Full text of Federal Reserve Bulletin : August 1947
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F E D E R A L R E S E R V E BULLETIN AUGUST 1947 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE The Position of Agriculture in Mid-1947 939-950 Survey of Consumer Finances—Part III. Consumer Saving in 1946 and Ownership of Selected Nonliqukl Assets 951-962 Member Bank Loans to Small Business, by Charles H. Schmidt 963-977 Transactions in Gold at Premium Prices 978 Termination of Ration Banking Program 978 Law Department: Consumer Credit—Authorization to Continue Regulation Cost of Federal Reserve Branch Bank Buildings 979 979-980 Cancellation of Stock of Federal Deposit Insurance Corporation Common Trust Funds—Acquisition of Interest in Participations 980 980-981 Margin Requirements—Borrowing of Securities. 981 Current Events and Announcements National Summary of Business Conditions. Financial, Industrial, Commercial Statistics, U. S. (See p. 985 for list of tables). International Financial Statistics (See p. 1045 for list of tables). 982 983-984 985-1044 1045-1063 Boar:?! of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 1064 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1065 Federal Reserve Publications. 1066-1069 Map of Federal Reserve Districts 1070 Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland i n cluding Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL RESERVE BULLETIN VOLUME 33 August 1947 NUMBER 8 THE POSITION OF AGRICULTURE IN MID-1947 During the two years since the end of the war, the position of agriculture in the United States has been exceptionally favorable, and as the third postwar harvest begins farm prosperity is continuing. Production this year is expected to be close to the record level of the years 1944-1946, despite smaller feed crops, and prices are somewhat above the high level reached last autumn after price controls were removed. Agricultural prices are now much higher, in comparison with the prewar level, than prices of other commodities and above the peak reached in the early part of 1920. Farm income is at a new high and costs of farming, as compared with prewar years, are up much less than farm income. Costs have risen less because prices paid by farmers have not risen as much as prices received and, with farming practices greatly improved and weather conditions generally good, output per man and per acre have increased sharply. There has been some undermaintenance of farm property but farmers hold deposits and other liquid assets in much larger volume than before the war, and the market value of farm land is up sharply and still increasing. Total mortgage debt on farms remains at a level considerably lower than before the war, although new mortgages are being written in substantial volume and in numerous cases at high ratios of debt to current advanced values. AUGUST 1947 Farmers are able to obtain record prices despite a volume of marketings over twofifths above the 1935-39 average, chiefly because of much more prosperous conditions in urban areas in this country, small production of agricultural commodities abroad, and the availability of funds, provided in part by the United States, to finance a heavy volume of exports. Consumption of agricultural commodities and their manufactures in this country has been in much larger volume than before the war, notwithstanding sharply advanced prices, primarily because of the large rise in per capita income. Also, there has been a 10 per cent growth in population and the share of consumer income available for purchase of food and clothing has increased, owing to special circumstances such as rent control and durable goods shortages. Because stocks of many agricultural commodities, particularly cotton and grains, have been low during the postwar years, prices may have been even more sensitive than usual to developments likely to limit supplies or maintain consumption. The most obvious effect of the Federal price support program for agricultural products has been to provide actual limits to price declines for some products, such as eggs and potatoes, and to indicate for a considerable period ahead approximate limits to possible declines for many other agricultural products. Through its influence on markets the 939 THE POSITION OF AGRICULTURE IN MID-1947 program has had an indirect effect, at least serves has led to discussions of new forms of in some instances, of increasing production. foreign aid designed to speed recovery abroad In situations, however, where supports tend through the continuance of a large flow of to strengthen prices of materials, such as exports. In domestic markets the demands feedstuffs, more than finished products, such of processing industries for agricultural as livestock, output of finished products may products have generally been at high levels, but in recent months output of textile and be adversely affected. How long present exceptionally favorable leather products has been considerably below conditions in agriculture will continue and earlier peak levels and output of food manuhow great any later adjustments may be factures has been reduced somewhat. will depend not only on the nature of the Uncertain factors in the markets for farm situation already built up as a result of the products during the coming months include war but also on a great variety of domestic weather conditions and their effect on crops and foreign developments in the period yet unharvested, changes in employment ahead. It is in the field of prices that the and incomes in industrial areas, and the greatest changes in relationships have taken ability of foreign countries to continue their place and that the most marked adjustments large purchases of American products. are likely in some later period when foreign HIGH LEVEL OF AGRICULTURAL PRODUCTION and domestic demands are not so insistent as they have been since the end of the war. Changes in agricultural production are Production of some agricultural commodi- unusually diverse this season, but the prospect ties, such as those now being exported in is that over-all production in 1947 will be particularly large volume, notably wheat, close to the record total for 1946 and conand those substituted for imports not avail- siderably above prewar levels. Increases of able during the war, particularly oil-bearing 15 to 35 per cent are shown by official forecrops, may be reduced considerably from casts for cotton, wheat, and oil-bearing crops, present high levels. while declines of 10 to 20 per cent are indiForeign demand for agricultural as well cated for corn, oats, vegetable and truck as industrial products has expanded more crops, and tobacco. Livestock marketings and continued longer at a high level than may be in about the same large volume as last was expected. Owing to a great many season, reflecting in part continued reduction economic and political difficulties, recovery in the number of meat animals on farms. abroad has been slow. Consequently, at the The following table shows for major same time that foreign needs for imports groups the volume of production for sale have been very great the amount of foreign and for use in the farm home, in 1947 and goods available for shipment to this country 1946 as compared with the prewar years has been small. The result has been an ex- 1935-39. Output of most agricultural prodport surplus of unprecedented magnitude, ucts has increased sharply since before the financed largely by grants and loans pro- war, but production of cotton and wool has vided by the United States Government but been reduced considerably. Production of to an increasing extent by drafts upon the oil-bearing crops has tripled largely as a result accumulated gold and dollar reserves of for- of increased acreage planted to meet shorteign countries. This drain upon foreign re- ages growing out of wartime curtailment of 940 FEDERAL RESERVE BULLETIN THE POSITION OF AGRICULTURE IN MID-1947 imports of vegetable oils. Wheat production this year is double the prewar level, owing in some part to larger acreage planted but chiefly to an exceptionally high yield per acre. Production of corn and other feed crops is up from the level of 1935-39 but by about 21 per cent rather than the 52 indicated in the table, which shows production for sale and use in the farm home only. This part of production has increased more than production for feeding to stock on farms where feed crops are grown. Partly for this reason the increase in total crop production from the prewar period has been less than the 40 per cent indicated in this table. number of animals on farms is being reduced whereas in the 1935-39 period it was being increased. Production for sale and use in the farm home is expected to be up 38 per cent from the prewar period, as shown in the table and in the chart, which also shows the course AGRICULTURAL PRODUCTION AND PRICES 1 9 3 5 - 1 9 3 9 • IOp PER CENT ANNUAL 1 ©_ - 1 ___ I 7 | H O M E CONSUMPTION 1 [Index numbers, 1935-39=100] 1947 1 i/ 1946 > Total 138 136 Livestock and products Meat animals Poultry and eggs Dairy products Wool and mohair 137 147 147 120 75 137 145 153 119 81 Crops Oil-bearing crops Wheat and other food grains Corn and other feed crops Tobacco Vegetables and truck crops Fruits Sugar crops Cotton and cottonseed 140 319 202 152 145 118 131 114 90 135 27'5 164 172 159 140 133 103 66 . SOURCE.—U. S. Department of Agriculture data on total production for sale and use in farm home. 1947 figures are preliminary estimates based on July 1 indications, except July 15 for corn and Aug. 1 for cotton. Output of livestock products has increased markedly since before the war with the greatest expansion in meat animals and poultry products, reflecting for the most part especially favorable prices and lower labor requirements for these products. Because the figures include sale of livestock out of inventory as well as out of current production, however, they overstate the rise since the prewar period in production of meat animals and total livestock. Currently the AUGUST 1947 1 YT VOLUME OF AGRICULTURAL PRODUCTION FOR SALE AND Product PER CENT 1 t 1 V A is- V PR DDUCTION FOR SALE AND HOM E U S E r U. S. ing first estimate footnote BY FAF ¥ *—/ * 1910 I tMERS I i i i II 1920 1 1 1 1 1915 - V \> 1 1M M M M M M M i l 1 1925 1930 1935 1940 1945 Department of Agriculture data. Average prices dursix months of 1947 are indicated by circle. Preliminary of production for year 1947 computed as indicated in to table on this page. of prices received for farm products. The increase in terms of the total amount produced this year, however, is less, for reasons indicated above and because the size of this year's feed crop in considerable part will not be reflected in this index until later when the effects of reduced feed grain supplies are evident, in some degree, in the volume of livestock marketings. Allowing for all these factors, as the Department of Agriculture does in other indexes, the rise shown for production is estimated to be about 32 per cent, excluding any consideration of the production of draft animals, and 24 per cent taking account of the continued sharp decline in 941 THE POSITION OF AGRICULTURE IN MID-1947 such production as farming operations become more highly mechanized. On the other hand, because home use of farm products is now a relatively smaller part of output, reflecting a decline in farm population, marketings of farm products are up somewhat more from the 1935-39 period than production for sale and home use. Causes of large output. Circumstances prevailing during and since the war have been unusually favorable for increased production even though during the war shortages developed for labor, equipment, and supplies. When the war began there were large supplies of grain on hand which permitted a rapid expansion in livestock output. Prices of most farm products rose sharply early in the war period and farmers were assured of a profitable market for all of their output. Farmers found it advantageous to purchase all the machinery and fertilizer made available and to use improved varieties of seed, thereby increasing yields and reducing labor requirements. Fertilizer consumption has more than doubled since prewar years and the use of machinery has been much more widespread. Throughout the period from 1940 to 1946 weather conditions were favorable in most regions. To some extent, also, increased production has been obtained by paying less attention to soil conservation. The large volume of agricultural production in recent years has been achieved with about 9 per cent fewer workers on farms than in the prewar period and practically no increase in the total acreage planted to crops. There has been less abandonment of acreage planted, and, much more important, yields per acre harvested have increased about 25 per cent. The corn yield in 1946 was about 50 per cent above the prewar average and the wheat yield about 30 per cent higher while 942 cotton showed no change. Efficiency of livestock production has increased but the gains have been less marked than for crops, despite a similar increase in total output. Current level of stocks. Stocks of wheat were low at the beginning of the 1947-48 season and so also were stocks of cotton, while those of tobacco and wool were high. Corn and other feed grain carry-overs may be larger than the average for prewar years. The number of livestock on farms, while larger than before the war, has been reduced sharply from the peak reached in 1943 and is still declining. Business inventories of products manufactured from agricultural commodities are considerably above the low levels of a year ago, and for textiles, leather products, and processed fruits and vegetables, the increase has been sufficient to result in curtailment of output this year. Stocks of wheat on July 1 were only about 85 million bushels, but with the new crop estimated at 1,440 million bushels stocks are likely to be increased considerably this season. Even if, because of smaller feed grain crops, the domestic use of wheat should increase by 50 million bushels over last year, to a total of 830 million bushels, there would still be about 600 million bushels available for export or addition to carryover. Exports last season amounted to 395 million bushels. Corn stocks on October 1 are likely to be about 350 million bushels. During the season now ending, the crop of nearly 3,300 million bushels permitted domestic consumption of 3,000 million bushels, exports of 125 million and an addition of 175 million bushels to stocks. In the coming season demands for domestic consumption of corn may be expected to be less than 3,000 million bushels, despite a smaller oats crop, because of reduced livestock numbers and larger supplies of wheat and by-product feeds. ExFEDERAL RESERVE BULLETIN THE POSITION OF AGRICULTURE IN MID-1947 ports are expected to be negligible. If the corn crop turns out to be about 2,800 million bushels, as indicated by July 15 conditions, and is not greatly below average quality, total supplies including the carryover will meet most domestic feeding requirements. Cotton stocks at the beginning of the current season on August 1 were estimated to be about 2.8 million bales. This was much less than in other recent years but close to the average level of carryovers in the 1920's. Cotton production this season, according to the August 1 official estimate, is indicated to be 37 per cent larger than last year's small crop. Such a crop, of 11.8 million bales, would be 1.5 million bales or more below estimated domestic consumption and exports during the past season. Last season's rate of consumption by domestic mills was exceptionally large, however, owing in part to the wartime depletion of civilian stocks of cotton goods and to substantial exports. Commercial exports of raw cotton were assisted by a Federal subsidy of 4 cents per pound that has been reduced in recent months to onehalf cent. Large quantities of cotton were exported by the Government to occupied territories and by the United Nations Relief and Rehabilitation Administration during the past season. In the season now beginning foreign demands for raw cotton and cotton manufactures may be smaller, owing to increased supplies available in other countries, the relatively high prices of American cotton, and the shortage of dollar exchange. The amount of cotton processed for domestic use, in comparison with the exceptionally high level of the past season, will depend on such factors as the extent to which inventories of cotton goods in business and consumer hands have been restored already, the prices charged for goods, and the general course of employment and income. AUGUST 1947 RECORD LEVELS OF AGRICULTURAL PRICES With the lifting of price controls last year the average level of prices received by farmers advanced 25 per cent from June to October. Since that time this average has fluctuated only moderately, although prices of individual farm products have shown marked changes. The present level is 155 per cent higher than that before the war and 15 per cent above the peak reached during the postwar inflationary boom in early 1920. Also, current prices on the average are about 30 per cent above the level at which the Government is required to support many agricultural prices. From October 1946 to January 1947 average prices received by farmers declined somewhat, as is shown in the chart, but later they PRICES PAID AND RECEIVED BY FARMERS 1910-1914 • 100 MID-MONTH FIGURES L. _ 280 I - PRICES RECI:rvED 1 i r J ; — / - • ; \r j * ^—— PR1C ^PAID / y ; ^ * ; ; U. S. Department of Agriculture data. Prices paid include interest and taxes. Latest figures shown are for July IS. advanced, chiefly because of huge Government purchases of grain for export to meet emergency needs, and a seasonal decline in 943 THE POSITION OF AGRICULTURE IN MID-1947 supplies of farm products. On March 15 prices were 3 per cent higher than in October. Following declines in April and May, prices again advanced somewhat, reflecting renewed Government buying, increased prospects for continued large exports, forecasts of smaller corn and cotton crops than had been anticipated, and some revival of inflationary sentiment. In the middle of July prices of corn and cotton were considerably higher than at the beginning of 1947 and close to the previous highs reached in the second half of 1946. During the subsequent three weeks corn advanced somewhat further, while cotton prices declined. Prices of winter wheat at Kansas City were about $2.25 per bushel in the latter part of July, as compared with $2.90 in March, but were above the level of $2.05 per bushel prevailing in July 1946. Tobacco prices continued to decline from last autumn's levels. Prices of fruits were below last year's level while prices of truck crops, although not so high as levels reached in the spring when growing conditions were unfavorable, were above a year ago. Most livestock prices rose in June and July to close to earlier peak levels. Prices of dairy products, however, were generally no higher than in July of last year. Higher support levels. Prices paid by farmers for goods used for production and household purposes, together with interest and taxes, rose by about one-fifth from June 1946 to March 1947 and since then have shown little change. On July 15 these prices were about 80 per cent higher than before the war, with generally the most marked increases shown for commodities sold by farmers to each other, particularly feeds, and products processed from agricultural commodities, especially manufactured foods and clothing. Average prices of fertilizer and machinery 944 are only about 40 per cent higher than before the war. The farmer's and the nation's interest in changes in prices paid by farmers has been considerably enhanced by the enactment of legislation during the war requiring Federal support of prices of most farm products at around 90 per cent of parity, the level at which the price of any farm product bears the same relation to average prices paid by farmers as it did in 1910-14. Earlier price supports ranged from 50 to 75 per cent of parity and were in effect for only a few major crops. While most products have support levels of about 90 per cent of parity, prices of cattle, sheep, hay, truck crops, and fruits are not subject to support operations and, on the other hand, the support levels this year for a few products have been 100 per cent or more of parity. Practically all products which enter into export trade in substantial volume and are directly affected by developments abroad are included in the support program. In July prices received on the average were at 119 per cent of parity, with the index of prices received at 276 per cent of the 1910-14 average and the index of prices paid at 231. Prices of most agricultural commodities in July were considerably above support levels, although prices of wool, tobacco, potatoes, eggs, and most oilseeds were close to support levels. Hog prices in July were about 50 per cent above their support levels. The wartime support legislation extends through 1948, with financing dependent to some extent on annual appropriations. Last season Federal losses on the support program were small except in the case of potatoes. Also, large Federal holdings of cotton accumulated over a long period were sold at prices substantially above purchase FEDERAL RESERVE BULLETIN THE POSITION OF AGRICULTURE IN MID-1947 prices. In the case of wool, Federal holdings have continued at a very high level. Causes of higher prices. Most important in maintaining existing price levels for agricultural products have been the exceptionally large volume of agricultural exports and the generally sustained high level of domestic demand. The curtailment since the beginning of the year in domestic demand for nondurable goods made from agricultural products, discussed below, has been of too short a duration and of too moderate a proportion to counterbalance the upward pressure on agricultural prices exerted by exceptional purchases for export. In general, world demands for agricultural products continue greatly in excess of supplies, although in the case of some commodities the shortages prevailing during the war and immediate postwar period have been overcome. Sharp declines have occurred in recent months in foreign prices for vegetable oils, sugar, and rubber following only moderate increases in supplies, and prices of some other foreign products have been maintained only by government controls over marketings. Most of this country's surplus production of agricultural commodities remains in urgent need abroad, but foreign countries have found it increasingly difficult to finance the heavy requirements for dollar payments arising out of their imports of these and other products from the United States. RECORD VOLUME OF EXPORTS Exports of agricultural products have been exceptionally large since last autumn, much greater than had been expected. Foreign needs have been urgent, owing to unfavorable crop conditions and the continued slow progress of reconstruction. At the same time foreign dollar resources, inAUGUST 1947 cluding funds obtained from loans and grants, have been sufficient to finance large takings of agricultural as well as industrial commodities. Agricultural exports, including shipments for civilian relief in occupied areas, were at an annual rate of about 4.2 billion dollars from November to March, and were six times the prewar rate of 750 million dollars. Meanwhile, cash farm income rose to about 3.5 times the annual rate of 8.5 billion dollars before the war, and thus the portion of farm income originating from exports was about three-fifths greater than before the war. This is a larger increase than occurred during and immediately after the first world war. Since the first quarter of the year agricultural exports have declined somewhat. Food exports alone increased from an annual average of 270 million dollars in the prewar period to an annual rate of 2.9 billion, while other agricultural exports rose considerably less, from 480 million to 1.3 billion. During the 12 months ending June 1947, about 18.7 million tons of food were shipped abroad, as compared with 3.6 million in years prior to the war. EXPORTS OF AGRICULTURAL PRODUCTS [In thousands of long tons] Commodity July 1946 June 1947 July 1945June 1946 1935 39 average 1919 Wheat and flour. . . . Other grains Dairy products Fats and oils Meats Eggs Other foods 10,536 4,748 493 233 224 238 2,187 10,376 1,574 788 337 589 190 3,268 1,002 1,329 17 88 54 2 1,145 7,232 3,547 386 518 1,013 26 1,324 Total f o o d s . . . . 18,659 17,122 3,637 14,046 878 264 810 239 1,218 188 1,497 347 Cotton Tobacco NOTE.—U. S. Department of Agriculture estimates. Includes products shipped for military civilian relief. Experts of flour and other grain products are shown in grain equivalent. In recent months food exports have amounted to about 10 per cent of the coun945 THE POSITION OF AGRICULTURE IN MID-1947 try's food production, and for wheat, flour, and some other food products the proportions have been much larger. Wheat exports, including wheat shipped as flour, during the year ended June 30, amounted to 395 million bushels, or about a third of last year's crop. Thirty per cent of domestic flour output in the early part of this year has been for export. A substantial part of the domestic production of dried milk products and dried eggs has been exported in connection with Government price support operations. Meanwhile, exports of other dairy products, meats, fats and oils, and processed fruits and vegetables have been reduced from wartime levels and are generally small in relation to total domestic output. So also are exports of corn and potatoes. In the case of corn, however, exports have absorbed a significant portion of commercial supplies which have amounted to about one-fourth of the total crop. The extent of the rise in exports of agricultural commodities does not indicate the full impact of foreign demands on farm prices and income. Exports of textile products and some other products made from agricultural materials but not regarded as "agricultural products" have been sharply above prewar levels. Exports of cotton yarns and fabrics, for example, during the first six months of this year were at an annual rate of 650 million dollars as compared with 40 million before the war. Also, the greatly expanded volume of exports of industrial products has added to incomes in this country and thus to domestic demand for farm products. Altogether, it is evident that foreign demand has been an important element in strengthening prices of farm products, especially grains, and that the course of export demand will have an im946 portant bearing on future markets for these products. Large agricultural exports have reflected numerous factors likely to continue for varying periods. Unfavorable production and distribution conditions that developed in Europe during the war are being corrected only slowly. Shortages of fertilizers and farm equipment have been only partially met and depleted herds of livestock are being replenished only gradually. Unfavorable weather conditions prevailing in Western Europe and also in the Southern Hemisphere during the past year are not likely to be repeated but may be. In general it is apparent, however, that the great flow of agricultural commodities, especially of foodstuffs, which has characterized the export trade of the United States during the war and the postwar transition, is destined to decline with the progress of recovery abroad. In the meanwhile, foreign countries have been able to finance their huge purchases of United States exports, not only of agricultural but also of industrial products, only by obtaining large grants and loans from this country and by making substantial drafts upon their accumulated gold and dollar resources. Of the total exports during 1946, about 55 per cent were financed by grants, loans, and liquidation of foreign gold and dollar reserves. In the first half of 1947, total exports continued to expand rapidly, and in the absence of a corresponding increase in imports, a heavy strain has been placed upon the facilities available to finance the export surplus. In many countries measures have already been taken to restrict importation of items least urgently required. While in general, agricultural commodities have escaped the first impact of these restrictions, it may be noted that the United Kingdom, which last year purchased 55 per cent FEDERAL RESERVE BULLETIN THE POSITION OF AGRICULTURE IN MID-1947 of all leaf tobacco exported from this country, increased import duties on tobacco very sharply effective in April of this year. SHIFTS IN DOMESTIC AGRICULTURAL MARKETS Domestic takings of most agricultural commodities continue much larger than before the war, notwithstanding some reduction since last autumn in the physical volume of such commodities being manufactured into finished goods. These enlarged peacetime markets, with prices sharply higher than in prewar years, reflect a much higher level of per capita income, an increase of 13 million or one-tenth in the country's population, a rise in the share of incomes used to buy goods made from agricultural products, and increased business buying to replenish stocks and, in the case of a few products, to meet large demands for industrial uses. Recent record peacetime levels of production, employment, and income, which have contributed greatly to agricultural prosperity, have been dependent in part on demands that are temporary, as, for example, those for inventory accumulation. At the same time some demands are not being met because of shortages of materials and plant capacity. In this situation, with wartime scarcities of some agricultural products persisting and prices changing rapidly, it has been difficult for producers and distributors to determine how large postwar domestic markets for agricultural commodities and their manufactures will be. The most important markets for agricultural commodities are for food and beverage uses, and the other principal uses are in the manufacture of tobacco products, shoes, woolen apparel, cotton goods, tires, paints, and soap. Altogether, finished products made from agricultural materials, including manufactured foods, constitute the great AUGUST 1947 bulk of nondurable goods produced and in peacetime practically all of these finished products are ultimately purchased by civilian consumers. During the war civilian buying of most nondurable goods was limited by lack of supplies. Following the sharp curtailment in military purchases, civilian supplies and purchases promptly expanded. Additional supplies of nondurable goods subsequently became available as a result of Federal surplus sales, larger food crops in 1946, an increased volume of imports, and an expansion in manufacturing output achieved, as in cotton goods, by drawing on domestic stocks of raw materials. Recent reductions in demand. In the summer of 1946, domestic purchases of nondurable goods leveled off, in physical quantities, owing in part to growing consumer reluctance to purchase low quality goods at high prices as well as to continued shortages of such items as meats, tires, and men's clothing. Subsequently supplies have increased further, and this year purchases and output of most nondurable goods—for the first time since the end of the war—have been limited chiefly by demand rather than by supply factors. In general, markets for durable manufactures have been stronger than for nondurable goods, and total manufacturing production by June had declined by only 4 per cent from the first quarter leveL Combined output of manufactures produced from agricultural materials, including foods, liquors and beverages, and manufactures of tobacco, cotton, wool, and leather, was about 10 per cent smaller in June than at the beginning of the year and further declines occurred in July. In June shoe production continued, as in other recent months, about one-fourth below the advanced level of a year ago. Production at woolen mills 947 THE POSITION OF AGRICULTURE IN MID-1947 this year has been substantially below earlier peak levels and cotton consumption has shown a considerable decline from the first quarter level. Reductions in output have been generally much less marked for foods than for other products manufactured from agricultural commodities. In June and July there was a revival of buying interest in nondurable goods for domestic autumn sales. Whether the physical quantity of purchases will be of sufficient volume, together with export demand, to restore manufacturing operations in these lines, and thereby consumption of agricultural materials, is still uncertain. Inflationary price developments such as those which occurred in many markets during June and July may stimulate activity temporarily, but over a longer period the quantity of goods which ultimate consumers, both domestic and foreign, are willing and able to buy at the prices charged will be of primary importance. Enlarged volume of food consumption. Increased domestic demands for food have been an important influence contributing to the advanced level of farm prices and incomes in the postwar period. To a large extent these increased demands have stemmed from the expansion in nonagricultural wage and salary payments. During and since the war the long-time trend toward increased per capita use of fruits and vegetables has continued. The consumption of milk increased during the war and in the early part of 1946 but, following the sharp advance in prices last autumn, milk consumption has declined. The use of butter, although above the wartime level, remains considerably below the prewar average. Consumption of meat and eggs has been exceptionally large in terms of prewar standards. 948 During the war period, when increases in food prices were controlled and incomes were rising, consumers were able to improve their diets by allocating about the same proportion of their incomes after taxes to food as before the war. Since last summer, however, prices of foods have risen considerably, while incomes have been rising only moderately, so that consumers in order to maintain their diets have spent a considerably larger proportion of their incomes for food. Rent control and low housing costs for many home owners have continued to permit many consumers to use a smaller share of their incomes for shelter than usual, and shortages of consumer durable goods have limited the increase in expenditures in that direction. Nevertheless, large expenditures to maintain improved diets in a period of sharply higher prices for foods have probably been a factor in limiting demands for some other nondurable goods. Increased rent payments following relaxation of rent controls on July 1 may tend to curtail demand for food, since tenants spend a larger share of their incomes for food than do landlords. At the same time, however, sharply increased wage rates have recently been granted coal miners and wage increases are occurring in some other lines. Provision for the cashing of veterans terminal leave pay bonds also will make more funds readily available to consumers. As a rule per capita food consumption shows little fluctuation except as a result of marked changes in supply. Small reductions in takings of perishable foods or of foods costly to store ordinarily lead quickly to the lowering of prices. At present the share of consumer incomes going to food is larger than has been customary. Margins of producers and distributors are larger than usual and speculative factors are important FEDERAL RESERVE BULLETIN" THE POSITION OF AGRICULTURE IN MID-1947 in numerous markets. Consequently, with any reversal of inflationary tendencies, food prices may be particularly subject to downward pressures. IMPROVED FINANCIAL POSITION OF FARMERS During the first half of 1947, as in 1946 and the war years, farmers have been able to save substantial amounts out of current income and the market value of their land has continued to rise. In consequence the value of farmers' assets has increased further relative to the amount of their debts. At the beginning of the year total assets were nearly 111 billion dollars as compared with 54 billion at the beginning of 1940, while total debts were somewhat less than the 10 billion dollars reported for 1940. Figures for the beginning of 1947, 1946, and 1940, as estimated by the Department of Agriculture, are shown in the table. BALANCE SHEET OF AGRICULTURE fin billions of dollars Beginning of year Assets total Real estate . Financial assets Deposits and currency. U. S. savings bonds. . . Other financial assets. . Other assets 2 ... Liabilities, total Real estate debt Other debt Proprietors' equities. .... . . l Change 19461947 19401947 1947 1946 1940 110.7 58.6 22.0 98.3 52.1 19.9 15.0 5.4 1.6 13.5 5.0 1 .4 30.1 26.3 8.4 4.9 3.5 7.8 4.7 3. 1 102.3 90.5 +56.9 +25.0 +17.0 3.9 + 11.1 .2 +5.2 .8 + .8 + 14.9 15.2 10.0 + •6 -1.6 6.6 + .2 -1.7 3.4 + .4 + .1 43.8 +11.8 +58.5 53.8 33 6 5.0 +12 .4 +6.5 +2.1 + 1.5 + .4 + .2 +3.8 1 2 Jan. 1 except for real estate data which refer to Apr. 1. Livestock, crops, machinery, and household equipment. SOURCE.—Data are from the forthcoming report "The Balance Sheet of Agriculture, 1947," U. S. Department of Agriculture. Figures for real estate debt for 1946 and 1947, and for value of household equipment for 1947, are preliminary. Dollar figures on changes in assets, liabilities, and equities by themselves, however, give only a limited view of what has happened. A very large share of the increase in farmers' assets since 1940 has consisted AUGUST 1947 of revaluation of existing property. Nearly half the rise in the value of assets has been in real estate holdings, as is evident from the table. The rise in real estate holdings has reflected almost entirely higher dollar valuations. Soil resources have been permitted to deteriorate to some extent in the period. A large part of the rise in the value of other nonfinancial assets, such as farm equipment and livestock, has reflected higher prices. Farmers have been in a position to increase their holdings of deposits and other financial assets primarily because prices for agricultural products have been high as compared with other prices, and because during the war and early postwar periods many industrial products were not available for purchase by farmers. The increase in assets relative to debts has been much greater than during the first world war period and it is evident that in manv respects financing operations in farming have been on a more satisfactory basis than in the earlier period. For land values and mortgage debt there has been a sharp contrast, as is shown in the chart on the following page. In the first world war period mortgage debt rose at about the same sharp rate as farm land values. This time farm land values have risen about as much as they did before, but during the war mortgage debt decreased considerably, from 6.5 billion dollars to 4.7 billion, and since then has increased only slightly. It should be observed, however, that broad comparisons based on changes in totals tell only part of the story. While aggregate mortgage debt has shown little change since the end of the war, the volume of repayments has been very large and so also has the volume of new debt written. Thus many individual farmers have greatly increased their indebtedness. This new debt 949 THE POSITION OF AGRICULTURE IN MID-1947 has been written on the basis of sharply advanced values. In general down payments have been large, but roughly one-seventh of the mortgage loans have amounted to 75 per cent or more of current value. FARM LAND VALUES AND MORTGAGE DEBT INDEXES PER ACRE, 1912-1914 • 100 AWWIML U. S. Department of Agriculture data. Jan. 1 figures for mortgage debt; Mar. 1 figures for land values. Mortgage debt figures for period 1941-47 are preliminary and are being revised on the basis of the 1945 Census of Agriculture. 950 With interest rates about one-fourth lower than after the first world war and farm income considerably higher the burden of mortgage debt charges has declined more than the reduction in debt indicates. Recognition of all of the favorable factors in the farm financial situation, however, should not be permitted to obscure the important underlying fact that agricultural prices are exceptionally high, or the probability that changes in the financial position of farmers will not long continue as favorable as they have been in recent years of unusually high demand for farm products. Land values cannot be expected to increase indefinitely, and, in a period of downward adjustment in agricultural prices, might decline considerably. Thus, while the equity position of farmers is continuing to improve, and while there are many elements of strength in the income and asset position of farmers, there are also elements of uncertainty, with some prospect that in a period of general readjustment after the present inflationary period, downward adjustments in agriculture will be greater than in most other sectors of the economy. FEDERAL RESERVE BULLETIN SURVEY OF CONSUMER FINANCES1 PART III. Consumer Saving in 1946 and Ownership of Selected Nonliquid Assets During war years, involuntary spending re- consumer durable goods and investing in nonstrictions and a high rate of saving accompanied liquid assets, and to the distribution of consumer limitations of civilian goods production. As pro- income and liquid asset holdings among spending duction limitations were gradually withdrawn near units, were published in the June and July the end of the war, however, consumer expendi- BULLETINS. tures increased far more rapidly than consumer inSUMMARY OF FINDINGS comes and the rate of saving declined. According to Department of Commerce estimates, net personal (1) An appreciable number of spending units saving for all spending units showed a decline in continued to save relatively large amounts of their 1946 to about 8 per cent of total personal income, income in 1946. The decline in net saving by concompared with 17 per cent in 1945, over 20 per sumers in 1946 from the large volume of saving in cent during the war period, and an average of 1945 reflected not only reduced saving by some around 5 per cent in preceding years. Results of consumer units but also a considerable amount of the survey of consumer finances provide a picture expenditures in excess of income, that is, dissaving, of the varying rates and forms of saving by dif- by a sizable number of others. Dissaving occurred ferent groups of spending units in 1946. when consumers spent in excess of their incomes to In addition to information relating to the saving purchase consumer goods or to meet emergency of various income groups, this article presents data outlays. concerning their holdings of nonliquid assets, (2) Most frequently reported forms of positive including life insurance, houses, and stocks and saving in 1946 by spending units were payments of bonds other than Federal. It is the third of a life insurance premiums, increases in holdings of series of articles presenting the results of a second Government bonds, savings accounts, and checking national interview survey of consumer finances, accounts, payments on mortgages, and contributions conducted early in 1947 under the auspices of the to retirement funds. Reductions in holdings of Board of Governors of the Federal Reserve System by the Survey Research Center, University of Michi- liquid assets and borrowing were the primary forms gan.2 Other survey findings, particularly those of dissaving. (3) The half of spending units with incomes of pertaining to spending unit plans for purchasing $2,000 to $5,000 in 1946 accounted for about two1 This article was prepared by Duncan McC. Holthausen of fifths of net saving; little change from 1945 occurred the Board's Division of Research and Statistics. It is the third in a series to be issued presenting the results of the in the share of total saving of this income group. Board's Survey of Consumer Finances in 1947. Previous articles appeared in the June and July 1947 BULLETINS. Spending units with incomes of $7,500 or more also Dr. Rensis Likert, Director, and Dr. Angus Campbell, Assistant Director, Survey Research Center, University of Michigan, accounted for about two-fifths of total net saving in were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, including inter1946. In all probability, this was a somewhat larger viewing, editing, tabulation of results and their presentation to the Board, was carried by Dr. George Katona in collaborashare of net saving than this group accounted for in tion with Mrs. Eleanor E. Maccoby, both of the Survey Research Center's staff. Mr. Charles F. Cannell served as head 1945, for which comparable figures are not available. of the field staff and Mr. Roe Goodman as head of the sampling section of the Center. This staff was formerly associated Small amounts were saved on balance by spending with the Division of Program Surveys, U. S. Department of units with incomes between $1,000 and $1,999, but Agriculture. From the Board of Governors, general supervision of the in the lowest income group (under $1,000) the survey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Assistant Director, of the Division positive saving of some spending units was more of Research and Statistics. Mr. Holthausen has been in charge of the analysis of the data and the preparation of reports. than offset by the dissaving of others. Generous and helpful cooperation was received from members of the technical staffs of the Bureau of the Budget and other (4) A high percentage of spending units containinterested public agencies in developing the survey plans. 2 The first survey was made for the Board of Governors ing veterans of World War II dissaved in 1946. early in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. While these veteran spending units accounted for Results of that survey were reported in 1946 in the June, July, and August issues of the BULLETIN under the general somewhat more than one-fifth of the total spending title National Survey of Liquid Assets. AUGUST 1947 951 SURVEY OF CONSUMER FINANCES unit population, they made up one-third of the number of spending units reporting dissavings. (5) While positive saving was most closely associated with income, dissaving was influenced by such additional financial factors as the ownership of disposable, especially liquid, assets and eligibility for credit. (6) Wide variation was revealed in holdings of selected nonliquid assets in early 1947. Threefourths of the 46.3 million spending units reported at least one person carrying life insurance, over twofifths indicated they owned their homes, and no more than one-tenth reported that they owned stocks or bonds other than Federal securities. METHOD OF ESTIMATING SAVING IN THE SURVEY In the survey of consumer finances net saving is considered to be the difference between consumer income and consumer expenditures (including taxes). Since the survey did not undertake to measure spending unit expenditures or taxes, amounts saved or dissaved by individual spending units were estimated in this second survey by requesting detailed information on changes in the various asset and liability items that make up the unit balance sheet. Included among these items were changes in liquid asset holdings, changes in consumer indebtedness, net sales or purchases of stocks and bonds, payments of life insurance premiums, payments to retirement funds, net sales and purchases of houses, payments on house mortgages, house improvements, and investment or withdrawal of investment in unincorporated businesses. For each individual spending unit the amounts reported for these various items, as well as a number of less important items, were listed under "additions to" and "withdrawals from" savings. The total of "additions" minus the total of "withdrawals" represented the net saving of each spending unit. This method of estimating the saving of a particular spending unit entails the inclusion or exclusion of certain data not entirely consistent with the concept of saving. For example, interest and tax payments on a house should be considered consumer expenditures but they are often included with the amount of principal repayment when spending units indicate their mortgage payments, since, in fact, their actual payments do include these items. In the case of life insurance, the reported saving data generally include the total amount of the premium, not just the increase in cash reserves. 952 With house improvements, some spending units may have included maintenance and repair items instead of reporting only structural additions as requested. In addition to the factors tending to overstate saving, there are factors tending to understate saving, such as inadequate recollection by some spending units of the increases in their checking and saving accounts and holdings of Government bonds. In the interest of improving the savings data reported in the survey of consumer finances, the form used for the second survey was more complete than that used in the earlier survey. As a result, the 1946 saving data are not directly comparable with the 1945 data. In the earlier survey, no attempt was made to include consumer borrowing or amounts spent on house improvements since it was thought that the amounts involved in such transactions were not significant during that particular period. Furthermore, the method used to obtain information on unincorporated business saving was considerably improved in 1946, and the 1946 saving schedule covered in detail many forms of saving that were not separately covered in the first survey. Had this schedule been used for the 1945 data, it is believed that the number of "zero savers" would have been decreased, and the number of both positive savers and dissavers increased. NET SAVING IN 1946 About two-thirds of all spending units reported positive saving in 1946, less than one-tenth reported zero savings, and more than one-quarter reported dissaving.3 As compared to 1945 and after allowance for differences in survey coverage of saving, fewer spending units were positive savers in 1946 and more spending units were dissavers or negative savers. Also there was a decline in the median percentage of income saved from 8 per cent in 1945 to 5 per cent in 1946, as shown in Table 1. The bulk of positive savers reported saving from 1 to 20 per cent of their incomes. Some 6 per cent of all spending units reported saving 50 per cent or more of their incomes. As for dissaving, 11 per cent of all spending units indicated that amounts 3 As indicated in a previous article, the universe from which the samples were selected for the two surveys and to which these saving estimates apply was the population of the continental United States residing in private households during the interview periods. Omitted from the scope of the surveys were members of the armed forces living at military reservations; residents in hospitals and in religious, educational, and penal institutions; and the floating population, that is, people living in hotels, large boarding houses, and tourist camps. FEDERAL RESERVE BULLETIN SURVEY OF CONSUMER FINANCES dissaved during 1946 totaled to 25 per cent or more of their money incomes during that year, while 16 per cent of all spending units indicated dissaving amounting to a smaller proportion of their incomes. TABLE 1 POSITIVE AND NEGATIVE SAVERS, 1946 AND 1945 As a percentage of all spending units Positive and negative savers 1946* (Revised schedule) 1945* 954, about 45 per cent of the spending units with incomes under $1,000 and 90 per cent of the spending units with incomes of $5,000 or more saved in this form. The percentage of spending units reporting saving in the forms of net additions to liquid assets, payments on house mortgages, and house improvements increased gradually from the lowest to the highest income group. On the other hand, a smaller proportion of spending units with incomes of $5,000 or more than of middleincome groups reported saving in the form of debt reduction. TABLE 2 Positive savers * Zero savers Negative savers 2 .... All units Median percentage of income saved 3. . . 65 8 27 70* 13* 17* 100 100 5 8 PERCENTAGE OF SPENDING U N I T S REPORTING VARIOUS T Y P E S OF POSITIVE AND NEGATIVE SAVING, Type of saving 1 2 3 Spending units with money incomes in excess of expenditures. Spending units with expenditures in excess of money incomes. Percentage of income saved by middlemost spending unit when all units are ranked from the highest positive saver in percentage terms to the highest negative saver. * Note of caution.—The estimates of saving for 1946 and 1945 are not strictly comparable. The form used to estimate saving in 1946 was more complete than the form used for the 1945 data. Had the 1945 savings been determined on the basis of the 1946 schedule, it is probable that there would not have been as high a proportion of "zero savers" as reported. It is also possible that the schedule used for 1945 made for an underestimate of the number of dissavers and the amounts dissaved as compared to the number of positive savers and the amounts of positive saving. Of the many forms of saving, payment of life insurance premiums was the most frequently reported type in 1946. Over 75 per cent of all spending units indicated that they saved some money in this form. Increases in amounts held in liquid assets were reported by 31 per cent of all spending units. Payments on house mortgages, house improvements, and contributions to retirement funds were also frequent forms of saving. Primary forms of dissaving were use of liquid assets and borrowing for consumption purposes, which were reported by 35 and 16 per cent of all spending units respectively. More detailed information on the various forms of saving and dissaving is presented in Table 2. The table shows only the frequency of the various forms of positive and negative saving, not the relative amounts. The average amounts of life insurance premiums were much smaller than the average additions to liquid assets or than the average amounts spent for improvements to or purchases of houses. Within each income group also the most common form of saving was through premium payments on life insurance. As shown in the chart on page AUGUST 1947 1946 Percentage of all spending units reporting the indicated type of saving Positive Consumer indebtedness: Increases Decreases 9 Life insurance: Payment of premiums Full cash payment received from policy. 76 Liquid asset holdings: Increases Decreases 31 Real estate: Purchases of houses, farms, and l o t s . . . . Mortgages taken out in connection with purchases Sales of houses, farms, and lots Payments on house mortgages (including full pavments) House improvements 18 13 Retirement funds: Payments to such funds 13 16 " " 35 8 5 5 Securities transactions {excluding Federal): Increases in holdings Decreases in holdings 2 Unincorporated business {excluding farmers): Profits left in business Personal investment in business Withdrawals of business investment.. . 4 3 Farm equipment: Purchases of. . Negative 22 1 2 Less than one-half of 1 per cent. About one-fifth of all farm operators (representing 2 per cent of all spending units) purchased farm equipment. Net withdrawals of liquid assets and increases in debt—the principal forms of dissaving—were reported most frequently by spending units with incomes of $2,000 to $2,999. Nevertheless sizable numbers of spending units with incomes below $1,000 as well as with incomes of $5,000 or more reported similar financial changes. 953 SURVEY OF CONSUMER FINANCES Most of the spending units that added to their liquid asset holdings during 1946 were positive savers. Among those that decreased their liquid assets about two-thirds were negative savers. The PRINCIPAL FORMS OF CONSUMER SAVING 1946 BY INCOME GROUPS PER CENT OF SPENDING UNITS 100 saving. Middle-income groups with incomes between $2,000 and $5,000 accounted for 44 per cent of total net saving, 46 per cent of all positive saving, and 53 per cent of all dissaving. Spending units with incomes below $2,000 were minus savers as a group, dissaving an amount equal to 5 per cent of total net saving. Positive savers in this income grouping saved an amount equal to 10 per cent of all positive saving, while the dissavers accounted for 40 per cent of total negative saving. TABLE 3 DISTRIBUTION OF SPENDING U N I T S , AMOUNTS OF MONEY I N COME RECEIVED, POSITIVE SAVING, NEGATIVE N E T SAVING, BY INCOME GROUPS, SAVING, AND 1946 [Per cent] Money Posi- NegaAnnual money income SpendNet 2 ing tive intive before taxes * units come saving2 saving2 saving Under $1,000 $l,00O-$l,999 $2,OOO-$2,999 $3,00O-$3,999 $4,000-$4,999 $5,000-$7,499 $7,500 and over 40 ^-—* ^ All income groups. NEGATIVE SAVING "' — — — ' " NE1 WITHDRAWALS FR LIQUID ASSETS 0 ti^***** 0 UNDER $1,000 ^ . INCREASE IN y. cc NSUMER DEBT $1,000 $1,999 — • 82.000 $2,999 INCOME 0ROUPS — — 8 3,000 $4,999 $ 5,000 AND OVER EXCLOOINO MORTGAGE DEBT. remaining one-third added amounts in excess of their withdrawals from liquid assets to various types of nonliquid assets such as insurance, houses, corporate stocks and bonds, and other business investments. The net saving of all spending units or of any particular group of spending units, as computed in the survey, is the amount saved by the positive savers less the amount dissaved by the negative savers.4 About 61 per cent of the total amount of net saving in 1946 was accounted for by the 10 per cent of spending units with incomes of about $5,000 or more, as shown in Table 3. At the same time this group accounted for 44 per cent of all positive saving and only 7 per cent of all dis* It is estimated that the amounts dissaved by the latter group were one-third as large as the amounts saved by the positive savers. 954 3 12 21 20 13 11 20 2 8 15 19 12 12 32 20 20 28 14 11 4 3 -7 2 9 21 14 16 45 100 100 100 100 100 1 2 ^ £0 17 23 25 17 8 6 4 Annual 1946 money income before taxes. Positive saving comprises the saving of all spending units with money incomes in excess of expenditures, negative saving comprises the dissaving of all spending units with expenditures in excess of money incomes, and net saving (plus or minus) is positive saving less negative saving for all spending units combined. The 1945 saving figures, based on the results of the first survey, are presented in the July 1946 Federal Reserve BULLETIN, p. 717 (see Table 1), but they are not strictly comparable to these estimates for 1946. As already noted, the form used to estimate saving in 1946 was more complete than the form used for the 1945 data. It is possible that the schedule used for 1945 resulted in an underestimate of the number of dissavers and the amounts dissaved as compared to the number of positive savers and the amounts of positive saving. Had the 1946 schedule been used for the 1945 data it is possible that a smaller proportion of net saving would have been accounted for by the lower-income groups and a somewhat larger proportion by the upper-income groups. As compared to 1945, middle-income groups accounted for about the same proportion of total net saving in 1946 while upper-income groups accounted for a somewhat larger share and the lowest income groups a smaller share. As indicated before, the 1946 and 1945 saving data are not strictly comparable and afford only rough measures of broad changes between the two years. The close relationship that exists between positive saving and income is indicated in Table 10 at the end of this article, where each tenth of the nation's spending units is ranked by income and the relative proportions of money income and of net, positive, and negative saving accounted for by each FEDERAL RESERVE BULLETIN SURVEY OF CONSUMER FINANCES AUGUST 1947 COMPARISON OF POSITIVE AND NEGATIVE INCOME AND OCCUPATIONAL GROUPS, SAVERS, WITHIN AND BY VETERAN STATUS, 1946 [Percentage distribution of spending units within group) By income: 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 above By occupational group of head of unit: Professional Managerial and self-employed Clerical and sales Skilled and semi-skilled Unskilled Farm operator Retired By veteran status: Veteran of World War II in unit No veteran of World War II in unit 1 2 3 PosiZero tive savers1 savers 8 Negative savers2 27 O O All spending units All spending units 65 OOOOOOO OOOOOOO Groups of spending units 42 60 64 78 81 85 89 26 . 9 3 1 32 31 33 21 19 15 11 OOOOOOO OOOOOOO As has been indicated previously, in 1946 about 65 per cent of all spending units were positive savers, that is, spending units with money incomes in excess of expenditures. From the lowest to the highest income group there was a progressive increase in the proportion of positive savers. The percentage ranged from 42 for spending units with incomes under $1,000 to 89 for spending units with incomes of $7,500 or more. A distribution of positive and negative savers by income groups is presented in Table 4. In view of the close relationship between saving and income, it is not surprising that the largest percentage of positive savers is found among the occupational groups with highest incomes, namely, professional persons and managerial and self-employed persons. Fewer spending units with veterans of World War II than with no veterans of World War II reported positive saving. Additional information relating to positive savers, showing percentages of income saved and a distribution of amounts saved by income and occupational groups, and by veteran status, is given in Table 5. The majority of positive savers in every income group except $7,500 and above saved less than TABLE 4 77 80 70 67 54 68 49 3 3 3 3 14 13 33 20 17 27 30 32 19 18 O O POSITIVE SAVERS IN 1946 20 per cent of their incomes. This was also found to be the case in each occupational group except managerial and self-employed and farm operator groups, who predominantly saved a larger percentage of their money incomes. Spending units in these groups often reported substantial amounts saved in the form of business investment, such as 57 4 39 O O tenth are shown. Shares of money income and positive saving accounted for by each tenth of the spending units increased gradually from lowest to highest tenths. It should be noted that a considerably higher proportion of positive saving than of money income was accounted for by the highest tenth of income receivers. Amounts of negative saving or dissaving were not so closely correlated with the amounts of income received. The amounts of dissaving accounted for by each tenth of the spending units when ranked by income appear to have been distributed almost at random. No significant changes were observed between the first and second surveys in the importance attached to saving and the reasons people listed for saving. An overwhelming majority of all spending units again said that they saved for "security" reasons such as for a "rainy day," old age, and emergencies. Other important reasons given were those pertaining to children and their education. The purchase of a house or other real estate was a less frequent reason for saving, while saving for the purpose of buying consumer durable goods was rarely mentioned. 67 9 24 Spending units with money incomes in excess of expenditures. Spending units with expenditures in excess of money incomes. Less than one-half of 1 per cent. increases in inventories or additions to plant and equipment by unincorporated businessmen, or the purchase of land or equipment by farmers. The particularly high rates of saving indicated for farm operators to some extent result from comparing their annual saving with an income figure (money income) that does not make allowance for substantial non-money sources of income. THE DISSAVERS About 12.5 million spending units reported that they dissaved in 1946. These spending units spent sizable amounts for consumption purposes either by drawing down their holdings of liquid assets or by borrowing. In order to dissave, that is, to spend an amount for consumer expenditures in excess 955 SURVEY OF CONSUMER FINANCES TABLE 5 POSITIVE SAVERS: PERCENTAGE OF INCOME SAVED AND A M O U N T S SAVED, BY INCOME AND OCCUPATIONAL GROUPS, AND BY VETERAN STATUS, 1946 x (Percentage of all spending units in each group) Groups of spending units Positive savers as a percentage of all spending units in group Percentage of income saved 10-19 20-29 30-49 Amount saved 50 and above $1$199 $200$499 $500$999 $1,000 and above All positive savers 65 24 By income: Under $1,000 $l,000-$l,999 $2,OOO-$2,999 $3,000-$3,999 $4,000-$4,999 $5,OOO-$7,499 $7,500 and above 42 60 64 78 81 85 89 18 29 26 24 24 20 12 7 12 16 24 22 29 22 8 13 19 16 19 5 7 10 11 11 13 21 5 6 4 6 5 7 15 33 34 22 16 11 7 1 15 20 21 17 13 5 14 24 24 25 5 0 3 8 17 29 40 78 By occupational group of head of unit: Professional Managerial and self-employed Clerical and sales Skilled and semi-skilled Unskilled Farm operator Retired 77 80 70 67 54 68 49 20 19 29 28 28 8 24 24 18 21 17 12 12 11 16 12 10 11 6 10 9 13 19 8 9 6 12 2 4 12 2 2 2 16 15 27 22 30 17 31 16 9 20 19 15 15 10 16 20 12 17 7 16 5 29 36 11 9 2 20 3 By veteran status: Veteran of World War 11 in unit. . . No veteran of World War II in unit 57 67 22 25 14 17 10 19 25 15 16 12 13 11 13 1 13 7 6 26 3 This table includes only those spending units that were positive savers, i. e., units with money incomes in excess of expenditures. of money income, a spending unit must either have previously accumulated liquid assets or disposable nonliquid assets or it must be eligible to buy consumer goods on credit or to borrow. During 1946 and to date in 1947 dissavings have been substantial. The largest proportion of dissavers in 1946 was found among spending units making less than $3,000. As shown by the accompanying chart, about one-third of the spending units with incomes up to $3,000 dissaved. Further, at least one-tenth of the spending units in all income groups dissaved. Table 11 at the end of this article indicates the relative proportions of positive and negative savers among spending units holding various amounts of liquid assets at the beginning of 1946. Dissavings substantially supplemented the incomes of spending units that received less than $3,000 in 1946. Over one-fifth of all spending units with incomes under $1,000 dissaved amounts equal to 25 per cent or more of their incomes. About one-tenth of all spending units with incomes from $1,000 to $2,999 dissaved amounts equal to 10 to 24 per cent of their incomes, and another one-tenth dissaved amounts equal to 25 per cent or more of their incomes. In higherincome groups the amounts dissaved were often 956 substantial but, when expressed as percentages of incomes, they were relatively small. The contrast is shown in Table 6. Who were these dissavers? In terms of occupation, the largest proportions of dissavers were in POSITIVE AND NEGATIVE SAVERS IN 1946 BY INCOME GROUPS PE ] 100 INCOME GROUI NOTE.—Positive savers include spending units with incomes in excess of expenditures during 1946, negative include spending units with expenditures in. excess of incomes, and zero savers include spending units that saved nor dissaved. money savers money neither FEDERAL RESERVE BULLETIN SURVEY OF CONSUMER FINANCES clerical and sales, skilled and semi-skilled, and unskilled occupational groups. There was little difference in the proportion of dissavers among spending units of varying size. There were some differences by place of residence, with fewer dissavers TABLE 6 DISSAVERS: DISSAVING AS A PERCENTAGE OF INCOME, AMOUNTS DISSAVED, BY INCOME AND WITH OCCUPATIONAL GROUPS, AND BY VETERAN STATUS, 1946 * [Percentage of all spending units in each group] Groups of spending units 11 dissavers By income: Under $1,000. .. $1,000-$ 1,999... $2,OOO-$2,999... $3,OOO-$3,999... $4,000-$4,999... $5,OOO-$7,499... $7,500 and above By occupational gro*H !> of head of unit: Professional.... Managerial and s il f employed.... Clerical and sales Skilled and sem skilled Unskilled Farm operator. . . Retired By veteran status: Veteran of Work War II in unit... No veteran of World War II in unit... Dissavers as a percentage of all spending units in group DiSvSaving as a percentage of income 1-9 Amount dissaved 25 $ 1 - $500 10-24 and $499 and above over 27 9 7 11 18 9 32 31 33 21 19 15 11 5 11 12 9 7 8 7 5 8 11 7 4 5 2 22 12 10 5 8 2 2 23 22 21 12 7 8 7 9 9 12 9 12 7 4 20 9 5 6 11 9 17 27 30 32 19 18 6 10 5 10 10 17 7 10 12 13 4 2 6 7 8 8 4 1 10 11 11 15 19 26 13 8 11 6 6 10 39 13 12 14 23 16 24 9 6 9 17 7 1 This table includes only those spending units that were dissavers, i. e., units with expenditures in excess of money incomes. found in rural areas. By veteran status there were substantial differences. Almost two-fifths of all spending units with veterans of World War II as members were dissavers, while no more than onefourth of the spending units with no veterans of World War II dissaved. These spending units with veterans as members, although accounting for little more than one-fifth of the total spending unit population, made up about one-third of the total number of dissavers. The substantial dissavings of the veteran group were in all probability the result of large' than normal outlays for clothing, housing expenses, moving, all types of consumer durable goods, including house furnishings, and other consumption exA U G U S T 1947 penditures that were associated with a return to civilian life. Use of liquid assets accumulated during the war years enabled many veterans to live beyond their incomes in 1946. Since dissaving occurs when more is spent for consumption purposes than is received as income, it is not surprising that a high percentage of dissavers in 1946 were purchasers of automobiles and other selected consumer durable goods. Approximately one-third of all spending units purchased such goods in 1946 and almost two-fifths of these purchasers were dissavers. In lower-income groups as many as one-half of the purchasers dissaved. Only one-fifth of the spending units not buying consumer durable goods were dissavers. THE RELATION OF FACTORS OTHER THAN INCOME TO SAVING The previous discussion of positive savers and dissavers has indicated some of their characteristics, such as income, occupation, and place of residence. It was shown, for example, that there was a very close relationship between positive saving and income. It is very likely that some of the differences between various groups in the rate of saving arose from differences in income. For example, professional people saved more, on the average, than unskilled workers, but the professional people had higher incomes. The question arises whether there are any differences among occupational groups in rate of saving that are not due to income. Influences of factors other than income on saving can be analysed by comparing the characteristics of "large," "medium," and "small" savers within the same income groups. "Large savers" were defined to include the top 25 per cent of savers among spending units in each income group, "small savers" the bottom 25 per cent—including many dissavers, and "medium savers" the middle 50 per cent. "Large savers" were thus units whose savings in 1946 were large for their income, not large in the absolute sense. The various characteristics of large and small savers are compared in Table 7. Managerial and self-employed persons and farm operators, when compared with people of similar incomes but different occupations, were large savers in 1946. By age of the head of the spending unit, the lowest age groups had more small savers, most of whom were dissavers, than other age groups with the same incomes. There was little difference in 1946 in ( >57 SURVEY OF CONSUMER FINANCES TABLE 7 CHARACTERISTICS OF LARGE, MEDIUM, AND SMALL SAVERS WITH INCOME H E L D CONSTANT 1 [Percentage distribution of spending units within group] Groups of spending units All spend- Large MedSmall2 ium 2 savers ing savers2 savers units All spending units 100 25 50 25 By age of head of unit: 18-24 25-34 35-44 45-64 65 and over 100 100 100 100 100 18 24 24 29 25 48 45 51 50 58 34 31 25 21 17 By occupational group of head of unit: Professional or clerical and sales Managerial and self-employed Skilled, semi-skilled, and unskilled Farm operator Retired 100 22 54 24 100 36 44 20 888 20 51 25 52 32 57 28 17 18 By education of head of unit: Grammar school High school College 100 100 100 27 23 26 50 49 50 23 28 24 By veteran status: Veteran of World War II in unit No veteran of World War II in unit By change in income, 1945 to 1946: 1946 income larger by 25 per cent or more 1946 income somewhat larger No substantial change in income 1946 income somewhat smaller 1946 income smaller by 25 per cent or more By liquid asset holdings a year ago: None $l-$999 $1,000 and above 100 19 54 27 100 23 49 28 100 25 50 25 100 100 28 36 52 42 20 22 100 20 44 36 100 26 52 22 100 100 28 27 44 53 28 20 100 27 52 21 100 19 57 24 100 19 38 43 888 By type of community:3 Metropolitan areas Other cities of more than 50,000 population Towns of 2,500 to 50,000 population Towns of under 2,500 population Open country 21 23 29 69 50 40 10 27 31 1 For comparable data in the 1946 survey, see July 1946 Federal Reserve BULLETIN, Table 8, p. 721. 2 The 25 per cent of the cases in each income group with the largest saving in 1946 were considered "large savers." The 25 per cent of the cases in each income group with the smallest saving in 1946, including many spending units that dissaved, were considered "small savers." "Medium savers" were the middle 50 per cent in each group. 3 The 12 largest cities in the nation and their suburbs. the relative proportion of large and small savers with either a grammar school or college education. There were more large savers for their income in rural areas than in metropolitan areas. This dif- 958 ference may be attributed in part to the substantial amounts of non-money income received by many spending units in rural areas. There were many more small savers, most of whom were dissavers, and fewer large savers in spending units with veterans of World War II than in spending units without veterans but with similar incomes. An indication of the relationship between liquid asset holdings and dissaving is shown at the end of Table 7. Of spending units with no holdings of liquid assets at the beginning of 1946, only 10 per cent were small savers for their income as compared to 27 per cent of the spending units holding $1 to $199 and 31 per cent of those holding $1,000 or more. A grouping of savers by change in income from 1945 to 1946 indicates that, for spending units whose income was smaller in 1946 than in 1945, there were fewer large savers and more small savers than for spending units whose incomes were the same or larger. In the case of spending units receiving substantial increases in income in 1946 as compared to 1945, however, there were more small savers than there were in groups receiving the same incomes in both 1946 and 1945 or slightly higher incomes in 1946. This occurrence was perhaps peculiar to 1946 because of the large numbers of veterans who received higher incomes in that year but were dissavers. OWNERSHIP OF NONLIQUID ASSETS A major objective in both the first and second surveys of consumer finances has been to gather information relating to the distribution of liquid asset holdings among spending units, people's attitudes toward their assets, and the extent to which these assets have been used in the past and may be used in the future for consumption and investment purposes. In the surveys, liquid assets have been defined to include Government bonds, savings accounts, and checking accounts. These are the particular assets (except for currency) that increased so tremendously in volume during the war. They are readily converted to cash and for the most part at a known and fixed value, and in terms of their volume they represent a "new" factor to be reckoned with in evaluating current economic conditions. There are, of course, other consumer assets that are liquid in nature, most particularly, reserves on life insurance policies, stocks and bonds of corporaFEDERAL RESERVE BULLETIN SURVEY OF CONSUMER FINANCES tions, and bonds of State and local governments. Although it was not deemed feasible to obtain a valuation of these assets from consumers, it was •decided to obtain in this second survey information about the ownership of houses, securities other than Federal, and life insurance. About 9 per cent of all spending units indicated that at least one member of the spending unit owned stocks and bonds other than Federal in the early part of 1947, over two-fifths of all spending units (excluding farm operators) indicated that they owned their homes, and more than threefourths of the spending units reported that at least one of their members carried life insurance. The accompanying chart shows the wide variation in ownership of securities by income groups. As few as 4 per cent of the spending units with incomes under $1,000 and over 50 per cent of those with incomes of $7,500 or more had securities other than United States Government securities. There was not as marked a difference in the percentage of spending units in the various income groups owning houses and insurance. SPENDING UNITS OWNING VARIOUS TYPES OF NONLIQUID ASSETS IN EARLY 1947 BY INCOME GROUPS TABLE 8 CHARACTERISTICS OF SPENDING U N I T S OWNING VARIOUS TYPES OF NONLIQUID ASSETS Percentage of spending units in group owning: Groups of spending units All spending units Occupational group of head of unit: Professional Managerial and self-employed.... Clerical and sales Skilled and semi-skilled Unskilled Farm operator. . .. . Retired Type of community: Metropolitan areas Other cities of more than 50,000 population Towns of 2,500 to 50,000 population . . . . Towns under 2,500 population. . . . Open country Securities other than Federal House * Life insurance 9 44 78 25 18 12 5 3 12 10 46 62 32 47 32 62 88 91 87 87 72 55 43 13 34 86 7 41 85 6 9 9 48 56 55 81 70 61 1 2 House ownership shown only for nonfarm spending units. Not available. Among farm operators 64 per cent reported that they owned all or some part of the land they farmed. On the average, 2.3 persons in each spending unit that reported carrying life insurance were insured. It is estimated that the total number of persons in the United States carrying life insurance in early 1947 exceeded 80 million. COMPARISON OF SURVEY AGGREGATES WITH OTHER AGGREGATE DATA The purpose of the Survey of Consumer Finances is to find out about the distribution of income, saving, and liquid asset holdings among spending units, to ascertain the plans of spending units for purchasing durable goods and for transferring liquid assets to various types of investment, and to find out what their general attitudes are concerning the economic outlook. The major findings related to this objective have been presented in this article and in articles in the June and July issues of the BULLETIN. In addition, it is possible to make estimates Professional persons reported security ownership of aggregates such as personal income, saving, and most frequently, as shown by Table 8, while man- liquid asset holdings from survey results. Informaagerial and self-employed persons most often tion about their order of magnitude in relation to owned their houses and carried life insurance. Peo- recognized outside estimates is of interest. Because of certain types of sampling and reportple living in metropolitan areas most frequently owned stocks and carried life insurance, but they ing errors in consumer interview surveys, estiowned their homes less frequently than did other mates of expanded aggregates based on survey results, particularly aggregates expressed in dollar groups. UNDER fll.OOO $1,000 $!,999 82..0OO $2,999 $3,000 $3,999 $4,000 84,999 $5,000 $7,499 $7,500 AND OVER INCOME GROUPS AUGUST 1947 959 SURVEY OF CONSUMER FINANCES terms, are less reliable than the major survey findings of the present survey.5 Such estimates are derived by multiplying the average or mean value for the sample spending units of the particular item being estimated (money income, amount saved, etc.) by the total number of spending units or 46.3 million. As indicated in a previous article, in the case of income, saving, and liquid asset data certain types of statistics such as the mean are subject to greater error than a median value or a frequency distribution showing the proportion of spending units with various characteristics.6 To illustrate, the mean income is subject to much greater error than the median income or a percentage distribution of spending units by income groups, because each individual affects the median or a percentage distribution to the same degree but his effect on the mean is weighted by the size of his income. The chance inclusion or exclusion of a high-income person in the sample, then, may affect the mean substantially but not the median. Further, there are differences in the degree of error in different mean values. A statistic such as a mean income of the people who bought automobiles is subject to greater percentage error than the mean price they paid for their automobiles since the former figure is an average computed from a series of dollar amounts that have a much greater range from the lowest to the highest reported figure than a series of prices paid for automobiles. While survey data in the form of frequency distributions are also subject to certain limitations, the margin of error is narrower than when the data are expressed in the form of mean values representing all spending units or families. Reporting errors in consumer interview surveys, considered apart from sampling errors, affect both the mean values and the frequency distributions, although they affect the latter to a lesser extent than the former. Reporting errors arise first because the data supplied by spending units are based largely on memory. While it is true that some respondents check their records or notebooks before answering certain questions, in most instances the answers are given from memory and people's recollections are sometimes inaccurate. Secondly, reporting errors arise because people are reluctant to divulge certain types of information or complete information about 5 See the Federal Reserve BULLETIN, June 1947, \>p. 658-661 for a complete discussion of the sampling method and the sampling techniques employed to reduce sampling error. « Ibid., pp. 660 and 663. %o certain types of issues. Interview methods used in the survey minimize this type of error but in the case of some financial data (for example, hidden currency hoards) it is not possible to overcome reluctance on the part of some respondents to provide this kind of information. Both forms of reporting errors are of particular importance when aggregate national data are computed. Forgetting certain occasional income receipts, or the desire not to divulge one's entire income, may not affect the respondent's income bracket but does affect the mean income and hence the aggregate income computed for all people. Even if the income bracket or the savings account bracket is affected by a reporting error, incorrect reports by many respondents are needed to alter appreciably the frequency distribution (proportion of spending units in the respective bracket), while the extent of each incorrect report affects the size of the national totals computed from the survey. After making allowances for differences between the coverage of the survey estimates of income, saving, and liquid asset holdings and the coverage of recognized estimates by other sources, it appears that the expanded survey totals are in reasonable accord with outside estimates of these aggregates.7 The percentage relationships listed below should be considered approximations since it was difficult to make precise adjustments for comparability because of differences in coverage and in definitions of concepts. In the case of income, the expanded survey total for 1946 amounted to about 85 per cent of the Department of Commerce estimate after adjustment for comparability. The expanded survey total of liquid assets (including checking and savings accounts and United States Government bonds) as of early 1947 covered about two-thirds of the Federal Reserve Board's estimate of personal liquid asset holdings of these types. This result was comparable to that of last year's survey in that the coverage of United States Government bond holdings was more complete than for other types of liquid assets. The 7 The survey totals were computed by multiplying mean values itained from survey results by 46.3 million (the number of information but had omitted one of these items. The complete interviews obtained were weighted' s p e d i g units it who h should h l d have been upward too represent the spending in the sample but who were not at home or refused to be interviewed. There is evidence that spending units refusingg to be interviewed had higher incomes on the average than spending units giving full information. No adjustment has been made in the aggregates for this fact: if it were taken into account, the percentage relationships of expanded survey totals to outside estimates would be higher. FEDERAL RESERVE BULLETIN: SURVEY OF CONSUMER FINANCES survey estimate accounted for about 80 per cent of bond holdings, 60 per cent of saving account holdings, and 60 per cent of checking account holdings.8 Survey estimates of amounts saved in 1946 totaled about 70 per cent of the Securities Exchange Commission estimates after adjustments for coverage and about 80 per cent of the Department of Commerce estimates. The percentage of personal income saved as derived from the survey agrees closely with the Department of Commerce estimate after adjustment for differences in coverage. 8 The percentage relationships indicated for savings and checking accounts may not be strictly comparable of possible differences in separating personal from accounts between the survey estimates and Federal Board estimates. Another outside estimate with which survey estimates may be compared is the number of new automobiles bought by consumers. This was shown as 1.5 million in Part I of this series. Outside estimates show that 1.8 million new passenger cars were registered domestically in 1946 (source: R. L. Polk and Company) and it is estimated that at least 300,000 of these registered cars were business or Government purchases, not consumer purchases. Tables 9 through 13 contain supplementary information relating to results presented in the text. accounts because business Reserve TABLE 10 SHARE OF TOTAL MONEY INCOME, POSITIVE SAVING, NEGATIVE SAVING, AND N E T SAVING ACCOUNTED FOR BY EACH T E N T H OF THE NATION'S SPENDING 1 U N I T S , W H E N TABLE 9 OF INCOME, RANKED BY SIZE 1946 DISTRIBUTION OF FAMILY UNITS, AMOUNTS OF MONEY INCOME RECEIVED, POSITIVE SAVING, NEGATIVE SAVING, SAVING, BY INCOME GROUPS, AND NET 1946 Spending units ranked according to size of income [Per cent] Annual money income before taxes l Under $1,000 -$l,000-$l,999 $2,000-$2,999 $3,O00~$3,999 $4,000-$4,999 $5,000-$7,499 .$7,500 and over All income groups.. Family units Money Posi- NegaNet 2 intive tive come saving2 saving2 saving 15 20 22 18 10 9 6 2 9 17 19 14 16 23 1 6 12 18 13 16 34 17 17 26 17 14 6 3 100 100 100 100 -5 1 7 18 12 19 48 Annual 1946 money income before taxes. Positive saving comprises the saving of all family units with money incomes in excess of expenditures, negative saving comprises the dissaving of all family units with expenditures in excess of money incomes, and net saving (plus or minus) is positive saving less negative saving for all family units combined. Money income Positive saving * 32 15 12 10 44 15 12 8 6 5 4 3 2 1 Highest tenth Second Third Fourth Fifth Sixth Seventh . . Eighth Ninth Lowest tenth AH units 100 1 2 Percentage of total accounted for by each tenth: Q 7 6 5 3 1 100 100 Negativel saving Net saving l 63 16 14 7 4 1 2 1 -3 6 12 7 11 11 13 8 7 12 13 -5 100 100 1 Positive saving comprises the saving of all spending units with money incomes in excess of expenditures, negative saving comprises the dissaving of all spending units with expenditures in excess of money incomes, and net saving (plus or minus) is positive saving less negative saving for all spending units combined. TABLE 12 PERCENTAGE OF SPENDING U N I T S O W N I N G VARIOUS T Y P E S OF NONLIQUID ASSETS IN EARLY 1947, TABLE Percentage of spending units in each income group having: DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS, BY LIQUID ASSET HOLDINGS AT THE BEGINNING OF 1946 Annual money income before taxes [Percentage distribution of spending units within group] Amounts of liquid assets held in early 1946 None •$200-$499 $500-$l,999 $2,000 and over All spending units Positive 100 100 100 100 100 59 66 64 65 70 Zero 25 6 4 2 3 2 16 28 32 33 27 Spending units with money incomes in excess of expenditures. Spending units with expenditures in excess of money incomes. AUGUST 1947 Securities other than Federal House l Life insurance 4 4 6 9 15 22 51 38 33 38 54 54 59 74 50 74 84 91 91 93 95 9 144 78 Negative Under $1,000 $l,000-$l,999 $2,000-$2,999 $3,OOO-$3,999 $4,000-$4,999 $5.OOOr$7,499 $7,500 and over All income groups 1 BY INCOME GROUPS 11 1 House ownership shown only for nonfarm spending units. 961 SURVEY OF CONSUMER FINANCES TABLE 13 DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS ACCORDING TO RELATION OF SAVING TO INCOME, BY INCOME GROUPS O F FAMILY UNITS, 1946 [Per cent] Percentage distribution of family units within each income group l Positive and negative savers Positive savers—total Percentage of income saved: 1-9 . . . . . . 10-19 20-29 30-49 50 and above Zero savers—total ... 2 Negative savers—total Dissaving as a percentage of income: 1-9 10-24 25 and above All family units 1 2 3 All groups Under $1,000 $1,000$1,999 $2,000$2,999 $3,000$3,999 $4,000$4,999 $5,000$7,499 $7,500 and over 66 39 57 65 75 78 81 88 24 17 10 9 6 17 5 8 4 5 28 11 5 7 6 26 16 8 10 5 23 23 13 11 5 26 22 16 10 4 26 27 11 12 5 18 27 14 18 11 7 28 10 3 2 (3) / (3) 27 33 33 32 23 22 18 12 10 7 10 5 5 23 12 9 12 11 11 10 10 7 6 9 6 7 10 6 2 9 2 1 100 100 100 100 100 100 100 100 Based on 1946 money income before taxes. Family units with expenditures in excess of money income. Less than one-half of 1 per cent. 962 FEDERAL RESERVE BULLETIN MEMBER BANK LOANS TO SMALL BUSINESS1 by CHARLES H. SCHMIDT Small businesses are the most numerous of all business borrowers at member banks, both large and small. They obtain bank credit primarily through loans of less than $5,000 each. Thus the aggregate dollar volume of member bank loans to small business is low and a significant increase in the number of small businesses financed would mean only a slight increase in bank earning assets. Small business concerns form the major part of the business population and play an important role in the manufacture and distribution of goods and in providing services for consumers. To some extent the success of these small concerns is influenced by the volume of commercial bank credit available for their use, and by the terms and conditions upon which it may be obtained. Comprehensive and detailed information on bank loans to small business has been greatly needed for a better understanding of their financing problems. Information on member bank loans to small business has become available through the recent Federal Reserve System survey of member bank loans outstanding on November 20, 1946. Almost 2,000 member banks, including banks in all regions and size classes, participated in the survey and submitted detailed information on about 100,000 individual loans to businesses of all sizes. The sample of loans included about one-sixth of 1 The present article is the fifth in a series covering the results of the nation-wide sample survey of business loans outstanding at member banks as of Nov. 20, 1946. The four previous articles were "Business Loans of Member Banks," by Albert R. Koch, Federal Reserve BULLETIN, March 1947; "Term Lending to Business by Commercial Banks in 1946," by Duncan McC. Holthausen, Federal Reserve BULLETIN, May 1947; "Security Pledged on Member Bank Loans to Business," by Tynan Smith, Federal Reserve BULLETIN, June 1947; and "The Structure of Interest Rates on Business Loans at Member Banks," by Richard Youngdahl, Federal Reserve BULLETIN, July 1947. The survey of bank loans to industrial and commercial businesses, on which this article is based, was planned by the Board's Division of Research and Statistics in consultation with the Board's Divisions of Bank Operations and of Examinations, the Federal Reserve Banks, and other interested agencies. The information was collected and compiled into district totals at the Reserve Banks and national totals were prepared at the Board's offices. Preparation of this article was under the immediate direction of Susan S. Burr, Chief of the Business Finance and Capital Markets Section of the Division of Research and Statistics, Richard Youngdahl, of the Division was largely responsible for the supervision of the collection and tabulation of the information. Copies of a booklet containing reprints of all articles in the member bank commercial and industrial loan survey series are available upon request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. AUGUST 1947 the estimated total number of loans outstanding at member banks on the date of the survey. A significant part of the total amount of bank credit to small business is extended by nonmember banks (insured and uninsured) which were not covered by the survey. Most of these banks are small. Like the smaller member banks, they are usually located in rural or small urban communities, and their business loans are made chiefly to small local enterprises. Although the volume of credit extended to small businesses by these banks as of the date of the survey is not known, it must have been less than 950 million dollars, the amount of total commercial and industrial loans of these banks at the end of 1946. For purposes of this article, small business has been defined as follows: small manufacturing and mining concerns, total assets of less than $750,000; small wholesale trade concerns, total assets of less than $250 000; small retail trade, service, construction, public utility (including transportation), and all other concerns, total assets of less than $50,000.2 SUMMARY Some of the more important aspects of member bank loans to small business, as shown by the survey data, were: (1) On November 20, 1946, three-fourths of the total number of member bank loans were extended to small businesses. Credit to small concerns included 514,000 loans, totaling 2.9 billion dollars. (2) The typical loan to small business was between $1,000 and $5,000 in size. Loans of this size were usually made to unincorporated concerns, many of which were established after 1942. In about half the cases, such loans were secured by equipment, endorsed or co-maker note, plant and other 2 The size classes selected for purposes of describing small business in this article were determined in part by the size units employed in collecting the loan survey data, and in part by known variations in average size of concern from one industry to another. Thus, in the case of retail trade, service, and construction, where the average concern is substantially smaller in terms of total assets than the average manufacturing concern, the smallest size class provided by the survey data was used, with correspondingly larger size classes for wholesale trade and manufacturing. Concerns referred to in this article as public utilities are predominantly local taxi, trucking, warehousing, noncertificated air carrier, and radio broadcasting establishments; most of the wire communication, power and light, and rail transportation services are performed by the larger corporations. 963 MEMBER BANK LOANS TO SMALL BUSINESS real estate, or inventories. In four of every five cases such loans had a maturity at time of making of not more than one year, and bore interest at average rates of 5 to 7 per cent per annum, depending upon the type of security employed. (3) A larger proportion of the dollar volume of credit to small business was extended to manufacturing and mining and wholesale trade concerns than might have been expected on the basis of either their larger size or their relative numbers in the small business population. Retail trade, service, and other small business concerns received proportionately less of the total credit. Small retailers, however, are the most numerous, in terms of both number of bank borrowers and number of concerns. (4) A very large proportion of the business loans of the smallest banks was made to small concerns. Larger banks, however, are more important suppliers of credit to small business than is generally assumed; approximately three-fifths of the number and three-fourths of the amount of all member bank loans to small business were made by banks with total deposits of 10 million dollars and over. (5) Almost four-fifths of all member bank loans to small business had original maturities of not more than a year. The term loan, however, is a much more important source of funds for small business than has been commonly supposed. Maturity of loan varies greatly with business of borrower, the longer-term loans being relatively more important among small public utility and service concerns than among small wholesalers and manufacturing companies. (6) Despite wide variations in rates of interest paid by individual borrowers on individual loans, the majority of interest rates for loans of a given type tend to cluster about their average, which generally is higher for small businesses than for large companies. Over three-fifths of all loans of $1,000$5,000 to small business concerns were made at rates of 5 to 6 per cent, inclusive, with an average of 5.7 per cent for all loans in this size range to small business. (7) As a general rule, the average annual interest rate increases sharply as the size of the loan, and presumably the size of borrower, decreases. Longterm loans secured by equipment usually bear higher interest rates and are smaller in size than are other types of loans. Except for loans under $1,000, the larger banks extend credit at slightly 964 lower rates for a given type of loan than do the smaller banks, but the spread in interest rates by size of bank is slight. VOLUME AND DISTRIBUTION OF BANK LOANS TO SMALL BUSINESS Share of small business in bank loans. As of November 1946 an estimated 2.9 billion dollars of member bank credit was extended to small business. In view of the large expansion in dollar volume of inventory holdings and the growth in charge account and instalment sales that characterized business as a whole during 1946, it is of some interest to find that not more than an estimated 514,000 small businesses, or probably about one-sixth of the small business population, were borrowing from member banks.3 That the number of small business borrowers was not larger may be attributed in part to the wartime accumulation of liquid assets and the continuing profitability of operations that permitted many small businesses to finance themselves. In part it may result from the availability of credit from other sources, such as credit extended by trade suppliers, or from the inability of some concerns to meet the customary standards for bank credit. That the amount borrowed did not exceed 2.9 billion dollars reflects also the characteristically small financial requirements of individual borrowers. In part, also, it results from the limited resources of the average small business, which place a ceiling on the amount of credit than can be extended in accordance with established bank lending practice. In view of these considerations it is doubtful whether the dollar volume of loans to small business would ever loom very large in the over-all bank credit picture. For example, a doubling of the amount of such loans outstanding in November 1946, with all that this implies with respect to the willingness of small concerns to borrow, the activities of banks seeking new loan opportunities, and the eligibility of applicants to obtain bank credit, would have brought the total to less than 6 billion dollars. This compares with total loans and investments of all member banks of 96 billion dollars at the end of 1946. Small business concerns greatly outnumbered other business borrowers on November 20, 1946, 8 This figure, representing the number of loans to small business, overstates the number of small business concerns to the extent that individual concerns borrowed concurrently from two or more member banks. FEDERAL RESERVE BULLETIN MEMBER BANK LOANS TO SMALL BUSINESS even though they accounted for only a small proportion of the dollar volume of outstanding business credit. As shown in Table 1, three-fourths of the total number of business loans at member banks, as contrasted with only one-fifth of the total dollar volume, were to small concerns. In each of the major industry groups, small business accounted for a large proportion of the number of bank loans, the highest being 87 per cent in manufacturing and mining, and the lowest being 50 per cent for the "all other" group. In retail trade, which included the largest number of small business borrowers, nearly four-fifths of all loans were made to small concerns, while in public utilities (including transportation) small concerns accounted for over seventenths of all member bank loans. standing volume of member bank loans to all concerns in the industry. Share of large and small banks in loans to small business. The role of larger banks in the financing of small business is frequently overlooked, on the assumption that their credit facilities are not geared to the handling of small loans, and that small business is more commonly associated with local banks in rural and minor urban areas. In reality, a large number of small businesses borrow from the larger banks, either directly or through the correspondent relationship of a local bank. As indicated by Table 2, 60-75 per cent of the total number of TABLE 2 M E M B E R BANK LOANS TO SMALL BUSINESSES, NOVEMBER 1946, BANK1 TABLE 1 M E M B E R BANK LOANS TO SMALL BUSINESSES, NOVEMBER 1946, [Estimates of outstanding loans] 20, AS A PERCENTAGE OF A L L BUSINESS LOANS, BY BUSINESS OF BORROWER 1 Size of bank (Total deposits, in millions of dollars) [Estimates of outstanding loans] Business of borrower Number Amount (In (In thoumilsands) lions) Retail trade Wholesale trade Manufacturing and mining. Public utilities (including transportation) Services. . Construction All other2 197 73 101 All business groups. . . $ As a percentage of all loans to each business group Number Amount 468 697 1,327 77.8 82.7 86.9 31.8 28.8 23.4 "27 61 27 29 69 144 86 96 70.4 79.7 62.8 49.9 5.7 29.3 18.9 6.4 514 $2,888 76.4 21.8 1 In this and all subsequent tables small businesses are defined in terms of total assets of each concern in 1946, as follows: manufacturing and mining, under $750,000; wholesale trade, under $250,000; retail trade, public utilities, services, construction, and all other (including sales finance), under $50,000. 2 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.<—Detailed figures may not add to totals because of rounding. Variation in the importance of the credit obtained by small, relative to all, businesses in the several industry groups was much wider when dollar volume rather than number of loans was considered. This was primarily the result of differences in the average size and credit requirements of small concerns in different industries. Thus in retail trade, small businesses received nearly one-third of the outstanding volume of member bank credit to retailers. In contrast, small concerns in the public utility and transportation industry, which is dominated by the giant telephone, electric power, and railroad systems, accounted for less than 6 per cent of the outAUGUST 1947 20, AS A PERCENTAGE OF A L L BUSINESS LOANS, BY SIZE OF Number of Number Amount member of loans of loans banks (In (In in thoumilUnited2 sands) lions) States As a percentage of all business loans in each size group Number Amount Less than 2 2-10 10-100 100-500 500 and o v e r . . . . 1,870 4,204 1,397 143 25 33 174 216 61 31 $ 74 606 1,250 670 288 91.9 85.7 74.9 61.4 67.8 82.9 66.7 43.3 17.7 5.2 All banks. . . 7,639 514 $2,888 76.6 21.9 1 2 See Table 1 for definition of small businesses. Number of member banks as shown in Federal Reserve BULLETIN, March 1947, p. 260. For use in loan survey, number includes branches of certain member banks which were considered separate lending institutions for sampling purposes and excludes some member banks with no commercial and industrial loans outstanding. So denned, the total number (7,639) is about 10 per cent larger than the number of member banks shown on page 998 of this BULLETIN. NOTE.—Detailed figures may not add to totals because of rounding. business loans of banks with deposits of 10 million dollars or over were made to small business. As a result, these banks granted approximately threefifths of the number and three-fourths of the dollar amount of all member bank loans to small business. While manufacturing and mining concerns accounted for a substantial part of the bank credit to small business at the larger banks, the distribution of loans by size of bank indicates that small retail trade, service, and construction concerns also obtained a good share of their loans from banks with deposits of 10 million dollars or over. While the smaller banks did not account for the major proportion of bank loans to small business, their lending operations were primarily concerned with meeting the credit needs of small businesses 965 MEMBER BANK LOANS TO SMALL BUSINESS in relatively small communities. For the 6,100 member banks with total deposits of less than 10 million dollars each, representing four-fifths of the member bank population as shown in Table 2, loans to small businesses accounted for roughly nine-tenths of the number and seven-tenths of the amount of outstanding business credits.4 As regards the terms and conditions upon which small businesses obtained their funds, the survey indicates comparatively minor differences so far as size of bank is concerned. For example, average interest rates on loans to small business did not vary by more than 1.4 percentage points from the smallest to the largest banks. For most loans of a given size to small businesses, interest rates were slightly lower at large than at small banks. For loans under $1,000, however, small businesses paid a little more at the large banks, where such loans are often made in the personal loan departments. Regional distribution. Distribution of bank loans to small business by Federal Reserve districts reflected primarily the regional distribution of small business. Within each district, as is shown in Table 15 at the end of this article, the greatest number of these loans was made to retail trade concerns, which accounted for roughly two-fifths of all small business loans. In most districts manufacturing and mining concerns received about one-fifth of the loans, though two of the less industrialized districts reported proportionately fewer credits to small manufacturers. Relatively greater regional variation in the distribution of loans occurred in the case of wholesale trade, service, construction, and public utilities, reflecting perhaps some variation in the relative importance of these activities in different Federal Reserve districts. In terms of dollar volume, manufacturing and mining received the largest share of the loans in every district, with some variation in proportion reflecting the greater importance of manufacturing and the presence of larger concerns, on the average, in some areas. Regional differences in the relative amounts of credit received by other industry groups followed the same general pattern as for number of loans. CHARACTERISTICS OF SMALL CONCERNS UTILIZING BANK CREDIT Business of borrower. Small business concerns predominate in those industries requiring relatively 4 See Table 2, note 2, for explanation of the number of member banks as defined for purposes of the loan survey. 966 little fixed capital investment and involving a scale of operations such that one man, usually both manager and owner, can supervise all phases of the business. Retail trade probably accounts for about half of all small business concerns. Next is the services group, accounting for roughly one-fourth; the remaining fourth is made up of manufacturing and mining, public utilities, construction, wholesale trade, and small concerns in miscellaneous industries. Small businesses that seek funds from external sources are generally more dependent than larger concerns upon short-term and intermediate credit to finance their working capital needs and purchases of fixed assets. This is primarily because they lack access to long-term borrowed and equity funds, and are often unwilling to share management in order to obtain equity capital.5 However, it appears from the survey that there is considerable variation from one industry to another in the extent to which small concerns use bank credit. This is indicated in a general way by major industrial differences in the distribution of the number of member bank loans to small business, as compared with the industrial pattern of the small business population previously noted. Fewer small retail trade concerns appear to borrow from banks than their numerical importance in the business population might imply. Although they comprised the largest single group of small business borrowers in November 1946, small retail trade concerns, as shown by Table 3, accounted for less than half (38 per cent) of the total number of member bank loans to small business. To some extent this may result from the well established practice whereby many small stores secure shortterm credit from their suppliers. Small service concerns, with roughly 12 per cent of the loans, were also considerably less numerous users of bank credit than their numbers in the business population would suggest. The remaining industry groups, which probably constitute only about one-fourth of the total number of small businesses, accounted for half of the number and nearly four-fifths of the amount of member bank loans. In large part this reflects the extensive use of credit by small manufacturing and mining concerns, whose size is larger on the average than that of other small businesses; one-fifth of all bank loans to small business and 5 Many very small concerns, which are either unable or unwilling to borrow, are largely dependent on retained earnings* and the owner's personal resources to finance their operations. FEDERAL RESERVE BULLETIN MEMBER BANK LOANS TO SMALL BUSINESS nearly half of the outstanding volume were to these concerns. Differences by industry in the amount of bank credit used by small concerns are reflected in the average loan sizes shown in Table 3. The major differences are traceable to differences in size of borrower. Thus the average loan to small retailers was $2,400, compared with $9,600 to wholesalers and $13,200 to manufacturers, both of which are larger in terms of total assets. Nevertheless, when size of business is held constant there is evidence of appreciable differences in financing requirements from one industry to another. Thus the average loan for small construction concerns was $3,200, as compared with $2,400 for small retailers, though the size criterion employed is the same for both. Similarly, loans to manufacturers and wholesalers with total assets of less than $50,000 were larger on the average than those to small retail trade concerns. Survey data for industry subgroups, though of somewhat limited value for analyzing small business, indicate that the number of small business concerns in an industry, as well as the size of business unit and the credit requirements of the industry, results in variations in the number and amount of loans within industries. Thus, in both retail and wholesale trade the food, liquor, tobacco, and drug concerns received the largest number and amount of loans, and the home furnishings, metal products, and building materials group the next largest number. In manufacturing and mining, the metals and metal products group and the "all other" group (largely paper, printing and publishing, and building materials) contained the greatest number of bank borrowers. Small businesses in the service, public utility, and construction fields present a special credit situation. To an increasing extent they require modern, specialized equipment in order to operate in their respective fields. This is true whether they offer personal services, run repair shops, provide trucking or some other local public utility service, or whether they carry on one of the many phases of subcontracting in the construction industry. They require short and intermediate credits to finance general working capital needs and purchases of equipment. Since the earnings prospects of such borrowers may be difficult to judge, banks are disposed, in making such loans, to seek some additional assurance of repayment in the form of security. TABLE 3 MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER1 [Estimates of outstanding loans] Business of borrower Retail trade, total Food, liquor, tobacco, and drugs Apparel, dry goods, and department stores Home furnishings, metal products, and building materials. Automobiles, parts, and filling stations All other Wholesale trade, total Food, liquor, tobacco, and drugs Apparel and dry goods Home furnishings, metal products, and building materials. Automobiles, parts, and petroleum All other Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber All other Public utilities (including transportation) . Services Construction All other 2 All business groups. Number (In thousands) 196.6 70.0 24.0 42.8 33.7 26.0 72.7 - 25.1 7.1 18.6 7.5 14.4 100.7 14.1 13.8 24.3 11.0 37.6 27.1 61.0 26.9 29.3 514.3 Amount (In millions) $ Percentage distribution Number Average size (In thousands) Amount 468 165 62 98 86 58 38.2 13.6 16.2 4.7 8.3 6.6 5.1 5.7 2.1 3.4 3.0 2.0 $ 2.4 2.4 2.6 2.3 2.5 2.2 697 273 89 139 45 152 14.1 24.2 9.6 10.9 12.6 7.5 5.9 10.6 1,327 281 220 313 163 351 19.6 46.0 4.9 1.4 3.6 1.5 2.8 2.7 2.7 4.7 2.1 7.3 9.4 3.1 4.8 1.5 5.3 13.2 12.1 20.0 16.0 12.9 14.8 9.3 9.7 7.6 10.8 5.6 69 144 86 96 11.9 5.2 5.7 2.4 5.0 3.0 3.3 2.6 2.4 3.2 3.3 $2,888 100.0 100.0 5.6 5.3 1 2 See Table 1 for definition of small businesses. Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. AUGUST 1947 967 MEMBER BANK LOANS TO SMALL BUSINESS Predominance of unincorporated concerns. Unincorporated businesses—sole proprietors, and to a lesser extent partnerships—are the types of organization most frequently encountered among small businesses. As shown by Table 4, roughly fivesixths of all small businesses with loans outstanding from member banks on the survey date were unincorporated. In four industry groups, unincorporated concerns accounted for 93-95 per cent of the number of loans to small business concerns. small concerns may have incorporated in preparation for further growth, and, by being aggressive in promoting their business activities, may have acquired a better standing as credit risks. Moreover, incorporation probably imposes greater responsibility .upon management to keep adequate records, which can be used in appraising the creditworthiness of the loan applicant. Also, through incorporation and the sale of stock the average small business may be able to attract larger amounts of equity capital, TABLE M E M B E R BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 4 1946, BY BUSINESS AND CORPORATE STATUS OF BORROWER 1 [Estimates of outstanding loans] Unincorporated Number of loans (In thousands) Business of borrower Retail trade ... . Wholesale trade Manufacturing and mining Public utilities (including transportation) Services Construction All other 2 All business groups. . . . . ... Amount of loans (In millions) 55 66 25 58 424 411 549 60 130 25 26 75 77 439 $1,726 185 $ Incorporated Average size of loan (In thousands) $2.3 7.5 8.4 2.4 2.2 3 0 2.9 3.9 Number of loans (In thousands) 12 18 35 2 3 Amount of loans (In millions) $ 44 286 778 10 14 Average size of loan (In thousands) $ 3.7 16.1 22.2 4.2 4.5 2 3 11 20 5.3 6.6 75 $1,162 15.5 1 2 See Table 1 for definition of small businesses. Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. The average loan to small incorporated manufacturing and mining concerns was nearly three times as large as the average loan to unincorporated concerns in the same industry. For the other industry groups the difference in average loan size was much less, the incorporated concern borrowing about twice as much as the unincorporated concern, on the average. These differences largely reflect the predominance of unincorporated concerns among the smaller units in the business population. As was pointed out in an earlier article in this series, small concerns pay higher rates of interest than large concerns for loans of a given size, while smaller loans bear higher rates of interest than large loans, on the average.6 To a great extent the higher rates of interest paid by unincorporated borrowers are attributable to their smaller size and smaller loans. In addition, some of the effects of incorporation discussed in the earlier article are especially relevant with reference to small business. Many 6 Data on interest rates by corporate status and size of borrower, and by size of borrower and size of loan, were presented in "The Structure of Interest Rates on Business Loans at Member Banks," by Richard Youngdahl, Federal Reserve BULLETIN, July 1947, pp. 803-819. 968 and thus improve its credit position. As size and equity capital investment increase, the chances are that a business concern will also have larger holdings of securities and fixed plant and equipment to offer as security for loans. New vs. old business. During the first years of American participation in World War II, the number of small business concerns declined sharply as their owners entered military service or sought employment in shipyards and factories. Starting in 1944, however, the number of new businesses began to exceed the number of discontinued businesses, the margin widening with the cessation of hostilities. Comparison of the estimated number of business concerns in existence in 1943 with those in existence as of mid-1946 indicates a net increase, allowing for discontinuances, of some 643,000 in the business population.7 Many of these new businesses, the vast majority of which would be classed as small, were financed with accumulated wartime savings; others were started by returning veterans with or 7 See Melville J. Ulmer, "The Postwar Business Population," Survey of Current Business, January 1947, pp. 9-23. FEDERAL RESERVE BULLETIN MEMBER BANK LOANS TO SMALL BUSINESS without the assistance of the loan guarantee or insurance provisions of the Servicemen's Readjustment Act (G.I. bill). That a number of the businesses organized since 1942 were borrowing from member banks is indicated by Table 5.8 All told, 180,000 loans, amounting to 730 million dollars, were outstanding on the survey date to businesses organized since 1942; they accounted for roughly one-third of the number and one-fourth of the amount of all credits to small business. TABLE 5 M E M B E R BANK LOANS TO SMALL BUSINESSES, NOVEMBER 1946, 20, BY BUSINESS AND D A T E OF ORGANIZATION OF BORROWER 1 [Estimates of outstanding loans] 1942 or before After 1942 1942 or before After 1942 Business of borrower Number of loans (In thousands) Retail trade Wholesale trade Manufacturing and mining. Public utilities (including transportation) Construction All other 2 . . . All business groups. . . Amount of loans (In millions) 291 558 1,061 $177 140 267 12 24 10 7 39 89 51 70 30 55 35 26 180 $2,158 $730 119 55 70 78 18 30 15 37 17 22 334 $ 1 2 See Table 1 for definition of small businesses. Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. Manufacturing and wholesale trade, which accounted for 17 per cent of the increase in the business population, accounted for 27 per cent of the borrowers organized since 1942. About 45 per cent of the increase in the business population, and approximately the same percentage of new borrowers, were represented by retail trade concerns. Rough as these comparisons are, they suggest that newly organized manufacturing and wholesale trade concerns were somewhat more dependent upon, or more successful in obtaining, bank credit than were their counterparts in the public utility, service, and construction industries, which accounted for 34 per cent of the increase in the business population, but only 25 per cent of the new borrowers. As regards the average size and term of loans to 8 While some of the borrowing concerns which were reported as "organized since 1942" may have been older concerns that merely changed their form of organization (e.g., a partnership that was incorporated,, or vice versa), the majority probably were "new concerns" in the sense of having been started since 1942. AUGUST 1947 new businesses, the survey data indicate that loans to concerns organized since 1942 were, on the average, about two-thirds the size of those to older concerns. Most of this difference in size can be attributed to the fact that concerns organized in 1942 or before, having been in existence longer, had achieved somewhat larger size. Survey data also indicate that a higher percentage of loans to new business concerns was secured, and that interest rates on both secured and unsecured loans were slightly higher for such borrowers than for concerns established earlier. CHARACTERISTICS OF LOANS TO SMALL BUSINESS Size of loan. Nearly three-fourths of the estimated 514,000 member bank loans to small business outstanding in the latter part of 1946 represented advances of less than $5,000 each. The very minor scale on which the operations of many small businesses are conducted is further evidenced by the frequency of the loan of less than $500. It accounted for nearly one-sixth of all bank loans to small retailers, over one-fifth of the loans to small service establishments, and one-seventh of the loans to small construction concerns. The size group which includes the largest proportion of the loans to small businesses is $1,000-$5,000. As shown by Table 6, 45 per cent of all member bank loans to small businesses fell within this range. This proportion varied from industry to industry, being highest for the public utility group and retail trade concerns (52 per cent and 51 per cent, respectively), and smallest for manufacturing and mining concerns (34 per cent). Small concerns in manufacturing and mining and in wholesale trade, being larger by definition than small concerns in the other industry groups, had a somewhat higher proportion of their loans in amounts of $5,000 or more (about 50 per cent, as compared with 16 per cent for the others). Since roughly half of all loans to small business fell in the $l,000-$5,000 size class, this may be considered the representative or typical loan for the purpose of describing the terms and conditions upon which small business most frequently obtains bank credit. In four of five cases this typical loan had a maturity at time of making of not more than one year and in over three-fifths of the cases it was made on the basis of security. Among the more important types of security employed were equip- 969 MEMBER BANK LOANS TO SMALL BUSINESS TABLE 6 MEMBER BANK LOANS TO S M A I X BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND S I Z E O F L O A N 1 [Estimates of outstanding loans] Size of loan (In dollars) Business of borrower All loans ! Less than 500 500-999 ; 1,0004,999 5,0009,999 25,000 10,00024,999 i and oyer Number of loans, in thousands Retail trade Wholesale trade- - . . , Manufacturing and mining Public utilities (including transportation) Services Construction .. All other 2 . All business groups. . 196 6 72.7 100.7 27.1 61 0 26 9 29.3 33 5 33 2 5.1 4.4 514.3 71.5 71.8 6.1 4.9 6.6 3.9 13 6 4.0 1 8.4 4.8 10 2 4.6 1 '. 100 6 26.2 34.2 14.1 28 0 12.6 13.2 228.8 J 0 7 20 7 12.9 16.1 2.8 6 4 3 7 79 14.1 19.0 1.3 25 1 4 4.2 2.1 0.6 0.4 66.7 48.2 27.3 8.5 16.5 0.2 0 4 Percentage distribution within each business group Retail trade . . Wholesale t r a d e . . . . . . Manufacturing and mining Public utilities (including transportation) Services.... Construction All other 2 AH business groups 100.0 100 0 100.0 100.0 100.0 100 0 100.0 17.0 67 6.6 14.4 22.3 14 8 17.2 100.0 13.9 ' 16.9 8 4 8.4 17.8 16.7 17 0 15.1 14.0 ' 51.2 36 0 33.9 52.2 45.9 46 9 44.9 10.5 17 8 15.9 10.3 10.4 13 8 14.2 4.0 19 4 18.8 4.7 4.1 52 7.1 44.5 13.0 9.4 j 0.4 117 16.4 0.6 0.6 22 1.5 5.3 1 See Table 1 for definition of small businesses. * Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.'—Detailed figures may not add to totals because of rounding. ment, endorsement or co-signature on the note, plant and other real estate, and inventories. About one of every two loans was obtained with one of these types of security. Average annual interest rates on the typical loan varied by industry groups between 6.8 per cent (public utilities) and 5.5 per cent (wholesale trade). The median interest rates were generally somewhat above, though fairly close to, the arithmetic average. On the typical loan of $l,000-$5,000 to small retail trade concerns, for instance, the median was 6.0 per cent as compared with an average rate of 5.7 per cent. Interest rates also varied with the type of security employed (loans secured by equipment bearing the highest average rates, those by stocks and bonds the lowest) and with period to maturity, size of borrower, and size of bank. Maturity and repayment method. Approximately four-fifths of all member bank loans to small business were repayable upon demand, or had maturities at time of making of one year or less. The majority of these short-term loans were repayable in a single lump sum and bore rates of interest which, depending upon the size of loan and type of security employed, were generally lower than rates 970 on loans of intermediate and sometimes even longer term. Term loans. The term loan, defined as a loan with a maturity at time of making of more than one year, whether or not secured, has achieved considerable importance to small business.9 Providing for repayment on a serial or instalment basis, and frequently secured, the term loan affords a planned method of financing working capital requirements or the purchase of real estate or equipment at moderate cost, As such, it embodies many advantages for the small concern. Spacing repayments over equal intervals of time enforces a certain amount of financial planning, and to some extent minimizes the possibility that insufficient funds will be on hand when loans fall due. Of the total number of member bank credits to small business outstanding in the latter part of 1946, a little more than one-fifth were term loans. As shown by Table 7, the use of term loans by small borrowers varied widely from one industrial group to another, depending on the nature of the credit 9 See Duncan McC. Hoithausen, "Term Lending to Business by Commercial Banks in 1946/* Federal Reserve BULLETIN. May 1947. for analysis of member bank terra loans to businesses of all sizes. FEDERAL RESERVE BULLETIN MEMBER BANK LOANS TO SMALL BUSINESS required. Thus, in the public utility field, 40 per cent of all loans to small business were made on a term basis; in wholesale trade only 12 per cent. As a group, small retail trade concerns obtained approximately one-fourth of their loans on a term basis, but within retail trade the proportion of term loans varied from 14 per cent for apparel, dry goods, and department stores to 32 per cent for food, liquor, tobacco, and drug outlets. Somewhat smaller variations are noted within the manufacturing and mining subgroups. Over three-fifths of all term loans to small businesses were for periods of one to three years, onefifth for periods of three to Rwc years, and an additional fifth for periods of five years or longer. Repayment in equal instalments over the life of the loan was favored in the overwhelming majority of cases in each maturity classification; all other methods of repayment, including the single payment, serial notes, or serial payments, and unequal instalments, accounted for no more than one-seventh of all the loans in any group. Details are given in Table 8 on the following page. TABLE 7 TERM LOANS OF MEMBER BANKS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER1 [Estimates of outstanding loans] Number of loans Business of borrower Retail trade, t o t a l . . . . Food, liquor, tobacco, and drugs Apparel, dry goods, and department stores Home furnishings, metal products, and building materials. . , . Autos, parts, and filling stations All other In thousands As a percentage of total loans to small business in each group 45.6 22.3 3.4 23.2 31.9 6.6 8.7 4.5 15.4 25.9 17.5 14.2 8.6 11.8 Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber. All other 17.2 2.1 1.2 4.6 1.6 7.8 17.1 15.2 8.4 18.8 14.2 20.8 Public utilities (including transportation). Services » . Construction. All other2 11.4 19.7 5.0 6.9 42.1 32.3 18.5 23.4 114.3 22.2 Wholesale trade All business groups.... 1 See Table 1 for definition of small businesses. 1 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. AUGUST 1947 Secured vs. unsecured loans. Small businesses in most lines of activity obtain a substantial amount of bank credit without having to furnish security; nearly two-fifths of the outstanding member bank loans to small business in November 1946 were unsecured. On the average, the unsecured loan was smaller than the secured loan, but in some industries certain types of secured loans were smaller than unsecured loans. Average interest rates on unsecured loans were lower than those on loans secured by some types of security and higher than those secured by other types of security. The volume of unsecured loans made by member banks to small business is indicative of the familiarity of the banker with the management capabilities and future prospects of many small business concerns in his locality. These are major factors in the case of a concern whose resources and credit standing are not of themselves sufficient to assure repayment of the loan. While a substantial proportion of bank loans to small business were unsecured, a much larger proportion, roughly three-fifths of the number and dollar volume, were secured by endorsement or cosigned note, or by the pledge of assets. By offering security for loans, many small business concerns that could not otherwise obtain bank credit are able to do so, while others are enabled to borrow larger amounts and at rates more nearly commensurate with those charged large borrowers on loans of comparable size. The prevalence of secured loans among small borrowers, where they ranged from over four-fifths of all loans to small public utility concerns to slightly less than half of all loans to small retail apparel, department, and dry goods stores, can be ascribed to several factors. In the first place, the mortality rate of small businesses, especially those newly organized, is high. It is estimated that onefourth discontinue operations within one year and less than one-third survive for ten years.10 Although many of these casualties result from causes other than insolvency, failures are rnore frequent relative to the business population in the case of small than of large concerns. In such situations, security for loans serves as insurance against hazards that cannot be appraised with certainty. In the second place, most small business concerns cannot supply the detailed financial and 0 Department of Commerce Press Release No. 648, May 1. 971 MEMBER BANK LOANS TO SMALL BUSINESS TABLE 8 TERM LOANS OF MEMBER BANKS TO SMALL BUSINESSES, NOVEMBER 20, BY ORIGINAL MATURITY OF LOAN AND REPAYMENT METHOD X 1946 [Estimates of outstanding loans] Original maturity of loan All methods Single payment Serial note I Equal instalment Unequal instalment Several notes Unclassified Number of loans, in thousands 1-3 years 3-5 years 5-10 years Over 10 years All term loans. . . 69.3 21.8 19.7 3.5 5.6 1.0 0.3 0.1 1.7 0.6 0.4 59.5 18.7 17.9 3.2 2.3 1.4 1.0 0.2 0.1 0.1 0.1 0.1 114.3 6.9 2.8 99.2 4.9 0.2 0.3 Percentage distribution within each maturity group 1-3 years 3-5 years 5-10 years Over 10 years All term loans 100.0 100.0 100.0 100.0 8.0 4.5 1.6 2.1 2.5 2.8 2.1 0.7 85.8 85.7 91.0 89.8 3.4 6.4 4.9 6.6 0.2 0.1 0.1 0.4 0.1 0.6 0.3 0.4 100.0 6.1 2.4 86.8 4.3 0.2 0.2 1 2 See Table 1 for definition of small businesses. Less than 50 loans. NOTE.—Detailed figures may not add to totals because of rounding. operating statistics on which banks must rely to some extent in evaluating the earnings prospects and creditworthiness of prospective borrowers. In cases such as these, although a bank places chief reliance on the good faith of the borrower, it requires the pledging of security as an additional measure of protection. In some instances the security may be the basis for more favorable credit terms than would otherwise be obtainable. In the third place, whereas most large business concerns operate on a regional or nation-wide basis and are in a position to shop around for credit among different banks, many small businesses are dependent upon their local banks for whatever credit they receive. In the absence of a competitive situation, the local bank is less inclined to waive the requirement of security, especially if the borrower is small and the financial and operating statements needed as a basis of credit appraisal are unavailable. Types of security. The type of security for a given loan is largely determined by (1) the nature of the transaction being financed, (2) the availability of alternative security, and (3) the business of the borrowing concern. Thus a small retailer who borrows to finance the purchase of a delivery truck may not have stocks and bonds or fixed assets to offer as security, but he will probably require a loan of relatively small amount and intermediate maturity for which the asset acquired will serve as security. In the same way, the proprietor of a small cannery, 972 whose credit requirements are highly seasonal and of relatively short duration, may well use his own products as security for a loan to finance general working capital requirements during the canning season. As of the survey date, as shown by Table 9, nearly five-sixths of the secured member bank loans to small business used one of five types of security: assignment of title or chattel mortgage on equipTABLE 9 PERCENTAGE DISTRIBUTION OF SECURED LOANS OF MEMBER BANKS TO SMALL NOVEMBER 20, BUSINESSES IN 1946, DIFFERENT INDUSTRIES, BY MAJOR TYPES OF SECURITY 1 [Computed from estimated number of outstanding loans] En- Plant and Equip- dorsed or other Business of borrower ment co- I real maker estate In- Stocks Other ven- and securtory bonds ity 28.7 16.3 20.4 21.0 21.0 12.0 9.3 19.1 8.5 13.1 12.3 18.4 22.0 18.3 15.2 10.0 12.6 21.8 74.6 36.5 45.3 20.4 7.9 17.4 16.3 17.1 5.9 20.2 14.5 26.9 0.4 0.9 1.3 1.1 2.6 9.9 6.0 15.9 8.6 15.2 16.8 18.7 All business groups 30.4 18.4 17.5 8.1 10.0 15.7 Retail trade Wholesale trade Manufacturing and mining Public utilities (including transportation) Services Construction All other 2 1 See Table 1 for definition of small businesses and Table 16 at 2the end of this article for basic data on secured loans. Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed percentages may not add to 100.0 due to rounding. FEDERAL RESERVE BULLETIN MEMBER BANK LOANS TO SMALL BUSINESS merit (30 per cent), endorsement or co-signature on note, or mortgage on plant and equipment (each, 18 per cent), stocks and bonds (10 per cent), and inventories (8 per cent). The remaining onefifth was covered, in order of importance, by life insurance, assignment of claims, accounts receivable, miscellaneous security, and Government participation or guarantee (including G.I. loans). Equipment was the security most frequently pledged for bank loans to small concerns in public utility, construction, and service activities. This concentration is explained by the limited availability of other types of security to these businesses, as well perhaps as by their special financing requirements. Equipment was used as security in 75 per cent of all secured loans to small public utilities, 45 per cent of the secured loans to small construction concerns, and 37 per cent of those to small service establishments. With so much dependence on this type of credit, which usually carries high interest rates, the use of bank credit was relatively more expensive in these industries than in manufacturing and wholesale trade. The variety of security available to the latter industries is indicated by the distribution of loans shown in Table 9. These industries made greater use of stocks and bonds and of inventories than did most other industries. From the bank's standpoint, different types of security involve different handling costs. The evaluation and supervision of stock and bond collateral, for example, is a much simpler and less ex- pensive operation than is the appraisal and collection of assigned accounts receivable. It is partly for this reason that most forms of assigned claims play a very minor role as security for loans to small businesses. Average interest costs for different types of security are indicated in Table 10, which also shows the average size of different types of secured loans. The most common type, that secured by equipment, is of smaller average size and bears a considerably higher rate of interest than any other type. Loans secured by stocks and bonds, inventories, or plant and other real estate are of larger average size and usually have lower than average interest rates. Of these three types of collateral, only plant and other real estate appears to have been generally used by small businesses to obtain a substantial proportion of their bank credit. For concerns in retail trade, service, and construction activities loans secured by plant and equipment were substantially larger than other secured loans and, partly as a consequence of their larger size, bore lower than average interest rates. The greater part (more than fourfifths) of the low-interest loans secured by stocks and bonds or inventories were made to concerns in manufacturing and mining and in wholesale and retail trade. Bank loans granted on the basis of participation or guarantee, including Reconstruction Finance Corporation participations and blanket guarantees, Federal Reserve Bank participations and guaran- TABLE 10 AVERAGE SIZE AND ANNUAL INTEREST RATE OF MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, BY TYPE OF SECURITY AND BUSINESS OF BORROWER1 1946 [Estimates of outstanding loans] Manufacturing and mining Wholesale trade Retail trade, public utilities, services, construction, and all other2 Type of security Average size Average in- Average size Average in- Average size Average inof loan (In terest rate of loan (In terest rate of loan (In terest rate thousands) (Per cent) (Per cent) (Per cent) thousands) thousands) Unsecured Endorsed and co-maker . Inventories . Equipment Plant and other real estate Stocks and bonds Accounts receivable Life insurance Assignment of claims* Government participation or guarantee Other security .. . ... 1 See Table 1 for definition of small businesses. 2 Includes loans to salesfinancecompanies and a 8 Includes oil runs. AUGUST 1947 $12.1 13 9 11.3 28.3 5.5 14 4 17.9 13.0 8.9 15.9 42.3 13.6 3.9 4 1 4 0 4.2 5.2 4 4 29 4.9 3.2 4.6 4.2 3.8 $ 8.5 10 4 8 1 18.9 4.6 97 9 9 9.3 6.3 8.2 25.7 27.3 4.4 42 44 4.1 5.4 45 3 1 5.2 3.8 4.4 4.4 3.5 $2.0 29 20 2.5 2.0 52 35 3.0 2.6 2.6 8.0 2.1 5.6 55 26 5.2 6.4 48 3 9 5.5 4.1 4.9 4.5 5.3 small number of loans unclassified by business of borrower. 973 MEMBER BANK LOANS TO SMALL BUSINESS tees, and also loans made under the provisions of the Servicemen's Readjustment Act (G.I. loans), accounted for a very small proportion (roughly one-half of 1 per cent) of all secured loans to small business. However, the few loans of this type outstanding on the survey date were substantially larger, on the average, than other types of secured loans. Moreover, variations in interest rates from one size or maturity of loan to another were relatively small, reflecting the effect of the rate limits established for this type of borrowing. Analysis of the survey data reveals that new small businesses, that is, those organized since 1942, not only had a larger proportion of secured loans than did small businesses organized in 1942 or before, but that the types of security pledged most frequently by the respective groups were not the same. Compared with the older businesses, the newer businesses made more frequent use of the endorsed or co-signed note and of inventories and equipment, and less frequent use of other types of security, including plant and other real estate, and stocks and bonds. Interest costs. As was noted in an earlier article on the loan survey, rates of interest paid on bank loans decreased as size of borrower increased.11 Thus, concerns with total assets of 5 million dollars or more paid on the average only 1.9 per cent per annum for bank credit while small businesses, as defined for purposes of this article, paid 4.5 per cent. As shown by Table 11, the average rate of interest paid by small business concerns varied markedly with the size of loan, ranging from 7.4 per cent on loans of less than $500 to 3.8 per cent on loans of $25,000 or more. Inasmuch as 28 per cent of the loans to small business involved amounts under $1,000, a considerable portion of their borrowing was at the higher rates, which averaged 7.4 per cent on loans of less than $500, and 6.8 per cent on loans of $500-$I,000. Variations from industry to industry in average interest rates for loans of the same size were not very great. The largest difference was for loans of $25,000 or more; average rates for loans of this size to construction concerns were 1.5 percentage points higher than for those to manufacturing and mining concerns. However, rates on individual loans varied considerably around the averages. For u Richard Youngdahl, "The Structure of Interest Rates on Business Loans at Member Banks/' Federal Reserve BULLETIN, July 1947, p. 807. 974 a loan of comparable size in any one industry, some small businesses borrowed at rates commensurate with those paid by larger concerns, while others paid rates well above the average for small TABLE 11 AVERAGE INTEREST RATES ON MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND SIZE OF LOAN 1 [Per cent per annum] Size of loan (In dollars) Business of borrower Less 1,000- 5,000- 10,000- 25,000 and than 500500 999 4,999 9,999 24,999 over Retail trade Wholesale trade Manufacturing and mining Public utilities (including transportation) Services Construction All other2 7.4 6.9 6.8 6.5 5.7 5.5 7.2 6.6 5.6 7.9 7.7 7.6 6.6 7.5 6.8 7.0 6.3 6.8 5.7 5.8 5.3 5.8 4.9 5.4 4.7 5.4 4.6 5.0 4.4 4.3 4.2 5.2 3.8 All business groups 7.4 6.8 5.7 4.9 4.5 3.8 5.0 4.8 4.2 3.9 4.7 4.4 3.7 1 2 See Table 1 for definition of small businesses. Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. businesses. As shown by Table 12, some small retail trade concerns borrowing from $1,000 to $5,000 paid less than 1 per cent per annum while others paid 10 per cent or more. For the most part, however, interest rates on loans of this size to small retailers were between 4 and 7 per cent. TABLE 12 MEMBER BANK LOANS OF $>l,000-$5,000 TO SMALL RETAIL TRADE CONCERNS, NOVEMBER 20, 1946, BY INTEREST RATE CLASS1 [Estimates of outstanding loans] Number of loans Interest rate classes (Per cent per annum) 0.0-0 9 1.0-1.9 2.0-2.9 3.0-3.9. 4 0-4 9 5.0-5.9 6.0-6.9 7.0-7.9 8.0-8 9 9.0-9.9 10.0 and over All loans . . In thousands Percentage distribution 0.2 (2) 07 32 18.1 23.7 39 2 26 5.3 0.5 7.1 0.2 C3) 07 32 18.0 23.6 39 0 26 5.3 0.5 7.0 100.6 100.0 1 2 See Table 3 Less than 1 for definition of small retail trade concerns. 50 loans. Less than 0.05 per cent. NOTE.—Detailedfiguresmay not add to totals because of rounding. FEDERAL RESERVE BULLETIN MEMBER BANK LOANS TO SMALL BUSINESS As shown by Table 13, interest rates paid on loans of $l,000-$5,000 by small business concerns in other industry groups were likewise concentrated about the average rates for loans of this size. Thus, when all loans of $l,000-$5,000 are arranged in order of magnitude of interest rates charged, the central or median loan for all industry groups combined was found to bear interest at the rate of 6.0 TABLE 13 INTEREST RATES FOR THE AVERAGE, MEDIAN, AND QUARTILE MEMBER BANK LOANS OF $1,000-$5,000 TO SMALL BUSINESS BY BUSINESS OF BORROWER [Per cent per annum] Business of borrower Rate of interest on Average interest First Third rate quartile Median quartile loan loan loan Retail trade Wholesale trade Manufacturing and mining. Public utilities (including transportation) Services Construction All other 2 5.7 5.5 5.6 5.0 5.0 5.0 6.0 5.0 6.0 6.0 6.0 6.0 6.8 5.7 5.8 5.3 5.0 4.0 5.0 4.0 6.0 6.0 6.0 5.0 8.0 6.0 6.0 6.0 All business groups. . 5.7 5.0 6.0 6.0 1 2 See Table 1 for definition of small businesses. Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—To obtain the quartiles and median, the loans of $1,000$5,000 for each business group were arranged according to their interest rates, starting with the lowest rate and progressing through the highest. The first quartile is that loan which separates the first fourth of the loans arranged by interest rates from the remaining three-fourths; the median, that loan which separates the first half from the second half; the third quartile, that loan which separates the first three-fourths from the remaining one-fourth. per cent. If the range is broadened to include onehalf of the loans on either side of the central or median loan, the lower limit or first quartile loan bore a 5.0 per cent interest charge, while the upper limit or fourth quartile loan bore an interest charge of 6.0 per cent. In all, over three-fifths of the loans of $l,000-$5,000 to small businesses bore interest rates between 5.0 per cent and 6-0 per cent inclusive. It was pointed out in an earlier article in this series that nearly all of the major types of secured loans to small businesses carried average interest rates below the average rates on unsecured loans.12 However, this may have reflected somewhat the differences in size of loan shown in Table 10. Thus, some types of secured loans bearing average rates of interest lower than those for unsecured loans were substantially larger in average size. In addition, it should be noted 12 Tynan Smith, "Security Pledged on Member Bank Loans to Business," Federal Reserve BULLETIN, June 1947, p. 670. AUGUST 1947 that two-thirds of the total number of secured loans to small business were endorsed or comaker notes, or were secured by equipment ot by plant and other real estate. These types of secured loans have average interest rates as high* as or higher than the average rates on unsecured! loans to small businesses in the same industry group. The fact that many secured loans to small business carried higher interest charges than manyunsecured loans indicates that security may often be requested when borrowers are in a weaker than average financial position. Variations in average interest rates on loans of different maturities to small business are shown in Table 14. Loans with original maturities of TABLE 14 MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY ORIGINAL MATURITY OF LOAN 1 [Estimates of outstanding loans] Original maturity of loan Average interest rate (Per cent per annum) Demand 6 months and under 6 months-1 year... 1-3 years 3-5 years 5-10 years Over 10 years 4.2 4.3 4.9 5.6 4.6 4,4 4.5 All maturities. , 4,5 1 See Table 1 for definition of small businesses. NOTE.—Detailedfiguresmay not add to totals because of rounding. one to three years have the highest average interest rates, (5.6 per cent) and demand loans the lowest (4.2 per cent). Roughly two-thirds of the total number of loans to small businesses had maturities at time of making of six months or less and bore rates of interest averaging around 4.3 per cent. Loans with maturities of more than three years bore somewhat lower average interest rates than those of intermediate maturity (six months to three years), though slightly higher rates than loans with original maturities of six months or less. The lower average interest rates on loans of longer maturity, which is somewhat surprising, is accounted for in part at least by the fact that many of the longer-term loans were large real estate loans which commercial banks obtained by offering terms similar to those offered by other financing institutions, while many of the loans of intermediate maturity were small equipment loans for which there were fewer lenders competing, 975 MEMBER BANK LOANS TO SMALL BUSINESS TABLE 15 MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT1 [Estimates of outstanding loans) All districts Business of borrower Boston New Phil- Cleve- Rich- AtYork adelphia land mond lanta Min- KanChiSt. sas cago Louis neapolis City San Dal- Franlas cisco Number of loans, in thousands Retail trade, total Food, liquor, tobacco, andfdrugs.. Apparel, dry goods, and department stores Home furnishings, metal products, and building materials Automobiles, parts, andfillingstations Allother 196.6 70.0 13.6 4.7 33.3 12.9 Wholesale trade, total Food, liquor, tobacco, and drugs.. Apparel and dry goods Home furnishings, metal products, and building materials Automobiles, parts, and petroleum. Allother Manufacturing and mining, total.... Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber All other Public utilities (including transportation) Services Construction All other 2 All business groups 13.6 4.2 17.0 6.1 10.9 3.9 12.3 4.6 24.6 8.6 8.8 3.3 6.7 2.2 10.3 3.5 10.8 3.5 34.6 12.4 24.0 2.0 5.2 1.8 1.7 1.8 1.8 2.4 0.9 0.8 1.0 1.1 3.5 42.8 2.5 6.4 2.9 3.7 2.0 2.6 5.5 2.1 1.5 2.6 2.3 8.8 33.7 26.0 2.3 2.1 4.8 4.1 2.7 2.0 2.7 2.8 1.7 1.5 2.0 1.4 4.1 3.9 1.7 0.8 1.4 0.8 1.9 1.3 2.4 1.6 6.1 3.7 72.7 25.1 7.1 5.7 2.1 0.6 13.8 3.3 3.2 4.2 1.7 0.3 4.5 1.6 0.2 4.6 1.8 0.5 5.5 2.1 0.5 7.1 2.6 0.4 2.9 1.1 0.2 1.6 0 5 0.1 4.6 1 6 0.3 4.1 1 6 0.2 14.1 5.3 0.7 18 6 7.5 14.4 1.7 0.5 0.9 3 3 0.8 3.2 0 9 0.5 0.7 1.2 0.4 1.1 1.3 0.5 0.6 1 4 0.6 1.0 1.8 0.7 1.7 0 6 0.4 0.6 0 3 0.3 0.3 1 3 0.7 0.7 1 0 0.6 0.8 3.8 1.5 2.9 100.7 14.1 13.8 24.3 7.1 0.5 1.3 2.2 19.0 1.2 7.3 3.7 6.2 0.7 0.9 1.3 7.6 1.0 0.2 2.5 5.7 1.0 0.6 0.8 6.0 1.2 0.5 0.7 11.6 1.7 0.6 4.6 4.6 1.0 0.3 0.7 2.4 0.4 0.1 0.7 4.3 0.8 0.1 0.9 5.9 0.9 0.4 1.2 20.3 3.8 1.4 5.1 11.0 37.6 0.5 2.6 1.0 5.7 1.3 2.0 1.5 2.4 0.8 2.5 0.4 3.3 0.5 4.1 0.9 1.7 0.1 1.2 1.3 1.1 2.2 1.3 0.6 9.5 27.1 61.0 26.9 29.3 2.5 5.5 2.0 2.3 3.3 11.3 4.0 5.1 2.2 3.2 1.6 1.6 2.4 4.1 1.4 3.5 2.0 3.3 1.3 2.2 0.8 3.2 1.5 3.1 3.0 7.1 3.0 2.8 1.7 2.3 1.0 0.8 1.2 2.3 1.0 0.7 1.8 4.3 1.9 0.8 1.0 3.1 2.1 3.3 5.2 11.1 6.1 3.3 514.3 38.7 89.8 32.6 40.4 30.0 32.5 59.1 22.1 16.0 27.9 30.4 94.7 $14 5 $ 25 8 $ 27 7 $ 80 30 Amount of loans, in millions Cn 7 2 2 3 5 6 7 13 5 3 6 6 20 7 8 6 6 3 Cn 10 9 5 2 3 1 4 4 Cn 4 14 7 29 13 2 28 12 1 40 20 4 58 22 9 76 29 Cn 50 13 3 11 4 1 39 17 3 39 14 4 147 79 5 26 6 29 6 3 4 8 2 9 3 Cn 14 5 9 18 5 19 4 2 28 2 2 2 10 4 C/l Cn 9 4 7 23 6 34 84 6 25 26 271 31 114 56 66 10 15 12 83 13 3 32 62 14 11 7 83 27 12 11 166 27 9 81 84 25 7 9 25 5 2 7 58 15 1 13 108 17 8 16 238 92 14 43 7 21 13 57 11 18 13 22 7 23 4 29 6 44 20 23 1 9 21 9 52 14 8 83 69 144 86 96 6 13 4 8 8 29 9 16 6 8 3 5 5 8 4 11 Cn All business groups 5 C/l Public utilities (including transportation) Services Construction Allother2 5 8 Cn Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber AH other $ 24 9 $ 30 9 8 5 8 3 10 6 11 7 15 9 9 5 5 3 4 2 6 3 2 6 10 7 3 3 7 10 7 14 24 23 11 S>2,888 $189 $545 $149 $182 $159 $201 $341 $173 $63 $147 $202 $537 $ 76 29 $ 33 11 $ 42 15 5 12 4 C/l Wholesale trade, total Food, liquor, tobacco, and drugs.. . Apparel and dry goods Home furnishings, metal products, and building materials Automobiles, parts, and petroleum. All other $ 59 21 $ 30 10 C/l $ 468 Retail trade, total Food, liquor, tobacco, and drugs.. . 165 Apparel, dry goods, and depart62 ment stores Home furnishings, metal products, 98 and building materials Automobiles, parts, and filling sta86 tions All other 58 13 5 4 12 10 697 273 89 45 18 9 135 32 43 139 45 152 ilO 4 163 351 1,327 281 220 313 $ 29 10 3 1 2 See Table 1 for definition of small businesses. Includes loans to salesfinancecompanies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. 976 FEDERAL RESERVE BULLETIN MEMBER BANK LOANS TO SMALL BUSINESS TABLE MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 16 1946, BY BUSINESS OF BORROWER AND T Y P E OF SECURITY * [Estimates of outstanding loans] Type of security Business of borrower Total UnEnSeAcPlant AsseInand Stocks counts Life signcured cured dorsed venEquip- other reand ment insurtories ment real bonds ceiv- ance coof estate able :laims2 maker Government par- Other ticipa- setion curity or guarantee Number of loans, in thousands Retail trade, total 196.6 Food, liquor, tobacco, and drugs 70.0 Apparel, dry goods, and department stores 24.0 Home furnishings, metal products, and building materials 42.8 Automobiles, parts, and filling sta33.7 tions 26.0 All other 81.4 115.2 25.4 44.6 23.5 8.0 10.7 1.5 33.0 16.4 24.1 10.1 9.8 3.5 1.1 0.1 6.8 2.5 4.6 1.9 6.3 0.1 1.2 0.4 13.1 10.9 3.6 0.3 1.4 1.9 1.7 0.1 1.3 0.5 19.7 23.1 4.9 4.2 5.1 3.8 2.0 0.6 1.3 0.9 11.6 11.6 22.1 14.5 3.7 3.3 3.2 1.6 5.6 4.5 6.4 1.9 1.2 1.4 0.1 0.2 0.7 1.0 0.8 0.5 0.1 (3) 0.2 0.1 Wholesale trade, total 72.7 Food, liquor, tobacco, and drugs... . 25.1 7.1 Apparel and dry goods Home furnishings, metal products, and building materials 18.6 7.5 Automobiles, parts, and petroleum.. 14.4 All other 30.4 9.9 3.1 42.3 15.3 4.0 8.9 3.2 1.3 8.1 3.9 0.6 6.9 2.6 0.1 5.1 2.0 5.6 1.6 0.9 2.5 0.3 0.3 2.3 0.8 0.3 2.2 0.5 0.2 0.1 () 0.7 0.2 0.1 7.8 3.3 6.3 10.7 4.2 8.1 2.2 0.7 1.5 1.5 0.4 1.7 1.6 1.2 1.4 1.1 0.8 0.8 1.4 0.5 1.1 1.3 0.1 0.5 0.6 0.2 0.5 0.7 0.2 0.5 0.1 Manufacturing and mining, total 100.7 14.1 Food, liquor, and tobacco 13.8 Textiles, apparel, and leather 24.3 Metals and metal products Petroleum, coal, chemicals, and 11.0 rubber 37.6 All other 39.9 5.2 6.5 9.7 60.8 8.9 7.3 14.7 11.1 1.1 2.7 2.1 6.1 2.9 0.3 1.4 13.4 1.5 0.5 3.2 9.3 1.7 0.7 2.5 7.7 1.0 1.6 1.7 4.6 0.1 0.7 1.9 2.4 0.2 0.4 0.5 4.7 0.2 0.3 0.8 0.8 0.1 0.2 (3) 0.2 0.8 0.1 0.1 0.3 3.6 14.9 7.4 22.6 1.2 4.1 0.2 1.3 1.4 6.9 1.0 3.5 0.8 2.5 0.3 1.6 0.3 0.9 2.2 1.2 0.1 0.3 0.1 0.2 Public utilities (inch transportation).. 27.1 61.0 Services 26.9 Construction 29.3 All other* 4.3 19.7 11.0 9.3 22.7 41.3 15.9 20.0 1.8 7.2 2.6 3.4 0.1 0.4 0.2 0.2 16.9 15.1 7.2 4.1 1.3 8.3 2.3 5.4 0.6 4.1 1.0 3.2 0.2 0.7 0.6 0.3 0.7 3.2 0.7 1.6 0.9 1.8 1.1 1.1 0.1 0.1 0.1 0.1 0.1 0.4 0.2 0.6 196.1 318.2 58.5 25.8 96.6 55.8 31.8 10.1 17.7 16.3 1.6 4.0 All business groups 514.3 0.1 0.3 Percentage distribution within each business group 5 28.7 36.8 21.0 22.6 8.5 7.8 1.0 0.3 5.9 5.6 4.0 4.2 0.3 0.3 1.1 1.0 2.3 12.6 17.5 15.7 0.8 11.7 4.6 0.3 1.2 18.2 22.1 16.5 8.6 2.6 5.5 3.8 0.2 1.5 14.5 10.7 25.3 31.4 29.2 13.0 5.4 9.5 0.5 1.6 3.3 6.8 3.7 3.5 0.3 0.3 0.9 0.8 21.0 20.9 32.5 19.1 25 A 16.0 16.3 17.2 2.4 12.0 13.4 6.0 13.1 10.8 22.7 5.9 1.9 6.6 5.5 5.2 6.6 5.1 3.6 5.7 0.3 0.3 1.6 1.3 1.5 57.8 55.9 56.3 20.7 16.7 18.2 13.6 9.5 21.2 14.8 27.9 17.4 10.6 20.1 9.8 12.9 13.1 13.1 12.5 2.0 6.3 5.8 4.5 5.6 6.5 5.0 6.0 0.6 0.3 0.2 0.9 2.3 39.6 37.1 47.3 39.7 60.4 62.9 52.7 60.3 18.3 12.3 36.9 14.1 10.0 32.7 4.6 9.4 22.0 16.4 7.0 21.5 15.2 19.0 9.6 16.7 12.6 11.7 21.7 11.9 7.6 1.7 10.2 12.9 3.9 2.6 5.5 3.7 7.7 1.9 3.7 5.8 1.3 0.7 0.3 2.1 1.3 1.1 0.7 1.9 32.4 39.8 67.6 60.2 16.4 18.1 2.3 5.9 18.2 30.6 12.9 15.3 10.9 11.1 3.4 7.0 4.1 4.1 29.6 5.3 0.7 1.5 1.4 1.1 16.0 32.3 41.0 31.8 84.0 67.7 59.0 68.2 7.9 17 A 16.3 17.1 0.4 0.9 1.3 1.1 74.6 36.5 45.3 20.4 5.9 20.2 14.5 26.9 2.6 9.9 6.0 15.9 1.1 1.8 3.8 1.5 2.9 7.8 4.3 8.2 3.9 4.3 7.0 5.5 0.3 0.3 0.5 0.3 0.4 1.0 1.2 3.2 38.1 61.9 18.4 8.1 30.4 17.5 10.0 3.2 5.6 5.1 0.5 1.3 100.0 100.0 41.4 36.2 58.6 63.8 20.4 18.0 100.0 54.5 45.5 33.3 100.0 46.1 53.9 21.1 100.0 100.0 34.5 44.4 65.5 55.6 16.8 22.5 Wholesale trade, total 100.0 Food, liquor, tobacco, and drugs.. . . 100.0 100.0 Apparel and dry goods Home furnishings, metal products, 100.0 and building materials Automobiles, parts, and petroleum.. 100.0 All other 100.0 41.8 39.3 43.4 58.2 60.7 56.6 42.2 44.1 43.7 Manufacturing and mining, total 100.0 Food, liquor, and tobacco 100.0 100.0 Textiles, apparel, and leather 100.0 Metals and metal products Petroleum, coal, chemicals, and 100.0 rubber 100.0 All other Retail trade, total...: Food, liquor, tobacco, and drugs... . Apparel, dry goods, and department stores Home furnishings, metal products, and building materials Automobiles, parts, and filling stations All other Public utilities (including transportation) 100.0 Services 100.0 Construction 100.0 100.0 Allother4 All business groups 100.0 9.3 3.4 1 2 See Table 1 for definition of small businesses. Includes oil runs. » Less than 50 loans. * Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. * The third column shows secured loans as percentages of all loans to small businesses in the specified business group. to the distribution of secured loans given in the columns to the right, this column represents 100 per cent. NOTE.—Detailed figures may not add to totals because of rounding. AUGUST 1947 In relation 977 TRANSACTIONS IN GOLD AT PREMIUM PRICES1 It is well known that active speculative markets in gold exist in various foreign countries. For the most part, these markets are illegal, though in a few instances importation or sale of gold is legal or is tolerated. Under present circumstances gold is traded in many foreign centers, often against United States dollars, at prices above monetary parities. The premiums differ from one center to another, so that speculators can make large profits by purchasing gold in one foreign market and selling it in another. The International Monetary Fund recently issued a statement2 deprecating international dealings in gold at premium prices, and requesting member countries to take such action as they can within 3 Joint statement issued on July 18 by the Secretary of the Treasury and the Board of Governors of the Federal Reserve System. 2 See Federal Reserve BULLETIN for July 1947, p. 851. their jurisdictions to prevent such dealings. The Fund emphasized that these transactions tend to undermine exchange stability and cause gold to flow into private hoards rather than into monetary reserves. Furthermore, in countries where the gold is sold, payment is often made with dollars illegally acquired or held. Moreover, foreign exchange which otherwise could be used for sorely needed imports is diverted to the purchase of gold for private hoards. In view of these circumstances, and on genera] grounds of the national policy, the Treasury Department and the Board of Governors of the Federal Reserve System request American individuals, banks and business enterprises to refrain fr6m encouraging and facilitating this traffic and in particular to refrain from extending the use of their facilities and funds for the carrying out of such transactions. TERMINATION OF RATION BANKING PROGRAM The Ration Banking Program inaugurated in 1943 as a part of the general ration control program was terminated effective July 1, 1947. Since June 30, ration banking activity in the banks has been limited to the clearance of a small number of ration checks which failed to clear to the bank on which drawn prior to the closing date and to the rendering of final statements and reports. The Ration Banking Plan, as described in the Federal Reserve BULLETIN for February 1943, was developed by the Office of Price Administration with the cooperation of Federal and State bank supervisory authorities, the American Bankers Association, and representative bankers. After having been tested in 33 banking offices in the AlbanyTroy-Schenectady area of New York, the Plan was placed in operation on a nation-wide basis in January 1943. Under ration banking, ration stamps, coupons, certificates, tokens, and other ration evidences taken in by storekeepers, wholesalers, and other sellers of rationed commodities in the course of business from their customers were deposited with the participating banks to the credit of the ration accounts of the depositors. Ration bank accounts were handled in much the same manner as regular bank 978 accounts except that they were kept in units of measure instead of units of value. The ration depositor drew ration checks on his ration account in favor of his supplier of goods. The general public did not participate in ration banking. In addition to the thousands of commercial banks participating in the ration banking program, the facilities of the Federal Reserve Banks and their 24 branches were used in effecting the clearance of ration checks. In a letter dated June 4, 1947, addressed to all banks participating in ration banking, Irvin L. Rice, Acting Administrator of the Sugar Rationing Administration, United States Department of Agriculture, in announcing the termination of the ration banking program, stated: "The activities of those banks which participated in ration banking will, I feel confident, be recorded in history as an outstanding contribution to the war effort. The people are greatly indebted to the Nation's banking institutions for the major parts they played in assisting in the equitable distribution of scarce commodities. Their participation in the Ration Banking Program has been an important cog in the rationing system. I wish to take this opportunity to express my persona! gratitude to them." FEDERAL RESERVE BULLETIN LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit Authorization to Continue Regulation By Joint Resolution of Congress approved August 8, 1947, the authority of the Board of Governors of the Federal Reserve System to exercise regulatory control of consumer credit was continued for a temporary period. Under this law, such control cannot be exercised after November 1, 1947. The text of the Joint Resolution and an accompanying statement issued by the President are set forth [PUBLIC LAW 386—80TH CONGRESS] [CHAPTER 517—1ST SESSION] [S. J. RES. 148] JOINT RESOLUTION To authorize the temporary continuation of regulation of consumer credit. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That after November 1, 1947, the Board of Governors of the Federal Reserve System shall not exercise consumer credit controls pursuant to Executive Order Numbered 8843, and no such consumer credit controls shall be exercised after such date except during the time of war beginning after the date of enactment of this joint resolution or any national emergency declared by the President after the date of enactment of this joint resolution. Approved August 8, 1947. STATEMENT BY THE PRESIDENT August 8, 1947 # I have today approved the Joint Resolution of Congress (S. J. Res. 148) authorizing continuation of regulation of consumer instalment credit until November 1, 1947. I regret that the Congress did not see fit to follow the recommendation of the Federal Reserve Board and of the Council of Economic Advisers, in which I fully concurred, by enacting legislation to provide for continuing as long as necessary regulation of consumer credit as a means of helping to promote economic stability. It is unfortunate that the Congress did not provide for restraints on overexpansion of instalment credit in order to diminish inflationary pressures arising from this source. AUGUST 1947 Continuation for the next three months of present controls, as now provided under Regulation W of the Federal Reserve Board, has, however, been permitted and implied by the Congress and this is preferable to immediate abandonment of these restraints. For that reason I have signed the Joint Resolution. Not only during the next three months while the controls remain in full force and effect but for an indefinite period thereafter, it will be in the public interest for every merchant and financial agency extending instalment credit to avoid undue relaxation of terms. It will be far better to reduce prices rather than to relax terms in seeking new customers. Self-restraint on the part of those who use credit as well as upon the part of those who extend it will reduce the danger of an overexpansion of instalment credit which would inevitably be followed by severe contraction, thereby contributing to unemployment and to reduced production. Cost of Federal Reserve Branch Bank Buildings Under a provision of Section 10 of the Federal Reserve Act, the cost of a branch bank building of a Federal Reserve Bank, exclusive of the cost of vaults, permanent equipment, furnishings, and fixtures, is limited to $250,000. This provision was amended by Act of Congress approved July 30, 1947, to provide that the limitation shall not apply as long as the aggregate of such costs incurred by all Federal Reserve Banks for branch bank buildings with the approval of the Board of Governors does not exceed $10,000,000. The text of the Act is as follows: [PUBLIC LAW 262—80TH CONGRESS] [CHAPTER 352—1ST SESSION] [S. 1519] AN ACT To amend Section 10 of the Federal Reserve Act, as amended, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the ninth paragraph of Section 10 of the Federal Reserve 979 LAW DEPARTMENT Act, as added by the Act of June 3, 1922, and amended by the Act of February 6, 1923 (U. S. C , title 12, sec. 522), is hereby amended by changing the period at the end thereof to a colon and by adding the following proviso: "Provided further, That the cost as above specified shall not be so limited as long as the aggregate of such costs which are incurred by all Federal Reserve banks for branch bank buildings with the approval of the Board of Governors after the date of enactment of this proviso does not exceed $10,000,000." Approved July 30, 1947. Cancellation of Stock of Federal Deposit Insurance Corporation By Act of Congress approved August 5, 1947, provision was made for the retirement and cancellation of the capital stock of the Federal Deposit Insurance Corporation, including both that subscribed to by the United States and that subscribed to by the Federal Reserve Banks. The amount received by the Corporation for such stock is to be paid in both instances to the Treasury of the United States. The Act also increased the compensation of directors of the Corporation and authorized the Secretary of the Treasury to loan to the Corporation such funds as are required for insurance purposes, not to exceed $3,000,000,000 outstanding at any one time. The text of the Act is as follows: [PUBLIC LAW 363—80TH CONGRESS] [CHAPTER 492—1ST SESSION] [S. 1070] AN ACT To provide for the cancellation of the capital stock of the Federal Deposit Insurance Corporation and the refund of moneys received for such stock, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal Deposit Insurance Corporation is directed to retire its capital stock by paying the amount received therefor (whether received from the Secretary of the Treasury or the Federal Reserve Banks) to the Secretary of the Treasury as hereinafter provided, to be covered into the Treasury as miscellaneous receipts. As soon as practicable after the enactment of this Act, the Corporation shall pay to the Secretary so much of its capital and surplus as is in excess of $1,000,000,000. The balance of the amount to be paid to the Secretary shall be paid in units of $10,000,000 except that the last unit to be paid may be less than $10,000,000. Each unit shall be paid as soon as it may be paid without reducing. the capital and surplus of the Corporation below $1,000,000,000. As each payment is made a corresponding amount of the capital stock of the Corporation shall be retired and canceled and the receipt or certificate therefor shall be surrendered or endorsed to show such cancellation. The stock subscribed by the various Federal Reserve Banks shall be retired and canceled, pro rata, before the stock subscribed by the Secretary is retired and canceled. 980 SEC. 2. Section 12B(d) of the Federal Reserve Act, as amended (U. S. C , title 12, sec. 264(d)), is hereby repealed. SEC. 3. Section 12B(b) of the Federal Reserve Act, as amended (U. S. C , title 12, sec. 264(b)), is amended by striking out "$10,000" and inserting in lieu thereof "$15,000." SEC. 4. Section 12B(o) of the Federal Reserve Act, as amended (U. S. C , title 12, sec. 264(o)), is amended to read as follows: "(o) The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, such funds as in the judgment of the Board of Directors of the Corporation are from time to time required for insurance purposes, not exceeding in the aggregate $3,000,000,000 outstanding at any one time: Provided, That the rate of interest to be charged in connection with any loan made pursuant to this paragraph shall not be less than the current average rate on outstanding marketable and nonmarketable obligations of the United States as of the last day of the month preceding the making of such loan. For such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of the sale of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under the Second Liberty Bond Act, as amended, are extended to include such loans. Any such loan shall be used by the Corporation solely in carrying out its functions with respect to such insurance. All loans and repayments under this section shall be treated as public-debt transactions of the United States." Approved August 5, 1947. Common Trust Funds Acquisition of Interest in Participations The Board was recently advised by a bank that it occasionally makes loans to the trustors of revocable living trusts secured by assignments of their interests in the trusts. The bank inquired whether, when such a loan is made to the trustor of a trust which holds participations in the common trust fund operated by the bank, the bank acquires an interest in such participations within* the meaning of the following provisions of section 17(a) of Regulation F: "(2) A bank administering a Common Trust Fund shall not invest any of its own funds in such Common Trust Fund and if a bank, because of a creditor relationship or any other reason, acquires any interest in a participation in a Common Trust Fund under its administration the participation shall be withdrawn on the first date on which such withdrawal can be effected in accordance with the provisions of this section;" The Board is of the opinion that a loan such as FEDERAL RESERVE BULLETIN LAW DEPARTMENT only if the broker borrows the securities for the purpose specified in the provision, that is, "for the purpose of making delivery of such securities in the case of short sales, failure to receive securities he is required to deliver, or other similar cases." The present language of the provision does not require that the delivery for which the securities are borrowed must be on a transaction which the borrower has himself made, either as agent or as principal; "The Trust Company shall not be deemed he may borrow under the provision in order to to have acquired an interest in a participation relend to someone else for the latter person to make in the common fund by reason of an advance to such a delivery. However, the borrowing must be the trust holding such participation (1) if the related to an actual delivery of the type specified— Trust Company is not entitled to reimbursea delivery in connection with a specific transaction ment out of the principal of the participating that has already occurred or is in immediate prostrust, or (2) if the advance is adequately sepect. The provision does not authorize a broker cured by assets of the participating trust other to borrow securities (or make the related deposit) than the participation in the common fund." merely in order that he or some other broker may The Board believes that the same principles ap- have the securities "on hand" or may anticipate ply to loans of the character described above, and some need that may or may not arise in the future. that this is as liberal an interpretation of the ReguThe ruling in the 1940 Federal Reserve BULLETIN, lation as can be justified. Under the facts pre- at page 647, is an example of a borrowing which, sented, it appears that the bank could resort to the on the facts as given, did not meet the requirement. principal of the participating trusts to collect the There, the broker wished to borrow stocks with loans. Accordingly, in making such a loan, the the understanding that he "would offer to lend this bank acquires an interest in participations in the stock in the 'loan crowd' on a national securities common trust fund, within the meaning of the exchange." There was no assurance that the stocks Regulation, unless the loan is adequately secured by would be used for the purpose specified in section assets other than such participations. 6(h); they might be, or they might merely be held idle while the person lending the stocks had the Margin Requirements use of the funds deposited against them. The ruling Borrowing of Securities held in effect that since the borrowing could not The Board of Governors has been asked for a qualify under section 6(h) it must comply with ruling as to whether section 6(h) of Regulation T, other applicable provisions of the Regulation. The second requirement is that the deposit of which deals with borrowing and lending of securities, applies to a borrowing of securities if the cash against the borrowed securities must be "bona lender is a private individual, as contrasted with a fide." This requirement naturally cannot be spelled member of a national securities exchange or a broker out in detail, but it requires at least that the purpose of the broker in making the deposit should be to obor dealer. Section 6(h) does not require that the lender tain the securities for the specified purpose, and that of the securities in such a case be a member of a he should not use the arrangement as a means of acnational securities exchange or a broker or dealer. commodating a customer who is seeking to obtain Therefore, a borrowing of securities may be able to more funds than he could get in a general account. The Board recognizes that even with these requalify under the provision even though the lender is a private individual, and this is true whether the quirements there is still some possibility that the security is registered on a national securities ex- provision may be misapplied. The Board is rechange or is unregistered. In borrowing securities luctant to impose additional burdens on legitimate from a private individual under section 6(h)> how- transactions by tightening the provision. If there ever, it becomes especially important to bear in mind should be evidence of abuses developing under the provision, however, it would become necessary to two limitations that are contained in the section. The first limitation is that the section applies consider making it more restricted. that described may cause the bank to have an interest in participations in the common trust fund, within the meaning of Regulation F, even though there has been no default on the loan. The Board has heretofore expressed the opinion that a plan for the operation of a common trust fund which contained the following provision is not in conflict with Regulation F: AUGUST 1947 981 CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Reprints Reprints of BULLETIN articles and other current releases regularly issued by the Board are listed on pages 1066-69 of this issue, together with the usual list of Board publications. The list of all available reprints and releases will be repeated at semiannual intervals. A select list, including current additions, will be included in all intervening issues. Many of the reprints listed in this issue of the BULLETIN are of articles which were published many years ago and are now primarily of historical or educational interest. Available supplies of these, some of which are limited, will be retained for distribution on request only through October 1947. These reprints are indicated with an asterisk. Others will be retained for longer periods. Copies of reprints may be obtained by writing to the Division of Administrative Services, Board 982 of Governors of the Federal Reserve System, Washington 25, D. C. 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, 1947 to July 15, 1947: Alabama Tuskegee—Alabama Exchange Bank Idaho Mackay—American State Bank Texas Hereford—Hereford State Bank FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 28, and released for publication July }Q] Industrial production declined somewhat further in June and the early part of July. Value of retail trade continued to show little change, after allowance for seasonal changes. Prices of commodities traded in the organized markets generally advanced and prices of coal and iron and steel were increased. Contraction in nondurable goods production continued in June, reflecting chiefly earlier declines in domestic demands for these goods as well as some slackening in export demands. Further reductions in output in the textile industry accounted for most of the decline in June, but there were also decreases in activity in most other nondurable goods lines INDUSTRIAL PRODUCTION except meat packing, petroleum refining, and newsTotal output of manufactures and minerals, as print consumption. Production of minerals decreased somewhat in measured by the Board's seasonally adjusted index, June as a decline in production of bituminous coal which reached a postwar peak of 190 per cent of more than offset gains in output of anthracite and the 1935-39 average in March, had declined to 183 crude petroleum. by June and a further reduction is indicated in July. EMPLOYMENT Durable goods production continued to decline slightly in June, reflecting mainly further small Employment in most types of nona^,-'cultural reductions in demand for various metals and metal establishments continued to show little change in products and building materials. Automobile pas- June, after allowance for seasonal changes. Further senger car production, however, which has been reductions in employment in the textile and rubber limited by the available supply of steel sheets, industries were offset by increased employment in increased in June. In July the rate of automobile automobile plants and in some nonmanufacturing production was reduced again, reflecting partly a lines. temporary curtailment in supplies of steel. ProducCONSTRUCTION tion of steel was curtailed in the early part of July Value of construction contracts awarded, as reas a result partly of uncertainties surrounding the ported by the F. W. Dodge Corporation, declined signing of a new wage contract in the bituminous 10 per cent from May to June, reflecting chiefly a coal industry, but at the end of July steel operations again were scheduled at a rate of 94 per cent of further decrease in awards for most types of private capacity. CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION MILLIONS OF DOLLARS PHYSICAL VOLUME: SEASONALLY ADJOSTEP", 1 9 3 5 - 3 i J 1339 J / 1940- // 1944 / \ \ I/r 1942 Federal Reserve index. for June. AUGUST 1947 r - 1943 1944 1945 - (946 1947 Monthly figtwres, latest shown are 1939 1941 1943 1945 1947 1941 1943 J945 1947 F. W. Dodge Corparsttcm data for 37 Easter® States. Nonresidential includes awards for buildings and pttbiic works and utilities. Monthly figures, latest shown are for June. 983 NATIONAL SUMMARY OF BUSINESS CONDITIONS construction. Awards for public construction, following increases in earlier months of the year, showed little change. New dwelling units started, according to preliminary estimates of the Bureau of Labor Statistics, continued to increase in June and amounted to 75,000 units as compared with 65,000 in June 1946. DISTRIBUTION TREASURY FINANCE AND BANK CREDIT Department store sales in June and the first three weeks of July showed about the usual seasonal decline and were 6 per cent greater than in the same period last year. The Board's seasonally adjusted index of sales was about 290 per cent of the 1935-39 average in May and June as compared with 270 during the first four months of the year. Value of sales at most other retail stores, after allowance for seasonal changes, has been slightly lower in recent months than during the first quarter of the year. Despite a marked expansion in grain shipments in June ?nd the early part of July, total loadings of railroad revenue freight declined considerably, reflecting the temporary curtailment in coal shipments in this period and a further decline in shipments of manufactured goods. COMMODITY PRICES Prices of commodities traded in the organized markets generally advanced somewhat in June and the early part of July. Prices of coal, pig iron, and various steel products were also increased in this period. Wholesale prices of chemicals and some CONSUMERS' PRICES PER CENT other products were reduced. Toward the end of the month prices of wheat and cotton declined considerably. Retail prices of foods increased somewhat in June and the consumers' price index of the Bureau of Labor Statistics, at 157 per cent of the 1935-39 average, was slightly above the March peak. On July 2, the Federal Open Market Committee of the Federal Reserve System directed the Federal Reserve Banks to terminate the policy of buying all bills offered at the fixed rate of % per cent and to terminate the repurchase option privilege on Treasury bills; the new policy applied to bills issued on or after July 10. The average rates bid on the weekly bill offerings rose to .74 per cent for the issue of July 24. Additions to monetary gold stock during June and the first three weeks of July, together with a return flow of currency from circulation during July following a seasonal increase prior to July 4, resulted in a growth in member bank reserve balances. Required reserves increased, reflecting a further growth in deposits at member banks. Commercial and industrial loans at banks in leading cities outside New York increased somewhat between early June and mid-July, following a decline which had been in progress since early April. Real estate and consumer loans continued to increase. Government security holdings at banks in leading cities increased by over 600 million dollars between June 4 and July 16 with most of the additions at New York City banks. 1935-39-100 MEMBER BANK RESERVES AND RELATED ITEMS .IONS OF DOLLARS 1939 1940 1941 1942 1943 1944 1945 1946 1947 Bureau of Labor Statistics' indexes. "All items" includes housefurnishings, fuel, and miscellaneous groups not shown separately. Midmonth figures, latest shown are June for food and all items, May for clothing and rent. 984 1940 1941 1942 1943 1944 1945 1946 .947 Wednesday figures, latest shown are for July 23. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements Federal Reserve Bank statistics. Guaranteed war production loans Deposits and reserves of member banks Money in circulation Gold stock; bank debits and deposit turnover Deposits and currency; Postal Savings System; bank suspensions.... All banks in the United States, by classes All insured commercial banks in the United States, by classes Weekly reporting member banks Commercial paper, bankers' acceptances, and brokers' balances. . Money rates and bond yields Security prices and new issues Corporate earnings and dividends.. Treasury finance Government corporations and credit agencies Business indexes Department store statistics. . 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 books. . Number of banking offices in the United States. . Member bank operating ratios, 1946. ... Earnings and expenses of Federal Reserve Banks for six-month period ended June 30, 1947.. 987 988 989-993 993 993-994 995-996 996 997 998-999 1000-1001 1002-1005 1006 1007 1008-1009 1010 1011-1013 1014 1015-1024 1025-1027 1028-1030 1031 1032 1033 1034 1035-1039 1040 1041-1043 1044 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. AUGUST 1947 985 'MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS WEDNESDAY FIGURES MONEY IN CIRCULATION MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1939 1940 1941 1942 1943 1944 1945 1946 1947 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 15 10 10 1939 1940 194! 1942 1943 1944 Wednesday figures, latest shown are for July 23. 986 (945 [946 1947 See p. 987. FEDERAL RESERVE BUIXETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U . S . Government securities Discounts and advances Total Date Treasury bills and certificates All other Al! other 1 Total Gold stock TreasOther Treasury deFedury Money Treas- posits Nonury eral curmemwith in circash Federal ber de- Rerency culaholdserve outRetion posits ings acstandserve counts ing Banks Member bank reserve balances Total Excess1 Monthly averages of daily figures: 1946—Apr. . . . May June 1947—Apr May June 433 212 245 208 130 162 22,260 22,699 23,152 22,104 21,782 21.658 19,855 20,076 20,570 20,998 20,686 20,561 2,406 2,623 2,582 1,105 1,096 1,097 376 458 503 411 372 397 23,070 23,369 23,900 22,722 22,284 22,217 20,252 20,246 20,267 20,586 20,865 21,092 4,510 4,534 4,536 4,558 4,559 4,560 27,923 27,978 28,140 28,185 28,158 28,236 2 ,261 2 ,263 2 ,266 1 ,329 1 ,340 1 ,339 448 1,120 556 1,074 686 1,053 723 1,060 612 993 950 557 550 551 561 639 627 632 15,531 1,024 15,727 956 15,996 943 15,931 833 784 15,978 16,154 785 End-of-month figures: 1946—Apr. 30 May 31 June 29 1947—Apr. 30 May 31 June 30 279 254 157 125 179 70 22,732 22,932 23,783 21,857 22,088 21,872 20,166 20,291 21,280 20,752 20,984 20,775 2,566 2,641 2,503 1,105 1,105 1,097 346 331 516 223 471 228 23,357 23,518 24,456 22,205 22,738 22,170 20,251 20,242 20,270 20,774 20,933 21,266 4,537 4,535 4,539 4,561 4,558 4,552 27,885 28,120 28,245 28,114 28,261 28,297 2 ,263 2 ,257 2 ,251 1 ,329 : ,330 ,314 679 846 833 619 728 756 881 547 553 561 627 629 629 959 15,606 807 15,653 16,123 1,112 654 15,826 991 16.238 738 16,112 Wednesday figures: 1946—Sept. 4 Sept. 1 1 . . . . Sept. 18. . . . Sept. 2 5 . . . . 291 250 262 294 23,387 23,291 23,421 23,866 22,036 21,940 22,070 22,515 1,351 1,351 1,351 1,351 332 395 541 425 24,011 23,935 24,224 24,585 20,284 20,288 20,288 20,301 4,543 4,545 4,545 4,547 28,506 28,499 28,453 28,448 2 ,281 2 ,280 2 ,265 2 ,279 293 199 359 928 1,188 1,122 1,111 1,212 581 581 588 590 15,989 16,086 16,280 15,975 778 754 872 724 Oct. 2 . . . . Oct. 9 Oct. 16. .. Oct. 2 3 . . . . Oct. 3 0 . . . . 218 271 254 248 238 23,555 23,502i 23,418 23.056 23,608 22,126 22,074 21,973 21,610 22,162 1,428 1,428 1,445 1,445 1,445 368 275 480 332 256 24,140 24,048 24,152 23,636 24,101 20,306 20,305 20,304 20,388 20,399 4,546 4,544 4,545 4,546 4,548 28,526 28,608 28,597 28,585 28,588 1 ,301 2 ,270 1 ,274 2.,270 2 ,285 357 483 524 369 462 1,045 597 598 596 595 595 16,166 16,019 16,142 15,779 16,111 934 766 855 435 737 Nov. Nov. Nov. Nov. 6 13 20 27.... 376 397 330 283 23,515 22,020 1,494 23,684 22,105 1,578 23,522 21,933 1,588 23,682 22,093 1,588 216 484 463 451 24,107 24,565 24,314 24,416 20,405 20,420 20,461 20,469 4,548 4,548 4,548 4,548 28,750 28,761 28,689 28,815 >,276 1' 2 9 4 2,285 2,271 408 577 633 665 1,044 1,021 953 599 599 597 598 16,060 16,259 16,098 16,131 637 838 618 643 Dec. Dec. Dec. Dec. Dec. 4.... 11... 18... 24 31... 246 290 303 340 163 23,888 24,128 23,211 23,722 23,350 22,239 22,479 22,102 22,613 22,241 1,648 1,648 1,109 1,109 1,109 452 378 815 815 581 24,585 24,796 24,328 24,877 24,093 20,477 20,450 20,477 20,527 20,529 4,550 4,551 4,554 4,554 4,562 28,906 28,946 29,109 29,163 28,952 2,288 2,270 2,208 2,258 2,272 679 626 237 547 393 917 875 770 848 822 600 601 609 612 607 16,222 16,479 16,517 16,530 16,139 669 874 656 913 562 1947—Jan. 8 . . . . Jan. 1 5 . . . . Jan. 2 2 . . . . Jan. 29 247 243 238 317 23,733 23,327 23,430 23,863 22,624 22,218 22,322 22,754 1.109 1,109 1,109 1,109 396 536 533 335 24,375 24,105 24,201 24,514 20,531 20,567 20,692 20,808 4,561 4,560 4,559 4,559 28,748 28,518 28,369 28,265 2,281 2,291 2,295 2,325 401 409 862 966 967 1,536 1,004 1,021 614 615 613 612 16,457 16,431 16,308 16,124 903 850 726 663 Feb. 5 . . . . Feb. 12 Feb. 1 9 . . . Feb. 2 6 . . . 278 393 342 392 23,412 23,803 23,918 24,044 22,303 22,694 22,773 22,861 1,109 1,109 1,145 1,183 359 442 414 326 24,050 24,638 24,674 24,761 20,749 20,751 20,770 20,322 4,559 4,558 4,556 4,556 28,295 28,346 28,276 28,262 2,320 2,335 2,324 1 ,381 1,162 863 938 1,711 649 2,358 2,372 1,218 622 623 623 624 16,095 15,994 15,770 15,781 761 779 614 703 Mar. Mar. Mar. Mar. 239 23,242 237 23,247 234 22,411 22,044 22,050 21,306 287 22,810 21,704 1,198 1,198 1,105 1,105 323 295 402 390 23,804 23,780 23,047 23,486 20,376 20,403 20,413 20,438 4,557 4,557 4,557 4,556 28,335 28,330 28,242 28,170 1,331 1,335 1,335 1,355 1,407 1,429 1,108 1,172 1,148 1,600 1,060 626 627 636 637 15,930 15,847 15,943 15,658 800 718 673 559 1,093 1,033 642 641 641 643 627 15,540 15,934 15,987 15,820 15,826 563 886 844 658 654 5 12 19 26 920 868 972 1,006 967 713 20,833 21,171 20,800 20,724 20,752 1,105 1,105 1.105 1,105 1,105 391 339 468 259 223 22,758 22,893 22,474 22,230 22,205 20,486 20,497 20,583 20,621 20,774 4,557 4,559 4,558 4,558 4,561 28,247 28,250 28,163 28,105 28,114 1,333 1,336 1,332 ]1,338 L.329 946 753 613 482 619 102 139 117 130 21,852 21,762 21,676 21,590 20,747 20,671 20,589 20,485 1,105 1,091 1,087 1,105 276 331 278 299 22,230 22,233 22,071 22,019 20,811 20,878 20,888 20,932 4,560 4,559 4,559 4,561 28,197 28,134 28,116 28,211 1,328 1,337 1,338 1,372 654 556 539 751 1,066 957 846 626 628 626 626 15,877 15,949 15,942 15,705 654 787 752 520 173 175 132 132 21,760 20,664 1,097 21.578 20,482 1,097 21,186 20,089 1,097 21,582 20,485 1,097 301 287 479 343 22,234 22,040 21,797 22,057 20,990 21,026 21,123 21,174 4,561 4,561 4,561 4,553 28,261 28,253 28,195 28,183 1,366 L.332 1,333 1,329 653 495 225 642 956 889 857 915 629 629 632 636 15,921 16,028 16,241 16,081 626 667 750 674 110 120 99 118 21,629 21,611 21,758 21,700 1,097 1,097 1,095 1,095 406 304 391 275 22,145 22,035 22,248 22,093 21,284 21,336 21,434 21,467 4,559 4,551 4,550 4,550 28,409 28,363 28,225 28,145 1,325 1,329 1,331 1,330 658 566 756 939 977 844 952 818 631 631 631 633 15,988 16,190 16,336 16,244 526 670 P8O3 P69S 429 277 101 141 125 May 7 . . . May 14 May 21 May 28 June June June June July 2 . . . July 9 . . . July 16. .. July 2 3 . . . 866 1,250 1,025 1,044 21,938 22,276 21,905 21,829 21,857 Apr. 2 Apr. 9 Apr. 16 Apr. 2 3 . . . . Apr. 30 4. . . . 11 18 25 1,166 C 20,532 20,515 20,663 20,605 879 1,021 1,025 918 c p Preliminary. Corrected. Includes industrial loans and acceptances purchased shown separately in subsequent tables. End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 1 AUGUST 1947 987 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 Other secured advances [Sec. 10(b)] Effective Rate Effective Apr. 27,1946 Apr. 25,1946 Apr. 25,1946 May 3, 1946 May 10, 1946 May 10, 1946 Apr. 26,1946 Apr. 26,1946 Apr. 26,1946 Apr. 27,1946 May 10, 1946 Apr. 25,1946 IK IK IK IK IK IK IK IK IK IK IK IK Oct. 27,1942 Oct. 30, 1942 Oct. 17, 1942 Sept. 12,1942 Oct. 28,1942 Oct. 15, 1942 Aug. 29, 1942 V Mar. Oct. Oct. Oct. Oct. 2 2 2 2 2 Rate Boston New Y o r k . . . . Philadelphia.. Cleveland.... Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Effective Rate Mar. 29, 1946 Apr. 6, 1946 Mar. 23, 1946 Mar. 9, 1946 Mar. 16, 1946 Mar. 16, 1946 Mar. 16, 1946 Mar. 16, 1946 Mar. 23, 1946 Apr. 13, 1946 Mar. 16, 1946 Apr. 25, 1946 2 14,1942 30,1942 27,1942 17,1942 28,1942 2K 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] Rate on July 31 Maturity Treasury bills issued prior to July 10, 1947 Bankers' acceptances: 1- 90 days 91-120 days 121-180 days In effect beginning— l H Previous rate FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect July 31. Per cent per annum] To industrial or commercial businesses Apr. 30, 1942 1 1 1 2 Aug. 24, 1946 22 Aug. 24, 1946 Oct. 20, 1933 i Federal Reserve Bank 1 2 Prior to July 10, 1947, rate applied to all outstanding Treasury bills. Date on which rate became effective at the Federal Reserve Bank of New York. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Net demand deposits1 Central reserve city banks Period in effect June 2 1 , 1917-Aug. 15, Aug. 16, 1936-Feb. 28, Mar. 1, 1937-Apr. 30, 1, 193 7-Apr. 15, May Apr. 16, 1938-Oct. 3 1 , Nov. 1, 1941-Aug. 19, Aug. 20, 1942-Sept. 13, Sept. 14, 1942-Oct. 2, Oct. 3 , 1942 and after 1936.. 1937.. 1937.. 1938.. 1941.. 1942.. 1942.. 1942.. 13 19K 22K 26 22^ 26 24 22 20 Time deposits Reserve Country (all city banks member banks banks) 10 15 7 17K 4K 14 12 14 14 14 14 6 5 6 6 6 6 12 yi 20 17K 20 20 20 20 3 IOK 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. Boston New York... Philadelphia. Cleveland. . . Richmond... Atlanta Chicago St. Louis Minneapolis. Kansas City. Dallas San Francisco 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 On commitments Portion for which institution is obligated Remaining portion On commitments K-l MARGIN REQUIREMENTS * [Per cent of market value] Prescribed in accordance with Securities Exchange Act of 1934 2K 2K 2K 2K Regulation T : For extensions of credit by brokers and dealers on listed securities 2K 2K 2K 2K 1 Regulation U: For loans by banks on stocks 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. On loans 1 Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. May charge rate charged borrower by financing institution, if lower. • Charge of }4 per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. Nov.l, 1933-Feb.l, 1935- Effective Jan. 31,1935 Dec.31,1935 Jan. 1,1936 988 On discounts or purchases 1 2 1 4 MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Per cent per annum] Savings deposits Postal savings deposits Other deposits payable: In 6 months or more In 90 days to 6 months In less than 90 days To financing institutions July 5, Jan. 21, 19451946Jan. 20, Jan. 31, 1946 1947 Effective Feb. 1, 1947 75 75 100 100 75 75 75 100 75 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension: the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures Item Assets Gold certificates. July 16 July 23 July 30 Redemption fund F. R. notes End of month 1947 1947 July 9 June 25 July: June 18 1946 June July July 19,618,179 19,500,179 19,475,179 19,376,179 19,347, 179 19,229,179 19,181,176 19,621,179 19,329,178 17,339,209 for 672,936 723,670 723,671 725,689 709, 896 709,924 674,936 710,242 709,924 766,272 Total gold certificate reserves.... 20,291,115 20,223,849 20,198,850 20,101,868 20,057,075 19,939,103 19,891,418 20,296,115 20,039,102 18,105,481 Other cash 270,975 272,963 81,477 29,530 111,007 Discounts and advances: For member banks... For nonmember banks, etc Total discounts and advances 253,498 231,906 90,971 71,823 93,129 27,530 27,530 27,530 118,501 99,353 120,659 218,778 239,935 230,050 277,080 233,675 307,379 82, 104,833 108,231 107,752 42,397 125,354 27, 27,530 24,530 29,530 27,530 120,000 132,363 132,761 137,282 69,927 245,354 109,885 1,723 1,730 Industrial loans 1,731 1,732 1,738 1,744 1,706 1,773 1,778 1,173 Acceptances purchased. 33,789 U. S. Govt. securities: Bills: Under repurchase 4,212,909 4,219,510 4,443,458 4,809,902 4,943,626 5,038,899 4,647,314 3,564,615 5,310,080 5,154,209 option 10,104,007 9,844,622 9,600,267 9,182,832 9,185,547 9,344,102 9,339,397 10,330,616 9,185,547 9,251,820 Other Certificates: Special , 6,599,766 6,541,266 6,619,266 6,521,766 6,403,266 6,102,266 6,102,266 6,558,966 6,279,766 7,875,732 Other 369,300 369,300 369,300 369,300 Notes 369,300 369,300 369,300 595,600 369,300 369,300 725,690 725,690 725,690 725,690 727,390 727,390 727,390 755,290 Bonds 727,390 727,390 Total U. S. Govt. 22,011,672 21,700,388 21,757,981 21,611,190 21 629,129 21,581,957 21,185,667 21,549,187 21,872,083 23, 632,651 securities Other Reserve Bank 185,358 272,606 credit outstanding.. . 187,155 388,789 403,801 251,229 301,886 341,308 476,992 226,208 Total Reserve Bank credit outstanding 22,309,760 22,093,225 22,247,854 22,035,473 22,144,559 22,057,401 21,797,126 21,875,356 22,169,996 24,164,196 Liabilities Federal Reserve notes.. 24,072,745 24,081,647 24,150,309 24,243,946 24,260,174 24,064,354 24,068,072 24,090,051 24,154,115 24,244,229 Deposits: Member bank — re16,353,942 16,244,344 16,336,222 16,190,191 15,988,244 16,080,585 16,240,980 16,007,408 16,111,703 15,991,184 serve account U. S. Treasurer—gen704,622 939,169 513,250 224,570 755,571 756,000 795,403 658,199 641,816 eral account 565,598 337,801 587,388 823,540 455,276 305,465 347,293 462,542 616,149 405,187 Foreign 340,181 480,554 648,796 496,735 577,845 514,623 551,367 533,857 449,738 509,579 Other 504,278 Total deposits 18,294,748 18,001,868 18,044,233 17,600,248 17,623,608 17,637,167 17,322,382 17,868,698 17,748,424 17,905,819 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 47.9 48.1 47.9 47.9 48.1 47.8 48.4 47.8 43.0 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Discounts and advances: June 25 July 2 July 9 July 16 July 23 Industrial loans: June 25 July 2 July 9 July 16 July 23 U. S. Government securities: June 25 July 2 July 9 July 16 July 23 AUGUST 1947 Within 15 days 16 to 30 days 31 to 60 days 61 to 90 91 days to 6 months 1 year to 2 years to Over days 6 months to 1 year 2 years 5 years 5 years 132,363 109,885 120,659 99,353 118,501 108,859 85,878 83,932 63,811 83,456 4,014 4,269 6,997 4,779 1,805 2,735 6,203 1,380 3,591 4,385 5,955 13,535 19,720 25,078 28,855 10,800 1,773 1,744 1,738 1,731 1,730 1,216 1,187 1,189 1,183 1,182 3 3 34 34 28 3 3 3 3 3 3 26 26 27 26 26 21,581,957 21,629,129 21,611,190 21,757,981 21,700,388 4,018,232 2,022,008 4,445,568 5,775,622 3,188,251 2,291,593 4,420,686 5,442,460 2,884,033 2 ,229,553 ,514,595 4 ,813,012 2,781, ,300,749 5,626,119 4 ,708,393 3,073,482 2 ,189,240 5,749,339 4 ,327,030 8,630 2,094 53 53 53 53 53 108 108 108 108 108 330 330 330 330 330 851,203 3,483,534 1,629,753 3,670,596 1,382,111 3,802,096 1,380,111 3,977,096 1,274,611 4,102,596 295,400 295,400 295,400 295,400 295,400 148,350 148,350 148,350 148,350 148,350 542,040 542,040 542,040 540,340 540,340 989 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Assets Gold certificates: June 2 5 . . . . . .i 19,229,179 757.296 July 2 19,347,179 747,675 July 9 19,376,179 739,322 July 16 19,475,179 738,684 July 23 19,500,179 719,839 Redemption fund for F. R. notes: June 25 709.924 54,187 July 2 709,896 54,087 July 9 725,689 54,079 July 16 723,671 53,935 Juiy 23 723,670 53,935 Total gold certificaxe reserves* 19,939,103 811,483 June 25 July 2 20,057,075 801,762 July 9 . . . . 70,101,868 793,401 July 16 20,198,850 792,619 July 23 20,223,849 773,774 Other cash: June 25 239,935 20,321 July 2 218,778 23,742 July 9 231,906 26,519 July 16 253,498 30,187 July 23 272,963 31,450 Discounts & advances: Secured by U. S. Govt. securities: 104,776 8,533 June 2 5 . . 82,298 7,415 July 2 . . 93 159 11 195 July 9 . . 8>38 71>79 July 1 6 . . 88,923 July 23.. 9,905 Other: 27,587 June 25. . 1,068 July 2 . . 27,587 1,760 27,500 July 9 . . 1,760 July 1 6 . . 27,574 1,760 July 2 3 . . 29,5 78j 1,888 Industrial loans: June 25 9 1,773 9 July 2 9 1^738 J U Jy 9 9 J U ly 16 ] 1 ^73li 6 July 2 3 . . 1,730! U. S. Govt. securities: Bills: Under repurchase option: 90,909 June 25.. 5,038,899 July 2 . . 4,943,6261 53,372 July 9 . . 4,809,902 58,125 July 1 6 . . 4,443,458 45,735 July 2 3 . . 4,219,510 54,485 Other bills: June 2 5 . . 9,344,102, 850,395 July 2 . . 9,185,547 884,183 July 9 . . 9,182,832 900,122 July 1 6 . . 9,600,267 903,652 July 23. . 9,844,622 908,060 Certificates: June 2 5 . . 6,102,266 420,057 July 2 . . 6,403,266 418,469 July 9. . 6,521,766' 426,708 July 1 6 . . 6.619,266 433,484 July 23. . 6,541,266 428,059 Notes: June 25 369,300 25,421 July 2 . . . . 369,300 24,135 July 9 . . . . 369,300 24,163 July 1 6 . . . . 369,300 24,185 July 2 3 . . . . 369,300 24,167 Bonds: June 2 5 . . . . 727,390 50,071 July 2 . . . . 727,390 47,536 July 9 . . . . 727,390 47,592 Juiy 1 6 . . . . 725,690 47,524 July 2 3 . . . . 725,690 47,489 Total U. S. Govt. securities: 21,581,957 1,436,853 June 25 21,629,129 1,427,695 July 2 21,611,190 1,456,710 July 9 21,757,981 1,454,580 July 16 July 23 21,700,388 1,462,260 Total loans and securities: June 25 July 2 July 9 July 16 July 23 21,716,093 21,740,758 21,733,587 21,859,065 21,820,619 990 1,446,463 1,436,879 1,469,674 1,465,087 1,474,059 NewYork Philadelphia Cleveland Richmond Atlanta Chicago 5,901,288 814,852 1,146,771 924,487 912.537 4,447,889 6,086,316 815,289 1,142,602 943,984 920,375 4,076,625 6,071,996 805,434 1,150,637 976,653 936,644 4,085,698 6,301,039 824.062 1,125.983 938.223 905,110 4,002,253 6,477,668 812,230 1,143,484 905.539 878,219 3,988,999 114,360 113,945 118,905 118,339 118,339 59.732 60,564 60,545 60,297 60,297 6,015,648 874,584 6,200,261 875,853 6,190,901 865.979 6,419,378 884,359 6,596,007 872,527 74.630 75,502 75,487 75,289 75,288 54,527 53,781 53,764 53,632 53,632 43,632 43,532 43,515 43,362 43,362 81,0S8 80,895 90,864 90,657 90,657 1,221,401 979,014 956,169 4,528,947 1,218,104 997,765 963,907 4,157,520 1,226,124 1,030,417 980,159 4,176,562 1,201,272 991,855 948,472 4,092,910 1,218,772 959,171 921,581 4,079,656 SanFrancisco St. Louis Minneapolis Kansas City Dallas 552,690 546,865 557,998 558,291 553,455i 349,457 370,443 376,319 356,247 340,822 594,898 579,000 586,707 593,179 583,104 453,488 2,373,526 460,916 2,657,089 465,684 2,623,087 469,068 2,663,040 454,693 2,642,127 45,513 45,478 45,466 45,407 45,407 21,209 21,189 21,185 21,167 21,167 33,255 33,229 34,220 34,166 34,166 24,281 24,251 24,243 24,196 24,196 103,540 103,443 103,416 103,224 103.224 598,203 370,666 628,153 592,343 391,632 612,229 603,464 397,504 620,927 603,698 377,414 627,345 598,862 361,989 617,270 477,769 485,167 489,927 493,264 478,889 2,477,066 2,760,532 2,726,503 2,766,264 2.745,351 48,025 37,893 43,120 40,866 47.475 14,713 11,807 10,288 13,607 15,321 20,483 17,060 19,419 19,409 22,985 13,766 11,756 11,887 12,638 12,514 20,752 19,831 19,166 22,272 21,064 31,169 29,337 32,256 34,977 37,772 13,153 12,740 13,167 15,352 16,444 5,722 6,016 5,552 7,179 6,869 9,597 8,922 7,447 8,121 8,434 10,491 10,733 9,317 11,320 11,035 31,743 28,941 33,768 37,570 41,600 15,374 12,087 8,877 13,842 8,310 7,560 3,180 3,875 4,785 6,440 13,960 8,161 24,910 6,530 13,516 12,415 10,680 4,030 8,180 12,430 5,299 1,800 5 651 2,765 2,665 5,200 1,525 1,375 9,270 15,270 17,520 11,100 8,875 9,800 5,5CO 12,350 14,339 9,400 10,366 6,100 200 7,250 1,201 2,501 2,201 2.501 3,704 12,514 16,144 8,800 8,800 8,800 9,440 1,353 2,228 2,228 2,228 2,390 1,553 2,557 2,557 2,557 2,743 818 772 1,348 1,348 1,348 1,446 1,214 1,127 1,160 1,252 2,271 3,740 3,740 3,740 4,012 585 963 963 1,004 1,068 418 688 688 688 738 1,032 551 907 907 907 973 1,470 2,420 2,420 2,420 2,596 94,275 79,425 83,675 69,475 50,830 37,091 60,421 56,456 62,006 49,330 8,860 17,800 14,250 10,350 11,410 804,910 899,170 910,495 823,400 860,845 107,367 82,482 100,380 95,480 87,816 44,333 27,095 30,278 38,978 42,455 19,125 13,165 19,165 18,161 9,341 560,597 524,148 521,573 530,327 543,164 272,399 303,229 308,484 312,811 309,353 378,151 338,873 341,263 267,023 243,880 1,218,039 1,000,915 1,000,642 1,042,630 1,068,345 708 6,957 100 584 962 962 962 1 764 1,735 1 729 1,722 1,724 3,277,303 3,206,118 3,018,005 2,845,350 2,657,033 376,174 313,713 814,629 388,930 322,228 788,270 396,396 328,473 803,472 402,536 333,607 815,973 397,619 329,498 805,965 314,816 346,827 352,767 357,661 353,752 174,467 181,549 184,903 187,662 185,455 36,437 43,257 49,042 26,142 23,507 674,407 679,342 679,210 699,516 711,403 283,432 308,619 314,376 319,111 315,323 22,766 22,431 22,446 22,458 22,449 18,985 18,584 18,600 18,613 18,602 49,300 45,463 45,497 45,524 45,502 19,052 20,003 19,976 19,954 19,972 10,559 10,470 10,470 10,470 10,470 17,153 17,799 17,802 17,804 17,802 16,485 17,488 17,468 17,452 17,465 35,509 34,357 34,400 34,435 34,407 65,462 72,199 72,167 71,972 71,993 44,840 44,181 44,211 44,131 44,113 37,394 36,605 36,636 36,575 36,554 97,104 89,545 89,613 89,457 89,414 37,526 39,398 39,345 39,211 39,245 20,797 20,623 20,623 20,574 20,574 33,785 35,058 35,063 34,986 34,982 32,470 34,446 34,406 34,295 34,320 69,941 67,671 67,756 67,665 67,611 2,148,172 2,163,121 2,178,536 2,213,827 2,211,223 1,410,503 1,392,551 1,395,925 1,434,007 1,431,875 1.163,171 2,506,624 1,161,641 2,847,919 1,164,239 2,890,636 1,187,588 2,974,267 1,197,480 3,041,823 1,093,263 1,091,752 1,100,961 1,100,786 1,097,426 639,613 627,932 634,392 657,614 663,988 1,646,968 2,163,685 1,649,027 2,173,839 1,649,094 2,206,003 1,652,947 2,222,914 1,661,168 2,227.482 1,423,736 1,404,579 1,401,303 1,443,535 1,445,751 1,169,242 2,511,660 1,164,655 2,854,324 1,171,017 2,899,576 1,189,456 2,979,532 1,205,689 3,047,210 1,103,118 649,831 1,058,148 1,107,985 634,120 1,099,376 1,119,444 635,080 1,105,855 1,112,890 658,402 1,108,887 1,107,369 664,726 1,110,149 140,138 122,448 128,768 141,358 128,578 194,509 981,645 1,406,019 929,632 784,219 69,246 1,028,718 1,339,275 876,588 766,424 68,591 1,012,815 1,339,013 876,416 766,280 169,304 995,931 1,379,265 902,876 788,443 228,258 1,021,012 1,402,828 918,364 801,416 1,560,522 436,128 1,694,902 418,962 1,723,890 427,749 1,747,766 434,968 1,728,692 429,181 549,180 635,566 647,042 656,489 648,935 94,440 97,751 97,617 97,511 97,597 26,394 24,163 24,222 24,268 24,230 33,236 36,656 36,639 36,626 36,637 186,014 192,535 192,270 191,613 191,782 51,986 47,593 47,708 47,687 47,613 5,312,788 5,260,552 5,100,373 5,051,544 4,903,362 1,636,291 1,641,884 1,641,262 1,644,212 1.650,614 5,344,306 5,281,439 5,118,050 5,074,186 4,921,112 740,681 614,502 389,457 1,025,471 603,042 388,195 1,041,559 588,493 388,118 1,199,913 588,480 399,930 1,240,097 596,641 405,034 586,749 595,715 607,506 617,198 609,434 1,045,214 901,076 2,288,389 1,084,075 892,476 2,037,531 1,095,493 901,096 2,051,567 1,097,559 913,046 2,028,951 1,103,017 913,643 2,023,677 901,827 2,297,109 894,584 2,039,951 904,504 2,053,987 916,154 2,035,075 917,117 2,038,787 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued \\n thousands of dollars] Boston Total Due from foreign banks: June 2 5 , . . . . . July 2 July 9 July 16 . . . . July 23 Federal Reserve notes of other Brinks; June 25. July 2 July 9 July 16 July 2 3 . . . . . . Uncollected items: 102 102 102 102 102 100,843 94,093 105,945 125,814 126,330 New York 1 6 6 6 6 6 133 i1 23 33 1 33 4,692 4,220 3,504 5,605 5,809 11,312 10,577 14,447 24,227 23,06S *33 Philadelphia Richmond Cleveland Atlanta Chicago St. Louis Minneapolis Kansas City SanFrancisco Dallas S 8 8 9 9 9 9 9 5 5 5 5 5 4 4 4 4 4 14 14 14 14 14 4 4 4 4 4 3 3 3 3 3 4 4 4 4 4 3 3 3 3 3 9 9 9 9 9 5,708 4,797 6,190 8,921 6,678 6,436 5,484 5,194 7,809 7,090 9,926 9,806 11,755 10,982 14,187 10,039 8,455 10,977 9,426 9,558 12,802 12,681 12,865 16,044 15,860 9,120 5,612 7,581 8,185 7,019 6,187 6,260 5,753 7,963 9,822 6,758 6,813 6,995 7,789 6,476 3,945 3,852 3,585 4,096 3,476 13,918 15,536 17,099 14,767 17,287 8 June 25 2,494,030 205,855 466,676 161,386 238,248 243,581 161,810 350,741 111,379 62,227 146,651 99315 245,961 2,582,113 212,259 489,152 176,078 247,930 228,614 157,351 418,892 119,657 63,984 131 ^728 114,075 222393 July 2 2,333,694 173,040 467,783 167,000 211,164 220,638 136,299 338,215 112,024 July 9 54,645 127,792 93,830 231^2 64 2,867,646 239,115 583,187 196,305 263,507 238,319 171,275 450,873 135,096 July 16 76,974 140,194 122,076 250,725 July 23 2,369,502 191,344 455,037 158,815 213,582 201,366 146.125 376,019 107,102 63,481 128,313 105,886 222,432 Bank premises: 3,037 31,990 1,273 1,505 8,367 3,112 3,803 1,992 June 25 2,651 1,227 2,491 781 1,751 31,929 1,269 3,794 1,505 3,030 July 2 . 8,349 3,112 2,644 1,988 1,224 2,486 778 1,750 3,042 1,505 31,948 1,269 3,794 1,987 July 9 8,349 3,112 2,651 1,224 2,486 778 3,042 1,505 July 16. 31,948 ' 1,269 3,794 1,987 8,349 3,112 2,651 1,224 2,486 778 l!.751 778 July 23 31,949 ! 1,269 8,349 3,112 3,794 2,651 1,504 3,043 1,988 1,224 2,486 1,751 Other assets: 2,619 6,542 48,138 3,261 4,579 2,765 11,784 2,931 2,975 1,352 June 25 2,109 2,169 5,052 6,180 2,572 47,357 3,135 11,709 2,850 July 2 2,756 4,873 2,754 1,325 2,217 2,286 4^700 July 9 49,018 3,146 12,330 2,857 5,040 2,908 2,662 6,346 2,968 1,367 2,282 2,203 4,909 6,655 2,824 3,256 12,776 July 16 51,075 2,974 5,385 2,977 2,911 1,429 2,327 2,516 5,045 52,110 3,363 12,904 5,542 2,867 6,864 3,069 July 23 . . 3,069 2,959 1,478 2,268 2.668 5,059 Total assets: 44,570,234 2,493,354 11,906,151 2,709,410 3,658,644 2,675,654 2,322,140 7,444,912 1,839,734 1,097,215 1,853,911 1,496,500 5,072,609 Jwne 25 Jialy 2 , 44,772,205 2,483,272 12,039,413 2,723,438 3,671,093 2,657,923 2,318,280 7,481,978 1,843,179 1,104,564 1,863.775 1,511,478 5,073,812 July 9 , . 144,588,068 2,470,559 11,855,013 2,704,528 3,676,747 2,681,564 2,321,789 7,468,876 1,860,639 1,101,128 1,873,788 1,504,147 5,069,290 July 16 45387,998 2,537,144 12,163,002 2,762,233 3 724 099 2,702,896 2,345,234 7,584,047 1,880,189 1,130,588 1,897,153 i,550,207 5 111 206 July 23 44,897,424 2,481,074 12,063,985 2,720,698 3,699,256 2,638,604 2,308,392 7,566,438 1,841,857 1,109,592 1,875,400 1,519.852 5,0721276 Liabilities Federal Reserve notes: 24,064,354 1,451,163 5,543,152 1,635,715 2,079,449 1,657,528 1,361,734 4,510,486 1,072,235 587,059 900,668 575,282 2,689,883 June 25 July 2 24,260,174 1,463,624 5,620,265 1,646,909 2,097,865 1,662,917 ,1,367,582 4,538,573 1,078,772 589,690 907,565 581,650 2,704,762 July 9. 24,243,946 !l ,462,415 5,591,533 1,643,602 2,101,973 1,663,442 11,368,092 4,542,653 1,078,532 589,653 910,307 584,961 2,706,783 July 16 24,150,309 1,450,303 5,575,634 1,640,072 2,094,100 1,651,674 11,360,909 4,531,632 1,075,206 • 587,165 908,992 584,128 2,690,494 July 23. 24,081,647 1,444,926 5,561,372 1,631,767 2,085,151 1,641,614 1,357,856 4,527,870 1,071,818 585,037 910,954 583,758 2,679,524 Deposits: Member bank —reserve account: June 2 5 . . 16,080,585 718,824 5,078,387 800,932 1,208,663 ! 694,403 706,239 2,382,301 593,229 396,251 766,679 761,079 1,973,598 July 2. . ! 15,988,244 726,075 ; 5,025,789 796,203 1,194,412 ' 703,520 717,476 2,347,388 571,245 395,031 771,402 758,577 1,981,126 July 9. . 16,190,191 750,415 4,956,614 797,282 1,220,835 736,048 738,375 2,432,974 606,280 406,422 785,039 771,183 1,988,724 July 16.. 16,336,222 743,359 5,120,291 805,426 1,229,673 I 734,114 720,730 2,402,843 596,277 407,370 796,825 780,309 1,999,005 July 23. . 16,244344 738,980 5,036,213 : 794,188 ;i,228,497 717,025 718,267 2,457,514 | 596,523 [ 408,717 776,543 766,117 2,005,760 U. S. Treasurer-general account: June 25. 641,816 i 55,321 123,270 44,644 51,150 64,748 43,721 94,245 . 27,977 28,016 28,889 29,537 50,298 July 2. 658,199 29,979 191,488 41,497 45,917 41,598 35,031 94,143 38,183 35,699 30,963 30,812 42,889 July 9. 565,598 33,496 157,919 i 42,980 50,901 38,169 i 31,190 64,747 i 30,865 1 27,608 28,486 25,807 33,430 July 16. 756,000 46,699 197,594 61,870 59319 53,121 39,778 112,931 '• 33,912 38,185 30,555 32,640 49,396 July 23. 939,169 51,489 322,562 69,444 88,849 54,242 40,554 107,736 ; 35,988 33,756 34,894 37,459 . 62,196 Foreign: 15,912 52,782 12,807 13,584 13,584 June 25. 405,187 19,017 9,703 34,207 24,909 2141,153 31,436 36,093 July 2. 462,542 ! 28,781 ! 2157,414 i 36,336 41,720 2I.9S1 18,393 ! 61,010! 15,701 j 11,215 15,701 14,804 i 39,486 July 9. 340,181 20,710 2120,799 26,123 29,993 15,803 13,222 43,860 ! 11,288 8,063 11,288 10,643 28,389 July 16. 455,276 27,123 2167,7f5 ! 34,239 39,311 20,712 ! 17,331 57,487 14,795 10,568 14,795 13,949 37,251 July 23. 337,801 19,212 H34r28& | 24,227 27,816 ; 14,656 12,263 ; 40,678 | 10,469 7,478 10,469 9,870 ; 26,375 Other: 3,685 4,694 5,853 521 421,007 2,905 1,363 ! 49,249 June 25. 3,291 2,492 11.733 2,786 509,579 601 514,623 July 2. 2,783 432,269 3,644 12,951 2,420 3,344 3,542 6,039 2,236 1,505 43,289 583 504,278 July 9. 2,453 . 421,958 , 2,571 16,069 2,580 3,847 1,967 5,751 1,907 1,403 43,189 473 496,735 July 16. 2,387 1 426,764 1,912 12,029 ! 2,482 i 3,258 1,439 5,491 1,950 1,239 37,311 389 ; 36,640 July 23. ; 480,554 2,245 413,095 2,896 7,976 1,794 2,830 3,182 5,811 2388 1,308 Total deposits: Jane 25 17,637,167 802345 5,763,817 879,504 1,307,639 ; 780,954 769,557 2334,022 640,643 436,875 809,673 804,786 2,107,352 17,623,608 787,618 5,806,960 1 877,680 1,295,000 ' 769,519 774,244 2,506,083 631,168 444,181 819,571 804,794 2,106,790 July 2 17,600,248 807,074 5,657,290 868,956 1,317,798 792,600 786,634 2,543,548 1 654,184 444,000 826,216 808,216 2,093,732 July 9 18,044,233 819,568 5,912,364 903,447 1,340,332 ; 810,429 781,097 2,574,700 650,475 458,073 843,414 827,371 2,122,963 July 16 18,001,868 i 811,926 : 5,906,158 890,755 1,353,138 '• 787,717 773,914 2,609,110 ! 648,791 , 452,339 823,214 813,835 |2,130,971 July 23 Deferred availability items: 2,152,824 194,065 1 376,403 136,456 205,357 i 201,205 160,527 304,067 100348 54,299 117,187 91,225 1 211,685 June 25 2,178,414 186,496 ; 391,746 141,429 212,592 , 189,748 , 146,321 341,408 106,931 July 2 51,999 110,390 100,027 i 199,327 2,031,910 155,474 ' 385,255 134396 191,120 189,626 136,804 286,562 ! 101,465 i 48,720 110,908 Jtily 9 85,996 : 205,584 July 16 , 2,478,959 221,458 1 453346 160,99 j 223,410 204,769 172..833 381,306 128,008 66,303 ; 118302 113,561 234,472 July 23 2,096,998 178.268 374,955 140,18 I 194,341 173,020 146,019 332,660 94,583 53,178 114,608 96,975 i 198,210 Otlier Mab. IncL accrued div.: 917 989 730 706 604 622 600 672 1 June 25 16,459 5,239 1,611 2,442 1,327 420 1 395 i 41 429 693 569 563 885 476 July 2 9,016 2,175 1,695 I 299 [ 599 616 977 533 459 416 339 j July 9 ! 9,639 2334 1,744 ! 435 i 329 858 669 505 45 July 16 10,804 \ 681 2.493 1,231 ! 554 • 523 | 1,868 ! 446 ! 588 j 795 524 1 558 538 ! 783 797 July 23 , 11,749 2,204 1,455 ! 669 ! 648 2,076 535 962 1 After deducting $69,000 participations erf other Federal Reserve Banks on June 25; July 2; July 9; July 16; and July 23. 2 After deducting $263,908,000 participations of other Federal Reserve Banks on June 25; $305,048,000 on July 2; $219300,000 on July 9; $287,436,000 on July 16; and $203,388,000 on July 23. AUGUST 1947 991 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago Minneapolis Kansas City Dallas SanFrancisco 1,078,855 1,086,169 1,082,702 1,112,129 1 091,089 1,828,128 1,837,943 1,847,847 1,871,213 1,849,334 1,471,965 1,486,900 1,479,512 1,525,511 1,495,106 5,010,247 5,011,572 5,006,957 5,048,724 5,009,667 4,223 4,224 4,229 4,231 4,237 6,395 6,400 6,410 6,417 6,438 7,105 7,109 7,123 7,134 7,135 17,874 17,883 17,888 17,913 17,922 10,997 10,997 10,997 10,997 10,997 15,729 15,729 15,729 15,729 15,729 13,777 13,777 13,777 13,777 13,777 38,106 38,106 38,106 38,106 38,106 1,073 1,073 1,073 1,073 1,073 1,137 1,137 1,137 1,137 1,137 1,307 1,307 1,307 1,307 1,307 2,140 2,140 2,140 2,140 2,140 2,067 2,101 2,127 2,158 2,196 2,522 2,566 2,665 2,657 2,762 2,346 2,385 2,428 2fc478 2,527 4,242 4,111 4,199 4,323 4,441 1,097,215 1,104,564 1,101,128 1,130,588 1,109,592 1,853,911 1,863,775 1,873,788 1,897,153 1,875,400 1,496,500 1,511,478 1,504,147 1,550,207 1,519,852 5,072,609 5,073,812 5,069,290 5,111,206 5,072,276 148 138 133 126 119 207 192 186 177 166 195 181 176 167 157 521 484 469 445 418 St. Louis Total liabilities: 43,870,804 2,448,490 11,688,611 2,652,664 3,594,056 2,640,417 2,292,524 7,351,017 1,813,830 June 25 July 2 . . . . 44,071,212 2,438,307 11,821,146 2,666,581 3,606,342 2,622,660 2,288,567 7,387,759 1,817,266 July 9 43,885,743 2,425,562 11,636,412 2,647,570 3,611,868 2,646,201 2,291,989 7,374,507 1,834,616 July 16 44,684,305 2,492,010 11,944,037 2,705,179 3,659,073 2,667,426 2,315,362 7,489,506 1,854,135 July 23 44,192,262 2,435,903 11,844,689 2,663,500 3,634,085 2,603,020 2,278 437 7,471,716 1,815,716 Capital Accts.: Capital paid in: 14,209 18,722 8,092 7,343 22,973 6,318 June 25 191,788 11,174 67,360 6,332 14,230 22,999 18,738 8,102 7,365 July 2.... 192,090 11,177 67,531 July 9 14,237 23,012 6,344 8,107 18,751 7,393 192,221 11,184 67,543 July 16 14,255 18,763 23,021 6,354 8,119 7,400 192,369 11,195 67,567 July 23 14,268 18,770 8,135 7,411 23,034 6,355 192,482 11,196 67,581 Surplus (section 7): 34,720 65,078 16,577 41,394 20,676 18,663 June 2 5 . . . . 439,823 27,557 136,549 July 2.... 34,720 65,078 16.577 41,394 18,663 20,676 439,823 27,557 136,549 July 9 34,720 41,394 18,663 65,078 16,577 20,676 439,823 27,557 136,549 July 16 65,078 16,577 34,720 18.663 41,394 20,676 439,823 27,557 136,549 July 23 34,720 65,078 16,577 41,394 18,663 20,676 439,823 27,557 136,549 Surplus (section 13b): 4,489 1,007 3,325 762 1,429 521 June 25 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 July 2.... 27,455 3,012 7,253 1,429 521 762 4,489 1,007 3,325 July 9 27,455 3,012 7,253 July 16 762 1,429 521 4,489 1,007 3,325 27,455 3,012 7,253 July 23 4,489 1,007 3,325 762 1,429 521 27,455 3,012 7,253 Other cap. accts.: 3,328 3,465 3,144 2,848 4,415 2,488 June 25 40,364 3,121 6,378 4,713 2,483 3,418 3,612 3,160 2,923 July 2 41,625 3,219 6,934 July 9 3,512 2,982 4,850 2,581 3,727 3,255 42,826 3,244 7,256 July 16 3,590 3,862 3,350 3,047 5,013 2,602 44,046 3,370 7,596 July 23 3,721 4,000 3,448 3,119 5,181 2,688 45,402 3,406 7,913 Total liabilities and cap. accts.: June 25 44,570,234 2,493,354 11,906,151 2,709,410 3,658,644 2,675,654 2,322,140 7,444,912 1,839,734 July 2 . . . . 44,772,205 2,483,272 12,039,413 2,723,438 3,671,093 2,657,923 2,318,280 7,481,978 1,843,179 July 9 44,588,068 2,470,559 11,855,013 2,704,528 3,676,747 2,681,564 2,321,789 7,468,876 1,860,639 July 16 45,387,998 2,537,144 12,163,002 2,762,233 3,724,099 2,702,896 2,345,234 7,584,047 1,880,189 July 23 44,897,424 2,481,074 12,063,985 2,720,698 3,699,256 2,638,604 2,308,392 7,566,438 1,841,857 Contingent liability on bills purchased for foreign correspondents : 1 290 242 805 207 379 479 550 June 25 5,917 1,894 352 446 512 270 226 748 192 July 2 5,502 U,761 725 186 432 261 218 July 9 341 495 5,327 n,7O5 July 16 324 410 470 248 207 688 177 H,618 5,057 647 166 233 195 442 21,521 385 3C4 July 23 4,753 Commit, to make indus. loans: 27 32 400 7,022 1,045 1,524 June 2 5 . . . . 81 7,036 27 32 400 82 1,074 1,508 July 2 31 400 6,975 1,073 79 27 July 9.... 1,455 400 6,907 27 31 1,080 1,380 79 July 16 31 400 6,909 27 1,380 83 1,078 July 23 3,750 3,750 3,750 3,750 3,750 163 163 160 160 160 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total F. R. notes outstanding (issued to Bank): 24,736,553 June 25 24,840,046 July 2 24,908,305 July 9 24,856,186 July 13 24,811,318 July 23 Collateral held against notes outstanding: Gold certificates: 11,998,000 June 25 12,283,000 July 2 11,988,000 July 9 12,118,000 July 16 12,118,000 July 23 Eligible paper: 82,552 June 25 68,370 July 2 54,797 July 9 60,856 July 16 July 23 64,509 U. S. Govt. sec.: 13,587,367 June 25 13,362,482 July 2 13,680,380 July 9 13,675,480 July 16 13,667,816 July 23 Total collateral: 25,667,919 June 25 25,713,852 July 2 25,723,177 July 9 25,854,336 July 16 25,850,325 July 23 Boston New York Philadelphia Cleveland ,128,885 1,482,194 5,698,895 1,680,690 2. 1,495,345 5,729,475 1,688,126 2,144,913 2,151,861 1,694,049 1,500,106 1,748,276 5 1,495,470 5,730,556 1,687,982 2,145,583 1,495,875 5,717,728 1,681,871 2,137,849 455,000 455,000 455,000 455,000 455,000 3,470,000 3,470,000 3,470,000 3,470,000 3,470,000 500,000 500,000 500,000 500,000 500,000 8,533 7,415 11,195 8,738 9,905 15,374 12,087 8,877 13,842 8,310 7,560 3,180 3,875 4,785 6,440 1,100,000 2400,000 1,100,000 2400,000 1,100,000 2,400,000 1,100,000 2,400,000 1,100,000 2,400,000 645,000 650,000 655,000 655,000 655,000 Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City 1,709,144 1,399,191 4,583,019 1,106,843 601,823 1,710,067 1,411,985 4,607,906 1,104,470 602,574 1,716,195 1,409,824 4,618,185 1,118,354 604,163 1,707,559 1,408,398 4,615,111 1,117,161 602,607 1,698,410 1,400,590 4,619,918 1,113,607 600,833 675,000 675,000 675,000 675,000 675,000 570,000 3,000,000 570,000 3,030,000 570,000 2,830.000 570,000 2,860,000 570,000 2,860,000 12,415 10,580 3,930 8,180 12,330 1,200,000 1,500,000 1,055,000 1,200,000 1,500,000 1,055,000 1,200,000 1,500,000 1,055,000 1,200,000 1,500,000 1,055,000 1,200,000 1,500,000 1,055,000 850,000 1,600,000 850,000 1,600,000 850,000 1,800,000 850,000 1,800,000 850,000 1,800,000 Dallas San Francisco 921,092 608,288 2,816,489 925,230 609,011 2,810,944 930,144 612,013 2,805,135 929,855 610,912 2,804,992 933,860 611,611 2,799,166 300,000 300,000 300,000 300,000 300,000 184,000 184,000 184,000 184,000 184,000 280,000 280,000 280,000 280,000 280,000 169,000 1,750,000 169,000 2,000,000 169,000 1,900,000 169,000 2,000,000 169,000 2,000,000 9,270 15,270 17,520 11,141 8,910 9,800 5,500 12,350 14,338 9,400 10,366 6,100 7,250 100 957,367 425,000 932,482 425,000 950,380 425,000 945,480 425,000 937,816 425,000 3,704 12,514 700,000 500,000 1,300,000 700,000 500,000 1,100,000 700,000 500,000 1,200,000 700,000 500,000 1,200,000 700,000 500,000 1,200,000 4,600,000 1,266,637 618,800 992,350 669,000 3,057,250 4,630,000 1,247,752 614,500 994,338 669,000 3, 5,100,000 4,630,000 1,267,900 609,000 989,400 669,000 3,100,000 4,660,000 1,256,621 990,366 669,000 3,203,704 4.660,000 1,246,726 609.000 _?86,100 669,000 3,212,514 1 After deducting $4,023,000 participations of other Federal Reserve Banks on June 25; $3,741,000 on July 2; $3,622,000 on July 9; $3,439,000 on July 16; and $3,232,000 on July 23. 992 1,563,533 5,885,374 1,562,415 5,882,087 1,566,195 5,878,877 1,563,738 5,883,842 1,564.905 5,878.310 1,707,560 2,145,000 1,703,180 2,150,000 1,703,875 2,155,000 1,704,785 2,155,000 1,706,440 2,155.000 1,742,415 1,420,000 1,740,580 1,420,000 1,733,930 ,420,000 1,738,180 1,420,000 1,742,330 1.420,000 FEDERAL RESERVE BULLETIN WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V MEMBER BANK [Amounts in thousands of dollars] Guaranteed loans outstanding Guaranteed loans authorized to date Date Additional amount available to borrowers guarPortion underagreeguaran- antee ments teed outstanding Number Amount 1942 June 30 Dec. 31 565 2,665 310,680 2,688,397 1943 June 30 Dec. 31 4,217 5,347 4,718,818 1,428,253 1,153,756 2,216,053 6,563,048 1,914,040 1,601,518 3,146,286 1944 June 30 Dec. 30 6,433 7,434 9,310,582 1,735,970 1,482,038 4,453,586 1945 June 30 Dec. 31 8,422 10,149,315 1,386,851 1,190,944 3,694,618 8,757 10,339,400 510,270 435,345 966,595 1946 June 29 Dec. 31 8,771 8,771 10,344,018 10,344,018 70,267 18,996 60,214 17,454 142,617 28,791 1947 Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 8,771 10,344,018 8,771 10,344,018 8,771 10,344,018 8,771 10,344,018 8,771 10,344,018 8,771 10,344,018 18,025 14,238 11,746 10,356 9,236 3,589 16,654 13,237 10,965 9,658 8,601 3,218 22,424 21,183 15,392 13,452 13,176 6,726 Total amount 81,108 803,720 137,888 69,674 632,474 1,430,121 8,046,672 2,064,318 1,735,777 3,810,797 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid and authorizations expired or withdrawn. INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications approved to date Number Participroved Loans Commitments pations but not outoutoutcom- standing2 standing standing pleted* (amount) Amount (amount) (amounit) (J(amount) 1934. 1935. 1936. 1937. 1938. 1939. 1940. 1941. 984 1,993 2,280 2,406 2,653 2,781 2,908 3,202 49,634 124,493 139,829 150,987 175,013 188,222 212,510 279,860 20,966 11,548 8,226 3,369 1,946 2,659 13,954 8,294 13,589 32,493 25,526 20,216 17,345 13,683 9,152 10,337 8,225 27,649 20,959 12,780 14,161 9,220 5,226 14,597 1,296 8,778 7,208 7,238 12,722 10,981 6,386 19,600 1942 Tune 24. Dec. 31. 3,352 3,423 338,822 408,737 26,346 4,248 11,265 14,126 16,832 10,661 26,430 17,305 1943 June 30. Dec. 31. 3,452 3,471 475,468 491,342 3,203 926 13,044 10,532 12,132 9,270 19,070 17,930 1944 June 30. Dec. 30. 3,483 3,489 510,857 525,532 45 1,295 11,366 3,894 4,048 4,165 11,063 2,706 1945 June 30. Dec. 31. 3,502 3,511 537,331 544,961 70 320 3,252 1,995 5,224 1,644 2,501 1,086 Date (last Wednesday or last day of period) 1946 June 29. Dec. 31. 3,524 3,542 552,711 565,913 615 4,577 1,210 554 5,366 8,309 1,110 2,670 1947 Jan.31.. Feb. 28.. Mar. 31. Apr. 30 . May 31 . June 30. 3,545 3,548 3,548 3,552 3,553 3,555 568,540 569,487 569,825 571,408 571,893 572,836 4,795 4,795 4,595 5,371 4,595 195 593 996 1,081 1,109 1,618 1,778 8,217 8,186 8,160 7,279 5,735 7,018 2,677 2,729 2,727 2,616 2,761 4,043 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. »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 1947 RESERVES [Averages of daily figures. Month, or week ending Thursday All member banks 1 AND BORROWINGS In millions of dollars] Central reserve city banks New York Chi- Reserve city banks Country banks Total reserves held: 1946—May June 1947—May June 15,727 15,996 15,978 16,153 4,077 4,199 4,141 4,196 878 887 911 940 6,220 6,320 6,317 6,377 4,552 4,588 4,608 4,640 May May June June June June July July 22 29 5 12 19 26 3 10 15,938 15,984 16,061 16,121 16,239 16,149 16,206 16,311 4,124 145 148 149 195 4,242 4,250 4,225 922 923 928 937 942 932 941 971 6,298 6,325 6,340 6,389 6,420 6,358 6,378 6,410 4,593 4,591 4,645 4,646 4,682 4,617 4,637 4,705 Excess reserves: 1946—May June 1947—May June 956 943 784 785 12 29 12 14 230 240 224 224 714 669 550 538 765 792 795 773 829 741 779 809 15 17 14 11 11 12 16 14 -1 5 -2 10 3* 5 2 4 4 4 3 2 210 235 226 220 241 207 231 242 537 535 553 538 573 518 529 551 105 84 49 73 36 33 50 50 51 47 54 77 74 68 62 63 46 58 63 62 52 44 41 32 May May June June June June July July 22 29 5 12 19 26 3 10 Borrowing at Federal Reserve Banks: 1946—May June 1947—May June May May June June June June July July 22 29 5 12 19 26 3 10 150 127 107 135 98 113 155 159 128 114 105 98 34 20 2 2 2 2 x Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND SMALL CENTERS 1 [Averages of daily figures. In millions of dollars] In places of 15,000 and over population In places of under 15,000 population Demand deposits except interbank' Time deposits Demand deposits except interbank 2 June 1946 May 1947 '16,857 15,077 7,925 8,416 »-ll,935 11,588 5,503 5,955 June 1947 Time deposits 15,040 8,437 11,526 5,981 Boston New York Philadelphia Cleveland 1,816 2,811 1,054 1,275 881 2,164 742 916 322 974 877 1,033 232 1,149 887 822 Richmond Atlanta Chicago St. Louis 1,039 1,507 1,868 613 395 489 1,373 333 838 652 1,644 958 466 212 941 274 Minneapolis Kansas City Dallas San Francisco. . . 541 505 893 1,117 292 104 141 607 727 1,538 1,411 553 436 200 61 302 f Revised. 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 banki in the table on the following page. 993 BEFOStTS, RESERVES, AND BORROWINGS O F MEMBER BANKS (Averages of daily figures.1 In millions of dollars) Gross demand deposits Class of bank and Federal Reserve district Total Interbank U. S. Government war loan Other de- , posits8 Net mand dedemand posits dead- i justed* posits* Time deposits5 DeReserves with Federal mand Reserve Banks balances due from ReExdoTotal cess quired mestic ;: banks Borrowings at Federal Reserve Banks First half June 1947 Central reserve city b a n k s : New York Chicago New York Philadelphia Cleveland 10,851 638 74,723 69,437 75,204 27,948 5,284 16,118 15,330 788 158 22,074 4,901 3,998 1,098 106 24 17,970 3,780 16,278 3,452 20,266 4,398 1,468 864 45 155 4 152 949 4 141 931 10 18 20* 31,729 1,959 4,844 261 210 13 26,675 1,685 24,209 1,555 27,407 1,780 483 1,946 3,222 1,789 1,674 3,271 1 560 789 2,131 1 834 6,928 11,264 201 1,729 38 6,373 376 6,154 368 220 8 1,318 165 171 468 761 1 7 20* 2 6 9 11 6 10 25,498 23,133 1,983 , 1,898 3,573 3,373 1,844 1,684 1,981 2,211 1,787 1,646 2,101 1,959 3,397 2,975 1,517 1,414 1 215 1 110 1,996 1,723 2,248 1,906 1,462 1,626 551 2,192 3,660 2,046 1,982 3,862 1,830 951 2,601 i 2,221 7,874 Atlanta Dauas 27,509 2,211 3,864 1,936 2,329 1,991 2,348 3,585 1,689 1 333 2,104 2,411 , 1,708 i New York Philadelphia Cleveland Dallas 86,213 . 26 322 454 304 426 473 509 277 791 493 3 9 28 11 10 37 14 6 18 11 508 49 911 299 81 79 14 23 31 36 25 38 105 172 68 112 62 65 108 23 17 15 48 19 22 22 14 13 522 1,861 3,178 1,731 1,546 3,351 1,306 669 1,792 1,717 7,317 26,298 2,099 3,749 1,898 2,268 1,869 2,161 3.468 1,559 1 249 2,018 2,289 1,671 479 1,694 2,924 1,572 1,375 3,088 1,141 572 1,580 1,566 6,663 309 282 449 410 2,074 324 175 358 22 71 99 130 299 94 118 411 758 404 376 824 343 115 406 723 385 359 779 331 3 5 35 19 17 46 12 2 4,966 60 246 228 278 1,699 168 448 387 1,683 16 4 14,412 3,354 4,643 4,103 540 173 291 179 258 364 739 376 443 333 671 333 382 31 68 42 61 60 14 23 5 338 1,114 3,310 1,628 1,736 862 702 2,311 607 727 304 201 910 256 321 501 218 169 342 454 193 423 318 355 637 264 228 305 332 284 2 20 36 282 316 36 38 555 234 199 259 82 29 29 45 279 259 53 24 s 6 2 1 1 2 1 Second half of June 1947 Central reserve city banks: New York Reserve citv banks 10,845 648 75,082 69,829 75,573 27,999 5,301 16,189 15,407 782 112 22,409 4,912 4,048 1,094 104 42 18,257 3,776 16,640 3,440 20,676 4,384 1,472 47 155 4,241 4,224 930 929 17 2 2 865 31,817 1,969 4,801 206 14 3 8 25 12 10 37 13 5 21 13 45 26,811 1,684 11,236 1,782 6,381 39 25 74 165 96 124 309 87 59 263 247 293 375 118 424 758 394 372 811 340 171 469 427 1,723 1,688 228 8 3 12 36 12 14 33 12 3 21 38 35 70 200 310 278 6,153 272 26 310 457 288 406 460 490 265 811 507 510 903 84 81 13 23 102 163 68 109 60 64 113 22 296 32 35 24 43 17 15 48 18 19 22 14 11 3,317 4,637 4,102 535 178 292 182 255 250 307 487 206 165 352 461 182 363 743 375 445 313 343 640 263 228 305 336 284 334 672 335 382 281 313 556 234 200 259 280 257 29 71 40 63 32 30 84 28 29 45 56 27 40 10 16 4 3 3 1 1 1 554 New York Philadelphia. - . . . . .• Chicago l^f inneaoolis 86,575 ..... Dallas New York Philadelphia Atlanta JMinneaoolis Kansas Citv Dallas 2.234 3,670 2,032 1,961 3,876 ' 1,807 949 2,631 ! 2,248 7,885 ; 27,437 2,231 3,867 1,951 2,332 1,972 2,303 3,574 1,674 . . 1,326 2,111 2 418 1,677 24,294 1,537 481 27,395 1,772 525 1,916 3,187 1,733 1,545 3,379 1,304 1,740 2,916 1,571 1,377 3,106 1,136 1,977 3,217 1,775 1,663 3,265 1,541 1,799 1,729 7,330 1,577 1,579 6,692 2,132 1,841 6,941 26,238 2,115 3,752 1,915 2,266 1,853 2,125 3,459 1,547 1,247 2,024 2,291 1,643 25,455 1,997 3,578 1,857 2,208 1,775 2,071 3,389 1,507 1,214 2,003 2 253 1,602 23,118 1,909 3,378 1,692 1,982 1,636 1,934 2,980 1,413 1,113 1,721 1 910 1,448 679 581 482 788 1,317 448 411 2,087 324 175 358 340 4,989 14,425 1,113 3,315 1,631 1,738 862 701 2,316 606 728 304 202 908 366 115 412 722 382 357 778 328 168 448 389 2 2 18 7 5 1 16 7 9 4 1 1 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based2 on deposits a t opening of business. Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member bank* and, therefore, differ from figures for U. S* Government deposits shown in other published banking data. See also footnote 3. * Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than 4war loan and Series E bond accounts) on the latest available call report date. Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. * Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Coil Report* 994 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATION [Outside Treasury and Federal Reserve Banks. In millions of dollars) Total in circulation* End of year or month 1933 1934 1935. 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 Large denomination currency 1 Coin and small denomination currency* Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 Unassorted 4,167 5,519 5,536 4.292 4.518 5,882 6,543 5,021 6,550 5,015 6,856 5,147 5,553 7,598 8,732 6,247 8,120 11,160 15,410 11,576 20,449 14,871 25,307 17,58Q 28,515 20,683 442 402 452 423 478 460 517 499 537 505 550 524 590 559 648 610 751 695 880 801 ,019 909 ,156 987 ,274 1,039 33 32 33 35 33 34 36 39 44 55 70 81 73 719 771 815 906 905 946 ,019 ,129 ,355 .693 .973 2.150 2,313 1.229 -.288 1,373 1,563 1,560 1,611 1,772 2,021 2.731 4,051 5,194 5,983 6.782 ,342 .326 .359 ,501 .475 ,481 ,576 ,800 2,545 4,096 5,705 7.224 9,201 1,360 1,254 1,369 1,530 1,542 1,714 2,048 2,489 3,044 3,837 5,580 7,730 7,834 364 337 358 399 387 409 460 538 724 1,019 1,481 1,996 2.327 618 577 627 707 710 770 919 112 1,433 1,910 2,912 4,153 4.220 125 112 122 135 139 160 191 227 261 287 407 555 454 237 216 239 265 288 327 425 523 556 586 749 990 801 8 5 7 7 6 17 20 30 24 9 9 10 7 10 7 16 18 12 32 32 60 46 25 22 24 24 8 10 5 8 7 5 2 4 4 3 2 3 2 1946—March April May June July August September... October November... December... 27,879 20,045 27,885 19,997 28,120 20,171 28,245 20,248 28,254 20,185 28,448 20,271 28,507 20,262 28,600 20,273 28,861 20,447 28,952 20,437 ,269 ,280 ,291 ,300 ,311 ,319 ,332 ,345 ,355 ,361 984 987 999 998 990 992 1,001 1,000 1,010 1,029 67 66 67 67 67 66 66 65 65 67 2,191 2,173 199 191 2,166 165 2,156 2,148 169 2,173 6,547 6,509 6,586 6,604 6,552 6,571 6,528 6,494 6,543 6,497 8,986 8,981 9,029 9.087 9,099 9,159 9,180 9.221 9,305 9,310 7,834 7,889 7,950 7,998 8,071 8,178 8.247 8,329 8,416 8,518 2,327 2,337 2,352 2,364 2,377 402 419 2,436 2,458 2.492 4,267 4,309 4,356 4,387 4,437 4,509 4,567 4,645 4,711 4,771 442 439 438 438 436 436 436 434 435 438 768 773 775 781 790 802 795 784 782 783 9 8 8 8 8 8 8 8 8 8 22 22 21 22 21 20 21 21 21 26 1 1 1 2 2 1 2 2 2 3 1947—January February.... March April May........ June........ 28,262 19,808 ,337 28,304 19,873 ,337 28,230 19,807 ,344 28,114 19,684 ,351 28,261 19,773 ,351 28,297 19,769 1,355 972 967 969 972 985 986 63 64 63 63 63 64 2,074 2,090 2,085 2,065 2,089 2,078 6,284 6,336 6,309 6,253 6,303 6,289 9.077 9,079 9,036 8.979 8,982 8,996 8,457 8,434 8,424 8,432 8,489 ,530 2.460 2,456 2,447 2,442 2,449 2,466 4,757 4,755 ,754 ,769 4,789 4,808 434 433 432 431 430 430 774 769 771 773 804 810 9 6 6 5 5 5 23 14 14 12 11 12 3 3 1 1 2 2 . .,. 1 8 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 in circulation 1 Money held in t h e Treasury Total outstanding, As security June 30, against Treasury 1947 gold and cash ' silver certificates Gold Gold certificates , Federal Reserve notes ... Treasury currency—total Standard silver dollars Silver bullion Silver certificates and Treasury notes of 1890. . Subsidiary silver coin . IMinor coin United States notes . ... Federal Reserve Bank, note** National Bank notes Total—June 30, 1947 May 31 1947 June 30 1946 21,266 20,087 24 780 4,552 *2,232 493 1,924 308 1,924 3 20,087 2,232 923 349 347 409 107 (4) (4) (4) ; * 1,180 67 68 Money held by For Federal Federal Reserve Reserve Banks and Banks and agents agents 17,224 715 234 34 20 11 3 22,319 21,977 20,398 1 C5) 1,314 1,330 2,251 2,815 17,224 16,873 15,288 June 30, 1947 May 31, 1947 June 30, 1946 48 48 50 23,999 4,250 23,953 4,259 23,973 4,222 3 148 148 140 170 27 7 23 2,062 2,071 2,026 876 331 320 874 330 321 3 1 406 106 843 317 317 464 114 3,764 3,732 3,864 28,297 410 107 28,261 28,245 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. 987, and seasonally adjusted figures in table on p. 996. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890, • To avoid duplication;, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not4 included in total Treasury currency outstanding. Because sorae of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note of explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates^—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is, eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted 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 1947 995 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] MONEY IN CIRCULATION WITH ADJUSTMENT FOR SEASONAL VARIATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Amount— unadjusted for seasonal variation Date Amount— adjusted for seasonal variation Change in seasonally adjusted series * End of year figures: 1939 1940 1941 1942 1943 1944 1945 1946 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 Monthly averages of daily figures: 1946—March April May June July August September October November December 27,913 27,923 27,978 28,140 28,281 28,352 28,478 28,588 28,727 28,997 27,997 28,148 28,175 28,281 28,338 28,494 28,535 28,588 28,641 28,710 +53 +151 +27 +106 +57 +156 +41 +53 +53 +69 28,543 28,300 28,273 28,185 28,158 28,236 28,259 28,458 28,300 28,358 28,412 28,356 28,378 28,316 -252 -158 +58 +54 -56 +22 -62 1947—January February March April May June July +742 +1,134 +2,428 +4,250 +5,039 +4,858 +3,208 +437 Gold stock at end of period Period 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 . . 1946 194(5—juiy August September.. October November.. December.. 1947—January February... March April May June July Increase in gold stock 1,132.5 n1,258 1,502.5 212,760 14,512 1,751.5 3,132.0 17,644 4,351.2 21,995 741.8 22,737 — 10.3 22,726 -788.5 21,938 20,619 — 1,319.0 —553.9 20,065 464.0 20,529 -3.2 20,267 13.2 20,280 25.3 20,305 96.7 20,402 67.7 20,470 59.4 20,529 219.3 20,748 • -418.2 20,330 132.5 20,463 311.5 20,774 159.0 20,933 333.4 21,266 P27O.2 P21.537 EarNet marked gold deimport gold: crease or export or increase(—) 1,116.6 1,585.5 1,973.6 3,574.2 4,744.5 982.4 315.7 68.9 -845.4 — 106.3 311.5 6.3 15.2 -7.6 24.2 77.9 -61.2 -16.8 20.4 153.6 44.1 129.7 P200.2 Domestic gold production1 - 8 5 9 131.6 143.9 -200.4 —333 5 148.6 161.7 -534.4 170.2 -644.7 —407 7 169.1 -458.4 125.4 48.3 —803 6 35.8 —459.8 32.0 —356 7 56.9 465 4 4.0 8.0 8.3 60.1 6.8 12.3 5.9 115.7 4.9 127.5 6.3 82.8 7.6 196.1 5.5 -684.5 5.3 203.5 6.2 272 0 7.2 13.1 119.0 5 26.7 P Preliminary. 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on p. 1048 adjusted to exclude Philippine Islands production received in United States. 2 Includes gold in the Inactive Account amounting to 27 million 1 dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. For end of year figures, represents change computed on absolute amounts in first column. * Change reflects primarily gold subscription to International MonNOTE.—For discussion of seasonal adjustment factors and for back etary Fund. 4 figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Not yet available. 6 Because of an apparent recent change in the seasonal pattern around Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account including gold held for the account of international institutions affected, beginning with December 1942; seasonally adjusted figures amounted to 3,682.5 million dollars on July 31,1947. Gold under earfor money in circulation, as shown in Banking and Monetary Statistics, mark is not included in the gold stock of the United States. Table 111, p. 414, and described on p. 405. are based on an older series NOTE.—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposit accounts except interbank accounts Year and month Total, all reporting centers 1939 1940 1941 1942 -old series » . . . : . 1942—new series ' . . . . . 1943 1944 1945 1946—old series*4 ) 1946—new series . . . . / 1946—June July August September October December 1947—January February March April May June New York City* 140 other centers * Other reporting centers 2 Annual rate of turnover of total deposits except interbank New York City 333 other reporting centers Debits to demand deposit accounts except interbank and Government Annual rate of turnover of demand deposits except interbank and Government Other leading cities New York City Other leading cities 167,939 167,373 193,729 }2OO,337 258,398 298,902 351,602 374,365 407,946 200,636 217,744 270,439 308,913 369,396 403,400 412,800 449.414 522,944 21.0 17.1 17.3 18.0 20.5 22.4 24.2 25.5 25.2 19.4 18.6 19.4 18.4 * 17.4 17.3 16.1 16.9 16.5 New York City 423,932 445,863 537,343 607,071 641,778 792,937 891,910 974,102 1,050,021 171,382 171,582 197,724 210,961 226,865 296,368 345,585 404,543 417,475 218,298 236,952 293,925 342,430 347,837 419,413 462,354 479,760 527,336 34,252 37,329 45,694 53,679 67,074 77,155 83,970 89,799 105,210 16.1 16.5 17.1 18.3 19.0 10.0 { 86,655 91,358 82,704 83,295 91,340 86,645 103,900 34,972 37,357 30,216 31,397 33,913 31,088 41,252 43,219 45,017 43,683 43,155 47,671 46,105 52,295 8,464 8,985 8,805 8,743 9,756 9,452 10,353 18.9 20.0 16.3 19.3 18.7 19.9 25.8 9.9 10.1 9.6 10.7 10.6 11.6 12.6 32,439 »-35,391 '30,856 '30,555 '32,035 '31,379 '40,021 36,921 '44,567 '44,138 '42,413 '46,612 '46,037 '52,139 26 3 '25.3 '21.6 '23.7 '21.9 '23.8 '28.7 16.7 '16.4 '15.6 '16.7 '16.3 '17.8 '19.2 93,488 81,567 93,314 87,771 '87,840 94,446 34,305 29,745 33,547 31,391 30,895 35,632 49,140 43,199 49,955 46,904 ••47,464 49,265 10,043 8,622 9,812 9,475 9,482 9,548 20.6 20.4 20.4 19.2 19.0 22.7 11.6 11.6 11.9 11.3 11.3 12.1 '33,592 '29,173 '34,439 '29,997 '31,695 35,092 '48,778 '44,011 '50,582 '46,403 '48,023 48,595 '23.8 '24.0 '24.9 '21.5 '22.7 25.6 '17.4 '18.1 '18.6 '17.0 '17.3 17.9 13.1 11.7 10.8 9.7 '1 Revised. National series for which bank debit figures are available beginning with 1919. 1 Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. •See page 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. * Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947 and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935 j 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. 996 FEDERAL RESERVE BULLETIN DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total deposits adjusted and currency outside banks End of month 55,171 54,713 41,680 42,548 Total demand deposits adjusted and currency outside banks Total deposits adjusted Demand deposits adjusted 1 51,532 51,156 36,919 37,766 51,769 51,001 51,148 53,180 54,938 57,698 60,253 63,436 22,540 22,809 14,411 15,035 25,198 23,959 24,313 25,986 27,355 29,793 31,962 34,945 Time deposits United States Government deposits 2 Total Commercial banks«* Mutual savings banks « 381 158 852 1,016 666 824 599 889 792 846 828 753 28,611 28,189 21,656 21,715 25,905 26,218 26,236 26,305 26,791 27,059 27,463 27,738 19,557 19,192 10,849 11,019 14,513 14,779 14,776 14,776 15,097 15,258 15,540 15,777 8,905 8,838 9,621 9,488 10,125 10,170 10,209 10,278 10,433 10,523 10,631 10,658 1929—June., December 1933—June December 1937—June December 1938—June December 1939—June December 1940—June December 1941—June December 1942—June December 1943—June December 1944—June December 1945—June December 57,258 56,639 56,565 58,955 60,943 64,099 66,952 70,761 26,179 26,366 19,172 19,817 30,687 29,597 29,730 31,761 33,360 36,194 38,661 42,270 74,153 78,231 81,963 99,701 110,161 122,812 136,172 150,988 162,784 175,401 45,521 48,607 52,806 62,868 71,853 79,640 80,946 90,435 94,150 102,341 65,949 68,616 71,027 85,755 94,347 103,975 115,291 127,483 137,687 148,911 37,317 38,992 41,870 48,922 56,039 60,803 60,065 66,930 69,053 75,851 753 1,895 1,837 8,402 8,048 10,424 19,506 20,763 24,381 24,608 27,879 27,729 27,320 28,431 30,260 32,748 35,720 39,790 44,253 48,452 15,928 15,884 15,610 16,352 17,543 19,224 21,217 24,074 27,170 30,135 1946—June July August September October November December 171,237 170,700 170,600 170,200 170,000 169,500 167,107 105,992 106,700 107,200 107,900 108,900 109,700 110,044 144,721 144,300 144,000 143,700 143,500 142,800 140,377 79,476 80,300 80,600 81,400 82,400 83,000 83,314 13,416 11,600 10,700 9,300 7,900 6,400 3,103 51,829 52,400 52,700 53,000 53,200 53,400 53,960 1947—January (Jan. 29) P February (Feb. 26) * March (Mar. 26)P. April (Apr. 30)P.. . May (May 28) P June (June 25)P.. . 165,900 165,400 165,100 165,200 164,900 165,100 108,600 106,800 106,400 107,300 107,500 108,500 139,800 139,200 139,100 139,200 138,900 139,100 82,500 80,600 80,400 81,300 81,500 82,500 3,100 3,900 3,800 2,8On 2, 00 1,(00 54,200 54,700 54,900 55,100 55,300 55,600 Postal Savings System * Currency outside banks 3,639 3,557 4,761 4,782 5,489 5,638 5,417 5,775 6,005 6,401 6,699 7,325 149 159 1,186 1,208 10,648 10,532 10,395 10,664 11,141 11,738 12,471 13,376 14,426 15,385 1,267 1,269 1,251 1,251 1,261 1,278 1,292 1,303 1,303 1,313 1,315 1,415 1,576 1,786 2,032 2,340 2,657 2,932 8,204 9,615 10,936 13,946 15,814 18,837 20,881 23,505 25,097 26,490 32,429 32,800 33,100 33,300 33,500 33,500 33,808 16,281 16,400 16,400 16,500 16,500 16,600 16,869 3,119 3,200 3,200 3,200 3,200 3,300 3,283 26,516 26,400 26,600 26,500 26,500 26,700 26,730 33,900 34,200 34,300 34,500 34,600 34,700 17,000 17,100 17,200 17,200 17,300 17,500 3,300 3,400 3,400 3,400 3,40 3,400 26,100 26,200 26,000 26,000 26,000 26,000 l p 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. * 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. * 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 BANK SUSPENSIONS l [In millions of dollars] DeposEnd of month itors' balances 1 Total Cash in depository banks Total, all banks U. S. Government securities Total Direct 1,192 1,046 1,224 1,078 1,274 1,128 L,345 1,220 L.716 1,716 J.252 2,252 J.837 2,837 Cash reserve Guar- funds, anetc8 teed 1939—Dec... 1,279 1940—Dec... 1,304 1941—Dec... 1,314 1942—Dec... 1,417 1943—Dec... 1,788 1944—Dec... 2,342 1945—Dec... 2,933 1,319 1,348 1,396 1L.464 L.843 >,411 $,022 53 36 26 16 10 8 6 1946—July. . Aug... Sept.. Oct... Nov... Dec... 3,160 3,188 3,207 3,235 3,260 3,284 $.258 $,288 $.306 $.337 1,360 $.387 5 6 6 6 6 6 $,060 $,088 $,114 $,134 $.151 $,182 3,060 3,088 3,114 3,134 3,151 3,182 193 194 186 197 204 200 1947—Jan... Feb... Mar... Apr... May.. June, , 3,331 3,355 3,375 3,382 P3,393 P3,397 $,436 $,463 5,481 $.492 6 6 5 5 5,234 $.257 $,284 3,290 3,234 3,257 3,284 3,290 196 200 192 197 146 146 146 126 74 88 95 102 118 152 179 P1 Preliminary. Outstanding principal, represented by certificates of deposit. 8 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. AUGUST 1947 Nonmember banks Member banks Assets Number of banks suspended: 1934-39 1940 1941 1942 1943 1944 1945 1946 1947—Jan.-July . National State 291 15 22 1 8 9 4 4 2 1 0 0 0 6 Insured Noninsured 189 81 18 3 3 6 2 1 1 3 Deposits of suspended banksa (in thousands of dollars) : 125,991 14,616 26,548 44,348 40,479 1934-39 1940 1941 1942 1943 1944 1945 1946 1947 Tan -Tniv 256 5,943 3,726 3,144 1,702 6,223 i',982 405 0 0 0 5,341 503 1,375 1,241 405 346 79 327 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292 for description, see pp. 281-282 in the same publication. 997 ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Deposits Loans and investments Other Investments Class of bank and call date Total Loans Total All b a n k s : 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec 31 1943—Dec. 31 1944—Dec 30 1945—Dec 31 1946—June 29 Dec. 31. Total Number of capital accounts banks /-» 48 884 50 884 177 61 126 78 147 96 ,966 119 ,461 140 ,227 ,572 1.31 ,698 21,305 22,165 23,756 26,615 23,916 23,601 26,015 30,362 31,486 35,648 77 S79 2 8 , 719 422 34, 511 S4 231 73, 365 9 3 , 446 109 865 10S 087 96 050 assets 1 U. S. Government obligations Other securities 972 417 972 511 951 932 885 288 911 86 558 9 ,607 9 ,302 9 ,449 8 ,999 ,280 7 ,433 7 ,561 8 ,577 ,175 g ,491 17 19, ?0 25, 4S 65 85 101 Total * ,255 Interbank l Demand Time 61,465 68,242 75,996 81,816 99,803 117,661 141,448 165,612 159,171 155,902 7,480 7 8 , 764 9,874 32, 513 10,934 38 558 10,982 44, 349 11,308 61 431 11,003 75, 569 12,235 91, 653 14,065 10S 921 12,311 9 8 043 12,656 9? 446 25,221 25,855 26,503 26,485 27,064 31,089 37,561 45,627 48,817 50,800 8 ,118 8 ,194 8 ,302 8 ,414 ,566 8 ,996 9 ,643 10 ,542 TT ,067 11 ,360 1S ,207 ,090 27 ,344 ,701 28 ,475 30 ,790 3S ,415 3 3 ,124 35 ,041 14 ,653 14t,484 23 ,292 15 ,035 14 896 1' ,826 682 14 ,579 14 ,535 M 553 14 567 14 ,585 All commercial b a n k s : 193g—Dec. 31 1939—Dec. 30 1940— Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec, 30 1945—Dec. 31 1946—June 29 Dec. 31 43 ,929 50 746 67 ,393 85 ,095 105 ,530 124 ,019 119 ,448 113 ,993 16,409 17,238 18,800 21,714 19,221 19,117 21,644 26,083 27,130 31,122 23 25 29, 48 65 83 97 92 82 319 430 129 032 172 978 886 936 318 871 16 17 21 41 59 77 90 84 74 098 316 757 808 379 842 557 606 473 780 7 ,221 7 ,114 7 ,372 7 ,225 6 ,793 6 ,136 6 ,329 7 ,331 7 ,845 8 ,091 17 ,673 22 ,474 27 ,124 26 ,551 28 ,039 27 ,677 30 ,206 34 ,806 32 ,378 34 ,223 51,185 57,718 65,337 71,283 89,135 105,923 128,072 150,227 142,890 139,033 7,480 7 8 , 764 9,874 3 2 , 513 10,934 38, 558 10,982 44, 349 11,308 61, 431 11,003 75, 569 12,235 91, 653 14,065 105, 921 12,311 98, 043 12,656 92, 446 14,941 15,331 15,844 15,952 16,395 19,350 24,184 30,241 32,536 33,930 6 ,814 6 ,885 All insured commercial banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dee. 31 1944—Dec. 30 . . 1945—Dec. 31 1946—j u n e 29 Dec. 31 . . 37 ,471 39 ,290 42 ,557 49 ,290 66 ,240 83 ,507 103 ,382 121 ,809 117 ,409 11? ,178 16,022 16,863 18,395 21,259 18,903 18,841 21,352 25,765 26,791 30,733 450 427 162 031 336 666 030 043 618 445 14 15 17 21 40 58 7S 88 8? 73 506 567 064 046 705 683 875 912 977 554 t .943 22 24 28 47 64 H? 96 90 81 17 ,174 21 ,873 26 ,287 25 ,788 27 ,586 27 ,183 79 ,733 34 ,292 31 ,843 33 ,694 49,772 56,069 63,461 69,411 87,803 104,094 125,714 147,775 140,612 136,990 7,254 27, 849 9,523 31, 483 10,539 37, 333 10,654 43, 059 11,144 60, 504 10,705 74, 309 12,074 89 761 13,883 104, 015 12,007 96 459 12,320 91 144 14,669 15,063 15,589 15,699 16,154 19,081 23,879 29,876 32,145 33,526 6 ,438 6 ,527 6 ,676 6 ,844 7 ,055 7 ,453 7 ,989 8 ,671 9 ,068 9 ,286 All member b a n k s : 3? ,070 1938—Dec. 31 1939—Dec. 30 33 ,941 1940—Dec. 31 .. - 37 ,126 43 ,521 1941—Dec. 31 59 ,263 1942—Dec. 31 1943—Dec. 31 74 ,258 91 ,569 1944—Dec. 3 0 . . . 107 ,183 1945—Dec. 31 10? ,032 1946—June 29 96 ,362 Dec 31 13,208 13,962 15,321 18,021 16,088 16,288 18,676 22,775 23,302 26,696 18 863 19 979 805 25 500 43 175 S7 970 7? 893 84 408 78 729 69 666 13 14 1S 19 37 223 328, 823 539 546 948 685 338 272 042 5.640 ,489 29 ,845 78 ,079 29 ,587 43,363 49,340 56,430 61,717 78,277 92,262 110,917 129,670 122,519 118,170 7,153 9,410 10,423 10,525 11,000 10,555 11,884 13,640 11,801 12,060 78 920 11,369 11,699 12,178 12,347 12,754 15,268 19,259 24,210 26,115 27,190 S ,424 5 ,522 5 ,698 5 ,886 6 ,101 6 ,475 6 ,968 7 ,589 7 ,920 8 ,095 6,338 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,887 6,900 All national b a n k s : 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec 30 1945—Dec. 31 . . . . 1946—June 29 Dec. 31 20 ,903 21 ,810 23 ,648 ?7 ,571 37 ,576 47 ,499 58 ,308 69 ,312 66 ,277 63 ,723 8,469 9 rO22 10,004 11,725 10,183 10,116 11,480 13,925 14,469 17,272 12 434 12 ,789 13 644 1S 845 27 393 37 ,382 46 ,828 ss ,387 51 809 46 451 8 691 9 ,058 9 ,735 1? ,039 23 ,744 34 ,065 43 ,292 ,250 47 ,271 41 ,658 3,743 3,731 3,908 3,806 3,648 3,318 3,536 4.137 9 ,692 12 ,489 15 ,099 14 ,977 16 ,184 16 ,017 17 ,570 ?0 ,114 18 ,607 20 ,012 27,996 31,559 35,787 39,458 50,468 59,961 71,858 84,939 80,212 78,775 4,499 5,898 6,574 6,786 7,400 7,159 8,056 9,229 7,816 8,169 15 17 20 ?4 34 4? 50 S9 54 52 587 579 885 350 499 605 900 486 930 194 7,910 8,081 8,329 8,322 8,570 10,196 12,901 16,224 17,466 18,412 3 ,321 3 ,397 3 ,528 3 ,640 3 ,729 3 ,950 4 ,265 4 ,644 4 ,862 5 ,138 5,224 5,187 5,144 5,117 5,081 5,040 5,025 5,017 5,012 5,007 State member b a n k s : 1938—Dec 31 1939—Dec. 30 1940—Dec. 31 1941—Dec 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec 31 1946—June 29 Dec. 31 It ,168 12 ,130 13 ,478 15 ,950 ,687 26 ,759 33 ,261 37 ,871 35 ,754 32 ,639 6 429 4 738 7 ,190 4,940 8 ,162 5,316 9 ,654 6,295 1S ,782 5,905 20 ,588 6,171 26 ,065 7,196 29 ,021 8,850 8,834 , 26 ,921 23 ,216 9,424 4 ,532 5 ,271 6 ,088 7 ,500 13 ,802 18 ,883 24 ,393 27 ,089 25 ,000 21 ,384 1,897 L.920 2,074 2,155 L.980 L,7O5 L.672 L,933 1,921 1,832 s ,797 7 ,293 8 ,865 8 ,145 8 ,096 7 ,773 8 ,290 9 ,731 9 ,472 9 ,575 15,367 17,781 20,642 22,259 27,808 32,302 39,059 44,730 42,307 39,395 2,653 3,512 3,849 3,739 3,600 3,397 3,827 4,411 3.986 3,890 9 10 12 14 70 23 28 32 29 26 255 652 944 495 07.4 833 874 334 672 726 3,459 3,617 3,849 4,025 4,184 5,072 6,357 7,986 8,649 8,779 103 2 ,124 2 ,169 2 ,246 ,371 2 ,525 2 ,703 2 ,945 3 ,058 2 ,957 1 114 .38 ,728 40 ,668 67 78 7? 63 6,860 7,099 6,984 6,631 5,983 6.155 ,131 ,641 .891 c c ,651 .982 5.961 5,629 5,022 5,208 6,070 6,458 6,625 i 1,537 i1,793 19 ,782 73 ,963 23 ,123 24 ,280 73 ,790 ,860 74 842 28, 231 33 829 38, 846 54, 523 66 438 79 774 91 820 84 602 7 ,010 7 ,173 7 ,330 7 ,719 8 ,265 8 ,950 9 ,352 9 ,577 14 ,345 14 ,278 14 ,136 U1,034 13 ,992 U1,011 U1,026 t,044 u V 13 13 13 13 13 V 13 r ,657 ,534 ,438 ,426 ,343 ,270 263 ,297 ,330 .354- L ,175 L ,342 L.502 L ,598 L.698 L.789 L.867 L,875 L.893 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" except three mutual savings banks that became members of the Federal Reserve System in 1941; these three 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." Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For recent revisions in series see pp. 870-871 of BULLETIN for July 1947. For other footnotes see following page. 998 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Class of bank and call date Investments Total Loans TotaJ All nonmember commercial banks: 1938—Dec. 31. 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dee. 3 1 . . . . . . 1946—June 29 Dee. 31 Deposits 6,658 3,202 3,276 3, 479 3,456 3,451 3,324 3, 3,136 2,832 2,971 3,310 3,830 3,536 U. S. Government obligations Other Cash assets * Total Other securities l Inter-1 bank Total Number capital accounts^ banks Demand Time 1,581 1,464 1,389 1.266 1,166 1,115 1.122 1.262 1.388 1,468 2,185 2,692 3,161 3,431 3,760 3,889 4,348 4,962 4,300 4,639 7,822 8,378 8,907 9,574 10,867 13.671 17,168 20,571 20,387 20,879 327 464 512 457 309 448 351 425 510 597 3,923 4,282 4,729 5,504 6.908 9,131 11,879 14,101 13,441 13,526 3,572 3,633 3,667 3,613 3,650 4,092 4.938 6,045 6,436 6,756 ,390 ,363 ,312 .288 ,230 ,245 ,298 .362 ,433 ,483 8,315 8,122 7,859 7,662 7.460 7,299 7,181 7,130 7.142 7,147 ,014 ,005 1,149 1.193 7,319 7,172 6/952 6,810 6,667 6,535 6,452 6,416 6,446 6,457 4,429 13,217 1,875 1,987 1,934 2,270 3,836 6,899 9,880 12,277 12,212 11,749 5,401 5,350 5,431 5,776 6,984 9,258 11,824 14,639 15,392 15,831 2,814 2,901 3,074 3,241 2,818 2,556 2,678 2,992 3,491 4,040 2,587 2,448 2,357 2,535 4,166 6.702 9,146 11.647 11,901 11,791 1,284 1,239 1.240 1,509 3,162 5,739 8,197 10,584 10,716 10,524 1,303 1,210 1.116 1,025 1.004 962 949 1,063 1,185 1,268 1,685 2,091 2,324 2,668 3,308 3,395 3,875 4,448 3,766 4,109 6,409 6.729 7.032 7,702 9,535 11,842 14,809 18,119 18,108 18,836 101 113 116 129 145 149 190 244 206 260 3,007 3,252 3,504 4,213 5,981 7,870 9,987 12,196 11,857 12,225 3,300 3,365 3,411 3,360 3,409 3,823 4,632 5,680 6,045 6,351 Noninsured nonmember commercial banks: 1938—Dec. 31 1939—Dec. 30 1940— Dec. 3 1 . . . . . . 1941—Dec. 31 1942—Dec. 31 * 1943—Dec. 31 1944—Dec. 30.,.- . . 1945—Dec. 31 1946—June 29 Dee. 31 1,257 1,378 1,372 457 154 588 148 2,211 2,038 1,815 388 375 405 455 318 276 292 318 339 389 869 1,003 967 1.002 836 1,312 1,856 1,893 1,699 1,426 592 749 694 761 277 254 273 241 162 153 174 200 204 200 499 601 837 763 452 494 473 514 534 530 1,413 1,649 1,876 1,872 1.332 1,829 2,358 2,452 2,279 2.043 226 351 396 329 164 299 161 181 303 336 915 1,031 1,225 1,291 927 1,261 1,892 1,905 1,584 1,302 272 268 255 253 241 270 305 365 391 404 377 358 334 329 275 267 276 279 284 290 996 950 907 852 793 764 729 714 696 690 All m u t u a l savings banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944— Dec. 30 1945—Dec. 31 1946—June 29.. Dec. 3 1 . . . . . . 10,156 10,216 10,248 10,379 10,754 11,871 13,931 16,208 17,125 17,704 4,896 4,927 4,956 4,901 4,695 4,484 4,370 4,279 4,356 4,526 5,261 5,289 5,292 5,478 6,059 7,387 9.560 11,928 12,769 13,179 2,874 3,101 3,215 3,704 4,572 6,090 8,328 10,682 11,438 11,778 2,387 2,188 2,078 1,774 1,487 1,297 1,232 1,246 1.331 1,400 581 818 966 793 663 797 584 609 747 818 10,280 10,524 10,659 10,533 10,668 11.738 13,376 15,385 16,281 16,869 10,280 10,524 10,659 10,533 10,668 11,738 13,376 15,385 16,281 16,869 1,304 1,309 1,292 1.241 1,236 1,276 1,378 1,592 1,715 1,784 554 551 551 548 546 545 543 542 541 541 Insured m u t u a l savings banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—June 29 Dec. 31 972 1,329 1,654 1,693 2,007 7,525 9.223 10,846 11,453 11,891 461 605 637 642 740 ,073 ,110 ,081 132 3,250 511 724 1.018 1.050 1,267 4,452 6,113 7,765 8,322 8,641 280 422 548 629 861 3,844 5.SO9 7,160 7,662 7,946 232 303 470 421 405 608 604 606 660 695 71 133 202 151 130 559 400 429 550 612 1,012 1,409 1,818 1,789 2,048 7,534 8,910 10,363 10,979 11,428 1,012 1,409 1,818 1,789 7,534 8,910 10,363 10,979 11.428 122 153 161 164 201 80S 892 1.034 1,122 1,173 48 51 53 52 56 184 9,184 8,887 8.594 8,687 8,747 4,345 4,708 5,361 5,671 5,813 4,435 4,323 4,319 4,259 3,954 1,411 1,260 1,198 1,224 1,275 4,749 4,565 4,274 4,428 4.792 2,935 3,448 4,163 4.447 4,538 2,595 2,679 2,667 3,075 3.711 2.246 2,819 3,522 3.777 3,833 2,155 1,885 1,607 1,353 1.082 689 629 641 510 685 764 642 533 238 184 180 197 206 9,268 9,114 8,841 8,744 8,620 4,204 4,466 5,022 5,302 5,442 9,268 9,114 8,841 8,744 8,620 4,204 4,466 5.022 5,302 5,442 1,181 1,156 1.131 1.077 1,035 468 485 558 593 611 506 500 498 496 490 361 351 350 350 350 Insured nonmember commercial banks: 1938— Dec. 3 1 . . 1939—Dee. 30 1940— Dec. 3 1 . . 1941—Dec. 31 1942—Dec. 31 1943-Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—June 29 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—Dee. 30 1945—Dec. 31 1946—June 29 Dec. 31 6,727 6,803 7,233 8,137 10,847 13,972 16,849 17,430 17,646 5,002 8,014 11,002 13.539 13,600 674 1,160 1,682 1,693 1,496 1,226 671 705 2.048 978 959 955 979 1,022 1,083 192 192 191 191 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 2525 million at all insured commercial banks. Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve Sy.'tem of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc. For other footnotes, see preceding page. AUGUST 1947 999 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS A N D INVESTMENTS [In millions of dollars] Loans Total loans and investments Class of bank and call date AH Insured c o m mercial b a n k s : 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—Dec. 3 0 . . 1945—Dec. 3 1 . . 1946—June 2 9 . . Dec. 3 1 . . Member banks, total: 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—Dec. 3 0 . . 1945—Dec. 3 1 . . 1946—June 2 9 . . Sept. 3 0 . . Dec. 3 1 . . 42,557 49,290 66,240 83,507 103,382 121,809 117,409 112,178 Total New York City? 1940—Dec. 31.. 1941—Dec. 31.. 1942—Dec. 31.. 1943—Dec. 31.. 1944—Dec. 30.. 1945—Dec. 31.. 1946—June 29.. Sept. 30.. Dec. 31.. Chicago:* 1940—Dec. 31.. 1941—Dec. 31.. 1942—Dec. 31. . 1943—Dec. 31.. 1944—Dec. 30.. 1945—Dec. 31.. 1946—June 29.. Sept. 30.. Dec. 31.. Reserve city banks] 1940—Dec. 31 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—Dec. 3 0 . . 1945—Dec. 3 1 . . 1946—June 2 9 . . Sept. 3 0 . . Dec. 3 1 . . 10,910 12,896 17,957 19,994 24,003 26,143 23,304 21,972 20,834 2,377 2,760| 3,973 4,554 5,443, 5,931 5,167 4,972 4,765 3,384 4,072 4,116 4,428 5,760 7,334 6,506 6,258 6,368 13,013 15,347 20.915J 27,521 33,603| 40,108 37,675 36,706 35,351 10,826 12,518 16,419 22,188 28,520 35,002 35,886 Sept. 30. . 36,056 Dec. 31.. 35,412 5,309 5,890 5,038 4,654 4,910 5,596 6,605 7,334 8,004 1940—Dec. 31. . 1941—Dec. 31.. 1942—Dec. 31.. 1943—Dec. 31.. 1944—Dec. 30.. 1945—Dec. 31.. 1946—June 29.. Insured nonmember commercial b a n k s : 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—Dec. 3 0 . . 1945—Dec. 3 1 . . 1946—June 2 9 . . Dec. 3 1 . . 5,431 5,776 6,984 9,258 11,824 14,639 15.392 15,831 ,281 ,450 ,642 ,505 ,723 2 ,314 3 ,366 2 ,358 1,517 3,074! 3,241 2,818: 2,556! 2,6781 2,992 3,491, 4,040 4,077 727 4 ,468 24,162 4,545 662 4 ,773 28,031 597 4 ,646 2,269 1,042 47,336 922 4 4371 ,868 918 64,666 2,265 4,343 1,888' 944 82,030 3,606 4,677 2,361 1,181 ~ 96.04.1 2,656 5,738 3,069 1,211 90,618 1,609 7,103 4,031 1,098 81,445 U. S. Government obligations 13,154 2,125 2,807 2,5461 2,515 2,610 3,044 3,169 884 1,506 1,467 5,358 3,308 465 190f 412 169 787 193 21 1,054] 323 24 1,742 859 30 2, 4531 --' ,172 1,852 798 i 1,096 389 " 9 9 54 , 52 32 34 52 102 163 163 211 233 188 185 42 48 2,589 3,456 2,957 3,058 3,034 3,661 3,932 115 207 114 194 97, 153 217 267 311 777 427 1,503 321 1,142 5,548 201 264 1,453 1,676 1,226 1,084 1,149 1,484 1,781 590| 659 772 713 802 648 679 518 5431 370 356 389 512 649 862 19 22 23| 22 24 , 36 43 ioi 263 300 290 279 348 205 197 2,433 130 123 117 107 86 80 83 '681 416 478 553 482 525 459 488 474 468 554 303 252 253 287 378 455 6;6 7,527 , 8,823 148|i3,841 ' " 15,566 ,18,243 29818,809 226 16,798 15,714 25014 ,465 84 96 62 45 45 Total 17,064 21,046 40,705 58,683 75,875 88,912 82,977 73,554 105 704 ,237 1,436 201 ,644 183 ,823 161 ,797 197 ,725 310| ,719 471 ,881 354|2,398] 1,400 1,530 674 393 528j 381 547 351 707 937 *273 2,970 1,312 75 1,240 64 1,282 59 ,225 82 ,165 156 ,136 228 ,224 176 ,473 142 ,748 7,081 8,243| 14,813 21,321 26,781 31,594 28,813 26,892 435 24,527 803 854 422 385 383 460 605 7231 5,517 6,628 11,380 17,534 23,610 ,407 29,281 28.7221 306] 27,408 173 70 67 77 79 79 2,357 2,535 4,166 6,702 9,146 11,647 11 ,901 11,791 |Statep|Other Certifi|Guar- and secucates an- [politi-i rities in- Notes Bonds teed cal Bills of subdebtdiviedsions! ness 662 2,756 9,925 3,719 3,608 988 3,159 12,797 ,4,102 3,651 4,462 6,727 5, 799 20,999 2,718 3,533 4,636 13,218 7,672 30,656 2,501 3,287 3,971 15,300 15,778] 39,848 978 3,422 2,455 19,071 16,045 51,321 22 3.87? 1,2201 17,637 12,004|52 ,092 24|3 .973 1,271 12,2881 6,78O|53 ,200 15 4,298 5,602 46,219 3,617 3,082 11 3,548 3,077 6,044 207| 1,245 2,977 1,615 7,265 311 1,623 3,652 1,679] 12,547 ,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] 17,574 477 3,433 3,325 10,337 1 15,646 201 2,980] 2,229| 10,234 1 14,410 13,308 "387 1^725 "992 5,204 6,467 13,038 19,682 25,042 29,552 26,585 !4,614 22,250 297 256| 397 637 199, 877 250 1,045 133 1,467 14 1,042 145 153 391 484| 779 749 529 752 903 1,282 1,602 1,809 1,864 1,900 112 119 83 74 31 695 729 593 444 468 6061 53SI 693| 557 788 830 701 558 596 629 618 611 601 188] 182 166 158 160 181 153 148| 167 186 193 186 155 185 204 200 194 187 "60 498 103 295 1,441 1,802 1,704 1,034 410 2,2531 4,691 5,7301 6,982 6,038| 771 751 1,723 2,497 5,181 5,653] 4,014 1,251 3,094 3,466 5,102 5,231 433 2,081 481 2.926 1,240 5,436 2,096 8,705 4,422 12,540| 4,544| 16,713 3,696 7,170| 710! 1,146 1,102 861 1,222 1,028 574 1,252[ 956 538 1,214,? 855 241 1,230, 829 9] 1,342 1,067 12 ,426 1,299 4 \ 626I i! 470 717971 1,507 1,268 ,551 1,285 "l46| 3,281 ,049 984 893 4,248 ,173 956| 820 6,810 811 954 821 9,943 749] 913 726 1,987 440| 1,000 740 5,878] 1,126! 916 6,116 1,194 1,034 1,269! 009 441 3,799 1,993 16,013 1,272 1,004 3,269 45 4,377 110] 671 9,172 15,465 1,032 882 21,552 630] 26,999 447 26,556 25,948 24,572 279] 1,240 1,509 3,162 5,739 8,197 10,584 10,716 10,524 3,491 3,333 3,098 2,696 2,733 3,258 3,668 3,592 652 2,594 9.09J 3,486 3.013 2 ,970 971 3,007 11.729J3 832 3.090<2 ,871 4,363 6,285 5,409 18,948 540 2,965 2,664 4,360(12 ,071 6,906 27,265 2,345112, ,294 3,748, 13,982| 14,127 34.927 902 2,857 2,350 2,275 16,985 14,271 144,792 16 3.254 2,815 1,072 15,292 10,467|45 ,420 20 3,307 3,151 68,232 63,042 1,167 10,043 1,681 1,307 1,8061 «l,430 3,141 2,789 3,550 3,238 4,258 3,913 4,598 4,213 3,837 3,485 3,602 3,260 3,266 2,912 1,322 ,436| 1,512 ,527 ,486 808 312 ,420 658 301 ,3791 660 313 ,459 855 404 ,743 1,073 453 Obli-I ga- Direct 3,273 21,805 15,823 6,660 865 642 652 3 228 3,692o 25,500| 19,539 8,671 972 594 598 3, 494 7,387 ,089 934 538 3, 423 1 ,847f "870 43,175) 37,546 7,421 ,023 1 398 , 839 3, 274 1 ,484| 848 57,970 52,948 7,531 ,198 2 249|2,108 3, 209 ,505, 87772,891 67,685 8,949| 855 1333 ,378 3, 455, ,900 1.104 84 .4081 78,338 9,6851 877 3952 ,480 4, 2672 ,464 1.133 78 ,729| 72,272 696 492 954 732 832 658 ,004 763 ,184 738 ,333. 760 ,329 804 ,370 ,499 1,094 5,931 7,105 6,102 6,201 6,822 8,514 8,862 9,814 0,825 Country banks:.. Loans for Compurchasing meror carrying cial, insecurities Real clud- Agricules- Con- lOtherl ing tate sumer loans Total turTo openbrok- To loans loans marers ket and othpadealper* 18,395 7,178 21,2591 9,214 18,903 7,757 18,841 7,777 21,352 7,920 25,765 9,461 26,791 110,334 30,7331 14,016 37,126 15,321 43,521 18,021 59,263 16,088 74,2581 16,288 91,569 18,676 107,183 22,775 102,032 23,302 99,706 24,775 96,362 26,696 Investments i?1 99 276 223 180 147 104 442 1,147 1,319] 2,087 2,346] 2.247 162 152 390 766 1,652 1,774 1,538 1,179 834 1,069 2,053 3,395 4,9281 6,538 6,682 6,991 234 271 179 156 76 6 4 3 595 563 569 560 566 619 667 752 521 462 435 403 383 443 518 516 * These figures do not include data for banks in possessions of the United States and therefore differ from those published b y the Federal Deposit Insurance Corporation. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member b a n k s " b u t are not included in "all insured commercial banks." 1 During the period Dec. 3 1 , 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. * Central reserve city banks. 1000 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 with Cash Federal in vault Reserve Banks BalDeances mand with dedoposits mestic3 ad- 4 banks justed Interbank deposits U. S. IndiIndi- BorGov- States viduals, viduals, and partner- rowernpartner- Inter- ment ings politships, ships, ical and and and cor- bank Postal corsubdiporaSav- visions poraetc. tions tions ings Certified U. S. States and and Gov- political offiern- subdi- cers' ment visions checks, DoFormestic3 eign • All insured c o m mercial banks: 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 31. . 1946—June 29. . Dec. 31. . 13,992 12,396 13,072 12,834 14,260 15,810 15,999 16,013 1,234 8 202 33,820 1,358 8 570 37,845 1,305 9 080 48,221 1,445 8 445 59,921 1,622 9 787 65,960 1,829 11 075 74,722 1,471 9 102 78,281 2,012 9 ,481 82,085 Member banks, total: 1940—Dec. 3 1 . . 1941—Dec. 31. . 1942—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 3 1 . . 1946—June 2 9 . . Sept. 30. . Dec. 3 1 . . 13,992 12,396 13,072 12,835 14,261 15,811 16,001 15,792 16,015 1,087 1,019 1,132 1,271 1,438 1,141 1,382 1,576 6 ,185 6 ,246 6 ,147 5 ,450 6 ,354 7 ,117 5 ,772 5 ,660 5 ,936 30,429 33,754 42,570 52,642 57,308 64,184 67,461 68,818 70,243 New York City:* 1940—Dec. 31. . 1941—Dec. 3 1 . . 1942—Dec. 31. . 1943—Dec. 3 1 . . 1944—Dec. 3 0 . . 1945—Dec. 31. 1946—June 29. . Sept. 3 0 . . Dec. 31. . 7,057 5,105 4,388 3,596 3,766 4,015 4,255 4,015 4,046 102 93 72 92 102 111 85 129 131 122 141 82 61 76 78 68 61 87 11,062 10,761 11,899 13,899 14,042 15,06S 16,158 16,119 16,429 1,051 1,021 902 821 899 94? 870 900 928 42 43 39 38 43 36 26 24 29 319 298 164 158 177 200 162 156 172 Reserve city banks 1940—Dec. 31. 1941—Dec. 31. 1942—Dec. 31. 1943—Dec. 31. 1944—Dec. 30. 1945—Dec. 31. 1946—June 29. Sept. 30. Dec. 31. . 4,027 4,060 4,940 5,116 5,687 6,326 6,332 6,278 6,337 396 425 365 391 441 494 399 471 532 2 741 2 ,590 2 ,202 1 ,758 2 ,005 2 ,174 1 ,858 1 ,777 1 ,923 9,581 11,117 14,849 18,654 20,267 22,372 23,483 23,849 24,221 Country banks: 1940—Dec. 31. 1941—Dec. 31. 1942—Dec. 31. 1943—Dec. 31. 1944—Dec. 30. 1945—Dec. 31. 1946—June 29. Sept. 30. Dec. 31. 1,857 2,210 2,842 3,303 3,909 4,527 4,543 4,599 4,703 452 526 542 611 684 796 631 758 883 3 ,002 3 ,216 3 ,699 3 ,474 4 ,097 4 ,665 3 ,684 3 ,666 3 ,753 243 271 287 313 352 391 330 437 2 ,017 3,39: 2 ,325 4^09: 2 ,93' 5^651 2 ,996 7,279 3 ,434 8,652 3 ,959 10^537 3 ,332 10^821 3 ,547 11,842 Chicago:* 1940—Dec. 31. . 1941—Dec. 3 1 . . 1942—Dec. 31. . 1943—Dec. 3 1 . . 1944—Dec. 30. . 1945—Dec. 31. 1946—June 29. Sept. 30. Dec. 31. . Insured n o n member c o m mercial banks: 194.O 1941 J.7^J. Dec Dec 31 31 A—'t-^« v i • 1949—Dec 31 1943—Dec. 31. 1944 Dec A_^V-l^» 30 \J\J • • A-'TTx- A—'V^V*t %-* X • A Zf ^t^ 19415—Dec 31 A—'\~V^» \J JL • • 1945—-Tune A7IV J U.J.i.\— 29 ^^ • • J, 7*XvJ Dec. 31. . 991 9 677 9 ,823 10 ,234 9 ,743 11 ,063 12 ,566 10 ,584 10 ,888 Time deposits 666 702 673 1, 761 813 8 167 893 9 950 948 19 754 1 248 23 740 1 346 12 941 1 364 2 930 Capit al acCOlmta 3 2 , 398 3 6 , 544 4 7 , 122 5 8 , 338 6 4 , 133 7 2 , 593 7 5 , 391 7 9 , 887 160 158 97 68 64 70 77 68 69 59 61 124 109 103 107 119 522 492 397 395 423 496 552 664 14, 998 1 5 , 146 1 5 , 697 1 8 , 561 2 3 , 347 2 9 , 277 3 1 , 487 3 2 , 742 11 10 10 46 122 215 83 39 6 , 676 6 , 844 7 , 055 7 , 453 7 , 989 8 , 671 9 , 068 9 , 286 724 066 318 602 29 33 42 51 56 62 65 67 69 576 061 139 820 270 950 589 129 127 141 140 87 62 58 64 72 72 62 56 50 56 120 105 99 101 104 114 435 418 332 327 347 399 447 491 551 1 1 , 687 1 1 , 878 1 2 , 366 14 822 1 8 , 807 2 3 , 712 25 568 2 6 , 150 2 6 , 525 3 4 5 39 111 208 72 77 30 5 5 6 6 6 7 7 8 8 698 886 101 475 968 589 920 077 095 48 866 186 395 722 940 495 112 651 370 319 263 252 199 237 293 246 218 11 11 12 14 14 1 ,338 15 1 ,132 16 768 16 942 17 357 282 501 373 448 712 836 657 216 5 6 3 4 11 17 27 27 20 51 29 23 26 17 20 17 768 778 711 816 977 206 372 400 395 29 96 195 2 27 2 5 2 2 615 648 727 862 966 120 176 196 205 90 127 665 713 1 400 1 552 789 525 152 174 233 178 174 167 237 262 234 228 27 34 38 44 3^ 66 37 4/ 47 1 2 2 3 3 3 3 3 3 905 152 588 097 100 160 153 335 495 919 4 ,302 4 ,831 4 ,770 5 ,421 6 ,307 5 ,220 5 ,089 5 ,417 327 49 491 54 63 1 ,982 63 3 ,373 70 6 ,157 110 8 ,221 129 4 ,531 125 2 ,971 991 127 995 1 ,144 1 ,319 1 448 1 ,509 1 ,763 2 ,003 1 ,955 2 ,077 228 286 385 475 488 611 558 543 693 9 11 15 18 20 22 23 23 24 468 127 061 790 371 281 005 601 288 7,845 633 790 9,661 957 13,265 994 17,039 19,958 1 ,149 23,595 1 ,199 997 24,630 972 25,563 26,237 1 ,067 151 225 1 ,090 1 1 ,962 8 4 ,230 8 5 ,465 8 3 ,194 8 2 ,155 877 8 1 ,184 1 ,370 1 ,558 1 ,727 1 ,868 2 ,004 2 ,269 2 ,328 2 ,391 187 239 272 344 369 435 453 441 524 50 5c 24c 506 57^ 611 678 750 775 85? 981 5? 6$ 7( 96 10; 13! 9 ,581 700 9 ,714 671 10 ,101 811 9 ,603 891 10 ,881 945 12 ,333 1 ,243 10 ,391 1 ,339 10 ,042 1 ,370 10 ,644 1 ,353 4 ,032 3 ,595 3 ,209 2 ,867 3 ,179 3 SSS 3 ,127 2 ,954 3 ,031 641 607 733 810 851 1 105 1 ,178 1 ,213 1 ,195 997 1,941 2,215 1 ,027 2,557 1 ,105 3,050 972 3,041 ,132 3,153 ,292 3,189 ,047 3,287 ,026 3,356 ,130 g 8 12 14 16 20 2t 24 24 95 10$ 133 141 182 23;: 194 244 1 7 9 18 22 12 7 2 4 3 6 6 3 2 616 709 923 444 509 179 009 763 672 2 t ) 2 t 11 1 ,245 1 [56C 932 258 3 3 3 4 4 5 5 5 298 677 996 352 518 098 807 967 2 3 3 3 3 4 4 4 4 1 1 1 1 2 2 2 971 077 219 669 354 585 320 361 913 1 ,009 1 ,142 1 573 •744 1 ,251 240 2 ,450 826 2 ,179 763 1 ,796 915 2 ,207 1 ,052 471 450 448 710 361 14i 154 5 7 10 8 7 15 E V 39 1 1 1 1 g 619 719 779 792 823 270 288 304 326 354 377 394 397 404 505 542 805 902 561 563 190 381 580 1 ,904 1 ,967 2 ,028 2 ,135 2 ,327 2 2 ,566 27 2 ,676 30 2 ,731 4 2 ,729 496 476 2 453 505 i1 2 1 1 4 107 104 63 41 33 30 27 28 25 19 20 22 56 40 38 43 42 43 226 243 169 151 154 160 187 219 235 4 4 4 5 7 9 10 10 10 6 ,846 8 ,500 11 ,989 15 ,561 18 ,350 21 ,797 22 ,594 23 ,536 24 ,128 29 30 20 17 1^ 17 18 17 1* 33 31 32 56 57 52 48 54 55 150 146 140 149 175 219 242 254 272 5 ,917 6 ,082 6 ,397 7 ,599 9 ,650 12 ,224 13 ,226 13 ,577 13 ,727 2 ,822 3 ^48v 4 [98; 6 ^518 7 ,86; 9 ,64; 9 ^80^ 10 !761 18 13 g 5 4 87 K 6 ( 5 3 311 3 *27( 3 33* 3 [750 4 55' 5 57* 5 93^ 6 ^232 2 1 6 ( 5 ji 6« 68 76 97 105 113 2 3 i 10 16 11 18 41 26 6 K li ( 1 ,909 1 ,982 2 ,042 2 ,153 2 ,321 2 ,525 2 ,674 2 ,752 2 ,757 978 959 955 979 1 022 1 083 j 149 1 ',193 3 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. 4 Demand deppsits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. AUGUST 1947 1001 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing or carrying securities Date or month TotalLeading Cities 1946--July Total loans and invest- Total ments CommerTo brokers cial, and dealers industrial, U. S. Other and agri- Govt. seobculcuriligatural ties tions U. S. Government obligations To others Real Loans estate to Other Total U.S. Other loans banks Govt. seob- curiliga- ties tions 803 1,539 2,029 69,129 17,184 8,708 June 63,528 63,724 63,284 63,169 63,143 19,593 19,695 19,864 19,917 20,167 11,757 12,107 12,162 11,891 11,757 713 402 406 590 771 417 422 414 429 531 619 573 548 530 513 Apr. 30 . . 63,438 19,864 12,043 414 419 542 509 2,831 446 544 597 773 484 438 399 396 538 532 524 527 486 483 498 482 1947— February. . . March April May 505 2,604 496 2,687 496 2,785 2,876 2,938 Total 153 2,281 51,945 47,964 146 2,832 150 2,858 155 898 181 933 3,018 43,935 44,029 43,420 43,252 42,976 39,996 39,979 39,311 39,229 38,886 2,922 43,574 39,465 39,273 39,197 39,226 39,220 Bills Certificates of indebtedness Notes 1 Bonds Other securities 970 11,181 5,585 30,228 3,981 443 999 889 678 818 5,683 5,475 5,192 5,247 4,762 3,470 3,198 2,843 2,773 2,658 30,400 3,939 30,307 4,050 30,387 4,109 30,531 4,023 30,648 4,090 753 5,402 2,838 30,472 4,109 607 579 697 827 5,367 5,275 5,211 5,135 2,802 2,796 2,793 2,702 30,497 30,547 30,525 30, 556 4,051 4,026 4,010 4,004 May 7 May 14 Mny 21 May 28 63,247 63,137 63,053 63,239 19,923 19,914 19,817 20,015 11,953 11,960 11,857 11,792 June 4. June 11 June 18 June 25 62,909 62,970 63,406 63,285 20,285 20,080 20,072 20,230 11,752 11,763 11,754 11,757 829 760 713 784 576 507 526 514 528 525 503 498 485 2,930 485 2,949 480 2,967 237 2,982 42,624 109 3,001 42,890 130 3,012 43,334 151 3,079 43,055 38,536 471 38,817 819 39,246 1,151 38,943 832 776 692 799 782 2,707 2,662 2,623 2,637 30,582 30,644 30,673 30,692 4,088 4,073 4,088 4,112 July 2 July 9 July 16 July 23 63,371 63,227 63,416 63,513 20,277 20,042 20,141 20,194 11,809 11,791 11,848 11,883 742 605 501 519 524 457 585 530 515 511 513 509 471 2,981 466 3,005 463 3,026 3,053 158 3,077 43,094 131 3,076 43,185 43,275 122 3,085 43,319 38,990 989 4,648 39,099 1,100 4,570 39,145 1,072 4,551 39,154 951 4,672 2,652 2,648 2,650 2,636 30,701 30,781 30,872 30,895 4,104 4,086 4,130 4,165 New York City 1946—July 22,400 6,197 3,214 933 556 511 247 135 524 16,203 15,041 249 3,125 1,539 10,128 1,162 1947—February March April May June 19,846 19,998 19,944 19,798 19,920 6,257 6,164 6,204 6,195 6,342 4,216 4,407 4,439 4,252 4,180 596 310 313 492 651 275 283 279 292 358 130 109 105 101 96 213 205 208 195 190 110 131 132 141 127 621 620 629 624 641 12,490 12,662 12,533 12,462 12,393 74 390 315 109 302 1,325 1,295 1,229 1,262 1,011 1,129 1,022 800 813 776 9,962 9,955 10,189 10,278 10,304 Apr. 30. . 20,059 6,185 4,347 325 286 106 221 165 638 13,874 12,677 236 May 7 May 14 May 21 May 28 19,923 19,718 19,737 19,814 6,210 6,162 6,106 6,303 4,285 4,288 4,231 4,202 362 453 497 656 328 303 271 266 105 104 96 101 194 190 207 191 97 96 99 99 212 107 85 161 627 621 620 627 June 4 June 11 June 18 June 25 19,775 19,718 20,069 20,118 6,448 6,304 6,264 6,351 4,194 4,183 4,160 4,181 703 640 597 663 346 352 380 355 103 106 189 190 193 187 98 102 101 97 178 92 109 129 July 2 July 9 July 16 July 23 20,082 20,002 19,993 20,088 6,335 6,124 6,078 6,100 4,193 4,177 4,157 4,165 617 491 391 415 344 307 385 360 103 102 102 98 186 185 182 181 98 99 101 101 138 107 103 121 Outside New York City 1946—July 46,729 10,987 1947—February. . . . March April May June 43,682 43,726 43,340 43,371 43,223 5,494 203 13,336 13,531 13,660 13,722 13,825 541 700 723 639 577 117 92 93 98 120 43,379 13,679 7,696 89 133 May 7 May 14 May 21 May 28 43,324 43,419 43,316 43,425 13,713 13,752 13,711 13,712 7,668 7,672 7,626 7,590 84 91 100 117 156 135 128 130 June 4 June 11 June 18 June 25 43,134 43,252 43,337 43,167 13,837 7,558 13,776 7,580 13,808 7,594 13,879 '7,576 126 120 116 121 230 155 146 159 July 2 July 9 July 16 July 23 43,289 43,225 43,423 43,425 13,942 13,918 14,063 14,094 7,616 7,614 7,691 7,718 125 114 110 104 180 150 200 170 Apr. 30. . 142 139 135 137 173 2,845 2,868 2 ,895 2,897 257 160 116 191 2,914 43,324 2,929 43,223 2,931 43,236 2,957 43,224 13,589 13,834 13,740 13,603 13,578 1,099 1,172 1,207 1,141 1,185 1,368 802 10,271 1,197 124 1,355 27 1,285 176 ,231 108 ,178 807 806 825 814 10,284 10,293 10,264 10,270 1,143 1,145 1,135 1,141 13,327 12,143 639 13,414 12,248 636 13,805 12,618 651 13,767 12,565 52 231 540 385 978 945 1,027 1,093 828 783 745 750 10,285 10,289 10,306 10,337 1,184 1,166 1,187 1,202 13,747 12,553 656 13,878 12,681 657 13,915 12,697 659 13,988 12,733 377 541 502 1,042 976 983 1,077 770 772 772 762 10,364 10,392 10,440 10,454 1,194 1,197 1,218 1,255 13,713 13,556 13,631 13,511 12,570 12,411 12,496 12,370 1,028 1,952 18 1,75: 35,742 32,923 721 8,056 4,046 20,100 2,819 489 464 443 429 417 2,508 291 2,588 288 2,686 2,778 292 2,839 362,211 19 2, 238 23 2,269 40 2,309 30 2,377 369 609 574 569 516 436 288 2,734 19 2,284 29,700 26,788 517 4,034 433 428 428 426 292 293 291 291 2,748 2,772 2,796 2,798 2,287 2,308 2,311 30 2,330 29,611 29,667 29,605 29,713 26,703 26,786 26,730 26,850 483 552 521 719 4,012 3,990 3,980 3,957 425 419 415 410 288 2,806 295 ,828 292 ,848 293 ,870 2,345 2,362 2,376 2,428 29,297 29,476 29,529 29,288 26,393 26,569 26,628 26,378 419 588 611 447 3,798 3,747 3,772 3,689 ,879 ,879 1,878 1,887 20,297 20,355 20,367 20,355 2,904 2,907 2,901 2,910 412 409 411 411 285 2 281 2,906 281 925 281 2,952 2,421 24 2,420 2,426 2,426 29,347 29,307 29,360 29,331 26,437 26,418 26,448 26,421 612 559 570 511 3,606 3,594 3,568 3,595 1,882 1,876 1,878 1.874 20,337 20,389 20,432 20,441 2,910 2,889 2,912 2,910 30,346 30 ,195 29,680 29,649 29,398 27,506 27,317 26,778 26,767 26,493 4,358 2,341 4,180 2,176 3,963 2,043 3,985 1,960 3,751 1,882 2,036 20,438 20,352 20,198 20,253 20,344 2,840 2,878 2,902 2,882 2,905 20,201 2,912 ,995 20,213 2,908 ,99€ 20,254 2,881 ,968 20,261 2,875 20,286 2,863 T Revised. Including guaranteed obligations. Back figures.—'For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 1 1002 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, except interbank Date or month TotalLeading Cities 1946—July Reserves IndiBalDewith Cash ances mand vid- States CertiFeduals, with dein and fied eral vault doposits part- politand Renermestic adical offi1 serve banks justed ships, subcers' Banks and divi- checks, corsions etc. porations 11,563 697 2,389 45,527 45,475 2,772 Interbank deposits Time deposits, except interbank U. S. Government IndividU. S. uals, States Govand parternpolitnerment ical ships, and suband divi- Postal corSavpora- sions ings tions Demand Borrowings Time Domestic 208 9,861 1,317 1,408 2,043 13,835 1,362 2,187 13,934 1,381 1,736 13,946 1,396 1,315 13,992 1,465 450 14,025 251 280 307 324 325 9,269 9,453 9,180 8,974 8,957 1947—February . March.. . . April May June 11,539 11,432 11,455 11,530 11,681 743 735 763 764 Apr. 3 0 . . . 11,512 727 2,321 46,150 45,798 3,350 1,392 1,476 13,955 312 8,944 1,359 May 7 . . . May 1 4 . . . May 2 1 . . . May 2 8 . . . 11,531 11,574 11,623 11,394 740 778 746 788 2,256 45 5,731 44,990 2,403 45,760 46,012 2,285 46,061 45,700 2,219 46,314 45,807 3,240 3,222 3,261 3,268 1,467 1,398 1,278 1,441 1,372 1,438 1,333 1,119 13,977 13,984 14,004 14,005 320 323 327 324 9,114 9,200 8,846 8,736 1,408 1,395 1,370 1,341 June June June June 11,598 11,629 11,768 11,728 736 784 767 771 2,225 46,627 46,008 2,290 46,779 46,596 2,418 47,035 47,103 2,228 46,989 46,521 3,365 3,237 3,231 3,285 1,448 1,504 1,403 1,504 350 14,014 434 14,024 472 14,025 14,039 322 322 329 325 8,910 8,940 9,209 8,768 July 2 . . . July 9 . . . July 1 6 . . . July. 2 3 . . . 11,627 11,755 11,853 11,808 730 783 756 763 2,325 2,305 2,408 2,268 46,443 46,351 47,459 46,899 3,191 3,061 3,040 3,079 1,818 1,391 1,436 1,353 14,055 656 14,057 491 14,057 14,061 328 326 327 324 9,182 9,228 9,376 9,009 New York City 1946—July 4.., 11... 18.. . 25.. . 2,247 45,474 45, ,377 2,357 45,255 45,242 <• 2,326 45,428 45,235 2,291 45,966 45,627 2,290 46,858 46,557 46,626 46,525 46,963 47,187 2,938 2,961 3,118 3,248 3,280 Bank debits 2 Foreign 7,890 13,292 1,557 Capital accounts 1,346 1,346 1,356 1,379 1,342 212 5,537 268 186 191 169 170 ? 79,958 5,650 5,665 5,691 5,718 5,730 73,182 85,018 76,400 79,718 83,687 172 5,716 17,115 232 165 110 168 5,724 5,714 5,713 5,721 18,966 18,096 18,123 17,515 1,348 1 ,319 1,327 1,375 257 148 137 139 5,730 17,544 19,167 19,726 r 18,915 1,350 1,343 1,354 1,339 140 132 95 133 23,032 15,462 19,028 18,378 5 ,739 5,743 5,734 5,739 4,021 109 15,719 16,187 235 871 2,869 1,303 3,117 1,160 124 2,129 35,391 1947—February . March.... April May June 4,003 3,991 4,001 4,044 4,076 115 117 116 125 121 15,531 15,570 15,712 15,742 16,122 15,950 16,052 16,171 16,141 16,526 185 187 225 248 226 753 702 720 776 813 632 662 525 380 123 1,347 1,351 1,346 1,347 1,357 2,894 2,962 2,914 2,892 2,902 112 92 72 96 73 Apr. 3 0 . . . 4,047 114 15,938 16,425 313 720 444 1,341 May 7 . . . May 1 4 . . . May 2 1 . . . May 2 8 . . . 4,033 4,098 4,060 3,986 119 124 117 142 15,673 15,625 15,804 15,867 15,934 16,165 16,211 16,254 261 246 234 253 824 767 672 842 406 411 384 318 1,345 ,344 ,350 ,350 June June June June 4,051 4,010 4,113 4,132 119 127 118 121 15,970 15,966 16,195 16,356 16,269 16,424 16,684 16,725 231 209 223 240 832 865 720 835 92 113 135 152 4,053 4,005 4,155 4,074 127 128 119 122 16,179 16,057 16,228 16,380 16,658 16,439 16,765 16,721 214 198 245 244 1,104 738 774 713 133 142 111 122 4.. . 11... 18... 25... July 2 . . . July 9 . . . July 1 6 . . . July 2 3 . . . Outside New York City 1946—July 2,164 2,162 2,170 2,176 2,173 29,172 34,437 29,997 31,695 35,092 2,883 1,217 103 2,176 6,539 2,942 2,944 2,843 2,838 1,262 1,243 1,217 1,195 158 87 32 108 2,179 2,179 2,176 2,172 8,271 6,797 6,702 6,985 ,354 ,360 ,357 ,358 2,885 2,865 3,008 2,851 1,203 1,178 1,185 1,237 160 36 52 44 2,179 2,174 2,172 2,169 7,349 8,433 7,921 7,560 ,349 ,351 ,346 ,347 2,961 2,943 2,972 2,856 1,208 1,205 1,207 1,191 70 51 36 37 2,183 2,183 2,182 2,182 10,155 6,227 7,658 7,142 148 151 146 150 141 156 94 119 73 97 7,542 588 2,348 29,808 29,288 2,537 686 5,021 11,989 192 6,744 June 7,605 609 2,214 29,943 2,318 29,685 619 2,271 29,716 254 30,224 638 2,25 643 2,254 30,736 2,753 2,774 2,893 3,000 3,054 655 1,411 12,488 660 1,525 12,583 661 1 ,211 12,600 620 935 12,645 652 327 12,668 232 263 291 307 308 6,375 6,491 6,266 6,082 6,055 Apr. 30. . . 7,465 May 7. . . May 1 4 . . . May 2 1 . . . May 28. . . 498 476 563 408 621 654 629 646 2,222 30 ,058 2,366 30,135 2,247 30,257 2,183 30,447 7,547 1947—February . March... . April May June June June June 4... 11... 18... 25.. . July 2 . . . July 9 . . J u l y 16 . July 2 3 . . . 29,427 29,190 29,064 29,486 30,031 1,198 1,195 1,210 1,229 1 ,201 3,408 H4,567 613 2,285 30,212 29,373 3,037 672 1,032 12,614 297 6,061 2,979 2,976 3,027 3,015 643 631 606 599 966 1,027 949 801 12,632 12,640 12,654 12,655 304 306 310 307 6,172 6,256 6,003 5 ,898 146 152 153 146 74 78 78 60 7,596 617 657 649 650 2,192 30,657 ,739 3,134 2,251 30,813 30,172 3,028 2,383 30,840 30,419 3,008 2,193 30,633 29,796 3,045 616 639 683 669 258 321 337 392 12,660 12,664 12,668 12,681 305 305 312 310 66 6,025 6,075 6,201 65 5,917 145 141 142 138 97 112 85 95 7,574 7,750 7,698 7,734 603 655 637 641 2,289 30,447 2,272 30,468 2,370 30,735 2,233 30,807 2,977 2,863 2,795 2,835 714 653 662 640 463 514 380 417 12,706 12,706 12,711 12,714 313 311 311 309 6,221 6,285 6,404 68 6,153 142 138 147 148 70 81 59 96 29,056 29,847 29,489 29,553 29,785 29,912 30,694 30,178 3,486 3,503 3,521 3,542 3,557 44,010 50,581 46,403 48,023 48,595 3,540 10,576 3,545 3,535 3,537 3,549 10,695 11,299 11,421 10,530 3,555 10,195 3,553 10,734 3,557 11,805 3,561 "•11,355 3,556 3,560 3,552 3,557 12,877 9,235 11,370 11,236 r Revised. 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 exceot interbank and TT. S. Government accounts. 3 Bank debit figures for July 3-Dec, 31, 1946 as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will be furnished upon request, 1 2 AUGUST 1947 1003 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Total Iqans and invest- Total ments Federal Reserve district and date Boston June 25 July 2 July 9 July 16 July 23 New York* June 25 July 2 July 9 July 16 Julv 23 Philadelphia June 25 July 2 July 9 July 16 July 23 Cleveland June 25 July 2 July 9 )uiy 16 July 23 Richmond June 25 July 2 July 9 July 16 July 23 Allan! i Ju e 25 July 2 July 9 July 16 Tulv 23 Chicago* June 25 July 2 July 9 July 16 July 23 St. Louis June 25 J u ly 2 Tulv 9 July 16 July 23 Minneapolis June 25 Tulv 2 July 9 July 16 July 23 Kansas City June 25 July 2 Tulv 9 July 16 July 23 Dallas J U ly 2 July 9 July 16 July 23 San Francisco June 25 July 2 July 9 July 16 July 23 City of Chicago* June 25 July 2 July 9 July 16 July 23 2,890 2,876 . . 2,867 2,881 2,877 921 923 22,279 22,225 22,164 22,136 • . 22,227 2,481 2,486 . . . . 2,489 2,482 2,485 Commercial, industrial, and agricultural Investments For purchasing or carrying securities To brokers and dealers U. S. Government obligations To others U.S. Other U. S. Govt. Other sese- Govt. obob- curiliga- curiligations ties tions ties Certificates of indebtedness Real >oans estate to Other Total loans >anks loans Total 168 1,969 166 1,953 1,948 1,954 1,946 1,858 1,842 1,837 1,843 1,835 39 69 239 193 65 60 46 189 189 193 Bills Other secu^otes Bonds1 rities 86 85 23 26 16 12 19 19 15 15 104 105 581 581 582 19 25 28 10 14 9 19 19 19 14 14 15 105 105 108 6 3 4 6,968 6 952 6,742 6,703 6,719 4,467 4 477 4,459 4,442 4,451 666 622 498 395 359 347 310 393 205 204 203 200 15,311 15,273 15,422 15,433 795 15,508 3,952 13,919 14,065 14,055 14,091 437 403 583 526 111 129 138 107 103 419 199 254 255 257 260 463 1,144 1,099 1,037 1,043 1,133 857 878 878 868 363 102 117 116 116 762 437 2 17 12 7 76 3 31 125 72 759 762 436 436 3 2 17 16 7 7 59 45 108 118 72 77 436 433 2 2 77 78 2 7 27 20 9 9 1,464 1,473 1,474 1,459 1,463 4,179 4,180 4,167 4,186 4,187 1,241 1,241 1,240 1,262 1,256 696 700 699 709 710 16 17 18 18 16 2,515 2,505 2,505 2,509 - • 2,513 697 701 701 703 329 328 326 328 327 2 697 706 703 404 398 702 701 397 396 2,302 2,270 2,274 2,288 . . . 2,291 919 927 931 769 766 570 578 3 9 15 15 15 15 15 200 196 200 201 202 2 4 1 1 1 200 196 198 198 200 2,938 2,939 2,927 2,924 2,931 2,634 2,632 2,621 2,615 2,621 36 36 19 20 145 146 3 3 36 19 148 3 159 1,818 160 1,804 159 1,808 159 1,808 159 1,810 1,695 1,683 1,687 1,687 1,689 152 1,596 154 1,567 156 1,572 156 1,587 157 1,587 1,409 1,380 1,386 1,401 1,401 320 5,980 322 6,150 317 6,115 320 6,128 320 6,085 5,452 5,622 5,592 5,590 5,551 1,238 1,248 1,236 1,238 161 1,235 1,094 1,105 1,094 1,094 1,092 28 24 22 33 26 84 89 87 87 86 6 6 6 36 36 19 20 149 151 1 1 7 7 48 49 34 34 1 1 55 55 7 6 47 48 33 33 56 56 48 33 56 397 1 6 8,380 8,596 8,534 . . . 8,570 8,538 2,400 2,446 2,419 2,442 2,453 1,592 1,605 1,611 1 630 1,641 68 36 48 65 271 64 58 53 44 69 47 54 57 49 49 48 48 65 65 64 63 271 272 273 275 2,004 2,016 . . . 2,002 2,013 . . . . 2,015 766 768 766 775 420 422 420 425 1 1 2 1 1 4 32 32 32 32 21 16 16 16 32 16 128 128 129 129 1,111 1,115 1,116 1,111 1,104 353 358 354 353 356 198 201 196 196 196 2 2 2 2 2 11 11 13 13 14 6 6 6 6 6 47 48 48 47 48 2,286 2,284 2 289 2 334 2,361 673 678 679 428 431 430 4 4 c 19 19 19 11 12 12 95 95 93 696 706 442 455 7 4 21 20 2,081 2,086 2,087 2,096 2,114 817 820 538 549 8 8 34 33 10 777 10,732 10,733 10,810 10,801 3 926 3,928 3,941 3,983 3,990 1 678 1 684 1,689 1,712 1,705 7 6 21 29 27 5,240 5,469 5,413 5,442 5,404 1,637 1,687 1 661 1,670 1,691 1,217 1,232 1,239 1,253 1,267 67 64 58 53 44 . . 821 829 830 433 1 1 8 4 6 6 6 547 551 553 c 786 792 792 794 78 78 7 7 704 780 121 165 166 166 208 1,719 208 1,727 207 1,727 207 1,713 208 1,719 9 9 6 6 260 6 2 11 11 37 35 131 4 4 5 5 5 5 6 1 5 2 2 j 2 2 158 162 161 162 25 26 13 14 17 858 206 201 ,514 ,359 , 539 1,354 ,567 1,357 ,618 1,378 ,637 1,417 123 121 118 116 116 116 116 228 217 111 111 HI 81 1,364 81 1,366 1,372 87 1,377 87 1 377 176 172 173 159 159 211 111 255 75 73 22 19 ,494 ,495 ,498 , 505 ,506 , 236 1,234 1,234 1 ,235 747 2,335 2,331 2,327 2,326 2,329 124 117 24 17 24 21 12 85 89 90 80 254 253 254 256 304 307 306 309 310 121 121 121 120 1,007 120 1,005 114 1,012 113 1,020 114 1,020 187 187 389 4,302 388 4,314 391 4,321 394 4,324 392 4,322 528 91 90 89 89 138 134 135 135 13 87 137 144 143 142 144 13 22 19 9 30 28 25 24 38 73 67 67 67 66 590 588 588 587 575 61 61 60 61 60 261 243 19 23 241 245 22 245 94 667 159 142 164 103 761 738 708 734 24 9 10 863 857 861 860 855 186 186 186 528 523 538 534 143 758 757 762 758 748 697 696 702 697 688 1,425 1,418 1,424 1,451 1,468 50 51 46 272 260 265 145 150 152 958 957 961 61 70 274 274 152 149 188 188 186 94 94 116 1,613 117 1,606 120 1,610 121 1,638 122 1,655 964 975 187 187 72 73 128 122 1,264 1,266 129 1,266 131 1,267 129 1,284 1,166 1,168 1,170 1,171 1,187 37 43 230 227 116 116 783 782 98 98 595 6,851 589 6,804 583 6,792 580 6,827 579 6,811 6,097 6,052 6,047 6,082 6,068 33 33 34 33 34 34 27 53 23 52 51 51 52 45 1,520 42 1,532 43 1,546 44 1,560 43 1,576 28 61 40 31 32 32 57 57 56 64 64 64 39 51 31 31 56 55 64 65 89 89 89 89 89 73 74 74 1 1 1 1 1 5 173 3,603 3,236 176 3,782 3,414 172 3,752 3,387 174 3,772 3,393 173 3,713 3,33* 21 18 30 90 228 230 232 123 124 123 798 799 802 96 96 97 1,319 1,250 1,256 1,260 1,259 442 4,246 445 4,233 430 4,242 430 4,257 431 4,250 7=54 QQ 456 550 535 367 368 36S 11 44 517 54C 203 2,54. 204 2,552 204 2,549 21 2,548 209 2,546 124 119 135 128 32 108 752 745 745 743 379 374 1 Including guaranteed obligations. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 1004 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, except interbank Federal Reserve district and date Boston June 25 July 2 Tuly 9 July 16 July 23' New York* June 25 July 2 July 9 Tuly 16 July 23 Philadelphia June 25 July 2 July 9 July 16 July 23 Cleveland June 25 July 2 July 9 Tuly 16 July 23 Richmond June 25 July 2 July 9 July 16 July 23 Atlanta June 25 July 2 July 9 July 16 July 23 Chicago* June 25 July 2 July 9 July 16 July 23 St. Louis June 25 July 2 July 9 July 16 July 23 . . . • Minneapolis June 25 July 2 July 9 July 16 July 23 Kansas City June 25 July 2 July 9 July 16 July 23 Dallas June 25 July 2 July 9 July 16 July 23 San Francisco June 25 July 2 July 9 July 16 July 23m City of Chicago* June 25 July 2 July 9 July 16 Tuly 23 Reserves DeBalwith Cash ances mand Fedwith dein eral vault doposits mestic ad- 1 Rebanks usted serve Banks IndividCertiuals, States and fied part- politS. and U. ner- ical Govoffiships, suberncers' and corporations divisions Interbank deposits Time deposits, except interbank •hecks, ment etc. Individuals, partnerships, and corporations S. States U. Govand ernpolit- ment ical and subdivi- Postal Savsions ings Demand Domestic Foreign Bor- CapBank row- ital deb-2 acings counts its Time 497 501 516 504 509 63 53 60 59 58 113 117 117 114 109 2,403 2,399 2,407 2,414 2,415 2,368 2,375 2,373 2,407 2,380 155 162 157 161 159 46 50 41 45 43 47 21 24 17 20 496 496 496 496 496 287 295 298 301 286 19 19 19 21 20 312 311 312 312 312 912 896 648 815 795 ,413 ,340 ,260 ,426 ,357 163 169 174 163 166 126 136 134 137 125 7,842 7,#85 7,506 7,680 7,835 7,979 7,915 7,700 8,053 7,986 876 1,154 438 781 478 818 486 751 167 168 179 135 148 2,188 ,179 2,181 2,174 ,175 2,913 3,031 3,013 3,043 2,922 ,240 ,211 ,208 ,210 ,194 2,355 73 2,369 2,369 2,368 38 2,368 8,054 0,906 6,614 8,174 7,583 477 471 469 482 469 42 37 42 40 92 99 93 104 95 2,029 2,026 2,025 2,038 2,037 2,084 2,107 2,079 2,134 2,094 96 80 80 84 83 27 29 29 27 29 22 17 18 13 15 385 385 385 385 387 325 342 338 347 326 11 10 10 10 10 1 5 3 5 300 301 301 301 301 733 847 546 678 672 728 722 735 741 737 7' /I 78 77 76 151 148 163 162 2,893 2,896 2,887 2,928 2,952 2,936 2,934 2,907 3,019 2,994 155 155 159 160 158 56 58 52 57 46 40 27 33 25 33 ,240 ,242 ,243 ,242 ,242 445 463 449 473 427 21 9 29 16 25 460 462 462 461 462 1,034 1,168 776 994 1,017 465 470 496 495 480 64 58 64 61 61 161 160 162 160 151 2,044 2,011 2,037 2,034 2,032 1,996 1,968 2,011 2,019 1,987 188 188 175 171 173 43 49 43 39 39 34 30 33 29 33 596 598 598 599 598 324 349 361 362 336 9 9 2 6 10 207 648 206 1,031 206 773 206 647 206 616 42? 430 454 434 434 41 37 42 39 42 163 185 192 197 170 1,748 1,719 1,751 1,759 1,762 1,598 1,590 1,610 1,652 1,625 294 289 291 286 286 25 27 22 23 23 19 13 17 13 15 539 540 540 540 540 448 478 47 476 444 5 1 5 .,556 L ,520 1,596 1,548 1,608 105 101 102 100 99 380 373 380 398 372 5,916 5,667 5,696 5,691 5,861 5,749 632 624 588 577 595 98 114 90 100 99 72 201 209 140 143 ,316 ,320 ,323 ,330 2,332 366 350 375 367 36, 28 26 28 27 27 11 120 11 11 11 1,30 1,271 1,274 1,286 1,29 1,366 1,344 1,346 1,398 1,368 97 94 92 91 89 20 23 18 18 17 19 16 26 20 2: 200 203 210 208 209 12 11 11 12 12 78 89 83 93 84 765 774 775 784 77 724 731 730 751 733 130 141 138 136 134 470 478 487 493 479 28 2 29 28 29 288 286 293 310 309 1,664 1,634 1,638 1,689 1,670 1,640 1,62' 1,646 1,725 1,680 45: 460 471 468 456 31 29 31 30 31 279 297 284 310 293 1,749 1,755 1,743 1,769 1,777 ,677 ,682 ,686 ,687 ,705 118 113 12 120 12 287 312 304 305 286 ,022 ,001 ,058 ,015 ,072 48 46 4 4 40 401 172 171 171 171 171 609 639 470 577 573 1,413 1,493 1,490 1,527 1,476 650 652 652 648 649 2,551 3,060 1,952 2,614 2,667 458 459 458 458 458 546 576 572 576 559 164 164 164 164 164 513 596 415 503 512 18 13 14 12 1 244 244 244 244 24, 277 291 292 291 286 95 96 96 96 96 333 361 273 351 341 209 209 199 198 206 27 30 28 31 •30 374 375 375 375 375 816 841 865 888 921 179 178 178 178 179 657 683 550 730 771 1,719 1,717 1,712 1,774 1,749 148 163 155 151 156 4: 36 3 33 345 345 345 345 29 29 538 569 581 588 571 179 177 178 178 179 591 538 458 580 626 6,668 6,667 6,626 6,693 6,721 6,444 6,437 6,546 6,666 6,55' 62, 620 589 547 554 226 235 241 233 4,858 4,872 4,869 4,869 4,868 11 112 111 111 111 436 454 491 504 455 657 65 654 651 652 2,280 2,307 1,987 2,365 2,205 3,773 3,77 204 3,788 3,80' 3,84C 3,75 3,797 3,788 3,902 301 311 293 29 295 1 442 1,146 1,145 1,150 1,15 33 34 34 34 34 1,052 1,115 1,108 1,138 1,098 438 440 440 436 436 1,671 2,103 1,237 1,711 1,815 3,83< 39 176 18 108 109 1 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Debits to demand deposit accounts except interbank and U. S. Government accounts. * See note on preceding page. AUGUST 1947 1005 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding cial paper Total out- 1 outstanding standing End of month Accepting banks Total t 1945—May July 177 192 205 207 200 204 208 108 109 118 140 151 154 155 228 227 169 236 243 266 256 250 237 241 230 228 215 189 183 183 171 170 154 130 132 126 121 131 142 148 202 227 . ... October November February March April May June. Based on 8 Held by Commer- Own bills 66 65 67 68 68 71 73 Federal Reserve Banks (For own account) Bills bought 42 45 51 72 82 82 82 74 94 85 76 75 71 67 69 98 95 95 83 63 63 Imports into United States Exports from United States 124 134 146 152 150 154 152 58 58 59 •6 61 59 50 Others 13 18 34 13 2 55 64 54 54 47 50 54 Goods stc>red in or shipped between poini.s in United States Foreign countries 18 22 24 22 20 18 23 28 27 26 26 23 23 26 7 8 9 7 7 162 29 29 8 6 7 172 164 158 140 118 111 35 35 36 42 45 46 27 24 27 25 21 20 8 7 7 8 5 6 1 As reported by dealers; includes some finance company paper sold in open market. * Dollar exchange less than $500,000 throughout the period. 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] Credit balances Debit balances End of month Customers' credit balances 1 Debit Debit Customers balances in balances in firm partners' debit investment investment balances and trading and trading (net) 1 accounts accounts Cash on hand and in banks Money borrowed2 Other (net) 92 85 89 60 70 69 62 54 25 26 22 22 21 23 22 22 65 63 56 54 66 65 95 96 121 112 120 1,489 985 774 991 834 906 653 677 55 34 27 32 25 16 12 12 161 108 88 106 73 78 58 99 214 232 215 190 178 207 223 204 1,217 688 495 754 570 637 376 427 266 278 258 247 230 266 267 281 1941—June December... 1942—June December... 1943—June December... 1944—June December... 1945—June December... 1946—June 616 600 496 543 761 788 887 1,041 1,223 1,138 809 11 8 9 7 9 11 5 7 11 12 7 89 86 86 154 190 188 253 260 333 413 399 186 211 180 160 167 181 196 209 220 313 370 395 368 309 378 529 557 619 726 853 795 498 255 289 240 270 334 354 424 472 549 654 651 1946—July August September.. October November. . December... »745 723 3 631 3 583 3571 537 3 653 3 453 *3442 3 377 3 305 3 253 3 238 217 647 3 729 3 720 3 723 693 1947—January February... March April May June 8 533 3573 3 576 3 553 3 530 552 395 3210 3217 3216 3 205 3 201 222 »687 3681 3 677 3 665 3 652 650 5 6 311 333 In firm In partners' investment investment In capital and trading and trading accounts (net) accounts accounts Free 1937—June December... 1938—June December... 1939—June December... 1940—June December... 3 Other credit balances w 397 355 298 305 280 277 269 247 17 17 16 15 15 14 15 18 14 29 24 13 10 11 5 6 7 5 5 7* 5 4 4 7 5 11 8 13 13 17 222 213 189 182 212 198 216 227 264 299 314 118 30 10 289 162 24 9 271 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. * Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): April, 6*2; May, 63. 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. SQl-SQI, for monthly figures prior to 1942, and Table 144, p, 503, for data in detail at semiannual dates prior to 1942, 1006 FEDERAL RESERVE BULLETIN OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week U. S Government Stock security yields exPrime Prime bank- change comers' call 9-to 123mercial accept- loan month 3- to 5repaper, ances, month certifi- year 90 4- to 6newbills 3 cates taxable months1 days 1 als2 of in- issues4 * debtedness 1944 average 1945 average 1946 average .73 .75 .81 1946 -July August.... September. October. . November. December.. .77 .81 .81 .88 .94 1947—January... February.. March April May June July 1.00 .00 LOO .00 LOO 1.00 .00 LOO Week ending: Tune 28. ... July 5 . . . . July 1 2 . . . . July 1 9 . . . . July 2 6 . . . . .44 .44 .61 LOO LOO .16 .375 .375 .375 .79 .81 .82 1.33 1.18 1.16 .59 LOO .38 .38 .38 L38 .38 .375 .375 .375 .375 .376 .375 .84 .84 .85 .83 .84 .85 1.15 1.19 1.27 1.29 1.28 1.30 .38 .38 .38 .38 .38 .38 .376 .376 .376 .376 .376 .376 .703 .84 .85 .82 .83 .85 .85 .85 1.26 1.26 1.24 1.24 1.27 1.29 1.33 .376 .594 .737 .740 .740 .85 .86 .86 .85 .85 1.32 1.33 1.32 1.33 1.33 r.75 .81 .81 .81 .81 .81 .81 .81 .81 .81 .81 .81 13/16 13/16 13/16 13/16 13/16 1.38 l M~-i 3^ l M-iM l M~^3^ 1 M~l;Hi • Revised. Monthly figures are averages of weekly prevailing rates. The average rate on 90-day stock exchange time loans was 1.50 pei cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. Rate on new issues offered within period. Revised beginning Dec. 17, 1945; an explanation of the nature of t h s revision will be published in the BULLETIN for September. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. COMMERCIAL LOAN RATES AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Per cent per annum] Total 19 cities New York City 7 other Northern and Eastern cities 11 Southern and Western cities 2.59 2.53 2.78 2.63 2.54 2.61 2.72 2.59 2.39 2.34 1.73 1.69 2.07 2.04 1.97 2.07 2.30 2.11 1.99 1.82 2.88 2.75 2.87 2.56 2.55 2.58 2.80 2.68 2'.51 2.43 3.25 3.26 3.51 3.38 3.19 3.26 3.13 3.02 2.73 2.85 1943—June September December. 3.00 2.48 2.65 2.70 2.05 2.10 2.98 2.71 2.76 3.38 2.73 3.17 1944— March. . . June September December. 2.63 2.63 2.69 2.39 2.10 2.23 2.18 1.93 2.75 2.55 2.82 2.61 3.12 3.18 3.14 2.65 1945—March. . . June September December. 2.53 2.09 1.99 2.20 2.05 1.71 2.73 2.55 2.53 2.23 2.91 2.80 2.81 2.38 2.31 2.41 2.32 2.33 1.75 1.84 1.83 1.85 2.34 2.51 2.43 2.43 2.31 2.38 1.82 1.83 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 average1. . . average1. . . average average.. . . average.... average average.... average.. . . average.... average.... 1946—March. . . June September, December. 1947—March. . . . June a basis not tbles 124-125, BOND YIELDS 1 [Per cent per annum] U. S. Government (taxable) Year, month, or week 7 to 9 years 2 Number of issues 1-5 15 years and over 1-8 Corporate (Moody's) 5 Municipal (highgrade) 3 Corporate (highgrade)4 15 5 By groups By ratings Total 120 A Baa Industrial Railroad Public utility Aaa Aa 30 30 30 30 40 40 40 3.61 3.29 3.05 2.80 2.68 2.60 3.39 3.06 2.91 2.97 2.89 2.71 2.86 2.89 2.98 3.05 3.05 3.04 2.69 2.70 2.75 2.76 2.77 2.77 1944 average 1945 average.... 1946 average 1946—juiy August September October November December 1.94 1 60 1.45 2.48 2 37 2.19 1.86 1 67 1.64 2.60 2 54 2.44 3.05 2 87 2.74 2.72 2 62 2.53 2.81 2.71 2.62 3.06 2.87 2.75 1.43 1.49 1 57 1.58 1 60 1.60 2.18 2.23 2 28 2.26 2 25 2.24 1.60 1.65 1 75 1.84 1 80 1.97 2.41 2.44 2 50 2.51 2 51 2.55 2.71 2.73 2 79 2.82 2 82 2.83 2.48 2.51 2 58 2.60 2 59 2.61 2.59 2.62 2.68 2.70 2.69 2.69 2.72 2.74 2.80 2.84 2.84 2.83 3.03 3.03 3.10 3.17 3.17 2.58 2.58 2.64 2.65 2.66 2.66 1947—January February March April May June July 1 56 1.54 1 52 1.53 1 53 1 56 1 57 2 21 2.21 2 19 2.19 2 19 2 22 2 25 1 92 1.99 2 02 1.98 1 95 1 92 1 91 2 48 2.48 2 49 '2.49 r 2 49 r 2 50 2 51 2 79 2.78 2 79 2.78 2 79 2 81 2 80 2 57 2.55 2 55 2.53 2 53 2 55 2 55 2.65 2.64 2.64 2.63 2.63 2.64 2.64 2.79 2.79 2.80 2.81 2.82 2.83 2.82 3.13 3.12 3.15 3.16 3.17 3.21 3.18 2.63 2.61 2.61 2.60 2.60 2.60 2.62 3.00 3.00 3.02 3.03 3.05 3.10 3.06 2.73 2.72 2.73 2.71 2.71 2.72 2.72 Week ending: June 28 July 5 July 12 July 19 July 26 1 59 1.59 1.57 1 58 1.57 2 24 2 25 2.25 2 25 2.25 1 91 1 91 1.91 1 90 1.90 r 2 81 2 81 2.80 2 80 2.80 2.56 2.56 2.55 2 55 2.55 2.64 2.64 2.64 2.64 2.64 2.83 2.83 2.83 2.82 2.81 3.21 3.20 3.18 3.18 3.17 2.61 2.61 2.61 2.62 2.62 3.10 3.09 3.07 3.06 3.05 2.72 2.73 2.72 2.72 2.72 2 51 2 51 2.50 2 51 2.50 3.15 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Revised beginning June 1, 1946; an explanation of the nature of this revision will be published in the BULLETIN for September. 3 4 Standard and Poor's Corporation. U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 5, 8, and 8 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. AUGUST 1947 1007 1 SECURITY MARKETS Stock prices1 Bond prices Vear. month, or week U. S. Government2 Number of issues 1-8 Municipal (highgrade)8 Highgrade 1944 average 1945 average 1946 average 100.25 135.7 102.04 139.6 104.77 140.1 15 1946—July August September October November December 104.87 104.11 103.25 103.58 103.71 103.87 140.9 140.0 137.8 136.0 136.8 133.4 15 120.9 122.1 123.4 124.0 123.8 122.8 121.8 121.6 121.5 19 47—January February March April May June July 104.32 104.35 104.61 104.57 104.48 104.08 103.75 134.4 133.1 132.5 133.2 133.9 134.4 134.7 Week ending: June 28 July 5 July 12 July 19 July 26 103.81 103.76 103.79 103.76 103.7 134.6 134.6 134.6 134.8 134.8 Volume of trading7 (in thousands of shares) Public utility Common (index, 1935-39 = 100) Corporate « Preferred* DePublic faulted utility Medium- and lower-grade Total Industrial 50 Railroad Industrial 15 175.7 189.1 198.5 402 354 20 100 122 140 102 123 143 101 137 143 • 90 106 120 971 1,443 1,390 150 146 125 122 121 126 153 150 129 126 124 129 154 147 119 110 113 119 128 125 110 107 106 110 936 946 2,173 1,256 1,191 1,320 68.3 69.3 66.0 64.0 61.9 63.4 69.6 204.1 203.4 196.2 191.6 189.3 186.2 187.3 189.0 188.1 186.5 186.2 186.2 188.4 125 129 124 119 115 119 126 129 133 128 123 119 124 132 115 119 110 102 95 98 108 111 111 107 105 102 101 102 998 1,176 841 912 912 833 P1,160 65.4 66.8 68.4 69.8 71.1 186.7 187.2 188.2 188.7 189.2 121 124 125 128 128 126 129 131 134 134 100 104 106 111 112 101 102 102 103 102 867 Pi,050 Pi, 220 Pi, 190 Pl.080 15 59.2 75.4 76.7 80.0 78.8 65.4 62.7 63.6 67.7 20 20 114.7 117.9 118.5 120.5 122.2 123.6 107.3 115.1 117.0 116.3 116.3 114.9 119.1 119.0 117.4 115.8 115.9 115.9 123.4 124.0 123.3 122.2 122.5 123.0 118.5 117.7 114.3 112.3 112.7 112.9 122.6 122.7 122.4 122.8 122.9 122.8 122.5 116.3 116.8 116.6 116.5 115.0 114.3 115.7 123.5 123 123 123.5 123.2 122.6 122.8 114.3 114.3 113.6 113.2 109.2 107.3 110.5 115.3 115.4 114.7 112.9 112.6 111.9 111.2 112.4 112.5 112.7 112.5 113.0 113.8 122.7 122.6 122.6 122.5 122.5 114.5 114.8 115.7 116.0 115.9 122.3 122.4 123.0 122.9 122.7 1(17.7 108.7 110.3 110.8 111.1 113.5 113.1 113.7 114.1 113.9 10 Total Railroad p Preliminary. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 figures. 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 BULLETIM 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 1946 ... Total (new and refunding) For refunding Domestic Domestic Total (domestic and forTotal eign) State and municipal 6,214 3,937 4,449 5,790 4,803 5,546 2,114 2,174 4,216 7,991 8,581 1,972 2,138 2,360 2,277 1,951 2,854 1,075 642 913 1,772 4,588 1,949 2,094 2,325 2,239 1,948 2,852 1,075 640 896 1,761 4,579 1946—June July August... September October. . November December 817 981 560 441 562 761 993 429 493 419 242 363 659 788 429 493 419 242 363 659 788 108 124 64 71 49 69 119 1947—January.. February. March. . . April May June 636 '389 855 ••885 '699 1,033 498 ''250 635 '784 '347 744 487 ••250 614 r777 '332 744 215 '97 293 '402 '106 212 Federal agen-1 cies 735 22 712 157 971 481 931 924 751 461 518 1,272 342 108 176 90 235 15 471 26 952 121 9 • •^y 21 34 12 "'is' 15 Corporate Total Foreign2 Bonds and Stocks notes 1,192 352 839 1,225 408 817 873 807 67 383 287 97 736 601 135 1,062 173 889 624 506 118 374 282 92 646 422 224 1,264 657 607 3,506 2,038 1,468 312 369 354 170 267 590 669 115 184 196 96 223 444 544 197 184 159 75 43 145 125 252 118 310 376 '211 517 208 75 265 240 '79 434 44 44 44 136 132 83 23 44 35 38 2 1 2 17 12 9 10 21 7 15 Total (domestic and forTotal eign) State and municipal 4,242 1,799 2,089 3,513 2,852 2,693 1,039 1,532 3,303 6,219 3,993 4,123 1,680 2,061 3,465 2,852 2,689 1,039 1,442 3,288 6,173 3,863 388 488 141 200 199 102 205 388 436 126 200 199 102 190 16 8 1 17 1 2 50 139 139 220 101 352 290 135 56 191 96 352 252 11 1 2 3 1 2 Federal agen-1 cies Total 382 353 191 281 129 665 195 1,537 482 344 435 698 181 440 259 497 404 418 324 912 208 741 Corporate Foreign Bonds and Stocks notes 3,387 1,209 1,267 1,733 2,026 1,557 418 685 2,466 4,937 2,914 3,187 856 1,236 1,596 1,834 1,430 407 603 2,178 4,281 2,313 41 33 33 38 133 13 34 331 395 93 145 65 86 105 266 324 39 143 36 68 79 65 71 52 53 15 1 29 19 27 " l 5 22 24 50 20 33 38 103 31 140 73 317 211 84 8 136 39 227 162 18 4 22 83 4 29 34 5 91 48 " 3 8 ' Revised. Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 200 352 31 137 193 126 11 82 288 656 601 119 119 28 48 4 90 15 46 130 1 2 1008 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 proceeds8 New money Total Retirement of securities Plant and Working equipment capital Total Bonds and notes Preferred stock Repayment of other debt Other purposea 397 2,332 4,572 2,310 2,155 2,164 2,677 2,667 1,062 1,170 3,202 6,011 6,500 384 2,266 4,431 2,239 2,110 2,115 2,615 2,623 1,043 1,147 3,142 5,902 6,358 57 208 858 991 681 325 569 868 474 308 657 1.080 3,003 32 111 380 574 504 170 424 661 287 141 252 638 2.012 26 96 478 417 177 155 145 207 187 167 405 442 991 231 1,865 3,368 1,100 1,206 1,695 1,854 1,583 396 739 2,389 4,555 2,728 231 1,794 3,143 911 1,119 1,637 1,726 1,483 366 667 2,038 4,117 2,258 71 226 190 87 59 128 100 30 72 351 438 469 84 170 154 111 215 69 174 144 138 73 49 134 408 11 23 49 36 7 26 19 28 35 27 47 133 219 1946—June July August September October November December 663 720 527 267 383 629 818 643 703 518 261 377 617 807 245 327 344 138 202 511 623 169 198 126 101 160 329 557 77 129 219 37 43 183 66 317 305 115 98 48 81 114 285 265 94 38 36 74 97 32 40 21 60 12 6 17 14 46 50 18 122 6 59 67 25 10 6 5 19 12 1947—January February March April May June 322 265 450 449 446 738 316 260 442 441 437 727 183 206 285 254 180 498 138 105 153 101 109 426 45 101 132 153 71 72 120 34 121 85 232 207 81 18 110 80 198 164 38 16 11 5 34 43 11 15 31 98 19 15 2 5 5 3 7 6 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Public utility Railroad Year or month Other Indu strial Retire- All Retire- All Total Retire- All Total Retire- All Total Total New ment of other net New ment of other net net New ment of other New ment of other net pro- money securi- pur-4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purposes* ties ties poses ceeds ceeds poses ceeds ties poses ceeds ties 172 1934 120 1935 774 1936 338 1937 1938 54 1939 182 1940 319 1941 361 1942 47 1943 160 1944 602 1945 1,436 1946 693 1946—j u n e 35 July 9 August 3 September.. 19 October . . 40 November.. 18 December.. 47 1947—January.... 33 February.. . 8 March 12 April 17 May 37 28 June 21 57 139 228 24 85 115 253 32 46 102 115 129 120 54 558 110 30 97 186 108 15 114 500 1,320 560 9 8 3 16 26 21 18 io 28 7 5 2 1 22 469 1,400 2,291 2,052 11 30 63 89 180 43 245 317 145 22 40 69 761 77 1,190 1,897 611 943 1,157 922 993 292 423 1,343 2,159 1,207 42 30 27 50 86 47 13 30 27 25 17 63 83 179 338 41 111 10 181 6 13 134 156 33 86 35 1 2 12 405 325 422 130 124 108 33 72 26 18 10 530 226 107 61 179 181 2 2 16 2 130 1,250 1,987 751 1,208 1,246 1,180 340 464 3 1 3 19 18 35 9 17 15 28 31 10 77 1 2 2 61 483 43 67 332 93 225 536 18 411 14 47 223 30 31 353 17 62 25 774 74 1,280 439 1,079 616 831 469 584 188 167 961 828 244 527 293 497 228 1,033 454 1,969 811 3,355 2,000 34 550 761 373 226 353 738 463 89 199 504 1,010 903 2 150 80 90 136 43 56 121 146 71 76 148 451 20 122 390 71 16 102 155 94 4 21 107 206 258 46 218 57 8 9 42 55 4 13 61 85 113 72 152 7 7 88 9 18 19 4 20 7 1 5 104 21 4 42 65 56 4 3 56 89 206 131 326 108 153 150 80 9 45 44 16 13 24 31 53 1 20 6 9 1 4 12 127 210 3 2 71 12 64 3 470 145 48 17 229 119 136 95 84 8 9 16 8 52 11 66 90 328 165 141 52 204 129 96 5 24 26 26 33 99 10 19 9 3 10 21 1 25 42 5 32 15 3 4 5 58 5 6 1 2 3 1 3 5 21 8 5 1 2 Estimates of new issues sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. » Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and 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 1947 1009 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and dividends Net profits,1 by industrial groups Manufacturing and mining Year or quarter Total Number of companies. Annual 1939 1940 1941 1942 1943 1944 1945 1946 Iron and steel Other Nonferrous MaAu- transportametals chin- tomo- tion and ery biles equip- prodment ucts 629 47 1,465 1,818 2,163 1,769 1,800 1,896 1,925 32,545 283 »171 Oil produc- IndusOther Foods, ing dura- bevertrial ages, and ble chemiand refingoods tobacco cals ing 69 15 68 146 115 158 193 159 165 174 163 223 242 274 209 201 222 243 130 102 278 325 226 204 194 188 173 227 182 180 190 169 127 136 •165 Quarterly 1944—i 2 3 4 444 47 40 459 475 518 46 47 55 40 38 55 1945—1 2 3 4 492 508 439 485 49 53 37 49 1945—i 2 3 4 323 604 698 1947—1 52 55 55 59 4 4 4 4 52 47 47 43 38 42 35 47 63 4 4 4 50 47 36 3853 22 67 96 97 -19 49 32 361 -34 21 42 102 875 124 69 99 77 46 58 77 4 75 49 45 30 80 74 152 152 152 119 70 88 113 90 83 88 88 151 148 159 151 162 175 199 356 98 112 174 152 186 220 223 281 186 194 207 164 170 187 187 273 134 160 187 136 149 147 154 302 122 133 153 138 128 115 108 847 1,028 1 137 321 *1,139 90 90 92 88 86 86 85 82 564 669 705 552 556 611 612 657 132 152 161 171 184 203 888 902 970 989 29 20 38 43 45 49 49 52 56 64 42 43 49 53 36 37 37 37 39 224 22 21 25 43 52 50 230 244 272 21 22 20 23 142 149 137 184 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 38 44 20 26 41 50 12 37 41 « 57 65 74 93 124 56 62 77 85 63 66 67 77 62 71 77 91 82 80 93 66 116 250 310 »415 20 21 20 21 146 153 149 209 46 45 51 103 89 89 97 64 424 20 '177 -5 4 4 4 Other nondurable goods 30 28 28 <36 4 Dividends MiscellaNet 1 neous profits serv-2 Pre- Comices ferred mon 51 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad « Year or quarter Operating revenue Annual 1939 1940 1941 1942 1943 1944 1945 1946 1944—i 2 3 4 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,627 Quarterly 2,273 2,363 2,445 2,356 1945—i 2 3 4 2,277 2,422 . . . 2,230 1,973 1945—i 2 3 4 1947—i . . . . 1,869 1,703 2,047 2,008 . . 2,039 Income before income tax 8 126 249 674 1,658 2,211 1,972 756 273 Telephone 7 Electric power • Income before income tax 8 Net income1 Dividends 235 2,647 2,797 3,029 3,216 3,464 3,615 3,681 3,828 629 692 774 847 913 902 905 535 548 527 490 502 507 534 444 447 437 408 410 398 407 . Net income1 Dividends 93 189 500 902 873 667 450 126 159 186 202 217 246 246 289 Operating revenue 953 645 454 Operating revenue 1,067 1,129 1,235 1,362 1,537 1,641 1,803 1,992 Income before income tax8 Net income1 Dividends 227 248 271 302 374 399 396 191 194 178 163 180 174 177 175 178 172 163 168 168 173 182 275 200 458 152 31 930 265 137 98 400 97 42 508 550 455 172 176 168 55 43 116 890 882 913 245 207 185 127 114 129 105 95 100 406 409 426 101 98 104 43 43 46 42 42 42 43 430 514 237 31 68 28 118 966 909 888 917 288 230 205 181 142 125 119 148 101 95 96 115 436 444 449 -426 149 199 127 -25 115 109 103 474 70 46 45 44 43 41 44 43 46 39 -57 161 130 14 -45 128 191 56 52 41 85 970 920 936 1,002 299 221 207 226 196 151 142 156 107 110 112 125 475 497 502 519 84 74 55 62 54 53 44 49 46 46 45 45 163 86 43 1,079 289 191 115 527 67 44 '40 r Revised. ^'Net profits" and "net income" refer to income after all charges and taxes and before dividends. 1 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 8 Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the following amounts (in millions6 of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49. 4 Partly estimated. Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies. After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 1010 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. 1 Marketable public issues Total gross direct debt Total interestbearing direct debt Total2 42,968 45,025 48,961 57,938 72,422 108,170 136,696 165,877 201,003 230,630 258,682 278,115 269,422 42,376 44,458 48,387 57,451 71,968 107,308 135,380 164,508 199,543 228,891 256,357 275,694 268,111 34,436 35,645 37,713 41,562 50,573 76,488 95,310 115,230 140,401 161,648 181,319 198,778 189,606 1,302 1,310 1,603 2,002 2,508 6,627 11,864 13,072 14,734 16,428 17,041 17,037 17,039 1946— Aug 267,546 266,359 Sept 265,369 264,217 263,532 262,415 Oct 262,277 260,925 Nov 259,149 257,649 Dec. 259,776 258,378 1947—Jan 261,418 258,113 Feb Mar. . , 259,124 255,800 257,701 254,427 Apr 258,343 254,975 May J u n e . . . . 258,286 255,113 259,448 256,321 July 186,350 184,338 182,318 180,328 176,613 176,444 175,410 172,462 170,535 169,926 168,702 168,509 17,024 17,007 16,987 17,000 17,033 17,074 17,048 17,038 16,610 16,002 15,775 15,756 End of month 1940—June Dec. 1941—June Dec, 1942—June Dec 1943—June Dec, 1944—June Dec 1945—June Dec 1946—June In millions of dollars] Nonmarketable public issues CertifiTreasury cates of Treasury Treasury indebtbills notes bonds edness Total2 Special U. S. Treasury and issues savings tax bonds savings notes 3,096 10,534 16,561 22,843 28,822 30,401 34,136 38,155 34,804 6,383 6,178 5,698 5,997 6,689 9,863 9,168 11,175 17,405 23,039 23,497 22,967 18.261 26,555 27,960 30,215 33,367 38,085 49,268 57,520 67,944 79,244 91,585 106,448 120,423 119,323 3,166 3,444 4,555 8,907 13,510 21,788 29,200 36,574 44,855 50,917 56,226 56,915 56,173 2,905 3,195 4,314 6,140 10,188 15,050 21,256 27,363 34,606 40,361 45,586 48,183 49,035 36,473 34,478 32,478 30,475 29,987 29,791 28,784 27,792 26,294 26,294 25,296 25,122 13,351 13,351 13,351 13,351 10,090 10,090 10,090 8,142 8,142 8,142 8,142 8,142 119,323 119,323 119,323 119,323 119,323 119,323 119,323 119,323 119,323 119,323 119,323 119,323 56,566 56,025 56,081 56,343 56,451 57,157 57,765 58,156 58,612 58,863 59,045 59,296 49,447 49,545 49,624 49,709 49,776 50,343 50,717 50,945 51,117 51,240 51,367 51,552 Noninterestbearing debt Fully guaranteed interestbearing securities 3,015 6,384 7,495 8,586 9,557 9,843 10,136 8,235 6,711 4,775 5,370 6,120 6,982 7,885 9,032 10,871 12,703 14,287 16,326 18,812 20,000 22,332 591 566 574 487 454 862 1,316 1,370 1,460 1,739 2,326 2.421 1,311 5,498 5,901 6,360 6,317 4,548 4,283 4,092 4,225 1,516 1,470 409 553 467 6,688 6,096 6,003 5,978 5,725 5,590 5,570 5,443 5,477 5,525 5,560 5,592 23,443 23,854 24,015 24,254 24,585 24,777 24,938 25,183 25,280 26,186 27,366 28,516 1,187 1,152 1,117 1,352 1,500 1,399 3,305 3,324 3,275 3,368 3,173 2,332 370 391 378 362 331 262 181 175 171 171 83 74 1 Including amounts held by Government agencies and trust funds, which aggregated 5,564 million dollars on June 30,1947. 1 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted i depositary, and Armed Forces Leave bonds not shown separately. Backfigures.—SeeBanking and Monetary Statistics, Tables 146-148, pp. 509-512, UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING JULY 31, 1947 UNITED STATES SAVINGS BONDS [In millions of dollars 1 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Treasury bills i Aug. 7, 1947 Aug. 14, 1947 Aug. 21, 1947 Aug. 28, 1947 Sept. 4, 1947 Sept. 11, 1947 Sept. 18, 1947 Sept. 25, 1947 Oct. 2,1947 Oct. 9, 1947 Oct. 16, 1947 Oct. 23, 1947 Oct. 30, 1947 1,112 1,202 1,203 1,311 1,307 1,303 1,305 1,104 1,303 1,300 1,102 101 1,102 Cert, of indebtedness Aug. 1,1947 y Sept. 1, 1947 V Oct. 1, 1947 Nov. 1,1947 Dec. 1,1947 Jan. 1, 1948 Feb. 1,1948 Mar. 1, 1948 Apr. 1,1948 _ June 1, 1948 V% July 1, 1948 V8 1,223 2,341 1,440 1,775 3,281 3,134 3,947 2,142 1,321 1,777 2,742 lH 1H \}4 2,707 1,687 3,748 Treasury Sept. 15, Sept. 15, Sept. 15, notes 1947 1947 1948 Treasury Oct. 15, Dec. 15, Mar. 15, Mar. 15, June 15, Sept. 15, Dec. 15, June 15, Sept. 15, Dec. 15, Bonds 1947-522 .434 1947 2 2 2 1948-50 1948-51 2 .2 1948 19482 1948-50 J 1949-51 1949-51 1949-51 2 1 Issue and coupon rate Treasury bonds—C Dec. 15, 1949-52 2. Dec. 15, 1949-53 2. Mar. 15, 1950-52.. Sept. 15, 1950-52 2. Sept. 15, 1950-52.. Dec. 15, 1950 June 15, 1951-54 2. Sept. 15, 1951-53.. Sept. 15, 1951-55 2. Dec. 15, 1951-53 2. Dec. 15, 1951-55.. Mar. 15, 1952-54.. June 15, 1952-54.. June 15, 1952-55.. Dec. 15, 1952-54.. June 15, 1953-55 2. June 15, 1954-56 2. Mar. 15, 1955-60 2. Mar. 15, 1956-58.. Sept. 15, 1956-59 *. Sept. 15, 1956-59.. June 15, 1958-63 2. June 15, 1959-62*. Dec. 15, 1959-62*. Dec. 15, 1960-65 2. June 15, 1962-67*. Dec. 15, 1963-68*. June 15, 1964-69*. Dec. 15, 1964-69*. Mar. 15, 1965-70 *, Mar. 15, 1966-71 * . . 2 ^ June 15, 1967-72 *..2H Sept. 15, 1967-72... 2 ^ Dec. 15, 1967-72 *..2H Amount 491 1,786 1,963 1,186 4,939 2,635 1,627 7,986 755 1,118 510 1,024 5,825 1,501 8,662 725 681 2,611 1,449 982 3,823 919 5,284 3,470 1,485 2,118 2,831 3,761 3,838 5,197 3,481 7,967 2,716 11,689 3 759 701 Postal Savings 1,115 bonds 2XA 115 50 1,223 Panama Canal Loan. 3 3,062 168,509 451 Total direct issues 571 1,014 Guaranteed securities Federal Housing Admin. 1,292 Various 2,098 34 Sold on discount basis. See table on Open-Market Money Rates, p. 81007. 2 Partially tax exempt. 4 Called for redemption on Oct. 15, 1947. Restricted. AUGUST 1947 Month Fiscal year ending: j u n e —1940.. 1941.. 1942.. 1943.. 1944.. 1945.. 1946.. 1947.. 1946—July. . . Aug.... Sept.... Oct.... Nov.... Dec... 1947—Jan Feb.. . . Mar.... Apr. . . . May.. . June.. . July... RedempAmount Funds received from sales during tions and outperiod maturities standing atmonth end of All All Series Series Series series E F G series 2 , 905 ,109 1 ,492 4 , 314 1 0 , 188 5 ,994 2 1 , 256 11 ,789 3 4 , 606 15 ,498 4 5 , 586 14 ,891 4 9 , 035 9 ,612 5 1 , 367 7 ,208 753 4 9 , 320 4 9 , 477 590 4 9 , 545 494 4 9 , 624 519 453 4 9 , 709 4 9 , 776 576 5 0 , 343 952 5 0 , 717 712 616 5 0 , 945 5 1 , 117 572 488 5 1 , 240 482 5 1 , 367 559 5 1 , 552 203 3,526 8,271 11,820 11,553 6,739 '4,287 67 435 758 802 679 407 '360 386 347 309 327 294 370 535 394 372 349 305 '301 339 31 25 20 24 20 29 53 41 35 33 25 r 24 27 395 2 032 759 2 876 2 658 2 465 n 561 335 217 165 169 139 178 364 278 209 191 158 '157 193 114 148 207 848 2,371 4,298 6,717 5,545 537 478 482 489 418 504 483 398 449 455 421 433 457 Maturities and amounts outstanding July 31, 1947 Year of maturity All series 1947 1948 1949 1950 1951 1952 1953 1954 .... 1955 1956 1957 1958 1959 Unclassified. . 509 814 982 1,577 4,368 7,801 10,201 8,966 6,593 5,009 2,903 1,641 Total 211 Series C~D Series E Series F Series G 207 545 600 681 544 316 216 1,133 2,186 2,281 2,620 2,378 2,586 1,426 3,109 14,610 211 509 814 982 435 1,142 4,368 6,461 7,470 6,085 3,293 2,087 -24 51,552 2,951 30,906 ' Revised. ion OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks End of month Total interestbearing securities Total Held by nonbank investors Commerciall banks Federal Reserve Banks Total Individuals Insurance companies Mutual savings banks Other corporations and associations State and local governments U. S. Government agencies and trust funds Special Public issues 1940—June 1941—June December 1942—June December 1943—June December 1944—June December 1945—June December 1946—June 47.874 54,747 63,768 76,517 111,591 139,472 168,732 201,059 230,361 256,766 276,246 268,578 18,566 21,884 23,654 28,645 47,289 59,402 71,443 83,301 96,546 105,992 115,062 108,183 16,100 19,700 21,400 26,000 41,100 52,200 59,900 68,400 77,700 84,200 90,800 84,400 2,466 2,184 2,254 2,645 6,189 7,202 11,543 14,901 18,846 21,792 24,262 23,783 29,308 32,863 40,114 47,872 64,302 80,070 97,289 117,758 133,815 150,774 161,184 160,395 9,700 10,900 13,600 17,900 23,700 30,300 37,100 45,100 52,200 58,500 63,500 62,900 6,500 7,100 8,200 9,200 11,300 13,100 15,100 17,300 19,600 22,700 24,400 25,300 3,100 3,400 3,700 3,900 4,500 5,300 6,100 7,300 8,300 9,600 10,700 11,500 2,500 2,400 4,400 5,400 11,600 15,500 20,000 25,800 27,600 29,800 29,100 25,200 400 600 700 900 1,000 1,500 2,100 3,200 4,300 5,300 6,500 6,500 4,775 6,120 6,982 7,885 9,032 10,871 12,703 14,287 16,326 18,812 20,000 22,332 2,305 2,375 2,558 2,737 3,218 3,451 4,242 4,810 5,348 6,128 7,048 6,798 1946—October November December 262,792 261,286 257,980 102,818 101,244 97,850 79,300 77,300 74,500 23,518 23,944 23.350 159,974 160,042 160,130 62,900 63,200 63.500 25,400 25,300 25,300 11,700 11,700 11,800 23,300 23,000 22,400 6,300 6,200 6,200 24,015 24,254 24,585 6,419 6,355 6,338 t947—January February March April May. 258,640 258,294 255,976 254,598 255,146 97,841 96,817 94,093 93,557 92,888 73,900 72,700 71,500 71,700 70,800 23,941 24,117 22,593 21,857 22,088 160,779 161,477 161,883 161,041 162,258 64,200 64,700 65,200 65,400 65,600 25,400 25,400 25,100 25,100 25,200 11,900 12,000 12,000 12,000 12,000 22,000 21,900 21,700 20,500 21,000 6,200 6,200 6,300 6,300 6,300 24,777 24,938 25,183 25,280 26,186 6,389 6,374 6,388 '6,314 5,966 r 1 Revised. Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Apr. 30, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Marketable public securities. In millions of dollars] End of month Total outstanding U. S. GovernFed- Com- Mu- Insurmer- tual ment eral sav- ance Other agen- Recial cies serve banks ings combanks panies and Banks trust funds Type of security: Total:' 1944—Dec... 162,843 5,338 18,846 1945—Dec. . 198,820 7,009 24,262 1946—June. 189,649 6,768 23,783 Dec 176,65* 6.302 23,350 1947—Apr 170,581 6.278 21,857 May. .. . 169,972 5,929 22,088 Treasurv bHls* 1944—Dec... 16,428 6 11,148 5 12,831 1945—Dec 17,037 1946—June... 17,039 3 14,466 2 14,745 Dec 17,033 18 15,101 1947—Apr 16.610 M a y . . . . 16,002 12 14,972 Certificates: 1944—Dec 30,401 62 4,887 38 8,364 1945—Dec... 38,155 58 6,813 1946—June... 34,804 64 7,496 Dec.... 29,987 86 5,651 1947—Apr 26,294 May... . 26,294 82 6,012 Treasury notes: 1944—Dec 60 1,566 23,039 8 2,120 1945—Dec 22,967 9 1,748 1946—June... 18,261 6 355 Dec. 10,090 12 352 1947—Apr 8,142 May 12 369 8,142 Treasury bonds: 1944—Dec... 91,585 5,173 1,243 947 1945—Dec 120,423 6,915 755 1946—June... 119,323 6,655 753 Dec... . 119.323 6,186 753 1947—Apr 119,323 6,116 735 M a y . . . . 119,323 5,778 72,045 82,830 76,578 66,962 64,368 63,500 8,183 10,491 11,220 11,521 11,696 11,740 18,761 23,183 24,285 24,346 24,097 24,120 4,113 2,476 1.142 1.187 1 3 1 1 1 11 928 590 15,032 18,091 16,676 11,221 9,837 9,336 562 1 1 136 91 243 25" 293 266 15,411 15,701 11,396 6,120 5,051 4,933 336 36,508 46,535 47,335 48,408 48,526 48,614 7,704 10,217 10,743 11,049 11,236 11,297 179 227 211 162 171 39,670 51,046 47,015 44,177 42,284 42,594 1,159 1,723 1,424 1,088 427 310 360 576 490 447 9,974 11,211 10,439 10,459 9,980 439 10,158 568 5,098 576 4,383 623 4,258 603 2,796 276 2,289 282 2,376 17,859 22,230 23,073 23,226 23,359 23,383 23,098 33,579 30,764 29,700 29,333 29,516 End of month Treasury bonds a n d notes, due or callable: Within 1 year: 1944—Dec 1945—Dec 1946—June Dec 1947—Apr May.... 1—5 years: 1944—Dec 1945—Dec 1946—June . . . Dec 1947—Apr May.... 5-10 years: 1944—Dec 1945—Dec 1946—June.... Dec 1947—Apr May.... 10-20 years: 1944—Dec 1945—Dec 1946—June Dec 1947—Apr May.... After 20 years: 1944—Dec 1945—Dec 1946—June Dec 1947—Apr May Total outstanding U. S. GovernFed- Com- Mu- Insurment eral mer- tual agen- Resav- ance Other cial cies serve banks ings comand Banks V) banks panies trust funds 6,737 15,222 10,119 7,802 8,193 8,193 83 185 4 29 83 83 34 63 116 181 251 262 171 235 495 591 311 314 1,790 2,761 2,418 2,591 2,294 2,305 34,965 35 376 35',055 39,570 38,257 38,257 1,557 23,490 866 693 25,165 701 797 25,285 709 831 28,470 1,047 576 692 26.986 1,244 533 466 692 26,869 1,256 1,884 1,742 1,506 2,101 2,151 2,149 6,589 6,673 6,319 6,550 6,646 6,823 37,909 33,025 32,847 27,283 26,258 26,258 725 787 716 529 473 23,817 34,985 37,189 32,384 32,384 32,384 646 4.016 2,017 9,956 1,431 5,655 72 4,341 209 5,' 049 226 5,003 580 408 443 471 366 19,953 210 21^007 135 21,933 72 16,657 72 16,485 72 16,540 3,447 2 [058 1,609 2,042 1,750 1,706 3,787 2,902 2,822 2,826 2,768 2,748 9,631 6,063 5,632 5,156 4,710 4,725 2,098 2,779 3,400 2,975 2,963 2,831 145 3,391 90 3,691 83 3,308 78 2,433 78 2,448 78 2,460 3,186 5,523 6,026 5 303 5,357 5,436 8,204 10,996 12,547 11,708 11,758 11,792 6,793 11,905 11,829 9,886 9,782 9,789 1,066 2,418 2,550 2,632 2,611 2,675 2,051 2,510 2,687 2,797 2,809 509 4,381 6,933 6,325 6,602 6,642 6,661 3,394 10,559 8,826 8,313 8,190 8,250 11,194 1,748 24,781 2,764 22,372 2,103 22,372 2,084 22,372 2,076 22,372 1,939 95 57 57 55 55 37 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. 1 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 1012 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] MisIn- War TransBudget Income taxes 1 cella- Social fers to Other Total surplus neous Secu- Other Tota Net ter- and de- trust ex- budget (+) or inter- rity re- 3 est fense rereac- pendi- expendnal on activ- counts deficit With-2 Other revetaxes ceipts ceipts ceipts debt tures itures () held ities etc. nue 1 Period Trust c Fiscal year ending: June 1945.... 10,289 24 ,884 6,949 1,793 3 824 47,740 46,457 3 ,61790,029 1,646 5,106 100,397 - 5 3 , 9 4 1 June 1946 9,392 21,493 7,725 1, 915 44,239 43,038 4 ,722 48,542 1,918 8,532 63,714 - 2 0 , 6 7 6 June 1947.... 10,013 19,292 8,049 2,039 5 309 44,703 43,259 4 ,958 17,142 1,355 19,051 42,505 +754 1946—July 514 974 695 67 349 2,600 2,539 249 1,190 631 1,574 3,644 - 1 , 1 0 5 August.... 1,070 443 679 -499 302 223 2,717 2,434 122 1,509 13 1,288 2,932 September. 705 2,845 656 32 89 186 4,481 4,478 648 1,100 974 2,755 + 1 , 7 2 3 October 557 847 2,617 2,544 160 752 386 1,481 48 1,276 -420 74 2,965 November. 1,111 332 669 27 961 -165 290 236 2,639 2,364 105 1,436 2,529 December.. 766 2,120 722 21 1,110 89 416 4,113 4,107 952 1,580 3,662 +445 1947—January... 546 2,117 693 58 445 3,860 3,820 343 1,412 71 1,288 +706 3,113 February... 1,376 1,845 666 387 368 4,643 4,378 124 1,457 16 2,318 3,914 +464 785 3,865 March 682 118 275 5,724 5,701 626 1,428 1 1,544 3,598 +2,102 584 1,012 April. . . . . . 638 75 315 2,624 2,556 141 1,728 46 2,085 4,001 - 1 , 4 4 5 1,218 400 595 92 1.327 May 365 625 3,204 2,865 432 2,000 3,851 -987 778 2,492 602 June 125 1,484 5,480 5,473 1,396 1,493 18 2,632 5,540 -67 625 663 757 July 80 343 2,469 2,397 245 P853 P546 *>2,025 3,669 - 1 , 2 7 2 Details of trust accounts, etc. Social Security accounts Period Net receipts Fiacal year ending: June 1945 June 1946.... June 1947.... 1946—July August.... September. October November. December.. 1947—January... February. . March April May Tune July Net expenditures in checking acExcounts of Invest- pendiGovernments tures ment agencies 3,239 2,940 3,219 2.757 1.261 1,785 276 492 57 159 430 71 219 440 83 157 590 246 632 103 122 271 -5 87 237 453 1,618 1,493 137 135 112 116 104 109 45 87 201 5 159 476 398 126 123 134 133 126 137 154 1,553 95 -196 -204 -70 29 -58 26 -27 131 11 -32 -60 90 158 °e tucn .4t s I General Gross - I fund balance debt +791 +4,529+57,679 -5241 -10,460+10,740 -548J - 1 0 , 9 3 0 --11,136 +48! - 2 , 2 0 9 - 1 , 1 5 2 -724 +234J -989 -414 -868 -2,17T +156 - 2 , 1 0 1 - 1 , 8 3 7 +15 - 1 , 4 0 5 - 1 , 2 5 5 -480 -3,163 -3,128 +628 - 1 2 5 +1,210 +317 +2,422 +1,642 -224 -2,294 -33 +269 - 2 , 5 9 8 - 1 , 4 2 3 +642 -245 +99 -57 -758 -634! - 2 3 9 + 1,161 -129j General fund of the Treasury (end of period) Other Assets Receipts Investments Expenditures 3,820 4,735 3,009 2,444 2,407 1,577 331 192 46 26 60 26 44 41 17 32 456 305 46 -938 2,817 2,117 448 -12 228 78 265 331 121 224 2 -26 110 348 159 586 108 216 155 127 125 123 361 207 197 327 477 153 Increase ( + ) or decrease (—) during period Total Deposits in Federal Reserve Banks Deposits in special depositaries 25,119 14,708 3,730 12,444 11,431 10,524 8,393 6,965 3,920 5,102 7,478 7,233 4,707 4,402 3,730 3,460 1,500 1,006 1,202 702 872 1,445 773 824 682 1,620 2,561 2,369 842 989 1,202 884 22,622 12,993 962 10,961 9,842 8,377 6,936 5,487 2,570 736 363 292 2,317 1,807 962 958 Other assets 997 708 1,565 781 716 702 684 655 668 746 1,554 1,571 1,548 1,607 1,565 1,617 Total liabilities 421 470 422 415 391 353 323 300 418 391 344 323 395 336 422 391 Balance in general fund 24,698 14,238 3,308 12,029 11,040 10,171 8,070 6,665 3,502 4,711 7,134 6,909 4,312 4.066 3,308 3,069 P Preliminary. 2 Details on collection basis given in table below. Withheld by employers (Current Tax Payment Act of 1943). Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. * Excess of receipts ( + ) or expenditures (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516 CASH INCOME AND OUTGO OF THE INTERNAL REVENUE COLLECTIONS UNITED STATES TREASURY [On basis of reports of collections. In millions of dollars] [In millions of dollars] Individual Corporation income income taxes and profits taxes Estate Excise and Excess and other misof cash Period Other Cash Cash Normal ingift cellaneous WithExcess Period profits Other and taxes outgo come(+) taxes income profits held surtax taxes or outgo(—) Fiscal year ending: 37 1,852 407 1,418 164 2,547 Tune—1941 Fiscal year ending: 1942 57 3,069 433 3,263 1,618 3,405 9,298 14,031 -4,733 june—1941 84 686 4,521 447 5,944 5,064 4,124 15,374 34,717 - 1 9 , 3 4 2 1943 1942 . 137 7,823 10,438 5,284 511 9,345 4,842 1943 25,485 79,253 - 5 3 , 7 6 9 1944 144 10,264 4,880 11,004 643 48,254 94,296 - 4 6 , 0 4 3 8,770 6,317 1945 1944 91 9,858 4,640 677 51,332 96,263 - 4 4 , 9 3 1 8,847 7,822 7,036 1946 1945 55 6,055 779 9,842 9,501 3,566 7,285 1947 1946 48,103 65,904 - 1 7 , 8 0 0 1947.. . 47,210 39,873 +7,337 1,053 744 994 16 548 30 63 1946—June -310 4,736 5,046 1946—June 330 4 634 375 192 74 858 July July 2,703 2,923 -219 204 4 631 58 77 142 August 1,339 +88 3,016 2,928 August 978 10 604 43 September.. 1,198 692 30 September... 4,698 2,988 + 1,710 344 4 706 57 October 234 232 1,062 -47 October 2,803 2,850 123 3 612 49 November.. 80 122 1,243 November. .. 2,892 2,276 +616 925 9 652 62 December.. 420 752 27 December.... 4,257 3,643 +614 639 250 266 6 66 657 2,196 1947—January +1,121 2.827 3,948 1947—January...... 3 595 177 127 1,971 1,082 84 February... February 5,163 3,690 +1,474 3 541 1,712 80 103 81 1,967 March March 5,975 +2,623 3,352 2 68 572 228 66 1,014 648 April April -825 2,862 3,687 62 3 539 170 63 1,528 158 May r May 3,349 3,315 '+33 2 55 560 1,386 61 33 1,068 June June 5,544 5,394 + 149 1 1 r Revised. AUGUST 1947 1013 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 items1 U. S. PriBonds, notes, DeGov- vately Land, ferred and debenern- owned structures payable Other ment and Other tures, undis- asinterinterliabiland Fully est U.S. tribest ities sets guarequip- uted Govt. Other secu-2 ment anteed Other 3 secu- rities charges by U.S. rities CommodiLoans ties, resupTotal Cash ceivplies, able and materials Corporation or agency All agencies: Mar. 31, 1946 June 30, 1946 Sept. 30, 1946 Dec. 31, 1946 Mar. 31, 1947 33,325 29,869 29,569 30.409 32,337 Classification by agency, Mar. 31, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 322 Federal intermediate credit banks. 388 Federal land banks 1,076 Production credit corporations.... 113 Regional Agricultural Credit Corp. 15 Agricultural Marketing Act Revolving Fund 2 Federal Farm Mortgage Corp 118 Rural Electrification Administration. 581 Commodity Credit Corp 1,277 Farmers' Home Administration 478 Federal Crop Insurance Corp 16 National Housing Agency: Federal Home Loan Bank Adm.: Federal home loan banks Federal Savings and Loan Insurance Corp Home Owners' Loan Corp Federal Public Housing Authority and affiliate: Federal Public Housing Authority Defense Homes Corp Federal Housing Administration....... Federal National Mortgage Association. R.F.C. Mortgage Company 1,279 1,305 1,157 ,398 1,588 5,069 5,381 5,949 6.649 7,294 Investments 1,918 1,550 1,429 1,265 1,003 1,789 285 1,767 439 1,836 390 1,873 547 1,985 3,426 254 326 889 43 43 137 68 20,784 17,438 16,973 16,924 15,486 460 385 299 339 380 536 325 377 261 169 1,741 1,605 1,536 1,414 ,176 1,133 1,234 1,250 1,252 1,250 4,959 4,939 3,377 3,588 3,142 39 349 722 43 1 7 6 503 77 3 464 180 633 1 108 570 172 327 1 3 5 214 56 13 383 236 198 583 175 15 528 57 200 5 42 6 1 40 278 1 26 5 33 Reconstruction Finance Corp. 5 4,457 22 727 Export-Import Bank Federal Deposit Insurance Corp Federal Works Agency Tennessee Valley Authority U. S. Maritime Commission: Maritime Commission activities War Shipping Adm. activities 6 Allother 7 1,518 1,123 267 769 9 2 25 4,192 7,003 6,514 560 163 37 123 11 116 176 609 227 55 6 12 2 1 516 56 158 5 41 230 701 3,757 193 30 1,325 953 267 760 36 12 7 1,508 1 75 243 86 12 48 273 37 77 113 15 1,226 4 22 () 140 *(4)" 487 479 482 496 498 509 2 113 581 -74 473 -6 3 126 26 ,218 22 ,889 24,069 24,810 27,268 216 2,587 ,104 6 9 47 4 () 143 731 3,305 6,507 23 3,227 1,894 29 115 10 9 212 191 135 393 139 3,799 6,670 6,453 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1947 Purpose of loan Fed. Fed. inter- Banks Com- Rural Farm- Home Fed. Farm Ownmedifor co- modity Elecers' land ers' ate opera- Credit trificaHome Loan banks Mort. tion Corp. credit tives Corp. Adm. Adm. Corp. banks To aid agriculture To aid home owners To aid industry: Railroads Other To aid financial institutions: Banks Other Foreign loans Other Less: Reserve for losses. Total loans receivable (net) 1 957 137 326 255 201 570 600 ExFed. Fed. R.F.C. portPublic home and Hous- loan affiliIming port Auth. banks ates Bank (4) 40 596 10 27 17 41 68 29 (4) 889 108 326 1 29 (4) 273 13 254 172 570 327 583 Assets are shown on a net basis, i.e., after reserves for losses. 278 278 '[ 236 2,884 659 167 204 171 192 17 238 590 497 19 295 2,284 623 478 1,508 1,277 7,294 6,649 12 2 239 ' ^ 5 1 5 226 (4) 66 765 Dec. 31, 1946, All all agen- agencies cies 3,056 663 150 163 236 All other 5 i; ioo 2,854 86 10 _ »fthe ter_, Jther assets" Drior to Mar. 31. 1947. o 4 5 Less than $500,000. Includes U. S. Commercial Company and War Damage Corp. 6 Figures are for Feb. 28, 1947, with the exception of those for lend-lease and UNRRA activities. 7 Figures for Inland Waterways Corp. and Warrior River Terminal Co., Inc., which are included in this group, are for Feb. 28, 1947, and those of The Virgin Islands Co. are as of Dec. 31, 1946. 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. 1014 FEDERAL RESERVE BULLETIN BUSINESS INDEXES 1 [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variationl Construction contracts awarded (value)3 1923-25 = 100 Industrial production2 (physical volume)* 1935-39=100 Maim*, factures Year and month Total Durable Nondurable Minerals Total Residential All other ! Employment4 1939=100 Nonagricultural Factory Depart Fac- Freight ment tory carload- store pay sales ngs* rolls* (val1939 = 1935-39 ue)* 5 100 1935-39 100 = 100 AdAd- Unad AdAdAdAd- Unad- Unad- AdAdAdAdjusted justed justed Justed justed justed justed justed justed justed justed justed justed 1919. . . 1920... 1921. . . 1922... 1923. . . 1924. . . 1925. . . 1926. . . 1927... 1928. . . 1929. . . 1930. . . 1931.. . 1932. . . 1933. . . 1934. . . 1935... 1936. . . 1937... 1938. . . 1939. . . 1940. . . 1941... 1942... 1943. . . 1944... 1945. . . 1946. . . 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 P170 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 *»192 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 P165 71 83 66 71 98 89 92 100 100 99 107 93 80 67 76 80 86 99 112 97 106 117 125 129 132 140 137 »134 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 72 81 122 166 68 41 68 153 1944 October November December 232 232 232 234 232 230 344 341 343 169 173 173 143 143 137 1945 January February March April May June July August September October November December 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 1946 January February March Aoril May June July August September October November December 160 152 168 165 159 170 172 178 180 182 183 182 156 148 164 16: 159 171 174 180 184 184 183 180 166 138 183 190 175 193 202 208 212 214 214 211 161 167 166 164 161 162 157 164 165 168 173 174 141 141 137 104 115 139 146 144 146 145 136 137 107 136 147 170 169 174 165 158 151 145 139 154 1947 January February March April May June 189 189 190 '187 185 P183 185 185 187 185 185 P184 221 222 225 222 218 177 176 146 146 148 '143 152 *>149 146 151 132 133 127 ;i7 170 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 60 72 89 82 40 16 26 143 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 81 89 149 235 92 61 102 161 Adjusted Wholesale commodity prices4 1926 = 100 Cost of living* t935-39 = 100 Unadjusted Unadjusted 103.9 124.2 80.2 86.0 109.1 101 tf 107.2 110.5 108.5 109.7 117.1 94.7 71.8 49.5 53.1 68.3 78.6 91.2 108.8 84.7 100.0 114.5 167.5 245.2 334.4 345.7 293.4 266.4 120 129 110 121 142 139 146 152 147 148 152 131 105 78 82 89 92 107 111 89 101 109 130 138 137 140 135 132 83 99 92 94 105 105 110 113 114 115 117 108 97 75 73 83 88 100 107 99 106 114 133 149 168 186 207 264 138.6 154.4 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 98.8 103.1 104.0 105.8 121.1 123.8 143.3 127.7 119.7 121.9 122.2 125.4 126.4 124.0 122.6 122.5 119.4 108.7 97.6 92.4 95.7 98.1 99.1 102.7 100.8 99.4 100.2 105.2 116.5 123.6 125.5 128.4 139.3 135.5 168.1 168.5 343.8 135.4 167.2 167.7 341.0 135.9 168.0 168.3 346.7 137 141 137 193 201 200 104.1 104.4 104.7 126.5 126.6 127.0 103.7 104.2 79.7 88.2 101.0 93.8 97.0 98.9 96.8 96.9 103.1 89.8 75.8 64.4 71.3 83.1 88.7 96.4 105.8 90.0 100.0 107.5 132.1 154.0 177.7 172.4 151.8 142.0 102.8 95.8 86.3 75.7 76.1 84.0 87.8 95.1 101.1 94.6 100.0 105.8 119.4 131.1 138.8 137.0 132.0 134.4 75 96 118 112 89 73 79 91 104 121 134 150 136.2 136.6 136.4 135.8 134.8 134.2 '133.0 131.8 125.8 125.5 -•126.6 127.1 168.8 169.3 168.3 166.0 163.6 160.3 155.0 150.4 130.1 129.5 130.1 130.6 168.2 168.7 167.7 165.2 162.5 160.0 155.6 151.7 130.8 129.9 130.5 130.9 347.0 347.5 345.7 338.5 324.9 321.8 306.6 273.6 228.7 227.7 227.7 231.4 144 139 145 141 141 140 139 128 127 118 133 127 198 207 214 184 190 203 214 201 203 213 221 220 104.9 105.2 105.3 105.7 106.0 106.1 105.9 105.7 105.2 105.9 106.8 107.1 127.1 126.9 126.8 127.1 128.1 129.0 129.4 129.3 128.9 128.9 129.3 129.9 61 95 129 172 179 177 161 157 147 140 122 143 145 169 161 168 161 172 168 158 155 148 152 163 129.2 •127.4 130.6 132.4 •133.4 134.3 134.7 136.4 137.6 138.1 139.1 139.4 133.2 124.4 132.6 139.4 140.7 142.2 143.0 146.3 148.6 149.1 151.5 152.4 132.6 123.9 132.1 138.5 139.6 141.9 143.6 147.7 149.5 149.6 152.0 152.8 234.1 214.3 238.3 254.8 253.5 262.8 267.1 284.4 290.3 292.8 298.2 306.2 133 126 139 109 106 133 139 141 138 139 137 140 227 250 256 252 259 276 273 290 270 257 271 276 107.1 107.7 108.9 110.2 111.0 112.9 124.7 129.1 124.0 134.1 139.7 140.9 129.9 129.6 130.2 131.1 131.7 133.3 141.2 144.1 145.9 148.6 152.2 153.3 144 152 129 123 110 148 149 134 142 140 P152 '139.5 139.8 140.0 138.9 138.9 P139.3 153.4 154.4 154.6 153.8 151.9 P151.0 152.7 153.7 154.0 152.9 150.7 P150.8 307.3 310.6 314.1 310.7 312.1 150 142 146 137 142 137 265 268 273 276 291 288 141.5 153.3 144.6 153.2 149.6 156.3 147.7 156.1 146.9 155.8 147.8 P157.O • Average per working day. P PreliraMnary. ^ r Revised Department of Commerce index on income payments to individuals no longer available. For indexes by groups or industries, see ^p. 1016—10i9. For points in total index, by major groups, see p. 1037. Based on F. W. Dodge Corporation d a t ^ for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1023 of this BULLETIN. The unadjusted indexes of employment J n d pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 1025-1027. Backfiguresin 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 1947, p. 585; for department stores sales, June 1944, pp. 549-561. 1 2 3 4 AUGUST 1947 1015 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 1947 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total. no 172 178 180 182 183 182 189 189 190 '187 185 vl83 Manufactures—Total 176 177 184 186 188 191 190 196 197 198 194 191 P189 Durable Manufactures Iron and Steel Pig iron Steel Open hearth. Electric Machinery 193 202 208 212 214 214 211 221 222 225 222 218 P217 154 144 167 142 343 180 184 185 184 178 159 192 191 196 195 197 193 178 190 169 343 186 196 170 381 184 196 172 366 183 195 171 369 174 193 163 404 152 174 145 381 193 206 177 414 191 207 174 446 194 213 179 457 189 213 178 462 193 215 179 469 189 210 175 460 241 243 254 261 268 271 276 277 277 281 276 273 P273 238 241 242 240 237 235 235 229 233 239 237 224 P229 167 176 182 188 185 187 187 181 190 197 193 178 P186 137 151 159 172 184 192 197 204 205 199 195 187 P182 110 140 150 161 168 175 181 184 190 195 203 198 P188 147 155 163 176 191 198 203 212 211 200 193 182 133 129 135 137 136 142 141 142 147 147 144 P138 127 146 121 144 126 152 129 152 127 155 135 157 132 160 131 161 137 167 138 166 135 161 132 PUS 158 P159 210 219 219 218 211 200 P206 232 135 265 177 152 219 263 245 149 278 182 168 227 271 235 154 263 203 164 232 260 241 159 269 192 165 224 258 234 151 263 175 164 218 249 229 177 1 Manufacturing Arsenals and Depots . Transportation Equipment 2 Automobiles (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) x Nonferrous Metals and Products. Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 , Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 1 , Lumber and Products . Lumber... Furniture. Stone, Clay, and Glass Products.... 190 192 197 204 200 202 Glass products Plate glass Glass containers Cement Clay products Gypsum and plaster products... Abrasive and asbestos products. Other stone and clay products1.. 209 119 240 155 148 194 232 218 129 249 155 147 187 233 215 114 251 159 150 215 242 238 161 265 162 150 212 235 227 158 250 156 149 212 241 226 152 251 162 150 215 252 Nondurable Manufactures. 162 157 164 165 168 173 174 165 145 163 168 169 174 164 154 152 245 133 127 239 152 149 240 156 153 242 157 155 248 163 164 256 152 141 254 174 137 225 175 178 170 178 144 101 192 143 147 138 151 173 137 226 173 178 165 176 181 144 239 180 183 176 184 178 143 230 177 177 176 181 181 161 230 178 178 177 181 128 103 120 119 117 107 128 75 45 128 99 117 66 45 125 106 101 119 70 49 124 101 114 81 51 134 97 103 78 67 141 Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 1 Wool textiles Carpet wool consumption Apparel wool consumption, . . Woolen and worsted yarn. . . . Woolen yarn Worsted yarn Woolen and worsted cloth... . Leather and Products. Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Sheep and lamb leathers. . . Shoes 142 Manufactured Food Products. Wheat flour Cane sugar meltings1 Manufactured dairy products. Butter Cheese Canned and dried milk... Ice cream 176 172 170 172 166 164 P154 160 161 263 161 161 262 160 160 270 154 154 270 152 148 271 180 165 223 175 171 180 181 171 155 214 166 160 175 173 178 174 222 169 158 184 178 172 182 210 161 145 183 171 '159 170 195 r 149 •128 178 158 161 189 186 148 127 177 157 121 115 116 120 122 115 113 110 121 91 70 137 110 122 94 68 130 117 113 127 98 67 117 118 118 134 99 81 108 122 140 99 84 102 121 119 137 102 79 r 95 113 119 138 96 88 84 110 162 161 157 158 155 160 149 144 147 153 85 198 164 154 82 152 79 191 173 155 82 196 184 133 131 130 129 147 136 146 156 135 135 145 137 P143 79 74 169 168 173 163 146 79 164 142 146 77 172 143 131 109 136 73 168 178 '209 176 127 129 62 167 174 154 257 141 162 212 246 173 150 139 r 167 133 261 121 156 155 162 147 79 172 148 148 82 178 147 158 149 81 185 152 206 173 1 Pa Preliminary. * Revised. Series included in total and group indexes but not available for publication separately. This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies, parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered 1016 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1946 Industry June July Manufactured Food Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Products—Continued M e a t packing Pork and lard Beef Veal L a m b and mutton 85 97 65 60 126 165 190 145 132 121 138 141 139 134 110 38 24 41 81 93 115 116 107 140 131 163 179 150 160 116 151 151 162 138 105 163 172 164 133 108 159 165 167 121 104 149 143 169 122 101 150 153 159 121 105 151 154 159 119 102 Other manufactured foods Processed fruits and vegetables Confectionery .... Other food products .... 151 162 123 153 153 175 109 154 151 155 107 158 150 143 110 159 154 167 123 156 160 160 135 164 168 170 147 172 165 157 138 171 158 137 142 166 160 151 145 165 161 144 149 167 158 137 P131 153 164 P163 161 176 174 227 206 213 234 241 223 208 189 162 159 123 61 343 367 128 65 377 426 123 197 179 194 71 384 461 68 241 460 64 191 463 183 188 623 408 157 179 695 372 160 56 426 427 202 158 333 426 151 619 314 154 131 503 276 149 106 350 194 150 79 319 215 153 140 155 157 173 169 148 158 168 108 200 76 99 181 72 110 202 112 205 127 226 131 216 79 76 79 146 136 147 150 131 147 96 101 229 122 129 155 72 127 138 124 84 142 144 - 142 161 99 107 250 137 139 164 85 143 142 132 83 156 98 110 238 132 140 169 85 134 151 135 83 162 101 111 249 136 142 172 85 138 152 133 87 • •« . A.lcoholic Beverages Malt liquor Whiskey Other distilled spirits Rectified liquors 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 . . . 152 157 154 141 104 158 160 142 150 112 208 69 110 228 67 98 216 81 109 192 72 66 94 221 68 106 187 55 101 216 66 152 153 150 156 157 159 156 161 P159 146 147 162 96 109 248 139 145 175 90 142 156 136 84 150 166 99 109 252 145 147 179 83 153 148 137 87 151 171 100 109 260 150 148 181 83 155 142 137 89 154 163 106 108 244 141 144 172 89 144 155 135 85 146 159 98 109 236 139 144 168 86 155 152 134 87 174 99 113 266 151 151 180 88 160 151 139 89 150 169 97 112 254 150 147 178 87 158 144 132 93 155 P154 173 97 112 265 151 152 151 184 179 88 88 160 162 148 147 141 144 92 91 129 124 129 128 132 130 138 138 140 142 141 142 146 Newsprint consumption 116 121 123 125 124 124 125 131 Petroleum and Coal Products P174 P178 P180 P185 P185 P179 vl86 -Printing and Publishing Gasoline Fuel oil Lubricating oil Kerosene Coke By-product coke Beehive coke .• Chemical Products Paints Soap Rayon Industrial chemicals . Rubber Products Minerals—Total Fuels Coal Bituminous coal Anthracite Crude petroleum Metals (Copper* Lead* Zinc) 1 Gold Silver . P178 P182 117 P181 119 118 P179 P177 120 122 140 170 146 175 144 166 135 172 149 164 152 162 146 165 153 155 145 160 159 163 148 161 147 150 148 167 154 162 142 166 160 175 143 170 162 185 142 174 167 176 139 163 156 170 145 P153 171 163 175 137 133 276 160 155 336 165 159 369 166 161 352 167 160 406 152 148 272 143 139 278 171 163 410 172 165 416 172 165 424 166 162 324 169 161 433 233 235 237 235 238 243 249 253 252 252 251 253 v248 146 122 256 389 150 120 255 396 153 117 262 395 156 157 155 136 135 290 289 291 429 '431 ••433 153 137 P135 295 434 P434 218 211 221 234 234 243 252 247 246 239 139 146 144 146 145 136 137 146 146 148 149 153 150 151 150 140 141 151 150 142 156 86 153 153 159 128 155 163 125 154 149 156 120 151 78 103 107 114 147 32 21 44 35 149 114 267 395 148 111 271 402 150 115 279 411 152 128 281 422 154 131 288 430 339 234 220 P213 143 152 1149 153 144 156 P153 122 127 102 155 155 168 104 157 r 118 116 123 150 128 130 121 147 162 173 118 146 151 162 107 149 152 160 124 149 150 153 163 113 153 111 111 117 HI 117 122 117 136 148 153 157 169 153 158 166 159 189 P169 50 49 52 58 44 60 44 58 53 55 60 64 61 66 58 68 vl24 P139 P147 P109 P159 P127 60 68 r p Preliminary. Revised. * Series included in total and group indexes but not available for publication separately. This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 2 AUGUST 1947 1017 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 Industry June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar, Apr. May June Industrial Production—Total. .. Manufactures—Total Durable Manufactures ton and Steel Pig iron Steel Open hearth. Electric Machinery 171 174 180 184 184 183 180 185 185 187 185 176 178 186 191 191 192 188 192 193 195 193 191 P190 194 203 210 214 215 214 209 218 220 223 222 218 154 180 184 185 184 178 159 192 191 196 195 197 193 144 167 142 343 178 190 169 343 186 196 170 381 184 196 366 183 195 171 369 174 193 163 404 152 174 145 381 193 206 177 414 191 207 174 446 194 213 179 457 189 213 178 462 193 215 179 469 189 210 175 460 241 243 254 261 268 271 276 277 277 281 276 273 v273 23ft 241 242 240 237 235 235 229 233 •239 237 224 v229 176 182 188 185 187 187 181 190 197 P186 137 150 159 172 184 192 197 204 205 199 187 vl82 110 139 150 161 167 176 182 184 190 196 P186 147 155 163 176 191 198 203 212 211 200 141 137 144 147 142 139 129 126 135 140 143 138 146 133 144 140 152 144 152 136 155 131 157 114 160 107 161 118 167 126 166 134 161 136 158 P159 191 193 204 212 209 207 203 208 *205 209 208 206 P207 207 119 237 166 147 198 232 211 129 239 171 147 187 233 223 114 261 179 154 215 242 242 161 270 188 155 216 235 232 158 258 181 158 218 241 228 152 254 175 155 219 252 218 135 247 161 158 224 263 241 149 273 148 156 218 271 229 154 255 154 156 221 260 241 159 269 157 159 215 258 234 151 263 166 160 215 249 -•269 254 148 162 P162 214 P213 246 P238 166 172 169 169 185 P184 Manufacturing Arsenals and Depots l . Transportation Equipment Automobiles * (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) 1 Nonferrous Metals and Products. Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)* Fabricating •.••••• (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)* Lumber and Products. Lumber... Furniture. Stone, Clay, and Glass Products. Glass products Plate glass Glass containers Cement Clay products Gypsum and plaster products... Abrasive and asbestos products. Other stone and clay products l Nondurable Manufactures. . Textiles and Products. , Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption *... Wool textiles Carpet wool consumption. . Apparel wool consumption. Woolen and worsted yarn. . Woolen yarn Worsted yarn Woolen and worsted cloth.. Leather and Products. Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Sheep and lamb leathers. Shoes Manufactured Food Products. Wheat flour Cane sugar meltings l Manufactured dairy products. Butter Cheese Canned and dried milk. . , Ice Cream 162 159 165 145 154 152 245 133 127 239 174 137 225 175 178 170 178 172 172 174 172 168 169 174 164 152 149 240 156 153 242 157 155 248 163 164 256 152 141 254 144 101 192 143 147 138 151 173 137 226 173 178 165 176 181 144 239 180 183 176 184 178 143 230 177 177 176 181 181 161 230 178 178 177 181 127 101 119 118 117 104 123 77 46 127 94 110 66 45 116 106 100 115 73 47 127 99 111 80 51 131 98 104 80 67 141 142 161 137 125 104 189 P197 86 89 237 207 240 207 133 131 130 164 164 158 130 175 81 189 179 147 143 P120 76 68 171 148 150 115 163 P229 154 171 171 173 172 160 161 263 161 161 262 160 160 270 154 154 270 148 271 180 165 223 175 171 180 181 171 155 214 166 160 175 173 178 174 222 169 158 184 178 172 182 210 161 145 183 171 159 170 195 149 •128 178 158 161 189 186 148 127 177 157 123 114 116 123 121 115 113 114 126 94 68 145 129 110 122 92 68 124 113 130 96 67 109 118 127 145 104 84 119 121 121 140 97 83 99 121 118 137 '98 82 '93 113 119 138 92 86 90 110 149 140 140 144 149 '154 162 160 157 143 138 141 *107 P127 68 71 77 132 151 178 119 137 161 •161 84 214 196 •202 102 •256 240 •229 113 279 117 158 157 146 P96 59 129 103 153 P95 62 124 114 P95 152 >142 133 261 254 r x v Preliminary. Revised. Series included in total and group indexes but not available for publication separately. * This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies, parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. 1018 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES— (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average -= 100] 1946 1947 Industry une July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y 191 225 152 162 138 133 168 124 139 139 153 106 151 154 154 115 150 157 149 118 159 124 151 141 fune Manufactured Food Products—Continued Pork and lard Beef Veal 1 flmb and mutton . Othpr manufactured foods Processed fruits and vegetables Oonfectionerv Other food products Alcoholic Beverages ... • •• Malt liquor Whiskey Other distilled soirits Rectified Honors 84 97 154 167 122 108 37 19 117 109 181 210 175 199 63 60 147 132 141 132 44 89 117 160 156 172 162 130 117 116 107 100 136 116 103 115 105 99 102 104 96 141 125 91 154 162 228 89 157 173 255 115 161 188 315 142 163 173 216 161 164 166 147 159 172 164 132 149 175 150 102 142 164 143 86 144 158 142 83 135 159 143 88 123 160 143 89 118 161 147 101 174 187 174 237 221 196 210 206 195 187 182 167 178 154 61 213 367 160 65 219 426 141 56 230 427 199 71 526 461 166 68 624 460 149 64 401 463 161 158 366 426 150 188 405 408 142 179 417 372 149 151 403 314 162 131 302 276 170 106 210 194 189 79 198 215 159 145 161 166 179 172 138 157 160 149 151 142 165 110 112 127 131 109 112 110 98 106 212 221 94 215 101 227 164 JttdiAstri/j] A 1rnh.nl from T$e,V£Y(LQ£ PldfltS * Tobacco Products... Oisfarettes Ctthpr tnhaffo nroducts Paper and Paper Products... pulp Soda oulo Sulohate oulo Sulohite oulo Paper • Pao^rboard Printing oaoer Ttamif* and absorbent oaoer .... NVwsorint Coke Bv-r>roduct coke Beehive coke Products... Pai*its Soap Industrial chemicals . . . Minerals—Total ••• • Coal Bituminous coal Anthracite Crude netroleum Metals \Tpta1o othpr than Gfold and silver (Conner* Lead* Zinc")1 Gold Silver 190 219 235 177 208 201 72 77 81 85 83 63 68 65 205 187 77 66 68 55 147 136 147 150 152 153 150 156 157 159 156 161 142 131 142 144 146 147 146 150 162 146 154 160 162 162 86 101 86 110 90 111 98 108 101 109 159 100 107 250 137 139 229 122 128 238 132 140 249 136 142 244 141 144 248 139 145 164 85 155 72 169 85 172 85 172 89 175 90 138 144 142 143 127 145 132 133 124 151 135 152 133 156 135 156 136 84 82 82 87 85 129 115 123 128 115 104 111 119 134 144 166 133 160 149 164 151 155 146 165 153 154 151 154 150 155 167 171 175 103 109 174 104 109 106 113 171 99 109 236 139 144 252 145 147 260 150 148 179 83 168 86 155 153 106 112 105 112 266 151 151 254 150 147 265 151 152 181 83 180 88 178 87 184 88 151 139 146 132 148 141 155 160 158 160 67 P160 152 179 88 162 147 134 147 137 147 137 85 85 87 89 89 95 93 135 135 141 133 138 145 144 145 146 125 129 126 114 122 129 131 129 129 145 160 159 163 P178 148 161 147 155 148 167 152 167 143 139 137 133 160 155 165 159 166 161 167 160 152 148 276 336 369 352 406 272 231 232 233 235 240 244 150 144 92 P180 P185 P185 P179 P186 142 166 155 179 143 170 160 194 142 174 165 180 139 163 162 174 166 162 171 163 172 165 172 165 278 410 416 424 250 252 253 145 171 170 176 153 169 161 324 433 PS39 254 '253 252 P245 150 149 151 148 148 149 152 151 154 119 256 389 119 255 396 119 262 395 119 267 395 116 271 402 116 279 411 128 281 422 128 288 430 134 290 429 ••431 218 211 221 234 234 243 252 247 246 141 150 147 149 147 135 132 141 141 149 153 150 151 150 140 141 151 150 157 157 135 289 135 291 157 "156 P133 P2521 P434 433 133 295 434 239 234 220 P213 143 139 154 P153 153 144 156 p 151 162 107 153 163 113 122 127 102 155 168 104 P147 157 r . Rubber Products Fuels 210 140 170 146 164 Gasoline Fuel oil Lubricating oil Kerosene . Othpr oh^mirai nroducts * 99 Pi 74 P178 P182 P181 P179 P177 Petroleum and Coal Products Chemical 108 142 156 86 153 159 128 149 156 120 155 163 125 152 160 124 118 116 123 128 130 121 162 173 118 153 154 151 149 149 150 147 146 150 153 155 95 126 132 136 126 105 76 81 84 83 112 143 233 188 295 189 282 192 282 180 252 144 174 92 58 97 69 104 73 103 72 30 20 44 35 55 48 60 59 51 59 49 58 54 55 57 65 55 67 51 70 P139 153 p 159 P153 153 P200 173 279 54 68 r 2 v Preliminary. Revised. Series included in total and group indexes but not available for publication separately. This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. a AUGUST 1947 1019 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 Factory pay rolls 1947 May June Feb. Mar. Apr. 1947 May June Apr. May June Feb. Mar. Apr. May Total Durable goods Nondurable goods... 139.6 141.9 153 7 154.0 152 9 150.7 150 8 254.8 253.5 262.8 310.6 314.1 310.7 312.1 159.0 162.4 180 1 180.9 180.8 178.0 178.8 275.7 275.1 289.1 344.6 349.9 349.9 353.6 124.3 125.7 133 0 132 8 130.9 129.1 128.7 234 4 232 3 237.0 277 A 279.2 272.3 271.6 Iron and Steel and Products Blast furnaces, steel works, etc Steel castings Tin cans and other tinware Hardware • Stoves and heating equipment.... Steam, hot-water heating apparatus Stamped and enameled ware Structural and ornamental metal work 139.1 141.5 117 115 169 169 132 125 127 125 113 109 Electrical Machinery Electrical equipment Radios and phonographs... Machinery except Electrical Machinery and machine-shop products Engines and turbines Tractors Agricultural, excluding tractors. . . Machine tools Machine-tool accessories Pumps Refrigerators 150 130 152 131 157.5 158.1 158.0 156.8 124 125 126 124 164 164 165 164 132 132 130 129 141 142 141 143 136 137 138 139 173 154 173 155 168 153 163 151 Automobiles 167.8 172.3 196.6 198.2 200.5 186.2 Nonferrous Metals and Products Primary smelting and refining Alloying and rolling, except aluminum Aluminum manufactures 157.0 164.9 188.5 187.5 184.8 180.1 149 148 148 146 108 102 Products.... 332 314 318 328 252 135 197 147 202 190 244 176 168 161 199 245 191 164 216 191 244 175 169 158 195 247 201 161 215 159 208 154 196 127.8 131.6 142.3 145.4 149.1 154.8 '160 '168 '143 '152 156 138 '157 153 '158 155 -•131 '134 r 565.3 660 488 399 558.9 642 432 397 193.7 250.7 241.4 259.9 337.3 347.7 343.4 327.6 177.9 276.2 281.4 298.6 176 191 173 360.0 279 359.0 282 354.0 284 350.4 292 307 375 299 383 295 369 283 348 233 321 240 330 269 336 231.7 244.2 261.9 '265 •286 •250 '242 '255 234 416.6 429.5 363 502 302 344 264 312 491 395 310.7 310.1 323.4 351.4 333 •335 •351 '385 319 323 332 '349 292.0 289 292.0 289 286.8 282 285.1 279 278.4 271 201 227 279 285.7 284 203 232 288 288.8 289 209 236 290 287.3 287 169 254 296 214.4 213.5 217.2 244 248 246 167 167 167 238 239 239 131 133 131 175 185 179 262.0 309 207 275 158 217 265.0 322 209 255.4 315 201 248 146 215 248.3 303 200 241 140 211 258.6 230 181 283 121 314.1 281 234 345 202 317.7 281 234 340 197 279.8 272.1 271 229 260 119 Apparel and Other Finished Textiles.. . . Men's clothing, n.e.c Shirts, collars, and nightwear Women's clothing, n.e.c Millinery 126.0 128.3 141.7 125 114 111 87 100 85 139 154 139 102 78 81 Leather and Leather Products. Leather Boots and shoes 103.4 103.8 104.9 104.7 '93 '92 '92 '95 '97 '97 '95 Food and Kindred Products Slaughtering and meat packing.. . Flour. Baking Confectionery Malt liquors Canning and preserving 119.9 120.9 107 113 109 110 102 104 95 98 141 139 83 70 123.5 125.0 126.0 119 115 119 123 121 116 106 107 107 113 114 110 146 150 154 57 60 59 407.1 328 414 556.9 662 480 386 103.0 112 76 107 71 94 123.9 124 123 106 111 145 61 315 558.2 668 507 378 Textile-Mill and Fiber Products Cotton goods except small wares. . Silk and rayon goods Woolen and worsted manufactures Hosiery Dyeing and finishing textiles 99.4 '92 '92 307 557.5 586 469 483 132.3 135.6 144.5 145.3 146.0 142.6 141.5 230.3 146 148 145 148 149 146 250 121 102 115 121 123 109 172 113 104 111 112 114 102 181 152 137 152 152 151 132 219 103.0 '93 '96 324 558.3 566 469 499 116.2 119.1 134.5 134.2 132.1 129.5 129.3 223.9 221.6 233.3 127 132 129 118 131 220 230 115 222 141.9 135.0 131.4 124 125 122 100 99 99 155 142 136 86 103 79 306 429.6 322 420 330 355 498 277 313 276 327 490 359 290 312 178 175 261 288 378 232 Furniture and Lumber Products Furniture Stone, Clay and Glass Products Glass and glassware Cement Brick, tile, and terra cotta Pottery and related products 104.1 109.1 108.6 106.9 104.6 113 119 119 118 116 78 77 77 80 80 103 106 107 109 99 72 76 76 74 70 99 99 98 97 95 336 325 236 352 493 274 308 279 333 485 325 294.8 292.9 578.7 350 553 306 458 204 555 301.6 297.6 296.7 356 316 358 315 292 322 203 265 203 Basic 271 306.7 296 416 236 248 270 305 416 263 300.8 359 316 208 309.2 311 294 279 Timber 317 250 306 279 284 370 192 228 260 292 402 257 190 238 176 181 151 183 243 211 Transportation Equipment, except Autos. Aircraft, except aircraft engines. . . Aircraft engines Shipbuilding and boatbuilding and 270 246 287.9 294.2 297.5 209 213 220 293 305 309 239 243 249 299 300 301 274 282 277 396.6 317 410 423.0 358 495 288 333 270 320 485 388 191 241 176 178 156 190 246 207 172 219 158 146 162 189 226 163 Sawmills and logging camps Planing and plywood mills 263 242 240.3 182 292 235 242 206 166 166 163 166 236 293 140 241 422.9 194.2 201.2 232.0 231.3 218.7 213.8 220.3 296.6 323.0 347.9 315 173 170 153 176 175 245 148 209 206 198 177 213 212 308 416 170 300 258 329 194.1 198.6 223.5 225.1 226.6 225.9 222 2 312.9 322.5 342.0 409.6 171 198 150 147 161 183 219 154 Lumber 156.7 242.1 232.3 176 193 291 293 207 206 236 230 192 195 131.5 259.0 219 171 297 173 230.2 243 177 180 215 254.2 222 177 287 115 241. 242 184 196 239 262 158 218 98.9 205.3 204.6 204.9 223.0 222. '159 '165 '163 '185 '186 '198 '198 '196 '214 '214 130.1 208.. 205.1 181 181 203 182 179 171 193 174 195 201 149 150 208. 167 191 169 180 210 182 242.5 238 257 195 227 234 137 239.3 217 261 193 232 240 130 267 227 278 138 214.6 207.0 '184 '184 '205 '197 243.1 211 253 195 231 252 140 252.8 232 240 200 229 268 143 87. 90. 174.6 181. 184. 201.0 193.1 181.6 182.8 120 218 217 205 120 234 227 218 221 168 164 162 186 176 160 164 73 72 ' Revised. NOTE.—Indexes for totals, major groups, and industries in the Furniture, Apparel, Lumber, and Leather groups have been adjusted to final 1945 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 1947 are preliminary. Tobacco Manufactures. Cigarettes Cigars 1020 91.2 121 77 92. 123 77 95.4 122 83 92. 120 79 FEDERAL RESERVE BULLETIN F A C T O R Y E M P L O Y M E N T A N D PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistic?, 1939 = 100] Factory pay rolls Factory employment 1946 1947 1946 Industry group or industry May June 136.8 120 123 Apr. Apr. 1947 May June Apr. 240.0 213 247 0 288 1 290. 9 290. 9 292. 6 259 217 251 253 255 May June 138.8 145. 9 145. 9 145.0 122 126 126 125 143.7 125 143.7 238.6 210 123 127 127 126 125 212 212 123 125 131 131 130 125 216 217 Printing and Publishing Newspaper periodicals Book and job 118.7 119.9 17,8 1 17,8 7 128.6 128.7 185.6 186.4 109 109 116 117 118 119 158 161 162 191 197 202 209 121 124 131 130 130 129 200 197 205 234 239 240 240 Chemicals and Allied Products . . . . Drugs, medicines, and insecticides. Rayon and allied products Chemicals, n.e.c Explosives and safety fuses Ammunition, small arms Cottonseed oil Fertilizers 182.8 188 121 181.3 188 121 197 1 197 H 196.2 197 197 198 122 121 121 194.8 194 121 311.1 305 200 313 0 372 6 377 T 378. ? 381 359 306 363 363 360 239 198 236 236 239 168 176 177 65 131 169 169 178 59 107 179 188 155 108 149 179 191 156 99 153 180 192 158 85 146 180 192 162 72 136 278 267 319 140 301 283 266 331 127 250 Products of Petroleum and Coal Petroleum refining Coke and by-products 140 6 144.5 134 136 105 114 146 0 145 0 135 120 135 119 145 4 149 3 152 0 238 9 234 4 242 H 256 8 262 1 264 222 221 134 138 223 229 235 236 193 212 169 195 231 229 119 231 Rubber Products Rubber tires and inner tubes Rubber goods other 179.7 193 129 182.9 196 132 198 2 196 201 199 148 145 r 193.5 195 143 178.0 319.7 313 241 322.1 314 241 331 4 385 0 374 3 383. 9 371. 2 358 343 357 349 318 255 303 297 277 297 Miscellaneous Industries Instruments, scientific Photographic apparatus 166.3 170.8 198 197 139 142 180 9 182 182 181 146 147 / 179.8 176.3 173.5 304.2 342 180 176 220 148 149 303.1 331 221 318 339 233 Paper and Paper Paper Paper Allied Products and pulp goods, n.e.c.. boxes Feb Mar 128.7 184.2 189 133 186.9 318.8 302 201 283 307 342 168 363 Feb Mar May 218 ?46 249 248 750 226 257 261 257 250 101 3 7,71 8 777 7 730 0 234 324 308 334 281 361 327 315 333 254 385 <r 335 334 352 185 365 330 311 336 209 381 7 274 7 243 248 360 0 367 6 361. 0 356. 6 326 328 328 317 250 272 271 275 For footnotes see page 1020. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1946 Group Total Durable Nondurable Preliminary. 1947 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June 140.7 159.2 126.2 142.2 162.3 126.3 143.0 165.2 125.6 146.3 169.7 127.8 148.6 172.7 129.6 149.1 173.8 129.7 151.5 176.4 131.8 152.4 177.1 133.0 153.4 178.7 133.4 154.4 180.8 133.6 154.6 181.5 133.4 153.8 181.2 132.2 151.9 178.3 131.1 P151.0 P178.6 P129.3 NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. H O U R S A N D E A R N I N G S O F P R O D U C T I O N WORKERS IN M A N U F A C T U R I N G I N D U S T R I E S [Compiled by the Bureau of Labor Statistics] Average hours worked per week Industry group 1946 Apr. M a y All manufacturing. Durable Goods Iron and steel products Electrical machinery Machinery except electrical Transportation equipment except a u t o s . . . . Automobiles Nonferrous metals and products Lumber and timber basic products Furniture and finished basic products Stone, clay, and glass products Nondurable Goods. Textiles—mill and fiber products Apparel and other finished products Leather and manufactures Food and kindred products Tobacco manufactures Paper and allied products Printing, publishing and allied industries. . . Chemicals and allied products Products of petroleum and coal Rubber products Miscellaneous industries Average hourly earnings (cents per hour) Jan. Feb. Mar Apr. M a y Apr. May Jan. Feb. Mar. Apr. May 40.5 39.7 40.6 40.4 40.4 40.0 40.1 105.8 107.1 116.1 117.0 118.0 118.6 120.8 40.4 39.3 40.5 40.5 40.7 40.5 40.5 113.1 114.7 122.4 122.9 123.6 124.3 127.7 39.9 40.2 41.5 39.9 37.4 41.8 41.3 42.3 41.3 38.4 38.9 40.1 39.1 36.3 41.1 40.9 41.3 40.2 40.2 40.5 41.4 40.2 38.9 41.0 40.6 41.8 40.5 40.0 40.0 41.3 39.7 38.8 41.0 42.1 41.9 40.1 40.4 40.5 41.5 39.8 39.7 41.0 41.0 41.7 40.5 40.4 40.0 41.5 39.8 38.5 40.8 41.4 41.5 40.5 40.4 39.8 41.3 40.2 38.2 40.6 41.9 41.5 40.3 118.6 109.6 117.9 131.6 130.2 113.1 85.6 90.3 100.4 119.0 113.1 120.4 133.3 132.5 114.9 88.0 91.7 101.9 126.1 119.9 128.3 135.6 139.0 121.7 96.2 101.5 112.5 125.8 120.3 129.0 136.7 139.9 122.2 97.9 102.2 113.3 40.6 40.1 40.7 40.4 40.1 39.6 39.7 98.8 99.6 109.4 110.7 111.9 112.2 113.1 40.3 37.2 40.5 42.8 39.2 43.5 41.0 41.4 40.0 40.3 41.8 39.8 36.9 39.6 42.4 39.5 42.9 40.4 40.7 39.3 39.4 40.9 40.5 36.9 39.3 43.6 39.2 43.2 41.0 41.5 40.2 40.6 41.1 40.4 36.9 39.5 42.7 37.8 43.2 40.1 41.4 40.1 40.6 41.0 40.0 36.7 39.0 42.3 37.5 43.2 40.3 41.3 40.2 39.8 41.0 39.1 35.5 38.3 42.1 36.8 43.0 40.1 41.0 40.6 39.5 40.6 38.9 35.8 38.2 43.0 36.3 43.1 40.0 41.1 40.2 39.1 40.3 86.9 96.6 92.8 95.2 83.0 96.6 124.8 104.5 133.2 123.2 101.5 87.3 95.6 94.2 96.1 84.8 98.3 126.6 106.4 134.2 126.6 102.8 97.0 103.7 102.3 108.4 93.8 108.8 138.1 114.3 137.2 133.0 112.0 99.7 104.9 102.1 108.8 93.7 109.8 141.5 116.5 138.2 133.1 112.3 126.9 121.2 129.8 136.2 139.6 122.6 98.3 103.1 114.4 102.4 104.5 102.8 108.8 93.9 110.9 144.3 117.7 140.8 133.0 113.9 128.1 121.0 130.8 136.2 140.6 123.4 99.0 103.1 114.9 102.7 99.9 102.9 109.7 94.9 112.1 146.5 119.2 141.0 139.7 114.2 133.1 126.4 133.6 137.5 146.1 126.1 102.4 104.5 117.4 102.5 98.8 103.3 111.0 94.9 113.5 149.1 121.0 144.1 143.0 115.7 NOTE.—Preliminary June 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 40.1 and 122.0; Durable, 40.5 ind 129.4; Nondurable, 39.6 and 113.8 respectively. Back figures are available from the Bureau of Labor Statistics. AUGUST 1947 1021 ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Year and month 1939 1940 1941 1942 1943 1944 1945 1946 SEASONALLY ADJUSTED 194? Time July August Spotember October November December .. • . ... 1944—January February March April May June July September October ... December 1945 Tanuarv February March April May July August Seotember October November December 1946 Tanuarv February March April May June July August Spntember October November December .... ••• . •• . ••• • ••• iQ47——Tanuarv Fpbruarv Inarch May June ••• Transportation and public utilities Trade finance 1 1.150 ,294 ,790 ,170 ,567 ,094 ,082 ,493 2,912 3,013 3,248 3,433 3,619 3,798 3,872 4,023 6,705 7,055 7,567 7,481 7,322 7,399 7,654 8,448 1,382 1,419 1,462 1.440 1,401 1,374 1,383 1,523 3,228 3,362 3,554 3,708 3,786 3,795 3,891 4,430 3,987 4,192 4 622 5 431 6,049 6 026 5 967 5,595 915 915 912 915 910 901 907 ,575 L,491 ,424 ,369 ,279 1,247 ,233 3,620 3,634 3,639 3,633 3,671 3,683 3,687 7,326 7,335 7,315 7,314 7,325 7,355 7,316 1,408 1,406 1,401 1,398 1,389 ,392 L.396 3,791 3,792 3,789 3,808 3,803 3 801 3,805 6,183 6,136 6 079 5,981 5,991 5 973 5,941 17,643 17,637 17,503 17,314 17,219 17,140 17,037 16,952 16,809 16,714 16,661 16,712 900 901 1,224 ,174 L, 129 L.097 1,098 1,092 L.088 1,081 ,061 1,040 1,036 1,031 3,720 3,741 3,775 3,799 3,809 3,815 3,803 3,810 3,827 3,820 3,819 3,835 7,309 7,347 7,412 7,370 7,361 7,374 7,391 7,406 7,422 7,441 7,462 7,486 1,388 1,386 L.384 1,384 1,379 1,374 1,369 1,366 1,367 1,363 1,366 1,368 3,795 3,794 3,791 3,786 3,800 3,813 3 803 3,798 3,806 3,790 3,786 3,783 6,015 6 005 5 999 6 010 6 015 6 036 6 040 6 035 6,006 6,010 6 032 6 104 41,247 41,364 41,318 41,124 40,832 40,659 40,287 39 923 38,102 38,017 38 356 38,502 16,808 16,856 16,783 16,607 16,405 16,087 15,641 15,217 13,341 13,267 13,334 13,297 848 845 844 806 769 843 832 832 833 762 843 L.044 1,049 1,048 1,051 1,049 1,060 L,O72 ,093 1,093 ,109 1,148 ,166 3,838 3,849 3,858 3,862 3,858 3,867 3,869 3,864 3,876 3,861 3,912 3,952 7,487 7,536 7,558 7,577 7,545 7,551 7,587 7,635 7,733 7,793 7,882 7,936 1,364 1,363 1,361 1,361 1,362 1,363 1,378 L.385 1,387 1,403 1 ,422 1,442 3,782 3,782 3,769 3,768 3,778 3,813 3,845 3,859 3,877 4,061 4,147 4,217 6 076 6 084 6 097 6 092 6 066 6 075 6 063 6 038 5 962 5 761 5 668 5,637 39,129 38,595 39,547 40,097 40,413 40,671 40,797 41,309 41,669 41 854 42,139 42,207 13,547 12,797 13,482 14,124 14,274 14,400 14,475 14,745 14,953 15,019 15,233 15,310 864 864 1,192 1,210 1,280 1,384 1,424 1,473 1,535 1,601 1,648 1,670 1,679 1,731 3,992 3,983 4,003 4,011 3,946 3,956 3,991 4,042 4,064 4,093 4,101 4,091 8,096 8,213 8,364 8,371 8,386 8,426 8,464 8,573 8,609 8,581 8,639 8,630 1,461 1,499 1 ,508 1,502 1,509 1,516 1.534 1,546 1,549 1,548 1,551 1,554 4,307 4,349 4,354 4,474 4,426 4,365 4,382 4,386 4,412 4,537 4,578 4,596 5,670 5 680 5 699 5 689 5,695 5 671 5,543 5,530 5,550 5 523 5,475 5,421 42,243 42,354 42,395 42,064 42,075 42,203 15,426 15,529 15,564 15,513 15,351 15,288 883 880 879 1,678 L.651 1,632 1,652 1,671 1,693 4,075 4,052 4,040 3,855 3,968 4,080 8,595 8,637 8,695 8,637 8,633 8,654 1,552 1,554 1,555 1,546 1,557 1.556 4,596 4,630 4,588 4,552 4,567 4,581 5 438 5,421 5 442 5,453 5 447 5 462 39,184 39,908 40,258 40,680 40,877 41 466 41,848 42,065 42,439 42,928 13,433 14,045 14,159 14,371 14,526 14,876 15,035 15,064 15,271 15,348 857 542 753 1,203 1,356 1,438 1,532 1,627 1,713 1,747 1,753 1,713 1,644 3,983 3,991 3,946 3,996 4,051 4,103 4,064 4,093 4,101 4,071 8,197 8,329 8,302 8,342 8,337 8,402 8,523 8,667 8,898 9,234 1,508 1,510 1,517 1,531 1,549 1,554 1,534 1,540 1,543 1,546 4,332 4,474 4,448 4,430 4,426 4 430 4,456 4,514 4,555 4,573 5,671 5,661 5 695 5 614 5,488 5 502 5 605 5 551 5,475 5,638 41,803 41,849 42 043 41,823 41,916 42,226 15,372 15,475 15,510 15,429 15,230 15,259 883 880 879 1,527 1,502 1,534 1,619 1,688 1,761 4,014 4,011 4,020 3,836 3,968 4,121 8,552 8,507 8,565 8,551 8,547 8,567 1,544 1,546 1,555 1,554 1,565 1,572 4,527 4,561 4 565 4,552 4,590 4,650 5,384 5,367 5 415 5 426 5,447 5,407 Total Manufacturing Mining 30,287 32,031 36,164 39,697 42,042 41,480 39,977 40,712 10,078 10,780 12,974 15,051 17,381 17,111 15,302 14,365 845 916 947 983 917 883 826 836 42,311 42,317 42,167 41,987 42,064 42,164 41,972 17,493 17,608 17,608 17,569 17,696 17,812 17,687 41,994 41,985 41,889 41,652 41,571 41,539 41,416 41,334 41,176 41,043 41,021 41,171 896 892 890 895 885 886 878 865 859 852 855 857 542 753 864 873 886 884 883 883 874 856 881 889 Contract construction Service1 Federal, State, and local government* UNADJUSTED 1946—March April May June July August September October November December 1947 Tanuarv February March April May June . .. ... 864 873 886 884 883 883 874 856 881 889 1 Formerly combined and published as Finance, Service, and Miscellaneous. * Includes Federal Force Account Construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. These estimates have been adjusted to levels indicated by final 1945 data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. June 1947 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. 1022 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars! Nonresidential building Residential building Total Month 1946 1947 1946 1947 1946 357.5 387.4 697.6 734.9 952.4 807.9 718.0 679.9 619.9 573.2 503.7 457.3 571.6 442.2 596.8 602.3 674.7 605.1 89.7 102.1 275.2 370.6 463.6 332.2 281.2 284.0 293.8 235.1 221.1 193.4 257.4 208.4 282.9 256.7 254.1 209.5 104.7 97.7 113.7 105.1 140.5 159.4 129.3 109.4 73.7 140.2 73.6 69.9 January February March April.. May June July . . . . August September October November December 7,489.7 Year 3,142.1 1947 January.... February... March April May June July August September.. October November. . December... Year Total Public ownership Private ownership 1945 1946 1947 1945 1946 1947 358 387 698 735 952 808 718 680 620 573 504 457 3,299 7,490 572 442 597 602 675 75 74 221 309 148 82 108 67 43 61 61 62 47 56 146 127 197 215 202 205 187 134 130 109 167 96 143 177 234 1,311 1,754 66 73 107 87 95 146 149 196 235 256 309 269 311 331 551 608 756 593 516 475 433 439 373 348 69.0 77.5 112.7 75.1 88.7 55.2 72.8 56.6 50.0 41.0 36.1 38.6 1947 Educational 405 346 453 425 441 1,988 5,735 1947 1946 38.3 46.4 52.6 66.3 59.2 58.4 Other 1947 1946 19.7 13.5 21.4 22.7 47.7 40.1 18.1 17.1 11.4 18.0 23.5 23.5 35.7 7.8 18.8 12.6 15.1 19.7 773.2 1,317.3 1945 1946 1947 141 147 329 396 243 227 258 264 278 317 370 331 1946 86.5 73.9 82.1 65.6 71.3 66.8 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Month Commercial Factories Public works and public utilities 25.8 28.3 40.9 37.9 38.3 35.2 45.8 37.7 27 1 31.5 36.0 19.8 55.9 9.4 35.8 29.6 57.7 44.7 404.4 221.4 1946 1947 50.2 64.7 143.6 128.1 197.9 202.5 153.1 184.4 156 4 112.8 121.8 115.9 113.9 90.5 122.0 161.4 184.7 185.7 1,631.3 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] 1947 1946 Federal Reserve district June June 32,208 70,685 37,458 59,049 77,843 67,459 102,554 65,640 22,979 25,228 43,967 39,717 120,389 47,978 58,045 70,712 71,950 122,093 44,063 26,067 19,220 54,423 46,341 120,184 42,587 110,579 106,239 71,845 151,414 49,942 32,166 22,329 54,288 605,070 674,657 807,914 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas Total (11 districts) May LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Year or month Total 320 1935 557 1936 495 1937 694 1938 954 1939 . . . . . . . . . . 1,026 1940 1941 1,186 1,137 1942 942 1943 886 1944 684 1945 1946 798 1946—June . 83 80 July 55 August 63 September.. 85 October 67 November.. 77 December. . 89 1947—January. . . . 79 February... 86 March 117 April 112 May.. 152 June Property improvement 224 246 60 160 208 251 262 141 96 125 189 363 40 42 25 32 47 35 40 44 39 40 51 42 50 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Mortgages on and Small l-to4- Rental and War Veterans' home family group con- houses housing housing struc- (Title (Title (Title tion ID ID 13 25 26 21 15 1 « (2) (2) (2) (2) 94 309 424 473 669 736 877 691 243 216 219 347 37 33 26 26 33 26 28 30 27 28 33 36 39 2 2 11 48 51 13 13 6 7 4 3 i' (2) 13 284 601 537 272 85 6 5 4 4 6 7 9 16 13 18 33 34 63 1 Mortgages insured under War Housing Title VI through April 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing 2 Title VI. 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 1947 [In millions of dollars] End of month Total Savings Com- Mutual and mer- savloan cial ings associbanks banks ations Insur- Fed2 ance eral com- agen- Other panies cies1 27 53 90 133 1936—Dec 1937—D ec 1938—Dec. 1939—D ec 1940—Dec 1 199 634 1,793 902 2,409 1,162 8 27 38 71 56 110 149 192 41 118 212 342 5 32 77 153 130 224 542 201 150 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—June Dec 3,491 3,620 1,623 1,669 219 236 940 272 276 1,032 243 245 195 163 1943—June Dec 3,700 3,626 1,700 1,705 252 256 284 1,071 292 1,134 235 79 158 159 1944—June Dec 3,554 3,399 1,669 1,590 258 260 284 1,119 269 1,072 73 68 150 140 1945—June Dec 3,324 3,156 1,570 1,506 265 263 264 1,047 253 1,000 43 13 134 122 1946—Tune Dec 3,102 2,946 1,488 1,436 260 246 247 233 974 917 11 9 122 105 365 771 228 430 *The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. 2 Including mortgage companies, finance companies, industrial banka, 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. 1023 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1943 1944 1945 750 728 992 ,124 ,107 ,197 April May June 989 1,092 1,003 July August September 1943 1944 1945 1946 1947 »531 »436 J»444 520 494 743 823 793 839 569 561 665 405 352 431 *583 »714 P883 P512 P474 732 810 707 870 1,069 965 639 763 511 350 453 »492 P787 P949 »386 356 360 335 »434 »425 »378 963 962 981 903 887 912 537 378 180 J»392 P458 *265 329 323 336 344 322 297 »394 J»482 »536 908 760 1,004 815 862 602 111 317 439 *>505 *561 1,720 1,762 3,299 4,394 3,198 1946 1947 1943 1944 1945 1946 903 887 1,030 '798 670 815 1,114 1,151 1,327 230 234 249 301 314 358 334 325 365 394 318 385 ,231 ,455 ,296 1,005 1,135 870 757 851 »878 1,299 1,423 258 282 296 361 386 332 366 372 360 407 397 1,265 1,280 1,269 1,197 1,191 1,194 893 737 514 *826 P883 J»643 302 318 289 294 304 282 October November December 1,237 1,072 1,286 1,144 1,185 938 455 *537 639 *986 736 P I . 0 9 7 329 312 282 Jan.-May 4,552 6,114 1,253 January February March 4,960 3,891 P6.313 1,900 1947 P2.397 1,991 P3,917 r P Preliminary. Revised. 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. Backfigures.—SeeBULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. 1 1 REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS FREIGHT CARLOADINGS BY CLASSES [Index numbers: 1935-39 average = 100] [In millions of dollars] ForMis- MerLive- est Ore cel- chanTotal Coal Coke Grain stock prodlane- dise ucts ous l.c.1. Annual 1939 1940 ... . 1941 1942 1943 1944 1945 1946 97 101 109 130 138 137 140 135 132 98 111 123 135 138 143 134 130 102 137 168 181 186 185 172 146 107 101 112 120 146 139 151 138 96 96 91 104 117 124 125 129 100 114 139 155 141 143 129 143 110 147 183 206 192 180 169 136 101 110 136 146 145 147 142 138 96 100 69 63 67 69 79 1946—April 109 106 May 133 June July 139 141 August September... 138 139 October November... 137 December. . . 140 26 68 146 145 152 160 155 117 132 94 62 140 177 184 183 183 166 155 112 126 r 125 139 131 125 142 147 162 143 115 118 166 118 91 128 136 122 143 125 149 153 157 154 146 151 156 66 66 137 164 162 164 157 157 145 143 123 135 141 145 139 139 148 148 81 73 81 78 77 75 79 83 81 1947—January February.... March April May June 150 142 146 137 142 137 163 149 147 119 155 141 175 171 180 173 185 173 157 147 159 151 138 140 • 123 111 121 111 104 108 163 166 159 148 148 145 176 172 171 184 184 184 152 145 151 147 145 142 77 76 78 79 76 74 1946—April 107 May ... 107 137 June July 143 August 145 September... 149 149 October November... 141 December. . . 131 26 68 146 145 152 160 155 117 132 93 61 138 172 177 181 180 166 163 99 111 128 166 142 140 142 144 152 127 103 96 135 113 120 197 171 118 143 130 155 153 165 166 154 148 139 50 103 213 263 243 245 216 169 45 141 125 139 142 146 150 151 154 139 82 73 '80 78 77 79 82 84 78 1947—January February.... March April May.... June 163 149 147 119 155 141 184 182 182 169 183 170 157 144 146 133 121 143 118 89 96 98 94 87 147 159 159 148 154 151 44 43 50 157 267 286 139 136 144 145 146 146 74 74 79 80 76 73 SEASONALLY ADJUSTED UNADJUSTED 138 133 137 134 144 142 ' Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 1024 Net Total Total Net railway railway railway operating income operating expenses income revenues Annual 1939 1940 1941 1942 1943 1944 1945 1946 3,995 4,297 5,347 7,466 9,055 9,437 8,899 P7.627 3,406 3,614 4,348 5,982 7,693 8,343 8,049 P7.008 589 682 998 1,485 1,362 1,093 849 93 189 500 902 874 668 447 P289 1946—March.. . . April May June July August. . . September. October... November. December. 651 566 515 639 651 664 673 663 663 658 667 562 524 586 603 613 605 606 601 523 4 -9 53 48 51 68 57 62 135 -45 -28 —41 20 16 18 37 25 29 98 1947—January . . February.. March April May 698 696 723 685 698 624 631 642 637 633 74 65 81 48 65 42 33 48 15 P32 646 567 533 612 674 710 660 710 658 637 652 556 537 574 611 629 593 625 594 534 -6 11 -5 38 63 82 67 85 64 103 686 636 718 689 724 628 593 645 631 649 58 43 73 58 76 -33 r-20 -37 15 32 53 39 57 38 89 29 14 43 33 P47 SEASONALLY ADJUSTED UNADJUSTED 1946—March.... April May June July August. . . September. October... November. December. 1947—January .. February.. March April May r P Preliminary. Revised. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United States Year or month SALESi . 1939 1940 1941 1942 1943 1944 1945 1946 Minne- Kansas Dallas City apolis San Francisco 106 109 123 129 148 164 185 247 105 110 127 149 184 205 229 287 112 116 138 157 212 245 276 353 109 117 139 169 200 221 244 306 305 300 330 313 293 294 303 248 253 259 265 254 252 251 '289 281 300 321 297 283 299 '365 381 381 376 349 356 348 '314 323 324 313 319 320 317 245 262 260 261 276 278 278 290 294 306 321 299 262 261 279 257 '270 278 281 272 298 296 316 305 363 347 347 377 379 362 313 330 325 315 323 321 '307 275 321 374 372 416 570 245 198 236 268 268 318 409 274 234 284 316 313 371 463 236 204 232 287 281 302 385 '266 239 279 311 312 340 448 '310 290 332 395 384 434 567 288 266 292 326 330 376 504 218 226 292 290 301 278 273 298 346 350 349 307 196 210 250 258 276 270 228 244 288 297 315 269 196 202 258 264 '269 264 225 247 283 290 297 281 294 306 337 347 356 308 249 278 295 297 301 294 99 106 130 182 144 151 156 205 107 113 139 191 175 190 198 250 107 115 140 178 161 185 188 258 103 111 134 186 160 101 159 205 102 108 134 176 152 159 166 225 103 110 138 171 151 169 165 211 99 105 125 159 152 157 158 210 106 113 130 161 159 177 190 250 106 113 137 187 172 194 203 205 210 217 220 219 209 213 208 221 232 249 258 243 264 264 262 274 298 319 252 267 271 277 297 330 348 199 213 210 220 235 249 256 222 231 234 240 264 274 292 207 224 219 227 244 259 281 '209 206 201 219 234 249 303 253 252 262 267 274 303 364 218 250 240 249 270 296 334 234 249 242 230 221 215 216 225 223 221 '215 213 257 261 264 246 238 231 315 307 295 302 292 270 311 335 321 320 '309 280 262 264 263 257 243 232 291 296 288 281 272 267 278 270 266 287 268 261 298 293 302 282 '267 248 327 343 343 326 '333 308 315 330 '331 '308 '287 280 174 179 198 210 231 236 186 192 196 218 216 217 247 213 184 192 213 231 247 242 187 201 213 225 246 268 263 214 232 260 297 294 312 316 266 255 275 292 305 333 347 293 195 209 225 244 263 274 231 222 240 255 266 295 293 246 200 228 232 245 271 279 246 '209 230 225 246 266 266 248 246 272 296 299 310 324 306 221 265 263 281 299 313 274 180 194 207 202 194 180 206 231 241 233 224 206 188 218 223 225 '217 202 225 242 254 253 241 222 268 290 295 304 286 259 280 312 321 317 '300 283 225 240 255 252 243 227 250 266 279 281 272 267 253 257 267 273 266 252 258 264 272 273 261 248 294 305 326 316 '316 298 277 290 '308 '304 '298 285 Richmond Atlanta Chicago St. Louis 106 114 138 153 167 182 201 257 109 120 144 170 194 215 236 289 113 123 145 162 204 244 275 345 107 116 135 149 161 176 193 250 111 119 143 158 179 200 227 292 253 243 259 246 233 239 250 273 260 286 249 248 266 277 '307 307 306 298 286 290 293 365 343 365 367 348 347 363 253 254 281 263 250 261 264 228 224 229 235 253 254 247 234 236 258 275 265 256 256 257 272 298 284 291 281 307 299 303 317 341 338 346 353 367 365 216 157 184 237 240 284 398 221 158 189 214 202 301 392 228 175 195 246 258 318 408 257 203 249 251 265 333 430 '270 219 253 316 312 369 493 209 222 266 268 280 265 170 171 227 227 241 231 182 188 229 223 237 231 188 192 255 248 261 238 194 210 262 266 283 267 102 108 131 179 155 162 166 213 99 105 124 165 142 147 153 182 97 102 123 181 143 150 160 195 96 99 119 167 141 148 150 191 210 222 221 226 237 256 274 181 187 186 192 207 209 205 '199 208 210 200 192 221 238 268 275 273 '264 '252 242 197 206 211 211 198 188 205 223 238 250 267 277 235 234 252 '264 '262 253 237 Boston New York 106 114 133 149 168 186 207 264 104 108 126 140 148 162 176 221 101 106 119 128 135 150 169 220 104 111 129 143 151 167 184 236 276 273 290 270 257 271 276 232 227 246 226 216 230 231 243 236 259 205 179 231 232 265 268 273 276 291 288 215 219 237 227 244 249 253 208 242 278 278 336 441 Phila- Clevedelphia land SEASONALLY ADJUSTED 1945—June July August October December .. 1947—January February March April May June . UNADJUSTED 194(5—j u n e July August October November 1947—January February March April M^ay June STOCKS» 1939 1940 1941 1942 1943 1944 1945 1946 . . 177 182 238 SEASONALLY ADJUSTED 1946—June July August September October November December 1947—January February March April May June UNADJUSTED 1946—June July August September October November . .. 1947—January February March April May June 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 for June 1946, pp. 588-612. 1 AUGUST 1947 1025 DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS AT 296 DEPARTMENT STORES WEEKLY INDEX OF SALES [Weeks ending on dates shown. Amount (In millions of dollars) Year or month 1939 average 1940 average.... Sales (total for month) Without seasonal adjustment Outstanding orders (end of month) Stocks (end of month) 1941 average 1942 average 1943 average.... 1944 average.... 1945 average 1946 average 128 136 156 179 204 227 255 318 344 353 419 599 508 534 564 714 108 194 263 530 560 728 907 1946—May June July August September October... November, December. 304 304 244 303 309 341 404 526 674 ••700 735 806 828 879 919 776 934 1048 1073 1012 960 845 691 557 1947—January.., February., March. . . . April May June 256 250 332 321 332 P304 769 838 865 849 810 619 603 485 387 348 P471 1935-39 average=1001 1945 8... 15... 22... 29... Oct. 6 . . . 13... 20... 27... Nov. 3 . . . 10... 17... 24... Dec. 1 . . . 8... 15... 22... 29... ..177 ..213 ..220 ..209 ..242 ..245 ..237 ..233 ..236 ..261 ..275 ..258 ..326 ..401 ..433 ..421 ..158 1946 5... 12... 19... 26... Feb. 2 . . . 9... 16... 23... ..135 Jan. ..188 ..191 ..188 ..197 Feb. ..214 ..209 ..213 Sept. Jan. Sept. Oct. Nov. Dec. 1946 7.... 14.... 21.... 28.... 1946 .264 Mar. 2 . . . ..217 Mar. .293 9 . . . ..233 .280 16... ..243 .257 2 3 . . . ..255 5 277 30 .,257 1 2 . . . . .281 Apr. 6 . . . ..272 Apr. 1 9 . . . . .295 1 3 . . . ..282 2 6 . . . . .287 2 0 . . . ..289 2 . . . . .277 2 7 . . . ..232 9 . . . . .314 M a y 4 . . . ..248 M a y 1 6 . . . . .342 1 1 . . . .274 2 3 . . . . .363 1 8 . . . .246 3 0 . . . . .334 2 5 . . . .245 7'.... .475 June 1 . . . .223 1 4 . . . . .519 8 . . . ..273 June 2 1 . . . . .532 1 5 . . . ..283 2 8 . . . . .281 2 2 . . . .248 2 9 . . . ..239 1947 July 6 . . . .192 July 4 . . . . .188 1 3 . . . .210 11 .232 2 0 . . . .201 1 8 . . . . .223 2 7 . . . .204 25 .220 Aug. 3 . . . .217 Aug. 1 .217 1 0 . . . .228 8 . . . . .219 1 7 . . . .239 15 24 .255 .246 2 2 . . . . .216 3 1 . . . . .281 1947 1 8.... 15.... 22 29 .238 .254 .267 .286 283 S.'.'.'. !319 1 2 . . . . .265 1 9 . . . . .271 2 6 . . . . .267 3 .279 1 0 . . . . .311 17 .273 2 4 . . . . .277 3 1 . . . .250 7. . . .293 14. . . .300 2 1 . . . . .256 2 8 . . . . .245 5 . . . .208 12 . . . .228 1 9 . . . .217 2 6 . . . .212 2 9 16 23 30. . . NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. r 9 Preliminary. Revised. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Six June May mos. 1947 1947 1947 United States..] v+4 +14 +9 Cleveiand-cont, Toledo 1 x .. Boston ; v+6 +16 +10 Youngstown New Haven.... +8 + 10 +6 Erie 1 1 Pittsburgh1 +1 Portland I -5 Boston Area. . . { +8 + 17 + 13 Wheeling Downtown j +8 + 15 +12 Richmond Boston Springfield | - 7 + 12 +3 Washington 1 ... Worcester j + 1 + 13 +9 Baltimore Providence. . . .; +3 + 11 +4 Raleigh, N . C . . . Winston-Salem. New York | +4 +11 +9 Charleston, S. C Bridgeport * j +2 +25 + 10 Greenville.S.C.. 1 Newark +4 +4 Lynchburg +9 +16 +11 Norfolk Albany + 15 +9 Richmond Binghamton. . . + 1 Buffalo1 + 13 + 17 +10 Roanoke Elmira + 1 +35 +14 Charleston, Niagara Falls.. + 1 +17 + 11 W. ya..., New York City 1 +4 +8 +8 Huntington. Poughkeepsie. . + 11 +24 + 10 Rochester 1 +5 + 18 + 12 Schenectady... +6 + 10 +9 Atlanta +8 +20 + 15 Birmingham *.., Syracuse x + 14 +18 + 10 Mobile Utica Montgomery 1 .. Jacksonville*... +13 +18 +4 Philadelphia... l -5 Trenton 1 1 +7 +4 Miami +5 + 17 + 14 Orlando1 Lancaster 1 +4 + 16 + 12 Tampa J Philadelphia .. +3 +24 +15 Atlanta Reading 1 1 +6 +25 + 16 Augusta Wilkes-Barre .. - 6 + 10 +6 Columbus York 1 Macon l 1 Cleveland +4 +16 +10 Baton Rouge 1 .. 1 Akron 1 -1 +8 +5 New Orleans .. Canton 1 + 10 + 17 +15 Bristol, xTenn... Cincinnati +3 + 18 + 10 Jackson 1 .. Cleveland J1 +8 + 14 +9 Chattanooga 1 Columbus 1. ... +2 + 10 +7 Knoxville1 Springfield +9 + 15 +6 Nashville Six June M a y mos. 1947 1947 +4 + 15 +10 +3 + 19 +12 +6 +23 +12 + 18 + 10 - 6 + 10 0 +11 -3 +8 +6 +2 +8 +7 + 13 +23 + 14 + 1 +27 +19 +1 —2 +2 + 12 +5 -6 + 8 +3 + 11 +2 +2 + 17 + 13 - 2 +21 +9 + 1 + 18! +7 +2 +20| + 6 i 0 +12 +6 +4 + 13! +7 + 13 + 17| +7 + 10 + 141 +10 Six June May mos. 1947 1947 1947 Chicago 1 Chicago Peoria 1 FortWayne 1 x. Indianapolis Terre Haute l Des Moines.. Detroit» Flint 1 Grand Rapids Lansing Milwaukee ll .. Green B a y . . Madison. . . . St. Louis Fort Smith. . Little Rock 1 . Quincy Evansville... Louisville x ... East St. Louis St. Louis x . St. Louis Area Springfield... Memphis 1 ... P+9 +19 +12 Kansas City— P+9 +23 + 15 + 13 +29 + 14 + 16 + 14 + 16 +23 + 12 + 18 + 12 +17 +4 +23 + 10 p-6 -4 p+17 +3 + 14 + 15 +6 P+22 -4 +13 + 11 +6 +14 +11 +12 + 17 + 17 + 19 +7 +17 + 12 +8 + 12 -3 -20 -11 -6 0 +3 - 1 0 + 17 +7 cont. o Oklahoma City. Tulsa Dallas Shreveport Corpus Christi. , Dallas 1 Fort Worth Houston 1 San A n t o n i o . . . . +11 +ll\ +8 +111 + 13 +8 -1 +11 +6 +9 +8 +3 +18 +13 + l l | + 10 +14 +8 +11 +8 -1 +6 +6 + 11 I +9 +19 + 16 -9 + 1C -6 +3 +4 + 13 +2j + 12 — + 15 0 San Francisco .. +8 l Phoenix +3 +8 Tucson +6 +4 Bakersfield* +4 +5 J Fresno s + 11 +7 -6 Long B e a c h11 . . . . +4 P - 2 Los Angeles + 14 Oakland and x -6 +7 Berkeley +17 +26 +16 +6 +25 +12 +75 + 113 +96 - 6 +17 +9 and - 5 + 19 + 10 Riverside San Bernardino. l -4 +5 +3 Sacramento - 3 + 17 +5 San Diego x .... l San Francisco .. Minneapolis. l +12\ +9! + +13 1 Minneapolis +6j +71 +9 " " San Jose l 1 Santa R o s a . ... St. P a u l . . . . + 12 +14 +17 +7 + 13J + 4 +9i +12 + 1 + 6 Duluth+4 +2 +11 Superior x . . | -4 +9 +2 +4 + 15 + 6 Kansas City.. +4\ +S\ +7 + 16| +12 Denver -3\ 0 Pueblo -12 +6 + 1 + 16 +9 Hutchison... -lj Topeka +6 + 11 +10 +4 +9 Wichita +4 +26 -2 r +4 Joplin - 5 +3 + 11 - 1 3 + 14 +4 Kansas City. +5 St. Joseph... - 2 1 + 10 +3 - 7 -4-181 +4 Omaha 0 +9 Six May mos. 1947 1947 1947 June -1 +3 -1 -1 +3 +7 0 +1 +7 +20 + 1 +4 +3 +6 +6 +8 +9 +1 +7 + 12 +9 +8 + 11 +12 +10 +12 +3 +9 +5 +8 +8 +2 +4 + 18 +8 + 17 Stockton 0 +8 Vallejoxand -17 -8 Napa Boise and p-8 -5 Nampa +5 Portland +8 +9 + 11 a -3 Salt Lake City» . +6 +7 Bellingham i +41 +4 + 14 -3 Everett 1 + 1 +8 -3 Seattle 1 1 +4 +5 Spokane +8 + 11 +18 -1 Tacoma'x + 1 +5 0 + 11 +12 Yakima 9 Preliminary. ' Revised. Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 1 1026 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change from a year ago (value) Department Number of stores reporting Sales during Stocks (end of period month) Ratio of stocks to sales l Lndex numbers without seasonal adjustment 1941 average monthly sales = 100 2 Sales during period TVT ivlciy 1947 May 1947 mos. 1947 May 1947 1947 Stocks at end of month 1946 1947 1946 1946 May Apr. May May Apr. May GRAND TOTAL—entire stores MAIN STORE—total 358 + 10 2.5 2.3 +8 +8 +7 +21 358 +23 2.7 2.4 213 203 196 569 592 464 Women's apparel and accessories Coats and suits Dresses Blouses, skirts, sportswear, etc Juniors' and girls' wear Juniors' coats, suits, dresses Girls' wear Aprons, housedresses, uniforms Underwear, slips, negligees Knit underwear Silk and muslin underwear, slips Negligees, robes, lounging apparel Infants' wear Shoes (women's, children's) Furs Neckwear and scarfs Handkerchiefs Millinery Gloves (women's, children's) Corsets, brassieres Hosiery (women's, children's) Handbags, small leather goods 354 339 339 335 315 221 241 293 339 164 187 165 317 249 264 248 293 173 333 338 348 327 +7 +1 +4 -6 -2 -14 —2 —2 -21 -20 -21 -18 2.0 1.4 1.2 2.2 1.8 1.4 2.6 1.5 1.9 1.9 1.9 1.9 2.8 3.0 2.1 1.5 1.2 2.9 2.5 1.8 3.6 1.2 1.7 1.6 1.4 2.2 3.3 2.0 11.5 12.1 2.0 3.8 0.9 3.7 2.2 1.7 2.0 2.8 4.6 1.3 3.8 2.0 1.0 2.4 218 173 279 267 240 270 212 273 252 254 264 245 246 242 29 247 153 168 156 278 156 193 216 262 246 227 243 267 229 209 199 208 204 186 271 235 50 252 141 231 197 262 139 194 204 178 268 252 219 250 192 260 223 209 239 222 210 214 38 214 160 152 143 245 155 197 438 237 340 577 441 365 560 410 485 469 493 458 678 732 332 491 586 146 573 616 267 383 476 325 391 635 481 430 581 467 507 485 515 463 709 743 281 508 620 175 609 649 309 401 420 276 319 734 552 458 684 317 373 343 335 493 691 420 452 594 728 191 545 477 163 486 Men's and boys' wear Men's clothing Men's furnishings, hats, caps Boys' clothing and furnishings Men's and boys' shoes, slippers 327 241 316 290 189 3.3 2.3 3.7 4.0 4.2 2.3 1.1 2.7 3.9 2.7 198 225 181 187 193 185 202 167 207 171 171 182 162 171 156 651 511 678 752 820 636 502 650 789 766 403 200 437 661 419 Home furnishings Furniture, beds, mattresses, springs Domestic floor coverings Draperies, curtains, upholstery Major household appliances Domestic, blankets, linens, etc Linens and towels Domestics-muslins, sheetings Blankets, comforters, spreads Lamps and shades China and glassware Housewares 315 240 302 298 232 305 204 176 191 240 241 240 3.3 3.7 3.1 3.1 1.4 3.5 4.2 2.5 3.7 3.7 5.4 3.1 2.4 2.3 1.9 2.4 0.8 2.4 2.9 1.1 2.8 3.7 3.8 2.9 221 189 218 246 357 183 168 196 180 191 145 305 202 176 207 208 326 160 147 179 145 176 133 276 198 190 182 237 152 195 187 197 194 200 136 283 724 707 672 760 497 645 709 491 668 703 792 929 738 743 672 765 446 664 749 473 674 724 799 979 489 433 349 563 128 461 531 209 551 733 524 839 Piece goods Silks, rayons, and velvets Woolen dress goods Cotton wash goods 298 111 92 128 + 139 +26 + 105 2.5 2.1 6.9 1.8 1.6 1.0 3.9 1.0 290 274 111 368 290 294 186 335 267 237 156 309 732 587 765 647 748 606 806 710 425 248 593 309 Small wares Lace, trimmings, embroideries, and ribbons. . . Notions Toilet articles, drug sundries, and prescriptions Jewelry and silverware Jewelry Silverware Art needlework Stationery, books, magazines Stationery Books, magazines 341 121 230 328 306 208 130 240 251 157 93 + 12 -3 -7 -13 -4 -11 -3 -18 +25 -13 -4 -5 -7 3.3 2.4 2.3 3.7 3.4 3.1 3.4 5.0 3.6 3.8 3.4 3.6 2.8 2.9 3.9 3.6 3.8 2.8 5.4 3.8 4.1 3.6 182 278 267 145 213 216 201 131 160 155 142 166 302 237 129 180 176 185 140 152 141 149 179 280 228 152 208 214 199 139 160 150 150 604 687 626 533 719 675 698 656 583 582 494 633 755 679 552 752 713 699 678 600 597 505 651 780 650 594 734 823 542 752 606 597 540 Miscellaneous Toys and games Sporting goods, cameras Luggage 305 153 64 251 +2 + 16 3.1 5.0 4.0 2.7 2.7 5.0 3.0 2.4 186 115 171 270 171 105 164 189 180 127 148 247 576 572 686 721 579 559 789 739 499 646 443 614 BASEMENT STORE—total Women's apparel and accessories Men's and boys' clothing and furnishings Home furnishings Piece goods Shoes 207 198 164 138 54 129 2.0 1.5 2.6 2.3 2.4 2.7 2.3 2.1 3.1 2.2 1.4 3.3 205 208 199 215 279 189 192 199 190 192 277 155 166 169 146 194 266 126 404 321 523 502 686 512 424 343 524 542 720 504 390 360 449 419 407 423 +4 +6 +9 +8 + 10 +5 + 13 +21 + 10 + 10 + 17 + 13 -24 + 15 -4 + 10 +9 + 14 + -21 +16 +23 + 12 +9 +24 + 12 -5 +2 -2 +6 + 15 +2 +9 +8 +30 +30 +38 +47 + 12 -8 -2 +8 +3 +73 0 -4 -1 +2 +9 0 -6 + 12 +27 +6 +2 + 11 + 17 +2 +23 -28 -17 -20 -24 +5 +29 +66 -22 +63 + 155 +56 + 14 +95 + 135 —1 + 184 -6 -10 0 -7 -4 -8 +48 +63 +91 +35 +291 +40 +32 + 14 + 129 -1 -1 +22 -5 + 10 +8 +51 0 +20 +4 +6 +8 +9 + 16 -29 + 19 +1 + 13 + 13 +8 + 18 +1 +2 -1 + 17 -4 -1 + 13 -3 +1 -2 +7 +2 +1 +1 -6 0 +3 -5 +3 +5 +5 + 12 +75 -10 -16 -11 + 16 +9 +23 +24 +36 +10 + 18 +9 +14 +55 + 19 +9 -10 +5 +50 +26 +14 + 15 +31 +4 +17 + 19 +83 +21 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and 858 were reversed. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 1025. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. AUGUST 1947 1027 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credi t Total consumer credit1 End of year or month 1929 1930 1931 1932 1933 1934 . 1935 1936 . 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1946—May June July August 7,637 6,829 5,526 4,093 3,929 4,396 5,439 6,796 7,491 7,064 7,994 9,146 9,895 6,478 5,334 5,776 6,637 10,147 7,607 7,905 8,025 8,362 8,631 9,013 9,527 10,147 9,967 '9,909 10,216 10,407 10,663 10,884 . ... October November 1947— Tanuarv February . March April May? June? f Total instalment credit 1 3,167 2,696 2,212 1,526 1,605 1,867 2,627 3,526 3,971 3,612 4,449 5,448 5,920 2,948 1,957 2,034 2,365 3,976 2,783 2,902 3,022 3,165 3,288 3,458 3,646 3,976 4,048 '4,156 4,329 4,537 4,741 4,906 Sale credit Loans2 Total Automobile 2,515 2,032 1,595 1,318 928 637 322 459 576 940 999 1,122 1,317 1,805 2,436 2,752 2,313 2,792 3,450 3,744 1,491 1,289 1,384 970 1,267 1,729 1,942 482 175 200 227 544 814 835 903 1,558 1.004 11,035 L,070 1,124 1,177 1,261 1,358 1,558 1,566 1,608 1,695 1,813 1,922 2,004 318 336 365 394 425 466 505 544 581 631 691 753 810 862 Singlepayment loans3 Charge accounts Service credit 2,125 1,949 1 402 1,749 1,611 1,381 1.114 1,081 1,203 1,292 L 419 1,459 I 487 L,544 11,650 L 764 L,513 11,498 ]L 758 596 573 531 491 467 451 472 520 557 523 533 560 610 648 687 729 772 864 822 830 836 841 848 853 858 864 Other 1,197 1,104 652 664 617 527 483 550 822 958 677 663 741 865 1,147 1,368 1,343 1,525 1,721 1,802 1,009 962 776 875 1,048 1 331 1,504 I 442 L 468 1,488 L 601 L 369 1,192 L 255 L 519 > 253 I 814 I 846 L 886 1,090 1,219 1,299 1,657 1,998 2,176 1,457 1,143 1,199 1,462 2,418 1,779 1,867 1,952 2,041 2,111 2,197 2,288 2,418 2,482 2,548 2,634 2,724 2,819 2.902 639 635 676 1,014 686 699 705 730 752 795 853 1,014 985 r977 1,004 1,060 1,112 1,142 Q38 2 000 2 081 2 164 2,253 2 286 2,277 2 243 2,215 2,213 2,216 0R1 3,054 2 188 2,327 2 281 2 418 2,495 2 621 2,859 3,054 2 764 2,602 2 768 2 782 2,835 2,887 869 874 876 873 874 875 r 1 p Preliminary. Revised. Revised. See footnotes 2 and 3. Includes repair and modernization loans insured by Federal Housing Administration. Total loans include recent revisions of consumer instalment loans of commercial banks, small loan companies, and credit unions, shown on pp. 830-835 of the BULLETIN for July 1947. 3 Non-instalment consumer loans (single-payment loans of commercial banks and pawnbrokers). Includes recent revisions in single-payment loans shown on pp. 833-835 of the BULLETIN for July 1947. 2 CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) Year or month 1 Total 1929 1930 1931 1932 1933 1934 1935 1936 . . 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1946—May June July 652 664 617 527 483 550 822 • August September. . October..... November. . December... 1947—January. . . . February. . . March April . . . . MayP JuneP t,090 L.219 L,299 1,657 1,998 ! ,176 L ,457 L.143 1,199 .462 2,418 1,779 1,867 1,952 2,041 2,111 2,197 2,288 2,418 2,482 2,548 2,634 2,724 2,819 2,902 Commercial banks 1 8 Small loan companies 1 43 45 39 31 29 44 88 161 258 312 523 692 784 426 316 357 477 263 277 287 268 256 264 287 326 374 380 448 498 531 417 364 384 439 129 131 132 134 89 67 68 76 608 485 498 512 527 536 547 565 608 611 611 617 627 633 638 956 656 702 744 790 824 865 907 956 991 1,030 1,079 1,123 1,167 1,197 Industrial loan com- 3 panies Loans made by principal lending institution! (during period) Insured repair Comand modern- mercial 12 banks ization4 loans Credit unions1 Miscellaneous lenders 95 99 104 107 72 59 60 70 32 31 29 27 27 32 44 66 93 112 147 189 217 147 123 122 128 95 93 78 58 50 60 79 102 125 117 96 99 102 91 86 88 93 25 168 244 148 154 213 284 301 215 128 120 179 117 88 92 96 100 103 108 112 117 122 125 128 133 98 78 79 81 84 86 90 94 98 102 105 108 113 185 143 149 155 158 164 171 176 185 186 190 197 204 110 98 99 101 102 103 104 106 110 110 110 111 112 138 143 116 118 213 224 113 113 Industrial banks 3 219 218 184 143 121 125 156 191 221 Small loan companies 1 Industrial banks 3 344 231 248 263 280 295 312 328 344 360 377 394 412 792 639 749 942 463 485 494 393 322 413 455 610 662 664 827 912 975 784 800 869 956 238 261 255 255 182 151 155 166 1,793 148 148 155 164 156 176 172 191 187 180 214 213 1,251 95 98 105 108 96 105 120 166 98 90 121 116 231 19 19 20 20 20 21 22 26 22 21 24 24 439 469 212 211 115 117 24 26 69 130 248 368 460 680 1,017 1,198 Industrial Credit loan x com- 3 unions panies 176 194 198 203 146 128 139 151 42 41 38 34 33 42 67 105 148 179 257 320 372 247 228 230 228 210 16 17 17 18 18 19 20 25 20 20 23 24 339 28 28 29 30 31 34 33 39 33 33 38 39 24 24 42 44 413 380 340 250 202 234 288 354 400 P Preliminary. l Includes recent revisions shown on pp. 830-835 of the BULLETIN for July 1947. 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 94 million dollars, and loans made during June were 15 million. * Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans4 are obtained by deducting an estimate of paper purchased from total retail instalment paper. Includes only loans insured by Federal Housing Administration. 2 1028 FEDERAL RESERVE BULLETIN CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] Department 6tores and mailorder houses Furniture stores Household appliance stores Jewelry stores 958 677 663 741 RfiJ? 1,147 1,368 1,343 1,525 1,721 1,802 .009 '639 635 676 1,014 160 155 138 103 119 146 186 256 314 302 377 439 466 252 172 183 198 337 583 539 454 313 299 314 336 406 469 485 536 599 619 391 271 269 283 366 265 222 185 121 119 131 171 255 307 266 273 302 313 130 29 13 14 28 56 47 45 30 29 35 40 56 68 70 93 110 120 77 66 70 74 123 133 141 136 110 97 115 132 174 210 220 246 271 284 159 101 100 107 160 686 699 705 730 752 795 853 1,014 206 210 212 221 235 257 284 337 295 299 299 308 311 322 337 366 16 17 20 22 23 25 26 28 61 63 63 64 65 66 72 123 108 110 111 115 118 125 134 160 985 r977 1,004 1,060 1,112 1.142 337 338 358 386 409 413 352 349 354 366 382 396 27 '29 29 32 32 35 114 107 105 109 114 118 155 154 158 167 175 180 End of year or month Total, excluding automobile 1929.. 1930 . 1931 1932 1933... 1934 1935 1936... 1937 1938 1939 . 1940 1941 1942 1943 1944 1945 1946... 1946 May June July August.... September. October.. . November. December. 1947 January. . . February.. March . . . . April May* June?5 1,197 1,104 All other retail stores CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year and month Total Retail instalment paper 8 Auto- mobile Outstanding at end of period: 1941—June December 1942—jUne December.... 1943—June December 1944—j u n e December... ^945—June .... December t9A6—May June July August September. . . October November.... December.... {1947—January February March April . . - ; . MayP . June? Volume extended during month: $946—May June July August September.. . October November.... December.... 4947—January February March April May? June? 1 2 3 Other Repair Personal and instalmodern- ment ization2 cash loans loans CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT 1 [Estimates. In millions of dollars] Automobile retail Year or month Purchased Outstanding at end of period: 1,093 1939 1,450 1940 1,694 1941 845 1942 516 1943 557 1944 742 1945 1,591 1946 1,035 1946—May 1,108 June 1,179 July 1,264 August 1,334 September., 1,413 October November.. 1,494 December. . 1,591 1,668 1947—January... February.., 1,732 1,821 March 1,922 April 2,027 May? 2,124 JuneP Volume extended during month: 229 1946—May 219 June 242 July 255 August 246 September. 279 October 274 November. 306 December. . 307 1947—January... 289 February.. 343 March. 364 April 375 388 12.7 13.7 13.8 14.1 14.7 15.7 16.7 17.8 18.6 19.6 19.4 20.5 21.8 23.1 18.2 18.6 16.5 15.6 14.1 14.0 12.9 13.4 14.2 17.2 21.2 22.0 23.1 24.2 25.4 26.7 27.5 28.3 28.9 29.6 30.3 31.4 33.1 35.0 112.4 110.1 95.3 75.6 62.9 57.5 57.4 57.8 59.9 63.3 70.9 73.2 75.8 78.9 80.7 83.8 85.7 89.1 91.1 92.1 94.2 95.9 97.9 100.4 3.9 3.9 4.7 4.7 4.3 5.5 5.2 5.6 2.8 2.7 2.8 3.0 2.7 3.5 3.6 3.7 2.5 2.3 2.6 2.8 2.7 3.3 2.8 2.6 6.4 6.2 7.1 7.7 7.5 7.4 3.5 3.4 3.5 4.1 4.3 4.4 2.4 2.4 2.7 3.1 3.7 3.8 15.2 14.9 16.2 16.2 15.5 16.5 16.9 19.3 16.8 15.4 18.0 17.5 17.3 18.0 53.5 49.3 34.3 21.4 14.4 12.6 12.5 13.0 12.8 13.8 17.6 18.5 19.9 21.3 22.1 24.4 26.2 27.5 29.5 31.3 33.5 36.4 38.6 40.5 24.4 23.8 26.3 26.7 25.2 28.8 28.5 31.2 29.1 27.4 31.3 32.4 32.8 33.6 18.4 18.8 16.3 12.8 8.8 7.7 6.8 7.8 7.7 9.8 218 311 411 136 54 55 64 165 164 253 310 123 79 96 139 306 209 247 234 154 89 84 124 273 347 422 451 289 226 247 315 572 103 109 115 127 136 145 156 165 196 212 225 241 252 268 285 306 170 183 195 211 226 242 256 273 415 439 460 484 506 525 546 572 181 196 215 237 254 276 325 348 373 397 423 438 280 284 296 314 334 358 586 599 620 637 652 665 28 23 28 33 30 34 33 39 49 47 49 53 51 58 58 64 23 23 24 29 27 31 29 28 89 88 93 97 92 102 100 114 44 42 54 60 59 59 69 70 81 84 83 79 24 25 31 36 42 44 105 97 118 115 114 117 Retail instalment paper 3 Total Automobile Other Repair Personal and instalmodern- ment ization2 cash loans loans Outstanding at end of period: 1944.... 1945 1946 1946—May June July August September.. October...!. November... December... 1947—January.... February . . . March April May? June? 108.4 85.6 87.5 89.0 93.1 95.3 99.7 103.7 108.4 112.2 115.5 118.7 124.6 128.5 130.9 67.1 76.7 10.5 11.0 15.0 12.6 12.7 13.0 13.6 13.8 14.5 14.9 15.0 15.6 16.5 17.1 18.7 20.6 21.6 3.8 4.0 7.4 4.8 5.2 5.4 5.6 6.2 7.0 7.6 7.4 8.0 8.4 8.9 9.9 10.8 11.8 1.1 1.5 2.4 1.7 1.7 1.9 2.0 2.0 2.2 2.3 2.4 2.5 2.5 2.6 2.7 3.0 3.1 51.7 60.2 83.6 66.5 67.9 68.7 71.9 73.3 76.0 78.9 83.6 86.1 88.1 90.1 93.3 94.1 94.4 Volume extended during month: 1946—May June July August September... October..... November... December... 1947—January . . . February . . . March April MayP JuneP 18.4 18.3 19.6 20.5 20.0 22.5 23.0 26.2 22.4 22.2 25.6 27.4 26.9 26.9 3.2 2.7 3.3 3.5 3.4 4.0 4.1 3.4 3.6 3.9 3.9 4.8 4.7 4.6 .2 .2 .4 .1 .4 .8 .7 .6 .8 .6 .8 2.4 2.4 2.7 0.2 0.2 0.3 0.3 0.3 0.3 0.2 0.3 0.2 0.2 0.3 0.3 0.5 0.4 13.8 14.2 14.6 15.6 14.9 16.4 17.0 20.9 16.8 16.5 19.6 19.9 19.3 19.2 r Revised. Includes recent revisions shown on pp. 830-835 of the BULLETIN for July 1947. P Preliminary. Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. AUGUST 1947 Direct loans Personal instalment cash loans CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year or month 202.5 196.8 162.4 125.4 100.2 91.8 89.6 92.0 94.6 104.1 122.4 127.4 132.6 138.5 142.9 150.6 156.1 162.7 168.1 172.6 177.4 184.2 191.4 199.0 Total Repair and modernization loans2 1029 CONSUMER CREDIT STATISTICS—Continued RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 FURNITURE STORE STATISTICS Percentage change from preceding month Percentage change from corresponding month of preceding year June 1947? May 1947 June 1947? May 1947 Apr. 1947 -7 -7 + 11 +9 + 17 + 12 -7 -4 + 13 +2 +3 + 13 +1 -11 +2 +27 +4 + 17 +29 +23 + 18 +31 0 +5 +3 +3 +3 +41 +32 +40 +34 Item Net sales: Total Cash sales Credit sales: Instalment Charge account Accounts receivable, at end of month: Total Instalment +3 Apr. 1947 +37 +35 -8 -11 Collections during month: Total Instalment .... -4 -6 +7 +6 -2 -4 +20 + 13 +22 + 13 +21 + 11 Inventories, end of month, at retail value. -1 -4 0 +33 +41 +54 Charge accounts Instalment accounts Year and month Household ap- Jewelry Department pliance stores stores stores Department stores Furniture stores 1946 May June July August September... October November... December.. . 35 34 32 35 34 37 37 35 27 26 26 26 25 27 27 26 55 56 57 54 51 52 47 47 34 33 32 33 30 32 34 44 1947 January February March April May June? 29 28 32 29 29 27 23 21 25 23 24 23 47 '41 26 25 27 25 25 22 *-45 '44 44 46 r 62 60 58 59 56 60 59 54 52 51 56 54 56 54 r P Preliminary. Revised. Collections during month as percentage of accounts outstanding at beginning of month. 1 Preliminary. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Accounts receivable at end of month Sales during month Year and month Percentage of total sales Collections during month Cash sales Instalment sales Chargeaccount sales Total Cash Instal- Charge account Instalment Charge account Instal- Charge . .. . .. . .. 100 114 130 145 162 202 100 131 165 188 211 243 100 82 71 66 68 101 100 102 103 111 124 176 100 78 46 38 37 50 100 91 79 84 94 138 100 103 80 70 69 89 100 110 107 112 127 168 48 56 61 64 64 59 43 38 34 32 32 37 1946-May June July August. . . September October... November December. 194 193 156 193 197 218 257 330 233 85 81 74 99 97 119 146 199 169 169 130 164 180 202 233 292 45 "45 45 48 50 55 62 75 129 133 119 127 145 156 176 224 85 192 234 229 249 297 384 79 84 87 101 109 117 168 167 165 152 152 186 197 205 59 59 61 60 57 56 57 57 37 37 35 36 39 3£ 38 1947—January.. February. March.... April May June? 163 159 210 207 216 195 188 179 236 230 241 220 106 109 146 141 138 123 146 144 192 192 202 182 75 74 76 80 82 176 154 160 164 167 165 118 112 126 120 124 119 251 195 185 186 198 193 57 56 55 55 55 55 37 38 39 39 39 39 1941 average. 1942 average. 1943 average 1944 average. 1945 average. 1946 average. . .. . .. ••234 ••83 r p Preliminary. Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1025. 1030 FEDERAL RESERVE BULLETIN 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 1929 1930 1931 1932 1933 1934 1935 122.5 119.4 108.7 97.6 92.4 95.7 98.1 115.3 112.7 102.6 90.8 87.9 96.1 96.8 141.4 137.5 130.3 116.9 1936 1937 1938 1939 1940 99.1 102.7 100.8 99.4 100.2 105.2 116.5 123.6 125.5 128.4 139.3 129.0 129.4 129.3 128.9 128.9 129.3 129.9 129.9 129.6 130.2 131. 131.7 133.3 141.2 144.1 145.9 148.6 152.2 153.3 132.5 126.0 103.9 86.5 84.1 93.7 100.4 101.3 105.3 97.8 95.2 96.6 105.5 123.9 138.0 136.1 139.1 159.6 141.1 141.7 140.9 139.4 139.3 140.1 141.4 141.0 139.6 140.1 141.7 142.6 145.6 165.7 171.2 174.1 180.0 187.7 185.9 183.8 182.3 189.5 188.0 187.6 190.5 179.0 181.5 184.3 184.6 184.4 Year or month 1941 1942 1943 1944 1945 1946 1945—June July August September October... November. December. 1946—January... February.. March.... April May June July August September October... November. December. 1947—January... February.. March.... April.:;.., May. June 153.3 153.2 156.3 156.1 155.8 P157.O 97.6 102.8 102.2 100.5 101.7 106.3 124.2 129.7 138.8 145.9 160.2 145.4 145.9 146.4 148.2 148.5 148.7 149.4 149.7 150.5 153.1 154.5 155.7 157.2 158.7 161.2 165.9 168.1 171.0 176.5 100.7 94.4 94.2 96.4 100.9 104.1 104.3 104.6 106.2 108.5 108.0 108.2 108.3 108.6 108.3 108.3 108.3' 108.4 108.5 108.7 108.8 108.8 108.9 109.0 109.0 109.2 Fuel, electricity, and ice House furnishings Miscellaneous 112.5 111.4 108.9 103.4 100.0 101.4 100.7 111.7 108.9 98.0 85.4 84.2 92.8 94.8 104.6 105.1 104.1 101.7 98.4 97.9 98.1 100.2 100.2 99.9 99.0 99.7 102.2 105.4 107.7 109.8 110.3 112.4 110.0 111.2 111.4 110.7 110.5 110.1 110.3 110.8 111.0 110.5 110.4 110.3 110.5 113.3 113.7 114.4 114.4 114.8 115.5 96.3 104.3 103.3 101.3 100.5 98.7 101.0 101.5 100.7 101.1 104.0 110.9 115.8 121.3 124.1 128.8 117.3 117.5 117.6 118.4 117.6 107.3 122.2 125.6 136.4 145.8 159.2 145.8 145.6 146.0 146.8 146.9 147.6 148.3 148.8 149.7 150.2 152.0 153.7 156.1 157.9 160.0 165.6 168.5 171.0 177.1 124.0 124.3 124.5 124.6 124.7 124.6 124.8 179.1 180.8 182.3 182.4 181.6 137.1 137.4 125.4 125.6 125.9 126.7 127.2 127.9 128.2 129.8 129.9 131.0 132.5 136.1 138. 139, 138.7 P Preliminary. Back figures.—Bureau of Labor Statistics, Department of Labor. AUGUST 1947 1031 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926= 100] Other commodities All commodities Farm products Foods 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 87.3 98.8 103.1 104.0 105.8 121.1 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65.3 67.7 82.4 105.9 122.6 123.3 128.2 148.9 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 73.6 70.4 71.3 82.7 99.6 106.6 104.9 106.2 130.7 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 83.0 89.0 95.5 96.9 98.5 99.7 109.5 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 95.6 100.8 108.3 117.7 117.5 116.7 118.1 137.2 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76.3 66.7 69.7 73.8 84.8 96.9 97.4 98.4 100.1 116.3 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 73.1 71.7 76.2 78.5 80.8 83.0 84.0 90.1 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 94.4 95.8 99.4 103.8 103.8 103.8 104.7 115.5 95.4 89.9 79.2 71 4 77 0 86.2 85.3 86.7 95.2 90.3 90.5 94.8 103.2 110.2 111.4 115 5 117.8 132.6 94.0 88.7 79.3 73 9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 84.4 95.5 94.9 95 2 95.2 101.4 94.3 92.7 84.9 75 1 75.8 81.5 80.6 81.7 89.7 86.8 86.3 88.5 94 3 102.4 102.7 104 3 104.5 111.6 82 6 77.7 69.8 64 4 62 5 69.7 68.3 70.5 77 8 73.3 74.8 77.3 82 0 89 7 92.2 93 6 94.7 100 3 1946—June Julv August .. September . . . October November December 1947—January February March April May. . . . ... June Week ending: 1947—Apr. 5 Apr. 12 Apr. 19 Apr. 26 May 3 May 10 May 17 May 24 May 31 June 7 June 14 June 21 Tune 28 July 5 Tuly 12 .. July 19 July 26 112.9 124.7 129 1 124 0 134.1 139.7 140.9 141.5 144 6 149.6 147 7 146 9 147.8 140.1 157.0 161 0 154.3 165.3 169.8 168.1 165.0 170.4 182.6 177 0 175.7 177.9 112.9 140.2 149 0 131.9 157.9 165.4 160.1 156.2 162.0 167.6 162 4 159.8 161.8 105.6 109.5 111.6 112.2 115.8 120.7 124.7 127.6 128.6 131.3 131.8 131.7 131.8 122.4 141.2 138.9 141.6 142.4 172.5 176.7 175.1 173.8 174.6 166.4 165.6 168.0 109.2 118.1 124 0 125.7 128.6 131.3 134.7 136.6 138.0 139.6 139 2 138.9 138.9 87.8 90.3 94.4 94.3 94.2 94.5 96 1 97.7 97.9 100.8 103.4 103.3 103.9 112.2 113.3 114 0 114.2 125.8 130.2 134.7 138.0 138.6 140.6 140 3 141 4 142.6 129 9 132.1 132 7 133 8 134.8 145.5 157.8 169.7 174 8 177.5 178 8 177 0 175.2 96 4 99.3 98 4 98 4 99 9 118.9 125.7 128.1 129 3 132.2 133 2 127 1 120.2 110 4 111.9 112 6 113 6 115.3 118.2 120.2 123.3 124 6 125.8 r 127 8 128 8 129.2 98 5 101.3 102 0i 102 1 104.0 106.5 108.9 110.3 110 9 115.3 115 7 116 1 115.8 148.8 148.1 147.2 146.8 146 7 146.7 147 0 146.9 147.4 147.9 147.6 147.8 147.6 148 0 148 3 150.3 150.6 181.2 180.1 175.4 177.6 174.6 176.3 176 9 177.2 178.4 179.5 178.3 178.7 179.0 179 5 178.2 182.4 182.0 164.4 163.0 162.2 160.3 162.7 161.1 161.1 160.3 161.6 163.1 162.4 162.6 162.2 164.6 165.8 168.0 167.1 132.3 132.1 132.4 132.0 131.8 131.7 132.1 132.2 132.3 132.2 132.1 132.1 132.0 132.1 132.1 132.9 133.7 174.3 173.8 172.5 171.9 166.7 166.7 166.4 166.4 166.5 166.6 167.0 169.4 170.0 171.7 173.3 172.7 173.6 139.3 139.6 138.8 137.8 138.0 138.0 138.5 138.3 138.5 138.5 138.5 138.4 138.4 138.4 138.3 138.4 138.6 103 9 104.0 104.1 103.9 104.0 104.0 104.1 104.3 104.1 104.4 104.4 104.5 104.5 105.1 105.8 107.1 108.9 140.3 140.3 140.9 140.8 140.7 140.7 141.8 141.8 142.3 142.5 142.3 141.5 141.4 141.6 141.6 142.9 143.6 177.8 177.9 178.4 178.0 178 5 178.6 177 4 177.0 178.0 177.5 176.1 176.3 175.4 175 2 175.4 174.8 174.8 134 5 134 5 132.5 130.5 128 6 127.2 125 9 126.0 126.4 124.7 124.4 124.3 123.2 121 5 117 5 117.9 117.9 126 7 126 7 128.1 128.6 128 6 128.6 129 4 129.4 129.5 129 5 129.6 131.0 131.0 131 0 131 0 131 4 131.3 115 7 114 3 115.6 115.2 115 4 114.9 115 9 116.5 116.1 115 9 116.0 115.8 115.8 115 4 114 6 115 7 116.4 Year, month, or week Total Hides and Textile Fuel and Metals leather lighting and metal Building products products materials products materialfc ChemiHouse- Miscelcals- and furnishallied ing goods laneous products 1947 1946 Subgroups Subgroups Farm Products: Grains Livestock and poultry Other farm products Foods: Dairy products Cereal products Fruits and vegetables Meats Other foods Hides and Leather Products: Shoes Hides and skins Leather Other leather products Textile Products: Clothing Cotton goods Hosiery and underwear Silk Rayon Woolen and worsted goods... Other textile products Fuel and Lighting Materials: Anthracite Bituminous coal Coke Electricity Gas Petroleum products June Mar. Apr. May June 151. 137. 137. 203.3 199.8 202.4 206.0 216.0 199.2 198.7 200.9 155.8 156.4 153.5 155.3 127. 101. 136. 110. 98. 157.6 150.4 141.5 207.3 152.8 148.8 154.1 142.2 196.7 147.6 138.8 151.7 144.3 203.0 138.4 140.9 149.2 145.2 208.6 139.7 129. 121. 110. 115. 171.5 192.2 183.7 137.7 172.1 178.1 158.0 137.7 172.2 177.7 154.5 138.3 172.6 187.1 157.1 138.3 120. 139. 75. 30 112 112 133.0 196.6 100.8 73.2 37.0 127.5 175.1 133.0 194.7 100.8 69.4 37.0 129.1 175.8 133.9 193.0 100.8 67.9 37.0 129.2 176.1 133.9 193.8 100.8 68.4 37.0 129.2 173.8 106 132 133 67 79 64 114.9 113.9 112.2 112.7 143.6 145.0 145.1 145.6 155.2 155.4 155.7 157.3 64.3 64.3 84.9 84.0 85.0 81.7 86.3 86.8 June Metals and Metal Products: Agricultural implements Farm machinery Iron and steel , Motor vehicles * Nonferrous metals Plumbing and heating Building Materials: Brick and tile Cement Lumber Paint and paint materials.. Plumbing and heating Structural steel Other building materials.... hemicals and Allied Products: Chemicals Drugs and Pharmaceuticals Fertilizer materials Mixed fertilizers Oils and fats Housefurnishing Goods: Furnishings Furniture Miscellaneous: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other miscellaneous Mar. Apr. May June 107.0 116.8 116.6 117.8 108.4 118.2 118.0 119.2 110.1 126.9 127.6 128.6 '149.2 148.8 149.3 99.2 139.0 141.0 143.9 106.0 117.9 118.2 120.0 118.2 119.7 131.4 149.4 142.9, 119.1 121.3 102.6 176.0 108.6 106.0 120.1 118.4 132.4 112.3 269.3 176.1 117.9 127.7 143.5 134.5 114.0 273.5 175.5 118.2 127.7 143.7 134.5 114.0 269.4 169.2 120.0 127.7 144.8 134.7 114.3 266.1 163.9. 119.1 127,7 145.1 98.0 109.4 82.7 86.6 102.1 114.5 182.7 101.8 96.3 231.5; 119.5 181.0 101.2 96.7 220.1 118.7 173.6 102.5 96.7 179.9 118.7 156.1 101.8 96.8 139.2 114.5 131.4 '135.2 136.9 137.2 106.1 120.0 120.0 120.3 120.9 73.0 73.0 73.0 73.0 73.0 197.8 238.4 208.9 237 .4 253.3 115.6 145.1 152.5 154.3 154.2 46.2 52.9 52.0 45.6 37.1 101.0 122.2 123.3 122.1 121.7 r Revised. * Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. 1032 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME 1 [Estimates of the Department of Commerce. In billions of dollars Annuai totals 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 Gross national product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment New construction . . Producers' durable equipment Change in business inventories Net foreign investment , Government purchases of goods and services Federal State and local 103.8 78.8 9.4 37.7 31.7 15.8 7.8 6.4 1.6 .8 90.9 70.8 7.3 34.1 29.5 10.2 5.6 4.9 -.3 .7 75.9 61.2 5.6 29.0 26.6 5.4 3.6 3.2 -1.4 .2 58.3 49.2 3.7 22.7 22.8 .9 1.7 1.8 -2.6 .2 55.8 46.3 3.5 22.3 20.6 1.3 1.1 1.8 -1.6 .2 64.9 51.9 4.3 26.7 20.9 2.8 1.4 2.5 -1.1 .4 72.2 56.2 5.2 29.4 21.7 6.1 1.9 3.4 .9 - 1 84.7 62.5 6.4 32.9 23.3 10.5 2.8 4.5 3.2 90.2 67.1 7.0 35.2 24.9 11.4 3.7 5.4 2.3 .1 84.7 64.5 5.8 34.0 24.7 6.3 3.3 4.0 -1.0 1.1 90.4 67.5 6.7 35.3 25.5 9.0 4.0 4.6 .4 .9 100.5 72.1 7.9 37.6 26.6 13.0 4.6 6.1 2.3 1.5 8.5 1 3 7.2 9.2 1.4 7.8 9.2 1 5 7.7 8.1 1 5 6.6 8.0 2 0 5.9 9.8 3 0 6.8 9.9 2 9 7.0 11.7 4 8 6.9 11.6 4 6 7.0 12.8 5 3 7.5 13.1 5 2 7.9 13.9 6 2 7.8 National income Compensation of employees Wages and salaries Supplements to wages and salaries. . Proprietors' and rental income 4 Business and professional Farm Rental income of persons Corporate profits and inventory valuation adjustment Corporate profits before tax 87.4 50.8 50.2 .6 19.7 8.3 5 7 5.8 75.0 46.5 45.9 .6 15.7 7.0 3 9 4.8 58.9 39.5 38.9 .6 11.8 5.3 2 9 3.6 41.7 30.8 30.3 .5 7.4 3.2 1 7 2.5 39.6 29.3 28.8 .5 7.2 2.9 2 3 2.0 48.6 34.1 33.5 .5 8.7 4.3 2 3 2.1 56.8 37.1 36.5 .6 12.1 5.0 4 9 2.3 66.9 42.7 41.8 .9 14.8 6.1 6 1 2.7 73.6 47.7 45.9 1.7 15.4 6.6 5 6 3.1 67.4 44.7 42.8 1.9 14.0 6.3 4 4 3.3 72.5 47.8 45.7 2.1 14.7 6.8 4 5 3.5 81.3 51.8 49.6 2.2 16.3 7.7 4 9 3.6 10.3 9.8 6.6 3.3 1.6 -.8 -2.0 -3.0 -2.0 .2 1.1 1.7 3.0 3.2 4.9 5.7 6.2 6.2 4.3 3.3 5.8 6.5 9.2 9.3 Corporate profits tax l i a b i l i t y . . . . Corporate profits after tax 1.4 8.4 .8 2.5 .5 -1.3 .4 -3.4 .5 -.4 .7 1.0 1.0 2.3 1.4 4.3 1.5 4.7 1.0 2.3 1.5 5.0 2.9 6.4 3.8 1.2 -.7 4 2 4.0 2.4 -.1 4 1 72.6 2.4 70.2 67.5 2.7 78.3 2.6 75.7 72.1 3.7 Dividends Undistributed profits Inventory valuation adjustment. . . . Net interest 5.8 2.6 .5 6 5 5.5 -3.0 3.3 6.2 4.1 -5.4 2.4 5.9 2.6 -6.0 1.0 5.4 2.1 -2.4 -2.1 5 0 2.6 -1.6 -.6 4.8 2.9 -.6 -.2 4 5 4.6 -.3 -.7 4 5 4.7 4 4 3.2 -.9 1.0 4 3 Personal income Less: Personal tax and nontax payments Equals: Disposable personal income. Less: Personal consumption expenditures Equals: Personal saving 85.1 2.6 82.5 78.8 3.7 76.2 2.5 73.7 70.8 2.9 64.8 1.9 63.0 61.2 1.8 49.3 1.5 47.8 49.2 -1.4 46.6 1.5 45.2 46.3 -1.2 53.2 1.6 51.6 51.9 2 59.9 1.9 58.0 56.2 1.8 70.6 2.3 68.3 62.5 5.8 74.0 2.9 71.1 67.1 3.9 68.3 2.9 65.5 64.5 1.0 Annua totals Seasonally adjusted annual rates 1947 2 1946 Quarterly 1941 1942 1943 1944 1945 1946 1 2 3 4 1st half 225.0 158.0 19.5 94.5 44 0 29.5 9.8 17.0 2.7 10 0 27.5 Gross national product Personal consumption expenditures.... Durable goods Nondurable goods Services Gross private domestic investment New construction Producers' durable equipment Change in business inventories Net foreign investment Government purchases of goods and services Federal State and local. . .... 125.3 82.3 9.8 44.0 28 5 17.2 5.7 7.7 3.9 1 1 24.7 16.9 7.8 159.6 90.8 6 8 53.0 31 0 9.3 3.2 4.7 1.4 — 2 59.7 52.0 7.6 192.6 101.6 6.5 61.2 33 9 4.6 2.0 3.8 -1.2 —2 2 88.6 81.2 7.4 210.6 110.4 6.8 67.2 36 5 5.7 2.3 5.3 -2.0 -2 1 96.6 89.0 7.5 213 1 121.7 8.0 75.3 38.4 9.1 3.1 7.1 -1.2 -.8 83.1 75.0 8.2 203.7 143.7 14.9 87.1 41 7 24.6 8.5 12.4 3.7 4 8 30.7 20.7 10.0 191.7 134.3 11.4 82.6 40 4 18.6 7.2 9.1 2.3 3 3 35.4 26.5 8.9 197.0 138.2 13.9 83.2 41 2 22.3 8.7 11.5 2.0 6 1 30.3 20.9 9.4 207.5 147.3 16 2 88.9 42 1 27.0 8.9 13.2 4.9 28.6 18.2 10.4 218.6 154.9 18 2 93.6 43 1 30.4 9.3 15.7 5.4 5 2 28.2 16.9 11.2 National income Compensation of employees Wages and salaries Supplements to wages and salaries.. Proprietors' and rental income 4 Bu^ine^ and professional Farm Rental income of persons Corporate profits and inventory valuation and adjustment Corporate profits before tax 103.8 64.3 61.7 2.6 20.8 9 6 6.9 4.3 136.5 84.7 81.7 3.0 28.1 12 1 10.6 5.4 168.3 109.1 105.5 3.6 32.1 14 1 11.8 6.2 182.3 121.2 116.9 4.2 34.4 15 3 12.4 6.7 182.8 122.9 117.6 5.3 37.1 16 7 13.5 7.0 178.2 116.8 111.1 5.6 41.8 19 7 15.2 6.9 168.2 111.5 105.5 6.0 39.4 18 5 14.1 6.9 173.5 114.0 108.0 6.0 39.2 18.6 13.8 6.8 179.9 119.2 113.6 5.5 41.9 19 9 15.2 6.8 191.0 122.2 117.1 5.1 46.7 22 0 17.8 7.0 199.0 125.3 14 6 17.2 19 8 21.1 23.7 24.5 23.5 23.8 19.7 20.2 16.5 21.1 14.2 15.2 17.2 19.4 15.6 22.9 18.8 27 A 23.5 29.0 Corporate profits tax liability.... Corporate profits after tax.. . . 7.8 9.4 11.7 9.4 14.2 10.4 13.9 9.9 11.3 8.9 8.6 12.5 6.1 9.1 8.0 11.5 9.3 13.5 11.0 16.1 11.6 17.4 Dividends Undistributed profits Inventory valuation adjustment... . Net interest . 4.5 4.9 -2.6 4.1 4.3 5.1 -1.3 3.9 4.5 5.9 -.8 3.4 4.7 5.2 -.4 3.2 4.8 4.2 -.5 3.1 5.6 6.9 -4.7 3.2 5.1 4.0 -1.0 3.1 5.4 6.1 -2.3 3.2 5.6 7.9 -7.3 3.2 5.9 10.2 -8.3 3.2 6.2 11.2 -5.5 3.3 95.3 3.3 92.0 82.3 9.8 122.2 6.0 116.2 90.8 25.4 149.4 17.8 131.6 101.6 30.0 164.9 18.9 146.0 110.4 35.6 171.6 20.9 150.7 121.7 29.0 177.2 18.8 158.4 143.7 14.8 168.7 17.8 150.9 134.3 16.6 172.5 18.7 153.8 138.2 15.5 179.5 19.1 160.4 147.3 13.1 187.5 19.5 168.0 154.9 13.1 191.1 21.5 169.6 158.0 11.6 Personal i n c o m e Less: Personal tax and nontax payments Equals: Disposable personal income. Less: Personal consumption expenditures Fqual^' Personal saving Revised figures. 4 5 46.9 22.2 17.6 7.1 Estimates on this page represent a basic revision by the Department of Commerce of national income and product sta- The BULLETIN for September will contain additional statistics not published in this issue and a discussion of the new series. 2 Preliminary; based on incomplete data. 3 Less than 50 million dollars. 4 Includes noncorporate inventory valuation adjustment. NOTE.—Detail does not always add to totals because of rounding. AUGUST 1947 1033 JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY [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 Boston New York Philadelphia Cleveland . . . Richmond Atlanta Chicago St. Louis Minneapolis Kansas City. Dallas San Francisco Total ! Spring wheat Production 1946 Estimate July 1, 1947 Production 1946 Estimate July 1, 1947 Production 1946 Estimate July 1, 1947 Production 1946 Estimate July 1, 1947 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels 7,120 31,175 53,294 223,470 149,589 162,801 1,394,302 416,064 407,287 372,024 64,640 6,161 6,120 22,919 49,167 158,990 147,028 174,195 981,419 345,670 342,292 315,674 63,512 5,823 21 6,687 17,856 53,578 26,028 5,748 56,883 38,930 283,661 443,754 63,985 158,584 23 11,196 19,700 57,083 30,466 8,222 70,747 50,188 330,291 563,021 140,319 154,295 6,498 17,856 53,578 26,028 5,748 55,570 38,914 40,437 439,505 63,901 125,858 3,287,927 2,612,809 1,155,715 1,435,551 873,893 Oats Federal Reserve district Winter wheat 11,134 19,700 57,083 30,466 8,222 69,395 50,178 32,630 558,683 140,227 114,404 21 189 23 62 1,313 16 243,224 4,249 84 32,726 1,352 10 297,661 4,338 92 39,891 1,092,122 281,822 343,429 Tobacco Tame hay White potatoes Production 1946 Estimate July 1, 1947 Production 1946 Estimate July 1, 1947 Production 19461 Estimate July 1, 1947 Production 19461 Estimate July 1. 1947 Bushels Bushels Tons Tons Pounds Pounds Bushels Bttshels 5,147 33,681 18,919 75,131 39,915 33,262 592,327 82,353 399,186 158,727 39,970 31,249 1,509.867 4,736 12,312 12,305 29,211 36,740 33,647 460,238 52,423 390,838 147,906 36,081 31.017 3,911 6,795 2,753 6,182 5,077 4,210 17,788 9,298 9,590 8,372 1,883 13,471 3,806 6,445 2,647 5,838 4,436 3,996 18,568 9.083 10,022 9,923 1,805 13,185 34,501 1,324 59,124 162,708 1,321,995 266,587 42,770 414,372 3,379 5,320 38,352 1,571 62,652 137,640 1,220,617 254,883 35,559 343,412 2,791 3,677 88,945 49,845 23,406 14,710 31,369 18,718 32,940 11,171 43,833 37,972 6,634 116,426 60,339 32,495 17,295 9,542 21,974 12,500 23,812 8,326 37,383 30,880 5,002 92,126 1,247,454 | 89.330 89,754 2,312,080 2,101,154 475,969 351,674 As revised in July 1947. 1034 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * Chart book page 1 1947 June 25 WEEKLY FIGURES 2 July July 9 July 16 In billions of dollars WEEKLY RESERVES AND CURRENCY FIGURES 2—Cont. Per cent per annum .74 .01 22.04 22.25 22.09 Corporate bonds: 21.61 21.76 21.70 Aaa 13.99 14.04 14.06 Baa 6.52 6.62 6.54 High grade (Treas. series). . .37 .37 .37 .73 .73 .73 21.34 21.43 21.47 28.36 28.23 28.1 1.90 2.09 2.27 16.19 16.34 16.24 Stock prices (1935-39 =100): 15.52 P15.53 P15.55 Total .70 Industrial .67 P. 80 Railroad .78 .81 Public utility .02 Volume of trading (mill, shares) .02 .01 '''.01 .21 .52 .23 .53 22.06 21.58 14.38 6.10 .37 .73 21.17 28.18 1.97 16.08 15.41 .67 22.15 21.63 14.13 6.40 .37 .73 21.28 28.41 1.98 15.99 15.46 .53 .24 .55 .25 July 23 Loans and investments U. S. Govt. securities, total. . Bonds Certificates Notes Bills Other securities Demand deposits adjusted.. U. S. Govt. deposits Loans, total Commercial Real estate For purchasing securities: Total U. S. Govt. securities... Other securities Other New York City banks: Loans and investments U. S. Govt. securities, total.. Bonds Certificates Notes Bills Demand deposits adjusted. . U. S. Govt. deposits Interbank deposits Time deposits Loans, total Commercial For purchasing securities: To brokers: OnU. S.Govts On other securities. . . To others Allother 16 16 18 18 18 18 20 16 16 16 20 20 63.29 38.94 30.69 4.78 2.64 .83 4. 11 46.99 .62 22.23 11.76 2.97 63.37 38.99 30.70 4.65 2.65 .99 4.10 46.63 .67 20.28 11.81 2.98 63.23 39.10 30.78 4.57 2.65 1.10 4.09 46.53 .73 20.04 11.79 3.01 63.42 39.15 30.87 4.55 2.65 1.07 4.13 46.96 .57 20.14 11.85 3.03 63.51 39.15 30.87 4.67 2.66 .95 4.17 47.19 20 20 20 20 2.28 1.28 .99 3.23 2.25 1.26 1.00 3.24 2.04 1.12 .92 3.21 2.06 1.01 1.05 3.21 2.02 1.03 .99 3.24 17 17 19 19 19 19 17 17 17 17 17 21 20.12 12.57 10.34 1.09 .75 .39 16.36 .17 4.09 1.39 6.35 4.18 20.08 12.55 10.36 1 .04 .77 .38 16.18 .15 4.17 1 .39 6.34 4.19 20.00 12.68 10.39 .98 .77 .54 16.06 .15 4.15 1.39 6.12 4.18 19.99 12.70 10.44 .98 .77 .50 16.23 .12 4.18 1.38 6.08 4.16 20.09 12.73 10.45 1.08 .76 .44 16.38 .13 4.05 1.38 6.10 4.17 21 21 21 21 .66 .36 .28 .88 .62 .34 .29 .89 .49 .31 .29 .86 .39 .39 .28 .86 .42 .36 .28 Loans and investments U. S. Govt. securities, total. . Bonds Certificates Notes Bills Demand deposits adjusted.. U. S. Govt. deposits Interbank deposits Time deposits Loans, total Commercial Real estate. . For purchasing securities. All other 17 17 19 19 19 19 17 17 17 17 17 21 21 21 21 43.17 26.38 20.36 3.69 1.89 .45 30.63 .46 6.06 13.02 13.88 7.58 2.87 .98 2.45 43.29 26.44 20.34 3.61 1 .88 .61 30.45 .53 6.36 13.05 13.94 7.62 2.88 1.00 2.44 43.23 26.42 20.39 3.59 1.88 .56 30.47 .58 6.42 13.04 13.92 7.61 2.91 .95 2.44 43.42 26.45 20.43 3.57 1.88 .57 30.74 .45 6.55 13.05 14.06 7.69 2.93 1.00 2.45 43.43 26.42 20.41 3.60 1.90 .51 30.81 .49 6.30 13.05 14.09 7.72 2.95 .97 Banks outside New York City: Per cent per annum MONEY RATES, ETC. 34 .376 34 .85 34 1.32 34 1.59 34, 37 2.24 37 37 37 2.56 3.21 '2.51 2 .56 3 .20 2 .51 2 .55 3 .18 2 .50 2 .55 3 .18 2 .51 2.55 3.17 2.50 In unit indicated 40 40 40 40 40 128 128 121 124 125 134 134 126 131 129 112 106 111 100 104 102 102 103 101 102 .87 Pi.05 Pl.22 P I . 1 9 Pi. 08 BUSINESS CONDITIONS MEMBER BANKS IN LEADING CITIES 4 U. S. Govt. securities: Bills (new issues) Certificates 3-5 years 55 7-9 years 15 years or more July MONEY RATES, ETC.—Cont. Reserve Bank credit, total. . . . 2 U. S. Govt. securities, total. . 3 Bills 3 Certificates 3 Notes 3 Bonds 3 Gold stock 2 Money in circulation 2 Treasury cash and deposits. . . 2 Member bank reserves 2,4 Required reserves 4 Excess reserves « 4 Excess reserves (weekly avg.): Total • 5 New York City 5 Chicago 5 Reserve city banks 5 Country banks e 5 All reporting banks: Chart book page July 23 .62 20.19 11. 3.05 Wholesale prices (1926 = 100): Total 69 Farm products 69 Other than farm and food. . 69 Production: Steel (% of capacity) / 73 Automobile (thous. c a r s ) . . . 73 Paperboard (thous. t o n s ) . . . 74 Electric power(mill. kw. hrs.) 75 Basic commodity prices (1939=100) 74 Dep't store sales (1935-39 = 100) 75 Freight carloadings(thous. cars): Total 76 Miscellaneous 76 147.6 148.0 148.3 150.3 150.6 179.0 179.5 178.2 182.4 182.0 132.0 132.1 132.1 132.9 133.7 95.6 72.0 78.9 91.5 93.1 103 84 103 90 63 174 134 177 137 4,732 4^730 4,531 4,190 4,675 298.3 301.4 302.5 306.0 306.8 245 208 228 217 212 846 392 629 312 807 369 920 389 920 391 1947 May Apr. MONTHLY FIGURES June In billions of dollars . RESERVES AND CURRENCY Reserve Bank credit 7 Gold stock 7 Money in circulation 7 Treasury cash 7 Treasury deposits 7 Member bank reserves: Total 4,7,12 Central reserve city banks.. 12 Reserve city banks 13 Country banks 13 Required reserves: Total 4 Central reserve city banks. . 12 Reserve city banks 13 Country banks 13 Excess reserves: Total 4,5 New York City 5 Chicago 5 Reserve city banks 5 Country banks 5 Money in circulation, t o t a l . . . . 9 Bills of $50 and over 9 $10 and $20 bills 9 Coins, $1, $2, and $5 bills... 9 22.72 20.59 28.18 1.33 .72 22.28 20.87 28.16 1.34 .61 22.22 21.09 28.24 1.34 .56 15.93 5.00 6.29 4.63 15.98 5.05 6.32 4.61 16.15 5.14 6.38 4.64 15.10 4.98 6.07 4.05 15.19 5.04 6.09 4.06 15.37 5.11 6.15 4.10 .83 .01 .01 .23 .58 28.11 8.43 15.23 4.45 .78 .01 () .22 .55 28.26 8.49 15.29 4.49 .01 .01 .22 .54 28.30 8.53 15.28 4.48 P165.20 P81.30 P55.10 P2.80 P164.90 P81.50 P55.30 P26.00 P2.10 P82.50 P55.6O P26.00 Pl.00 P113.00 P32.80 P71.8O P8.40 P112.7O P33A0 P71.3O P8.30 P112.50 P33.50 P7O.5O P8.50 2 ALL BANKS IN THE UNITED STATES e .. 10 2.46 Total deposits and currency e Demand deposits adjusted . . . 10 Time deposits adjusted e 10 Currency outside banks" 10 6 U. S. Govt. deposits 10 P26.00 ALL COMMERCIAL BANKS .594 .737 .740 .740 .85 Loans and investments, total*. .86 .86 .85 Loans" 1.33 1.32 1 33 1.33 1.59 1.57 1 58 1.57 U. S. Govt. securities* 2 .25 2 .25 2 .25 2.25 Other securities6 11 11 11 11 For footnotes see p. 1038. AUGUST 1947 1035 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart book page Apr. May June MEMBER BANKS 14 14 14 14 14 14 14 14 95.31 27.89 60.57 6.85 68.78 27.81 11.2 5.40 95.0' 28.160.15 6.75 68.95 27.92 10.96 5.31 14 14 14 14 14 14 14 25.18 7. 15.75 1.60 19.58 2.31 5.21 24.95 7.92 15.53 1.50 19.59 2.33 5.17 15 15 15 15 15 15 15 34.8 11.24 21.34 2.30 23.98 11.1 1.79 34.92 11.30 21.35 2.28 24.14 11.21 1.76 15 15 15 15 15 15 15 35.26 8.83 23.48 2.95 25.22 14.36 3.41 35.17 8.9: 23.2' 2.9 25.23 14.38 3.35 CONSUMER CREDIT e Consumer credit, total 7 7 Single payment loans Charge accounts Service credit 7 Instalment credit, total Instalment loans:7 Instalment sale credit, total Automobile Other 22 22 22 22 22, 23 23 23 23 23 10.41 P10.66 2.22 P2.21 2.78 P2.84 .87 P.87 4.54 P4.74 2.72 P2.82 1.81 Pi.92 .75 P.81 1.06 Pi.11 28 28 28 28 28 254.60 255.15 119.32 119.32 51.05 50.44 58.61 58.86 25.28 26.19 29 29 29 29 29 29 29 29 71.70 "•31.59 21.86 65.40 20.50 25.10 12.00 6.30 30 30 30 16.61 16.03 15.10 30 30 30 26.29 15.49 5.65 26.29 30 30 30 8.14 5.40 .35 8.14 TREASURY FINANCE U. S. Govt. securities outstanding, total interest-bearing Bonds (marketable issues) Notes, certificates, and bills Savings bonds, savings notes, etc. Special issues Ownership of U. S. Govt. securities: Total interest-bearing: Commercial banks 6 Fed. agencies and trust funds. . . F. R. Banks6 Individuals 6 Corporations Insurance companies6 Mutual savings banks66 State and local govts. Marketable public issues: By class8 of security: Bills: Nonbank Commercial bank . F. R. Bank Certificates:8 Nonbank Commercial bank F. R.8 Bank Notes: Nonbank Commercial bank F. R.8 Bank Bonds: Nonbank: Restricted issues Unrestricted issues Commercial bank F. R. Bank 1 In billions of dollars MONTHLY FIGURES—Cont. All member banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjustede Time deposits Balances due to banks Balances due from banks Central reserve city banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjustede Time deposits Balances due to banks Reserve city banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjustede Time deposits Balances due from banks Country banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted6 Time deposits Balances due from banks Chart book page 1947 30 30 30 30 70.80 32.15 22.09 65.60 21.00 25.20 12.00 6.30 16.00 94.99 28.50 59.56 6.93 69.80 28.01 10.85 5.29 I TREASURY FINANCE Apr. May I June 6 In billions of dollars Cont. ownership of U. S. Govt. securities— Cont. Marketable public issues—Cont. By earliest callable or due date: Within 1 year:8 Nonbank Commercial bank F. R. Bank 1-5 years:8 25.20 Nonbank 8.01 Commercial bank 15.64 F. R. Bank 1.56 5-10 years:8 20.11 Nonbank 2.33 Commercial bank 5.12 F. R. Bank Over 10 years: 8 34.73 Nonbank holdings: 11.42 Restricted issues 20.98 Unrestricted issues 2.33 Commercial bank 24.28 F. R. Bank 11.24 1.76 35.06 MONEY RATES, ETC. 9.07 22.95 3.04 25.4: F. R. Bank discount rate 14.44 Treasury bills (new issues) 3.34 Corporate bonds: Aaa 33, Baa High grade (Treas. series) PlO.88 U. S, Govt. bonds. 15 years or more. . P2.22 P2.89 P. 88 M.91 P2.90 P2.00 P. 86 Pl.14 Stock prices (1935-39 =100): Total Industrial Railroad Public utility 255.20 Volume of trading (mill, shares) 119.32 Brokers' balances (mill, dollars): Credit extended to customers 49.21 59.05 Money borrowed Customers' free credit balances. . . 27.3 31 31 31 51.21 36.78 20.96 31 31 31 38.26 27.68 .69 31 31 31 26.26 16.56 .07 26.26 31 31 31 31 54.81 6.64 5.20 .13 54.81 50.61 52.44 21.21 '21.03 38.26 42.52 " .69 " .' 70 18.93 " ' !64 .07 54.81 Per cent per annum 33 33 1.00 .376 1.00 .376 1.00 .376 37 37 37 37 2.53 3.16 2.49 2.19 2.53 3.17 2.49 2.19 2.55 3.21 2.50 2.22 In unit indicated 39 39 39 39 39 119 123 102 105 .91 115 119 95 102 .91 119 124 98 101 .83 41 41 41 553 205 665 530 201 652 552 222 650 48 48 190.3 116.8 191.7 118.7 48 48 60.9 12.6 60.7 12.4 49 49 49 49 49 60.7 59.1 2.4 56.7 48.8 61 .8 60.3 2.0 58.3 49.4 50 50 50 50 50 50 42.1 16.4 8.6 5.5 3.9 1.7 42.1 16.21 8.6| 5.4| 51 51 51 47.48 118.6 40.0 BUSINESS CONDITIONS 32. 21. 77 14.97 .30 6.01 ' ' ' .'37 MONTHLY FIGURES—Cont. 1947 .37 119.49 119.49 119.49 71.32 49.29 .75 .74 .73 Personal income (annual rate, bill, dollars):e 910 Total Total salaries and wages Proprietors' income, dividends and interest All other Labor force (mill, persons):6 Total Civilian Unemployment Employment Nonagricultural Nonagricultural employment (mill. persons):6 9 Total Manufacturing and mining Trade Government Transportation and utilities Construction Hours and earnings at factories: Weekly earnings (dollars) Hourly earnings (cents) Hours worked (per week) 4.01 | 64.0 62.6 2.6 60.1 49.7 P8.7 Pi.7 48.46 P48.91 120.8 P122.O 40.1 P40.1 For footnotes see p. 1038. 1036 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart book page 1 MONTHLY FIGURES—Cont. Chart book page 1947 Apr. May June In unit indicated 1947 Apr. June May In unit indicated MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production: 9 Total (1935-39 =100) 53, 54 Groups (points in total index): Durable manufactures 53 Machinery and trans, equip... . 54 Iron and steel 54 Nonferrous metals, lumber, and building materials 54 Nondurable manufactures 53 Textiles and leather 54 Food, liquor, and tobacco 54 Chemicals, petroleum, rubber, and coal products 54 Paper and printing 54 Minerals 53, 54 Selected durable manufactures (1935-39=100): Nonferrous metals 55 Steel 55 Cement 55 Lumber 55 Transportation equipment 55 Machinery 55 Selected nondurable manufactures (1935-39=100): Apparel wool consumption 56 Cotton consumption 56 Manufactured food p r o d u c t s . . . . 56 Paperboard 56 Leather 56 Industrial chemicals 56 Rayon 56 New orders, shipments, and inventories (1939=100): New orders: Total 57 Durable 57 Nondurable 57 Shipments: Total 57 Durable 57 Nondurable 57 Inventories: Total 57 Durable 57 Nondurable 57 Construction contracts 9(3 mo. moving avg., mill, dollars) : Total 59 Residential 59 Other 59 Residential contracts (mill, dollars):9 Total 60 Public 60 Private, total 60 1- and 2-family dwellings 60 Other 60 Value of construction activity (mill, dollars):« Total 61 Nonresidential: Public 61 Private 61 Residential: Public 61 Private 61 Freight carloadings:9 Total (1935-39=100) 63 Groups (points in total index): Miscellaneous 63 Coal 63 All other 63 Department stores: ' 9 Indexes (1935-39= 100) : Sales 64 Stocks 64 296 Stores Sales (mill, dollars) 65 Stocks (mill, dollars) 65 Outstanding orders (mill, dollars) 65 Stocks-sales ratio (months' supply) 65 187 '84.2 r44 .6 '21 .4 185 82 5 43 A 21 .6 P82.3 M3.7 P21 18 .2 80 .7 21 .3 22 .7 17 .4 P17.4 79 . 7 78.3 21 .0 P19.8 21 . 7 P21. 22 .8 13 .9 21 .7 22 9 14 2 23 .1 203 213 175 135 237 276 198 215 141 132 224 273 P22.5 P14.3 P22.6 P186 210 155 178 119 433 291 184 119 434 295 242 279 219 236 240 233 287 320 265 283 313 262 P293 P325 P271 222 244 202 228 251 203 P227 P256 P204 548 226 322 521 203 317 P553 P209 P345 215 15 200 160 40 219 35 184 137 189 23 166 119 47 47 953 1,059 198 356 224 378 254 417 16 306 9 342 6 382 80 .7 25 .3 30 .7 276 264 321 849 387 2 .6 142 79 .4 33 .0 29 .6 291 r252 332 810 348 2 4 156.1 188.0 184.6 109.0 P157.O 155. 187.6 P190.5 184.4 109.2 69 69 69 147. 177.0 131.8 146.9 147.8 175.7 177.9 131.7 131.8 71 71 230 276 72 72 72 72 1,972 1,330 582 60 '231 229 271 272 2,032 1,382 613 37 INTERNATIONAL TRADE AND FINANCE 11 5.47 "2.41 n .78 n 3.06 ii .80 Pl.299 Pl,423 Pi,297 Pi,419 P474 P512 P785 1947 1946 876 137 67 67 67 67 Short-term foreign liabilities and assets reported by banks (bill, dollars): Total liabilities 77 PUS' Official 77 P229 Invested in U. S. Treasury bills P273 and certificates 77 Private 77 Total assets 77 Exports and imports (mill, dollars): 133 Exports 79 P154 Excluding Lend-Lease exports... 79 179 Imports 79 Excess of exportvS or imports exP434 cluding Lend-Lease exports 79 P252 Foreign exchange rates: See page 1061 of this BULLETIN .80-81 195 154 158 186 148 Consumers' prices (1935-39=100): All items Food Clothing Rent Wholesale prices (1926 = 100): Total Farm products Other than farm and food Prices paid and received by farmers (1910-14=100): Paid Received Cash farm income (mill, dollars): Total Livestock and products Crops Govt. payments Oct.Dec. Jan.Mar. Apr.June QUARTERLY FIGURES In billions of dollars TREASURY FINANCE Budget receipts and expenditures: Total expenditures National defense Net receipts Internal revenue collections, total. .. Individual income taxes Corporate income taxes Misc. internal revenue Cash income and outgo: Cash income Cash outgo Excess of cash income or o u t g o . . . . 26 26 26 26 26 26 26 9.16 4.50 9.02 7.72 3.07 2.52 2.14 10 .63 4 .30 13 .90 12 .61 7 .95 2 .62 2 .03 13.39 4.55 10.89 8.29 4.45 1.98 1.86 27 27 27 9.95 8.77 +1.18 15 .09 9 .87 +5 22 11.76 12.40 -.64 Per cent per annum MONEY RATES Bank rates on customer loans: Total, 19 cities New York City Other Northern and Eastern cities. Southern and Western cities 33 35 35 35 CORPORATE SECURITY ISSUES Commercial and Financial Chronicle data (bill, dollars): 137 Total issues New capital 77. 30. Securities and Exchange Commission data (mill, dollars):*' 29. Net proceeds: All issuers Industrial 288 Railroad 242 Public utility New money: P304 All issuers Industrial P471 Railroad Public utility P2. 2.33 1.85 2.43 2.76 2.31 1.82 2.37 2.80 2.38 1.83 2.44 2.95 In unit indicated 42 42 1.78 1.53 .95 .68 1.70 1.10 43 43 43 43 1,801 966 105 668 1,018 438 53 442 1,605 634 82 854 43 43 43 43 1,336 686 74 673 283 43 284 932 428 60 414 537 For footnotes see p. 1038. AUGUST 1947 1037 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart book page 1 1947 Oct.Dec. Jan.Mar. Annual rates, in billions of dollars QUARTERLY FIGURES GROSS NATIONAL PRODUCT, ETC. Gross national product e 910 Gqvt. purchases of goods and services Personal consumption expenditures Durable goods Nondurable goods Services Private domestic and foreign investment Gross private domestic investment: Producers' durable equipment. New construction Change in business inventories. Net foreign investment Personal income, consumption, and saving: e 10 Personal income Disposable income Consumption expenditures Saving Chart book page 1 Apr.June SELECTED DATES LIQUID ASSET HOLDINGS 44 218.6 225.0 44 44 45 45 45 28.2 154.9 18.2 93.6 43.1 27.5 158.0 19.5 94.5 44.0 44 35.6 39.5 46 46 46 46 15.7 9.3 5.4 5.2 17.0 9.8 2.7 10.0 47 47 47 47 187.5 168.0 154.9 13.1 191.1 169.6 158.0 11.6 29 GALL DATE FIGURES Dec. 31 C 45.44 10.47 15.29 1.07 (12) (12) (12) (12) 13 13 13 13 9.69 (12) (12) (12) (12) 13 13 13 13 2.40 2.48 3.31 3.15 12 12 12 12 .88 4.27 2.46 (12) (12) 3.62 3.08 C June** In billions of dollars Individuals and business: Total holdings Deposits and currency U. S. Govt. securities Individuals: Total holdings Deposits and currency U. S. Govt. securities Corporations: Total holdings Deposits and currency U. S. Govt. securities Unincorporated businesses: Total holdings Deposits and currency U. S. Govt, securities 24 24 24 221.2 133.5 87.7 222.5 139.4 83.1 24 24 24 147.3 91.9 55.4 152.0 96.7 55.3 24 24 24 46.1 23.8 22.3 43.3 24.7 18.6 24 24 24 27.8 17.8 10.0 27.2 18.0 9.2 1946 1947 July 31 Feb. 26P OWNERSHIP OF DEMAND DEPOSITS • Individuals, partnerships, and corporations, total Nonfinancial: 46.23 Total 5.60 Manufacturing and mining 10.04 Trade 1 .17 Public utilities Other 13.15 Financial: .88 Total 5.36 Insurance companies 3.31 Other Individuals: 1.51 Total 1.47 Individuals excl. farmers 3.55 Farmers 3.08 Nonprofit ass'ns and other In billions of dollars ALL MEMBER BANKS Holdings of U. S. Govt. securities: Bonds Notes Certificates Bills Loans: Commercial Agricultural Real estate Consumer For purchasing securities: To brokers and dealers To others State and local govt. securities.... Other securities Sept. 30 Dec. e 1946 June 1945 25 77.5 25 25 25 25 25 38.3 16.4 13.0 4.4 4.5 4.2 4.5 25 25 25 6.6 2.1 4.5 6.5 2.1 4.5 25 25 25 25 27.6 21.4 28.9 22.1 6.2 5.0 37.2 16.0 12.5 6.7 5.2 c 1 r Corrected. * Estimated. P Preliminary. Revised. Page references are to charts included in the August issue of the Chart Book. Changes in the charts included appear in pp. 45-49 and 64-65. Charts on pp. 45, 46, 47, and 65 are new. Charts on pp. 46, 48, 49, and 74 of earlier issues have been eliminated (the curve on "nonagricultural employment," shown on p. 48 of earlier issues, is shown on p. 49 of the August issue). Other changes3 involve pagination only. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. Less than 5 million dollars. 4 Figures are for the revised series; for description of the revision beginning July 3, 1946, see pp. 692-693 of the BULLETIN for June 1947, and for back figures see pp. 878-883 of the BULLETIN for July 1947. 5 Revised; an explanation of the nature of this revision will be published in the BULLETIN for September. 6 For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. 7 Includes recent revisions shown on pp. 830-835 of the BULLETIN for July 1947. 8 9 The figures shown are cumulative totals, not aggregates of the individual components. Adjusted for seasonal variation. 10 Charts on pp. 44 and 48 have been revised to show new estimates of national income and product published by the Department of Commerce in the Supplement to the Survey of Current Business for July 1947. The new charts on pp. 45, 46, and 47 are also based on the revised estimates. For further information on the revisions, see footnote 1 on p. 1033 of this BULLETIN. Figures for charts on pp. 44, 45, 46, and 47 are semiannual rather than quarterly for the first half of 1947. 11 12 As of Mar. 31, 1947. Figures available for June and December dates only. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly issues, at $1.00 each. 1038 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT • Chart book page1 1947 Apr. May? Chart book page1 June? (In millions of dollars) 2 Consumer credit outstanding, total .. 3 2 Instalment credit, total 3, 5 Instalment loans2 5 Instalment sale credit 5 Charge accounts 3 Single-payment loans2 3 Service credit 3 Consumer credit outstanding, cumulative totals ;3 Instalment credit2 4 Charge accounts 4 Single-payment loans2 4 Service credit 4 Consumer instalment sale credit outstanding, cumulative totals: 3 Automobile dealers 6 Furniture and household appliance stores 6 Department stores and mailorder houses 6 All other 6 10,407 10,663 4,537 4,741 2,724 2,819 1,922 1,813 2,782 2,835 2,213 2,215 874 10,884 4,906 2,902 2,004 2,887 2,216 875 10,407 10,663 5,870 5,922 3,088 3,087 10,884 5,978 3,091 873 873 874 875 1,813 1,922 2,004 1,060 1,112 1,142 662 276 698 289 711 298 1947 Apr. May? June? (In millions of dollars) Consumer instalment sale3 credit granted, cumulative totals: By automobile dealers By furniture and household appliance stores By department stores and mailorder houses By all other retailers :onsumer instalment loan credit outstanding, cumulative totals: 3 2 Commercial and industrial banks 2 Small loan companies Credit unions2 Miscellaneous lenders Insured repair and modernization loans 404 418 396 260 275 248 171 80 178 82 150 71 2,724 1,468 2,819 1,514 841 637 881 668 2,902 1,562 924 700 412 439 469 p Preliminary. * Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available. Includes revisions shown on pp. 830-835 of the BULLETIN for July 1947. The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. * Copies of the Chart Book may be obtained at a price of 50 cents. 2 3 AUGUST 1947 1039 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks * All reporting banks Total Total« Banks (Head Offices) Dec. 31 1942 Dec. 31, 1943 Dec. 31, 1944 Dec. 31 1945 Dec. 31, 1946 June 30, 1947P. . . . Branches and Additional Offices 3 Dec. 31, 1942 Dec 31 1943 Dec 31 1944 Dec 31 1945 Dec. 31, 1946 . . June 30, 1947?.. . National Mutual savings banks Nonmember banks 1 Member banks State» Total Insured Noninsured1 793 764 14,682 14,579 14,535 14,553 14,585 14,603 14,136 14,034 13,992 14,011 14,044 14,062 6,679 6,738 6,814 6,884 6,900 6,928 5,081 5,040 5,025 5,017 5,007 5,012 1,598 1,698 1,789 1,867 1,893 1,916 7,460 7,299 7,181 7,130 7,147 7,137 6,667 6,535 6,452 6,416 6,457 6,461 3,739 3,933 4 064 4,090 4,138 4,215 3,602 3,797 3 924 3,947 3,981 4,049 2,615 2,793 2 892 2,909 2,913 2,968 1,592 1,741 1 813 1,811 1,781 1,813 1,023 1,052 1 079 1,098 1,132 1,155 987 1,004 1 032 1,038 1,068 1,081 935 952 978 981 1,006 1,020 Insured 2 729 714 690 676 52 52 54 57 62 61 Noninsured 56 184 192 192 191 191 490 361 35 95 99 101 115 123 102 41 41 42 42 Nonreporting banks (nonmember noninsured) 130 119 120 112 111 108 351 350 350 350 43 P Preliminary. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 10 "cooperative"1 banks in Arkansas and 96 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 banks 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, 79, and 74, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list On par list * Federal Reserve district or State Total i United States total: Dec. 31, 1942 Dec. 31, 1943 Dec 31 1944 Dec. 31, 1945 Dec. 31,1946 June 30, 1947?... 14,123 14,021 13 989 14,002 14,043 14,062 Total 11,413 11,492 11 544 11,869 11,957 12,007 Member banks 6,670 6,729 6 806 6,877 6,894 6,922 Nonmember banks 4,743 4,763 4 738 4,992 5,063 5,085 Not on par list» State 2,710 2,529 2 445 2,133 2,086 2,055 Boston New York Philadelohia Cleveland 486 932 845 1,162 486 932 845 1,162 335 800 648 723 151 132 197 439 Richmond Atlanta Chicago St. Louis 1,012 1,153 2,482 1,468 787 533 2,425 1,115 476 338 999 498 311 195 1,276 1,749 990 507 601 1,738 880 503 473 756 605 271 Minneapolis Kansas City Dallas . . 1,426 617 128 982 275 232 225 620 57 353 675 11 110 4 219 10 228 193 141 109 10 99 193 141 86 5 66 115 92 23 5 33 78 49 Connecticut Delaware Dist. of Columbia... Florida Georgia 114 39 19 177 372 114 39 19 114 94 63 17 51 22 64 30 Idaho Illinois Indiana Iowa Kansas 48 874 489 663 611 48 872 489 663 609 25 503 238 163 214 23 369 251 500 395 .... 1040 16 71 3 43 63 278 2 2 Not on par list* 113 45 38 79 148 271 11 25 90 35 443 677 205 592 110 443 263 38 523 110 228 208 30 181 80 215 55 8 342 30 Nebraska Nevada New Hampshire.... New Jersey 409 g 65 343 409 8 65 343 145 6 52 295 46 46 33 264 2 13 48 New York North Carolina North Dakota Ohio Oklahoma 662 662 576 86 672 384 672 374 428 224 244 150 69 1,005 69 1,005 32 767 19 149 170 19 54 68 11 30 63 37 238 294 875 59 70 315 192 815 59 70 306 82 556 34 40 203 110 259 25 30 103 102 60 123 119 55 4 181 553 55 178 443 55 108 163 37 64 70 280 18 Michigan ...... .. Pennsylvania Rhode Island South Carolina South Dakota 110 129 Nonmember banks 384 56 63 169 183 Texas Utah Alabama Arizona Arkansas California Colorado Total Member banks 384 158 63 169 183 Louisiana Maine l^Earyland Massachusetts Mississippi Missouri KContana By districts a n d by States J u n e 30 1947 P Total* l West Virginia Wisconsin 204 151 86 45 53 41 102 414 167 69 13 33 4 8 24 5 118 106 10 95 102 9 3 110 P Preliminary. 1 Represents banks on which checks are drawn, except that it excludes both member and nonmember mutual savings banks on a few of which some checks are drawn. The total in this table differs from total commercial banks in preceding table because the commercial bank total excludes some banks on which checks are drawn, namelv. those that Act tint rennrt tn f^tatm banking departments (see footnote 1 of nrecedine tabled, and inrlnriea industrial banks and nnnrlennqit trust rnmnnnips w/Vmther nr tint checks are drawn on them. Back figures.—See annual reoorts and Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15 FEDERAL RESERVE BULLETIN MEMBER BANK OPERATING RATIOS, 1946 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All districts Item Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. . 14.0 15.2 Profits before income taxes 12.0 Net profits 3.0 Cash dividends declared Percentage of total assets: Total earnings Net current earnings before income taxes. . Net profits 2.1 .8 .7 .Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities.. . 42.9 Interest and dividends on other securities. . 6.6 35.6 Earnings on loans 6.1 Service charges on deposit accounts Other current earnings Total earnings. . Boston New York Phila- Cleve- Richdelphia land mond Atlanta Chicago MinSt. Louis neapolis Kansas City San Dallas Fran- 10.1 11.9 8.8 2.5 11.2 14.7 11.2 2.2 10.4 12.6 9.9 2.3 11.7 13.4 10.8 2.4 16.8 17.7 14.1 3.3 14.3 15.8 12.6 2.8 15.3 15.9 13.0 3.1 15.6 15.6 12.2 3.3 16.6 16.9 13.5 3.9 17.3 16.6 13.4 4.4 18.4 18.6 14.4 3.3 2.2 2.2 .7 .7 2.3 2.1 .7 2.0 .7 .6 2.0 .8 .7 2.2 .8 .6 2.0 .8 .7 2.2 .9 .7 2.t .8 .6 43.3 6.8 32.4 7.9 9.6 47.7 7.2 32.3 5.8 7.0 47.1 10.4 31.7 46.1 8.9 32.4 5.1 7.5 47.6 6.0 30.7 7.3 8.4 44.3 6.4 35.2 5.3 8.8 42.2 4.7 30.7 6.1 16.3 38.4 4.3 40.1 8.2 9.0 28.5 5.6 50.8 7.0 8.1 40.3 4.1 40.3 5.8 9.5 Total expenses Net current earnings before income taxes Net recoveries and profits (or losses —). . . 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.. . 29.5 12.2 24.5 28.2 15.9 22.8 24.1 17.0 22.8 66.2 66.9 63.9 33.8 33.1 36.1 6.6 10.2 30.2 10.6 10.1 33.6 8.2 9.3 35.0 1.7 Percentage of other securities: Interest and dividends on other securities. . Percentage of total securities: Net recoveries and profits (or losses —) on securities Percentage of total loans: Earnings on loans Net recoveries (or losses —) on loans. . 37.7 7.4 38.5 6.3 10.1 28.4 8.4 23.7 60.5 39.5 2.3 8.6 33.2 4.9 .5 54.5 5.5 . . . 14.5 24.8 .6 56.2 5.9 15.9 21.0 8.3 5.1 .4 7.1 35.8 4.1 8.1 31.8 2.3 7.5 34.4 32.9 4.3 1.9 22.6 25.9 59.6 60.7 40.4 39.3 1.3 8.4 33.3 - 1 .0 7.4 65.7 .8 7.6 27.5 30.4 12.5 20.2 63.1 34.3 36.9 1.0 8.4 29.5 30.9 3.2 2.9 2.8 3.1 3.3 5.5 .3 6.6 .2 6.8 .0 1.4 .1 I . 1 5.3 .3 5.2 .3 5.4 .2 4.9 .1 5.4 .1 57.0 8.4 14.3 19.2 1.0 55.8 7.7 14.1 21.7 .7 53.5 4.5 15.9 25.1 58.2 5.6 13.0 22.7 .4 54.4 5.1 13.8 26.2 .5 35.4 6.0 19.6 .9 2.6 489 7.7 28.9 5.5 44.3 .8 3.5 45.8 .9 4.2 40.1 .9 4.5 20.1 .9 2.4 35.9 5.5 32.8 .8 3.0 646 715 328 987 30.4 .9 4.8 39.6 32.7 1 .4 6.8 29.4 Time to total deposits .9 Interest on time deposits to time deposits1. . . Trust department earnings to total earnings1. 3.6 23.9 60.4 28.4 14.8 22.5 1 .5 37.1 7.3 38.7 28.3 8.2 1.6 8.5 43.0 9.3 335 64.2 41.1 9.4 36.0 6.6 6,836 29.1 12.6 22.5 1 .8 .2 5.5 .2 Other ratios: Total capital accounts to: Total assets Total assets less Government securities and cash assets Total deposits Number of banks 2 . . 42.9 6.1 38.4 5.0 7.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages Interest on time deposits Other current expenses Distribution of assets: Percentage of total assets: U. S. Government securities . Other securities Loans Cash assets Real estate assets. 3.6 7.2 13.7 14.9 11.6 3.0 55.1 3.6 16.6 24.1 .5 50.7 3.6 12.6 32.7 .3 5.1 471 5.5 —.1 4.5 5.5 34.4 1.0 2.8 37.5 5.5 9.8 .9 2.6 29.5 5.9 28.7 4.8 4.2 .9 2.3 29.7 .9 4.4 468 749 585 36.2 1 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average." 2 The ratios for 64 member banks in operation at the end of 1946 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 May 1947 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. No figures are shown for groups of less than three banks. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1946. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1945, and June 29 and Sept. 30, 1946, 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 (416 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. AUGUST 1947 1041 MEMBER BANK OPERATING RATIOS, 1946—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) Item Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes Profits before income taxes Net profits Cash dividends declared Percentage of total assets: Total earnings Net current earnings before income taxes Net profits Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities Interest and dividends on other securities Earnings on loans Service charges on deposit accounts Other current earnings Total earnings. All 1,000 and under 1,000- 2,000- 5,000- 10,000- 5,000- 10,000- Over Under 2,000 5,000 10,000 25,000 0,000 00,000 00,000 25 14.0 15.2 12.0 3.0 10.4 10.9 9.1 2.8 13.4 14.3 11.8 3.1 14.7 15.7 12.8 3.1 14.8 16.5 12.7 2.9 14.3 16.4 11.9 2.9 14.2 16.3 11.7 2.9 13.7 15.7 11.0 2.7 12.7 14.4 10.3 3.4 15.8 16.0 12.7 3.6 2.1 2.3 2.2 2.1 2.1 2.0 2.0 1.8 1.7 2.0 42.9 11.7 13.8 11.1 2.4 8.2 11.4 8.9 2.5 2.3 2.3 6.6 35.6 100.0 43.3 45.0 44.9 45.5 39.1 45.0 47.5 50.2 5.5 44.0 6.2 38.5 7.0 35.6 7.3 33.2 6.8 31.0 6.0 31.5 4.9 31.6 5.1 31.0 5.4 38.6 7.0 33.5 32.7 12.8 29.5 6.1 8.1 6.3 8.3 6.2 8.3 6.2 10.5 6.1 12.0 5.0 13.6 3.2 15.2 7.3 9.6 5.7 4.3 6.7 2.0 5.5 100.0 100.0 6.3 7.8 100.0 100.0 100.0 100.0 100.0 100.0 00.0 00.0 00.0 00.0 24.4 22.3 21.5 20.8 30.9 21.1 29.8 10.6 24.6 29.7 8.7 26.0 29.7 6.8 25.1 31.4 4.2 24.2 27.2 15.0 23.1 65.0 64.4 61.6 59.8 65.3 68.2 72.8 35.7 35.0 35.6 38.4 6.4 11 .4 30.7 6.5 11.6 29.9 6.9 12.6 29.9 5.6 12.6 31 .4 1.6 1.6 1.5 2.8 2.7 27.7 12.2 22.6 27.6 12.8 22.9 Total expenses 63.5 66.1 63.4 62.5 63.3 Net current earnings before income taxes 36.5 33.9 36.6 37.5 36.7 4.3 8.5 32.3 2.3. 6.0 30.2 3.5 7.0 33.1 3.4 7.7 33.2 5.3 9.7 32.3 1.6 1.7 1.6 1.6 3.4 3.1 Percentage of other securities: Interest and dividends on other securities ... 28.1 12.5 23.7 2.6 34.7 31.8 27.2 1.7 8.8 33.1 5.9 8.6 32.0 6.8 7.6 31.0 11.4 7.9 30.7 1.4 1.5 1.7 2.4 3.1 3.0 3.0 3.3 Percentage of total securities: Net recoveries and profits on securities Percentage of total loans: Earnings on loans Net recoveries (or losses —) on loans 13.1 15.0 11.8 2.6 36.3 29.1 11.3 23.0 Rates of earnings on securities and loans: Percentage of U. S. Government securities: Interest on U. S. Government securities 75 and .7 .7 32.1 8.5 25.5 Net recoveries and profits Taxes on net income Net profits 10-75 .8 .7 28.6 11.6 23.3 Salaries and wages Interest on time deposits Other current expenses 5-50 .0 5.5 5.7 5.3 6.7 6.1 .2 .3 55.1 5.7 14.0 24.5 .6 57.0 6.5 13.9 21.8 .7 4.2 3.7 .3 .2 .1 .1 57.6 6.1 14.1 21.3 56.8 5.4 15.3 21.5 55.9 4.4 16.3 22.3 .8 53.9 3.9 18.6 22.5 .7 4.7 3.0 5.9 5.2 5.3 .3 -.2 58.3 7*6 15.1 18.2 .7 59.4 10.0 13.9 15.9 .7 .2 .2 .2 Distribution of assets: Percentage of total assets: U. S. Government securities. . . Other securities Loans Cash assets Real estate assets 54.5 5.5 14.5 24.8 .6 46.9 4.2 15.8 32.4 .6 52.2 4.9 14.6 27.7 .5 Other ratios Total capital accounts to: Total assets Total assets less Government securities and cash assets.... Total deposits 8.2 6.6 6.0 5.8 5.6 5.4 5.1 5.5 5.7 6.3 6.9 8.5 36.0 6.6 47.5 9.1 40.3 7.1 35.3 6.4 33.5 6.2 32.0 6.0 27.7 5.4 25.9 5.9 36.7 6.1 35.3 6.8 35.8 7.5 41.2 9.5 29.4 21.5 27.4 30.5 33.6 32.9 29.9 5.7 28.3 21.6 15.9 10.1 38.1 57.6 80.1 .9 1.0 .9 .9 .8 .9 .9 .9 3.6 .9 2.4 2.3 2.5 3.3 2.0 2.3 6,836 539 1,404 2,389 1,192 3001 2615 1195 25 Time to total deposits Interest onl time deposits to time deposits Trust department earnings to total earnings x Number of banks 2 50.9 4.2 14.1 30.2 .5 .7 3.8 5.2 4.8 7.5 757 266 122 167 4.6 56.9 6.0 14.6 21.6 .7 For footnotes, see p. 1041. 1042 FEDERAL RESERVE BULLETIN MEMBER BANK OPERATING RATIOS, 1946—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time to total deposits of under 25 per cent All groups Item 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 1,000 and 1,000- 5,000- Over and 1,000- 5,000- Over and 1,000- 5,000- Over 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: N e t current earnings before income t a x e s . . Profits before income taxes . . . . N e t profits Cash dividends declared 14.0 15.2 12.0 3.0 11.0 11.2 9.3 3.3 16.4 16.5 13.5 3.8 17.5 17.7 13.3 3.4 13.9 15.1 10.6 3.1 9.8 10.8 9.1 2.1 13.0 14.5 11.9 2.6 13.7 16.1 12.1 2.7 13.5 16.6 12.0 3.0 8.5 9.7 8.0 2.1 11.7 13.5 11.0 2.3 11.8 15.0 11.6 2.4 11.9 14.5 10.6 2.7 Percentage of total assets: Total earnings Net current earnings before income taxes. . Net profits 21 .8 .7 2.2 .8 2.0 .8 .7 1.9 .8 .6 1 8 .7 .5 24 .8 .7 .7 22 .8 .7 2.1 .7 .7 2.0 .7 .6 24 .7 .7 2.3 .8 .7 2.2 .7 .7 2.1 .6 .6 32.3 4.1 48.3 70 8.3 38.6 5.4 39.2 79 8.9 41.2 6.0 35.2 75 10.1 44.1 5.3 32.2 44 14.0 39.9 7.6 39.5 5 0 8.0 44.6 7.1 34.9 5 5 7.9 46.4 7.1 31.2 6 0 9.3 45.4 5.7 30.4 5.9 12.6 48.0 8.0 33.0 3 8 7.2 46.6 9.0 34.0 4.1 6.3 49.2 8.9 30.2 4 6 7.1 50.1 5.9 28.3 5.5 10.2 Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities... 42.9 Interest and dividends on other securities.. 6.6 Earnings on loans 35.6 Service charges on deposit accounts 6.1 Other current earnings 8.8 100 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 Total earnings Salaries and wages Interest on time deposits Other current expenses 28 6 .. . 23.3 35 2 32 25.9 31 4 4 0 23.5 30 1 48 24.3 30 3 5 3 25.9 28 4 14 1 25.3 26 7 15 7 22.7 27 4 14.5 23.1 29 2 13.6 24.0 25 4 22 3 23.5 24 0 22.8 21.1 24 7 22 0 21.8 27.6 21.7 23.2 Total expenses 63.5 64.3 58.9 59.2 61.5 67.8 65.1 65.0 66.8 71.2 67.9 68.5 72.5 Net current earnings before income taxes 36.5 35.7 41.1 40.8 38.5 32.2 34.9 35.0 33.2 28.8 32.1 31.5 27.5 4.3 8.5 32.3 1.1 6.2 30.6 1.3 7.8 34.6 1.8 10.8 31.8 4.5 12.7 30.3 3.9 5.5 30.6 4.9 7.2 32.6 7.0 10.5 31.5 9.3 11.5 31.0 4.3 5.8 27.3 5.8 6.8 31.1 9.6 9.4 31.7 7.6 8.9 26.2 Rates of earnings on securities and loans: Percentage of U. S. Government securities: Interest on U. S. Government securities... 1.6 1.6 1.5 1.5 1.4 1.8 1.7 1.6 1.5 1.9 1.8 1.8 1.6 Percentage of other securities: Interest and dividends on other securities.. 3.0 3.6 3.3 2.7 2.5 3.4 3.2 2.8 2.7 3.4 3.0 2.9 2.5 Percentage of total securities: Net recoveries and profits (or losses —) on securities Net recoveries and profits > Taxes on net income Net profits .1 .0 .0 .1 .2 .2 .1 .2 .3 .1 .2 .2 Percentage of total loans: Earnings on loans .. . Net recoveries on loans 5.5 .2 7.3 .2 6.3 .1 5.3 .1 3.4 .1 5.8 .1 5.5 .3 5.0 .3 4.2 .3 5.6 .3 5.4 .1 5.0 .5 4.3 .3 Distribution of assets: Percentage of total assets: U. S. Government securities. Other securities Loans.... Cash assets Real estate assets 54 5 5 5 14 5 24.8 .6 43 2 2 8 15 7 37.8 .4 50 9 4 1 13.3 31.1 .4 53 4 52 13.7 27.0 .5 53 0 4 3 17.5 24.3 .6 50 6 6 0 16.9 25.6 .9 56.1 58.6 59.5 57.0 57.2 60.5 62.0 Other ratios: Total capital accounts to: Total assets Total assets less Government securities and cash assets ... Total deposits 6 1 8 1 5 6 4.9 5.3 8.4 6.5 5.9 5.4 8.7 7.0 6.5 5.2 36.0 6.6 50.9 8.9 38.2 6.0 30.8 5.3 26.4 5.7 40.7 9.2 36.8 7.0 33.3 6.3 45.6 9.6 35.3 7.6 35.7 7.1 31.6 Time to total deposits 29.4 Interest on time deposits to time deposits1.. .9 Trust department earnings to total earnings1. 3.6 6.5 1.0 .8 9.0 .9 2.5 13.2 .7 3.5 12.7 .7 6.7 37.9 .9 1.2 38.6 .9 2.4 37.7 .8 3.3 30.7 5.8 36.3 .8 4.7 58.9 1.0 58.1 .9 2.0 57.8 .9 2.0 56.2 .8 2.6 327 1,688 653 333 144 1,348 928 195 68 757 368 27 Number of banks 2 6,836 5.9 14.6 22.7 .7 6.4 14.1 19.9 .8 5.3 15.1 18.8 .9 6.7 14.4 21.2 .7 7.6 15.5 18.9 .7 8.0 14.3 16.2 .8 5.8 14.6 16.5 .9 5.6 For footnotes, see p. 1041. AUGUST 1947 1043 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1947 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Current Earnings 1,156,495 56,212,736 10,585,559 22,725 12,434 351,199 $92,862 330,935 4,241,067 10 ,307,742 137,666 6 ,351,655 367 . . . . 68,341,148 4,479,213 17 ,022,192 Discounts and advances U. S. Govt. securities, System account Other U. S. Govt. securities Industrial loans . . . . Commitments to make industrial loans All other Total current earnings. 7,251 31,860 $42 ,593 $109,578 $73 ,804 $158 ,593 $67 ,472 $82,270 4,539,965 5,974,947 4,062 ,462 3,423 ,641 6,799 ,758 3 ,187 ,007 33 ,054 2,529 ,660 120,686 79 ,151 187 ,803 274,789 22,358 728 14 3,900 253 6 6 ,484 12 ,126 13 ,033 5,020 61,413 68 ,296 36 ,536 $70 ,365 $43,312 1,836 ,018 3 ,045,890 63 ,641 104,135 4,227 ,796 3,512 ,327 9 ,557 ,035 3 ,485 ,302 1,974 ,348 3 ,276,697 4,924,416 6,270,524 4 ,324 83,360 $62,872 $21 ,839 2,729 ,318 6 ,064,921 661,778 41 ,541 105 4 ,761 944 23,219 2,797 ,564 6 ,813,734 Current Expenses Operating expenses: Salaries: 1,631,975 Officers 24,693,680 Employees ,565,604 Retirement System contributions 13,538 Legal fees 107,370 Directors' fees and expenses Federal Advisory Council, fees and ex12,311 penses Traveling expenses (other than of directors and members of Federal Advisory 321,762 Council) 3,433,580 Postage and expressage 238,971 Telephone and telegraph Printing, stationery, and supplies 1,794,578 309,814 Insurance 871,182 Taxes on real estate 513,710 Depreciation (building) 315,106 Light, heat, power, and water 231,138 Repairs and alterations 389,476 Rent 483,710 Furniture and equipment 1,428,281 All other 39,355,786 Total operating expenses. w o w Less reimbursement for certain agency and other expenses Assessment for expenses of Board of Governors Federal Reserve currency: Original cost Cost of redemption Total current expenses. . 871 632 16,036 350,450 10,620 142,369 20,010 82,300 27,916 21,266 21,332 11,965 26,461 83,397 2,561,890 633 1,083 440 1,245 1,032 1,288 13,011 235,539 15,586 121,631 14,750 45,718 67,562 19,996 9,668 33,750 3,909 128,988 25,164 297,797 21,571 120,115 25,373 116,751 70,085 41,166 21,720 67,900 31,578 147,282 29,993 300,444 13,098 103,984 17,612 43,110 41,581 23,142 7,328 9,760 17,733 102,754 21,034 303,982 20,060 158,943 14,871 36,525 21,274 17,997 12,008 39,140 41,282 108,711 41,963 443,756 17,782 276,506 42,663 116,154 40,066 39,104 32,500 112,192 35,301 238,855 29,564 166,116 19,996 118,185 22,291 33,921 29,533 20,267 33,290 7,479 27,296 101,331 85,654 106,939 101,439 737,597 1,307,132 1,228,898 139,651 73,301 119 131,063 6,753 10,085 9^735 1,081 1,149 1,027 20,400 118,460 11,874 41,990 11,127 40,499 15,703 11,600 8,330 3,774 4,734 66,284 20,422 185,144 18,178 92,721 14,600 51,451 35,156 15,141 36,573 15,734 17,035 86,418 27,499 167,864 15,362 93,392 14,466 18,491 16,866 16,701 7,460 9,188 48,915 86,295 155,357 ,404,509 255,896 14 14,188 1,830 34,700 354,016 30,458 164,779 32,835 65,921 37,438 18,093 4,984 73,594 36,454 185,320 684,866 2,465,484 3,432,831 2,512,308 2,318,857 5,801,744 2,299,950 1,259,161 2,153,648 1,994,661 3,870,386 fiscal Net operating expenses. Current net earnings. 141,540 338,395 106,758 198,256 89,249 91,081 109,446 107,861 1,498,024 5,963,478 1,497,326 2,083,399 1,527,416 1,255,013 3,765,535 1,425,353 611,438 149,647 210,948 152,463 156,916 144,352 393,153 146,776 7 2,999 10,041 358 7,256 6,360 6,803 6,648 7,551 6,926 9,403 15,662 11,009,958 28,345,828 569,346 2,078,876 525,375 800,994 636,717 825,370 2,155,091 628,890 337,006 1,992,544 6,605,990 1,940,109 2,631,837 1,875,591 1,493,487 3,646,653 1,671,060 922,155 625,210 605,284 1,221,799 1,528,438 1,389,377 2,648,587 1,334,380 84,994 427,590 108,397 123,838 64,815 54,129 181,442 47,331 32,926 46,987 44,776 117,155 1,759,766 270,155 135,035 10,527 456,542 38,582 87,406 15,899 226,673 19,860 104,303 21,019 101,414 31,666 178,216 42,408 118,869 15,644 30,869 5,946 72,952 14,139 52,949 15,066 194,538 39,399 31,710,129 2,223,100 7,528,704 2,151,811 3,002,208 2,065,728 1,680,696 4,048,719 1,852,904 991,896 1,662,516 1,502,168 2,999,679 36,631,019 2,256,113 9,493,488 2,772,605 3,268,316 2,162,068 1,831,631 5,508,316 1,632,398 982,452 1,614,181 1,295,396 3,814,055 INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1047 Gold production... 1048 Gold movements 1048 International capital transactions of the United States 1049-1054 Central banks . . 1055-1058 Money rates in foreign countries... 1059 Commercial banks . 1060 Foreign exchange rates 1061 Price movements: Wholesale prices 1062 Retail food prices and cost of l i v i n g . . . 1063 Security prices 1063 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, AUGUST 1947 1045 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States Argentina* Belgium Brazil Canada Chile Colombia Cuba 14,512 17,644 21,995 22,737 22,726 21,938 20,619 20,065 431 466 353 354 »658 »939 11,111 403 581 609 734 734 735 734 32 40 51 70 115 254 329 354 192 214 «7 5 6 5 6 8 361 30 30 30 31 36 54 79 82 24 21 17 16 25 59 92 127 1 1 1 16 46 111 191 83 56 58 61 61 61 61 61 1946—July.... 20,267 20,280 Aug S e p t . . . . 20,305 20,402 Oct Nov.. . . 20,470 20,529 Dec 20,748 1947—Jan 20,330 Feb Mar.. . . 20,463 20,774 Apr 20,933 May 21,266 June 407 407 »424 »460 »483 P563 »645 P706 *726 P726 756 750 722 726 726 735 723 691 633 634 639 643 358 357 355 354 354 354 354 354 354 354 354 6 7 7 7 7 543 6 7 7 6 7 8 81 73 73 71 71 65 63 54 53 53 53 135 141 142 143 144 145 147 125 126 98 92 93 201 201 211 221 221 226 61 61 61 61 61 1938—Dec 1939—Dec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec End of month P723 716 Iran India (Persia) Italy 193 144 120 Japan 1938—Dec 1939—Dec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 274 274 274 274 274 274 274 274 26 26 26 26 34 92 128 131 1946—July.... Aug Sept Oct Nov Dec 1947—Jan Feb Mar Apr May. . . . June 274 274 274 274 274 274 274 274 274 274 274 124 124 123 123 123 End of month Sweden Switzerland* Turkey United Kingdom 1938—Dec.. 1939—Dec.. 1940—Dec.. 1941—Dec.. 1942—Dec.. 1943—Dec.. 1944—Dec.. 1945—Dec.. 321 308 160 223 335 387 463 482 701 549 502 665 824 6 965 ,158 ,342 29 29 88 92 114 161 221 241 2,690 1946—July.. Aug.. Sept.. Oct... Nov.. Dec.. 1947—Jan... Feb... Mar.. Apr... May. June. 470 474 472 469 426 381 348 324 265 217 190 168 ,393 ,396 ,412 ,408 ,418 ,430 ,432 ,431 ,432 ,427 ,416 240 240 237 236 235 237 238 238 233 226 207 164 164 164 s 164 8 Java 80 90 140 235 <216 New Mexico Netherlands Zealand Czecho- Denslomark vakia Norway 94 94 '84 29 32 47 47 39 203 222 294 998 692 617 575 506 500 500 270 23 23 23 23 23 23 23 23 229 218 213 200 191 181 170 148 149 149 141 270 270 265 265 265 265 265 245 197 197 196 190 23 23 23 23 23 23 23 23 23 23 23 Uruguay Venezuela Yugoslavia B.I.S. Other coun* tries7 69 68 90 100 89 121 157 195 52 52 29 41 68 89 130 202 57 59 82 *83 14 7 12 12 21 45 37 39 166 178 170 166 185 229 245 247 205 205 205 205 200 200 200 200 197 215 215 215 215 215 215 215 235 235 235 235 235 41 41 40 40 40 32 28 28 27 27 27 238 238 237 237 237 240 239 239 240 P240 P240 P240 Egypt France 53 53 52 44 44 44 44 38 55 55 52 52 52 52 52 52 2,430 2,709 2,000 2,000 2,000 2,000 1,777 1,090 38 38 38 38 38 38 38 32 32 32 32 32 52 52 52 52 53 53 53 53 53 53 796 796 796 796 796 796 796 796 696 696 696 696 Peru 20 20 20 21 25 31 32 28 Poland Portugal 85 <84 69 69 59 59 59 60 60 60 Germany 29 29 29 29 29 29 29 Greece Hungary 27 28 28 28 28 28 28 37 24 24 24 24 24 24 24 24 24 24 24 27 27 27 30 Rumania 133 152 158 182 203 260 267 269 23 23 24 24 24 24 24 South Africa 220 249 367 366 634 706 814 914 1,027 1,001 970 965 941 939 886 851 803 798 788 Spain 3 525 42 42 91 105 110 111 111 111 111 111 111 111 111 111 111 111 Government gold reserves 1 not included in previous figures End of month United States 1938—Dec 80 1939—Mar 154 May Aug Dec ' 156' 1940—Aug Dec 48 24 1941—Sept.. . . 25 Dec 12 1942—Dec 43 1943—Dec 12 1944—Dec 81 1945—June 18 Dec 71 1946—June 113 Sept.. . . 177 Dec United BelKing- France gium dom 2759 1,732 3876' 292 «151 n ',354 52,398 5 2,341 52,196 5 2,535 52,587 331 559 477 H60 *293 214 457 44 17 17 17 17 17 17 1 Reported at infrequent intervals or on deP Preliminary. Figures through March 1940 and for December 1942, December 1943, and December 1944 layed basis: U. S.—Exchange Stabilization Fund (Special A/c No; 1); U. K.—Exchange Equaliinclude, in addition to gold of the Central Bank held at home, gold of the Central Bank held zation Account; France—Exchange Stabilization abroad and gold belonging to the Argentine Stabilization Fund. 2 Fund and Rentes Fund; Belgium—Treasury. On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con2 Figure for end of September. trol Board. Gold reported since that time is gold held by Minister of Finance, except for 3 Reported figure for total British gold reserves December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board on Aug. 31, 1939, less reported holdings of Bank are included also. 3 of England on that date. Figure for December 1938 is that officially reported on Apr. 30, 1938. 4 Figure for first of month. * Figures relate to last official report dates for the respective countries, as follows: Java— 5 Gross official holdings of gold and U. S. Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. 6 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- dollars as reported by British Government; total British holdings of U. S. dollars, including rately. private as well as official holdings, as reported • Beginning December 1943, includes gold holdings of Swiss Government. 7 by banks in the United States are shown in For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. 8 table on p. 1052. Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE,—For available back figures and for deExchange Equalization Account during 1939. tails regarding special internal gold transfers NOTE.— For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affect- affecting the British and French institutions, see Banking and Monetary Statistics, p. 526, and ing the reported data, see pp. 524-535 in the same publication. 1 BULLETIN for February 1945, p. 190. AUGUST 1947 1047 GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Year or month 1938 1939 1940 1941 1942 1943 1944 1945 1946 1946—June. July. Aug.. Sept.. Oct.. Nov.. Dec. 1947—Jan.. Feb.. Mar.. Apr.. May. Estimated world production Total reported outside U.S.S.R.1 monthly South Africa 1,136,360 958,770 425,649 1,208,705 1,020,297 448,753 1,297,349 ,094,264 491,628 1,288,945 1,089,395 504,268 966,132 494.439 760,527 448,153 682,061 429,787 646,914 427,862 668,973 417,647 54,749 35,732 57,193 36,657 60,795 35,553 57,221 34,509 59,464 35,922 55,424 33,823 56,977 34,184 58,116 34,021 41,013 19,965 28,665 31,824 35,308 Africa RhoWest I Belgian desia Africa2 Congo* $l=15h/n. grains of 28,532 28,009 29,155 27,765 26,641 23,009 20,746 19,888 19,061 1,654 1,715 1,643 1,750 1,646 1,750 1,715 1,578 1,579 1,785 1,527 1,820 1,585 1,820 1,524 1,785 1,502 1,750 1,574 1,855 1,890 1,820 Production reported monthly North and South America United4 I CanMex- IColom- I Chile I Nica-7 ada* States bia I ragua 9 gold /wfine; i. e., an ounce of fine gold—$35 ,379 32,306 18,225 10,290 1,557 178,143 ,303 29,426 19,951 11,376 3,506 196,391 ,890 30,878 22,117 11,999 210,109 5,429 ,081 27,969 22,961 9,175 9,259 7,525 ,446 28,019 20,882 0,963 6,409 8,623 ,796 22,055 19,789 0 7,715 6,081 ,302 17,779 19,374 7,865 7,131 ,385 17,734 6,282 6,985 8,068 6,357 15,301 ,994 3,416 8,203 1,094 342 563 3,993 8,384 1,335 456 665 1,048 8,310 8,092 448 377 1,425 6,798 8,047 379 354 1,332 ,930 8,429 654 1,384 1,161 1,203 657 4,900 8,092 1,088 559 6,255 7,961 864 1,423 566 ,612 8,184 271 1,276 581 ,483 7,775 371 9,212 1,27.3 555 ,500 1,464 610 6,246 8,931 502 7,220 9,400 Other AustraI British lia8 I India9 54,264 11,284 56,182 11,078 55,878 10,157 9,940 51,039 42,525 8,960 28,560 8,820 16,310 6,545 16,450 5,950 21,595 4,585 490 1,540 525 1,785 490 3,080 490 1,925 525 1,925 315 1,925 490 2,170 525 2,205 490 1,820 490 1,820 560 525 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold 3 Coast4 only. Beginning May 1940, monthly figures no longer reported. Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures 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 the6 Mint. 5 Figures for Canada beginning 1945 are subject to official revision. Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 19439they 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 ouncel Total net imports Year 1938 1939 1940 1941 1942 1943 1944 1945 1946 United Kingdom France Belgium Netherlands Sweden Net imports from or net exports (—) to: Other I PhilSwitzLatin i iperMexico Ameripine Canada land can Re- ; Ispublics lands 1,973,569 1,208 728 81,135 15,488163,049 60,146 1,363 3,574,151 1,826 403 3,798165,122 341 ,618 28,71586,987 977 63,260161 ,48990,3202 4,744,472 633 083 241,778 1 1 1,747 899 982,378 3 779 1 955 5 315,678 88 68,938 -845,392 - 6 9 5 483 160 -106,250 458 311,494 -14 1946 July Aug. Sept. Oct. Nov. Dec. 1947 Jan. Feb. Mar. Apr. May June? 6,347 15,210 -7,629 24,182 77,903 -61,193 -16,820 20,361 153,634 44,050 129,734 200,233 2 383 2 -2 9 -120 -31 -75 -1,002 -108 Australia South Africa All ; BritJapan I ish | other i India ! 76,315 36,472 65,23127, 880 39,162! 401|168, 740116,159 1 13,301 612,949 33,610 57,02035, 636 74,250 22, 862|165,605j50,956 2 68,623 622,330 29,880 128,25938, 627 103,777184, 7561111.739J49,989 284,208 412,056 16,791 61,862142, 678 67,492 292, 893| U 9,665 3 63,071 528 4, 119 208,917 40,016 39,680| 321 129 20,008 152 307 66,920 -3,287 13,489s. . -8,731 199 3, 572 46,210 -109,695 -108,560. . , 18,365 4 106j 357! 53,148 15,094 -41,748! -133,471 411118, 550! ! 344,130 3,591 -134,405 -2,61315-18,083 639 649 197 134 25,248 27,473 476 2,328 516 - 8 , 5 0 2 -6 82 -29,198 198 4,523 1,065 621 449 -110,276 - 1 5 1 51,174 30,319 101,642 26,341 26,442 52,913 443 - 9 7 ,579 -132 222 - 3 0 ,341 - 4 9 221 - 1 3 ,269 - 1 2 9 -9,793 2 ,898 122 262 24 ,352 - 8 7 217 96 ,026 - 7 0 41 . 17,902 . 19,912j. . .! 38,601 . 17 18,883;. s 2,865 -236j e6 2,887 -3981 3,785 -682) 103 - 4 3 0 5612,415 -868 3,279 32,544'. 37,490|. 66,674. 26,376!. 80,446. 53,228. -374J - 2 , 8 9 9 —556(7 -16,734 1,140i -214 1,390! -515 -78| -1,529 -334^ -638 15 19,886|. P Preliminary. 1 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. 2 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. 34 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. 5 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries. e Includes imports from U. S. S. R. as follows: July, $2,813,000; August, $2,821,000; September, $3,372,000; November, $11,793,000; December, $4,492,000. 7 Includes $14,000,000 to China and $2,734,000 to other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 1048 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From Jan. 2, 1935, through— Increase in foreign banking funds in U. S. Total Total Official i Other Increase in unds of international institutions in U. S. Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds Inflow 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 21.1 29.8 29.8 6.0 1936—Mar. (Apr. 1) June (July 1) Sept. 30 Dec. 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 .4 16.5 23.2 12.9 1937—Mar. June Sept. Dec. 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 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 1,513.9 244.0 220.6 282.2 327.0 799.9 660.4 993.2 1,186.9 434.4 403.3 477.2 510.1 618.5 643.1 625.0 641 .8 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 1,927.3 1,888.3 550.5 607.5 618.4 650.4 646.7 664.5 676.9 725.7 63.9 74.0 83.1 80.6 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) Dec. (Jan. 1, 1941) 5,207.8 5,531.3 5,831.2 5,807.9 2,630.9 2,920.7 3,175.9 3,239.3 631.0 ,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 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 95.9 98.2 100.9 100.9 1942—Mar. (Apr. 1) June 30 2 Sept. 30 Dec. 31 1943—Mar. 31. June 30. Sept. 30. Dec. 31. 5,219.3 5,636.4 5,798.0 5,980.2 2,820.9 3,217.0 3,355.7 3,465.5 ,068.9 ,352.8 ,482.2 ,557.2 1,752.0 1,864.2 1,873.5 1,908.3 819.7 842.3 858.2 888.8 849.6 838.8 830.5 848.2 104.3 106.2 107.5 104.4 6,292.6 6,652.1 6,918.7 7,267.1 3,788.9 4,148.3 4,278.0 4,644.8 1,868.6 2,217.1 2,338.3 2,610.0 1,920.3 1,931.2 1,939.7 2,034.8 898.7 896.9 888.6 877.6 810.5 806.8 929.3 925.9 108.6 112.1 114.8 117.8 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 1,019.4 119.6 119.1 122.2 126.3 1945—Mar. 31. June 30. Sept. 30. Dec. 31. 8,002.6 8,422.8 8,858.6 8,802.8 5,219.4 5,671.0 6,042.2 6,144.5 2,865.1 3,313.2 3,554.9 3,469.0 2,354.3 2,357.9 2,487.2 2,675.5 848.5 760.4 865.3 742.7 983.7 1,011.2 998.2 972.8 130.5 131.8 134.6 144.1 1946—Jan. 3 1 . Feb. 28.. Mar 3 1 . Apr. 30. May 31. June 30. July 3 1 . Aug. 31. Sept. 30. Oct. 31. Nov. 30. Dec. 31. 8,822.9 8,775.1 8,730.8 8,674.4 8,405.8 8,338.2 8,496.2 8,344.2 8,250.1 8,280.2 8,270.4 8,009.5 6,234.7 6,156.8 6,098.8 6,076.2 5,850.7 5,662.7 5,949.7 5,729.0 5,681.7 5,660.9 5,495.4 5,272.3 3,601.6 3,457.7 3,384.6 3,296.2 3,074.2 2,852.0 3,186.7 2,917.3 2,834.4 2,776.9 2,532.7 2,333.6 2,633.2 2 ,699.1 2,714.1 2,780.0 2,776.5 2,810.7 2,763.0 2,811.7 2,847.3 2,884.0 2,962.7 2,938.7 16.2 70.6 48.5 45.4 190.8 200.0 280.3 249.1 264.4 441.5 453.8 729.2 728.7 703.6 701.2 644.8 624.5 574.1 554.0 519.8 532.8 492.9 427.2 1,097.8 1,067.2 1,073.0 1,076.1 1,104.2 1,103.9 1,125.3 1,141.9 1,170.7 1,196.9 1,231.5 1,237.9 135.1 133.9 139.9 141.7 140.9 141.4 140.9 146.8 150.4 153.1 154.7 153.7 1947—Jan. 31. Feb. 28. Mar. 31. 8,047.3 9,853.4 9,630.2 5,270.6 4,940.8 4,734.8 2,386.0 1,976.2 1,695.4 2,884.6 2,964.6 3,039.4 449.0 2,705.6 2,707.0 404.8 380.9 337.1 1,308.2 1,229.8 1,282.6 150.4 156.6 154.5 31 30 29 29 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); and beginning Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury. 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 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 1947 1049 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 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—Dec. 31 1946—Aor 30 May 31 . . . June 30 July 31 . Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1947—yan 3i Feb 28 Mar. 31 .... Total i United King France dom Netherlands Switzerland Italy Other Total Europe r Europe 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 8,802.8 8,625.9 8,360 4 8,147.4 8,296.2 8,063 9 8,001.0 8,015.8 7,828 9 7,555.7 7,598 4 7,147.8 6,923.3 554.9 829.3 993.7 1,183.8 1,101.3 865.2 674.1 837.8 1,257.7 1,090.0 892.5 709.5 585.8 485.3 756.0 624.1 665.1 736.3 640.9 563.1 585.6 558.2 489.6 210.2 299.5 281.7 339.6 468.7 670.3 639.9 625.9 636.8 585.7 464.2 453.3 464.1 432.5 419.4 393.2 421.1 433.1 401.7 384.8 369.4 336.3 351.4 114.5 229.7 311.9 328.6 470.3 455.6 464.4 474.0 487.7 506.2 539.7 528.2 426.3 411.9 389.4 376.4 370.1 351.1 322.8 326.4 319.1 295.6 256.7 130.4 335.5 607.5 557.5 773.0 911.5 725.7 592.1 629.1 664.3 722.3 730.4 725.4 737.0 741.0 752.5 745.9 756.3 760.9 766.1 769.5 776.8 786.1 24.0 45.6 22.1 32.2 58.0 55.4 50.5 48.1 48.2 63.1 106.5 159.0 165.7 170.4 196.9 201.0 203.5 213.4 228.0 287.5 342 8 256.2 215.8 166.6 311.6 436.1 612.5 918.9 1,098.6 1,071.7 1,030.3 1,133.3 1,172.5 1,311.8 1,319.3 1,331.3 1,317.6 1,288.1 1,264.8 1,243.9 1,248.7 1,249.5 1,246.3 1,259 5 1,232.8 1,262.9 TABLE 3.—INCREASE IN FOREIGN\ BANKING FUNDS IN (3) 1,200.6 70.9 156.5 2,051.3 150.5 201.2 243.0 106.3 410.6 315.4 2,653.0 3,054.2 155.3 384.6 302.7 3,790.1 229.4 483.4 522.6 4,056.6 411.7 606.8 642.6 3,626.3 340.5 567 5 691 1 3,608.1 425.1 835.8 932 9 4,192.8 760.3 951.0 1,161.6 4,081.8 976.4 1,193 7 1,273 6 4,037.0 1,395.7 1,338.4 1,784.1 3,899.6 1,347.7 1,400.9 1,723.1 3,698.7 1,306 2 1,431.5 1,677 5 3,554.8 1,313.2 1,471.6 1,560 3 3,790.7 1,278.7 1,486.1 1,492.1 3,612.0 1,223.5 1,566 2 1 425 4 3,649.5 1,177.7 1,544.8 1,365.9 3,738.9 1,110.6 1,569.6 1,326.6 3,603.8 1.067.0 1,546.4 1 327 4 3,574.2 979.7 1,474.0 1,258.3 3,645 8 967 1 1 466 3 1 217 1 3,455.8 856 8 1,431 2 1,155 9 3,362.5 776.6 1,384.3 1,149.8 r u. s., BY From Jan. 2, 1935, through 1935—Dec. " a n 1935—Dec 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—Dec. 31.. 1945—Apr 30 May 31 . June 30. . July 31 Aug. 31. . Sept 30 Oct. 31.. Nov. 30. . Dec 31 1947—yan. 31 Feb 28 Mar. 3 1 . . Total 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 6,144.5 6,076.2 5,850.7 5,662.7 5,949.7 5,729.0 5,681 7 5,660.9 5,495.4 5,272.3 5,270.6 4,940 8 4,734.8 1, 1936) 4, 1939) 3, 1940) 1, 1941) NethUnited erKing- France lands dom Switzerland 129.6 144.2 111.8 155.3 256.1 458.0 416.5 394.5 404.1 356.6 229.9 225.7 239.5 205.8 195.1 170.6 195.4 72.4 109.8 288.4 205.1 362.7 494.7 326.2 166.3 192.7 221.4 286.3 306.5 305.3 314.6 318.8 341.1 333.1 345.5 353.2 359.0 363.6 370.5 378.5 128.6 163.5 189.3 364.0 376.1 293.3 328.6 493.3 939.4 804.4 646.4 492.1 373.0 273.7 599.7 464.0 509.0 576.8 485.5 397.6 423.0 381.9 312.2 204.5 181.2 165.8 157.0 129.0 146.2 55.7 65.9 76.3 87.9 190.9 160.3 161.0 170.0 176.7 193.1 265.0 278.3 251.8 239.5 217.5 210.5 222.4 199.1 185.8 208.2 195.6 197.8 166.7 6.9 1.7 19.7 -.9 -3.4 —6.2 -6.9 7.0 50.1 103.1 110.2 116.6 145.2 154.0 158.6 168.6 185.2 247.6 300.7 227.1 198.2 59.9 82.4 119.1 196.8 449.9 580.8 538.0 479.8 565.3 611.2 745.8 737.3 753.9 747.6 718.4 691.2 679 4 688.7 693.1 687 2 701.0 673.1 719.1 All other2 12.7 21.4 15.9 36.2 87.4 90.2 128.6 178.3 201.4 203.0 247.5 254.7 246 5 247.5 248.5 236 7 263 2 270.0 284 4 269.6 302 0 248.1 250.0 COUNTRIES Other1 Total Italy Europe " Europe 7.3 23.0 Can- Latin Asia2 ada America 453 5 588 Q 791 7 1,010.7 1,655 4 1,986.3 1,766.9 1,697 5 2,271 2 2,193 7 2,223 4 2,143 0 2,033 7 1,897 9 2,194 8 2,031 4 2,097 Q 2,183 0 2,084 0 2,065 S 2,141 0 1,979 ^ 1,921 0 Canada 46.0 86.8 76.3 101.6 174.5 334.1 273.1 399.5 704.7 818.6 1 ,414.2 1 ,236.2 1 ,140.3 1 ,155.8 1 ,176.4 1 ,111.6 1 ,069 6 995.4 937.4 823 9 748 0 708 2 593.8 Latin 2 America Asia 33.5 87.0 149.3 149 4 166.3 217.0 127.6 251.8 215.1 417 0 326.4 531.2 296.7 541.4 482.8 743 9 578.7 928.2 794.7 888 6 924.9 1,369.1 956 2 1 518 7 986 5 1 475 0 1,029.7 1,360 8 1,052 8 1 306 8 1,105 0 1 256 9 1 059 2 1 215 8 1,058.9 1,178 7 1 029 3 1 183 9 983 3 1 135 7 1,010 3 1 082 9 981 0 1 013 5 956.1 1,012.5 All Other* 11.5 15 2 8.0 22.2 60 5 61.3 101.6 141 9 162.0 169 7 212.9 222 1 215 2 218 5 218 9 224 1 239 3 244 8 260 8 263 9 288 5 258 7 251.5 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through 1935—Dec. (Jan. 1, 1936) 1935—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—Dec. 31 1946—Aor 30 May 31 June 30 July 31 . . . . Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec 31 1947—j an 3t Feb 28 Mar 31 Total United King- France dom 361.4 431.5 449.1 510.1 650.4 775.1 791.3 888.8 877.6 805.8 742.7 701.2 644.8 624.5 574.1 554.0 519.8 532.8 492.9 427.2 404.8 380.9 337.1 208.8 178.0 207.4 206.2 252.2 269.2 271.2 279.4 272.1 266.1 266.6 260.4 259.4 261.5 216.2 226.2 226.7 235.5 236.1 244.3 241.5 252.6 256.2 Netherlands -.4 48.1 62.0 -3.3 65.3 —4.4 68.4 -5.6 73.8 12.9 74.6 17.7 76.9 17.6 77.8 18.1 77.9 18.3 77.7 18.3 78.0 -17.7 -24.7 78.2 78.2 -99.9 78.1 -100.7 75.7 — 101.0 76.0 -104.2 76.1 - 1 1 8 . 4 75.1 -110.2 75.0 - 1 2 0 . 2 73.4 - 1 3 2 . 3 69.2 - 1 1 7 . 9 66.1 - 1 3 5 . 1 63.4 - 1 3 7 . 1 Switzerland 1.6 2.7 2.6 2.6 2.9 6.5 5.4 6.6 5.1 6.8 5.2 1.6 .1 1.6 1.4 3.4 2.6 3.7 1.8 -1.7 -3.5 -4.1 -3.3 Italy 13.7 16.3 6.5 13.7 15.5 25.3 25.8 26.2 26.2 26.2 26.2 26.0 25.5 24.1 22.2 17.8 15.9 16.0 13.7 10.6 11.7 8.9 6.0 Total CanOther Europe r Europe ada 38.5 88.0 132.0 175.6 206.2 241.4 250.5 253.5 256.8 231.5 235.1 257.9 255.4 248.2 242.8 246.0 236.3 232.0 229.0 226.9 226.0 225.9 217.1 Latin 2 America Asia All other2 310.2 - 4 . 6 20.1 37.3 - 1 . 6 343.7 36.9 24.9 30.4 —4.4 —21.7 51 6 18 7 —8 7 409.3 35.9 66.8 —46 5 —7 0 460.9 563.5 56.5 52.6 - 2 1 . 5 -.8 634.7 60.3 43.2 34.8 2 1 62.7 17.7 64 7 —1 2 647.4 58.6 68.3 93 8 661.5 6 6 55.1 55.7 102 7 656.5 7 5 — 3 64.8 37.0 77.7 626.6 39.5 9.1 99 2 593.4 1 5 599.3 28.2 —2 1.9 71 9 42.8 10 0 74 7 518.8 —1 5 39.3 3.3 72 8 —3 9 512.9 50.6 —2 4 71 9 —3 4 457.3 49.3 - 1 7 . 3 61 1 —4 2 465.2 42.6 —14.6 56 4 —3 7 439.2 43.2 — 14.1 54 8 —3.1 452.0 40.0 - 3 2 . 2 54 1 —4. 4 435.4 421.3 40.7 - 5 8 . 8 29.9 -5.8 426 9 44 1 —92 4 34 6 —8 4 49.9 — 111 6 44 0 — 15 7 414.3 53.9 - 1 4 0 . 6 40.2 - 1 8 . 7 402.4 r 1 s Revised to include Germany. Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 3 Inflow less than $50,000. 1050 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— 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—Dec. 31 1946—Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1947—-Jan. 31 Feb. 28 Mar. 31 Netherlands Switzerland 6.8 7.4 18.2 22.8 26.1 42.1 43.4 51.6 52.4 50.6 51.0 51.2 51.2 51.1 51.0 50.9 49.9 49.9 49.5 49.1 50.2 50.0 49.9 50.1 10.4 21.2 27.3 29.4 31.0 31.5 31.6 33.0 33.6 33.0 33.2 33.3 33.2 33.1 31.4 30.3 29.1 27.5 26.0 24.7 23.6 22.8 -1.2 13.7 30.4 36.1 45.0 46.0 44.3 44.9 44.7 44.5 45.2 45.1 44.9 45.0 44.9 36.4 37.4 34.5 31.0 31.2 31.5 31.8 30.9 Total United King- France dom 125.2 316.2 583.2 641.8 725.7 803.8 855.5 848.2 925.9 L.019.4 972.8 1,076.1 1,104.2 1,103.9 1,125.3 1,141.9 ,170.7 1,196.9 1,231.5 ,237.9 ,308.2 1 ,229.8 1 ,282.6 67.8 116.1 136.8 127.7 125.5 128.6 127.6 125.4 127.6 126.5 117.7 110.8 110.9 109.7 107.3 101.5 100.4 98.3 95.0 96.8 98.1 101.3 101.4 Italy 2.9 9.4 Other Total Europe r Europe 59.4 110.4 141.8 201.3 225.6 232.9 238.4 244.1 246.6 246.9 249.2 249.6 249.8 250.5 258.4 257.6 258.2 258.0 257.2 260.2 261.8 264.6 265.1 143.1 278.3 366.4 440.6 495.2 510.0 521.3 526.3 530.3 530.1 523.8 517.2 517.3 516.7 521.9 503.8 503.4 496.2 486.5 491.2 493.0 497.9 497.1 CanLatin 1 ada America Asia -39.7 1.7 12.7 15.7 175.0 167.4 184.0 202.3 221.1 245.4 272.3 302.0 317.1 328.8 334.4 338.1 341.0 378.2 390.3 414.2 439.9 448.4 453.2 457.6 464.4 7.9 All other1 1.1 3.5 17.0 24.5 33.8 42.8 53.0 61.2 61.5 62.2 61.3 60.8 60.C 59.5 59.8 59.7 59.7 59.4 59.4 59.5 61.1 61.0 61.1 61.1 9.7 11.3 13.5 16.6 18.0 19.9 21.0 22.0 22.5 22.9 23.0 23.0 6.5 17.4 19.3 19.3 .7 10.9 -5.7 6.4 TABLE 6. -DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) Neth- SwitzUnited CanOther r Total Latin 1 erKing- France erFrom Jan. 2, 1935, through— Italy Europe Total ada America Asia Europe dom lands land All other1 1935—Dec ( j a n i f 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—Dec 31 1946—Apr. 30 May 31 June 30 July 31 Aug 31 Sept 30 Oct 31 ... Nov. 30 Dec 31 1947—j an 3i Feb. 28 Mar. 31 316.7 917.4 1,162.0 1,219.7 1,133.7 888.7 626.7 673.3 701.1 911.8 798.7 630.7 619.7 615.0 506.1 492.2 478.3 472.1 454.4 464 5 464.4 439.7 414.3 149.8 367.7 448.7 472.6 328.1 157.1 -70.1 —77.6 -100.3 -125.4 -157.9 -173.0 -176.7 -179.0 -186.2 -186.7 -189.7 -193.4 -194.9 -194 9 -196 2 -197.5 -197.9 23.4 64.7 70.3 76.9 76.6 74.4 74.9 80.5 82.7 77.3 81.7 74.0 71.1 73.3 73.4 73.0 77.6 81.6 74.3 74.9 73.0 71.4 71.2 50.5 157.6 213.8 212.1 227.7 233.2 236.7 236.9 239.9 239.0 233.5 225.8 225.2 224.0 223.6 222.9 220.1 216.8 213.6 207.0 199.4 194.4 188.0 55.1 200.2 275.3 304.1 344.7 348.1 336.4 360.5 367.3 368.5 355.4 345.2 342.8 342.3 342.1 335.6 335.8 334 7 336.3 337 9 338 4 338.7 338.4 13.5 22.0 27.6 28.1 28.1 28.0 27.9 27.6 27.5 27.3 27.3 27.3 27.3 27.1 27.1 26.8 26.7 26.7 27.0 26.8 26.8 — .1 -3.3 -4.9 -5.5 -4.9 2.7 -.1 — .1 .6 1.9 2.2 2.0 2.1 1.8 1.7 1.6 1.7 1.6 2.0 2 1 3.0 -7.0 -15.5 10.5 -9.7 -7.6 25.0 35.4 -3.0 41.2 104.9 49.1 147.8 169.8 166.2 179.7 193.7 200.2 207.7 226.4 236.6 290.0 218.9 253.7 3.7 7 6 286.2 2.8 32.6 15.5 31 1 818.0 37.6 18.2 38.3 1,041.6 25.7 23.7 33.9 1,094.1 32.2 1,004.4 - 2 . 6 30.1 851.3 - 1 8 . 4 25.6 35.8 615.0 37.1 - 4 4 . 7 28.1 644 7 - 4 5 . 1 35.2 44 4 55.4 - 5 8 . 2 40.5 645.7 72.4 633.7 - 2 8 . 1 54.9 68.0 582.9 -126.6 81.3 61.4 535.4 - 8 3 . 9 102.7 59.3 524.0 - 6 6 . 3 89.7 58.4 520.9 - 6 6 . 8 90.3 509 8 — 147 7 86.1 55 2 56.3 502.8 -150.3 87.5 56.0 501.6 -153.9 91.5 56 0 497 2 -155 7 93.4 55.4 486.7 -158.2 94.1 57 3 484 3 — 143 0 87.6 56 6 474 2 -137 1 84.9 55.3 455.2 -141.9 86.2 47.8 432.0 -144.6 88.2 21.4 44.1 54.7 65.2 87.6 17.6 17.5 27 7 62.5 240.5 251.3 67.7 63.8 62.1 49 7 43.4 30.5 29 7 25.0 26 8 33 4 32.1 30.6 6.8 2 6 7.1 9.8 11.1 14.3 12.6 10.9 10 9 10.6 10.7 9.9 8.9 8.5 8.4 8 3 8.8 8.6 7 5 6.9 8 8 9 1 8.0 8.1 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— 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—Dec 31 1946—Apr 30 .... May 31 June 30 July 31 Aug 31 Sept 30 Oct. 31 Nov 30 Dec 31 1947—j an . 31 Feb. 28 Mar 31 Total 6.0 12.9 47.5 47.6 80.6 100.9 100.9 104.4 117.8 126.3 144.1 141.7 140.9 141.4 140.9 146.8 150.4 153.1 154 7 153.7 150.4 156.6 4 154.5 United King- France dom Netherlands Switzerland 2.4 10.4 11.5 12.9 20.1 19.9 19.9 20.7 21.5 23.1 23.4 24.3 24.2 24.3 24.4 23.7 22.1 22.4 22.0 20.5 20.1 20.0 20.4 1.3 -.9 5.0 6.8 9.3 13.4 17.6 17.5 19.9 22.3 26.0 15.7 16.0 15.9 16.1 15.8 15.7 16.3 16 1 17.5 17.3 14.9 16.3 2.5 9.1 10.8 9.6 17.8 16.2 13.5 13.7 19.3 23.0 30.3 32.0 32.2 33.4 33.8 35.9 36.9 37.9 38.6 39.6 39.5 39.9 41.5 4.0 11.5 13.4 19.4 17.0 16.8 17.4 18.8 18.5 19.8 19.2 19.1 19.3 18.9 19.2 18.6 19.2 19.2 19.2 19.2 19.8 17.7 Italy .1 .3 .1 .2 .1 .2 .2 .2 .3 .3 .4 .5 .5 .5 .5 .5 .3 .5 .5 .4 .4 .4 .4 Other Total Europe7" Europe 1.3 — 3 5.0 5.0 4.9 7.7 7.7 8.5 9 2 10.4 13.6 13.1 12.9 12.9 13.2 13.7 14 0 14.1 14 8 14.7 14.1 14.0 13.8 7.6 22.6 44.0 47.9 71.6 74.3 75.7 78.1 89 1 97.7 113.6 104.8 105 0 106.3 107.0 108 9 107 5 110.4 111 2 112.0 110 8 109.0 110.0 CanLatin 1 ada America Asia -4.5 — 7.6 3.5 1.8 8.7 10.7 14.1 15.2 17.6 16.2 19.5 19.4 19.6 18.5 19.8 19.1 19.2 20.1 21 5 21.5 22.1 21.7 20.0 1.0 —4 2 -.5 -.9 1.6 9.2 3.9 4.2 3 8 5.1 5.9 11.3 10 9 10.2 8.5 12 9 18.3 17.1 15 3 13 4 10 3 18.0 16.3 2.9 2 1 .5 -1.5 -3.4 6.0 6.3 6.0 6 0 5 6 3.8 4.8 4 1 4 8 3.9 4 4 3 7 4 0 5 0 4 8 5 3 5.2 5.5 All other* -.9 .3 '.7 .8 .9 1 3 1 8 1.3 1.3 1 4 1 5 1.7 1 6 1 6 1 5 1 8 2 0 1 9 2.8 2.8 r Revised to include Germany. 1 Prior to Jan. 3, 1940t the figures 2 Inflow less than $50,000. 4 under Asia represent Far East only, the remaining Asiatic countries being included under "All other." « Outflow less than $50,000. Amounts outstanding Mar. 31 (in millions of dollars): foreign brokerage balances in United States, 111.9; United States brokerage balances abroad, 34.2. AUGUST 1947 1051 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 Total foreign countries 1 In- ternational institutions Date Official and private £934—D e c 3 1935—Dec 3 1936—Dec. 30. 1937—Dec. 29 1938—Dec 3 1939—Dec 3 1940—D e c 3 1941—Dec. M 1942—Dec. 31 1943—Dec. 3 1 . 1944—Dec. 31 1945—Dec. 31 . . . . Official 669 .7 I 301 1 1 .623.3 1 893.1 2 .157 8 ? .221.3 5 ,938.2 J ,678.5 4 ,205.4 5 ,374.9 5 ,596 8 6 ,883.1 68.4 1946—Apr. 3 0 . . . . May 3 1 . . . 65.4 210.8 June 3 0 . . . . July 31 219.9 300.3 Aug. 31 269.0 Sept. 30 284.4 Oct. 3 1 . . . 461.4 Nov. 30 473.7 Dec. 3 1 . . . 1947—Tan% 31 468.9 Feb. 28. . .. 2,725.6 2,726.9 Mar. 31 6 ,814.7 6 ,589.3 6 ,401.2 6 ,688.3 6 ,467.5 6 ,420.3 46 ,395.1 6 ,229.6 6 ,006.5 6 ,004.8 5 ,674.9 5 ,469.0 United NethKing- France erdom lands Switzerland Italy Other Total Europe Europe 1,418.9 1,314 9 2,244 4 3,320.3 3,335 2 4.179 3 76.9 205.5 235.7 261.5 436.1 448.2 365.5 400.8 554.6 1,000.8 865.7 707.7 33.9 163.5 176.3 143.9 187.4 288.2 490.1 448.6 432.3 439.9 401.2 310.0 12.9 68.6 78.8 89.1 101.8 204.9 174.3 174.9 186.6 193.3 209.7 281.6 13.7 86.1 123.5 302.1 218.8 376.3 508.4 339.9 184.2 210.6 239.3 304.2 18.8 26.1 41.7 25.7 20.4 38.5 17.9 15.4 12.1 11.3 27.3 70.4 76.7 136.5 158.3 194.9 273.3 526.4 657.3 614.6 650.9 728.6 774.5 909.1 4,006 5 3,784 5 3,562 3 3,897 0 3,627 . 6 3,544 7 3,487 2 3,243 .0 3,043 9 3,096 . 3 2,686 5 2,405 7 553.4 434.4 335.1 661.1 525.3 570.3 638.1 546.8 458.9 484.4 443.3 373.6 305.8 319.7 286.0 275.2 250.8 275.5 284.6 261.4 245.9 237.2 209.1 226.4 294.9 268.4 256.1 234.1 227.1 239.0 215.7 202.4 224.9 212.2 214.4 183.3 324.4 323.2 332.5 336.7 359.0 351.1 4 359.1 366.8 372.6 377.2 384.1 392.2 123 4 130.5 137 0 165.5 174.3 178.9 188.9 205.5 267.9 321.0 247.4 218.5 900.6 917.1 910.8 881.7 854.5 842.7 851.9 856.4 850.5 864.3 836.3 882.4 92 130 232 427 473 781 4 3 5 1 8 0 Canada Latin America Asia' All other2 232.9 99.3 122 8 202.8 686.3 145 3 156 3 289.8 814.3 186.1 263.9 331.9 1,017.1 175.6 280.9 399.5 1,237.8 201.8 248.5 435.5 1,882.6 274.6 336.0 655.7 2,213 5 434 3 447 3 769.9 780.0 1,994.0 373.2 417.7 2,020.7 507.4 597.7 930.0 2,584.5 812.6 693.7 1,108.8 2.517.8 926.5 909.3 1,069.2 2,583.0 1 ,522.2 t ,046.4 1,549.7 2,502.5 2,393.2 2,257.4 2,554.4 2,391.0 2,457.4 42,538.3 2,439.3 2,420.7 2.496.2 2,334.6 2,276.3 1 ,344.1 1 ,248.2 1 ,263.8 1 ,284.3 1 ,219.6 1 ,177.5 1 ,103.3 I ,045.3 1 ,077.7 I ,108.1 1 ,151.3 1 ,174.4 1 ,226.6 1 ,180.7 1 ,180.5 1 ,150.8 5931.8 1 ,104.8 855.9 1 ,131.8 816.2 1 ,102.6 701 .7 I ,077.6 1,699.3 1,655.7 1,541.4 1,487.5 1,437.5 1,396.4 1,359.3 1,364.5 1,316.4 1,263.5 1,194.2 ,193 1 12. 23. 27. 20. 0 4 1 0 34.1 72. 5 73. 3 113. 6 149. 6 175. 3 174. 0 181. 8 191. 0 184. 1 187. 4 187. 8 192. 9 208. 1 213 7 229. 7 232. 8 257. 3 227 5 220 3 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date Other Europe1 Belgium Denmark Finland Ger- 1939—Dec*. . 1940—Dec.3 1941—Dec. 31. 1942—Dec. 31 . 1943—Dec. 31. 1944—Dec. 31. 1945—Dec. 31. 526.4 657.3 614.6 650.9 728.6 774.5 909.1 159.2 144.8 117.3 121 .8 122.9 124.3 185.0 28.1 17.3 18.1 17.7 13.9 14.8 25.9 21.4 16.5 5.7 7.9 7.7 7.1 5.5 9.5 6.7 6.6 7.5 6.5 6.8 7.0 1946—Aor. 30. May 31. June 30. July 31. Aug. 31. Sept. 30. Oct. 31. Nov. 30. Dec. 31. 1947—Jan. 31 . Feb. 28. Mar. 31. 900.6 917.1 910.8 881.7 854.5 842.7 851.9 856.4 850.5 864.3 836.3 882.4 176.4 177.8 175.7 169.0 160.1 158.7 177.0 186.0 159.5 165.3 149.3 178.8 47.4 48.6 49.7 50.4 52.1 56.8 54.9 57.0 66.5 73.3 68.3 62.5 10.1 11.9 11.2 11.9 13.1 13.6 17.0 18.6 22.2 21.6 28.9 31.3 6.6 6.5 6.4 6.4 6.5 6.4 6.8 7.3 7.1 5.3 5.5 6.9 Greece6 Luxembourg6 Nor- Portu- way ga 1« 39.3 43.5 48.7 70.8 18.3 18.4 18.6 22.3 56 48 65 132 158 220 216 76.7 75.5 72.3 22.0 22.1 22.6 22.9 22.8 21 7 21 .6 21.8 22.6 22.5 22.5 22.9 159 161 161 148 142 140 136 123 123 117 106 105 64.1 I 60.1 64.4 58.4 55.5 49.3 43.7 43.0 39.7 3 7 2 4 9 8 1 35 .7 53 .4 54 .5 47 .9 3 6 1 9 3 8 0 1 5 4 8 3 49 49 48 47 50 49 48 43 39 45 44 54 6 Yu JO- All RuI mania6 Spain Sweden ' S S R. slavia6 other 14. 12. 16. 28. 3' 3 1 0 17 9 5. 5. 7 9 7 7 109.8 187.9 191 .0 57.9 76.9 52. 1 43.7 9 4 5 2 9 5 4 2 5 4 5 5 7 7 7. 3 7. 4 8. 3 8. 7 8. 5 8. 4 10. 4 12. 4 12. 9 13. 9 14. 7 53.6 57.4 62.3 65.9 67.7 74.7 87.8 90.3 89.9 103.4 107.8 111.4 142 2 235. 4 .7 .5 6 6 .2 .1 8 .5 .0 .4 0 .2 9 .4 9 .3 9 .5 9 .3 17.5 31 .8 43.4 31.7 210 7 153 5 163. 2 152 1 210. 1 10 .0 10 .2 10 .0 10 .9 8 .5 8_7 8 .7 9 .0 8 .9 8 .9 8 .9 12 .2 36.2 35.5 32.3 20.7 18.2 18.9 20.2 15.3 16.4 19.8 20.0 18.8 200 0 196. 0 191. 7 204. 4 196. 3 183. 1 159. 9 165. 4 172. 6 164 2 159. 1 165 . 2 44. 57. 59. 50. 47. 37. 46. 53. 60. 60. 58. 58. Panama8 Other Latin Peru7 Venezuela7 America 20^7 41.2 36.0 28.2 34 58 42 36 57 69 88 0 7 1 9 6 1 7 17^7 17.4 27.7 43.9 20 .9 24 .2 31 .5 49 7 85 3 105.6 121 .8 64 2 95.4 119.8 144.8 21.7 19.2 16.7 14.7 14.1 13.7 13.6 13.5 16.1 13.6 11.8 10.5 90 88 87 84 84 85 84 84 77 78 75 73 3 9 1 8 3 4 6 1 2 2 2 2 39.8 40.3 40.6 39.2 38.8 39.1 43.8 40.7 40.9 37.0 34.3 34.0 49 .5 50 .3 46 .1 42 .3 50 .9 52 .5 68 .7 67 .3 74 .0 51 .5 45 .5 46 .7 152.4 160.5 168 6 171.5 169.4 167.3 167.6 166.7 168.7 183.8 182.4 186.1 Latin America Nethte Latin America Argentina 1939—Dec.3 1940—Dec* 1941—Dec. 31. 1942—Dec. 31. 1943—Dec. 31. 1944—Dec. 31. 1945—Dec. 31. . . .. .. . . . . 336.0 447.3 417.7 597.7 693.7 909.3 1 ,046.4 57.7 115.4 75.7 67.6 69.8 93.9 77.3 1946—Apr. 30. M a y 31. June 30. July 31. Aug. 31. Sept. 30. Oct. 31. Nov. 30. Dec. 31. 1947—Jan. 31. Feb. 28. Mar. 31. . . 1 ,077.7 . . 1 ,108.1 . . 1 ,151.3 . . 1 ,174.4 . . 1 ,226.6 . . 1 ,180.7 .. 1 ,180.5 . . 1 ,150.8 . . 1 ,104.8 . . 1 ,131.8 . . 1 ,102.6 . . 1 ,077.6 84.1 92.6 116.6 124.4 147.9 144.5 147.9 131.4 112.6 166.0 180.0 181.4 Bolivia7 Brazil Chile Colom-7 bia 10^8 12.6 17.7 14.5 36 .4 36 .2 50 .5 67 .7 98 .7 140 .8 195 .1 26.8 28.5 27.3 34.5 ' '43.'4' 54.0 67.1 55.0 83.6 66.3 79.2 12.7 11.9 10.7 12.3 11.5 13.5 14.3 13.6 14.0 12 .4 13.7 12.8 206 .8 222 .0 218 .8 231 .1 255 .9 231 . 0 223 .5 205 .6 174 .0 183 .4 157 .8 127 .6 60.3 55.3 59.3 62.1 53.9 51.2 49.8 50.5 50.7 46.2 45.2 51.0 72.4 69.6 66.3 75.2 67.4 65.2 61.5 60.7 57.8 51.0 55.9 51.9 Costa7 Rica Cul Da French West Indies and Guiana7 7.4 6.9 37 .0 47 .9 62 S 100 .3 70 .4 139 .3 128 .3 4.9 2.6 4.4 7.1 6.0 6.9 6.7 6.8 6.5 6.7 7.1 8.6 7.7 7.3 9.0 8.5 152 .7 163 .7 169 .6 167 .0 175 .6 160 .6 158 .0 159 .1 153 .5 147 .3 145 9 150 .8 6.6 7.0 7.0 7.6 7.4 7.8 6.7 6.0 5.4 4.9 3.9 4.0 12*4 12.2 er- Mexico 58 g 55^ 0 37. 7 95. 7 70. 4 83. 1 116. 4 122. 3 119. 8 137. 1 135. 3 143. 1 142. 2 133 2 143. 2 152. 2 149 3 142. 1 139. 1 lands West Indies and Surinam7 For footnotes see p. 1053. 1052 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS.OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Asia Date India, Egypt Neth- PhilChina Bur- Briand French Union erNew Angloand French ma, tish Japan lands ippin e Tur-1 Other All2 r Ausof ZeaMoMan- Indo-1 Hong traOther •• Kong and EgypMaIskey other Asia chu- China East 1 land 3 lia land tian rocco South Ceylaya1 Africa 1 ria Indies lon Sudan 1939—Dec 3 1940—Dec.s 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944— Dec. 31 1945—Dec. 31 655.7 167.0 769.9 207.5 780.0 156.8 930.0 360.9 "27*. 4 1,108 8 574.2 27.4 1,069.2 427.3 27.4 1,549.6 582.3 28.0 71.4 91.1 61.6 41.6 23.9 22.9 27.4 1946—Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1947—Jan. 31 Feb. 28 Mar. 3 1 . . . . 1,699.3 717.0 1,655.7 695.4 1,541.4 657.0 1,487.5 611.9 1,437.5 561.8 1,396.4 525.3 1,359.3 490.1 1,364.5 456.5 1,316.4 431.9 1,263.5 398.7 1,194.2 359.7 1,193.1 343.2 36.4 35.4 37.8 33.2 34.1 37.9 35.6 46.1 44.9 39.2 40.8 38.9 38.0 39.0 43.6 47.2 55.0 42.9 37.7 36.2 39.9 42.1 36.0 39.1 165.4 110.3 69.9 13*. i "i'.o .9 33.4 1.3 1.2 18. 22. 1 34. 37. 36. 33. 28. 35. 33. 40. 43. 42. 44. 40. 6 1.6 6 1.4 1.6 1 2 2.2 3 10.3 8 9.3 3 9.5 1 17.2 5 17.3 5 8.8 2 7.1 7.2 7 4.8 4.1 4.0 4.1 3.7 3.7 3.5 9.2 13.4 9.5 14.1 14.1 16.6 17.2 17.7 18.7 193. 4 198. 6 226. 8 254.7 i60.4 110.1 259. 1 110.5 365. 8 113.7 629. 1 102.1 103.6 100.2 114.3 120.1 128.9 133.4 134.5 127.1 117.4 116.6 122.9 58. 5 162. 4 264. 9 36. 2 55. s 64. 2 78. 0 29.9 35.4 23.7 52.5 617. 0 66.9 580. 2 72.0 505. 5 69.3 482. 4 64.5 466. 9 62.9 465. 2 61.0 466. 6 58.6 466. 3 64.3 446. 6 54.7 448. 3 60.8 430. 5 56.5 447. 1 55.8 72.5 73.3 113.6 149.6 175.3 174.0 181.8 8 1 . 9 191.0 87.4 184.1 8 6 . 8 187.4 8 9 . 5 187.8 8 4 . 6 192.9 8 0 . 6 208.1 8 0 . 5 213.7 8 9 . 2 229.7 9 3 . 8 232.8 8 8 . 5 257.3 8 5 . 1 227.5 7 9 . 4 220.3 23. i 4. 8 " * 6 6 7 18 8 1 3 9 3. 8 4. 8 7. 5 6. 4 5. 2 5. 5 5. 5 5. 7 8. 0 8. 2 8. 3 9. 6 9 8 25.3 ,S 1 52.9 3 . 5 28.9 4 . 3 26.6 23.8 24.4 28.7 33.6 39.9 41.1 35.1 45.5 40.9 59.4 40.4 17 16 17 17 19 20 21 22 20 19 18 19 "ii'.i 5 10 3 ii4 6 4.3 10.0 7 7 0 2 8 3 8 8 4 6 11.3 12.4 11.2 11.5 11.6 13.4 13.3 14.5 14.9 16.0 16.9 16.5 8 3 6 4 8 11 12 10 13 24 29 52 47 82 9 3 8 1 4 5 4 2 2 5 33.9 43 7 91.8 124!l 97.6 113.4 122.5 115.0 113.7 113.4 110.1 104.5 102.5 99.8 96.4 89.9 90.7 90.5 r 1 2 Revised to exclude international institutions. Prior to June 30, 1942, included under "Other Asia." Country breakdown not available until June 30, 1942. » See footnote 3 below. Footnotes to table on p. 1052. r Revised to include Germany. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." » Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940— Jan. 1, 1941. 4 These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to $4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. 5 Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange Control Board of Canada for 1946. 8 Prior to June 30, 1942, included under "All other." 7 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 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 May 1947, p. 621, and September 1945, pp. 967-970. ASSETS Date 1934—Dec. 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. (Jan. (Jan. 30 29 (Jan. (Jan. (Jan. 31 31 31 31 31 2, 1935) 1, 1936) 4, 1939) 3, 1940) 1, 1941) 1946—Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1947—Tan. 31 Feb. 28 Mar. 31 Total 1,139 . 9 778 . 6 672 . 6 655 .0 594 . 0 508 .7 384 . 0 367 . 8 246 .7 257 .9 329 .7 392 . 8 434 . 3 490 .7 511 .0 561 .4 581 .5 615 .7 602 .7 642 . 6 708 . 3 730 .7 754 .6 798 .4 United King- France dom 296.9 88. 1 114. 1 84 86 39 23 20 12 19 25 25 8 0 9 0 9 6 9 9 4 31 32 30 75 65 65 56 55 47 50 39 35 6 6 5 8 8 3 5 9 7 5 4 8 80.5 32.5 16.8 13.5 10.3 4.9 4.2 1.8 1.3 1.1 1.4 1.1 .9 .9 .9 3.4 3.1 3.0 3.9 4.1 5.7 9.9 13.0 15.6 Netherlands Switzerland 18.6 19.0 8. 2 6. 6 5. 4 5. 5 5. 5 5. 2 1. 5 2. 6 1. 5 3. 0 1. 3 2. 9 21. 23 24 5 9 0 2 7 9 1 1 5 4 3 36 3 43 118 119 119 122 137 128 138 151 136 153 155 4 5 4 6 8 1 8 8 0 6 7 8 6. 5 8. 0 6 5 6. 7 4. 7 5. 5 4 5 6 3 9 8 11 7 12 2 11 4 Italy Other Total Europer Europe Canada Latin America Asia1 All other 1 174.6 154.5 141.1 114.4 99.1 113.3 122.7 148.3 99.7 112.2 131.0 158.9 117.4 80.1 67.2 78.9 144.1 174.1 117.8 87.9 35.3 26.3 51.4 29.9 8. 10 12 17 15 9 6 9 4 3. 11 9 5 1 9 2 5 3 4 7 8 9 7 9 166 1 158.0 164 7 170 4 185 3 182.6 182 1 200.2 226.8 260 4 279.6 308.6 57.1 54.4 56.2 57 1 68 0 72 7 74.3 75.0 99.2 94 5 85.0 88.9 11 12 15 14 15 15 14 15 17 6 9 3 8 6 27. 2 13. 5 10. 9 20. 8 13. 5 11 8 2. 0 1. 5 4 4 3 311 .8 273 .3 223 .0 179 .0 135 . 4 104 .7 69 .5 60 .5 56 .3 52 .9 78 .3 74 .6 743 2 433 0 392 1 9 2 0 4 6 6 5 7 96.3 100.9 59.4 118.0 60.4 39.7 36.0 33.6 34.3 37.8 28.1 53.3 6 51 .9 54 .4 61 .6 67 . 0 63 .8 73 .4 77 .8 80 . 8 82 .8 83 .8 83 .9 92 .6 134 8 215 3 221 2 276 8 269 0 294 9 282 1 298 . 8 312 9 307 3 319 8 331 .8 64.7 50.1 53.6 42.2 43.6 50.3 49.7 52.9 52.2 48.8 43.0 39.0 r 043 2 4 8 10. 10 12 16 14 17 20 8 7 5 9 0 9 7 6 326.5 274 172 101 88 72 77 107 140 5 8 2 10 8 27 1 30 1 r 1 Revised to include Germany. 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 1947 1053 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date Other BelEurope' gium 1939—Dec.22 . . 1940—Dec. 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—D ec# 31 1945—Dec. 31 104.7 69.5 60 5 56.3 52.9 78.3 74.6 6.5 1.5 1946—Apr. 30 M a y 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1947—Jan. 31. Feb. 28 Mar. 31 51.9 54.4 61.6 67.0 63.8 73.4 77.8 80.8 82.8 83.8 83.9 92.6 4.6 5.0 7.7 8.8 9.1 6.9 7.2 7.7 7.5 7.1 7.4 8.0 Denmark Finland Germany 3.2 .3 (3) (3) (3) (3) 1.4 1.8 1.9 5.6 7.6 (3) (3) 53.4 39.6 34.4 34^0 33.9 33.9 33.9 1.1 .1 .1 .2 .3 .2 .4 .5 .5 .6 .4 .3 .6 2.0 4.4 4.3 4.0 3.5 4.3 5.9 6.2 6.4 6.1 8.3 33.8 33.9 33.9 33.9 33.9 33.9 33.9 33.9 30.4 30.3 30.4 30.4 1 i .*8 .7 .7 .6 (3) Greece1 Luxembourg1 1.1 .6 .6 .7 .1 .1 .1 .1 2.0 1.5 1.1 1.6 2.1 .1 .1 .1 .1 .1 .1 .1 .1 .1 12.6 12.6 13.0 12.4 12.4 12.5 13.2 (3) .1 .1 Norway PorRu- Spain1 Swe- USSR1 Yugo-1 All den tugal1 mania1 slavia other 3.6 .9 5 .2 .2 35.1 31.6 2.4 1.4 .8 .5 .2 1.2 .3 .6 .5 .7 .7 2.1 3.3 3.7 4.0 4.2 .4 .6 .5 .7 .7 1.0 1.3 .9 1.0 .9 .9 1.0 8 (3) .1 .1 .1 .1 .1 (33) (3) (3) () (») (3) 4.2 3.2 3.2 1.8 1.6 8.7 1.0 6 .4 .2 .2 .9 1.4 2.1 2.9 4.2 3.3 3.6 7.2 6.5 7.2 7.3 6.2 3.8 2.4 3.0 5.6 7.6 5.5 5.5 4.1 3.9 4.9 5.5 5.6 6.0 (33) () (33) (; (3) (33) (3 ) (> (3z> t 3) () (») (33) (3) (3) () Is3)' (3) () (38) (3) (3) () (33) () (»>s (3) () (33) () (33) () 28.0 24.5 22.1 8.4 5.0 5.1 4.7 5.0 5.1 5.0 5.0 4.3 5.5 6.1 6.2 9.4 9.5 10.2 13.2 Latin America Date Latin BoAmer- Argentina livia4 Brazil Chile ica 1939—Dec 22 ... 1940—Dec ... 1941—Dec. 31 1942—Dec. 31 1943—Dec 31 1944— Dec 31 1945—Dec. 31 113.3 122.7 148.3 99.7 112.2 131.0 158.9 1946—Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1947—Jan. 31. Feb. 28 Mar. 31 166.1 158.0 164.7 170.4 185.3 182.6 182.1 200.2 226.8 260.4 279.6 308.6 16.8 11.9 16.8 21.0 1.8 1.3 32.2 33.1 38.0 16.7 18.9 25.3 24.7 26.8 20.4 20.4 27.9 25.6 21.4 22.5 24.0 41.8 49.1 45.5 49.9 2.9 2.0 3.1 4.4 3.2 2.6 2.2 2.0 2.3 2.6 2.6 3.0 31.9 30.9 28.4 28.6 41.3 37.2 40.4 43.9 49.8 54.4 63.1 69.6 6.9 15.3 3.1 "3.6 1.8 Colombia4 NetherFrench lands West Other West PanaCosta4 Cuba Indies Mexico Indies Vene- Latin and Rica ma5 Peru* zuela4 Amerand Guiica Suriana4 nam4 10.5 11.7 11.3 9.7 13.4 14.9 15.3 '20.7' 16.6 12.2 9.0 15.5 6.6 16.8 .7 1.2 1.2 20.1 47.4 33.3 20.0 21.2 23.2 21.3 22.6 23.8 21.0 19.8 26.4 29.9 30.2 26.8 1.4 1.2 1.5 2.1 9.8 1.7 2.6 2.5 2.9 3.4 3.7 4.0 22.9 27.6 29.3 25.7 15.6 21.1 27.9 41.1 25.7 35.5 37.9 45.2 7.0 6.7 8.0 7.5 10.6 14.5 13.8 14.0 14.6 13.1 15.3 16.0 ".'6' 5.9 6 1 8.3 .2 (3) (3) .1 11.0 .3 .5 .3 .5 .1 .1 14.1 13.5 15.0 15.2 17.2 22.0 17.6 20.6 25.5 27.0 28.8 30.7 .4 .5 .4 .5 .4 .4 .4 .5 .8 .9 .8 .8 11.2 8.6 3 () (3) (3) (3) 7.6 4.8 .2 .5 .1 .2 .1 (3) 1.0 2.1 2.4 2.1 1.1 .8 1.1 1.1 1.1 1.8 1.6 1.3 .9 .9 .8 1.3 1.6 1.7 2.2 * "2I8 ' 3 . 9 ' 3.8 1.4 5.1 1.2 •1.9 6.1 3.6 3.8 3.5 3.4 3.6 3.0 2.7 2.7 3.7 5.4 6.5 7.0 7.4 7.7 7.9 8.1 8.1 7.0 4.8 6.6 8.7 10.4 15.6 19.6 37.2 44.4 57.3 14.2 8.7 11.7 33.4 26.6 21.2 22.1 24.0 25.8 27.0 24.9 21.7 23.1 27.1 27.9 33.9 Asia and All Other Date India, China and French Hong Burma, Asia Man- Indo-6 Kong and chu- China Ceyria lon6 1939—Dec2. . 1940—Dec.2... 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945—Dec. 31 174.1 117.8 87.9 35.3 26.3 51.4 29.9 22.0 23.7 23.5 11.1 1.7 1 5 1.0 1946—Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1947—Jan. 31. Feb. 28 Mar. 31 57.1 54.4 56.2 57.1 68.0 72.7 74.3 75.0 99.2 94.5 85.0 88.9 25.6 22.6 23.9 19.0 28.6 34.7 34.6 40.8 53.9 43.8 36.8 41.2 1.9 1.7 3.1 .9 2.2 1.0 2.0 .9 22.3 .8 7.5 7.2 6.6 7.4 9.4 10.8 11.7 10.1 9.1 12.0 12.7 12.9 14.6 1.5 . 2.0 2.0 2.2 2.9 3.2 6.5 4.0 5.9 5.0 5.1 4.1 Egypt Neth- PhilBriUnion and ertish Japan lands ippine Tur- Other All 7 Aus- New Anglo French of tra Zea- Egyp- Mo- South Other MaIskey* Asia other East lia land tian rocco Africa laya* Indies6 lands Sudan .7 .5 .1 .1 102.1 55.8 18.9 .5 .5 .5 .5 1.6 1.7 1.5 1.4 26.4 22.6 23.0 14.4 13.9 13.8 13.8 .2 .3 .1 1.7 .1 .2 .2 .2 .2 .5 .5 1.0 .3 .3 .3 .3 .3 .3 .5 .2 .2 .2 .2 .2 1.4 1.4 1.4 1.2 1.3 1.2 1.0 .9 1.0 1.1 .9 1.4 16.1 16.7 16.7 18.5 19.2 16.6 16.0 14.7 20.2 25.3 23.0 20.3 1.8 3.2 1.8 2.0 .9 .9 .9 .9 .9 .9 1.3 .9 1.4 1.4 1.5 21.6 9.3 14.0 6.4 19.5 9.7 •2.0 4.8 1.8 3.9 8.8 11.7 2.7 9.9 3.9 3.6 3.5 3.9 3.9 3.9 4.0 4.2 4.4 4.5 4.0 3.9 11.6 12.9 15.3 14.8 15.6 15.1 14.5 15.8 17.2 19.8 27.1 30.1 1.0 .5 .6 1.7 .7 .2 .2 .7 1.7 2.4 9.7 4.7 1.2 .7 1.0 2.5 1.5 1.8 1.9 2.9 2.9 3.3 2.7 3.1 3.4 4.3 6.2 6.5 .6 .6 .6 1.1 1.2 1.2 1.0 .9 1.1 1.2 1.3 1.5 6.7 7.8 8 8.0 8.1 7.7 8.4 9.1 10.1 10.5 14.7 16.0 2.6 2.5 3.9 2.5 3.0 2.5 2.0 2.4 2.2 3.4 4.5 5.5 () 1 2 r Prior to June 30, 1942, included under "All other." Revised to include Germany. Report dates for these years are as follows: 1939-—Jan. 3, 1940; and 1940—Jan. 1, 1941. 35 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." 7 Country breakdown not available until June 30, 1942. 1054 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England (Figures in millions of pounds sterling) 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—Dec. 26 Cash reserves Gold1 Other assets2 200.1 313.7 326 A 326 A * .2 .2 .2 .2 .2 .2 .2 260.0 200.0 220.0 230.0 580.0 6 630.0 58 780.0 950.0 5 1,100.0 5 1,250.0 « 1,400.0 Discounts and advances Securities Coin Notes .6 .6 1.0 .9 .3 .9 .9 1.9 .4 35.5 46.3 41.1 51.7 25.6 13.3 28.5 26.8 11.6 11.6 20.3 8.5 17.5 9.2 28.5 4.3 4.0 6.4 3.5 2.5 5.1 94.7 155.6 135.5 90.7 176.1 199.1 267.8 267.9 307.9 317.4 327.0 Note circulation' Deposits Bankers' Public Other Other liabilities 424.5 467.4 505.3 504.7 554.6 616.9 751.7 923.4 1,088.7 1,238.6 1,379.9 72.1 150.6 120.6 101.0 117.3 135.7 219.9 223.4 234.3 260.7 274.5 12.1 12.1 11.4 15.9* 29.7 12.5 11.2 37.1 39.2 36.6 36.8 42.0 51.2 54.1 48.8 60.4 52.3 58.5 18.0 18.0 18.0 18.0 17.9 17.9 17.9 17.9 17.9 17.8 17.8 7.1 7.0 9.3 8.2 54.4 54.0 55.5 57.5 56.3 57.3 18.3 18.4 18.5 17.8 17.9 18.1 60.6 60.1 94.4 98.0 95.1 98.3 18.3 18.4 18.5 17.8 18.0 18.1 1946—July 31 Aug. 28 Sept. 25 Oct. 30 Nov. 27 Dec. 25 .2 .2 .2 .2 .2 .2 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 s 1,450.0 1.4 1.1 1.2 1.0 1.1 1.3 13.4 32.7 41.5 38.5 34.2 22.1 15.8 9.9 18.8 9.5 25.3 13.6 288.0 343.4 324.6 327.2 333.9 327.6 1,386.9 1,367.5 1,358.7 1,361.8 1,366.0 1,428.2 238.7 307.6 302.9 292.7 310.1 278.9 1947—Jan. 29 Feb. 26 Mar. 26 Apr. 30 May 28 June 25 .2 .2 .2 .2 .2 .2 1,450.0 1,450.0 1,450.0 1,450.0 1,450.0 1,450.0 1.0 .9 .6 1.0 1.3 1.8 85.8 74.7 59.5 62.6 56.1 55.2 25.4 16.0 11.1 18.0 8.7 20.6 271.0 294.6 338.7 344.8 353.9 337.0 1,364.5 1,375.6 1,390.7 1,387.6 1,394.1 1,395.0 288.4 285.2 286.4 303.7 301.9 290.3 Assets Bank of Canada (Figures in millions of Canadian dollars) Gold Sterling and United States dollars 9.0 10.3 5.2 5.3 10.1 10.3 16.0 22.4 10.6 6.9 5.0 8.0 Liabilities Dominion and provincial government securities Deposits Other assets Note circulation" Other liabilities8 Chartered banks Dominion government Other Shortterm6 Other 4.2 9.1 14.9 28.4 64.3 38.4 200.9 .5 .6 172.3 156.8 30.9 61.3 82.3 144.6 181.9 448.4 391.8 807.2 787.6 906.9 1,157.3 83.4 99.0 91.6 40.9 49.9 127.3 216.7 209.2 472.8 573.9 688.3 8.6 8.2 21.7 5.2 5.5 12.4 33.5 31.3 47.3 34.3 29.5 99.7 135.7 165.3 175.3 232.8 359.9 496.0 693.6 874.4 1,036.0 1,129.1 181.6 187.0 196.0 200.6 217.0 217.7 232.0 259.9 340.2 401.7 521.2 17.9 18.8 11.1 16.7 46.3 10.9 73.8 51.6 20.5 12.9 153.3 .8 2.1 3.5 3.1 17 9 9.5 6 0 19.1 17.8 27.7 29.8 7.7 13.4 14.4 9.3 13.3 28.5 35.1 24.0 55.4 209.1 198.5 1946—July 31. Aug. 31. Sept. 30. Oct. 31. Nov. 30. Dec. 31. 1.8 1.7 .7 .9 .9 1.0 1,276.6 1,257.7 1,259.1 1,301.5 1,283.8 1,197.4 541.8 530.8 523.9 521.5 605.0 708.2 31.4 44.1 38.3 40.1 40.9 42.1 1,117.9 1,127.4 1,147.5 1,156.9 1,161.1 1,186.2 532.5 521.1 511.3 538.6 579.5 565.5 69.1 69.1 27.4 36.6 63.9 60.5 90.1 79.7 87.8 85.2 79.4 93.8 42.1 37.1 48.0 46.7 46.8 42.7 1947—Jan. 31. Feb. 28. Mar. 31. Apr. 30. May 31. June 30. 1.0 1.0 1.2 1.0 1.0 4.0 1,196.8 1,172.3 1,146.9 1,186.0 1,123.0 1,063.7 718.8 738.9 757.5 751.2 731.0 716.0 39.3 47.6 40.4 59.2 41.3 40.4 1,138.6 1,137.9 1,153.2 1,153.9 1,148.1 1,152.6 533.3 493.6 536.3 542.6 477.6 474.4 150.1 215.7 159.8 195.7 179.4 105.6 82.9 75.3 64.6 69.3 58.5 51.0 37.3 32.1 35.9 32.6 36.9 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 31. .. 31. . . 31. . . 31. . , 30. .. 31. . . 31. .. 31. . . 31. . , 30. .. 31. . . 180.5 179.4 179.8 185.9 225.7 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 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, May 8, July 63, and Dec. 10, 1945, and on Dec. 10, 1946. Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—F 0 r 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 1947 1055 CENTRAL BANKS—Continued Liabilities Assets Bank of France Advances to Government Domestic bills (Figures in millions of francs) Gold* Foreign exchange Open 4 market* Special 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 2 9 . . . 87,265 2 8 . . . 697,267 2 6 . . . 684,616 3 1 . . . 84,598 3 1 . . . 84,598 3 0 . . . 84,598 2 8 . . . 75,151 2 7 . . . 129,817 821 112 42 38 37 37 42 68 7,422 11,273 43,194 42,115 43,661 44,699 47,288 23,038 1946—June July Aug. Sept. Oct. Nov. Dec. 27... 25... 29... 26... 31... 28... 26 . . 94,817 94,817 94,817 94,817 94,817 94,817 94,817 5 6 5 6 5 6 7 1947—Jan. Feb. Mar. Apr. May 3 0 . . . 94,817 2 7 . . . 94,817 2 7 . . . 782,817 3 0 . . . 82,817 2 9 . . . 82,817 5 8 5 6 6 For ocOther* cupation costs1 Other 1,797 2,345 661 12 169 29 48 303 7,880 5,149 3,646 4,517 5,368 7,543 18,592 25,548 72,317 142,507 210,965 326,973 426,000 426,000 64,985 64,769 64,474 70,577 71,224 74,739 77,621 546 3,124 3,344 3,135 46,204 45,324 61,657 62,567 63,127 67,396 76,254 75,500 82,958 83,613 85,120 82,221 2,209 1,435 694 134 125 82,674 85,917 85,221 80,901 88,429 Deposits Other assets4 Note circulation Govern- C.A.R.6 ment Other liabilities Other 25,595 14,751 27,202 25,272 29,935 33,137 37,855 57,755 2,718 2,925 3,586 3,894 4.461 4,872 7.07S 4,087 750 717 779 804 814 824 765 53,265 59,829 62,282 54,743 55,612 58,549 63,468 4.26S 7,006 4,213 4,201 4,241 4.748 7,215 789 831 767 770 745 55.020 54,512 63,880 62,304 66,745 4,849 5,166 5,021 4,992 4,599 20,627 34,673 63,900 69,500 68,250 64,400 15,850 18,498 20,094 23,179 22,121 21,749 21,420 35,221 39,122 110,935 5,061 151,322 1,914 984 218,383 270,144 1,517 770 382,774 578 500,386 748 572,510 570,006 12,048 426,000 426,000 426,000 426,000 426,000 426,000 426,000 13,400 8,600 8,600 28,100 46,600 55,500 67,900 42,053 40,915 45,049 44,703 52,693 47,116 47,577 629,181 612,879 633,327 667,567 696,924 704,796 721,865 426,000 426,000 426,000 426.000 426,000 55,200 54,000 79,500 55,000 63,700 54,507 53,066 58,083 8 1O8,758 8 103,846 730,253 737,692 746,266 770,670 775,053 41,400 64,580 16,857 10,724 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 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. * 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. * Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. * 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 million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. 7 Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of Treasury bonds covering these contributions is shown under "Other assets." F Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947. NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp 602 563 in same publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424 1947 Central Bank (Figures as of last report date of month) Central Bank of t h e Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange. Government securities Temporary advances to Govt..1 . Rediscounts and loans to banks Other assets Currency circulation s Deposits—Member bank Government l Nationalized Other Certificates of participation in Government securities Other liabilities Commonwealth Bank of Aus- tralia (thousands of pounds): Gold and foreign exchange Checks and bills of other banks . Securities (incl. Government and Treasury bills) . Other assets Note circulation Deposits of Trading Banks: Special .• Other Other liabilities National Bank of Belgium (millions of francs): Gold Net claim on Int'l. Fund 8 June May 1946 Apr. 2,449 2 ,654 2,261 2 ,270 958 9S8 76 36 10,408 10 001 2 ,305 ,265 4 306 /\ 210 604 336 793 901 12,085 11 ,850 74 77 712 69? June 1,232 4,641 871 73 6,311 588 3 437 1,221 446 8,314 119 2 177 226,245 ??? 969 203,978 2,590 2 ,959 2,723 397,277 396 ,367 411,313 11,997 13 ,238 16,231 200,680 201 ,430 198,964 279,784 284 ,084 260,112 22,123 22 ,602 21,864 416 153,305 135,522 28,163 27,998 ?7 79? 33,327 12,644 10,255 10 516 4,101 1,814 2,014 2 ,214 1947 Central Bank (Figures as of last report date of month) June National Bank of Belgium Loans to Government Other loans and discounts Claim against Bank of Issue Note circulation .... Blocked accounts * . . . . Other liabilities Central Bank of Bolivia—Monetary Dept. (millions of bolivianos): Gold at home and abroad.... Foreign exchange Loans and discounts Government securities Other assets Note circulation Deposits . . . Other liabilities National Bank of Bulgaria 5 Central Bank of Chile (millions of pesos): Gold Gold contribution to Int'l. Fund. Discounts for member banks Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities May 1946 June Apr. 48 ,624 49,338 49 ,253 48 ,062 2 ,652 4,530 4 ,680 4 ,062 64 ,597 64,597 64 ,597 64 ,597 ,244 2,250 ,320 i 103 75 ,380 75,446 75 ,996 72 ,505 4 ,809 4,811 4 ,567 166 78 891 79 099 79 212 7S 131 1 658 1 626 1 597 450 922 165 337 430 14 1 671 185 12 239 43 565 1,258 1,096 1,891 3,729 239 43 674 1 ,268 985 1 ,860 ,787 632 200 531 641 156 487 919 329 193 431 9 1 625 249 6 383 337 697 890 1 863 065 537 206 361 1 J Government decree of Apr. 24, 1946, provided tor the guarantee of all deposits registered in the name of the Central Bank. By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. * This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. Includes increment resulting from gold revaluation, notes forfeited to th" State, and frozen old notes and current accounts. 5 For last available report (January 1943) see BULLETIN for July 1943, p. 697. 1056 Until such FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Bank of t h e Republic of Colombia (thousands of pesos): Gold Foreign exchange Net claim on Int'l. Fund * Paid-in capital—Int'l. Bank.. . . Loans and discounts Government loans and securities Other assets Note circulation Deposits Other liabilities National Bank of Costa R i c a Issue dept. (thousands of colones): Gold Foreign exchange Contributions to Int'l. Fund and to Int'l. Bank Loans and discounts Securities Other assets Note circulation Demand deposits Other liabilities National Bank of Czechoslovakia (millions of koruny): Gold and foreign exchange 2 . Loans and discounts Other assets. . 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... Other assets Note circulation Deposits—Government Other Other liabilities Central Bank of Ecuador (thousands of sucres) : Gold Foreign exchange (net) Net claim on Int'l. Fund * Loans and discounts Other assets Note circulation Demand deposits Other liabilities National Bank of Eftypt (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 (net) Net claim on Int'l. Fund l Loans and discounts Government debt and securities Other assets Note circulation Deposits. Other liabilities 1947 June May 1946 Apr. June C e n t r a l Bank (Figures as of last report date of month) Bank of Finland (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans and discounts Securities Other assets Note circulation Deposits Other liabilities Bank of Greece (billions of drachmae); Gold and foreign exchange (net). Loans and discounts 11,292 11,276 ,873 Advances—Government 12,842 16,136 ,965 Other Other assets 30,321 30,321 4 Note circulation 63,284 59,548 ,738 Deposits—Government 4,040 4,041 Other 1,458 1,338 ^445 Other liabilities 73,430 74,759 ,088 43,001 41,396 ,069 Bank of Guatemala (thousands of quetzales): 6,805 6,506 ,868 Gold Foreign exchange Gold contribution to In'tl Fund 4,732 4,689 4,627 Rediscounts and advances.... 4,097 4,062 3,520 Other assets 124,20 124,254 124,203 Circulation—Notes 931 931 931 Coin 44,393 43,719 42,939 Deposits—Government 68,931 69,41 70,241 Banks 9,674 9,936 9,463 Other liabilities 9,008 9,108 8,77, National Bank of Hungary (millions of forint): Gold Foreign exchange 71 71 71 Discounts 80 79 8 13 Loans—Treasury 58 71 78 100 Other 16 18 15 35 Other assets 103 101 72 95 Note circulation 6,085 6,208 6,306 ,588 Demand deposits—Government 289 257 260 103 Other 1,482 1,48 1,506 ,516 Other liabilities 2,335 2,081 2,053 ,860 2,737 3,09: 3,17 ,523 Reserve Bank of India (millions of rupees): 147 144 153 242 Issue department: Gold at home and abroad Sterling securities 273,549 273,199 241, Indian Govt. securities.. 3,150 9,451 39, Rupee coin 16,877 16.877 Note circulation 212,573 198,424 223 Banking department: 130,732 132,024 98 Notes of issue department 320,430 314,851 326 Balances a b r o a d . . . . 267,416 269,529 240 Treasury bills discounted. 49,034 45,595 37 Loans to Government.... Other assets Deposits Other liabilities 6,376 6 241 Central Bank 15,187 16 381 of pounds): of Ireland (thousands 3,80? 2. 037 Gold Sterling funds 307,979 300 949 Note circulation 23,370 27 461 133,696 133 158 Bank of Italy (millions of lire): Gold 88,35' 82 666 Foreign exchange 120,18 124 944 Advances—Treasury 14,49 12 301 Other Govt. agencies* Loans and discounts Government securities 37,160 37,212 880 Other assets 47,602 48,78 213 Bank of Italy notes 1,563 1,56, Allied military notes 488 695 277 Deposits—Government 5,475 5,546 130 Demand 1,69 1,546 901 Other 52,128 53,806 ,889 Other liabilities 33,487. 33,106 369 Bank of J a p a n3 3 8,364 8,43 142 Bank of J a v a 62,589 61,025 70,929 234, 46,580 63,734 54,368 66, 21,867 21,867 21,867 1,225 1,225 1,225 93,479 77,947 70,856 35, 798 87,828 83,896 84,082 76 234 39,207 40,990 38,880 38 162 !44,824 238,660 231,663 208 749 .73,751 169,130 169,537 201 968 34,198 42,894 41,007 40 219 1946 June May Apr. June 2 2 1 1,296 2,033 1,994 -111 - 4 , 9 8 4 -5,882 -6,594 -8,162 32,163 31,451 32,173 32,283 408 412 411 557 1,023 798 794 447 22,415 21,653 21,566 17,657 1 ,473 1,296 5,864 1 ,354 5,860 2,363 4,995 761 16 645 824 87 676 65 168 1,424 802 17 627 779 82 657 74 159 1,416 1,107 7 501 290 31 412 152 56 1,316 27,227 22,811 1,250 1,508 7,983 29,417 2,816 6,804 13,373 8,370 27,228 23,651 1,250 1,530 8,109 29,643 2,799 6,885 '14,072 8,369 27,228 23,988 1,250 346 166 749 340 314 179 666 340 314 133 577 340 333 1,468 17 69 380 338 ,408 5 73 351 370 1,258 27 85 364 6,020 8,062 29,937 2,784 6,296 13,461 8,050 444 444 444 11,353 11,353 11,353 578 578 578 266 257 164 12,270 12,398 12,378 371 4,663 32 13 730 5,503 307 235 4,769 34 11 745 5,513 280 162 5,626 2 447 5,923 315 2,646 2,646 2,646 2,646 37,625 37,882 37,580 34,496 40,271 40,528 40,226 37,142 523 526 6,538 5,654 486,715 459,924 21,454 30,696 68,648 18,349 105,629 82,935 31,605 25,294 460,404 300,369 81,015 94,333 7,816 25,106 55,417 62,828 98,942 130,40417,518 10,338 r 1 c Revised. Corrected. This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. Gold not reported separately beginning Dec. M. 1946. 3 For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942), see BULLETIN for March 1943, p. 278. AUGUST 1947 1057 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Bank of Mexico (millions of pesos): Metallic reserve l "Authorized" holdings of securities, etc Bills and discounts Other assets '. Note circulation Demand liabilities Other liabilities N e t h e r l a n d s Bank (millions of guilders): Gold Silver (including subsidiary coin) Foreign bills Loans and discounts Govt. debt and securities Other assets Note circulation—Old New Deposits—Government Blocked 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 (millions of kroner): Gold Foreign assets (net) Loans and discounts Securities Occupation account (net) Other assets Note circulation Deposits—Government Banks Blocked Other Other liabilities Bank of Paraguay—Monetary Dept. (thousands of guaranies): Gold Foreign exchange Loans and discounts Government loans and securities Other assets Note circulation Demand deposits Other liabilities C e n t r a l Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Net claim on Int'l. Fund 3 Contribution to Int'l. Bank Discounts Government loans Other assets Note circulation Deposits Other liabilities Bank of P o r t u g a l * National Bank of R u m a n i a 4 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 1947 June 671 1,580 600 96 1,687 998 263 502 2 357 174 3,600 130 126 2,760 866 8. 719 209 1,870 33,697 14,185 9,760 2,717 42,171 9,852 10,207 May Apr. June C e n t r a l Bank (Figures as of last report date of month) 1947 June May 1946 Apr. June Bank of Spain—Continued Other assets i ,079 3,012 2,429 Note circulation !,553 22,482 19,034 1,620 ,636 ,759 Deposits—Government !,431 2,801 1,219 571 556 489 Other 1,912 2,883 3,361 87 97 146 Other liabilities 986 554 486 ,686 ,698 Bank of Sweden (millions of kronor) 1,674 ,035 ,227 1,047 Gold 371 418 478 1,042 254 201 231 Foreign assets (net) 238 279 384 1,098 Swedish Govt. securities and advances to National Debt Office6 2,533 :,322 2,087 951 520 519 Other domestic bills and advances 713 126 118 106 44 2 1 1 Other assets 424 567 526 815 269 312 ,572 Note circulation 2,618 ,556 2,608 2,495 155 155 164 Demand deposits—Government. 619 581 526 897 3,600 ,600 Other 118 192 137 176 104 110 Other liabilities 335 338 351 380 137 126 276 Swiss National Bank (millions of 2,737 ,730 francs): ,338 790 935 Gold 5,055 ,037 5,039 4,786 ,604 103 103 Foreign exchange 120 138 147 183 160 724 591 Loans and discounts 87 65 72 73 660 161 212 Other assets 87 87 91 87 513 Note circulation 3,954 ,908 3,918 3,617 Other sight liabilities 1,073 ,179 1,185 1,212 2,802 2,802 Other liabilities 322 241 246 300 ,307 90,660 85,520 Cei n t r a l Bank of t h e Republic of Turkey (thousands of pounds): ,254 27,000 025 Gold 7 579,794 632,096 299,520 ,868 3,868 016 Foreign exchange and foreign ,131 844 374 clearings 288 065 294,249 67,926 546 ,008 46,972 Loans and discounts 580 672 560,065 669,434 604 ,601 73,527 Securities 179 869 177 165,195 587 ,753 4,675 Other assets 28, 012 030 83,938 Note circulation 961 991 157 820,703 339 339 Deposits—Gold 178 435 347 91,821 468 550 Other 290 503 322 132,199 126 49 Other liabilities 225, 484 224,792 241,290 75 75 Bank of t h e Republic of Uruguay ,108 8,108 (thousands of pesos): (Mar.) 2 65 62 Gold 298,611 309,341 ,856 1,874 Silver 12,940 13,662 ,158 4,318 Paid-in capital—Int'l. Bank 318 985 876 Advances to State and govern902 927 ment bodies 16,012 24,181 341 341 Other loans and discounts 135,469 101,170 940 848 Other assets , 381,169 333 ,228 Note circulation 224,268 186,432 Deposits—Government 37,099 42,743 ,870 1,870 404 Other 252,758 251 ,310 ,246 35,898 363 Other liabilities 330,395 301,097 ,515 8,507 600 Central Bank of Venezuela (thou,779 9,800 875 sands of bolivares): ,713 2,959 579 617,912 617 912 617,912 557,080 Gold8 ,725 40,685 3£1 38,633 Foreign exchange (net) 670 40,133 31,446 ,829 9,658 530 66,537 62 296 58,250 20,431 Other assets ,570 8,691 910 Note circulation—Central Bank. 493,461 498 006 491,791 400,655 National banks. 5,390 5 726 6,350 7,959 (Mar.)2 Deposits 151,519 141 120 181,124 192,338 78,111 123,843 Other liabilities 72,711 36 025 37,029 !, 004 20,491 National Bank of t h e K i n g d o m 2,480 of Yugoslavia 4 115,534 19 Bank for I n t e r n a t i o n a l Settle610,140 640 m e n t s 9 (thousands of Swiss gold 82,650 11, francs): 619,008 519 82,712 82,712 81,725 118,437 Gold in bars 201,250 249, Cash on hand and on current 89,147 27, 13,774 account with banks ,943 14,650 11,544 497 Sight funds at interest 496 496 141 Rediscountable bills and acceptances (at cost) 33,661 26, 326 26,781 9,643 Time funds at interest 14,058 13, 368 10,170 3,178 ,610 196,142 257 ,014 Sundry bills and investments... 69,190 64, 594 73,016 306,371 ,316 8,788 31 ,173 Funds invested in Germany 10 . . . 291,160 291, 160 291,160 ,680 4,505 5 ,176 Other assets 2,504 36 2,534 2, 503 ,769 13,601 Demand deposits (gold) 8 ,241 18,100 18, 107 18,107 14,545 ,216 63,241 66 ,384 Short-term deposits (various ,582 153,955 229 ,063 currencies): ,577 5,839 6 ,157 Central banks for own account 10,280 3,580 6,699 ,214 1,214 1 ,213 Other 3,372 1,414 1,556 522 522 585 Long-term deposits: Special accounts 15 ,884 15,931 15 ,694 228,909 228,909 228,909 229,001 ,182 8,041 4 ,179 Other liabilities 246,894 246,402 245,405 200,668 680 680 731 'ioo 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. Latest month available. This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 For last available report from the central bank of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 5 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 7 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Govern9 10 ment. See BULLETIN for December 1936, p. 1025. Before March 1947, included in "Sundry bills and investments." 2 3 1058 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective United SwitzGer- Bel- NethKing- France many er- Sweergium lands den land dom In effect Dec. 31, 1936 2 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 " 4 " Aug. 24 Aug. 29 Sept. 28 3 2 Oct. 26* Dec. 15 . . . Jan. 25, 1940... Apr. 9 May 17 .... Mar. 17, 1 9 4 1 . . . May 29 June 27 Jan. 16,1945... Jan. 20 Feb. 9 Nov 7 1946 Dec. 19 Jan. 10, 1947 . . In effect July 31, 1947 2 2 2 2M Date effective Central bank of— 5K Mar. 21, 1940 Mar. 1, 1936 3H July 3, 1945 Albania 4 2 4 6 5 4 Rate July 31 Central bank of— IK Argentina Belgium Bolivia Rate July 31 Date effective Ireland Italy Japan Java Latvia 2K 4 3.29 3 5 Nov. 23, 1943 Sept. 11, 1944 Apr. 7, 1936 Jan. 14, 1937 Feb. 17, 1940 1946 1944 1936 1933 1939 1945 Lithuania Mexico Netherlands . New Zealand. Norway Peru 6 4K 2K IK 2K July June June July Jan. Aug. 1946 1943 1946 1935 1947 Portugal Rumania.... South Africa. Spain Sweden 2K 4 3 Jan. 12, 1944 May 8, 1944 June 2, 1941 Dec. 1, 1938 Feb. 9, 1945 IK &2K Jan. 10, 1947 3K Apr. 9, 1940 Switzerland.. Turkey United Kingdom U. S. S. R.. . . Yugoslavia . . Dec. 19, 1946 Nov. 8, 1940 6 3H Bulgaria 4K Aug. 14, 8, Canada IK Feb. Dec. 16, Chile . . . . . . C o l o m b i a . . . . . 3-4J* July 18, 4 Apr. 1, Costa Rica... 3 Oct. 28, Czechoslovakia 4 2K 3 3 *2K 2K 2K 15, 4, 27, 26, 9, 1. 1939 1942 1941 1941 1946 1940 4 3 Denmark 2K 3 3H 4 4K El Salvador.. Estonia Finland 3 Jan. June Oct. Oct. June 15, 8, 15, 1, 5, 2K 2 3K 3K IK 3 Germany 2% IK Hungary...... 2K 3K 3 Nov. 26, 1936 July 1, 1938 Oct. 26, 1939 July 1, 1936 Jan. 1, 1947 NOTE.-—Changes since June 30: None 3 IK &2K IK &2K Aug. 16, 1946 Aug. 1, 1946 Nov. 28, 1935 10 7 3 IK 4 2 4 1-4 1% 2% IK OPEN-MARKET RATES [Per cent per annum] United Kingdom Month Germany Private discount rate Day-today money 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 5.91 5.24 4.72 3.17 2.76 2.69 2.66 2.46 1.98 1.78 1.71 1.91 1.90 Netherlands 1 Treasury bills 3 months Day-today money Sweden Switzerland Loans up to 3 months Private discount rate Bankers' acceptances 3 months Treasury bills 3 months Day-today money 1932—May 1933—May 1934—May 1935—May 1936—May 1937—May 1938—May 1939—May 1 May 1941—May 1942—May 1943—May 1944—May 1945—May 1946—May 1.44 .50 .91 .59 .55 .55 .53 .73 1.03 1.03 1.03 1.03 1.03 1.03 .53 1.10 .37 .85 .51 .54 .51 .51 .70 1.02 1.00 1.00 1.00 1.00 1.00 .51 1.29 .58 .85 .75 .75 .75 .75 .75 1.00 1.00 1.03 1.07 1.13 1.03 .63 1.27 .93 1946—June July Aug Sept Oct Nov Dec .53 .53 .53 .53 .53 .53 .53 .50 .51 .51 .51 .51 .51 .50 .63 .63 .63 .63 .63 .63 .63 1.42 1.52 1.41 1.30 1.07 1.01 1.21 1.00 1.31 1.18 1.00 .90 .78 .78 1.25 1.25 1.25 1947—Jan Feb Mar Apr May .53 .53 .53 .53 .53 .50 .51 .51 .51 .51 .63 .63 .63 .63 .63 1.44 1.72 1.65 1.59 1.45 ,77 .46 .19 11 1.08 1.25 1.25 1.25 1.25 1.25 Bankers' allowance on deposits 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 The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941. 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 1947 1059 COMMERCIAL BANKS Assets United Kingdom » (11 London clearing banks. Figures in millions of pounds sterling) 1030 Cash reserves December 1940—December 1941—December 1942—December 1943—December....... 1944—December I945—December Money at call and short notice Bills dis- Treasury Loans to deposit 2 Securities customers counted receipts 274 324 174 159 334 265 141 142 151 199 171 198 133 147 366 390 422 500 536 252 369 1946—June July August September. October November . December . . . . . . 524 532 315 305 526 522 557 574 499 312 324 432 472 497 610 1947—January .. . February . . . . March April May 475 463 428 421 624 659 444 435 750 709 430 659 553 553 466 476 460 Liabilities 464 405 313 280 314 609 771 758 896 1 307 1 667 1,523 999 1.120 1,154 ,165 1,234 1,302 1,382 1,511 1,671 1,629 1,628 1,560 1.382 1,406 1,393 1,393 1,403 1,410 L ,427 1,563 1,436 1,317 1.346 1,350 1,427 1,439 1,455 L.461 1,470 Deposits Other assets 1 015 290 293 924 823 794 761 772 324 325 349 347 827 374 894 885 399 386 906 930 369 379 944 964 994 390 433 505 1,008 1,015 1,034 1,064 1,099 454 451 465 470 489 Demand Time 2 441 2,800 3,329 3,629 4,032 4,545 4,850 1 398 1,770 2,168 2,429 2,712 3,045 3,262 1 041 1,030 1,161 11,200 1,319 t,500 1,588 256 250 253 236 245 250 265 5,045 5,113 5,198 5,302 5,397 5,503 5,685 3,351 3,389 3,427 3,502 3,563 3,632 3,823 L.694 1,724 11,771 11,800 L.833 1,870 1,862 296 304 310 308 310 328 342 5,629 5,519 5,556 5,583 5,571 3,749 3,603 3,606 3,628 3,593 1,880 1,916 1.950 1,956 1,978 348 364 374 376 386 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Liabilities Security loans abroad and net Securities due from Other loans and foreign banks discounts Entirely in Canada Cash reserves Security loans Other assets I939—December 1940—December 1941—December 1942—December I943—December . . . . 1944—December 1945—December 292 323 356 387 471 550 694 53 40 32 31 48 92 251 1,088 1.108 ,169 ,168 ,156 ,211 ,274 132 159 168 231 250 214 227 1,646 1,531 1,759 2,293 2,940 3,611 4,038 sn 1946—June July 637 696 665 676 699 730 753 115 96 98 91 97 117 136 ,188 1,230 1,249 1,284 1,341 1,476 1,507 159 121 128 122 126 128 132 4,275 4,298 4,336 4,375 4,471 4,496 4,232 896 R76 R65 960 959 931 1 039 689 635 695 719 631 134 155 121 97 81 1,481 L, 506 1.555 1,628 1,664 134 126 195 142 113 4.369 4.264 4,239 4,349 4,162 960 1 .066 993 1, 035 998 September October November December .. . 1947—January February March April May (4 large banks. End of month figures in millions of francs) Note circulation I*S IM> M 570 f>53 557 744 78? R69 (SO *1? 14 l(x M ?3 >f? 71 >? }\ M • ) \ ?1 >1 20 Deposits payable in Canada excluding interbank deposits Other liabilities Total Demand Time 2,774 2,805 3,105 3,657 4,395 5,137 5,941 1,033 1,163 1,436 1,984 2,447 2,714 3,076 1,741 1,641 1,669 1,673 1,948 2,423 2,865 1,049 1,172 1,289 1,386 5,756 5,887 5,892 6,037 6,201 6,362 6,252 2,393 2,476 2,426 2,513 2,724 2,902 2,783 3,364 3,411 3,466 3,524 3,477 3,460 3,469 1,490 1,407 1,428 1,449 1,470 1,493 1,525 6,233 6,171 6,188 6,356 6,066 2,700 2,585 2,569 2,719 2,383 3,533 3,586 3,619 3,637 3,682 L ,514 1,558 1.590 1,594 1,563 Assets France Other liabilities Total 963 846 962 Liabilities Deposits Own Total Demand ances 2,440 2,221 2,040 2,622 2,935 2,190 7,360 4? 443 6 1 , 982 76, 656 9 1 , 549 112 732 128, 758 213, 908 41,872 61 221 75,744 91,225 111 191 126,578 211,871 1 541 2,180 2,037 2,898 4,609 4,753 5,199 6,422 7,506 6,623 10,151 40,976 41,772 42,674 50,747 53,861 55,935 61,262 63,941 64,933 10,114 11,738 12,708 14,160 15,676 16,319 18,618 21,116 23,392 239 182 243 228 255, 173 ?60 371 262, 160 262, 130 273, 488 281 576 291 894 237,481 241,569 253,386 258,574 260,461 260,366 271,672 279,703 290.004 1.702 1,659 1,787 1,797 1,699 1,765 1,816 1,872 1,890 6,774 7,879 8,330 9,527 10,376 10,798 12,490 14,370 15,694 9,177 9,589 10,096 9,973 10,592 10,871 11 513 12,004 12,777 67,084 66,114 66,744 18,367 18,756 20,724 295 444 294 922 305 583 293,484 292,946 303,742 1 ,960 1,976 1 841 15,767 15,720 16,380 7,499 7,723 9,103 Cash reserves Due from banks Bills discountedI I939—December 1940—December 1941—December 1942—December I943—December I944—December 1945—December 4,599 6,409 6,589 7,810 8,548 10,365 14,602 3,765 3,863 3,476 3,458 4,095 4,948 13,804 29,546 46,546 61,897 73,917 90,897 99,782 155,025 7,546 8,255 8,265 10,625 14,191 18,653 36,166 1946—April May June July August September October November December 14,443 15,295 17,472 14,985 14,830 16,553 15,505 16,909 17,943 15,827 15,988 16,114 17,873 16,991 17,723 18,389 18,423 18,919 173,773 175,903 184,633 182,107 181,770 177,269 183,716 187,560 195,177 1947—January February !March 17,267 16,992 19,471 20,241 19,127 20,677 195.75C 197,377 203,451 Other assets Time 571 762 912 324 844 558 413 462 428 557 Other liabilities 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 2 Represent six-month loans to the Treasury at 1H per cent through Oct. 20, 1945, and at H per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1060 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Year or month Argentina (peso) Special Official Export 32.597 1938 30.850 1939 29.773 1940 29.773 1941 29.773 1942 29.773 1943 29.773 1944 . . . 29.773 1945 29.773 1946 29.773 1946—July. . . 29.773 August September. . . . 29 773 29.773 October November. . . . 29.773 December. . . 29.773 29.773 1947—January 29.773 February 29.773 March 29.773 April 29.773 May June 29.773 Year or month 1938 1939 1940 1941 1942 1943 1944 1945 1946 1946—July August September. . . October November. . . . December. . . 1947—January February March April May June Official Free 389 .55 353 .38 2322.80 305.16 l 23'. 704 322.80 321.27 23.704 322.80 321.50 24.732 322.80 s 321.50 25.125 8322.80 25.125 322 80 8 37.1 17 25.125 321.34 25.125 321.41 25.125 321.41 25.125 321.38 25.125 321.27 25.125 321.19 25.125 321.07 25.125 321.06 25.125 320.91 25.125 320.91 320.91 25.125 320.91 25.125 320.90 25.125 Czecho- Denslovakia mark (koruna) (krone) 3.4674 21 825 1938 2 3.4252 20,346 1939 H9.308 1940 1941 1942 1943 .. 1944 1945 1946 22.0060 220.876 1946—July 2.0060 20.877 2.0060 20.877 August S e p t e m b e r . . . . 2.0060 20.877 2.0060 20.877 October N o v e m b e r . . . . 2.0060 20.877 2.0060 20.869 December. 2.0060 20.867 1947—January 2.0060 20.866 February 2.0060 20.866 March 2 0060 20.866 April 2.0060 20.866 May. . 2.0060 20.865 June Year or month Australia (pound) Brazil (cruzeiro1) Belgium (franc) Official 220.176 20,161 20 161 20.161 20.161 20.161 20.161 20.161 20.161 20.161 20.161 20.160 20.160 18.860 218.835 Bulgaria (lev) Canada (dollar) Official 3.3788 5.8438 1.2424 3.3704 6.0027 5.1248 21.2111 3.3760 6.0562 5.0214 290.909 90.909 6.0575 5.0705 90.909 6.0584 5.1427 90.909 6.0586 5.1280 90.909 6.0594 5.1469 2 90.909 2 2860 26.0602 5.1802 95.198 2.2829 6.0602 (4) 5 6 m 2.2847 6.0602 98.347 2.2847 100.000 5.3675 2.2803 100.000 5.4053 2.2798 100.000 5.4053 2.2797 100.000 5.4053 2.2795 100.000 5.4053 2.2790 5.4382 100.000 2.2797 5.4404 100.000 2.2822 5.4404 100.000 2.2836 5.4405 100.000 2.2831 5.4406 100.000 2.2832 5.4406 100.000 2 FinGerHunland France many Greece Hong India Kong gary (mark- (franc) (reichs- (drach(rupee) (dollar) (pengS) ma) ka) mark) 2.1567 2.8781 40.164 1.9948 22.5103 40.061 1.8710 2.0827 40.021 22.0101 239.968 21.9711 .8409 8409 .8408 .8408 .8409 .8408 .8407 8408 .8408 8408 .8407 8408 . 8407J. s .8958 30.457 19.727 36.592 .8153 27.454 19.238 33.279 .6715 22.958 18.475 30.155 224.592 219.770 30.137 30.122 30 122 30.122 30 122 30 155 30 182 30 185 30 170 30.156 30 155 30.152 30.157 30 153 30 153 30 160 30.161 30.163 Ruma- South Norway Poland Portugal nia Africa Spain (krone) (zloty) (escudo) (leu) (pound) (peseta) 24.566 23.226 222.709 Free In cents per unit ot foreign currency] China (yuan Colombia Shanghai) (peso) Official Export 99.419 5.1716 96.018 5.1727 85.141 5.1668 87.345 25.1664 88.379 89.978 89.853 90.485 93.288 6 96.662 96.784 96.254 95.953 95.182 95.444 95.078 95.692 94.217 91.901 91.954 91.592 Italy (lira) Japan (yen) 5.2605 5.1959 5.0407 25.0703 28.451 25.963 23.436 223.439 1 .4434 United Kingdom Straits Swe- Switz(pound) Settle- den erland ments (krona) (franc) (dollar) Official Free 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 3.7110 '.6896 397.99 s9.322 46.979 23.802 22.676 4 0023 398.00 9.130 247.133 223.829 223.210 398.00 46 919 398 00 398.00 399 05 24.0501 400.50 29.132 225.859 223.363 7 4.0501 26.195 23.363 400.50 9.132 4 0501 400.50 9.132 27.819 23.363 4 0501 400 50 9 132 27.820 23.363 4.0501 27.819 23.363 400.50 9.132 4.0501 27.821 23.363 400.50 9.132 4.0501 27.821 23.363 400.50 9.132 27.822 23.363 4.0501 400.63 9.132 27.822 23.363 4.0501 400.75 9.132 27.822 23.363 4.0412 400 75 9.132 27.823 23.363 4.0313 400 75 9.132 27.824 23.363 4 0208 400.75 9.132 27.826 23.363 "4.0275 400.75 9.132 2 Free Chile (peso) 488.94 443 54. 2403.50 383.00 403.50 403.18 403.50 403.50 403.50 2 403.50 403.50 2 403 50 3403 02 40:L28 403 .37 403 .36 403 .32 403 .20 403 .09 402 .94 402 .93 402 ,74 402 .73 402 74 402 .74 402 .72 4.0000 21.360 55.953 4.0000 11.879 57.061 4.0000 6.000 57.085 2 4.0000 25.313 57.004 57.052 57.265 57.272 57.014 57.020 57.007 57.007 57.007 57.007 57.065 57.140 57 140 57.041 56 980 56 980 56.980 56 980 NethNew Mex- erlands Zeaico land (guild(peso) (pound) er) 22.122 19.303 18.546 20.538 20.569 20 577 20.581 20.581 20.581 20.587 20.596 20.578 20.574 20.583 20.584 20.582 20.574 20.574 20.577 20.580 20.576 55.009 392.35 53.335 354.82 253.128 306.38 322.54 322 78 324.20 324.42 237.933 323.46 37.813 322.63 37.789 322.70 37.789 322.70 37.789 322.67 37.789 322.56 37.789 322.48 37.789 322.36 37.789 322.35 37.789 322.20 37 788 322.20 37.757 322.20 37.760 322.20 37.751 322.18 Uruguay (peso) Yugoslavia (dinar) Controlled Noncontrolled 64.370 62.011 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 2 3115 236 7 8<; 2 2716 37.601 2.2463 43.380 22.2397 52.723 52.855 53.506 55 159 56.280 56.272 56.272 56.271 56.272 56.272 56.272 56.264 56.262 56.262 56.262 56 262 56.262 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. • At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate •for July 1 -19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955. 6 Based on quotations through July 19. Official rate abolished as of July 22. 8 On July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar. 7 As of July 13, 1946, the Swedish Riksbank reduced its selling rate for one U. S. dollar from 4.20 to 3.60 kronor. 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 1947 1061 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month United States (1926 = 100) Mexico (1929 100) Canada (1926 = 100) United Kingdom (1930 = 100) 1 France (1938 100) 124 106 90 95 95 101 119 126 127 128 136 148 182 227 247 286 86 88 89 94 109 101 103 137 153 159 163 166 169 175 61 58 52 63 89 100 105 139 171 201 234 265 375 648 110 109 109 111 111 112 285 293 299 305 309 313 177 177 177 178 179 180 114 118 120 123 P125 312 310 305 300 299 297 182 183 184 187 189 189 571 698 727 824 806 842 867 882 850 P847 P946 P904 1926 100 100 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 66 75 80 81 86 79 77 79 87 99 103 104 106 121 67 72 72 75 85 79 75 83 90 96 100 103 104 109 1946—July August September October November 125 129 124 134 140 141 1947—January February March . April . . . May June 142 145 150 148 147 148 Italy (1928 = 100) Japan (1933 = 100) 63 62 68 76 89 95 99 116 132 Netherlands Sweden (July 1938- (1935 = 100) June 1939 = 100) 1 Switzerland (July 1914 = 100) 132 150 126 144 100 99 103 110 133 140 155 173 183 197 209 233 296 1 406 89 90 87 91 108 102 105 131 150 157 160 164 181 251 i 90 i 96 100 102 114 111 115 146 172 189 196 196 194 186 91 90 90 96 111 107 111 143 184 210 218 223 221 215 1,574 1,643 1,789 1 787 1,948 2,063 252 257 259 262 264 266 186 185 185 186 190 192 214 215 213 217 219 219 2,120 2 120 2 144 2,617 2,848 267 268 269 P268 194 195 196 197 219 219 220 221 221 •P268 P Preliminary. lary. nate figure, derived fr< from old index (1913 = 100). Approximate -See BULLETIN Sources.-—See BULLETIN for forJuly Jul; 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. 1 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] Year or month Farm products Foods United Kingdom (1930=100) Canada (1926=100) United States (1926=100) Other Farm commod- products ities Raw and Fully and partly chiefly manumanufactured factured goods goods Foods Industrial products Netherlands (July 1938-June 1939 = 100) Foods Industrial raw products Industrial finished products 1926 , 100 100 100 100 100 100 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943. 1944 1945 1946 , , 51 65 79 81 86 69 65 68 82 106 123 123 128 149 61 71 84 82 86 74 70 71 83 100 107 105 106 131 71 78 78 80 85 82 81 83 89 96 97 99 100 110 51 59 64 69 87 74 64 68 73 85 98 107 110 112 57 64 66 71 84 73 67 75 82 90 99 104 106 109 70 73 73 74 81 78 75 82 89 92 93 94 94 99 83 85 87 92 102 97 97 133 146 158 160 158 158 158 87 90 90 96 112 104 106 138 156 160 164 170 175 184 103 121 140 157 157 159 172 200 112 163 177 175 174 179 193 282 104 126 148 154 159 163 184 268 157 161 154 165 170 168 140 149 132 158 165 160 110 112 112 116 121 125 114 111 111 113 114 114 110 108 108 112 113 113 99 100 100 101 101 102 161 159 158 157 157 156 185 186 188 189 191 193 198 205 207 209 218 217 289 292 293 298 299 308 260 266 268 269 271 272 165 170 183 177 176 178 156 162 168 162 160 162 128 129 131 132 132 132 114 116 116 117 P118 115 119 124 126 P128 104 107 108 112 P113 157 158 158 163 165 166 196 197 198 200 203 202 218 218 220 P215 P206 313 312 312 P316 273 274 274 P274 P275 , , , , 1946—July August September October.., November December. 1947—January,.. February.. March April May June P119 P321 p Preliminary. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1062 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES [Index numbers] United SwitzUnited CanKing- France Nether- erStates dom ada (1938 lands land (1935-39 (1935-39 (July = 100) (1911-13 (June = 100) = 100) = 100) 1914 1914 = 100) = 100) Year or month 1936 1937 1938 1939 1940 . 1941 1942 1943 1944 1945 . 1946 COST OF LIVING [Index numbers] 101 98 130 120 105 98 95 97 106 124 138 136 139 160 103 104 101 106 116 127 131 131 133 • 140 139 141 141 164 168 161 166 168 170 169 1946-July August.... September. October... November. December. 166 171 174 180 171 171 168 168 186 144 145 143 147 147 146 168 861 1947-January... February.. March.... April . . May June 184 182 190 188 188 191 146 147 149 152 P155 »158 168 168 169 168 162 161 847 851 833 . . 188 168 "ioo" 108 129 149 174 224 275 377 645 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 120 127 130 130 150 177 191 198 130 130 132 146 175 200 211 215 215 210 141 144 146 149 216 1947-January... February.. 215 March. . . . 216 April 216 220 May .. . P222 June. . . 153 153 156 156 156 P157 851 P830 98 101 102 102 106 112 117 118 119 119 124 99 103 101 99 100 105 117 124 126 128 139 209 1946-July 209 August.... September. 209 October... 215 November. 216 December. 216 576 743 800 866 P883 P941 United SwitzUnited CanKing- F r a n c e Nether- erStates ada dom (1938 lands land (1935-39 (1935-39 (July = 100) (1911-13 (June = 100) = 100) = 100) 1914 1914 = 100) = 100) Year or month 125 126 126 127 127 127 152 153 127 128 129 131 P133 *>135 147 i 132 137 139 140 154 175 187 195 130 154 156 158 184 199 200 199 201 203 204 100 108 129 150 175 224 285 393 645 205 205 203 203 576 730 785 858 137 137 138 151 174 193 203 208 209 208 207 207 207 212 203 856 212 865 212 856 858 838 212 212 212 213 216 P217 204 204 203 204 203 203 P837 P887 P937 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Year or month United1 States (derived price) Number of issues. . . 15 1939 1940 1941 1942 1943 1944 1945 1946 Common stocks United Canada 2 Kingdom France (1935-39 (December (1938 = 100) = 100) 1921 = 100) (2) 87 50 113.8 115.9 117.8 118.3 120.3 120 9 122 1 123.4 98.2 95.1 99.4 100.7 102.6 103.0 105 2 117.2 112.3 118.3 123.8 127.3 127.8 127.5 128 3 132.1 114.2 •114.2 9 143.4 146.4 146.6 150.5 152 1 144.6 Tulv August September. . . October November. . . December.... 124.0 123.8 122.8 121.8 121.6 121.5 117.5 117.6 117.8 117.6 117.6 117.6 132.2 132.2 132.5 133.0 134.6 134.7 143.5 142.8 142.1 139.9 141.0 142.6 1947—January February. . . March April.:::.... May June 122.6 122.7 122.4 122.8 122.9 122.8 117.8 118.1 118.2 117.9 P118.2 135.0 134.0 133.3 132.6 132.9 132.1 142.1 140.8 139.8 P138.6 P136.9 P135A 1946 Netherlands 3 8 90.9 77.9 84.3 94.7 98.5 103.7 7 10 102.4 100.3 103.0 101.8 99.4 104.3 95.5 United States (1935-39 = 100) Canada* (1935-39 = 100) 402 United France 5 K i n g d o m (December (1926 = 100) 1938=100) Netherlands (1930=100) 5 275 100 278 94.2 88.1 80.0 69.4 91.9 99.8 121 5 139.9 77.4 67.5 64.2 83.5 83.8 99 6 115.7 75.9 70.8 72.5 75.3 84.5 88.6 92 4 96.2 149.6 146.4 125.4 122.3 120.6 125.5 119.1 116.9 104.4 101.8 102.5 106.4 99.2 97.6 94.7 93.0 95.3 97.8 569 896 933 1,034 1,080 1,244 125.2 128.7 123.7 119 3 115.2 119.1 106.2 109 4 106.4 104 8 P104.4 98.6 96.7 96.9 96 6 97.9 97.5 1,068 1,028 1,103 8 9 100 112 140 308 479 540 551 694 875 89.7 95.0 129 1 131.5 151.0 151 4 8 10 11 111.4 115.9 109.8 110.9 111.4 103.6 105.2 PI.017 Pl.003 Pi, 124 P Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 3 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, January-March 1937 = 100; average yield in base period was 3.39 per cent. - 46 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique GeneYale," September-November 1946, p. 424. • 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. 1 Average based on figures for 9 months; no data available May-July. • Average based on figures for 10 months; no data available Jan.-Feb. M Average based on figures for 8 months; no data available Sept.-Dec. u Average based on figures for 7 months; no data available Jan.-May. Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. AUGUST 1947 1063 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman M. S. SZYMCZAK ERNEST G. DRAPER R. M. EVANS ELLIOTT THURSTON, Assistant to the Chairman OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary BRAY HAMMOND, Assistant Secretary MERRITT SHERMAN, Assistant Secretary RONALD RANSOM, Vice Chairman JAMES K. VARDAMAN, JR. LAWRENCE CLAYTON CHESTER MORRILL, 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 J. LEONARD TOWNSEND, Assistant General Counsel DIVISION O F RESEARCH A N D STATISTICS WOODLIEF THOMAS, Director RALPH A. YOUNG, Assistant Director CHANDLER MORSE, Assistant Director J. BURKE KNAPP, Assistant Director DIVISION OF SECURITY CARL E. PARRY, Director BONNAR BROWN, Assistant LOANS Director DIVISION OF PERSONNEL ADMINISTRATION FRED A. NELSON, Director DIVISION O F EXAMINATIONS ROBERT F. LEONARD, Director EDWIN R. MILLARD, Assistant Director GEORGE S. SLOAN, Assistant Director FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman Vice Chairman ALLAN SPROUL, DIVISION O F ADMINISTRATIVE LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant SERVICES Director FEDERAL ADVISORY COUNCIL CHAS. E. SPENCER, JR., BOSTON DISTRICT Vice President LAWRENCE CLAYTON CHESTER C. DAVIS ERNEST G. DRAPER W . RANDOLPH BURGESS, N E W YORK DISTRICT DAVID E. WILLIAMS, PHILADELPHIA DISTRICT JOHN H . M C C O Y , CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT J. T . BROWN, ATLANTA EDWARD E. BROWN, CHICAGO DISTRICT R. M. EVANS RAY M. GIDNEY J. N . PEYTON RONALD RANSOM M. S. SZYMCZAK JAMES K. VARDAMAN, JR. LAURENCE F. WHITTEMORE CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist PAUL W . MCCRACKEN, Associate Economist ALFRED C. NEAL, Associate Economist WILLIAM H . STEAD, Associate Economist DONALD S. THOMPSON, Associate Economist JOHN H . WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Mar\et Account 1064 DISTRICT President JAMES H . PENICK, ST. LOUIS DISTRICT HENRY E. ATWOOD, MINNEAPOLIS DISTRICT JAMES M. KEMPER, 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 Bank of Chairman1 Deputy Chairman President First Vice President Boston.... Albert M. Creighton Donald K. David Laurence F. Whittemore William Willett New York. William I. Myers Robert B. Harvey2 E. G. Hult E. O. Latham E. O. Douglas J. W. Jones H. H. Kimball L. W. Knoke Walter S. Logan Karl R. Bopp Robert N. Hilkert E. C. Hill W. D. Fulton J. W. Kossin A. H. Laning1 Allan Sproul L. R. Rounds Philadelphia.. Thomas B. McCabe Warren F. Whittier Alfred H. Williams W. J. Davis Cleveland George C. Brainard Reynold E. Klages Ray M. Gidney Wm. H. Fletcher Richmond Hugh Leach W. G. Wysor J. S. Walden, Jr. Charles P. McCormick Atlanta Frank H. Neely Chicago Clarence W. Avery Paul G. Hoffman C. S. Young Charles B. Dunn St. Louis Russell L. Dearmont Douglas W. Brooks Chester C. Davis F. Guy Hitt Minneapolis.. Roger B. Shepard W. D. Cochran J. N. Peyton O. S. Powell Kansas City.. H. G. Leedy Robert B. Caldwell Henry O. Koppang Robert L. Mehornay Dallas J. R. Parten R. B. Anderson R. R. Gilbert W. D. Gentry San Francisco. Brayton Wilbur Harry R. Wellman C. E. Earhart H. N. Mangels R. L. Cherry Claude L. Guthrie8 E. A. Kincaid W. S. McLarin, Jr. L. M. Clark J. F. Porter Vice Presidents P. L. T. Beavers V. K. Bowman J. E. Denmark Joel B. Fort, Jr.8 Allan M. Black Neil B. Dawes W. R. Diercks J. H. Dillard E. C. Harris O. M. Attebery Wm. E. Peterson William B. Pollard H. G. McConnell A. W. Mills3 Otis R. Preston O. P. Cordill L. H. Earhart Delos C. Johns E. B. Austin R. B. Coleman H. R. DeMoss W. E. Eagle W. N. Ambrose D. L. Davis J. M. Leisner3 W. L. Partner Carl B. Pitman O. A. Schlaikjer R. F. Van Amringe A. Phelan H. V. Roelse Robert G. Rouse V. Willis R. B. Wiltse Wm. G. McCreedy C. A. Mcllhenny P. M. Poorman* B. J. Lazar Martin Morrison W. F. Taylor Donald S. Thompson R.W. Mercer W. R. Milford C. B. Strathy Edw. A. Wayne T. A. Lanford E. P. Paris S. P. Schuessler John K. Langum O. J. Netterstrom A. L. Olson Alfred T. Sihler C. A. Schacht William H. Stead C. M. Stewart R. E. Towle Sigurd Ueland Harry I. Ziemer John Phillips, Jr. G. H. Pipkin D. W. Woolley* W. H. Holloway Watrous H. Irons L. G. Pondrom8 Mac C. Smyth C. R. Shaw H. F. Slade W. F. Volberg O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of Chief Officer Branch New York Buffalo I. B. Smith* Cleveland Cincinnati Pittsburgh B. J. Lazar J. W. Kossin Richmond Baltimore Charlotte W. R. Milford R. L. Cherry Atlanta Birmingham Jacksonville Nashville New Orleans P. L. T. Beavers T. A. Lanford Joel B. Fort, Jr. E. P. Paris Chicago Detroit E. C. Harris St. Louis Little Rock Louisville Memphis C. M. Stewart C. A. Schacht William B. Pollard 1 Also Federal Reserve Agent. AUGUST 1947 1 Cashier. Federal Reserve Bank of Branch Chief Officer Minneapolis.... Helena R. E. Towle Kansas City.... Denver Oklahoma City Omaha G. H. Pipkin 0. P. Cordill L. H. Earhart Dallas Mac C. Smyth W. H. Holloway W. E. Eagle El Paso Houston San Antonio San Francisco... Los Angeles Portland Salt Lake City Seattle » Also Cashier. * General Manager. W. N. Ambrose D. L. Davis W. L. Partner C. R. Shaw 1065 FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. BOOKS DIGEST OF RULINGS to October 1, 1937. Digests of Board rulings, opinions of the Attorney General and court decisions construing the Federal Reserve Act, with compilation showing textual changes in the Act. 683" pages. $1.25 per copy. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the Board's staff. August 1941; reprinted March 1947. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single shipment, 75 cents each. BANKING AND MONETARY STATISTICS. Statistics of No. 4. Prices, Wages, and Employment. No. 5. Private Capital Requirements. No. 6. Housing, Social Security, and Public Works. No. 7. International Monetary Policies. No. 8. Federal Reserve Policy. The price for the set of eight pamphlets is $1.25; 25 cents per pamphlet, or, in quantities of 10 or more for single shipment, 15 cents per pamphlet. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments. PERIODICAL RELEASES WEEKLYCONDITION OF THE FEDERAL RESERVE BANKS CONDITION OF WEEKLY REPORTING MEMBER banking, monetary, and other financial develop- BANKS IN CENTRAL RESERVE CITIES CONDITION OF WEEKLY REPORTING MEMBER ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (un- BANKS IN LEADING CITIES DEPARTMENT STORE SALES, BY CITIES bound), as listed on page 1069 of this BULLETIN. PROVISIONS OF STATE LAWS RELATING TO BANK RESERVES as of December 31, 1944. 1945. 30 pages. MONETARY AND BANKING REFORM IN PARAGUAY. Includes translation of laws, accompanying reports, and introduction reviewing the monetary history of Paraguay. July 1946. 170 pages. $1.00 per copy. RULES OF ORGANIZATION AND RULES OF PROCEDURE (Board of Governors of the Federal Reserve System). September 1946. 31 pages. T H E FEDERAL RESERVE ACT, as amended to No- vember 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. Space for plotting through 1948. April 1947 edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment, 35 cents each. POSTWAR ECONOMIC STUDIES. (8 pamphlets, the first six now available and the last two to be announced later.) No. 1. Jobs, Production, and Living Standards. No. 2. Agricultural Adjustment and Income. No. 3. Public Finance and Full Employment. 1066 WEEKLY DEPARTMENT STORE SALES WEEKLY FOREIGN EXCHANGE RATES WEEKLY REVIEW OF PERIODICALS SEMIMONTHLYDEPOSITS, RESERVES, AND BORROWINGS OF M E M BER BANKS; DEPOSITS OF COUNTRY MEMBER BANKS MONTHLY— * FEDERAL RESERVE BULLETIN. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. $9.00 per annum, or $1.00 per copy. In quantities of 10 or more copies of a particular issue for single shipment, 75 cents each. FEDERAL RESERVE BULLETIN FEDERAL RESERVE PUBLICATIONS BANK DEBITS—DEBITS TO DEPOSIT EXCEPT INTERBANK ACCOUNTS ACCOUNTS 1937. CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES CONSUMER INSTALMENT LOANS DEPARTMENT STORE CREDIT DEPARTMENT STORE SALES (Indexes and Com- parisons with Previous Year) OF FACTORY EMPLOYMENT. 10 pages. * ANALYSES OF THE BANKING STRUCTURE AS OF DECEMBER 31, 1935. August 1937. 33 pages. THE HISTORY INTERDISTRICT SETTLEMENT FUND pages. * PROBLEMS OF BANKING AND BANK SUPERVISION. Excerpts from the Board's 1938 ANNUAL REPORT. 33 pages. T H E GOLD PROBLEM TODAY, BY E. A. GOLDEN- January 1940. 4 pages. T H E PAR COLLECTION SYSTEM OF THE FEDERAL RESERVE BANKS, BY GEORGE B. VEST. 1940. February 8 pages. * T H E BANKS AND IDLE MONEY, BY WOODLIEF THOMAS. NATIONAL SUMMARY OF BUSINESS CONDITIONS OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. November 1938. 20 WEISER. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS DEPARTMENT STORE STOCKS FOREIGN EXCHANGE RATES March 1940. 9 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL OPEN-MARKET MONEY RATES IN N E W YORK CITY RETAIL INSTALMENT CREDIT RESERVE POLICY, BY ARTHUR HERSEY. April 1940. 11 pages. RETAIL FURNITURE REPORT CHEAP MONEY AND THE FEDERAL RESERVE SYS- SALES FINANCE COMPANIES SELECTED LIST OF ADDITIONS TO THE RESEARCH LIBRARY STATE BANK MEMBERS AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RESERVE BANKS (also annual list) TEM, BY E. A. GOLDENWEISER. May 1940. 5 pages. * OWNERSHIP AND UTILIZATION OF THE MONETARY GOLD STOCK. GENERAL OF BUSINESS FRANK R. GARFIELD. MENTS, ALL BANKS IN THE UNITED ASSETS AND LIABILITIES May and June 1940. INDEXES STATES—PRINCIPAL June 1940. 7 pages. September 1940. 18 pages. * T H E GOLD STOCK. MEASUREMENT ANNUALLY- September 1940. 2 pages. OF PRODUCTION, BY WOODLIEF THOMAS AND MAXWELL R. CONKLIN. ANNUAL REPORT OF THE BOARD OF GOVERNORS DEBITS—DEBITS TO DEPOSIT ACCOUNTS 1940. September 16 pages. CENTRAL BANKING. December 1940. 2 pages. DEVELOPMENT OF FEDERAL RESERVE BANKING, BY EXCEPT INTERBANK ACCOUNTS M. S. SZYMCZAK. IRREGULARLY— AND LIABILITIES 3 pages. ACTIVITY, BY GOLD RESERVES OF CENTRAL BANKS AND GOVERN- SEMIANNUALLY— ASSETS INDEXES * REVISED INDEX OF FREIGHT-CAR LOADINGS. June BUSINESS INDEXES CONSUMER CREDIT BANK * REVISED December 1936. 29 pages. OF MEMBER BANKS (Condensed) MEMBER BANK CALL REPORT * ECONOMIC December 1940. 8 pages. PREPAREDNESS FOR DEFENSE AND POST DEFENSE PROBLEMS, BY MARRINER S. ECCLES. January 1941. 8 pages. (Detailed) * GOLD, REPRINTS CAPITAL FLOW, AND FOREIGN TRADE DURING WAR. January 1941. 9 pages. (From Federal Reserve Bulletin except as otherwise indicated) * SPECIAL REPORT TO THE CONGRESS BY BOARD OF * CONSTITUTIONALITY OF LEGISLATION PROVIDING GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THE A UNIFIED COMMERCIAL BANKING SYSTEM FOR THE PRESIDENTS OF THE FEDERAL RESERVE BANKS, AND UNITED STATES. THE FEDERAL ADVISORY COUNCIL. March 1933. 21 pages. MEMBER BANK STATISTICS. November 1935. pages. * Supply of copies limited. Available for distribution through October 1947. AUGUST 1947 28 January 1941. 2 pages. * ECONOMIC AND MONETARY ASPECTS OF THE DEFENSE PROGRAM, BY JOHN H . WILLIAMS. Feb- ruary 1941. 4 pages. 1067 FEDERAL RESERVE FEDERAL RESERVE BANK LENDING POWER NOT PUBLICATIONS * T H E POSTWAR PRICE PROBLEM—INFLATION OR DEPENDENT ON MEMBER BANK RESERVE BALANCES. DEFLATION? BY MARRINER S. ECCLES. February 1941. 2 pages. 1944. 7 pages. * GOLD AND DOLLAR RESOURCES OF THE UNITED MONEY IN CIRCULATION. February 1941. 1 page. * COMMODITY PRICES, BY FRANK GARFIELD AND CLAYTON GEHMAN. March 1941. May 1941. 16 pages. * ADJUSTMENT FOR SEASONAL VARIATION, BY H. C. BARTON, JR. Description of method used by Board in adjusting economic data for seasonal variation. June 1941. 11 pages. GOLD AND DOLLAR RESOURCES OF THE UNITED KINGDOM. * December 1941. 4 pages. SEASONAL ADJUSTMENT FACTORS FOR N E W FED- ERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. Photo-ofTset of adjustment factors, in tabular form. December 1941. 41 pages. * N E W STATISTICS ON QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS. March 1942. 5 pages. * BANK W A R FINANCE, AND SAVINGS. BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages. * PERSONAL INCOME TAXES IN THE UNITED STATES, CANADA, AND THE UNITED KINGDOM, BY R. A. * OF SMALL MONETARY BUSINESS, BY POSTWAR PROBLEMS AND POLICIES, BY E. A. GOLDENWEISER. MONETARY February 1945. 10 pages. AND CREDIT AGREEMENTS INTO AT BRETTON WOODS, BY M. S. ENTERED SZYMCZAK. April 1945. 7 pages. MONETARY DEVELOPMENTS BY ROBERT TRIFFIN. IN LATIN June 1945. AMERICA, 13 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, BY MARY S. PAINTER. September 1945. 2 pages. SURVEYS OF LIQUID ASSET HOLDINGS. September 1945. 7 pages. FINANCIAL DEVELOPMENTS IN MANUFACTURING AND TRADE IN 1944, BY DORIS P. WARNER. De- cember 1945. 6 pages. NATIONAL TRADE; KINGDOM AND POSTWAR ANGLO-AMERICAN INTER- TRADE AND BRITISH W H I T E PAPER PUBLISHED IN CONNECTION WITH ANGLO-AMERICAN FINANCIAL AGREEMENT. ESTIMATED LIQUID January 1946. 28 pages. ASSET HOLDINGS OF I N - DIVIDUALS AND BUSINESSES. February 1946. 2 pages. ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS. April 1946. 12 pages. MUSGRAVE. December 1942. 5 pages. INTERNATIONAL SETTLEMENTS. January 1945. 11 pages. FINANCIAL NEGOTIATIONS; COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER POSTWAR EARNINGS F. C. DIRKS. * T H E UNITED CREDIT, September 1942. 9 pages. TION. FOR INTERNATIONAL Introduction and conclusion reproduced from the original report. 1944. 36 pages. * WARTIME 12 pages. * GOLD, CAPITAL FLOW, AND FOREIGN TRADE IN 1941. * THIRTEENTH ANNUAL REPORT OF THE PRESIDENT OF THE BANK KINGDOM. February 1941. 3 pages. December STABILIZA- MEMBER BANK PROFITS IN 1945. April 1946. 8 pages. June 1943. 21 pages. FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUC- * OWNERSHIP OF DEMAND DEPOSITS, BY RICHARD TION. From August 1940, September 1941, and YOUNGDAHL. May 1946. 4 pages. REVISED INDEX OF DEPARTMENT STORE STOCKS, October 1943 issues of BULLETIN with supplemenBY RICHARD YOUNGDAHL AND JOHN O. BERGELIN. tary data. October 1943. 120 pages. June 1946. 25 pages. * N E W MONETARY AND BANKING MEASURES IN PARAGUAY. January 1944. 10 pages. MEASUREMENT OF FACTORS INFLUENCING THE VOLUME OF DEPOSITS AND CURRENCY. June 1944. 1 page. REVISED A NATIONAL SURVEY OF LIQUID ASSETS. 1946. A NATIONAL SURVEY OF LIQUID ASSETS—DISTRI- BUTION ACCORDING TO INCOME. July 1946. 7 pages. A NATIONAL SURVEY OF LIQUID INDEX OF DEPARTMENT STORE SALES. June 1944. 20 pages. WEISER AND ALICE BOURNEUF. September 1944. 21 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. September 1944. 2 pages. 1068 ASSETS—PROS- PECTIVE SPENDING AND SAVING AND SUMMARY OF SURVEY FINDINGS. BRETTON WOODS AGREEMENTS, BY E. A. GOLDEN- June 7 pages. August 1946. 12 pages. INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS. August 1946. 4 pages. BALANCE SHEET OF AGRICULTURE, 1946. Septem- ber 1946. 21 pages. ESTIMATED DURABLE GOODS EXPENDITURES, FEDERAL RESERVE BULLETIN FEDERAL RESERVE 1939-45, BY DORIS P. WARNER AND ALBERT R. KOCH. September 1946. 8 pages. LIQUID ASSETS AND EXPENDITURE PLANS OF FARM OPERATORS. September 1946. 2 pages. FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945, BY DORIS P. WARNER AND ALBERT R. KOCH. October 1946. ECONOMIC CONDITIONS AND PUBLIC POLICY, BY MARRINER S. ECCLES. November 1946. 6 pages. INTERNATIONAL TRANSACTIONS OF THE UNITED STATES IN THE FIRST POSTWAR YEAR. December 14 pages. T H E POSTWAR FINANCIAL POSITION OF BUSINESS, BY ALBERT R. KOCH AND ELEANOR J. STOCKWELL. December 1946. 10 pages. BUSINESS LOANS OF MEMBER BANKS, BY ALBERT R. KOCH. March 1947. 11 pages. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING, BY FRIEDA BAIRD. March 1947. 6 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH, BY RALPH A. YOUNG AND DUNCAN M C C . HOLTHAUSEN. March 1947. 9 pages. NEW July 1943, June 1944, May 1945, and June 1946 BULLETIN, with supplementary information for separate trades.) T H E STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS, BY RICHARD YOUNGDAHL. July 1947. 17 pages. MEMBER BANK LOANS TO SMALL BUSINESS, BY CHARLES H . SCHMIDT. 9 pages. 1946. PUBLICATIONS GUATEMALAN BANK LAW, BY DAVID L. GROVE. April 1947 BULLETIN with translation of new Bank Law. 39 pages. TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946, BY DUNCAN M C C . HOLTHAUSEN. May 1947. 20 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES. June-July 1947. 9 pages. SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS, BY TYNAN SMITH. June 1947. 17 pages. SURVEY OF CONSUMER FINANCES— PART I. EXPENDITURES FOR DURABLE GOODS AND INVESTMENTS. June 1947. 17 pages. PART II. CONSUMER INCOMES AND LIQUID ASSET HOLDINGS. July 1947. 15 pages. . PART III. CONSUMER SAVING IN 1946 AND OWNERSHIP OF SELECTED NONLIQUID ASSETS. August 1947. 12 pages. RETAIL CREDIT SURVEY—1946. From July 1947 BULLETIN with supplementary information for nine separate trades. 40 pages. (Also, RETAIL CREDIT SURVEY—1942, 1943, 1944, and 1945.* From the AUGUST 1947 # August 1947. 15 pages. BANKING AND MONETARY STATISTICS. From unbound editions of this 979-page volume published in 1943, separate sections as follows: 1. General Statistics of all Banks in the United States. 54 pages. 2. Assets and Liabilities of all Member Banks. 43 pages. 3. Assets and Liabilities of Insured Banks. 8 pages. 4. Assets and Liabilities of Weekly Reporting Member Banks in Leading Cities. 70 pages. 5. Bank Debits and Deposit Turnover. 25 pages. 6. Bank Earnings. 22 pages. 7. Bank Suspensions. 12 pages. 8. Branch, Group, and Chain Banking. 27 pages. 9. Federal Reserve Banks. 34 pages. 10. Member Bank Reserves, Reserve Bank Credit, and Related Items. 42 pages. 11. Currency. 16 pages. 12. Money Rates and Security Markets. 83 pages. 13. United States Government—Treasury Finance and Government Corporations and Credit Agencies. 14 pages. 14. Gold. 23 pages. 15. International Financial Statistics. 125 pages. Part II. Member Bank Statistics by Federal Reserve Districts. 253 pages. The statistics given in the foregoing sections of BANKING AND MONETARY STATISTICS include data compiled by various agencies, governmental and private, and cover the period ending in 1941 and extending back in many cases to 1914 and in a few cases to an earlier date. The introduction to each section summarizes the history, source, and method of compilation of the data, and gives some indication of the purposes for which they may be used. 1069 i FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER BOARD OF GOVERNORS OF THE FEDERAL RESERVE td I 1.1946 SYSTEtt.