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
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$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
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DIGEST OF RULINGS to October 1, 1937. Digests
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BANKING AND MONETARY STATISTICS. Statistics of
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No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
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REGULATIONS OF THE BOARD OF GOVERNORS OF THE
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PERIODICAL RELEASES
WEEKLYCONDITION OF THE FEDERAL RESERVE BANKS
CONDITION
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RULES OF ORGANIZATION AND RULES OF PROCEDURE
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POSTWAR
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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
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T H E GOLD PROBLEM TODAY, BY E. A. GOLDEN-
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1940.
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September
16 pages.
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December 1940. 2 pages.
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December 1936. 29 pages.
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* ECONOMIC
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PREPAREDNESS
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January 1941. 8 pages.
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* SPECIAL REPORT TO THE CONGRESS BY BOARD OF
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November 1935.
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AUGUST 1947
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Feb-
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1067
FEDERAL RESERVE
FEDERAL
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BANK
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May 1941. 16 pages.
* ADJUSTMENT
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*
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SEASONAL ADJUSTMENT FACTORS FOR N E W FED-
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ESTIMATED
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January 1946. 28 pages.
ASSET
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April 1946. 12 pages.
MUSGRAVE. December 1942. 5 pages.
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FINANCIAL NEGOTIATIONS;
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TION.
FOR INTERNATIONAL
Introduction and conclusion reproduced from the
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* WARTIME
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* GOLD, CAPITAL FLOW, AND FOREIGN TRADE IN
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* THIRTEENTH ANNUAL REPORT OF THE PRESIDENT
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STABILIZA-
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April
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June 1943. 21 pages.
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MEASUREMENT OF FACTORS INFLUENCING THE VOLUME
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June
1944.
1 page.
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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.
@FedFRASER