213
2. . . .217
9. :. .233
16. . . .243
23. . . .255
30. . . .257
6. . . .272
13. . . .282
20. . . .289
27. . . .232
4 . . . .248
11. . . .274
18. . . .246
25. . . .245
1. . . .223
8. . . .273
15. . . .283
22. . . '248
29. . . .239
6 . . .192
13. . . .211
20. . . .200
27. . .
3. . .
10
17
24
31. . .
' Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Six
June M a y mos.
1946
Six
June May mos.
1946 1946 1946
United
States. v+31
Boston
p+26
New Haven. . . +24
Boston A r e a . . . +28
Downtown
+27
Boston
Springfield.... +17
Worcester
+30
Providence.. . . +20
New York
Bridgeport....
Newark
Albany
Binghamton. . .
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester
Schenectady...
Syracuse
Utica
+37
+38
+39
+42
+30
+28
+22
+7
+39
+34
+30
+31
+35
+ 19
Philadelphia.
.
Trenton
Lancaster
Philadelphia...
Reading
Wilkes-Barre..
York
P+32
P+41
P+29
Cleveland
Akron
Canton
Cincinnati
Cleveland
Columbus
Springfield....
+32
+27
+22
+35
+27
+34
+13
p
Revised.
+30
P+34
P+40
P+29
+36 +27 Cleveland-cont.
Toledo
+33
+31
+35
+35
+27
+33
+30
+44
+38
+41
+65
+41
+36
+ 17
+ 15
+47
+51
+37
+26
+43
+34
+36
+52
"+41
+33
+36
+39
+32
+37
+29
+42
+40
+37
+39
+ 17
+23
+21
+24
+23
+ 16
+26
+21
+34
+29
+34
+51
+30
+28
+ 17
+ 10
+35
+35
+27
+ 18
+33
+20
+27
+38
+26
+24
+31
+34
+24
+27
+ 17
+ 19
+31
+25
+27
+ 13
Youngstown....
Erie
Pittsburgh
Wheeling
+25
+27
+27
+42
+32
+24
+22
+22
+23
+31
+5
+30
+24
+8
+31
+35
+27
+31
+22
+40
+33
'+3/
+26
+31
+34
+35
+ 14
+28
'+33
+ 10
+36
+44
Richmond
Washington
Baltimore
Raleigh, N. C...
Winston-Salem.
Charleston, S. C
Greenville, S. C
Lynchburg
Norfolk
Richmond
Roanoke
Charleston,
W. Va
Clarksburg
Huntington....
+39 +31
+26 +36
+20 +27
Atlanta
Birmingham....
Mobile.
....
Montgomery. . .
Jacksonville. . . .
Miami
Orlando
Tampa
Atlanta
Augusta
Columbus
Macon
Baton Rouge. . .
New Orleans. . .
Bristol, T e n n . . .
Jackson
Chattanooga. . .
Knoxville
Nashville
+27
+21
+23
+ 19
+26
+26
+35
+28
+29
+32
+8
+33
+26
+36
+33
+28
+36
+ 14
+43
Preliminary.
920
June May
1946 1946
1946
+3/
+29
+ 19
+30
•+18
+34
+41
+37
+35
+44
•+22
+34
+29
+30
+40
+30
+27
+ 15
+50
+ 18
+22
+ 17
+33
+27
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
p+32
P+34
P+32
+34
P+33
P+33
P+36
+38
+33
'+35
+43
+31
•+27
+38
+43
+44
•+58
•+44
+46
•+38
+34
Six
mos.
1946
+27
+30
+29
+28
+23
+30
+30
+23
+20
+28
+24
+31
+30
+24
Kansas City—
cont.
Oklahoma City.
Tulsa
Dallas
Shreveport. . .
P+29
Corpus Christi
+22
P+40
Dallas
+20
p+37
Fort W o r t h . . .
+21
P+33
Houston
+25
P+29
San Antonio.
+24
P+30
+3
P+21
San
Francisco.
+20
Phoenix
+23
P+34
+36 +28 Tucson
+3 St. Louis
+28 Fort Smith... . P + 1 8 +16 +22 Bakersfield
+32 Little R o c k . . . . P + 2 4 +28 +22 Fresno
P+28
Quincy
+29 +25 Long B e a c h . . . .
+27 +36 +22 Los Angeles. .
+29 Evansville
+30 Louisville.... P + 2 6 •+34 +26 Oakland and
+23 East St. Louis. p+54 +73 +39 Berkeley
p+35 +38
+28 Riverside and
St. Louis
+25 St. Louis Area. p+35 +39 +29 San Bernardino
+23 Springfield.... P + 4 6 +47 +40 Sacramento.. . .
P+37
+26 +28 San Diego
+ 14 Memphis
San Francisco. .
+20
+ 18 Minneapolis. . +35 •+47 +33 San Jose
+27 Minneapolis. . . +33 +47 +35 Santa R o s a . . . .
+34 St. Paul
+33 +43 +30 Stockton
+30 Duluth-Superior + 18 +20 +14 Vallejo and
+31
Napa
+34 Kansas
City... +27 +33
+24 Boise and
+ 11 Denver
+37 +43 +32 Nampa
+30 Pueblo
+ 19 + 16 + 11 Portland
+30 Hutchinson.... +21 + 19 + 16 Salt Lake City.
+24 Topeka
+22 +32 + 17 Bellingham....
+28 Wichita
+ 19 + 18 : + 16 Everett
+22 Joplin
+46 *+31 Seattle
+29 Kansas City.. . +25 +33 +23 Spokane
+ 10 St. Joseph
+39 +44 +32 Tacoma
+39 Omaha
+31 +37 +29 Yakima
* Data not available.
June May
1946 1946
Six
+18 +22
+26 +22
+16
+17
+28
+24
+21
+33
+22
+33
+28
+32
+29
+25
+35
+24
+47
+25
+31
+26
+29
+35
+30
+35
+23
+29
+27
+30
(*)
+30
+31
+40
+27
+30 +22
+45 +28
+38 +30
•+39 *+25
+41 +26
+30 +21
+26 +27
+30
+ 19
+25
+29
+14
+21
+28
+22
+13
+24
+41
+20
+26
+31
+38
+49
+17
+27
+8
+17
+24
+22
+20
-11
+25
+27
+30
-10
+40
+21
+28
+16
+29
-7
+32
+35
+37
+34
+47
+25
+41
+25
•+35
-7
+22
+22
+30
+19
+32
+15
+24
+ 14
+23
**Five months 1946.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Index numbers
without seasonal adjustment
1941 average monthly sales=100 x
Number
of stores
reporting
Department
Sales during
month
1946
357
357
GRAND TOTAL—entire stored.
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
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
Home furnishings
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
Miscellaneous
Luggage
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
354
335
340
329
314
317
290
337
337
348
331
242
265
250
287
171
323
327
236
312
287
181
315
238
261
294
199
304
233
229
230
297
127
342
124
227
323
308
239
231
299
233
211
198
164
139
50
132
Percent change from Ratio of stocks
to sales 2
a year ago (value)
Stocks at end
of month
1945
1946
1945
May
Apr.
May
May
Apr.
196
204
178
268
252
219
210
260
223
245
155
143
214
38
214
160
152
197
205
231
275
257
240
293
269
213
194
254
164
214
234
56
284
170
272
241
147
172
142
225
210
188
193
206
201
204
139
137
153
30
197
150
135
163
464
420
276
319
734
552
691
317
373
477
163
545
420
452
594
728
191
486
432
397
264
316
684
510
654
320
344
443
159
479
400
347
554
708
223
436
171
182
162
171
156
195
195
173
264
168
198
190
182
237
152
195
200
136
283
267
309
179
280
228
152
208
139
160
180
247
166
169
146
194
266
126
181
183
170
218
115
168
182
125
265
268
295
168
344
212
140
189
139
154
112
111
103
143
90
117
116
108
171
20
128
131
101
153
222
254
154
243
183
139
154
130
150
403
200
437
661
419
489
433
349
563
128
461
733
524
839
181
176
182
200
161
173
250
139
126
154
135
152
99
133
223
99
347
195
362
576
372
455
416
332
508
91
422
703
501
780
397
304
632
816
642
572
719
719
584
444
543
367
351
383
403
388
393
425
309
651
780
650
594
734
752
606
499
614
390
360
449
419
407
423
Sales during
period
May
May
1946
Stocks
(end of
month)
Five
mos.
1946
May
1946
May
1946
1945
+13
2.7
2.3
+14
2.8
2.4
2.2
2.1
+19
+15
+10
2.1
1.6
+26
+20
-8
-1.4
1.2
+18
+ 19
0
3.0
2.9
+14
+20
+ 16
2.6
2.5
+16
+17
+ 14
3.3
3.3
+9
+5
+8
1.4
1.2
+27
+16
+14
1.5
1.7
+11
+24
+11
1.7
2.0
+20
+35
0.9
1.0
+27
+ 11 + 19
0
3.4
3.8
+ 16
+5
+9
2.9
2.0
-6
+40
+29
13.2
+ 16 11.9
+29
+5
2.8
2.8
+9
+9
+8
4.4
4.5
+10
+7
+ 10
1.3
1.3
+ 13
+12
+20
2.6
2.4
+ 14
+21
+24
+53
4.2
-13
461
2.4
+37
+64
3.2
354
-44
1.1
+38
4.4
+58 +49
444
-2
2.7
4.8
683
+19
5
3.9
+ 13
492
5.5
-15
2.7
+74
+49
3.2
369
+69
2.4
+54
+31
3.5
403
2.3
+64
+53
+7
2.7
279
1.9
+69
+52
+21
2.4
403
2.4
+39
+26
+39
1.8
36 +664 +494
0.8
+252
2.7
336
+35
2.4
+53
+38
4.3
595
3.7
+29
+53 +49
4.0
376
+30
3.8
+36
+34
3.6
544
+52
3.0
+85
+71
1.7
404
1.6
+20
+10
+8
+6
206
0.8
1.0
+46
+22
3.7
3.6
563
+14
+16
+17
3.2
2.8
771
+ 15 +11
+1
3.1
2.9
568
+24 +16
+14
4.0
3.9
563
+9
+9
+6
3.6
3.5
566
+35
+34
+31
4.4
5.4
572
+7
0
+32
3.6
3.8
528
+7
+11
+7
3.4
2.8
418
+42
+17
+33
+66
+61 +51
345
2.4
2.4
2.6
2.3
352
+10
+23
+16
2.1
2.1
323
+ 10
+11
+8
3.1
4.6
449
0
+48
+31
2.2
2.4
327
+29
+46
+34
1.5
1.6
362
+ 19
+9
+ 12
3.3
4.2
421
+27
+ 17
+1
sales index for that department. The stocks
For description and monthly indexes of sales
405
384
300
319
628
488
643
278
302
355
126
472
454
398
543
666
170
430
+32
+34
+24
+26
1
The 1941 average of monthly sales for each department is used as a base in computing the
index is derived by applying to the sales index for each month the corresponding stock-sales ratio.
and stocks
by department groups for back years, see pp. 856-858.
2
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.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 919.
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
Percentage of total sales
Collections during
month
Cash
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
1945—May
June
July
August
September
October
November
December
147
'150
121
136
154
190
212
270
189
194
163
'181
"•202
245
••271
'356
55
52
'47
58
63
'89
'100
108
116
'118
88
99
'117
147
165
204
35
34
32
32
33
36
41
48
'87
88
76
76
85
99
113
145
'65
'62
57
57
59
71
77
79
122
121
117
104
103
122
143
148
66
65
'64
63
'63
64
'33
'33
31
31
'32
33
'33
32
1946—January
February
March
April
May
June?
142
'152
190
'205
194
193
186
191
'233
249
234
233
'64
72
'84
'96
85
81
106
122
162
175
169
169
45
44
43
45
45
46
108
100
114
126
129
133
82
75
83
82
83
81
190
140
138
154
168
167
'65
'62
'60
'60
59
59
'31
'34
'36
'36
37
37
'64
'64
P Preliminary.
' Revised.
NOTE.—Data based on reoorts from a smaller group of stores than is included in the monthly index of sales shown on page 919.
AUGUST
1946
921
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938 .
1939
1940
1941
1942
1943
. . .
1944
1945
1945—j u n e
July
August
September
October
November
December
1946—January
February
March
April
Mayp
JuneP
.
Total
instalment
credit
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
5,697
5,654
5,649
5,702
6,000
6,344
6,734
6,506
6,564
6,978
7 315
7,499
7,754
1,987
1,992
1,988
2,010
2,086
2,190
2 365
2,364
2,408
2,507
2 652
2,781
2,899
Sale credit
Total
Automobile
2,515
2,032
1,595
1,318
928
637
322
999
459
576
940
1,289
1,384
1,197
1,104
663
741
835
200
009
639
635
903
227
676
719
712
706
717
754
805
903
188
192
196
202
210
219
227
235
245
264
531
520
510
515
544
586
676
289
318
338
668
686
697
877
957
1,004
1,035
2,125
1,949
1 402
652
674
619
516
958
677
1,267
1,729
1,942
482
175
970
Charge
accounts
Service credit
Other
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
814
879
905
Singlepayment
loans2
Loans1
776
875
1,048
1,331
1,504
1,442
1,468
1 488
1,601
1,369
1,192
1,251
1,616
1,268
1,280
L.282
1,293
L.332
L.385
1,462
1,487
1,529
.602
1,695
1,777
1,864
1,420
1,452
1,466
1,466
1,490
1,556
1,616
1,659
1,671
1,695
1 710
1,708
1,696
865
1,147
1,368
L.343
1,525
1,721
1,802
642
634
641
962
459
532
802
1,065
1,195
1,265
1,644
J.005
M80
L.464
1,147
1,204
1,462
J 749
1,611
L 381
1,114
L.081
1,203
,292
419
,459
L.487
L.544
L 650
1,764
L.513
L 498
,758
L.981
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
746
]L.544
1,459
1,441
1,470
1,666
1,835
1,981
1,701
L.692
.972
2 138
2,188
2,332
751
754
756
758
763
772
782
793
804
815
822
827
P1 Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Commercial1
banks
Small
loan
companies
L,065
L, 195
L 265
1,644
>,005
> 180
1,464
L 147
L,204
I 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
L 268
1,280
1,282
,293
,332
1,385
,462
1,487
,529
1,602
1 695
1,777
1,864
400
406
406
413
428
448
471
494
522
564
608
656
700
389
391
389
387
395
409
445
446
452
462
482
492
506
70
70
70
70
71
73
76
76
78
82
85
88
92
Total
Industrial
Industrial
loan
com- 2
panies
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
»
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—j u n e
July
August
September. .
October
November. .
December...
1946—January....
February...
March
April . .
Mayp
Junep
652
674
619
516
459
532
RO7
219
218
184
143
121
125
156
191
221
Insured
repair
Commercial
modern- banks 1
ization3
loans
and
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
792
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
81
75
73
72
88
94
101
104
105
132
138
148
148
82
76
71
74
89
97
133
76
80
103
105
97
99
14
13
13
13
16
15
18
14
14
18
18
19
19
13
12
11
12
14
14
16
14
14
16
16
16
17
21
18
18
16
20
21
23
19
19
24
25
28
28
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
1,017
1 198
128
120
179
63
63
63
64
64
67
70
70
71
73
76
78
79
122
122
121
120
121
124
128
127
128
132
137
142
149
88
88
88
87
88
90
93
93
94
95
97
98
99
136
140
145
152
165
174
179
181
184
194
210
223
239
215.
Small
loan
companies
69
130
248
368
460
680
413
380
340
250
202
234
288
354
409
P Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of
other retail direct loans not shown separately. Other retail direct loans outstanding at the end of June amounted to 48 million dollars, and loans
made2 during June were 12 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
922
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
HouseAll
Total,
stores
End of excluding
Furnihold
other
year or
and
ture
appli- Jewelry
autoretail
stores
month
mailstores
ance
mobile
stores
order
stores
houses
1929
1930
1931
1932
1933
1934.
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
160
155
138
103
119146
186
256
314
302
377
439
466
252
172
183
198
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
Aug
Sept
Oct
Nov
Dec
531
520
510
515
544
586
676
150
145
142
144
156
173
198
237
235
232
235
247
262
283
11
11
11
11
11
12
14
49
47
45
44
44
47
74
84
82
80
81
86
92
107
1946
Jan
Feb.
Mar
Apr
MayP
JuneP
642
634
641
668
686
697
189
184
188
200
206
209
272
274
279
288
295
299
14
14
14
15
16
17
66
62
59
60
61
62
101
100
101
105
108
110
1945
June
July
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal. . -2
ment. paper
—
j
AutoOther
mobile
Year and month
Total
Outstanding at end
of period:
1941—June
December. . .
1942—June
December. .
1943—June
December. . .
1944—June
December. .
1945—June
July
August
September...
October
November...
December. . .
1946—January
February....
March
April
May?
JuneP
202.5
196.8
162.4
125.4
100.2
91.8
89.6
92.0
94.6
95.1
95.1
95.7
97.7
100.9
104.1
105.6
107.3
112.8
118.1
122.4
127.2
53.5
49.3
34.3
21.4
14.4
12.6
12.5
13.0
12.8
12.8
12.7
12.6
13.1
13.6
13.8
14.1
14.6
15.4
16.8
17.6
18.4
18.0
16.2
15.8
16.4
19.7
19.9
21.3
18.6
18.0
23.3
23.6
24.4
23.8
2.4
2.3
2.1
2.2
2.7
3.0
3.1
3.1
3.0
3.8
4.2
3.9
3.9
Volume extended
during month:
1945—June
July
August
September...
October
November...
December. . .
1946—January
February....
March
April
M
1
2
18.4
18.8
16.3
12.8
Repair Personal
instala-n d_
modern- ment
izationx
cash
loans
loans
10.0
10.9
11.8
12.7
13.4
18.2
18.6
16.5
15.6
14 1
14.0
12.9
13.4
14.2
14.6
14.9
15.4
16.2
16.8
17.2
18.0
18.2
19.1
20.2
21.2
22.0
112.4
110.1
95.3
75.6
62.9
57.5
57.4
57.8
59.9
59.9
59.6
59.7
60.0
61.5
63.3
63.6
64.5
67.4
69.3
70.9
73.4
1.6
1.4
1.3
1.3
1.7
2.2
2.0
1.6
1.7
2.2
2.4
2.8
2.6
1.6
1.5
1.5
1.6
2.1
1.9
1.6
1.8
1.6
2.4
2.5
2.5
2.3
12.4
11.0
10.9
11.3
13.2
12.8
14.6
12.1
11.7
14.9
14.5
15.2
15.0
8.8
7.7
6.8
7.8
7.7
7.8
7.9
8.0
8.4
9.0
9.8
9.9
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Automobile
retail
Year or month
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
1945
1945—June
July
August
September.
October. . .
November.
December.
1946—January. ..
February..
March
*
April
May P
JuneP
Volume extended during month:
1945—June
July
August... .
September.
October. . .
November.
December.
1946—January. ..
February. .
March
April
Mayp
JuneP
1,093
1,450
1,694
1946
1,025
1,093
218
311
411
136
55
57
65
56
56
57
58
60
62
65
70
74
82
97
108
115
164
253
310
123
81
99
146
116
118
119
122
128
135
146
155
164
179
193
212
229
79
79
79
79
83
90
97
107
111
117
127
142
154
116
107
108
106
131
140
147
12
11
11
12
13
14
14
24
22
23
23
28
29
32
15
13
15
13
19
21
24
157
155
188
212
226
218
19
18
20
29
29
24
34
35
41
46
52
51
27
24
25
32
38
36
845
514
559
731
609
619
622
633
659
694
731
771
809
871
946
Repair Perand
sona]
mod- insta!
erniza- ment
tion cash
loans1 loans
155
217
288
143
68
75
97
209
247
234
154
89
83
121
93
96
100
103
109
116
121
125
131
140
151
161
172
347
422
451
289
221
245
302
265
270
267
271
279
291
302
314
329
353
378
402
423
12
11
12
12
15
16
13
14
15
20
22
22
22
53
50
47
46
56
60
64
63
63
82
83
85
85
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Repair Personal
Retail instaland
instalment paper 2
Year and month
Total
modern- ment
cash
AutoOther' ization1
loans
mobile
loans
Outstanding at end
of period:
1944
1945
1945—June
July
August...
September
October. .
November
December
1946—January..
February.
March. ..
April....
MayP....
JuneP. . . .
Volume extended
during month:
1945—j une
July
August
September
October
November... .
December....
1946—January
February
March
April
MayP
....
JuneP
10.0
10.6
11.0
11.2
11.2
11.6
12.1
12.6
12.6
3.8
4.0
3.7
3.8
3.7
3.8
3.9
4.0
4.0
4.0
4.1
4.2
4.5
4.8
5.2
1.3
1.3
1.3
1.4
1.5
1.6
1.5
1.5
1.6
1.6
1.6
1.7
1.8
2.3
2.4
2.2
2.2
2.6
2.7
2.7
0.6
0.7
0.7
0.7
1.0
1.1
0.8
0.2
0.2
0.2
0.2
0.2
0.2
0.2
2.6
2.4
0.7
0.8
0.1
0.1
0.9
1.0
1.2
1.1
0.2
0.2
0.2
0.2
67.1
76.7
69.6
70.0
69.3
70.4
71.4
73.8
76.7
77.5
78.4
81.0
83.2
85.6
87.3
10.5
11.0
14.1
13.4
13.1
13.8
16.0
16.2
17.8
15.6
15.2
18.3
18.0
18.4
18.3
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
AUGUST
Other
retail,
purPur- Direct chased
chased loans and
direct
9.2
9.6
9.6
9.6
3.0
3.1
3.2
2.8
1.1
1 5
51.7
60.2
55.4
55.3
54.7
55.6
56.0
57.6
60.2
60.8
61.5
63.6
65.0
66.5
67.7
11.0
10.1
10.0
10.7
12.2
12.2
14.1
12.2
11.9
14.2
13.7
13.8
14.2
Preliminary.
923
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
June May
1946 v 1946
Apr.
1946
-1
-1
+7
+7
+4
+ 11
Accounts receivable, at
end of month:
Total
Instalment
+3
+2
Collections during
month:
Total
Instalment.. . .
Inventories, end of
month, at retail value.
Net sales:
Total
Cash sales . .
Credit sales:
Instalment
Charge account
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
June
1946P
May
1946
Apr.
1946
+6
+3
+9
+7
+54
+74
+60
+80
+62
+84
+43
+69
+49
+76
+54
+71
+4
+3
+4
+3
+25
+24
+27
+20
+18
+16
0
-1
+6
+4
+ 1 +36
-1
+36
+41
+37
+35
+35
+4
+7
+8
+28
+22
-2
* -3
9 Preliminary
k
+18
Charge
accounts
Instalment account
Year and month
1945
May
June
July
August
September
October
November
December
January
February
March
April
May
June?
1946
Household ap- Jewelry
pliance
stores
stores
Department
stores
Department
stores
Furniture
stores
'33
'33
31
33
35
40
40
36
23
23
24
23
23
27
27
24
40
43
42
48
49
52
51
48
33
33
31
31
30
31
35
46
64
64
62
63
63
66
67
61
32
31
35
35
34
33
25
24
27
28
27
26
52
51
53
56
55
54
32
29
32
32
33
34
61
60
64
63
62
60
Pr Preliminary.
Revised.
1
Ratio of collections during month to accounts receivable at beginning of month.
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
All items
Food
Clothing
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
122.5
119.4
132.5
126.0
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
104.6
105.1
108 7
97.6
92 4
95 7
98.1
103 9
86.5
84 1
93 7
100.4
102.6
90.8
87.9
96.1
96.8
130 3
116.9
100.7
94 4
94.2
108 9
103.4
100.0
101 4
100.7
98.0
85.4
84.2
92.8
94.8
104.1
101.7
98.4
97.9
98.1
1936
1937 . .
1938
1939
1940
99 1
102.7
100.8
99.4
100.2
101 3
105.3
97.8
95.2
96.6
97.6
102.8
102.2
100.5
101.7
96 4
100.9
104.1
104.3
104.6
100 2
100.2
99.9
99.0
99.7
96.3
104.3
103.3
101.3
100.5
98.7
101.0
101.5
100.7
101.1
1941
1942
1943
1944
1945
105 2
116.5
123.6
125.5
128.4
105 5
123.9
138.0
136.1
139.1
106.5
124.2
129.7
138.8
145.9
105 9
108.5
108.0
108.2
108.3
102.5
105.4
107.8
109.8
110.3
108.2
122.2
125.6
136.4
145.8
104.0
110.9
115.9
121.3
124.1
1945—January
February
March
April
May
June
July
August
September
October
November
December
127 1
126.9
126 8
127 1
128.1
129.0
129.4
129 3
128.9
128.9
129 3
129.9
137 3
136.5
135 9
136 6
138.8
141.1
141.7
140 9
139.4
139.3
140.1
141.4
143 0
143.3
143 7
144 1
144.6
145.4
145.9
146 4
148.2
148.5
148 7
149.4
109 7
110.0
110 0
109 8
110.0
110.0
111.2
111 4
110.7
110.5
110 1
110.3
143 6
144.0
144.5
144 9
145.4
145.8
145.6
146.0
146.8
146.9
147.6
148.3
123 3
123.4
123 6
123 8
123.9
124.0
124.3
124 5
124 6
124.7
124 6
124.8
129.9
129.6
130.2
131.1
131.7
133.3
141.0
139.6
140.1
141.7
142.6
145.6
149.7
150.5
153.1
154.5
155.7
157.2
110.8
111.0
110.5
110.4
110.3
110.5
148.8
149.7
150.2
152.0
153.7
156.1
125.4
125.6
125.9
126.7
127.2
127.9
Year or month
1929
1930
1931
1932
1933
1934
1935
!
. . .
. .
1946—January
February
March
April
May
June
r
Revised.
108 3
108.3
108.3
iO8.3
108.4
108.5
Back figures.—Bureau of Labor Statistics, Department of Labor.
924
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau Df Labor Statistics.
1926=100]
Other commodities
Year, month, or week
1929
1930
1931.
1932
1933
1934 .
1935
1936
1937...
1938
1939
1940 . . .
1941
1942
1943
1944
1945
1945—June
Tuly
August
September
October
November.
December
1946—Tanuary
February
March
April . .
May
June
Week ending:
1946—Feb. 23
Mar. 2 . .
Mar. 9
Mar. 16 . .
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4 . .
May 11
May 18 .
May 25
Tune 1
Tune 8
Tune 15
Tune 22
Tune 29
July 6
July 13
Tuly 20
July 27
All
commodities
Farm
products
Foods
95 3
86 4
73 0
64 8
65.9
74 9
80 0
80 8
86 3
78 6
77 1
78 6
87 3
98 8
103 1
104.0
105.8
106 1
105 9
105.7
105.2
105 9
106 8
107.1
107 l
107 7
108 9
110 2
111.0
112.9
104 9
88.3
64 8
48 2
51.4
65 3
78.8
80 9
86 4
68.5
65 3
67 7
82.4
105 9
122 6
123.3
128.2
130.4
129 0
126.9
124.3
127 3
131 1
131.5
129 9
130 8
H3 4
135 4
137.5
140.1
99 9
90.5
74 6
61.0
60.5
70.5
83.7
82 1
85.5
73.6
70 4
71.3
82.7
99 6
106.6
104.9
106.2
107.5
106 9
106.4
104.9
105 7
107.9
108.6
107.3
107.8
109 4
110.8
111.5
112.9
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
99.6
99 7
99.9
99.8
100 1
100.2
100.5
100 8
101.3
102 2
103.3
103.9
105.6
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
118.0
118.0
118.0
118.7
118.6
118.8
118.9
119.4
119.6
119.8
119.8
120.4
122.4
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
99.6
99.6
99.6
100.1
101.0
101.1
101.4
101.6
102.2
104.7
107.9
108.8
109.2
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 9
84 3
84.8
84.1
84 2
84 6
84.8
84 9
85 1
85 0
86 1
86.1
87.8
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
104.7
104 7
104.7
104.9
105.0
105.2
105.6
105.7
106.6
108 4
108.8
109.4
112.2
107 4
107 6
108 2
108 4
108 4
108.7
109 1
109.3
109.6
109.6
109 9
110 1
110 9
110 7
111 1
111 5
111 8
112 4
112 7
117 2
120 7
124 2
124.1
131.1
130 7
133 9
133 1
132 9
133.3
135.2
135.1
135.4
135.5
135 6
135 8
137.9
137.2
138 8
139.4
139 9
140.0
140 3
152 9
153.9
15<) 2
157.3
108.3
107.9
109 2
109.5
109 4
109.5
109.7
109.9
110.4
110.3
110.7
110 9
111.5
111.0
111.8
111.9
111.8
113.7
113.4
121.1
134.0
142.0
140.7
101.1
101.5
101 6
101.9
102 0
102.3
102.4
102.8
103.1
103.1
103.6
103 7
104.0
104.1
104.3
104.6
104.9
105.1
105.4
106.3
106.9
107.8
108. 5
120.1
120.
120.1
120.
120.
120.
120.
120.3
120.3
120.3
120.3
120.3
120.9
120.9
120.9
120.9
123.4
123.5
123.8
124.0
129.1
139.3
101.1
101.4
101.9
101.9
102.4
104.3
104.5
105.0
105.2
105.5
106.7
106.7
108.2
108.2
108.2
108.3
108.3
108.3
108.5
108.8
108.8
109.5
109.5
85.6
85.4
85 4
85.4
85 4
85.4
85.5
86.5
86.6
86.6
87.0
87 0
87.0
87.1
86.7
86.9
86.9
87.1
87.5
89.5
90.1
90.2
90.2
105.8
107.8
107 8
107.7
107 9
107.9
108.0
108.2
109.0
109.0
109.1
109 3
109.3
109.4
109.5
110.5
111.0
111.0
111 6
112.6
113.0
113.2
131.3
Hides and
Fuel and Metals
Textile
leather
lighting and metal Building
products products materials products materials
Total
14
1946
1945
Chemi- . HouseMiscelcals and furnishallied
ing goods laneous
products
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
117.4
117 5
117.8
118.0
118 3
118.7
119.5
120.0
120.9
124 9
126.5
127.8
129.9
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
95 0
95 3
95.3
95.3
95 5
95.7
96.1
96 0
95.9
96 0
96 1
96.5
96.4
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
104.5
104.5
104.5
104.6
104.7
104.7
104.7
106.2
106.5
106.9
107.5
108.3
110.4
82 6
77.7
69 8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
94.8
94.8
94.8
94.8
94.8
94.8
94.8
95.3
95.6
95.6
95.7
97.0
98.5
120.2
121.0
121 1
123.3
123 6
123.6
124.0
124.0
126.0
126.0
126.6
126 8
126.9
127.2
127.8
128.2
128.5
129.7
130.3
130.7
131.8
132.5
96.0
96.0
96 0
96.0
96 0
96.0
96.0
96.1
96.1
96.1
96.1
96 2
96.3
96.6
96.6
96.8
96.8
96.9
96.9
98.2
98.4
100.0
100.3
108.0
108.0
108.3
108.4
108.4
108.5
108.7
108.7
108.7
108.7
108.7
108.9
109.4
109.4
110.0
110.2
110.4
110.4
110.7
110.7
110.7
112.5
112.5
95.4
95.4
95.4
95.4
95.4
95.4
95.4
95.4
95.4
95.5
96.2
96.2
96.3
96.6
97.8
97.9
97.9
97.9
97.9
98.0
98.3
98.8
101.7
9 5 &•
13 2 . 6
1946
1945
Subgroups
Subgroups
June
Farm Products:
130.2
Grains
Livestock and poult5 r v
134 4
127 2
Other farm product
Foods:
110.5
Dairy products.....
95 5
Cereal products
134.7
Fruits and vegetables
Meats
108 3
Other foods
95 1
Hides and Leather Products:
Shoes
126.3
117 3
Hides and skins
Leather .
101 3
115.2
Other leather products
Textile Products:
107 4
Clothing
119 7
Cotton goods
Hosiery and underwear . . . 71.5
Silk
30 2
Rayon
Woolen and worsted goods. •. 112.7
Other textile DroductH
100 9
Fuel and Lighting Materials:
97 5
Anthracite
123.8
Bituminous c o a l . . . .
Coke
131 0
59 6
Electricity
78.0
Gas
64.2
Petroleum products.
Mar.
Apr.
May
June
136.7 137.0 148.1 151.8
133 5 L35 1 134 9 137 4
131.4 134.2 135.1 137.5
116.1 116.3 117.0 127.3
96.2 99.4 100.3 101.7
133.1 138.2 140.6 136.1
109 6 110 3 110 5 110 1
97 7 97 7 98 1 98 1
128.6
117 6
104.0
115.2
128.6
117.6
104.0
115.2
128.9
120.7
104.0
115.2
129.5
121.5
110.7
115.2
109 5 L17 4 119.6 120 3
132 9 137.6 138.6 139.4
75.5 75.5 75.7 75.8
30.2 30.2 30.2 30.2
112.7 112.7 112.7 112.7
109 6 110 5 111 9 112 3
104 0 04.0
125.2 25.2
134 9 33.5
68 3 66 6
79.6 79.7
61.2 62.8
104.1 106 1
125.3 132.8
133 5 133 5
80.2
63.5
64.0
June
Mar.
Apr.
Metals and Metal Products:
97.6 98.5 98.6
Agricultural implements
Farm machinerv
98 7 99.6 99.6
Iron and steel
99.1 107.0 107.4
Motor vehiclesj
112.8 112.8 112.8
85.9 86.1 87.1
Nonferrous me tals
Plumbinc and heating
92.6 95.1 100.8
Building Materials
Brick and tilp
110 9 117.4 119.9
99 4 102 3 102 4
lent
Lunriber
154.9 167.6 171.4
Paiiit and Daint materials
106.3 107.8 108.0
Plumbing and heatine
92.6 95.1 100.8
Structural steel
107.3 120.1 120.1
Other building materials
104.3 112.3 112.8
Chemicals and Allied Products:
Chemicals
95 9 97.0 97.1
Drugs and Pharmaceuticals. . 109.5 111.7 112.4
Fertilizer mate rials
80.4 81.9 81.9
Mixed fertilizers
86 6 86.6 86.6
Oils and fats. .
102.0 102.1 102.1
Housefurnishing Goods:
Furnishings
107 5 110 9 112 1
Fur niture
101.5 102.9 102.9
Miscellaiteous:
Auto tires and tubes
73.0 73.0 73.0
Cattle feed. . .
159.6 159.6 159.6
109 0 113.7 113.9
Rubber, crude
46.2 46.2 46.2
Other miscella leous
98.9 98.9 99.2
May
June
101.7
102.7
107.8
112.8
89.0
100.8
107.0
108.4
110.1
199.2
106.0
120.5 121.3
102.6 102.6
172.5 171.0
108.2 108.6
100.8 106.0
120.1 120.1
115.7 118.4
97.9 98.0
112.4 109.4
81.9 82.7
86.6 86.6
102.1 102.1
113.4 114.5
102.9 106.1
73.0 73.0
173.6 197.8
115.3 115.6
46.2 46.2
100.2 101.0
1
This subgroup is in process of revision.
Back figures.—Bureau of Labor Statistics, Department of Labor.
AUGUST 1946
925
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce
In billions of dollars]
Seasonally adjusted annual rates by quarters
Annual totals
1945 1
1939
1940
88.6
97.1
16.0
7.9
War
Nonwar
State and local governments
Private gross capital formation.
Construction
Residential
Other
Producers durable equipment
Net change in business inventories
Net exports of goods and
services
Net exports and monetary
use of gold and s i l v e r . . . .
Consumer goods and services...
Durable goods
Nondurable goods
Services
Gross national product
Government expenditures
goods and services
Federal Government
19451
152.3
187.4
197.6
199.2
205.1
208.2
198.2
185.2
180.6
185.0
16.7
62.7
55.3
93.5
86.2
97.1
89.5
84.8
75.7
96.5
88.7
99.8
92.0
81.0
73.0
57.2
49.3
41.1
32.8
38.0
29.5
1.4
6.5
8.1
10.9
3.6
2.8
6.1
7.9
14.8
4.3
50.3
5.0
7.4
7.6
2.9
81.3
4.9
7.4
2.5
1.6
83.7
5.7
7.7
2.0
1.6
69.4
6.3
7.9
9.1
2.6
82.9
5.8
7.8
3.6
1.8
85.7
6.3
7.8
6.6
2.3
66.4
6.6
7.9
11.2
2.9
42.6
6.7
8.0
15.0
3.7
25.7
7.1
8.3
19.2
5.3
22.0
7.5
8.5
25.0
8.2
2.0
1.6
2.4
2.0
1.3
1.6
0.6
1.0
0.5
1.1
.7
1.9
0.3
1.5
0.5
1.8
0.9
2.0
1.4
2.3
2.0
3.3
3.5
4.7
120.2
for
Gross national product
Deductions:
Business tax and nontax
liabilities
Depreciation and depletion.
Other business r e s e r v e s . . . .
Capital outlay charged to
current expense
Adjustments:
For inventory revaluation
For discrepancies
National i n c o m e
Additions:
Transfer payments
Deductions:
Corporate savings
Contributions to social insurance funds
I n c o m e p a y m e n t s t o individuals
Income p a y m e n t s t o individuals
Personal taxes and nontax
payments
Federal
State and local
Disposable income of individuals
Consumer e x p e n d i t u r e s . . . .
Net savings of individuals..
National i n c o m e
Total compensation of employees
Salaries and wages
Supplements
Net income of proprietors
Agricultural
Nonagricultural
Interest and net rents
Net corporate profit
Dividends
Savings
2.8
2.5
5.5
5.1
3.1
4.0
-0.5
-0.6
-1.7
-1.5
-1.8
1.5
1.2
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
0.1
82.0
6.3
47.9
27.8
()
91.3
6.6
55.1
29.7
-0.1
98.5
6.7
60.0
31.8
88.6
97.1
120.2
152 3
187.4
197.6
10.4
6.2
0.8
12.4
6.4
0.7
18.5
7.0
0.8
23.1
7.6
0.6
27.4
8.0
0.5
29.7
8.2
0.5
0.8
0.9
-0.4
0
70.8
-0.4
-0.4
77.6
-3.2
-1.1
96.9
-2.1
-0.2
122.2
-0.2
1.5
149.4
-0.1
-2.2
160.7
5.3
0.7
1.3
2
6.6
2
5.2
-.1
-3.4
106.4
7.7
65.6
33.1
105.0
7.4
65.0
32.6
28.4
2
9.3
1.7
3.2
5.4
7.5
101.8
7.1
61.5
33.2
106.0
7.4
65.1
33.5
113.0
9.0
70.6
33.3
120.2
10.7
75.6
34.0
122.0
12.0
75.5
34.5
2.4
2.6
2.5
2.7
3.2
0.4
1.8
4.0
4.4
5.5
5.4
2.0
2.1
2.6
3.2
3.8
3.9
70.8
76.2
92.7
117.3
143.1
156.8
160.7
163.7
163.2
158.6
156.9
156.7
161.0
70.8
76.2
92.7
117.3
143.1
156.8
160.7
163.7
163.2
158.6
156.9
156.7
161.0
3.1
1.3
1.9
3.3
1.4
1.9
4.0
2.0
2.0
6.7
4.7
2.0
18.6
16.6
2.0
19.4
17.4
2.1
21.2
22.1
21.7
20.7
20.1
18.7
19.0
67.7
61.7
6.0
72.9
65.7
7.3
88.7
74.6
14.2
110.6
82.0
28.6
124.6
91.3
33.3
137.4
98.5
38.9
139.6
106.4
33.1
141.6
105.0
36.6
141.5
101.8
39.7
137.9
106.0
31.9
136.9
113.0
23.9
138.0
120.2
17.8
142.0
122.0
20.0
70.8
48.1
44.2
3.8
11.2
4.3
6.9
7.4
4.2
3.8
0.4
77.6
52.3
48.6
3.7
12.0
4.4
7.6
7.5
5.8
4.0
1.8
96.9
64.5
60.8
3.7
15.8
6.3
9.6
8.0
8.5
4.5
4.0
122 2
84.1
80.8
3.3
20.6
9.7
10.9
8.8
8.7
4.3
4.4
149
106
103
160.7
116.0
112.8
3.2
24.1
11.8
12.3
10.6
9.9
4.5
5.4
3.2
23.
11.9
11.6
9.7
9.8
4.3
5.5
P Preliminary.
1
Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BULLETIN for July, 1946, p. 806.
2
Based on new sources and not precisely comparable with previous years.
3
Less than 50 million dollars.
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 1938, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates
1939 through 1944, see the Survey of Current Business for April 1944 and February 1946.
926
FEDERAL RESERVE BULLETIN
JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY 1, 1946
[In thousands of units]
Corn
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas ..
San Francisco
... .
Total
Total wheat
Estimate
July 1, 1946
Production
1945
Estimate
July 1, 1946
Production
1945
Estimate
July 1, 1946
Production
1945
Bushels
7,412
27,253
52,911
220,734
148,381
186,519
1,156,790
349,257
383,549
397,723
80,483
7,398
Bushels
7,482
30,876
51,676
223,959
136,901
161 206
1,356,661
408,139
441,204
438,765
77,400
7,377
3,341,646
Bushels
Bushels
Bushels
Bushels
Bushels
. ..
Total
1
As revised in July 1946.
AUGUST
1946
36
10,251
18,100
66,432
25,775
7 649
67,540
48,412
294,668
408,746
42,646
132,888
1,123,143
54
6,175
17,705
53,045
27,704
6 633
57,903
45,685
227,996
432 085
54,369
160,738
1,090,092
Tame hay
Oats
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco
Spring wheat
Production
1945
3,018,410
Federal Reserve district
Winter wheat
10,194
17,974
66,402
25,775
7 649
66,754
48,392
37,541
403,707
42,546
96,243
823,177
36
57
126
30
6,013
17,575
53,015
27,704
6 633
56,636
45,667
34,766
427,807
54,287
127,060
20
257,127
5,039
100
36,645
857,163
299,966
Tobacco
786
Estimate
July 1, 1946
Bushels
54
162
130
30
1.267
18
193,230
4,278
82
33,678
232,929
White potatoes
Estimate
July 1, 1946
Production
1945
Estimate
July 1, 1946
Production
1945i
Estimate
July 1, 1946
Production
1945
Estimate
July 1, 1946
Bushels
4,791
21,666
15,458
63,506
31,291
30 913
593,313
58,711
522,589
129,155
47,001
29,269
Bushels
5,305
30,207
18,204
76,121
34.155
28 080
604,125
80,807
374,870
149,654
40,751
28,747
Tons
3 539
6,639
2,515
5,605
5,030
4 468
19,618
8,946
10,776
8,986
1,937
13,514
Tons
3 259
5,949
2,366
5 562
5,185
4 174
16 479
8,643
9,089
7,626
1,884
13,057
Pounds
30,774
1,228
46,355
145,225
1,132,964
237 297
37,405
358,631
3,073
4,856
Pounds
35,749
1,379
51,800
144 900
1,248,864
230 536
42,861
361,437
3,581
5,139
Bushels
61,939
35,386
19,996
13,504
24,988
18,589
34,683
10,311
52,596
37,315
5,433
110,391
Bushels
72.315
33,406
20,087
13,006
30,194
19,389
31,804
12.604
41,713
35,178
6,406
115,570
1,547,663
1,471,026
91,573
83,273
1,997,808
2.126.246
425,131
431,672
Producton
1945
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
1946
Chart
book
page June July July July
10
17
26
WEEKLY FIGURES'
July
24
In billions of dollars
WEEKLY FIGURES*—Gont.
RESERVES AND CURRENCY
In unit indicated
BUSINESS CONDITIONS
23.99 23.69 24.02 23.90
23.39 23.00 23.39 23.23
14.40 14.07 14.45 14.01
3 6.48 .58 7.59 7.
.60 .60
.60
3 1.75
.76
.76
3 .76
.76
.24 .29
.20
2 .23
20.27 20.27 20.27 20.27
28.14 28.40 28.34 28.24
.25 2.25 2.25
2 2.26
.51
2 .97 .51 .66
15.82 15. g 15.97
15.24
15.09
15.17
15.04
.87 P.58 p. 72 P.
P.97 P.91
P.94
5
.02
.03 .02
5
.01
5 ()
.24
.23
.28
5 .21
5 .63 P.66 P.67 p.67
Reserve Bank credit, total
U. S. Govt. securities, t o t a l . . . .
Bills
Certificates
Notes
Bonds
Discounts and advances
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves
Excess reserves e
Excess reserves (weekly average):
TotalNew York City
Chicago
Reserve city banks
Country banks 6
24.23 Steel production (% of capacity). . . 37 87.2 87.2 87. 87.9
23.65 Electric power prod. (mill. kw. hrs.) 37 4,133 3,741 4,156 4 293
14.43] Freight carloadings (thous. cars). . 45
680 895 921
store sales (1935-39
88 pdepartment
.
200
= 100)
239
.76 Wholesale prices (1926 = 100):
112.7 117.2 120.7 124.2
.2:
Total
140.3 152.9 153.9 159.2
20.27
Farm products
105.4 106.3 106.9 107.9
28.19 Other than farm and food
2.26
14 61 75 61.05
14 43 ,44 42.74
14 39 52 39.24
14
72 7.72
14 14.92 14.89
6O.i.62
42..19
39.13
7.47
15.02
60.87
42.64
39.25
7.50
14.76
.25
,38
.57
.01
24
,48
.02
.83
.48
.69
.64
.65
.49
.67
.65
15 40.57 40.08 40.00 40.18
28.51 28.63
29.15
17.46 17.50
17.44
.32
.48
16 11.12
59
15 25 04
5.54
6.25
15 8.80
9.07
17
17
17
64
10
24
6.54
8.83
9.10
4.71
1.72
2.68
24.87
4.78
6.57
8.86
9.13
4.78
1.67
2.68
Apr.
MONTHLY FIGURES
16 4.82 4.43 4.30 4.19
.38
16 .17 .38 .05
15 14.48 14.37 14.27 14.26
2.78 2.69 2.69
15
4.15 4.09 4.17
15
1.24
1.25 1.24
15
15
5.79 5.89 5.58
2.90 2.93 2.94
.95 1.11
.52 .51
.73 .70
.68 .64
124.1
157.3
108.6
1946
May
June
In billions of dollars
RESERVES AND CURRENCY
15 21.18 20.97 20.62 20.69
15 14.29 14.13 13.67 14.01
16 9.30 9.33 9.33 9.45
16
16
17
17
89.3
.67
15.88
15.08
P. 79
MEMBER BANKS IN LEADING CITIES
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
Notes, certificates, 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
Notes, certificates, and guar.
securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities. . . .
All other
1946
Chart
book
page June July July July July
26
Reserve Bank credit
old stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total
Central reserve city banks
Reserve city banks
Country banks
Required reserves, total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, 2 and $5 bills
6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7
23.07
20.25
27.92
2.26
.45
15.53
4.89
6.13
4.52
14.51
4.83
5.91
3.77
1.02
23.37
20.25
27.98
2.26
.56
15.73
4.96
6.22
4.55
14.77
4.94
5.99
3.84
.96
23.90
20.27
28.14
2.27
.69
16.00
5.09
6.32
4.59
15.05
5.05
6.08
3.92
.94
13
13
8
1.80
3.86
27.89
7.89
15.49
4.51
1.80
3.78
28.12
7.95
15.62
4.56
1.81
3.67
28.24
8.00
15.69
4.56
ALL BANKS IN U. S.
Total deposits and currency
Demand deposits
Time deposits
Currency outside banks
.02 U. S. Govt. deposits
9 P174.20
9 P77.40
9 P50.60
9 P26.20
9 P20.00
P173.40
P78.50
P51.10
P26.40
P17.40
P17O.9O
P79.30
P51.7O
P26.50
P13.40
7.32
1.71
2.14
.82
2.65
1.70
.96
.29
.67
P7.5O
PI.71
P7.75
PI.70
P2.19
P. 82
P2.78
Pl.78
Pl.00
P2.33
P.32
P. 69
P.34
P. 70
CONSUMER CREDIT
18
10.39 10.31 Consumer credit, total
18
.53 Single payment loans
.75
Charge accounts
18
24.99 25.04
18
4.81 4.64 Service credit
Instalment credit, total
18, 19
6.77 6.57
8.88 8.89
Instalment loans
19
9.18 9.32
Instalment sale credit, total
19
4.87 4.95
Automobile
19
1.62
1.66
Other
19
2.69 2.71
P.83
P2.90
Pl.86
Pl.04
TREASURY FINANCE
Per cent per annum
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
Certificates
Notes
Bonds (7-9 years)
Bonds (15 years and o v e r ) . . . 24,
Corporate bonds:
High grade (5 issues)
Aaa
Baa
24
24
24
24
26
.376
.84
1.13
1.41
2.16
.375
84
1 12
1 37
2 15
375
.84
1.15
1.42
2.20
.376
.83
1.1
1.41
2.20
26 2.40 2.40 2 41
26 2.49 2.49 2.48
26 3.03 3.03 3 03
2.42
2.49
3 .04
2.41
2.49
3.03
.375
.84
1.11
1.38
2.15
In unit indicated
Stock prices (1935-39=100), total.
Industrial
Railroad
Public utility
Volume of trading (mill, shares)..
27 150
27 153
27 159
27 129
27 1.02
153
157
160
129
.87
153
158
158
129
.90
149
153
155
128
.93
144
147
147
12.
1.09
U. S. Govt. obligations outstanding,
total interest-bearing.
By classes of securities:
Bonds (marketable issues)
Notes, cert., and bills
Savings bonds and tax notes. . .
Special issues
By maturities:
5 years and over
5-20 years
5-10 years
Within 5 years
Within 1 year
Certificates
Bills
Holdings of U. S. Govt. obligations:
Commercial banks
Fed. agencies and trust funds. . . .
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues
273.24
271.98
268.58
121.18
73.72
56.41
21.22
121.18
72.13
56.47
21.48
119.32
70.10
56.17
22.33
20
20
20
20
20
20
20
109.72
66.12
45.37
85.36
67.45
38.41
17.05
109.72
66.12
45.37
83.77
65.86
36.83
17.04
108.71
65.11
45.03
80.90
61.98
34.80
17.04
21
21
21
21
21
21
21
88.60
28.27
22.73
11.30
25.00
97.30
42.90
86.90
28.53
22.93
11.30
25.20
97.10
42.70
20
29.13
23.78
For footnotes see p. 930.
928
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
Treasury bills (new issues)
Apr.
Chart
book
page
May
23
23
23
2.46
1.00
.375
2.51
1.00
MONTHLY FIGURES—Cont.
2.49
1.00
In unit indicated
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
27
27
27
27
27
152
156
15
128
1.39
154
159
15
129
1.31
153
157
162
130
1.09
29
29
29
895
57.
697
856
54
669
809
498
651
BUSINESS CONDITIONS
Income payments (mill, dollars) :4
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:4
Total (1935-39=100)
35, 49B
Groups (points in total index):
Durable manufactures
35
Machinery and trans, equip...
49B
Iron and steel
49B
Nonferrous metals, lumber, and
building materials
49B
Nondurable manufactures
35
Textiles and leather
49 B
Food, liquor, and tobacco . . . .
49B
Chemicals, petroleum, rubber,
and coal products
49B
Paper and printing
49B
Minerals
35, 49B
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) :4
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts (34 mo. moving
average, mill, dollars) :
Total
41
Residential
41
Other
41
13,234 P13.447
8,50"
4,72 P4]903
1,569
964
455
150
3.8
1,657
968
583
106
3
3.0
56.9
40.3
16.6
2.4
54.6
46.4
57.6
41.0
16.7
2.3
55.3
46.4
8.9
59.3
42.0
17.3
2.6
56.7
46.8
10.0
165
159
P170
72.3
39.
17.5
66.4
39.8
11.9
P17.0
15.1
76.6
21.0
21.5
14.6
75.2
21.3
20.4
P15.3
••75.6
P21.4
P19.6
21.4
12.7
15.9
21.1
12.5
17.5
P21.6
P12.9
200
214
P205
206
204
208
P206
P209
P204
169
182
158
P171
P185
P158
P73.O
P21.4
'42.87
105.8
42.46 P43.10
107.1 P108.0
39.7
P39.9
693
330
363
In unit indicated
Residential contracts (mill, dollars) :4
Total
Public
Private, total
1- and 2-family dwellings
Other
Value of construction activity (mill,
dollars):
Total
Residential:
Public
Private
Nonresidential:
Public
Private
Freight carloadings:4
Total (1935-39=100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores (1935-39=100) :4
Sales
Stocks
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports excluding LendLease exports
Cost of living (1935-39=100):
All items
Food
Clothing
Rent
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food
42
42
42
42
42
308
8
300
276
24
390
11
379
327
52
301
26
275
253
22
49C
709
822
916
49C
49C
244
12
288
17
317
49C
49C
112
345
134
388
158
424
43
109
106
133
43
43
43
78.2
5.6
25.6
67.6
14.5
24.0
74.1
30.9
28.4
44
44
250
189
'256
200
275
210
46
46
46
P406
53
^785
P397
46
P272
^389
47
47
47
47
'131.1
141.7
'154.5
131.7
142.6
155.7
133.3
145.6
157.2
108.5
49
49
49
110.2
135.4
103.3
111.0
137.5
103.9
112.9
140.1
105.6
1945
Oct.Dec.
QUARTERLY FIGURES
RECEIPTS AND EXPENDITURES OF THE
U. S. TREASURY
49D
49 D
49D
49 D
49D
49 D
49 D
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
23
25
25
25
Apr.June
16.05
13.60
9 .02
8.45
3 .44
3 .19
1.82
13.00
8 .67
13.24
12.59
7.22
3 .49
1. 88
13.44
7.19
9.89
8.07
3.72
2.48
1.87
2.09
1.71
2.23
2.38
2.31
1.75
2.34
2.93
2.41
1.84
2.51
2.97
In millions of dollars
SECURITY MARKETS
Corporate security issues:
Net proceeds:
All issues
Industrial
Railroad
Public utility
New money:
All issues
Industrial
P723
P341
Railroad
*>382
Public utility
Jan..
Mar,
In billions of dollars
P37.7
P13.6
P7.7
P5.5
P3.9
P1.9
1946
Per cent per annum
MONEY RATES
246.2
137.0 P138A
696
316
380
June
Cont.
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
nternal revenue collections, total
Individual income taxes
Corporate income taxes
Misc. internal revenue
-248.5
136.0
37.4
13.4
7.7
5.5
3.9
1.7
BUSINESS CONDITIONS
May
P40.
P218
37.1
13.1
7.8
5.5
3.9
1.6
1946
Apr.
Per cent per annum
MONTHLY FIGURES—Cont.
MONEY RATES, ETC.
1946
28
28
28
28
1,636
433
315
807
941
407
348
154
2,125
1,103
209
735
28
28
28
28
272
157
46
41
248
219
10
3
604
525
18
21
For footnotes see p. 930
AUGUST 1946
929
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1945
June
30
1946
Dec.
31
June
29
In billions of dollars
CALL DATE FIGURES
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Agricultural
For purchasing securities:
Brokers
Toothers
Consumer
Demand deposits adjusted
1945
June
30
Dec.
31
June
29
In billions of dollars
CALL DATE FIGURES—Cont.
CLASSES OF BANKS—CONT.
10
10
11
11
11
11
11
10
99.43 107.18 P102.02 Country banks:
73.24 78.34 P72.25 Loans and investments, total
40.27 44.79
U. S. Govt. obligations
15.58 16.98
Other securities
14.72 14.27
Loans
2.63
2.27
Demand deposits adjusted
.03
.02
Time deposits
5.60
6.07 P6.45
11
11
10
11
11
11
3.10
2.50
20.59
7.10
3.25
1.13
3.25 P3.31
2.82 P3.15
22.78 P23.31
8.95
3.46
11
11
11
10
3.09
3.41
1.69
59.13
3.13
3.38
1.90
64.18
13
13
13
13
13
13
31.37
24.09
2.16
5.11
20.66
11.26
35.00 P35.87
27.00 P26.53
2.41 P2.72
5.60 P6.62
23.60
12.51
1946
1945
SELECTED DATES
Oct.Dec.
Jan.Mar.
Apr.June
.86
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 a d j u s t e d . . . . . . . .
Time deposits
Chart
book
page
FARM REAL ESTATE VALUES
Cash farm income (bill, dollars, annual
basis)
Farm real estate values (1912-14=
100)
Prices received and paid by farmers:
Prices paid (1910-14=100)
Prices received (Aug. 1909-July
P28.47
1914=100)
P19.13
Pl.51
P7.84
12
12
12
12
12
12
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
36.57
27.52
1.89
7.15
20.68
8.76
40.11 P37.68
29.55 P26.59 Cash farm income (bill, dollars)
2.04 P2.23 Farm transfers (number per 1000
8.51 P8.86 farms):
Total
22.37
Voluntary sales and trades
9.79
In unit indicated
49A
21.4
49A
5
P22.7
133
5
142
49A
173
178
184
49A
204
207
214
1944
1945
In unit indicated
49A
21.0
21.6
49A
49A
53.4
51.5
56.4
54.9
r
$ Estimated.
* Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
a Less than $5,000,000.
* For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
* Adjusted for seasonal variation.
* As of Nov. 1 and Mar. 1.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
1
930
FEDERAL RESERVE
BULLETIN
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks *
All
reporting
banks»
Total
Banks (Head Offices)
Dec. 31, 1942
Dec. 31, 1943
Dec 31 1944
Dec. 31, 1945
June 30, 1946*
14,682
14,579
14,535
14,553
14,567
Branches and
Additional Offices 3
Dec 31 1942
Dec. 31, 1943
Dec 31 1944
Dec. 31, 1945
June 30, 1946*
3,739
3,933
4,064
4,090
4,035
Member banks
Mutual savings
banks
Nonmember banks *
Total
Insured
1,598
1,698
1,789
1,867
1,875
7,460
7,299
7,181
7,130
7,142
6,667
6,535
6,452
6,416
6,446
793
764
729
714
696
1,023
1,052
1,079
1,098
1,119
987
1,004
1,032
1,038
1,033
935
952
978
981
974
52
52
54
57
59
Total 2
National
State *
14,136
14,034
13,992
14,011
14,026
6,679
6,738
6,814
6,884
6,887
5,081
5,040
5,025
5,017
5,012
3,602
3,797
3,924
3,947
3,886
2,615
2,793
2,892
2,909
2,853
1,592
1,741
1,813
1,811
1,734
Noninsured
Nonreporting
banks
(nonmember
noninsured)
56
184
192
192
191
490
361
351
350
350
130
119
120
112
113
35
95
99
101
107
102
41
41
42
42
NonIninsured * sured J
*1 Preliminary.
Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative"2 banks in Arkansas and 100 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas.
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banki
are not included in the total for "Commercial banks" and are included only once in "All reporting banks."
• 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 111, respectively.
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and. Monttary 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 l
On par list *
Not
Federal Reserve
district or State
United
Dec.
Dec.
Dec.
Dec.
June
States total:
31, 1942
31, 1943
31, 1944
31, 1945
30, 1946*. . .
Total i
14,123
14,021
13,989
14 002
14,023
Total
11,413
11,492
11,544
11 869
11,920
Member
banks
Nonmember
banks
6,670
6,729
6,806
6,877
6,881
4,743
4,763
4,738
4,992
5,039
on
par
list*
2,710
2,529
2,445
2,133
2,103
By districts a n d
by S t a t e s
J u n e 30, 1946 P
Boston
New York
. .
Philadelphia
Cleveland
490
490
336
154
944
850
944
850
1,176
1,176
803
649
723
141
201
453
Richmond........
Atlanta . .
Chicago
St. Louis .
1,009
1 130
2 465
1 465
475
329
995
493
302
174
Minneapolis...
Kansas City. .
Dallas
. .
San Francisco
1,270
1,747
777
503
2 406
1 103
1 411
610
973
504
856
496
468
751
589
270
Alabama
Arizona . .
Arkansas
California
Colorado. .
219
11
228
191
103
11
96
191
84
6
66
111
140
140
92
48
Connecticut
Delaware
Dist. of Columbia...
Florida
Georgia
115
115
63
52
40
40
17
23
21
168
21
102
18
68
363
85
60
3
34
589
1 730
232
627
59
362
121
979
267
226
681
17
117
8
19
5
30
80
116
25
132
66
278
Idaho
Illinois .
Indiana
Iowa
Kansas. . . .
46
46
26
20
858
490
659
856
490
659
491
238
164
365
252
495
2
612
610
213
397
2
Kentucky....
Louisiana
Maine
Maryland
Massachusetts
386
154
63
170
386
52
63
170
114
43
38
80
272
9
25
90
102
185
185
149
36
AUGUST
1946
State
Total i
Total
Member
banks
Nonmember
banks
Not
on
par
list*
Michigan
Minnesota
Mississippi
Missouri
Montana. . i . . . . . .
442
672
203
592
110
441
256
38
519
108
228
207
29
183
77
213
49
9
336
31
1
416
165
73
2
Nebraska
Nevada
New Hampshire. . . .
New Jersey
New ]Vlexico
410
8
64
345
42
405
8
64
345
42
146
6
52
295
29
259
2
12
50
13
5
New York
North Carolina
North Dakota
Ohio
Oklahoma
672
672
579
93
204
150
676
381
85
45
676
370
55
42
424
217
30
3
252
153
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
69
69
36
246
9
119
105
11
20
20
33
772
11
145
168
50
68
28
60
22
8
95
100
293
861
187
796
82
545
105
251
106
65
59
71
34
40
25
31
1 018
1 018
Texas
Utah
Vermont
Virginia
315
300
199
101
15
Washington
West Virginia
Wisconsin
Wyoming
123
179
556
56
115
176
440
56
55
108
166
38
60
68
274
18
8
3
116
59
71
P Preliminary.
1
Represents banks on which checks are drawn, except that it excludes
both member and nonmember mutual savings hanks on a few of which
some checks are drawn. Similar par list figures nublished heretofore
have included member mutual savings banks and member nondeposit
trust companies (three and four, respectively, on Dec. 31. 1945)
on which no checks are drawn, because of the requirement that member
banks remit at par for checks presented to them through th«: Federal
Reserve Banks.
The total in this table differs from tot al commercial banks in oreceding table because the commercial bank total excludes some bank3 on
which checks are drawn, namely, those that do not report to State
banking departments (see footnote 1 of preceding tabled, and includes
industrial banks and nondeposit trust companies whether or not
checks are drawn on them.
NOTE.—Prior to February 1946, statistics on the Federal Reserve
par list were published annually. For back figures see Ban king and
Monetary Statistics, Table 15, and descriptive text, pp. 14-15.
931
MEMBER BANK OPERATING RATIOS, 1945
AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS
[Expressed in percentages]
Federal Res 2rve district
All
districts
Item
San
Chicago
MinSt.
Louis neapolis
Kansas
City
13.2
15.8
12.5
12.4
14.8
12.1
1
4
2.8
6
3
13. 4
14 3
11 5
3 9
13 .4
13 .9
11 .1
4 1
14.7
15.7
12.3
3.2
12.0
13.2
10.9
3.1
Boston
New
York
Phila- Cleve- Rich- Atdelphia land mond lanta
8.4
11.7
9.4
14.1
11.6
8. 4
10 8
9.2
25
2.2
2.1
Dallas Fran-
cisco
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes. . 11.4
Profits before income taxes . . .
13.5
Net profits
11.0
Cash dividends declared
29
Percentage of total assets:
Total earnings
Net current earnings before income taxes. .
Net profits
2.0
7
.7
.7
10.4
12.3
2. 1
9.4
11.6
9 8
7 3
2.1
6
.8
7
8
7 0
6
7
1.9
6
.6
1.8
6
.6
1.9
.6
.6
1.8
.7
.6
7 7
7
6
1 9
7
6
1 .9
7
.6
1.9
.6
.5
49.3
8.0
28.8
46. 7
10. 7
,30 S
45 6
10 3
30 0
4
8 7
42.9
7.0
35.6
38.9
8.2
34.0
47.3
7.1
28.5
44.0
7.6
32.3
6.2
9.9
39 2
5 4
37 0
6 1
17. 3
35 8
4 9
40 4
8 7
10. 2
29 .1
6 .1
47 .1
7 9
9 .8
41.6
5.2
36.4
35 .7
2 1
28.0
9 3
9.8
2.9
13
14
11
3
3.2
Sources and disposition of earnings:
Percentage of total earnings:
Interest on U. S. Government securities... 42.6
Interest and dividends on other securities. . 7.5
Earnings on loans
33.3
Service charges on deposit accounts
6 7
Other current earnings
9.9
45.2
7.5
28.7
8 0
10.6
6.4
7.5
o
5.7
7.1
7.6
8.8
11.8
9.5
100.0 100.0 100.0 100. 0 100 0 100.0 100.0 100.0 100.0 100 0 100 0
Total earnings
Salaries and wages*
Interest on time deposits
Other current expenses . . .
65.0
66.1
64.7
68 0
63.5
65.3
30.5
13.8
21.6
65.9
35.0
33.9
35.3
32 0
36.5
34.7
34.1
6.9
7.6
6.7
8.9
7.0
33.6
4 1
6 8
29.3
3.2
7 7
32 0
2.4
7 1
30 . 0
2.9
7.8
3.8
6.8
32.3
29.2
1.4
1.5
1.5
1 5
1 4
1 .5
1.3
3.3
3.1
2.9
3.2
3 0
3 3
3 .2
3.0
.2
2
.2
.1
1
0
1
S 1
4
5.1
.2
5.0
.1
5.0
.2
5.3
.2
6
5
6 3
3
5 7
.1
5.4
.1
0
7 7
1
7 4
^0
1. 3
3
8
53.0
4.3
14.1
27 5
47.7
5.2
13 8
32 4
57.5
5.6
11.2
25 1
1.0
.6
.5
52.8
4.8
12.1
29 6
.6
1
4 3
13 1
7
6
46 Q
3 4
13 0
36 7
4
37 3
3 .5
19 6
39 0
.6
55.8
3.8
13.9
25.9
65
52
5 3
67. 7
69.0
67.4
32. 3
31.0
32.6
38.2
8
36. 1
7.7
S 9
32 8
31.7
33.7
1.6
1.6
1. 7
1 6
1.5
3.1
3.2
3.1
3. 4
3 2
2
4
4
/\
5 3
47
5.0
.3
.4
.5
1
1
53 6
5.3
13 4
26 9
58 4
5.4
13 6
21 5
61 4
6.0
13 0
18 4
.7
.9
1.0
6 4
8 6
73
66.8
69.1
69.6
Net current earnings before income taxes
33.2
30.9
30.4
72
72
33.2
12 7
8 6
35.0
15 6
Rates of earnings on securities and loans:
Percentage of U. S. Government securities:
Interest on U. S. Government securities. . .
1.5
Percentage of other securities:
Interest and dividends on other securities. .
Percentage of total loans:
Earnings on loans
Net recoveries on loans
34 4
4. 8
24.3
25. 3
Total expenses
Percentage of total securities:
Net recoveries and profits on securities
79 1
1
23 8
30.1
28.4
16 4
24.8
. ..
26.0
29.4
8.7
26.6
28.0
14.7
24.7
29 8
12 6
26.7
7.8
6.1
10.7
100 .0 100.0
29.3
13.1
23.7
1
75 8
16 6
26.6
29 5
12 1
25.2
Net recoveries and profits
Taxes on net income
Net profits
4
8. 1
17 3
0
s
8.9
7.8
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
.
Other ratios:
Total capital accounts to:
Total assets . . . .
Total assets less Government securities
and cash assets. .
Total deposits
4
9
7 1
4.7
6 .2
32.5
4.9
s
7 .7
40 0
6.2
4 0
9
38 1
.9
4.5
29 7
1.0
3.9
31 6
.8
3.0
19 4
.9
2.9
34 1
1 .0
3 1
0 0
.9
2 7
2 .5
29.0
.9
4.6
646
720
471
18 8
.9
2.7
323
974
476
469
748
580
263
Time to total deposits
28 4
Interest on time deposits to time deposits1...
.9
Trust department earnings to total earnings1. 3.6
28 9
.9
4.6
42 5
.8
3.3
44
338
812
6,820
7
30 1
5 9
39 7
5.6
'IS 0
10 1
.
s
32 3
5.6
43 3
8.0
.
f,
37 9
7.1
49 9
9.6
.
s
37 7
6 0
39 7
7.0
Number of banks 2
5 8
.6
4 1
.9
1
Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average
* The ratios for 64 member banks in operation at the end of 1945 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc.
NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding
ratios computed from aggregate dollar amounts shown in the June 1946 issue of the BULLETIN. Such differences result from the fact that each
bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and :medium-sized banks have but little
influence on the aggregate dollar amounts.
Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1945. Balance
sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec.
30, 1944, and June 30 and Dec. 31, 1945, except for a limited number of banks for which all three reports were not available; such reports as were
available were used' in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (385 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent.
932
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1945—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
[Expressed in percentages]
Ratio of time deposits to
total deposits (per cent)
Size group—total deposits (in thousands of dollars)
All
groups
Summary ratios:
Percentage of total capital accounts:
Net current earnings before
income taxes
11.4
Profits before income taxes
13.5
Net profits
11.0
Cash dividends declared
2.9
Percentage of total assets:
Total earnings
Net current earnings before
income taxes
Net profits
Sources and disposition of
earnings:
Percentage of total earnings:
Interest on U. S. Government
securities
Interest and dividends on
other securities
Earnings on loans
Service charges on deposit
accounts
Other current earnings
2.0
500
and
under
5001,000- 2,000- 5 ,000- 10,000- 25,000- 50,000- Over Under 25-50 50-75
1,000 2,000 5,000 10,000 25,000 50,000 100,000 100,000
75
and
over
6.7
7.2
6.0
2.4
9.3
10.3
8.6
2.7
11.2
12.5
10.5
3.0
2.4
2.2
2.1
11.8
13.7
11.4
3.0
11.7
14.4
11.6
2.8
1.8
1.7
1.6
1.8
2.0
2.2
2.3
39.1
45.3
46.4
47.0
27.3
5.9
26.0
6.1
36.0
7.9
31.1
10.3
31.4
12.2
31.5
7.0
9.7
6.9
11.5
6.1
13.2
5.2
14.1
2.9
15.4
7.9
10.9
6.1
9.6
4.4
7.5
1.8
7.5
100.0 100.0 100.0 100.0
100.0
100.0
100.0
100.0
100.0
100.0 100.0
100.0
28.8
12.9
26.0
29.4
10.5
26.5
29.0
8.8
26.7
27.3
6.2
25.9
32.5
4.7
26.1
27.9
16.1
24.9
25.0
23.7
23.1
21.4
30.4
24.9
67.2
67.7
66.4
64.5
59.4
63.3
68.9
71.8
76.7
33.8
32.8
32.3
33.6
35.5
40.6
36.7
31.1
28.2
23.3
6.6
6.4
34.0
8.7
7.8
33.7
11.2
9.1
34.4
13.6
11.6
35.6
10.9
13.5
32.9
9.7
13.2
37.1
4.4
8.2
32.9
9.2
6.8
33.5
10.6
5.3
33.5
11.7
4.6
30.4
1.5
1.5
1.5
1.4
1.4
1.3
1.4
1.6
1.7
1.8
3.2
2.9
2.9
2.8
2.7
2.6
3.2
3.1
3.2
3.3
6.7
9.9
6.2
9.9
6.6
9.1
6.7
9.4
6.9
9.0
100.0
100.0
29.5
12.1
25.2
37.6
6.0
28.9
32.1
10.1
26.2
30.2
12.3
24.5
28.8
12.8
24.6
28.5
13.6
25.1
Total expenses
66.8
72.5
68.4
67.0
66.2
Net current earnings before
income taxes.
33.2
27.5
31.6
33.0
7.2
7.2
3.7
5.3
25.9
4.4
5.7
30.3
5.1
5.9
32.2
33.2
Rates of earnings on securities
and loans:
Percentage of U. S. Government
securities:
Interest on U. S. Government
securities
1.5
3.1
3.3
3.6
3.4
Percentage of total securities:
Net recoveries and profits on
securities
Number of banks 2
1.9
49.8
37.3
Time to total deposits
Interest on time deposits to time
deposits1
Trust department earnings to
total earnings1
6.8
9.4
8.1
2.2
4.9
25.9
8.2
29.2
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government
securities and cash assets. . .
Total deposits
9.1
12.2
10.5
2.4
49.9
8.0
33.3
Distribution of assets:
Percentage of total assets:
U. S. Government securities.. .
Other securities
Loans
Cash assets
Real estate assets
10.6
13.3
11.0
2.5
6.6
26.7
42.8
7.0
Percentage of total loans:
Earnings on loans
Net recoveries (or losses —)
on loans
12.8
14.1
11.2
3.5
47.4
39.6
6.7
40.6
Percentage of other securities:
Interest and dividends on
other securities
12.6
15.6
11.5
3.5
7.4
37.0
6.0
48.8
Net recoveries and profits
Taxes on net income
Net profits
12.7
16.1
11.4
2.8
46.9
29.1
7.5
33.3
Total earnings
12.2
16.8
12.6
2.7
.6
.7
42.6
Salaries and wages
Interest on time deposits
Other current expenses
11.6
15.3
11.9
2.8
.4
.2
5.3
5.9
5.4
.3
.3
46.9
4.5
15.1
32.7
.7
50.8
4.8
14.1
29.6
.6
53.9
5.7
13.1
26.5
.7
8.0
6.8
6.2
6.3
.3
53.6
5.3
13.4
26.9
.7
38.3
4.5
18.4
38.0
5.3
5.1
4.4
3.9
3.3
2.6
.4
.3
.2
.1
57.4
6.0
12.0
23.7
58.1
5.6
12.2
23.0
.9
58.6
12.8
22.8
.9
58.1
3.7
13.6
23.4
.9
57.1
3.8
16.2
21.9
.7
49.1
4.0
13.7
32.6
.5
5.9
5.6
5.3
4.8
5.3
5.9
6.6
7.4
9.0
39.9
6.4
39.5
7.2
39.5
8.1
43.2
10.1
10.3
37.9
57.1
80.1
.9
.9
1.0
1.0
4.6
3.2
1.9
1.9
3087
2678
1037
4.9
4.6
6.4
11.2
39.7
7.0
56.5
12.9
48.2
8.9
42.0
7.4
38.5
6.7
37.8
6.4
36.4
6.1
34.4
5.6
31.1
5.1
28.4
15.3
24.0
28.0
29.9
32.6
30.8
25.0
19.7
.9
1.1
1.0
1.0
.9
3.6
1.7
2.1
2.6
2.2
2.7
3.8
5.4
4.9
110
626
1577
2239
1062
681
239
124
6,820
.4
.3
.8
28.0
5.7
13.0
.7
7.3
162
5.4
-.2
57'. 0
5.9
12.9
23.2
.9
57.7
7.7
13.7
19.9
.9
58.4
8.8
15.0
16.9
.9
18
For footnotes, see p. 932.
AUGUST 1946
933
MEMBER BANK OPERATING RATIOS, 1945—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
[Expressed in percentages]
All
groups
Banks with ratios of time
to total deposits of
under 25 per cent
Banks with ratios of time
to total deposits of
25-50 per cent
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
1,000 1,000- 5,000- Over 1,000 1,000- 5,000- Over 1,000 1,000- 5,000- Over
and
and
and
under 5,000 25,000 25,000 under 5,000 25,000 25,000 under 5,000 25,000 25,000
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes. .
Profits before income taxes
Net profits
Cash dividends declared
11.4
13.5
11.0
13.5
14.2
11.6
3.7
13.2
15.2
11.7
3.2
12.6
16.0
11.6
3.0
7.7
9.2
7.9
1.9
10.5
12.7
10.8
2.5
11.1
14.6
11.7
2.6
12.3
17.0
12.8
2.9
7.2
9.2
8.1
2.1
9.1
11.8
10.2
2.3
9.6
14.2
11.8
2.7
10.0
14.2
11.4
2.6
2.9
9.9
10.3
8.4
3.2
Percentage of total assets:
Total earnings
Net current earnings before income taxes. .
Net profits
2.0
.7
.7
2.1
.7
.6
1.9
.7
.6
1.7
.6
.6
1.6
.6
.6
2.3
.7
.7
2.1
.7
.7
2.0
.6
.7
1.9
.6
.7
2.3
.6
.7
2.2
.6
.7
2.1
.6
.7
2.0
.5
.6
Sources and disposition of earnings:
Percentage of total earnings:
Interest on U. S. Government securities...
Interest and dividends on other securities..
Earnings on loans
Service charges on deposit accounts
. Other current earnings
42.6
7.5
33.3
6.7
9.9
31.6
5.1
46.1
7.8
9.4
37.6
6.1
37.7
8.5
10.1
43.1
6.9
29.8
8.4
11.8
48.7
5.9
26.3
4.5
14.6
40.2
8.1
37.1
5.3
9.3
44.2
8.0
32.8
6.0
9.0
47.5
8.1
27.8
6.5
10.1
48.5
6.1
26.4
5.6
13.4
45.0
9.9
33.6
3.6
7.9
45.2
10.7
32.7
4.2
7.2
50.1
9.8
27.0
4.8
8.3
51.3
4.2
27.8
6.3
10.4
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes
Net recoveries and profits
Taxes on net income
Net profits
Rates of earnings on securities and loans:
Percentage of U. S. Government securities:
Interest on U. S. Government securities...
Percentage of other securities:
Interest and dividends on other securities..
Percentage of total securities:
Net recoveries and profits on securities
Percentage of total loans:
Earnings on loans
Net recoveries on loans.
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets.
Total assets less Government securities and
cash assets
Total deposits
Time to total deposits
Interest on time deposits to time deposits1. . .
Trust department earnings to total earnings1.
Number of banks 2
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
29.5
12.1
25.2
66.8
33.2
7.2
7.2
33.2
36.0
3.6
31.6
5.7
29.0
5.5
29.6
15.2
27.2
27.7
16.6
24.6
27.6
15.8
24.9
28.1
14.4
25.2
26.5
22.7
24.3
24.8
24.0
22.9
24.9
23.6
23.3
72.0
68.9
68.3
67.7
73.5
71.7
71.8
26.9
25.3
27.1
27.0
66.5
62.4
64.4
61.5
28.0
31.1
31.7
32.3
26.5
28.3
28.2
33.5
37.6
35.6
2.9
7.2
33.3
5.9
9.3
32.2
6.0
5.0
29.0
7.9
5.7
33.3
11.1
8.1
34.7
13.9
11.2
35.0
8.3
4.0
30.8
9.7
4.9
33.1
14.1
2.5
6.3
38.5
10.8
13.5
35.
35.6
1.6
1.4
1.4
1.3
1.7
1.6
1.5
1.5
1.9
1.7
1.6
3.5
3.3
2.9
2.7
3.6
3.2
2.9
2.7
3.4
3.3
.3
.2
29.7
1.5
32.6
4.5
.2
.1
3.0
.4
5.5
.2
5.4
.3
.4
4.3
.5
54.0
7.2
14.7
23.1
.8
56.7
8.0
14.1
20.3
.9
61.6
7.6
12.2
17.4
1.0
63.5
3.5
14.1
18.0
.8
6.7
5.0
38.0
5.3
13
5.3
6.9
.3
5.8
.2
4.7
.2
3.0
.2
5.7
.3
5.4
.3
4.7
.4
53.6
5.
13.4
26.9
41.1
3.2
16.0
39.1
.5
48.1
3.9
13.5
34.0
.5
53.7
4.7
12.1
28.8
.7
56.0
3.9
14.5
24.6
50.8
5.8
15.3
26.9
1.1
55.9
5.8
13.1
24.2
.8
59.4
6.1
12.1
21.3
.9
39.7
7.0
52.8
9.2
40.1
6.2
35.4
5.4
31.1
5.4
44.8
9.8
32.2
5.7
45.1
10.1
38.4
8.2
28.4
.9
3.6
6.9
1.0
1.6
9.6
.9
2.6
13.7
.7
3.7
11.
38.0
1.0
3.8
40.6
7.4
38.4
1.0
2.2
37.6
6.5
37.7
.9
3.3
34.7
.8
4.5
57.9
1.0
2.6
57.5
1.0
1.9
40.5
7.2
57.2
.9
1.9
6,820
425
1,691
623
212
1,431
871
164
99
694
249
6.4
5.4
5.1
348
1.5
.3
.4
4.0
.3
6.7
57.4
.9
2.5
For footnotes, see p. 932.
934
FEDERAL RESERVE BULLETIN
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1946
Total
Boston
New York
Philadelphia
Cleveland Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Current Earnings
scounts and advances
rchased bills
S. Govt. securities, System account
her U. S. Govt. securities
dustrial loans
mmitments to make industrial loans
I other...
Total current earnings
$57,693 $452,260
$39 ,642
$29,057 $192 ,272
$48,683
$26 ,713
$10 ,193
$34 ,383
$50 ,031
$98 ,731
$51 ,629
$1 ,091,287
15,481
15,481
63 ,654,351 4,588,450 12 ,353,241 4,937 ,555 6,657 ,923 4,511 ,127 3,733,248 8,113 ,123 3,331,645 1,941 ,589 3,387 ,141 2,946 ,611 7,145 ,686
368 ,073
148,851 5 ,755.208
105 ,935
43,653 2,193 ,681
70 ,300
48 ,667
591 ,780
9 ,785,126
189 ,394
91 ,941
176,578
854
19 ,932
22,731
1,925
10
997
874
591
517
571
3,721
150
21
72 ,043
27,029
4 ,954
4 ,172
11,023
312,138
55 ,107
26,138
2 ,249
79 ,531
3 ,476
3,831
21 ,615
74 ,894,835
4,800,880 18 ,613,219 5,380 ,554 7,013 ,029 4,655 ,798 3,810,988 10,571 ,119 3,583,635 2,040 ,851 3,610 ,252 3,009 ,464 7,794 ,035
Current Expenses
Operating expenses:
Salaries:
74,217
1,527,846
Officers
24,221 654 1 ,400,801
Employees
2,282,103
Retirement System contributions
127,081
11 130
Legal fees
66,834
4,182
Directors' fees and expenses
Federal Advisory Council fees and expenses
10,230
1,150
Traveling expenses (other than of directors and members of Federal Advisory
11,608
Council)
263 237
3,323,254
320,032
Postage and expressage
.
259,733
Telephone and telegraph
11,588
115,818
1,577,214
Printing, stationery, and supplies
9,489
173,171
Insurance
76,041
797,036
Taxes on real estate
27,916
498,829
Depreciation (building)
19,024
297,847
Light, heat, power, and water
214,482
5,564
Repairs and alterations
473 873
10,580
Rent
17,776
306,313
Furniture and equipment
62,979
All other
1,253,831
Total operating expenses
319,377
123,177
204,520
103,094
81,424
100,162
100,815
618,793 1 ,521,791 ? ,146,999 1 ,433,479 1 ,283,090 3 ,938,201 1 ,388,610
350,419
200,634
136,489
136,019
152,269
531,021
131,083
-506
29
2,512
7,288
7
4,469
3,742
4,998
6,270
4,146
7,267
3,933
694
456
572
910
850
834
1,157
690
1,850
32,991
495,225
46,265
315,123
38,847
217,711
110,530
59,732
25,164
14,427
73,026
85,642
13,320
246,447
16,368
105,623
8,056
45.718
71,638
19,492
36,897
42,135
20,597
102,325
24,386
286,356
23,402
106,566
16,356
71,101
56,238
39,268
13.210
65,387
23,491
155,397
25,019
277,147
13,304
87,923
12,643
42,443
41,581
21.001
11,317
12,672
17,501
75,414
22,791
257,240
21,626
118,391
10,338
33,010
21,274
17,904
10,787
46,066
30,059
90,618
36,718
417,070
20,402
234,541
26,536
115,489
34,268
32,303
22,260
147,463
35,517
253,105
24,519
167,708
20,766
99,610
10,925
32,184
27,953
17,744
30,866
11,990
30,385
92,147
14,443
106,458
11,183
38,279
382
38,033
14,543
11,859
13,964
8,715
10,992
64,205
16,389
184,615
20,725
102,512
11.868
49,141
35,156
25,587
28,779
17,316
24,079
70,410
16,886
169,528
18,242
75,534
10,822
20,644
16,866
16.372
3,644
10,298
15,681
58,439
24,167
395,428
35,862
177,294
16,909
55,521
40,866
17,561
12,030
86,824
7,209
143,150
37,558,617 2 ,295,846 7, 990,791 2 ,495,770 3 ,359,320 2 ,313,020 2 ,202,938 5 ,872,958 2 ,200,368 1,184,739 2 ,040,914 1 ,792,367 3 ,809,586
691,255 2, 366,767
Net operating expenses ..
23,846,324
Assessment for expenses of Board of Governors
Federal Reserve Currency:
Original cost
Cost of redemption
906,234
58,098
302,188
74,882
84,374
42,015
1,854,523
310,976
130,656
19,617
512,186
51,916
175,242
14,949
94,542
27,743
138,772
22,992
1 ,812,962 6 , 490,314 2 ,043,052 2 ,375,408
1 ,702,292
1 ,411,569
VO
150,083
,418,018
217,838
11
8,965
449
1 ,604,591 5 624,024
Total current expenses.
?
618
Less reimbursements for certain fiscal
13,712,293
agency and other expenses
Current net earnings
81,917
87,668
101,392
699,296 1 ,222,576 1 ,150,000
65,057
114,477
119,716
1,500
289
4,579
5,076
9,207
26,918,057
757,987 1 ,627,043
717,791 1 ,190,571
814,507
972,523 2 ,564,153
849,272
? ,168,749
1 ,498,513
1 ,230,415 3 ,308,805
1 ,351,096
34,723
121,606
30,713
22,224
30,204
28,954
76,253
114,904
31,527
263,323
48,441
81,945
18,041
27,733
6,588
53,724
15,299
50,027
15,811
211,469
38,052
3 ,742,175
1 ,481,795
1 ,777,979
447,279
713,145
737,460 1 ,327,769 1 ,034,380 ? ,182,543
794,005 1 ,426,996 1 ,129,172 2 ,508,317
47,976,778 2 ,987,918 12, 122,905 3 ,337,512 4 ,637,621 2 ,964,506 2 ,399,419 6 ,828,944 2 ,101,841 1,246,846 2 ,183,256 1 ,880,292 5 ,285,718
PAGE
Gold reserves of central banks and governments.
937
Gold production..
938
Gold Movements..
938
Net capital movements to United States since January 2, 1935. .
939-944
Central
945-948
banks..
Money rates in foreign countries.
949
Commercial banks. .
950
Foreign exchange rates.
951
Price movements:
Wholesale prices. .
952
Retail food prices and cost of living. .
953
Security prices. .
953
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.
936
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina 1
Belgium
Brazil
14,512
17,644
21,995
22,737
22,726
21,938
20,619
431
466
353
354
1658
1939
U.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
20,152
1945—July
20,088
Aug
20,073
Sept
Oct. . . , 20,036
Nov.. . . 20,030
20,065
Dec
20,156
1946—Jan
Feb,
. 20,232
20,256
Mar
20,251
Apr
M a y . . . . 20,242
June... . 20,270
409
409
409
407
404
403
398
398
397
392
712
712
694
698
711
716
729
747
755
763
761
761
342
352
352
357
356
354
363
362
361
361
360
274
274
274
274
274
274
274
274
274
274
274
7
6
7
5
5
7
7
6
6
7
5
6
82
82
82
82
82
82
82
82
82
83
82
103
104
106
114
115
127
128
129
131
132
133
134
Iran
(Persia)
Italy
Japan
Java
26
26
26
26
34
92
128
193
144
120
164
164
164
5164
90
140
235
End of month United
States
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
End of month
Hungary
37
24
24
24
24
24
24
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945
British Canada
India
so
131
131
July
Aug
Sept.
P131
Oct
J*131
2>131
Dec.
1946—j a n
P126
P126
Feb
Mar
May
Chile
New
Mexico Netherlands Zealand
29
32
47
47
39
203
222
998
692
617
575
506
500
500
23
23
23
23
23
23
23
230
255
255
250
296
294
288
284
257
254
250
235
270
270
270
270
270
270
270
270
270
270
270
23
23
23
23
23
23
23
23
23
23
Sweden
Switzerland
Turkey
United
Kingdom
Uruguay
Venezuela
Yugoslavia
1938—Dec,
1939—Dec.
1940—Dec
1941—Dec,
1942—Dec
1943—Dec
1944—Dec., ,
321
308
160
223
335
387
463
701
549
502
665
824
964
1,052
29
29
88
92
114
161
221
2,690
7
1
1
1
1
1
1
69
68
90
100
89
121
157
52
52
29
41
68
89
130
57
59
82
1945—July
Aug
Sept
Oct ,
478
479
479
475
474
482
481
481
478
476
473
473
1,073
1,084
1,085
1,111
1,109
81,104
1,099
1,091
1,102
1,099
1,106
*>l,106
234
234
236
236
236
241
241
241
241
241
241
End of month
Nov....
Dec,
1946—Jan
Feb .,
Mar. ,
Apr
May. . . .
June....
1
1
1
1
Colombia
B.I.S.
14
7
12
12
21
45
37
Cuba
Czecho- Denslomark
vakia
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
171
176
176
186
186
191
201
201
201
201
61
61
61
61
61
61
61
61
61
61
61
44
44
44
44
44 38
38
38
38
38
38
52
52
52
52
52
52
52
52
52
52
52
Norway
Peru
94
94
*84
20
20
20
21
25
31
32
Other
coun-6
tries
166
178
170
166
185
229
245
AUGUST
1946
France
2,430
2,709
2,000
2,000
2,000
2,000
1,777
Germany
Greece
29
29
29
29
29
29
29
27
28
28
28
28
28
28
1,777
1,777
1,540
1,540
1,090
1,090
1,090
1,090
1,090
796
796
Ruma- South
Poland Portugal
nia
Africa
85
•84
28
28
28
28
28
28
28
28
28
28
25
23
69
69
59
59
59
60
60
133
152
158
182
203
260
267
220
249
367
366
634
706
814
60
60
60
60
60
60
60
60
60
267
267
268
268
268
269
269
269
886
909
938
954
943
914
949
982
1,014
1,046
1,080
Spain (
*525
"•42."*
4291;
105
109'
109'
108
108
im
111
111'
111
111
111
Government gold reserves 1 not included
in previous figures
United
End of month United
France
States Kingdom
1938- -Dec...
1939- -Max....
May.,.
June...
179
176
248
39
Sept.. .
189
186
248
39
Dec...
195
191
248
39
1940- -June...
195
191
247
39
Dec...
195
202
245
39
1941- -June...
195
202
247
39
Dec...
195
212
247
39
1942- -June...
195
212
247
39
Dec...
195
212
P245
39
1943- -June...
P198
212
P242
39
Dec...
215
39
1944- -June...
P241
Dec...
1945- -Mar...
June...
Sept....
1942, E ecember 1943, and December 1944
Dec ,
J» Preliminary.
Figures through March 1940 and for I)ecember
gold of the Central Bank held
include, in addition to gold of the Centra 1 Bank held at he>me,
T
abroad and gold belonging to the Argenti ne Stabi ization 1 und.
2 On May 1, 1940, gold belonging to Ba nk of Canada tra nsferred to Foreign Exchange Control Board. Gold reported since that tim e is gold held by Minister of Finance.
»4 Figure for December 1938 is that offic ially reported on Apr. 30, 1938.
Figures relate to last official report d ates for the respective countries, as follows: Java—
Jan. 31, 1942; Norway—Mar. 30, 1940; P 3land—July 31, 1 939; Yugoslavia—Feb. 28, 1941.
« Figure for February 1941; beginning ]War. 29, 1941, go d reserves no longer reported separately.
8 These countries are: Albania, Algeria , Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, Bulgaria, China, Costa J <Uca beginning Jilly 1943, Danzig through Aug. 31,
1939, Ecuador, El Salvador, Estonia, Finlaind, Guatemala, I celand, Ireland beginning February
1943, Latvia, Lithuania, Morocco, and Siam. Figures f or certain of these countries have
been
carried forward from last previous o ricial report,
7
Gold holdings of Bank of England red uced to nominal amount by gold transfers to British
Exchange
Equalization Account during 1939.
8
In addition to gold held by the Swiss National Bank, the Swiss National Bank's Annual
Report for 1945 stated that the Swiss <Government own ed gold amounting to 238 million
dollars on D e c 31, 1945.
NOTE.—For back figures, see Banking a nd Monetary Stat istics, Tables 156-160, pp. 536-555,
and for a description of figures, including <ietails regarding s pecial internal gold transfers affeetIng the reported data, see pp. 524-535 in the same publics tion.
1
Egypt
80
154
85
164
156
86
48
89
25
8
12
11
43
21
12
32
81
20
18
*759
1,732
Belgium
331
559
477
44
17
»876
17
17
17
17
17
17
17
17
17
17
17
292
*151
.
17
17
1
Reported at infreqilent intervals or on delayed basis: U. S.—Exc tiange Stabilizati on Fund
(Special A/c No. 1); IJ. K.—Exchange Equalization Account; France—Exchange Stab i ization
Fund
and Rentes Fund Belgium—Trea jury.
2
Figure for end of September.
3
Reported figure for t otal British gold reserves
on Aug. 31, 1939, less r eported holdings of Bank
of England on that dat
« Figure for Sept. 1, 1941.
NOTE.—For availabl ? back figures anc1 for details regarding specia internal gold transfers
affecting the British an d French institut ions, sea
Banking and Monetary Statistics, p. 5 26, and
BULLETIN for February 1945, p. 190.
937
Year or
month
Estimated
world
production Total
outside 1 reported South I
U.S.S.R. ! monthly [| Africa |
823,003 708,453 366,795
882,533 752,847 377,090
971,514 833,895 396,768
1,041,576 893,384 410,710
1,136,360 958,770 425,649
1,208,705 1,020,297 448,753
1,297,349 1,094,264 491,628
1,288,945 1,089,395 504,268
'966,132 494,439
'760,527 448,153
'682,061 429,787
'645,323 427,862
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
'53,016
'53,143
r53,363
'52,756
'55,739
'54,686
'54,896
55,758
1945—June.
July.
Aug..
Sept..
Oct..
Nov..
Dec.
1946—Jan..
Feb..
Mar..
Apr..
May.
35,800
36,311
34,199
35,313
36,809
36,005
35,043
35,892
32,971
30,871
34,793
36,740
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
North and South America
Rho- I West 2 I Belgian
United 1 CanMex- ColomNica-7
3
Chile I ragua
ico«
desia [Africa 1 Congo 1 States* | ada*
bia
$1 =15* In grains of gold */a fine; i. e., an ounce of fine gold =$35.
24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166
25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251
868
28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018
807
28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544
848
28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557
28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506
29,155 32,163 38,862 210,109 185,890 30,878 22,117 11,999 5,429
209,175 187,081 27,969 22,961
27,765 32,414
9,259 7,525
130,963 169,446 28,019 20,882
26,641 29,225
6,409 8,623
48,808 127,796 22,055 19,789
23,009 19,740
6,081 7,715
35,778 102,302 17,779 19,374
20,746 18,445
7,131 7,865
'32,511 92,794
19,888 18,865
17,734 6,282 6,985
1,645
1,679
1,668
1,680
1,664
1,595
1,597
1,584
1,473
1,574
1,609
1,575
1,610
1,610
1,610
1,610
1,400
1,470
1,610
1,610
1,645
319
881
331
728
639
822
635
984
669
157
P3,937
339
7,426
7,357
7,411
7,404
8,034
7,726
8,391
8,346
'8,013
'8,677
8,338
1,460
1,518
1,459
1,400
,319
,224
,140
,492
,309
,473
,193
574
504
464
370
425
396
1,096
683
549
770
574
393
595
570
559
592
634
522
443
608
580
488
Austra-i
British
lia8
India*
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
28,560
16,310
16,450
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
6.545
5,950
1,295
1,400
2,065
1,190
1,190
1,435
1,365
1,470
1,330
1,400
350
490
560
490
490
490
525
175
Gold production in U. 5.6'. 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.
9 Preliminary.
Revised.
• Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
• Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold
Coast only.
• Beginning May 1940, monthly figures no longer reported.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures
through January 1946 represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each
monthly figure $197,193 so that aggregate for year is equal to annual estimate compiled by Bureau of the Mint. Beginning February 1946, figures
are estimated on basis of mine production reported by Bureau of Mines.
« Figures for Canada beginning 1945 are subject to official revision.
• Beginning April 1942, monthly figures no longer reported.
1
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
' 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
19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945
Oct.
Nov.
Dec.
1946
United
Kingdom
France
Belgium
Netherlands
Swe- Switzer- Canada
den
land
Mexico
PhilOther
ipLatin
Ameri- pine AusIs- tralia
can Republics lands
BritSouth
ish
Africa Japan India
All
other
countries
30,270
86,829
12,402
28,153 12,038 1,029
12
4 76,820 21,095
1,131.994 499,870 260,223 8,902 94,348
13,667
95,171
968
75,268 28,529
29,359 15,335 3,498
65
3 227,185
1,739,019 315,727 934,243
39,966
72,648
77,892
30,790 21,513 23,280
8
2 7,511
20,856
1,116,584 174,093 573,671 3,351 71,006
38,482
39,485 25,427 34,713
181 246,464 50,762
6 54,452 111,480
8,910
1,585,503 891,531 -13,710 90,859 6,461
36,472
76,315
65,231 27,880 39,162
401 168,740 16,159 1 13,301
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
33,610
57,020 35,636 74,250 22,862 165,605 50,956 68,623
3,798 165,122 341,618 28,715 86,987 612,949
3,574,151 1,826,403
29,880 128,259 38,627 103,777 184,756 111,739 49,989 a 284,208
977 63,260 161,489 90,320 2,622,330
4,744,472 633,083 241,778
16,791
899 412,056
61,862 42,678 67,492 292,893 9,444 9,665 «63,071
1
1,747
1
3,779
982,378
5 208,917
40,016
129 20,008
39,680
321
528 4,119
1,955
315,678
-3,287
66,920
13,489
307
152
88
-8,731
68,938
46,210 -109,695 -108,560
199 3,572
18,365
-845,392 -695,483
15,094 -41,748 "iO3
53,148
357
106
160
-133,471
-106,250
-4.317
789
19,253
154.070
Jan.
82,439
Feb.
31,396
Mar.
Apr. -20,534
May -27,028
June* 36,329
463
272
37,131
64
36
34
-1
-4
-6
151,270
80,629
25,265
222
127
32,277
329
1,115
355
1,698
247 -18,499
391
126
75
149
34
29
1,729
1,479
1,386
637
-33
902
3
-2
o
11
11
3
3
3
12
15
9
-6,236
-1,562
297
23
11
3 267
9
13
654
191
1,366
6_2i 586
17-27
155
8
3 112
2
I
I
Preliminary.
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
»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.
»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.
«1 Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries.
Includes $133,980,000 to China and $509,000 from other countries.
• Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 from other countries.
7
Includes $27,229,000 to China and $75,000 from other countries.
• Includes $2,813,000 from U. S. S. R. and $299,000 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.
938
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
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through-
Total
Total
Official^
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Tnflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
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
1936—Mar.
June
Sept.
Dec.
(Apr. 1)
(July 1)
30
30
1,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
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
1937—Mar.
June
Sept.
Dec.
31
30
29
29
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
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
16.5
23.2
12.9
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,301.3
3,140.5
3,567.2
3,933.0
1,043.9
880.9
1,275.4
1,513.9
244.0
220.6
282.2
327.0
709.9
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)
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
1,436.2
1,686.5
t,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
63.0
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
,012.9
,195.4
,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
,388.6
,459.8
,424.0
,177.1
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.0
98.2
100.0
100.0
1942—Mar. (Apr. 1)
June30»
Sept. 30
.•
Dec. 31
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
,068.9
,352.8
,482.2
,557.2
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104,3
106.2
107.5
104.4
1943—Mar.
June
Sept.
Dec.
31
30
30
31
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
1,920.3
1,931.2
1,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944—Mar. 31
June 30
Sept. 30
Dec. 31
7,611.9
7,610.4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2.240.3
868.0
856.6
883.5
805.8
904.1
929.8
1,026.2
1,019.4
685.8
702.4
737.8
911.8
119.6
119.1
122.2
126.3
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
7,908.1
7,983.6
8,002.6
8,079.7
8,131.6
8,422.8
4,999.6
5,159.6
5,219.4
5,289.5
5,335.4
5,671.0
2,744.4
2,859.6
2,865.1
2,920.2
2,964.9
3,313.2
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
1,025.2
989.3
983.7
1,012.6
1,032.0
1,011.2
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
8,641.7
8,711.9
8,858.6
8,965.4
8,828.1
8,802.8
5,846.2
5,922.4
6,042.2
6,214.0
6,122.9
6,144.5
3,482.4
3,513.6
3,554.9
3.593.0
3.431.0
3,469.0
2,363.9
2,408.8
2.487.2
2,620.9
2,691.9
2,675.5
810.2
829.0
865.3
875.5
804.2
742.7
1,015.0
999.7
998.2
946.5
983.0
972.8
843.2
831.6
818.4
795.1
779.1
798.7
127.1
129.1
134.6
134.4
139.0
144.1
1946—Jan. 31
Feb. 28
Mar. 31
8,822.9
8,733.9
8,635.2
6,234.7
6,131.8
3 6,073.8
••2,633.2
••2,699.1
32,714.1
729.2
728.7
3 703.6
1,097.8
1,067.2
1,073.0
625.9
672.4
645.1
'3,601.6
'3,432.7
* 3,359.6
21.1
29.8
29.8
6.0
J
135.1
133.9
139.9
r
Revised.
1
This category made up as follows: through Sept. 21, 1938, nds held by foreign central banks at the Federal Reserve Bank of New York
and Philippine accounts held with the United States Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City
by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal
Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with
the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and 2their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
s Amounts outstanding Mar. 31, in millions of dollars: total foreign banking funds in United States, 6,812.3, including official funds, 4,069.9,
and other funds, 2,742.4; United States banking funds abroad, 431.9; and brokerage balances (net due "foreigners"), 63.0.
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.
AUGUST
1946
939
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan. 1, 1936).. .
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940) . . .
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
5,807.9
5,354.1
5,980.2
7,267.1
7,728.4
8,079.7
8,131.6
8,422.8
8,641.7
8,711.9
8,858.6
8,965.4
8,828.1
8.802.8
8,822.9
8,733.9
8,635.2
United
King- France
dom
Netherlands
Switzerland
Germany
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
477.6
453.0
521.7
542.4
499.8
463.9
510.9
469.8
464.2
553.6
531.6
515.1
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
506.3
506.8
513.0
516.1
518.1
518.1
523.8
526.3
539.7
538.4
525.8
536.5
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
670.7
677.1
679.7
689.9
695.6
698.4
705.2
709.8
722.3
728.6
731.1
728.8
36.6
83.1
123.9
140.5
165.9
175.9
179.9
179.5
178.6
179.1
179.2
179.0
179.0
179.0
179.2
179.3
179.5
179.4
179.7
179.6
179.4
179.3
554.9
829.3
993.7
183.8
1,101.3
865.2
674.1
837.8
1,257.7
1,090.0
1,026.0
1,029.3
1,066.2
1,075.0
1,018.8
946.7
937.8
888.7
892.5
858.3
804.7
719.1
Italy
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
75.5
77.5
80.0
85.2
89.6
94.2
98.0
100.8
106.5
107.3
108.5
111.2
Latin
1
America Asia
Other
Total
Europe Europe
Canada
130.0
228.5
312.2
472.0
752.9
922.7
891.8
850.9
954.8
993.3
990.5
,003.6
,017.9
,053.0
,059.2
,134.2
,118.1
,127.8
,132.1
,142.9
125.5
1,116.7
70.9
()
150.5 201.2
410.6
106.3
155.3 384.6
229.4 483.4
411.7 606.8
340.5 567.5
425.1 835.8
760.3 951.0
976.4 1,193.7
1,145.9 1,263.0
1,147.7 1,324.3
1,218.0 1 353.8
1,302.7 1,411.7
1,383.1 1,392.1
1,411.2 1,413.8
1,419.2 1,404.7
1,434.3 1,336.5
1,395.7 1,338.4
1,342.6 1,345.1
1,357.0 1,350.7
1,370.5 1,391.5
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
4,056.6
3,626.3
3,608.1
4,192.8
4,081.8
3,925.8
3,926.4
4,057.5
4,140.6
4,060.2
4,034.8
4,073.2
4,002.6
4,037.0
4,108.7
4,006.7
3,906.7
156.5
243.0
315.4
302.7
522.6
642.6
691.1
932.9,
,161.6
,273.6
,534.2
,524.7
,585.1
,579.1
,656.1
,763.7
,804.3
,801.7
,784.1
,780.5
,764.9
,716.5
All
other1
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
210.7
208.5
208.4
207.6
220.3
235.2
264.1
253.0
247.5
246.0
254.7
250.0
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan. 1, 1936). . .
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).. .
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 3i
1942—Dec. 31
1943—Dec. 3i
1944—Dec. 31
1945—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec. 31
1946—j an# 3i
Feb. 28
Mar. 31
631.5
989.5
1,259.3
1,513.9
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
5,289.5
5,335.4
5,671.0
5,846.2
5,922.4
6,042 2
6,214.0
6,122.9
6,144.5
6,234 7
6,131.8
6,073.8
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
758.5
770.7
800.5
810.6
762.6
684 8
678.9
638.3
646.4
617.7
569.2
492.4
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
192.2
192.7
196.7
199.2
201.4
204 0
211.4
253.0
265.0
277.3
265.6
278.4
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
234.1
240.1
243.2
250.6
255.8
259 7
266.5
272.0
286.3
297 5
298.3
303.2
-.8
2.7
7.3
23.0
9.6
6.9
60.7
79.7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
606.8
619.7
670.0
706.8
672.4
744 8
729.9
738.2
769.1
757.6
742.0
738.0
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
258.3
235.0
292.2
318.8
276.6
233.3
280.2
247.1
229.9
318.2
300.5
284.3
-11.8
-20.1
-22.9
-23.1
-22.7
-23.7
-23.4
-23.3
-23.5
-23.5
-23.5
-23.4
-23.4
—23.2
-23.4
-23.3
-23.3
-23.5
-23.6
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
19.1
22.5
23.6
29.2
33.6
38.2
41.7
45.1
50.1
50.8
52.2
55.2
453.5
588.9
791.7
1,010.7
1,655.4
1,986.3
1,766.9
1,697.5
2,271.2
2,193.7
2,045.9
2,057.3
2,202.7
2,291.7
2,179.0
2,141 4
2,185.4
2,170.3
2,223.4
2,295 8
2,204.2
2,127.8
Canada
46.0
86.8
76 3
101.6
174.5
334.1
273 1
399.5
704 7
818.6
1,056 8
1,053.4
1,159 3
1,241.8
1,341.9
1,384 1
1,443 9
1,437.8
1,414.2
1,242 8
1,241.8
1,251.8
1
Latin
America Asia
33.5
149.3
166.3
127.6
215.1
326.4
296 7
482.8
578 7
794.7
872.0
913.5
955.4
979.2
965.8
989 0
976.2
924.2
924\9
929 4
922.0
972.4
87.0
149.4
217.0
251.8
417.0
531.2
541 4
743.9
928 2
888.6
1 139 6
1,138.6
1,180 1
1,161.2
1 252 1
1 329 9
1,382 8
1,373.7
1,369 1
1 554 5
1,542 9
1,505.0
All
other1
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
175.2
172.7
173.5
172.3
183.6
197 6
225.7
216.8
212.9
212 3
220.8
216.8
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. (Jan. 1, 1936). . .
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
361.4
431 5
449.1
510.1
650.4
775,1
791.3
888 8
877.6
805.8
844.7
845 7
760.4
810.2
829.0
865.3
875.5
804.2
742.7
729.2
728.7
703.6
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
261.5
264.1
267.2
260.4
267.1
270.5
266.1
266.6
266.2
265.7
263.4
-.4
-3.3
-4.4
-5.6
12.9
17.7
17.6
18.1
18.3
18.3
18.1
18 2
18.0
18.3
18.2
18.0
18.0
-17.9
-17.7
-17.1
-17.5
-17.1
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
29.7
66.0
105.1
141.7
177.8
191.6
196.8
196.7
'96.9
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.4
26.2
26.2
26.2
26.2
26.1
48.1
62.0
65.3
68.4
73.8
74.6
76.9
77 8
77.9
77.7
77.6
77 8
77.8
77.8
77.8
77.8
78.1
78.0
78.0
78.3
78.4
78.3
5.1
6.8
7.2
73
i
>.9
196.9
196.9
196.9
4.5 196.9
6.1 ; 196.9
5.4
196.9
5.1 196.9
6.5 196.9
5.2
196.9
1.9
196.9
3 2 196.9
2.5
196.9
2.7
Other
Total
Europe Europe
8.8
22.0
26.9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
70.6
70.1
30.9
30.3
69.4
70.9
69.4
68.8
38.3
65.9
61.1
57.9
CanLatin
1
ada America Asia
310.2
-4.6
343.7
36 9
409.3 - 2 1 . 7
46Q.9
35.9
563.5
56.5
634.7
60.3
647.4
62.7
661.5
58 6
656.5
55.1
626.6
64.8
663.3
69.9
658.0
67 3
616.5
39 1
621.2
47.7
655.0
51 4
662.5
53.3
664.4
60.7
624.6
54 9
593.4
39.5
618.3
18 5
614.0
21.6
608.1
30.0
20.1
37.3
24 9
30 4
51.6
18.7
66.8 - 4 6 . 5
52.6 - 2 1 . 5
43.2
34.8
17.7
64.7
93 8
68 3
55.7 102 7
37.0
77.7
23.0
86 4
40 1
77 9
23 5
79 9
58.2
81.4
51 4
68 4
47.4
98 3
91.7
54.4
22 2
99 9
99.2
9.1
3 3
88 5
85.5
6.8
-10.4
75.5
All
other1
-1.6
—4.4
-8.7
-7.0
g
2.1
-1.2
6 6
7.5
— .3
2.1
2 4
1 5
1.8
2 9
3.8
4.2
2.6
1.5
.6
.9
.4
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.
940
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
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944— Dec. 31
1945—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
,019.4
,012.6
,032.0
,011.2
,015.0
999.7
998.2
946.5
983.0
972.8
,097.8
,067.2
,073.0
1, 1936). ..
4, 1939). . .
3, 1940). . .
1, 1941). . .
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
121.6
120.8
118.9
119.0
119.0
119.1
119.2
119.1
117.7
115.0
113.9
112.4
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.3
51.2
51.3
51.2
51.2
51.2
51.1
51.1
51.2
51.1
51.0
51.1
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.6
33.5
33.5
33.5
33.5
33.5
33.7
33.0
33.0
33.4
33.4
33.1
— 1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
44.7
44.5
44.7
45.0
45.0
45.2
45.5
45.0
45.2
44.9
45.0
45.0
13.3
22.5
26.6
33.5
36.6
36.5
36.5
36.5
36.5
36.5
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.5
27.3
27.3
27.3
46.1
87.9
115.2
167.8
189.0
196.4
201.8
207.6
210.1
210.4
210.1
210.0
210.1
210.1
210.1
210.9
211.1
210.4
212.8
212.5
212.6
212.9
143.1
278.3
366.4
440.6
495.2
510.0
521.3
526.3
530.3
530.1
525.4
524.1
522.5
522.8
522.9
523.9
524.6
522.7
523.8
520.7
519.7
518.3
-39.7
1.7
10.5
-9.7
-7.6
25.0
35.4
-3.0
41.2
104.9
98.1
114.5
93.3
94.4
77.0
73.1
23.4
59.6
49.1
176.8
144.3
149.1
36.5
36.
36.
36.5
36.5
36.5
Latin
1
America Asia
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
306.1
310.4
312.4
314.7
316.5
317.6
314.9
317.4
317.1
317.6
320.5
323.1
All
other1
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
61.9
61.7
61.7
61.7
61.7
61.8
61.8
61.5
60.8
60.9
60.6
60.4
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
CanLatin
1
ada America Asia
All
other1
21.3
21.3
21.7
21.8
21.9
21.8
22.0
21.9
22.1
22.1
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. (Jan. 1 ,
1936—Dec. 30 .
1937—Dec 29
1938—Dec. (Jan. 4 ,
1939—Dec. (Jan. 3 ,
1940—Dec. (Jan. 1,
1941—Dec. 3 1 . .
1942—Dec 31
1943—Dec. 3 1 . .
1944—Dec 31
1945—Apr. 30 .
May 31
June 30 .
July 3 1 . .
Aug 31
Sept. 30. .
Oct 31
Nov. 30..
Dec 31
1946—Jan. 31 ..
Feb 28
Mar. 31.
Total
316.7
917.4
1,162.0
1939)... 1,219.7
1940) . . . 1,133.7
888.7
1941). . .
626.7
673.3
701.1
911.8
802.5
785.0
848.4
843.2
831.6
818.4
795.1
779.1
798.7
625.9
672.4
645.1
1936)...
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-139.2
-142.8
-138.9
-140.3
— 141 5
-143.4
-149.9
-154.0
-157.9
-161.9
— 164.7
-169.2
50. 5
157. 6
213. 8
212. 1
227. 7
233. 2
236. 7
236.9
239.9
239. 0
239. 4
239. 3
241. ^
240. 9
240. 7
237. 8
235. 5
234. 0
233.
228. 6
228. 1
226. 1
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
360.1
359.4
363.1
363.5
362.0
360.2
360.9
358.1
355.4
354.0
353.8
346.1
-5.4
-7.5
-17.4
-22.8
-28.2
-29.1
-30.1
-30.9
-30.8
-30.8
—30.8
-30.7
—30.7
-30.7
—30 7
-30.7
-30.7
—30.6
—30.4
—30.4
—30 4
-30.4
-.1
-3.3
-4.9
-5.5
-4.9
2.7
-.1
-.1
.6
1.9
2.2
.8
2.2
1.9
1.8
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
67.1
66.4
77.6
71.7
71.1
78.5
78.3
70.4
81.7
81.8
77.0
77.2
1.8
1.9
1.6
2.2
2.4
2.4
2.1
Other
Europe
12
38
55
56
60
64
67
75
86
103
92
93
96
95
96
Total
Europe
286 .2
2.8
818 0
32.6
7 1,041 .6
37.6
6 1,094 .1
25.7
4 1,004 .4
-2.6
9
851 .3 - 1 8 . 4
615 0 - 4 4 . 7
644 .7 - 4 5 . 1
3
645 7 - 5 8 . 2
633 .7 - 2 8 . 1
2
s
591
-95.9
5
585 .9 -106.7
4
611 0 - 9 1 . 7
3
602 .1 - 9 8 . 5
600 0 —105.4
96 4
600 8 -117.9
96 4
592 .4 - 1 2 6 . 4
98. 0
577 Q4 -136.8
98. S
582
-126.6
93. 7
568
-114.5
562 8 —69.6
96 8
94. 7
546 .5 - 8 0 . 3
9
3.7
15 5
18.2
23.7
30.1
25.6
28.1
35.2
40.5
54.9
55.1
52.8
58.5
57.2
56 1
55.1
54.6
65.8
81.3
89.3
97.6
98.2
21.4
44 1
54.7
65.2
87.6
17.6
17 5
27.7
62 5
240.5
241 9
242.7
260 4
272.2
270 9
270 6
264.4
263 1
251 3
; 73 o
71 9
71.3
2.6
7 1
9.8
11.1
14.3
12.6
10 9
10.9
10 6
10 3
10.3
10 3
10.2
10 0
9 8
10.0
9 4
9 9
9 9
9 7
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)
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan.
1936 Dec 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944 Dec 31
1945 Anr 30
May 31
Tune 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov 30
Dec. 31
1946—Jan. 31
Feb 28
Mar. 31
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
130.4
133.6
131.8
127.1
129.1
134.6
134.4
139.0
144.1
135.1
133.9
139.9
1, 1936). . .
4, 1939). . .
3, 1940). . .
1, 1941). . .
. . .
United
King- France
dom
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
18.4
19.1
21.7
18.5
18.2
19.1
19.1
19.3
19.8
21.3
20.7
20.0
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23.1
22.6
22.8
22.8
23.1
23.1
23.2
23.1
23.4
24.2
24.7
24.1
Netherlands
Switzerland
Germany
Italy
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
23.0
23.1
23.5
24.2
24.4
24.7
25.2
24.1
26.0
16.2
16.2
16.1
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
24.7
25.8
26.0
26.4
26.6
27.8
27.3
28.2
30.3
30.3
30.9
32.1
-.2
7
.1
.3
.1
.2
.1
.2
.2
.2
.3
.3
.3
.3
.3
.4
-.2
-.1
-.2
-.2
-.1
-.2
-.1
— .1
-.1
— .1
(2)
(3)
(2)
(2)
(3)
.4
.4
.4
.4
.4
.4
4
.4
Other
Total
Europe Europe
1.4
.4
5.0
5.2
5.0
7.9
8.0
8.7
9.4
10.5
10.5
10.3
10.6
10.6
10.8
11.1
11.3
12.4
13.6
13.1
13.1
13.3
7.6
22.6
44 0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
100.0
101.1
104.8
102 7
103.4
106 1
106.4
107 5
113.6
105.6
105 9
106.0
Canada
-4.5
-7.6
3 5
1.8
8.7
10.7
14 1
15.2
17 6
16.2
17.0
19 3
17.9
17 3
18.2
18 6
17 6
18 8
19 5
19 0
18 9
19.9
Latin
1
America Asia
1.0
-4.2
— 5
-.9
1.6
9.2
3 9
4.2
3 8
5.1
7.0
7 5
4.1
2 3
2 3
4 5
4 5
6 9
5 9
5.5
3 9
8.2
All
other1
2.9
2.1
- 1 . 55
-3.4
6.0
6 3
6.0
6 0
5.6
4.4
3 9
3.0
2 7
3 2
3 2
3 6
3 4
3 8
3 6
3 9
-.9
4.5
1.3
y
2!l
.7
3
.9
1 3
1.8
1.9
1 9
1
2
2
2
2
1
1
1
9
0
2
2
4
3
5
3
1
Prior to Jan. 3, 1940, the figures under Asia
represent Far East only, the remaining Asiatic countries being included under "All other."
8
* Inflow less than $50,000.
Outflow less than $50,000.
AUGUST
1946
941
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
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
76.9
205.5
235.7
261.5
436.1
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
232.9
107.5
686.3
126.3
814.3
156.0 1,017.1
255.5 1,237.8
99.3
145.3
186.1
175.6
201.8
122.8
156.3
263.9
280.9
248.5
202.8
289.8
331 9
399.5
435.5
12.0
23.4
27 1
20.0
34.1
448.2
365.5
400.8
554.6
4 70S 4
S, S74 9 1,000.8
865.7
5, 596. 8
288.2
490.1
448.6
432.3
439.9
401.2
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
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
336.0 655.7
447.3 769.9
417.7 780 0
597.7 930.0
693.7 1,108 8
909.3 1,069.2
72.5
73.3
113.6
149.6
175.3
174.0
819.9
832.1
861.8
872.0
824 0
746.2
740.2
699.6
707.7
679.0
630.5
553.8
338.5
315.1
372.3
399.0
356 7
313.4
360.3
327.3
310.0
398.3
380.7
364.5
208.8
209.3
213.3
215.8
218.0
220.6
228.1
269.6
281.6
293.9
282.2
295.0
252.0
258.0
261.2
268.5
273 8
277.7
284.4
290.0
304.2
315.5
316.2
321.2
7.0
6.7
6.7
6.8
6 9
39.4
42.9
43.9
49.5
53 9
58.5
62.0
65.4
70.4
71.1
72.5
75.5
739.9
752.7
803.0
839.8
805.4
877.9
862.9
871.2
902.1
890.6
875.0
871.0
2,405.5
2,416.9
2,562.3
2,651.3
2,538 6
2,501.0
2,545.0
2,529.9
2,583.0
2,655.4
2.563.8
2,487.4
1 ,164.8
1,161.3
1,267.3
1,349.8
1,449.9
,492.1
1 ,551.8
1 ,545.7
1 ,522.2
1,350.7
1 ,349.7
1 ,359.7
993.5 1,320.2
1,035.0 1,319 2
1,076.9 1,360.7
1,100.7 1,341.8
1,087 4 1 432 7
1,110.6 1 510 5
1,097.7 1,563.4
1,045.7 1 554 4
1,046.4 1,549.7
1,050.9 1 735 1
1.043.5 1,723.6
1,094.0 1,685.6
144.1
141.6
142.4
141.2
152 5
166.5
194.6
185.7
181.8
181.1
189.7
185.6
Total
Date
669. 7
1934—Dec. (Jan. 2, 1935)...
1935—Dec. (Jan. 1, 1936)... 1, 301. 1
1936—Dec 30
1 ,6?^
1 893 1
1937—Dec. 29. .
1938—Dec. (Jan. 4, 1939)... 2, 157. 8
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941). . .
1941—Dec 3 1 . .
1942—Dec. 3 1 . .
1943—Dec 31
1944 Dec 31
3, 221. 3
3, 938. 2
^, 678 s
1945—Apr 30
May 3 1 . .
June 30
July 3 1 . .
4ug 31.
Sept. 30..
Oct. 3 1 . .
Nov 30..
Dec 31
1946—j an( 3 1 . .
Feb. 2 8 . .
Mar 31
6, 028. 0
6 074. 0
6, 409.6
6 584.8
6 660 0
6 780 7
6 OS? S
6 861 4
6 883. 1
6 973
6 870
6 , 812. 3
7.5
6.5
6.8
6.9
7.1
6.9
7.0
6.9
6.8
6.6
Other
Total CanEurope Europe ada
Latin
America Asia*
All
other1
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Belgium
Denmark
1939—Dec. (Jan. 3, 1940).. 516.9
1940—Dec. (Jan. 1, 1941).. 650.6
1941—Dec. 31
608.0
1942—Dec 31
643.4
I943—Dec. 31
722 1
767.7
1944—Dec. 31
159.2
144.8
117.3
121.8
122 9
124.3
28.1
17.3
18.1
17.7
13 9
14.8
1945—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov 30
Dec. 31
1946—Jan 31
Feb. 28
Mar 31 .
139.7
147 3
142.1
150 5
149.9
218 6
195.6
183 0
185.0
184 9
167.6
166.3
13.7
13 4
13.7
13 7
14.4
16 8
20.1
24 3
25.9
40 1
41.6
44.2
Other
Europe
Date
739.9
752 7
803.0
839 8
805.4
877 9
862.9
871 2
902.1
890 6
875 0
871.0
....
Finland
21.4
16.5
5.7
7.9
77
7.1
7.0
6 8
6.7
6.6
6.7
7.2
6.7
6.2
5.5
6.6
10.7
11.2
Greece? Luxembourg*
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
52.5
53.7
56.6
60.5
63.2
66.1
68.7
71.0
70.8
70.0
69.7
74.9
18.5
19.1
19.3
22.9
22.9
22.9
22.9
23.0
22.3
22 3
22.4
22.3
199.9
194 0
240.6
236.6
187.1
184.4
182.7
182 9
216.1
176.5
175.0
174.0
2
Portu2 YugoRuAll
gal2 mania2 Spain Sweden USSR slavia2 other
35.7
53.4
54.5
9.4
9.3
9.5
39.4
36.6
40.6
46.4
39.0
45.5
45.2
48 5
47.9
47 5
45.3
45.4
9.3
9.3
9.3
9.3
9.7
9.2
9.2
9.2
9.3
9.3
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
17.7
9 9
5 7
31.5
37.6
31.8
36.9
40.4
32.6
24.4
31.2
31.7
37.1
37.4
35.4
158.0
160.2
165.4
183.7
194.3
199.1
213.5
217.2
210.1
214.0
212.9
205.2
12.8
17.5
20.9
22.3
25.7
25.4
24.4
24 8
28.0
29 7
28.5
24.8
5.8
5 6
5.7
5 2
5.1
5 2
5.2
5 4
5.7
6 3
6 6
6.8
109.8
187 9
191.0
57.9
76 9
52 1
51 8
51 7
50 3
45 2
46 9
45 0
44 5
44 3
43.7
46 4
48 4
51.2
Latin America
Latin
BoAmer- Argentina livia* Brazil Chile
ica
Date
336.0
447.3
417.7
597.7
693.7
909.3
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec 31
. .
1943—Dec. 31
1944—Dec 31 .
1945—Aor 30
May 31
June 30
July 31
Aug 31
Sept 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb 28
Mar. 3 1 . . .
993.5
1,035.0
1.076.9
1,100.7
1.087.4
1 110 6
l,O<>7.7
1,045.7
1,046.4
1,050.9
1,043.5
. . . 1,094.0
57.7
115 4
75.7
67.6
69 8
93.9
73.1
70 0
73.2
82 5
75.1
78 0
77 2
82.3
77 3
94.8
80.0
83.9
Colom-3
bia
NetherFrench
lands
West
Other
3 Vene- Latin
Costa3 Cuba Indies Mex- West PanaIndies ma4 Peru zuela8 Amerand
ico
Rica
and
Gui-3
ica
Suriana
nam3
36.4
36 2
50.5
io.'s 67.7
12 6 98 7
17.7 140.8
26.8
28.5
27.3
34.5
54.0
55.0
37.0
47.9
62.5
43 'A 12.4 100.3 "4.*9
67.1 12.2 70.4
2.6
7.4 139.3
4.4
83.6
133.3
138 8
146.2
164 4
163.0
181 5
179 2
185.6
195.1
192.3
199.6
210.6
51.3
54.9
66.8
64.6
64.5
63.2
63.6
71.4
66.3
66.6
64.6
63.9
77.2
76.6
76.2
82.3
90.2
93.2
83.1
84.5
79.2
82.4
80.6
77.5
18.5
17 7
19.2
17 2
18.0
17 9
17 9
15.6
14 5
13.6
13.4
13.6
8.1
8.2
7.5
8.0
7.0
6 2
6.6
7.1
6.9
6.0
5.7
6.3
160.2
169.6
190.4
153.9
156.9
154.5
145.4
136.5
128.3
122.2
120.5
139.5
5.2
6.3
6.3
8.6
7.3
78
7.3
6.6
7.1
7.2
7.1
6.6
58.8
55.0
37.7
95.7
70.4
83.1
140.1
158.4
163.8177.2
158.7
164 4
164.3
111.8
116.4
125.9
128.3
140.7
20^7
41.2
36.0
34.0
58.7
42.1
36.9 Of'.7
57.6 17.4
69.1 27.7
20.9
24 2
31.5
85.3
105.6
121.8
64.2
95 4
119.8
33.7
32.5
29.2
31.5
31.7
32.9
33.6
31.0
28.2
20.9
22 8
20.7
81.8
83.1
86.2
89.6
87.8
89 1
90.5
90.7
88.7
89.4
87.5
91.2
43.2
48 2
41.5
50 2
43.0
44 3
48 5
38 3
49 7
36 0
42.4
41.3
133.8
136 6
134.8
134 9
145.3
138 6
138 1
138 3
144 8
150 3
146.0
156.3
33.9
35.5
38.8
38 8
42.6
45.9
43.9
43.4
45.0
41.9
For footnotes see p. 943.
942
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—CW/*»w^
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
India,
BurFrench
ma,
China Indo-1 Hong
Kong
and
China
Cey-1
lon
Date
British
Malaya
Japan
(incl.
Korea)
and
Manchuria
1939—Dec.
(Jan. 3, 1940).
1940—Dec.
(Jan. 1, 1941).
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
71.4
165.4
769.9
780.0
930.0
,108.8
,069.2
207.5
156.8
360.9
574.2
427.3
91.1
61.6
27.4 41.6 13.1
27.4 23.9 18.2
27.4 22.9 22.1
110.3
1.0
.9
1.3
1945—Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1946—Jan. 31.
Feb. 28.
Mar. 31.
,320.2
,319.2
,360.7
,341.8
,432.7
,510.5
,563.4
,554.4
,549.6
,735.1
,723.6
,685.6
546.9
541.7
519.6
501.1
27.5
27.5
27.5
27.5
27.6
27.6
27.5
27.5
28.0
28.2
34.6
37.9
.9
.8
1.0
.9
.9
.9
1.0
1.0
1.2
1.7
1.6
1.5
1
2
655.7 167.0
578
588
591.7
581.4
582.3
756.3
738.0
732.1
21.6
21.9
22.0
21.9
21.7
21.9
21.7
22.1
27.4
30.5
31.8
34.
23.5
26.6
23.2
24.1
25.3
28.9
33.2
34.6
33.4
29.4
36.7
25.7
Egypt
Neth- Philand French Union
erNew AngloTur- Other All 2 Ausof
lands ippine
ZeaMo- South
traOther
EgypIskey
other
Asia
East 1 lands
lia land tian rocco Africa
Indies
Sudan
58.5
193.4
162.4
264.9
69.9
226.8
4.8 160.4 254.7 29.9 36.2
4.1 110.1 259.1 35.4 55.5
.7 64.2
4.0 110.5 365.8
4.0
4.0
4.1
4.3
3.9
4.2
4.2
4.1
4.1
4.0
3.9
3.8
115.4
117.6
111.3
112.6
108.8
99.3
104.4
103.8
113.7
110.0
100.7
99.0
447.8
448.8
531.9
528.8
540.5
612.1
645.4
659.7
629.1
642.8
635.7
598.4
51.6
50.7
51.5
50.8
51.2
SO.5
50.5
47.2
52.5
57.3
62.2
66.1
80.9
79.4
68.6
69.6
74.2
76.7
83.7
73.0
78.0
75.1
78.4
86.3
72.5
73.3
113.6
149.6 23.1 4.8
175.3 25.3 5.1
174.0 52.9 3.5
144.1
141.6
142.4
141.2
152.5
166.5
194.6
185.7
181.8
181.1
189.7
185.6
34.5
32.0
30.7
27.8
27.6
28.5
29.0
30.2
28.9
29.6
26.1
24.3
3.6
3.5
3!3
4.6
3.1
3.7
4.3
4.3
4.0
4.0
3.8
6.8
6.1
7.3
12.1
10.3
4.3
9.8
9.5
11.0
10.8
13.6
13.6
17.3
19.6
18.9
19.4
19.6
18.9
4.1
4.3
3.6
4.0
4.7
5.8
7.7
9.4
10.0
9.7
10.1
10.3
11.0 91.8
4.5 124.1
8.3 97.6
7.1
6.0
6.4
4.7
5.8
8.4
6.4
8.0
6.4
6.3
9.1
9.5
85.0
86.2
87.4
90.5
96.2
107.1
130.4
114.2
113.4
112.2
120.8
118.8
Prior to June 30, 1942. included under "Other Asia"
Country breakdown not available until June 30, 1942.
Footnotes
to table on p. 942.
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other.
* Prior to June 30. 1942, included under "All other."
8
Prior to June 30. 1942, included under "Other Latin America."
* Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for September 1945, pp. 967-970.
ASSETS
Total
Date
United
King- France
dom
Nether
lands
Switzerland
Germany
Italy
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
53.4
39.6
34 4
34.0
33 9
33.9
11.8
2.0
1.5
4
1,139.9
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
(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
5.7
.9
1.1
5
5.2
1.5
2.6
1.5
1.1
1.4
.4
.3
3.0
1.3
30
31
30
31
31
30
31
30
31
31
28
31
290.8
289.8
375.0
325.2
306.5
270.2
260.0
331.3
392.8
406.3
406.8
431.9
25.4
30.5
27.9
24.8
31.6
24.9
21.5
25.9
25.4
25.9
26.3
28.6
1.4
1.3
.5
.4
1.3
.7
.9
.8
3.6
2.0
1934—Dec.
1935—Dec.
19^5—Dec
1937—£)ec#
1938—Dec.
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
1939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec
1944—Dec.
1945—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1946—Jan.
Feb
Mar.
....
1.2
1.2
1.2
1.0
1.1
1.1
.8
.7
.7
.3
.4
.6
.6
36.5
36.3
35.7
36.1
35.8
5.5
5.5
5.4
2.7
3.0
1.6
2.9
6.2
4.9
5.6
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
Canada
Latin
America
Asia1
All
other'
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
51.4
29.9
26.2
22.3
19.0
44.4
172.2
101.0
88.4
72.6
77.6
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
.3
.3
8.4
8.9
48.2
48.7
9.7
.3
.1
.3
.3
.3
.4
.4
10.2
40.8
13.1
17.9
21.1
70.8
76.2
117 6
113.0
79.1
71 7
69.8
109.6
140.7
115.8
120.2
126.1
23.0
25 6
53 8
45 2
41 5
39 6
32.2
38 0
53.3
74.3
71 3
62.9
145.0
127 9
144 5
109.8
116 6
120 6
113 6
145 8
158 9
164.7
161 2
178.4
42.6
51 1
49 2
47.7
60 7
30 8
37 3
29 1
29 9
40 6
43 6
53.6
9.3
9 0
9 9
9.5
8 5
7 6
72
8 8
.4
3
.3
.3
.3
Other
Total
Europe Europe
8.1
9.6
9.9
10.8
10 5
11.0
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.
AUGUST
1946
943
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Bel-
Denmark
Finland
1939—Dec.r (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
51.4
29.9
26.2
22.3
19.0
44.4
6.5
1.5
1.1
.8
.7
.7
3.2
.3
1.4
1.8
1.9
5.6
7.6
()
1945--Apr. 30. .
May|31..
June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1946—Jan. 3 1 . .
Feb. 28. .
Mar. 3 1 . .
8.4
8.9
48.2
48.7
9.7
8.1
9.6
10.2
40.8
13.1
17. 9
21.1
.8
.8
.8
.8
.7
.5
.5
.6
.6
1.8
2.6
3.6
Date
()
1.5
1.5
1.1
Greece1 Luxembourg1
.6
.6
.6
.6
.6
.6
.6
.6
.7
.7
(2)
: SwePorRutugal1 mania1 Spain den
Yugo-1 All
USSR1 slavia
other
3.6
8.7
1.0
.6
.4
.2
.2
28.0
24.5
22.1
8.4
5.0
5.1
.5
.2
.2
35.1
1.1
.6
.6
1.3
1.4
1.2
Norway
2.4
1.4
V /
.1
31.6
.1
4.2
6.2
Latin America
Latin
BoAmer- Argentina livia* 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
112.2 15.3
31
131.0 3.1
31
8.7
7.7
8.3
14.1
11.0
12.8
10.8
20.5
21.0
24.2
18.0
24.7
145.0
127.9
144.5
109.8
116.6
120.6
113.6
145.8
158.9
164.7
161.2
178.4
1945—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan, 31
Feb. 28
Mar. 31
8
(2)
8
8
()
(*)
(2)
Colombia'
Costa Cuba
Rica»
3.0
1.8
1.8
32.2
33.1
38.0
16.7
18.9
25.3
9.7
13.4
14.9
15.3
16.6
9.0
20.7
12.2
15.5
.6
.7
1.2
10.5
11.7
11.3
8.3
20.1
47.4
1.4
1.3
1.2
1.2
1.3
1.1
1.8
1.2
1.3
1.7
1.5
2.7
24.1
25.5
30.6
26.9
24.4
21.7
18.2
22.0
24.7
26.8
29.7
30.0
8.7
8.4
7.0
8.4
6.3
7.5
6.8
7.2
6.6
7.0
6.2
7.1
14.7
15.1
16.8
16.3
17.1
16.7
14.2
19.4
16.8
17.5
18.1
20.1
1.0
1.1
1.1
1.2
1.2
1.5
1.4
1.2
1.2
1.4
1.5
1.4
57.1
39.1
49.7
10.3
14.5
18.3
17.0
27.2
33.3
33.9
32.9
37.1
3.2
3.2
1.8
.9
1.5
.9
.9
1.4
.9
1.0
.9
1.6
1.8
1.4
1.5
09
(*)
()
.2
.3
.3
.7
1.5
.3
.5
1.0
.9
1.1
1.1
8
8
09
()
09
09
1.3
5.1
4.9
4.8
4.9
4.9
5.1
5.0
4.9
4.7
4.8
4.>9
4.9
NetherFrench
lands
West
Other
West PanaIndies
Vene- Latin
4
Indies
Mexico
Peru' zuela 3 Amerand
ma
and
Gui-8
Suriana
nam"
()
09
5.9
6.1
7.6
4.8
11.2
8.6
1.0
2.1
2.4
2.1
1.1
.8
1.0
.9
1.0
1.1
8.7
8.9
10.2
8.7
9.0
9.7
10.6
11.0
10.5
13.9
14.3
1.0
1.1
1.9
2.8
2.9
2.8
.4
.2
3.9
3.8
5.1
37.2
44.4
57.3
14.2
8.7
11.7
.4
.4
.4
.7
.9
.3
.3
.7
.9
3.3
3.5
3.8
4.9
5.8
5.6
5.5
5.2
5.2
5.7
6.1
6.1
6.6
6.9
7.7
13.0
12.6
12.3
12.4
23.7
24.1
25.4
27.3
33.4
29.5
25.9
26.1
Asia and All Other
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942 Dec
1943 Dec
1944—Dec.
India,
French Hong Burma,
China
IndoAsia
and
China6 Kong Ceylon*
(Jan. 3, 1940) 174.1 22.0
(Jan. 1, 1941)117.8 23.7
87.9 23.5
31
35.3 11.1
31
1.7
26.3
31
51.4
1.5
31
1945—Apr. 30
May 31
June 30
July 31
Aug 31
Sept 30
Oct 31
Nov. 30
Dec. 31
1946—Jan 31
Feb. 28
Mar 31
42.6
1.3
1.1
51.1
49.2
1.2
1.0
••• 47.7
60.7
1.1
1.1
. . . 30.8
1.2
37.3
29.1
1.7
1.0
29.9
7.7
40.6
43.6 9 . 7
53.6 22.8
:! 2
(r
09
09
09
09
09
(2)
(2)
09
09
Japan
Egypt
Neth- PhilBri- (incl.
and French Union
KoerAus- New Anglotish rea)
ippine
TurOther
All
of Other
5
8
tra- Zea- Egyp- Mo- South
Ma-5 and lands
Iskey
other
Asia
lia land tian rocco Africa
laya Man- East 5 lands
Indies
Sudan
churia
1.9
102.1
1.7
55.8
3.1
18.9
.9 "i'.i " ' . ' 7
.5
1.0 2.0
.5
.5
.1
.9 22.3
.5
.9 12.1
. 9 19.4
. 8 16.8
. 8 14.5
. 8 15.0
.8 8.0
.8 7.2
.8
.8
1.1
.8
1.5
7.1
7.5
7.9
7.0
6.8
1.5
.5
1.4
.5
.5
.5
.5
1.4
1.4
1.4
1.4
.5
.5
.1
.1
.1
.3
.2
1.7
.5
.5
.3
.3
.3
1.4
1.4
1.4
1.4
1.4
1.4
1.4
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
13.9 3 ? 1.8 3.9
13.8 1.8 8.8 11.7
13.9
13.9
13.6
13.9
26.0
13.6
13.0
13.7
13.8
18.5
20.1
16.0
1 9 10.5 9.3
? 0 11.8 9 . 0
? 0 12.5 9 . 9
? ? 13.1 9 5
f 1 13.6 8 . 5
2.3 2.9 7.6
1 6 11.4 7 2
1 7 2.0 8.8
?. 0 2 . 7 9 . 9
1 0 2 . 5 10.8
1 1 2 . 8 10.5
3.3 11.0
1.1
'i.'o
.5
.6
'".7
2
.2
A
1
.2
09
.8
.4
.4
09
1.0
3
.4
4
.4
.3
6
.3
2
.9
1.7
2.1
1.8
1.3
.7
.7
6
.7
.7
2
.3
2
.3
.2
1.0
.9
2 1
.7
7
4
.2
3
3
09
09
(2)
09
09
(2)
(2)
.1
1
1
.1
' i. 7 "\'.2
2 4
7
9.7
1.0
6.7
6 I
6 0
5 2
5 0
4.5
4 1
5 0
4 7
5 0
5 3
12
1 2
24
1 6
1 8
1.6
1 5
1 9
2 5
2 9
2 4
5.8
2.9
1
Prior to June 30, 1942, included under "All other."
28 Less than $50,000.
Prior to June 30, 1942, included under "Other Latin America."
*6 Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
^Country breakdown not available until June 30, 1942.
944
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of E n g l a n d
(Figures in millions of
pounds sterling)
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934__Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
1943—Dec. 29
1944—Dec. 27
1945—j u iy 25
Aug. 29
Sept. 26
Oct 31
Nov. 28
Dec. 26
1946—J a n
Feb.
Mar
Apr.
May
June
30
27
27
24
29
26
Assets of issue
department
. . .
....
....
7
8
7
3
1
7
4
4
4 9
9
9
120
119
190
192
200
313
326
326
9
.2
.2
9
. . .
.2
9
.2
5
5
5
.2
9
9
.2
Coin
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
1 250.0
Notes
.2
.6
26. 3
31
93
58
47
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
8
6
6
7
1
5
46 3
41
S1 7
25. 6
r
13.3
98
96
11
11
^
8
6
6
Discounts
and advances
Securities
22. 3
49 0
84 9
104 7
97 3
133 0
190 1
101 4
98 9
94 7
155 6
5
90 7
176 1
199 1
18
16 8
7 6
8 s
17
9
Liabilities of banking department
s
s
3
?8
4
4 0
6 4
3 5
53.6
55.0
53.1
57 4
57 7
58.5
17 9
18 0
18 1
55.9
53.0
54 0
53.1
57.4
56.5
17 9
18 0
109 4
101 9
89 1
72 1
424 5
467' 4
150 6
50s
190
260 7
1,305.7
1,325.9
1,329 9
1,322 2
1,327 6
1,379.9
229.1
238.2
279 1
10 3
16 0
5 5
1,331.4
1,323 1
1,328 3
1,348 -3
1,34 7
1,363.9
.4
.5
1
99 6
11 9
11 3
20 3
8. 4
327 0
1 400.0
1 400.0
1 400.0
1 400.0
1 400.0
1 400.0
.5
.9
68 8
77 1
5 5
7 4
289 6
936 7
36 4
17 9
18 0
12
11
9
10
5
263 6
295 3
331 7
58.6
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
988 9
6
?38
9S6
950
315
7
3
9
2
934
9/14 9
(Figures in millions of
Canadian dollars)
1935—Dec 31
1936—Dec. 31
19^7—Dec 31
1938—Dec. 31
1939—Dec 30
1940—Dec. 31
1941—Dec 31
1942 Dec 31
1943—Dec. 3 1 . .
1944—Dec. 30
Gold
180.5
179.4
179.8
185.9
225.7
Sterling
and United
States
dollars
4 2
9.1
9
9 9
10 5
5 3
279 7
9^4 5
11 0
16 7
949 1
953 4
944 8
286 0
9 9
7 4
7.4
5 3
18
18
18
18
18
0
0
0
0
0
18.0
18
18
17
17
17
17
17
17
o
0
9
9
9
9
9
8
17 7
17 8
17 8
18
17
18
18
5
8
0
1
liabilities
Deposits
Other
assets
Short-6
term
9
3
3
6
14 9
28.4
64.3
38.4
200.9
.5
.6
172.3
181 9
448. 4
391. 8
807 2
787 6
906. 9
1945—Tulv 31
Aug. 31
Sept. 29
Oct 31
Nov 30
Dec. 31
174.4
176.1
176.1
176 1
159.0
156.8
1946—Jan. 31
Feb. 28
Mar. 30
Apr 30
May 31 -.
June 29
101.8
95.2
95.2
24.1
2.0
2.0
5
9
0
274 5
Dominion and provincial government
securities
30
61
82
144
29 7
950 9
Assets
B a n k of C a n a d a
7 7
8. 9
22 9
9. 9
12 1
12. 1
11
15 9
9?3 4
1. 8
7. 2
3 6
90 0
4
16 7
12 5
8.8
6.6
364 9
371 9
392 o
405 9
919 9
44. 5
24 3
90 3
71 9
52. 0
71. 0
132 4
126 4
375 .6
368 8
751 7
307 9
317.4
.8
1.0
1.5
1.8
Other
923.4
1,088 7
1,238.6
.4
1
Public
967 8
s
Otr ler
liab Hi
tie s
Bankers'
267 9
.9
.4
.2
1
1
1
Deposits
101 0
117
135 7
5 1
9
Note
circulation3
504 7
554 6
616 9
350.0
350.0
350.0
350.0
350.0
400.0
1
1
5
.2
9
. .
Cash reserves
Other
assets2
Gold1
145 .8
147 6
....
Asset s of banking department
Note
circulation 7
Chartered
banks
Other
83 4
99 0
8 6
8
91 6
40 9
49 9
7
5
3
5 5
19 4
216 7
33 5
209 2
479 8
31.3
47,3
573 9
34 3
1,034 7
1,031 S
1,028 9
1,109.4
1,168 1
1,157 3
558 3
S84 0
56 5
69 3
629 .4
688 3
1,143
1,155
1,296
1,348
1,230
1,218
8
9
9
686 9
688 8
0
0
553 .0
541 1
5
540 . 7
591 4
590 6
559 9
99 7
135.7
165 3
175.3
232.8
359.9
496 0
693.6
874.4
1,036.0
181
187
196
900
6
0
0
6
217. 0
917 7
232 0
259. 9
340
401 7
441. 1
444 4
69 .5
99 5
1 f)78.8
,t)97.9
,112 4
1,136 6
1,113.8
1L,129.1
33
48 0
39 4
48 .6
59 9
30 . 8
L,088.1
L,086.7
1,102.2
L,114.4
1,109.5
140.0
505 9
599 9
518 1
34 9
39
s
442 9
474 9
495 2
591
555.8
493.9
500 5
Dominion
government
OtheIV
liabilit ies8
Other
8
2.1
7
13
14
9
7
4
4
3
17 9
18.8
11 1
16.7
46.3
10.9
73 8
51.6
20.5
12.9
17.9
9.5
6 0
19.1
17 8
27.7
57.5
32.6
39 6
51 0
159.1
153.3
37.6
39.7
22 4
32 4
27.4
29.8
208 ft
239
213 9
L87.2
201.7
1149.2
1L83.3
87.1
57.9
34.2
56.4
89.1
62.7
78.5
85.6
149 6
119 6
132 1
3 5
3.1
13 .3
28
s
35 1
24 .0
55 4
209 1
221
230 .5
198 5
57 .4
57 9
34 . 2
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
* 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.
6
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 6 8, July 3, and Dec. 10, 1945.
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.
• 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.
AUGUST
1946
945
CENTRAL BANKS—Continued
Assets
B a n k of F r a n c e
Foreign
exchange
Gold*
1929—Dec. 2 7 . . .
1930—Dec. 2 6 . . .
1931—Dec. 3 0 . . .
1932—Dec. 3 0 . . .
1933—Dec 29
1934—Dec. 2 8 . . .
1935 Dec 27
1936—Dec. 3 0 . . .
1937—Dec 30
1938—Dec. 2 9 . . .
1939—Dec 28
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
5
97 267
&
84,616
84,598
84,598
84,598
75,151
1945
75 151
75 151
75 151
75 151
S
65,152
65
152
5
129,817
1946—Jan
Feb
Mar
Apr
May
31
28
28
25
29...
Advances to
Government
Domestic bills
(Figures in
millions of francs)
Aor 26
May 31
Aug. 3 0 . . .
Sept. 2 7 . . .
Oct. 3 1 . . .
Nov 29
Dec. 2 7 . . .
Liabilities
25,942
26,179
21,111
4,484
1 158
963
1 328
1,460
911
821
112
42
38
37
37
42
2
Open
market 2 Special
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
48,257
48,141
48,703
49 363
47 60,087
45 62,210
68 '23,038
1,379
652
1,797
2,345
661
12
169
29
48
69
129 817
129 817
129 817
129 817
594,817
69
69
5
5
26,081
27,247
25,524
25,810
63,090
8 ,624
8 ,429
7 ,389
3 ,438
4 ,739
3 ,971
9 712
8 ,465
10 ,066
7 ,880
S.149
3 ,646
4 ,517
5 ,368
7 ,543
18 ,592
14 ,967
44
45
46
46
Other
27
153
303
220
160
46
10 ,162
1? ,936
14 242
20 ,442
?6 ,073
25 ,548
?7 ,415
3(1 ,945
3? ,647
36 ,579
45 ,512
For occupation
costs*
72,
142,
210,
326,
426,
317
507
965
973
000
Deposits
Other
assets
Other
1
8,124
9,510
11,275
11,712
11,173
11,500
11,705
17,698 12,642
31,909 11,733
20,627 18,498
34,673 20,094
63,900 23,179
69,500 22,121
68,250 21,749
64,400 21,420
15,850 "35,221
426, 000 20,900
426, 000 19,750
426 000
426 000
426, 000
426, 000
426, 000
426,
426,
426,
426,
426,
000
000
000
000
000
16,000
19,000
11,200
Note
circulation
68,571 11,737
76,436 12,624
85,725 5,898
85,028 2,311
82,613 2,322
83,412 3,718
81 150 2 862
2,089
89,342
93,837 3,461
110,935 5,061
1,914
151,322
984
218,383
270,144 1,517
770
382,774
578
500,386
748
572,510
•43,634
"35,403
"41,666
"42 717
"46,152
8
45,859
"39,122
580 944
548,945
469 652
496 258
528,945
545,795
570,006
H4.818
592,436
605,156
613,434
616,102
625,809
6
46,744
6
40,985
6
38,614
HI, 848
Govern- C.A.R.*
ment
41,
64,
16,
10,
(Figures in millions of
reichsmark8)
Reserves of gold and
foreign exchange
Total
reserves
1929 Dec 31
1930 Dec 31
1931 Dec 31
1932 Dec 31
1933—Dec. 30
1934—Dec. 31
1935—Dec. 31. . .
1936—Dec. 3 1 . . . .
1937—Dec. 31 . .
1933—Dec 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31 .. .
1944—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1945
2 687
2 685
1 156
920
396
84
88
72
76
76
78
78
77
76
77
31
29
31
30
31
31
30
31
30
30
77
77
77
77
77
77
77
77
77
77
Tan 31
Feb 28
77
77
Gold
Bills (and
checks),
including
Treasury
bills
756
774
5,781
1 014
781
732
745
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
42 302
57 231
50 005
53 156
52,552
53 447
57,755
4 950
7 701
4 600
4 506
5,617
4 540
4,087
52 046
50 743
52 516
53 653
51,845
4 156
4 070
4 357
5 337
4,072 •
Liabilities
Securities
Security
loans
984
806
386
79
82
66
71
71
71
71
71
71
71
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
256
245
176
183
146
84
74
60
45
30
38
32
25
27
71
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
46
38
28
26
38
42
47
46
62
112
64 625
70,699
199
307
2,283
2,216
400
580
857
724
80 246
53 598
30,793
21 708
12,048
Assets
Reichsbank
Other
Other
liabilities
Eligible
as note
cover
Other
Other
assets
Note
circulation
Deposits
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
1,621
2,498
2,066
2,311
1,664
2,337
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
67
70
69
1
33
31
23
27
21
20
25
24
21
45
2,281
2 525
2 096
2 397
2,396
2 275
2,510
2 351
2,795
2,351
33,792
34,569
35 229
35 920
36,888
38 579
42,301
44 704
46 870
50,102
7
7
7
6
6
7
9
9
10
13
81
112
60
61
2 083
2,591
51 207
55,519
13 566
16 ,419
259
445
349
221
106
557
804
32
107
87
1
1
-
656
638
1,065
1 114
735
827
853
765
861
755
652
755
540
640
984
1 ,032
1 ,012
1 ,059
1 ,527
,018
2 ,561
3 ,649
5 ,292
8 ,186
237
179
240
754
813
480
088
603
829
535
Other
liabilities
736
822
1 338
1 313
836
1 001
923
953
970
1 091
1,378
1,396
1 493
1,680
1,980
1
1
1
2
2
2
2
2
2
2
788
833
915
004
054
185
160
216
264
445
2 353
1,909
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.
* Central Administration of the Reichskreditkassen.
* 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, in week ending Dec. 27, 1945, 53,000, and
in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
* Includes 9,447 million francs charged to the State to reimburse the Bank for tne 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.
946
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 G o v t . . . .
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o 1n 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
jDeposits 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 8
Blocked accounts
Other liabilities
.Central Bank
of Bolivia—Monetary Dept. 4 (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
^Government securities
•Other assets
Note circulation
liDeposits
• Other liabilities
•National Bank of Bulgaria 0
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
Rational Bank
of Czechoslovakia
in Prague 7 (millions of koruny):
Gold
Foreign exchange
Loans and discounts
.Other assets
1946
June
May
1945
Apr.
June
1,189
3,552
873
56
145
3,033
1,752
503
183
1,242
2,863
882
141
202
169
196
157
2,533
1,542
528
177
305 202,686
203,978
330 3,075
2,723
411,313 414,549 411 ,725
16,231 14 ,486 17,020
198,964 199 ,964 200,964
260,112 261
21,864 24,
153,305 148,
33,327
4,101
48,062
4,062
64,597
2,103
72,505
4,166
78,131
1,450
261,112
20,187
152,242
33,452
5,122
48,303
2,105
64,597
1,894
72,564
3,223
78,262
1,424
31,238
4,060
41,411
585
64,597
1,504
58,483
4,440
79,368
1,104
(Mar.)5
919
493
27
550
11
1.620
379
383
362
701
915
,856
,043
550
227
398
383
355
701
839
1,840
3,031
550
170
368
277
257
760
1,052
1,264
2,626
466
174
344
230,400
77,424
17,984
72,448
38,981
194,881
201,363
40,993
177,723
97,896
18,636
67,042
30,619
178,942
158,148
54,825
1,517
,517
1,517
788
,816
1,598
660
,184 6,541
,601 125,576 93,134
Central Bank
(Figures as of last report
date of month)
1946
June
National Bank of Czechoslovakia
in Prague—Continued
Note circulation—Old
New
Deposits—Old
New
Other liabilities
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account 8 . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt' (thousands of pounds):
Gold
Foreign exchange
|
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland*
Bank of Greece 6
National Bank of Hungary 6
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad.
Sterling securities
Indian Govt. securities....
Rupee coin
Note circulation
Banking department:
Notes of issue department.
Balances abroad
Treasury bills discounted.
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank of Ireland (thousands
of pounds):
Gold
2,646
Sterling funds
34,496
Note circulation
37,142
6
Bank of Japan
Bank of Java 6
May
1945
Apr.
June
950 1,066 40,539
,594 32,336
,630 84,677 38,147
,236 8,173
710
8,981 17,413
83
141
105
28
98
,594
98
,497
,791
,622
236
83
173
99
25
90
7,594
115
1,508
2,684
3,744
243
97
37
2,960
40
73
65
4,989
1,241
3,014
3,612
395
265,246 288,797
39,476
190,532
91,292
309,702
243,626
33,217
6
16,
2,
298,
29,
134,
79,
127,
11
122,552
92,797
102,511
321,996
258 ,852
25,809
6,241
6,241
14,723 17,185
2,238 2,753
297,662
27,996
136,723
49,960
147,447
14,731
291,395
23,682
123,887
77,559
126,351
13,460
32,921
40,086
927
6,457
1,732
46,503
28,520
7,099
33,122
38,855
901
5,195
1,729
45,039
27,687
7,076
444
444
444
,303 11,253 10,293
578
578
578
183
195
152
,340 12,327 11,370
169
,931
25
510
,302
332
143
6,043
113
98
3,952
556
6,529
327
7
270
3,997
329
,646 2,646 2,646
,766 35,480 30,243
,412 38,126 32,889
gee
<No
Gov
• Issue and banking departments consolidated.
AUGUST 1946
947
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions
of pesos):
Metallic reserve1
:
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands B a n k (millions of
guilders):
Gold*
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation—Old
News
Deposits—Government
Blocked
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway 4
Bank of6 Paraguay—Monetary
Dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):
Gold*
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of R u m a n i a 4 8
S o u t h African Reserve Bank
(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
1946
June
May
1945
April
June
1946
Central Bank
(Figures as of last report
date of month)
June
May
1945
Apr.
June
B a n k of Spain—Continued
731
1,759
489
146
1,698
1,227
201
Note circulation
Deposits—Government
,802
Other
378
Other liabilities
71 Bank of Sweden (millions of kronor):
,434
Gold
,350
Foreign assets (net)
163
Swedish Govt. securities and ad- 9
vances to National Debt Office
Other domestic bills and advances
713
713
931
Other assets
1
1
Note circulation
4,639 4,663
',488
Demand deposits—Government
1
1
326
Other
153
165
159
Other liabilities
117 Swiss National Bank (millions of
92
124
277
280
,998
francs):
2,290 2,241
Gold
1,683 1,384
232
Foreign exchange
188
638
Loans and discounts
661
589
"515
Other assets
512
528
Note circulation
272
Other sight liabilities
Other liabilities
2,802 2,802
,802 Central Bank of t h e Republic of
79,372 76,616
,417
T u r k e y (thousands of pounds):
Gold
40,479 45,734
,084
Foreign exchange and foreign
4,045 5,192
,346
clearings
1,123
1,214
,541
Loans and discounts
44,344 44,731
,560
Securities
78,428 81,809
,513
Other assets
5,050 5,018
,116
Note circulation
Deposits—Gold
Ot^er
Other liabilities
3,404
324 B a ^ k of t h e Republic of Uruguay* 0
34,967
595
(thousands of pesos):
294
3,899
Gold
612
10,083
Silver
316
460
Advances to State and govern633
29,364
ernment bodies
676
17,391
Other loans and discounts
832
6,058
Other assets
Note circulation
(Mar.)1
Deposits—Government
455
149,264
Other
239
39,298
Other liabilities
482 Central Bank of Venezuela (thou594,310
194
22,550
sands of bolivares):
505,020 442 999
Gold"
265,838 270, 126
Foreign exchange (net)
34,564 27 244
Credits to national banks
Other assets
(Mar.)
Note circulation—Central Bank
,417
1,423
National bank?
,076
7,087
Deposits
,420
9,842
Other liabilities
297
280 National Bank of t h e K i n g d o m
1,018
,020
of Yugoslavia 4
736 Bank for I n t e r n a t i o n a l Settle693
7,824
573
ments 1 2 (thousands of Swiss gold
11,703
,558
francs):
834
819
Gold in bars
Cash on hand and on current
account with banks
Sight funds at interest
131,069 126,897 106,,528
Rediscountable bills and accept29,562 37,368 26 ,649
ances (at cost)
5,313 4,534 3,,581
Time funds at interest
122,943 119,452 95 ,901
Sundry bills and investments. . .
66,737 66,355 63,,798
Other assets
217,187 217,458 163.,521
Demand deposits (gold)
4,962 4,439 5,,340
Short-term deposits (various
currencies):
,189
1,213 1,213
Central banks for own ac596
585
585
count
,987
15,856 15,906
Other
,318
3,935 3,816
Long-term deposits: Special ac831
3,647 2,325
counts
Other liabilities
739
753
1,898
434
83
1,698
1,257
198
1,951
438
66
1,726
1,286
196
,866 18,714 16,867
,538
644 1,698
,351 3,976 3,876
482
510
480
696
1,042
1,098
,043
,028
1,048
1,012
1,054
580
951
44
815
2,495
897
176
380
,235
59
826
.453
,163
141
435
1,280
25
836
2,459
1,003
280
460
1,205
27
1,040
2,445
710
148
604
,784
176
68
89
,564
,256
297
4,756
183
79
92
3,579
1,239
291
4,626
112
95
82
3,522
1,102
292
300,927 300 927 292,107
77, 224 70,914
914 68,172
674. 765 730,184 839,648
167. 369
,822 171,111
82. 165 63 ,283 23,401
836, 276 892,973 971,608
85,586
91, 821
156,258
147, 779
180,985
226,
(Mar.)
295,704 265,400
13,810 13,998
13,483 9,916
99,075 91,074
314,216 312,609
181,694 157,942
40,052 36,161
246,843 242 ,756
267,700 256,137
557,
44,
547,582 438,568
47,741 77,399
20,310
16 710 23,406 18,365
394 167 380,718 321,363,
,272 8,876 13,331
,516 218,907 209,988:
,951 JO,227 9,959»
120, 164 120,164 119,323
11, 831 13,692 43,279
140 7,923
142
9 415 12,154 86,639
2, 750 2,751 2,750
304 635 301,688 197,145
56
38
US
14 559 14,623 18,418
,581
,093
5,187
1,092
5,223
2,017
,001 229,001 229,001
,742 200,743 20.2,517-
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 tries,
currency reform decrees effected between June and October 1945.
' 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.
8
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.
7
• Latest month available.
Valued at average cost beginning October 1940.
I
9
Beginning July 1945, end-of-month statements have been available.
Includes small amount of non-Government bonds.
10
Issue and banking departments consolidated.
II
Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown seoaratelv for account of the Gov-,
12
ernment.
See BULLETIN for December 1936, p. 1025.
2
1
948
FEDERAL RESERVE BULLETIN.
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
SwitzUnited
Ger- Bel- Nether- SweerKing- France many
gium lands
den land
dom
In effect Dec. 31,
1936
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10 1938
May 13
May 30
Sept. 28
....
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25,1940...
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 16, 1945
Jan. 20
Feb. 9
In effect July 31,
1946
2
4
6
5
2
4
2
2
2^
m
Rate
July
31
Central
bank of—
Date
effective
Central
bank of—
Rate
July
31
Date
effective
21,
1,
16,
8,
1940
1936
1945
1940
Italy
Japan
Java
Latvia
Lithuania....
4
3.29
3
5
6
Sept. 11,
Apr. 7,
Jan. 14,
Feb. 17,
July 15,
1944
1936
1937
1940
1939
Nov. 28,
Dec. 1,
Feb. 8,
Chile
3-4H Dec. 16,
July 18,
Colombia
Czechoslovakia
2H Oct. 28,
1935
1940
1944
1936
1933
1945
Mexico
Netherlands .
New Zealand.
Norway
Peru
Portugal
4H
2H
June
June
July
Jan.
Aug.
Jan.
4,
27,
26.
8,
1,
12,
1942
1941
1941
1946
1940
1944
May
June
Dec.
Feb.
Nov.
8,
2,
1,
9,
26,
1944
1941
1938
1945
1936
Albania
Argentina
Bolivia
5V2 Mar.
Mar.
Jan.
6 2 Nov.
British India..
Bulgaria
3
5
\»
4
3
3
2H
2y2
4
3
4
Ecuador
El Salvador...
Estonia
Finland
3
3
2
23J
5
2Y2
3H
3
4^
Jan.
May
Mar.
Oct.
Dec.
15,
26,
30,
1,
3,
1946
1938
1939
1935
1934
Rumania.... 4
South Africa. 3
4
Spain
Sweden
Switzerland..
JS
Jan.
Apr.
Feb.
Oct.
Nov.
20,
9,
11,
22,
23,
1945
1940
1945
1940
1943
Turkey
United Kingdom
U. S. S. R . . . .
Yugoslavia. .
3
2
3%
3
2Yz
m
m
2
2XA
iy2
2XA
France
Germany
Greece
Hungary......
Ireland
3
4
July
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
1, 1938
NOTE.—Changes since June 30: None
2K
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1929—May
1930—May
1931—May
1932—May
1933—May
1934—May
1935—May
1936—May
1937—May
1938—May
1939—May
1940—May
1941—May
1942—May
1943—May
1944—May
1945—May
5.21
2.16
2.24
1.44
.50
.91
.59
.55
.55
.53
.73
1.03
1.03
1.03
1.03
1.03
1.03
5.21
2.11
2.21
1.10
.37
.85
.51
.54
.51
.51
.70
1.02
1.00
1.00
1.00
1.00
1.00
4.67
1.93
1.87
1.29
.58
.85
.75
.75
.75
.75
.75
1.00
1.00
1.03
1.07
1.13
1.03
1945—June
July
Aug
Sept
Oct
Nov
Dec
1.03
1.03
1.03
1.03
.83
.53
.53
1.00
1.00
1.00
1.00
.75
.51
.50
1.13
1.13
1.13
1.13
.96
.63
.63
1946—Jan
Feb
Mar
Apr
May
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.63
.63
.63
.63
.63
Germany
Bankers'
allowance
on deposits
Private
discount
rate
7.49
3.89
4.65
4.87
3.88
3.88
3.09
2.92
2.88
2.88
2.77
2.38
2.25
2.13
2.13
2.13
Day-today
money
5.24
72
17
2.76
2.69
2.66
2.46
1.98
1.78
1.71
1.91
1.90
Netherlands
Private
discount
rate
Money
for
1 month
5.37
2.29
1.39
.60
2.11
1.33
78
15
17
.13
.72
2.20
5.88
2.53
1.55
1.03
1.69
1.22
2.96
1.82
1.00
.50
.80
3.21
2.36
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.34
2.44
1.12
1.50
1.50
1.50
2.39
2.25
1.00
1.00
1.00
1.41
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
2Y2S
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.
AUGUST
1946
949
COMMERCIAL BANKS
Assets
United Kingdom *
(11 London clearing
banks. Figures in
[millions of pounds
sterling)
Cash
reserves
1939 December
1940 December
1941—December
1942—December
I943—December
1944—December
I945—june
July
August
September
October
November
December
February
Inarch
274
324
366
390
422
500
...
.
. ..
•••
April
May
Money at
Loans to
call and Bills dis- Treasury
deposit 2 Securities customers
counted receipts
short
notice
334
174
159
141
265
171
142
151
199
198
133
147
195
198
135
181
314
758
896
1,307
1,667
511
518
233
226
195
215
513
496
536
201
229
252
189
296
369
1,939
1,994
1,993
1,971
1.925
,703
,523
496
483
493
509
509
249
243
254
271
301
361
340
379
433
470
,493
,468
,443
,449
,374
494
500
Liabilities
1,015
924
823
609
771
999
1, 120
1 ,154
1, 165
Deposits
Other
assets
Total
290
293
324
Time
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
1,200
1,319
1,500
3,147
3,205
3,236
3,266
3,277
3,254
3,262
1,605
1,613
1,638
1,632
1,582
1,535
1,588
243
244
3,135
3.078
3,143
3,242
3,239
1.594
I 606
1,606
1,623
1,655
271
276
281
287
292
794
761
772
325
349
347
1, 128
1 123
774
767
331
300
1, 178
1 201
1, 234
799
809
827
308
318
374
4,752
4,819
4,875
4,898
4,859
4,789
4,850
1, 230
1 241
1 ,246
1, 282
1, 322
840
847
863
841
856
333
338
353
367
356
4,729
4,684
4,749
4,865
4,894
1, 126
1 ,146
769
771
292
299
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
1945—June
July
August
September
October
November
December
1946—January
February
March
April
May
....
292
323
53
40
356
387
32
31
622
591
581
582
640
646
694
123
135
112
109
665
669
650
722
642
471
550
. ..
...
Security
loans
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks
48
92
1,088
1,108
1,169
1,168
1,156
1,211
Note
circulation
Other
assets
Demand
Time
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
L 049
.172
289
26
26
5,540
5,269
5,229
5,269
5,573
6.013
5,941
2,894
2,528
2.396
2 331
2,582
3,197
3,076
2.646
2,741
2.833
2 935
2 992
2,816
2,865
1,326
316
1,324
L 344
L 392
1,350
1,386
25
25
25
24
24
5,810
5,830
5,781
5.898
5,882
2,848
2,752
2,611
2,660
2,576
2 963
3.078
3 170
3 238
3,306
1L 354
1, 646
1 ,531
612
570
85
80
168
231
1, 759
? , 293
653
657
71
60
248
237
242
237
239
251
1,142
1,079
1,021
1,002
1,009
1,372
1,274
242
4 , 159
210
200
148
152
125
1,213
1,194
1,181
1,160
1,187
209
206
214
221
197
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
....
. ..
1945—March
April
May
July
August
September
October
. ...
Novem ber
December
1946—January
February
950
Due from
banks
254
263
265
250
214
229
227
744
782
29
28
28
27
812
27
888
869
100
119
197
243
304
793
845
803
876
907
4,
4,
4
4
4
42
34
766
769
789
750
4, 015
4, 038
Other
liabilities-
Assets
Cash
reserves
244
247
Deposits payable in Canada
excluding interbank deposits
963
846
96?
1,379
I 387
L 4^2
456
Liabilities
France
(4 large banks. End
of month figures in
millions of francs)
236
245
250
Total
132
159
2, 940
3, 611
3, 996
3, 802
3, 835
3 960
130
256
250
253
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
Demand
Bills discounted
Loans
Other
assets
Deposits
Own
Total
Demand
4? 443
41,872
61,270
75,764
91,225
111,191
126,578
762
912
324
1,541
2,180
Time
acceptances
Other
liabilities
4,599
6,418
6,589
7.810
8,548
10,365
3,765
3,863
3,476
3,458
4,095
4,948
29,546
46,546
61,897
73,917
90,897
99,782
7,546
8,346
8,280
10,625
14,191
18,653
2 , 140
8,117
8,582
27,281
16,282
11,990
11,104
11,122
11.942
11,898
14,602
5,072
4.954
4,999
5,660
5,944
5,991
6,080
6,337
6,859
13,804
98,593
99,146
109,270
156,620
146,195
143,799
143.818
143,567
145,110
155,025
21,255
22,246
23.108
23,216
27,127
27,697
28,732
30,153
32,165
36,166
2,
2,
3,
3,
4,
4,
1?8 ,007
179 .859
159 .526
196 .167
18S ,763
18S .140
126,132
128,154
157,453
193,828
183,477
180,779
182,105
184.637
188,748
211,871
1,876
1,705
2,073
2,339
2 286
2,361
2,296
2,103
2.010
2,037
1 212
1 544
1 837
2 150
2.268
2 476
2.618
2,898
6 403
6 619
6 928
7 685
7 868
8 271
8,364
8 690*
8,980
10,151
15,312
15,005
13,871
14,393
153,227
157.420
40,123
41,119
5, 022
6 , 627
222 .059
?16 ,729
214,842
220,219
1,887
1,840
3 371
4,607
7 455
7,898
2,
2,
2,
2,
229
333
522
?35
2 , 190
118
490
308
f>18
212
970
5, 279
5, 906
6, 325
7, 360
62 032
76 ,675
91 ,549
11? .732
1?8 ,758
184 ,400
186 .740
190 ,759
213 ,908
571
844
558
413
462
428
557
745
939
4 609
4,813
5 187
6.422
7 506
6 623
FEDERAL RESERVE BULLETIN.
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Official Special
Export
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
.
1945—juiy
Aug
Sept
Oct.
Nov
Dec.
,
Feb
Mar
Apr
May
June
Year or month
m
Official
Free
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
6.0602
100.004
6.1983 37.326 1.2846
99.419
36.592 1.2424
96.018
5!1248 33.279 21.2111
2961909 85.141
5.0214 30.155
90.909 87.345
5.0705 30.137
90.909 88.379
5.1427 30.122
90.909 89.978
5.1280 30.122
90.909 89.853
5.1469 30.122
90.909 90.485
5.1802 30.122
82.2883
2.2879
2.2857
2.2839
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
30.122
30.122
30.122
30.122
30.122
30.122
90.909
90.909
90.909
90.909
90.909
90.909
90.736
90.475
89.908
90.358
90.736
90.725
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
321.41
321.41
321.41
321.40
321.38
321.41
2.2840
2.2845
2.2845
2.2844
2.2846
2.2847
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
5.1802
5.1802
5.1829
5.1902
5.1900
5.1902
30.122
30.122
30.122
30.139
30.182
30.182
90.909
90.909
90.909
90.909
90.909
90.909
90.712
90.695
90.747
90.764
90.679
90 597
Italy
(lira)
Japan
(yen)
5.2607
5.2605
5.1959
5.0407
25.0703
28.791
28.451
25.963
23.436
223.439
FinGerColom- Czecho- DenHunland France m a n y Greece Hong
gary
bia
slovakia mark
(drach- Kong
(franc) (reichs- ma)
(peso) (koruna) (krone) (mark(dollar)
(pengd)
ka)
mark)
3.4930
3.4674
23.4252
56.980
56.980
56.980
56.980
56.980
56.980
1946—j a n
Feb
Mar
Apr.
May
56.980
56.980
56.980 62.0060
57.032 2.0060
57.021 2.0060
57.007 2.0060
22.069
21.825
20.346
219.308
2.1811
2.1567
1.9948
1.8710
2
2.0101
4.0460
2.8781
2.5103
22.0827
20.877
20.877
20.877
20.877
20.877
19.779
19.727
19.238
18.475
219.770
China
(yuan
Shanghai)
Export
Official
5.1697
5.1716
5.1727
5.1668
25.1664
24.0000 29.606
4.0000 21.360
4.0000 11.879
4.0000 6.000
24.0000 25.313
New
NethMex- erlands
Zeaico
(guild- land
(peso)
(pound)
er)
55.045
55.009
53.335
253.128
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
237.933 323.46
1.9711
2.0189
2.0189
2.0189
2.0186
1.7822
20.582
20.581
20 578
20.578
20.578 w ! 933
20.579 37.933
322.69
322.16
321.99
322.60
322.70
322.70
37.933
37.926
37.789
37.789
37.789
37.789
322.70
322.70
322.70
322.69
322.67
322.70
.8410
.8410
.8410
.8409
.8408
8409
20.580
20.581
20.580
20.580
20.575
20.572
7
.4434
4434
.4434
8
4434
Uruguay
(peso)
Controlled
Noncontrolled
.7294 489.62 6.053 57.973 25.487 22.938
4.4792
494.40 79.072
. 7325 484.16 5.600 56.917 25.197 22.871
4.4267
488.94 64.370
.7111 440.17 10.630 51.736 23.991 22.525
4.0375
443.54 62.011 '236! 789
3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601
398.00 29.130 247.133 223.829 223.210 403.50 403.18 65.830 43.380
24.0023
398.00
403.50 403.50 65.830 52.723
46.919
403.50 2403.50 65.830 52.855
398.00
65.830 53.506
403.50
398.00
2403.50 2403.02 65.830 55.159
399.05
1945—July
398.30
400.50
400.50
400.50
400.50
400.50
Sept.
Oct
Nov
Dec
620.202
20.202
20.202
20.197
20.161
Chile
(peso)
27.750
22.122
19.303
18.546
20.538
20 569
20.577
20 581
20.581
2
5
.9055 30.694
40.204
.8958 30.457
40.164
.8153 27.454
40.061
40.021 2.6715 22.958
2
224.592
39.968
United
Kingdom
South Spain Straits Swe- Switz(pound)
Norway Poland Portu- RumaSettle- den
nia Africa
erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) m e n t s (krona) (franc)
(dollar)
Official
Free
24.840 18.923
24.566 18.860
23.226 218.835
222.709
1946—Jan
Feb
Mar
Apr
May
June
Canada
(dollar)
321.35
320.87
320.70
321.31
321.41
321.41
$945—juiy
Aug
Sept.
Oct
Nov.
Dec
1937
1938
1939
1940
1941
1942
1943
1944
1945
Free
British BulIndia garia
(rupee) (lev)
25.125
25.125
25.125
25.125
25.125
25.125
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
57.014
Year or month
Free
Belgium
(franc) Official
In cents per unit of foreign currency]
29.773
29.773
29.773
29.773
29.773
29.773
1937
1938
1939
1940
1941
1942
1943
1944
1945
June
Official
Brazil
(cruzeiro1)
393.94 3.3752
32.959
389.55 3.3788
32 597
353.38 3.3704
30.850
2322.80 305.16 23.3760
29.773
29.773 223.704 322.80 321.27
29.773 23.704 322.80 321.50
29.773 24.732 322.80 2321.50
29.773 25.125 2322.80
29.773 25.125 322.80 2321.17 22.2860
. . .
1945—Tan.
Australia
(pound)
54.0501
4.0501
4.0501
4.0501
4.0501
400.50
400.50 69.132
400.50 9.132
400.50 9.132 • • • • • • •
400.50 9.132
400.50 9.132
623.852
23.852
23.852
23.852
23.852
5
23.363
23.363
23.363
23.363
23.363
402.95
402.69
402.49
403.24
403.38
403.37
65.830
65.830
65.830
65.830
65.830
65.830
55.489
56.125
56.175
56.282
56.290
56.290
403.38
403.38
403.38
403.35
403.32
403.37
65.830
65.830
65.830
65.830
65.830
65.830
56.290
56.290
56.290
56.290
56.28*7
56.272
Yugoslavia
(dinar)
2.3060
2.3115
2.2716
2.2463
22.2397
1
2
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
« Based on quotations beginning Sept. 24.
6
* Based on quotations beginning Nov. 2.
Based on quotations beginning Feb. 5.
7
•8 Based on quotations beginning Mar.9.
Based on quotations beginning Mar. 22.
Based on quotations through June 12.
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.
AUGUST
1946
951
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926 =
100)
Canada
(1926 =
100)
United
Kingdom
(1930 =
100)
France
(1913 =
100)
Germany
(1913 =
100)
Italy
(1928 =
100)
Japan
(October
1900 =
100)
Netherlands
(1926-30
= 100)
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
237
106
i 126
144
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
74
•88
i 92
i 90
i 96
100
102
114
111
115
146
172
189
196
196
194
96
91
90
90
96
111
107
111
143
184
210
218
223
221
1926
100
100
*124
695
134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—j u n e
65
66
75
80
81
86
79
77
79
87
99
103
104
106
67
67
72
72
75
85
79
75
83
90
96
100
103
104
86
86
88
89
94
109
101
103
137
153
159
163
166
169
427
398
376
338
411
581
653
707
a
901
97
93
98
102
104
106
106
107
110
112
114
116
106
106
106
105
106
107
107
104
105
104
103
104
104
104
170
171
171
170
r
170
r
170
170
197
196
194
191
191
191
190
222
222
223
222
220
219
214
107
108
109
110
111
113
105
105
106
108
172
172
172
173
173
174
184
185
184
184
215
213
214
213
213
JulyAugust
September
October
November
December
1946
Tanuarv
February
March.
April
May
June
70
63
62
68
76
89
95
99
116
132
* Revised.
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.
1
2
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Year or month
R a w and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
70
70
73
73
74
81
78
75
82
89
92
93
94
94
88
83
85
87
92
102
97
97
133
146
158
160
158
158
85
87
90
90
96
112
104
106
138
156
160
164
170
175
107
107
107
105
106
106
106
94
94
94
94
94
94
94
160
161
161
158
158
158
158
'176
106
107
107
108
95
95
96
99
157
157
158
159
159
159
180
179
179
180
181
182
Farm
products
Foods
Other
commodities
Farm
products
1926
100
100
100
100
100
100
1932
1933
1934
1935
1936 . .
1937
1938
1939
1940
1941
1942 . . .
1943
1944
1945
1945—j u n e
Tulv
August
48
51
65
79
81
86
69
65
68
82
106
123
123
128
61
61
71
84
82
86
74
70
71
83
100
107
105
106
70
71
78
78
80
85
82
81
83
89
96
97
99
100
48
51
59
64
69
87
74
64
67
71
83
96
103
105
55
57
64
66
71
84
73
67
75
82
90
99
104
106
130
129
127
124
127
131
132
108
107
106
105
106
108
109
100
100
100
100
100
100
101
106
108
106
104
106
106
106
130
131
133
135
138
140
107
108
109
111
112
113
101
101
102
103
104
106
107
107
107
108
October
December
1946— Tanuarv
February
March
April
M^ay
June
Germany
(1913=100
United K i n g d o m
(1930=100)
Canada
(1926=100>
United States
(1926=100)
IndusIndusAgricul- trial raw trial fintural
and semiished
products finished products
products
129
130
150
91
87
96
102
105
105
106
108
111
112
115
119
89
88
91
92
94
96
94
95
99
100
102
102
118
113
116
119
121
125
126
126
129
133
134
135
176
176
••176
175
175
175
r
Revised.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
952
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PK1N CIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers!
RETAIL FOOD PRICES
[Index numbers]
Year or
month
SwitzUnited
Nether- erUnited
CanKingGerdom
lands
land
States
ada
many
(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
101
105
98
95
97
106
124
138
136
139
93
95
98
103
104
101
106
116
127
131
131
133
122
125
130
139
141
141
164
168
161
166
168
170
1945-June
July
August....
September.
October...
November.
December
141
142
141
133
136
136
170
176
172
139
139
134
133
169
169
140
141
134
134
169
169
210
210
1946-January...
February..
March
April
141
140
140
142
143
146
133
133
133
135
P138
169
169
169
169
169
169
210
208
206
206
208
June
118
120
122
122
122
123
128
129
132
134
124
118
120
127
130
130
150
177
191
198
115
114
120
130
130
132
146
175
200
211
215
215
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
217
217
216
216
213
SwitzUnited
GerNether- erKingUnited
Canland
many
lands
dom
States
ada
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
= 100)
= 100)
1914
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
.
96
98
99
103
101
99
100
105
117
124
126
128
96
96
98
101
102
102
106
112
117
118
119
119
141
143
147
154
156
158
184
199
200
199
201
203
1945-June
Tulv
August . .
September.
October . .
November
December
129
129
129
120
120
121
204
207
205
129
129
120
120
203
203
129
130
120
120
203
203
1946-January...
February..
March
April
May
June
130
130
130
131
132
133
120
120
120
121
P123
203
203
203
203
204
203
.
.
.
121
123
125
125
126
126
130
133
137
139
129
128
130
137
137
138
151
174
193
203
208
209
140
136
»132
137
139
140
154
175
187
195
210
211
210
210
208
207
207
207
206
205
205
206
P Preliminary.
* Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(derived
price) i
United
Kingdom
France
(December (1938=100)2
1921=100)
Germany
(average
price)3
Netherlands 4
United
States
(1935-39
= 100)
(1926 = 100)
United
Kingdom
Germany
NetherFrance
lands
(1938=100)2 (1930=100)
Number of issues. .
15
87
50
«139
8
402
278
(6)
*295
100
1939
1940
1941
1942
1943
1944
1945
1945—j u n e
July
August . . . .
September. .
October
November. .
December...
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
«114.2
•143.4
146.4
146 6
150.5
152.1
99 0
100.7
103.0
6
103.3
90 9
'77.9
84.3
94.7
98 5
94 2
88.1
80.0
69.4
91 9
99 8
121.5
75 9
70.8
72.5
75.3
84 5
88 6
92.4
94.1
114.6
136.8
142.1
145.0
112
89.7
895.0
129.1
131.5
151.0
122.1
122.3
121.7
121.6
121.9
122.0
121.9
127.8
128.3
128.3
128.2
128.5
127.8
127.5
151.9
151.1
150 6
150.9
150.2
150.3
151.2
120 7
118.4
117 9
126 1
132 0
136 9
139.7
92 8
93.7
91 4
92 0
93 2
94 5
94.2
386
360
421
123 8
124.5
124.5
124.3
123 7
123.9
129.1
130.1
129.9
131.7
132 6
148 6
148.6
#47.5
P146 1
144 8
143.3
141.8
r
151 6
154 3
153.2
95 2
94.9
93.8
95 2
97 6
433
461
452
1945—January . .
February.. .
March
May
June
«140
»308
479
540
551
453
477
467
441
450
P448
r
P1 Preliminary.
Revised.
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.
6
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. • 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.
AUGUST 1946
953
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
RONALD RANSOM, Vice Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR,
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON, Assistant
Special Adviser
to the Board of Governors
to the Chairman
M. KENNEDY, Special Assistant
to the Chairman
CHESTER MORRILL,
DAVID
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
LEO
H. PAULGER, Special Adviser
to the Board of Governors
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF SECURITY LOANS
J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
Director
DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
C. E. CAGLE, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
IRA CLERK
OFFICE OF ADMINISTRATOR FOR WAR LOANS
EDWARD L. SMEAD, Administrator
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
A. L. M. WIGGINS,
RICHMOND DISTRICT
M. S. SZYMCZAK
VACANCY,
ATLANTA DISTRICT
JAMES K. VARDAMAN, JR.
EDWARD E. BROWN,
CHICAGO DISTRICT
ERNEST G. DRAPER
R. M. EVANS
HUGH LEACH
W. S. MCLARIN, JR.
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,
954
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
President
First Vice President
Vice Presidents
Albert M. Creighton
Henry I. Harriman
Beardsley Ruml
William I. Myers
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...
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
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
O. M. Attebery
A. F. Bailey
Wm. E. Peterson
Minneapolis. . ,
Roger B. Shepard
W. D. Cochran
J. N. Peyton
O. S. Powell
H. G. McConneli
A. W. Mills2
Otis R. Preston
William B, Pollard
C. A. Schacht
William H. Stead
C. M. Stewart
E. W. Swanson
Sigurd Ueland
Harry I. Ziemer
Kansas City..
H. G. Leedy
Robert B. Caldwell
Henry O. Koppang
Robert L. Mehornay
Dallas.
J. R. Parten
R. B. Anderson
Boston....
New York.
Chicago
San Francisco.
E. B. Austin3
R. B. Coleman
H. R. DeMoss
R. R. Gilbert
W. D. Gentry
k
Federal Reserve
Bank of
Chief Officer
Branch
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar6
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 8
C. A. Schacht
William B. Pollard5
Also Federal Reserve Agent.
AUGUST
Delos C. Johns
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley8
W. E. Eagle
W. H. Holloway
Watrous H. Irons
L. G. Pondrom
Ira Clerk
H. F. Slade
Henry F. Grady
M. Leisner3
W. F. Volberg
C. E. Earhart
Harry R. W'ellman
. N. Mangels
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
1
O. P. Cordill
L. H. Earhart
C. O. Hardy
1946
2
Cashier.
3
Chief Officer
Branch
Minneapolis.... Helena
R. E. Towle4
Kansas City. . . . Denver
Oklahoma City
Omaha
G. H. Pipkin65
0. P. Cordill 8
L. H. Earhart
Dallas
W. E. Eagle5
L. G. Pondrom6 6
W. H. Holloway
El Paso
Houston
San Antonio
4
W. N. Ambrose
D. L. Davis4 4
W. L. Partner
C. R. Shaw4
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
Managing Director.
6
Vice President.
955
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
I
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
@FedFRASER