Full text of Federal Reserve Bulletin : December 1946
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FEDERAL
ESERVE
BULLETIN
DECEMBER 1946
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTPON
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 opirjiom expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—International Transactions of the United States in the
First Postwar Year
1321-1334
The Postwar Financial Position of Business, by Albert R. Koch and Eleanor J.
Stockwell . . . .
1335-1344
Revision of Consumer Credit Regulation. .
1345-1346
Law Department:
Amendments to Margin Regulations T $fid U. .
1347-1348
Consumer Credit—Revision of Regulation W. .
1348-1355
Foreign Funds Control—Treasury Department Releases. .
1355-1356
Revised Edition of the Federal Reserve Act. .
1356
Current Events
1357
National Summary of Business Conditions. .
1358-1359
Financial, Industrial, Commercial Statistics, U. S. (See p. 1361 for list of tables)
1361-1413
International Financial Statistics (See p. 1414 for list of tables).
1414-1431
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council . .
.
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Map of Federal Reserve Districts.
Index to Volume 32. .
1432
1433
1434
1435-1458
Federal Reserve Publications (See inside of bac\ cover)
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FEDERAL RESERVE BULLETIN
December 1946
VOLUME 32
NUMBER 12
INTERNATIONAL TRANSACTIONS OF THE UNITED
STATES IN THE FIRST POSTWAR YEAR
The first year of transition following V-J
day has been marked by international transactions of great size and complexity, especially when measured by peacetime standards. In the aftermath of the war the role
of the United States as the arsenal of democracy was changed to that of larder and
workshop for a world in which large areas
were temporarily deprived of the means of
livelihood. At the same time, the main instrument through which the country had
rendered wartime assistance to its Allies had
to be replaced; the lend-lease program was
virtually terminated on V-J day, and alternative methods of financing the flow of supplies to the war-stricken areas of the world
had to be provided.
The following table gives a broad summary of the international transactions of the
United States in the year following V-J day.
These figures, based in large part upon data
compiled by the Department of Commerce,
must be accepted with some reserve because
of the great difficulty of reducing to statistical
quantities the complex of foreign economic
activities in which this country engaged during the period under review. In general, however, it can be stated that the United States
transferred about 14 billion dollars of goods
and services to foreign countries during the
year following V-J day, while receipts of
DECEMBER
1946
goods and services from abroad during that
period amounted to less than half that mm,
or 6.7 billion, The net balance owing to the
United States was therefore about 73 billion
dollars. Most of this net balance was covered by donations and credits provided to
foreign countries by the United States
(mainly the United States Government).
ESTIMATED INTERNATIONAL TRANSACTIONS OF THE UNITED
STATES, SEPTEMBER 1945-AU.GUST 1946
[In billions of dollars]
Item
Credits
Debits
,
8.8
2.0
3.2
4.4
0.3
2.0
Total goods and services. .
14,0
6.7
Goods and services:
Reported exports and imports..
Other transfers of goods
Sejvices, . * , , . . , , . . , . . ,
Donations ("unilateral transfers")
by United States:
UNRRA
Lend-lease..,
Supplies to occupied areas
Private donations
Total.
Transfers on United States Government credits:
Cash disbursements on ExportImport Bank loans and British credit
Lend-lease "pipe-line" credits..
Surplus property credits1
Total
,
Use of foreign gold and dollar resources {net)
,..,..,,.
Miscellaneous (net)2
Credits (+)
or
debits ( - )
+4.4
+ 1.7
+ 1.2
+7.3
-1.5
-0.6
-0.5
-O.6
-3.2
-1.0
-1.1
-0.6
-2.7
-1.0
-0.4
1
Mainly on sales of military surplus located abroad; also includes
small credits on sale of surplus cotton stocks (see text, p. 1332).
2 Residual item consisting of miscellaneous capital transactions
in both directions and errors and omissions under the other headings. Includes net outflow of private United States capital (see
text, p. 1327).
1321
REVIEW OF THE MONTH
MERCHANDISE TRADE
The largest single component of the balance of payments is the movement of merchandise trade, for which complete data are
normally available in the recorded foreign
trade statistics. During the twelve months
since V-J day, however, recorded exports of
8.8 billion dollars were supplemented by
about 2 billion of other merchandise transfers abroad by the United States, including
the sale or transfer of military surplus and
lend-lease supplies located abroad, and shipments of civilian supplies procured by the
War Department for distribution in areas
occupied by our armed forces. At the same
time, recorded imports of 4.4 billion dollars
were accompanied by other United States
purchases of foreign goods (including purchases by our armed forces abroad) amounting to some 0.3 billion dollars. The volume
of international merchandise transactions
not included in recorded exports and imports
may be expected to diminish rapidly as
surplus stocks abroad are depleted, and as
the overseas activities of our armed forces
diminish. In any case the recorded export
data give an approximate measurement of
the volume of current production transferred
to foreign countries (except that they exclude shipment of civilian supplies to occupied areas), while recorded imports show the
actual volume of foreign goods made available for consumption or fabrication in this
country during the period.
Exports. The recorded exports of 8.8 billion dollars were far less than during the
war when the United States was making
huge munitions shipments to its fighting
Allies. However, as shown by the accompanying chart, the sharp decrease in exports
following V-J day has been recovered to a
considerable extent, mainly as a result of the
1322
greatly expanded flow of civilian goods required for relief and reconstruction in warravaged areas. Recorded exports were moving at the rate of 10 billion dollars a year by
UNITED STATES FOREIGN TRADE
MLLIONS OF DOLLARS
1939
MH.LIONS OF DOLLARS
1940
1941
1942
1943
1944
1945
1946
Source.—Department of Commerce.
the second quarter of 1946, and would probably have exceeded this level in the third
quarter had it not been for the severe impact
of the maritime strike in September. Exports in the 1936-39 period averaged only 3
billion dollars a year; this was equivalent,
however, to over 5 billion in terms of present
prices.
The commodity structure and the geographic distribution of exports during the
twelve months following V-J day differed
markedly from the wartime experience, and
were also somewhat different from prewar
patterns (see table below). Wartime exports
were dominated by manufactures as a result
of the huge shipments of finished munitions
under the lend-lease program, and crude
materials and foodstuffs played a relatively
minor role. In the year following V-J day
finished and semi-finished manufactures
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
were a smaller proportion of total export
trade than in 1939. This was due primarily
to the unusual importance of foodstuff exports resulting from the combination of high
food production at home and exceptional requirements abroad, especially in the warravaged countries of Europe. One-quarter
UNITED
COMMODITY
STATES EXPORTS
COMPOSITION
AND GEOGRAPHIC
DISTRIBUTION
[Values in millions of dollars]
Item
Sept.
1945Aug.
1946
Value
Percentage
of total
1944
Sept.
1945- 1944 1939
Aug.
1946
By economic class
554 528 14.3
1,225
3.9 16.9
Crude materials
111 8.3
134
3.6
710
.9
Crude foodstuffs
202 17.2 11.5
6.5
Manufactured foodstuffs. 1,474 1,633
615
834
1,096
7.7
19.7
9.7
Semi-manufactures
Finished manufactures. . 4,327 10,746 1,667 50.5 75.9 53.4
the prewar pattern are probably largely
transitory. Some decline in foodstuff exports may reasonably be expected in view of
improved harvests in Europe and the progressive decline in relief aid to that Continent, while the eventual resumption of more
normal trading relationships with China,
Japan, and Southeast Asia will tend to restore the Far Eastern area to its prewar position in our export trade.
The following table shows the extraordinary importance of the United States as the
supplier of certain foreign countries during
the past year, and indicates the great material contribution made by the United States
toward the rehabilitation of foreign economies, especially on the European Continent.
PROPORTION
By continent
802
2,177 2,107
North America
947
540 327
South America
4,000 9,344 1,290
Europe
997 562
1,083
Asia
410
124
80
Australia and Oceania...
861
494
115
Africa
Total exports x
24.7 14.8 25.3
3
10.7
10.4
40.6
45.3 65
12.3
7.0 17.7
2.5
1.4
2.9
3.6
5.6
6.0
1,823 14,261 3,177 100.0 100.0 100.0
1
Including re-exports. Commodity composition data are available only for exports of United States merchandise.
Source.—Department of Commerce trade releases.
of total exports from the United States in
the year following V-} day consisted of crude
and manufactured foodstuffs, which in the
immediate prewar years constituted no more
than 10 to 15 per cent of a far smaller volume of exports.
The geographic distribution of exports has
tended since V-J day to resume the prewar
pattern, but the special relief and reconstruction requirements in Europe on the one hand,
and the relative inaccessibility to ordinary
trade of many Far Eastern markets on the
other, are reflected in some shift in the proportions of United States exports flowing to
these two areas.
Most of the remaining departures from
DECEMBER 1946
OF
IMPORTS
FROM
UNITED
IMPORTS OF SELECTED
Total exports of U. S.
8,569 14,163 3,123 100.0 100.0 100.0
merchandise
STATES
TO
TOTAL
COUNTRIES
1937 AND 1945-46
1
[Percentage of total imports]
Country
United Kingdom
France
Belgium
Denmark
Norway
Sweden
Swi tzerland
. .
Italy (excluding colonies)
Czechoslovakia
Egypt
China
Philippines
Canada
Australia
New Zealand
Latin America
,.
..
1937
1945-46
11
10
17
44
9
5
9
15
7
19
8
21
24
16
11
10
6
70
41
14
20
60
2 60
95
61
15
13
71
21
17
34
2 60
1
Data based on import statistics of foreign countries; those for
1945-46 cover period from October 1945 through September 1946
(or, in some cases, the portion of this period for which information
is available).
2
Estimated.
The increased percentage shares of imports
from the United States in the total imports
of the countries concerned are impressive.
Furthermore, in the case of many of these
countries, even though their total imports
were substantially smaller than before the
war, their imports from the United States
1323
REVIEW OF THE MONTH
were greatly in excess of prewar levels. The
reasons for this development are obvious:
first, the effect of destruction wrought by the
war upon other major suppliers of world
markets; and second, the stimulus given to
exports by United States foreign lending activities and contributions to UNRRA. In
Czechoslovakia, for example, no less than 98
per cent of imports from the United States
consisted of UNRRA deliveries. Even countries which received neither UNRRA aid nor
substantial financial assistance, such as
Sweden and Switzerland, the British Dominions, and Latin America, have directed to
the United States an exceptionally high proportion of their total purchases from abroad.
In fact, in view of the ample gold and dollar
resources of many of these countries, they
would undoubtedly have made even larger
purchases from the United States if additional supplies had been available here.
Imports. Imports into the United States
have shown a steadily rising trend since the
end of the war, although the volume has not
been as large as might have been anticipated
in view of the current high level of income
and employment in this country. On the
basis of prewar relationships between national
income and imports, imports during the year
following V-J day might have been expected
to reach 7.5 billion dollars at current prices
as compared with the 4.4 billion dollar total
actually received. This smaller volume reflects the inability of the disrupted economies
of Europe and Asia to supply the goods
which they would normally export to the
United States. Production in Europe and
Asia is still generally well below prewar
levels, and in addition these areas have extraordinary requirements for rehabilitation
and reconstruction. The two areas together
supplied only one-third of United States imports in the year following V-J day as com1324
pared with well over half in 1939, as may be
seen in the accompanying table. Countries
of the Western Hemisphere still retain much
of the relative advantage as suppliers of the
United States market which they gained during the war; however, imports from Canada
have declined somewhat since V-} day, reflecting curtailment of the extensive exchange of semi-finished and finished manufactured goods which characterized our wartime trade relations with that country.
UNITED STATES IMPORTS
COMMODITY COMPOSITION AND GEOGRAPHIC
DISTRIBUTION
[Values in millions ofMollars]
Percentage
of total
Value
Item
Sept.
1945- 1944
Aug.
1946
By economic class
Crude materials
1,511 1,069
841
730
Crude foodstuffs
521
Manufactured foodstuffs. 450
706
881
Semi-manufactures
741
Finished manufactures. . 759
Sept.
1939 1945Aug. 1944 1939
1946
745
291
313
487
440
34.9
16.9
10.4
20.3
17.5
27.6
21.7
13.4
18.2
19.1
32.7
12.8
13.8
21.4
19.3
Total imports
for consumption1.
4,330 3,879 2,276 100.0 100.0 100.0
By continent
1,557 2,038
North America
923
1,031
South America
285
672
Europe
322
698
Asia
130
Australia and Oceania... 175
222
305
Africa
581
317
617
700
27
77
35.6 52.0 25.1
13.7
23.1 23
15.0 7.3 26.6
15.5 8.2 30.2
1.2
4.0 3.3
6.7 5.7 3.3
Total general imports. 4,439 3 921 2,318 100.0 100.0 100.0
1
Commodity composition data are available only for imports
for consumption.
Source.—Department of Commerce trade releases.
Imports of crude materials are now assuming a larger role in United States import
trade than before the war, partly because of
relatively large price increases for these commodities, but also because of the very high
volume of industrial production in the United
States and the current efforts to replenish depleted raw materials inventories. This development, which has occurred despite the
continued low level of crude material imports from the Far East, may prove to be a
permanent feature of our import trade beFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
cause of the depletion of our natural resources. The relative increase in imports of
crude foodstuffs as compared with prewar
experience reflects in part the high current
prices for these commodities, which may be
expected to decline when world production
of basic foodstuffs has been restored.
SERVICE TRANSACTIONS
The value of services rendered by the
United States to foreign countries during the
year following V-J day exceeded the value of
services received by possibly 1.2 billion dollars. The United States had a very large
net credit balance on shipping and transportation services, received substantial net interest and dividend payments, and provided
a large volume of special services to foreign
countries through Government channels.
On the other hand, there was a very important offsetting item in the wide variety of
services provided by foreign countries to
United States armed forces abroad.
The United States, which before the war
normally made net payments to foreign countries for shipping services, emerged from the
conflict preeminent in the international shipping field. Although since the end of the
war there has been some increase in the participation of foreign vessels in the carriage
of United States trade, the net amount payable to the United States on shipping and
other transportation operations continued to
be very large during the following twelve
months, amounting to perhaps 1.2 billion
dollars for the year as a whole. As foreign
merchant fleets are rebuilt, either by new construction or by purchase of surplus United
States vessels, net shipping receipts of this
country can be expected to decline substantially.
The net income of the United States on inDECEMBER 1946
vestment account probably amounted to
around 400 million dollars in the year following V-J day, or rather more than before
the war. United States investments abroad,
although somewhat smaller than foreign
claims on the United States, are mainly in
securities and properties which, despite transfer difficulties in many cases, yield a relatively high return, whereas a large portion
of foreign claims take the form of bank deposits or short-term liquid investments. The
current expansion of the international creditor position of the United States as a result
both of new loans abroad and of the liquidation of foreign-held assets in this country
will tend to augment net investment income
in the future.
Special services provided to foreign countries by the United States Government, such
as repairing ships, transporting troops, and
various activities of our armed forces in the
field, were an important element in the wartime lend-lease program. Since V-J day the
amount of such services has declined rapidly,
but it was large in the months immediately
following the war, especially in China, and
may have aggregated some 600 million dollars during the year under review.
United States Government expenditures
abroad for services other than shipping and
transportation also continued very large during the months following V-J day, although
they have declined rapidly since that time.
This item, which consists mainly of expenditures by our armed forces abroad (including
personal expenditures of the troops), may
have amounted to as much as one billion
dollars in the year following V-J day.
In the immediate prewar years, expenditures abroad by American tourists amounted
to over 300 million dollars a year, and were
an important offset to net receipts by the
United States on other service transactions.
1325
REVIEW OF THE MONTH
During the war, however, this form of expenditure was radically curtailed, and even
in the year since V-J day it scarcely exceeded
expenditures by foreign visitors to the United
States. This item in our balance of payments
is destined to become much more important.
Restrictions on travel abroad are being rapidly reduced and sea and air transportation
facilities are being developed on a full peacetime basis. While food supplies, housing
accommodations, and transportation facilities abroad have been seriously limiting factors, rapid improvement in this direction is
also to be expected. Vacation travel during
1946 to Canada and Mexico is expected to
surpass all previous records. As other areas
open up and offer an outlet for the pent-up
demand for foreign travel, the expenditures
of American tourists abroad are expected to
rise beyond all previous experience.
DONATIONS AND CREDIT TRANSFERS FROM THE
UNITED STATES
Most of the net balance of 7.3 billion dollars owing to the United States on merchandise and service transactions during the year
following V-J day was covered by donations
and credit transfers provided to foreign countries by the United States (mainly by the
Government).
Unilateral transfers. Donations and similar transactions (termed "unilateral transfers" by the Department of Commerce)
covered nearly one-quarter of total foreign
requirements from this country in the immediate postwar period. The net balance of
such transactions in favor of foreign countries amounted to some 3.2 billion dollars in
the year following V-J day.
Much the largest contribution by the
United States was made through participation in the United Nations Relief and Rehabilitation Administration. Goods valued
1326
at some 1.2 billion dollars were shipped from
this country for UNRRA account during the
twelve months under review, and additional
contributions in the form of freight and cash
payments brought the total foreign aid rendered by the United States Government
through UNRRA to about 1.5 billion during
this period.
"Straight" lend-lease transactions, for which
no material compensation has been requested,
dominated the balance of payments of the
United States during the war, but rapidly declined in importance after V-J day. Goods
and services valued at some 600 million dollars were provided to foreign countries in
this form by the United States Government
during the period under review, mainly as
a result of special lend-lease assistance to
China in the last months of 1945.
A further 500 million dollars was provided
in the form of civilian supplies shipped by
the United States Government to occupied
areas. Although the provision of these supplies gives rise to a general claim by the
United States on future exports from the occupied areas, this claim is not sufficiently
well defined to be classified as a foreign credit
so that the provision of these supplies is
tentatively classified by the Department of
Commerce as a "unilateral transfer."
Finally, private relief shipments and support remittances from the United States,
which have always played a significant role
in this country's balance of payments, provided some 600 million dollars to foreign
countries during the year following V-J day.
Other small miscellaneous "unilateral transfers" by the United States were about equal to
receipts by the United States of certain goods
and services supplied without charge by foreign countries (especially to our armed forces
in occupied areas).
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Transfers on United States Government
and other credits. Nearly one-fifth of the
goods and services transferred to foreign
countries by the United States in the year
following V-J day was financed by drafts
upon credits extended by the United States
Government, totaling some 2.7 billion dollars. About one billion dollars was disbursed
on such credits in cash during the year, consisting of 700 million dollars on Export-Import Bank loans and 300 million on the special British line of credit at the United States
Treasury. Another 1.7 billion dollars in
goods was transferred to foreign countries
on deferred payment terms, including 1.1
billion of lend-lease goods and 600 million
dollars of surplus property. Further details
concerning these credit operations are presented in a subsequent section.
Foreign lending by the United States Government was supplemented to some extent
by the extension of credit from other United
States sources. Much of the 400 million dollar residual item in the table on page 1321
may be accounted for in this manner. Shortterm loans on gold by the Federal Reserve"
Banks to foreign, central banks increased by
110 million dollars during the period under
review, and other United States banking
claims on foreign countries rose by 165 million. It is likely that new commercial and
business investments abroad amounted to a
substantial sum during this period, but no
precise estimate can be made of this factor.
On the other hand, the regular capital movement reports indicate that during the period
in question there was a net repatriation of
125 million dollars of American funds abroad
through net purchases (including redemptions) by foreigners of foreign marketable
securities owned in the United States.
DECEMBER
1946
LIQUIDATION OF FOREIGN GOLD AND DOLLAR
RESOURCES
Foreign countries as a whole made only
moderate use of their gold and dollar resources during the year following V-J day,
although some individual countries found it
necessary to draw heavily on their holdings
of such assets. The net gold inflow to the
United States from abroad (including net
releases from earmark in this country)
amounted to about 400 million dollars during this period, reported foreign dollar balances (deposits and short-term investments)
in the United States declined by nearly 200
million, and the reported liquidation of foreign holdings of marketable United States
securities amounted to almost 350 million.
These sources, plus a net draft of about 50
million dollars on a special British account
used to finance tobacco purchases, provided
nearly one billion dollars toward meeting
the net balance on merchandise and service
account.
Gold inflow. A renewed gold inflow to
the United States commenced (on the basis
of monthly figures) in December 1945 and
has since continued on a moderate scale. The
huge gold inflow to the United States which
characterized the prewar years gave way to
a reverse movement during the war period.
The monetary gold stock of the United
States, which reached a peak of 22.8 billion
dollars shortly before Pearl Harbor, had been
reduced by November 1945 to about 20.0 billion. Domestic gold consumption was running at a high level and exceeded the restricted volume of domestic production by
70 million dollars during that period. The
main drain on the monetary gold stock arose,
however, from net sales by the United States
to foreign countries of about 2./[ billion dollars in gold, mainly to pay for foreign goods
1327
REVIEW OF THE MONTH
and services required in the war effort at a of gold as Russia, the United Kingdom, and
time when no payment was being received Canada) are not reporting their current refor a large proportion of United States ex- serve position. By August 1946 foreign
ports.
monetary authorities probably held around
Gold production abroad (excluding Rus- 16 billion dollars in gold or 44 per cent of
sian production which, though undoubtedly the world's total monetary gold reserves,
substantial, has not been reported for many whereas at the end of 1941 they held only
years) is estimated at 700 million dollars for about 10l/2 billion, or 31 per cent of a subthe period under review. It has not yet re- stantially smaller total. The United States
covered from the low point reached during share has therefore declined from 69 to 56
the war, when gold mines in most producing per cent during this period.
countries (as in the United States) were deFrom available published figures, it is evinied labor and material resources required dent that France was the principal loser of
for the war effort. Although in almost all gold in the year following V-J day. Reported
producing countries, working costs have risen holdings by the Bank of France declined
more than the increase (if any) in the domes- 980 million dollars during the period. Of
tic price of gold, foreign production outside this amount, however, nearly 300 million
Russia may in due course regain the level of dollars reflected a transfer of gold to the
a billion dollars a year which was reached French Exchange Stabilization Fund in April
and even exceeded in the immediate prewar 1946, and some portion of that gold probably
years.
still remains in French hands. In view of
Since the gold inflow to the United States this major loss and the probable net flow of
fell short of reported new production abroad some foreign gold production into foreign
by about 300 million dollars during the year monetary reserves, it is likely that reserves of
following V-J day, it follows that total gold other foreign countries increased by someholdings abroad must have increased by that thing like a billion dollars. Switzerland and
amount plus whatever new gold was mined South Africa each reported the net acquisiin Russia. A large part of this increase was tion of about 100 million dollars in gold in
probably absorbed in private hoards either the year following V-J day, and another 100
through official sales of gold to the public million was accumulated by three Latin
or in private gold trading. The policy of American countries (Colombia, Venezuela,
selling gold to the public to check inflation and Cuba). The remaining amount must be
was pursued by a number of countries (e. g. attributed mainly to increases in the undisGreece, Switzerland, China, Mexico, Brazil, closed reserves of the major nonreporting
and Chile). Private trading in gold con- countries.
Use of foreign dollar balances. Dollar
tinued to be important in India and the
Middle East, where hoarding of precious balances held by foreign countries in the
metals has long been common. Some por- United States supplied a net amount of some
tion of new production during the year 200 million dollars toward meeting foreign
probably served to increase aggregate foreign requirements during the year following V-J
holdings of monetary gold reserves, but this day. T h e reported dollar balances of foris difficult to confirm since many foreign eign central banks and governments were
countries (including such important holders drawn upon to the extent of nearly 600 mil1328
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
lion dollars net, mainly as a result of heavy
drafts upon the British, Canadian, Philippine, and French accounts, but this movement in official funds was largely compensated by a rather general expansion of balances held for private foreign account. Official balances of foreign countries fell from
4.2 to 3.6 billion dollars and private balances
rose from 2.4 to 2.8 billion during the period
under review, as shown by the accompanying
chart.1 Both categories, however, remained
far above prewar levels: at the end of 1938,
for example, official balances amounted to
only 0.5 billion dollars and private balances
to 1.7 billion.
In general these funds may be expected to
decline in time to more normal "working
balance" figures, although there has been one
development in the handling of official dollar balances by foreign monetary authorities
which may tend to keep them persistently
above the prewar level. Whereas in the immediate prewar years no foreign official
funds were invested in short-term paper in
the United States market, at the end of August of this year 1.6 billion dollars, or more
than two-fifths of total official funds, was
held in United States Treasury bills and certificates (see chart). The interest return on
such investments, though small, may induce
some foreign monetary authorities to continue holding a significant proportion of
their international reserves in this form
rather than in gold.
Sales of domestic securities. Net sales by
foreign countries of marketable domestic securities (both stocks and bonds, including
1
Detailed data concerning the movement of foreign balances
tables on pp. 1417 to 1422. However, the data in these table:
relating^ to foreign balances include, in addition to balances held
by foreign countries, those held by international institutions,
especially the International Bank for Reconstruction and Development. Such institutions increased their holdings of dollar
balances by 300 million dollars during the year under review,
mainly as a result of contributions from the United States.
DECEMBER
1946
United States Government bonds) amounted
to nearly 350 million dollars during the year
following V-J day, reflecting mainly liquidation of Chinese, British, and Canadian holdings. Several Latin American countries, on
the other hand, were small net purchasers
of securities in this country.
FOREIGN SHORT-TERM BANKING FUNDS
IN THE UNITED STATES
BILLIONS OF DOLLARS
END OF MONTH FIGURES
8
FOREIGN LENDING PROGRAM OF THE UNITED
STATES GOVERNMENT IN THE POSTWAR
TRANSITION 2
Long before the end of the war, it became
apparent that in the immediate postwar transition period there would be vast material
needs in the war-ravaged areas of the world
which could be supplied only from the
United States and which could not possibly
be financed by the affected countries from
their own resources. The UNRRA organization, to which the United States was by far
the largest single contributor, was established
2
For the text of the "Statement of the Foreign Loan Policy
of the United States Government" issued on Feb. 21, 1946,
by the National Advisory Council on International Monetary
and Financial Problems, see BULLETIN for March 1946, pp.
227-231.
1329
REVIEW OF THE MONTH
in November 1943 to help bridge this gap
for countries deemed incapable of repaying
the assistance even in future years, but its
operations were restricted to meeting the subsistence requirements of these countries for
relief and primary rehabilitation. T o meet the
longer-range reconstruction program and to
stimulate the economic development of the
backward areas of the world, the International Bank for Reconstruction and Development was conceived at Bretton Woods in
August 1944.
T h e end of the war in the Pacific, however,
following closely on the end of the European conflict and accompanied by the abrupt
termination of the lend-lease program, found
the initiation of active operations by the International Bank more than a year away,
while the crucial problem of financing the
postwar transitional deficit in the British balance of payments remained to be solved. The
United States Government, confronted by
the prospect of economic disintegration in
Europe and Asia if adequate help were not
promptly forthcoming, had to act boldly to
assist the British in meeting their problem
and to provide interim assistance to warravaged countries pending the activation of
the International Bank. T h e commitments
required to accomplish this program were
almost completed during the year following
V-J day and the International Bank is now
prepared to assume the main function of
financing foreign reconstruction and development needs.
A preceding section has shown the importance of United States Government credits
in maintaining the flow of goods to needy
countries during the first postwar year. It
should be added that the amounts yet to be
drawn on these credits will substantially ease
the task of the International Bank and the
International Monetary Fund in financing
1330
foreign requirements in coming years. At
the end of the first postwar year, the British
were still entitled to draw nearly 3.5 billion
dollars on their special line of credit, while
over 1.7 billion remained available for future
disbursement on outstanding fixport-Import
Bank commitments. O n the other hand,
only small amounts of lend-lease and surplus
property goods still remained undelivered on
sales contracts calling for deferred payment
terms. Altogether, at the end of August
1946, foreign countries had well over 5 billion dollars of United States Government
credit still available to them. (This figure declined to somewhat less than 5 billion during
the subsequent three months as a result of
continuing drafts on the British credit and
Export-Import Bank loans.) It may also be
noted that repayments on the United States
Government credits will be relatively small
for some years; almost all of the credit agreements provide for amortization over a long
period, and most of them allow some years'
grace before repayment commences.
T h e extension of United States Government credits has proceeded through a number of instrumentalities, all subject, however,
to coordination by the National Advisory
Council on International Monetary and
Financial Problems.
British credit. T h e largest single operation, the 3.75 billion dollar line of credit to
the United Kingdom available until the end
of 1951, is being handled by the United
States Treasury under a special act of the
Congress approved on July 15, 1946. An
initial draft of 300 million dollars was made
at once upon this credit, and a further 300
million has been drawn since the end of August. Drafts will probably continue to be
moderate for some time but may be expected
to accelerate after July of next year, when
pursuant to the Anglo-American financial
FEDERAL RESERVE BULLETIN
REVIEW OF THE
agreement providing for the extension of the
credit,3 Britain must reintroduce free convertibility of the pound sterling for current
international transactions. In the interim,
Britain is financing a substantial part of its
current trade deficit by further payments
into "blocked" sterling accounts, but after
July 1947 all foreign suppliers of the British
market will be allowed to convert their current sterling receipts into dollars if they so
desire. Although by that time Britain may
be paying her way through exports to a much
greater degree than was once thought possible, some demands for such conversion are
certain to be made by countries with a net
export surplus to the United Kingdom. It
should be noted that drafts on the British
credit to meet such demands will serve to
strengthen the dollar position of countries all
over the world.
Export-Import Ban\. The Export-Import
Bank was operating on a relatively small
scale until mid-1945, with an authorized
lending capacity of only 700 million dollars
and outstanding loans and commitments of
only 550 million at that time. In July 1945,
in response to the urgent needs of Europe
for reconstruction funds following the end
of the war in Europe, the Congress increased
the Bank's lending authority to 3.5 billion
dollars and it became a major instrumentality
in the postwar lending program. During the
year following V-J day cash disbursements on
Export-Import Bank loans amounted to 720
million dollars. As shown in the table below, more than 85 per cent was advanced to
countries in Continental Europe (mainly
France, Belgium, and the Netherlands); disbursements on development loans to Latin
America and some limited advances to China
accounted for most of the remainder. Re3
For text of this agreement, see BULLETIN for January 1946,
pp. 14-19.
DECEMBER 1946
MONTH
payments due to the Export-Import Bank
amounted to only 45 million dollars during
the year.
FOREIGN LENDING OPERATIONS OF THE EXPORT-IMPORT BANK
[In millions of dollars]
Loans and commitments
as of August 31, 1946
Country
Total
Europe
France
Netherlands
Belgium
Finland
Norway
Poland
Greece
Italy
Czechoslovakia .
Denmark
Unallocated
1,195
299
99
65
51
43
25
25
22
..
20
40
389
85
96
47
0
3
1
3
2
15
0
806
215
3
18
51
40
24
22
20
5
40
394
85
97
23
0
0
1
3
2
15
0
1,885
642
1,243
621
118
90
58
35
32
25
20
89
52
50
45
18
22
25
7
51
18
32
4
5
3
0
9
6
468
66
40
13
17
10
0
13
38
197
270
76
125
100
31
52
0
2
73
100
29
23
0
2
256
54
202
25
5
0
5
0
2,614
894
1,720
722
Total
Latin America
Brazil
Mexico
. ..
Chile
Colombia
..
Uruguay
Peru
Cuba .
Other
Total
Asia and Africa
China
Netherlands East Indies.
Other
Total
Unallocated. .
Total
Outstanding
loans
Disbursements
during 12
months
Undisending
bursed
August
commit- 31, 1946
ments
In terms of commitments, the Bank's operations during the year were also oriented
strongly toward Continental Europe. Of its
2.6 billion dollars of loans and commitments
outstanding on August 31, 1946, about 1,200
million represented commitments to France
entered into since V-J day, and a further 700
million commitments to other European
countries negotiated in large part since that
time. Most of the remaining 700 million
dollars allocated to Latin America and
other areas was on credits arranged prior to
V-J day; new commitments to these countries in the year following that date amounted
1331
REVIEW OF THE MONTH
to less than 300 million. Since three-quarters
of the Bank's lending capacity was already
committed by the end of August, the pattern
of its loan portfolio was fairly well established by that time, although the Bank was
reserving 500 million dollars out of its 900
million of uncommitted funds for possible
credits to China. Aside from the possibility
of such aid to China, and of a loan to Russia
out of additional funds to be provided by
the Congress, the Bank had largely completed its extension of reconstruction loans
by August 1946. In the following three
months, the Bank made new loan commitments of only about 50 million dollars, and
several recent loan applications to the Bank
have been referred by the National Advisory
Council to the International Bank on the
ground that the latter has now become the
more appropriate institution for handling
them.
Sales of goods on deferred terms. The
United States Government has also engaged
through various instrumentalities in the direct sale of goods abroad on deferred payment terms. The most important instance
of this type of credit operation has arisen in
connection with the transfer of the so-called
lend-lease "pipe-line," consisted of lendlease goods which were in course of procurement in the United States on V-J day. Lendlease pipeline credits have been extended
under the Lend-Lease Act to Britain and
France as part of the general settlements of
war accounts with those countries, and also
to Russia, China, and a few other countries.4
4
The general war settlements with Britain, France, and some
other countries also provide that these countries should repay
the United States on deferred terms for civilian-type lend-lease
goods held by the governments of those countries at the end of
the war. Lend-lease "inventory" credits of this type may also
prove necessary in connection with eventual settlements of this
character with China and Russia. The goods covered by these
credits, however, were supplied before V-J day so that the
credits themselves, though negotiated after that date, should be
attributed to the international balance of payments for the
earlier period. The same principle applies to othef claims arising out of the war and settled through the extension of credit
in connection with general war settlements.
1332
Shipments of the goods against these credits,
which take place as deliveries are made by
suppliers in this country, amounted to about
1.1 billion dollars during the year following
V-J day. Only a small amount remained
available to foreign countries from this source
after August 1946.
Additional sales of goods abroad on deferred terms have been made by the Office
of the Foreign Liquidation Commissioner in
the Department of State, which is responsible for the disposition of surplus military
stocks located abroad. During the year following V-J day this Office sold over 500 million dollars of surplus on this basis, mainly
through bulk transactions with Allied governments covering surplus located in their
jurisdictions. Much the largest credit, 300
million dollars, was extended to France in
connection with the general settlement of
war accounts with that country in May 1946.
During September the sale of surplus property in Italy through the extension of a 160
million dollar credit to the Italian Government substantially completed the surplus
liquidation program in Europe (except in
Germany), while the disposal program in the
Pacific was also brought near to a close (except in Japan) by bulk sales to China and
the Philippines for which no credit was required. Hence the extension of credit on
sales of surplus located abroad is not likely
to increase very much beyond the present
figure of about 700 million dollars. In assessing the general contribution of these
credits to the reconstruction program, it
should be borne in mind that, although the
original cost of the surplus was four to five
times the sales proceeds, a large part of the
goods involved can be adapted only with
difficulty to the peacetime requirements of
the recipient countries.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Finally, the Commodity Credit Corporation has supplied some of its surplus stocks
of raw cotton to Japan and Germany on a
short-term credit basis; these operations have
involved less than 100 million dollars. The
Maritime Commission and the War Assets
Administration may also grant substantial
amounts of foreign credit in connection with
the disposition of surplus merchant ships
and other surplus property located in the
United States, but the actual commitments
entered into by these agencies have so far
been negligible.
BALANCE OF PAYMENTS PROSPECTS FOR
1947
The year 1947 will again be characterized
by abnormally large net exports of goods and
services by the United States. Despite the
substantial progress which has been made in
the rehabilitation and reconstruction of foreign economies, the requirements of foreign
countries which can be met only in the
United States will continue for some time
greatly to exceed their ability to supply the
market here. In fact, the factors likely to
limit United States exports in 1947 will not
be foreign physical requirements but rather
the capacity of this country to produce for
export and the supply of dollars available to
foreign countries which need the goods.
Any approach to quantitative assessment
of the balance of payments prospects for 1947
must be merely illustrative in nature. However, it may be of interest to consider whether
foreign countries would be able to finance
purchases of recorded United States exports
in 1947 at the rate reached during the summer of 1946. At present prices this would
call for recorded merchandise exports of
around 11 billion dollars during the coming
year.
DECEMBER 1946
It appears reasonable to assume that "other"
goods transfers (i.e. goods transfers not recorded in the foreign trade statistics) and
service transactions will not give rise to large
net payments to the United States by foreign
countries during 1947. The amount of
"other" goods and of services provided and
received by the United States Government
in international transactions should no longer
be of great importance (except in the case of
civilian supplies for occupied areas, which
are classified as a "unilateral transfer"). Both
the expected reduction in United States shipping receipts and the anticipated increase in
United States tourist payments will tend
toward creating a closer balance in international service accounts.
Merchandise imports into the United
States in 1947 will presumably provide a
greater flow of dollars to foreign countries
than during the year following V-J day.
Sources of supply are progressively being reopened and there remain many unsatisfied
demands in the United States for foreign
products. The general price level at the beginning of 1947 will be substantially higher
than during the first postwar year. On the
whole it would be reasonable to anticipate
an increase of merchandise imports to about
6 billion dollars in 1947. In addition, foreign
countries might be able to sell to the United
States more than half a billion dollars in
newly-produced gold without drawing upon
their .existing gold reserves
On the other hand, donations from the
United States, which played such a significant part m. the balance of payments for the
first postwar year, will greatly decline in importance. Private relief activities and remittances will continue on a substantial scale, but
the amount of recorded exports financed by
public grants will be confined to final shipments under the UNRRA program plus such
1333
REVIEW OF THE MONTH
special post-UNRRA assistance to Europe
as may be authorized by the Congress. Aside
from civilian supplies to occupied areas,
which do not appear in recorded exports,
uncompensated assistance to foreign countries from the United States may not amount
to much more than one billion dollars in
1947.
On these broad assumptions, the amount
of the export surplus which would have to
be financed on credit terms or by the use of
existing foreign gold and dollar balances
would come to some 3l/2 billion dollars.
The principal sources of credit will be
the Export-Import Bank, the British line of
credit with the United States Treasury, the
International Bank and the International
Monetary Fund, and the private capital
market in the United States to the extent that
it resumes operations in the foreign lending
field. The Export-Import Bank had undisbursed commitments of about ll/2 billion
dollars at the end of November 1946, and
even if no allowance is made for possible
further commitments it is likely that a billion dollars will be drawn from the Bank
during 1947. The British credit, of which
over 3 billion dollars was still undisbursed at
the end of November 1946, is intended for
use over a period of several years, but drawings in 1947 will probably provide a further
substantial amount toward meeting foreign
needs for that year. The rest of the hypothetical 3*4 billion dollar residual requirement could probably be handled without excessive strain by the new international institutions, even if hopes for a resumption of
private foreign investment by this country
are not realized.
It may be tentatively concluded, therefore,
that foreign countries could finance purchases of 11 billion dollars of United States
exports in 1947 without drawing upon their
1334
existing holdings of gold and dollar resources. However, there is reason to believe that in fact some net draft will be made
upon such resources. It has been pointed
out that private foreign dollar balances are
now at an exceptionally high level, and that
a gradual decline to a more normal "working balance" figure is to be expected. In addition, gold and dollar reserves in the hands
of foreign monetary authorities amounted
late in 1946 to over 19 billion dollars as compared with only 11% billion as late as the
end of 1941. About one billion dollars in
gold will become due on foreign subscriptions to the International Monetary Fund
when it commences active exchange operations, probably early in 1947 (though this
amount may be reduced to the extent that
the Fund postpones operations with certain
member countries). But some further portion of the wartime accretion to foreign reserves may well be spent during 1947 by
countries holding large reserves and having
special postwar import requirements. It is
true that, despite the high aggregate figure,
the gold and dollar reserves of many individual countries are still small in relation to
what they would like to hold against the uncertainties of the future; but few of these
countries will be able to afford adding much
to their reserves during the coming year.
On balance, therefore, it seems likely that
during 1947 the United States will receive,
outside of the International Monetary Fund,
some net inflow of existing foreign gold and
dollar holdings, both official and private. To
the extent that such a movement occurs, the
prospective demands on dollar credit facilities
may be reduced or—if the supply situation in
this country permits—the flow of exports
from the United States may surpass the 11
billion dollar figure assumed for the purposes of the preceding discussion.
FEDERAL RESERVE BULLETIN
THE POSTWAR FINANCIAL POSITION OF BUSINESS
by
ALBERT R. KOCH AND ELEANOR J. STOCKWELL
The greatly improved financial position attained
by American business during the war was further strengthened in 1945. Increased expenditures
on plant and equipment were more than offset
by substantial, though reduced, funds retained from
operations and a larger volume of outside financing.
The expanded working capital took the form of
further additions to liquid assets, enlarged civiliantype inventories, and an increased volume of customer financing.
The improvement in financial position during the
past five years has been relatively greater in smalland medium-size concerns than in large concerns.
This is because of the relatively greater increase in
sales, profits, and assets, as is shown in the chart. At
the end of 1945 the small- and medium-size concerns
were probably in a more liquid position than they
had ever been in the history of the country.
By the end of 1945, however, postwar economic
developments had had some diverse effects upon
the financial position and requirements of concerns
of different sizes and various lines of business.
Large war producers in durable goods industries,
for instance, had experienced a sharp reduction in
sales, profits, and assets during the last half of 1945.
Their liquid assets, although still large relative
to the current as well as the prospective volume
of business, fell substantially in volume as cash
receipts declined and cash outlays remained large
during the reconversion period. Moreover, there
was a considerable disparity in the experience of
individual concerns.
Thus while many manufacturing and trade concerns were in an extremely liquid position in 1945,
others were incurring bank indebtedness and floating security issues to obtain funds needed for (1)
replacements and additions to plant and equipment
made necessary by expanding postwar demands,
(2) reconversion expenses, and (3) a shift from
war-type to civilian-type inventories. In a period
when many firms were making drastic shifts in
items of production and in types of business assets,
it is not surprising that a sizable volume of external
financing should have been undertaken in the midst
DECEMBER 1946
of large aggregate liquid asset holdings and substantial retained earnings. Large liquid asset holdings by business in the aggregate are not a pool
of resources to be drawn upon at will by individual
concerns; rather they are separate and often quite
small sources of funds scattered among individual
enterprises and often held idle awaiting future
investment opportunities within or without the
business.
The foregoing brief summary of the financial
position of manufacturing and trade companies at
the end of 1945 is based on a compilation of financial data for 2,708 unincorporated and incorporated business concerns. Of this number, as is
shown in Table 1, 1,792 were in manufacturing
and 916 in trade. In 1941 the total assets of the
individual concerns ranged from around $10,000
to over $1,000,000,000. Data for all unincorporated
enterprises, for trade corporations, and for manuWARTIME GROWTH IN TOTAL ASSETS OF
.2.708. MANUFACTURING AND TRADE CONCERNS, BY ASSET SIZE
l»40 TOTAL ASSETS • 100
PER CENT
MANUFACTURING
1944
TRADE
1940
PER CENT
1944
* Very similar rates of growth for medium- and large-size retail
trade companies.
NOTE.—Data refer to year-end position. Indexes for years prior
to 1945 are based on a somewhat smaller number of concerns.
Concerns are classified by asset size as follows:
Small
Medium
Large
Manufacturing
Trade
(Total assets in millions of dollars)
Under 1
Under \i
1 to 10
X to 1
10 and over
1 and over
1335
THE POSTWAR FINANCIAL POSITION OF BUSINESS
facturing corporations witli total assets of less than
10 million dollars were secured from bank credit
files under a cooperative arrangement between the
Robert Morris Associates and the Federal Reserve
System.1 Data for manufacturing corporations
with total assets of 10 million dollars and over were
secured from Moody's Manual of Industrials.
TABLE
NUMBER
1
©F F I R M S INCLUDED
IN
1944-45 S A M P L E
OF
MANUFACTURING AND TRADE CONCERNS
Asset size (In millions of dollars)1
Type of firm
All Under
sizes
Total, manufacturing
2, £08
and trade. ..Manufacturing:
Incorporated businesses. . . .^
*• 1,684
Unincorporated bus108
inesses, . . „ * . . . . . « .
Trade:
Inc©rp©«'a?fced busi721
nesses
..
UsinawpsE&ted bus195
inesses
738
to 1
1 to 5 to 10 and
5
IX) over
761
692
265
427
87
15
236
280
150
39
511
6,
133
112
3S4
2
369
0
0
169
21
15
6
0
0
1 Asset size, wherever used in this article, is as of the end of 1941.
2
Excludes 10 concerns included in the sample analyzed in the
October BULLETIN article but excluded from the current analysis
because of the miscellaneous character of their products.
Since the major reconversion problems, tax credits,
and other war adjustments were centered in large
manufacturing corporations, the financial developments among these concerns during 1945 were
analyzed separately and in more detail in the October BULLETIN.2 In that article manufacturing
industries were classified as "war" and "nonwar"
respectively in order to facilitate the discussion of
final war adjustments.
In the present article the classification of manufacturing is in terms of "durable" and "nondurable" goods industries. The shift in classification has
been made in view of the emphasis in the current
analysis on the effect of the financial position of
businesses at the end of the war on their future
peacetime activities. In general, however, the
categories durable and nondurable goods industries
are similar respectively to the war and nonwar
l
T M s arrangement, initiated in 1944 to obtain financial data
on small- and medium-size manufacturing and trade concerns for
tfie period l:94®-43, was continued in 1945 and 1*946, Analyses
of prior year data have been published in the BULLETINS for
January 1945, "Wartime Earnings of Small Business,*' pp.
16-26; April 1945, "Wartime (Financing of Manufacturing and
Trade Concern^," #0, 313-30$ and December 1945, "Financial
Developments m Manufacturing and Trade in 1944," pp.
1191^96.
2 "^Financial Developments among Large Manufacturing Corporations, 1945," pp. 1106-14.
1336
categories used earlier. The most important difference in the two classifications is the inclusion of the
chemical, rubber, and petroleum industries in war
industries previously and in nondurable goods industries here.3
The 2,708 concerns in the sample represent but
a small proportion of all operating firms in the
country. Although in the case of manufacturing
corporations with total assets of $10,000,000 and
over the coverage amounts to nearly 50 per cent of
all concerns, it represents less than a fraction of one
per cent of concerns with assets of less than $250,000, and an even smaller proportion of the unincorporated businesses, particularly in trade. Since
the sample is not a random one, the aggregation of
so small a number of cases may not give results
that are typical of all concerns in the -smailtest size
class studied.
FINANCIAL REQUIREMENTS DURING
1945
Among the small concerns studied (those with
assets under $250,000)., in all broad industry groups
the wartime expansion in total assets appears to
have continued m 1945. Among concerns in all
size classes in the nondurable goods manufacturing
industries and in trade, further expansion also occurred. For medium^ and large-size concerns in
the durable goods manufacturing industries, however, where war production had been concentrated
and was being liquidated, total assets declined in
1945.
Changes in asset items from one year to the
next indicate to some extent the intervening financial requirements of the business. In 1945, the
most significant requirements were for funds to
finance the expansion or replacement of plant and
equipment, and, in some industries, for the accumulation of civilian-type inventories. These are discussed in some detail below. Among war producers, funds were also required to cover reconversion expenses. In some cases additional funds were
used to increase the volume of customer financing
(receivables). Many other concerns, particularly
large manufacturing companies, required substantial
funds in order to liquidate 1944 tax liabilities payable in 1945, since die amount currently provided for
Federal taxes out of 1945 earnings was less than the
1944 liability. A more detailed discussion of the
factors causing the reduction in Federal tax liability
3
For a more complete description of the differences between
the two sets of terms, see footnote 2 to Table 10, p. 1344.
FEDERAL RESERVE BUIXETIN
THE POSTWAR FINANCIAL POSITION OF BUSINESS
in 1945 is included in the October 1946 BULLETIN.
Expenditures on plant and equipment. As
a group, manufacturing and trade companies of all
sizes increased their expenditures on plant and
equipment by approximately 15 per cent in 1945
as war restrictions on nonessential expenditures
were relaxed. These expenditures represented
sizable additions to, as well as replacements of,
capacity. They were characteristic of concerns in
durable as well as nondurable manufacturing industries and in retail as well as wholesale trade.
Whereas trade companies and companies manufacturing nondurable goods were catching up with
construction and purchases of machinery and fixtures deferred during the war, companies manufacturing durable goods had large expenditures in
connection with the reconversion of plant and
equipment to peacetime use.
Although, as is shown in Table 2, the increase
from 1944 to 1945 in the ratio of plant and equipment expenditures to such facilities on hand at the
beginning of the year did not vary consistently with
size of firm, there is some indication that the greatTABLE 2
RATIO
OF
PLANT
AND
EQUIPMENT
EXPENDITURES
DURING
YEAR TO PLANT AND E Q U I P M E N T ON H A N D AT BEGINNING OF
YEAR,
SAMPLE
OF
1944
AND
MANUFACTURING
1945
AND
TRADE
CONCERNS
[Per cent]
Asset size (In millions
of dollars)
Industry and year
Manufacturing:
Durable goods industries
1944
1945
Nondurable goods industries
1944
1945
.
. .
Trade:
Wholesale
1944
1945
Retail
1944
. . .
1945
1 to 5 to
5
10
10
and
over
Under
K
X
to 1
17
15
17
11
8
6
27
11
14
10
14
20
15
8
14
7
5
15
15
29
11
13
10
9
20
19
34
8
15
5
10
4
15
16
1
NOTE.—Expenditures were derived by adding depreciation,
depletion, and amortization accruals to the change in the net
plant and equipment account adjusted for any revaluations.
est increase, except in the case of retail trade, was
among the smallest firms studied (those with total
assets under $250,000). There was also a large
increase in plant and equipment expenditures relaDECEMBER
1946
tive to existing facilities among the large producers
of durable goods and throughout retail trade. Small
concerns may have been able to initiate and complete new expenditures on stores, fixtures, plant,
and equipment more quickly than their larger competitors. Moreover, they probably had easier access
to the small quantities of scarce labor and materials
necessary for their expansion and modernization
plans.4 In the case of the large war producers in
such durable goods industries as automobiles and
electrical equipment the larger relative expenditures
on plant and equipment, in 1945 reflected not only
substantial reconversion outlays but also the construction of additional facilities to meet the expected large increase in the postwar civilian demand
for durable goods. A more detailed discussion of
the plant and equipment expenditures of these large
manufacturing corporations in 1945 may be found
in the article in the October BULLETIN referred to
previously.
Inventory accumulation. In addition to expanding plant and equipment, manufacturing and
trade companies began to accumulate civilian-type
inventories in 1945. Such accumulation was limited,
however, by the increasing purchases of goods by
ultimate consumers and by lags in production resulting from reconversion problems, industrial disputes, and shortages of materials. Whereas total
inventory holdings of concerns in nondurable manufacturing industries and wholesale and retail trade
increased moderately during 1945, those of concerns
in durable manufacturing industries actually decreased. Among the latter concerns the liquidation
of war-type inventories exceeded the accumulation
of civilian-type inventories.
There was no clearly defined relationship between
size of concern and relative increase in inventory
holdings in 1945. In retail trade, the larger concerns expanded their inventories relatively more
than the smaller. In nondurable goods manufacturing industries, the opposite relationship prevailed. In durable goods manufacturing, inventories increased somewhat in the case of small
concerns but declined in the case of large war producers. In wholesale trade there was no observable
* This analysis does not cover the many new small enterprises
that were started by veterans and others during the year. The
Department of Commerce estimates that over 400,000 new
businesses, or over 14 per cent of those operating at the beginning of the year, began operations in 1945. Of these concerns,
over 200,000 had no employees otheT than the owner-operator
and almost 150,000 employed only one to three persons. ("Recent Trends in the Business Population," Survey of Current
Business, May 1946, pp. 16-23.)
1337
THE POSTWAR FINANCIAL POSITION OF BUSINESS
relationship between size of firm and change in inventories.
As is indicated in Table 3, the ratio of inventories
to sales in 1945 was still relatively low in terms of
the prewar experience of concerns of all sizes and
in all types of industry. That is to say, the number of months it would take inventories on hand at
the end of 1945 to be converted into sales at the
average rate of sales prevailing during the year was
still low relative to 1940. Generally, in 1945 as in
TABLE 3
RATIO OF INVENTORIES TO SALES, 1940,
1944
AND
1945
S A M P L E OF MANUFACTURING AND TRADE CONCERNS
Asset sire (In millions
of dollars)
Industry and year
Manufacturing:
Durable goods industries
1940
1944
1945
Nondurable goods industries
1940
1944
. ..
1945
Trade:
Wholesale
1940
1944
1945
Retail
1940
1944
1945
Under
to\
1 to 5 to
5
10
10
and
over
2.0
1.4
1.2
2.2
1.4
1.4
2.7
1.7
1.7
3.0
1.9
2.2
2.9
1.5
1.5
1.1
0.9
0.9
1.7
1.4
1.5
2.0
1.5
1.6
2.4
1.6
1.7
2.8
1.9
2.0
1.1
0.9
0.9
1.4
1.1
1.3
1.8
1.4
1.5
2 .0
.1
.2
1.6
1.6
1.4
1.6
1.5
1.4
1.6
1.4
1.4
.2
.2
.3
NOTE.—Inventories at end of year divided by average monthly
sales during the year.
previous years, the ratio of inventories to sales in
manufacturing increased with size of concern. The
greater vertical integration of large concerns is undoubtedly one reason for their greater volume of
inventories relative to sales. In wholesale and retail
trade, on the other hand, size of concern had less
effect on the inventory sales ratio.
SOURCES OF FUNDS
The usual sources of funds for covering a company's financial requirements in peacetime are: (1)
that portion of total receipts retained in the business
(largely as depreciation allowances and retained
earnings) after the payment of operating costs,
taxes, interest, and dividends; (2) loans from banks
or other credit institutions; and (3) sales of bonds
or capital stock to the investing public. During
the war years, the funds that became temporarily
1338
available as tax liabilities increased were almost as
important as retained earnings; 5 in addition, advances or prepayments on contracts by the Government were a much more important source of funds
than either bank loans or security flotations. Since
the cessation of hostilities, however, these sources
have practically disappeared. Another war-related
source of funds—payments on terminated contracts
—though it did not increase net profit to any considerable extent, did ease the financial position of
many war producers in 1945. Most termination
settlements covered simply the costs already incurred by the manufacturer at the time the contract
was cancelled, but the prompt settlement of his
claim freed him of inventories and equipment not
usable for peacetime production.
Funds retained from operations. During
1945, as in other war years, funds retained from
operations were the most important source of financing for both large and small manufacturing
and trade concerns. The volume of such funds
depends primarily upon (1) the level of earnings,
(2) the proportion of earnings paid out in dividends, and (3) the amounts set aside for depreciation and amortization of plant and equipment.
Since dividends and provisions for depreciation vary
little over time, the discussion which follows will
deal primarily with the level of earnings and the
total volume of funds retained from operations.
Wartime change in level of earnings. The most
variable factor affecting the amount of funds retained from operations for general business purposes is the level of earnings. In most industry sizegroups, earnings before deduction of Federal income taxes, though smaller in 1945 than in the two
preceding years, were much larger than before the
war. For example, in terms of return on net worth,
they more than tripled between 1940 and 1945 in
the case of very small nondurable goods manufacturing concerns, large wholesale trade firms, and
medium and large retail trade firms. Less spectacular but still substantial increases were shown in all
other industry size-groups except for manufacturers
of durable goods with assets of 5 million dollars and
5
Since income taxes on the earnings of any given year ar<
not payable until the following year, a firm may use the fund;
that are retained as a result of tax accruals temporarily fo:
other purposes. Funds so used must of course be replaced a
tax payments become due; tax accruals, therefore, represent j
source of funds only if the current year's allocations for taxe:
exceed the amount due on the prior year's taxes. When t b
reverse is true, as in 1945, additional funds are required
pay the prior year's taxes.
FEDERAL RESERVE BULLETIN
THE POSTWAR FINANCIAL POSITION OF BUSINESS
over, and nondurable goods manufacturing concerns with assets of 10 million and over.
TABLE
EARNINGS
4
AS PERCENTAGE
OF
NET
WORTH,
1940, 1944 AND 1945
SAMPLE
OF MANUFACTURING
AND TRADE
CONCERNS
Asset size (In millions
of dollars)
Industry and year
Jnder
X
Earnings before taxes—
Manufacturing:
Durable goods industries
1940
1944
1945
Nondurable goods industries
1940
1944
1945
..
.
.
Trade:
Wholesale
1940
1944
1945
Retail
1940
1944
1945
Earnings after taxes—
Manufacturing:
Durable goods industries
1940
1944
1945
Nondurable goods industries
1940
1944
. . .
1945
Trade:
Wholesale
1940
1944
•
1945
Retail
1940
1944
1945
X 1 to 5 to 10
and
10
to 1 5
over
15
61
40
13
52
33
18
50
29
15
28
18
18
32
15
11
49
41
8
31
28
11
31
26
14
28
23
12
24
17
12
31
30
10
27
23
11
31
26
>
39
35
11
34
31
10
32
37
10
35
33
12
40
40
TABLE
PROPORTION
SAMPLE
12
10
12
11
12
22
22
16
12
12
9
8
8
10
8
10
6
8
10
28
23
12
11
11
10
10
9
9
11
10
11
8
8
i
22
23
11
11
10
9
10
10
10
23
20
8
13
16
8
11
11
8
13
13
Even after deduction of Federal income taxes,
statutory rates for which were much higher in
1945 than in 1940, very small concerns in manufacturing and wholesale trade and concerns of all
sizes in retail trade in the aggregate showed a rate
of return on net worth in 1945 which was from one
and one-half to two times as high as in 1940. In
general, as is shown in Table 4, this rate of return
in 1945, as well as its increase over 1940, was greatest for concerns with assets of less than $250,000;
both generally declined as size of business increased.6
In some size-groups in manufacturing and whole°The higher rate of return in the case of the small companies
reflects to a minor extent the inclusion in the sample of a
relatively few small unincorporated enterprises. Earnings figures for such businesses are before deduction of Federal income
taxes and probably in some cases before deduction of owneroperator or partner salaries.
1946
OF SALES DOLLAR
5
RETAINED,
OF MANUFACTURING
1944
AND TRADE
AND
1945
CONCERNS
[In cents per $10 of sales]
NOTE.—Earnings stated as percentage of net worth at beginning
of year; net worth defined as sum of capital stock and surplus.
DECEMBER
sale trade, the rate was only slighdy higher in 1945
than in 1940, and it declined somewhat during the
war period in the case of medium-large concerns in
nondurable goods manufacturing and in the durable
goods manufacturing size-groups above one million
dollars.
Changes in funds retained, 1944 to 1945. In
general, manufacturing and trade concerns with
assets of less than 5 million dollars retained a
smaller proportion of their gross income in 1945
than in 1944. For the largest manufacturing corporations, however, allowances for accelerated
amortization in 1945 (discussed in the October
1946 BULLETIN) raised the level of funds retained
in relation to sales N to well above the 1944 figure.
As is shown in Table 5, concerns engaged in the
manufacture of durable goods retained a considerably larger proportion of their sales dollar than
did concerns in any other major group. Of ever)7
1945
1944
Industry and asset size
(In millions of dollars)
Total
retained
Total
retained
Retained
for depreciation
Retained
from
earnings
Manufacturing:
Durable goods industries
Under ft
Xto 1
1 to 5
5 to 10
10 and over
Nondurable goods industries
Under yi,
tfto 1
1 to 5
5 to 10
10 and over x
Trade:
Wholesale
Under yA
% to 1
1 to 5
5 and over
Retail
Under X
X to 1
1 to 5
5 and over
41
34
33
41
32
38
32
32
42
48
11
14
17
26
39
27
18
15
16
9
26
22
26
26
58
21
22
25
26
76
11
13
55
15
14
14
13
21
15
12
13
10
14
10
11
13
12
8
8
9
32
22
22
12
31
22
20
12
25
17
14
7
1
The very large amount retained by nondurable goods manufacturing concerns with assets of 10 million dollars and over reflects
the inclusion in this group of the large petroleum and chemical companies; the amount retained in 1945 excluding these companies was
30 cents.
$10 received from operations, the durable goods
industries retained 30 cents or more, as compared
with 20 to 30 cents in the nondurable goods industries, 10 to 30 cents in retail trade, and 10 to 15
1339
THE POSTWAR FINANCIAL POSITION OF BUSINESS
cents in wholesale trade. The larger amount retained by durable goods industries reflects, to a considerable extent, the amounts retained for depreciation on the relatively heavier investment in plant and
equipment in these industries.
Table 5 also indicates the relative importance,
among the different size classes, of depreciation allowances as compared with retained earnings. In
most industrial divisions, the proportion of sales set
aside for depreciation increases, and the relative
amount of retained earnings tends to decrease, with
increasing size of business. This is to be expected,
since smaller concerns are more likely to lease
rather than to own their plant and equipment, and
therefore to. have less need for substantial depreciation reserves. On the other hand, small concerns
have not only been more profitable in recent years
than the larger companies but are also likely to retain a larger proportion of their net income, since
their more tenuous credit standing makes it necessary for them to rely more fully on internal funds
rather than on bank loans or the securities markets,
and since the owners of a small business often prefer to reinvest its earnings in the business rather
than to withdraw them.
As compared with 1944, earnings actually retained (net profit after taxes and dividends) declined in 1945, in some cases rather sharply, in all
size classes of both durable and nondurable goods
manufacturing industries.- Retained earnings of
the sample concerns in wholesale and retail trade,
on the other hand, increased moderately from 1944
to 1945 in almost all size classes.
For the durable goods industries, concerns in the
smallest size class (those with assets under $250,000) showed the least decline in retained earnings,
and the decline became steadily greater as size of
business increased. The decline in retained earnings reflected partly a smaller volume of sales (except for the smallest size class, in which sales
increased about 12 per cent) resulting largely from
war contract cancellations, and partly reconversion
costs and other increased costs of operation. Substantial reductions in Federal taxes and somewhat
smaller dividend payments partly offset the increase in costs.7
Bank loans. Changes in the volume of bank
borrowing from 1944 to 1945 reflected the expansion
of assets during the latter year in those industries
not primarily engaged in war production and the
1340
contraction of activity among the war industries.
During 1945, as is shown in Table 6, manufacturing and trade concerns with assets of less than
$250,000 increased by one-fifth to one-half their
indebtedness to banks. Concerns of all other sizes
in the nondurable goods manufacturing group and
in wholesale and retail trade showed as large or
larger increases. In the durable goods group,
TABLE 6
CHANGES IN VOLUME AND TERM OF BANK LOANS,
1944 AND 1945
SAMPLE
OF MANUFACTURING
AND T R A D E
CONCERNS
Asset size (In millions of dollars)
Industry
Under
yi
Percentage change in outstanding bank loans, 1944
to 1945—
Manufacturing:
Durable goods industries..
Nondurable goods industries
Trade:
Wholesale
Retail
Ratio of long-term to total bank
loans (Per cent)—
Manufacturing:
Durable goods industries
1944
1945
Nondurable goods industries
1944
1945
Trade:
Wholesale
1944
1945
.
Retail
1944
1945
+29
+21
X to
1
1 to
5
5 to
10
10 and
over
-18
-20
-14
-38
0)
+26
+53
+28
+36
+51
+41
+22
+50
+50
(2)
(2)
8
2
1
4
9
5
24
8
25
3
2
8
13
17
29
24
32
1
3
(3)
2
1
2
(2)
(2)
2
12
14
12
19
38
(2)
(2)
1
Increase of less than 0.5 per cent. This small net change reflects heavy liquidation of loans b y a few chemical companies.
If all chemical companies are omitted from this size class, t h e increase
becomes 26 per cent.
2
Figures too fragmentary to be meaningful.
• Less than 0.5 per cent
« D a t a not available.
however, companies in all size classes except the
smallest reduced their bank borrowings during
1945 as a result of the decline in activity that
accompanied the cancellation of war contracts. The
small durable goods manufacturers were probably
not extensively engaged in war production and,
7
Statutory tax rates remained unchanged from 1944 to 1945.
Decreases in tax liabilities in 1945 resulted from the lower
volume of sales in many industries and from t a x credits.
Available information for small- and medium-size manufacturing
concerns and for trade companies indicates lower 1945 tax accruals among concerns of all sizes in manufacturing and among
small retail trade concerns. T h e most substantial reduction in
Federal taxes, however, was shown by the large manufacturing
corporations; for a discussion of the factors causing this large
reduction, see the October 1946 B U L L E T I N .
FEDERAL RESERVE BULLETIN
THE POSTWAR FINANCIAL POSITION OF BUSINESS
consequently, were expanding both their assets
and their borrowing during 1945. In all industry groups, bank loans outstanding at the end
of 1945 were much more important, in relation
to total assets, for small- and medium-size concerns
than for the large companies.
For companies with assets under 10 million
dollars, separate figures are available on outstanding long-term and short-term bank loans for 1944
and 1945. In recent years the long-term loan,
repaid in instalments, has become an increasingly
popular source of business financing and, although
still utilized mainly by the large companies, the
presently available data indicate that its use is
spreading among smaller companies. As is shown
in Table 6, although long-term loans accounted in
1945 for at the most 10-15 per cent of the total
bank borrowings of manufacturing and trade concerns with assets under one million dollars, they
amounted to between 25 and 40 per cent of total
bank loans of medium and medium-large companies. The proportion was probably still larger
among the large companies (those with assets of
10 million dollars or over) not shown in the table.
The table also shows that the long-term bank loan
accounted for an increasing proportion of bank
loans from 1944 to 1945, particularly for manufacturing concerns with assets of between $250,000
and $10,000,000. This increasing importance was
due only in part to a contraction in outstanding
short-term loans, since, except for the smallest
manufacturing concerns, the volume of long-term
bank loans increased very substantially between the
end of 1944 and the end of 1945.
Securities markets. The primary function of
the securities markets in the financing of manufacturing and trade companies in 1945, as during the
previous war years, was their transfer function—
that is to say, their function in facilitating refundings, exchanges by individual concerns of one type
of security for another, redistribution of ownership,
and shifts of funds from concerns that were retiring
outstanding issues to others that were issuing new
securities. For the year as a whole only a relatively
small volume of new funds was channeled into
manufacturing and trade enterprise as a result of
security sales. Although many companies floated
new stock issues, many others retired bond issues
for cash or with the proceeds from long-term loans
from banks or stock sales. Still others in the excess
DECEMBER
1946
profits tax brackets refunded outstanding bond issues in order to take advantage of the provision
of the income tax laws that permitted the deduction
of premiums paid on bond issues called for redemption.
The variation in the character of the security
financing of concerns in different industries and
size groups is illustrated in Table 7. In general,
the volume of financing was not large. In the
majority of cases the changes in long-term debt and
capital stock amounted to a relatively small proportion of the volume outstanding at the beginning
of the year. Retirement of debt with an increase
in stock, however, was characteristic of most industries and most size groups. Of 33 industrial
groups within the broad categories of manufacturing and trade, 10 increased and 23 decreased their
long-term debt, while 21 increased and 12 decreased their capital stock during the year.
TABLE 7
PERCENTAGE CHANGE IN LONG-TERM DEBT AND CAPITAL
STOCK, 1944 TO 1945
SAMPLE OF MANUFACTURING AND TRADE CONCERNS
Asset size (In millions of dollars)
Industry and item
Manufacturing:
Durable goods industries
Long-term debt
Capital stock
Nondurable goods industries
Long-term debt
Capital stock
Trade:
Wholesale
Long-term debt
Capital stock
Retail
Long-term debt
Capital stock
Under
1 to
5 to 10 and
-22
-13
+3
+5
+14
-13
+4
+1
-7
C1)
+4
+3
-24
C1)
+3
-14
-2
-1
-53
C1)
+3
+ 13
+3
+9
+2
+3
-20
+9
+1
—2
-18
+1
+2
—5
1
Insignificant change.
NOTE.—Long-term debt excludes long-term bank loans.
RESULTANT FINANCIAL POSITION
Working capital. One of the most widely used
indicators of changes in the financial position of
businesses is the change in working capital (the
excess of current assets over current liabilities).
Although many postwar plans for peacetime activities had been initiated by business concerns by the
end of 1945, the working capital position of business at that time is a rough indication of (1) the
final effect of World War II on that position and
(2) the degree to which business concerns were
1341
THE POSTWAR FINANCIAL POSITION OF BUSINESS
financially prepared for the postwar period.
The working capital position of manufacturing
and trade concerns of all sizes continued to improve
in 1945 in spite of increased expenditures on plant
and equipment, as is shown in Table 8. In trade
the improvement reflected a greater increase in
current assets than in current liabilities, while in
manufacturing it reflected primarily a sharp drop
in current liabilities, particularly for accrued Federal income taxes. Such decreases in taxes were
only partly offset by decreases in business holdings
of tax notes and other United States Government
securities.
As in previous war years, this increase in working
capital of both manufacturing and trade concerns
was chiefly due to the volume of retained earnings
and uninvested depreciation allowances, which, although smaller than in 1944, was still large. In
effect, the distribution of business assets changed
during the war as plant and equipment was converted into working capital through uninvested
depreciation charges.
highly liquid form, either in cash on hand or in
banks, or in United States Government or other
readily marketable securities. During the war the
cash and marketable security holdings of these
concerns increased greatly until they amounted to
between 10 and 15 per cent of annual sales of most
industry size-groups by the end of the war. Moreover, the dollar volume of sales had grown very
rapidly during the same period. In 1945, however,
the growth in liquid assets relative to sales leveled
off, and in some cases declined slightly, as is indicated in Table 9.
Thus manufacturing and trade concerns as a
group have emerged from the war and the first
few months of the postwar period with extremely
large liquid assets both in absolute volume and
relative to the current and prospective volume of
sales. Such assets, however, arc not evenly distributed among firms of different sizes and in
TABLE 9
CASH AND MARKETABLE SECURITIES AS A PERCENTAGE ©F
SALES, 1940, 1944 AND 1945
SAMPLE OF MANUFACTURING AND TRADE CONCERNS
TABLE 8
PERCENTAGE INCREASE IN WORKING CAPITAL, 1944 TO 1945
SAMPLE OF MANUFACTURING AND TRADE CONCERNS
Asset size (Irl millions of dollars)
Industry and year
Under
X
Kt
1 to
5
5 to
10
10 and
over
5
10
g
5
12
10
8
15
14
9
19
21
22
21
22
3
6
7
4
8
9
5
11
12
7
11
13
14
17
17
2
4
4
2
5
5
3
8
7
9
9
2
9
10
3
12
12
4
12
13
4
11
11
Asset size (In millions of dollars)
Manufacturing:
Durable goods industries. .
Nondurable goods industries
Trade:
Wholesale
Retail
10 and
over
Under
X
X to
l
1 to
5
15
11
10
3
8
12
10
6
9
10
00 00
Industry
7
9
7
10
5 to
10
5
I
NOTE.—Working capital is current assets less current liabilities.
The growth in working capital usually was
greater among small than among large concerns.
This, also, was a continuation of a trend observed in
previous years. In spite of the large increase
in the working capital of small manufacturing enterprises during the past five years, however, the
current ratio of these concerns (the ratio of current
assets to current liabilities) was still below that of
large firms in the same industries, primarily because of the relatively low working capital position
of small businesses before the war.
Liquidity. At the end of 1945, as in 1944, a
large portion of the working capital of manufacturing and trade concerns as a group was still in
1342
Manufacturing:
Durable goods industries
1940
1944
1945
. ...
Nondurable goods industries
1940
1944
1945
Trade:
Wholesale
1940
1944
1945
Retail
1940
1944
1945
. .
NOTE.—Cash and marketable securities on hand at the end of
the year divided by total sales during the year.
different industries. As a result the liquid assets
of many concerns are excessive in terms of a reasonable projection of requirements to meet labor, material, and other cash costs that must be met during
a considerable lag between sales and cash receipts.
It may be that these concerns are holding liquid
assets to finance some large prospective outlay, say
for plant, equipment, debt retirement, or accrued
taxes, or to meet possible unforeseen contingencies
in the uncertain postwar period; or it may be that
FEDERAL RESERVE BULLETIN
THE POSTWAR FINANCIAL POSITION OF BUSINESS
these assets are the unplanned residuum of a large
volume of profitable business activity coupled with
restricted investment outlets. But in addition to
these highly liquid concerns, there are many others
that during the last half of 1945 considered it necessary, or desirable, to augment their existing liquid
resources with the proceeds from bank loans and
security sales. Among the concerns that obtained
outside financing were some that were already in a
highly liquid position. This is evidence of a desire
to maintain a strong financial position even at the
cost of incurring outside obligations.
TABLE
10
COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1944
AND
1945
2,708 MANUFACTURING AND TRADE CONCERNS
BY BROAD INDUSTRIES AND ASSET SIZE OF BUSINESS 1
[Financial data in millions of dollars]
Asset size (Irl millions of dollars)
tf to 1
Under X
Account
1944
1945
1944
1 to 5
1945
1944
10 and over
5 to 10
1945
1944
1945
Manufacturing—durable goods industries
Number of concerns
Total assets (end of year) 3
Cash
Marketable securities
Inventories
Other current assets
Total current assets
Plant and equipment (net of depreciation)
Other assets3
Liabilities and equity:
Notes payable to banks (short-term). .
Trade notes and accounts payable
Other current liabilities
Total current liabilities
Notes payable to banks (long-term)...
Other long-term debt
Capital stock
Reserves
Earned surplus3
Income statement (during year):
Sales
Charges for depreciation
Federal income taxes
Net profit
Cash dividends
131
$28.5
4.1
2.9
8.0
5.9
20.9
5.9
1.7
2.2
2.9
6.7
11.7
131
187
187
199
42
1945
42
210
210
$30.2 $154.0 $143.3 $641.8 $584.2 $318.9 $298.6 $22,247.5 $19 ,283.8
3,479.3 3,273.7
4.2
38.2
38.3
70.9
22.5
17.6
88.2
3,994.0 3,114.7
2.4
44.6
52.6
84.9
17.7
16.0
97.3
4,414.1 3,622.8
8.2
72.4
78.1
41.0
39.2 168.6 159.3
3,116.6
7.0
3,753.5
45.3
58.1
32.0
30.1 116.4 108.3
21.8 113.2 102.9 470.5 423.5 227.0 200.5 15,641.0 13,127.7
5,318.1
5,837.3
6.5
76.2
76.5
32.3
32.6 136.4 129.9
838.0
769.2
8.6
1.9
7.8
21.9
15.3
30.9
34.8
2.9
2.7
5.6
11.1
12.0
15.4
38.7
66.0
11.9
29.2
50.4
53.0
49.0
159.9
261.8
0.5
3.3
0.9
3.8
11.3
28.3
21.8
60.0
110.1
19.8
16.8
39.2
75.8
8.8
2.4
7.8
6.6
6.9
189.4
17.8
171.0
110.7
17.1
70.8
122.2
342.5 1,212.3 1,131.3
4.9
18.7
17.8
67.0
17.3 108.0
9.5
32.5
38.3
$3.6 $16.2 $15.0
482.1
398.7
10.6
18.1
14.4
$8.1
9.3
1.0
(4)
1.0
7.2
0.3
8.3
7.6
0.2
38.7
3.4
3.3
10.2
42.2
46.8
79.1
348.9
0.9
2.8
3.6
4.2
70.9
0.7
4.2
3.3
$1.2
199
1944
2
$1.4
22.6
11.2
$3.6
38.1
2.8
180.4
25.6
159.8
33.9
42.0
110.6
186.4
10.7
9.4
34.6
19.0
$8.8
9.8
77.3
673.2
1,791.7
5,375.0
7,839.9
(5)
884.5
7,875.4
1,494.6
4,153.1
419.2
1,288.0
3,040.9
4,748.1
(5)
707.6
7,993.4
1,286.4
4,548.2
35,558.6 28,803.7
773.0 1,110.0
2,442.5
912.9
1,107.9 1,008.7
$744.6
$748.6
Manufacturing—nondurable goods industries2
Number of concerns
Total assets (end of year)8
Cash
Marketable securities
Inventories
Other current assets
Total current assets
Plant and equipment (net of depreciation)
Other assets*
Liabilities and equity:
Notes payable to banks (short-term). .
Trade notes and accounts payable
Other current liabilities
Total current liabilities
Notes payable to banks (long-term). . .
Other long-term debt
Capital stock
Reserves
Earned surplus8
Income statement (during year):
Sales
Charges for depreciation
Federal income taxes
Net profit
Cash dividends
221
$41.3
6.4
3.6
11.9
9.1
31.0
7.8
2.5
221
1.9
4.2
8.9
2.3
4.0
8.3
14.9
14.6
0.1
0.9
10.3
255
255
318
318
70
70
159
159
$43.6 $178.2 $187.3 $842.7 $864.0 $559.6 $563.6 $19,160.8 $19 ,029.0
2,125.7 2,249.8
7.6
70.3
59.8
27.3 105.6 120.2
22.4
2,065.3 2,081.1
4.1
70.3
71.5
18.7 108.6 102.1
16.6
3,953.0 4,197.4
61.3 231.6 248.9 157.1 159.3
12.7
57.0
2,053.4 1,679.3
8.2
65.5
68.2
29.4 126.2 113.2
32.1
32.6 128.1 136.7 571.9 584.3 356.7 365.3 10,197.4 10,207.7
7,845.4 7,618.2
8.4
40.6 219.2 227.9 174.5 168.9
38.8
1,118.1 1,203.1
2.6
29.4
28.5
51.9
10.0
51.5
11.3
0.1
0.8
10.7
11.1
13.5
34.3
58.8
1.0
5.1
55.1
12.8
15.8
31.1
59.8
1.9
5.3
58.4
0.2
0.3
2.2
2.5
14.9
17.1
56.0
59.5
155.3
163.0
480.8
0.9
5.6
5.9
0.9
4.6
5.8
$2.7
$3.3
3.5
22.2
12.6
$5.5
41.6
21.8
33.1
75.8
130.7
10.3
34.2
556.0
1,052.4
2,611.9
4,220.3
(5)
1,714.3
754.2
1,013.1
1,859.0
3,626.3
(5)
1,682.8
201.7
10.9
154.0
212.9
12.9
162.7
8,413.4
886.8
3,926.1
8,475.3
758.4
4,486.1
56.2
47.7
144.5
248.3
11.9
29.2
48.4
53.1
132.1
233.7
19.7
27.2
19.0
31.2
95.1
145.3
291.6
17.7
244.0
294.2
20.6
268.5
6.1
488.9 1,897.0 1,891.3 1,175.2 1,122.9
3.7
14.8
13.8
20.4
21.2
50.6
64.1
18.4
94.9
85.4
31.0
32.4
12.7
54.7
52.4
$5.9 $25.2 $26.5 $15.7 $16.3
25,169.4 24,928.1
912.0 1,375.8
856.1
1,497.6
1,269.1 1,248.0
$736.8
$717.8
For footnotes, see p, 1344.
DECEMBER 1946
1343
THE
POSTWAR FINANCIAL POSITION OF BUSINESS
TABLE 10.—COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1944 AND 1945—Continued
[Financial data in millions of dollars]
Asset size (In millions of dollars)
Xto 1
Under J4
Account
1944
1945
1944
5 and over
1 to 5.
1945
1944
1945
1944
1945
Wholesale trade
Number of concerns
Total assets (end of year)8
Cash
Marketable securities
Inventories
Other current assets
Total current assets
Plant and equipment (net of depreciation)
Other assets*
Liabilities and equity:
Notes payable to banks (short-term)
Trade notes and accounts payable
Other current liabilities
Total current liabilities
Notes payable to banks (long-term)
Other long-term debt
.
Capital stock
Reserves
Earned surplus3.
Income statement (during year):
Sales
Charges for depreciation
Federal income taxes
Net profit
..
Cash dividends
195
195
199
199
94
94
11
11
$28.9
$33.0
$115.5
13.9
$127.7
15.3
$210.5
27.2
18.8
88.5
44.7
179.1
20.2
11.2
$217.5
27.9
34.4
61.6
49.1
173.0
25.6
19.0
$227.2
29.4
32.6
68.6
48.6
179.1
28.0
20.1
0.9
9.8
9.3
44.9
27.3
95.8
12.8
52.4
29.6
106.7
13.4
6.9
7.7
$200.0
28.7
22.9
76.9
39.1
167.5
20.5
12.0
8.7
10.4
16.1
15.3
40.2
12.9
17.7
16.3
46.8
18.4
25.2
30.7
74.3
22.8
25.6
30.3
78.7
31.0
43.0
74.9
0.1
0.4
2.7
0.3
2.8
0.2
3.1
0.5
2.3
10.8
()
32.2
43.6
75.8
0
10.2
80.0
6.2
55.0
714.4
2.8
30.0
4.1
2.3
5.0
2.2
10.5
12.6
7.8
8.3
24.7
28.0
3.1
1.1
3.6
1.4
2.1
3.6
2.8
8.6
(4)
0.4
3.2
4.4
2.8
0
6.8
0.1
7.0
0.2
37.1
38.9
70.0
71.0
0.7
0.6
2.9
3.3
13.0
14.9
34.9
38.4
49.6
54.7
77.2
10.3
44.4
148.7
165.2
462.4
491.3
655.4
700.7
695.3
0.4
1.6
4.2
0.4
1.4
4.6
1.3
9.5
7.6
1.0
8.9
7.8
$2.3
$2.6
$3.3
$3.9
1.9
1.9
2.6
19.7
11.2
$4.8
19.6
11.0
$4.9
30.2
10.5
$6.3
81
25
12.5
$6.2
Retail trade
Number of concerns.
.
Total assets (end of year)*
Cash
Marketable securities
Inventories
Other current assets
Total current assets
Plant and equipment (net of depreciation)
Other assets*.
Liabilities and equity:
Notes payable to banks (short-term)
Trade notes and accounts payable
Other current liabilities
Total current liabilities
Notes payable to banks (long-term)
Other long-term debt
Capital stock.
Reserves
Earned surplus8
Income statement (during year):
Sales
Charges for depreciation
Federal income taxes
Net profit
Cash dividends
191
191
120
$24.9
$27.5
4.0
2.3
9.0
4.8
4.9
2.7
8.7
5.6
20.1
21.9
3.6
1.2
4.3
1.2
$80.6
12.7
11.0
25.1
12.5
61.3
12.0
1.0
3.2
3.3
7.4
(4)
0.8
1.2
3.5
3.2
8.0
0.2
0.8
6.5
0.2
6.7
0.2
10.1
11.6
67.4
74.8
0.4
1.6
3.3
$1.5
0.4
1.7
3.4
$1.5
7.3
2.3
7.4
120
$86.0
15.5
12.2
25.1
13.5
66.3
12.8
6.9
3.5
8.2
15.8
81
$212.6
31.2
30.5
63.7
31.1
156.4
44.0
12.2
5.5
6.3
4.5
25.1
42.3
73.7
77.1
104.3
185.9
4.0
7.4
28.6
83.6
163.2
25.7
0.4
2,. 7
27.6
21.5
40.0
67.0
0.5
2.3
1.3
8.1
24.6
1.0
26.3
24.9
82.6
1.0
2.8
29.8
50.9
204.6
1.2
10.5
7,0
$3.7
222.1
530.0
16.0
$229.3
$525.7
35.2
127.1
37.9
62.0
67.1
182.3
34.1 , 32.2
174.3
403.7
44.5
90.3
10.5
31.8
3.3
57.2
6.4
4.9
136.7
575.4 1,772.7
1.1
4.2
3.6
9.9
10.5
27.4
13.6
$6.2
29.4
14.4
$6.2
79.2
36.5
$24.6
8.2
$4.3
25
$560.9
125.8
72.8
207.4
37.4
443.5
76.2
41.2
13.4
84.9
104.9
203.2
27.3
13.4
165.9
5.4
145.7
1,867.6
9.8
82.9
38.3
$25.3
1
The data in this table are as reported in corporate annual reports to stockholders and do not necessarily agree with those
in the
preceding tables. The latter have been adjusted for write-downs and other purely bookkeeping transactions.
2
Concerns are classified by industry on the basis of their prewar product. Manufacturing industries classified under "durable
goods" include iron and steel, nonferrous metals, machinery, automobiles and parts, aircraft and parts, other transportation equipment, and lumber and building materials. Manufacturing industries classified under "nondurable goods" include food, beverages,
tobacco, textiles and apparel, leather, paper, printing and publishing, chemicals, rubber, and petroleum. With the following
exceptions, the categories "durable goods" and "nondurable goods" are identical respectively with the categories "war" and
"nonwar" used in the October BULLETIN: (1) the inclusion of lumber and building materials in nonwar industries in the October
present
article.
8
Total assets, other assets, and earned surplus are net of intangibles.
*8 Less than $50,000.
Included in notes payable to banks (short-term).
1344
FEDERAL RESERVE BULLETIN
REVISION OF CONSUMER CREDIT REGULATION
Effective December 1, 1946, the Board of Governors has revised Regulation W by confining it
to instalment credit and centering it on purchases
of major durable goods. If regulation in the field
of consumer credit is to be continued on a peacetime basis, the Board believes that the regulation
should in general be in the form and scope of this
revision in order to be an effective influence towards
stability in this sector of the economy.
This regulation now rests on an Executive Order
of August 9, 1941, which is revocable by the President or by action of Congress, The issue as to
whether regulation should or should not be continued in any form is a subject of sharp controversy among various groups affected by it. The
Board feels that the issue should be decided by the
Congress and that the present revision is an appropriate means of bringing before the Congress
the question of whether the Executive Order should
be vacated or whether authority for such regulation
should be continued by specific legislation.
In its Annual Report #to Congress last June, the
Board recommended that Congress give consideration to the question of whether regulation of consumer credit should be continued on a peacetime
basis as a subordinate but strategic factor in the
maintenance of economic stability. As the Report stated, "Over the past 30 years consumer instalment financing has come to occupy an important
and strategic place in the national economy. Such
financing is essential to the mass distribution and
consequently to the mass production of consumers'
durable goods. From time to time, however, the
expansion and subsequent contraction of consumer
credit have gone so far as to accentuate the upswings and downswings of the business cycle.
There is no way of preventing such excessive expansion and contraction except governmental regulation of the terms on which consumer credit shall
be made available, such as the down payment
required on instalment sales or financing and the
length of time permissible for instalment contracts."
The regulation is now revised in the light of the
foregoing considerations. Under this revision, the
regulation is focused on instalment credit, both instalment sales and instalment loans, which, as shown
DECEMBER
1946
by the chart, constitute the great dollar bulk of
credit subject to the widest expansion and contraction. Charge accounts and single-payment loans,
in which cyclical fluctuations are comparatively
small, are eliminated from the scope of the regulation. By elimination of goods which generate only
minor amounts of instalment credit, the instalment
sale provisions are confined to 12 major categories
of consumers' durable goods. Instalment loans of
$2,000 or less, whether or not to buy goods in these
12 categories, continue to be subject to the regulation. The revision effects a substantial simplification of the regulation's provisions and will make it
administratively more workable.
CONSUMER CREDIT OUTSTANDING
BILL1ON3 OF DOLLARS
END OF MONTH FIGURES
12
1930
1932
1934
1936
1938
1940
1942
1944
1946
Estimates. Latest figures shown are for September.
This revision narrows the scope of the regulation to what the Board considers a minimum consistent with the exercise of a stabilizing influence
in this area of the economy. In this form, the
Board believes the regulation can be better understood and its merits and defects better appraised.
When present inflationary pressures have subsided,
the terms of the regulation would need to be modified further.
The principal changes made by the revision are
as follows:
1. The list of consumers' durable goods to which
down-payment and maturity requirements apply
is reduced from 36 categories to 12, the remaining
1345
REVISION OF CONSUMER CREDIT REGULATION
items including automobiles, major household appliances, radios, phonographs, sewing machines,
furniture, and soft-surfaced floor coverings, but
with an exemption for any article costing less than
$50.00.
2. Restrictions on charge accounts and singlepayment loans are eliminated.
3. A uniform maximum maturity of 15 months
is established for all new instalment credits,
whether they arise from sales or loans.
4. The provisions for refinancing, including consolidations with new credits, are simplified, and
refinancing credits may have a maximum maturity
of 15 months. Outstanding obligations of any kind
may be refinanced with a maturity as long as 18
months where contingencies that were unforeseen
or not within the obligor's control arise subsequent
to the time the obligations were incurred, provided
the creditor accepts in good faith a Statement of
1346
Changed Conditions as specified in the regulation.
5. Except for floor coverings which are transferred to the category calling for a 20 per cent down
payment, the items retained have the same down
payment as had been previously prescribed: 33J^
per cent for all articles other than furniture which
is in the 20 per cent category.
6. Procedural rules are simplified in such matters as the statement covering the transaction and
the statement obtained from the borrower. It is
no longer required that a statement of the transaction be given to the customer.
7. Minor changes reconcile the new provisions
with such requirements as are retained and certain
technical sections are simplified.
The text of the revised regulation is given on
pages 1348-55 of this BULLETIN.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Amendments to Margin Regulations
T and U
Rights to Subscribe
The Board of Governors of the Federal Reserve
System, effective December 1, 1946, adopted
Amendments No. 6 to Regulation T and No. 7
to Regulation U, relating to the use of credit for
purchasing securities.
The amendments will permit stockholders of any
corporation who receive rights to subscribe to new
issues to obtain credit for the purpose of exercising
these rights. The permission extends also to cases
in which a public utility holding company, when
simplifying its corporate structure as required by
the Public Utility Holding Company Act of 1935,
issues to its stockholders rights to subscribe to its
holdings of outstanding securities of operating companies.
Under these amendments, if the stockholder
needs to borrow in order to take up the rights issued
directly to him by the company in which he owns
stock, he may do so by pledging securities which,
for this purpose, shall have a loan value of 50 per
cent. Otherwise the prevailing 100 per cent margin
requirements remain in effect.
The Board decided that this change in the regulations would be appropriate as a matter of equity
and that it could be made without stimulating
speculation or encouraging to any material extent
the growth of stock market credit.
The text of the amendments is as follows:
AMENDMENT NO. 6 TO REGULATION T
Effective December 1, 1946, Regulation T is
hereby amended by adding the following new subsection at the end of section 6 thereof:
(/) Subscriptions.—Notwithstanding any other
provision of this regulation, a creditor may
effect and finance the acquisition of a registered
security for a customer in a general account
through the exercise of a right to acquire such
security which is evidenced by a warrant or cerDECEMBER
1946
tificate expiring within 90 days of issuance, provided (1) such right was originally issued to the
customer as a stockholder of the corporation issuing the registered security or as a stockholder of
a company distributing the registered security in
order to effectuate the provisions of section 11 of
the Public Utility Holding Company Act of 1935,
and (2) the creditor shall obtain a deposit prior to
the initiation of the transaction in such amount
that the cash deposited plus the maximum loan
value of the securities so acquired or deposited
equals or exceeds the subscription price, giving
effect to a maximum loan value for the security
so acquired or for any other registered security so
deposited of 50 per cent of its current market
value as determined by any reasonable method.
After such acquisition, the security or securities
so acquired or deposited shall have only the maximum loan value, if any, prescribed for general
accounts in the supplement to this regulation. The
right shall be deemed to be issued to the customer
as a stockholder if he actually owned the stock
giving rise to the right when such right accrued,
even though such stock was not registered in his
name; and in determining such fact the creditor
may rely upon a signed statement of the customer
which the creditor accepts in good faith.
AMENDMENT NO. 7 TO REGULATION U
Effective December 1, 1946, Regulation U is
hereby amended by adding the following new subsection at the end of section 3 thereof:
(p) In connection with the making of a loan the
sole purpose of which is to enable the borrower to
acquire stock in a corporation by exercising a warrant or certificate evidencing a right to acquire
such stock, which right expires within 90 days of
issuance and was issued to him as a stockholder
of such corporation or as a stockholder of a company distributing the stock in order to effectuate
the provisions of section 11 of the Public Utility
Holding Company Act of 1935, a bank may treat
any stock received as collateral in connection with
1347
LAW DEPARTMENT
the making of such loan as having a maximum
loan value of 50 per cent of its current market
value as determined by any reasonable method.
After the loan has been made, the stock so received shall have only the maximum loan value,
if any, prescribed in the supplement to this regulation. The right shall be deemed to have been
issued to the borrower as a stockholder if he actually owned the stock giving rise to the right when
such right accrued, even though such stock was
not registered in his name; and in determining such
fact the bank may rely upon a signed statement of
the borrower which the bank accepts in good faith.
5{b) of the Act of October 6, 1917, as amended,
and Executive Order No. 8843, dated August 9,
1941 (hereinafter called the "Executive Order").
The regulation applies, in general, to any person
who is engaged in the business of making extensions of instalment credit in amounts of $2,000
or less, or discounting or purchasing obligations
arising out of such extensions of credit. It applies
whether the person is a bank, loan company, or
finance company, or a person who is so engaged in
connection with any other business, such as by
making such extensions of credit as a dealer, retailer, or other person in connection with the selling of consumers' durable goods,
Consumer Credit
SECTION 2. GENERAL REQUIREMENTS AND REGISTRATION
Revision of Regulation W
There is set forth below the text of the revision
of Regulation W, entitled Consumer Credit, which
was adopted by the Board of Governors of the
Federal Reserve System, effective December 1, 1946.
A brief statement regarding the revision is published at page 1345 of this issue of the BULLETIN.
REGULATION
W
As revised effective December 1, 1946 *
Consumer Credit
CONTENTS
SEC. I , SCOPE AND APPLICATION OF REGULATION
SEC, 2. GENERAL REQUIREMENTS AND REGISTRATION
SEC. 3 . INSTALMENT SALES! GENERAL RULES
SEC. 4 . INSTALMENT LOANS! GENERAL RULES
SEC. 5. RENEWALS, REVISIONS, AND ADDITIONS
SEC. 6. CERTAIN TECHNICAL
SEC. 7. EXEMPT
PROVISIONS
CREDITS
SEC. S, MISCELLANEOUS
PROVISIONS;
DEFINITIONS
SUPPLEMENT
SECTION 1. SCOPE AND APPLICATION OF REGULATION
This regulation is issued by the Board of Governors of the Federal Reserve System (hereinafter
called the "Board") under authority of section
* This revised regulation shall apply to transactions effected
on or after December 1, 1946, and the revision shall not affect
any transaction prior to such date.
1348
(a) General Requirements.—No person engaged in the business of making instalment sales1
or instalment loans,2 or engaged in the business of
lending on the security of or discounting or purchasing obligations arising out of such extensions
of credit, shall make or receive any payment which
constitutes or arises directly or indirectly out of
any such extension of credit made by him or out
of any such obligation lent on or discounted or
purchased by him, except on the following conditions:
(1) He must be licensed pursuant to this
section (any person so licensed being hereinafter called a "Registrant"); and
(2) The extension of credit made, renewed,
revised or consolidated by him, or giving rise to
the obligation discounted or purchased by him
or acquired by him as collateral, must comply
with the applicable requirements of this regulation.
(b) Registration and General License.—Any
person whose license is not suspended under
section 8(£) may become licensed by filing, with
the Federal Reserve Bank or any branch thereof
in the district in which the main office of the
Registrant is located, a registration statement on
forms obtainable from any Federal Reserve Bank
or branch. Whenever any person who was not
formerly subject to section 2(a) becomes subject
1
It is to be noted that "instalment sale" is defined to include
only instalment credit arising out of the sale of an article listed
in 2 the Supplement, hereinafter called a "listed article."
Both "instalment sale" and "instalment loan" are defined
to exclude credits in a principal amount exceeding $2,000.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
thereto, such person is hereby granted a general
license for 60 clays.
SECTION 3 . INSTALMENT SALES: GENERAL RULES
Except as otherwise permitted by this regulation,
each instalment sale shall comply with the following requirements:
(a) Down Payment and Maturity.—There
shall be a down payment not less than that specified
for the listed article in the Supplement, such down
payment to be calculated as therein specified; and
the maturity shall not exceed that specified for the
listed article in the Supplement.
(b) Amounts and Intervals of Instalments.
—Except as permitted by section 6(a) for seasonal incomes, the time balance shall be payable
in instalments which shall be (1) substantially
equal in amount or so arranged that no instalment
is substantially greater than any preceding instalment, (2) payable at approximately equal intervals
not exceeding one month, and (3) not less than
$5.00 per month or $1.25 per week on the aggregate instalment indebtedness of one debtor to the
same creditor.
(c) Statement of Transaction.—The instalment sale shall be evidenced by a written instrument or record which shall set forth the information specified in section 6(c).
SECTION 4 . INSTALMENT LOANS: GENERAL RULES
Except as otherwise permitted by this regulation,
each instalment loan shall comply with the following requirements:
(a) Instalment Loans to Purchase Listed
Articles.—If the Registrant knows or has reason
to know that the proceeds of an instalment loan
are to be used to purchase any listed article:
(1) The principal amount lent (excluding
any interest or finance charges and the cost of
any insurance) shall not exceed the maximum
loan value specified for the article in the Supplement, such loan value to be calculated as
therein specified; and
(2) The maturity shall not exceed the maximum maturity specified for the listed article in
the Supplement.
(b) Unclassified Instalment Loans.—In the
DECEMBER
1946
case of an instalment loan, which is not subject
to section 4(#), the maximum maturity shall not
exceed the maximum maturity specified therefor
in the Supplement.
(c) Amounts and Intervals of Instalments;
Record.—Whether subject to section 4(*z) or
section 4(£), the instalment loan, except as
permitted by section 6(a) for seasonal incomes,
shall be payable in instalments which shall be (1)
substantially equal in amount or so arranged that
no instalment is substantially greater in amount
than any preceding instalment, (2) payable at approximately equal intervals not exceeding one
month, and (3) not less than $5.00 per month or
$1.25 per week on the aggregate instalment indebtedness of one debtor to the same creditor. It
shall be evidenced by a written instrument or record
which shall set forth the terms of payment.
(d) Statement of the Borrower.—No Registrant shall make any instalment loan subject to
section 4(<z) or 4(&) unless he shall have accepted
in good faith a signed Statement of the Borrower
as to the purposes of the loan. Such statement shall
state whether or not any of the proceeds of the
loan are to be used to make a down payment on
the purchase of a listed article or to be used to
purchase any listed article, and if any of the proceeds of the loan are to be used for the latter
purpose such Statement shall identify such listed
article and shall state the cash price thereof and
the value of any trade-in. If a Registrant relies
in good faith on the facts set out by the obligor in
such Statement, it shall be deemed to be correct
for the purposes of the Registrant.
(e) Loans to Make Down Payments Prohibited.—A Registrant shall not make any instalment loan if he knows or has reason to know
that any part of the proceeds thereof is to be used
to make a down payment on the purchase price
of any listed article.
SECTION 5. RENEWALS, REVISIONS AND ADDITIONS
(a) General Requirements.—In the case of
an instalment sale or instalment loan which results
from a renewal or revision of any such credit already outstanding, or which results from the combination of any such outstanding credit with an
additional extension of instalment credit, the renewed, revised or consolidated obligation shall
1349
LAW DEPARTMENT
(c) Bona Fide Collection Effort; Servicemen's Pre-induction Debt.—Nothing in this
regulation shall be construed to prevent any
(1) The requirements as to Statement of Registrant from making any renewal or revision,
Borrower and down payment or maximum or taking any action that he shall deem necessary in
loan value, if any, shall not apply to the out- good faith (1) for the Registrant's own protection
standing credit already held by the Registrant; in connection with any obligation which is in deand
fault and is the subject of bona fide collection effort
by the Registrant, or (2) with respect to any obliga(2) The renewed, revised or consolidated
tion of any member or former member of the armed
obligation may, in so far as the maturity and
forces
of the United States incurred prior to his
instalment requirements are concerned, be
induction
into such service.
treated as if it were a new credit with the
maximum maturity calculated from the date
SECTION 6. CERTAIN TECHNICAL PROVISIONS
of the renewal, revision or consolidation. The
(a) Special Payment Schedules for Seasonal
payments on such renewed, revised, or conIncomes.—If
the income received by an obligor
solidated obligation shall not be less than
$5.00 per month or $1.25 per week on the from the main sources of his income cusaggregate instalment indebtedness of one debtor tomarily fluctuates materially from month to month
or from season to season, the payment schedule may
to the same creditor.
be adapted, within the applicable maximum ma(b) Statement of Changed Conditions.—Not- turity, to such customary flow of income, provided
withstanding any other provision of this regula- the obligation complies with one or the other of
tion, if a Registrant accepts in good faith a State- the following requirements: (1) at least half of
ment of Changed Conditions as provided in the the credit is to be repaid within the first half of
following paragraph, an extension of instalment the applicable maximum maturity; or (2) payments
credit that refinances any outstanding obligation are reduced or omitted in not more than 4 months
(whether or not such obligation is held by the of any calendar year but are otherwise in equal
Registrant or is itself payable in instalments) may monthly amounts. In all such cases, a statement of
have a maturity not exceeding that specified in the the facts relied upon shall be preserved in the
Supplement for refinancing pursuant to such Registrant's files for the life of the obligation.
Statements, but such maturity shall be applicable
(£) Calculating Maximum Maturity of Cononly to the credit refinanced. The payments on
tract.—In calculating the maximum maturthe credit refinanced need not be as large as $5.00
ity of an instalment sale or instalment loan, a
per month or $1.25 per week.
Registrant may, at his option, use any date not
The requirements of a Statement of Changed
more than 15 days subsequent to the actual date
Conditions will be complied with only if the
of the sale or loan.
Registrant accepts in good faith a written state(c) Record of Instalment Sale.—The inment signed by the obligor that the contemplated
refinancing is necessary in order to avoid undue strument or record evidencing an instalment sale
hardship upon the obligor or his dependents result- pursuant to section 3(<r) shall set forth (in any
ing from contingencies that were unforeseen by him order) the following information:
at the time of obtaining the original extension of
(1) A brief description identifying the article
credit or which were beyond his control, which
purchased;
statement also sets forth briefly the principal facts
(2) The cash price of the article;
and circumstances (1) with respect to the original
extension of credit and (2) with respect to such
(3) The amount of the purchaser's down
contingencies and specifically states in addition that
payment (i) in cash and (ii) in goods accepted
the contemplated refinancing is not pursuant to a
in trade, together with a brief description
preconceived plan or an intention to evade or ciridentifying such goods and stating the monecumvent the requirements of this regulation.
tary value assigned thereto in good faith;
comply with all the requirements of this regulation
as if it were a new extension of credit except that:
1350
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
(/) Mail Orders.—An instalment sale shall
(4) The amount of any insurance premium
for which credit is extended and of any finance not be deemed to be in violation of the down paycharges or interest by way of discount in- ment requirement of section 3(#) if the sale is
cluded in the principal amount of the obliga- made upon the receipt of a mail order for one or
tion, or the sum of these amounts;
more articles and the cash deposit received with the
(5) The time balance owed by the pur- order fails by less than $1.00 to equal the sum of
chaser, which is the sum of items (2) and (4) the down payments required by this regulation for
all of the articles included in the order.
minus item (3); and
(g) Delivery in Anticipation of Instalment
(6) The terms of payment.
Sale.—In case a listed article is delivered in
The instrument or record need not include a de- anticipation of an instalment sale of that article
scription of the article if it is purchased by means or a similar article (such as a delivery "on apof a coupon boo\ or similar medium of instalment proval", "on trial", or as a "demonstrator"), the
credit upon which a cash down payment of at Registrant shall require, at or before the time of
least one-third of its purchase value has been made. such delivery, a deposit equal to the down payment
The instrument or record need not include the in- that would be required on such an instalment sale.
formation called for by items (2) and (4) if the
(h) Sets and Groups of Articles.—In deterRegistrant is one who quotes to the public a time
price for the article which includes the finance mining whether an article is a "listed article",
charge if any, provided he sets forth such time the word "article" shall be deemed to include any
price in such instrument or record, and provided set, group or assembly commonly considered, sold
he obtains a cash down payment which is at least or used as a single unit, if the component parts
as large as would be required if the percentage thereof are sold or delivered at substantially the
specified for the article in the Supplement were same time.
applicable to the time price.
(i) Evasive Side Agreements.—No extension
(d) Extension of Credit for Mixed Pur- of credit complies with the requirements of
poses.—In case an extension of credit is partly this regulation if at the time it is made there is
subject to one section of this regulation and partly any agreement, arrangement, or understanding (1)
subject to another section, the amount and terms by which the obligation is to be renewed or revised
of such extension of credit shall be such as would on terms which would permit final payment to be
result if the credit were divided into two or more deferred beyond the date permitted by this reguparts and each part were treated as if it stood alone. lation for such credit at its inception, or (2) by
In case an extension of credit is partly subject to which the obligor is to be enabled to make repaythis regulation and partly not subject to the regula- ment on conditions inconsistent in any other respect
tion, the amount and terms of such extension of with those required by this regulation, or (3) by
credit shall be such as would result if the credit which there is to be any evasion or circumvention,
were divided and the part subject to the regulation or any concealment of any evasion or circumvenwere treated according to the applicable provisions tion, of any requirement of this regulation.
of the regulation; the part not subject to the regula(;) Side Loan to Make Down Payment.—
tion may be treated as if the regulation did not
A
Registrant shall not make an extension of instalexist.
ment credit to finance the purchase of any listed
(e) "Lay-away" Plans.—With respect to any article if he knows or has reason to know that
extension of credit involving a bona fide "lay-away" there is, or that there is to be, any other extension
plan, or other similar plan by which a purchaser of credit of any kind in connection with the purmakes one or more payments on an article before chase of the listed article which would bring the
receiving delivery thereof, the Registrant may, for total amount of credit extended in connection with
the purposes of this regulation, treat the extension such purchase beyond the amount of instalment
of credit as not having been made until the date credit permitted by this regulation; but, if the
Registrant accepts in good faith a written statement
of the delivery of the article to the purchaser.
DECEMBER
1946
1351
LAW DEPARTMENT
signed by the obligor that no such other extension
exists or is to be made, such statement shall be
deemed to be correct for the purposes of the Registrant.
(^) Purchase of Article in Lieu of Trade-in.
—Anything which the seller of a listed article buys,
or arranges to have bought, from the purchaser at or
about the time of the purchase of the listed article
shall be regarded as a trade-in for the purposes of
this regulation.
(/) Misuse of Coupon Plans.—No coupon,
ticket or similar medium of credit, whether paid
for in instalments or otherwise, shall be accepted
by any Registrant in payment, in whole or in part,
for any listed article if such acceptance, in effect,
would permit the article to be sold on terms not
complying with the requirements of this regulation.
SECTION 7. EXEMPT CREDITS
This regulation shall not apply to any of the following:
(#) Business or Agricultural Loans.—Any
loan for business purposes to a business enterprise
or for agricultural purposes to a person engaged
in agriculture, provided the loan is not for the
purpose of purchasing a listed article.
(b) Credit to Dealers and Certain Salesmen.—Any extension of credit'to a wholesaler or
retailer to finance the purchase of any article for
resale, or any extension of credit which is made to
a bona fide salesman of automobiles in order to
finance the purchase of a new automobile to be
used by him principally as a demonstrator.
(c) Credit to Governmental Agencies, Religious Institutions, etc.—Any extension of
credit to the Federal Government, any State government, any political subdivision, or any department, agency or establishment thereof, or to any
church, hospital, clinic, sanitarium, school, college,
or other religious, educational, charitable, or eleemosynary institution.
(d) Credits Under Government Rehabilitation and Readjustment Programs.—Any extension of credit (1) made by the Land Bank
Commissioner on behalf of the Federal Farm
Mortgage Corporation or by any Federal land bank
and found, pursuant to regulations issued by the
1352
Commissioner, to be necessary to maintain or increase production of essential agricultural commodities, (2) made or insured by the Farmers'
Home Administration, (3) made in accordance
with the regulations of the Secretary of the Interior
for the economic development or rehabilitation of
Indians, (4) made by the Disaster Loan Corporation, or (5) made, guaranteed or insured in whole
or in part by the Administrator of Veterans' Affairs
pursuant to the provisions, of Title III of the Servicemen's Readjustment Act of 1944, or by any
State agency pursuant to similar State legislation.
(<?) Loans to Pay Fire and Casualty Insurance Premiums.—Any loan to finance a premium in excess of one year on a fire or casualty
insurance policy, if the loan is fully secured by the
unearned portion of such premium.
(/) Credit for Purchasing Securities.—Any
extension of credit which is subject to* the Board's
regulations under the Securities Exchange Act of
1934 or which is otherwise for the purpose of
purchasing or carrying stocks, bonds, or other investment securities.
(g-) Real Estate and Home Improvement
Loans.—Any extension of credit which is for the
purpose of financing or refinancing (1) the construction or purchase of an entire residential building or other entire structure or (2) repairs, alterations, or improvements upon urban, suburban or
rural real property in connection with existing
structures, except to the extent that such repairs,
alterations, or improvements incorporate any listed
article.
(h) Loans to Meet Medical Expenses, etc.—
Any loan as to which the Registrant accepts in
good faith a written statement signed by the borrower certifying that the proceeds are to be used
for bona fide educational, medical, hospital, dental,
or funeral expenses, or to pay debts incurred for
such expenses, and that such proceeds (unless they
are to be used exclusively for educational expenses)
are to be paid over in amounts specified in such
statement to persons whose names, addresses, and
occupations are stated therein.
(/) Disaster Credits.—Any extension of credit
to finance the repair or replacement of property
damaged or lost as a result of a flood or other
similar disaster which the Federal Reserve Bank
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
of the district in which the disaster occurred finds
has created an emergency affecting a substantial
number of the inhabitants of the stricken area, provided such extension is made prior to the end of
the sixth calendar month following the month in
which the disaster occurred and a statement describing the damage or loss is preserved in the
Registrant's files.
SECTION 8. MISCELLANEOUS PROVISIONS; DEFINITIONS
(#) Preservation of Records; Inspections.—
Every Registrant shall preserve, for the life of
the obligation to which they relate, such books
of account, records, and other papers (including any statements required by or obtained pursuant to this regulation) as are relevant to establishing whether or not an extension of credit
within the scope of this regulation was in conformity with the requirements thereof, provided,
however, that the Registrant may preserve photographic reproductions in lieu of such books of
account, records or papers.
For the purpose of determining whether or not
there has been compliance with the requirements of
this regulation, every person required to be licensed
under section 2(a) shall permit the Board or any
Federal Reserve Bank by its duly authorized representatives, to make such inspections of his business
operations as the Board or Federal Reserve Bank
may deem necessary or appropriate, including inspections of books of account, contracts, letters or
other relevant papers wherever located, and, for
such purpose, shall furnish such reports as the
Board or the Federal Reserve Bank may require.
When ordered to do so by the Board, every person
shall furnish, under oath or otherwise, such information relative to any transaction within the
scope of the Executive Order as the Board may
deem necessary or appropriate for such^ purpose,
including the production of books of account, contracts, letters or other papers in the custody or
control of such person.
(b) Suspension of License.3—The license of
3
In addition, any Registrant who willfully violates or knowingly participates in a violation of this regulation is subject to
the penalties prescribed in section 5(b) of the Act of October
6, 1917, as amended, which reads in part as follows: "Whoever
willfully violates any of the provisions of this subdivision or of
any license, order, rule, or regulation issued thereunder, shall,
upon conviction, be fined not more than $10,000, or, if a natural
person, may be imprisoned for not more than ten years, or both;
and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like
fine, imprisonment, or both."
DECEMBER
1946
any Registrant may, after reasonable notice and
opportunity for hearing, be suspended by the
Board, in its entirety or as to particular activities
or particular offices or for specified period.s, on any
of the following grounds:
(1) Any material misstatement or omission
willfully or negligently made in the registration statement;
(2) Any willful or negligent failure to
comply with any provision of this regulation
or any requirement of the Board pursuant
thereto.
A license which is suspended for a specified
period will again become effective upon the expiration of such period. A license which is suspended indefinitely may be restored by the Board,
in its discretion, if the Board is satisfied that its
restoration would not lead to further violations of
this regulation and would not be otherwise incompatible with the public interest.
(c) Enforceability of Contracts.—Except as
may subsequently be otherwise provided, all provisions of this regulation are designated, pursuant
to section 2(d) of the Executive Order, as being
"for administrative purposes" within the meaning
of said section 2(d), which provides that noncompliance with provisions of the regulation so designated shall not affect the right to enforce contracts.
(d) Clerical Errors.—Any failure to comply
with this regulation resulting from a mistake in
determining, calculating, or recording any price,
down payment, or extension of credit, or other
similar matter, shall not be construed to be a violation of this regulation if the Registrant establishes
that such failure to comply was the result of excusable error and was not occasioned by a regular
course of dealing.
(e) Non-Compliance Due to Facts Outside
Registrant's Knowledge.—The prohibitions of
this regulation shall not apply to a Registrant
with respect to any failure to comply with this
regulation in connection with (1) an extension
of credit made by him if, at the time he made it,
he did not know or have reason to know any fact
by reason of which such extension failed to comply;
(2) an obligation purchased, discounted or acquired
as collateral by him if, when he purchased or discounted the obligation or acquired it as collateral,
1353
LAW DEPARTMENT
the obligation did not show on its face any failure
to comply and he did not know any fact by reason
of which the extension of credit giving rise to the
obligation failed to comply; or (3) an obligation
renewed, revised, or consolidated by him if, at the
time when he renewed, revised or consolidated it,
he did not know or have reason to know any fact
by reason of which such renewal, revision or consolidation failed to comply. With respect to any
loan on the security of an obligation which arises
out of an extension of credit subject to this regulation, the prohibitions of this regulation shall be
deemed to apply only to payments arising out of
the obligation rather than to payments arising out
of the loan.
(/) Transactions Outside Unfted States.—
Nothing in this regulation shall apply with respect to any extension of credit made in Alaska,
the Panama Canal Zone, or any territory or possession outside the continental United States.
(g) Right of Registrant to Impose Stricter
Requirements.—Any Registrant has the right to
refuse to extend credit, or to extend less credit than
the amount permitted by this regulation, or to require that repayment be made within a shorter
period than the maximum permitted by this regulation.
(h) Definitions.—For the purposes of this regulation, unless the context otherwise requires:
(1) "Person" means an individual, partnership, association, or corporation.
(2) "Registrant" means a person who is
licensed pursuant to section 2(b).
(3) "Extension of Credit" has the meaning
given it in the Executive Order.4
(4) "Instalment Credit" means an extension
of credit which the obligor undertakes to repay
in two or more scheduled payments or as to
4
( The pertinent part of the Executive Order reads as follows:
"Extension of credit" means any loan or mortgage; any instalment purchase contract, any conditional sales contract, or any
sale or contract of sale under which part or all of the price is
payable subsequent to the making of such sale or contract; any
rental-purchase contract, or any contract for the bailment or
leasing of property under which the bailee or lessee either has
the option of becoming the owner thereof or obligates himself to
pay as compensation a sum substantially equivalent to or in
•xcess of the value thereof; any contract creating any lien or
similar claim or property to be discharged by the payment of
money; any purchase, discount, or other acquisition of, or any
extension of credit upon the security of, any obligation or claim
arising out of any of the foregoing; and any transaction or
series of transactions having a similar purpose or effect.
1354
which the obligor undertakes to make two or
more scheduled payments or deposits usable
to liquidate the credit, or which has a similar
purpose or effect.
(5) "Instalment Sale" means an instalment
credit in a principal amount of $2,000 or less
which is made as principal, agent or broker, by
any seller of any consumers' durable good
listed in the Supplement to this regulation
(herein called a "listed article") and which
arises out of a sale of such listed article. For
this purpose, "sale" includes a lease, bailment,
or other transaction which is similar in purpose
or effect to a sale.
(6) "Instalment Loan" means an instalment
credit, other than an instalment sale, in the
form of a loan which is in a principal amount
of $2,000 or less; but the definition does not
include any loan upon the security of any obligation which arises out of any instalment sale
or instalment loan.
(7) "Cash Price" means a bona fide cash
purchase price of an article, including the bona
fide cash purchase price of any accessories, any
bona fide delivery, installation and service
charges (other than interest, finance or insurance charges), and any applicable sales taxes.
SUPPLEMENT TO REGULATION W
Effective December 1, 1946
Part 1. Listed Articles, Maturities, Down
Payments, Loan Values.—For the purposes of
Regulation W, the following articles, whether new
or used, are "listed articles", and the following
maximum maturities, required down payments and
maximum loan values are prescribed (such down
payments and loan values to be calculated as specified in Parts 4 and 5 of this Supplement); but no
article having a cash price of less than $50.00 shall
be considered a listed article:
Group A—15 months maximum maturity, 33f/3
per cent minimum down payment, dG2/z per cent
maximum loan value:
1. Automobiles (passenger cars designed for the
purpose of transporting less than 10 passengers, including taxicabs).
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Group B—15 months maximum maturity, 331/$
per cent minimum down payment, 66/^ per cent
maximum loan value:
1. Cooking stoves and ranges, designed for
household use.
2. Dishwashers, mechanical, designed for household use.
3. Ironers designed for household use.
4. Refrigerators, mechanical, of less than 12
cubic feet rated storage capacity (including
food freezers).
5. Washing machines designed for household
use.
6. Combination units incorporating any listed
article in the foregoing classifications of
this Group B.
7. Air conditioners, room unit.
8. Radio receiving sets, phonographs, or combinations.
9. Sewing machines designed for household use.
10. Suction cleaners designed for household use.
age of the cash price or of the "appraisal guide
value", whichever is lower, and the required down
payment shall be the difference between the cash
price and the maximum loan value as so calculated.
"Appraisal guide value" means the estimated
average retail value as stated in such edition of any
regularly published automobile appraisal guide as
the Board may designate for this purpose for use in*
the territory in which such used automobile is sold,
plus any applicable sales taxes. Information as to
the guide or guides designated for any given territory may be obtained from any Federal Reserve
Bank or branch.
Part 5. Calculation of Down Payments for
Articles in Group B or Group C.—If any article
is traded in by the purchaser on an article listed in
Group B or Group C, the required down payment
and the maximum loan value shall be the specified
percentage of the net price of the article after deducting from the cash price the amount allowed for
the trade-in; and such down payment shall be obtained in cash in addition to the trade-in.
Foreign Funds Control
Treasury Department Releases
Group C—15 months maximum maturity, 20 per
cent minimum down payment, 80 per cent maxiThe following releases relating to transactions in
mum loan value:
foreign exchange, etc., in addition to those hereto1. Furniture, household, (including ice refriger- fore published in the Federal Reserve BULLETIN,
ators, bed springs, mattresses and lamps); have been issued by the Office of the Secretary of
the Treasury under authority of the Executive
and floor coverings, soft surface.
Order of April 10, 1940, as amended, and the reguPart 2. Unclassified Instalment Loans.—The lations issued pursuant thereto:
maximum maturity of any instalment loan subject
Treasury Department
to section 4(£) shall be 15 months.
Foreign Funds Control
Part 3. Refinancing Pursuant to -Statement
of Changed Conditions.—The maximum maturity
of any refinancing pursuant to a Statement of
Changed Conditions as specified in section 5{b)
shall be 18 months.
Part 4. Calculation of Down Payments for
Automobiles.—In the case of a new automobile,
the required down payment and maximum loan
value shall be the specified percentage of the
cash price; and such down payment may be obtained in the form of cash, trade-in, or both.
The same rule shall apply in the case of a used
automobile, except that after January 1, 1947, the
maximum loan value shall be the specified percentDECEMBER 1946
October 15, 1946
AMENDMENT TO GENERAL LICENSE NO. 95
Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Section 5(b) of the Trading with the Enemy Act, As Amended by the First War
Powers Act, 1941, Relating to Foreign Funds Control*
Paragraph ( d ) ( l ) of § 131.95 (Paragraph (4) (a) of General License No. 95) is hereby amended to read as follows:
§ 131.95 Property certified by governments of specified
countries. * * *
(d) Definitions. * * *
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54
Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832,
July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order
8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended
by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940,
as amended June 14, 1941, February 19, 1946, and June 28,
1946.
1355
LAW DEPARTMENT
(1) The term "country specified herein" means the following:
(i) France, effective October 5, 1945;
(ii) Belgium, effective November 20, 1945;
(in) Norway, effective December 29, 1945;
(iv) Finland, effective December 29, 1945;
(v) The Netherlands, effective February 13, 1946;
(vi) Czechoslovakia, effective April 26, 1946;
(vii) Luxembourg, effective April 26, 1946;
(viii) Denmark, effective June 14, 1946;
(ix) Greece, effective October 15, 1946;
and each country specified herein shall be deemed to include
any colony or other territory subject to its jurisdiction.
JOHN W. SNYDER,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
November 15, 1946
a partnership, association, corporation, or other organization
solely by reason of the fact that it is organized under the
laws of Taiwan (Formosa) or has had its principal place
of business therein.
JOHN W. SNYDER,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
November 15, 1946
AMENDMENT TO PUBLIC CIRCULAR NO. 29
Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Sections 3 (a) and 5 (b) of
the Trading with the Enemy Act, As Amended by the
First War Powers Act, 1941, Relating to Foreign Funds
Control*
Part 131, Appendix' B (Public Circular No. 29) is hereby
amended to read as follows:
STATUS OF ACCOUNTS OF INTERNEES
PUBLIC CIRCULAR NO. 33
Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Sections 3(a) and 5(b) of
the Trading with the Enemy Act, Relating to Foreign
Funds Control.*
STATUS OF TAIWAN (FORMOSA)
(1) In general. For the purposes of the Order and General Ruling No. 11;
(a) Taiwan (Formosa) shall be deemed to be subject
to the jurisdiction of China;
(b) No person shall be deemed a national of Japan
solely by reason of the fact that, at any time on
or since the effective date of the Order, Taiwan
(Formosa) was regarded as part of Japan.
(2) Under General Ruling No. 11 A . Paragraph ( l ) ( c )
of General Ruling No. 11A shall not be deemed to apply to
* Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2,
48 Stat. 1, 54 Stat. 179, 55 Stat. 838; 50 U.S.C. App. 3, 12
U.S.C. 95a, 50 U.S.C. App. 5, 12 U.S.C. 95a, 50 U.S.C. App.
5, 12 U.S.C. 95 note, 50 U.S.C. App., Sup., 616; E.O. 8389.
April 10, 1940, as amended by E.O. 8785, June 14, 1941, E.O.
8832, July 26, 1941, E.O. 8963, Dec. 9, 1941, and E.O. 8998,
Dec. 26, 1941. E.O. 9193, Tuly 6, 1942, as amended by E.O.
9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F.R. 6917; Regulations, April 10, 1940, as amended Tune 14, 1941, February 19,
1946, and June 28, 1946; 31 CFR, Cum. Supp. 130, 1-7, 11 F.R.
1769, 7184.
1. Status of accounts upon parole or release of internee.
Instructions or notifications by or in behalf of the Treasury
Department blocking the property of any person as an internee shall be regarded as revoked upon the parole or release
of the person from internment, provided that if the person
was paroled or released prior to March 15, 1946, that date
shall be regarded as the effective date of revocation. However, the provisions hereof shall not apply to any person
released into the custody of the Immigration and Naturalization Service for deportation proceedings nor to any person
who is the subject of a "Removal order" issued pursuant to
Presidential Proclamation 2655 of July 14, 1945.
2. Applicability of General License No. 42. The accounts
of internees blocked pursuant to specific directions from the
Treasury Department are not unblocked by virtue of General License No. 42 as amended on August 27, 1946.
JOSEPH J. O'CONNELL, JR.,
Acting Secretary of the Treasury.
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; 12 U.S.C. 95
note, 95a, 31 U.S.C. 804 a note 50 U.S.C. App. 3, App., Sup.,
5(b), 616; E.O. 8389, April 10, 1940, as amended by E.O.
8785, June 14, 1941, E.O. 8832, July 26, 1941. E.O. 8963,
Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, 5 F.R. 1400, 6
F.R. 2897, 3715, 6348, 6785; 3 CFR. Cum. Supp., E.O. 9193,
July 6, 1942, as amended by E.O. 9567, June 8, 1945, 7 F.R.
5205, 10 F.R. 6917; Regulations, April 10, 1940, as amended'
June 14, 1941, July 26, 1941. February 19, 1946, and June
28, 1946, 5 F.R. 1401, 6 F.R. 2905, 3722, 11 F.R. 1769, 7184,
31 CFR, Cum. Supp., 130, 1-7.
REVISED EDITION OF FEDERAL RESERVE ACT
The Board of Governors of the Federal Reserve System has just published a revised edition of the Federal Reserve Act, as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes afTecting the Federal Reserve System. The new edition, which has been prepared in
the office of the Board's General Counsel, under the direction of the Board, brings up to date and supersedes an edition of the Act which was published in 1935. Copies of the revised edition are now available
for distribution to the public and may be obtained at a price of 50 cents each for paper-bound copies or $1
each for cloth-bound copies. Requests for copies should be sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C.
1356
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Federal Reserve Meetings
The Federal Advisory Council met in Washington on December 1-3, 1946. The Council met with
the Board of Governors of the Federal Reserve System on December 3, 1946.
The Conference of Chairmen of the Federal Reserve Banks met in Washington, D. C, on December 5 and 6, 1946.
Resignation of Director
On November 19, 1946, the Board of Governors
accepted the resignation of Mr. W. W. Waymack,
Editor and Vice President, The Register and
Tribune, Des Moines, Iowa, as a Class C director
of the Federal Reserve Bank of Chicago. Mr.
Waymack had served as a Class C director since
December 26, 1941, and as Deputy Chairman since
October 12, 1942.
Appointment of Branch Director
The Board of Governors of the Federal Reserve
DECEMBER
1946
System on November 19, 1946, announced the appointment of Mr. Josiah M. Koch, Vice President
and Director, Quaker State Oil Refining Corporation, Oil City, Pennsylvania, as a director of the
Pittsburgh Branch of the Federal Reserve Bank of
Cleveland for the unexpired portion of the term
ending December 31, 1947.
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 October 16, 1946, to November 15, 1946:
New Mexico
Bayard—The Grant County State Bank
Oklahoma
Weatherford—Security State Bank
1357
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled November 26, and released for publication November 29]
Output and employment at factories were maintained at record peacetime levels in October. The
total value of goods distributed was maintained at
a high level but below the level of production, and
inventories increased further. Prices in wholesale
and retail markets generally advanced considerably
following the lifting of controls.
INDUSTRIAL
PRODUCTION
Output at factories and mines, as measured by
the Board's seasonally adjusted index, increased
slightly further in October and was at a level of 182
per cent of the 1935-39 average as compared with
180 in September. Production was maintained at
this level in November up to the beginning of work
stoppages in bituminous coal mines.
Production of nondurable manufactures in October was at a postwar peak rate of 169 per cent
of the 1935-39 average. Output of manufactured
food products rose sharply, reflecting chiefly the
exceptionally large volume of meat production after
the middle of October when Federal price controls
were removed. The number of animals slaughtered
under Federal inspection declined somewhat from
late October levels during the first half of November. Output of textile products advanced in
October to a level of 170 per cent of the 1935-39
average and there were also small gains in activity
in some other nondurable goods industries.
Output of durable manufactures increased slightly
in October as activity in the nonferrous metals and
machinery industries continued to advance. The
number of passenger cars and trucks produced
increased further to a rate 14 per cent above the
1935-39 average and continued to advance in the
first two weeks of November. Activity in most
other durable goods industries was maintained at
about the September level. During the first three
weeks of November steel output rose slightly to an
average scheduled rate of 91 per cent of capacity,
but in the fourth week output dropped sharply
owing to a cessation of operations at most bituminous coal mines on November 21 as a result of
work stoppages.
CONSTRUCTION
Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, declined
further in October to a level two-fifths below the
May peak, but they were still about double the
1939 average. Awards for residential building decreased by one-fifth in October, more than offsetting
an increase in the value of contracts awarded for
factory construction.
DISTRIBUTION
Department store sales, which usually increase
from September to October, showed little change
this year, and the Board's seasonally adjusted index
INDUSTRIAL PRODUCTION
5
ER CENT
VALUE OF CONSTRUCTION ACTIVITY
PHYS CAL VOLUN E SEASONALLY ADJUSTED, 1935-39
MILLIONS OF DOLLARS
260
*v
240
!
/
220
/
200
J
180
J
160
140
i
\
200
I1 1
180
1 /
160
J
140
/
120
120
80
-
100
1940
Federal Reserve index. Monthly figures, latest shown is for
October.
1358
1942
1944
1946
1940
1942
Latest figures shown are for November.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
declined to 258 per cent of the 1935-39 average as
compared with 269 for September and 290 for
August. Sales increased seasonally, however, in
the first half of November and were 22 per cent
larger than a year ago. Department store stocks
continued to rise in October and the Board's seasonally adjusted index reached a new high of 235
per cent of the 1935-39 average, notwithstanding
a further marked decrease in stocks in the New
York City area as a result of a trucking strike.
During October and the early part of November
railroad carloadings of livestock were in exceptionally large volume and shipments of most other
classes of railroad revenue freight were also maintained at high levels.
COMMODITY PRICES
Following the initial sharp increases in prices
of many basic commodities in October and the
early part of November, after the lifting of controls, prices of some agricultural products, like
cotton, corn, and poultry products, declined, while
prices of wheat, flour, and sugar advanced. Initial
advances in prices of nonferrous metals, steel scrap,
and rayon were maintained, and in the latter part
of November prices of some of these industrial
materials advanced further. There were also reported in this period substantial increases in wholesale prices of a number of finished manufactured
products.
Retail prices of foods and numerous miscellaneous products increased considerably further in
October and November. Most of the increases occurred after the middle of October, at which time
the consumers' price index was 2 per cent higher
than in September and 15 per cent above the level
at the end of the war.
BANK CREDIT
Commercial and industrial loans at reporting
banks in 101 leading cities showed further sharp
increases in October and the first three weeks of
November. Real estate and consumer loans also
continued to increase steadily. Government security holdings declined further, reflecting principally Treasury debt retirement. Deposits of
businesses and individuals have shown little further change.
Member bank, reserves showed little over-all
change during October and the first three weeks
of November. Losses of funds by member banks
as a result of an outflow of currency and a transfer
of deposits from member banks to Reserve Banks
due to Treasury operations were about equal to the
funds banks obtained by borrowing at Reserve
Banks and from an inflow of gold. Government
security holdings at Reserve Banks fluctuated considerably in October but were little changed over
the period.
GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES
CONSUMERS' PRICES
BONDS
y
CER TIFICATES
JVr
NOTES
/
•n
r-
80
BILLS
1939
1940
1941
1942
1943
1944
Latest figures shown are for October.
DECEMBER 1946
1945
1946
1947
1939
1940
1941
1942
1943
1944
^
1945
^
1946
Latest figures shown are for Nov. 20.
1359
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements..
Federal Reserve Bank statistics.
Guaranteed war production loans.
...
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover. .
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
...
All insured commercial banks in the United States, by classes.
Weekly reporting member banks
. ..
Commercial paper, bankers' acceptances, and brokers' balances.
Money rates and bond yields. .
Security prices and new issues. .
Corporate earnings and dividends. .
Treasury
finance
Government corporations and credit agencies.
Business indexes.
.
Department store statistics. .
Consumer credit statistics.
Cost of living.
Wholesale prices.
. ,.
Gross national product, national income, and income payments
November Crop Report, by Federal Reserve districts.
Current statistics for Federal Reserve chart book. .
Number of banking offices in the United States. .
1363
1364
1365-1368
1369
1369-1370
1371-1372
1372
1373
1374-1375
1376-1377
1378-1381
1382
1383
1384-1385
1386
1387-1389
1390
1391-1400
1401-1403
1404-1406
1406
1407
1408
1409
1410-1412
1413
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
DECEMBER
1946
1361
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
1939
1940
194!
1942
1943
1944
1945
to
1939
1362
1940
1941
1942
1943
Wednesday figures, latest shown are for Nov. 20.
1944
1945
See p. 1363.
1946
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Discounts
Date
U. S. Government
securities
and
ad-
ury
vances Total
Monthly averages of
daily figures:
1945—Aug
Sept.
All
TreasAll
bills
other 1
and
certificates
other
Total
Gold
stock
Member
bank reserve
Treasbalances
Treasury deOther
ury
Money Treas- posits NonFedury
curin cirwith memeral
rency
culacash Federal ber de- R e Reouttion
holdposits serve
acstandings
serve
Total E x ing
c ess*
Banks
counts
388
398
369
247
283
251
22,052
22,877
23,123
23,584
23,614
23,471
19, 230 2 822
2 0 , 051 2 827
20 216 2 ,908
2 2 , 233 1 ,351
2 2 , 254 1 ,360
22 030 1 ,441
431
434
39S
427
493
421
22, 871
2 3 , 709
2 3 , 888
24, 258
2 4 , 391
24 143
20,116
20,090
?0 048
20.271
20,291
20,330
4,202
4,221
4,261
4,541
4,545
4,546
27,392
27,765
27,943
28,352
28,478
28,588
2,257
2,261
2,259
2,262
2,275
2,2-74
549 1,554
609 1,499
448 1,388
524 1,328
515 1,214
444
947
457
470
483
573
585
597
14,978 1 ,084
15,414 1 ,063
15,675 1 ,057
16,031
891
16,160
885
16,167
863
End of month figures:
1945—Aug. 31 .
Sept. 3 0 . . . .
Oct. 3 1 . . . .
1946—Aug. 31
Sept. 3 0 . . . .
Oct. 3 1 . . . .
362
334
439
331
213
253
22,530
23,328
23,276
23,946
24,049
23,518
19
20
20
22
22
22
653 2 ,877
418 2 ,911
379 2 ,898
595 1 ,351
626 1 ,423
047 1 ,470
315
420
272
471
331
338
2 3 , ?07
24, 082
23 987
24, 748
2 4 , 594
24 109
?0 088
20,073
20,036
20,280
20,305
20,402
4,217
4,251
4,278
4,544
4,546
4,549
27,685
27,826
28,049
28,448
28,507
28,600
2,230
2,246
2,244
2,256
2,289
2,285
552
854
429
704
457
473
483
574
590
595
920
15 011
15,520 1 ,153
15,723
904
16,245 1 ,085
725
15,910
567
15,931
Wednesday figures:
1946—Jan. 2
Jan. 9 . . . .
Jan. 16
Jan. 23
Jan. 3 0 . . . .
222
215
210
207
310
24,092
23,859
23,437
23,341
23,297
21
21
21
20
20
602
377
030
968
945
2 ,490
2 ,482
2 ,407
2 ,373
2 ,352
533
463
426
373
291
24, 847
24, 536
24 072
23 922
2 3 , 898
20,065
20,046
20,111
20,135
20,157
4,352
4,362
4,377
4,385
4,404
28,491
28,297
28,119
27,977
27,914
2,306
2,256
2,262
2,282
2,295
771
758
272
578
762
1,299
1,307
1,257
1,239
1,298
498
505
505
506
507
15 900
15,822
16,145
15,859
15,681
6
13
20....
27
289
411
352
380
23,227 20 876
23,253 20 904
23,017 20 692
22,972 20 652
2 ,352
2 ,349
2 ,326
2 ,320
324
270
417
325
23
23
23
23
840
933
787
677
20,157
20,157
20,233
20,233
4,413
4,424
4,434
4,447
27,929
27,967
27,955
27,938
2,306
2,301
2,318
2,317
716
864
940
826
,226
,173
,235
,203
516
516
516
517
15,717 1 ,115
15,693 1 ,146
950
15,490
15,555 1 ,039
6
13
Mar. 20
Mar. 2 7 . . . .
443
710
483
683
22,526
22,393
22,592
22,974
20
20
20
20
207
074
335
634
2 ,320
2 ,320
2 ,258
2 ,340
327
319
408
305
23
23
23
23
297
423
483
963
20,232
20,232
20,233
20,257
4,451
4,456
4,467
4,478
27,957
27,946
27,889
27,842
2,284
2,260
2,267
2,298
612
501
774
1,397
,153
,210
,230
,226
531
530
540
540
15,444
924
15,663 1 ,112
15.484
929
995
15,395
Apr. 3
Apr. 1 0 . . . .
Apr. 1 7 . . . .
Apr. 24
686
353
326
324
21,969
22,232
22,103
22,304
19
19
19
19
603
866
736
874
2 ,366
2 ,366
2 ,366
2 ,430
280
261
429
274
22
22
22
22
936
846
857
901
20,255
20,253
20,251
20,247
4,485
4,492
4,514
4,536
27,912
27,955
27,948
27,877
2,271
2,259
2,259
2,260
533
260
334
385
,013
,161
,138
,159
550
550
548
547
15,396 1 ,072
940
15,406
843
15,395
836
15,457
May 1
May 8...
M a y 15
M a y 22
May 29...
225
207
145
163
237
22,579 20 003 2 ,577
22,732 20 134 2 ,598
22,660 20 019 2 ,641
22,643 20 001 2 ,641
22,983 20 341 2 ,641
279
279
447
326
337
23
23
23
23
23
084
219
252
132
556
20,251
20,248
20,245
20,245
20,242
27,888
27,958
27,950
27,961
28,106
2,267
2,266
2,265
2,262
2,265
409
314
504
562
681
1,010
1,162
1,110
1,069
1,038
548
550
550
550
553
15,747 ! ,111
15,751 1 ,014
916
15,652
700
15,505
830
15,689
June
June
June
June
July
July
July
July
5...
12...
19...
26...
252
252
252
231
22,780 20 129 2 ,,651
23,270 20 619 2 ,651
22,691 20 187 2 ,503
23,385 20 882 2 ,503
417
374
512
369
23
23
23
23
450
896
454
986
20,272
20,271
20,272
20,269
4,535
4,534
4,534
4,532
4,533
4,534
4,537
4,536
4,539
28,159
28,128
28,116
28,135
2,285
2,280
2,260
2,262
394
860
419
970
1,063
556
557
566
569
15,799
15,909
15,916
15,910
738
833
671
867
3. . .
10...
17...
24...
July 3 1 . . .
239
292
204
219
246
23,003 21 652 1 ,351
23,394 22 043 1 ,351
23,230 21 879 1 ,351
23,652 22 301 1 ,351
23,633 22 282 1 ,351
453
333
462
358
286
23
24
23
24
24
694
019
895
229
164
20,270
20,271
20,271
20,269
20,267
4,540
4,537
4,538
4,539
4,540
28,395
28,335
28,241
28,187
28,254
2,249
2,254
2,249
2,263
2,250
507
664
513
674
513
L ,116
1,165
1,473
1,401
567
568
568
563
562
15,815
15,889
15,968
15,877
15,991
730
825
859
753
856
Aug.
Aug.
Aug.
Aug.
7. . .
14...
21. . .
28...
258
263
229
216
23,593
23,575
23,486
23,606
1 ,351
1 ,351
1 ,351
1 ,351
283
400
394
279
24
24
24
24
134
238
109
102
20,266
20,268
20,274
20,280
4,538
4,541
4,543
4,543
28,326
28,353
28,365
28,376
2,263
2,262
2,265
2,274
353
557
540
620
1,331
1,295
1,250
1,214
573
572
572
574
16,093
16,008
15,933
15,867
964
898
805
714
Sept.
Sept.
Sept.
Sept.
4...
11...
18...
25...
291
250
262
294
23,387 22 036 1 ,351
23,291 21 940 1 ,351
23,421 22 070 1 ,351
23,866 22 ,515 1 ,351
332
395
541
425
24
23
24
24
011
935
224
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. 1 6 . . .
Oct. 2 3 . . .
Oct. 3 0 . . .
218
271
254
248
238
23,555
23,502
23,418
23,056
23,608
22 ,126 1 ,428
22 ,074 1 ,428
21 ,973 1 ,445
21 ,610 1 ,445
22 ,162 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
2,301
2,270
2,274
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. 6 . . .
Nov. 1 3 . . .
Nov. 2 0 . . .
376 23,515
39 23,684
330 23,522
22 ,020
22 ,105
21 ,933
216 24 ,107 ^20,405
484 24 ,565 20,420
462 24 ,314 20,461
4,548 28,750
4,548 28,761
4,548 28,689
2,276
2,294
2,285
408
577
633
599 16,060
599 16,259
597 16,098
637
838
Oct
1946—Aug.
Sept.
Oct.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
22
22
22
22
242
224
135
256
1 ,494
1 ,578
1 ,588
1 577
1,487
1,373
1,345
1,081 1,069
628 1,020
969
985
950
971
920
868
972
1,006
967
1,044
1,021
1 ,439
1 ,266
1 ,423
1 ,169
1 ,061
P693
p1 Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
2 End of month and Wednesday figures are estimates.
Back figures—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
DECEMBER
1946
1363
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect November 30.
Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
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)
Other secured advances
[Sec. 10(b)]
Effective
Rate
Effective
Apr. 27,1946
Apr. 25,1946
Apr. 25,1946
May 3, 1946
M a y 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
Mar. 14, 1942
Oct. 30,1942
Oct. 27,1942
Oct. 17,1942
Oct. 28,1942
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
2K
2
2K
2
2
2
2
2
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]
Maturity
Treasury bills
Bankers' acceptances:
1- 90 days
91-120 days
121-180 days
Previous
In effect beginning—
Rate on
Nov. 30
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 November 30. Per cent per annum]
To industrial or
commercial
businesses
Apr. 30, 1942
H
x
l
l
l
7H
Aug. 24, 1946
lAug. 24, 1946
lOct. 20, 1933
A
Federal
Reserve
Bank
WA
1
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 deposits
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
21,
16,
1,
1,
16,
1,
20,
14,
3,
1917-Aug. 15, 1936..
1936-Feb. 28, 1937..
1937-Apr. 30,1937..
1937-Apr. 15,1938..
1938-Oct. 31,1941..
1941-Aug. 19, 1942..
1942-Sept. 13, 1942..
1942-Oct. 2, 1942..
1942 and after
Central
reserve
city
banks
Reserve
city
banks
13
19K
22H
26
22H
26
24
22
20
10
15
17K
20
17 H
20
20
20
20
1
Time
deposits
(all
Country member
banks
banks)
7
IOK
3
4K
5X
12 X
6
5
6
6
6
6
14
12
14
14
14
14
1
Demand deposits subject to reserve requirements, i. e., demand
deposits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City.. .
Dallas
San Francisco..
2K
2K
2K
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.
1364
On
On
loans 1
commit-
2K-5
2K-5
2K-5
2^2—5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2Y2S
2K-5
H-ix
ments
K— l
Portion
for which
institution is
obligated
VA
K-lK
K~i VA
YA-IYA
K~I yi
K—1 yi
K—1 yi
K ~ i Yi
4
Remaining
portion
(3)
(3)
(3)
(3)
(3)
(3)
(2)
(2)
2
(2)
(2)
2
( )
2K-5
1-1K
2K-5
(2)
(3)
(2)
( )
K-i
K-i4
5
K~l %
K~1 YA
YA-IYA
(3)
(3)
(3)
2
On
commitments
l/_j[
5
6
1/
K~1M
K-1K
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.
5
Charge of yi per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN REQUIREMENTS *
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Feb. 5,
1945July 4,
1945
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
.
...
Regulation U:
For loans by banks on stocks
50
50
75
75
100
100
50
75
100
Nov. 1,1933- Feb. 1,1935- Effective
Jan. 31,1935 Dec.31,1935 Jan. 1,1936
2K
2K
2K
2K
2K
On discounts or
purchases
1
2
8
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 m o n t h s . . . .
In less than 90 days
To financing institutions
July 5,
Effec1945tive
Jan. 20, Jan. 21,
1946
1946
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
End of month
1946
Item
Nov. 13
Nov. 20
Nov. 27
1946
Nov. 6
Oct. 30
Oct. 16
Oct. 23
November
1945
November
October
Assets
17,529,178 17 S14 4? 7 17 454 47,6 17 458 479 17 450 478 17 445 476 17 , 345 476 17, 579 ,176 17,450,428 17 ,108 064
Gold certificates
Redemption fund for
780 ,443
778,117
762 ,380
780,442
777 ,345
779 ,718
778 ,118
778 ,118
780 ,015
779 ,661
F. R. notes
Total gold certificate r e s e r v e s . . . . 18,309,620 18 ,291 ,772 18 ,234 ,144 18 238 ,090 1 8 , 228 ,546 18 ,223 ,544 18 ,125 ,441 18, 309 ,619 18,228,545 17 ,870 ,444
Other cash
272,192
?79 7 ? 4
767 070
769 9 7 9
789 761
787, 479
784 853
267 , 17.5
291,387
741 ,74?
Discounts and advances:
For member b a n k s . . .
For nonmember
banks etc
142,428
189 ,170
261 ,680
241 ,289
102 ,787
113 ,257
120 ,005
176 ,121
117,948
727 ,816
140,300
140 ,300
135 ,300
134 ,800
134 ,800
134 ,800
133 ,800
140 ,300
134,800
47 ,000
Total discounts and
advances
282,728
329 ,470
396 ,980
376 ,089
237 ,587
248 ,057
253 ,805
316 ,421
252,748
774 ,816
1,061
1 ,112
1 ,17?
1 104
1 084
1 OSS
1 ,091
1 079
1,074
7 37?
Industrial loans
U. S. Gov't securities:
Bills:
Under repurchase
option
4,998,572 4 906 416 S 171 S84 S 70S ? ? 8 S 011 58 S 4 476 706 4 868 487 5 778 3S7 4,875,089 4 S38 61?
9 763 720 9 ,763 ,520 9 ,731 110 9 7 ? 0 ,140 9 , 6 9 8 ,700 9 ,709 ,060 9 ,610 ,365 9 796 S86 9,720,140 8 ,0S4 ,196
Other
Certificates:
Special
7,331,012 7 ,263 ,512 7 ,70? ,S1? 7 09 S ,012 7 4 S ? ,001 7 ,47S ,001 7 ,494 ,001 7 SS1 017 7,452,001 7 ,799 ,761
Other
83 S 100
83S , 100
6 9 0 100
6 9 0 100
8 ? S ,100
6 9 0 100
835,100
741 ,100
715,100 ? 101 5 SO
Notes
753 ,390
977 39?
755 ,290
753 ,390
753 ,390
755 ,290
755 ,290
753,390
753 ,390
755,290
Bonds
Total U. S. Govt.
securities
23,681,794 23 ,521 ,938 23 ,683 ,696 23 ,514 ,870 23 607 ,676 23 ,055 ,657 23 ,418 ,238 2 3 , 944 ,445 23,517,620 23 ,471 ,511
Other Reserve Bank
254 ,514
529 ,192
461 ,577
214 ,621
330 ,890
478 ,796
448 , 3 8 1
449,976
483 ,255
credit outstanding. . .
337,292
Total Reserve Bank
credit outstanding 24,415,559 24 ,314 ,097 24 ,565 ,053 24 ,106 ,684 24 100 ,861 23 ,635 ,639 24 ,151 ,930 2 4 , 791 ,137 24,108,734 24 ,697 , 0 8 0
Liabilities
Federal Reserve notes.. 24,779,754 24 ,675 ,511 24 ,702 ,295 24 ,689 ,686 24 569 ,990 24 ,552 ,268 24 ,557 ,217 2 4 , 799 ,429 24,583,219 24 ,364 ,692
Deposits:
Member bank — re16,131,047 16 ,097 ,879 16 ,258 ,513 16 ,060 ,319 16 111 ,318 15 ,779 ,360 16 ,141 ,916 16 512 ,697 15,931,244 16 ,022 ,382
serve account
U. S. Treasurer—gen664,626
577 ,215
408 ,053
462 ,199
633 ,174
369 ,246
524 ,073
619 ,658
eral account
865 , 9 7 1
627,639
67? ,289
S39 385
S96 ,368
640,734
667 ^48
Foreign
694 883
S3S ,297
88S ,382
6?7 ,928
687 ,985
424 ,791
422 ,021
300 ,125
317 ,787
322 ,895
Other
312,598
436 ,731
329 ,011
325,031
323 , 4 6 8
17,749,005 17 ,752 ,212 17 ,880 ,038 17 ,435 ,745 17 579 ,289 17 ,120 ,634 17 ,534 ,385 18, 083 ,178 17,578,797 18 ,097 , 2 0 3
Total deposits
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..
43.1
43.1
42.8
43.3
43.7
43.2
43.1
42.7
43.2
42.1
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Industrial loans:
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
U. S. Government securities:
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
DECEMBER 1946
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
6 months to 1 year 2 years
5 years
5 years
days
248,057
237,587
376,089
396,980
329,470
96,487
94,839
225,061
341,862
272,847
22,297
111,990
108,385
23,910
20,090
110,900
22,675
32,008
20,098
18,898
18,373
8,083
5,635
10,610
17,635
,035
,084
,104
,122
,112
915
958
985
1,006
996
57
6
1
1
58
3
58
57
58
1
3
3
4
4
4
6
7
5
5
4
6
7
7
7
7
36
34
34
34
34
3,835,833 2,176,6104 ,906,594 4 ,755,629
4,192,984 ,282,241 4,942,778 4 ,831,682
3,476,751 2,306,011 5,383,964 ,315,092
2,291,276 3 ,443,660 5 ,414,847 6,393,361
3,284,428 2 ,782,742 4,866,964 6 ,386,252
3,065,356 3,264,945
3,065,356 3,241,945
1,370,7
613,506
1,402,756 3;689,006
1,409,7563, 743,006
320,400
320,400
320,400
320,400
320,400
148,350
148,350
148,350
148,350
148,350
23,055,657
23,607,676
23,514,870
23,683,696
23,521,938
5,000
500
581,940
581,940
580,040
580,040
580,040
1365
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
7,445,426
Oct. 23
Oct. 30
7,450,428
Nov. 6
7,458,429
Nov. 13
7,454,426
Nov. 20
17,514,427
Redemption fund
forF. R.notes:
Oct. 23
778,118
Oct. 30
778,118
Nov. 6
779,661
Nov. 13
779,718
Nov. 20
777,345
Total gold certificate reserves:
Oct. 23
18,223,544
Oct. 30
18,228,546
Nov. 6
18,238,090
Nov. 13
18,234,144
Nov. 20
18,291,772
Utner casn.
282,479
Oct. 23
Oct. 30
289,761
Nov. 6
269,929
Nov. 13
. . 267,070
Nov. 20
279,724
Boston
New
York
Philadelphia
Cleveland
Richmond
San
Francisco
St.
Louis
Minneapolis
Kansas
City
558,987
567,215
586,600
557,887
565,603
338,520
338,461
343,259
339,155
346,381
568,589 453,488 ,371,968
576,962 466,133 2,417,969
583,421 478,667 ,350,993
587,315 474,920 ,300,829
587,841 462,914 2,282,963
126,131
126,131
128,066
127,733
127,552
46,840
46,840
46,822
46,737
46,679
21,285
21,285
21,267
21,237
21,215
1,180,436 999,276 927,878 3,477,700
1,206,222 1,053,973 931,062 3,608,346
1,196,210 1,172,489 1,009,610 3,338,008
1,147,842 1,160,439 1,018,034 3,345,042
1,193,616 1,112,297 991,093 3,348,819
606,827
614,055
633,422
604,624
612,282
359,805
359,746
364,526
360,392
367,596
Atlanta Chicago
Dallas
755,591
742,075
769,561
747,723
729,269
5,285,177
4,999,936
5,110,653
5,235,510
5,365,601
836,734
850,992
829,700
851,292
838,331
56,399
56,399
56,373
56,177
56,043
117,278
117,278
117,187
116,424
115,971
60,366
60,366
60,305
61,006
60,816
811,990
798,474
825,934
803,900
785,312
5,402,455
5,117,214
5,227,840
5,351,934
5,481,572
897,100
911,358
890,005
912,298
899,147
22,403
23,704
22,090
20,661
22,872
69,112
70,724
63,139
65,401
64,961
20,182
20,086
19,206
18,446
19,861
17,816
20,703
18,263
18,462
17,386
19,684
19,235
20,808
19,777
22,851
19,698
19,122
18,996
17,789
20,271
33,449
34,482
32,396
31,554
31,954
15,674
17,479
15,038
15,801
16,797
6,711
6,198
6,678
5,596
6,124
15,850
15,489
15,346
16,170
16,645
9,493
9,278
8,402
8,961
9,926
32,407
33,261
29,567
28,452
30,076
113,257
102,787
241,289
261,680
189,170
5,250
5,385
4,600
20,725
7,300
24,650
26,055
74,540
83,540
27,980
8,157
8,147
10,801
17,377
14,082
6,079
5,729
45,149
58,225
34,667
15,100
17,870
10,520
11,770
12,970
10,999
8,199
19,199
11,028
23,028
8,275
10,350
38,720
33,620
29,820
12,185
8,190
15,200
6,380
13,950
7,200
2,200
4,200
400
350
11,525
7,025
11,060
8,010
12,118
2,732
3,032
4,800
4,275
9,275
1,105
605
2,500
6,330
3,630
134,800
134,800
134,800
135,300
140,300
8,371
8,563
8,243
8,307
8,627
47,556
45,555
48,890
48,723
50,388
10,856
11,105
10,690
10,773
11,188
12,165
12,444
11,979
12,072
12,537
6,148
6,289
6,054
6,101
6,336
4,971
5,085
4,895
4,933
5,123
17,527
17,929
17,259
17,393
18,063
4,447
4,549
4,379
4,413
4,583
3,270
3,345
3,220
3,245
3,370
4,316
4,415
4,250
4,283
4,448
4,186
4,282
4,122
4,154
4,314
10,987
11,239
10,819
10,903
11,323
1,035
1,084
1,104
1,122
1,112
60
60
60
60
56
63,890
60,738
80,391
80,014
72,224
61,317
58,290
63,830
52,225
52,055
38,820
37,720
33,460
34,160
34,664
757,160
803,845
871,340
889,455
867,362
77,970
70,915
88,385
73,315
104,702
25,145
25,060
20,005
30,675
23,225
83,228
83,783
96,043
70,231
76,855
34,006
28,711
30,665
26,500
20,780
223,150
229,670
225,570
217,260
223,145
404,243 763,926 1,343,071
401,387 780,828 1,362,604
191,142 818,077 1,317,747
194,564 817,990 1,336,912
260,611 823,183 1,342,036
864,942
864,185
810,536
811,442
814,118
743,199 1,447,754
742,572 1,320,598
692,497 1,586,701
693,249 1,545,799
695,470 1,542,815
536,694
558,061
528,315
539,197
513,241
396,740 979,755
395,526 976,784
378,129 919,474
383,783 933,286
387,006 941,148
401,501 223,074
400,363 222,419
400,651 214,324
405,496 217,258
408,486 218,983
354,459
353,347
356,464
361,599
364,564
336,294
335,297
340,443
344,846
347,494
701,384
699,095
678,422
689,487
695,611
1,104,598 937,547
1,130,384 992,244
1,120,421 1,110,769
1,071,337 1,100,046
1,117,279 1,052,680
75,838
75,838
75,789
76,505
76,337
61,729
61,729
61,720
60,393
59,617
882,658 3,351,569
885,842 3,482,215
964,443 3,209,942
971,103 3,217,309
944,298 3,221,267
45,220
45,220
45,167
46,931
46,795
34,331
34,331
34,312
34,248
34,200
25,293
25,293
25,278
25,210
25,174
107,408
107,408
107,375
107,117
106,946
602,920 478,781 2,479,376
611,293 491,426 2,525,377
617,733 503,945 2,458,368
621,563 500,130 2,407,946
622,041 488,088 2,389,909
vances:
Secured by
U. S. Govt.
securities:
Oct. 23..
Oct. 30..
Nov. 6. .
Nov. 13. .
Nov. 20. .
Other:
Oct. 23. .
Oct. 30..
Nov. 6. .
Nov. 13. .
Nov. 20. .
Industrial loans:
Oct. 23
Oct! 30......
N o v 13 .
N o v 20
U. S. Govt.
securities:
Bills:
Under repurchase
option:
Oct. 23.. 4,426,206
Oct. 30. . 5,011,585
Nov. 6. . 5,205,228
Nov. 13. . 5,171,584
Nov. 20. . 4,906,416
Utner Dins. 9,709,060
Oct.
Oct. 23..
30 . 9,698,700
Nov. 6.. 9,720,140
Nov. 13. . 9,731,110
Nov. 20. . 9,763,520
Certificates:
Oct. 23.... 7,475,001
Oct. 30
7,452,001
Nov. 6. .. . 7,095,012
Nov. 13.... 7,202,512
Nov. 20
7,263,512
Notes:
690,100
Oct. 23
Oct. 30....
690,100
Nov. 6. .. . 741,100
Nov. 13
825,100
Nov. 20....
835,100
Bonds:
755,290
Oct. 23
Oct. 30
755,290
Nov. 6. . . . 753,390
753,390
Nov. 13
Nov. 20. ..
753,390
Total U.S. Govt.
securities: 23,055,65
Oct. 23
Oct. 30
23,607,676
23,514,870
23,683,69
Nov. 13
Nov. 20
23,521,938
Total loans and
securities:
23,304,749
Oct. 23
23,846,34
Oct. 30
23,892,06
Nov. 6
24,081,79
Nov. 13
Nov. 20
23,852,520
1366
63,904
65,653
79,583
70,474
77,144
780,491
800,644
814,460
820,629
822,032
975
1,024
1,044
1,062
1,056
2,844,634
3,410,343
3,465,039
3,482,442
3,195,539
152,982
136,857
150,917
144,833
158,721
346,420 573,587
364,628 588,549
383,872 591,547
381,654 589,705
374,645 587,137
458,820 1,445,913
469,929 1,444,715
455,665 1,529,581
464,063 1,535,906
452,326 1,535,906
499,270
497,653
458,711
466,626
470,930
1,885,683
1,880,113
1,775,188
1,800,540
1,815,226
588,564
586,802
540,311
548,512
553,164
645,277
643,058
603,-797
614,987
620,936
463,000
461,544
429,098
436,092
439,964
46,093
46,086
47,914
53,456
54,144
174,088
174,110
185,425
206,265
208,701
•54,337
54,341
56,437
62,836
63,598
59,573
59,552
63,069
70,451
71,390
42,745
42,741
44,821
49,958
50,584
36,628
36,629
39,497
43,965
44,495
90,452
90,456
96,043
106,915
108,205
37,066
37,076
41,849
46,452
46,964
20,594
20,597
22,387
24,888
25,177
32,724
32,722
37,235
41,423
41,914
31,047
31,050
35,560
39,505
39,952
64,753
64,740
70,863
78,986
79,976
50,447
50,439
48,709
48,810
48,846
190,533
190,557
188,500
188,338
188,281
59,470
59,475
57,373
57,375
57,375
65,200
65,177
64,115
64,328
64,405
46,783
46,779
45,564
45,616
45,634
40,088
40,088
40,152
40,144
40,141
98,997
99,001
97,636
97,623
97,618
40,568
40,579
42,543
42,415
42,369
22,539
22,543
22,758
22,725
22,713
35,bx
35,813
37,852
37,823
37,814
33,980
33,983
36,150
36,072
36,043
70,870
70,856
72,038
72,121
72,151
1,440,205
1,460,475
1,449,377
1,459,995
1,473,096
5,499,181 1,619,279 2,177,011 1,478,787 1,255,475 3,374,118 1,093,799
6,056,510 1,618,303 2,191,129 1,473,539 1,252,535 3,290,684 1,106,994
5,805,294 1,623,115 2,129,119 1,393,849 1,183,735 3,571,194 1,101,743
5,872,149 1,631,546 2,166,692 1,395,333 1,195,301 3,573,078 1,106,875
5,668,358 1,656,041 2,170,991 1,402,355 1,201,776 3,557,148 1,115,762
637,772
655,247
663,346
677,200
664,743
1,079,813
1,094,214
1,119,141
1,100,781
1,108,284
894,147 2,506,070
898,970 2,509,076
898,483 2,576,474
910,986 2,593,760
896,595 2,606,789
1,453,886
1,474,483
1,462,280
1,489,087
1,489,079
5,571,387 1,639,267 2,195,255 1,500,035 1,271,445 3,399,920 1,110,431
6,128,120 1,638,579 2,209,302 1,497,698 1,265,819 3,318,963 1,119,733
5,928,724 1,645,650 2,186,247 1,410,423 1,207,829 3,627,173 1,121,322
6,004,412 1,660,758 2,236,989 1,413,204 1,211,262 3,624,091 1,117,668
5,746,726 1,682,367 2,218,195 1,421,661 1,229,927 3,605,031 1,134,295
648,242
660,792
670,766
680,845
668,463
1,095,654
1,105,654
1,134,451
1,113,074
1,124,850
901,065 2,518,162
906,284 2,520,920
907,405 2,589,793
919,415 2,610,993
910,184 2,621,742
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Due from foreign
7
*36
8
3
2
3
4
3
92
11
5
Oct. 23
3
7
92
5
136
7
8
4
3
3
2
3
11
3
7
Oct. 30
146
7
8
4
3
3
2
3
102
5
11
3
Nov. 6
7
102
5
*46
7
8
4
3
11
3
2
3
3
7
Nov. 13
7
8
4
3
2
3
*46
3
102
5
11
Nov. 20
3
7
Federal Reserve
notes of other
Banks:
5,892
6,021
25,468
8,507
6,442
6,695
19,199
9,783
5,638
12,788
126,412
3,783
16,196
Oct. 23
Oct. 30
125,039
5,346
17,288
6,382
6,768
24,759
12,232
13,431
5,885
5,635
7,040
3,319
16,954
Nov. 6
108,993
5,899
13,742
4,263
6,193
23,170
9,046
11.070
6,672
4,531
6,687
3,742
13,978
15,422
Nov 13
114,348
4,469
15,993
5,276
5,941
23,832
9,331
12,116
8,497
4,010
6,417
3,044
5,983
6,872
22,997
8,687
4,265
26,594
8,064
139,082
4,595
12,114
15,729
Nov. 20
4^768
18,414
Uncollected
items:
456,313 128,524 208,263 205,929 147,350 393,593 108,460
66,204 119,466
2,329,481 168,311
Oct 23
95,293 231,775
428,044 122,913 219,657 184,529 144,223 371,267 108,794
63,865 141,570
2,234,708 161,010
Oct 30
85,412 203,'424
342,494 139,640 200,244 200,627 145,823 330,295 101,535
65,141 107,562
2,087,501 149,841
Nov. 6
86',582 217,717
Nov 13
2,789,402 201,065
548,536 165,380 266,122 237,543 183,853 487,113 137,980
76,365 128,898 131,296 225 251
551,328 151,423 251,922 231,318 162,618 406,657 130,178
71,663 128,876 107^319 254^632
2^657,46Q 209,535
Nov. 20
Bank premises:
2,022
8,514
3,206
3,904
2,702
1,277
2,538
32,684
1,536
1,311
3,064
Oct. 23
803
1,807
806
Oct. 30
...
32,647
1,306
8,514
3,194
3,895
2,702
1,533
3,064
2.019
1,275
2,538
1,801
801
Nov. 6
32,618
1,306
8,496
3,194
3,895
2,702
1,533
3,064
2,019
1,275
2,532
1,801
801
Nov. 13
32,618
1,306
8,496
3,194
3,895
2,702
1,533
3,064
2,019
1,275
2,532
1,801
Nov. 20
801
32,607
1,306
8,496
3,194
3,895
2,693
1,533
3,064
2,017
1,275
2,532
1.801
Other assets:
10,443
3,133
2,987
4,757
2,778
1,291
1,970
46,796
3,068
2,758
6,603
Oct. 23
2,340
4,668
Oct. 30
49,741
3,247
11,457
3,269
4,976
3.017
2,836
7,035
3,094
1,363
2,205
2,339
4,903
Nov. 6
47,561
3,011
10,633
3,071
4,785
2,717
2,697
6,649
3,169
1,367
2,321
2,267
4,874
Nov. 13
50,136
3,227
11,632
3,268
4,958
2,996
2,762
6,633
3,298
1,437
2,469
2,427
5,029
Nov. 20 . . . .
52,352
3,357
12,331
3,415
5,137
3,092
2,909
6,967
3,400
1,511
2,548
2,430
5,255
lotai assets.
44,346,237 2,466,612 11,537,459 2,697,311 3,616,460 2,755,876 2,380,451 7,327,128 1,853,911 1,089,974 1,845,096 1,491,561 5,284,398
Oct. 23
Oct 30
44 806,881 2,467,575 11,781,397 2,705,788 3,671,531 2,785,917 2,376,830 7,356,599 1,871,062 1,098,876 1,885,792 1,498,867 5 306 647
44,676,857 2,470,366 11.595,114 2,705,036 3,615,845 2,832,940 2,395,537 7,348,666 1,883,180 1,114,286 1,886,635 1,513,147 5,316,105
Nov. 6
Nov. 13 . ,
45,569,618 2,523,720 12,006,450 2,768,627 3,684,217 2,860,497 2,444,567 7,509,624 1,889,890 1,129,922 1,891,126 1,566,077 5,294,901
Nov. 20
45.305.62S 2,516,061 11,888,457 2,765,397 3,697,031 2.820,510 2,420,468 7,418,232 1,907,659 1,120,899 1,905,559 1,523,519 5,321,836
Liabilities
Federal Reserve
notes:
24,552,268 1,474,613 5.550,101 1,656,776 2,093,960 1,768,009 1,441,038 4,509,016 1,088,742 581,360 906,245 602,547 2,879,861
Oct. 23
Oct. 30
24,569,990 1,469,886 5,558,326 1.656,552 2,091,959 1,775,256 1,445,000 4,510,533 1,091,132 580,496 907,545 606,573 2,876,732
Nov. 6
24,689,686 1,471,503 5,588,358 1,660,557 2,097,688 1,788,008 1,450,841 4,533,848 1,099,229 584,649 914,243 613,168 2,887,594
Nov. 13
24,702,295 1,475,601 5,583,408 1,666,962 2,103,716 1,788,094 1,449,894 4,536,309 1,099,988 586,101 914,482 609,418 2,888,322
Nov. 20
24,675,511 1,473,157 5,587,755 1,664,792 2,101,080 1,789,015 1,448,224 4,533,603 1,101,911 586,301 912,680 607,139 2,869,854
Deposits:
Member bank
—reserve
account:
Oct. 2 3 . . 15.779,360 736,712 4,801,238 795,904 1,185,446 719,836 722,117 2,276,082 590,347 405,402 770,468 744,381 2,031,427
Oct. 30. . 16,111,318 724,929 5,051,878 792,194 1,206,376 744,542 712,448 2,296,801 597,999 408,030 777,969 745,775 2,052,377
Nov. 6. . 16,060,319 749,818 4,968,065 797,286 1,180,530 729,551 728,211 2,272,510 601,159 420,453 799,851 745,748 2,067,137
Nov. 13. . 16,258,513 737,547 5,131,611 807,200 1,177,861 742,568 741,619 2,332,293 588,138 420,248 790,609 772,593 2,016,226
Nov. 20. . 16,097,879 734,616 4,989,535 795,721 1,185,050 724,691 730.070 2,299,664 605,544 416,403 799,066 751,011 2,066,508
U. S. Treasurer-general
account:
369,246
26,068
51,646
27,768
23,957
17,185
21,190
35.349
29,494
26,524
57,542
18,922
33,601
Oct. 23.
Oct. 30. .
462,199
27,162
128,895
31,547
43,243
33,166
22,879
66,092
23,728
18,162
19,581
18,072
29,672
Nov. 6.
408,053
31.851
90,796
19,422
31,482
30,823
24,092
64,967
28,728
22,197
23,705
19,173
20,817
Nov. 13.
577,215
50,641
107,225
41,007
59,328
50,925
33,755
82,768
30,388
24,214
26,012
27,734
43,218
Nov. 20.
633,174
45,663
127.650
61,144
76,710
40,645
35,781
87,573
37,329
28,649
33,370
23,754
34,906
Foreign:
535,297
Oct. 23.
41.967
32,649 U97.722
47,023
23,764
12,641
19,214
67,754
17,191
16,686
16,180
42,506
Oct. 30.
687,985
42,557 *247,493
54,763
61,361
31,010
25,072
88,412
22,433
16,495
21.773
21,113
55,503
Nov. 6.
667,248
41,349 2239,265
53,209
59,619
30,130
24,361
85,904
21,796
16,027
21,155
20,514
53,919
Nov. 13.
622,289
38,444 *224,083
49,509
55,475
28,035
22,667
79,931
20,281
14,912
19,684
19,088
50,180
Nov. 20.
596,368
37,111 2212,087
47,776
53,532
27,054
21,873
77,133
19,571
14,390
18,995
18,420
48,426
Other:
3,457
2,232
Oct. 23.
436,731
360,072
3,238
2,058
3,072
2,229
1,088
7,969
8,034
1,062
42,220
Oct. 30.
317,787
2,925
231,217
3,462
7,249
3,039
2.718
2,843
8,701
2,555
2,631
4,086
46,361
979
Nov. 6.
300,125
3,763
221,374
2,307
6,656
2,574
1,811
3,663
8,441
2,356
3,254
42,947
577
Nov. 13.
422,021
3,754
347,263
1,923
6,233
2,781
1,135
3,324
7,468
2,013
2,244
43,306
586
Nov. 20.
424,791
3,299
350,428
2.186
6,012
2,815
1,284
3,764
7,846
2,070
1,735
42,766
Total deposits:
Oct. 23
17,120,634 798,886 5,410,678 867,871 1,275,787 776,332 769,913 2,404,450 639,529 437,457 809,432 780,545 2,149,754
Oct. 30
17,579,289 797,573 5,659,483 881,966 1,318,229 811,757 763,117 2,454,148 652,861 445,242 821,954 789,046 2,183,913
Nov. 6
17,435,745 826,781 5,519,500 872,224 1,278,287 793,078 778,475 2,427,044 660,124 461,033 847,965 786,414 2,184,820
Nov. 13
17,880,038 830,386 5,810,182 899,639 1,298,897 824,309 799,176 2,498,316 646,275 461,387 838,549 819,992 2,152,930
Nov. 20
17,752.212 820,689 5,679,700 906,827 1,321,304 795,205 789,008 2,468,134 670,290 461,512 853,166 793,771 2,192,606
Deferred availability items:
Oct. 23
1,998,683 149,755
365,568 117,796 184,066 177,883 141,173 322,697 101,030
53,352 104,947
84,918 195,498
Oct. 30
1,980,286 156,688
351,766 112,236 198.481 165,105 140,267 300,307 102,319
55,313 131,690
79,597 186,517
Nov. JS
1.872,982 128,512
275,230 117,109 176,929 218,028 137,760 296,105
98,982
50,602
99,728
89,968 184,029
Nov. 13
2,306,249 174,136
399,847 146,684 218,424 214,125 166,915 382,924 118,676
64,500 113,297 112,987 193,734
Nov. 20
2,195,994 178,484
407,937 138,356 211,357 202,284 154,578 324,313 110,523
55,015 114,908
98,822 199,417
Other liab. incl.
accrued div.:
720
735
608
594
496
445
486
517
Oct. 2 3 . . .
12,722
3,615
1,230
2,112
1,164
720
640
631
557
413
525
557
769
Oct. 3 0 . . .
13,736
3,938
1,292
2,505
1,189
709
794
629
547
532
567
551
450
Nov. 6 . . .
13,529
3,855
1,258
2,355
1,282
475
883
678
542
452
578
698
590
Nov. 1 3 . . .
14,617
4,468
1,366
2,487
1,400
710
612
553
528
522
844
587
521
Nov. 2 0 . . .
14,087
4,151
1,337
2,363
1,359
1
After deducting $56,000 participations of other Federal Reserve Banks on Oct. 23; Oct. 30; Nov. 6; Nov. 13; and Nov. 20.
2 After deducting $337,252,000 participations of other Federal Reserve Banks on Oct. 23; $440,081,000 on Oct. 30; $427,595,000 on Nov. 6; $397865,000 on Nov. 13; and $383,936,000 on Nov. 20.
DECEMBER
1946
1367
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total liabilities:
43,684,307
Oct. 23
44,143,301
Oct. 30
Nov. 6 . . . . 44,011,942
44,903,199
Nov. 13
44,637,804
Nov. 20
Capital Accts.:
Capital paid in:
184,805
Oct. 23
184,853
Oct. 3 0 . . . .
184,878
Nov. 6 . . . .
184,933
Nov. 13
184,984
Nov. 20
Surplus
(section 7):
358,355
Oct. 23
358,355
Oct. 30
358,355
Nov. 6 . . . .
358,355
Nov. 13
358,355
Nov. 20
Surplus
(section 13b):
27,428
Oct. 2 3 . . . .
27,428
Oct. 3 0 . . . .
27,428
Nov. 6 . . . .
27,428
Nov. 13
27,428
Nov. 20
Other cap. accts:
91,342
Oct. 2 3 . . . .
92,944
Oct. 30
94,254
Nov. 6
95,703
Nov. 13
97,057
Nov. 20
Total liabilities
and cap. accts:
44,346,237
Oct. 23
Oct. 3 0 . . . . 44,806,881
44.676,857
Nov. 6
45,569,618
Nov. 13
45,305,628
Nov. 20
Contingent liability on bills,
purchased for
foreign correspondents:
3,614
Oct. 2 3 . . . .
4,079
Oct. 3 0 . . . .
5,573
Nov. 6
6,019
Nov. 13
6,324
Nov. 20
Commit, to make
indus. loans:
8,502
Oct. 2 3 . . . .
8,645
Oct. 3 0 . . . .
8,581
Nov. 6
8,558
Nov. 13
8,565
Nov. 20
San
Francisco
Boston
New
York
Philadelphia
Cleveland
Richmond
2,423,974
2,424,867
2,427,505
2,480,821
2,473,040
11,329,962
11,573,513
11,386,943
11,797,905
11,679,543
2,643,178
2,651 ,523
2,650,684
2,714,168
2,710,819
3,555,043
3,609,961
3,554,162
3,622,403
3,635,078
2:,722,832
2,752,758
2,799,743
2,827,206
2,787,116
2,352,718
2,349,015
2,367,623
2,416,575
2,392,397
7,238,275
7,267,493
7,259,352
7,420,036
7,328,413
10,892
10,899
10,900
10,903
10,903
64,684
64,689
64,700
64,707
64,723
13,905
13,920
13,923
13,925
13,934
18,274
18,277
18,279
18,279
18,284
7,781
7,784
7,784
7,785
7,785
7,036
7,039
7,039
7,039
7,041
22,243
22,244
22,247
22,279
22,278
6,020
6,026
6,026
6,027
6,029
4,003
4,004
4,004
4,006
4,007
6,115
6,118
6,120
6,125
6,130
6,780
6,781
6,784
6,784
6,785
17,072
17,072
17,072
17,074
17,085
22,439
22,439
22,439
22,439
22,439
116,860
116,860
116,860
116,860
111,860
28,946
28,946
28,946
28,946
28,946
33,745
33,745
33,745
33,745
33,745
15,593
15,593
15,593
15,593
15,593
14,450
14,450
14,450
14,450
14,450
53,029
53,029
53,029
53,029
53,029
12,939
12,939
12,939
12,939
12,939
8,869
8,869
8,869
8,869
8,869
11,891
11,891
11,891
11,891
11,891
10,670
10,670
10,670
10,670
10,670
28,924
28,924
28,924
28,924
28,924
3,012
3,012
3,012
3,012
3,012
7,205
7,205
7,205
7,205
7,205
4,501
4,501
4,501
4,501
4,501
1,007
1,007
1,007
1,007
1,007
3,326
3,326
3,326
3,326
3,326
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,142
2,142
2,142
2,142
2,142
6,295
6,358
6,510
6,545
6,667
18,748
19,130
19,406
19,773
20,126
6,781
6,898
6,982
7,087
7,197
8,391
8,541
8,652
8,783
8,917
6,344
6,456
6,494
6,587
6,690
5,485
5,564
5,663
5,741
5,818
12,152
12,404
12,609
12,851
13,083
4,628
4,701
4,821
4,916
4,919
3,415
3,466
3,489
3,534
3,569
4,843
4,932
5,000
5,067
5,119
4,277
4,336
4,386
4,444
4,503
9,983
10,158
10,242
10,375
10,449
11,537,459 2,697,311 3,616,460
11,781,397 2,705,788 3,671,531
11,595,114 2,705,036 3,615,845
12,006,450 2 ,768,627 3,684,217
11,888,457 2,765,397 2,697,031
,755,876
,785,917
832,940
,860,497
,820,510
2,380,451 7,327,128 1,853,911
2,376,830 7~,356,599 1,871,062
2,395,537 7,348,666 1,883,180
2,444,567 7,509,624 1,889,890
2,420,468 7 ,418,232 1,907,659
1,089,974
1,098,876
1,114,286
1,129,922
1,120,899
1,845,096
1,885,792
1,886,635
1,891,126
1,905,559
91
102
139
150
158
119
135
184
199
208
116
130
178
193
202
304
343
468
505
530
450
450
450
450
450
163
155
155
155
155
195
195
192
192
192
Total
,466,612
,467,575
,470,366
,523,720
,516,061
231
261
357
385
404
»1,203
U.358
U.856
^,004
l
2117
300
339
463
500
523
336
379
518
560
587
1,661
1,612
1,591
1,569
1,576
1,571
1,771
1,731
1,731
1,731
St.
Louis
Atlanta Chicago
170
192
262
283
296
137
155
212
229
240
Minneapolis
1,829,797 1,072,614
1,846,869 1,081,464
1,858,867 1,096,851
1,865,481 1,112,440
1,883,245 1,103,381
484
546
747
806
845
123
139
189
205
214
382
382
382
382
382
4,040
4,040
4,040
4,040
4,040
Kansas
City
Dallas
1,821,110 1,468,527
1,861,714 1 ,475,77
1,862,487 1,490,000
1,866,906 1,542,872
1,881,282 1,500,254
I
5,226,277
,248,351
5,257,725
I
5,263,236
1,491,561 5,284,398
1,498,867 5,306,647
1,513,147 5,316,105
1,566,077 5,294,901
1,523,519 5,321,836
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F. R. notes outstanding
(issued to Bank)
25,230,678
Oct. 23
25,250,755
Oct. 30
25,268,117
Nov. 6
25,335,023
Nov. 13
25,334,779
Nov. 20
Collateral held against
notes outstanding:
Gold certificates:
10,979.000
Oct. 23
10,979,000
Oct. 30
11,029,000
Nov. 6 . . . .
11,054,000
Nov. 13
11,004,000
Nov. 20
Eligible papers:
85,172
Oct. 23
75,477
Oct. 30
133,421
Nov. 6
154,532
Nov. 13
92,380
Nov. 20
U. S. Govt. s e c :
14,902,970
Oct. 23
14,895,915
Oct. 30
14,863,385
Nov. 6
14,848,315
Nov. 13
14,979,702
Nov. 20
Total collateral:
Oct.
Oct.
Nov.
Nov.
Nov.
23
30
6
13
20
25,967,142
25,950,392
26,025,806
26,056,847
26,076,082
Boston
New
York
,513,439 5 ,703,697
,513,739 5 ,710,148
,512,356 5 ,716,236
,505,730 5 ,730,361
,506,050 5 ,732,962
430,000 3,470,000
430,000 3,470,000
430,000 3,470,000
430,000 3,470,000
430,000 3,470,000
5,250
5,385
4.600
20,725
7,300
24,650
26,055
74,540
83,540
27,980
Phila r
delphia
Cleveland
1,703,473 2,146,254
1,703,672 2,147,436
1,701,377 2,142,924
1,716,512 2 ,152,081
2,152,152
1,708,961 "
505,000
505,000
505,000
510,000
510,000
8,157
8,147
10,801
17,377
14,082
635,000
635,000
635,000
635,000
635,000
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
1,809,031 1,481,205 4,584,842 1,126,653 592,730
1,812,905 1,487,818 4,587,996 1,128,467 592,616
1,823,470 1,489,292 4,595,271 1,132,885 593,979
1,826,180 1,489,087 4,607,634 1,138,189 595,496
1,831,066 1,484,678 4,615,493 1,140,084 599,077
625,000
625,000
700,000
700,000
700,000
595,000 2,100,000
595,000 2>, 100,000
595,000 2,120,000
595,000 21,140,000
595,000 2,140,000
15,100
17,870
10,520
11,770
12,970
Dallas
San
Francisco
930,397 635,964 3,002,993
930,714 637,644 2,997,600
936,224 637,328 2,986,775
937,406 636,759 2,999,588
934,054 636,508 2,993,694
300,000
300,000
300,000
300,000
300,000
170,000
170,000
175,000
175,000
175,000
280,000
280,000
280,000
280,000
280,000
169,000 1,700,000
169,000 1 ,700,000
169,000 1,650,000
169,000 1,650,000
169,000 1,600,000
12,185
8,190
15,200
6,380
13,950
7,200
2,200
4,200
400
350
11,525
7,025
11,060
8,010
12,118
1,105
605
2,500
6,330
3,630
927,970
920,915
938,385
923,315
954,702
,100,000 2,300,000 1,200,000 1,550,000 ,200,000
,100,000 2,300,000
1,300,000 1,200,000 1,550,000 1,200,000
,100,000 2,300,000 1 ,200,000j 1,550,000 ,150,000
.100,000
.
.
.
1,200.000J 1,550,000 1,150,000
2,300,000
,100,000 2,400,000 1,200,000 1,550,000 1,150,000
900,000
900,000
900,000
900,000
900,000
425,000
425,000
425,000
425,000
425,000
700,000 500,000 1,600,000
700,000 500,000 1,600,000
700,000 500,000 1,600,000
700,000 500,000 1 ,600,000
700,000 500,000 1 ,600,000
,535,250 5,794,650 1,713,157 2,185,000 1,840,100
,535,385 5,796,055 1,713,147 2,185,000 1,842,870
,534,600 5,844,540 1,715,801 2,185,000 1 ,860,520
,550,725 5,853,540 1,727,377 2,185,000 1 ,861,770
,537,300 5,897,980 1 ,724,082 2,185,000 1 ,862,970
,495,000 4,600,0001,240,155 602,200
,495,000 4,600,000 1,229,105 597,200
,495,000 4,620,000 1,253,585 604,200
,495,000 4,640,000 1,229,695 600,400
,495,000 4,640,000 1,268,652 600,350
991,525 669,000 3,301,105
987,025 669,000 3,300,605
991,060 669,000 3,252,500
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
988,010 669,000 3,256,330
992,118 669,000 3,203,630
i After deducting $2,411,000 of other Federal Reserve Banks on Oct. 23; $2,721,000 on Oct. 30; $3,717,000 on Nov. 6; $4,015,000 on Nov. 13
and $4,207,000 on Nov. 20.
1368
FEDERAL RESERVE BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
[Amounts in thou s<mds of dollars]
Guaranteed
loans
outstanding
Guaranteed loans
authorized
to date
Date
Number
Amount
565
2 665
310, 680
2 , 688 397
Portion
guaran-
Total
amount
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
;L942
June 30
Dec. 31
1943
4 217
June 30
5 347
Dec. 31
1944
6 433
June 30
7 434
Dec. 30
1945
7 886
Mar. 31
8 422
June 30
8 695
Sept. 30
Dec. 31 . . . . 8 757
1946
Jan. 31
8 761
8 766
Feb. 28
8 ,768
30
Mar.
8 ,770
Apr. 30
8 ,771
31
May
8 ,771
June 29
3
1
.
.
.
.
.
.
8 ,771
July
8 ,771
Aug. 31
8 ,771
Sept 30
8 ,771
Oct. 31
6 9 , 674
632, 474
137 888
1,430 121
4 , 718 818 1 ,428 253 1 153 756
6 563 048 1 ,914 040 1 601, 518
2,216 053
3,146 286
8 046 672 2 064 318 1 ,735 777
9 310 582 1 ,735 970 1 ,482 038
3,810 797
4,453 586
9
10
10
10
645
149
313
339
8 1 , 108
803 720
378 1 ,599 120 1 365 959
315 1 ,386 851 1 ,190 944
868 1 ,073 892
916 851
510 270
400
435 345
10 340 275
10 341 890
10 342 ,690
10 343 ,018
10 344 ,018
10 ,344 ,018
10 344 ,018
10 ,344 ,018
10 ,344 ,018
10 ,344 ,018
427 278
357 ,161
271 ,793
171 ,036
116 ,077
70 ,267
55 ,771
44 ,510
39 ,153
32 ,472
363
302
230
147
100
60
48
39
34
28
3,963
3,694
3,043
966
048
597
110
164
,316
,214
,391
,253
,670
,776
961
618
674
595
764 ,093
477 ,429
363 ,010
286 ,701
147 ,815
142 ,617
72 ,373
56 ,083
46 ,541
33 ,254
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]
Date (last
Wednesday
or last day
of period)
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
Approved
but not
completedi
(amount)
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
3,352
3,423
338,822
408,737
3,452
3,471
Applications
approved
to date
Number
Amount
ParticiLoans Commitpations
out- 2 ments
outoutstanding standing standing
(amount) (amount) (amount)
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
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
475,468
491,342
3,203
13,044
10,532
12,132
9,270
19,070
17,930
3,483
3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
3,502
D e c . 3 1 . . . 3,511
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
545,372
546,149
547,581
551,512
551,890
552,711
558,538
559,974
563,779
564,587
195
545
755
1,843
1,590
1,536
1,486
1,310
1,210
1,178
1,158
1,106
1,078
1,579
1,575
2,063
1,631
5,393
5,366
5,438
5,981
6,254
8,654
1,046
1934.
1935
1936
1937
1938
1939.
1940
1941.
1942
June 2 4 . . .
Dec. 3 1 . . .
1943
June 3 0 . . .
Dec. 3 1 . . .
1944 .
June 3 0 . . .
Dec. 30. . .
1945
June 3 0 . . .
984
1946
J a n . 3 1 . . . 3,512
F e b . 2 8 . . . 3,513
M a r . 3 0 . . . 3,519
Apr. 3 0 . . . 3,520
May
31... 3,520
June
July
Aug.
Sept.
Oct.
29...
31 . . .
31....
30
31....
3,524
3,528
3,533
3,535
3,537
1
926
4,095
45
615
6,085
5,195
8,115
4,475
976
1,014
1,034
1,229
1,110
1,103
1,427
1,455
3,105
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
DECEMBER
1946
All
member
banksi
Month, or
week ending Thursday
Total reserves held:
1945—September. . . .
October
1946—September
October
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Excess reserves:
1945—September....
October
1946—September....
October
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Borrowings a t Federal
Reserve B a n k s :
1945—September....
October
1946—September
October
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
19
26
3
10
17
24
31
7
Central reserve
city banks
Reserve
city
banks
Country
banks
New
York
Chicago
15,414
15,675
16,160
16,167
4,094
4,183
4,183
4,174
931
926
905
904
6,166
6,244
6,360
6,362
4,224
4,323
4,712
4,726
16,313
16,096
16,068
16,133
16,171
16,192
16,226
16,252
4,214
4,202
4,172
4,179
4,147
4,195
4,197
4,194
913
908
892
897
899
911
918
920
6,414
6,310
6,308
6,343
6,371
6,374
6,389
6,422
4,771
4,676
4,696
4,714
4,754
4,712
4,723
4,716
1,063
1,057
885
863
19
14
24
10
10
5
3
4
258
261
196
197
776
777
662
652
947
824
866
881
903
833
857
828
21
24
17
14
11
16
14
13
5
6
5
6
4
5
5
5
214
169
198
209
208
185
195
206
707
625
646
652
680
627
643
604
388
358
149
107
111
93
29
2
192
179
92
61
85
86
28
44
129
141
130
104
125
127
111
226
3
4
49
2
2
3
2
45
97
109
59
58
68
71
62
132
29
28
22
43
55
53
47
49
1
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 Banks discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS i
[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 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
October 1945
September 1946
15,333
16,282
7,184
8,155
10,804
12,149
5,019
5,712
October 1946
16,085
8,204
12,178
5,759
Boston
New York
Philadelphia
Cleveland
1,961
2,969
1,152
1,412
874
2,127
721
892
364
1,106
967
1,090
231
1,127
860
792
Richmond
Atlanta
Chicago
St. Louis
1,158
1,562
1,970
622
387
475
1,314
311
928
691
1,660
984
445
200
897
258
Minneapolis
Kansas City
Dallas
San Francisco. . .
578
534
922
1,247
280
105
128
591
751
1,574
1,449
614
410
192
55
292
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All2 reserve cities have a population of more than 15,000.
Includes war loan deposits, shown separately for all country banks
in the table on the following page.
1369
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Demand
balances
due
from
domestic
banks
Gross demand deposits
Class of bank
and
Federal Reserve district
Total
U. S.
GovernInterment
bank war loan
deposits2
Other
Demand
deposits
ad- 3
justed
Net
demand
de- 4
posits
Time
deposits5
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of October 1946
All member banks
Central reserve city banks:
New York
Chicago
91,731
11,758
6 ,421
73,551
68,832
75 077
26 882
5,704
16,155
15,246
909
96
23,371
5,108
4 ,186
1,087
1,730
438
17,455
3,582
16,157
3,280
20 328
4 216
1 454
797
48
153
4 ,171
905
4 ,153
891
19
14
2
1
Reserve city banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. . .
33,986
2,040
2 ,445
170
42
176
325
156
133
323
146
91
162
131
590
26,108
1,575
23,751
1,457
1,817
3,064
1,680
1,502
3,143
1,246
1,678
2,840
1,516
1,336
2,893
1,092
650
553
1,766
1,652
7,518
1,562
1,513
6,850
10 695
196
301
241
1 245
449
401
1,939
321
167
350
317
4,767
6 ,350
359
115
410
742
409
374
763
337
179
484
421
1,756
6 ,140
354
111
403
711
390
358
733
326
175
461
391
1,726
210
5
4
7
32
19
16
29
11
4
23
30
30
53
1
461
27,490
1 711
463
1 942
3 180
1,814
1,670
3,083
1,535
826
2,201
1 862
7,202
1,766
495
2,332
3,887
2,231
2,111
3,927
1,935
1,082
2,825
2 332
8,721
5,433
295
27
338
498
396
475
460
544
341
896
549
614
Country banks...
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. ..
Kansas City...
Dallas
San Francisco.
29,266
2,413
4,185
2,139
2,521
2,212
2,442
3,674
1,716
1 400
2,181
2,495
1,889
1,052
92
87
16
24
137
194
69
119
76
78
131
28
1 808
183
342
166
214
122
123
249
79
79
83
80
87
26,407
2,137
3,756
1,956
2,283
1,952
2,126
3,356
1,518
1 246
2,020
2,284
1,773
25,645
2,034
3,602
1,906
2,229
1,866
2,064
3,288
1,478
1*211
1,997
2 246
1,724
23,043
1,945
3,399
1,714
1,967
1,687
1,931
2,880
1,362
1,081
1,672
1,884
1,521
13,936
1,103
3,250
1,579
1,680
830
673
2,206
567
689
296
182
880
3,736
4 ,729
380
756
392
451
333
353
630
258
229
311
338
298
4 ,062
338
671
335
376
286
311
536
225
193
252
275
266
667
41
85
57
75
47
42
95
33
37
59
63
33
40
6
24
2
1
3
1
1
117
563
42
25
75
162
111
146
278
104
68
263
202
290
189
302
212
290
328
335
486
237
209
409
500
238
2
5
5
2
16
3
11
6
2
1
Second half of October 1946
92,434
11,908
6 ,375
74,151
69 ,325
75 661
26 ,962
5,772
16,179
15,359
820
23,407
5,244
4 ,160
1,159
1,699
430
17,549
3,654
16 297
3 305
20 449
4 303
1,441
799
55
163
4 ,177
904
4 ,176
909
1
-4
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
34,394
2,069
2,432
167
41
173
324
159
131
323
145
89
163
130
587
26,452
1,619
5001,815
3,100
1,676
1,515
3,182
1,281
1,800
1,676
7,628
23 963
500
468
1 669
2 844
1 515
1 343
2 915
1 106
558
1,584
1,531
6,929
27 729
1 741
472
1 936
3,188
1,818
1 699
3,103
1,571
828
2,217
1,864
7,290
10 ,735
197
301
240
1 248
451
401
1 947
322
168
351
318
4 792
1,821
2,331
3,930
2,232
2,136
3,988
1,994
1,085
2,864
2,352
8,845
5,510
283
27
343
506
397
489
483
568
336
901
546
630
6 ,374
367
115
409
743
408
374
769
345
178
486
414
1 766
6 ,190
360
113
402
713
391
364
737
334
176
464
392
1 746
184
7
2
7
31
17
11
32
11
3
22
22
20
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louia
Minneapolis
Kansas City
Dallas
San Francisco
29,389
2,417
4,138
2,130
2,530
2,238
2,453
3,737
1,743
1,408
2,193
2,510
1,894
1,080
86
86
15
25
141
197
83
129
75
80
131
31
1 814
182
341
166
216
123
124
252
79
80
85
80
87
26,496
2,148
3,711
1,949
2,289
1,974
2,133
3,402
1,535
1,253
2,027
2,299
1,776
25,760
2,053
3,571
1,901
2,231
1,888
2,072
3,332
1,492
1,218
2,007
2,263
1,732
23,180
1,955
3,382
1,716
1,972
1,715
1,948
2,903
1,380
1,092
1,685
1,901
1,531
13,988
1 105
3 258
1,584
1,687
834
676
2,215
570
692
297
184
885
3,733
4 723
378
750
386
453
333
353
642
259
230
305
338
298
4 084
340
669
335
377
290
313
539
227
194
254
277
267
639
38
81
50
75
43
40
103
32
36
51
60
30
All member banks
Central reserve city banks
New York
Chicago
568
659
43
23
78
170
106
138
304
105
67
274
215
300
191
287
204
290
324
329
520
244
205
406
498
236
67
1
"5*
5
8
6
13
10
10
7
1
1
47
4
25
3
2
4
3
1
2
"i*
l
l
1
Averages of daily closing figures for reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
based on deposits at opening of business.
•i,.,' * Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks
and, 1therefore, 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 war loan and Series E bond accounts) on the latest available call report date.
fji * 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 Cali Report,
1370
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency 2
Large denomination currency 2
Total
in circula-1
tion
Total
Coin
»$1
$2
$5
$10
$20
1933.. . .
1934
1935
1936
1937
1938 .
1939
1940
1941
1942 .
1943
1944
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15.410
20,449
25,307
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
442
452
478
517
537
550
590
648
751
880
1,019
1,156
402
423
499
505
524
559
610
695
801
909
33
32
33
35
33
34
36
39
44
55
70
987
81
719
771
815
906
905
946
1,019
1,129
1,355
1.693
1,973
2.150
1,229
1,288
1,373
1,563
1,560
1.611
1,772
2.021
2,731
4.051
5,194
5.983
1,342
1,326
1,359
1,501
1,475
1 .481
1,576
1.800
2.545
4,096
5,705
7.224
1.360
364
1 ,254
337
1,369
358
1.530
399
1.542
387
1,714
409
2.048
460
2,489
538
5.044
724
*.837 1.019
5,580 1.481
7,730 1,996
707
710
770
919
1,112
1,433
1.910
2,912
4.153
1945—j u n e
July
August
September...
October
November...
December. . .
26,746
27,108
27,685
27,826
28,049
28,211
28,515
19,183
19,599
20,141
20,235
20,381
20,500
20,683
1,205
1,223
1,236
1.243
1,252
1,263
1.274
981
995
73
73
1,003
1.001
1,000
1,009
1,039
73
72
71
71
73
2,215
2,250
2,301
2,288
2,274
2,279
2,313
6,515
6,659
6,826
6,815
6,779
6,783
6.782
8,193
8,400
8,700
8.816
S>.004
9,095
0.201
7,565
7.511
7,546
7,592
7,671
7,713
7 834
2,132
2,139
1,180
2.204
2.243
2.264
2.327
4,044
4.013
4,038
1.071
4.123
4,154
4.220
1,261
985
982
1,264
984
1,269
987
1,280
999
1,291
1,300
998
1,311
990
1,319
992
1,332 1,001
1,345 1,000
69
68
67
2,217
2,211
2.191
2,173
2,199
2,191
2,166
2,165
2,156
2,148
6,568
6,570
6,547
6,509
6,586
6,604
6,552
6.571
6,528
6,494
9,027
9,044
8.986
8.981
9 029
9.087
9.099
9,159
9.180
9,221
7,794
7,816
7.834
7,889
7,950
7,998
8,071
8.178
8.247
8,329
2,316
2,322
2,327
2,337
2,352
2.364
2,377
2.402
2.410
2,436
4,224
4,248
4,267
4,309
4 356
4,387
4,437
4.509
4,567
4,645
End of year or
month
1946—January..... 27,917 20,126
F e b r u a r y . . . . 27,954 20,139
27,879 20,045
March
27,885 19.997
28 120 20,171
May
28,245 20,248
June
July
28,254 20,185
28,448 20,271
August
September... 28,507 20,262
October . .
28,600 20,273
460
66
67
67
67
66
66
65
Total
$50
$100
$500
618
577
125
112
627
122
$1,000 $5,000 $10,000
237
216
8
5
239
7
135
139
160
191
227
261
287
407
265
288
327
425
523
556
586
749
7
6
17
20
30
24
9
9
555
990
10
24
483
472
868
847
8
8
31
32
466
464
461
457
454
832
825
816
811
801
8
S
7
7
7
22
21
21
20
24
445
443
442
779
772
768
7
9
9
22
22
22
439
438
438
773
775
781
8
8
8
22
21
22
436
436
436
434
790
802
795
784
8
8
8
8
21
20
21
21
Unassorted
10
7
16
18
12
32
32
60
46
25
22
8
10
5
8
7
5
2
4
4
3
2
3
2
2
2
2
2
2
2
3
1
1
1
1
2
2
2
2
2
1
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
8
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 circulation1
Money held in the Treasury
Total outstanding, As security
against
Oct. 31,
Treasury
gold and
1946
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
M^inor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—October 31 1946
September 30 1946
October 31 1945
20,402
18,278
25,234
4,549
494
1,909
3 2,221
900
338
347
449
113
(4)
(44)
()
18,278
' '^'2,221 '
312
1,909
20,499
20,386
19,916
2 2,124
108
54
For
Federal
Reserve
Banks
and
agents
15,413
Money
held by
Federal
Reserve
Banks and
agents
2,815
780
291
Oct. 31,
1946
Sept. 30,
1946
Oct. 31,
1945
50
24,347
4,204
50
24,237
4,220
51
24,008
3,900
34
3
145
144
132
11
5
2
1
1
233
17
4
30
4
1
1,989
872
328
314
444
111
2,010
862
325
315
451
112
1,797
818
303
316
506
118
3,886
3,897
3,935
28,600
2,285
2,289
2,244
15,413
15,280
15,064
28,507
28]049*'
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. 136",, and seasonally adjusted figures in table on p. 1372.
2
Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of
1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31,
1945.3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserves 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.
DECEMBER 1946
1371
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
1
series
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
7,598
8,732
11,160
15,410
20,449
25,307
28,515
Monthly averages of daily
figures:
1945—June
July
August
September
October
November
December
26,561
26,918
27,392
27,765
27,943
28,151
28,452
26,694
26,972
27,530
27,821
27,943
28,067
28,170
+157
+278
+558
+291
+122
+124
+103
1946—January
February
March
April
May
June
July
August
September
October
November
28,158
27,944
27,913
27,923
27,978
28,140
28,281
28,352
28,478
28,588
28,727
28,074
27,944
27,997
28,148
28,175
28,281
28,338
28,494
28,535
28,588
28,641
-96
-130
+53
+151
+27
+106
+57
+156
+41
+53
+53
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of
period
Period
19342 .
1935
1936. .
1937
1938...
1939
1940
1941
1942
1943 .
1944
1945
1945—November..
December..
1946—January
February...
March
April
May
June
July
August
September..
October
November..
Increase
in gold
stock
8,238
4,202.5
10,125
1,887.2
*11,258
1,132.5
H2.760
1,502.5
14,512
1,751.5
17,644
3,132.0
21,995
4,351.2
22,737
741.8
22,726
-10.3
21,938
-788.5
20,619 -1,319.0
20,065
20,030
-6.2
20,065
35.2
20,156
91.0
20,232
76.3
20,256
23.9
20,251
-5.2
20,242
-9.1
20,270
28.1
20,267
-3.2
20,280
13.2
20,305
25.3
20,402
96.7
P20.470
*>68,3
Net
gold
import
or export
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4
-106.3
.8
19.3
154.1
82.4
31.4
-20.5
-27.0
36.3
6.3
15.2
-7.6
24.2
EarDomarked mestic
gold: de- gold
procrease
ducor increase(—) tion i
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
-38.2
-4.3
-12.5
-5.8
19.7
15.1
27.5
15.0
8.0
60.1
12.3
115.7
M27.5
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
3.8
3.6
4.0
3.3
3.6
3.2
3.2
3.4
4.0
8.3
6.8
5.9
Preliminary.
1
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 1416, adjusted to exclude
Philippine
Islands production received in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and
$35 a fine ounce thereafter.
» Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
*6 Not yet available.
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,911.2 million dollars on Nov. 30, 1946. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits 1,o total deposit accounts except
interbank accounts
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
Year and month
1937
1938
1939
....
1940
1941
1942—old series »
1942—new series 8
1943
1944
. . .
1945
1945—October
November
December
1945—January
February
March
April
!May
.
June
July
August
September
October
....
. . .
Total, all
reporting
centers
New
York
City 1
140
other
centers 1
Other
reporting
centers 2
New
York
City
469,463
405 929
423,932
445,863
537 343
607,071
641,778
792,937
891,910
974,102
197,836
168 778
171,382
171,582
197 724
210,961
226,865
296,368
345,585
404,543
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
16.1
16.5
17.1
18.3
81,616
79,401
101,577
89,132
73 963
87,579
87,532
85,908
86,655
91,358
82,694
'83,285
91,330
34,984
32,246
45,035
38,819
30,498
35,670
37,208
35,085
34,972
37,357
30,216
31,397
33,913
39,006
39,255
47,774
41,977
36,210
43,449
42,122
42,433
43,219
45,017
43,683
43,155
47,671
7,626
7,900
8,766
8,337
7,255
8,459
8,201
8,390
8,464
8,985
8,795
'8,733
9,746
18.1
18.1
23.1
18.5
16.6
17.8
19.0
17.9
18.9
20.0
16.3
19.3
18.7
333 other
reporting
centers
13.1
11.7
10.8
9.7
8.8
9.9
10.9
9.0
8.7
9.4
9.2
9.2
9.9
10.1
9.6
10.7
10.6
New
York
City
Annual rate of
turnover of demand
deposits except interbank and Government
100 other
leading
cities
New
York
City
100 other
leading
cities
193,143
164,945
167,939
167,373
193 729
200,337
215,090
186 140
200,636
217,744
270 439
308,913
29 5
25 1
21.0
17 1
17 3
18.0
22 4
19 9
19.4
18 6
19 4
18.4
258,398
298,902
351,602
369,396
403,400
412,800
20.5
22 4
24.2
17.4
17 3
16.1
29,990
28,423
37,046
34,165
27,425
32,831
33,290
30,408
32,439
32,667
28,127
27,864
29,401
33,474
34,616
41,070
35,546
31,402
36,543
36,478
35,324
36,921
38,240
37,858
36,578
40,057
22 4
23.5
31 8
28.3
25 6
27 5
27.6
24 5
26.3
25.6
21 6
23.7
22.1
14 4
16.5
19 5
16.2
16 2
16 8
16.8
15 8
16.7
16.8
16 0
17.1
16.7
' Revised.
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
»See 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.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary
Statistics, Table 55, p. 254, due to differences in method of computation.
1
2
1372
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Time deposits
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted 1
United
States
Government
deposits2
1929—June
December
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
1933—June
December
41,680
42,548
19,172
19,817
36,919
37,766
1937—June
December
193«—Tune
. .
December
1939—j u n e
December
1940—June
December
57,258
56,639
56 565
58,955
60,943
64,099
66,952
70,761
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
1941—June
December
1942—June
December
1943—June
December
1944—j u n e
December
1945—June
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
1945—October
November
December
1946—January
February
March
April
May
163,900
167,300
175,401
176,500
177,300
173,600
174,400
173,500
171,237
170.400
170,200
••169,600
169,300
Total
deposits
adjusted
and
End of month
June
JulyP
AugustP
September?
OctoberP
Currency
outside
banks
Total
Commercial
banks 3 i
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
3,639
3,557
14,411
15,035
852
1,016
21,656
21,715
10,849
11,019
9,621
9,488
,186
,208
4,761
4,782
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
666
824
599
889
792
846
828
753
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
,267
,269
,251
,251
,261
,278
,292
,303
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
,303
,313
,315
,415
,576
,786
2,032
2,340
2,657
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
104,500
106,300
102,341
102,900
102,500
101,100
103,700
104,900
105,992
106,800
107,200
107,800
108,700
137,600
141,000
148,911
150,400
151,200
147,500
148,200
147,200
144,721
143,900
143,600
'143,100
142,800
78,200
80,000
75,851
76,800
76,400
75,000
77,500
78,600
79,476
80,300
80,600
'81.300
82,200
11,700
13,100
24,608
24,600
25,000
22,400
20,000
17,400
13,416
11,300
10,200
8,700
7,200
47,700
47,900
48,452
49.000
49,800
50,100
50,700
51,200
51,829
52,300
52,800
53,100
53,400
29,700
29,800
30,135
30,500
31,100
31,300
31,600
32,000
32,429
32,700
33,000
33,200
33,400
15,100
15,200
15,385
15,500
15,700
15,800
16,000
16,100
16,281
16,400
16,600
16,700
16,800
2,900
2,900
2,932
3,000
3,000
3,000
3,100
3,100
3.119
3,200
3,200
3,200
3,200
26,300
26,300
26,490
26.100
26,100
26,100
26,200
26,300
26,516
26.500
26,600
'26.500
26,500
Mutual
savings
banks 4
Postal
Savings
System 5
r
P Preliminary.
Revised.
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.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
6
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.
1
POSTAL SAVINGS SYSTEM
[In millions of dollars]
BANK SUSPENSIONS *
Assets
DeposEnd of month itors'
balances1
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—Oct...
Nov. .
Dec. .
1946—Jan.. .
Feb.. .
Mar...
Apr.. .
May..
June..
July..
Aug...
Sept
Oct
2,880
2,909
2,933
2,981
3,013
3,043
3,066
3,091
3,120
3,160
3,188
P3.203
Total
Cash
in depository
banks
U. S. Government
securities
Total
1,319
1,348
1,396
1,464
1,843
2,411
53
36
26
16
10
8
1,192
1,224
1,274
1,345
1,716
2,252
2,968
2,999
3,022
3,073
3,107
3,139
3,161
3,188
3,220
3,258
3,288
6
6
6
5
5
5
5
5
5
5
6
2,780
2,809
2,837
2,886
2,910
2,951
2,966
2,986
3,026
3,060
3,088
Direct
1,046
1,078
1,128
1,220
1,716
2,252
2,780
2,809
2,837
2,886
2,910
2,951
2,966
2,986
3,026
3,060
3,088
Cash
reserve
Guar- funds,
anetc. 2
teed
146
146
146
126
74
88
95
102
118
152
182
184
179
181
192
182
189
197
188
193
194
P3,232
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
DECEMBER 1946
Member
banks
Total,
all
banks
Number of banks suspended:
1934-39
1940
1941
1942
1943
. .
1944
1945
1946—Jan.-Nov
National
Nonmember
banks
InNonState sured
insured
291
15
189
81
22
8
1
4
18
3
3
\
2
2
1
9
4
1
0
6
3
0
Deposits of suspended banks2
(in thousands of dollars):
1934-39
125,991 14,616 26,548 44,348 40,479
1940
1941
1942
1943
1944
1945
1946—Jan.-Nov
5,943
256
3,726 3,144
1,702
6 223 4 982
405
0
0
5,341
503
1,375
1 241
346
79
327
405
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.
1373
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Class of bank
and
call date
Investments
Total
4«.831
50.885
54.170
61 101
78 137
96 966
Other
Number
of banks
U.S.
Government
obligations
Other
securities
Total*
17,953
27.570
19.402
28.716
20.983
30.419
25 488
34.485
45,932
54.222
65.932
73 365
9.3.446 85.885
93.657
101 661
109.872 101,295
95,911
105,087
9,617
9,314
9.436
8.907
8.200
7,433
7.561
8.004
8.577
9,175
61,319
68,225
75.963
81.780
99,796
117,661
141,449
151,033
165.612
159,171
7,484 28,695
9,883 32,492
38,518
10.941
10,989 44,316
11,318 61,395
11,012 75.561
12,245 91,644
12 605 96,725
14,065 105.923
12,311 98,043
25,140
25,850
26,504
26,476
27.083
31,088
37,559
41,702
45,623
48,817
15,207
15,035
14,895
14,825
14,682
14,579
14,535
14,542
14,553
14,567
Loans
Total
All banks:
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 30.
1945—June 30.
Dec. 31.
1946—June 29.
Deposits
Inter-
banki
Demand
Time
129,639
140.227
136.572
21.261
22.169
23 751
26 616
23 015
23 601
26.015
27.079
30.355
31,486
All commercial h 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—June 30
Dec. 31
1946—June 29
38 669
40 667
43 92?
50 722
67 301
85 09S
105 530
114 SOS
124.019
119,448
16.364
17 243
18 792
21 711
19 217
10 117
21.644
23,672
26 076
27,130
22.305
23.424
25 1.30
29 011
48 174
65 978
83 886
90 833
97.943
92,318
15,071
16.300
17.759
21,788
41,373
59.842
77.558
84 069
90.613
84,473
7,234
7,124
7,371
7.223
6,801
6.136
6,329
6.764
7,331
7,845
51.0U
57.702
65.305
71,248
89.132
105.923
128.072
1*6,607
150,227
142,890
7,484 28,695
9.883 32,492
10.941
38,518
10,989 44,316
11,318 61,395
11.012
75,561
12,245 91.644
12 605 96,725
14,065 105,923
12,311 98,043
14,862
15,327
15,846
15,944
16.419
19,350
24,183
27.276
30,238
32,536
14,652
14,484
14,344
14,277
14,136
14,034
13,992
14,000
14,011
14,026
All Insured commercial banks:
1938 -Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Tune 30
Dec. 31
1946—June 29
37.470
39 289
42.556
49 288
66.240
83 507
103 382
112,353
121.800
117,409
16 021
16 863
18.304
21.258
18 003
18 841
21 352
23,376
25,765
26,791
21.449
22.426
24161
28,030
47.336
64.666
82 030
88,078
06.043
90,618
14 506
15,566
17.063
21,046
40.705
58.683
75,875
82,401
88,912
82,977
6.943
6,859
7,098
6,984
6,631
5,983
6,155
6,577
7,131
7,641
49,772
56.069
63.461
69.411
87,803
104 094
125,714
134.245
147,775
140,612
7,254 27,849
9.523 31,483
10,539 37,333
10.654 43,061
11.144 60,504
74,309
10.705
12.074 89,761
94 910
12,401
13,883 104,015
12,007 96,459
14.669
15,063
15,589
15,697
16,154
19,081
23,879
26,934
29,876
32,145
13,655
13,531
13,438
13,426
13,343
13,270
13,263
13,277
13,297
13,330
All member banks:
1938—Dec. 31. . .
1939—Dec. 30. . .
1940—Dec. 31. . .
1941—Dec. 312...
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 30. . .
1945—June 30. . .
Dec. 3 1 . . . .
1946—June 29
32 070
33.041
37 126
43,521
59 263
74.258
91.569
00.426
107.183
102.032
13,208
13 062
15 321
18.021
16,088
16 288
18 676
2O.5K8
22.775
23,302
18.863
19.979
21.805
25.500
43,175
57.970
72.893
78.838
84.408
78,729
13,223
14,328
15,823
19.539
37,546
52,948
67.685
73,239
78,338
72,272
5,640
5,651
5,982
5,961
5,629
5.022
5,208
5,509
6,070
6,458
43,363
49.340
56,430
61,717
78.277
92,262
110.917
118 378
129,670
122,519
7,153
9,410
10,423
10,525
11.000
10,555
11.884
12.230
13,640
11,801
24,842
28,231
33,829
38,846
54,523
66,438
79,77'4
84,400
91,820
84,602
11,369
11.699
12,178
12,347
12,754
15,268
19,259
21,748
24,210
26,115
6,338
6,362
6,486
6,619
6.679
6,738
6,814
6,840
6,884
6,887
All national banks:
1938—Dec. 31. . .
1939—Dec. 30. . .
1940—Dec. 31. . .
1941 —Dec. 31. . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 30. . .
1945—June 30. . .
Dec. 3 1 . . . .
1946—June 29....
20 903
21.810
23 648
27.571
37.576
47.409
58,308
63 177
69.312
66,277
8 460
0 022
10.004
11,725
10.183
10,116
11.480
12,360
13,925
14,469
12,434
12.789
13,644
15,845
27.303
37 382
46.828
50 808
55.387
51,809
8.691
9.058
9,735
12,039
23,744
34.065
43,292
47.051
51,250
47,271
3.743
3,731
3,908
3.806
3,648
3.318
3,536
3,757
4,137
4,537
27.996
31,559
35,787
39,458
50,468
59.961
71,858
76,533
84.939
80,212
4,499
5,898
6,574
6,786
7,400
7,159
8.056
8,251
9,229
7,816
15,587
17,579
20,885
24,350
34.499
42,605
50,900
53,698
59,486
54,930
7,910
8,081
8,329
8,322
8,570
10,196
12,901
14,585
16,224
17,466
5,224
5,187
5,144
5,117
5,081
5,040
5,025
5,015
5,017
5,012
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—June 30
Dec. 31
1946—June 29
11.168
12.130
13.478
15,950
21.687
26,759
33.261
36 240
37.871
35,754
4 738
4.040
5,316
6,295
5,905
6,171
7.196
8.?10
8,850
8,834
6,429
7,190
8,162
9,654
15.783
20.588
26.065
28.030
29,021
26,921
4,532
5,271
6,088
7,500
13,802
18.883
24,393
26.188
27,089
25,000
1,897
1,920
2,074
2,155
1,980
1,705
1,672
1.842
1,933
1,921
15,367
17,781
20,642
22.259
27,808
32,302
39,059
41,844
44,730
42,307
2,653
3,512
3,849
3,739
3,600
3,397
3,827
3,980
4,411
3,986
9,255
10,652
12,944
14,495
20,024
23,833
28,874
30,702
32,334
29,672
3,459
3,617
3,849
4,025
4.184
5,072
6,357
7,163
7,986
8,649
1,114
1,175
1,342
1,502
1,598
1,698
1,789
1,825
1,867
1,875
110 461
* 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.
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
million at all insured commercial banks.
» During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System, These
nks are included
banks
include in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included
i "all
" l l banks."
b k "
only once in
nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
« Decreases in "noninsured
"noni
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
* Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941
Its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million.
*
Back figures,—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
1374
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES*—Con tinned
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars)
Deposits
Loans and investments
Other
Investments
Class of bank
and
call date
Total
Loans
Total
U.S.
Govern- Other
ment
secuobliga- rities
tions
Total*
All nonmember commercial banks:
1938—Dec. 31
1939—Dec- 30
. . .
1940—Dec. 31
1941—Dec. 3i #
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945_June 30
Dec. 31
1946—j un e 29
6,598
6.726
6,796
7,208
8,135
10.847
13,972
15,091
16,849
17,430
3,156
3,281
3,471
3,693
3,132
2,832
2,971
3,087
3,303
3,830
3,442
3,445
3,325
3,515
5,003
8,014
11,002
12,005
13,546
13,600
1,848
1,971
1,936
2,251
3,829
6.899
9,880
10 839
12,284
12,212
1,594
1,474
1,389
1,264
1,174
1.115
1,122
1,166
1,262
1,388
7.678
8,362
8.875
9,539
10,864
13.671
17,168
18.242
20,571
20,387
Insured 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—Tune 30
Dec. 31
1946—june 29
5,399
5,348
5,429
5,774
6,984
9,258
11,824
12.940
14,639
15,392
2,813
2,901
3,074
3,241
2,818
2,556
2,678
2,790
2,992
3,491
2,586
2,447
2,356
2,533
4,166
6.702
9,146
10.150
11.647
11,901
1,283
1,238
1,240
1.509
3,162
5,739
8,197
9 170
10,584
10,716
1,303
1.209
1,116
1,025
1.004
6,409
6.729
7,032
7,702
9,535
11.842
14.809
15 880
18.119
18,108
1,199
1,378
1,367
1,434
1,151
1.588
2,148
2,152
2,211
2,038
343
856
565
291
380
397
452
314
276
292
297
311
Noninsured 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—jUne 30
Dec. 31
1946—june 29
All mutual savings banks:
1938—Dec. 31
1939—Dec 30
1940—Dec. 312
1941—Dec 31
1942—Dec. 31 . .
1943—Dec 31
1944—Dec. 30
1945—j u n e 30
Dec. 31
1946—june 29
. . . .
Insured mutual savings banks:
1 9 3 8 — D e c . 31
...
. . .
I939—Dec. 30
...
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
..
. . .
I943—Dec 31
I944—Dec. 30
I945—June 30
Dec 31
1946—j un e 29
Noninsured m u t u a l savings b a n k s :
1938—Dec. 31
I939—Dec. 30
1940—Dec 31
1941—Dec. 31
1942—Dec. 31
1943 Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—j un e 29
998
969
982
837
510
101
113
116
129
145
149
190
171
244
206
Demand
Time
3,853
4,260
4,689
5,470
6,872
9.123
11 870
12 326
14.104
13,441
3,493
3,629
3,668
3.605
3,674
4,091
4 936
5 541
6.042
6,436
8,314
8,122
7,858
7,661
7,460
7,299
7,181
7,163
7,130
7,142
3,007
3 252
3,504
4,215
5 981
7.870
9 987
10 510
12 196
11,857
3,300
3 365
3 411
3,358
3 409
3,823
4,632
5 199
5 680
6,045
7,317
7,169
6,952
6.810
6,667
6,535
6,452
6,440
6,416
6,446
193
997
264
257
247
265
269
304
343
362
953
906
851
793
764
729
723
714
204
2,883
3,102
3,224
3,700
4,559
6 090
8,328
9.588
10,682
11,438
2,382
2 190
2.065
,774
1.489
1.297
,232
,240
1,246
L3.31
10,278
10.523
10.658
10 532
10,664
11 738
13,376
14.426
15.385
16,281
10,278
10 S2S
10 6*58
10 532
10 664
11 738
13,376
14 426
15 385
16,281
280
232
303
470
421
405
608
604
607
606
1,012
1 409
1,818
1.789
2,048
7 534
8,910
9 671
10 363
10,979
1,012
1 409
1 818
1 789
2 048
7 534
8,910
9 671
339
1,160
1,682
1,668
1,700
1,496
10,162
10,218
10,248
10.379
10,746
11.871
13,931
15.134
16,208
17,125
4,897
4,926
4,959
4.905
4,698
4,484
4,370
4,307
4,279
4,356
5,265
5,292
5,289
5,474
6.048
7.387
9,560
10.827
11,928
12,769
972
1,329
1,655
1,693
2,007
7,525
9,223
10.063
10,846
11,453
461
511
9,190
8 889
8,593
8,686
8,739
4,345
4,708
5,071
5,361
5,671
724
1.063
1,185
331
473
518
464
318
457
362
375
426
Number
of banki
1,269
1,633
1.843
1,837
1,329
1.829
2,358
2.362
2.452
2,279
733
696
742
667
1,312
1,856
1.855
1,900
1,699
605
637
642
740
962
949
979
Interbank^
422
548
629
861
3.073
3,110
3,089
3,081
3,132
1,018
1,050
1,267
4,452
6,113
6.974
7,765
8,322
3,844
5,509
6.368
7,160
7,662
4,436
4,321
4.322
4,263
3,958
1,411
1,260
1,218
1,198
1,224
4,754
4,568
4,271
4,424
4,781
2,935
3,448
3.853
4,163
4,447
2,603
2,680
2,676
3,071
3,698
2,246
2,819
3 220
3,522
3,777
265
273
239
170
153
174
187
200
660
2,150
1 887
1 595
1,353
1,084
689
629
633
641
671
9,266
9,114
8 840
8,743
8.616
4.204
4,466
4 754
5,022
5,302
230
360
402
335
173
307
171
204
182
303
846
1 008
1 185
1 255
891
1 253
1,883
1 815
1 908
1,584
391
10,979
9,266
9 114
8 840
8 743
8,616
4 204
4,466
4 7«;4
5 022
5,302
696
555
551
551
548
546
545
543
542
542
541
48
51
53
52
56
184
192
192
192
191
507
500
498
496
490
361
351
350
350
350
For footnotes see p. 1374.
DECEMBER
1946
1375
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Claw of bank
and
call date
Total
loans
and
investments
Total
Commercial,
including
openmarket
paper*
All insured commercial banks:
1Q40
D(*C *\
1041 r>eo 31
1942—Dec. 31
1943—Dec. 31 .
1944—Dec. 30
1945—Tune 3 0 . .
Dec. 3 1 . .
1946—June 2 9 . .
42,556
49,' 288
66.240
83,507
103,382
112,353
121,809
117,409
Member banks,
total:
37,126
1*40—Dec. 31
3 1a... 43,521
1941—Dec.
1942—Dec. 3 1 . . 59,263
1943—Dec. 31
74,258
1944—Dec. 30 . 91,569
1945—Tune 30. . 99,426
Dec. 3 1 . . 107.183
1946—June 29.. 102,032
Sept. 30. . 99,706
New York City*:
10,910
1040 Dec 31
1941—Dec. 3 1 . . 12,896
1942—Dec. 3 1 . . 17,957
1943—Dec. 3 1 . . 19.994
If 44—Dec. 30. . 24,003
1945—Tune 3 0 . . 25,756
Dec. 3 1 . . 26,143
1946—Tune 29.. 23,304
Sept. 3 0 . . 21,972
Chicago:*
2,377
1Q4.0 "D^r 31
1041 D e r 31
2,760
1942—Dec. 3 1 . . 3,973
1943—Dec. 3 1 . . 4,554
I944—Dec. 30 .
5,443
1945—June 30. .
5,730
Dec. 3 1 . .
5,931
1946—June 2 9 . .
5,167
Sept 30
4 972
Rgservccity banks:
1040 Df»r 31
13,013
iej.1 nPp x\
15 347
1942—Dec. 3 1 . . 20^915
1943—Dec. 3 1 . . 27,521
I944—Dec. 30. . 33,603
1945— June 3 0 . . 36,572
Dec. 3 1 . . 40,108
1946—Tune 29.. 37,675
Sept. 3 0 . . 36,706
Country banks:
10,826
1940 Dec 31
12,518
1941—Dec. 31
1942—Dec. 31
16,419
1943—Dec. 3 1 . . 22,188
1944—Dec. 3 0 . . 28,520
1945—June 3 0 . . 31,368
Dec. 3 1 . . 35,002
1946—June 2 9 . . 35,886
Sept. 30. . 36,056
Investments
Loans for
purchasing
or carrying
securities
AgriculturTo
aU brok- To
ers
othdeal- ers
U. S. Government obligations
Direct
RealCon- Other
estate sumer loans Total
loans
loans
Total
Bills
ers
18,394 7,178
21,258 9,214
18,903 7,757
18,841 7,777
21,352 7,920
23,376 7,501
25,765 9,461
26,791 10,334
1,281
1,450
1,642
1,505
1,723
1,632
1,314
1,366
663
614
950
1,414
2,269
3,113
3,164
2,417
727
662
597
922
2,265
3,601
3,606
2,656
4,468
4,773
4,646
4,437
4,343
4,413
4,677
5,738
4 077
4*545
2,269 1,042
918
1,868
944
1,888
2,108 1,008
2,361 1,181
3,069 1,211
24,161
28,030
47,336
64,666
82,030
88,978
96,043
90,618
17,063
21,046
40,705
58,683
75,875
82.401
88,912
82,977
662
988
4,462
4,636
3,971
2,831
2,455
1,220
15,321
18,021
16,088
16,288
18,676
20,588
22,775
23,302
24,775
6,660
8,671
7,387
7,421
7,531
7,095
8,949
9,685
865
972
1,089
1,023
1,198
1,125
855
877
642
594
934
1,398
2,249
3,089
3,133
2,395
652
598
538
839
2,108
3,407
3,378
2,480
3,228
3,494
3,423
3,274
3,209
3,248
3,455
4,267
3,273
3,692
870
1,847
848
1,484
877
1,505
934
1,688
1,900 1,104
2,464 1,133
21,805
25,500
43,175
57,970
72,893
78.838
84,408
78,729
74,931
15,823
19,539
37,546
52,948
67,685
73,239
78,338
72,272
68,232
652
971
4,363
4,360
3.748
2.633
2.275
1,072
3,384
4,072
4,116
4,428
5,760
7,069
7,334
6,506
6,258
2,125
2,807
2,546
2,515
2,610
2,380
3,044
3,169
190
465
6
169
412
8
193
21
787
24 1,054 323
859
30 1,742
53 2,528 1,539
2,453 1,172
798
1,852
130
123
117
107
86
76
80
83
4<58
554
303
252
253
270
287
378
7,527
8,823
13,841
15,566
18,243
18,687
18,809
16,798
15,714
696
954
832
1,004
1,184
1,250
1,333
1,329
1,370
492
732
658
763
738
671
760
804
42
48
34
102
163
159
211
188
54
52
32
52
163
299
233
185
19
22
23
22
24
23
36
43
g t
96
62
45
45
50
51
76
5
6
6
6
17
13
2
1
148
153
179
223
298
226
1,681
1,806
18 3,141
14 3,550
34 4,258
34 4,480
40 4,598
32 3,837
3,602
Certificates
of indebtedness
Notes
Obligations
of
States Other
secuand
Guaran- politi- rities
cal
Bonds teed subdivisions
6,727
13,218
15,300
17,204
19,071
17,637
2,756
3 159
5,799
7,672
15,778
16.454
16,045
12,004
9,925
12^797
20,999
30,656
39,848
45.870
51,321
52,092
3,719
4! 102
2,718
2,501
978
43
22
24
3 608 3 491
3! 651 3 333
3 \ 533 3] 098
3,287 2.696
3,422 2,733
3.684 2,892
3,87.3 3,258
3,973 3,668
6\285
12,071
13.982
15.584
16.985
15,292
2 594
3,007
5,409
6,906
14,127
14,723
14,271
10,467
9,091
11.729
18,948
27.265
34,927
40.266
44,792
45,420
3,486
3,832
2,540
2,345
902
33
16
20
3,01.3
3.090
2,965
2.729
2.857
3,102
3.254
3,307
3,617
? 970
2,871
2,664
2.294
2.350
2 497
2^815
3,151
3 082
6,044
207
1,245 2,977 1,615
7,265
311
1,623 3,652 1,679
12,547 1,855 ' 2 ^ 4 4 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
17,492
424 3,538 3,607 9,920
2
17,574
477 3,433 3,325 10,337
1
15,646
201 2,980 2,229 10,234
1
14,410
695
729
788
8.30
701
558
596
629
629
618
611
1,307
1,430
2,789
3,238
3,913
4,130
4,213
3,485
3,260
297
256
397
199
250
127
133
14
103
295
1,441
1,802
1,704
1,320
1,034
410
637
877
1,045
1,253
1,467
1,042
145
153
391
484
779
814
749
529
752
903
1,282
1,602
1.809
1,936
1,864
1,900
7,081
8,243
14,813
21,321
26,781
29,417
31,594
28,813
26,892
5,204
6,467
13,038
19,682
25,042
27,523
29,552
26,585
24,614
5,517
6,628
11,380
17,534
23,610
26,253
29,407
29,281
28,722
3,269
45
433 2,081
4,377
110
481 2,926
9,172
671 'i,'251 1,240 5,436
15,465 1,032 3,094 2,096 8,705
21,552
882 3,466 4,422 12,540
24,094
762 4,194 4,613 14,504
26,999
630 5,102 4,544 16,713
26,556
447 5,231 3,696 17,170
25,948
5,931
7,105
6,102
6,201
6,822
7,155
8,514
8,862
9,814
2,589
3 456
2] 957
3.058
3,034
2,883
3,661
3,932
263
300
290
279
348
304
205
197
115
114
97
217
311
371
427
321
5 309
5,890
5,038
4,654
4,910
5,114
5,596
6,605
7,334
1 453
1,676
1,226
1,084
1,149
1,162
1,484
1,781
590
659
772
713
802
755
648
679
21
20
17
25
32
32
42
34
201
183
161
197
310
422
471
354
1,644
1,823
1,797
1,725
1,719
1,771
1,881
2,398
1,400
1,530
674
393
528
381
547
351
362
611
707
363
937
422
3,074
3,241
2,818
2,556
2,678
2,790
2,992
3,491
518
543
370
356
389
406
512
649
416
478
553
482
525
506
459
488
21
20
16
16
21
24
31
21
75
64
59
82
156
193
228
176
1,240
1,282
1,225
1,165
1,136
1,167
1,224
1,473
803
2,356 1,240
854
2,533 1,509
173 4,166 3,162
422
385
70 6,702 5,739
67 9,146 8,197
383
420
74 10,150 9,170
460
77 11,647 10,584
79 11,901 10,716
605
444
468
567
606
5.3 •>
693
188
182
166
158
160
154
181
15.3
148
1 322
1,436
1*512
1,527
1,486
312
808
1,420
301
658
1,379
660
313
1,378
315
757
1,459
855
404
1,743 1,073
453
207
194
153
267
777
1,147
1,503
1,142
112
119
83
74
31
59.3
2,253
4,691
5,730
6,598
6,982
6,038
771
751
1,723
2,497
5,181
5,689
5,653
4,014
186
193
186
155
185
196
204
200
194
3,281 1,049
984
893
4,248 1! 173 956
820
6^810
811
954
821
9,943
749
91.3
726
11,987
440 1,000
740
13,906
10 1.10O
794
15,878
5 1,126
916
16,116
7 1,194 1.034
1,269 1,009
710
861
574
538
241
21
9
12
1,146 1 102
l!222 l!028
1.252
956
1,214
855
1 f 230 829
1.281
878
1.342 1,067
1,426 1,299
1,507 1,268
Insured nonmember com-
mercial b a n k s :
1940—Dec. 3 1 . .
1941 Deo 31
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 3 0 . .
Dec. 3 1 . .
1946—June 29..
5,429
5,774
6,984
9,258
11,824
12,940
14,639
15,392
10
17
99
276
223
198
180
147
442
1,147
1,319
1,620
2,087
2,346
162
152
390
766
1,652
1,731
1,774
1,538
834
1 069
2^053
3,395
4,928
5,611
6,538
6,682
234
271
179
156
76
10
6
4
595
563
569
560
566
584
619
667
521
462
435
403
383
396
443
518
• These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit Insurance Corporation.
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 31, 1945, these items may not be entirely comparable with prior figures.
a
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These
ire not
banks are included in "member banks" but are
: included in "all insured commercial banks."
« Central reserve city banks.
1376
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demand deposits
Re-
serves
Cash
with
Federal in
vault
Reserve
Banks
Class of bank
and
call date
DeBalances mand
dewith
posits
doad- 5
mestic justed
banks*
Interbank
deposits
U.S.
Certi- IndiIndi- Bor- CapiGov- States viduals,
fied viduals
tal
ernand partner- row- acU. S. States
and
and
partnerment polit- ships, ings
Gov- political offiships, Intercounts
and
bank
ical
ern- subdi- cers' and
corcorPostal subdi- and
ment visions checks, poraSav- visions poraetc.
tions
tions
ings
DoFormeatic4 eign
Ml Insured commercial b a n k s :
1940—Dec. 31 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Tune 30. .
Dec. 3 1 . .
1946—June 29. .
13,992
12,396
13,072
12.834
14,260
14.806
15,810
15,999
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
L.474 9,959 68,048
1,829 11,075 74,722
1,471 9,102 78,281
Member banks,
total:
1940—Dec. 31. .
1941—Dec. 31» .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Tune 30..
Dec. 31. .
1946—Tune 29. .
Sept. 30..
13,902
12.396
13,072
12,835
14.261
14,807
15.811
16,001
15,792
1,087
1,019
L, 132
1.271
1,150
L.438
1,141
1,382
6,185
6.246
6,147
5,450
6,354
6,486
7,117
5,772
5,660
30,429
33,754
42,570
52,642
57,308
59.133
64,184
67.461
68,818
102
93
72
92
102
89
111
85
129
122
141
82
61
76
64
78
68
61
11,062
10,761
11,899
13,899
14,042
14,643
15.065
16,158
16,119
42
43
39
38
43
33
36
26
2^
319
298
16^
158
177
180
200
162
156
1,941
2,215
2,557
3,050
3,041
3,152
3,153
3,189
3,287
1,132
1,174
1,292
1,047
1,026
8
8
12
14
16
19
20
24
24
4,027
4,060
4,940
5.116
5,687
5,882
6.326
6,332
6,278
396
425
365
391
441
396
494
399
471
2,741
2,590
2,202
1,758
2,005
2,029
2,174
1,858
1,777
9,581
11,117
14,849
18,654
20,267
20 682
22,372
23,483
23,849
3,919
4,302
4,831
4.770
5,421
5.510
6,307
5,220
5,089
49
54
63
63
70
90
110
129
125
1,857
2,210
2.842
3,303
3,909
4,117
4,527
4,543
4,599
452
526
542
611
684
632
796
631
758
3,002
3,216
3,699
3,474
4,097
4.213
4,665
3,684
3,666
633
7,845
790
9,661
957
13,265
994
17,039
19,958 1,149
20.656 1,108
23,595 1,199
997
24,630
972
25,563
1
1
4
243
271
287
313
352
324
391
330
2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,473 8,915
3,959 10,537
3,332 10,821
New York City:*
1940—Dec. 3 1 . .
1941—Dec. 3i # '
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
1946—Tune 29.
Sept. 3 0 . .
7,057
5 ] 10S
4 388
3! 596
3,766
3.879
4,015
4,255
4,015
Chicago:9
1,051
1940—Dec. 31
1941—Dec! 3 1 ! '. 1^021
194?—Dec 31
902
1943—Dec. 3 1 . .
821
1944—Dec. 30'. '.
899
1945—Tune 30
929
942
Dec. 31. !
1946—Tune 29. '.
87f
90(
Sept. 30*. .
Reserve city banks.
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Tune 30. .
Dec. 3 1 . .
1946—Tune 29. .
Sept. 30. .
Country banks:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
1946—Tune 29.
Sept. 30..
Insured nonmember commercial b a n k s :
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Tune 30
Dec. 31
1946—June 29
991
702
666
9,677
673 1,762
9,823
813 8,167
10,234
893 9,950
9,743
948 19,754
11,063
11,217 1,119 23,478
12,566 1,248 23,740
10,584 1,346 12,941
,298
3 ,677
,996
4,352
A1,518
41,698
c ,098
t
,807
1,077
1,219
1,669
1,354
1,240
2,585
2,320
9,581
9,714
10.101
9,603
10,881
11,064
12,333
10.391
10,042
700
616
671 1,709
811 7,923
891 9,444
945 18,509
21.967
22,179
12,009
7,763
1 ,724
•J
,066
:
1,318
1,602
2 ,744
*5,877
4,240
4.826
4,763
1,009
1,142
1,573
1,251
1,138
2,450
2,179
1,796
641
48
4,032
607
3,595
866
3 209
733 4,186
2,867
810 3,395
851 6,722
3,179
989 7,618
3,271
3,535 1,105 6.940
3.127 1,178 3,495
2,954 1,213 2,112
370
319
263
252
199
229
237
293
246
997
1,027
1,105
972
95
108
133
141
182
153
233
194
1,106
1,243
1,339
1,370
8
8
8
8
8
3
2
2
2
90
127
665
713
1,400
1,499
1,552
789
525
327
491
1,982
3,373
6,157
7.655
8,221
4.531
2,971
151
225
1,090
1.962
4,230
5,195
5,465
3,194
2,155
50
53
243
506
1,245
13 1,511
5 1,560
7
932
971
32,398
36,544
47,122
58,338
64,133
65,494
72,593
75,391
160
158
97
68
64
66
70
77
69
59
61
124
109
105
103
107
522
492
397
395
423
482
496
552
14,998
15,146
15,697
18,561
23.347
26,346
29,277
31,487
11 6,673
10 6 841
10 7.055
46 7.453
122 7,989
65 8,340
215 8,671
83 9,068
29,576
33,061
42,139
51,820
56,270
57,417
62,950
65.589
67,129
141
140
87
62
58
61
64
72
72
56
50
56
120
105
102
99
101
104
435
418
332
327
347
392
399
447
491
11,687
11,878
12.366
14,822
18,807
21.254
23,712
25,568
26,150
3
4
5
39
111
52
208
72
77
5,698
5 886
6,101
6,475
6.968
7,276
7,589
7,920
8,077
11,357
11,282
12 501
14,373
14,448
14,789
1,338 15.712
1,132 16,836
768 16,657
5
6
3
4
11
16
17
27
27
51
29
23
26
17
19
768
778
711
816
977
"29
96
40
195
27
5
1,615
l!648
1 !727
1^862
1,966
2.023
2,120
2,176
2,196
913
471
450
448
710
361
341
174
233
178
174
167
193
237
262
234
27
34
38
44
33
29
66
37
44
1,905
2,152
2,588
3,097
3,100
3,124
3,160
3,153
3,335
995
1,144
1,319
1,448
1,509
1,516
1,763
1,003
1,955
228
286
385
475
488
422
611
558
543
9,468
11,127
15,061
18.790
20,371
20,559
22,281
23,005
23,601
1,184
1,370
1,558
1,727
1,868
1,939
2,004
2,269
2,328
187
239
272
344
369
346
435
453
441
574
611
678
58
68
76
96
103
101
135
142
750
775
820
858
981
5
7
8
10
8
7
5
2
2
20
17
17
8
i
1
1
1,082
1,206
1,372
1,400
496
476
453
505
619
663
719
779
792
279
288
304
326
354
362
377
394
397
2
2
1
1
107
104
63
41
33
31
30
27
28
19
20
22
56
40
39
38
43
42
226
243
169
151
154
166
160
187
219
4,505
4,542 #
4,805 '"2
5,902
7,561 . . . . .
3
8.520
2
9,563
27
10,190
30
10,381
6,846
8,500
11,989
15,561
18,350
18,945
21,797
22,594
23,536
29
30
20
17
14
33
31
32
56
57
54
52
48
54
150
146
140
149
175
207
219
242
254
5,917
6,082
6,397
7,599
9,650
10,981
12,224
13,226
13,577
2,822
3,483
4,983
6,518
7,863
8,078
9,643
9,802
18
18
10
6
6
13
8
5
4
4
4
4
6
87
74
65
68
76
90
97
105
3,311
3,276
3,339
3,750
4,553
5,105
5,579
5,934
14
17
18
17
e
6
5
1,904
1,967
2,028
2.135
2,327
2.450
2,566
2,676
2,731
3 1,969
4 1,982
3 2,042
10 2,153
16 2,321
9 2,440
11 2,525
18 2.674
41 2,752
8
6
975
956
5
955
6
979
10 1,022
13 1,065
1,083
11 1,149
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525'million
at all insured commercial banks.
1
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see page 1376.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
DECEMBER
1946
1377
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S. Other
U. S.
Govt. Other
se- Sovt.
obobliga- curi- liga- curitions ties tions ties
U. S. Government obligations
Real- Loans
estate to Other Total
loans banks
Total
Bills
Certificates
of indebtedness
Other
secuNotes Bonds1 rities
Total—101 Cities
1945—October
60,988 12,438
6,267 1,263
858 1,004
402 1,062
82 1,500 48,550] 45,264
,284
9,853 9,159 24,968 3,286
1946—June
July
August. .. .
September.
October. . .
62,612
60,740
59,927
59.198
58,383
14,812
14,878
14,992
15.318
15,685
7,506
7,827
8,336
8,841
9,495
1,296
1,062
823
845
704
731
731
608
532
430
450
462
454
427
414
1,258
1,306
1,352
1,395
1,447
1,879 47,800 44,425
139 919 45,87l| 42,421
164 968 44,935 41,487
123 030 43,880| 40,401
135 2,087 42,698 39,234
,014
882
762
693
833
9,648
9,665
8,825
7,756
6,643
59,983 15,078
8,496
807
564 1,252
444 1,367
172 1,976 44,905 41,463
758
8,762 4,854 27,089 3,442
436
428
425
421
1,377
1,386
1,405
1,412
153
111
96
132
2,001 43,919
2,030 44,026
2,043 44,042
2,045 43,531
40,492
40,595
40,525
39,990
581
810
805
576
8,011
7,847
7,726
7,441
4,808
4,789
4,787
4,743
27,092
27,149
27,207
27,230
3,427
3,431
3,517
3,541
1,424
1,435
1,445
1,458
1,473
127 2,054 42,631
127
42,678
112 2,078 42,686
123 2,106 43,036
188 2,122 42,461
39,088
39,187
39,230
39,619
39,044
679
734
857
,233
660
6,547
6,621
6,618
6,701
6,729
4,634
4,574
4,521
4,452
4,472
27,228
27,258
27,234
27,233
27,183
3,543
3,491
3,456
3,417
3,417
231 2,136 41,353 37,967
211 2,137 41,027 37,626
2,157 41,261 37,881
444
490
779
5,918 4,435 27,170 3,386
5,710 4,331 27,095 3,401
5,640 4,381 27,081 3,380
417 16,108 14,967
Aug. 28. .
1,597
1,432
1,287
1,125
973
Sept. 4..
Sept. 11..
Sept. 18. .
Sept. 25. .
59,096
59,212
59,408
59,074
15,177
15,186
15,366
15,543
8,607
8,765
8,925
9,070
834
851
899
1,217
534 1,138
543 1,078
497 1,067
Oct.
Oct.
Oct.
Oct.
Oct.
58,108
58,170
58,317
58.768
58,554
15,477
15,492
15,631
15.732
16,093
9,164
9,381
9,547
9,622
9,759
786
637
638
658
800
467 1,037
436 994
428 973
412 940
408 920
418
407
410
413
423
57,609 16,256 9,846
57,548 16,521 10,029
57,736 16,475 10,156
835
923
881
420
415
387
900
908
840
409 1,479
405 1,493
453 1,503
2..
9..
16. .
23. .
30..
Nov. 6. .
Nov. 13. .
Nov. 20. .
1
794J
6,636
4,989
4,871
4,782
4,531
27,127 3,375
26,885 3,450
27,029 3 ,448
27,170 3,479
27,227 3,464
New York City
1945—October
21,281
5,173
2,415
1,021
623
377
185
68
395
2,779 2,986 8,807 1,141
1946—June
July
August
September
October
21,507
20,690
20,148
19.870
19,627
5,789
5,675
5,517
5,563
5,547
2,891 1,028
2,967
860
3,165
644
3,346
660
3,557
545
500
491
404
341
266
543
484
419
370
316
203
210
204
178
168
83
124
132
99
112
477
476
485
502
513
14,689
13,935
13,545
13,187
12,963
396
233
160
158
301
2,669 2,067 9,557 1,029
2,876
,420 9,406 1,080
2,541 ,391 9,453 1,086
2,132 ,398 9,499 1,120
,320 9,470 1,117
1,872
Aug. 28.
20,189
5,514
3,223
629
371
404
192
148
483 14,675 13,592
Sept. 4.
Sept. 11.
Sept. 18.
Sept. 25.
19,757
19,861
19,922
19,940
5,543
5,493
5,559
5,657
3,263
3,319
3,370
3,433
645
607
663
726
366
343
345
309
393
380
360
349
184
180
176
171
136
99
73
492
501
502
512
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
19,613
19,552
19,492
19,863
19,615
5,528 3,464
5,468 3,539
5,483 3,588
5,506 3,574
5,750 3,619
603
484
479
510
649
290
268
258
256
258
338
324
317
304
297
170
161
162
168
177
107
96
107
162
Nov. 6
Nov. 13
Nov. 20
19,261
19,142
19,318
5,820 3,627
5,946 3,696
5,838 3,734
692
775
737
259
262
238
274
273
250
163
162
207
212
191
78
Outside
New York City
1945—October
39,707
7,265 3,852
242
627
1946—June
July
August
September
October
41,105 9,023
40,059 9,203
39,779 9,475
39.328 9,755
38,756 10,138
4,615
4,860
5,171
5,495
5,938
268
202
179
185
159
231 1,054
240 948
204 868
755
191
164 657
247
252
250
249
246
9,564 5,273
178
193
848
252 1,303
5,344
5,446
5,555
5,637
189
187
188
173
186
191
198
188
824
758
718
718
252
248
249
250
1,313
1,322
1,335
1,343
1,509
1,529
1,541
44 1,533
29,705
29,658
29,679
29,248
27,354
27,306
27,311
26,882
9,949 5,700
10,024 5,842
10,148 5,959
10,226 6,048
10,343 6,140
183
153
159
148
151
177
168
170
156
150
699
670
656
636
623
248
246
248
245
246
1,354
1,365
1,375
1,387
1,402
39 1,549
1,560
1,565
1,590
1,605
28,546
28,594
28,677
28,679
28,596
6,219
6,333
6,422
143
148
144
161
153
149
626
635
590
246 1,407
243 1,421
246 1,430
Aug. 28. ,
39,794
Sept. 4.
Sept. 11.
Sept. 18.
Sept. 25.
39,339 9,634
39,351 9,693
39,486 9,807
39,134 9,886
Oct.
Oct.
Oct.
Oct.
Oct.
38,495
38,618
38,825
38,905
38,939
2.
9.
16.
23.
30.
Nov. 6.
Nov. 13.
Nov. 20.
38,348 10,436
38,406 10,575
38,418 10,637
15,718
15,015
14,631
14,307
14,080
155
2,551
,412 9,474 1,083
14,214
14,368
14,363
14,283
13,138
13,289
13,214
13,108
91
232
199
111
2,192
2,169
2,099
2,066
,387
,388
,405
,414
9,468
9,500
9,511
9,517
1,076
1,079
1,149
1,175
14,085
14,084
14,009
14,357
517 13,865
12,895
12,944
12,907
13,280
12,789
269
251
254
639
94
1,756
,344
1,855
,322
,866 ,297
,923 ,299
,960 1,337
9,526
9,516
9,490
9,419
9,398
1,190
1,140
1 ,102
1,077
1,076
521 13,441 12,378
515 13,196 12,136
521 13,480 12,430
36
26
344
,654 1,333 9,355 1,063
,517 1,280 9,313 1,060
1,442 1,330 9,314 1,050
995
1,083 32,442 30,297
889
7,074 6,173 16,161 2,145
1,194
1,243
1,288
1,328
1,377
1,402 32,082 29,736
1,443 30,856 28,486
1,483 30,304 27,942
1,528 29,573 27,214
1,57428,618 26,271
618
649
602
535
532
6,979
6,789
6,284
5,624
4,771
1,493 30,230 27,871
603
6,211 3,442 17,615 2,359
490
578
606
465
5,819
5,678
5,627
5,375
3,421
3,401
3,382
3,329
26,193
26,243
26,323
26,339
26,255
410
483
603
594
566
4,791
4,766
4,752
4,778
4,769
3,290 177,702 2,353
3,252 17,742
7,742 2 351
17,7,744 2 354
3,224 17,744
7,814 2 ,340
3,153 17,814
3,135 7,785 2,341
1,615 27,912 25,589
20 1,622 27,831 25,490
20 1,636 27,781 25,451
408
464
435
4,264 3,102 17,815 2,323
4,193 3,051 17,782 2,341
4,198 3,051 17,76 2,330
505
515
513
516
4,569
3,569
3,480
3,384
3,211
17,570 2 ,346
17,479 2,370
,362
17,
17,671 2,359
2,347
17,757
17,624
17,649
17,696
17,713
2,351
2 ,352
2 ,368
2 ,366
'Direct and guaranteed.
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
1378
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Reserves
De- IndiBalwith Cash ances mand vid- States CertiFeduals,
with
dein
fied
eral vault
do- posits part- and.
and
Remestic ad- 1 ner- political
offiserve
banks justed ships, subcers'
Banks
and
cor- divi- checks,
sions
etc.
porations
Time deposits,
except interbank
Interbank
deposits
IndiDomestic
vidbanks
U. S.
Boruals, States
Govrowand
U . S . part- politernForings
Gov- nereign
ical ment
and
ern- ships, subbanks
Postal Dement and
cor- divi- Sav- mand Time
ings
porations
Capital
Bank
debits*
Total—101 Cities
1945—October
10,307
569 2,210 39,331 39,458 1,983
1,135 8,571 9,087
108
9,921
1,105
312 4,905 63,464
1946—June
10,217
10.159
July
August . . 10,181
September . 10,228
10,142
October
595
39,592 39 ,564
585
39,282 39,479
597 2,143 39,155 39,264
618
109 39,578 39.846
609
139 39,425 39,827
1,336
1,295
1,156
1,195
1,139
9,257
7,397
6,607
5,421
4,621
9,910
9,985
10,066
10,093
10,154
124
134
144
150
148
9,266
9,409
9,368
9,298
9,288
1,268
1,268
1,287
1,321
1,302
165
206
220
207
175
2,404
2,260
2,223
2,235
2,258
617 2,107 39,303 39,273 2,245
1,085 6,556 10,075
145
9,214
1,313
183 5,197
13,753
Sept.
Sept.
Sept.
Sept.
10,201
10,201
10,342
10,169
589
656
617
613
2,028 39,437 39,415
2,111 39,619 40 ,088
2,213 39,767 40,279
2,083 39,492 39,603
2,264
2,209
2,236
2,232
1,173
1,231
1,200
1,176
5,354
5,408
5,442
5,482
10,075
10,084
10,092
10,120
147
149
150
152
9,285
9,395
9,499
9,010
1,307
1,330
1,331
1,316
288
162
162
215
5,211
5,209
5,218
5,208
13,484
14,663
17,604
15,568
10,242
10,146
10,202
9 961
10,161
576
617
591
623
637
2,11 39,237 39,418 2,370
2,092 39,277 39,314
2,241 ^0,267 40,522
,029
2.128 39, (
2,121 39,653 39,851 2,308
,269
,093
,101
,101
,130
4,680
4,559
4,588
4,639
4,640
10,133
10,156
10,161
10,162
10 ,159
153
148
149
146
145
9,258
9,206
9,552
9,216
9,207
1,304
1,294
145
209
179
149
194
5,226
5,234
5,227
5,234
5,230
16,821
14,531
15,156
16,398
15,177
1,178 3,401 10,180
1,198 3,425 10,178
1,226 3,459 10,185
144
145
163
9,350
9,614
9,391
1,332
1,315
1,292
334 5,256
329 5,249
194 5,251
15,533
14,967
17,987
4....
11....
18
25....
Nov. 6... 10,127
Nov. 13... 10,278
Nov. 20... 10,215
636 2,08 39,530 40,032 2,309
678 2,205 39,501 40,661 2,298
641 2,129 39,840 40,460 2,244
New York City
1945—October...
3,767
87
1946—June
July
August. . .
September
October...
3,761
3,704
3,727
3.763
3,709
96
96
97
109
106
Aug. 28...
3,654
101
14,191 14,527
4...
11...
18...
25... 3,754
98
123
108
108
14,314
14,29'
14,379
14,415
14,621
14,776
14,844
14,752
14,302 14,658
292
223
233
240
774
602
599
636
648
Sept.
Sept.
Sept.
Sept.
Oct. 2...
Oct. 9 . . .
Oct. 16...
Oct. 23...
Oct. 30...
3,772
3,733
,728
,551
3,760
104
109
100
105
110
Nov. 6...
Nov. 13...
Nov. 20...
3,692
3,805
3,728
117
124
113
Outside
New York City
1945—October...
1946—June
July
August. . .
September
October...
1
69,360
70,907
65,985
64,442
69,458
Aug. 2 8 . . . . 10,087
Oct. 2...
Oct. 9 . . .
Oct. 16...
Oct. 2 3 . . .
Oct. 30...
2
5,141
5,168
5,194
5,211
5,230
14,561 14,938
219
724 3,370 1,085
10 3,031
986
14,446
14,317
14,172
14,351
14,370
240
223
211
194
262
824
775
661
685
652
3,408
2,659
2,331
1,863
1,576
1,250
1,231
1,255
1,258
1,268
2,988
2,974
2,878
2,911
2,869
1,117
1,116
1,132
1,171
1,149
67
117
129
95
86
198
611
2,305 1,256
2,841
1,157
123 1,977
5,710
189
173
208
204
672
716
665
68
1,847
1,867
1,863
1,873
1,252
1,252
1,254
1,273
2,872
2,917
3,023
2,833
1,153
1,181
1,182
1,169
1,985
68 1,983
50
,982
111
,979
5,911
6,207
7,863
6,384
1,271
1,274
1,277
1,263
1,256
2,956
1,157
1,144
1,142
1,148
1,154
93
91
81
43
122
,989
,991
,988
,989
,985
7,568
6,360
6,341
6,797
6,243
2,002
2,002
28 2,003
6,826
6,112
7,494
14,823
14,753
14,523
14,748
14,740
1,884 29,990
1,966
1,974
1,982
1,982
1,989
32,439
32,667
28,127
27,864
29,401
320
305
283
1,603
1,556
1,566
1,578
1,577
675 1,148
687 1,150
735 1,158
1,261
1,256
1,259
6,540
482 2,186 24,770 24,520 1,764
411 5,201
8,002
6,890
119
212 3,021 33,474
6,455
6,454
6.465
6,433
499
489
500
509
503
5,849
4,738
4,276
3,558
3,045
8,660
8,754
8.811
8,835
8,886
106
118
128
134
130
6,278
6,435
6,490
6,387
6,419
151
152
155
150
153
98
89
91
112
89
27 14,329 14,615
14,241 14,874
14,543 14,832
14,436 14,723
14,357 14,708
14,421 14,912
29 14,607 14,997
2,111
2,144
2,117
2,080
2,111
25,146
24,965
24,983
25 ,227
25,055
24,741
24,726
24,741
25.098
25,087
2,164
2,037
2,012
2,041
1,996
512
520
495
510
487
2,833
1,173
1,159
1,135
3,175
3,194
3,212
3,229
3,241
36,921
38,240
37,858
36,578
40,057
Aug. 28.,
6,433
516 2,078 25,112 24,746 2,047
474 4,251
8,819
129
6,373
156
3,220
8,043
Sept.
Sept.
Sept.
Sept.
4.
11.
18.
25..
6,397
6,534
6,517
6,415
491
533
509
505
2,002
2,082
2,179
2.055
24,794 2,075
25,312 2,036
028
25,435
24,851
028
501
515
535
489
8,823
8,832
8,838
8,847
131
133
134
134
6,413
6,478
6,476
6,177
154
149
149
147
137
94
112
104
3,226
3,226
3,236
3,229
7,573
8.456
9,741
9,184
Oct. 2.
Oct. 9.
Oct. 16..
Oct. 23..
Oct. 30.
6,470
6,413
6,474
6,410
6,401
472
508
491
518
527
2,084 24 ,935 24,760
078
006
2,065 24,948 24,699
965
2,211 25,026 25,648
945
2,099 25 ,147 25,197
2,095 25,217 25,128 1,985
495
491
502
465
482
8,862
8,882
8,884
8,899
8,903
135
130
131
128
127
6,302
6,337
6,664
6,399
6,391
147
150
149
160
159
52
118
98
106
72
3,237
3,243
3,239
3,245
3,245
9,253
8,171
8,815
9,601
8,934
Nov. 6.
Nov. 13..
Nov. 20.,
6,435
6,473
6,487
519 2,062 25,173 25,324 1,989
554 2,176 25,080 25,749 1,993
528 2,100 25,233 25,463 1,961
503 2,253 8,919
511 2,275 8,922
491 2,301 8,926
126
127
126
6,516
6,789
6,558
159
156
157
165 3,254 8,707
183 3,247 8,855
166 3,248 10,493
25,123
25,322
25,388
25,077
3,077
3,003
3,022
3,061
3,063
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
DECEMBER
1946
1379
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Boston
Oct 23
Oct. 30
Nov. 6
Nov. 13
Nov 20
New York*
Oct. 23
Oct. 30
Nov. 6
Nov. 13.
Nov. 20. ..
Philadelphia
Oct. 23
Oct. 30.
Nov. 6
Nov. 13
Nov. 20
Cleveland
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Richmond
Oct. 23.
Oct. 30.
Nov. 6. .
Nov. 13
Nov. 20
Atlanta
Oct. 23
Oct. 30
Nov. 6 . . .
Nov. 13
Nov. 20
Chicago*
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
St. Louis
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Minneapolis
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20. .
Kansas City
Oct. 23. . . .
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Dallas
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
San Francisco
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
City of Chicago*
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
.
Total
loans
and
nvest- Total
ments
Commercial,
industrial,
and
agricultural
For purchasing
or carrying securities
U. S. Government obligations
To brokers
and dealers
To others Real- x>ans
state to Other Total
Total
oans )anks
U. S.
U.S.
Govt. Other Govt. Other
Bills
seseobobliga- curiliga- curities
ties
tions
tions
894
2,934
2,947
911
2,875
909
2,866
910
921
2,855
21,888 5,969
21,645 6,219
21,273 6,294
21,157 6,425
21,321 6,318
585
593
600
601
603
30
29
26
25
32
11
10
10
11
10
3,791
3,839
3,851
3 928
3,971
516
656
697
778
740
2,333
. 2,342
2,307
2,319
2,296
645
375
650
654
666
672
377
384
394
401
9
11
22
22
4,806
4,761
4,714
4,686
4,702
1,180
1,186
1,192
1,216
1,218
608
615
615
637
645
25
24
30
29
2,026
2,021
1,976
1,986
1,988
449
231
451
451
233
233
Certificates
of indebtedness
^Jotes
ionds1
1,463
1,461
1 463
1,455
1,449
ther
ecuities
13
13
13
13
14
86
87
88
88
89
2
10
4
3
4
140
142
142
143
144
2,040
2,036
1,966
1,956
1,934
1,940
1,936
1 871
1,865
1,849
259
261
263
265
241
27
27
26
26
25
329
322
300
299
270
188
197
184
182
228
175
176
177
177
178
107
162
212
191
78
604
606
610
605
612
5,919
5,426
4,979
4 732
5,003
4,741
4,249
3,816
3 570
3,852
9
22
20
9
11
10
46
22
22
19
19
8
8
47
47
4
2
48
46
4
3
162 1,688
162 1,692
162 1,653
163 1,653
165 1,624
1 481
1 486
1,449
1,446
1,416
44
32
167
165
164 1 081
161 1 078
156 1,078
154 1,081
139 1,080
3,626 3,345
3,575 3,294
3,522 3,238
3,470 3,185
3,484 3,198
37
27
11
15
27
507
489
448
430
442
342
340
337
324
322
88
255
255
130 1 037
129 1 037
126 1,044
126 1,044
128 1,044
163
164
164
24
1
1
453
457
236
239
1
1
2,044
2,041
2,015
2,022
2,021
553
559
305
311
567
318
8,469
8 515
8,310
8,309
8,370
18
16
8
8
21
20
20
21
20
114
113
113
111
106
13
13
12
12
12
209
209
210
212
214
5
37
9
69
5
5
36
37
9
10
70
69
5
^
36
36
2
1
6
6
70
70
1
6
70
9
10
71
71
21
21
40
40
21
41
2
190
192
192
194
197
3
2
2
2
3
4
4
4
41
39
18
28
22
642
99
40
36
348
260
260
214
207
201
176
176
176
175
177
2,036
2,071
1,744
1 599
1,523
1,470
1,508
1,503
1 451
1,501
47
189
62
46
185
169
100
100
95
91
85
0,593 ,178
0,571 ,177
0,529 ,163
0 484 ,162
0,480 ,151
2,459
2,438
2,442
2,416
2,407
207
206
204
207
208
281
281
284
285
286
95 1,577
95 1 570
94 1,525
93 1,533
92 1,531
1,489
1,483
1,438
1,446
1,444
19
303
19
18
298
250
105 1,491
106 1,482
106 1,448
108 1,448
112 1,443
1,328
1,318
1,284
1,284
1,279
18
15
326
321
169
167
815
815
13
293
165
813
293
290
164
166
813
811
164
164
21
17
87
87
87
87
322
328
1
1
6
6
70
65
21
21
2,081
2 103
2,131
2,157
2,158
1,377
1,398
1,419
1,443
1,462
57
59
57
69
61
38
38
47
37
37
102
97
93
93
82
68
67
67
64
63
233
235
237
239
241
206
209
211
212
212
6,388
6 412
6,179
6,152
6,212
5,849
5 874
5,646
5,615
5,670
198
169
93
75
97
1,070
1 118
949
932
938
648
651
653
652
653
3,933
3 936
3,951
3,956
3,982
539
1,899
1,903
1,880
1,900
1,895
668
673
679
688
698
373
379
384
391
400
40
39
39
39
38
15
15
15
15
15
94
96
96
97
98
136
135
136
137
138
1,231
1,230
1,201
1,212
1,197
1,098
1,097
1,069
1,079
1,064
24
21
12
26
105
107
104
106
109
185
186
172
171
178
784
783
781
776
770
133
133
132
133
133
1,210
1,219
1,214
1,217
1,216
317
326
327
329
330
179
185
185
187
189
73
76
76
76
77
893
893
887
888
886
835
834
829
830
828
11
14
15
16
15
75
76
69
69
69
114
114
113
112
113
635
630
632
633
63
58
59
58
58
58
2,251
2,237
2,209
2 236
2,223
521
530
326
335
338
343
345
1,730
1,707
95 1,677
94 1 698
94 1,684
1 561
1 538
1,509
1 529
1,515
49
42
532
538
539
381
370
1,957
1,958
1,948
1,948
1,946
724
730
738
744
748
464
470
476
482
487
6,951
6,965
6 888
6,902
6,903
1,731
1,755
1 782
1,82
1,838
1,008
1,024
1 043
1,065
1,086
5,060
5,074
4,924
4,903
4,958
1,39
1,402
1,42
1,439
1,438
1,034
1,04
1,06
1,078
1,095
574
578
c
2
c
c
2
A
;
(
20
19
19
19
18
28
27
5
Q
Q
42
41
37
38
38
38
39
58
59
58
59
59
26
26
25
4
4
2
2
;
93
94
14
12
36
62
48
264
258
86
86
538
533
537
542
169
169
349
346
348
256
254
251
868
86
86
168
169
169
163
163
164
154
162
65
64
64
64
64
69
69
9
69
67
68
67
64
30
32
3
3
32
48
48
48
48
49
105
104
105
106
107
1,233
1,228
1,210
1,204
1,19
1,164
1,159
1,14
1,12
1,129
45
54
51
56
56
306
297
28
270
262
15
15
10
30
28
27
27
27
84
84
90
104
95
33
34
34
3
3
363
368
370
374
378
19
20
20
20
20
5,22
5,21
5 10
5,08
5,06
4,78
4,77
4 67
4,65
4.63
102
99
9
9
98
1,143
1,13
1 04
1,03
1,03
62
61
61
59
59
2,91
2,92
2 92
2,92
2,91
432
434
429
428
428
55
5
56
6
59
32
3
39
3
30
62
59
56
57
49
5
5
5
5
5
5
5
5
5
5
9
9
9
9
9
3,66
3,67
3,50
3,46
3,52
3,34
3,34
3,17
3,13
3,18
15
9
6
5
7
72
77
63
61
62
31
31
32
31
31
2,15
2,15
2,14
2,14
2,17
329
329
327
328
8
69
80
69
333
* 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.
1
Direct and guaranteed.
1380
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
fin millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral vault do- posits
Remestic ad- 1
serve
banks justed
Banks
Individuals, States Certified
part- a n d
and
ner- politoffiships, ical
subcers'
and
cor- divi- checks,
sions
etc.
porations
U.S.
Government
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
.S.
States U
Borand GovrowernFor- ings
polit- ment
eign
ical
and
subDe- Time banks
divi- Postal
Savsions ings mand
Capital
Bank
debits'
Boston (6 cities)
Oct. 23
482
Oct. 30
469
Nov. 6
489
Nov. 13
483
Nov. 20
487
New York (8 cities)*
Oct. 23
3,788
Oct. 30
4,011
Nov. 6
3,926
Nov. 13
4,068
Nov. 20
3,968
Philadelphia (4 cities)
Oct. 23
425
Oct. 30
414
Nov. 6
42
Nov. 13
427
Nov. 20
425
Cleveland (10 cities)
Oct. 23
769
Oct. 30
775
Nov. 6
762
Nov. 13
752
Nov. 20
771
Richmond (12 cities)
Oct. 23
347
Oct. 30
352
Nov. 6
341
Nov. 13
355
Nov. 20
350
Atlanta (8 cities)
Oct. 23
376
Oct. 30
365
Nov. 6
375
Nov. 13
372
Nov. 20
377
Chicago (12 cities)*
Oct. 23
1,413
Oct. 30
1,410
Nov. 6
1,393
Nov. 13
1,436
Nov. 20
1,428
St. Louis (5 cities)
Oct. 23
335
Oct. 30
333
Nov. 6
342
Nov. 13
326
Nov. 20
342
Minneapolis (8 cities)
Oct. 23
206
Oct. 30
209
Nov 6
220
Nov. 13
214
Nov. 20
214
Kansas City (12 cities)
436
Oct. 23
444
Oct. 30
454
Nov. 6
451
Nov. 13
457
Nov. 20
Dallas (9 cities)
383
Oct. 23
384
Oct. 30
383
Nov. 6
402
Nov. 13
388
Nov. 20
,
San Francisco (7 cities)
1,001
Oct. 23
Oct. 30
995
Nov. 6
1,019
Nov. 13
992
Nov. 20
1,008
City of Chicago*
Oct. 23
Oct. 30..
882
Nov. 6. .
853
Nov. 13..
901
Nov. 20. .
894
2,269 2,209
61
60
60
63
60
112
108
105
117
112
2,274
2,271
2,258
2,261
2,199
2,193
2,221
2,217
175
189
181
179
170
36
37
40
42
42
246
248
180
183
185
471
470
471
470
471
290
285
295
298
296
25
24
24
24
24
7
4
9
18
6
298
298
298
298
299
728
694
731
643
814
142
147
154
163
151
108
111
108
122
113
15,840
15,755
15,675
15,754
15,912
15,999
15,903
15,891
16,128
16,126
416
506
512
509
463
670
683
713
729
771
1,710
1,708
1,243
1,245
1,255
1,968
1,962
1,968
1,963
1,966
2,887
2,887
2,906
2,902
2,904
1,151
1,156
1,176
1,162
1,138
62
144
189
190
57
2,154
2,150
2,167
2,167
2,168
7,240
6,630
7,216
6,515
8,028
34
35
36
38
37
84
87
90
88
89
1,792
1,799
1,841
1,831
1,82
1,865
1,883
1,930
1,946
1,926
47
51
47
53
49
27
21
29
35
27
210
209
151
153
155
246
246
245
244
244
342
341
333
358
337
12
12
12
12
12
6
4
7
263
263
264
264
264
606
599
573
599
688
84
86
82
87
86
193
196
189
208
190
3,126
3,107
3,103
3,045
3,100
3,157
3,137
3,112
3,160
3,145
171
167
165
167
163
52
56
54
53
59
384
385
286
289
292
1,326
1,327
1,330
1,329
1,330
493
492
481
511
487
5
5
6
5
5
491
491
492
493
492
1,021
978
1,016
1,045
1,161
43
42
42
45
42
126
121
128
142
128
1,428
91
89
91
90
93
30
29
27
36
34
163 382
382
161
123 •383
123 383
125 382
410
404
411
444
422
9
-7
7
7
6
147
147
148
148
148
490
452
482
504
552
30
31
29
31
31
135
132
138 1,375
142 1,380
136 1,376
16
16
16
16
15
136
135
100
101
102
451
451
452
452
452
477
472
488
498
485
9
8
8
9
9
132
132
133
133
133
558
505
476
466
542
1,327
213
218
217
219
215
93
97
99
106
97
381
396
392
412
391
5,424
5,472
5,380
5,372
5,468
5,418
5,439
5,473
5,557
5,500
455
463
456
449
457
91
94
103
92
87
682
686
500
505
1,983
1,985
1,989
1,991
1,993
1,606
1,617
1,635
1,715
1,637
31
29
30
29
30
628
630
631
630
630
2,405
2,302
2,141
2,256
2,601
23
24
24
26
24
106
109
109
113
100
1,127
1,131
1,130
1,125
1,131
1,215
1,208
1,222
1,260
1,233
67
67
70
73
73
17
19
21
19
19
151
152
112
113
115
372
372
373
373
373
557
562
582
605
585
6
6
6
6
6
143
143
144
144
144
502
459
439
439
529
12
12
11
12
12
96
98
85
92
87
738
747
760
757
761
729
730
730
770
751
103
112
116
108
110
13
15
12
12
12
107
107
80
79
81
231
231
231
232
232
349
355
362
377
363
3
7
3
2
3
92
92
93
92
92
370
336
372
313
380
24
24
23
25
23
273
279
266
277
273
1,508
1,521
1,504
1,522
1,532
1,518
1,507
1,529
1,575
1,558
174
170
167
162
169
23
25
25
25
24
162
161
120
121
122
314
314
314
315
315
833
826
848
867
840
157
157
157
157
157
625
535
494
507
673
27
27
26
28
26
210
203
222
230
1,487
1,479
1,466
1,490
1,488
1,491
1,474
1,482
1,515
1,500
105
111
119
128
114
26
26
26
29
29
133
131
96
97
98
294
294
295
295
296
519
521
546
563
547
150
150
150
151
152
513
442
410
436
564
50
52
50
54
52
294
274
274
270
280
3,610
3,603
3,650
3,579
3,598
3,691
3,659
3,725
3,714
3,699
168
165
168
161
168
100
109
112
110
107
555 ,124
557 ,125
410 ,129
416 ,131
422 2,131
453
445
463
476
488
579
577
579
572
572
1,340
1,245
1,183
1,244
1,455
32
33
35
36
34
164
176
174
179
3,330
3,349
3,289
3,260
3,346
3,418
3,416
3,442
3,467
3,466
218
223
213
211
218
41
42
42
35
36
1,142
1,143
1,140
1,200
1,150
395
396
397
397
1,537
1,449
1,356
1,434
1,629
433
435
314
317
317
818
819
821
822
824
* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except in interbank and U. S. Government accounts.
1
2
DECEMBER
1946
1381
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
1945—July
August . . . .
Seotember
October
Novem ber
December
1945— Tanuarv
February
April
June
July
October
Based on *
Held by
Commercial
Total
paper
outout- 1 standing
standing
Accepting banks
Total
Own
bills
Bills
bought
107
110
111
127
156
159
117
128
135
135
145
154
90
101
104
100
107
112
45
50
52
53
58
64
45
50
52
46
49
48
174
178
172
149
126
121
131
142
148
202
166
167
163
169
177
192
205
207
200
204
126
128
119
109
108
109
118
140
151
154
71
74
64
65
66
65
67
68
68
71
55
53
55
44
42
45
51
72
82
82
Federal
Reserve
Banks
(For own
account)
o
2
13
13
18
34
13
2
Others
Imports
into
Exports
from
TTriif aA
TTnifoA
States
States
26
28
31
35
38
42
81
91
98
95
100
103
40
39
42
47
55
64
54
54
47
.50
109
109
104
114
124
134
146
152
150
154
Goods st(?red in or
shipped between
poin ts in
United
States
Foreign
countries
9
10
11
12
15
18
22
25
23
22
23
26
4
2
3
6
20
18
17
16
18
22
24
22
20
18
29
31
33
30
28
27
26
26
23
23
8
9
8
9
7
8
9
7
7
8
7
1
2
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
»Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
investment investment
balances
and trading and trading
(net) 1
accounts
accounts
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1936—June
December...
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...
1,267
1,395
1,489
985
774
991
834
906
653
677
67
64
55
34
27
32
25
16
12
12
164
164
161
108
88
106
73
78
58
99
219
249
214
232
215
190
178
207
223
204
985
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
616
600
496
543
761
788
887
1,041
1,223
11
8
9
7
9
11
5
7
11
89
86
86
154
190
188
253
260
333
186
211
180
160
167
181
196
209
220
395
368
309
378
529
557
619
726
853
255
289
240
270
334
354
424
472
549
65
63
56
54
66
65
95
96
121
17
17
16
15
15
14
15
18
14
7
5
4
4
7
5
11
8
13
222
213
189
182
212
198
216
227
264
1945—November. .
December...
31,095
1,138
12
413
313
3639
654
112
29
13
299
1946—January
February. . .
March
April
May
June
July
August
September..
October
31,168
31,046
8 936
3 895
3 856
809
3 745
3 723
3
631
3 583
3711
795
3 734
3 645
3 622
3 575
3 547
498
3 442
3 377
3 305
3 253
120
24
17
314
7
399
370
3 727
3 755
33 712
697
3 669
651
3 653
3 647
s 729
3 720
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
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): August, 99; September, 82; October, 75.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes .the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
1382
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months1
Year,
month, or
week
U.S. Government
security yields
Prime Stock
exbank- change
9-to 12ers'
call
month
accept- loan
to 5certifi- 3-year
ances,
3recates taxable
90 1
month
newdays
bills" of inals'
debted- notes
ness
1943 average
1944 average . . . .
1945 average
.69
.73
.75
.44
.44
.44
1.00
1945—November.
December..
.75
.75
.44
.44
1946—January...
February. .
March
April
May
June
July . .
August....
September .
October
November .
.75
.75
.75
.75
.75
.75
.77
.81
.81
.88
.94
.44
.44
.44
.44
.47
.50
.59
.71
.81
.81
.81
Week ending:
Nov. 2
Nov. 9 . . . . K
-i
Nov. 16. . . 7A-l
Nov. 2 3 . . . %-i
N o v . 30.. .
l
LOO
.373
.375
.375
.75
.79
.81
' 1.34
1.33
1.18
1.00
1.00
.375
.375
.84
.84
4
LOO
LOO
LOO
LOO
.00
.00
.00
L38
L.38
1.38
:L38
.375
.375
.375
.375
.375
.375
375
.*375
.375
.375
.376
[ 00
13/ ie
»Ae
»/!•
M/lt
13
/l«
1X-1K
IK-IK
.376
.376
.376
.376
.376
1L14
L.15
.79
.76
.79
.81
.83
.83
84
•
.'84
.85
.83
.84
:
L10
L03
.99
. 12
!l8
. 15
13
L14
L22
L24
L.22
1.22
L22
L21
L22
L25
.84
.84
.85
.84
.85
1
Monthly figures are averages of weekly prevailing rates.
* The average rate on 90-day stock exchange time loans was 1.50
percent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
• Rate on new issues offered within period.
<From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept.
15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15,
1945, includes only Treasury bonds of Dec. 15, 1950.
Backfigures.—SeeBanking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
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
1937 average1
1938 average1
2.59
2.53
1.73
1.69
2.88
2.75
3.25
3.26
1939
1940
1941
1942
1943
1944
1945
2.54
2.61
2.72
2.59
2.39
2.07
2.04
1.97
2.07
2.30
2.11
1.99
2.87
2.56
2.55
2.58
2.80
2.68
2.51
3.51
3.38
3.19
3.26
3.13
3.02
2.73
1942—June
September....
December
2.62
2.70
2.63
2.07
2.28
2.09
2.56
2.66
2.63
3.34
3.25
3.26
1943—March
June
September....
December
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September
December
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March
June
September....
December
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March
June
September....
2.31
2.41
••2.32
1.83
2.34
2.51
2.43
2.93
2.97
^2.75
average
average
average
average
average
average
average
r
1
Revised.
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS *
[Per cent per annum]
Corporate (Moody's)*
U. S. Government
7 to 9
years
Year, month,
or week
Taxable
15 years and
over
Partially tax
exempt
Taxable
Municipal
(highgrade)'
Corporate
(highgrade)'
By groups
By ratings
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues.
1-5
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1943 average....
1944 average....
1945 average....
L96
L94
L60
1.98
1.92
1.66
2.47
2.48
2.37
2.06
1.86
1.67
2.64
2.60
2.54
1945—November
December.
L42
g L38
1.56
1.51
2.33
2.33
1.70
1.64
2.54
2.54
(8)
(8)
(6)
(8)
1.57
1.49
1.49
1.45
1.54
1.55
1 60
1.65
1.75
1.84
1.80
2.43
2.36
2.35
2.37
2.44
2.42
2 41
2.44
2.50
2.51
2.51
2.73
2.72
2.62
2.62
2.61
2.54
2.48
2.47
2.46
2.51
2.49
2.48
2.51
2.58
2.60
2.59
2.86
2.81
2.71
2.68
2.68
2.62
2.56
2.54
2.56
2.58
2.59
2.59
2.62
2.68
2.70
2.69
3.13
3.06
2.87
2.81
2.79
2.73
2.70
2.69
2.69
2.73
2.73
2.72
2.74
2.80
2.84
2.84
3.91
3.61
3.29
3.15
3.10
3.01
2.95
2.94
2.96
3.02
3.03
3.03
3.03
3.10
3.15
3.17
2.85
2.80
2.68
2.64
2.64
2.57
2.54
2.54
2.57
2.60
2.59
2.58
2.58
2.64
2.65
2.66
3.64
3.39
3.06
2.99
2.96
2.89
2.83
2.80
2.78
2.84
2.85
2.86
2.89
2.98
3.05
3.05
2.99
2.97
2.89
2.81
2.79
2.71
2.65
2.64
2.65
2.69
2.70
2.69
2.70
(66)
()
2.21
2.12
2.09
2.08
2.19
2.16
2.18
2.23
2.28
2.26
2.25
3.16
3.05
2.87
2.82
2.80
2.73
2.68
2.66
2.67
2.71
2.71
2.71
2.73
2.79
2.82
2.82
(6)
(6)
(66)
()
(6)
2.24
2.24
2.25
2.26
2.27
1.77
1.77
1.77
1.79
1.87
2.52
2.51
2.50
2.52
2.52
2.83
2.82
2.82
2.83
2.84
2.60
2.59
2.59
2.59
2.60
2.69
2.69
2.69
2.70
2.70
2.85
2.84
2.83
2.84
2.85
3.16
3.15
3.15
3.17
3.19
2.66
2.65
2.65
2.66
2.67
3.06
3.04
3.04
3.05
3.07
2.77
2.77
2.77
2.77
2.77
1946—January..
February..
March
April
May
.
June
July
August. . .
September
October . .
November
Week ending:
Nov. 2 . .
Nov. 9..
Nov. 16. .
Nov. 23..
Nov. 30. .
L31
L.28
L28
1.36
L.47
L43
1.40
L46
1.55
L56
1.58
.55
.55
.57
.59
1.62
8
8C )
6
2.75
2.76
2.77
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
* Standard and Poor's Corporation.
' U . S . Treasury Department.
< Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aaf and A groups hav«
been reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
* Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
* No partially tax-exempt bonds due or callable in 15 years and over.
Backfigures.—SecBanking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
DECEMBER
1946
1383
SECURITY MARKETS *
Stock prices5
Bond prices
Corporate
Year, month, or week
U. S.
Government2
Municipal
(highgrade)3 Highgrade
141 6
143.4
143 4
144.1
142.1
142 0
140 9
140.0
137.8
135.7
136.8
123.8
124.5
124.5
124.3
123.7
123.9
124.0
123.8
122.8
121.8
121.6
50
109.5
114.7
117.9
118.3
119.0
119.7
120.0
120.1
119.9
119.5
119 5
119.1
119.0
117.4
115.8
115.9
137 4
137.4
137.4
137 0
135.4
121.7
121.9
121.7
121 5
121.5
115.8
116.4
116.2
115.5
115.5
15
15
1943 average
1944 average
1945 average
100.50 131.8
100 25 135 7
102.04 139.6
120.3
120.9
122.1
1945—November
December
102 60 139 0
102.68 140.1
122.0
121.9
1-9
. . . . 104.59
106.03
106 46
106.61
104.82
JVIay
June
. . . 105 28
104.87
July
104.11
August
September
103.25
October
103.58
November
103.71
1946—January
February
March
Week ending:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30 . .
103 87
103.95
103.77
103 59
103.42
Common (index, 1935-39 = 100)
PreDe- ferred*
Public faulted
utility
Volume
of trad-
thousands of
Public shares)
utility
Medium- anc lower-grade
Total
Number of issues
4
Total
Industrial
15
402
354
20
28
172.7
175.7
189.1
92
100
122
94
102
123
89
101
137
82
90
106
1,032
971
1,443
192.2
195.3
137
140
139
142
154
157
121
120
1,961
1,626
84.9
85.4
82.7
83.6
81.8
83.2
80.0
78.8
65.4
62.7
63.6
197.9
200.5
203.1
204.9
201.9
202.4
204.1
203.4
196.2
191.6
189.3
145
143
142
148
146
145
164
160
154
124
124
123
2,183
1,776
1,116
1,391
1,311
1,086
64.9
63.8
64.2
62.7
63.0
189.7
190.2
190.2
189.2
187.7
Industrial
Railroad
10
117.0
120.5
122.2
20
20
15
97.6
107.3
115.1
114.0
116 3
116.3
44.0
59.2
75.4
122.5
123.1
116.6
117.5
116 0
116.2
78.9
82.1
123.9
124.4
124 5
124.4
123.9
123 9
123.4
124.0
123.3
122.2
122.5
118.9
119.6
119 9
119.6
118.6
118 7
118.5
117.7
114.3
112.3
112.7
116.3
116.1
115 9
115.8
116.0
116 0
115 3
115.4
114.7
112.9
112.6
122.3
122.4
122.5
122 5
122.5
112.5
113.1
113.1
112 5
112.1
112.7
113.8
113.1
111 4
112.0
Railroad
157
128
154
153
159
157
157
162
129
130
150
153
154
128
156
152
936
146
125
122
121
150
129
126
124
147
119
110
113
125
110
107
106
946
2,173
1,256
1,191
119
121
122
119
122
124
126
123
109
113
116
111
105
106
106
104
120
123
113
106
1,523
1,491
1,049
1,086
1,005
12 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
3
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
*5 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
• Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
Total
(new
and
refunding)
Domestic
Total
(domestic
and
forTotal
eign)
State
and
municipal
1,972
2,138
2,360
2,277
1,951
2,854
1,075
642
913
1,764
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
896
1,752
1945—October. . 1,338
November
223
December
838
243
94
243
238
94
241
29
34
80
1946—January..
346
February.
430
March. . .
562
April
1,097
May
1,037
June
847
July
929
August. . .
559
September
430
October. .
552
200
122
200
373
310
425
491
419
231
353
200
122
200
373
302
425
491
419
231
353
68
57
56
61
103
108
124
64
61
49
....
Federal
agen-1
cies Total
735
22
712
157
971
481
931
924
751
461
518 1,272
342
108
176
90
235
15
471
26
6,214
3,937
4,449
5,790
4,803
5,546
2,114
2,174
4,216
7,958
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
For refunding
1
18
16
22
7
9
47
Domestic
Corporate
Foreign2
Bonds
and Stocks
notes
1,192
1,225
873
383
736
1,062
624
374
646
1,255
839
817
807
287
601
889
506
282
422
602
352
408
67
97
135
173
118
92
224
654
209
60
161
103
28
107
106
31
54
131
47
127
290
192
307
367
354
170
257
10
5
17
118
99
115
183
196
95
213
122
42
111
172
93
193
184
159
r74
43
23
44
35
38
2
1
""l
17
12
5
1
8
Total
(domestic
and
forTotal
eign)
4,242
1,799
2,089
3,513
2,852
2,693
1,039
1,532
3,303
6,194
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,146
1,096 1,070
129
129
594
594
146
307
362
723
728
423
438
141
199
199
146
307
338
698
728
423
386
126
199
199
State
and
municipal
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
Corporate
Foreign2
Bonds
and Stocks
notes
3,387
1,209
1,267
1,733
2,026
1,557
418
685
2,466
4,911
3,187
856
1,236
1,596
1,834
1,430
407
603
2,178
4,256
200 119
352 119
28
31
48
137
193
126 " *4
11
82
90
288
15
655
48
38
7
3
42
44
255
989
78
337
820
60
282
169
18
55
3
23
31
10
47
16
8
1
16
1
30
20
23
326
17
41
33
33
38
133
113
264
284
363
664
366
345
92
144
65
55
247
238
111
536
301
274
39
143
36
58
17
46 " 2 3
85
25
127
65
71 " 5 2
53
15
1
29
' 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.
26
1
2
1384
Monthly figures
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds3
Year or month
New money
Retirement of securities
Total
Plant and
equipment
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945....
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
57
208
858
991
681
325
569
868
474
308
657
1,080
32
111
380
574
504
170
424
661
287
141
252
638
26
96
478
417
177
155
145
207
187
167
405
442
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
71
226
190
87
59
128
100
30
72
351
438
84
170
154
111
215
69
174
144
138
73
49
134
11
23
49
36
7
26
19
28
35
27
47
133
1945—July
August
September
October
November
December
961
465
808
1,082
152
500
943
459
793
1,062
148
491
197
100
99
156
25
121
149
59
50
102
9
93
48
41
49
54
16
29
730
302
682
853
88
338
589
283
648
797
68
296
141
19
35
56
19
42
5
50
1
19
6
12
12
6
11
34
29
20
253
297
417
682
844
663
672
497
267
323
245
291
405
666
825
643
655
488
261
317
111
37
99
213
153
245
327
331
138
258
63
17
55
148
91
169
198
126
101
160
49
20
44
65
62
77
129
206
37
99
118
238
287
376
630
317
258
98
98
48
56
222
257
320
514
285
218
77
38
36
62
16
30
56
116
32
40
21
60
12
5
2
2
57
28
14
46
50
18
6
10
15
17
21
14
67
25
10
6
5
1946—January...
February
March
April
May
.June
July
August
September
October
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Industrial
Other
Retire- All
Retire- All Total
Retire- All Total
Total
Retire- All Total
New ment of other
New ment of other
net
net
New ment of other
net
New ment of other
net
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses
ceeds
poses ceeds
ties
poses ceeds
poses ceeds
ties
ties
ties
172
120
774
338
54
182
319
361
47
160
602
1,436
21
57
139
228
24
85
115
253
32
46
102
115
120
54
558
110
30
97
186
108
15
114
500
1,320
1945—July
August
September..
October
November..
December. .
105
84
270
246
12
10
4
27
93
74
266
219
68
19
1946—January
February.. .
March
April
May
7
150
192
98
76
35
9
3
19
40
7
1
2
1
7
9
June
July
August
September..
October
16
21
31
10
77
1
18
50*
1
148
190
97
69
26 . . . . . .
3
19
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
42
30
27
50
86
47
13
30
27
25
17
63
62
774
1,280
1,079
831
584
961
828
527
497
1,033
1,969
25
74
439
616
469
188
167
244
293
228
454
811
34
550
761
373
226
353
738
463
89
199
504
1,010
2
150
80
90
136
43
56
121
146
71
76
148
20
122
390
71
16
102
155
94
4
21
107
206
46
218
57
8
9
42
55
4
13
61
85
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
469
1,400
2,291
11
30
63
89
180
43
245
317
145
22
40
69
4
42
65
4
3
56
308
117
378
566
63
213
6
2
16
2
24
302
111
372
524
54
181
5
6
26
7
8
483
249
133
223
61
184
163
86
87
95
21
70
304
116
42
105
33
105
17
47
4
23
7
9
47
8
12
28
24
26
17
1
8
19
1
9
30
2
3
5
43
32
78
138
424
179
338
41
111
124
1
1
1
6
5
10
181
6
13
108
43
31
76
119
408
134
156
33
86
17
181
100
126
412
289
405
277
392
130
150
98
26
94
198
127
206
131
313
108
127
68
59
13
157
137
153
102
63
9
12
15
15
19
56
25
45
44
16
13
11
13
9
10
18
37
24
31
53
1
3
6
9
2
7
14
20
6
9
1
3
7
130
1,250
1,987
751
L,208
,246
,180
,340
AfiA
13
11
35
1
2
12
3*
8
3
17
4
1
5
1
4
22
15
9*
6
*25"
42
1
2
3
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds
are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
DECEMBER
1946
1385
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Automobiles
Other
transportation
equipment
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods, produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Net
profits1
Preferred
Corn-
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,163
1,769
1,800
1,896
1,925
146
278
325
226
204
194
188
115
158
193
159
165
174
163
223
242
274
209
201
222
243
102
173
227
182
180
190
169
119
133
153
138
128
115
108
70
88
113
90
83
151
148
159
151
162
175
199
98
112
174
152
186
220
223
186
194
207
164
170
187
187
134
160
187
136
149
147
154
122
132
152
161
171
184
203
847
1,028
1,137
888
902
970
989
90
90
92
88
86
86
85
564
669
705
552
556
611
612
Quarterly
1942—1
2
3
4
413
358
445
553
52
52
51
72
38
35
36
49
46
25
46
92
2
2
2
2
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
31
32
52
46
205
174
213
296
21
23
20
23
134
135
125
158
1943—1
2
3
4
430
433
461
477
52
47
51
53
39
41
41
45
47
50
52
53
2
48
246
246
24I
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
246
21
22
21
22
127
132
127
170
1944—1
2
3
4
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
2
2
2
2
52
47
47
43
29
30
28
28
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
36
37
37
37
39
43
52
50
224
230
244
272
21
22
20
23
142
149
137
184
1945—1
2
3
4
492
508
439
485
49
53
37
49
38
42
35
47
63
77
46
58
2
2
2
2
50
47
36
36
31
27
23
27
21
21
20
26
45
46
50
58
62
64
61
37
48
45
43
51
39
38
37
40
45
47
53
58
250
269
224
246
20
22
21
22
142
145
143
182
1946—1
2
3
323
'604
676
22
'67
94
-19
'49
31
-34
'251
38
20
'26
43
12
'37
42
65
'74
84
56
'62
78
63
'66
67
62
'71
76
82
'80
79
116
'250
303
20
21
20
146
153
149
Number of companies.
1939
1940
1941
1942
1943
1944
1945
46
43
43
50
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power4
Railroads
Year or quarter
1939
1940
1941
1942
1943
1944
1945
Operating
revenue
Income
before
income
taxs
Net
income1
3,995
4,297
5,347
7,466
9,055
9,437
8,902
126
249
674
1,658
2,211
1,971
755
93
189
500
902
873
668
447
126
159
186
202
217
246
253
2,647
2,797
3,029
3,216
3,464
3,618
3,695
629
692
774
847
914
915
906
535
548
527
490
502
499
523
444
447
437
408
410
390
399
1,067
1,129
1,235
1,362
1,537
1,641
1,803
227
248
271
302
374
399
396
191
194
178
163
180
174
177
175
178
172
163
168
168
173
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
2,091
2,255
2,368
2,340
515
608
653
435
214
244
250
166
29
52
36
100
864
835
859
906
254
221
210
228
136
118
114
133
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
31
55
30
130
925
886
878
929
262
241
207
205
135
123
111
130
94
102
94
101
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
2,277
2,422
2,231
1,972
425
504
229
—404
139
187
125
—4
30
72
29
123
971
909
887
928
292
233
211
171
139
123
116
145
102
96
92
109
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
1,866
1,711
2,045
38
-54
156
14
—42
125
56
52
41
971
915
937
299
221
207
196
151
142
107
110
112
475
497
502
84
'74
55
54
53
44
'46
'46
48
Dividends
Operating
revenue
Income
before
income
tax*
Telephones
Net
income1
Dividends
Operating
revenue
Income
before
income
tax 6
Net
income1
Quarterly
1942—1
2
3
4
1943—1
2
3
4
I944—1.
2
3
4
I945—1
2
3
4
1946—1
2
3
.
....
. .
.
.
.
. . .
. .
Dividends
' Revised.
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
4
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
5
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
6
After ail charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published
reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description
of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
1
3
1386
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Total
interestbearing
direct
debt
Total
gross
direct
debt
End of month
Marketable public issues1
Total
1940—June....
Dec
1941—June
Dec
1942—June. . . .
Dec
1943—June
Dec
1944—June. . . .
Dec
1945—June
42,968 42,376 34,436
45,025 44,458 35,645
48,961 48,387 37,713
57,938 57,451 41,562
72,422
71,968 50,573
108,170 107,308
76,488
136,696 135,380 95,310
165,877 164,508 115,230
201,003 199,543 140,401
230,630 228,891 161,648
258,682 256,357 181,319
1945—Nov
Dec
1946—Jan. . , .
Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov
265,342
278,115
278,887
279,214
276,012
273,898
272,583
269,422
268,270
267,546
265,369
263,532
262,277
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtnotes
bonds
bills
edness
1,302
1,310
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
262,849 185,112 17,026
275,694 198,778 17,037
277,456 199,633 17,042
277,912 199,810 17,032
274,748 197,063 17,047
272,711 195,079 17,054
271,440 193,487 17,041
268,111 189,606 17,039
267,039 187,596 17,023
266,359 186,350 17,024
264,217 184,338 17,007
262,415 182,318 16,987
260,925 180,328 17,000
Total
Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes
3^096
10,534
16,561
22,843
28,822
30,401
34,136
6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
26,555
27,960
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
35,021
38,155
41,502
41,413
40,399
38,408
36,828
34,804
37,720
36,473
34,478
32,478
30,475
23,498
22,967
19,551
19,551
18,261
18,261
18,261
18,261
13,351
13,351
13,351
13,351
13,351
109,371
120,423
121,358
121,635
121,177
121,177
121,177
119,323
119,323
119,323
119,323
119,323
119,323
57,028
56,915
57,168
57,206
56,550
56,408
56,472
56,173
56,399
56,566
56,025
56,081
56,343
47,473
48,183
48,588
48,692
48,733
48,828
48,917
49,035
49,320
49,447
49,545
49,624
49,709
Noninterestbearing
debt
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
4,775
5,370
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
9,058
8,235
8,107
8,043
7,365
7,144
7,127
6,711
6,669
6,688
6,096
6,003
5,978
20,710
20,000
20,655
20,897
21,135
21,224
21,481
22,332
23,045
23,443
23,854
24,015
24,254
2,492
2,421
1,431
1,301
1,264
1,188
1,143
1,311
1,231
1,187
1,152
1,117
1,352
Fully
guaranteed interestbearing
securities
5,498
5,901
6,360
6,317
4,548
4,285
4,092
4,225
1,516
1,47a
409
536
553
545
539
542
533
542
467
324
370
391
378
362
1
2
Including amounts held by Government agencies and trust funds, which aggregated 6,375 million dollars on Oct. 31, 1946.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, and Armed Forces Leave bonds not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING NOVEMBER 30, 1946
On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Treasury bills
Dec. 5, 1946
Dec. 12, 1946
Dec. 19, 1946
Dec. 26, 1946
Jan. 2,1947
Jan. 9, 1947
Jan. 16, 1947
Jan. 23, 1947
Jan. 30, 1947
Feb. 6, 1947
Feb. 13, 1947
Feb. 20, 1947
Feb. 27, 1947
Amount
1
1,309
1,305
1,305
1,303
1,307
1,306
1,307
1,302
1,303
1,312
1,314
1,314
1,312
Cert, of indebtedness
Dec. 1,1946.
%
Jan. 1, 1947
%
Feb. 1,1947
%
Mar. 1, 1947
H
Apr. 1,1947
Vs
June 1, 1947
Vs
July 1,1947
Aug. 1, 1947
%>
Sept. 1, 1947
Vs
Oct. 1, 1947
Vs
Nov. 1,1947
V8
3,768
3,330
4,954
3,133
2,820
2,775
2,916
1,223
2,341
1,440
1,775
Treasury
Dec. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Sept. 15,
3,261
1,948
2,707
1,687
3,748
notes
1946
1947
1947
1947
1948
1H
lH
AH
\V±
\H
Treasury Bonds
Oct. 15, 1947-52 o..4M
Dec. 15, 1947 e
2
Mar. 15, 1948-50
2
Mar. 15, 1948-51'.. 2%
lunp 15 1948
\*A
Sept. 15, 1948 •
2Y2
Tier 15 1948—50©
?
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
1
759
701
1,115
1,223
3 062
'451
Issue and coupon rate
Amount
Treasury bonds—Cont.
Dec. 15, 1949-52 «.. 3 H
Dec. 15, 1949-53 °..2H
Mar. 15, 1950-52
2
Sept. 15, 1950-52 «..2K
Sept. 15, 1950-52
2
Dec. 15, 1950
lH
June 15, 1951-54*.. 2%
Sept. 15, 1951-53
2
Sept. 15, 1951-55'... .3
Dec. 15, 1951-53 «..2M
Dec. 15, 1951-55
2
Mar. 15. 1952-54... 2H
June 15, 1952-54
2
June 15, 1952-55... 2M
Dec. 15, 1952-54
2
June 15, 1953-55*.... 2
June 15, 1954-56 «.. 2M
Mar. 15, 1955-60 •. .2 Ys
Mar. 15, 1956-58... 2 ^
Sept. 15, 1956-59 «..2M
Sept. 15, 1956-59...2K
June 15, 1958-63'.. 2 %
June 15, 1959-62 ' . . 2 %
Dec. 15, 1959-62 ' . . 2 H
Dec. 15, 1960-65 «..
2%
June 15, 1962-67 rr..2H
Dec. 15, 1963-68 r..2H
June 15, 1964-69 r..2H
Dec. 15, 1964-69 ..2H
Mar. 15, 1965-70'. . 2 ^
Mar. 15, 1966-71 '..2H
June 15, 1967-72 »-..2H
Sept. 15, 1967-72...
2Ya
Dec. 15, 1967-72 r . .2H
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
Postal Savings
bonds
2H
Conversion b o n d s . . . .3
Panama Canal Loan. 3
116
13
50
Total direct issues
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
180,328
45
Sold on discount basis, See table on Open-Market Money Rates,
p, 1383.
«Partially tax exempt.
* Restricted.
DECEMBER
1946
Month
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
571
1,014 G u a r a n t e e d securities
1,292
Federal Housing Admin.
2,098
Various
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Fiscal year
endingi
June—1940..
1941..
1942..
1943..
1944..
1945..
1946..
RedempAmount Funds received from sales during tions and
1UU
maturities
outstanding
at end of
All
All
Series Series Series
month
F
G
series
E
series
2 ,905
1,109
1,492
4 ,314
10 ,188
5,994
21 ,256 11,789
34 ,606 15,498
45 ,586 14,891
49 ,035
9,612
1945—Nov.... 47 ,473
Dec... 48 ,183
1946—Jan
Feb.. ..
Mar....
Apr.. . .
May.. .
June.. .
July...
Aug
Sept...
Oct
Nov....
48 ,588
48 ,692
48 ,733
48 ,828
48 ,917
49 ,035
49 ,320
49 ,477
49 ,545
49 ,624
49 ,709
3,526
8,271
11,820
11,553
6,739
67
435
758
802
679
407
1,184
1,254
865
908
960
622
626
668
594
571
753
590
494
519
453
641
367
371
388
345
321
386
347
309
327
294
203
114
148
207
848
395
032
759
876
658
465
2,371
4,298
6,717
54
83
265
262
533
559
40
30
27
29
24
24
31
25
20
24
20
278
225
228
250
225
226
335
217
165
169
139
629
565
634
621
552
519
537
478
482
489
418
2
2
2
2
2
Maturities and amounts outstanding November 30, 1946
Year of
maturity
All
series
1946
1947
1948
1949
1950
1951
1952
1953
1954
....
1955
1956
1957
1958
. ...
Unclassified. .
115
426
501
802
981
1,598
4,547
8,207
10,805
9,601
6,522
3,008
2,675
Total
Series
B-D
115
426
501
802
981
436
Series
E
1,162
4,547
6,843
8,004
6,629
3,127
Series
F
209
564
627
704
565
282
Series
G
1,154 '
2,237
2,344
2,690
2,442
2,393
-79
49,709
3,263
30,312
2,952
13,262
1387
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by nonbank investors
Held by banks
Total
interestbearing
securities
End of month
Total
Commerciall
banks
1940—June
1941—June
Dec
1942—June
December
1943—j une
December
1944—June
December
1945—j une
December
47,874
54,747
63,768
76,517
111,591
139 472
168,732
201,059
230 361
256,766
276,246
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,892
114,362
16,
19,
?1
?6,
41
1946—January
February
March
April
May
278,001
278,451
275,290
273,244
271,983
268 578
267,363
266,729
264,608
115,264
115,404
111,601
111,332
109,832
107,083
105,533
104,346
102,749
9? 000
June
July
September . .
Federal
Reserve
Banks
100
700
400
000
100
s?, ?oo
so 900
400
68
77,
84,
90,
700
100
100
92, 500
89, 000
88, 600
86 900
8^, 30n
81 900
80 400
78, 700
Individuals
Total
Insurance
companies
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,874
161,884
9 ,700
11 ,100
13 ,800
18 ,200
?3 ,800
30 ,300
37 ,100
4S ,100
5? ,200
58 ,500
63 ,600
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
23,264
22,904
22,601
22,732
22,932
23,783
23,633
23,946
24,049
162,737
163,047
163,689
161,912
162,151
161,495
161,830
162,383
161,859
63 ,700
24,700
24,800
25,000
25,000
25,200
25,300
25,400
25,400
25,400
63 ,700
63 ,800
63 ,300
63 ,200
63 ,000
63 ,100
63 ,100
63 ,000
Other
corporations
and
associations
State
and
local
governments
2 600
2,400
4,400
5,400
11,600
15,700
20,100
25,700
27 600
29,900
29,900
29,300
11 ,100 29,000
11 ,200 29,200
11 ,300 27,700
11 ,300
27,500
11 ,500
26,500
11 ,600
26,000
11 ,700 '26,100
11 ,700
25,400
Mutual
savings
banks
,100
3 ,400
3 ,700
3 ,900
4 ,500
s ,300
6 ,100
7 ,300
8 ,300
9 ,600
10 ,700
10 ,900
U. S. Government agencies
and trust funds
Special
issues
Public
issues
300
400
500
600
800
1,300
2,000
3,200
4,300
5,300
6,300
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
2,305
2,375
2,558
2,737
3,218
3 451
4,242
4,810
5,348
6,128
7,038
6,400
6,400
6,400
6,400
6,400
6,200
6,100
6,100
6,000
20,655
20,897
21,135
21,224
21,481
22,332
23,045
23,443
23,854
7,043
7,061
7,046
7,045
7,048
6,798
6,666
6,619
6,524
f
1
Revised.
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
Sept. 30, 1946.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES •
[Public marketable securities. Par values in millions of dollars]
End of month
Total
outstanding
Total:*
1946—Apr... 195,120
May.. 193,529
June.. 189,649
July. . 187,638
Aug. . 186,394
Sept.. 184,382
Treasury bills:
1946—Apr...
May..
17,054
17,041
Julv .
Aug.
Sept..
U. S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
agen- Recial
say- ance Other
cies serve banks ings comand Banks C1)
banks panies
trust
funds
81,477 11,026
79,884 11,087
76,578 11,220
75,465 11,337
73,993 11,422
72,390 11,449
17,023
17,024
17^007
13,661
13,896
14,466
14,406
14,739
14,711
1,875
1,715
1,142
1,225
925
939
1
Certificates:
1946—Apr... 38,408
May.. 36,828
June.. 34,804
July.. 37,720
Aug. . 36,473
Sept.. 34,478
69
75
58
83
74
57
6,505
6,395
6,813
7,876
7,856
7,915
19,598
18,157
16,676
17,616
16,342
14,532
9
13
9
7
7
8
8
9
9
9
9
9
Treasury notes:
1946—Apr...
May..
18,261
18,261
June.. 18,261
July.. 13,351
Aug. . 13,351
Sept.. 13,351
Guaranteed
securities:
1946—Apr
May..
June..
July..
Aug..
Sept..
41
42
43
43
43
44
Total
outstanding
trust
funds
Treasury bonds:
7,014 22,732
7,018 22,932
6,768 23,783
6,636 23,633
6,584 23,946
6,489 24,049
8
7
3
7
7
4
June.. 17,039
End of month
U. S.
Govern- Fed- Com- Mu- Insurment end
mer- tual
agen- Resav- ance Other
cial
cies serve banks ings comand Banks C1)
banks panies
8
1
3
1
24,060
24,229
24,285
24,393
24,381
24,429
48,811
48,379
47,015
46,174
46,068
45,574
1
1,502
1,421
1,424
1,384
1,352
1,352
205
211
243
272
302
261
549
579
576
603
610
605
11,483
11,410
10,439
11,270
11,289
11,108
1,663 12,071
1,738 11,828
1,748 11,396
596 8,938
596 8,843
668 8,707
211
224
227
206
222
254
527
584
623
604
609
629
3,779
3,874
4,258
3,000
3,074
3,087
11
14
14
13
13
13
3
3
3
3
13
12
13
13
13
14
6
4
4
•j
3
i
5
Total:
1946—Apr... 121,177 6,884
May.. 121,177 6,877
June.. 119,323 6,655
July.. 119,323 6,494
Aug. . 119,323 6,451
Sept.. 119,323 6,375
Maturing within
5 years:
561
1946—Apr... 11,613
561
May.. 11,613
272
June.. 10,772
272
Tulv
10,772
A
' '
272
10,772
Aug.
Sept... 12,064
273
Maturing in 5-10
years:
1946—Apr... 45,261
1,153
May.. 45,261
1,148
1,133
June.. 44,928
July.. 44,928
1,108
Aug. . 44,928
1,108
Sept.. 43,636
1,600
Maturing in 10-20
years:
975
1946—Apr... 20,701
974
May.. 20,704
June.. 20,023
915
859
July.. 20,023
833
Aug. . 20,023
801
Sept.. 20,023
Maturing after 20
years:
1946—Apr... 43,600
5,100
May.. 43,598
5,100
June.. 43,598
5,091
JTulv
5,011
. y • . 43,598
4,994
Aug.. 43 598
Sept.. 43,598
4,956-
903
903
755
755
755
755
47,908
48,155
47,335
47,660
47,856
48,186
10,599 22,972
10,647 23,052
10,743 23,073
10,855 23,171
10,893 23,147
10,930 23,182
31,912
31,541
30,764
30,388
30,220
29,895
8,019
8,009
7,776
7,760
7,785
8,811
179
189
232
225
230
259
268
264
347
348
343
458
2,585
2,586
2,145
2,168
2,144
2,263
31 SO?
31,668
31,545
31,697
31,814
30,797
2,000
1,963
1,905
1,877
1,828
1,779
3,513
3,464
3,337
3,293
3,247
3,130
7 092
7,019
7,013
6,948
6,925
6,828
5,687
5,729
5,257
5,403
5,455
5,750
3,484
3,438
3,461
3,472
3,454
3,428
3,100
3,146
3,165
3,173
3,197
3,147
7,454
7,414
7,226
7,118
7,084
6,897
2,695
2,744
2,758
2,799
2,799
2,828
4,936
5,054
5,145
5,280
5,380
5,463
16,090
16,179
16,223
16,357
16,361
16,449
14,783
14^523
14,381
14,152
14* 064
13 ,'905
* 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. On Sept. 30, 1946, commercial banks reporting to the Treasury held 21,408 million dollars of U. S. Government securities due or callable within one year out of a total of 61,218 million outstanding.
- * Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
1388
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIncome taxes1 cellaIn- War Transfers to Other Total
Other Total Net
ter- and
neous Social
Secudetrust
ex- budget
inter- rity
rerere- 3 est fense
ac- pendi- expendon
nal
ceipts
ceipts
ceipts
With-2
taxes
activcounts
itures
tures
debt ities
held Other reveetc.
nue1
Period
Fiscal year endinj
June 1944...
June 1945...
June 1946...
1945—November
December.
1946—January..
February.
March
April
May
June
July
August. . .
September
October...
November
Deficit
Trust
accounts
etc.4
Change
in
general
fund
balance
Increase
in
gross
debt
8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039
556 3,540 93,744 49,595 -4,051 +10,662 64,307
10,289 24,884 6,949 1,793 3,824 47,740 46,457 3,617 90,029 1,646 5,113 100.40J 53,948
+798 +4,529 57,679
9,392 21,493 7,725 1,714 3,915 44,239 43,038 4,722 48,542 1,918 9,837 65,019 21,981
+781 -10,460 10,740
1,076
257
449
225 2,609 2,374
84 4,226
602
4,656 2,282 +390 + 1,632 3,524
346
707 2,659
170 4,122 4,118
817 4,245
69
5,445 1,327 + 113 + 11,558 12,773
516
384
772
554 2,201
397 3,848 3,819
-577
309 3,417
645
684
482
4,891 1,073
51
-276
327
1,086 1,704
191
3,875
118
584
3,678
702
+534
3,510
148
543
+ 168
310
+39
658 4,180
176 5,762 5,747
646 2,550
649
4,602 +1,146
23 1,383
+462 - 1 , 5 9 3 - 3 , 201
100
485 1,118
174 2,560
642
4,251 1,573 +254 - 3 , 4 3 3 - 2 , 114
200
65 424 2,734 2,677
316
106 2,182
966
615
690 2,998 2,733
3,677
442
95
944
285
294
-139 - 2 , 3 9 8 - 1 , 316
4,482
1,395
615
4,479
2,442
650 2,742
5,513 1,034
5
671
- 1 0 3 - 4 , 2 9 8 -3,161
76 399
249 1,190
695
4,514 1,975 +918 - 2 , 2 0 9 -1,152
514
349 2,600 2,539
974
631
444
67
-724
122 1,509
679
2,796
1,070
223 2,717 2,434
-989
443
13
152
363
302
+98
648 1,100
656
2,851 + 1,627 - 3 1 8
705 2,845
186 4,481 4,478
- 8 6 8 -2,177
32
070
89
-1,83?
2,617
160
752
2,544
1,481
3,023
557
48 1,335
847
479 +215 - 2 , 1 0 1
74 386
105 1,436
669
2,557
27
989
1,111
236 2,639 2,364
332
193
290
+43 - 1 , 4 0 5 -1,255
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Net expenditures
in checking accounts of
ExInvest- pendi- Governments tures
ment
agencies
Other
Receipts
Assets
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Tota
liabilities
Balance
in
general
fund
Fiscal year ending:
June 1944
June 1945
June 1946....
3,202
3,239
2,940
2,816
2,757
1,261
380
453
1,618
4,403
1,178
-952
1,851
3,820
4,726
1,313
2,444
2,407
192
-571
2,550
20,775
25,119
14,708
1,442
1,500
1,006
18,007
22,622
12,993
1,327
997
708
607
421
470
20,169
24,698
14,238
1945—November.
December. .
419
54
38
198
143
149
-79
-395
295
260
65
54
158
195
14,849
26,520
1,372
1,674
12,694
24,044
784
802
404
517
14,445
26,003
1946—January. . .
February..
March
April
May
June
July
August....
September. ,
October
November. .
178
355
64
135
465
232
276
492
57
159
430
-36
-13
87
-60
72
359
103
122
271
-5
87
178
178
174
155
158
140
137
135
112
116
104
-9
9
-635
-4
181
8
-1,704
66
-67
-116
-2
810
393
181
326
390
466
5 586
108
216
155
127
583
225
72
133
165
253
331
192
46
26
548
309
85
-18
419
41
5
448
-12
228
78
25,851
26,414
24,743
21,293
18,859
14,708
12,444
11,431
10,524
8,393
6,965
1,011
1,209
2,160
1,124
1,230
1,006
702
872
1,445
773
824
24,030
24,447
21,776
19,502
16,949
12,993
10,961
9,842
8,377
6,936
5,487
810
758
807
667
681
708
781
716
702
684
655
424
453
376
359
323
470
415
391
353
323
300
25,427
25,961
24,367
20,935
18,536
14,238
12,029
11,040
10,171
8,070
6,665
1
325
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.
5
Excess of receipts ( + ) or expenditures (—).
Adjustment in classification. Not comparable with back figures.
Back figures.—See Banking and Monetary Statistics Tables 150-151 pp. 513-516.
INTERNAL REVENUE COLLECTIONS
CASH INCOME AND OUTGO OF THE U. S.
[On basis of reports of collections. In millions of dollars]
TREASURY
[In millions of dollars]
Individual
Corporation income
income taxes
and profits taxes
Estate Excise*and
and
Excess j
other misPeriod
Other
Normal
Cash
Cash
of
gift
cellaneous
WithExcess profits
Period
Other
and
cash
taxes
taxes
outgo
income
held
profits
surtax
taxes
outgo
3
4
Fiscal year ending:
982
June 1940
1,418
1941
3,263
1942
" 686' 5,944
1943
7,823 10,438
1944
10,264
8,770
1945
9,858
8,847
1946
1,094
1945—October
294
61
November. . 1,405
27
560
December. .
604
1,743
1946—January.. . .
1,848
February.. .
991
March
154
1,883
April
708
508
May
1,245
175
June
30
1,053
July
858
375
August
1,339
77
September..
30
1,198
October....
1,062
234
r
1,121
1,852
3,069
4,521
5,284
4,880
4,640
215
136
744
301
128
1,006
157
82
744
192
142
692
232
164
1,618
5,064
9,345
11,004
7,822
421
248
1,398
536
236
1,268
324
157
994
330
204
978
344
27
37
57
84
137
144
91
6
6
13
6
4
9
5
3
16
4
4
10
4
360
407
433
447
511
643
677
44
44
45
61
54
84
66
64
63
74
58
43
57
2,000
2,547
3,405
4,124
4,842
6,317
7,036
662
560
466
582
543
555
549
577
548
634
631
604
706
Fiscal year ending:
June—1940
1941
1942
1943
1944
1945
1946
1945—October
November
December....
1946—January
February
March
April
May
June
July
August
September....
October
7,019
9,298
15,374
25,485
48,254
51,332
48,103
2,905
3,087
4,407
3,993
4,277
5,950
2,934
3,492
4,736
2,703
3,016
4,698
2,803
2,536
9,555
4,733
14,031
19,342
34,717
53,769
79,253
46,043
94,296
44,931
96,263
17,800
65,904
3,104
6,009
1,724
4,811
896
5,303
'1,637
'5,630
'-356
'3,921
'4,169 ' - 1 , 7 8 2
1,237
4,171
'891
'4,383
'310
'5,046
219
2,923
-88
2,928
-1,710
2,988
47
2,850
Revised.
DECEMBER
1946
1389
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
Corporation or agency
Total Cash
All agencies!
Dec. 31, 1945
Mar. 31, 1946
June 30, 1946
Sept. 30, 1946
925 5,290
33,844
33,325 1,279 5,069
29,869 1,305 5,381
29,569 1,157 5,949
Classification by agency,
Sept. 30, 1946
Department of Agriculture:
Farm Credit Administration:
269
Banks for cooperatives
388
Federal intermediate credit banks.
1,163
Federal land banks
117
Production credit corporations....
15
Regional Agricultural Credit Corp.
24
Others
151
Federal Farm Mortgage Corp
500
Rural Electrification Administration.
1,414
Commodity Credit Corp
454
Farm Security Administration
15
Federal Crop Insurance Corp
3
Federal Surplus Commodities Corp...
National Housing Agency:
Federal Home Loan Bank Administration:
Federal home loan banks
386
Federal Savings and Loan Insurance Corp
173
Home Owners' Loan Corp
728
Federal Public Housing Authority
and affiliate:
533
Federal Public Housing Authority
60
Defense Homes Corp
Federal Housing Administration
191
Federal National Mortgage Association.
6
R.F.C. Mortgage Company
23
Reconstruction Finance Corp.4
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission activities
War Shipping Adm. activities
All other
Investments
2,288
1,918
1,550
1,429
1,683
1,789
1,767
1,836
22
22
41
1
13
2
9
7
513
52
5
3
203
320
959
20
235
130
669
168
17
11
1
34
2
18
138
489
29
324
43
43
139
68
737
1,035
1,053
272
760
84
12
2
24
945
2
79
1
3,728
8,487
2,573
101
97
43
*470
325
285
439
390
21,017
20,784
17,438
16,973
472
460
385
299
«7
2
37
334
1,390
6
6
(2)
(2)
55
102
117
48
164 2,975
(2)
111
2
1
10
34
15
(2)
472
479
482
496
242
105
153
28
6
9
47
4
144
723
3,300
7,766
1,743
9
156
7
531
59
147
6
23
781 4,267
253
(2)
1,030
3
235
72
77
117
14
21
145
500
-310
448
9
3
124
15
i60
27,492
26,218
22,889
24,069
170
700
227
58
1
24
25
315
808
5
4
()
3
4,212
4,959
4,939
3,377
1
2
3
281
56
3
2
(2)
1,113
1,133
1,234
1,250
(2)
(2)
48
(2)
742
555
536
325
377
1,845
1,741
1,605
1,536
(2)
578
279
1
25
6
14
17
5,047
U.S.
Bonds, notes,
PriGov- vately
and debenLand,
ernstruc- Undis- Other tures payable Other ment owned
tures, tribliabil- inter- interasFully
est
U.S.
uted
and
est
sets
ities
guarGovt. Other
equip- charges
anteed Other
secu- secument
by U.S.
rities rities
CommodiLoans ties,
supreceiv- plies,
and
able
materials
144
646
244
455
112
<*)
882
886
272
751
139
3,585
7,840
2,497
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1946
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Fed.
Fed. interFed. Farm
mediland
ate
banks Mort.
Corp. credit
banks
1,026
168
320
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses.
67
29
(2)
Total loans receivable
(net)
959
138
320
Banks
for cooperatives
Commodity
Credit
Corp.
29
204
Rural Farm
Electrifica- Security
tion
Adm. Adm.
489
485
Home
Owners'
Loan
Corp.
Fed.
ExFed. R.F.C. portPublic home
All
and
Hous- loan affiliIm- other
ing
port
banks
ates
Auth.
Bank
682
235
1
203
(a)
(2)
29
489
160
13
324
669
279
279
235
June
1946,
All 30. all
agen- agencies
cies
(J)
21
139
1
2,860
704
2,873
760
153
140
18
42
171
182
195
197
7
12
2
249
245
66
983
(2)
38
400
117
123
20
237
1,632
641
498
23
235
972
686
561
757
945
601
5,949
5,381
1
3
Assets are shown on a net basis, i.e., after reserves for losses.
* Less than $500,000.
Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
« Includes U. S. Commercial Company and War Damage Corp. By action of the Board of Directors of the Reconstruction Finance Corp.
all assets and liabilities of the Rubber Development Corp. were transferred to former Corporation effective July 1, 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 ©f the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics.
Table 152, p. 517.
1390
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year
and
Month
Income
payments
(value)1
1935-39
=100
Manufactures
Total
Durable
Ad-
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
Construction
contracts
awarded (value)8
1923-25=100
Industrial production
(physical volume) * 2
1935-39=100
Nondurable
Minerals
Total
Employment4
1939=100
Resi- All
den- other
tial
Nonagricul-
Factory
Factory
pay
rolls'
1939=
100
Freight
carloadings*
1935-39
=100
tural
AdAdUnad- UnadUnad- AdAdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.4
113.5
138.0
174.6
213.0
233.4 . . . . . .
*239.1
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
235
203
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
353
274
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
166
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
68
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
26
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
102
102.6
95^5
86^1
75.5
76!o
83.8
87*6
94i9
100.9
94.4
100 0
104! 7
117.5
126.7
132.4
130^8
125^7
Department
store
sales
(value)**
1935-39
=100
Wholesale
commodity
prices4
1926
=100
Cost of
living*
1935-39
=100
Adjusted
Unadjusted
Unadjusted
103.8
104.2
79.8
88.2
101.0
93.8
97.1
98.9
96.8
96.9
103.1
89.8
75.8
64 4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
177.7
172.4
149.5
103.2
123.5
79.7
85.5
108.4
101.2
106.6
109.9
107.9
109.1
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
288.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
135
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168
186
207
138.6
154 4
97*5
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^(5
17 A
78.6
87.3
98^8
103 1
104.0
105^8
124.5
143 2
127.*7
119^7
121.9
122^2
125 4
126.4
124.0
122 6
122^5
119.4
108 7
97.6
92.4
95.7
98.1
99 1
102! 7
100.8
99.4
100.2
105.2
116 5
123'.6
125 5
1284
1943
August
September
October...
November.
December.
216.7
216.8
219.3
222.9
224.7
242
244
247
247
241
245
248
249
247
239
365
368
374
376
365
178
179
179
180
174
135
138
136
133
137
59
65
49
60
61
35
35
34
37
35
79
89
61
78
81
132.7
131.9
132.0
132.3
132.2
180.2
179.6
180.6
181.5
179.9
181.4
180.8
181.4
181.9
180.3
343.1
349.5
354.9
359.7
350.7
140
140
137
139
143
166
167
172
174
170
103.1
103.1
103.0
102.9
103.2
123 4
123.9
124.4
124 2
124.4
1944
January...
February..
March....
April
May
June
July
August....
September
October...
November
December.
227.2
232.4
231.9
231.1
232.1
233.9
233.2
234.0
232.5
235.5
237.5
239.0
243
244
241
239
236
235
230
232
230
232
232
232
240
240
238
237
236
236
232
235
234
234
232
230
369
367
364
361
356
354
347
348
342
344
341
343
176
177
175
172
169
169
165
168
168
169
173
173
139
142
139
140
143
142
139
142
143
143
143
137
55
45
40
36
33
34
38
41
39
42
46
51
29
21
17
17
16
15
14
13
13
13
13
14
76
64
59
52
46
50
57
63
61
65
73
81
132.5
132.4
131.8
131.1
130.9
131.1
130.8
130.8
129.9
129.2
128.9
129.7
178.8
178.5
176.6
174.5
173.3
172.5
171.4
170.9
169.3
168.1
167.3
168.0
178.3
178.0
176.2
173.8
172.3
172.2
171.9
172.0
170.1
168.5
167.7
168.3
351.6
352.7
350.5
345.0
345.3
346.6
339.6
343.1
341.9
343.8
341.0
346.7
145
142
140
138
138
139
142
142
139
137
141
137
174
172
181
175
185
177
186
187
189
193
201
198
103.3
103.6
103.8
103.9
104.0
104.3
104 1
103.9
104.0
104.1
104.4
104.7
124 2
123.8
123.8
124.6
125.1
125.4
126.1
126!4
126.5
126.5
126.6
127.0
241.9
245.2
244.1
242.3
241.9
244.6
243.4
236.0
229.0
231.4
235.7
234.1
234
236
235
230
225
220
210
186
167
162
168
163
230
232
232
229
225
220
211
188
171
164
167
161
345
346
345
336
323
308
292
239
194
186
191
185
175
176
176
174
173
173
165
157
156
154
158
156
140
141
142
140
138
144
143
140
134
124
138
133
48
59
72
70
58
50
54
61
69
83
94
108
14
13
15
18
20
22
23
24
26
36
44
56
75
96
118
112
89
73
79
91
104
121
134
150
130.1
130.3
130.6
129.0
128.3
127.4
126.4
125.4
119.3
119.2
120.4
121.3
168.1
168.0
166.5
163.8
160.8
157.2
151.7
147.6
127.8
127.2
127.8
128.1
167.7
167.5
166.0
163.0
159.8
156.9
152.1
148.7
128.5
127.6
128.2
128.4
345.6
344.8
341.7
333.3
318.7
314.6
298.7
267.3
224.2
222.9
222.9
226.2
144
139
145
141
141
140
139
128
127
118
133
127
198
208
218
183
190
202
215
200
202
'213
222
218
104.9
105.2
105.3
105.7
106 0
106.1
105.9
150.7
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
233.5
231.7
234.7
236.4
239.7
240.9
250.6
252.1
P246.4
160
152
168
165
159
170
172
177
180
156
148
164
163
159
171
174
180
184
166
138
183
190
175
193
202
208
212
161
167
166
164
161
162
157
164
164
141
141
137
104
115
139
146
144
145
107
136
147
170
169
174
165
158
151
61
95
129
172
179
177
161
157
147
229.2
210.5
232.9
249.2
247.8
257.1
'261.2
'278.2
284.3
P182
P185
P214
P169
P144
P149
P143
130.7 130.2
122.4 121.9
130.3 129.9
136.6 135.9
138.0 136.9
139.6 139.3
140.6 141.0
143.8 145.0
145.9 146.7
P146.6 P147.0
133
126
139
109
106
133
139
141
138
139
227
251
260
252
258
275
273
290
269
257
1945
January...
February..
March....
April
May
.
"* J
a
June
July
August....
September
October. . .
November
December.
1946
January...
February..
March....
April
May
June
July
August....
September
October...
123.5
122.0
125.0
126.3
127.4
128.3
128.8
'130.7
131.5
P154 P131.7
145
169
161
168
161
172
168
158
155
107.1 129.9
107.7 129.6
108.9 130.2
110.2 131.1
111.0 131.7
112.9 133.3
124.7 r141.2
129.1 144.1
124.0 145.9
134.1 148.4
r
* Average per working day.
P Preliminary.
Revised.
1
Department of Commerce series on value of payments to individuals.
* For indexes by groups or industries, see pp. 1392-1395. For points in total index, by major groups, see p. 1411.
* Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1399 of this BULLETIN.
4
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
* For indexes by Federal Reserve districts and other department store data, see pp. 1401-1403.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1946, p. 529; for department
stores sales, June 1944, pp. 549-561.
DECEMBER 1946
1391
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
Industry
1946
Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct
Industrial Production—Total.
167
Manufactures—Total
173
168
173
169
163
154
173
176
167
176
194
186
191
185
166
138
183
190
175
193
Durable Manufactures
Iron and steel
Pig iron
Steel
Open hearth.
Electric
Machinery
162
168
163
160
152
168
165
159
177
180
P182
177
'184
186
P189
202
208
212
P214
183
183
193
172
347
170
172
163
146
167
164
102
43
169
159
109
154
179
183
184
166
171
154
296
129
159
139
307
158
178
160
306
164
172
155
293
100
108
95
199
48
46
38
106
168
176
286
142
175
148
363
126
98
319
144
167
142
343
178
190
168
343
186
195
169
381
184
195
'171
'366
230
232
231
232
217
188
207
225
230
241
243
254
262 P268
273
258
252
217
220
199
209
245
239
238
241
242
241
105
120
137
95
107
98
114
161
162
167
176
182
188 P190
139
144
148
147
151
139
141
132
130
137
148
156
167
I 74
109
109
110
132
138
146
P149
r
Manufacturing Arsenals anjl Depots1.
Transportation Equipment
Automobiles 2
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Conper smelting; Lead refining; 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium
products; Tin consumption) 1
Lumber and Products.
Lumber. .
Furniture.
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. . .
Abrasive and asbestos products.
Other stone and clay products1. .
Nondurable Manufactures. . .
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption1. . .
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 meltings1
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream
P239
150
148
147
140
140
128
123
135
143
148
150
155
144
148
141
139
147
155
163
176
98
91
96
92
108
119
125
130
129
133
129
135
137
P135
89
115
76
120
83
123
72
131
95
135
108
139
117
142
123
144
123
142
127
146
121
144
126
152
129
152
P126
161
161
158
164
172
185
192
190
175
190
192
197
205
P205
200
79
243
97
110
172
220
186
50
235
106
116
177
218
175
4
235
113
119
181
215
181
3
244
119
124
182
217
190
29
247
131
144
197
199
216
106
255
149
144
201
197
221
136
251
152
150
204
217
214
130
243
152
148
202
221
193
133
213
127
140
187
222
209
119
240
155
148
194
232
218
129
249
155
147
187
233
215
114
251
159
1^0
215
242
238
161
265
162
150
212
246
164
156
154
158
156
161
167
166
144
141
146
143
151
159
162
134
138
215
131
128
215
135
133
226
132
125
228
140
138
233
149
146
234
150
147
241
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
119
112
116
111
117
112
125
97
52
151
123
107
121
89
46
145
109
125
83
51
140
114
131
92
49
139
109
115
131
92
54
151
118
153
154
116
120
143
150
144
127
P148
75
160
201
136
129
P145
133
149
158
156
P147'
P215
P251
161
162
157
164
164
164
165
144
162
166
148
144
245
152
149
247
153
152
240
132
127
233
151
149
233
155
153
236
173
138
229
174
176
171
173
169
122
224
171
172
169
174
174
134
231
176
180
170
176
174
137
22S
175
178
170
178
144
101
192
143
147
138
151
173
137
'226
173
178
165
'176
181
144
239
181
184
176
183
133
134
131
127
128
103
120
119
126
146
99
64
146
138
120
140
84
62
148
144
115
135
84
54
134
104
124
75
49
118
107
128
75
45
128
99
117
66
45
125
106
101
119
70
49
124
132
101
114
81
51
132
130
142
142
142
160
156
150
153
145
'147
139
136
P148
127
131
135
P140
P129 P136 P137 P 1 4 3
62
73
74
79
167 168 169 '168
174 178 173 163
79
164
142
163
122
120
P154 P131 P116 P117 P122 »129
58
72
59
65
59
59
65
155 149 143 151 150 153 173
156 146 136 130 131 144 163
100
P120
62
166
163
109
155
239
l
p 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. Recently the
level shown by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks.
The difference is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output.
It appears, however, that the series overstates the current level of total output in these industries. Study is being made of production and manhour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries.
2
1392
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average == 100]
1946
1945
Industry
Sept. Oct.
Nov. Dec.
Jan. Feb. Mar. Apr.
May
June July Aug. Sept. Oct.
Manufactured Food Products—Continued
Meat packing
Beef
Veal
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
141
120
165
179
125
129
99
159
197
134
155
153
158
189
135
155
171
138
138
148
131
146
122
87
105
178
205
153
87
184
140
149
132
80
157
130
157
101
72
132
120
151
90
68
94
85
97
65
60
126
165
190
145
132
121
138
141
139
134
110
146
109
108
162
148
128
108
160
152
128
113
165
159
138
137
168
165
145
145
174
165
146
143
174
167
163
139
173
164
165
132
169
156
158
136
159
151
162
123
153
153
175
109
154
151
155
107
158
192
201
216
212
231
238
176
169
155
161
176
174
38
24
41
81
93
115
116
107
140
131
P151 P 1 5 6
142
P172
160
P160
227
181
182
199
197
199
197
127
117
109
123
128
123
197
52
236
365
70
218
420
83
223
427
130
274
343
131
431
396
125
524
416
100
370
401
96
356
409
60
352
387
61
343
367
65
377
426
56
426
427
71
384
461
160
167
154
112
143
156
161
154
163
153
140
IK
157
173
112
205
76
127
226
Industrial Alcohol from Beverage Plants^
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)....
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under P a p e r ) . . . .
Petroleum and Coal Products
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
1
Explosives and ammunition
Other chemical products 1
106
206
99
111
216
96
110
194
94
87
139
64
104
185
71
111
205
69
110
217
65
109
205
69
110
219
71
108
200
76
99
181
72
110
202
79
143
143
142
134
133
140
148
146
142
146
136
147
150
138
152
124
100
223
139
154
124
101
227
138
153
114
103
223
132
137
95
100
195
130
131
93
102
167
136
144
96
104
203
143
156
98
111
239
141
155
96
112
235
138
150
92
100
223
131
147
96
101
229
142
156
98
110
238
129
137
131
136
120
131
125
130
130
135
132
141
131
139
133
136
137
139
122
129
132
140
144
162
101
111
249
126
136
142
161
99
107
250
165
77
125
142
141
81
157
80
133
147
147
79
158
79
132
145
140
81
143
78
132
149
140
86
145
81
134
146
128
86
155
82
139
141
135
86
165
82
144
149
138
86
166
85
144
143
126
86
160
84
141
143
128
83
164
85
143
142
132
83
155
72
127
138
124
84
169
85
134
151
135
83
109
115
114
112
118
123
127
1Z6
124
129
124
93
96
96
92
102
108
110
121
P184
P156
132
151
119
116
129
152
120
122
152
116
P174 PI 72
147
164
133
144
148
140
164
123
157
154
P166 P161
131
171
129
180
116
129
176
130
190
91
vl71
108
108
P166 P163
P174
130
172
141
183
133
172
135
161
138
168
132
167
140
170
146
175
151
113
73
116
18
75
16
137
144
172
89
144
155
135
85
129
128
132
123
117
119
»178 P182 vl80
144
166
135
172
149
164
152
162
146
165
153
155
160
165
155 159
336 '369
231
233
235
237
235
143
121
146
122
150
120
153
117
153
115
415
145
144
276
150
286
111
296
85
295
145
337
239
230
228
230
234
232
232
235
136
126
142
124
142
127
237
386
139
124
244
370
246
378
147
126
148
122
238
371
145
130
255
379
256
382
150
121
260
392
261
383
256
389
P146
172
85
138
152
133
87
133
276
150
224
251
384
116
136
142
79
255
396
P146
166
161
352 P 3 5 8
P233
262
395
Pill
266 P268
395
231 P237
Rubber Products
172
191
192
205
215
216
221
219
215
218
211
221
Minerals—Total
134
124
138
133
141
141
137
104
115
139
146
rl44
145 P144
Fuels
139
126
143
137
146
149
145
108
124
149
153
150
151 P149
142
112
149
132
150
152
159
32
73
142
153
149
155 P152
148
110
159
142
168
94
139
156
159
114
144
121
147
60
163
112
141
10
156
120
133
159
160
114
138
121
146
125
149
86
153
128
154
120
151
125 P124
149 P148
106
109
109
108
107
93
89
76
63
78
161
164
163
159
159
135
132
111
89
114
147
25
51
27
54
30
51
33
48
35
40
36
29
35
17
32
9
39
13
32
21
44
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
125
138
103 '107
35
P160
P109
148 P 1 5 3
50
49
p2 Preliminary.
r 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.
DECEMBER 1946
1393
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
1946
Industry
Sept. Oct. Nov. Dec, Jan. Feb.
Mar. Apr. M a y June July "Aug. Sept. Oct.
Industrial Production—Total..
171
164
167
161 156 148
164
163
159
171
174
180
184
P185
Manufactures—Total
177
171
173
167 160 151
170
174
167
176
178
186
191
P192
182
P215
195
187
192
184
164
136
163
146
167
164 102
43
166
171
154
296
129
159
139
307
158
178
160
306
164
172
155
293
100
108
95
199
48
46
38
106
230
232
232
217
273
258
252
217
105
120
137
95
139
144
148
150
148
148
135
143
Lumber and Products.
104
Lumber. . ,
Furniture.
98
115
Durable M a n u f a c t u r e s . . . .
Iron and Steel.
Pig iron
Steel
Open hearth.
Electric
Machinery
190
175
194
203
-•210
214
159
109
154
179
183
184
183
168
176
161
286
142
175
148
363
86
126
98
319
144
167
142
343
178
190
168
343
186
195
169
381
184
195
•171
'366
183
103
172
347
188
207
225
230
241
243
254
262
P268
220
199
209
245
239
238
241
242
241 v239
107
98
114
161
162
167
176
182
188 P190
147
151
139
141
132
130
137
148
156
167
141
140
128
123
109
109
110
131
138
146
148
150
155
144
148
141
139
147
155
163
176
94
95
86
99
110
120
129
131
141
137
144
147 P141
82
120
81
123
63
131
80
135
95
139
108
142
122
144
126
142
138
146
133
144
140
152
144
166
167
162
159
163
174
184
187
180
191
193
204
213
204
79
247
112
114
176
220
192
50
242
123
122
182
218
176
4
237
122
123
183
215
169
3
227
108
128
186
217
186
29
242
107
134
190
199
210
106
247
113
138
191
197
221
136
251
125
143
197
217
214
130
243
145
144
198
221
204
133
228
134
140
190
222
207
119
237
166
147
198
232
211
129
239
171
147
187
233
223
114
261
179
154
215
242
242
161 158
270
188 181
155
216 P221
246 P251
157
162
162
162
159
166
r
l
Manufacturing Arsenals and Depots .
Transportation Equipment
Automobiles 2
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining: Zinc
smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc
shipments; Aluminum products; Magnesium products; Tin consumption) 1
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 *.
Nondurable Manufactures. . .
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1. .
Wool textiles
#
Carpet wool consumption..
Apparel wool consumption.
Woolen and worsted yarn..
Woolen yarn
Worsted yarn
Woolen and worsted cloth.
heather 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 1
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
Ice cream
161
158
158
154
144
141
146
143
134
138
215
131
128
215
135
133
226
132
125
228
140
138
233
149
146
234
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
118
113
117
111
110
123
95
52
148
123
108
122
91
46
145
116
113
130
86
50
148
120
113
131
90
49
132
109
166
153
151
149
139
136
134
P155
72
164
185
135
P120 P100
62
139
127
50
112
105
47
103
105
161
160
161
164
150
147
241
148
144
245
152
149
247
153
152
240
132
127
233
151
149
'233
155
153
236
171
135
222
175
177
171
170
173
138
229
174
176
171
173
169
122
224
171
172
169
174
174
134
231
176
180
170
176
174
137
225
175
178
170
178
144
101
192
143
147
138
151
173
137
•226
173
178
165
'176
181
144
239
181
184
176
183
117
137
134
131
127
127
101
119
118
115
134
90
54
140
118
136
157
104
67
160
138
119
140
82
62
144
144
114
135
81
56
131
142
105
124
72
48
127
142
104
123
77
46
127
r94
100
115
73
47
127
99
111
80
51
129
130
143
145
139
139
137
149
165
116
96
P75
P85 P101 P134
51
54
66
123
138
180
118
141
184
159
49
112
105
144
142
P160
80
222
227
137
104
P189
86
237
240
110
66
45
'116
106
161
125
P197
89
207
207
172
i 74
P150
'134
P154
P174
166 P170
132
164
130
155
239
164 P159
P148
P151 P120
81
76
68
189
171
147
150
179
115
P175
p
x
9 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. Recently the level shown
by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks. The difference
is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output. It appears,
however, that the series overstates the current level of total output in these industries. Study is being made of production and man-hour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries.
1394
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
Industry
iept. Oct.
Nov. Dec. Jan,
eb.
Mar. Apr. May June July Aug. Sept. Oct.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
134
95
179
197
134
133
93
173
224
140
171
179
164
202
135
182
225
138
130
145
155
191
125
81
111
171
201
141
76
186
129
138
120
75
154
120
143
95
71
128
120
151
90
70
96
84
97
63
60
117
154
167
147
132
116
122
108
141
132
107
37
19
44
89
100
117
109
117
160
136
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
176
242
139
165
164
165
142
168
158
118
134
173
156
108
139
171
152
94
149
167
150
92
144
166
148
89
129
166
145
101
110
162
140
103
104
156
141
125
91
154
162
228
89
157
173
255
115
161
487
313
174
221
164
168
199
214
201
188
198
211
162
164
157
174
187
174
237
183
52
324
365
169
70
566
420
154
83
467
427
157
130
301
343
163
131
280
396
178
125
314
416
118
100
241
401
123
96
214
409
124
60
211
387
154
61
213
367
160
65
219
426
141
56
230
427
199
71
526
461
169
173
157
104
142
148
152
147
164
159
145
161
166
179
106
220
106
111
225
103
110
198
97
87
128
57
104
185
70
111
193
67
110
202
65
109
190
69
110
219
71
108
210
77
99
190
72
110
212
77
112
219
81
127
235
85
144
143
142
134
133
141
148
146
142
147
136
147
150
752
138
150
110
100
223
126
136
165
77
125
142
141
81
139
153
115
101
227
129
137
157
80
133
148
147
79
138
153
121
103
223
131
136
158
79
132
145
140
82
131
137
96
100
195
120
131
143
78
132
145
140
84
130
131
96
102
167
125
130
145
81
134
144
128
86
137
145
100
104
203
130
136
155
82
139
147
135
86
143
157
105
111
239
132
141
165
82
144
149
138
86
141
156
106
112
235
131
139
166
85
144
144
126
138
151
100
100
223
133
136
160
84
141
143
128
83
142
162
100
107
250
137
139
164
85
143
145
132
84
131
146
86
101
229
122
128
155
72
127
133
124
82
142
154
86
110
238
132
140
169
144
146
Alcoholic Beverages.
Malt liquor
Whiskey
,
Other distilled spirits.
Rectified liquors
Industrial Alcohol from Beverage Plants x
Tobacco Products
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and publishing..
Newsprint consumption
Printing paper (same as shown under Paper)..
Petroleum and Coal Products
Petroleum refining2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum productsl.
Coke
By-product coke
Beehive coke
Chemical Products.
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products *...
114
126
96
184
'156 v!74
132
151
119
115
129
152
120
122
152
150
224
116
115
145
148
144
276
239
232
135
131
237
386
172
1<SO
85
134
151
135
82
90
111
240
136
142
172
85
138
152
133
87
144
172
89
144
156
135
85
123
128
135
125
114
166
171
166
163
182
180
146
131
171
125
184
129
176
129
200
130
172
139
187
154
150
286
116
111
296
91
85
295
151
145
337
113
116
18
160
155
336
165
159
369
166
161
352
'358
230
231
233
233
234
237
232
233
235
>236
139
130
238
371
140
125
244
370
142
127
246
378
142
127
251
384
145
124
255
379
148
122
256
382
151
119
260
392
149
119
255
396
151
119
2^2
395
152
119
266
395
'151
'116
'268
'394
231 P237
Rubber Products. . .
172
191
192
205
215
216
221
219
215
218
211
221
Minerals—Total.
137
125
134
126
134
134
130
99
115
141
150
147
149 P!46
Fuels
139
126
143
137
146
149
145
108
124
149
153
150
151 P149
142
148
114
138
112
110
120
133
149
159
112
141
150
159
114
144
152
160
121
147
159
168
125
138
32
10
121
146
73
60
125
149
149
156
120
151
155
163 P160
125 P124
149 P148
116
80
60
47
44
46
62
142
156
86
153
95
153
159
128
154
123
132
142
94
139
61
126
'132 vl34
188
281
175
245
111
108
79
50
78
50
58
22
56
28
61
58
89
116
143
233
188
295
180
282
34
47
33
40
Coal.
Bituminous coal.
Anthracite
Crude petroleum. . . .
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
282
r
1
p Preliminary.
Revised.
Series included in total and group indexes but not available tor 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, an1 August
1940, pp. 753-771 and 825-882.
DECEMBER
1946
1395
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
1945
Industry group or industry
Factory pay rolls
1946
Aug.
1945
Sept.
Sept.
Oct
Total
Durable goods
Nondurable goods..
128.
144.
115.6
127.6
142.6
115
139. c 141.0 145.0 146.7 147.0
158. 161. 166.1 168.7 170.
124. 125.0 128.4 129.4 128.
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
125.1
109
178
118
95
95
125.2
110
177
113
98
101
136.2
117
169
132
127
113
140.2
121
167
137
126
117
144.5
124
167
140
129
123
133
108
133
110
152
131
157
136
150
Electrical Machinery
Electrical equipment
Radios and phonographs
171.5 180.1 193.3 '195. '202.1 209.3 216.3
150
161
153 '156 '161
166
132
177
129
176
189
195
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
172.1
165
240
156
129
163
188
217
91
163
230
158
129
158
182
213
99
172
219
158
146
162
192
226
163
174
'233
168
147
162
194
225
168
176
'241
169
146
168
200
235
'172
180
243
166
148
169
205
237
175
Transportation Equipment, except Autos
Aircraft, except aircraft engines...
Aircraft engines
Shipbuilding and boatbuilding.
496.5
395
372
643
420.
320
331
532
290.
316
292
265
r
'284.0
'338
'309
'228
279.8 279.
352
314
207
166.1 173.6
116
116
143
289.1
'324
298
'251
Automobiles
105.
114.
Nonferrous Metals and Products
,
Primary smelting and refining.
Alloying and rolling, except aluminum
,
Aluminum manufactures
131.
130
133.0 159.0 165.0
125
108
128
133
153
129
153
L umber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
120.8 113.3 141.3 143.
72
67
79
80
87
83
97
97
Furniture and Lumber Products
Furniture
92.4
81
82
147
202
101
Aug.
Sept.
Oct,
267.
335.
200.6
224.
246.
202.
222.
257.1 '261.2 '275.2 284.3
243.7 280.7 '287.7 '306.9 314.6
202.6 234.0 ••235.4 '250.2 254.7
146.9 146.
124
169
141
134
129
255.
199
311
209
209
196
206.
175
281
201
174
161
207.
169
290
186
184
180
231.3
182
292
235
244
206
238.1 '255.8
192
'204
277
295
249
270
245
254
211
234
263.2
206
298
274
267
248
158
142
161
148
254
243
234
190
230
200
271
252
280
307
291
156
157
384.5
300
392
314
'454
257
257
281
316
438
'288
323
485
254
270
286
336
444
298
'533.0
'641
'498
'423
513.0
664
510
362
June
July
254
Aug.
290
280
240
181
187
399.2
330
389
268.
230
228
289.
254
218
285.
284.
241
272
251
333.9
'364.4
'338.3 '285
258
329
'368
'264
'332
329.
333.5 348.8
266
369
238
247
261
280
390
147
268
380
220
230
255
271
386
159
296
416
236
248
270
301
416
263
1742.2 844.
1855
625
2376
470
1920
1116
713.
537
444
893
537.5 538.5
586
'606
469
469
483
'469
194.4 199.0 202.5 204.1
191.
1946
324
511
248
259
304
340
512
178
299
'447
248
251
262
293
413
272
Sept
274
362.2
181.8 189.8 191.
183.5
151.
171.
250.5
282.2 308.0
171.0 172.9 174.7
134
135
292.2
223.3
231
230.4
222
287.8
191
292.9 311.4
'228
240
289
412
223
220
223
235
269
336
269
'340
148.7 148.5 150.0
82
81
101
102
219.3
134
147
215.3
130
145
199.0
117
140
281.0
158
183
'270.8 ' 305.5 305.7
168
'152 '170
199
174
196
118.1 118.2
104
103
171.5
150
164.0
101
147
223.5
196
222.1 239.3
212
194
210
132.9
143
118
110
138
137.8
149
122
112
143
179.8
193
128
118
173
175.7
189
131
126
173
183.2
196
139
133
187
235.0
242
184
196
239
235.7
238
196
211
229
253.2
255
207
220
252
259.8
269
213
224
258
-153
•206
'158
-•210
158
211
280
^351
284
358
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
105.7 108.8 132.0
121
124
145
81
85
115
75
79
104
113
117
137
Textile-Mill and Fiber Products
Cotton goods except small w a r e s . . .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles
91.9 92.4 104.8 103.5
103
113
102
112
71
71
77
76
91
94
107
104
61
62
72
71
84
80
95
94
104.7 106.0
114
115
77
78
104
107
72
72
95
96
162.1
193
134
167
89
140
169.7
201
138
175
101
145
171.3
199
143
178
105
137
218.6
248
167
239
133
185
214.7
246
166
229
131
179
231.0
276
181
234
141
188
237.2
282
181
243
144
187
Apparel and Other Finished Textiles. . . .
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
115.3 117.5 130.6 126.7
83
82
89
88
69
70
76
77
74
76
72
78
75
75
'71
68
132.9 135.3 137.1
90
90
77
77
78
80
77
80
180.6
135
111
108
113
208.4
141
126
138
131
213.5
141
131
142
135
263.3
181
160
159
105
244.7
167
155
141
123
277.5
183
163
170
'139
288.2
187
168
176
149
102.0 102.4 102.1
89
89
88
88
159.9
141
141
160.2
146
140
165.0
151
144
203.4
163
183
197.3 198.2 203.3
160
157 '161
183
178
175
136.5
115
119
103
98
145
154
205.6
158
211
171
166
224
249
226.6
178
218
174
175
243
352
215.9
173
224
177
188
226
252
205.0
167
191
169
180
210
182
231.5
180
221
179
170
222
326
149.3
194
115
176.0
214
148
181.7
218
159
184.1
218
168
178.3 186.2 196.0
227
211
218
181
160 '167
88.0
82
76
90.3 103.1 102.3
84
91
88
78
89
89
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
138.4
105
124
109
102
153
176
130.6 119.0 129.0
105 107
102
126
109
114
110
102
101
108
95
93
151
141
144
125
137
83
Tobacco Manufactures
Cigarettes
89.5 92.2 92.1 90.7
127
131
123
123
68
71
77
74
Leather and Leather Products
Leather
Boots and shoes
Cigars
138.7 139.8
149
122
112
145
135.4 126.1
79
120
105
105
150
181
91.7 9?.5
121
123
76
79
95.0
250.3
202
'239
184
186
232
387
242.7
118
249
188
204
244
465
' Revised.
NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for October 1946
are preliminary.
1396
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory pay rolls
Factory employment
Industry group or industry
1945
Sept.
Paper and
Paper
Paper
Paper
Allied Products
and pulp
goods, n.e.c
boxes
1945
1946
Oct
117.5
103
106
115
111
115
111
June
July
Aug.
Sept.
Oct
137.3
122
123
125
135.9
121
121
124
137.8
122
123
126
138.6 143.0 189.2
172
122
180
124
171
126
Aug.
1946
Sept.
Oct
June
July
Aug.
Sept
200.7
181
183
186
206.9
187
184
193
244.4
217
218
226
243.8
218
212
223
253.9 257.1
228
228
216
234
236
Printing and Publishing
Newspaper periodicals
Book and job
98.8 102.5 115.7 116.8 117.3 117.9 119.6 140.0 147.7 150.7 184.2 186.0 190.5 195.9
176
97
110
111
129
162
169
95
109
110
130
133
164
216
110
126
126
152
167
205
211
105
124
126
209
169
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
172.1
171
112
161
541
316
97
111
163.7
188
118
168
170
178
56
103
164.9
189
119
169
173
116
71
112
167.9 169.6 357.2
271
191
182
119
168
288
177
1607
174
1470
88
146
119
242
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
123.3 123.6 140.6 142.7
120
122
136
137
102
100
114
118
143.4
137
119
143.8 143.0 229.8 212.1 198.0 236.0 244.3 246.3 250 3
223
137
228
229
224
204
190
233
195
215
119
182
163
217
189
218
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
136.5 154.4 186.1 180.2 187.5
133
163
196
183
190
112
115
139
132
134
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
136.5 138.3 169.4 169.2 '173.9
237
192
216
197
191
146
121
120
142
148
165.1
188
121
169
169
178
59
107
168.5
174
115
157
409
119
110
r
190.
192
142
292.2
265
179
274
739
562
205
261
284.9
266
186
261
626
472
265
250
285.1
306
198
283
266
331
127
250
286.9
307
198
289
265
336
120
246
290.5
314
206
288
273
201
160
275
298.3
317
211
290
293
339
200
298
195.1 265.7 231.3 254.2 337.2 327.2 343.2 365.0
341
311
318
304
250
211
240
282
278
213
255
256
193
204
174.9 177.9 293.7 239.2 243.1 315.9 '311.8 '326.9 334.9
331
798
'327 ••330
189
373
346
339
245
241
250
233
240
148
191
189
For footnotes see page 1396.
FACTORY EMPLOYMENT
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1945
1946
Group
Total
Durable
Nondurable
Preliminary.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
127.8
144.8
114.5
127.2
142.6
115.1
127.8
143.3
115.6
128.1
141.2
117.8
130.7
144.4
119.8
122.4
122.9
122.0
130.3
138.6
123.7
136.6
151.6
124.7
138.0
154.6
124.8
139.6
158.1
125.0
140.6
161.2
124.4
143.8
165.8
126.5
145.9
168.5
128.1
*>146 6
P170.0
?128.2
r Revised.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
Average hourly earnings (cents per hour)
1946
Aug. Sept. M a y June July Aug. Sept. Aug.
All
Manufacturing.
Durable Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical.
Transportation Equipment Except Autos.
Automobiles
Nonferrous Metals and Products
Lumber and Tirnber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
j&andurable Goods.
Textiles—Mill and Fiber Products
Apparel and Other Finished P r o d u c t s . . . .
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing and Allied^Industries.
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
r
Revised.
DECEMBER
Sept.
May
June
July
Aug.
Sept.
40.7
41.4
39.7 40.0
39.7 40.5
40.3
102.4
98.7
107.1
108.4
109.3
111.1
112.6
41.1
41.0
39.3
39.8 •39.3 '40.5
40.3
111.3
107.2
114.7
116.5
117.7 '118.6
120.1
41.7
41.2
42.7
41.7
33.5
43.3
40.5
40.6
41.6
41.8
40.8
43.0
38.8
36.5
42.5
40.8
42.3
41.8
38.4
38.9
40.1
39.1
36.3
41.1
40.9
41.3
40.2
38.8
39.
40.9
39.5
36.6
40.9
41.5
41.8
40.4
38.5
39.4
40.4
'39.3
37.8
'40.0
'39.1
41.0
39.5
'39.9
40.5
40.9
'40.0
39.2
40.7
'41.7
'41.9
40.7
39.7
40.8
41.1
39.0
38.7
40.7
41.4
41.8
40.6
110.9
103.8
113.4
129.7
124.5
106.7
81.3
83.5
93.9
108.9
101.4
111.9
126.4
122.4
104.4
81.9
83.3
93.7
119.0
113.1
120.4
133.3
132.5
114.9
88.0
91.7
101.9
120.6
114.8
122.3
135.0
134.7
116.3
90.8
92.7
104.1
121.6
'115.8
123.2
'136.6
135.4
'116.6
'91.0
'93.7
105.7
122.2
'117.3
124.7
135.5
136.1
117.8
'92.8
'95.7
106.3
124.2
118.9
126.1
135.5
137.4
119.6
93.7
97.7
108.8
40.3
41.8
40.1
40.2
40.1 '40.5
40.3
90.9
90.3
99.6
r
104.9
36.2
40.6
44
42.3
45.9
42.2
43.4
44.9
43.0
42.2
39.8
36.9
39.6
42.4
39.5
42.9
40.4
40.7
39.3
39.4
40.9
40.0
37.1
39.3
42.3
40.0
43.0
40.5
40.5
39.6
39.3
41.2
39.6
36.0
38.2
43.8
39.1
42.8
40.2
40.7
40.0
39.2
40.5
40.0
36.9
38.2
43.0
39.3
42.9
41.2
40.9
40.3
40.6
41.2
38.4
33.2
39.3
43.3
39.0
44.0
40.7
43.4
46.9
41.8
41.
40.1
'37.1
37.8
43.7
38.7
43.4
r
40.9
'40.8
40.3
39.4
41.0
100.3 r100.9
103.6
77.0 76.3 87.3 87.5 87.7 92.3
84.6 87.8 95.6 95.1 '94.1 '98.5
85.7 85.3 94.2 95.0 95.4 '97.2
88.2 88.0 96.1 97.2 98.6 101.5
76.5 78.6 84.8 84.6 85.1 '88.6
88.0 89.3 98.3 99.3 '100.7 101.9
114.4 115.8 126.6 127.8 128.7 1 2 9 . 8
100.3 99.2 106.4 108.4 109.8 110.1
122.2 121.7 134.2 134.7 135. 134.7
111.9 109.8 126.6 128.3 129.2 1 2 9 . 6
97.5 95.1 102.8 104.2 104.8 1 0 5 . 7
93.9
101.0
98.2
101.3
89.9
103.6
131.7
110.9
136.9
132.0
107.2
NOTE.—Back figures are available from the Bureau of Labor Statistics.
1946
1397
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
1,753
1,722
2,236
2,078
1,259
679
834
2,912
3,013
3,248
3,433
3,619
3,761
3,822
6,618
6,906
7,378
7,263
7,030
7,044
7,173
4,160
4,310
4,438
4,447
4,115
4,348
4,589
3,988
4,136
4,446
5,203
5,890
5,911
5,887
962
954
944
933
2,077
2,136
2,095
2,041
3,448
3,484
3,503
3,525
7,227
7,224
7,132
7,136
4,382
4,330
4,255
4,229
5,431
5,526
5,620
5,701
16,653
16,901
17,123
17,215
17,267
17,431
17,618
17,648
17,608
17,689
17,769
17,634
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
40,219
40,202
40,016
39,796
39,737
39,789
39,693
39,711
39,440
39,220
39,127
39,357
17,675
17,669
17,535
17,322
17,191
17,116
17,006
17,000
16,804
16,675
16,612
16,747
862
862
852
848
843
848
833
830
822
812
808
802
830
786
737
719
673
677
653
648
627
609
611
619
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304
5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
1945—January
February
March
April
May
June
July
August
September
October
November
December
39,489
39,558
39,651
39,169
38,953
38,683
38,356
38,070
36,223
36,184
36,538
36,813
16,696
16,684
16,640
16,384
16,092
15,749
15,255
14,944
13,094
13,048
13,110
13,059
805
802
796
765
732
798
784
780
780
714
789
798
633
658
691
736
782
828
868
858
883
940
984
1,085
3,797
3,848
3,846
3,811
3,802
3,795
3,801
3,803
3,774
3,806
3,871
3,916
7,210
7,164
7,214
7,004
7,056
7,039
7,117
7,121
7,215
7,258
7,315
7,335
4,394
4,404
4,438
4,466
4,513
4,521
4,558
4,597
4,603
4,745
4,894
4,936
5,954
5,998
6,026
6,003
5,976
5,953
5,973
5,967
5,874
5,673
5,575
5,684
1946—January
February
March
April
May
June
July
August
September
October
37,471
37,016
37,931
38,335
38,663
38,947
'39,095
'39,685
39,900
39,975
13,236
12,536
13,272
13,848
13,955
14,098
'14,174
'14,505
14,679
14,807
814
812
801
508
717
811
815
824
820
820
1,230
1,385
1,462
1,597
1,708
1,837
L.882
••1,936
1,957
1,907
3,956
3,987
3,990
3,939
3,873
3,878
'3,904
'3,939
3,89-1
3,940
7,673
7,697
7,757
7,775
7,763
7,788
'7,898
'7,976
8,004
7,946
5,034
5,082
5,127
5,166
5,134
5,055
5,026
5,084
5,155
5,230
5,528
5,517
5,522
5,502
5,513
5,480
5,396
5,421
5,394
5,325
1944—November
December
39,435
40,004
16,695
16,747
812
806
629
594
3,771
3,770
7,299
7,611
4,315
4,304
5,914
6,172
1945—^January
February
March
April
May
June
July
August
September
October
November
December
39,093
39,135
39,251
38,991
38,880
38,767
38,474
38,172
36,398
36,327
36,779
37,463
16,696
16,684
16,557
16,302
16,012
15,749
15,331
15,019
13,159
13,048
13,110
13,059
801
798
796
761
728
794
784
784
784
718
793
802
582
599
636
699
798
845
911
927
945
1,006
1,014
1,042
3,740
3,771
3,788
3,792
3,802
3,833
3,858
3,860
3,831
3,825
3,871
3,896
7,030
6,985
7,084
6,990
7,021
7,004
6,975
6,979
7,143
7,331
7,571
7,959
4,350
4,360
4,394
4,444
4,513
4,589
4,672
4,666
4,603
4,698
4,845
4,936
5,894
5,938
5,996
6,003
6,006
5,953
5,943
5,937
5,933
5,701
5,575
5,769
1946—January
February
March
April
May
June
July
August
September
October
37,013
36,509
37,469
38,121
38,612
39,056
'39,260
'39,865
40,146
40,187
13,236
12,536
13,206
13,779
13,885
14,098
r
14,245
r
14,578
14,752
14,807
810
808
801
505
713
807
815
828
824
824
1,132
1,260
1,345
1,517
1,742
1,874
1,976
'2,091
2,094
2,041
3,897
3,907
3,930
3,919
3,873
3,917
'3,963
'3,998
3,949
3,960
7,481
7,505
7,617
7,759
7,724
7,749
'7,740
'7,816
7,924
8,025
4,984
5,031
5,076
5,140
5,134
5,131
5,152
5,160
5,155
5,178
5,473
5,462
5,494
5,502
5,541
5,480
5,369
5,394
5,448
5,352
Total
Manufacturing
ning
30,353
31,784
35,668
38,447
40,185
39,689
38,144
10,078
10,780
12,974
15,051
17,381
17,111
15,060
845
916
947
970
891
835
779
1942—September
October
November
December
39,171
39,452
39,597
39,898
15,644
15,798
16,048
16,333
1943—January
February
March
April
May
June
July
August
September
October
November
December
40,081
40,154
40,358
40,248
40,170
40,298
40,435
40,288
40,032
40,067
40,143
40,118
1944—January
February
March
April
May
June
July
August
September
October
November
December
Year and month
1939
1940
1941
1942
1943
1944
1945
SEASONALLY ADJUSTED
Construction*
UNADJUSTED
* Includes Contract Construction and Federal Force Account Construction.
' Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates for manufacturing have been adjusted to levels indicated by
final 1944 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. October 1946 figures are preliminary. For back
seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics.
1398
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Fignnt for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars
Month
Year
Factories
1945
1946
1945
1946
1945
1946
1945
1946
1945
1946
1945
1946
140.9
147.0
328.9
395.8
242.5
227.3
257.7
263.6
278.3
316.6
370.1
330.7
357.5
387.4
697.6
734.9
952.4
807.9
718.0
679.9
619.9
573.2
19.5
19.3
26.9
42.7
47.2
41.8
46.3
42.7
42.6
59.9
88.4
86.1
89.7
102.1
275.2
370.6
463.6
332.2
281.2
284.0
293.8
235.1
45.2
66.6
160.4
174.5
43.4
25.5
51.5
75.5
98.3
85.4
107.9
92.6
104.7
97.7
113.7
105.1
140.5
159.4
129.3
109.4
73.7
140.2
7.5
8.5
10.0
12.3
9.5
18.8
19.8
25.5
45.5
60.8
62.8
65.5
69.0
77.5
112.7
75.1
88.7
55.2
72.8
56.6
50.0
41.0
4.9
3.0
4.6
4.3
5.1
10.5
13.4
10.4
10.2
18.6
7.0
8.2
18.1
17.1
11.4
18.0
23.4
23.4
35.7
7.8
18.8
12.6
23.9
17.6
36.3
49.9
29.4
35.6
36.9
32.0
27.0
30.8
30.0
27.3
25.8
28.3
40.9
37.9
38.3
35.2
45.8
37.7
27.1
31.5
39.8
32.0
90.6
111.9
107.9
95.0
89.9
77.5
54.6
61.1
74.0
51.0
50.2
64.7
143.6
128.1
197.9
202.4
153.1
184.4
156.4
112.8
563.5
346.4
1,027.0
Total
Public ownership Private ownership
1944 1945 1946
1944 1945 1946 1944 1945 1946
January....
February. . .
March
April
May
159
137
176
179
144
141
147
329
396
243
358
387
698
735
952
122
109
133
133
98
75
74
221
309
148
47
56
146
127
197
37
28
43
46
46
66
73
107
87
95
311
331
551
608
756
June
July
164
191
227
258
808
718
82
108
215
202
42
42
146
149
593
516
264
278
317
370
331
680
620
122
148
August
169
September.. 176
October
145
November.. 165
December . . 188
205
187
44
49
43
62
74
196
235
256
309
269
1,994 3,299
125
127
102
103
114
67
43
61
61
62
1,435 1,311
559
475
433
1,988
Title I Loans
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—Oct
Nov
Dec
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
. .
Total
Property
improvement
320
557
495
694
954
1,026
1,186
1,137
942
886
684
224
246
60
160
208
251
262
141
96
125
189
62
60
55
56
46
48
58
80
83
80
55
63
85
26
28
23
17
14
13
21
39
40
42
25
32
47
Small
home
construction
13
25
26
21
15
1
i
i
s,
Mortgages on
94
309
424
473
669
736
877
691
243
216
219
19
21
20
27
24
28
28
31
37
33
26
26
33
2
2
11
48
51
13
13
6
*
7
3
*
1
*
1
1
1
*
1946
376.8
1946
12
8
7
8
10
6
5
4
4
6
1945
Federal Reserve district
Oct.
Sept.
Oct.
36,899
83,076
21,897
50,187
59,282
74,533
133,294
34,530
17,495
14,676
47,337
52,564
86,421
36,816
53,888
63,516
87,444
147,379
21,765
22,638
12,758
34,668
15,786
48,207
19,867
38,213
47,182
23,352
63,212
19,311
9,337
7,972
24,132
573,206
619,857
316,571
Boston
New York.. .
Philadelphia.
Cleveland. . .
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
1936—D ec
1937—Dec
193g—Dec.
1939—Dec
13
284
601
537
272
17
11
11
885.4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars}
Rental
l-to4- and War and
family group Veterans'
houses housing housing
(Title (Title (Title
VI)i
II)
II)
*Less
than $500,000.
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
Title VI.
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.
DECEMBER
100.2
Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Year or month
Public works
and public
utilities
Other
1946
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Year
Educational
1945
3,299.3
Month
Commercial
Total
MuSavCom- tual
ings
savmerand
ings
loan
cial
banks banks associations
Insur- Fedance
eral Other*
com- agenpanies cies1
8
56
41
5
771
..
, . 1,199
1,793
430
634
902
27
38
71
110
149
192
118
212
342
32
77
153
53
90
133
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
June
Sept
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
Dec.
2,598
2,755
2,942
. . 3,107
S5 S3 tO
^S3S3
t^ CnO
January
February
March
April
May
June
July
August
September
October
November
December
Nonresidential building
Residential
building
Total
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
264
856
940
272
276 1,032
237
200
219
236
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—June
3,102
1,488
260
247
11
122
1940—Mar
June
Sept
Dec
1941—Mar
365
228
201
974
243
245
27
195
163
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
2 Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
1399
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2
Merchandise exports1
Excess of exports
Month
1942
1943
1944
1945
1946
January
"February
March
482
483
637
749
728
988
1,124
1,107
1,197
903
887
1,030
P799
P67O
April
May
June
717
542
650
989
1,092
1,003
1,231
1,455
1,297
1,005
1,135
870
P757
P851
July
August
.September
659
705
732
1,265
1,280
1,269
1,197
1,191
1,194
893
737
514
P882
October
November
December
803
788
883
1,238
1,073
1,288
1,144
1,187
939
P455
P639
P736
9,364 10,992
7,976
5,605
Jan.-Sept
1944
254
254
272
230
234
249
300
314
358
334
325
365
235
191
215
258
282
296
352
386
331
366
372
360
214
187
196
302
318
289
294
304
282
356
360
335
200
168
359
329
312
282
328
323
347
P344
2,017
2,457
2,922
3,172
P815
P878
P826
P641
P7,119
1945
1943
1912
1946
1942
1943
1945
1944
1946
228
230
365
519
494
739
824
793
839
569
561
665
P405
P351
P431
482
351
434
732
810
707
879
1,069
965
639
763
511
P350
P385
P432
P424
P376
446
518
536
963
962
981
903
887
912
537
378
180
P394
603
620
524
909
761
1,005
815
863
591
P439
3,588
6,907
8,071
4,804
P394
P319
P385
P407
P397
P322
P297
P3.519
P454
P493
P458
P266
Pill
P317
P3,601
p Preliminary.
1 Including both domestic and foreign merchandise.
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
2
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average = 100]
ForLive- est
Total Coal Coke Grain stock prod- Ore
ucts
Annual
1939
1940
1941
1942
1943
1944
1945
101
109
130
138
137
140
135
98
111
123
135
138
143
134
102
137
168
181
186
185
172
107
101
112
120
146
139
151
96
96
91
104
117
124
124
100
114
139
155
141
143
129
110
147
183
206
192
180
169
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
Miscellaneous
Merchandise
l.c.l.
101
110
136
146
145
147
142
97
96
100
69
63
67
68
Total
Total
railway
railway
operating expenses
revenues
128
127
118
133
127
128
143
109
148
133
167
155
113
167
164
163 115
145 114
158 122
167 145
153 140
133
125
109
110
106
166
174
134
134
117
132
126
125
133
130
64
66
69
74
74
1946—January. . .
February..
March. . . .
April
May
June
July
August
September.
October. . .
133
126
139
109
106
133
139
141
138
139
148
152
155
26
68
146
145
152
160
155
127
107
165
95
62
140
177
184
183
183
152
150
141
112
126
126
139
131
125
142
126
158
140
143
114
118
166
118
91
128
122
126
134
143
125
149
153
157
154
146
118
94
121
66
66
137
164
162
164
146
134
121
143
143
123
135
141
145
139
139
78
78
78
81
74
81
78
77
75
79
132
137
128
136
119
128
143
109
148
133
160
154
111
167
172
176 109
163 150
158 ••188
164 183
144 135
140
135
115
108
94
249
261
215
114
36
133
136
136
139
123
65
69
72
75
71
UNADJUSTED
1945—August
•September.
f j October. . .
November.
December. .
1946—January
February..
March
April
May
June
July
August. . . .
September.
October. . .
123
119
132
107
107
137
143
145
149
149
148
152
155
26
68
146
145
152
160
155
133
114
166
93
61
138
172
177
181
180
152
147
130
99
111
128
166
142
140
142
120
126
111
127
103
96
135
113
120
197
109
121
134
143
130
155
153
165
166
154
29
24
35
50
103
213
263
243
245
216
123
113
136
141
125
139
142
146
150
151
74
75
79
82
74
81
78
77
79
82
r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining Indexes for
.classes with weights derived from revenue data of the Interstate Commerce
Commission.
1400
< Net
income
Annual
1939
1940
1941
1942
1943
1944
1945
. . . .
589
682
998
3,995
4,297
5,347
7,466
9,055
9,437
P8,902
3,406
3,614
4,348
5,982
7,693
8,343
P8.052
1,485
1,362
1,093
P850
93
189
500
902
874
668
P447
1945—July
August. . . .
September..
October.. . .
November..
December. .
791
705
691
657
668
628
696
648
655
620
608
674
95
57
36
37
61
-36
61
22
4
3
30
-56
1946—January....
February...
March
April
May
June
July
August. . . .
September..
655
635
651
566
515
639
651
664
673
567
555
667
562
524
586
603
613
605
88
80
-16
4
-9
53
48
51
68
51
51
-45
-28
-41
20
16
18
1945—July
August....
September..
October
November..
December..
796
755
679
697
661
614
697
667
'636
643
600
651
99
87
'43
54
61
-37
65
'53
9
20
34
-75
1946—January....
February...
March
April
May
June
July
August....
September..
641
579
646
567
533
612
674
710
660
570
521
667
557
537
574
611
629
593
71
58
-20
10
c
38
63
82
67
34
29
-49
— 21
— 37
15
32
53
SEASONALLY
ADJUSTED
1945—August....
September.
October. . .
N ovember.
December. .
Net
railway
operating
income
SEASONALLY
ADJUSTED
P36
UNADJUSTED
P39
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 value figures)
SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
United
States
Year or month
New
San
Francisco
Chicago
Louis
184
106
114
138
153
167
182
201
109
120
144
170
194
215
236
113
123
145
162
204
244
275
107
116
135
149
161
176
193
111
119
143
158
179
200
227
106
109
123
129
148
164
185
105
110
127
149
184
205
229
112
117
138
157
212
246
277
109
117
139
169
200
221
244
172
182
179
184
202
184
209
212
218
'251
251
237
286
290
297
199
208
206
238
240
239
190
203
199
241
238
244
'288
288
287
'246
273
256
205
221
244
224
232
253
254
250
220
236
246
244
256
273
260
286
249
248
262
283
294
276
276
303
307
306
298
285
308
331
328
327
329
365
343
365
367
348
209
241
243
237
234
253
254
281
263
250
234
281
286
212
236
246
'272
'225
277
305
300
330
216
194
210
232
219
226
240
236
259
202
177
293
252
248
253
259
265
256
249
261
275
273
289
288
281
300
321
298
306
339
336
352
342
368
381
381
'376
349
269
300
297
291
305
315
323
324
313
319
224
264
338
'274
307
348
466
213
254
320
255
303
365
210
243
305
253
286
366
'317
352
467
'25 5
321
407
197
227
264
281
274
266
219
253
316
312
246
292
315
336
313
158
182
223
'235
'306
275
321
374
372
167
193
226
242
234
245
198
236
268
268
192
236
264
281
272
274
234
284
'316
'287
259
167
194
237
253
243
257
203
249
251
265
313
282
199
238
255
273
272
265
239
279
311
312
248
299
316
335
322
313
290
332
'395
384
214
253
258
287
284
288
266
292
326
330
106
114
133
149
168
186
207
104
108
126
140
148
162
176
101
106
119
128
135
150
169
1945—October
November
December
'213
177
183
188
1946—January
February
March
April
May
June
July
August
September
October
227
251
260
252
258
275
273
290
269
257
186
200
218
210
213
232
227
246
SALES*
St.
lanta
York
1939
1940
1941
1942
1943
1944
1945
At-
Richmond
3oston
Phila- Clevedelphia land
104
111
129
143
151
'167
Minne- Kansas
Dallas
City
apolis
SEASONALLY ADJUSTED
222
218
'226
'241
230
'313
UNADJUSTED
1945—October
November....
December
230
273
352
196
225
323
196
235
307
1946—January
February
March
April
May
June
July
August
September
October
179
207
238
255
248
253
208
242
147
156
197
223
211
216
157
184
'278
'237
278
240
155
174
206
219
214
221
158
189
214
202
102
108
131
179
155
162
166
99
105
124
165
142
147
153
97
102
123
181
143
150
159
96
99
119
167
141
148
150
99
106
130
182
144
151
156
107
113
139
191
175
190
198
107
115
140
178
161
185
188
103
111
134
186
160
161
159
102
108
134
176
152
159
166
103
110
138
171
151
169
165
99
105
125
159
152
157
156
106
113
130
161
159
177
190
106
113
137
187
172
177
182
164
165
158
151
148
139
155
152
150
149
149
146
151
157
149
196
195
192
188
193
189
156
155
147
166
163
155
160
160
155
155
158
154
193
189
198
185
191
176
167
171
177
189
200
211
223
221
226
237
145
154
157
171
177
181
187
186
149
153
160
172
182
194
203
205
212
157
163
174
178
192
209
213
208
221
232
207
201
206
217
233
243
264
264
262
274
184
192
201
220
239
252
267
271
277
297
163
165
168
179
191
199
213
210
220
235
160
175
185
193
211
222
231
234
240
264
166
162
166
183
186
207
224
207
162
166
170
180
190
204
213
214
200
192
227
245
165
163
183
184
194
212
206
201
219
233
179
190
195
208
239
253
252
262
267
274
183
190
190
215
217
218
250
240
249
270
STOCKS*
1939
1940
1941
1942
1943
1944
1945
208
255
'328
158
174
219
228
222
228
175
195
'246
319
399
242
236
204
232
SEASONALLY ADJUSTED
1945—October
November
December
1946—January
February
March
April
May
June
July
August
September
October
.
'192
'210
'219
UNADJUSTED
1945—October
November
December
185
179
136
169
167
127
175
173
136
170
164
124
174
165
124
224
207
160
211
203
155
174
171
132
186
175
130
178
173
136
176
170
126
218
202
166
205
202
144
1946—January
February
March
April
May
June
July
August
September
October
146
158
172
188
200
205
223
238
250
267
132
145
154
164
173
174
179
198
144
156
171
182
192
192
196
218
216
217
130
148
160
175
184
184
192
213
138
151
168
183
194
201
213
225
246
268
177
190
205
218
228
232
260
297
294
312
166
179
201
217
232
255
275
292
140
150
163
179
191
195
209
225
244
263
138
158
180
193
211
222
240
255
266
295
151
155
167
174
185
200
228
143
147
165
179
191
212
230
225
161
169
185
202
227
246
272
296
299
310
161
167
177
212
225
221
265
263
281
299
'210
231
'231
242
'305
333
••232
245
273
••246
265
' 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.
DECEMBER
1946
1401
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
SALES, STOCKS, AND OUTSTANDING ORDERS
As reported by 296 department stores in various Federal Reserve
districts]
Amount
(In millions of dollars)
Year or month
Stocks
(end of
month)
128
136
156
179
204
227
255
344
353
419
599
508
534
564
108
194
263
530
560
728
1945—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
198
280
209
231
235
191
213
243
298
334
429
500
524
566
592
596
592
626
'621
r625
602
462
817
772
725
671
695
722
670
652
700
779
764
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
224
239
301
319
304
304
244
303
309
P338
491
533
582
644
674
699
735
806
828
896
979
974
910
934
1048
1073
1012
960
P845
1939
1940
1941
1942
1943
1944
1945
average
average
average....
average
average....
average
average
P879
Mar.
Apr.
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Without seasonal adjustment
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1943
2 7 . . . . .155
3
.161
1 0 . . . . .168
1 7 . . . . .170
2 4 . . . . .182
1 . . . . .142
8 . . . . .169
1 5 . . . . .149
2 2 . . . . .153
29
.151
5 . . . . .151
1 2 . . . . .168
1 9 . . . . .168
26
.132
3 . . . . .134
10
.113
1 7 . . . . .126
2 4 . . . . .124
3 1 . . . . .118
7
.131
1 4 . . . . .131
2 1 . . . . .146
2 8 . . . . .145
4
.169
11
.156
1 8 . . . . .179
2 5 . . . . .176
2 . . .175
9 . . . . .188
1 6 . . . . .189
2 3 . . . . .194
3 0 . . . . .18
6
.202
1 3 . . . . ,211
2 0 . . . . ,223
2 7 . . . . ,201
4
,269
1 1 . . . . ,297
1 8 . . . . ,321
2 5 . . . . ,274
1944
Mar. 2 5 . . . .
Apr. 1
8....
15
22....
29....
May 6 . . . .
13....
20....
27....
June 3
10....
17....
24
July 1
8
Aug.
Sept.
Oct.
Nov.
Dec.
15
22....
29....
5
12....
19....
26
2....
9....
16....
23....
30....
7....
14.
21.
28.
4.
11.
18.
25.
2.
9.
16.
23.
.18:
.21:
.208
.152
.163
.168
.184
.197
.177
.168
.163
.172
.173
.151
.149
.116
.145
.138
.132
.13
.148
.149
.171
.194
.177
.196
.193
.196
.218
.221
.209
.207
.215
.231
.252
.236
.304
.365
.377
.369
1945
Mar. 2 4 . . . . .226 Mar.
31
.230
.181 Apr.
Apr. 7
.156
14
2 1 . . . . .19:
2 8 . . . . .184
5 . . . . .19. May
May
1 2 . . . . .196
.178
19
2 6 . . . . .182
.169 June
June 2
.196
9
1 6 . . . . .206
.183
23
30.... .173
July 7 . . . . .153 July
1 4 . . . . .167
2 1 . . . . .157
2 8 . . . . .153
Aug. 4 . . . . .167 Aug.
.176
11
1 8 . . . . .124
2 5 . . . . .182
Sept. 1 . .194
8 . . . . .177 Sept.
1 5 . . . ...213
..220
22
..209
29
..242
6.
Oct.
Oct.
13. ..245
20. ..237
.
.233
27. ..236
Nov. 3. ..261 Nov.
10. . .275
17.
24. .. .258
.326
Dec. 1. . .401
8. ..433 Dec.
15. ..421
22.
1946
23
255
30
257
6
272
13
282
20
289
27
232
4
248
11
274
18
246
25
245
1
223
8
273
15
283
22
248
29
239
6
192
13
210
20
201
27
204
3
217
10
228
17
239
24
255
31
281
7
264
14
293
21
280
28
257
5
277
12
281
19
295
26....'287
2
277
9
314
16
342
23
363
30
7
14
21
r
Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
r
P 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]
Oct. Sept. Ten
1946 1946 mos.
1946
Oct. Sept. Ten
1946 1946
United
+31 +29 C leveland-cont.
Toledo
+22 +33 +26 Youngstown . . .
+27 +33 +26 Erie
+16 +21 +22 Pittsburgh
+23 +38 +28 Wheeling
States. p+21
Boston
New Haven. . .
Portland
Boston Area. .
Downton
Boston
Springfield. . . .
Worcester
Providence....
+19
+ 13
+20
+16
+36
+24
+31
+23
+3
New York
Bridgeport.. . . +33
-6
Newark
+34
Albany
Binghamton... +32
+ 18
Buffalo
+16
Elmira
+9
Niagara Falls..
New York City
-7
Poughkeepsie.. +27
Rochester
+26
Schenectady. . +25
Syracuse
+36
+19
Utica
+25
+36
+27
+37
+31
+29
+21
+9
+20
+33
+35
+36
+49
+36
Philadelphia..
Trenton
Lancaster
Philadelphia. .
Reading
Wilkes-Barre..
York
P+25
P+22
P+22
P+29
P+33
P+25
+38
+39
+44
+37
+40
+40
+25
Cleveland
Akron
Canton
Cincinnati....
Cleveland
Columbus
Springfield
+18
+15
+36
+24
+20
+18
+14
+27
+29
+46
+38
+35
+33
+12
+20
9 Preliminary.
1402
I
+25
+21
+15
+9
+21
+26 Richmond
+14
+20 Washington.. . . +7
+29 Baltimore
+17
+24 Raleigh, N. C. . +15
Winston-Salem. +25
+31 Charleston, S.C. +11
+34 Greenville, S.C.. + 6
+31 Lynchburg
+ 18
+47 Norfolk
+12
+34 Richmond
+14
+30 Roanoke
+25
+22 Charleston,
+12
+26
W. Va
+30 Clarksburg
+21
+36 Huntington.... +17
+30
+24 Atlanta
+21
+39 Birmingham... . + 17
+24 Mobile
+9
Montgomery. . . +14
+29 Jacksonville.... +22
+38 Miami
+36
+30 Orlando
+33
+26 Tampa
+34
+34 Atlanta
+24
+36 Augusta
+30
+27 Columbus
+18
Macon
+21
+28 Baton Rouge... +22
+20 New Orleans. . . +22
+27 Bristol, Tenn... +19
+33 Jackson
+19
+28 Chattanooga... +27
+29 Knoxville
2
+15 Nashville
+26
' Revised.
Oct. I Sept
1946 I 1946.
+27
+30
+22
+7
+31
r+28
+20
+33
+30
+36
+21
+ 19
+28
+22
+34
+36
+28
+26
+31
+34
+31
+22
+29
+30
+46
+71
+50
+36
+42
+25
+38
+32
"+42
+30
+28
+35
+ 11
+36
Chicago
P + 2 5 | +34\
Chicago
+23i
Peoria
P+281
Fort Wayne... .
Indianapolis.... +2o|
Terre Haute.. . . P+23:
Des Moines. . . .
+22|
+23 Detroit
+2 7
+ 19 Flint
+30
Grand
Rapids.
.
+24
+34|
+25 Lansing
+29 Milwaukee
+36!
+ 5 Green Bay
+24;
+19 Madison
+25
+23
St.
Louis
+8
-8!
+28 Fort Smith
+35 Little R o c k . . . . + 15j
+25
Quincy
+34!
+31 Evansville
+26|
+30 Louisville
+i
+25 East St. Louis..
+22|
St. Louis
+27 St. Louis Area.. +23i
+36'
+26 Springfield
+27!
+ 16 Memphis
i
+22
|
+22 Minneapolis.... i
+32 Minneapolis... .1 +35\
! + 29;
+40 St. Paul
+34 Duluth-Superior +371
+32
+2
+36 Kansas City... . +31
+411
+ 16 Denver
Pueblo
+27
+30
+22
+29 Hutchison
+23!
Topeka
+27
+21'
+28 Wichita
+ 11
+23 Joplin
+32 Kansas City. . . +26
+26
+ 9 St. Joseph
+18
+39 Omaha
+23
+25
+21
+30
+29
• Data not available.
+30
+33 +31
+37 +33
+44**+33
+27 +25
+20; +30
+37j +32
+35j +28
+371 +28
+51 +36
+35 +30
+44 +35
+41 +36
+28 +26
+33
+1
+33
+33
+48
+39
+30
+ 14
+23
+28
+29
+30
+48
+31
+31
+41
+31
+39
+46
+44
+25
+36
+36
+36
+28
+28
+35|
+22|
+25
+26
+24
+23
+26
+25
+29
+26
+35
+
+21
+21
+ 19
+27
+26
+32
+31
+22
+30
+37
Oct. I Sept Ten
1946 i1946 mos.
1946
Ten
Kansas City—
con*
Oklaho:;,...
Tulsa
Dallas
Shreveport
Corpus Christi..
Dallas
Fort W o r t h . . . .
Houston
San Antonio... .
+ 15! 4-26
i
+21 +36
+28
+34
+20
+19
+26
+19
San Francisco.. P+29
Phoenix
+32
Tucson
+37
Bakersfield
*
Fresno
P+38
Long Beach... . +23
Los Angeles. . . . P + 3 2
Oakland and
Berkeley
P+24
Riverside and
San Bernardino P + 3 0
Sacramento.... P + 3 7
P+16
San Diego
San Francisco. . p+22
p+37
San Jose
*
Santa Rosa. . .
Stockton
P+38
Vallejo and
Napa
+41
Boise and
Nampa
• +24
Portland
Salt Lake City.. p+27
Bellingham
+30
Everett
+46
Seattle
P+24
Spokane
+40
Tacoma
+30
Yakima
+26
+37
+36
+36
+33
+51
+33
+ 19
1
°3
+30
+26
+28
+33
+25
+36
+29
+31 +27
+42 +31
+41 +33
+35 *+30
+31 +30
+28 +25
+36 +31
+29,
+23
+24 +22
+27 +31
+ 16 + 11
+26 +20
+40 +30
+24**+24
+36 +28
-9
-3
+30 +27
•+25 +26
+35 +33
+27**+24
•+33 +36
+26 +20
+33 +31
•+25 + 19
+ 15 +24
** Nine months in 1946.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Index numbers
without seasonal adjustment
1941 average monthly sales=100
Number
of stores
reporting
Department
Sales during
month
Aug.
Sales during
period
Stocks at end
of month
1946
Sept.
Percent change from Ratio of stocks
a year ago (value)
to sales 2
l
Sept.
1946
1945
Sept. Aug.
Sept.
Sept.
1946
Nine
mos.
1946
Stocks
(end of
month)
Sept.
1946
September
1946
1945
354
GRAND TOTAL—entire stores
2.8
2.7
+28 +28
+34
194
156
572
549
424
201
354
2.9
2.7
+29 +29
MAIN STORE—total
+34
214
547
223
195
516
387
2.4
351
2.0
+15 +17
+41
Women's apparel and accessories
234
549
277
246
395
514
2.0
1.7
+19 +22
+39
333
Coats and suits
193
221
197
294
166
260
1.3
0.9
+15 +18
+76
334
Dresses
252
271
268
457
715
725
+14
2.6
1.8
+55
327
+7
Blouses, skirts, sportswear, etc
258
280
306
460
695
737
2.6
1.8
+60
313
+8 +15
Juniors' and girls' wear
275
304
286
646
822
2.6
2.4
800
+23
313
+8
+10
Infants' wear
116
135
148
231
328
2.8
2.0
+65
288
378
+ 16 + 18
Aprons, housedresses, uniforms
171
193
199
313
472
2.7
1.8
+68
336
524
+ 13 + 14
Underwear, slips, negligees
187
236
225
381
560
2.4
2.0
+49
334
570
+26 +21
Corsets, brassieres
127
151
149
158
215
1.4
1.3
+39
345
+
13
220
+
19
Hosiery (women's and children's)
152
161
104
669
834
5.8
4.4
+40
328
935
+8
+6
Gloves (women's and children's)
187
229
213
463
476
2.3
2.4
+
14
241
527
+27
+23
Shoes (women's and children's)
114
162
259
660
829
5.4
5.8
+35
269
890
+42 +23
Furs
238
258
202
698
807
3.3
3.0
+18
249
840
+8
+9
Neckwear and scarfs
123
136
133
847
878
6.7
6.8
+8
287
909
+ 11
+9
Handkerchiefs
234
257
173
161
234
0.9
0.7
+40
172
234
+
10
+18
Millinery
166
188
156
426
524
3.0
2.5
+32
320
557
+ 13 +20
Handbags and small leather goods
164
Men's and boys' wear
325
190
133
507
555
+21
2.9
458
+42 +41
3.4
187
149
123
302
Men's clothing
236
301
1.6
303
+53 +44
2.4
+ 1 3.6
171
150
111
535
Men's furnishings, hats, caps
309
608
461
+53 +51
4.2
+31
247
219
232
3.4
806
Boys' clothing and furnishings
286
849
711
+ 13 + 15
3.3
+ 19
174
117
3.2
156
506
Men's and boys' shoes and slippers
179
560
500
+49 +51
4.3
+ 12
190
3.1
Home furnishings
312
189
114
575
392
592
+67 +63
3.4
+51
188
235
158
118
503
416
Furniture, beds, mattresses, springs
539
+33 +51
3.4
3.4
+30
261
166
176
96
438
303
Domestic floor coverings
427
+83 +64
2.4
3.2
+38
293
180
200
144
759
468
Draperies, curtains, upholstery
776
+39 +33
3.9
3.2
+66
219
223
245
33
183
33 +634 +595
Major household appliances
193
0.8
1.0
+488
300
200
194
131
545
340
Domestics, blankets, linens, etc
544
+48 +44
2.8
2.6
+60
234
159
180
131
799
646
Lamps and shades
826
+37 +45
4.6
4.9
+29
230
132
131
102
618
501
China and glassware
633
+29 +35
4.8
4.9
+27
231
249
258
150
874
527
Housewares
910
+72 +77
3.5
3.4
+73
Piece goods
293
259
262
+45
582
364
+17 +13
2.0
224
531
1.6
190
+62
126
220
382
236
169
401
Cotton wash goods
2.1
1.4
+ 13 +11
338
Small wares
169
157
624
+13
4.2
146
703
671
4.3
+16 +15
119
Lace, trimmings, embroideries, ribbons
237
198
852
4.2
211
992
940
4.0
+ 12 + 10
+ 16
226
195
Notions
179
580
3.7
161
721
703
+23
3.7
+22 + 19
321
Toilet articles, drug sundries, and prescriptions.
139
132
582
4.2
125
-1
577
566
4.7
+12
+9
302
Jewelry and silverware
196
182
609
+39
4.3
145
842
807
4.2
+35 +35
237
Art needlework
170
+
13
157
647
4.3
153
740
744
4.3
+11
+4
236
Stationery, books, and magazines
166
150
728
4.3
158
722
647
4.6
+5
+7
303
Miscellaneous
+15
4.4
158
+31 +35
3.9
524
120
607
166
570
+59 +59
+76
179
3.0
237
348
112
594
234
530
Luggage
3.3
BASEMENT STORE—total .
+36
205
349
+24 +20
167
2.8
2.6
160
135
444
470
Women's apparel and accessories
194
+37
+
15
2.6
171
320
+
12
2.1
167
150
408
439
163
Men's and boys' clothing and furnishings
+31
3.2
+41 +37
169
415
3.4
156
120
516
536
3.1
136
+54
Home furnishings
+48
170
351
+40
3.0
163
115
513
528
+38
52
Piece goods
253
393
+24 + 13
1.9
254
204
2.2
545
546
+ 12
128
130
399
+24 + 17
3.4
3.9
Shoes
116
105
409
449
1 The 1941 average of monthly salesfor 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 stock-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
wire 2reversed.
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
3 For movements of total department store sales and stocks see the indexes for the United States on p. 1401.
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
Collections during
month
Charge
account
Instalment
Charge
account
Instalment
Charge
account
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
1945—September
October
November
December
154
190
212
270
202
245
271
356
63
89
100
108
117
147
165
204
32
36
41
48
85
99
113
144
60
'72
77
79
103
122
143
148
64
63
63
64
32
33
33
32
1946—January
February
March
April
May
June
July
August
September
October?
142
152
190
205
194
193
156
193
197
218
186
191
233
249
234
233
192
234
229
249
64
72
84
96
85
81
74
99
97
119
106
122
162
175
169
169
130
164
180
202
45
44
43
45
45
46
45
48
50
55
108
100
114
126
129
133
119
127
145
156
82
75
83
82
83
81
79
84
87
101
190
140
138
154
168
167
165
152
152
188
65
62
60
60
59
59
61
60
57
56
31
34
36
36
37
37
35
36
39
39
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. 1401.
DECEMBER
1946
1403
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
. .
.
.
....
. .
1945—September
October
November
December
. ..
....
February
March
April
l^ay
July
August
September?
October?
Total
instalment
credit
7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,030
7,981
9,153
9,899
6,485
5,338
5,777
6,734
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,578
4,436
5,455
5,924
2,955
1,961
2,039
2,365
5,702
6,000
6,344
6,734
6,506
6,564
6,978
7,315
7,507
7,762
7,843
8,155
8,392
8,694
2,010
2,086
2,190
2,365
2,364
2,408
2,507
2,652
2,789
2,908
3,031
3,182
3,310
3,458
Sale credit
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
Loans1
Charge
accounts
2.125
1,949
1,402
1,749
1,611
1,381
1 114
1,081
J ?n*
1,292
1,419
1,459
I 487
1,544
t 650
L.764
I 513
L.498
L 758
L .981
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
1,470
1,666
I 835
1,981
1,701
1,692
756
758
Service credit
Other
1,197
1,104
652
674
619
516
459
532
958
677
663
741
865
482
175
200
227
717
754
202
210
515
544
805
903
877
879
905
957
219
227
235
245
264
289
318
336
365
394
425
447
586
676
642
634
641
668
686
699
707
732
756
795
962
776
875
1,048
1,331
802
1,147
1,368
1,343
L,525
11,721
1,802
1,009
814
835
903
1,004
1,035
1,072
1,126
1,181
1,242
Singlepayment
loans3
1,065
1,195
1,265
1,644
1,005
11,504
1,442
1,468
1,488
1,601
1,369
1,192
1,251
1L.616
M80
1,464
1,147
1,204
,462
639
635
676
1,293
1,332
1,385
L,462
1,487
11,529
1,602
1,695
1,785
1,873
L.959
2,056
2.129
2,216
L.466
1L.490
11,556
L.616
1^659
1,671
1,695
1.710
1,708
1,697
,695
,714
,739
.768
763
772
782
793
804
815
822
830
836
841
848
852
1.972
2,138
2,188
2,327
2,281
2 418
2.495
2,616
P Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
* Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
1
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
652
674
619
516
459
532
802
1,065
1,195
1,265
1,644
2,005
2.180
1,464
1,147
1,204
1,462
1,293
1,332
:1,385
1,462
L.487
1,529
1,602
1,695
L,785
1,873
July .
.959
2,056
August
September P. 2,129
2,216
Octoberp
1945—September. .
October
November..
December...
1946—January....
February. . .
March
April
May
Commercial1
banks
Small
loan
companies
43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
471
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
445
413
428
448
471
494
522
564
608
387
395
409
445
446
452
462
482
656
700
745
492
506
520
358
792
825
864
535
544
556
Industrial
banks*
Industrial
loan
companies*
219
218
184
143
121
125
156
191
221
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
95
129
131
132
134
89
67
68
76
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
70
71
73
76
76
78
82
85
88
92
96
100
103
109
64
64
67
70
70
71
73
76
120
121
124
128
127
128
132
137
87
88
90
93
93
94
95
97
78
79
81
142
149
154
98
99
100
84
86
90
158
164
170
Insured
repair
Comand
mercial
modern- banks1
ization
loans"
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
102
103
104
Small
loan
companies
Industrial
banks2
Industrial
loan
com- 2
panies
25
168
244
148
154
213
284
301
215
128
120
179
69
130
248
368
460
680
1,017
1,198
792
636
744
938
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876
978
152
165
174
179
181
184
194
210
231
248
263
285
304
323
72
88
94
101
104
105
132
138
74
89
97
133
76
80
103
105
13
16
15
18
14
14
18
18
12
14
14
16
14
14
16
16
148
148
156
97
99
106
19
19
20
16
17
17
164
156
177
110
98
107
413
380
340
250
202
234
288
354
409
238
261
255
255
182
151
155
166
176
194
198
203
146
128
139
151
20
20
22
18
18
20
Credit
unions
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
16
20
21
23
19
19
24
25
28
28
29
30
31
38
91 Preliminary.
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 October amounted to 64 million dollars, and
loans2 made during October were 15 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans1 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
1404
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
Total,
excludng automobile
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940...
1941
1942
1943
1944
1945
1945
September.
•October. ..
November.
December.
1946
January.. .
February..
March. . . .
April
May
June
July
August....
September?
October P .
1,197
1,104
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
639
635
676
160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183
198
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
515
544
586
676
144
156
173
198
235
247
262
283
11
11
12
14
44
44
47
74
81
86
92
107
642
634
641
668
686
699
707
732
756
795
189
184
188
200
206
210
213
222
236
258
272
274
279
288
295
299
299
308
311
322
14
14
14
15
16
17
21
23
25
25
66
62
59
60
61
63
63
64
65
65
101
100
101
105
108
110
111
115
119
125
958
677
663
741
865
1,147
1,368
1,343
1,525
1 721
1,802
1,009
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Total
Outstanding at end
of period:
1941—June
December... .
1942—June
December....
1943—June
December.. . .
1944—June
December... .
1945—September. . .
October
November. . .
December... .
1946—January
February....
March
April
May
202.5
196.8
162.4
125.4
100.2
91.8
89.6
92 0
95.7
97.7
100.9
104.1
105.6
107.3
112.8
118.1
122.4
June
. . . . 127.4
July
132.6
August
138.5
September P. . 142.9
OctoberP
151.0
Volume extended
during month:
1945—September. . .
October
November. . .
December... .
1946—January
February....
March
April
May
June
..
July
August
September?. .
October?
1
2
16.4
19.7
19.9
21.3
18.6
18.0
23.3
23.6
24.4
23.8
26.3
26.7
25.2
29.6
Retail instalment paper 2
AutoOther
mobile
53.5
49.3
34.3
21.4
14.4
12.6
12.5
13.0
12.6
13.1
13.6
13.8
14.1
14.6
15.4
16.8
17.6
18.5
19.9
21.3
22.1
25.0
18.4
18.8
16.3
12.8
2.2
2.7
3.0
3.1
3.1
3.0
3.8
4.2
3.9
3.9
4.7
4.7
4.3
6.1
Repair
and
modernizationl
loans
Personal
instalment
cash
loans
10.0
10.9
11.8
12.7
13.7
13.8
14.1
14.7
15.8
18.2
18.6
1^5.5
15.6
14.1
14.0
12 9
13.4
15.4
16.2
16.8
17.2
18.0
18.2
19.1
20 2
21.2
22 0
23.1
24.2
25.4
26.7
112.4
110.1
95.3
75.6
62.9
57.5
57 4
57.8
59.7
60.0
61.5
63.3
63.6
64.5
67.4
69 3
70.9
73.2
75.8
78.9
80.7
83.5
1.3
1.7
2.2
2.0
1.6
1.7
2.2
2.4
2.8
2.7
2.8
3.0
2.7
3.6
1.6
2.1
1.9
1.6
1.8
1.6
2.4
2.5
2.5
2.3
2.6
2.8
2.7
3.2
11.3
13.2
12.8
14.6
12.1
11.7
14.9
14.5
15.2
14.9
16.2
16.2
8.8
7.7
6.8
7.8
8.0
8.4
9.0
9.8
9.9
15.5
16.7
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Outstanding at end of
period:
1,093
1939
1,450
1940
1,694
1941
845
1942
514
1943
1944
559
731
1945
633
1945—September..
October
659
November..
694
December. .
731
771
1946—January... .
809
February...
March
871
April
946
May
1,025
1,093
June
1,164
July
1,247
August
September?, 1,313
October?. . . 1,389
Volume extended during month:
106
1945—September.
131
October
140
November.
147
December. .
157
1946—January.. .
155
February..
188
March
212
April
226
May
217
June
240
July
253
August... .
243
September**
281
October?. .
218
311
411
136
55
57
65
58
60
62
65
70
74
82
97
108
115
124
138
149
163
Repair
and
modernization
loans1
Personal
instalment
cash
loans
164
253
310
123
81
99
146
122
128
135
146
155
164
179
193
212
228
245
263
276
294
155
217
288
143
68
75
97
79
83
90
97
107
111
117
127
142
154
167
179
188
201
209
247
234
154
89
83
121
103
109
116
121
125
131
140
151
161
173
183
198
211
225
347
422
451
289
221
245
302
271
279
291
302
314
329
353
378
402
423
445
469
489
506
23
28
29
32
34
35
41
46
52
50
53
58
55
64
13
19
21
24
27
24
25
32
38
36
44
38
41
48
12
15
16
13
14
15
20
22
22
22
23
27
25
29
46
56
60
64
63
63
82
S3
85
85
90
94
89
98
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Outstanding at end
of period:
1944
1945
1945—September. . .
October
November. . .
December... .
1946—January
February. . . .
March
April
May
June
July
August
September?. .
October?
Volumes extended
during month:
1945—September. . .
October
November. . .
December.. . .
1946—January
February....
March
April
May
June
July
August
September?. .
OctoberP
Total
Retail instalment paper 2
Repair Personal
and
instalmodern- ment
izationl
cash
loans
loans
Automobile
Other
67.1
76.7
70.4
71.4
73.8
76.7
77.5
78.4
81.0
83.2
85.6
87.5
89.0
93.1
95.3
99.8
10.5
11.0
9.6
10.0
10.6
11.0
11.2
11.2
11.6
12.1
12.6
12.7
13.0
13.6
13.8
14.5
3.8
4.0
3.8
3.9
4.0
4.0
4.0
4.1
4.2
4.5
4.8
5.2
5.4
5.6
6.2
7.0
1.1
1.5
1.4
1.5
1.6
1.5
1.5
1.6
1.6
1.6
1.7
1.7
1.9
2.0
2.0
2.2
51.7
60.2
55.6
56.0
57.6
60.2
60.8
61.5
63.6
65.0
66.5
67.9
68.7
71.9
73.3
76.1
13.8
16.0
16.2
17.8
15.6
15.2
18.3
18.0
18.4
18.3
19.6
20.5
20.0
22.6
2.2
2.6
2.7
2.7
2.6
2.4
3.0
3.1
3.2
2.7
3.3
3.5
3.4
4.0
0.7
1.0
1.1
0.8
0.7
0.8
0.9
1.0
1.2
1.2
1.4
1.1
1.4
1.8
0.2
0.2
0.2
0.2
0.1
0.1
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
10.7
12.2
12.2
14.1
12.2
11.9
14.2
13.7
13.8
14.2
r
14.6
15.6
14.9
16.5
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
DECEMBER 1946
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
p Preliminary.
r
Revised.
1405
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Item
Percentage change
from preceding
month
Oct. Sept.
1946P 1946
Percentage change
from corresponding
month of preceding
year
Aug.
1946
Oct. Sept.
1946? 1946
Aug.
1946
+10
+10
+11
+8
+37
+35
+26
+67
+61
+64
+45
+92
+69
+86
+58
+80
Net sales:
Total
Cash sales . . . . r . . . .
Credit sales:
Instalment
Charge account
+15
+14
+19
+14
Accounts receivable, at
end of month:
Total
Instalment
. ...
+3
+3
+4
0
+3
+2
+36
+25
+38
+28
+33
+29
+12
+12
-2
-4
+4
+4
+43
+29
+48
+39
+48
+42
+8
+5
+6
+58
+46
+41
Collections during
month:
Total
Instalment
Inventories, end of
month, at retail value.
-1
-5
-3
+7
Preliminary.
Charge
accounts
Instalment accounts
Year and month
Household ap- Jewelry Department
pliance
stores
stores
stores
Department
stores
Furniture
stores
1945
September...
October
November...
December. . .
36
41
40
36
23
27
27
24
49
52
51
48
30
31
35
46
63
66
67
61
1946
January
February....
March
April
May
June
July
August
September...
October?
32
31
35
35
34
33
32
35
34
37
25
24
27
28
27
26
26
26
25
27
52
52
54
56
55
55
56
55
52
52
32
29
32
32
-34
"33
'32
33
31
32
61
60
64
63
62
60
57
59
56
60
r
p1 Preliminary.
Revised.
Ratio of collections during month to accounts receivable at begin^
ning of month.
COST OF LIVING
Consumers' Price Index for Modern Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
Year or month
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—January..,
February.
March
April
May
June
July
August
September
October...
November
December.
1946—January.. .
February..
March. . . .
April
,
May
June
July
August....
September
October...
All items
Food
Clothing
Rent
Fuel,
electricity,
and ice
House
furnishi ngs
Miscellaneous
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
127.1
126.9
126.8
127.1
128.1
129.0
129.4
129.3
128.9
128.9
129.3
129.9
129.9
129.6
130.2
131.1
131.7
133.3
'141.2
144.1
145.9
148.4
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
137.3
136.5
135.9
136.6
138.8
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
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
104.6
105.1
102.6
90.8
87.9
96.1
96.8
130.3
116.9
100.7
94.4
94.2
108.9
103.4
100.0
101.4
100.7
98.0
85.4
84.2
92.8
94.8
97.6
102.8
102.2
100.5
101.7
96.4
100.9
104.1
104.3
104.6
100.2
100.2
99.9
99.0
99.7
106.5
124.2
129.7
138.8
145.9
105.9
108.5
108.0
108.2
108.3
102.5
105.4
107.8
109.8
110.3
109.7
110.0
110.0
109.8
110.0
110.0
111.2
111.4
110.7
110.5
110.1
110.3
104.3
103.3
101.3
100.5
108.2
122.2
125.6
136.4
145.8
143.6
144.0
144.5
144.9
145.4
145.8
145.6
146.0
146.8
146.9
147.6
148.3
104.1
101.7
98.4
97.9
98.1
98.7
101.0
101.5
100.7
101.1
104.0
110.9
115.9
121.3
124.1
123.3
123.4
123.6
123.8
123.9
124.0
124.3
124.5
124.6.
124.7
124.6
124.»
110.8
111.0
110.5
110.4
110.3
110.5
113.3
113.7
114.4
114.4
148.8
149.7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
167.6
125.4
125.6
125.9
126.7
127.2
127.9
128.2
129.8
129.9
130.8
143.0
143.3
143.7
144.1
144.6
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
167.0
108 . 3
108 . 3
108 . 3
108 . 3
108 . 4
108 .5
108 .7
108 .8
96.3
r
Revised.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1406
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
. .
1945—October
November
December
1946—January
February
March
April
May
July
August
September
October
Week ending:
1946—juiy 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17.
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov 9
Nov. 16
Nov. 23
1926 = 100]
Other commodities
All
commodities
Farm
products
Foods
95.3
86 4
73.0
64 8
65.9
74 9
80 0
80.8
86 3
78 6
77.1
78 6
87.3
98 8
103.1
104.0
105.8
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
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
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
109.1
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
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
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
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
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
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
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
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
105 9
106 8
107.1
107 1
107.7
108 9
110.2
111 0
112 9
124.7
129 1
124.0
134.1
127.3
131.1
131.5
129.9
130.8
133.4
135.4
137.5
140.1
157.0
161.0
154.3
165.3
105 7
107.9
108.6
107.3
107.8
109 4
110.8
111 5
112.9
140.2
149.0
131.9
157.9
100.1
100.2
100.5
100.8
101.3
102.2
103.3
103.9
105.6
109.5
111.6
112.2
115.7
118.6
118.8
118.9
119.4
119.6
119.8
119.8
120.4
122.4
141.2
138.9
141.6
142.4
101.0
101.1
101.4
101.6
102.2
104.7
107.9
108.8
109.2
118.1
124.0
125.7
128.6
84 2
84.6
84.8
84.9
85.1
85 0
86.1
86 1
87 8
90.3
94 4
94.3
94.2
105 0
105 2
105.6
105 7
106.6
108 4
108.8
109 4
112 2
113.3
114 0
114.2
125.7
118 3
118.7
119.5
120.0
120.9
124 9
126.5
127 8
129.9
132.1
132.7
133.8
134.8
95.7
96.1
96.0
95.9
96.0
96.1
96 5
96.4
99.3
98.4
98.4
99.9
104.7
104.7
104.7
106.2
106.5
106.9
107.5
108.3
110.4
111.9
112.6
113.6
115.3
94.8
94.8
94.8
95.3
95.6
95.6
95.7
97.0
98.5
101.3
102.0
102.1
104.0
117.2
120 7
124.2
124.1
125 0
127.1
128 3
128.4
128 2
122 0
121.7
123 8
124.4
125 1
126.0
135.1
135 9
134.8
134.8
135.8
137.3
152.9
153.9
159.2
157.3
156.5
162.3
163.3
160.9
157.1
150.4
151.8
155.1
156.6
158 0
160.2
160.1
170 1
166.5
166.0
167.3
172.1
121.1
134 0
142.0
140.7
142.3
144.0
148.9
148.1
150 9
130.7
128.1
131.9
133.0
135.5
137.7
175.6
169 9
165.9
162.5
164.1
165.0
106.3
106.9
107.8
108.6
109.2
110.8
110.8
111.0
111.0
110.8
111.0
112.1
112.4
112.6
112.6
112.8
113.1
114.0
115.5
116.2
116.9
124.0
129.1
139.3
144.0
143.0
138.3
138.4
140.4
140.1
139.6
139.7
139.4
140.9
141.1
141.3
141.5
143.3
143.3
158.7
159.0
158.6
108.8
108.8
109.5
109.5
110.8
114.6
114.9
115.0
115.2
117.3
117.5
123.7
125.4
125.9
126.1
126.3
126.5
127.3
130.2
129.5
129.6
89.5
90 1
90.2
90.2
92 5
96.6
96 5
96.7
96 7
95.1
95.2
95 3
95.1
95 0
95.0
95.0
95 0
94.8
94.7
94.8
94.9
112.6
113 0
113.2
113.3
113 1
113.5
113 7
113.7
113 6
113 6
113.6
114 2
114.2
114 2
114.2
114.4
114 4
114.4
114.4
116.3
117.2
130.7
131 8
132.5
132.6
132.0
132.4
132 7
132.9
132 8
133 1
133.3
133 9
134.0
134 1
134.1
134.2
134 2
137.4
140.0
140.4
142.0
98.2
98.4
100.0
100.3
98.1
98.2
98.3
98.3
98 1
97.9
97.9
98.4
98.2
98 6
98.8
98.8
99 5
103.5
110.2
122.3
123.1
110.7
110.7
112.5
112.5
113.0
113.4
114.0
114.0
114.0
114.1
114.3
114.7
115.0
115.1
115.3
115.7
115.9
117.3
117.5
117.6
118.0
98.0
98.3
98.8
101.7
101.6
101.7
101.0
101.5
101.5
101.3
101.9
101.8
101.8
102.2
102.2
102.5
103.7
105.4
104.9
104.6
106.1
1945
Total
Hides and Textile Fuel and Metals
leather
lighting and metal Building
products products materials products materials
1946
95,2
95.5
1945
1946
Subgroups
Subgroups
Oct.
Farm Products:
Grains
Livestock and poultrv
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
ChemiHouse- Miscel:als and furnishallied
ing
goods laneous
1products
July
Aug.
Sept.
Oct
130.2 181.4 169.0 170.6 174 7
130.5 162.9 177.6 150.4 174 6
123 6 145 7 147 8 151 1 156 1
110 4
95.3
116.3
107 9
98.5
156 9
124.9
130.0
169 9
109.4
161 8
124.7
120.4
198 1
114.9
169.1
127.4
115.5
131 3
115.5
126.3
117.6
103 8
115.2
140.4
169.3
133 2
115.2
140.1
155.8
133 3
115.8
144.8
151.5
138 5
115.8
107 4 120 5
125.0 148.6
71.5 76.3
126.7
30 2 30 2
112.7 112.7
101 4 113 5
122 8
160.0
87.7
134.8
30 2
112.8
121 7
122 9
166.6
88.7
126.5
30 2
113.9
126 7
102.2 114.5 113.4 113.5
124 8 136 1 136 7 137 0
134 9 147 5 147 0 147.5
66.7 65 6 63.9
79.8 80.7 79.5 80.6
62.1 65.1 72.8 73.0
Oct.
Metals and Metal Products:
Agricultural implements.
July
Aug.
9 7 . 0 107.2 108.5
9 8 . Q 108.7 109.7
Iron and steel. 1
99 8 111 3 113 3
Motor vehicles
112. 8
185 s
Nonferrous metals
85 7 102 7 101 4
178 s
Plumbing and heating...
9 5 . 0 106.0 106.3
122 .5 Building Materials:
191 A
Brick and tile
115 9 122 5 126 0
Cement
9 9 . Q 104.0 105.8
136 9
Lumber
155 9 177 3 177 6
Paint and paint material s. . . 107. 6 114.9 113.9
14S 9
Plumbing and heating ..
153 . 0
95. 0 106.0 106.3
Structural stet
107
120 1 120 1
138
6
Other
building materials.
118
104. 6 119.9 120.9
Chemicals and Allied Products:
125 s
Chemicals
96
98 5 98 4
Drugs and Pharmaceuticals. . 110. <i 112.6 110.1
172 Q
88-8
Fertilizer materials
81.0
94.4
s
17 ) 7
Mixed fertilizers
86. 6
86.6 87.7
Oils and fats
30 9
102 0 114 2 102 5
116 .6 Housefurnishing Goods:
Furnishings
107 0 117 3 118 5
130
Fur niture
101.6 106.4 106.6
us 9S Miscellaneous:
Auto tires and tubes .
73 0
73 0 73 0
137
147 s
Cattle feed
159 fi 246 3 221 1
109. •2 117.1 119.6
Rubber, crude
46.2 46.2 46.2
Other miscellaneous . . . .
' *73 i
98.9 101.9 105.0
Sept.
Oct.
108.7
109.9
113 7
143.3
101 A 101.8
107.2 107.2
108 6
109 8
in
127 7
106 S
178 9
116 7
127 8
106.5
178 9
119.2
107 .2 107.2
120 1 120 1
171 4 122.5
98
110 3
90
90 0
103
98 8
111.5
91.9
90.5
111.1
119
107 .5
121 3
109.2
73 0
217.2
124.6
46 .2 46.2
106 .5 108.2
73 0
901 8
I'M Q
» Revision made beginning October 1946.
Back figures.—Bureau of Labor Statistics, Department of Labor.
DECEMBER
1946
1407
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
Annual totals
Seasonally adjusted annual rates by quarters
1946 P
1945 1
1939
1940
1941
1942
1943
1944
19451
1
2
3
4
1
2
88.6
97.1
120.2
152.3
187.4
197.6
199.2
205.1
208.2
198.2
185.2
180.6
185.0
16.0
16.7
7.9
8.8
26.5
18.6
62.7
55.3
93.5
86.2
97.1
89.5
83.6
75.7
96.5
88.7
99.8
92.0
81.0
73.0
57.2
49.3
41.1
32.8
38.0
29.5
1.4
6.5
2.8
6.1
13.3
5.3
50.3
5.0
81.3
4.9
83.7
5.7
69.4
6.3
Private gross capital formation.
Construction
10.9
3.6
14.8
4.3
19.1
5.3
7.6
2.9
2.5
1.6
2.0
1.6
9.1
2.6
82.9
5.8
7.8
3.6
1.8
85.7
6.3
7.8
6.6
2.3
66.4
6.6
7.9
11.2
2.9
42.6
6.7
8.0
15.0
3.7
25.7
7.1
8.3
19.2
5.3
22.0
7.5
8.5
25.0
8.2
Residential
Other
.
.
Producers durable equipment
Net change in business inventories
Net exports of goods and
services .
Net exports and monetary
use of gold and s i l v e r . . . .
Consumer goods and services...
2.0
0.7
0 3
1.5
0 5
1.8
0 9
2.0
1 4
2.3
2 0
3.3
3 5
4.7
8 4
*9.3
5.4
7.5
120.2
10.7
75.6
34.0
122.0
12.0
75.5
34.5
Gross national product
Government expenditures for
goods and services
Federal Government
War
Nonwar
Nondurable goods
Gross national product
Deductions:
Business tax and nontax
liabilities
Depreciation and depletion.
Other business reserves.. . .
Capital outlay charged to
current exDense
Adjustments:
For inventory revaluation
For discrepancies
National income
. .
Additions:
Transfer p a y m e n t s
....
Deductions:
Corporate savings
Contributions to social insurance funds
•
I n c o m e p a y m e n t s to individuals
Income payments to individuals
Personal taxes and nontax
Payments
Federal
State and local
Disposable income of individuals
..
Consumer expenditures....
Net savings of individuals..
National income
Total compensation of employees
Supplements...
Net income of
1.6
2.4
2.8
1.3
0.6
0.5
2.0
2.5
1.6
1.0
1.1
5.5
6.9
8.9
5.1
3.1
4.0
0.9
1.8
3.5
-0.5
—0.6
-1.7
0.8
1.5
1.2
(3)
-1.5
-1.8
0.2
61.7
6 4
32.6
22.7
0.3
65.7
7 4
34.4
23.9
0.2
74.6
9 1
40.1
25.4
0.1
82.0
6 3
47.9
27.8
(!)
91.3
6 6
55.1
29.7
88.6
97.1
120.2
152.3
187.4
197.6
10.4
12.4
18.5
23.1
27.4
29.7
Interest and net rents
Net corporate profit
J
6.6
a
5.2
5
6.1
2
6.7
2
8.3
-0.1
-3.4
-1.6
-0.1
98.5
106.4
105.0
101.8
60.0
31.8
65.6
33.1
65.0
32.6
61.5
33.2
106.0
7 4
65.1
33.5
113.0
9 0
70.6
33.3
161.0
167.6
166.2
158.4
150.7
6.2
6.4
7.0
7.6
8.0
8.2
0.8
0.7
0.8
0.6
0.5
0.5
1.7
3.2
2
0.7
0.9
1.3
1.1
0.8
0.9
-0.4
-3.2
-1.1
96.9
-2.1
-0.2
122.2
-0.2
70.8
-0.4
-0.4
77.6
149.4
-0.1
—2.2
160.7
2.4
2.6
2.5
2.7
3.2
5.3
0.4
1.8
4.0
4.4
5.5
5.4
2.0
2.1
2.6
3.2
3.8
3.9
70.8
76.2
92.7
117.3
143.1
156.8
160.7
163.7
163.2
158.6
156.9
156.7
160.6
70.8
76.2
92.7
117.3
143.1
156.8
160.7
163.7
163.2
158.6
156.9
156 7
160.6
3.1
1.3
1.9
3.3
1.4
1.9
4.0
2.0
2.0
6.7
4.7
2.0
18.6
16.6
10.4
17.4
21.2
22.1
21.7
20.7
20.1
18 7
19 0
2.0
2.1
67.7
61.7
6.0
72.9
65.7
7.3
88.7
74.6
14.2
110.6
82.0
28.6
124.6
91.3
33.3
137 A
98.5
38.9
139.6
106.4
33.1
141.6
105.0
36.6
141.5
101.8
39.7
137.9
106.0
31.9
136.9
113.0
23.9
138 0
120.2
17.8
141 6
122.0
19.6
70.8
48.1
44.2
77.6
52.3
48.6
96.9
64.5
60.8
122.2
84.1
80.8
149.4
106.3
103.1
160.7
116.0
112.8
161.0
114.5
111.4
167 6
119.6
116.4
166 2
118.3
115.1
158 4
113.0
110.0
150.7
105.7
102.7
0.0
3.8
proprietors.....
Agricultural
1.9
3.7
3.7
3.3
11.2
12.0
15.8
20.6
4.3
6.9
7.4
4.2
3.8
0.4
4.4
7.6
7.5
5.8
4.0
1.8
6.3
9.6
8.0
8.5
4.5
4.0
9.7
1.5
3.2
10.9
23.5
11.9
11.6
8.8
8.7
4.3
4.4
9.7
9.8
4.3
5.5
3.2
24.1
11.8
12.3
10.6
3.1
3.2
3.2
3.0
25.6
12.5
13.1
11.8
9.9
4.5
5.4
9.0
4.5
4.5
26.3
13 3
13.0
11.4
10 4
25.8
13 2
12.6
11.7
10 4
25.1
12.2
12.9
11.9
8 4
2.9
26.0
12 1
13.9
12.2
6 8
»
Preliminary.
1
Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BULLETIN2 for July 1946, p. 806.
Based on new sources and not precisely comparable with previous years.
* Less than 50 million dollars.
NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business
for May and August 1942, and March 1943.
Back figures: For annual totals 1929 through 1938, see the Survey of Current Business, May 1942 and April 1944. For quarterly estim ates
1939 through 1944, see the Survey of Current Business for April 1944 and February 1946.
1408
FEDERAL RESERVE BULLETIN
NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF NOVEMBER 1, 1946
[In thousands of units]
Cotton
Federal Reserve district
Production
1945
Estimate
Production
1945
Nov. 1, 1946
Bales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
...
Bales
458
579
Bushels
7 412
27,253
52,911
220,734
148,381
186,519
1,156,790
349 257
383,549
397,723
80,483
7,398
9,015
8,487
3,018,410
1,108
2 165
1,213
1 737
4
» 2 789
237
2 258
Total
Corn
2 664
216
2 078
Oats
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
.
Atlanta
Chicago
St.iJLouis
Minneapolis
Kansas City
Dallas
San Francisco
. .
...
Total
1
2
3
4
Production
1945
Winter wheat
Estimate
Production
1945
Nov. 1, 1946
Bushels
7 480
32,899
52,426
233 201
149,183
176 541
1,399,734
439 617
418 932
385,258
77 772
7,629
3,380,672
Production
1945
Production
Estimate
1945
Nov. 1, 19461
Bushels
10,194
17,974
66,402
25,775
7 649
66,754
48 392
37,541
403,707
42 546
96,243
6,244
17,873
57,991
27,417
6,338
56,985
44,421
41,112
438,280
54,283
128,950
823,177
879,894
Tobacco
Tame hay
Estimate
Nov. 1, 19462
Bushels
Estimate
Nov. 1, 19462
Spring wheat
Estimate
Nov. 1, 19462
Bushels
36
57
126
30
Bushels
60
171
136
32
786
20
257,127
5,039
100
36,645
1,474
21
247,497
4,861
93
35,183
299,966
289,528
White potatoes
Production
1945
Estimate
Nov.l, 1946
Production
1945
Estimate
Nov. 1, 1946
Bushels
4,791
21,666
15,458
63,506
31,291
30,913
593,313
58,711
522,589
129,155
47,001
29,269
Bushels
5,370
35,261
18,980
79,653
34,657
28,080
616,195
86,950
395,178
155,969
40,727
30,096
Tons
3,539
6,639
2,515
5,605
5,030
4,468
19,618
8,946
10,776
8,986
1,937
13,514
Tons
3,421
6,415
2,496
5,708
5,124
4,279
17,007
8,658
9,370
8,052
1,980
13,122
Pounds
30,774
1,228
46,355
145,225
1,132,964
237,297
37,405
358,631
3,073
4,856
Pounds
36,604
1,475
57,717
161,954
1,292,612
260,026
43,276
406,447
3,532
5,615
Bushels
61,939
35,386
19,996
13,504
24,988
18,589
34,683
10,311
52,596
37,315
5,433
110,391
Bushels
87,043
47,616
23,898
15,048
31,046
19,308
33,525
12,875
42,403
38,973
7,281
118,888
1,547,663
1,527,116
91,573
85,632
1,997,808
2,269,258
425,131
477,904
Estimate is for Aug. 1, 1946; no estimate made since that date.
Estimate is for Oct. 1, 1946; no estimate made since that date.
Includes 9,000 bales grown in miscellaneous territory.
Includes 13,000 bales grown in miscellaneous territory.
DECEMBER
1946
1409
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
1946
1946
Chart
book
page Oct.
23
WEEKLY FIGURES'
Oct.
30
Nov.
Nov.
13
Nov.
23
In billions of dollars
WEEKLY FIGURES—Gont.
RESERVES AND CURRENCY
Reserve Bank credit, total
U. S. Govt. securities, total. .
Bills
Certificates
Notes
Bonds
Discounts and advances
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves
Excess reserves*
Excess reserves (weekly average):
Total*
New York City
Chicago
Reserve city banks
Country banks*
Oct.
30
Nov. Nov. Nov.
20
13
In unit indicated
BUSINESS CONDITIONS
2 23.64
3 23.06
3 14.14
3 7.48
3 .69
3 .76
2 .25
2 20.39
2 28.59
2 2.27
2 .37
4 15.78
4 15.34
4 .44
24.10 24.11 24.57
23.61 23.51 23.68
14.71 14.93 14.90
7.45 7.10 7.20
.83
.74
.69
.15
.75
.76
.38
.40
.24
20.40 20.41 20.42
28.59 28.75 28.76
2.29 2.28 2.29
.58
.46
.41
16.11 16.06 16.26
15.37 15.42 15.42
.64
.84
.74
.83
.02
.01
.18
.63
.86
.01
()
.19
.64
.83
.01
.21
.60
.90
.01
.01
.20
.68
14 58.77
39.62
14 39.69
4.70
14 15.73
58.55
39.04
39.65
4.70
16.09
57.61
37.97
39.53
3.46
16.26
57.55
37.63
39.50
3.48
16.52
5
5
5
5
5
MEMBER BANKS IN LEADING CITIES
Total—101 cities:
Loans and investments
U. S. Govt. obligations
Demand deposits adjusted...
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, total.
Bonds and guaranteed
securities
Notes and certificates
Bills
Demand deposits adjusted...
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U.S. Govts.
Brokers'—on other securities
Toothers
All other
100 cities outside New York:
Loans and investments
U. S. Govt. obligations, total.
Bonds and guaranteed
securities
Notes and certificates
Bills
Demand deposits adjusted...
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities. .
Allother
Chart
book
page Oct.
15 19.86 19.62 19.26 19.14
15 13.28 12.79 12.38 12.14
16
16
16
15
15
15
15
15
17
9.42 9.40 9.36 9.31
3.22 3.30 2.99 2.80
.03
.04
.09
.64
14.54 14.44 14.36 14.42
1.59 1.58 1.16 1.16
3.97 3.97 4.01 3.99
1.28 1.27 1.28 1.27
5.51 5.75 5.82 5.95
3.57 3.62 3.63 3.70
.31
.52
.67
.26
.84
.75
.33
.46
.69
.29
.63
.10
37 90.3 89.4 91.1 91.2 914
37 4,602 4,628 4,682 4,700 4 ,765
913 917 807
45 942
Steel production (% of capacity) . . .
Electric power prod. (mill. kw. hrs.).
Freight carloadings (thous. cars) . . .
Department store sales (1935-39
= 100)
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
45
277
••287
314
363
342
49 135.9 134.8 134.8 135. 8137.3
49 170.1 166.5 166.0 167 .3 172.1
115.5 116.2 116.9
49 113.1
1946
Aug.
p.85
MONTHLY FIGURES
.02
RESERVES AND CURRENCY
(*)
.19
P . 64 Reserve Bank credit
old stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total
57.74 M.
37.88
Central reserve city banks
39.84 Reserve city banks
3.52
Country banks
16.48 Required reserves, total
Central reserve city banks
19.32
Reserve city banks
12.43 Country banks
Excess reserves, total
9.31 Balances due from banks:
2.77
Reserve city banks
.34 Country banks
14.61 Money in circulation, total
1.17
Bills of $50 and over
3.97
$10 and $20 bills
1.30 Coins, $1, $2 and $5 bills
5.84
3.73
Sept.
Oct.*
In billions of dollars
6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7
24.26
20.27
28.35
2.26
.89
.89
24.14
20.33
28.59
2.27
.44
16.17
5.08
6.36
4.73
15.30
5.06
6.17
4.07
.86
13
13
8
8
8
8
1.78
3.77
28.45
8.18
15.73
4.54
1.76
3.72
28.51
8.25
15.71
4.55
1.79
3.73
28.60
8.33
15.71
4.56
P170.20 P169.60
P80.60 J»81.30
P52.80 P53.10
*26.60 P26.50
PIO.20
P 8 . 70
P169.30
P82.20
P53.4O
P26.50
P7.2O
*8.39
.39
.73
P2.5O
P. 85
P3.31
P2.13
Pi.18
P.43
P.76
P8.69
Pl.77
P2.62
P.85
P3.46
P2.22
Pi. 24
P.45
P. 80
24.39
20.29
28.48
2.27
.52
.52
16.03
5.03
6.34
4.67
15.14
5.01
6.13
3.99
16.16
5.09
6.36
4.71
15.27
5.06
6.16
4.05
ALL BANKS IN U. S.
16
.51
.65
.69
.78
16
17
17
.26
.47
.69
.26
.47
.75
.26
.44
.81
.26
.44
.78
38.91 38.94 38.35 38.41
15 26.34 26.26 25.59 25.49
16 17.81 17.79 17.82 17.78
16 7.93 7.90 7.37 7.24
.57
.46
.41
16 .59
15 25.15 25.22 25.17 25.08
15 3.11 3.12 2.31 2.33
15 6.59 6.58 6.70 6.97
15 9.03 9.03 9.05 9.05
15 10.23 10.34 10.44 10.58
17 6.05 6.14 6.22 6.33
17 1.19 1.17 1.18 1.18
17 2.99 3.03 3.04 3.06
.74
Total deposits and currency
9
.24 Demand deposits
9
.46 Time deposits
9
.67 Currency outside banks
9
U. S. Govt. deposits
9
38.42
25.45
CONSUMER CREDIT
17.77
2.25 "onsumer credit, total
18
18
.44 Single payment loans
25.23 Charge accounts
18
2.35 Service credit
18
6.74
Instalment credit, total
18, 19
9.05
Instalment loans
19
Instalment sale credit, total
19
10.64
6.42
Automobile
19
1.13
Other
19
3.09
8.16
1.71
2.42
.84
3.18
2.06
1.13
PI.74
TREASURY FINANCE
Per cent per annum
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
24
Certificates
24
Notes
24
Bonds (7-9 years)
24
Bonds (15 years and over) .24, 26
Corporate bonds:
High grade (5 issues)
26
Aaa
26
Baa
26
.376
.83
1.23
1.57
2.26
.376
.84
1.22
1.55
2.24
.376!
.84
1.22
1.55
2.24
.376
.85
1.21
1.57
2.25
.84
1.22
1.59
2.26
2.51
2.60
3.15
2.52
2.60
3.16
2.51
2.59
3.15
2.50
2.59
3.15
2.52
2.59
3.17
.376
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares).
27
27
27
27
27
123
17.7
110
108
.87
119
122
109
105
1.52
121
124
113
106
1.49
122
126
116
106
1.05
119
123
111
10
1.09
U. S. Govt. obligations outstanding,
total interest-bearing
By classes of securities:
Bonds (marketable issues)
Notes, certificates, and bills....
Savings bonds and tax notes...
Special issues
By maturities:
5 years and over
5-20 years
5-10 years
Within 5 years
Within 1 year
Certificates
Bills
Holdings of U. S. Govt. obligations:
Commercial banks
Fed. agencies and trust f u n d s . . . .
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues
20
266.73
264.61
262.79
20
20
20
20
119.32
66.85
56.57
23.44
119.32
64.84
56.03
23.85
119.32
62.82
56.08
24.02
20
20
20
20
20
20
20
108.70
65.10
45.03
77.65
58.72
36.47
17.02
107.41
63.81
43.74
76.93
61.10
34.48
17.01
107.41
63.81
43.74
74.91
59.08
32.48
16.99
21
21
21
21
21
21
21
80.40
30.06
23.95
11.70
25.40
95.20
40.70
78.70
30.38
24.05
11.70
25.40
94.40
40.50
30.43
23.52
For footnotes see p. 1412.
1410
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1946
Aug.
Sept.
Oct.i
Per cent per annum
MONTHLY FIGURES—Cant.
MONEY RATES, ETC.
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
Treasury bills (new issues)
23
23
23
2.51
1.00
.375
2.58
1.00
.375
2.60
1.00
In unit indicated
Stock prices (1935-39=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares) . . . .
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances. . .
27
27
27
27
27
146
150
147
125
.95
125
129
119
110
2.17
12:
126
110
10'
1.26
29
29
29
723
377
647
631
305
729
538
253
720
BUSINESS CONDITIONS
Income payments (mill, dollars) :4
Total
30
Salaries and wages
30
Other
30
Cash farm income (mill, dollars):
Total
31
#
Livestock and products
31
Crops
31
Govt. payments
31
Armed forces (mill, persons)
32
Civilian labor force (mill, persons):
Total
32
Male
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural
33
Industrial production:4
Total (1935-39=100)
35, 49B
Groups (points in total index):
Durable manufactures
35
Machinery and trans, equip.. . 49B
Iron and steel
49B
Nonferrous metals, lumber, and
building materials
49 B
Nondurable manufactures
35
Textiles and leather
49 B
Food, liquor, and tobacco
49B
Chemicals, petroleum, rubber,
and coal products
49 B
Paper and printing
49B
Minerals
35, 49B
New orders, shipments, and inventories (1939=100):
New orders:
Total
36
Durable
36
Shipments:
Total
36
Durable
36
Nondurable
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls
(1939=100):
Pay rolls
38
Employment
38
Hours and earnings at factories:
Weekly earnings (dollars)
39
Hourly earnings (cents)
39
Hours worked (per week)
39
Nonagricultural
employment (mill,
persons) :4
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts (3
mo. moving
average, mill, dollars):4
Total
41
Residential
41
Other
41
14,112 13,805 14,337
9,043 9,050 P9,050
5,069
4,755 P5.28
2,233
1,178
991
64
2.4
Chart
book
page
2,027 P3.39
880 Pl.53
1,134 Pi, 84:
13
Pl.
2.:
2.2
MONTHLY FIGURES—Gont.
BUSINESS CONDITIONS
59.4
42.2
17.3
2.1
57.4
48.6
8.7
59.3
42.1
17
2.0
57.4
48.8
8.6
177
180
pis:
'78.9
42.5
20.2
80.4
43.3
20.2
P80.9
P43.8
20.1
16.2
76.7
20.9
21.1
16.9
77.1
21.4
20.9
P17.0
P79.3
P21.8
P22.5
21.8
12.9
'21.9
21.8
12.9
22.1
P21.8
P13.2
P21.9
212
232
228
254
223
233
216
242
261
228
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total.,
P248
Individual income taxes
P265
Corporate income taxes
P236
Misc. internal revenue
185
200
173
190
205
177
P197
P211
P185
112.6
'40.3
P113.2
P40.5
39.7
15.3
8.0
5.4
3.9
1.9
39.9
15.5
8.0
5.4
3.9
2.0
P40.0
P15.6
P7.9
647
289
358
621
271
350
42
42
42
42
42
Oct.
280
13
267
228
39
304
27
277
241
36
220
18
202
189
13
1,075
1,075
1,050
49C
49C
35
345
45
340
50
330
49C
49C
218
477
226
464
216
454
43
141
138
139
43
43
43
79.4
32.4
29.6
75.9
33.9
28.4
76.1
32.9
29.5
44
44
290
221
269
226
257
237
46
46
46
P882
49C
P848
J>424
C
P641
P629
P376
46
P424
P253
47
47
47
47
144.1
171.2
161.2
108.7
145.9
174.1
165.9
108.8
148.4
180.0
167.0
49
49
49
129.1
161.0
111.6
124.0
154.3
112.2
134.1
165.3
115.7
Jan.Mar.
RECEIPTS AND EXPENDITURES OF THE
U. S. TREASURY
49D
49 D
49D
49 D
49 D
49 D
49D
Apr.June
JulySept.
In billions of dollars
13.00
8.67
[3.24
12.59
7.22
3 .49
1.88
13.44
7.19
9.89
8.07
3.72
2.48
1.87
10.16
3.80
9.45
8.47
3.87
2.56
2.04
Per cent per annum
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
44.98 '45.41 P45.83
Southern and Western cities
111.1
'40.5
Sept.
In unit indicated
QUARTERLY FIGURES
P229
284.3
146.7
Aug.
Cont.
Residential contracts (mill, dollars) :4
Total
Public
Private, total
1- and 2-family dwellings
Other
Value of construction activity (mill,
dollars):
Total
Residential:
Public
Private
Nonresidential:
Public
Private
Freight carloadings:4
Total (1935-39=100)
Groups (points in total index):
Miscellaneous
Coal
Allother
Department stores (1935-39=100) :4
Sales
Stocks
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports excluding LendLease exports
Cost of living (1935-39=100):
All items
Food
Clothing
Rent
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food
60.0
42.8
17.2
2.0
58.0
48.8
9.1
'278.2
145.0
1946
23
25
25
25
2.41
1.84
2.51
2.97
'2.32
'1.83
2.43
2.75
In millions of dollars
SECURITY MARKETS
Corporate security issues:
Net proceeds:
All issues
P5.3
Industrial
P3.9
Railroad
Pl.9
Public utility
New money:
All issues
P613
Industrial
P264
Railroad
P349
Public utility
2.31
1.75
2.34
2.93
28
28
28
941
407
348
154
2 ,134
1,106
209
741
1,404
798
31
490
28
28
28
28
248
219
10
3
611
532
18
21
796
551
28
200
For footnotes see p. 1412.
DECEMBER
1946
1411
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
CALL DATE FIGURES
1945
Dec.
31
1946
June
29
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Agricultural
For purchasing securities:
Brokers
Toothers
Consumer
Demand deposits adjusted
1945
Dec.
31
1946
June
29
Sept.
30
In billions of dollars
CALL DATE FIGURES—Cont.
CLASSES OF BANKS—CONT.
10
10
11
11
11
11
11
10
107.18 102.03
78.34 72.27
44.79 45.42
16.98 15.29
14.27 10.47
1.07
2.27
.02
.02
6.46
6.07
11
11
10
11
11
11
3.25
2.82
22.78
8.95
3.46
.86
3.31
3.15
23.30
9.69
4.27
11
11
11
10
3.13
3.38
1.90
64.18
2.40
2.48
2.46
67.46
Country banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
13
13
13
13
13
13
^5.00
27.00
2.41
5.60
23.60
12.51
35.89
26.56
2.73
6.61
24.63
13.53
36.06
25.95
2.77
7.33
25.56
13.90
1946
SELECTED DATES
Jan.Mar.
12
12
12
12
12
12
32.07
21.79
1.62
8.67
18.22
1.97
28.47
19.13
1.51
7.84
19.35
2.21
12
12
12
12
12
12
40.11
29.55
2.04
8.51
22.37
9.79
37.68
26.59
2.23
8.86
23.48
10.45
36.71
24.61 Cash farm income (bill, dollars)
2.28 Farm transfers (number per 1000
9.81 farms):
Total
23.85
Voluntary sales and trades
10.67
Apr.June
JulySept.
In unit indicated
FARM REAL ESTATE VALUES
Cash farm income (bill, dollars, annual
basis)
Farm real estate values (1912-14=
100)
Prices received and paid by farmers:
Prices paid (1910-14=100*
Prices received (Aug. 1909-July
26.94
1914=100)
17.67
1.65
7.63
19.41
2.25
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Sept.
30
In billions of dollars
ALL MEMBER BANKS
Chart
book
page
49A
23.0
23.0
49A
» 142
• 147
P24.7
49A
178
184
201
49A
207
214
245
1944
1945
In unit indicated
49A
21.0
21.6
49A
49A
53.4
51.5
56.4
54.9
r
* Corrected.
'Estimated.
P Preliminary.
Revised.
For charts on pages 20, 23, 24, 26, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
* Less than $5,000,000.
*5 Adjusted for seasonal variation.
Figures available for June and December dates only.
* As of Mar. 1 and July 1.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
1
2
1412
FEDERAL RESERVE BULLETIN
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks 1
Banks (Head/ Offices)
Dec. 31 1942
Dec. 31, 1943
Dec. 31, 1944
Dec. 31, 1945
Oct.
31
1946P
All
reporting
banks»
Total
14,682
14,579
14,535
14,553
14,592
14,136
14,034
13,992
14,011
14,051
6,679
6,738
6,814
6,884
6,904
5,081
5,040
5,025
5,017
5,009
3,739
3,933
4,064
4,090
4,089
3,602
3,797
3,924
3,947
3,936
2,615
2,793
2,892
2,909
2,883
1,592
1,741
1,813
1,811
1,761
Total »
National
Mutual savings
banks
Nonmember banks 1
Member banks
Noninsured1
Total
Insured
1,598
1,698
1,789
1,867
1,895
7,460
7,299
7,181
7,130
7,150
6,667
6,535
6,452
6,416
6,456
793
764
729
714
694
56
184
192
192
191
490
361
351
350
350
1,023
1,052
1,079
1,098
1,122
987
1,004
1,032
1,038
1,053
935
952
978
981
993
52
52
54
57
60
35
95
99
101
110
102
41
41
42
43
State 5
Insured 2
Noninsured
Nonreporting
banks
(nonmember
noninsured)
130
119
120
112
114
Branches and
Additional Offices'
Dec.
Dec.
Dec.
Dec.
31
31,
31
31,
1942
1943
1944
1945
Oct.
31, 1946P
P Preliminary.
Excludes banks (shown in'last column) that do notreport to State banking departments, principally as follows on'the latest date: 11 "coop«ra^
tive"2 banks in Arkansas and 101 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."
3
Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military
reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated
as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 89, respectively«
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Mone*
tary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
1
NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS,
BY DISTRICTS AND STATES
On par list l
Federal Reserve
district or State
Total i
Total
United
Dec.
Dec.
Dec.
Dec.
Oct.
States total:
31, 1942. . .
31, 1943. ..
31, 1944...
31, 1945. . .
31, 1 9 4 6 P . .
14,123
14,021
13,989
14,002
14,050
11,413
11,492
11,544
11,869
11,955
Member
banks
6,670
6,729
6,806
6,877
6,898
Nonmember
banks
4,743
4,763
4,738
4,992
5,057
On par list l
Not
on
par
list 1
State
2,710
2,529
2,445
2,133
2,095
by States
Oct. 31, 1946 P
490
940
849
1,170
490
940
849
1,170
336
804
650
724
154
136
199
446
Richmond
Atlanta
Chicago
St. Louis
1,011
1,145
2,474
1,467
782
516
2,416
1,109
475
332
999
495
307
184
1,417
614
Minneapolis
Kansas City
Dallas
San Francisco
229
629
58
358
1,273
1,749
980
502
589
1,733
864
497
468
752
594
269
121
981
270
228
684
16
116
5
Alabama
Arizona
Arkansas
California
Colorado
220
10
228
191
141
106
10
97
191
141
86
5
66
111
92
20
5
31
80
49
114
Connecticut
Delaware
Dist. of Columbia,
Florida
Georgia
114
40
21
172
371
63
17
18
70
60
51
23
3
3>
27
Idaho
Illinois
Indiana
Iowa
Kansas
45
868
489
659
612
114
40
21
109
87
45
866
489
659
610
25
497
238
164
213
20
369
251
495
397
Kentucky
Louisiana
Maine
Maryland
Massachusetts
387
156
63
169
186
387
53
63
169
186
114
43
38
79
149
273
10
25
90
37
DECEMBER
1946
63
284
2
. . .
„
103'
banks
Nonmember
banks
MemTotal
By districts and
Boston
New York
Philadelphia
Cleveland
Total i
ber
Michigan
Minnesota
Mississippi
Missouri
Montana
443
674
203
593
111
443
257
38
521
109
228
208
30
182
77
215
49
8
339
32
Nebraska
Nevada
New Hampshire
New J e r s e y . . . .
New Mexico. . .
409
8
64
344
43
404
8
64
344
43
145
6
52
295
30
259
2
12
49
13
New York
North Carolina.
North Dakota..
Ohio
Oklahoma
669
202
150
674
382
669
84
44
674
372
580
53
41
426
219
89
31
3
248
153
68
68
1,013
1,013
20
53
67
33
772
11
29
61
35
241
9
24
6
Oregon
Pennsylvania...
Rhode Island. .
South Carolina.
South Dakota. .
20
148
169
Not
on
par
list*
417 !
165
72 '
2'
1
5}
118 '
106f
95
102
Tennessee
Texas
Utah
Vermont
Virginia
293
868
59
71
316
189
804
59
71
303
81
550
34
40
201
108
254
25
31
102
104
64
Washington....
West Virginia. .
Wisconsin
Wyoming
124
180
555
55
119
177
440
55
56
108
165
37
63
69
275
18
5
3
115 !
13
^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. Similar par list figures published heretofore
have included member mutual savings banks and member nondeposit
trust companies (three and four, respectively, on Dec. 31, 1945)
on which no checks are drawn, because of the requirement that member
banks remit at par for checks presented to them through the Federal
Reserve Banks.
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, namely, those that do not report to State
banking departments (see footnote 1 of preceding table), and includes
industrial banks and nondeposit trust companies whether or not
checks are drawn on them.
NOTE.— Prior to February 1946, statistics on the Federal Reserve
par list were published annually. For back figures see Banking and
Monetary Statistics, Table 15, and descriptive text, pp. 14-15.
1413
PAGE
Gold reserves of central banks and governments.
1415
Gold production.
1416
Gold movements.
1416
International capital transactions of the United States. .
1417-1422
Central banks .
1423-1426
Money rates in foreign countries.
1427
Commercial banks .
1428
Foreign exchange rates. .
1429
Price movements:
Wholesale prices
1430
Retail food prices and cost of living.
1431
Security prices..
1431
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.
1414
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina 1
Belgium
Brazil
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
14,512
17,644
21,995
22,737
22,726
21,938
20,619
431
581
609
734
734
735
734
32
40
51
70
115
254
329
274
274
274
274
274
274
274
1945—Nov..
Dec...
1946—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
20,030
20,065
20,156
20,232
20,256
20,251
20,242
20,270
20,267
20,280
20,305
20,402
711
716
729
747
755
763
761
761
756
750
722
726
356
354
363
362
361
361
360
359
358
357
355
354
274
274
274
274
274
274
274
274
274
274
Iran
(Persia)
Italy
Japan
Java
Mexico
26
26
26
26
34
92
128
193
144
120
164
164
164
5
164
80
90
140
235
'216
29
32
47
47
39
203
222
998
692
617
575
506
500
500
23
23
23
23
23
23
23
296
294
288
284
257
254
250
235
229
218
213
200
270
270
270
270
270
270
270
270
270
270
265
265
23
23
23
23
23
23
23
23
23
23
24
23
End of month
End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
Hun-
353
354
1658
*939
404
403
398
398
397
392
398
406
407
407
37
24
24
24
24
24
24
131
1945—Nov..
Dec...
1946—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct.. .
End of month
466
P131
P126
P126
P124
P124
P124
Sweden
Switzerland 8
Turkey
321
308
160
223
335
387
463
701
549
502
665
824
• 965
1,158
29
29
88
92
114
161
221
474
482
481
481
478
476
473
473
470
474
472
469
1,339
1,342
1,346
1,345
1,361
1,363
1,374
1,376
1,393
1,396
1,412
236
241
241
241
241
241
241
240
240
240
Chile
Colombia
Cuba
Czechoslovakia
Denmark
Egypt
192
214
27
5
6
5
6
30
30
30
31
36
54
79
24
21
17
16
25
59
92
1
1
1
16
46
111
83
56
58
61
61
61
61
53
53
52
44
44
44
44
55
55
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
5
7
7
6
6
7
5
6
6
7
7
82
82
82
82
82
83
82
83
81
115
127
128
129
131
132
133
134
135
141
142
143
186
191
201
201
201
201
201
201
201
61
61
61
61
61
61
61
61
61
44
38
38
38
38
38
38
38
38
38
38
38
52
52
52
52
52
52
52
52
52
52
1,540
1,090
1,090
1,090
1,090
1,090
796
796
796
796
796
796
British
India Canada
P73
Nether- New
lands Zealand
United
Kingdom
Uruguay
Venezuela
Yugoslavia
2,690
81
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
69
68
90
100
89
121
157
52
52
29
41
68
89
130
57
59
82
<83
195
195
195
195
195
198
204
204
205
205
202
202
212
212
212
212
215
215
215
215
Nor-
94
94
*84
Peru
20
20
20
21
25
31
32
Poland
4
85
84
28
28
28
28
28
28
25
23
23
23
24
24
B.I.S.
Other
countries7
14
7
12
12
21
45
37
166
178
170
166
185
229
245
39
39
39
39
39
39
39
39
41
41
40
40
245
247
247
247
245
P242
P239
P238
Ger-
France many
29
29
29
29
29
29
29
Greece
27
28
28
28
28
28
28
Portugal
Rumania
South
Africa
69
69
59
59
59
60
60
133
152
158
182
203
260
267
220
249
367
366
634
706
814
»525
60
60
60
60
60
268
269
269
269
943
914
949
982
,014
,046
,080
,046
,027
,001
970
108
110
111
111
111
111
111
111
111
111
Spain
42
42
91
105
Government gold reserves 1 not included in
previous figures
United
End of month United
France
States Kingdom
Belgium
80
154
44
1938—Dec
1939—Mar
May . .
* 759
1,732
331
559
477
85
June....
17
164
Sept.. . .
«876
156
Dec
17
86
1940—June
17
48
Dec
292
17
89
1941—June
17
25
Dec
* 151
17
8
1942—June
17
12
Dec
17
11
1943—June
17
P238
43
Dec
17
P238
21
1944—June
17
P238
12
Dec
17
P238
32
1945—Mar
81
June....
17
20
Sept.. . .
P Preliminary.
1
18
Dec
17
Figures through March 1940 and for December 1942, December 1943, and December 1944
54
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held 1946—Mar
71
June
abroad and gold belonging to the Argentine Stabilization Fund.
* On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
1
Reported at infrequent intervals or on de» Figure for December 1938 is that officially reported on Apr. 30, 1938.
* Figures relate to last official report dates for the respective countries, as follows: Java— layed basis: U. S.—Exchange Stabilization Fund
Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali^ Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- zation Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
* Figure for end of September.
* Beginning December 1943, includes gold holdings of Swiss Government. Current pre• Reported figure for total British gold reserves
liminary
figures
represent
Bank
holdings
only.
7
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian on Aug. 31, 1939, less reported holdings of Bank
Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31 of England on that date.
< Figure for Sept. 1, 1941.
1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February
NOTE.—For available back figures and for de1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have
tails regarding special internal gold transfers
been carried forward from last previous official report.
affecting
the British and French institutions, see
• Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Banking and Monetary Statistics, p. 526, and
Exchange Equalization Account during 1939.
BULLETIN
for February 1945, p. 190.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication.
DECEMBER
1946
1415
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
Year or
1936.
1937.
1938
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1945—Spnt
Oct.
Nov
TVr
1946—Tan
Feb
Mar.
Apr
May
June
July
Aug.
Sept
Production reported monthly
production Total
reported
outside
U.S.S.R.i monthly
South
Africa
971,514 833,895 396,768
1,041,576 893,384 410,710
1,136 360 958,770 425,649
1,208,705 1,020,297 448,753
1,297 349 1 094,264 491,628
1,288,945 1,089,395 504,268
966,132 494,439
760,527 448,153
682,061 429,787
645,323 427,862
52,756 35,313
55,739 36,809
54,686 36,005
54 896 35,043
55,758 35,892
50 981 32,971
50,656 30,871
53 900 34 793
55,857 36,740
54,749 35,732
36,657
35,553
34 509
Africa
RhoWest
desia Africa2
$ 1=15* in
28,053 16,295
28,296 20,784
28,532 24,670
28,009 28,564
29,155 32,163
27,765 32,414
26,641 29,225
23,009 19,740
20,746 18,445
19,888 18,865
1,680 1,610
1,664 1,610
1,595 1,400
1,597 1,470
1,584 1,610
1,473 1,610
1,574 1,645
1 609 1,645
1,609 1,610
1,654 1,715
1,643 1,750
1,646 1,750
1,715
North and South America
Mex- ColomNicaChile
ico6
ragua 7
bia
grains ofgoWVi »fine; i. (;., an ourice of fine gold—&35.
7,386 152,509 131.181 26 r 465 13-632 q, 018
807
8,018 168,159 143 ,367 29 591 15 ,478 9, 544
848
8,470 178,143 16S ,379 39 306 18 ,225 10 9Q0 1, SS7
8,759 196,391 178 ,303 29 426 19 ,951 11, 376 3 , 506
3 8,862 210,109 185 ,890 30 878 99 ,117 11 999 5 49Q
209,175 187 ,081 27 969 22 ,961 9, 259 7, 525
130,963 169 ,446 28 019 20 ,882 6, 409 8, 623
48,808 197 ,796 99 OSS 19 ,789 6, 081 7, 71S
35,778 102 ,302 17 779 19 ,374 7, 131 7, 865
6, 989
32,511
,794
17 ,734
6, 98S
2,728 7 ,404
1 ,400
370
570
1 ,319
SS9
3,639 8 ,034
S99
1
396
3,822 7 7?6
1 ,140
1 096
634
3,635 8 ,391
1 ,499
683
5??
3,984 8 346
1 ,309
549
443
3,283 8 ,013
1 ,473
770
608
3,639 8 ,677
1 193
451
580
3,226 8 ,338
1 ,350
4? 5
488
3,158 8 ,412
1 ,094
S63
34?
3,416 8
1
4S6
3,993 8 ,384
1 048
448
8,310 8 ,099
1 ,425
379
6,798 8 ,047
Belgian United
Congo3 States4
Canada*
Other
Austra- British
lia8
India*
40,1*8 11 ,663
46,982 11 ,607
54 264 11 ,284
56,182 11 ,078
55 878 10 157
51,039
9 ,940
8 ,960
42,525
8 ,820
28,560
16,310
6 ,545
16-450
,950
L.190
1,190
L.435
L 365
1,470
L 330
1,400
I 435
1,610
1,540
t 785
3,080
1,925
s
490
490
490
525
17S
630
455
490
52S
490
490
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
r
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
Revised.
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 3Metal Statistics. Beginning January 1944, they represent Gold
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.
6
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 ounce]
Net imports from or net exports (—) to:
Total
Year
net
or
month imports
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
United
Kingdom
Netherlands
Belgium
France
Sweden
Switzer- Canada
land
Mexico
PhilOther
ipLatin
Ameri- pine
Iscan Republics lands
2 7,511
30,790 21,513
39,966
72,648
1,116,584 174,093 573,671 3,351 71,006
6 54,452 111,480
39,485 25,427
38,482
1,585,503 891,531 -13,710 90,859 6,461
65,231 27,880
36,472
76,315
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
57,020 35,636
33,610
3,798 165,122 341,618 28,715 86,987 612,949
3,574,151 1,826,403
29,880 128,259 38,627
977 63,260 161,489 90,320 2,622,330
4,744,472 633,083 241,778
1,747 899 412,056
61,862 42,678
16,791
1
1
3,779
982,378
5 208,917
39,680
40,016
321
1,955
315,678
13,489
66,920 -3,287
88
68,938
46,210 -109,695 -108,560
-845,392 -695,483
15,094 -41,748 " 1 0 3
53,148
160
-106,250
South
Africa
Australia
Japan
British
India
All
other
countries
77,892
8
23,280
20,856
181 246,464 50,762
34,713
8,910
401 168,740 16,159
39,162
13,301
74,250 22,862 165,605 50,956 2 !68,623
103,777 184,756 111,739 49,989 284,208
67,492 292,893 9,444 9,665 363,071
129
528 4,119
20,008
307
152
-8,731
199 3,572
18,365
4
106
357
-133,471
-
1946
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.p
154,070
82,439
31,396
-20,534
-27,028
36,329
6,347
15,210
-7,629
24,182
36
34
i
f
-1
-4
-1
2
;
-8
-6
151,270
80,629
25,265
222
127
32,277
639
649
197
134
1,729
391
1,479 ""L[
126
1,386
75
-2
637
149
-33
34
-8
902
29
11
2,328
476
516 - 8 , 5 0 2
-6
82 -29,198
4,523
198
3
3
3
23
11
3,267
9
13
2
41
15 19,886
17,902
19,912
654
191
1,366
5
6-21,586
7
-27,155
63,112
6 2,865
- 2 3 6 6 2,887
e 3,785
-398
103
-682
p Preliminary.
Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,5 7 0,000
from other countries.
»4 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
Includes $133,980,000 to China and $509,000 from other countries.
« Includes $27,567,000 to China and $5,981,000 from other countries.
• Includes imports from U. S. S. R. as follows: April, $5,625,000; June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000.
7
Includes $27,229,000 to China and $75,000 from other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in t h e same
publication.
1
2
1416
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935, through—
Total
Increase in foreign banking
funds in U. S.
Total
Official *
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
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
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar. 31..
June 30..
Sept. 29..
Dec. 29..
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
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
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940).
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
1L.999.9
L.907.8
L.980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)..
June (July 2)..
Sept. (Oct. 1)..
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
1,459.8
1,424.0
1,177.1
L.841.0
L,818.2
L.817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1).
June 30 2
Sept. 30
Dec. 31
1943—Mar. 3 1 . . .
June 30...
Sept. 30...
Dec. 3 1 . . .
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
1,068.9
1,352.8
1,482.2
1,557.2
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3 '
104.3
106.2
107.5
104.4
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
1,920.3
1,931.2
1,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944—Mar. 31..
June 30..
Sept. 30..
Dec. 31..
7,611.9
7,610.4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868.0
856.6
883.5
805.8
904.1
929.8
1,026.2
1,019.4
685.8
702.4
737.8
911.8
119.6
119.1
122.2
126.3
1945—Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30..
7,908.1
7,983.6
8,002.6
8,079.7
8,131.6
8,422.8
4,999.6
5,159.6
5,219.4
5,289.5
5,335.4
5,671.0
2,744.4
2,859.6
2,865.1
2,920.2
2,964.9
3,313.2
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
2,357.9
848.2
859.8
848.5
844.7
845.7
760.4
1,025.2
989.3
983.7
1,012.6
1,032.0
1,011.2
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
July 31..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31..
8,641.7
8,711.9
8,858.6
8,965.4
8,828.1
8,802.8
5,846.2
5,922.4
6,042.2
6,214.0
6,122.9
6,144.5
3,482.4
3,513.6
3,554.9
3,593.0
3,431.0
3,469.0
2,363.9
2,408.8
2,487.2
2,620.9
2,691.9
2,675.5
810.2
829.0
865.3
875.5
804.2
742.7
1,015.0
999.7
998.2
946.5
983.0
972.8
843.2
831.6
818.4
795.1
779.1
798.7
127.1
129.1
134.6
134.4
139.0
144.1
1946—Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 31..
8,822.9
"•8,775.1
'8,730.8
•"8,674.4
'8,405.8
••8,319.0
8,477.0
6,234.7
••6,173.0
'6,169.3
'•6,124.6
'5,896.2
••5,853.5
36,149.7
3,601.6
'3,473.9
'3,455.2
'3,344.7
'3,119.6
3'3,042.9
3,386.6
2,633.2
2,699.1
2,714.1
2,780.0
2,776.5
2,810.7
3 2,763.2
729.2
728.7
703.6
701.2
644.8
3 624.5
574.1
1,097.8
1,067.2
1,073.0
1,076.1
1,104.2
1,084.7
1,106.1
625.9
672.4
645.1
630.7
619.7
615.0
506.1
135.1
133.9
139.9
141.7
140.9
141.4
3 140.9
' Revised to include movement in accounts of international institutions and in the Italian special deposit account held with the United
States
Treasury.
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 United States Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City
by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal
Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with
the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
a The weekly series of capital movement statistics reported through July 1,1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
3 Amounts outstanding July 31, in millions of dollars: total foreign banking funds in United States, 6,908.2, including official funds, 4,116.8,
and other funds, 2,791.4; United States banking funds abroad, 561.4; and brokerage balances (net due "foreigners"), 64.1.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
DECEMBER
1946
1417
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINGE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan 1, 1936)...
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 31.
1942—Dec. 31
.
.
1943—Dec. 31
1944—Dec. 3 1 . .
iy45—A.Ug 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
"
Mar 31
Apr. 30
May 31
june 30
July 31
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
5,807.9
5,354.1
5,980.2
7,267.1
7,728.4
8,711.9
8,858.6
8,965.4
8,828.1
8,802.8
8,822.9
••8,775.1
••8,730.8
r
8,674.4
'8,405.8
r
8,319.0
8,477.0
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
554.9
829.3
993.7
1,183.8
1,101.3
865.2
674.1
837.8
1,257.7
1,090.0
1,018.8
946.7
937.8
888.7
892.5
858.3
804.7
719.1
709.5
585.8
485.3
756.0
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
518.1
518 1
523.8
526.3
539.7
538.4
525.8
536.5
528.2
426.3
411 9
389.4
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
695.6
698 4
705.2
709.8
722.3
728.6
731.1
728.8
730.4
725.4
737.0
741.0
36.6
83.1
123.9
140.5
165.9
175.9
179.9
179.5
178.6
179.1
179.2
179 3
179.5
179.4
179.7
179.6
179.4
179.3
179.3
179.2
179.3
179.6
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
89.6
94.2
98.0
100.8
106.5
107.3
'133.5
136.2
159.0
165.7
170.4
196.9
210.2
299.5
281.7
339.6
468.7
670.3
639 9
625.9
636 8
585.7
499.8
463 9
510.9
469.8
464.2
553.6
531.6
515.1
453.3
464.1
432 5
419.4
CanOther
Total
Europe E urope ada
130.0
228.5
312.2
472.0
752.9
922.7
891.8
850.9
954.8
993.3
1,059.2
1,134 2
1,118.1
1,127.8
1,132.1
1,142.9
1,125.5
1,116.7
1,140 0
1,152.2
1,138 3
1,108.5
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
4,056.6
3,626.3
3,608.1
4,192.8
4,081.8
4,060.2
4 034 8
4,073.2
4,002.6
4,037.0
4,108.7
'4,031.7
'3,931.7
'3,899.6
'3,698.7
'3,554.8
3,790.7
(2)
150.5
106.3
155.3
229.4
411.7
340.5
425.1
760.3
976.4
1,383.1
1,411 2
1,419.2
1,434.3
1,395 7
1,342.6
1,357 0
1,370.5
1,347 7
1,306.2
1,294 0
1,259.5
Latin
1
America Asia
All
other*
70.9 156.5
201.2 243.0
410.6 315.4
384.6 302.7
483.4 522.6
606.8 642.6
567.5 691.1
835.8 932.9
951.0 1,161.6
1,193.7 1,273.6
1,392.1 1,656.1
1 413 8 1 763 7
1,404.7 1,804.3
1,336.5 1,801.7
1,338.4 1,784 1
1,345.1 1,780.5
1,350.7 1,764 9
1,391.5 1,716.5
1,400 9 1,723 1
1,431.5 1,677 5
1 471 6 1 560 3
1,486.1 1,492.1
12.7
21.4
15.9
36.2
87.4
90.2
128 6
178.3
201.4
203.0
220.3
235 2
264 1
253.0
247.5
246.0
'270 9
'320.6
r
303 1
r
291.9
r
438 4
448.5
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 3 1 . . .
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
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
5,922.4
6,042.2
6,214.0
6,122.9
6,144.5
6,234.7
'6,173.0
•6,169.3
"6,124.6
•5,896.2
•5,853.5
6,149.7
1936)
1939)
1940)
1941)
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
762.6
684.8
678.9
638.3
646.4
617.7
569.2
492.4
492.1
373.0
273.7
599.7
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
201.4
204.0
211.4
253.0
265.0
277.3
265.6
278.4
278.3
251.8
239.5
217.5
72.4
109.8
288.4
205
362
-.8
2.7
9.6
-11.8
-20.1
-22.9
-23.1
-22.7
-23.7
-23.4
-23.4
-23.4
-23.2
-23.4
-23.3
-23.3
-23.5
-23.6
-23.6
-23.7
-23.9
-23.8j
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
33.6
38.2
41.7
45.1
50.1
50.8
'77.2
'80.2
103.1
•110.2
116.6
145.2
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
276.6
233.3
280.2
247.1
229.9
318.2
300.5
284.3
225.7
239.5
205.8
195.1
494.7
326.2
166.3
192.7
221.4
255.8
259.7
266.5
272.0
286.3
297.5
298.3
303.2
306.5
305.3
314.6
318.8
Total
Other
Europe Europe
60.7
79.7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
672.4
744.8
729.9
738.2
769.1
757.6
742.0
738.0
760.9
777.6
771.5
742.2
Canada
Latin
1
America Asia
87.0
46.0
33.5
453.5
86.8 149.3 149.4
588.9
76.3 166.3 217.0
791.7
1,010.7 101.6 127.6 251.8
1,655.4 174.5 215.1 417.0
1,986.3 334.1 326.4 531.2
1,766.9 273.1 296.7 541.4
1,697.5 399.5 482.8 743.9
2,271.2 704.7 578.7 928.2
2,193.7 818.6 794.7 888.6
2,179.0 1 ,341.9 965.8 ,252.1
2,141.4 ,384.1 989.0 ,329.9
2,185.4 ,443.9 976.2 ,382.8
2.170.3 ,437.8 924.2 ,373.7
2,223.4 ,414.2 924.9 ,369.1
2,295.8 ,242.8 929.4 ,554.5
•2,229.2 .241.8 922.0 1 ,542.9
-2,152.8 ,251.H 972.4 ,505.0
'2,143.0 ,236.2 956.2 ,518.7
•2,033.7 140.3 986.5 ,475.0
1,897.9 1,155.8 ,029.7 ,360.8
2,194.8 1,176.4 ,052.8 ,306.8
All
other1
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
183.6
197.6
225.7
216.8
212.9
212.3
•237.0
287.3
•270.6
•260.6
•409.3
418.9
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
Total
United
King- France
dom
1935—Dec. (Jan. 1,
1936—Dec. 30 .
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31 . .
1944—Dec. 31
1945_Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
829.0
865.3
875.5
804.2
742.7
729.2
728.7
703.6
701.2
644 8
624.5
574.1
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
260.4
267.1
270.5
266.1
266.6
266.2
265.7
263.4
260.4
259.4
261.5
216.2
1936)...
1939). . .
1940).. .
1941)...
Netherlands
-.4
48.1
62.0
-3.3
65.3
—4.4
68.4
-5.6
73.8
12.9
74.6
17.7
17.6
76 9
18.1
77.8
18.3
77.9
18.3
77 7
77.8
18.2
77 8
18.0
18.0
78.1
78.0
— 17.9
78.0
— 17.7
78.3
— 17.1
-17.5
78.4
-17.1
78.3
78.2
-24.7
—99 9
78 2
78.1 -100.7
75.7 -101.0
Switzerland
Germany
Italy
1.6
2.7
2.6
2.6
2.9
6.5
5.4
29.7
66.0
105.1
141.7
177.8
191.6
196.8
196.7
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196 9
196.9
196.9
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
26.2
26.4
26.2
26.2
26.2
26.2
26.1
26.0
25.5
24.1
22.2
6.6
5.1
6.8
6.1
5.4
5.1
6.5
5.2
1.9
3.2
2.5
1.6
1
1.6
1.4
Canada
Latin
1
America Asia
All
other1
310.2
-4.6
343.7
36.9
409.3 - 2 1 . 7
460.9
35.9
563.5
56.5
634.7
60.3
647.4
62.7
661.5
58.6
656.5
55.1
626.6
64.8
655.0
51.4
662.5
53.3
664.4
60.7
624.6
54.9
593.4
39.5
618.3
18.5
614.0
21.6
608.1
30.0
599.3
28.2
518.8
42.8
512.9
39.3
457.3
50.6
20.1
37.3
24.9
30.4
51.6
18.7
66.8 - 4 6 . 5
52.6 - 2 1 . 5
43.2
34.8
17.7
64 7
68.3
93.8
55.7 102.7
37.0
77 7
51.4
68.4
47.4
98 3
54.4
91 7
22.2
99.9
9.1
99.2
3.3
88.5
6.8
85.5
— 10.4
75 5
1.9
71.9
10.0
74 7
3.3
72.8
-2.4
71.9
-1.6
-4.4
—8.7
-7.0
-.8
2.1
—1.2
Total
Other
Europe Europe
8.8
22.0
26.9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
69.4
70.9
69.4
68.8
38.3
65.9
61.1
57.9
61.0
58.5
51.3
45.9
6.6
7.5
— .3
2.9
3.8
4.2
2.6
1.5
.6
.9
.4
— .2
— 1.5
-3.9
-3.4
r
Revised to include movement in accounts of international institutions and in the Italian special deposit account held with the United
States Treasury.
» Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
«Inflow less than $50,000.
1418
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—Dec.
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31 .
1943—Dec. 31
1944—Dec. 31 . .
1945—Aug. 3 1 .
Sept. 30
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 31
1946—Jan. 3 1 .
Feb. 2 8 . .
Mar. 31
Apr. 30. .
M a y 31
June 30 .
July 3 1 . . .
1936)...
1939). . .
1940). . .
1941). . .
Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
1,019 4
999.7
998.2
946.5
983.0
972.8
1,097 8
1,067.2
1 073 0
1,076.1
1,104.2
1,084.7
1,106.1
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
119.0
119.1
119.2
119.1
117.7
115.0
113.9
112.4
110.8
110.9
109.7
107.3
6. 8
18.
22.8
26.1
42.1
43.4
51.6
52.4
50. 6
51. 0
51. 2
51.
51. 1
51. 1
51. 2
51. 1
51 0
51 1
51
51 1
51 0
50 9
Netherlands
Switzerland
Germany
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.5
33.5
33.7
33.0
33.0
33.4
33.4
33 1
33.2
33.3
33.2
33.1
-1. 2
13. 7
30.4
36.1
45.0
46.0
44.3
44.9
44. 7
44. s
45. 0
45.
13. 3
22. s
26. 6
33. 5
36. 6
36. 5
36. 5
36. s
36. 5
36. S
36.5
36.5
2. 9
9. 4
13.5
22.0
27.6
28.1
28.1
28.0
27. 9
27. 6
27.6
27.6
45. 2
44. 9
45. 0
45 0
36. 5
36. s
36. 5
36.
s
s
27. 6
27. 6
27. 5
27.
27. 3
27
36. S
27.
45. s
45. 0
45. 1
44 9
45 0
44 9
36.
36.
Italy
36. 5
36. 7
36 9
27. 3
27 3
27 3
Other
Total
Europe Europe
46. 1
87. 9
115.2
167.8
189.0
196.4
201.8
207.6
210. 1
210. 4
210. 1
210. 9
211. 1
210. 4
212. 8
212. s
212. 6
212. Q
213. 1
213 3
213 8
221 5
Latin
Canada America Asia*
All
other1
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
316.5
317.6
314.9
317.4
317.1
317.6
320.5
323.1
328.8
334.4
338.1
341.0
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
61.7
61.8
61.8
61.5
60.8
60.9
60.6
60.4
60.0
59.9
59.8
59.7
1.1
3 5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
21.7
21.8
21.9
21 8
22.0
21 9
22.1
22 1
22.5
22.9
23.0
23.0
Latin
Can1
ada America Asia
All
other*
143. 1 - 3 9 . 7
1. 7
278
366.4
10. 5
440.6
-9. 7
495.2
-7. 6
510.0
25. 0
521.3
35. 4
526.3
—3. 0
530 3
41.2
530 1 104.9
522 9
77. 0
523 9
73 1
524 6
522 7
523 8
520 7
519 7
518
517 ?
517.3
516.7
521.9
23 4
59 6
49
176
144
149
1
8
3
1
147 8
169 8
147 0
160 5
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2 ,1935 through—
1935—Dec. (Jan. 1 ,
1936—Dec. 30. . .
1937—Dec. 29
1938—Dec. (Jan. 4 ,
1939—Dec. (Jan. 3 ,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 3 1 . .
1943—Dec. 31
1944—Dec. 31. . .
1945—Aug. 31
Sept. 30. .
Oct. 3 1 . .
Nov. 30..
Dec 31
1946—Jan. 31 .
Feb. 28 ..
Mar. 31
Apr. 30
M a y 31
June 30..
July 3 1 . . .
Total
1936)...
316.7
917.4
1,162.0
1939)... 1,219.7
1940)... 1,133.7
1941) . . .
888.7
626.7
673.3
701.1
911.8
831.6
818.4
795.1
779.1
798.7
625.9
672.4
645.1
630.7
619.7
615.0
506.1
United
King- France
dom
Netherlands
Switzerland
Germany
23 .4
64 7
50.5
157.6
213. 8
212. 1
227. 7
233. 2
236. 7
236. Q
239. 9
239. 0
240. 7
237. 8
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
362.0
360.2
360.9
358.1
355.4
354.0
353.8
346.1
345.2
342 8
342.3
342.1
-5 4
—7
— 17 4s
-22.8
-28.2
-29.1
-30.1
—30.9
-30 8
-30 8
-30 7
-30 7
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-141.5
-143.4
-149.9
-154.0
— 157 9
-161.9
-164.7
— 169.2
-173.0
— 176.7
-179.0
-186.2
70 3
76 .9
76 .6
74 .4
74 .9
80
82 . 7
77
71 . 1
78
78 3
70.4
81 7
81 8
77 0
77.2
74 .0
71 1
71 3
73 . 4
5
234. 0
233. s
228. 6
228. 1
226. 1
225. 8
225
224 0
223 6
-30
-30
—30
-30
-30
7
6
4
4
4
—30,4
-30 5
-30 s
-30 4
- 3 0 .4
Italy
.1
3
- 5 .5
- 4 .9
2 .7
.1
1
.6
1 9
1 .8
1 8
-4 9
1 9
1 6
2
4
2 4
2 1
2 .0
2 1
1 8
1 .7
Other
Europe
Total
Europe
12.9
286. 2
2.8
3.7
38.5
818. 0
32.6 15.5
37.6 18 2
55.7 1,041. 6
56.6 1,094. 1
25.7 23.7
60.4 1,004. 4 - 2 . 6 30.1
64.9
851. 3 - 1 8 . 4 25.6
67.3
615. 0 - 4 4 . 7 28.1
644. 7 - 4 5 . 1 35.2
75.3
86.3
645.7 - 5 8 . 2 40.5
103.2
633.7 - 2 8 . 1 54 9
600.0 -105.4 56.1
96.5
600.8 -117.9 55.1
96.4
592. 4 - 1 2 6 . 4 54.6
96.4
577. 4 - 1 3 6 . 8 65.8
98.0
582. 9 — 126.6 81 3
98 5
568. - 1 1 4 . 5 89.3
93.7
562. 8 - 6 9 . 6 97.6
96.8
546. s - 8 0 . 3 98.2
94.7
535 4 - 8 3 . 9 102.7
91.9
89.8
524 0 - 6 6 . 3 89.7
520 Q - 6 6 . 8
90.3
88.8
509 8 - 1 4 7 . 7
86.1
85.6
21. 4
44. 1
65. 2
87. 6
17. 6
17. 5
27. 7
62. 5
240 s
270.9
270 6
264. 4
2.6
7 1
9 8
11.1
14.3
12.6
10.9
10 9
10.6
10 7
10.0
9 8
10.0
9 4
9 9
9 9
63
9 4
8.9
8 5
8 4
54 7
263 1
251
73 0
71. 9
71
67. 7
62 s1
49. 7
9.7
8.3
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 31
1945—Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec 31
1946—Jan. 31
Feb. 28
Mar 31
Apr. 30
May 31
Tune 30
Tulv 31
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
129.1
134.6
134.4
139.0
144 1
135.1
133.9
139 9
141 7
140.9
141 4
140.9
1936) . . .
. .
1939). . .
1940) . . .
1941). . .
. .
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
23.1
23.1
23.2
23.1
23.4
24.2
24.7
24.1
24.3
24.2
24.3
24.4
1.3
— .9
5.0
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
26.6
27.8
27.3
28.2
30.3
30.3
30.9
32 1
32.0
32.2
33 4
33.8
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
18.2
19.1
19.1
19.3
19 8
21.3
20.7
20 0
19.2
19.1
19 3
18.9
6.8
9.3
13.4
17.6
17.5
19.9
22.3
24.4
24.7
25.2
24.1
26.0
16.2
16.2
16.1
15.7
16.0
15 9
16.1
Germany
Italy
-.2
.1
.3
.1
.2
.1
.2
.2
.2
.3
.3
.4
.4
.4
~co
-.2
-.1
-.2
- 2
-.2
— .1
(2)
(8)
(3)
(2)
2
f)
(*>
.4
.4
.4
.4
.4
.5
5
.5
.5
Other
Total
Europe Europe
1.4
.4
5.0
5.2
5.0
7.9
8.0
8.7
9.4
10.5
10.8
11.1
11.3
12.4
13.6
13.1
13.1
13.3
13.1
12.9
12.9
13.2
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
103.4
106.1
106.4
107.5
113.6
105.6
105.9
106.0
104.8
105.0
106.3
107.0
Canada
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
18.2
18.6
17.6
18.8
19.5
19.0
18.9
19 Q
19.4
19.6
18 5
19.8
Latin
America Asia*
1.0
-4.2
-.5
-.9
1.6
9.2
3.9
4.2
3.8
5.1
2.3
4.5
4.5
6.9
5.9
5.5
3.9
8 2
11.3
10.9
10 2
8.5
2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6 0
6.0
5.6
3 2
3.2
3.6
3 4
3 8
3 6
All
other*
-.9
5
8
1
8
.3
2.1
.7
.8
9
1.3
1.8
2 0
2.2
2 2
2 4
1 3
1 5
1 3
1 3
1 3
I 4
1 c;
3.9
1.7
3.9
4
4
4
4
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
* Inflow less than $50,000.
» Outflow less than $50,000.
DECEMBER
1946
1419
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
Date
Total
1934—Dec. (Jan. 2, 1935) . . . 669.7
1935—Dec. (Jan. 1, 1936). . . 1,301.1
1,623.3
1936—Dec. 30
1,893.1
1$37—Dec. 29
1938—Dec. (Jan. 4, 1939). . . 2,157.8
NethUnited
King- France erdom
lands
Switzerland
Germany
Italy
Other Total
Europe Europe
33.9 12.9
163.5 68.6
176.3 78.8
143.9 89.1
187.4 101.8
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25.7
20.4
46.8
107.5
126.3
156.0
255.5
232.9
686.3
814.3
1,017.1
1,237.8
99.3
145.3
186.1
175.6
201.8
122.8
156.3
263.9
280.9
248.5
202.8
289.8
331.9
399.5
435.5
12.0
23.4
27.1
20.0
34.1
76.9
205.5
235.7
261.5
436.1
Canada
Latin
1
America Asia
All
other i
1939—Dec. (Jan. 3, 1940). . . 3,221.3 448.2 288.2
1940—Dec. (Jan. 1, 1941). . . 3,938.2 365.5 490.1
3,678.5 400.8 448.6
1941—Dec. 31
4,205.4 554.6 432.3
1942—Dec. 31
5,374.9 1,000.8 439.9
1943—Dec. 31
5,596.8 865.7 401.2
1944—Dec. 31
204.9
174.3
174.9
186.6
193.3
209.7
376.3
508.4
339.9
184.2
210.6
239.3
9.5
6.7
6.6
7.5
6.5
6.8
38.5
17.9
15.4
12.1
11.3
27.3
516.9
650.6
608.0
643.4
722.1
767.7
1,882.6
2,213.5
1,994.0
2,020.7
2,584.5
2,517.8
274.6
434.3
373.2
507.4
812.6
926.5
336.0 655.7
447.3 769.9
417.7 780.0
597.7 930.0
693.7 1,108.8
909.3 1,069.2
72.5
73.3
113.6
149.6
175.3
174.0
356.7
313.4
360.3
327.3
310.0
398.3
380.7
364.5
305.8
319.7
286.0
275.2
218.0
220.6
228.1
269.6
281.6
293.9
282.2
295.0
294.9
268.4
256.1
234.1
273.8
277.7
284.4
290.0
304.2
315.5
316.2
321.2
324.4
323.2
332.5
336.7
6.9
6.9
7.1
6.9
7.0
6.9
6.8
6.6
6.6
6.5
6.4
6.4
53.9
58.5
62.0
65.4
70.4
71.1
'97.5
100.5
'123.4
•130.5
137.0
165.5
805.4
877.9
862.9
871.2
902.1
890.6
875.0
871.0
894.0
910.6
904.5
875.3
2,538.6
2,501.0
2,545.0
2,529.9
2,583.0
2.655.4
588
r
2,512.4
•-2,502. 5
'2,393 2
'2,257.4
2,554.4
1,449.9
1,492.1
1,551.8
1,545.7
1,522.2
1,350.7
1,349.7
1,359.7
1,344.1
1,248.2
1,263.8
1,284.3
1,087.4 1,432.7
1,110.6 1 ,510.5
1,097.7 ,563.4
1,045.7 ,554.4
1,046.4 ,549.7
1,050.9 ,735.1
1,043.5 ,723.6
1,094.0 ,685.6
1,077.7 ,699.3
1,108.1 ,655.7
1,151.3 ,541.4
1,174.4 ,487.5
152.5
166.5
194.6
185.7
181.8
'201.1
'225.8
'276.1
"•259.4
'249.4
'398.1
407.7
6,660.9
6,780.7
6,952.5
6,861.4
.,883.1
t '6,993.2
6,931.4
'6,927.8
'6,883.1
'6,654.6
'6,612.0
.,908.2
1945—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
M a y 31..
June 30
July 31
824.0
746.2
740.2
699.6
707.7
679.0
630.5
553.8
553.4
434.4
335.1
661.1
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Greece* Luxembourg3
Date
Other
Europe
Belgium
Denmark
Finland
1939—Dec. (Jan. 3, 1940). .
1940—Dec. (Jan. 1, 1941) . .
1941—Dec 3i
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
516.9
650.6
608.0
643 4
722.1
767.7
159.2
144.8
117.3
121 8
122.9
124.3
28.1
17.3
18.1
17 7
13.9
14.8
21.4
16.5
5.7
79
7.7
7.1
39.3
43.5
48.7
805.4
877.9
. . 862.9
871.2
902.1
890.6
875.0
871.0
894 0
910.6
904.5
875.3
149.9
218.6
195 6
183.0
185 0
184.9
167.6
166.3
176 4
177.8
175.7
169.0
14 4
16.8
20.1
24.3
25 9
40.1
41.6
44.2
47 4
48.6
49.7
50.4
6.7
7.2
6.7
6.2
5.5
6.6
10.7
11.2
10.1
11.9
11.2
11.9
63.2
66.1
68.7
71.0
70.8
70.0
69.7
74.9
76.7
75.5
72.3
64.1
I 945—Aug# 31
Sept. 30
Oct 31
Nov. 30
Dec 31
1946—j an , 31
Feb. 28
Mar. 31
Apr 30
May 31
June 30
July 31
Norway
3 Yugo3
RuPortuAll
mania3 Spain Sweden USSR slavia3 other
gal
18.3
18.4
18.6
56.3
48 7
65.2
132.4
158.9
220.8
35.7
53.4
54.5
9.3
9.5
9.4
22.9
22.9
22.9
23.0
22.3
22.3
22.4
22.3
22.0
22.1
22.6
22.9
187.1
184.4
182.7
182.9
216.1
176.5
175.0
174.0
159.3
161.6
161.1
148.9
39.0
45.5
45.2
48.5
47.9
47.5
45.3
45.4
49.7
49.5
48.6
47.6
9.7
9.2
9.2
9.2
9.3
9.3
9.2
9.2
10.0
10.2
10.0
10.9
,
17.5
31.8
43.4
142.2
235 4
210.7
153.5
163.2
152.1
14.3
12.3
16.1
40.4
32.6
24.4
31.2
31.7
37.1
37.4
35.4
36.2
35.5
32.3
20.7
194.3
199.1
213.5
217.2
210.1
214.0
212.9
205.2
200.0
196.0
191.7
204.4
25.7
25.4
24.4
24.8
28.0
29.7
28.5
24.8
44.9
57.4
59.5
50.2
17 7
9.9
5.7
5 1
5.2
5 2
5.4
5 7
6.3
6.6
6.8
77
7.3
7.4
8.3
109.8
187.9
191.0
57 9
76.9
52.1
46 9
45.0
44 5
44.3
43 7
46.4
48.4
51.2
53 6
57.4
62.3
65.9
Latin America
Latin
BoAmer- Argentina livia4 Brazil Chile
ica
Date
Colom-4
bia
French
West
Costa4 Cuba Indies Mexand
ico
Rica
Gui-4
ana
336.0
447.3
417.7
597.7
693.7
909.3
57.7
115.4
75 7
67.6
69.8
93.9
36.4
36.2
50.5
10.8 67.7
12.6 98.7
17.7 140.8
26.8
28.5
27.3
34.5
54.0
55.0
43.4
67.1
83.6
37.0
47.9
62.5
12.4 100.3
12.2 70.4
7.4 139.3
. . . 1,087.4
1,110.6
1,097.7
1,045.7
1,046.4
1,050.9
. . . 1,043.5
1,094.0
. . . 1,077 7
1,108.1
1,151.3
1,174.4
75.1
78.0
77.2
82 3
77.3
94.8
80.0
83.9
84 1
92.6
116.6
124.4
18.0
17.9
17.9
15 6
14.5
13.6
13 4
13.6
12 7
11.9
10.7
12.3
163.0
181.5
179.2
185.6
195.1
192.3
199.6
210.6
206.8
222.0
218.8
231.1
64.5
63.2
63.6
71.4
66.3
66.6
64.6
63.9
60.3
55.3
59.3
62.1
90.2
93.2
83.1
84.5
79.2
82.4
80.6
77.5
72.4
69.6
66.3
75.2
7.0 156.9
6.2 154.5
6 . 6 145.4
7 . 1 136.5
6.9 128.3
6.0 122.2
5.7 120.5
6.3 139.5
6.0 152.7
6 . 9 163.7
6.7 169.6
6.8 167.0
1939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec.
1944—Dec
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
.
1945—Aue
Sept
Oct.
Nov
Dec.
1946 Tan
Feb
Mar.
Apr
May
June
July
31
30
31
30
31
31
28
31
30
31
30
31
58.8
55.0
37.7
95.7
70.4
83.1
7.3 158.7
7.8 164.4
7 . 3 164.3
6 . 6 111.8
7.1 116.4
7.2 125.9
7.1 128.3
6.6 140.7
6.6 122.3
7 . 0 119.8
7.0 137.1
7.6 135.3
4.9
2.6
4.4
Netherlands
Other
4 Vene- Latin
West PanaIndies ma5 Peru zuela4 Amerand
ica
Surinam4
20.7
41.2
36.0
34.0
58.7
42 1
36.9
57.6
69.1
17.7
17.4
27.7
20.9
24.2
31.5
85 3
105.6
121 8
64.2
95.4
119.8
31.7
32.9
33.6
31 0
28.2
20.9
22 8
20.7
21 7
19.2
16.7
14.7
87.8
89.1
90.5
90 7
88.7
89.4
87 5
91.2
90 3
88.9
87.1
84.8
38.8
38.8
42.6
45 9
43.9
43.4
45 0
41.9
39 8
40 3
40.6
39.2
43.0
44 3
48 5
38 3
49.7
36.0
42 4
41.3
49 5
50 3
46.1
42.3
145.3
138 6
138 1
138 3
144.8
150.3
146 0
156.3
152 4
160 5
168.6
171.5
For footnotes see p. 1421.
1420
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Date
1939—Dec.
(Jan.
1940—Dec.
(Jan.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
Asia
3, 1940)
207
156
360
574
1,432 .7
1,510 .5
1,563.4
1,554 . 4
1,549 .6
1,735 . 1
1,723 .6
1,685 .6
1,699 . 3
1,655 17
1,541 # 4
1,487 .5
578
588
591
581
582
756
738
732
717
695
657
611
31. . .
30. . .
31...
30
31. . .
31...
28...
31. . .
30. . .
May 31...
June 30. . .
July 31
71 . 4 . . . .
655.7 167 0
1, 1941) 769 . 9
31
780.0
930 . 0
31
31.. .
1,108 . 8
31.. .
1,069 .2
1945—Aug.
Sept.
Oct.
Nov.
Dec.
1946—Jan.
Feb.
Mar.
Apr.
Egypt
Neth- Philand French Union
Brier- ippine Tur- Other All Aus- New Angloof
tish Japan lands
Mo- South
2
ZeatraEgypMa-1
other
IsAsia
keyi
East
lia land tian rocco Africa
laya
Indies1 lands
Sudan
India,
China
Burand French Hong ma,
Man- Indo-1 Kong and
chu- China
Ceyria
Ion*
91
5
8 . . . . . . 61
9
27.4 41
2
27.4 23
427.3 27.4 22
7
5
7
4
3
3
0
1
0
4
0
9
27.6
27.6
27.5
27.5
28.0
28.2
34.6
37.9
38.0
39.0
43.6
47.2
21
21
21
22
27
30
31
34
165 .4
....
1
i3.'
18. 2
22. 1
0
9
i* 3
110 .3
69 .9
4 .8
4 .1
4 .0
.7 2 5 . 3
.9 2 8 . 0
9
9
I! 0
I. 0
I. 2
I. 7
I. 6
I. 5
I. 6
4
6
2. 2
3 .9
4 .2
4 .2
4 .1
4 .1
4 .0
3.9
3 .8
3 .7
3 .7
3 .5
9 .2
.1
.6
.6
.9
.9
.7
.1
.4
.5
.8
.8
33. 2
34. 6
33. 4
29. 4
36. 7
25. 7
36.4 3 4 . 6
35 . 4 3 7 . 6
37 . 8 3 6 . 1
33 .2 3 3 . 2
i.
r.
193. 4 . .
58.5
162.4
198. 6
264.9
226. 8
160 4 254. 7 29 9 36.2
110 1 259. 1 35 4 55.5
110 5 365. 8 23 7 64.2
108
99
104
103
113
110
100
99
102
103
100
114
8
3
4
8
7
0
7
0
1
6
2
3
72. 5
73. 3
113. 6
149. 6 23 . 1 '4! 8
175. 3 25 . 3 5 . 1
174. 0 52 .9 3 . 5
74.2 152. 5
76.7 166. 5
83.7 194. 6
73.0 185. 7
78.0 181. 8
75.1 3'201 1
642.8
635 7
78.4 '225.8
598 4
86.3 '276 1
617 0
81.9 '259.4
580 2 72.0 87.4 '249.4
505 5 69 3 86.8 '398 1
482 4 64 5 89.5 407 7
540
612
645
659
629
5
1
4
7
1
51
50
50
47
52
57
62
66
66
Other
2
5
5
2
5
3
2
1
9
27 .6
28 .5
29 . 0
30 .2
28 . 9
29 .6
26 . 1
24 .3
26 .6
23 . 8
24 . 4
28 .7
4.6
3.1
3.7
4.3
4.3
4.0
4.0
3.8
3.8
4.8
7.5
6.4
6.8
6.1
7.3
13.6
13.6
17.3
19.6
18.9
19.4
19.6
18.9
17.9
16.8
17.7
17.7
n'A
ii4 ..50
10.3
4.3
4.7
5.8
7.7
9.4
10.0
9.7
10.1
10.3
11.3
12.4
11.2
11.5
8 .3
...
91 8
124.1
97.6
96.2
5 .8
8 .4 107.1
6 . 4 130.4
8 . 0 114.2
6 . 4 113.4
6 . 3 3'132.1
9 . 1 '157.0
9 .5 '209.3
8 .9 '190.9
11 .3 '180.4
12 . 8 '324.5
10 .1 333.3
•"Revised to include accounts of international institutions,
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
• See footnote 2 below.
1
8
Footnotes to table on p. 1420.
' Revised to include accounts of international institutions and Italian special deposit account held with the United States Treasury.
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2 These figures are not strictly comparable with the corresponding figures for'preceding months due to inclusion for first time of the accounts
of international institutions. 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.
s Prior to June 30, 1942, included under "All other."
4
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 September 1945, pp. 967-970.
ASSETS
Date
Total
United
King- France
dom
Nether
lands
Switzerland
Germany
Italy
Other Total
Europe Europe
Canada
Latin
America
Asia*
All
other*
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Jan. 2, 1935).... 1,139.9
(Jan. 1, 1936)
778.6
30
672.6
29
655.0
(Jan. 4, 1939)
594.0
296.9
88.1
114.1
84.8
86.0
80.5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
743.2
4*3.0
392.1
326.5
274.9
96.3
100.9
59.4
118.0
60.4
174.6
154.5
141.1
114.4
99.1
117.4
80.1
67.2
78.9
144.1
8.5
10.1
12.9
17.2
15.5
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944_Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
508.7
384.0
367.8
246.7
257.9
329.7
39.9
23.0
20.9
12.6
19.9
25.9
4.9
4.2
1.8
1.3
1.1
1.4
5.7
.9
1.1
.5
.4
.3
5.2
1.5
2.6
1.5
3.0
1.3
53.4
39.6
34.4
34.0
33.9
33.9
11.8
51.4
29.9
26.2
22.3
19.0
44.4
172.2
101.0
88.4
72.6
77.6
107.5
39.7
36.0
33.6
34.3
37.8
28.1
113.3
122.7
148.3
99.7
112.2
131.0
174.1
117.8
87.9
35.3
26.3
51.4
9.3
6.4
9.7
4.8
3.9
306.5
270.2
260.0
331.3
392.8
406.3
406.8
431.9
434.3
490.7
511.0
561.4
31.6
24.9
21.5
25.9
25.4
25.9
26.3
28.6
31.6
32.6
30.5
75.8
1.2
1.2
1.0
1.1
1.1
.8
.7
.7
.9
.9
.9
3.4
.4
.6
.6
2.0
2.7
3.0
1.6
2.9
6.2
4.9
5.6
6.5
8.0
6.5
6.7
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.8
33.9
33.9
33.9
.3
.3
.1
.3
.3
.3
.4
.4
.6
1.0
2.4
4.3
9.7
8.1
9.6
79.1
71.7
69.8
109.6
140.7
115.8
120.2
126.1
134.8
215.3
221.2
276.8
41.5
39.6
32.2
38.0
53.3
74.3
71.3
62.9
64.7
50.1
53.6
42.2
116.6
120.6
113.6
145.8
158.9
164.7
161.2
178.4
166.1
158.0
164.7
170.4
60.7
30.8
37.3
29.1
29.9
40.6
43.6
53.6
57.1
54.4
56.2
57.1
1945—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
36.5
36.3
35.7
36.1
35.8
43.4
118.5
119.4
119.6
2.0
1.5
.4
.4
.3
10.2
40.8
13.1
17.9
21.1
18.0
20.5
27.7
33.2
11.7
8.5
7.6
7.2
8.8
9.9
10.8
10.5
11.0
11.6
12.9
15.3
14.8
* 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.
DECEMBER
1946
1421
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
BelEurope gium
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
1945—Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1946—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
51.4
29.9
26.2
22.3
19.0
44.4
6.5
1.5
1.1
.8
.7
.7
9.7
8.1
9.6
10.2
40.8
13.1
17.9
21.1
18.0
20.5
27.7
33.2
.7
.5
.5
.6
.6
1.8
2.6
3.6
4.6
5.0
7.7
Denmark
Finland
3.2
.3
1.4
1.8
1.9
5.6
7.6
Greece1 Luxembourg1
Yugo-1 All
USSR1 slavia
other
3.6
.9
8.7
1.0
.6
.4
.2
.2
28.0
24.5
22.1
8.4
5.0
5.1
.2
.2
35.1
2.4
1.4
.3
3.2
3.2
1.8
.6
.6
.6
.6
.7
.7
.1
.1
.1
.1
31.6
.1
4.2
6.2
.2
\.2
.3
.6
.3
.3
.2
.4
.5
.4
.4
.4
.4
.6
.5
.7
1.4
.9
1.0
.9
1.6
1.8
1.4
1.5
1.4
2.1
2.9
4.2
8
1.3
1.4
1.2
.6
2.0
4.4
4.3
3 SwePorRutugal1 mania1 Spain den
1.1
.6
.6
(2)
.5
.5
*)
.0
.0
.1
1.1
.1
.1
.2
Norway
2.0
1.5
1.1
1.6
(2)
8.
1.5
.3
.5
1.0
.9
1.1
1.1
1.3
2.4
3.0
5.6
4.9
5.1
5.0
4.9
4.7
4.8
4.9
4.9
5.0
5.1
5.0
5.0
(2)
7.6
Latin America
Latin
Amer- Argentina
ica
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
116.6
120.6
113.6
145.8
158.9
164.7
161.
178.4
166.1
158.0
164.
170.4
1945—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan, 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Costa Cuba
Rica'
9.7
13.4
14.9
15.3
16.6
9.0
20.7
12.2
15.5
.6
.7
1.2
10.5
11.7
11.3
8.3
20.1
47.4
5.9
6.1
7.6
4.8
11.2
8.6
1.0
2.1
2.4
2.1
1.1
.8
2.8
1.4
1.2
3.9
3.8
5.1
37.2
44.4
57.3
14.2
8.7
11.7
6.3
7.5
6.8
7.2
6.6
7.0
6.2
7.1
7.0
6.7
8.0
7.5
17.1
16.7
14.2
19.4
16.8
17.5
18.1
20.1
20.0
21.2
23.2
21.3
1.2
1.5
1.4
1.2
1.2
1.4
1.5
1.4
1.4
1.2
1.5
2.1
14.5
18.3
17.0
27.2
33.3
33.9
32.9
37.1
22.9
27.6
29.3
25.7
8.7
9.0
9.7
10.6
11.0
10.5
13.9
14.3
14.1
13.5
15.0
15.2
.8
.8
.8
1.0
1.1
1.9
2.8
2.9
1.1
1.1
1.8
1.6
1 9
1.3
1.3
1.7
1.9
3.3
3.5
3.8
3.6
3.8
3.5
3.4
5.2
5.2
5.7
6.1
6.1
6.6
6.9
7.7
7.4
7.7
7.9
8.1
23.7
24.1
25.4
27.3
33.4
29.5
25.9
26.1
26.6
21.2
22.1
24.0
Brazil Chile
(Jan. 3, 1940)... 113.3 16.8
(Jan. 1, 1941)... 122.7 11.9
148.3 16.8
31
31
99.7 6.9
31
112.2 15.3
31
131.0 3.1
11.0
12.8
10.8
20.5
21.0
24.2
18.0
24.7
26.8
20.4
20.4
27.9
NetherFrench
lands
West
Other
West PanaIndies Mexico Indies
Vene- Latin
4
Peru' zuela'
and
ma
Amerand
Guiica
Suriana*
nam'
Colombia'
Asi a and All O t l ler
Dat«
1939— Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec> 31
1942—Dec 31
1943—Dec. 31
1944—Dec. 31
India,
China
and French Hong Burma,
Asia ManIndoand
chu- China5 Kong Ceyria
lon'
174.1 22.0
117.8 23.7
87.9 23.5
35.3 11.1
1.7
26.3
1.5
51.4
1945—Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec. 31
1946—j an , 3i
Feb. 28
Mar. 31
Apr. 30 .
May 31
Tune 30
July 31
60.7
30.8
37.3
29.1
29.9
40.6
43.6
53.6
57.1
54.4
56.2
57.1
1.1
1.1
1.2
1.7
1.0
7.7
9.7
22.8
25.6
22.6
23.9
19.0
(2)
1.9
1.7
3.1
.9
1.0
.9
(*)
.2
(2)
(2)
.2
.1
2.2
2 0
22.3
Egypt
Neth- PhilBriand French Union
erNew Angloippine Tur-5 Other All Austish Japan lands
of Other
ZeatraMo- South
other*
IsAsia
key
EgypMa-5
East
lia land tian rocco Africa
laya
Indies5 lands
Sudan
102.1
55.8
18.9
.5
.7
5
.5
.1
15.0
8.0
7.2
7.1
8
7 5
.8
.5
.8
.8
.8
1.1
.8
1.5
1.5
2.0
2.0
2.2
7.9
7.0
6.8
7.2
6.6
7.4
9.4
.5
.3
.2
.2
3
.1
1.7
1.6
7
S
4
.5
.5
.5
1.4
L.4
4
.5
.3
.3
4
4
4
.3
.3
.3
.3
.3
L.4
L.4
L.4
L.4
?
26.4
22.6
23.0
14.4
13.9
13.8
26.0
13.6
13.0
13.7
13.8
18.5
20.1
16.0
16.1
16.7
16.7
18.5
21.6 9.3 . . . .
14.0 6.4
19.5 9.7
1.8 2.0 4.8 1.0
^ ? 1.8 3.9
.5
1 8 8 . 8 11.7
.6
....
? 1 13.6
2.3 2.9
1.6 11.4
1 7 2.0
? 0 2.7
1.0
11
1.1
.9
9
.9
.9
2.5
2.8
3.3
3.9
3.6
3.5
3.9
8.5
7.6
7.2
8.8
9.9
1.0
.7
.7
.9
1.7
.7
.2
.1
1
.2
.2
.4
.3
.6
.7
.7
10.8 2 . 1
.6
.7
10.5 1.8
.7
11.0 1.3
11.6 1.5
.6
12.9 1.8
.6
15.3 1.9
.6
14.8 2.9 1.1
.3
.3
.2
.2
3
2
.3
.2
.2
.2
.3
.3
CO
1
1
1
.1
.1
1.7
2 4
9 7
1.2
7
1 0
5 0
4.5
4.1
5 0
4 7
5 0
5 3
5.8
6.7
7.8
8.5
8.0
1 8
1.6
1.5
1 9
2 5
2 9
2 4
2.9
2.6
2.5
3.9
2.5
1
Prior to June 30, 1942, included under "All other."
»
Less than $50,000.
1
Prior to June 30, 1942, included under "Other Latin America."
*1 Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
8
Country breakdown not available until June 30, 1942.
1422
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
Cash reserves
Other
assets*
Gold*
Liabilities of banking department
Assets of banking department
Coin
Notes
Discounts
and advances
Securities
Note
circulation8
Deposits
Bankers'
Public
Other
Other
liabilities
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
1943—Dec. 29
1944—Dec. 27
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
* .2
.2
.2
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
8 630.0
s 780.0
8 950.0
B 1,100.0
8 1,250.0
.2
.6
.6
.8
1 .0
.5
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
11,238.6
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
1945—Nov. 28
Dec. 26
.2
.2
1,350.0
8 1,400.0
.5
.4
22.6
20.3
11.3
8.4
301.6
327.0
11,327.6
1,379.9
250.2
274.5
10.5
5.3
57.7
58.5
17.8
17.8
1946—Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
.5
.9
.8
L.O
L.5
L.8
t.4
L.I
.2
:L.O
68.8
77.1
71.9
52.0
58.6
36.4
13.4
32.7
41.5
38.5
5.5
7.4
20.0
22.4
16.7
12.5
15.8
9.9
18.8
9.5
289.6
236.7
238.7
256.3
250.9
315.2
288.0
343.4
324.6
327.2
1,331.4
1,323.1
1,328.3
1,348.3
1,341.7
1,363.9
1,386.9
1,367.5
1,358.7
1,361.8
279.7
234.5
249.1
253.4
244.8
286.0
238.7
307.6
302.9
292.7
11.0
16.7
9.9
7.4
7.4
5.3
7.1
7.0
9.3
8.2
55.9
53.0
54.0
53.1
57.4
56.5
54.4
54.0
55.5
57.5
17.9
18.0
18.5
17.8
18.0
18.1
18.3
18.4
18.5
17.8
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
nd United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Short-8
term
Note
circulation7
Chartered
banks
Other
Dominion
government
Other
liabilities8
Other
42
9.1
14.9
28.4
64 3
38.4
200 9
.5
6
172.3
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
906 9
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
17 9
18.8
11.1
16.7
46 3
10.9
73 8
51.6
20.5
12.9
6 0
19.1
17.8
27.7
7 7
13.4
14.4
9.3
13 3
28 5
35 1
24.0
55 4
209.1
1945—Nov 30
Dec. 31
159.0
156.8
,168.1
L.157.3
629.4
688.3
69.5
29.5
1,113.8
1,129.1
495.2
521.2
159.1
153.3
27.4
29.8
230.5
198.5
1946—j an . 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29.
July 31
Aug. 31
Sept 30
Oct. 31
101.8
95.2
95.2
24.1
2.0
2 0
1,143.8
1,155.2
1,296.2
1,348.0
1.230.0
1 218 5
1,276.6
1,257 7
1,259.1
1,301.5
686.2
688.8
559.9
553.0
541.1
540 7
541.8
530.8
523.9
521.5
33.2
48.0
39.4
48.6
52.9
30 8
31.4
44 1
38.3
40.1
1,088.1
1,086.7
1,102.2
1,114.4
1,109.5
1,114.0
1,117.9
1,127.4
1,147.5
1,156.9
505.9
522.9
518.1
555.8
493.9
500.5
532.5
521 .1
511.3
538.6
187.2
201.7
149.2
183.3
87.1
57.9
69.1
69.1
27.4
36.6
34.2
56.4
89.1
62.7
78.5
85 6
90.1
79 7
87.8
85.2
149.6
119.6
132 1
57.4
57 2
34 2
42.1
37 1
48.0
46.7
1935—Dec. 31
1936—Dec 31
1937—Dec. 31
1938—Dec 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 30
.
.
180.5
179.4
179.8
185.9
225.7
1.8
1 7
.7
.9
8.6
8
2.1
3.5
3.1
17 9
9.5
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.
* Notes issued less amounts held in banking department.
*On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
« Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on
May 6 8, July 3, and Dec. 10, 1945.
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning
November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
DECEMBER
1946
1423
CENTRAL BANKS—Continued
Assets
Bank of F r a n c e
(Figures in
millions of francs)
Gold*
Open
market 2
25 942
26,179
21 111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37
42
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
47,288
1945—Oct. 3 1 . . . 565,152
Nov. 2 9 . . . 65,152
Dec. 2 7 . . . 6129,817
47
45
68
1946—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 2 8 . . .
Apr. 2 5 . . .
May 2 9 . . .
June 2 7 . . .
July 2 5 . . .
Aug. 2 9 . . .
Sept. 2 6 . . .
69
69
69
5
5
5
6
5
6
27...
26...
30...
30...
29...
28...
27...
30...
30...
29...
28...
26...
31...
31...
30...
28...
Advances to
Government
Domestic bills
Foreign
exchange
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
597,267
6
84,616
84,598
84,598
84,598
75,151
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
Liabilities
129,817
129,817
129,817
129,817
594,817
94,817
94,817
94,817
94,817
Special2
Other
For occupation
costs 3
1,379
652
1,797
2,345
661
12
169
29
48
8 624
8 429
7 389
3 438
4 739
3 971
9 ,712
8 ,465
10 ,066
7 ,880
5 ,149
3 ,646
4 ,517
5 ,368
7 ,543
18 ,592
72,
142,
210,
326,
426,
60,087
62,210
723,038
27
153
303
?0 ,442
?6 ,073
25 ,548
426, non
426, noo
426, 000
26,081
27,247
25,524
25,810
63,090
64,985
64,769
64,474
70,577
220
160
46
27 ,415
,945
32 ,647
36 ,579
45 ,512
46 ,204
4S ,324
61 ,657
62 ,567
426,
426,
426,
426,
426,
426,
426,
426,
426,
546
317
507
965
973
000
000
000
000
000
000
000
000
000
000
Deposits
Other
assets
Other 2
17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400
15,850
16,000
19,000
11,200
13,400
8,600
8,600
28,100
Note
circulation
Government
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
•35,221
68,571 11 ,737
76,436 1? ,624
,898
85,725
,311
85,028
2 ,322
82,613
,718
83,412
,862
81,150
2 ,089
89,342
3 ,461
93,837
5 .061
110,935
151,322
1,914
218,383
984
270,144
1,517
382,774
770
500,386
578
572,510
748
•46,152
•45,859
•39,122
528,945
545,795
570,006
•44,818
•46,744
•40,985
•38,614
•41,848
•42,053
•40,915
6
45,049
H4,703
592,436
605,156
613,434
616,102
625,809
629,181
612,879
633,327
667,567
Other
liabilities
C.A.R.4
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
37,855
1,812
2,241
1 989
2,041
1,940
1,907
2,113
2,557
3,160
2 718
2,925
3,586
3,894
4,461
4,872
7,078
30.793
21 .708
12,048
52,552
53,447
57,755
5 617
4,540
4,087
5,781
1.014
781
732
745
750
717
779
804
52,046
50,743
52,516
53,653
51,845
53,265
59,829
62,282
54,743
4,156
4,070
4,357
5,337
4,072
4,268
7,006
4,213
4,201
41,400
64,580
16,857
10,724
Assets
Reichsbanl
Reserves of gold and
foreign exchange
(Figures in millic)ns of
reichsmarks
Total
reserves
1929—Dec
1930—Dec.
1931—Dec
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
31
31
31
31
30. .
31
31. .
31. .
31. .
31. .
30. .
31
31..
31. .
31. .
2 687
2,685
1 156
920
396
84
88
72
76
76
78
78
77
76
77
1944—Mar.
Apr.
May
Tune
July
Aug
Sept
Oct
Nov.
Dec.
31..
29
31
30
31
31
30
31
30
30. .
77
77
77
77
77
77
77
77
77
77
1945—T an 3i
Feb. 28
77
77
Gold
Bills (and
checks),
including
Treasury
bills
Other
Liabilities
Securities
Security
loans
Eligible
as note
cover
Other
Other
assets
Note
circulation
Deposits
Other
liabilities
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
656
638
1,065
1,114
735
82' r
853
765
861
1,621
2,498
2,066
2,31
1,664
2,337
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
755
652
755
540
640
984
1L.032
1,012
11,059
L.527
2,018
2,561
3,649
5.292
iI 186
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
1,980
46
38
28
26
38
42
47
46
62
112
1
1
1
1
1
1
67
70
69
1
33
31
23
27
21
20
25
24
21
45
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
33,792
34,569
35,229
35 950
36,1488
38 579
42,301
4 4 , 704
46,870
5 0 , 0?,
7,237
7,179
7,240
5 754
5,813
7 480
7 088
3.603
10,829
13,535
1,788
1,833
1,915
2 004
2,054
2 185
2 160
2,216
2,264
2,445
199
307
81
112
60
61
2,083
2,591
51, 207
55,. 519
13,566
16,419
2,353
1,909
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
71
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
251
256
245
176
183
146
84
74
60
45
30
38
32
25
27
71
40,379
40,909
42,159
42 150
43,222
45,829
50,821
53,954
56,939
63,497
64,625
70,699
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.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
6
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund t o Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and
in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium
on Dec. 22, 1944.
7
Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds.
8
Gold not shown separately in weekly Reichsbank statement after June 15, 1939.
N O T E . — For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and
pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication.
1424
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1946
Oct.
Sept.
Aug.
Oct.
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
National Bank of Czechoslovakia
Republic (millions of pesos):
in Prague—Continued
Gold reported separately
1,235
Note circulation—Old
,235
Other gold and foreign exchange.
4,665
,280
New
871
Government securities
866
Deposits—Old
Temporary advances to Govt..1.
47
New
Rediscounts and loans to banks .
8,089
Other liabilities
164 Narional Bank of Denmark
Other assets
2,160
Currency circulation 2
3,599
,682
(millions of kroner):
Deposits—Member bank
1,433
Gold
,743
Government
660
Foreign exchange
536
Nationalized l
9,475
Clearing accounts (net)
Other
Loans and discounts
210
185
Certificates of participation in
Securities
Government securities
2
Govt. compensation account 7 . . .
182
Other assets
Other liabilities
1,683
221
Note circulation
Commonwealth Bank of Australia (thousands of pounds):
Deposits—Government
Other
Gold and foreign exchange
217,560 217,204 216,105 172 780
Other liabilities
Checks and bills of other banks. . 2,189 2,692 2,355
925
Central Bank of Ecuador
Securities (incl. Government and
(thousands of sucres):
Treasury bills)
386,558 392,361 390,316 415 387
Gold
Other assets
755
6,905 7,344 7,124
Foreign exchange (net)
Note circulation
197,680 197,680 197,680 188! 714
Deposits of Trading Banks:
Loans and discounts
Special
Other assets
258,857 252,862 254,262 227, 876
Other
Note circulation
23,282 24,559 23,638 27, 086
Demand deposits
Other liabilities
133,393 144,500 40,319 159, 172
Other liabilities
National Bank of Belgium
National Bank of Egypt (thou(millions of francs):
sands of pounds):
Gold
31,817 31,655 32,852
604
Gold
Foreign exchange
305
3,723 3,720 3,660
Foreign exchange
Loans to Government
342
50,859 50,084 49,579
Loans and discounts
Other loans and discounts
451
4,055 3,125 3,271
British, Egyptian, and other
Claim against Bank of Issue.. . . 64,597 64,597 64,597
597
Government securities
222
Other assets
2,358 2,223 2,094
Other assets
924
Note circulation
71,439 71,292 71,284
Note circulation
065
Demand deposits 3
5,174 4,709 5,338
414
Deposits—Government
Blocked accounts
79,342 77,966 78,009
119
Other
1,454 1,436 1,422
Other liabilities
Other liabilities
Central Bank
of
Bolivia—MoneCentral Reserve Bank of El Salvatary Dept. 4 (millions of bolivianos):
(June)5
dor (thousands of colones):
Gold at home and abroad
919
Gold
Foreign exchange
329
Foreign exchange
Loans and discounts
193
Loans and discounts
431
Government securities
Government debt and securities.
9
Other assets
Other assets
Note circulation
1,625
Note circulation
Deposits
249
Deposits
Other liabilities
6
Other liabilities
National Bank of Bulgaria 6
Bank of Finland6 5
Central Bank of Chile (millions
Bank of Greece
of pesos):
6
287 National Bank of Hungary
Gold
331
385 Reserve Bank of India (millions of
Discounts for member banks....
600
rupees):
706
Loans to Government
938
Issue department:
549
Other loans and discounts
713
,686
Gold at home and abroad. . .
Other assets
1,914
,616
Sterling securities
Note circulation
3,244
475
Indian Govt. securities
Deposits—Bank
531
Rupee coin
195
Other
253
Note circulation
326
Other liabilities
468
Banking department:
Bank of the Republic of Colombia
Notes of issue department. .
(thousands of pesos):
Balances abroad
388
Gold
250,979 248,843 246, 743
Treasury bills discounted...
60,444
66
706
Foreign exchange
55,245
Loans to Government
315
32,207 20,216 26 920
Loans and discounts
Other assets
870
Government loans and securities 85,713 80,555 79
Deposits
363
41,030 39,896 39
Other assets
Other liabilities
217,828
216.
612
224,910
Note circulation
198 Central Bank of Ireland (thousands
201,584 192,916 205,715
Deposits
of
pounds):
39,209
833
38,680
Other liabilities
Gold
National Bank of Czechoslovakia
Sterling funds
in Prague (millions of koruny):
Note circulation
1,518
,517
1,520
Gold
6
2,287
793 Bank of Japan
2,297
Foreign exchange
Bank of Java 6
5,977
5,514
Loans and discounts
120,708
120,596
Other assets
127,840
1946
Oct.
Sept.
936
38,665
75,515
7,203
7,718
83
140
94
22
101
7,572
101
1,551
2,717
3,606
240
83
146
97
22
93
,588
86
,493
,684
,695
243
1945
Aug.
Oct.
984
37,785
77,615
7,413
6,583
16,723
15,827
78,113
434
19,052
83
141
95
33
97
7,588
94
1,487
2,707
3,695
242
97
71
2,935
46
68
65
5,001
1,350
2,903
3,579
452
(June) s
241,639 288,843
39,747 118,365
223,868 131,895
98,977 90,598
326,308 337,865
240,088 263 ,650
37,835 28,187
6,
15.
2,
300,
28:
132
84;
122,
13
6,241 6,241
15,601 17,137
1,996 6,182
301,507
25,748
130,099
81,609
127,037
12,348
296,406
27,615
139,789
69,170
128,685
15,939
32,823
38,126
1,517
6,055
1,966
44,892
28,348
7,247
33,047
36,415
2,126
6,485
1,905
43,769
29,210
7,000
444
444
444
,353 11,353 10,493
578
578
578
205
188
182
,879 12,068 11,561
2,646
36,358
39,005
702
,165
24
496
5,620
10
136
5,330
1
368
,010
250
407
6,283
249
283
5,532
217
2,646 2,646
35,766 33,288
38,412 35,934
c
1
2
3
4
Corrected.
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking
unctions)
and Commercial Banking Departments.
5
Latest month available.
6
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943),
see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary
(November
1944), see BULLETIN for January 1946, p. 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278.
7
In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to
Government compensation account.
DECEMBER 1946
1425
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1946
Oct.
Sept.
1945
Aug.
Oct.
Bank of Mexico (millions
of pesos):
773
Metallic reserve x
607
711
740
"Authorized" holdings of securi1 975
731
64 S
ties, etc.
680
490
Bills and discounts
377
505
Other assets
144
164
160
45
1
1
1
600
Note circulation
700
691
604
1 097
Demand liabilities
1 ,155
1 ,193
1 ,356
220
Other liabilities
215
212
177
Netherlands Bank (millions of
guilders):
600
Gold
699
713
713
1
Silver (including subsidiary coin)
1
1
1
4 529
Foreign bills
4 ,601
4 ,530
4 ,509
Discounts
16?
Loans
187
156
136
104
Other assets
103
114
123
261
Note circulation—Old.
274
262
563
New*
2, 576
2 ,554
2 ,467
748
1, 333
Deposits—Government
2 560
1 ,433
1 ,389
119
142
Blocked
104
834
663
680
756
Other
294
54?
Other liabilities
526
510
482
Reserve Bank of New Zealand
(thousands of pounds):
Gold . . .
2 ,802
2 ,802
2 ,802
Sterling exchange reserve
85 ,909 86 ,579 71 ,766
Advances to State or State undertakings . . .
34 ,185 33 ,000 25 016
3 949
3 957 10 997
Investments
1 270
Other assets
678
938
45 406 45 7 0 1 41 916
Note circulation....
Demanddeposits
77 935 77 964 65 557
4 773
4 756
Other liabilities.
045
Bank of Norway *
Bank of Paraguay—Monetary
Dept. (thousands of guaranies):
3 415
Gold
3 415
3 323
3 415
34, 058 32 056 34 845 27 505
Foreign exchange. .
Loans and discounts
500
045
s
Q 786
9 761
0 801 10 526
Government loans and securities
900
Other assets
873
361
872
30, 375 7 0 7 9 7 7 9 ?86 77 564
Note circulation
14 ?S7
Demand deposits
411 16 241 18 085
557
367
3 426
Other liabilities
111
Central Reserve Bank of Peru
(thousands of soles):
(JulvH
Gold and foreign exchange
164 032 149 275
Discounts
834 7 0 411
631 7 3 0 571 713
Government loans
Other assets. .
10 878 22 215
530 602 478 629
Note circulation.
Deposits
257 413 262 190
Other liabilities .
25 469 31 795
Bank of Portugal (millions of escudos): fi
CM
« 420
423
Gold
7 087
Other reserves (net)
601
9 773
0 847
Nonreserve exchange
707
Loans and discounts
288
Government debt
1 020
1 018
Other assets
603
793
Note circulation
7, 821
7 824
11 703 11 156
Other sight liabilities
834
919
Other liabilities . .
National Bank of R u m a n i a 3
South African Reserve Bank
(thousands
of pounds):
238 457 246 025 115, 807
Gold 6
Foreign bills
74 794 73 37^ 31 404
Other bills and loans
s 718 4 738 3, 909
Other assets
9, 333 11, 004 108, 226
Note circulation
65 225 65 835 65, 614
Deposits
206, 496 213, 475 188, 332
Other liabilities
5 779
5, 401
6, 579
Bank of Spain (millions of pesetas):
1, 188
213
1,
Gold
..
.
Silver
574
508
Government loans and securities
15, 785 15, 910
Other loans and discounts . . .
4, 012
3, 544
048
Other assets
7 67 5
Central Bank
(Figures as of last report
date of month)
1946
Oct.
Sept.
1945
Aug.
Oct.
Bank of Spain—Continued
19 ,744 17 0 0 0
Note circulation
..
....
425
925
Deposits—Government
3 4S4
3 666
Other
586
705
Other liabilities
Bank of Sweden (millions of kronor)
1
1
1
1
046
,046
040
035
Gold
1 ,021
783
865
981
Foreign assets (net)
Swedish Govt.securities and ad- 7
937
1 ,203
vances to National Debt Office
961 1 ,106
22
30
39
Other domestic bills and advances
50
1 ,096
886
907
Other assets
968
,567
2 ,534
2
2 ,606
Note circulation
2 ,622
697
797
835
582
Demand deposits—Government
745
214
183
790
Other
37S
704
Other liabilities
386
385
Swiss National Bank (millions of
francs):
4 ,851
4 ,806
Gold
4 ,881
4 ,895
111
176
149
Foreign exchange
169
794
59
63
121
Loans and discounts
89
83
87
Other assets
3 704
3 688
3 785
3 858
Note circulation
1 095
1 ,070
1 169
1 798
Other sight liabilities
298
312
Other liabilities
317
Central Bank of t h e Republic of
Turkey8 (thousand of pounds):
662 ,448 299 ,520 294 69?
Gold .
Foreign exchange and foreign
176 176 64 ,976 53 ,834
clearings
7S4 043 717 591 794 K39
Loans and discounts
165 S78 164 730 168 ,531
Securities
79 ,849 74 ,759 21 654
Other assets
Note circulation
878 ?47 845 47? 918 075
197 197 91 871 85 ,586
Deposits—Gold
141 7 0 9 130 041 150 ,341
Other
S71 390 754 ,751 179 549
Other liabilities .
9
Bank of the Republic of Uruguay
(thousands of pesos):
310 856 310 8 S 6 295 ,704
Gold
13 540 13 6 3 0 13 871
Silver
Advances to State and govern9 944
14 470 18 11?
ment bodies
109 50? 106 1 3 7 95 0 1 4
Other loans and discounts
359 479 359 6 6 0 370 941
Other assets
213 177 190 075 159 000
Note circulation
44 181 46 8 0 0 40 148
Deposits—Government
7
S3 118 ?S4 8 4 8 747 47?
Other
797 470 316 586 788 854
Other liabilities
Central Bank of Venezuela (thousands of
bolivares):
557 080 484 013
Gold10.
? 4 310 7? 849
Foreign exchange (net)
14 310
Credits to national banks
34 330 13 338
Other assets
403 884 377 658
Note circulation—Central Bank
7 776 10 8 6 9
National Banks
195 763 736 5 3 3
Deposits
9 451
8 816
Other liabilities
National Bank of t h e Kingdom
of Yugoslavia *
Bank for
International Settlements 1 1 (thousands of Swiss gold
francs):
123 042 ?3 04? 174 774 118 ?85
Gold in bars
. ..
Cash on hand and on current
account with banks
4 095 4 473 4 958 42 924
141
141
9 439
Sight funds at interest
141
Rediscountable bills and accept8
373
10
717
81
6
93*6
363
ances (at cost)
750
Time funds at interest
s 849 5 854 6 778
Sundry bills and investments.... 314, 591 312, 350 308 800 198 879
32
35
118
34
Other assets
20, 730 20, 737 20 737 16 962
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own ac3 047
3 437
989
3 671
count
1, 209
1, 651
2 , 021
1, 209
Other
Long-term deposits: Special ac001 779 001 229 001 779 001
counts
200, 185 200, 271 200, 376 202, 675
Other liabilities
includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
2
Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the
currency reform decrees effected between June and October 1945.
« For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942,
p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286.
6
* Latest month available.
Valued at average cost beginning October 1940.
• Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 7 Includes small amount of non-Government bonds.
"Gold
revalued
on
Sept.
9,
1946,
from
1,406.58
to
3,150.77
Turkish
pounds
per
fine
kilogram.
1
Issue and banking departments consolidated.
10
Beginning October 1944 a certain amount of gold formerly reported in the Bank's
account shown separately for account of the Govn
ernment.
See BULLETIN for December 1936, p. 1025.
1426
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1936
Jan. 28, 1937.
June 15
July 7
Aug. 4
Sept. 3
Nov. 13 . . . .
May 10, 1938. .
May 13
May 30
Sept. 28
Oct. 27 . . . .
Nov. 25
Jan. 4. 1939
Apr. 17 . . . .
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec 15
Jan. 25, 1940.
Apr 9
May 17
Mar. 17, 1941. .
May 29
June 27
Jan 16, 1945
Jan. 20
Feb. 9
Nov. 7, 1946
In effect Nov. 30,
1946
2
4
6
5
4
2
3
4
2
2
2K
IK
Rate
Nov.
30
Central
bank of—
United
SwitzGer- Bel- NethKing- France many
er- Sweerden land
gium lands
dom
Albania
Argentina
Belgium
Bolivia
5K
3K
2K
6
Date
effective
Mar.
Mar.
Nov.
Nov.
21, 1940
1, 1936
7, 1946
8, 1940
Central
bank of—
Rate
Nov.
30
Italy
Japan
Java
Latvia
Lithuania. . .
4
3.29
3
5
6
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
4K
2K
IK
June
June
July
Jan.
Aug.
Jan.
4, 1942
27, 1941
26, 1941
9, 1946
1, 1940
12, 1944
Date
effective
2
4
3
3
2K
2K
3
British India. .
Bulgaria
4K
Canada
IK
Chile
3-4K
Colombia
4
Czechoslovakia
2K
Nov. 28, 1935
Aug. 14, 1946
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Oct. 28, 1945
Mexico
Netherlands .
New Zealand.
Norway
Peru
Portugal....
Denmark
Ecuador
El Salvador. . .
Estonia
Finland
Jan.
May
Mar.
Oct.
Dec.
15, 1946
26, 1938
30, 1939
1, 1935
3, 1934
Rumania. . . . 4
South Africa 3
Spain
4
Sweden
2K
Switzerland..
IK
May
June
Dec.
Feb.
Nov.
8, 1944
2, 1941
1, 1938
9, 1945
26, 1936
Jan.
Apr.
Aug.
Aug.
Nov.
20, 1945
9, 1940
16, 1946
1, 1946
23, 1943
Turkey
4
United King2
dom
U. S S. R... 4
Yugoslavia. . 2K
July
1, 1938
5
2K
4
3
2K
4
3
3
2
3
31/
IK
3H
France.......
3
Greece
Hungary
Ireland
2K
2
1H
3K
10
7
2K
Oct. 26, 1939
July 1, 1936
Aug. 1, 1946
2y
2K
IX
4
2
I'A
2
7
3
3K
2K
2K
2K
IK
NOTE.—Changes since Oct. 31: Belgium—Nov. 7 , up from IK to 2K
per cent.
OPEN-MARKET RATES
[Per cent per annum]
Germany
United Kingdom
Netherlands
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1929—Sept
1930—Sept
1931—Sept
1932—Sept
1933—Sept
1934—Sept
1935—Sept
1936—Sept
1937—Sept
1938—Sept
1939—Sept
1940—Sept
1941—Sept
1942—Sept
1943—Sept
1944—Sept
1945—Sept
5.59
2.07
4.74
.67
.44
.73
.58
.55
.55
.91
3.51
1.03
1.03
1.03
1.03
1.03
1.03
5.63
2.05
4.57
.55
.31
.61
.55
.53
.50
.86
3.23
1.03
1.01
1.00
1.00
1.01
1.00
4.39
1.68
4.04
.67
.63
.78
.75
.75
.75
.75
2.72
1.00
1.00
1.05
1.07
1.13
1.13
1945—Oct
Nov
Dec
.83
.53
.53
.75
.51
.50
.96
.63
.63
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.53
.53
.53
.53
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.50
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
.63
.63
Bankers'
allowance
on deposits
3K-4K
2K-4
1-2
K
K
K
K
K
K
K
K
K
K
K
K
K
$
K
K
K
8
3
K
K
K
Sweden
Switzerland
Private
discount
rate
Day-today
money
Private
discount
rate
Money
for
1 month
Loans
up to 3
months
Private
discount
rate
7.18
3.30
7.99
4.25
3.88
3.81
3.02
3.00
2.88
2.88
2.75
2.25
2.13
2.13
2.13
2.13
7.86
3.78
9.15
5.55
5.00
4.71
3.21
3.01
3.07
2.59
2.51
2.03
1.94
1.83
1.93
1.93
5.36
1.96
1.30
.37
.77
.61
5.48
1.23
.14
.32
2.94
2.25
1.88
5.32
1.84
1.21
1.00
1.00
1.00
5.65
1.29
.50
.70
3.66
2.68
2.25
5^-7
3K-5K
8-9 K
3K-5K
3-5
2K-5
2K-4K
2K-S
2K-5
2K-5
3K-5K
3-5 K
3-5 K
3-5 K
3-5 X
2^-5
5.38
1.50
1.80
1.50
1.50
1.50
2.40
1.98
1.00
LOO
.25
1.50
.25
L .25
.25
L .25
L.25
2K-5
2K-5
2K-5
L .25
.25
.25
2V2-S
2K-5
2K-5
2K-4K
2K-4K
2K-4K
2K-4K
2K-4K
2K-4K
.25
.25
.25
.25
.25
.25
.25
.25
.25
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics,
172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
Table
DECEMBER 1946
1427
COMMERCIAL BANKS
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Assets
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury
Loans to
deposit 2 Securities customers
short
counted receipts
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
274
324
366
390
422
500
174
159
141
142
151
199
334
265
171
198
133
147
314
758
896
1,307
1,667
609
771
999
,120
,154
,165
1,015
924
823
794
761
772
290
293
324
325
349
347
2,441
2,800
3,329
629
032
4,545
1,398
1,770
2,168
2,429
2,712
3,045
,043
,030
,161
,200
,319
,500
256
250
253
236
245
250
1945—October...
November.
December.
513
496
536
201
229
252
189
296
369
1,925
1,703
1,523
,178
,201
,234
799
809
827
308
318
374
4,859
4,789
4,850
3,277
3,254
3,262
,582
,535
,588
254
263
265
1946—January..
February.,
March... .
A pril
May
June
July
August. . .
September.
496
483
493
509
509
524
532
553
553
249
243
254
271
301
315
305
313
280
361
340
379
433
470
526
522
464
405
1,493
1,468
1,443
1,449
1,374
1,302
1,382
1,511
1,671
,230
,241
,246
,282
,322
,382
1,406
1,393
1,393
840
847
863
841
856
894
885
906
930
333
338
353
367
356
399
386
369
379
4,729
4,684
4,749
4,865
4,894
5,045
5,113
5,198
5,302
3,135
3,078
3,143
3,242
3,239
3,351
3,389
3,427
3,502
,594
,606
,606
,623
,655
,694
,724
,771
1,800
271
276
281
287
292
296
304
310
308
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
Security loans
and foreign
loans
discounts
banks
Entirely in Canada
Cash
reserves
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
292
323
356
387
471
550
53
40
32
31
48
92
1,088
1,108
1,169
1,168
1,156
1,211
132
159
168
231
250
214
1,646
1,531
1,759
2,293
2,940
3,611
612
570
653
657
744
782
85
80
71
60
42
34
2,774
2,805
3,105
3,657
4,395
5,137
1,033
1,163
1,436
1,984
2,447
2,714
1,741
1,641
1,669
1,673
1,948
2,423
963
846
962
1,049
1,172
1,289
1945—October...
November
December.
640
646
694
130
239
251
1,009
1,372
1,274
242
229
227
4,159
4,015
4,038
812
888
869
27
26
26
5,573
6,013
5,941
2,582
3,197
3,076
2,992
2,816
2,865
1,392
1,350
1,386
1946—January..
February.
March....
April
May
June
July
August. . .
September
665
669
650
722
642
637
696
665
676
210
200
148
152
125
115
96
98
91
1,213
1,194
1,181
1,160
1,187
1,188
1,230
1,249
1,284
209
206
214
221
197
159
121
128
122
4,100
4,119
4,197
4,243
4,304
4,275
4,298
4,336
4,375
793
845
803
876
907
896
876
865
960
25
25
25
24
24
23'
23
23
22
5,810
5,830
5,781
5,898
5,882
5,756
5,887
5,892
6,037
848
752
2,611
2,660
2,576
2,393
2,476
2,426
2,513
2,963
3,078
3,170
3,238
3,306
3,364
3,411
3,466
3,524
1,354
1,379
1,387
1,452
1,456
1,490
1,407
1,428
1,449
(4 large banks. End
of month figures in
millions of francs)
Liabilities
Assets
France
Cash
reserves
Due from
banks
Bills discounted
Loans
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
4,599
6,418
6,589
7,810
8,548
10,365
3,765
3,863
3,476
3,458
4,095
4,948
29,546
46,546
61,897
73,917
90,897
99,782
7,546
8,346
8,280
10,625
14,191
18,653
1945—March
April
May
June
July
August
September
October
November
December
8,117
8,582
27,281
16,282
11,990
11,104
11,122
11,942
11,898
14,602
5,072
4,954
4,999
5,660
5,944
5,991
6,080
6,337
6,859
13,804
98,593
99,146
109,270
156,620
146,195
143,799
143,818
143,567
145,110
155,025
1946—January
February
15,312
15,005
13,871
14,393
153,227
157,420
Other
assets
Deposits
Own
acceptances
Other
liabilities
Total
Demand
Time
2,440
2,229
2,033
2,622
2,935
2,190
42,443
62,032
76,675
91,549
112,732
128,758
41,872
61,270
75,764
91,225
111,191
126,578
571
762
912
324
1,541
2,180
844
558
413
462
428
557
4,609
4,813
5,187
6,422
7,506
6,623
21,255
22,246
23,108
23,216
27,127
27,697
28,732
30,153
32,165
36,166
2,188
2,490
3,008
3,618
4,212
4,970
5,279
5,906
6,325
7,360
128,007
129,859
159,526
196,167
185,763
183,140
184,400
186,740
190,759
213,908
126,132
128,154
157,453
193,828
183,477
180,779
182,105
184,637
188,748
211,871
1,876
705
,073
,339
,286
,361
2,296
2,103
2,010
2,037
745
939
1,212
1,544
,837
2,150
2,268
2,476
2,618
2,898
6,403
6,619
6,928
7,685
7,868
8,271
8,364
8,690
8,980
10,151
40,123
41,119
5,022
6,627
216,729
222,059
214,842
220,219
1,887
1,840
3,371
4,607
7,455
7,898
1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported
by individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at 1H per cent through Oct. 20, 1945, and at V8 per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for
description of statistics see pp. 566-571 in same publication.
1428
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Special
Export
Official
1937
1938 . .
1939
1940
1941
1942
1943
1944 . .
1945
32.959
32 597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
223.704
23.704
24.732
25.125
25.125
1945—Nov
Dec
1946—Tan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25,125
25.125
25.125
25.125
25.125
25.125
25.125
Year or month
Official
2322.80
322.80
322.80
322.80
322.80
2322.80
Free
Belgium
(franc)
Brazil
(cruzeiro1)
Official
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
2321.17 22.2860 6.0602
393.94
389.55
353.38
305.16
321.27
321.50
2321.50
3.3752
3.3788
3.3704
2
3.3760
321.41
321.41
321.41
321.41
321.41
321.40
321.38
321.41
321.41
321.41
321.38
321.27
2.2857
2.2839
2.2840
2.2845
2.2845
2.2844
2.2846
2.2847
2.2847
2.2847
'2.2803
2 2798
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
'6.0602
Free
In cents per unit of foreign currency]
British BulIndia garia
(rupee) (lev)
6.1983 37.326
36.592
5.1248 33.279
5.0214 30.155
5.0705 30.137
5.1427 30.122
5.1280 30.122
5.1469 30.122
5.1802 30.122
5.1802
5.1802
5.1802
5.1802
5.1829
5.1902
5.1900
5.1902
'5.2283
5.3675
5.4053
5.40.S3
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
57.014
1945—Nov
Dec
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
Oct
56.980
56.980
56.980
56.980
56.980
57.032
57.021
57.007
57.007
57.007
57.007
57.007
3.4930
3.4674
23.4252
2.666O
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20.877
20.877
20.877
20.877
20.877
20.877
20.877
20.877
20.877
Official
Free
290.909
90.909
90.909
90.909
90.909
90.909
100.004
99.419
96.018
85.141
87.345
88.379
89.978
89.853
90.485
30.122
30.122
30.122
30.122
30.122
30.139
30.182
30.182
30.182
30.185
30.170
30.156
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
598.347
100.000
100.000
100.000
90.736
90.725
90.712
90.695
90.747
90.764
90.679
90.597
5
96.662
96.784
96.254
95.953
Italy
(lira)
Japan
(yen)
5.2607
5.2605
5.1959
5.0407
25.0703
28.791
28.451
25.963
23.436
2
23.439
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—Nov.
Dec
1946—Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
18.923
18.860
218.835
4.4792
4.4267
4.0375
3.7110
24.0023
. .
. .
7
2O.2O2
20.202
20.202
20.197
20.161
20.161
20.161
20.161
20.161
7
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
2
.7294
.7325
.7111
.6896
5.1697
5.1716
5.1727
5.1668
25.1664
24.0000 29.606
4.0000 21.360
4.0000 11.879
4.0000 6.000
2
4.0000 25.313
NethMex- erlands New
Zeaico
land
(peso) (guilder)
(pound)
21.9711
2.0186
1.7822
8410
.8410
.8410
.8409
.8408
.8409
8409
.8408
8408
8409
20.578
20.579
20.580
20.581
20.580
20.580
20.575
20.572
20.587
20.596
20.578
20.574
6
30.694
30.457
27.454
22.958
2
24.592
19.779
19.727
19.238
18.475
2
19.770
9
.4434
4434
4434
io. 4434
Kingdom
Straits
South
Switz(pound)
Norway Poland Portu- RumaSettle- Swenia Africa Spain m
den
erland
e n t s (krona) (franc)
(krone) (zloty) (escudo) (leu) (pound) (peseta)
(dollar)
Free
Official
24.840
24.566
23.226
222.709
China
(yuan
ShangOfficial Export
hai)
55.045
55.009
53.335
2
53.128
.9055
.8958
.8153
1
.6715
United
Year or month
Chile
(peso)
27.750
22.122
19.303
18.546
20.538
20.569
20.577
20.581
20.581
22.069 2.1811 4.0460 40.204
21.825 2.1567 2.8781 40.164
20.346 1.9948 2.5103 40.061
2
19.308 1.8710 22.0827 40.021
239.968
22.0101
7
8
Canada
(dollar)
1.2846
1.2424
GerFinColom- Czecho- DenHong Hunland France many Greece
bia
slovakia mark (mark(drach- Kong
gary
(reichs(franc)
(peso) (koruna) (krone)
ma)
(dollar) (pengo)
mark)
ka)
1937
1938
1939
1940. . . .
1941
1942
1943
1944
1945
.
Australia
(pound)
489.62 6.053 57.973 25.487
484.16 5.600 56.917 25.197
440.17 10.630 51.736 23.991
397.99 29.322 46.979 223.802
398.00 9.130 247.133 23.829
398 00
46 919
398.00
398.00
399.05
400.50
400.50
400.50
400 50
400.50
400.50
400.50
400.50
400.50
400.50
400.50
400.50
>7
9'i32
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
7
23'.852
23.852
23.852
23.852
23.852
126.195
27.819
27.820
27.819
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
2
37.933 323.46
37.933
37.933
37.933
37.926
37.789
37.789
37.789
37.789
37.789
37.789
37.789
37.789
Uruguay
(peso)
322.70
322.70
322.70
322.70
322.70
322.69
322.67
322.70
322.70
322.70
322.67
322.56
Yugoslavia
(dinar)
Controlled
Noncontrolled
494.40
22.938
488.94
22.871
443.54
22.525
22.676 2403.50 383.00
2
23.210 403.50 403.18
403.50 2403.50
403.50 403.50
403.50 2
2
403.50 403.02
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
2.3060
2.3115
236.789 2.2716
37.601 2.2463
43.380 22.2397
52.723
52.855
53.506
55.159
403.38
403.37
403.38
403.38
403.38
403.35
403.32
403.37
403.37
403.36
403.32
403.20
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
7
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
56.290
56.290
56.290
56.290
56.290
56.290
56.287
56.272
56.272
56.272
56.271
56.272
1
8
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis.
Average of daily rates for that part of the year during which quotations were certified.
* Based on quotations through July 19. Official rate abolished as of July 22.
*8 Based on quotations through July 19 and from July 25-31.
On July 5, 1946, Canada reduced its official buying rate 7for one U. S. dollar from 1.10 to 1.00 Canadian dollar.
6
Based on quotations beginning Nov. 2.
Based on quotations beginning Feb. 5.
1
Based on quotations beginning Mar. 9.
9 Based on quotations beginning Mar. 22.
10
Based on quotations through June 12.
11
As of July 13, 1946, the Swedish Riksbank reduced its buying 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.
DECEMBER
1946
1429
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
Canada
(1926 =
100)
United
Kingdom
(1930 =
100)
France
(1913 =
100)
Germany
(1913 =
100)
1926
100
100
2 124
695
134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
65
66
75
80
81
86
79
77
79
87
99
103
104
106
67
67
72
72
75
85
79
75
83
90
96
100
103
104
86
86
88
89
94
109
101
103
137
153
159
163
166
169
427
398
376
338
411
581
653
707
3
901
97
93
98
102
104
106
106
107
110
112
114
116
118
1945—November
December
107
107
104
104
1946—January
February
March
April
May
June
July
August
September
October
107
108
109
110
111
113
'125
129
124
134
105
105
106
108
109
109
110
109
109
NetherJapan
lands i
Sweden
(October (July
1938- (1935 =
1900 =
June
1939
100)
100)
= 100)
Italy
(1928 =
100)
Switzerland
(July 1914
= 100)
237
150
2 126
144
161
180
178
186
198
238
251
278
311
329
92
89
90
87
91
108
102
105
131
150
157
160
164
181
2 92
2 90
2 96
100
102
114
111
115
146
172
189
196
196
194
96
91
90
90
96
111
107
111
143
184
210
218
223
221
170
170
211
217
191
190
219
214
172
172
172
173
173
173
177
177
177
178
236
241
242
244
245
249
252
P257
P259
185
185
185
185
185
186
186
185
184
215
213
214
213
213
213
214
215
213
*217
70
63
62
68
76
89
95
99
116
132
r
P Preliminary.
Revised.
i New weighted index of 400 articles. For detailed description of the articles included and of the weight coefficients used in the index, see
Maandschrift
for
1941,
pp.
663-664.
Yearly averages 1926-1938 are calculated from old index, 1926-30 = 100.
8
Approximate figure, derived from old index (1913 =100).
• Average based on figures for 5 months: no data available since May 1940, when figure was 919.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
IndusIndus- Agricul- trial raw Industural and semi- trial fintrial
products products finished ished
products products
1926
100
100
100
100
100
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943 . . .
1944
1945
48
51
65
79
81
86
69
65
68
82
106
123
123
128
61
61
71
84
82
86
74
70
71
83
100
107
105
106
70
71
78
mn
48
51
59
64
69
87
74
64
67
71
83
96
103
107
55
57
64
66
71
84
73
67
75
82
90
99
104
106
70
70
73
73
74
81
78
75
82
89
92
93
94
94
88
83
85
87
92
102
97
97
133
146
158
160
158
158
85
87
90
90
96
112
104
106
138
156
160
164
170
175
1945—November
December
131
132
108
109
109
109
106
106
94
94
158
158
175
175
1946—January
February
March
April
Mi ay
June
July
August
September
October
130
131
133
135
138
140
157
161
154
165
107
108
109
111
112
113
140
149
132
158
110
110
110
111
112
113
114
111
111
106
107
t07
108
109
110
110
108
108
95
95
96
99
99
99
99
100
100
157
157
158
159
159
159
161
159
158
157
180
179
179
180
181
181
185
186
188
189
....
-nOOO
Foods
<
R a w and Fully and
chiefly
partly
Farm
Other
manucommod- products manufactured factured
ities
goods
goods
Farm
products
OO
Year or month
OOOO
82
81
83
89
96
97
99
104
106
••no
112
112
116
Germany
1913=100)
United Kingdom
(1930 = 100)
Canada
(1926=100)
United States
(1926=100)
Foods
129
130
150
91
87
96
102
105
105
106
108
111
112
115
119
122
89
88
91
92
94
96
94
95
99
100
102
102
103
118
113
116
119
121
125
126
126
129
133
134
135
136
r
Revised.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1430
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES— Continued
RETAIL FOOD PRICES
[Index numbers]
.
Switzerland
(June
1914
=100)
United
KingGer- NetherCanUnited
lands
dom
many
ada
States
(1935-39 (1935-39 (July (1913-14 (1911-13
=100)
=100)
=100)
1914
=100)
=100)
Year or
month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
COST OF LIVING
[Index numbers]
93
95
98
94
100
101
. .
105
98
95
103
104
101
97
106
124
138
106
116
127
131
124
118
120
122
125
130
118
120
122
139
141
141
122
122
123
127
130
130
164
168
161
166
128
129
132
134
138
150
177
191
198
115
114
120
130
130
132
146
175
200
211
215
215
United
Ger- NetherUnited
CanKingdom
many
lands
States
ada
(1935-39 (1935-39 (July (1913-14 (1911-13
=100)
=100)
=100)
1914 =100)
=100)
Year or
month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
136
139
131
133
168
170
1945-November.
December
140
141
134
134
169
169
210 1945-November.
210
December
1946-January.. .
February..
March....
April. . .
JVlay
133
169
210
140
140
142
133
133
135
169
169
169
208
206
206
169
208
June
July
August
September.
October.. .
141
138
143
142
144
145
143
146
166
171
174
180
P147
169
171
171
168
168
209
209
209
209
P215
1946—January
Februaty..
March. . . .
April
May
June
July
August....
September.
October.. .
96
98
99
96
96
98
141
143
147
103
101
99
101
102
102
154
156
158
125
126
126
100
105
117
124
106
112
117
118
126
128
119
119
184
199
200
199
130
133
137
139
141
129
130
120
120
203
203
130
120
203
130
130
131
120
120
121
132
122
133
141
144
146
148
124
125
126
126
P127
201
203
121
123
125
Switzerland
(June
1914
=100)
129
128
130
140
136
» 132
137
139
140
137
137
138
154
175
187
195
151
174
193
203
208
209
207
207
207
206
205
205
203
203
203
206
204
207
207
207
207
P212
203
205
205
203
203
P Preliminary.
Revised index from March 1936 (see BULLETIN for April, 1937 p. 373).
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues. .
1939
1940
1941
1942
1943
1944
1945
. .
United
States
(derived
price)i
15
United
Germany
Kingdom
France
(December (1938=100)2 (average
price)3
1921=100)
87
50
113.8
115.9
117.8
118.3
120.3
120.9
122.1
112.3
118.3
123.8
127.3
127.8
127.5
128.3
114.2
•114.2
•143.4
146.4
146.6
150.5
152.1
1945—November. .
December...
122.0
121.9
127.8
127.5
150.3
151.2
1946—January....
February. . .
March
April
May
June
July
August
September. .
October
123.8
124.5
124.5
124.3
123.7
123.9
124.0
123.8
122.8
121.8
129.1
130.1
129.9
131 7
132.6
132.0
132.2
132.2
132.5
133.0
148.6
148.6
147.5
146 1
147 3
146.3
143 5
142.8
P142.1
P139.9
. . . .
Common stocks
Netherlands*
United
States
(1935-39
=100)
8
402
3
139
99.0
100.7
103.0
6
103.3
10
90.9
•* 77.9
84.3
94.7
98.5
103.7
102 4
105 0
1C5.3
105 9
105 0
(1926=100)
United
Kingdom
278
NetherFrance
lands
Ger- (1938=100)2 (1930=100)
many
(5)
94.1
114.6
136.8
142.1
145.0
145.4
2
284
100
112
140
»308
479
540
551
453
89.7
94.2
88.1
80.0
69.4
91.9
99.8
121 5
75.9
70.8
72.5
75.3
84.5
88.6
92 4
136 9
139 7
94 5
94 2
441
450
144 8
143 3
141.8
151 6
154 3
153 2
149 6
146 4
125 4
122.3
95 2
94 9
93 8
95 2
97 6
99 5
99 2
97 6
94 7
93.0
433
461
452
448
532
540
569
583
6
895.0
129.1
131.5
151.0
i° 151.4
123 2
115 9
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.
3
Published by the Ministry of National Economy with new base of 1938= 100. Figures are for the last Friday of each month. The number
of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, when five
banks were nationalized; on 295 issues until July 4, 1946, when 11 insurance companies were nationalized; and on 284 issues thereafter. For
complete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Gen'rale" December 1942, pp. 511-513,
and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin
de la Statistique Gen'ra'e" for October-December 1944, pp. 274-276.
• Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior
to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
^ Indexes of reciorocals 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.
5
This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287.
• 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.
• Average based on figures for 9 months; no data available May-July. » Average based on figures for 10 months; no data available Jan.-Feb.
10
Average based on figures for 8 months; no data available Sept.-Dec.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
DECEMBER
1946
1431
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM,
M. S. SZYMCZAK
ERNEST G. DRAPER
Assistant
to the Chairman
ELLIOTT THURSTON,
LEO
Vice Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
Special Adviser
to the Board of Governors
CHESTER MORRILL,
H. PAULGER, Special Adviser
to the Board of Governors
OFFICE OF THE SECRETARY
DIVISION OF BANK OPERATIONS
S. R. CARPENTER, Secretary
EDWARD L. SMEAD, Director
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF SECURITY LOANS
J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director
DIVISION OF RESEARCH AND STATISTICS
BONNAR BROWN, Assistant Director
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF EXAMINATIONS
DIVISION OF ADMINISTRATIVE SERVICES
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES,
Chairman
ALLAN SPROUL, Vice
ERNEST G. DRAPER
R. M. EVANS
H U G H LEACH
W . S. MCLARIN, JR.
J. N . PEYTON
Chairman
RONALD RANSOM
M. S. SZYMCZAK
LISTON P. BETHEA, Director
GARDNER
L.
BOOTHE,
II, Assistant Director
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
A. L. M. WIGGINS,
RICHMOND DISTRICT
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
JAMES K. VARDAMAN, JR.
C. S. YOUNG
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
E. A. KINCAID, Associate Economist
JOHN K. LANGUM, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\et
Account
CHESTER MORRILL,
1432
President
JAMES H. PENICK,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
ED H. WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Vice Presidents
Albert M. Creighton
Henry I. Harriman
Beardsley Ruml
William I. Myers
Laurence F. Whittemore
William Willett
E. G. Hult
J. C. Hunter2
Carl B. Pitman
O. A. Schlaikjer
Allan Sproul
L. R. Rounds
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
Philadelphia. .
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
E. C. Hill
Wm. G. McCreedy
C. A. Mcllhenny
Philip M. Poorman
C. A. Sienkiewicz
Cleveland. . .
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
W. D. Fulton
J. W. Kossin 3
A. H. Laning
B. J. Lazar
Martin Morrison
W. F. Taylor
Donald S. Thompson
Richmond. . .
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
Claude L. Guthrie3
E. A. Kincaid
R. W. Mercer
C. B. Strathy
Edw. A. Wayne
Atlanta. . .
Frank H. Neely
J. F. Porter
Simeon E. Leland
W. W. Waymack
W. S. McLarin, Jr.
L. M. Clark
V. K. Bowman
H. F. Conniff
S. P. Schuessler
C. S. Young
Charles B. Dunn
Allan M. Black2
Neil B. Dawes
J. H. Dillard
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis....
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebery
A. F. Bailey
Wm. E. Peterson
William B. Pollard
C. A. Schacht
William H. Stead
C. M. Stewart
Minneapolis. .
Roger B. Shepard
W. D. Cochran
J. N. Peyton
O. S. Powell
H. G. McConnell
A. W. Mills2
Otis R. Preston
E. W. Swanson
Sigurd Ueland
Harry I. Ziemer
Kansas City.
H. G. Leedy
Robert B. Caldwell
Henry O. Koppang
Robert L. Mehornay
O. P. Cordill
L. H. Earhart
Delos C. Johns
Dallas
J. R. Parten
R. B. Anderson
E. B. Austin3
R. B. Coleman
H. R. DeMoss
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley3
W. E. Eagle
W. H. Holloway
Watrous H. Irons
L. G. Pondrom
Boston....
New York.
Chicago. . .
San Francisco.
R. R. Gilbert
W. D. Gentry
Henry F. Grady
H. F. Slade
M. Leisner3
C. E. Earhart
J
W. F. Volberg
H. N. Mangels
Harry R. Wellman
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
Chief Officer
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar5
J. W. Kossin5
4
Richmond
Baltimore
Charlotte
W. R. Milford 4
W. T. Clements
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers4
Geo. S. Vardeman,
Jr.4
4
Joel B. Fort,
Jr.
E. P. Paris4
Chicago
Detroit
E. C. Harris5
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailey5 5
C. A. Schacht
William B. Pollard*
1
Also Federal Reserve Agent.
DECEMBER
1946
2
Cashier.
3
Federal Reserve
Bank of
Branch
Chief Officer
Minneapolis. . . . Helena
R. E. Towle4
Kansas City. . . . Denver
Oklahoma City
Omaha
G. H. Pipkin*
0. P. Cordill*
L. H. Earhart*
Dallas
W. E. Eagle*
L. G. Pondrom*
W. H. Holloway*
El Paso
Houston
San Antonio
4
W. N. Ambrose
D. L. Davis4 4
W. L. Partner
C. R. Shaw4
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
Managing Director.
5
Vice President.
1433
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
= =
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
1
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
INDEX TO VOLUME 32
Pages
Acceptance by member banks of drafts or bills of
exchange, revision of Regulation C
996
Acceptances, bankers':
Buying rates
41, 148, 294, 392, 496,
622, 762, 882, 1024, 1148, 1248, 1364
Open-market rates on
60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383
Outstanding
59, 166, 312, 410, 514,
640, 780, 900, 1042, 1166, 1266, 1382
Addresses:
British loan, by Marriner S. Eccles before Foreign
Policy Association
232
Economic conditions and public policy, by
Marriner S. Eccles before Sixteenth New
England Bank Management Conference
1230
Administrative procedure rules:
Rules of organization of Board
999
Rules of procedure of Board
1004
Rules of organization and information and rules
on procedure of Federal Open Market committee
1011
Admissions of State banks to membership in Federal
Reserve System
32, 129, 256, 386, 478;
615, 756, 876, 1018, 1142, 1242, 1357
Agnew, John, suit regarding removal as bank director. .251
Agricultural loans:
Insured commercial banks
53, 160, 306, 404, 508,
634, 774, 894, 1036, 1160, 1260, 1376
Agriculture:
Balance sheet of, 1946
974
Crop reports
85, 927, 1069, 1193, 1293, 1409
National summary of business conditions
1144
Albania:
Central Bank:
Discount rate of
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Anderson, R. B., appointed Class C director and
designated Deputy Chairman at Dallas
32
Anglo-American financial agreement, British white
paper published in connection with
20
Anglo-American trade and financial negotiations
14
Annual reports:
International Bank for Reconstruction and
Development
1132
International Monetary Fund
1123
Argentina:
Central Bank of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Discount rate
101, 211, 353,453,559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Articles: (See Special articles)
Asia:
International capital transactions
92, 202, 344,
444, 550, 690, 816, 940, 1080, 1204, 1304, 1418
Assets, liquid: (See Liquid assets)
Assets and liabilities:
All member banks, classes of banks:
December 31, 1945
544
June 29, 1946
1198
Commercial banks in United Kingdom, Canada,
and France
102, 212, 354, 454, 560,
700, 826, 950, 1090, 1214, 1314, 1428
Federal Reserve Banks:
All banks
42, 149, 295, 393, 497,
623, 763, 883f 1025, 1149, 1249, 1365
DECEMBER
1946
Pages
Assets and liabilities—Continued.
Federal Reserve Banks—Continued.
Each bank
43, 150, 296, 394, 498,
624, 764, 884, 1026, 1150, 1250, 1366
Foreign central banks
97, 207, 349, 449, 555,
695, 821, 945, 1085, 1209, 1309, 1423
Government corporations and credit agencies . . 67,
174, 320, 418, 522, 648, 788,
908, 1050, 1174, 1274, 1390
Insured commercial banks in the United States
and possessions
545, 1199
International capital transactions of United
States
94, 204, 346, 446, 552,
692, 818, 942, 1082, 1206, 1306, 1420
Nonfinancial corporations, estimated balance
sheets of
708
Australia:
Commonwealth Bank of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Austria, reestablishment of Austrian National Bank... 33
Awards for distinguished service in war
finance
248
Bailey, A. F., appointed Vice President and designated
Manager of Little Rock Branch
129
Bank credit:
Current statistics for Federal Reserve chart book
86, 192, 33Sy 437, 541, 668, 807,
928, 1070, 1194, 1294, 1410
National summary of business conditions. .37, 143,
290, 388, 492, 617, 758, 878, 1020, 1144, 1243, 1359
Bank debits: (See Debits to deposit accounts)
Bank deposits: (See Deposits)
Bank for International Settlements:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Bank loans: (See Loans; Loans and Investments)
Bank premises:
Federal Reserve Banks
44, 151, 297, 395, 499,
625, 765, 885, 1027, 1151, 1251, 1367
Member banks
544, 1198
Bank suspensions:
Number and deposits
50, 157, 303, 401, 505,
631, 771, 891, 1033, 1157, 1257, 1373
Bankers' acceptances: (See Acceptances, bankers')
Bankers' balances:
Insured commercial banks
54, 161, 307, 405, 509,
# 635, 775, 895, 1037, 1161, 1261, 1377
Weekly reporting member banks:
By Federal Reserve districts
58, 165, 311,
409, 513, 639, 779, 899, 1041, 1165, 1265, 1381
New York City and outside . .56, 163, 309, 407,
511, 637, 777, 897, 1039, 1163, 1263, 1379
Banking:
Developments during the year, discussion in
Review of the Month
461
Funds, foreign, increase in United States. . .91, 201,
343, 443, 549, 689, 815, 939, 1079, 1203, 1303, 1417
General license to transact banking business issued
by Secretary of the Treasury
28
Offices, number of
543, 671, 810, 931,
1073, 1197, 1297, 1413
1435
INDEX TO VOLUME 32
Pages
Pages
Banking—Continued,
Postwar transition in, discussion in Review of the
Month
1097
Banks:
Consolidations
196, 1074
Government securities
held by. .65, 172, 318, 416, 520,
646 786 903 1048 1172 1272 1388
Number of:
'
'
'
'
'
'
By districts and by States... .439, 543, 671, 810,
931, 1073, 1197, 1297, 1413
By States
672
Call dates
51, 158, 304, 402, 506,
632, 772, 892, 1034, 1158, 1258, 1374
Changes
196, 1074
Suspensions
50, 157, 303, 401, 505,
631, 771, 891, 1033, 1157, 1257, 1373
Banks for cooperatives:
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Beall, W. F., elected Class B director at Dallas for
unexpired term
478
Bean, Robert W.f article on results of monetary
reforms in Western Europe
1115
Belgian Congo:
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
D . .
Belgium:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
National Bank of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Bergelin, John O., article on revised index of department store stocks
.
588
Billington, E. F., resignation as director at New
Orleans Branch
876
Bills discounted by Federal Reserve Banks:
All banks combined
40, 147, 293, 391, 495,
621, 761, 881, 1023, 1147, 1247, 1363
Each bank
43, 150, 296, 394, 498,
624, 764, 884, 1026, 1150, 1250, 1366
Maturity distribution
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1249, 1365
Member and nonmember banks..42, 149, 295, 393,
497, 623, 763, 883, 1025, 1149, 1249, 1365
Blackall, Frederick S., Jr., elected Class B director
at Boston for unexpired term
478
Board of Governors:
Members:
Eccles, Marriner S.:
Address on British loan before Foreign
Policy Association
232
Address on economic conditions and
public policy before Sixteenth New
England Bank Management Conference
1230
Statement before Banking and Currency Committee of the Senate, extension of Emergency Price Control
Act of 1942
573
Statement on financial agreement between the United States and Great
Britain made before Banking and
Currency Committee of Senate
373
Board of Governors—Continued.
Members—Continued.
Eccles, Marriner S.—Continued.
Statement on sources of inflationary
pressures
121
Vardaman, James K., Jr., appointment of.. .386
Members and officers, list.. .106, 216, 358, 458, 564,
704, 830, 954, 1094, 1218, 1318, 1432
Office of Administrator for War Loans abolished .1018
Rules of organization
999
Rules of procedure
1004
Staff: (See Staff of Board)
Bolivia:
Central Bank of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Bond yields:
Government, municipal and corporate. .60, 167, 313,
411, 515, 641, 781, 901, 1043, 1167, 1267, 1383
Bonds:
New security issues
61, 168, 314, 412, 516,
642, 782, 902, 1044, 1168, 1268, 1384
Prices in principal countries. .105, 215, 357, 457, 563,
703, 829, 953, 1093, JL217, 1317, 1431
Prices in United States
61, 168, 314, 412, 516,
642, 782, 902, 1044, 1168, 1268, 1384
United States savings, sales and redemptions.... 64,
171, 317, 415, 519, 645, 785,
905, 1047, 1171, 1271, 1387
(See also Government securities)
Boothe, Gardner L., II., appointed Assistant Director
of Division of Administrative Services
876
Borrowings:
Insured commercial banks
54, 161, 307, 405, 509,
635, 775, 895, 1037, 1161, 1261, 1377
Member banks at Federal Reserve Banks..46, 153,
299, 397, 501, 627, 767, 887, 1029, 1153, 1253, 1369
Weekly reporting member banks:
By Federal Reserve districts. .58, 165, 311, 409,
513, 639, 799, 899, 1041, 1165, 1265, 1381
New York City and outside. .56, 163, 309, 407,
511, 637, 777, 897, 1039, 1163, 1263, 1379
Branch banks:
Changes, analysis
. . 196, 1074
Federal Reserve System:
Directors: (See Directors)
Managing officers
107, 217, 359, 459, 565,
705, 831, 955, 1095, 1219, 1319, 1433
Memphis:
By-laws, amendment to provide for
designation of Vice President of bank
as Manager
129
Staff:
Pollard, William B., appointed
Vice President and designated
Manager of branch
129
Little Rock:
By-laws, amendment to provide for
designation of Vice President of
bank as Manager
129
Staff:
Bailey, A. F., appointed Vice
President and designated Manager of branch
129
1436
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 2
Pages
Pages
Branch Banks—Continued.
Federal Reserve System—Continued.
Louisville:
By-laws, amendment to provide for
designation of Vice President of
bank as Manager
129
Staff:
Schacht, C. A., appointed Vice
President and designated Man.129
ager of branch
.672
Number in operation, by States
Number of banking offices. . .439, 543, 671, 810, 931,
r,
1073, 1197, 1297, 1413
M
Brazil:
'
'
' 561,
Foreign exchange rates
103, 213, 355, 455,
1429
701, 827, 951, 1091, 1215, 1315,
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Bretton Woods institutions, establishment of, dis.361
cussed in Review of the M o n t h . . .
British India: (See India, British)
British loan, address by Marriner S. Eccles before
Foreign Policy Association in Philadelphia
232
British white paper on war
finance
723
British white paper published in connection with
..20
Anglo-American financial agreement
Brokers and dealers in securities, loans to:
Insured commercial banks. . . .53, 160, 306, 404, 508,
634, 774, 894, 1036, 1160, 1260, 1376
Weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310, 408,
512, 638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside. .55, 162, 308, 406,
510, 636, 776, 896, 1038, 1162, 1262, 1378
Brokers balances:
Movement to United States from abroad. .91, 201,
343, 443, 549, 689, 815, 939, 1079, 1203, 1303, 1417
Brown, Edward E., elected president of Federal
.255
Advisory Council
Brown, Prentiss M., appointed director at Detroit
..31
Branch
Bryan, Malcolm H., resignation as First Vice Presi1241
dent of Federal Reserve Bank of Atlanta
Budget:
Federal, in the transition economy, discussion
.109
in Review of the Month
.113
Federal Government for fiscal year
.109
Message of President to Congress
.113
Nation, for year
Bulgaria:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
National Bank of:
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Burchfield, Albert H., Jr., appointed director at
Pittsburgh Branch
31
Business:
Liquid asset holdings of
122, 1236
Postwar financial position of
1335
Business conditions:
Current statistics for Federal Reserve chart
book
86, 192, 338, 437, 541,
668, 807, 928, 1070, 1194, 1294,1410
National summary of
36, 142, 289, 387, 491,
616, 757, 877, 1019, 1143, 1242, 1358
Business indexes:
Monthly and yearly figures, 1919-1946. .68, 175, 321,
419, 523, 649, 789, 909, 1051, 1175, 1275, 1391
By-laws:
Memphis Branch, amendment to provide for
designation of Vice President of bank as
Manager of branch
129
Little Rock Branch, amendment to provide for
designation of Vice President of bank as
Manager of branch
129
Louisville Branch, amendment to provide for
designation of Vice President of bank as
Manager of branch
129
Cagle, C. E., resignation as Assistant Director of
Division of Examinations
1241
Cameron, David P., appointed director at New
Orleans Branch for unexpired term . . .
876
DECEMBER 1946
Canada:
Bank of:
Condition
102, 212, 354, 454, 560,
700, 826, 950, 1090, 1214, 1314, 1428
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Commercial banks, assets and liabilities. . 102, 212,
354, 454, 560, 700, 826, 950, 1090, 1214, 1314, 1428
Cost of living, index numbers. . 105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Dollar, statement by the Minister of Finance on
the appreciation of
859
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Retail food prices
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Wholesale prices in
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
Capital:
Expenditures, discussed in Review of the Month. .709
Manufacturing corporations
1107
Movement to United States. .91, 201, 343, 443, 549,
689, 815, 939, 1079, 1203, 1303, 1417
Capital accounts:
Federal Reserve Banks
45, 152, 298, 396, 500,
626, 766, 886, 1028, 1152, 1252, 1368
Insured commercial banks. . . .54, 161, 307, 405, 509,
635, 775, 895, 1037, 1161, 1261, 1377
Insured commercial banks in United States and
possessions
545, 1199'
Member banks:
December 31, 1945
544
June 29, 1946
1198
Weekly reporting member banks:
By Federal Reserve districts. .58, 165, 311, 409,
513, 639, 779, 899, 1041, 1165, 1265, 1381
New York City and outside. .56, 163, 309, 407,
511, 637, 777, 897, 1039, 1163, 1263, 1379
Cash in vaults:
Insured commercial banks
54, 161, 307, 405, 509,
t 635, 775, 895, 1037, 1161, 1261, 1377
Weekly reporting member banks:
By Federal Reserve districts. .58, 165, 311, 409,
513, 639, 779, 899, 1041, 1165, 1265, 1381
New York City and outside. .56, 163, 309, 407,
511, 637, 777, 897, 1039, 1163, 1263, 1379
1437
INDEX TO VOLUME 32
Pages
Pages
Cash income and outgo of Treasury. 1049,'l 173, 1273, 1389 Charts—Continued.
Central banks:
Estimated distribution of ownership of demand
Assets and liabilities
97, 207, 349, 449, 555,
deposits, by size of bank
472
695, 821, 945, 1085, 1209, 1309, 1423
Exports and imports of the United Kingdom
8
Discount rates
101, 211, 353, 453, 559,
Farm real estate, estimated value per acre
978
699, 825, 949, 1089, 1213, 1313, 1427
Foreign short-term banking funds in the United
Gold reserves
89, 199, 341, 441, 547,
States
1329
Government security holdings of banks in lead687, 813, 937, 1077, 1201, 1301, 1415
ing cities
617, 1359
Central reserve city banks:
Holdings of U. S. Government securities by kinds.466
Assets and liabilities:
Index of liquid assets and percentage distribuDecember 31, 1945
544
tion by type of asset of specified owners
983
June 29, 1946
1198
Individual incomes, expenditures and taxes. 221, 839
Condition of insured commercial banks. .53, 160, 306,
Industrial production
36, 142, 219, 289, 387,
404, 508, 634, 774, 894, 1036, 1160, 1260, 1376
491, 616, 757, 877, 1019, 1143, 1242, 1358
Deposits
47, 154, 300, 398, 502,
Labor force, employment and unemployment. . . .959
628, 768, 888, 1030, 1154, 1254, 1370
Liquid asset holdings
1221
Earnings and expenses
674, 1298
Loans of insured banks
1103
Reserves
47, 154, 300, 398, 502,
Member bank earnings
378
628, 768, 888, 1030, 1154, 1254, 1370
Member bank earnings and profits
376
Reserves and borrowings
46, 153, 299, 397, 501,
Member bank expenses
379
627, 767, 887, 1029, 1153, 1253, 1369
Member bank reserves and related items
37, 39,
Chairmen of Federal Reserve Banks:
143, 146, 292, 388, 390, 494, 620, 760,
Appointments for year
31
878,880, 1022, 1144, 1146, 1246, 1362
List of
107, 217, 359, 459, 565,
Member banks in leading cities
37, 290,
705, 831, 955, 1095, 1219, 1319, 1433
492, 758, 1020, 1243
Meeting on Dec. 5-6
1357
Money, prices and production in four liberated
Chalkley, H. G., appointed director at New Orleans
countries—Belgium, Netherlands, Norway
Branch for unexpired term
31
and Denmark
1116
Chart books:
Money, prices, and production in France
1118
Chart book No. 1, revision of
478
Money, prices, and production in the United
Current figures on bank credit, money rates,
Kingdom and Sweden
1117
and business
86, 192, 338, 437, 541,
Money, prices and production in the United
668, 807, 928, 1070, 1194, 1294, 1410
States
1118
Charts:
Ownership of demand deposits
1224
Amounts individual buyers plan to spend for
Prices
833
consumer durable goods in 1946
848
Purchases and depreciation of farm automobiles,
Assets and liabilities—379 large manufacturing
motor trucks, tractors, and other farm macorporations
1106
chinery, U. S
979
Bank deposits—all banks and country banks,
Receipts of goods at department stores
842
U. S
980
Retail sales
581
Bank deposits and currency
1101
Total discharged veterans compared with those
Business expenditures on new plant and equipreceiving unemployment allowances
960
ment
709
Treasury receipts and expenditures
112
Commercial and industrial loans of banks
713
United States foreign trade
1322
Comparative consolidated balance sheet of
United States Government debt
1100
agriculture
974
Value of construction activity
223, 491, 1358
Concentration of liquid asset holdings and net
War induced additions to the total labor force... .962
saving
717
Wartime growth in Federal expenditures
118
Consumer credit
568
Wartime growth in total assets of 2,708 manuConsumer credit outstanding
1345
facturing and trade concerns, by asset size. . . . 1335
Consumers' prices
1359
Weekly reporting member banks
463
Cost of living
143, 290, 757, 1019
Wholesale prices
388, 617, 837, 878, 1144, 1243
Department store sales and stocks. .36, 142, 387, 492,
Wholesale prices in France and the United
589, 758, 856, 1020, 1242
States in U. S. dollars
1121
Boston and New York districts
596
Wholesale prices in selected countries in U. S.
Philadelphia and Cleveland districts
599
dollars
1121
Richmond and Atlanta districts
602
Yields on U. S. Government securities
467, 1104
Chicago and St. Louis districts
605 Chile:
Minneapolis and Kansas City districts
608
Central Bank of:
Dallas and San Francisco districts
611
Condition
99, 209, 351, 451, 557,
Department store stocks
588, 590
697, 823, 947, 1087, 1211, 1311, 1425
Deposit growth, 1942-46, by Federal Reserve
Discount rate
101, 211, 353, 453, 559,
district
1227
699, 825, 949, 1089, 1213, 1313, 1427
Deposits by class of bank
1228
Gold reserves
89, 199, 341, 441, 547,
Distribution of income by income classes
851
687, 813, 937, 1077, 1201, 1301, 1415
Distribution of liquid asset holdings
1222
Foreign exchange rates
103, 213, 355, 455, 561,
Employment in nonagricultural establishments
289, 616, 877, 963
701, 827, 951, 1091, 1215, 1315, 1429
1438
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 2
Pages
Pages
Chile—Continued.
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
China:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Clark, John D., resignation as director at Omaha
Branch
1018
Clark, L. M., appointed First Vice President at
Atlanta for unexpired term
1241
Clearing and collection:
Banks on Federal Reserve par list
124
Limitation on claims connected with Government checks
384
Number of banks on par list, by districts and by
States.439, 543, 671, 810, 931,1073,1197,1297,1413
Clerk, Ira:
Appointed President at San Francisco
32
Death of
1142
Cochran, W. D., appointed Deputy Chairman at
Minneapolis
32
Coins:
Circulation of
48, 155, 301, 399, 503,
629, 769, 889, 1031, 1155, 1255, 1371
Colombia:
Bank of Republic of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Comer, Donald, elected Class B director at Atlanta
for unexpired term
478
Commercial banks:
Assets and liabilities in United Kingdom,
Canada, and France
102, 212, 354, 454, 560,
700, 826, 950, 1090, 1214, 1314, 1428
Changes in number of offices
196, 1074
Condition of insured in United States by classes. . .53,
160, 306, 404, 508, 634, 774,
894, 1036, 1160, 1260, 1376
Condition of insured in United States and
possessions
545, 1199
Consumer instalment loans. . .82, 189, 335, 433, 537,
664, 803, 923, 1065, 1189, 1289, 1405
Insured home mortgages held. .76, 183, 329, 427, 531,
657, 797, 917, 1059, 1183, 1283, 1399
Commercial, industrial and agricultural loans of
weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310, 408, 512,
638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside.. .55, 162, 308, 406, 510,
636, 776, 896, 1038, 1162, 1262, 1378
Commercial loans:
Insured, by classes
53, 160, 306, 404, 508,
634, 774, 894, 1036, 1160, 1260, 1376
Commercial paper:
Open-market rates on
60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383
Outstanding
59, 166, 312, 410, 514,
640, 780, 900, 1042, 1166, 1266, 1382
Commitment rates under Regulation V. .41, 148, 294, 392,
496, 622, 762, 882, 1024, 1148
Committees:
Banking and Currency of House:
Statement on Federal Reserve index of
industrial production sent to
472
Banking and Currency of the Senate:
Statement of Marriner S. Eccles on extension of the Emergency Price Control Act
of 1942
573
Statement of Marriner S. Eccles on financial
agreement between the United States and
Great Britain
373
Executive of Federal Open Market, members of.. .255
Federal Open Market: (See Federal Open
Market Committee)
Commodity Credit Corporation:
Assets and liabilities
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Commodity prices:
National summary of business conditions. .37, 143,
290, 388, 492, 617, 758, 878, 1020, 1144, 1243, 1359
Comptroller of the Currency:
Limitations on national bank real estate loans to
veterans, instructions to national bank examiners
474
Condition statements:
All member banks, by classes of banks
544, 1198
Balances due to and from banks in territories,
classification for reserve purposes
1240
Commercial banks in United Kingdom, Canada,
and France
102, 212, 354, 454, 560,
700, 826, 950, 1090, 1214, 1314, 1428
Federal Reserve Banks:
All banks combined
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1249, 1365
Each bank
43, 150, 296, 394, 498,
624, 764, 884, 1026, 1150, 1250, 1366
Foreign central banks
97, 207, 349, 449, 555,
695, 821, 945, 1085, 1209, 1309, 1423
Government corporations and credit agencies
67, 174, 320, 418, 522, 648, 788,
908, 1050, 1174, 1274, 1390
Insured commercial banks:
Classes of banks
53, 160, 306, 404, 508,
634, 774, 894, 1036, 1160, 1260, 1376
United States and possessions
545, 1199
Weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310, 408,
512, 638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside. .55, 162, 308, 406,
510, 636, 776, 896, 1038, 1162, 1262, 1378
Conferences: (See Meetings)
Consolidations of banks
196, 1074
Construction:
Expansion, discussed in Review of the Month.. . .223
National summary of business conditions
877,
1019, 1143, 1242, 1358
Construction contracts awarded:
By districts
76, 183, 329, 427, 531,
657, 797, 917, 1059, 1183, 1283, 1399
By public and private ownership. .76, 183, 329, 427,
531, 657, 797, 917, 1059, 1183, 1283, 1399
By type of construction
76, 183, 329, 427, 531,
657, 797, 917, 1059, 1183, 1283, 1399
Index of value of
68, 175, 321, 41Q, 523,
649, 789, 909, 1051, 1175, 1275, 1391
Consumer credit:
Add-on sale, exemption under Regulation W
874
DECEMBER
1946
1439
INDEX TO VOLUME 32
Pages
Pages
Consumer credit—Continued.
..749
Amendment No. 20 to Regulation W
..998
Amendment No. 21 to Regulation W
Consumers Home Equipment Company, convicted for violating Regulation W
749
Floor furnaces as listed articles under Regulation W
1140
Furniture store statistics
82, 189, 335, 434, 538,
665, 804, 924, 1066, 1190, 1290, 1406
Instalment credits of commercial banks, by
type of credit
82, 189, 335, 433, 537,
664, 803, 923, 1065, 1189, 1289, 1405
Instalment loans
81, 188, 334, 432, 536,
663, 802, 922, 1064, 1188, 1288, 1404
Instalment loans made by principal lending
institutions
82, 189, 335, 432, 536,
663, 802, 922, 1064, 1188, 1288, 1404
Instalment sale credit, excluding automobile
credit
81, 188, 334, 433, 537,
664, 803, 923, 1065, 1189, 1289, 1405
Jeep station wagons, classification under Regulation W. .
1240
Kitchen cabinets, classification under Regulation W
..1240
Listed article installed in connection with repairs
or improvements
874
Listed articles used in realty improvements
29
Principal amount, meaning in section 2(e) of
.874
Regulation W
Ratio of collections to accounts receivable. .82, 189,
335, 434, 538, 665, 804, 924, 1066, 1190, 1290, 1406
Recent changes, discussion in Review of the
.567
Month
Renewal of single payment loan under $2,000... 1140
Revision of Regulation W
1345, 1348
.383
Statistics, revision of
Suspension of license of Motor City Credit
.249
Jewelry Co., Inc
Total credit, by major parts. .81, 188, 334, 432, 536,
663, 802, 922, 1064, 1188, 1288, 1404
Veterans insured loans excepted from provisions
.613
of Regulation W
Water heaters, classification under Regulation W. 1240
Consumer goods, supply of, discussion in Review of
the Month.
....
840
Consumers Home Equipment Company, violations
of Regulation W
749
Cooperatives:
Banks for, loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Farmers financial interest in selected
982
Corporate bonds:
Yields on
60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383
Corporate security issues:
Proposed use of proceeds:
All issuers
62, 169, 315, 413, 517,
643, 783, 903, 1045, 1169, 1269, 1385
Major groups of issuers. .62, 169, 315, 413, 517,
643, 783, 903, 1045, 1169, 1269, 1385
Corporate stocks:
Holdings of all member banks
544, 1198
Prices in United States
61, 168, 314, 412, 516,
642, 782, 902, 1044, 1168, 1268, 1384
Cost of living:
Chart
143, 290, 757, 1019
Consumers price index for moderate income
families.. .538, 665, 804, 924,1066, 1190, 1290, 1406
Cost of living—Continued.
Index for principal countries. .105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Index, United States
68, 175, 321, 419, 523,
649, 789, 909, 1051, 1175, 1275, 1391
Country member banks:
Assets and liabilities:
December 31, 1945
544
June 29, 1946
1198
Condition, call dates
53, 160, 306, 404, 508,
634, 774, 894, 1036, 1160, 1260, 1376
Deposits and reserves
47, 154, 300, 398, 502,
628, 768, 888, 1030, 1154, 1254, 1370
Deposits in large and small centers. .46, 153, 299, 397,
501, 627, 767, 887, 1029, 1153, 1253, 1369
Earnings and expenses, 1945
677
Reserves and borrowings
46, 153, 299, 397, 501,
627, 767, 887, 1029, 1153, 1253, 1369
Court cases:
Agnew, John and Fayerweather, F. O. suit regarding removal as bank directors
251
Consumers Home Equipment Company, conviction for violating Regulation W
749
Peoples Bank y. Eccles et al., suit dismissed
750
Cox, Cecil C, appointed director at Little Rock Branch .31
Credit:
Bank: (See Bank credit)
Consumer: (See Consumer credit)
Federal Reserve:
Chart
39, 146, 292, 390, 494,
620, 760, 880, 1022, 1146, 1246, 1362
End of month and Wednesday figures. .40, 147,
293, 391, 495, 621, 761,
881, 1023, 1147, 1247, 1363
Retail, survey for 1945
581
Crop reports, by Federal Reserve districts
85, 927,
1069, 1193, 1293, 1409
Currency:
Circulation, by denominations. .48, 155, 301, 399, 503,
629, 769, 889, 1031, 1155, 1255, 1371
Kinds of money in circulation. .48, 155, 301, 399, 503,
629, 769, 889, 1031, 1155, 1255, 1371
Outside banks
50, 157, 303, 401, 505,
631, 771, 891, 1033, 1157, 1257, 1373
Treasury, outstanding
40, 147, 293, 391, 495,
621, 761, 881, 1023, 1147, 1247, 1363
Curry, John C , appointed director at Birmingham
Branch for unexpired term
876
Customers debit balances
59, 166, 312, 410, 514,
640, 780, 900, 1042, 1166, 1266, 1382
Czechoslovakia:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
David, Donald K., appointed Class C director at
Boston
31
Day, William A., retirement as President at San
Francisco
32
Dearmont, Russell L., designated Chairman and
Federal Reserve Agent at St. Louis
31
Deaths:
Clerk, Ira, President, Federal Reserve Bank of
San Francisco
1142
Hall, Fitzgerald, Class B director at Atlanta
256
Myers, C. E., director at Los Angeles Branch ... .386
Strickland, Robert, member of Federal Advisory
Council
876
1440
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Pages
Debit and credit balances of stock exchange firms. . . .59, Deposits—Continued.
Government—Continued.
166, 312, 410, 514, 640, 780, 900, 1042, 1166, 1266, 1382
Weekly reporting member banks:
Debits to deposit accounts:
By Federal Reserve districts. .58, 165, 311,
Reporting centers, year and month. .49, 156, 302, 400,
409, 513, 639, 779, 899, 1041,
504, 630, 770, 890, 1032, 1156, 1256, 1372
1165, 1265, 1381
Weekly reporting member banks:
NewYork City and outside.56, 163, 309,407,
By Federal Reserve districts. .58, 165, 311, 409,
511, 637, 777, 897, 1039, 1163, 1263,1379
513, 639, 779, 899, 1041, 1165, 1265, 1381
Insured commercial banks... .54, 161, 307, 405, 509,
New York City and outside. .56, 163, 309, 407,
635, 775, 895, 1037, 1161, 1261, 1377
511, 637, 777, 897, 1039, 1163, 1263, 1379
Liquid asset holdings of individuals and businesses,
Debt:
estimated
122, 1236
Farm mortgage outstanding by regions and States.984
Member banks:
United States Government:
Classes of banks
47, 154, 300, 398, 502,
Ownership of.
1099
628, 768, 888, 1030, 1154, 1254, 1370
Volume and kind of securities. .64, 171, 317, 415,
Country, in large and small centers. .46, 1,53, 299,
519, 645, 785, 905, 1047, 1171, 1271, 1387
397, 501, 627, 767, 887, 1029, 1153, 1253, 1369
Denmark:
Mutual savings banks
52, 159, 305, 403, 507,
Foreign exchange rates
103, 213, 355, 455, 561,
633, 773, 893, 1035, 1159, 1259, 1375
701, 827, 951, 1091, 1215, 1315, 1429
National banks
51, 158, 304, 402, 506,
National Bank of:
632, 772, 892, 1034, 1158, 1258, 1374
Condition
99, 209, 351, 451, 557,
Nonmember banks:
697, 823, 947, 1087, 1211, 1311, 1425
Chart
39, 146, 292, 390, 494,
Discount rate
101, 211, 353, 453, 559,
620, 760, 880, 1022, 1146, 1246, 1362
699, 825, 949, 1089, 1213, 1313, 1427
Commercial banks
52, 159, 305, 403, 507,
Gold reserves
89, 199, 341, 441, 547,
633, 773, 893, 1035, 1159, 1259, 1375
687, 813, 937, 1077, 1201, 1301, 1415
In Federal Reserve Banks. .40, 147, 293, 391, 495,
Department stores:
621, 761, 881, 1023, 1147, 1247, 1363
Accounts receivable and collections.80, 187, 333, 431,
Ownership of demand:
535, 662, 801, 921, 1063, 1187, 1287, 1403
Article by Richard Youngdahl
469
Sales:
Discussion in Review of the Month
1224
By Federal Reserve districts and by cities.... 79,
Postal savings:
186, 332, 430, 534, 661, 800,
Call dates
54, 161, 307, 405, 509,
920, 1062, 1186, 1286, 1402
635, 775, 895, 1037, 1161, 1261, 1377
Index of value of
68, 175, 321, 419, 523,
Depositors balances and assets. . 50, 157, 303, 401,
649, 789, 909, 1051, 1175, 1275, 1391
505, 631, 771, 891, 1033, 1157, 1257, 1373
Monthly indexes of
78, 185, 331,
Rates on
41, 148, 294, 392, 496,
429, 533, 659, 799, 919
622, 762, 882, 1024, 1148, 1248, 1364
Weekly index of
79, 186, 332, 430, 534,
Postwar changes and factors in growth
1223
661, 800, 920, 1062, 1186, 1286, 1402
Ratios of time to total, by size of bank . . . . . . .934
Sales and stocks:
Savings:
By Federal Reserve districts
1061,
Interest rate on
41, 148, 294, 392, 496,
1185, 1285,1401
622, 762, 882, 1024, 1148, 1248, 1364
By major departments.. .80, 187, 333, 431, 535,
States and political subdivisions:
662, 801, 921, 1063, 1187, 1287, 1403
Insured commercial banks. .54, 161, 307, 405,
Index of, by major departments
856
509, 635, 775, 895, 1037, 1161, 1261, 1377
Sales, stocks, and outstanding orders..79, 186, 332,
Suspended banks
50, 157, 303, 401, 505,
430, 534, 661, 800, 920, 1062, 1186, 1286, 1402
631, 771, 891, 1033, 1157, 1257, 1373
Stocks, revised index of
588
Time, maximum rates on
41, 148, 294, 392, 496,
Deposits:
622, 762, 882, 1024, 1148, 1248, 1364
Adjusted, of all banks and currency outside
Treasury:
banks
50, 157, 303, 401, 505,
Chart
39, 146, 292, 390, 494,
631, 771, 891, 1033, 1157, 1257, 1373
620, 760, 880, 1022, 1146, 1246, 1362
All banks in United States, call dates. .51, 158, 304,
With Federal Reserve Banks. .40, 147, 293, 391,
402, 506, 632, 772, 892, 1034, 1158, 1258, 1374
495, 621, 761, 881, 1023, 1147, 1247, 1363
Changes discussed in Review of the Month. .464, 1101
Turnover
49, 156, 302, 400, 504,
Federal Reserve Banks:
t 630, 770, 890, 1032, 1156, 1256, 1372
All banks combined
42, 149, 295, 393, 497,
Weekly reporting member banks:
623, 763, 883, 1025, 1149, 1249, 1365
By Federal Reserve districts. .58, 165, 311, 409,
Each bank
44, 151, 297, 395, 499,
513, 639, 779, 899, 1041, 1165, 1265, 1381
625, 765, 885, 1027, 1151, 1251, 1367
New York City and outside. .56, 163, 309, 407,
Foreign banks, held by banks on call dates. .54, 161,
511, 637, 777, 897, 1039, 1163, 1263, 1379
307, 405, 509, 635, 775, 895, 1037, Deputy Chairmen of Federal Reserve Banks:
1161, 1261, 1377
Appointments for year
31
Government:
List of
107, 217, 359, 459, 565,
Federal Reserve Banks, each bank. .44, 151, 297,
705, 831, 955, 1095, 1219, 1319, 1433
395, 499, 625, 765, 885, 1027, 1151, 1251, 1367 Directors, Federal Reserve Banks:
Insured commercial banks..54, 161, 307, 405,
Anderson, R. B., appointed Class C at Dallas
509, 635, 775, 895, 1037, 1161, 1261, 1377
and designated Deputy Chairman
32
DECEMBER
1946
1441
INDEX TO VOLUME 32
Pages
Pages
Directors, Federal Reserve Banks—Continued.
Beall, W. F., elected Class B at Dallas for unexpired term
^
478
Blackall, Frederick S., Jr., elected Class B at
Boston for unexpired term
478
Class C, appointments for three year term
31
Classes of
130
Cochran, W. D., appointed Deputy Chairman at
Minneapolis
32
Comer, Donald, elected Class B at Atlanta for
unexpired term
478
David, Donald K., appointed Class C at Boston.. .31
Dearmont, Russell L., designated Chairman and
Federal Reserve Agent at St. Louis
31
Hall, Fitzgerald, Class B at Atlanta, death of
256
Hajriman, Henry I., appointed Deputy Chairman at Boston
31
Johnson, Walter S., elected Class B at San
Francisco for unexpired term
256
Kurth, E. L., resignation as Class B at Dallas. . .256
List of
130
Miller, Paul E., appointed Class C at Minneapolis. .32
Parten, J. R., designated as Chairman and
Federal Reserve Agent at Dallas
32
Redman, J. P., appointed Class C at St. Louis. .1142
Roderick, Dorrance D., appointed at El Paso
Branch
32
Shepard, Robert B., appointed Chairman and
Federal Reserve Agent at Minneapolis
32
Stewart, Charles H., elected Class A at San
Francisco
256
Waymack, W. W., resignation as Class C at
Chicago
1357
Whittemore, Laurence F., resignation as Class B
at Boston to become President of bank
478
Director Federal Reserve Branch Banks:
Billington, E. F., resignation at New Orleans. . . .876
Brown, Prentiss M., appointed at Detroit
31
Burchfield, Albert H., Jr., appointed at Pittsburgh .31
Cameron, David P., appointed at New Orleans
for unexpired term
876
Chalkely, H. G., appointed at New Orleans for
unexpired term
31
Clark, John D., resignation at Omaha
1018
Cox, Cecil C , appointed at Little Rock
31
Curry, John C , appointed at Birmingham for
unexpired term
876
Drought, Henry P., appointed at San Antonio
for unexpired term
1241
Frank, Aaron M., appointed at Portland
3S6
Harris, B. M., appointed at Helena
129
Hooper, James E., appointed at Baltimore
31
Koch, Josiah M., appointed at Pittsburgh for
unexpired term
1357
List of
131
MacNaughton, E. B., appointed at Portland for
unexpired term
255
Meacham, H. C., appointment at Nashville for
unexpired term
255
Myers, C. E., Los Angeles, death of
386
Shaw, R. Flake, appointed at Charlotte
31
Sherrill, Fred G., appointed at Los Angeles
386
Stewart, Ross, appointed at Houston for unexpired term
129
Stocking, George W., resignation at San Antonio. 1018
Stratton, Leslie M., Jr., appointed at Memphis. . .31
Tenneson, John T., appointed at Seattle for
unexpired term
256
Directors, Federal Reserve Branch Banks—Continued.
Wallace, Fred S., appointed at Omaha for unexpired term
1241
Wooster, Carl G., appointed at Buffalo
31
Directors, International Bank, voting power of
372
Directors, International Fund, voting power of
372
Directors, National banks:
Agnew, John and Fayerweather, F. O., suit regarding removal of
251
Directory:
Board of Governors
106, 216, 358, 458, 564,
704, 830, 954, 1094, 1218, 1318, 1432
Federal Advisory Council... .106, 216, 358, 458, 564,
704, 830, 954, 1094, 1218, 1318, 1432
Federal Open Market Committee. . 106, 216, 358, 458,
564, 704, 830, 954, 1094, 1218, 1318, 1432
Federal Reserve Banks and branches. .107, 217, 359,
459, 565, 705, 831, 955, 1095, 1219, 1319, 1433
Dirks, Frederick C., article on private capital formation and its financing in manufacturing and mining industries
1122
Discount rates:
Elimination of preferential
462
Federal Reserve Banks
41, 148, 294, 392, 496,
622, 762, 882, 1024, 1148, 1248, 1364
Foreign central banks
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Distinguished service in war finance, awards by
Treasury Department
248
Dividends:
Federal Reserve Banks
194
Industrial Corporations
63, 170, 316, 414, 518,
644, 784, 904, 1046, 1170, 1270, 1386
Member banks
674, 1298
Member banks 1929-45
377
Public utility corporations
63, 170, 316, 414, 518,
644, 784, 904, 1046, 1170, 1270, 1386
Drought, Henry P., appointed director at San
Antonio for unexpired term
1241
Durable goods expenditures, estimated, 1939-45,
article by Doris P. Warner and Albert R. Koch.... 967
Earhart, C. E., Federal Reserve Bank of San Francisco:
Appointed First Vice President
32
Appointed President for unexpired term
1241
Earnings:
Corporations
63, 170, 316, 414, 518,
644, 784, 904, 1046, 1170, 1270, 1386
Member banks—1945, final figures on.
615
Member banks
674, 1238, 1298
Wage earners in manufacturing industries. .74, 181,
327, 425, 529, 655, 795, 915, 1057, 1181, 1281, 1397
Earnings and dividends:
Industrial corporations 1939-46..63, 170, 316, 414,
518, 644, 784, 904, 1046, 1170, 1270, 1386
Public utility corporations 1939-46. . 63, 170, 316, 414,
518, 644, 784, 904, 1046, 1170, 1270, 1386
Earnings and expenses:
Federal Reserve Banks:
1945
194
First half of 1946
935
Insured commercial banks in United States and
possessions
685
Member banks:
1945
674
First half of 1946
1238, 1298
National banks:
1945
679
First half of 1946
1298
1442
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Pages
Pages
Expenses: {See Earnings and expenses)
Export-Import Bank:
Foreign lending operations
1331
Loans authorized by
230
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Exports and imports: {See Imports and exports)
Extension of the Emergency Price Control Act of
1942, statement of Mr. Eccles before Banking and
Currency Committee of the Senate
573
Factory employment: {See Employment)
Farm Credit Administration:
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Farm operators, liquid assets and expenditure plans of .965
Farm products:
Wholesale price indexes:
Principal countries
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
United States
83, 190, 336, 435, 539,
666, 805, 925, 1067, 1191, 1291, 1407
Farm real estate, value of
977
Farm Security Administration:
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Farm tenant loans, amendment to section 24 of
Federal Reserve Act
995
Fayerweather, F. O., suit regarding removal as bank
director
251
Federal Advisory Council:
Meetings:
February 17-18
255
May 19-20
615
October 6-7
1142
December 2-3
1357
Members:
Brown, Edward E., reelected President
255
List of
106, 216, 358, 458, 564,
704, 830, 954, 1094, 1218, 1318, 1432
Spencer, C. E., Jr., reelected Vice President. .255
Strickland, Robert, death of
876
Staff:
Lichtenstein, Walter, reappointed Secretary. .255
Prochnow, Herbert V., appointed Acting
Secretary
255
Federal Farm Mortgage Corporation:
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Federal Home Loan Banks:
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Federal Housing Administration:
Insured home mortgages held by banks and
others
76, 183, 329, 427, 531,
657, 797, 917, 1059, 1183, 1283, 1399
Loans insured by
76, 183, 329, 427, 531,
657, 797, 917, 1059, 1183, 1283, 1399
Federal Intermediate Credit Banks:
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Federal Land Banks:
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
66, 173, 319, 417, 521,
647, 787, 907, 1049, 1173, 1273, 1389 Federal National Mortgage Association:
Assets and liabilities
67, 174, 320, 418, 522,
Earnings, expenses and dividends of member banks
1929-45
377
Eccles, Marriner S. {See Board of Governors, Members)
Economic conditions and public policy, address by
Marriner S. Eccles before Sixteenth New England
Bank Management Conference
1230
Economic developments, discussion in Review of the
Month
219
Ecuador:
Central Bank of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
£
t.
National Bank of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Gold reserves
89, 199, 341, 441, 547,
6 8 7 8 1 3 9 3 7 1O77
El Salvador:
'
'
'
> 1201' 1301' 1415
Central Reserve Bank of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Ellis, Howard S.:
Pamphlet on monopoly and unemployment ready
for distribution
722
Resignation as Assistant Director of Division of
Research and Statistics
129
Employees of member banks:
Number and average salary
379
Employment:
Changes discussed in Review of the Month
962
Factory employment:
Adjusted for seasonal variation.. 74, 181, 327,
425, 529, 655, 795, 915, 1057, 1181, 1281, 1397
Business index
68, 175, 321, 419, 523,
649, 789, 909, 1051, 1175, 1275, 1391
Factory employment and pay rolls by industries. . 73,
180, 326, 424, 528, 654, 794, 914,
1056, 1180, 1280, 1396
National summary of business conditions. .143, 289,
387, 492, 617, 758, 878, 1020, 1143, 1242
Nonagricultural:
Business index
68, 175, 321, 419, 523,
649, 789, 909, 1051, 1175, 1275, 1391
Total in each classification. .75, 182, 328, 426,.
530, 656, 796, 916, 1058, 1182, 1282, 1398
England: {See United Kingdom)
Estonia:
Discount rate of Central Bank..101, 211, 353, 453,
559, 699, 825, 949, 1089, 1213, 1313, 1427
Europe:
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Exchange rates:
Western European countries
1120
Executive orders:
N o. 6073, extract on withdrawal of gold coin or bullion 28
Expenditures:
Capital, discussion in Review of the Month
709
Durable goods, estimated, 1939-45, article by
Doris Warner and Albert Koch
967
Government
110
Increase discussed in Review of the Month
220
Manufacturing corporations
1110
Treasury
DECEMBER 1946
648, 788, 908, 1050, 1174, 1274,1443
1390
INDEX TO VOLUME 32
Pages
Pages
Federal Reserve Banks—Continued.
Federal Open Market Committee:
First Vice Presidents, appointments for five year
Executive committee, members of. . .
. . .255
terms
255
Meetings:
Government securities held by. .65, 172,318,416,520,
February 28 and March 1
255
646, 786, 906, 1048, 1172, 1272, 1388
June 10
756
Officers
107, 217, 359, 459, 565,
October 3
1142
705, 831, 955, 1095, 1219, 1319, 1433
Members:
Presidents, appointments for five year terms
255
Eccles, Marriner S., reelected Chairman
255
Purchase of Government obligations, amendClerk, Ira, elected for one year
255
ment to section 14(6) of Federal Reserve Act
Leach, Hugh, elected for one year
255
extended
749
McLarin, W. S., Jr., elected for one year. . . .255
Sproul, Allan, reelected Vice Chairman
255 Federal Reserve chart book:
Current statistics on bank credit, money rates,
Young, C. S., elected for one year
255
and business
86, 192, 338, 437, 541,
Members and officers, list. . .106, 216, 358, 458, 564,
668, 807, 928, 1070, 1194, 1294, 1410
704, 830, 954, 1094, 1218, 1318, 1432
Number 1, revision of
478
Rules on organization and information
1011
Rules on procedure
1014 Federal Reserve districts, map of. .108, 218, 360, 460, 566,
706, 832, 956, 1096, 1220, 1320, 1434
Federal Public Housing Authority:
Loans by
67, 174, 320, 418, 522, Federal Reserve notes:
Circulation:
648, 788, 908, 1050, 1174, 1274, 1390
All banks combined
42, 149, 295, 393, 497,
Federal Reserve Act:
623, 763, 883, 1025, 1149, 1249, 1365
Amendment to section 14(6) as to purchase of
Each bank, condition statement. .44, 151, 297,
Government obligations by Federal Reserve
395, 499, 625, 765, 885, 1027, 1151, 1251, 1367
Banks
28, 749
Each bank, Federal Reserve Agents' acAmendment to section 24 on farm tenant loans . . 995
counts
45, 152, 298, 396, 500,
Revised edition of
1356
626, 766, 886, 1028, 1152, 1252, 1368
Federal Reserve bank notes:
Collateral security for
45, 152, 298, 396, 500,
Circulation and outstanding. .48, 155, 301, 399, 503,
626, 766, 886, 1028, 1152, 1252, 1368
629, 769, 889, 1031, 1155, 1255, 1371
Federal Reserve Agents' accounts. .45, 152, 298, 396,
Federal Reserve Bank of Atlanta:
500, 626, 766, 886, 1028, 1152, 1252, 1368
Staff:
Outstanding and in circulation. .48, 155, 301, 399, 503,
Bryan, Malcolm H., resignation as First
629, 769, 889, 1031, 1155, 1255, 1371
Vice President
1241
Redemption fund:
Clark, L. M., appointed First Vice President
All banks combined
42, 149, 295, 393, 497,
for unexpired term
1241
623, 763, 883, 1025, 1149, 1249, 1365
Federal Reserve Bank of San Francisco:
Each bank
43, 150, 296, 394, 498,
Staff:
624, 764, 884, 1026, 1150, 1250, 1366
Clerk, Ira:
Appointed President
32 Federal Reserve System:
Admissions of State banks to membership (See
Death of
1142
Membership)
Day, William, resignation as President
32
Map
108, 218, 360, 460, 566,
Earhart, C. E.:
832, 956, 1096, 1220, 1320, 1434
Appointed First Vice President
32 Fees, guarantee and 706,
commitment. .41, 148, 294, 392, 496,
Appointed President for unexpired term. 1241
622, 762, 882, 1024, 1148
Sherman, Merritt, appointed Assistant
postwar business, discussion in Review of
Secretary of Board of Governors
1142 Finance,
the Month
707
Federal Reserve Banks:
Assets and liabilities of
42, 149, 295, 393, 497, Financial agreements between United States and
United Kingdom:
623, 763, 883, 1025, 1149, 1249, 1365
Discussed in Review of the Month
1
Branches:
Terms of
16
Directors: (See Directors, Federal Reserve
Statement by Mr. Eccles before Banking and
Branch Banks)
Currency Committee of Senate
373
Managing officers
107, 217, 359, 459, 565,
705, 831, 955, 1095, 1219, 1319, 1433 Financial developments among large manufacturing
corporations, 1945, article by Doris P. Warner and
Capital and surplus of each bank. .45, 152, 298, 396,
Albert R. Koch
1106
500, 626, 766, 886, 1028, 1152, 1252, 1368
Financing war production and contract terminations
Chairmen:
under Regulation V
240
Appointments for year
31
Conference of
1357 Finland:
Bank of:
List of
107, 217, 359, 459, 565,
Discount rate
101, 211, 353, 453, 559,
705, 831, 955, 1095, 1219, 1319, 1433
699, 825, 949, 1089, 1213, 1313, 1427
Condition statement, each bank. .43, 150, 296, 394.
Foreign exchange rates
103, 213, 355, 455, 561,
498, 624, 764, 884, 1026, 1150, 1250, 1366
701, 827, 951, 1091, 1215, 1315, 1429
Deputy Chairmen, appointments for year
31
First Vice Presidents, appointments for five year terms.255
Directors: (See Directors)
Earnings and expenses:
Food:
1945
194
Retail prices, principal countries. .105, 215, 357, 457,
First half of 1946
935
563, 703, 829, 953, 1093, 1217, 1317, 1431
1444
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Pages
Food—Continued.
Wholesale prices:
Principal countries
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
United States
83, 190, 336, 435, 539,
666, 805, 925, 1067, 1191, 1291, 1407
Food supply, situation discussed in Review of the
Month
222
Foreign banks:
Austrian National Bank, reestablishment of
33
Bank of England, nationalization of
479
Bank of France:
Convention between Minister of Finance
and, transferring gold to French Stabilization Fund
33
Nationalization of
483
Bank of Guatemala, law creating
270
Commercial banks, condition of. .102, 212, 354, 454,
560, 700, 826, 950, 1090, 1214, 1314, 1428
Condition of central banks... .97, 207, 349, 449, 555,
695, 821, 945, 1085, 1209, 1309, 1423
Deposits held by member banks on call dates. . 54, 161,
307, 405, 509, 635, 775, 895, 1037, 1161, 1261, 1377
Deposits of weekly reporting member banks:
By Federal Reserve districts. .58, 165, 311, 409,
513, 639, 779, 899, 1041, 1165, 1265, 1381
New York City and outside. .56, 163, 309, 407,
511, 637, 777, 897, 1039, 1163, 1263, 1379
Discount rates of central banks. .101, 211, 353, 453,
559, 699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves of central banks. .89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Netherlands Bank, reinstatement of the Bank
Act of 1937
489
Foreign deposits held by Federal Reserve Banks:
All banks combined
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1249, 1365
Each bank
44, 151, 297, 395, 499,
625, 765, 885, 1027, 1151, 1251, 1367
Foreign exchange: (See Foreign funds control)
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Foreign funds control:
Treasury Department releases. .29, 127, 252, 384, 476,
614, 753, 875, 1015, 1140, 1355
Foreign loan policy of the United States, statement
by National Advisory Council on international
monetary and financial problems
227
Foreign Policy Association, address delivered by
Marriner S. Eccles on the British loan
232
France:
Bank of:
Condition
98, 208, 350, 450, 556,
696, 822, 946, 1086, 1210, 1310, 1424
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Commercial banks, assets and liabilities. . 102, 212,
354, 454, 560, 700, 826, 950, 1090, 1214, 1314, 1428
Devaluation of French franc and gold transfers. .871
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Nationalization of Bank of
483
DECEMBER
1946
France—Continued.
Security prices, index numbers. . 105, 215, 357, 457,
563, 703, 829, 953, 1093, 1217, 1317, 1431
Transfer of gold to French Stabilization Fund
33
Wholesale prices in
104, 214, 356, 456, 562,
7.02, 828, 952, 1092, 1216, 1316, 1430
Franco-American agreements of May 28, 1946
866
Frank, Aaron M., appointed directcr at Portland
Branch
. . 386
Freight car loadings:
Classes
77, 184, 330, 428, 532,
Index of
658, 798, 918, 1060, 1184, 1284, 1400
68, 175, 321, 419, 523,
649, 789, 909, 1051, 1175, 1275, 1391
Furniture store statistics
82, 189, 335, 434, 538,
665, 804, 924, 1066, 1190, 1290, 1406
Germany:
Cost of living, index numbers. .105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Open-market rates
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Reichsbank:
Condition
98, 208, 350, 450, 556,
696, 822, 946, 1086, 1210, 1310, 1424
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Retail food prices
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Security prices, index numbers. . 105, 215, 357, 457,
563, 703, 829, 953, 1093, 1217, 1317, 1431
Wholesale prices in
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
Gold:
Earmarked
49, 156, 302, 400, 504,
630, 770, 890, 1032, 1156, 1256, 1372
Executive order on withdrawal or shipment of
coin, bullion, etc., extract from executive order.. .28
Movements, United States... .90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Production:
United States
49, 156, 302, 400, 504,
630, 770, 890, 1032, 1156, 1256, 1372
World
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Reserves of central banks and governments. . 89, 199,
341, 441, 547, 687, 813, 937, 1077, 1201, 1301, 1415
Stock:
Chart
39, 146, 292, 390, 494,
620, 760, 880, 1022, 1146, 1246, 1362
End of month and Wednesday figures. .40, 147,
293,391,495,621,761,881,1023,1147,1247,1363
United States, analysis of changes. . 49, 156, 302
400, 504, 630, 770, 890, 1032, 1156, 1256, 1372
Transfer to French Stabilization Fund by Bank
of France
33
Gold certificates:
Federal Reserve Bank holdings:
All banks combined
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1249, 1365
Each bank
43, 150, 296, 394, 498,
624, 764, 884, 1026, 1150, 1250, 1366
Outstanding and in circulation. .48, 155,301,399,503,
629, 769, 889, 1031, 1155, 1255, 1371
1445
INDEX TO VOLUME 32
Pages
Pages
Guatemala, monetary and banking reform in
.257
Harriman, Henry I., appointed Deputy Chairman
at Boston
..31
Harris, B. M., appointed director at Helena Branch. .129
Hearings, rules of practice for formal
1005
648, 788, 908, 1050, 1174, 1274, 1390 Holthausen, Duncan M.:
Article on liquid assets and expenditure plans of
Loans by
67, 174, 320, 418, 522
farm operators
648, 788, 908, 1050, 1174, 1274, 1390
.965
Government debt:
Article on national survey of liquid assets
.844
Home
Owners
Loan
Corporation:
Ownership of
1099
Loans by
67, 174, 320, 418,522,
Volume and kind of securities. .64, 171, 317, 415, 519,
645, 785, 905, 1047, 1171, 1271, 1387
648, 788, 908, 1050, 1174, 1274,1390
Government employees, number of Federal, State
Hongkong:
Foreign exchange rate
103, 213, 355, 455, 561,
and local
75, 182, 328, 426, 530,
701, 827, 951, 1091, 1215, 1315, 1429
656, 796, 916, 1058, 1182, 1282, 1398
Government securities:
Hooper, James E., appointed director at Baltimore
Branch
Bond prices
61, 168, 314, 412, 516,
..31
% 642, 782, 902, 1044, 1168, 1268, 1384 Hopkins, Ernest J., article on long term needs of
Direct obligations, volume and kind. .64, 171, 317,
small business
1122
415, 519, 645, 785, 905, 1047, 1171, 1271, 1387 Hours and earnings of wage earners in manufacturing
Federal Reserve Bank holdings:
industries
74, 181, 327, 425,529,
All banks combined
42, 149, 295, 393, 497,
655, 795, 915, 1057, 1181, 1281, 1397
623, 763, 883, 1025, 1149, 1249, 1365 Housing:
Each bank
43, 150, 296, 394, 498,
Program, discussion in Review of the Month... ..224
624, 764, 884, 1026, 1150, 1250, 1366
Report of Board on pending legislation
..236
End of month and Wednesday figures. .40, 147, Hungary:
293, 391, 495, 621, 761, 881, 1023,
Foreign exchange rate
103, 213, 355, 455, 561,
1147, 1247,1363
701, 827, 951, 1091, 1215, 1315, 1429
Maturity distribution
42, 149, 295, 393, 497,
National Bank of:
623, 763, 883, 1025, 1149, 1249, 1365
Discount rate
101, 211, 353, 453,559,
Insured commercial banks. . . .53, 160, 306, 404, 508,
699, 825, 949, 1089, 1213, 1313, 1427
634, 774, 894, 1036, 1160, 1260, 1376
Gold reserves
89, 199, 341, 441,547,
Investments by weekly reporting member banks:
687,
813,
937,
1077, 1201, 1301,1415
By Federal Reserve districts. .57, 164, 310, 408,
Imports
and
exports:
512, 638, 778, 898, 1040, 1164, 1264, 1380
Gold movements to and from United States. . 90, 200,
New York City and outside. .55, 162, 308, 406,
342, 442, 548, 688, 814, 938, 1078, 1202, 1302, 1416
510, 636, 776, 896, 1038, 1162, 1262, 1378
Merchandise
77, 184, 330, 428,532,
Liquid asset holdings of individuals and busi658, 798, 918, 1060, 1184, 1284,1400
nesses
122, 1236
...9
United Kingdom
Market for
467
.1323
United States during first postwar year
Marketable public securities outstanding. .64, 171,
317, 415, 519, 645, 785, 905, 1047, 1171, 1271, 1387 Income:
Cash, and outgo of U. S. Treasury
1049,
Maturity distribution of
1100
1173, 1723, 1389
Member bank holdings, average yield on
379
Civilian, discussed in Review of the Month
.220
Ownership of
1099
National
84, 191, 337, 436,540,
Ownership of direct and guaranteed. .65, 172, 318,
667, 806, 926, 1068, 1192, 1292,1408
416, 520, 646, 786, 906, 1048, 1172, 1272, 1388
Payments;
Purchase by Federal Reserve Banks, amendIndex of value of
68, 175, 321, 419,523,
ment to section 14(&) of the Federal Reserve
649, 789, 909, 1051, 1175, 1275, 1391
Act
28, 749
Use of
84, 191, 337, 436, 540,
Sales in eight war loans
120
667, 806, 926, 1068, 1192, 1292,1408
Savings bonds
64, 171, 317, 415, 519,
Railroads
77, 184, 330, 428,532,
645, 785, 905, 1047, 1171, 1271, 1387
658, 798, 918, 1060, 1184, 1284,1400
Treasury bills: (See Treasury bills)
Taxes, Internal Revenue collections. . .66, 173,319,
Victory loan, review of subscriptions
119
417, 521, 647, 787, 907, 1049, 1173, 1273, 1389
Yields on
60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383 Index numbers:
Bond prices
61, 168, 314, 412,516,
Yields, discussion in Review of Month
1104
642, 782, 902, 1044, 1168, 1268, 1384
Great Britain: (See United Kingdom)
Business indexes
68, 175, 321, 419, 523,
Greece:
649, 789, 909, 1051, 1175, 1275, 1391
Bank of:
Construction contracts awarded..68, 175, 321,419,
Discount rate
101, 211, 353, 453, 559,
523, 649, 789, 909, 1051, 1175, 1275, 1391
699, 825, 949, 1089, 1213, 1313, 1427
Cost of living:
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Consumers price index for moderate income
Foreign exchange rate
103, 213, 355, 455, 561,
families
538, 665, 804, 924,
701, 827, 951, 1091, 1215, 1315, 1429
1406
1066, 1190, 1290,
Gross national product
84, 191, 337, 436, 540,
Principal countries
105, 215, 357, 457,563,
667, 806, 926, 1068, 1192, 1292, 1408
1431
703, 829, 953, 1093, 1217, 1317,
Government bonds: (See Government securities)
Government checks, limitation on claims connected
with
384
Government corporations and credit agencies:
Assets and liabilities
67, 174, 320, 418, 522,
1446
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Pages
Pages
Index numbers—Continued.
Industrial advances by Federal Reserve Banks—Cont.
Cost of living—Continued.
Maturity distribution
42, 149, 295, 393, 497,
United States
68, 175, 321, 419, 523,
623, 763, 883, 1025, 1149, 1249, 1365
649, 789, 909, 1051, 1175, 1275, 1391
Number and amount
46, 153, 299, 397, 501,
Department stores:
627, 767, 887, 1029, 1153, 1253, 1369
Sales, adjusted
68, 175, 321, 419, 523,
Rates
41, 148, 294, 392, 496,
649, 789, 909, 1051, 1175, 1275, 1391
622, 762, 882, 1024, 1148, 1248, 1364
Sales, weekly
79, 186, 332, 430, 534,
661, 800, 920, 1062, 1186, 1286, .1402 Industrial corporations:
Earnings and dividends
63, 170, 316, 414, 518,
Sales and stocks, by major departments
856
644, 784, 904, 1046, 1170, 1270, 1386
Sales and stocks, monthly. .79, 186, 332, 430, 534,
661, 800, 920, 1062, 1186, 1286, 1402 Industrial production:
Stocks, revision of
588
Business index
68, 175, 321, 419, 523,
Factory employment, business index. .68, 175, 321,
649, 789, 909, 1051, 1175, 1275, 1391
419, 523, 649, 789, 909, 1051, 1175, 1275, 1391
By industries:
Factory employment and pay rolls by industries. .73,
Adjusted for seasonal variation.. 69, 176, 322,
180, 326, 424, 528, 654, 794, 914,
420, 524, 650, 790, 910, 1052, 1176, 1276, 1392
1056, 1180, 1280,1396
Without seasonal adjustment. .71, 178, 324, 422,
Freight carloadings:
526, 652, 792, 912, 1054, 1178, 1278, 1394
Adjusted
68, 175, 321, 419, 523,
Charts
36, 142, 219, 289, 387, 491,
649, 789, 909, 1051, 1175, 1275, 1391
616, 757, 877, 1019, 1143, 1242, 1358
Classes
77, 184, 330, 428, 532,
National summary of business conditions. .36, 142,
658, 798, 918, 1060, 1184, 1284, 1400
289, 387, 491, 616, 757, 877,
Income payments
68, 175, 321, 419, 523,
1019, 1143, 1242, 1358
649, 789, 909, 1051, 1175, 1275, 1391
Statement on Federal Reserve index of, sent to
Industrial production:
Banking and Currency Committee of House. . .472
Adjusted for seasonal variation.. 69, 176, 322,
Wholesale price index
104, 214, 356, 456, 562,
420, 524, 650, 790, 910, 1052, 1176, 1276, 1392
702, 828, 952, 1092, 1216, 1316, 1430
Physical volume
68, 175, 321, 419, 523, Inflation:
649, 789, 909, 1051, 1175, 1275, 1391
Pressures, discussion in Review of the Month.... S33
Statement on Federal Reserve index of, sent
Sources of pressures, statement issued by
to Banking and Currency Committee of
Marriner S. Eccles
121
House
472 Instalment loans: (See Consumer credit)
Without seasonal adjustment. .71, 178, 324, 422, Insurance companies:
526, 652, 792, 912, 1054, 1178, 1278, 1394
Government securities held by. .65, 172, 318, 416, 520,
Retail food prices
105, 215, 357, 457, 563,
646, 786, 906, 1048, 1172, 1272, 1388
703, 829, 953, 1093, 1217, 1317, 1431
Insured home loans held
76, 183, 329, 427, 531,
Security prices in principal countries. .105, 215, 357,
657, 797, 917, 1059, 1183, 1283, 1399
457, 563, 703, 829, 953, 1093, 1217, 1317, 1431
Stock prices
61, 168, 314, 412, 516, Insured commercial banks:
Assets and liabilities in United States and
642, 782, 902, 1044, 1168, 1268, 1384
possessions
545, 1199
Wholesale prices:
Earnings and expenses in United States and
Commodities. .
68, 175, 321, 419, 523,
possessions
,
685
649, 789, 909, 1051, 1175, 1275, 1391
Loans and investments
53, 160, 306, 404, 508,
Groups of commodities.. .S3, 190, 336, 435, 539,
634, 774, 894, 1036, 1160, 1260, 1376
666, 805, 925, 1067, 1191, 1291, 1407 Interest:
Principal countries
104, 214, 356, 456, 562,
Commercial loan rates in principal cities. . 60, 167, 313,
702, 828, 952, 1092, 1216, 1316, 1430
411, 515, 641, 781, 901, 1043, 1167, 1267, 1383
India, British:
Open-market rates in New York City. .60, 167, 313,
Foreign exchange rates
103, 213, 355, 455, 561,
411, 515, 641, 781, 901, 1043, 1167, 1267, 1383
701, 827, 951, 1091, 1215, 1315, 1429
Regulation V, Table
41, 148, 294, 392, 496,
Gold movements
90, 200, 342, 442, 548,
622, 762, 882, 1024, 1148
688, 814, 938, 1078, 1202, 1302, 1416
Time
deposits,
maximum
rates
on. .41, 148, 294, 392,
Gold production
90, 200, 342, 442, 548,
496, 622, 762, 882, 1024, 1148, 1248, 1364
688, 814, 938, 1078, 1202, 1302, 1416 Internal Revenue
collections
66, 173, 319, 417, 521,
Reserve Bank of:
647, 787, 907, 1049, 1173, 1273, 1389
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425 International Bank for Reconstruction and Development:
Discount rate
101, 211, 353, 453, 559,
Annual report of
1132
699, 825, 949, 1089, 1213, 1313, 1427
Establishment and operations of, discussed in
Gold reserves
89, 199, 341, 441, 547,
Review of the Month
361
687, 813, 937, 1077, 1201, 1301, 1415
International capital transactions of the United
Industrial advances by Federal Reserve Banks:
States
91, 201, 343, 443, 549,
All banks combined
42, 149, 295, 393, 497,
689, 815, 939, 1079, 1203, 1303, 1417
623, 763, 883, 1025, 1149, 1249, 1365
Commitments
45, 152, 298, 396, 500, International Monetary Fund:
626, 766, 886, 1028, 1152, 1252, 1368
Annual report of executive directors
1123
Each bank
43, 150, 296, 394, 498,
Establishment of, discussed in Review of the
624, 764, 884, 1026, 1150, 1250, 1366
Month
361
DECEMBER
1946
1447
INDEX TO VOLUME 32
Pages
International transactions of the United States in
the first postwar year
1321
Inventories:
Accumulation of
710
Retailers, during 1945
586
Investments:
All banks in the United States, call dates. .52, 159,
305, 403, 507, 633, 773, 893, 1035, 1159, 1259, 1375
Insured commercial banks.. . .53, 160, 306, 404, 508,
^ 634, 774, 894, 1036, 1160, 1260, 1376
Weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310, 408,
512, 638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside. .55, 162, 308, 406,
510, 636, 776, 896, 1038, 1162, 1262, 1378
Iran:
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Ireland:
Central Bank of:
Condition
99, 209, 351, 451, 557,
697, 823, 947, 1087, 1211, 1311, 1425
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Italy:
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Foreign exchange rate
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Wholesale prices in
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
J a an.
Bank of:
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Wholesale prices in
104, 214, 356, 456, 562,
.
702, 828, 952, 1092, 1216, 1316, 1430
T
j ava.
Bank of:
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Johnson, Walter S., elected Class B director at San
Francisco for unexpired term
256
Joint statements:
Issued by the Governments of the United States
and the United Kingdom regarding settlement for lend-lease, reciprocal aid, surplus
war property and claims
15
Issued by the United States and United Kingdom regarding the understanding reached on
commercial policy
15
Issued by the President of the United States
and the Prime Minister of Great Britain on
the economic and financial discussions between
officials
14
President of United States and President of
Provisional Government of the French Republic
866
1448
Pages
Kennedy, David M., Special Assistant to the Chairman:
Appointment of
615
Resignation
. . 1241
Koch, Albert R.:
Article on estimated durable goods expenditures 1940-45
967
Article on financial developments among large
financial corporations, 1945
1106
Article on postwar financial position of business.. 1335
Koch, Josiah M., appointed director at Pittsburgh
Branch for unexpired term
1357
Knapp, J. Burke, appointed Assistant Director of
the Division of Research and Statistics
615
Kurth, E. L., resignation as Class B director at Dallas. .256
Labor market in the transition
957
Latin American Republics:
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Latvia:
Bank of:
Discount rate
101, 211, 353, 453, 559,
., .
699, 825, 949, 1089, 1213, 1313, 1427
T
Legislation:
Administrative procedure act, rules of organization and procedure adopted under provisions of .999
Bank of England Act, 1946
479
Emergency Price Control Act of 1942, statement
of Marriner S. Eccles before Banking and
Currency Committee of the Senate on extension of
573.
Federal Reserve Act:
Amendment to section 14(6) as to purchase
of Government securities by Federal
Reserve Banks extended
28, 749
Amendment to section 24 on farm tenant
loans
995
Housing, report of Board on pending
236Limitation on claims connected with Government checks
384
Monetary and banking reform in Guatemala. . . .257
Nationalization of Bank of France
483
Netherlands Bank Act, reinstatement of
489
Price control, discussion in Review of the Month. .833
S. 1592, report of Board on pending legislation
on housing
236
Silver, act authorizing Secretary of the Treasury
to sell or lease to industry and reducing
seigniorage
995
Veterans guaranteed loans, amendment to
Servicemen's Readjustment Act of 1944
126
Lend-lease:
Financial agreement between United States
and United Kingdom, discussed in Review of
the Month
5
Joint statement issued by Governments of
United States and United Kingdom
15
Leonard, Robert F., appointed Director of Division
of Examinations
876
Licenses:
Motor City Credit Jewelry Co., Inc., suspension
under Regulation W
249
Relating to transactions in foreign exchange. .29, 127,
252, 384, 476, 614, 753, 875, 1015, 1140J1355
To transact banking business granted by Secretary of the Treasury
28 .
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Liquid assets:
Pages
Expenditure plans of farm operators
965
Holdings of individuals and businesses, estimated
122, 1236
National survey of
574
Distribution according to income
716
Prospective spending and saving and summary of survey
findings
844
Slackened growth in, discussion in Review of the
Month
1221
List of directors of Federal Reserve Banks and
branches
130
Lithuania:
Discount rate of Central Bank.. 101,211,353,453,559,
699, 825, 949, 1089, 1213, 1313, 1427
Loan policy of United States, foreign, statement of
National Advisory Council on international monetary and financial problems
227
Loans:
Agricultural, insured commercial banks. .53, 160, 306,
404, 508, 634, 774, 894, 1036, 1160, 1260, 1376
Authorized by Export-Import Bank of Washington
230
Bank, discussion in Review of the Month
712
Bank, to enable finance company to make securities loans, applicability of Regulation U
874
British, address by Marriner S. Eccles before
Foreign Policy Association
232
Brokers and dealers in securities by weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310, 408,
512, 638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside. .55, 162, 308, 406,
510, 636, 776, 896, 1038, 1162, 1262, 1378
Capital contribution, applicability of Regulation U
995
Commercial, industrial, and agricultural by
weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310, 408,
512, 638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside. .55, 162, 308, 406,
510, 636, 776, 896, 1038, 1162, 1262, 1378
Consumer instalment, made by principal lending
institutions
82, 189, 335, 433, 537,
664, 803, 923, 1065, 1189, 1289, 1405
Expansion of, discussed in Review of the Month. .1102
Farm tenant, amendment to section 24 of Federal
Reserve Act
995
Federal Housing Administration, insured by. . 76, 183,
329, 427, 531, 657, 797, 917, 1059, 1183, 1283, 1399
Government corporations and credit agencies. . . .67,
174, 320, 418, 522, 648, 788, 908,
1050, 1174, 1274,1390
Industrial: {See Industrial advances)
Instalment..81, 188, 334, 432, 536,
663, 802, 922, 1064, 1188, 1288, 1404
Partial transfer forbidden by Regulation U
613
Real estate:
Weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310,
408, 512, 638, 778, 898, 1040,
1164, 1264, 1380
New York City and outside. .55, 162, 308,
406, 510, 636, 776, 896, 1038,
1162, 1262, 1378
United Kingdom by United States, as part of
financial agreement
1
Veterans:
Guaranteed, amendment to Servicemen's
Readjustment Act of 1944
126
JDECEMBER
1946
Pages
Loans—Continued.
Veterans—Continued.
Insured, excepted from provision of Regulation W
613
Limitations on national bank real estate,
instructions of Comptroller of the Currency to national bank examiners
474
War production, guaranteed by War Department, Navy Department, and Maritime Commission
46, 153, 299, 397, 501,
627, 767, 887, 1029, 1153, 1253, 1369
Loans and investments:
All banks in United States, call dates. .51, 158, 304,
402, 506, 632, 772, 892, 1034, 1158, 1258, 1374
Changes in, discussed in Review of the Month. . .465
Insured commercial banks. . . .53, 160, 306, 404 508
634, 774, 894, 1036, 1160, 1260, 1376
Member banks, call dates. . . .51, 158, 304, 402, 506,
632, 772, 892, 1034, 1158, 1258, 1374
Mutual savings banks, call dates. .52, 159, 305, 403
507, 633, 773, 893, 1035, 1159, 1259, 1375
National banks
51, 158, 304, 402, 506
632, 772, 892, 1034, 1158, 1258, 1374
Nonmember banks
52, 159, 305, 403, 507,
633, 773, 893, 1035, 1159, 1259, 1375
Weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310, 408,
512, 638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside. .55, 162, 308, 406,
510, 636, 776, 896, 1038, 1162, 1262, 1378
MacNaughton, E. B., appointed director at Portland
Branch for unexpired term
255
Manufactures:
Industrial production, index of. .68, 175, 321, 419,
523, 649, 789, 909, 1051, 1175, 1275, 1391
Manufacturing corporations, financial developments
among large, 1945
1106
Manufacturing industries:
Hours and earnings of wage earners. . 74, 181, 327, 425,
529, 655, 795, 915, 1057, 1181, 1281, 1397
Maps:
Federal Reserve System
108, 218, 360, 460, 566,
706, 832, 956, 1096, 1220, 1320, 1434
Margin accounts:
Statistics of stock exchange firms. .59, 166, 312, 410,
514, 640, 780, 900, 1042, 1166, 1266, 1382
Margin requirements:
Amendments to Regulations T and U increasing
to 100 per cent
126
Amendments to Regulations T and U relating to
use of credit for exercising rights to purchase. . 1347
Sources of inflationary pressures, statement
issued by Marriner S. Eccles
121
Table
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1248, 1364
Maritime Commission:
War production loans guaranteed by. .46, 153, 299,
397, 501, 627, 767, 887, 1029, 1153, 1253, 1369
Maturity distribution of loans and Government
securities
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1249, 1365
Meacham, H. C , appointed director at Nashville
Branch for unexpired term
255
Meetings:
Board of Governors of International Monetary
Fund and International Bank for Reconstruction and Development
361
Chairmen of Federal Reserve Banks on December 5-6
1357
1449
INDEX TO VOLUME 32
Pages
Meetings—Continued.
Federal Advisory Council:
February 17-18
255
May 19-20
615
October 6-7
1142
December 1-3
1357
Federal Open Market Committee:
February 28 and March 1
255
June 10
756
October 3
1142
Presidents of the Federal Reserve Banks:
February 25-26 and 28
255
June 7, 8, and 11
756
October 1, 2 and 4
1142
Member banks:
Assets and liabilities:
December 31, 1945
544
June 29, 1946
1198
Changes in number of banking offices
196, 1074
Deposits and reserves of
47, 154, 300, 398, 502,
628, 768, 888, 1030, 1154, 1254, 1370
Earnings:
1945
615, 674
First half of 1946
1238, 1298
Loans and investments, call dates. .51, 158, 304, 402,
506, 632, 772, 892, 1034, 1158, 1258, 1374
Number of:
Call dates
51, 158, 304, 402, 506,
632, 772, 892, 1034, 1158, 1258, 1374
Offices in United States
439, 543, 671,
810, 931, 1073, 1197, 1297, 1413
Number and salary of employees
379
Operating ratios, 1945
932
Par list .439, 543, 671, 810, 931, 1073, 1197, 1297, 1413
Profits in 1945
376
Reserve requirements
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1248, 1364
Reserves, Reserve Bank credit and related
items
40, 147, 293, 391, 495,
621, 761, 881, 1023, 1147, 1247, 1363
Membership in Federal Reserve System:
Admission of State banks
32, 129, 256, 386, 478,
615, 756, 876, 1018, 1142, 1241, 1357
Condition, suit by Peoples Bank of Lakewood
Village, California, attacking validity, dismissed
751
Merchandise:
Exports and imports
77, 184, 330, 428, 532,
658, 798, 918, 1060, 1184, 1284, 1400
Mexico:
Bank of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Military reservations, banking offices at
196, 1074
Mil lard, Edwin R., appointed Assistant Director of
Division of Examinations
1241
Miller, Paul E., appointed Class C director at
Minneapolis
32
1450
Pases
Minerals:
Industrial production, index of. .68, 175, 321, 419,
523, 649, 789, 909, 1051, 1175, 1275, 1391
Monetary and banking reform in Guatemala
257
Monetary and banking reform in Paraguay, monograph by Robert Triffin ready for distribution
865
Monetary reforms in Western Europe, results of.... 1115
Money in circulation:
Adjustment for seasonal variation. .49, 156, 302, 400,
504, 630, 770, 890, 1032, 1156, 1256, 1372
Chart
39, 146, 292, 390, 494,
620, 760, 880, 1022, 1146, 1246, 1362
Stock of
48, 155, 301, 399, 503,
629, 769, 889, 1031, 1155, 1255, 1371
Total
40, 147, 293, 391, 495,
621, 761, 881, 1023, 1147, 1247, 1363
Money rates:
Commercial loan rates
60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383
Current statistics for Federal Reserve chart
book
86, 192, 338, 437, 541,
668, 807, 928, 1070, 1194, 1294, 1410
Foreign countries
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Open market, New York City. .60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383
Morse, Chandler, appointed Assistant Director of the
Division of Research and Statistics of the Board. . . .32
Mortgages:
Insured Federal Housing Administration mortgages held
76, 183, 329, 427, 531,
657, 797, 917, 1059, 1183, 1283, 1399
Motor City Credit Jewelry Co., Inc.:
Suspension of license and consent injunction
249
Mutual savings banks:
Changes in number of banks and branches.. 196, 1074
Deposits, call dates
52, 159, 305, 403, 507,
633, 773, 893, 1035, 1159, 1259, 1375
Government securities held by. .65, 172,318,416,520,
646, 786, 906, 1048, 1172, 1272, 1388
Insured home loans held
76, 183, 329, 427, 531,
657, 797, 917, 1059, 1183, 1283, 1399
Loans and investments, call dates. .52, 159, 305, 403,
507, 633, 773, 893, 1035, 1159, 1259, 1375
Number of banking offices. . .439, 543, 671, 810, 931,
1073, 1197, 1297, 1413
Myers, C. E., director at Los Angeles Branch, death of .386
National Advisory Council on international monetary and financial problems, statement issued on
foreign loan policy of the United States
227
National bank notes, stock of . . . .48, 155, 301, 399, 503,
629, 769, 889, 1031, 1155, 1255, 1371
National banks:
Assets and liabilities:
December 31, 1945
544
June 29, 1946
1198
Changes in number of banks and branches.. 196, 1074
Deposits, call dates
51, 158, 304, 402, 506,
632, 772, 892, 1034, 1158, 1258, 1374
Earnings and expenses:
1945
194
First half of 1946
935
Number of:
Call dates
51, 158, 304, 402, 506,
632, 772, 892, 1034, 1158, 1258, 1374
Offices in United States
439, 543,
671, 810, 931, 1073, 1197, 1297, 1413
Suspensions
50, 157, 303, 401, 505,
631, 771, 891, 1033, 1157, 1257, 1375
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Pages
National summary of business conditions. .36, 142, 289,
387, 491, 616, 757, 877, 1019, 1143, 1242,1358
Navy Department:
War production loans guaranteed by. .46, 153, 299,
397, 501, 627, 767, 887, 1029, 1153, 1253, 1369
Nelson, Fred A., appointed Director of Division of
Personnel Administration
.876
Netherlands:
Bank:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Cost of living, index numbers.. 105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Open-market rates
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Reinstatement of the Bank Act of 1937
489
Retail food prices
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431,
Security prices, index numbers. . 105, 215, 357, 457.
563, 703, 829, 953, 1093, 1217, 1317, 1431
Wholesale prices
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
New Jersey:
Loans to veterans exempted from provisions of
Regulation W
613
New York Stock Exchange:
Volume of trading on
61, 168, 314, 412, 516,
642, 782, 902, 1044, 1168, 1268, 1384
New Zealand:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Reserve Bank of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Nicaragua:
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Nonmember banks:
Assets and liabilities of insured commercial
banks in United States and possessions. .545, 1199
Changes in number of banks and branches.. 196, 1074
Deposits:
Call dates
52, 159, 305, 403, 507,
633, 773, 893, 1035, 1159, 1259, 1375
Held by Federal Reserve Banks. .40, 147, 293,
391, 495, 621, 761, 881, 1023, 1147, 1247, 1363
Loans and investments
52, 159, 305, 403, 507,
633, 773, 893, 1035, 1159, 1259, 1375
Number of:
Call dates
52, 159, 305, 403, 507,
633, 773, 893, 1035, 1159, 1259, 1375
Offices in United States
439, 543, 671,
810, 931, 1073, 1197, 1297, 1413
Par list
439, 543,
671, 810, 931, 1073, 1197, 1297, 1413
DECEMBER
1946
Pages
Nonmember banks—Continued.
Suspensions
50, 157, 303, 401, 505,
631, 771, 891, 1033, 1157, 1257, 1373
Norway:
Bank of:
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Obligations of Government, direct and guaranteed:
Maturities
64, 171, 317, 415, 519,
645, 785, 905, 1047, 1171, 1271, 1387
Open-market paper, insured commercial banks. .53, 160,
306, 404, 508, 634, 774, 894, 1036, 1160, 1260, 1376
Open-market rates:
Foreign countries
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
New York City
60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383
Operating ratios of member banks
932
Ownership of demand deposits:
Article by Richard Youngdahl
469
Discussion in Review of the Month
1224
Pamphlets: {See Publications)
Paper currency, circulation
48, 155, 301, 399, 503,
629, 769, 889, 1031, 1155, 1255, 1371
Par list:
Number of banks, by districts and by States. .439,
543, 671, 810, 931, 1073, 1197, 1297, 1413
Total of banks on
124
Paraguay:
Bank of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Monetary and banking reform in, article by
Robert Triffin
865
Parten, J. R., designated as Chairman and Federal
Reserve Agent at Dallas
32
Paulger, Leo H., appointed Special Adviser to Board. .876
Pay rolls, factory:
Business index of
68, 175, 321, 419, 523,
649, 789, 909, 1051, 1175, 1275, 1391
By industry
73, 180, 326, 424, 528,
654, 794, 914, 1056, 1180, 1280, 1396
Peoples Bank, Lakewood Village, California, suit
against Board attacking validity of condition of
membership, dismissed
750
Peru:
Central Reserve Bank of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Philippine Islands:
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Poland: ^
|
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Pollard, William B., appointed Vice President and
designated Manager of Memphis Branch
129
1451
INDEX TO VOLUME 32
Pages
Portugal:
Bank of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Postal savings deposits:
Depositors balances and assets. .50, 157, 303, 401, 505,
631, 771, 891, 1033, 1157, 1257, 1373
Insured commercial banks
54, 161, 307, 405, 509,
635, 775, 895, 1037, 1161, 1261, 1377
Interest rate on
41, 148, 294, 392, 496,
622, 762, 882, 1024, 1148, 1248, 1364
Weekly reporting member banks:
By Federal Reserve districts. .58, 165, 311, 409,
513, 639, 779, 899, 1041, 1165, 1265, 1381
New York City and outside. .56, 163, 309, 407,
511, 637, 777, 897, 1039, 1163, 1263, 1379
Postwar business finance, discussion in Review of
the Month
707
Postwar economic studies:
No. 4, ready for distribution
722
No. 5, distribution of
1122
No. 6, ready for distribution
855
Postwar financial position of business
1335
Postwar international trade, discussed in Review of
the Month
1
Postwar transition in banking, discussion in Review
of the Month
1097
President of the United States:
Budget message to Congress outlining Government's role in economy transition from war
to peace
109
Presidents of Federal Reserve Banks:
Appointments for five-year terms
255
List of
107, 217, 359, 459, 565,
705, 831, 955, 1095, 1219, 1319, 1433
Meetings:
February 25-26, and 28
255
June 7, 8 and 11
756
October 1, 2 and 4
1142
Press statements:
Treasury Department, awards for distinguished
service in war
finance
248
Price Control Act of 1942, statement of Marriner S.
Eccles before Banking and Currency Committee
of the Senate. .
"
573
Prices:
Current developments, discussion in Review of
the Month
833
Postwar period, changes discussed in Review of
the Month
836
Retail food
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Securities in principal countries. .105, 215, 357, 457,
563, 703, 829, 953, 1093, 1217, 1317, 1431
Wholesale commodity:
Business index
68, 175, 321, 419, 523,
649, 789, 909, 1051, 1175, 1275, 1391
By groups of commodities. .83, 190, 336, 435,
539, 666, 805, 925, 1067, 1191, 1291, 1407
Wholesale in principal countries, index of. .104, 214,
356, 456, 562, 702, 828, 952, 1092, 1216, 1316, 1430
Production, industrial: (See Industrial production)
Profits, member banks in 1945
376
1452
Pages-
Public debt:
Increase during fiscal year
Ill
Outstanding
464
Retirement program
109S
Volume and kind of securities. .64, 171, 317, 415, 519,
645, 785, 905, 1047, 1171, 1271, 1387
Public utility corporations:
Earnings and dividends of
63, 170, 316, 414, 518,
644, 784, 904, 1046, 1170, 1270, 1386Publications:
Federal Reserve Act, revised edition of
1356
Federal Reserve chart book No. 1, revision of
478
Monetary and banking reform in Paraguay,
article by Robert Trifiin
:
865
Postwar economic studies No. 4, ready for distribution
722
Postwar economic studies No. 5, distribution of. .1122
Postwar economic studies No. 6, ready for distribution
85S
Railroads:
Revenues, expenses and income of Class I. .77, 184,
330, 428, 532, 658, 798, 918, 1060, 1184, 1284,1400Rates:
Acceptances, bankers', buying. .41, 148, 294, 392, 496,
622, 762, 882, 1024, 1148, 1248,
Bills, buying
41, 148, 294, 392,496,
622, 762, 882, 1024, 1148, 1248, 1364
Commercial loan rates in principal cities. . 60, 167, 313,
411, 515, 641, 781, 901, 1043, 1167, 1267, 1385
Discount:
Central banks
101, 211, 353, 453,559,
699, 825, 949, 1089, 1213, 1313, 1427
.462
Elimination of preferential
Federal Reserve Banks. .41, 148, 294, 392,496,
622, 762, 882, 1024, 1148, 1248, 1364
Foreign exchange
103, 213, 355, 455,561,
701, 827, 951, 1091, 1215, 1315, 1429
Industrial loans and commitments. .41, 148, 294,392,
496, 622, 762, 882, 1024, 1148, 1248, 1364
Interest, changes discussed in Review of the
1104
Month
Money, current statistics for Federal Reserve
chart book
86, 192, 338, 437,541r
668, 807, 928, 1070, 1194, 1294,1410
Open market in certain foreign countries. .101, 211,
353, 453, 559, 699, 825, 949, 1089, 1213, 1313,1427
Open market in New York City. .60, 167, 313,411,
515, 641, 781, 901, 1043, 1167, 1267, 1383
Postal savings deposits
41, 148, 294, 392,496,
622, 762, 882, 1024, 1148, 1248, 1364
Regulation V loans, maximum interest and commitment rates
41, 148, 294, 392, 496,
622, 762, 882, 1024, 1148
Time deposits, maximum interest on. .41, 148, 294,
392, 496, 622, 762, 882, 1024, 1148, 1248, 1364
Ratios:
.681
Member bank earnings, 1945
.932
Member bank operating, 1945
Real estate:
Loans on:
Insured commercial banks. .53, 160, 306, 404,
508, 634, 774, 894, 1036, 1160, 1260, 1376
Weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310,
408, 512, 638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside. .55, 162, 308,
406, 510, 636, 776, 896, 1038, 1162, 1262, 1378
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Real estate—Continued.
Loans to veterans by national banks, instructions of Comptroller of the Currency on
limitations on
474
Price problems discussed in Review of the Month.. 225
Receipts of the Government for fiscal year
Ill
Receipts of Treasury:
Summary of operations
66, 173, 319, 417, 521,
647, 787, 907, 1049, 1173, 1273, 1389
Reconstruction Finance Corporation:
Loans by
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Reconstruction Finance Corporation Mortgage Company:
Assets and liabilities
67, 174, 320, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Redman, J. P., appointed Class C director at St.
Louis
1142
Regulations, Board of Governors:
C, Acceptances by member banks, revision of.. . .996
D, Member bank reserves:
Weekly computation period, change from
Friday to Thursday
756
T, Extension and maintenance of credit by
brokers, dealers, and members of national
securities exchanges, amendments to
126, 1347
U, Loans by banks for the purpose of purchasing
or carrying stocks registered on national
securities exchanges:
Amendments to
127, 1347
Bank acting as trustee
874
Bank loan to enable finance company to .874
make securities loans
.995
Capital contribution loans
.613
Partial transfers forbidden by
V, War loans:
Financing war production and contract
terminations under
240
Guarantee fees and maximum interest and
commitment rates under. .41, 148, 294, 392,
496, 622, 762, 882, 1024, 1148
W, Consumer credit:
Add-on sale, exemption of
.874
.749
Amendment No. 20
.998
Amendment No. 21
.570
Discussion in Review of the Month
1140
Floor furnace as listed article
1240
Jeep station wagons, classification of
1240
Kitchen cabinets, classification of
Listed article installed in connection with
repairs or improvements
.874
Listed articles used in realty improvement. ..29
Principal amount, meaning in section 2(e).. .874
Renewal of single payment loan under
$2,000
1140
Revision of
1345, 1348
Veterans insured loans excepted from provision of
.613
Violations:
Consumers Home Equipment Company.749
Motor City Credit Jewelry Co., Inc.,
suspension of license and consent
injunction
249
Water heaters, classification of
1240
Reserve balances of member banks. .46, 153, 299, 397, 501,
627, 767, 887, 1029, 1153, 1253, 1369
DECEMBER
1946
Reserve city member banks:
Assets and liabilities:
December 31, 1945
544
June 29, 1946
1198
Condition, call dates
53, 160, 306, 404, 508,
634, 774, 894, 1036, 1160, 1260, 1376
Deposits and reserves
47, 154, 300, 398, 502,
628, 768, 888, 1030, 1154, 1254, 1370
Earnings and expenses:
1945
674
First half of 1946
1239
Reserves
47, 154, 300, 398, 502,
628, 768, 888, 1030, 1154, 1254, 1370
Reserve position of banks, discussion in Review of
the Month
466
Reserve requirements of member banks:
Per cent of deposits
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1248, 1364
Reserves:
Balances due to and from banks in territories.. .1240
Effects of debt retirement on
1098
Federal Reserve Banks:
All banks combined
42, 149, 295, 393, 497,
623, 763, 883, 1025, 1149, 1249, 1365
Each bank
43, 150, 296, 394, 498,
624, 764, 884, 1026, 1150, 1250, 1366
Gold, of central banks and governments. . 89, 199, 341,
441, 547, 687, 813, 937, 1077, 1201, 1301, 1415
Insured commercial banks with Federal Reserve
Banks
54, 161, 307, 405, 509,
635, 775, 895, 1037, 1161, 1261, 1377
Member banks:
Account with Federal Reserve Banks. .44, 151,
297, 395, 499, 625, 765, 885, 1027, 1151, 1251, 1367
By classes of banks
47, 154, 300, 398} 502,
628, 768, 888, 1030, 1154, 1254, 1370
Chart
"
39, 146, 292, 390, 494,
620, 760, 880, 1022, 1146, 1246, 1362
Excess:
End of month and Wednesday figures. . .40,
147, 293, 391, 495, 621, 761, 881,
1023, 1147, 1247, 1363
In classes of banks. .46, 153, 299, 397, 501,
627, 767, 887, 1029, 1153, 1253, 1369
Total held:
All banks, end of month and Wednesday
figures
40, 147, 293, 391, 495,
621, 761, 881, 1023, 1147, 1247, 1363
Classes of banks
46, 153, 299, 397, 501,
627, 767, 887, 1029, 1153, 1253, 1369
Weekly computation period, change in
756
Weekly reporting member banks:
By Federal Reserve districts. .58, 165, 311, 409,
513, 639, 779, 899, 1041, 1165, 1265, 1381
New York City and outside. .56, 163, 309, 407,
511, 637, 777, 897, 1039, 1163, 1263, 1379
Resignations:
Billington, E. F., as director at New Orleans
Branch
876
Bryan, Malcolm H., as First Vice President at
1241
Atlanta
;•;:•••
Cagle, C. E., as Assistant Director of Division
of Examinations
1241
Clark, John D., as director at Omaha Branch. .1018
Ellis, Howard S., as Assistant Director of Division of Research and Statistics
129
Kennedy, David M., as Special Assistant to the
Chairman of the Board
1241
Kurth, E. L., as Class B, director at Dallas
256
1453
INDEX TO VOLUME 32
Pages
Resignations—Continued.
Stocking, George W., as director at San Antonio
Branch
1018
Waymack, W. W., as Class C director at Chicago. 1357
Results of monetary reforms in Western Europe,
article by Robert W. Bean
1115
Retail credit survey—1945
581
Retail food prices
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Retirements:
Day, William A., as President at San Francisco.. .32
Revenues, expenses, and income of Class I railroads. . .77,
184, 330, 428, 532, 658, 798, 918,
1060, 1184, 1284, 1400
Review of the Month:
Current price developments
833
Establishment of Bretton Woods institutions. .. .361
Federal budget in the transition economy
109
International transactions of the United States
in the first postwar year
1321
Labor market in the transition
957
Postwar business
finance
707
Postwar transition in banking
1097
Recent changes in consumer credit
567
Recent economic developments
219
Slackened growth in liquid assets
1221
Treasury finance and banking developments
461
United Kingdom and postwar international trade... 1
Rhodesia:
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Robinson, Roland I., article on member bank profits
in 1945
376
Roderick, Dorrance D., appointed as director at
El Paso Branch
32
Rules of organization and procedure of Board
999
Rules on organization and information for Federal
Open Market Committee
1011
Rumania:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
National Bank of:
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Rural Electrification Administration:
Loans by
67, 174, 3.20, 418, 522,
648, 788, 908, 1050, 1174, 1274, 1390
Salaries:
Federal Reserve Banks. . .
. . 194, 935
Member banks:
Average
379
1945
674
First half of 1946
1298
Savings and loan associations:
Insured home mortgages held. .76, 183, 329, 427, 531,
657, 797, 917, 1059, 1183, 1283, 1399
Savings bonds:
Sales and redemptions
64, 171, 317, 415, 519,
645, 785, 905, 1047, 1171, 1271, 1387
Savings deposits:
Interest rates on
41, 148, 294, 392, 496,
622, 762, 882, 1024, 1148, 1248, 1364
Schacht, C. A., appointed Vice President and
designated Manager of Louisville Branch
129
1454
Pages
Secretary of Treasury:
General license to transact banking business
issued by
28
Licenses relating to transactions in foreign
exchange
29, 127, 384, 476,
614, 753, 875, 1015, 1140, 1355
Securities:
Domestic, inflow of foreign funds. .91, 201, 343, 443,
549, 689, 815, 939, 1079, 1203, 1303, 1417
Foreign, return of United States funds. .91, 201, 343,
443, 549, 689, 815, 939, 1079, 1203, 1303, 1417
Loans for purchasing or carrying:
Insured commercial banks. .53, 160, 306, 404,
508, 634, 774, 894, 1036, 1160, 1260, 1376
Weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310,
408, 512, 638, 778, 898, 1040,
1164, 1264, 1380
New York City and outside. .55, 162, 308,
406, 510, 636, 776, 896, 1038,
1162, 1262, 1378
(See also Government securities)
Securities exchange administration:
Amendments to Regulations T and U
126, 1347
Margin requirements under Regulations T and U. .42,
149, 295, 393, 497, 623, 763, 883,
1025, 1149, 1249, 1365
Partial transfers forbidden by Regulation U
613
Security issues:
Corporate, for new money
713
Corporate, proposed use of proceeds. .62, 169, 315,
413, 517, 643, 783, 903, 1045, 1169, 1269, 1385
New and refunding
61, 168, 314, 412, 516,
642, 782, 902, 1044, 1168, 1268, 1384
Security markets:
Bond and stock prices
61, 168, 314, 412, 516,
642, 782, 902, 1044, 1168, 1268, 1384
National summary of business conditions
143
Security prices:
National summary of business conditions
1144
Principal countries
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Servicemen's Readjustment Act of 1944, amendment as to veterans guaranteed loans
126
Shaw, R. Flake, appointed director at Charlotte
Branch.»
31
Shepard, Roger B., designated as Chairman and
Federal Reserve Agent at Minneapolis
32
Sherman, Merritt, appointed Assistant Secretary of
the Board. ,
1142
Sherrill, Fred G., appointed director at Los Angeles
Branch
386
Silver:
Legislation authorizing Secretary of the Treasury to sell or lease to industry and reducing
seigniorage
995
Silver and silver certificates, stock. .48, 155, 301, 399, 503,
629, 769, 889, 1031, 1155, 1255, 1371
Sloan, George S., appointed Assistant Director of
Division of Examinations
1241
Sources of inflationary pressures, statement issued
by Marriner S. Eccles
121
South Africa:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1479
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Pages
Pages
South Africa—Continued.
Reserve Bank:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Spain:
Bank of:
Condition
100, 210, 352, 453, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Special articles:
Anglo-American trade and financial negotiations.. .14
Balance sheet of agriculture, 1946
974
Banks on Federal Reserve par list
124
British loan, address by Marriner S. Eccles
before Foreign Policy Association
232
British white paper on war
finance
723
British white paper published in connection with
Anglo-American financial agreement
20
Economic conditions and public policy, address
by Marriner S. Eccles before Sixteenth New
England Bank Management Conference
1230
Estimated durable goods expenditures 1939-45,
article by Doris P. Warner and Albert R.
Koch
967
Estimated liquid asset holdings of individuals
and businesses
122, 1236
Extension of the emergency price control act of
1942
573
Financial agreements between the United States
and Great Britain, statement before Banking
and Currency Committee of Senate
373
Financial developments among large manufacturing corporations, 1945
1106
Financing war production and contract terminations under Regulation V
240
Foreign loan policy of the United States, statement by National Advisory Council on International Monetary and Financial Problems
227
Index of department store sales and stocks, by
major departments
856
Liquid assets and expenditure plans of farm
operators
965
Member bank earnings, first half of 1946
1238
Member bank profits in 1945
376
Monetary and banking reform in Guatemala
257
National survey of liquid assets
574
National survey of liquid assets, distribution
according to income
716
National survey of liquid assets, prospective
spending and saving and summary of survey
findings
844
Ownership of demand deposits, article by
Richard Youngdahl
469
Postwar financial position of business
1335
Report of Board on pending legislation on housing. 236
Results of monetary reforms in Western Europe ..1115
Retail credit survey—1945
581
Revised index of department store stocks
588
Revision of consumer credit regulation
1345
Special articles—Continued.
Sources of inflationary pressures, statement by
Marriner S. Eccles
121
Statement by the Minister of Finance on the
appreciation of the Canadian dollar
859
Victory loan
119
Spencer, C. E., Jr., elected Vice President of Federal
Advisory Council
255
Staff of Board of Governors:
Bean, Robert W., article on results of monetary
reforms in Western Europe
1115
Bergelin, John O., article on revised index of
department store stocks
588
Boothe, Gardner L., II, appointed Assistant
Director of Division of Administrative Services .876
Cagle, C. E., resignation as Assistant Director
of Division of Examinations
1241
Cagle, Caroline, article on member bank profits
in 1945
376
Ellis, Howard S.:
Monopoly and unemployment, pamphlet
ready for distribution
722
Resignation as Assistant Director of Division of Research and Statistics
129
Holthausen, Duncan M.:
Article on liquid assets and expenditure
plans of farm operators
965
Article on national survey of liquid assets.. . 844
Hopkins, Ernest J., article on long term needs of
small business
1122
Kennedy, David M.:
Appointed Special Assistant to the Chairman. 615
Resignation as Special Assistant to the
Chairman
1241
Knapp, J. Burke, appointed Assistant Director
of the Division of Research and Statistics
615
Koch, Albert R.:
Article on estimated durable goods expenditures 1940-45
'
967
Article on financial developments among
large financial corporations, 1945
1106
Article on postwar financial position of
business
1335
Leonard, Robert F., appointed Director of
Division of Examinations
876
Millard, Edwin R., appointed Assistant Director
of Division of Examinations
1241
Morse, Chandler, appointed Assistant Director
of Division of Research and Statistics
32
Nelson, Fred A., appointed Director of Division
of Personnel Administration
876
Paulger, Leo H., appointed Special Adviser to
Board
876
Robinson, Roland I., article on member bank
profits in 1945
376
Sherman, Merritt, appointment as Assistant
Secretary
1142
Sloan, George S., appointed Assistant Director
of Division of Examinations
1241
Stettner, Walter F., study on public works and
services in the postwar economy
855
Stockwell, Eleanor J., article on postwar financial position of business
1335
Townsend, J. Leonard, designation changed
from Assistant General Attorney to Assistant
General Counsel
256
TrifHn, Robert, article on monetary and banking
reform in Paraguay
865
DECEMBER
1946
1455
INDEX TO VOLUME 32
Pages
Pages
Stock exchange—Continued.
Customers debit balances money borrowed and
principal related items of firms carrying
margin accounts
59, 166, 312, 410, 514,
640, 780, 900, 1042, 1166, 1266, 1382
Volume of trading on New York market. . 61, 168, 314,
412, 516, 642, 782, 902, 1044, 1168, 1268, 1384
Stock prices, discussion in Review of the Month. . . .1105
Stocking, George W., resignation as director at San
Antonio Branch
1018
Stocks:
New security issues
61, 168, 314, 412, 516,
642, 782, 902, 1044, 1168, 1268, 1384
Prices in principal countries. . 105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Prices in United States
61, 168, 314, 412, 516,
642, 782, 902, 1044, 1168, 1268, 1384
Stockwell, Eleanor J., article on postwar financial
position of business
1335
Straits Settlements:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Stratton, Leslie M., Jr., appointed director at Memphis Branch
31
Strickland, Robert, member of Federal Advisory
Council, death of
876
Studies:
Postwar economic No. 4, ready for distribution.. .722
Postwar economic No. 5, distribution of
1122
Postwar economic No. 6, ready for distribution. .855
Subscriptions of member countries to International
Bank
371
Surplus:
Federal Reserve Banks
45, 152, 194, 298, 396,
500, 626, 766, 886, 1028, 1152, 1252, 1368
Member banks:
December 31, 1945
544
June 29, 1946
1198
Surveys:
Liquid assets
574
National, distribution according to income.. .716
Prospective spending and saving and summary of survey
findings
844
Liquid assets and expenditure plans of farm
operators, article by Duncan M. Holthausen. . .965
Retail credit—1945
581
Suspension of banks:
Number and deposits
50, 157, 303, 401, 505,
631, 771, 891, 1033, 1157, 1257, 1373
Swan, Eliot J., study on economic aspects of social
security
855
Sweden:
Bank of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Open-market rates
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Wholesale prices in
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
641, 781, 901, 1043, 1167, 1267, 1383
Staff of Board of Governors—Continued.
Vest, George B., designation changed from
General Attorney to General Counsel
256
Villard, Henry H.:
Article on national survey of liquid assets.. .574
Article on national survey of liquid assets,
distribution according to income
716
Warner, Doris P.:
Article on estimated durable goods expenditures, 1939-45
967
Article on financial developments among
large financial corporations, 1945
1106
Williams, Kenneth B., pamphlet on employment
and wage policies, ready for distribution
722
Wood, Ramsay, study on housing needs and the
housing market
855
Wyatt, Walter, resignation as General Counsel.. .256
Young, Ralph A., appointed Assistant Director
of Division of Research and Statistics
386
Youngdahl, Richard:
Article on ownership demand deposits
469
Article on revised index of department store
stocks
588
State member banks:
Admissions to membership... .32, 129, 256, 3S6t 478,
615, 756, 876, 1018, 1142, 1241, 1357
Assets and liabilities:
December 31, 1945
544
June 29, 1946
1198
s
Changes in number of banks and branches.. 196, 1074
Deposits, call dates
51, 158, 304, 402, 506,
632, 772, 892, 1034, 1158, 1258, 1374
Earnings and expenses:
1945
615
First half of 1946
1238, 1298
Number of:
Call dates
51, 158, 304, 402, 506,
632, 772, 892, 1034, 1158, 1258, 1374
Offices in United States
439, 543, 671,
810, 931, 1073, 1197, 1297, 1413
Peoples Bank, Lakewood Village, California,
suit attacking validity of condition of membership, dismissed
751
Suspensions
50, 157, 303, 401, 505,
631, 771, 891, 1033, 1157, 1257, 1373
States'and political sub-divisions:
Deposits:
Member banks on call dates. .54, 161, 307, 405,
509, 635, 775, 895, 1037, 1161, 1261, 1377
Weekly reporting member banks:
By Federal Reserve districts. .57, 164, 310,
408, 512, 638, 778, 898, 1040, 1164,
1264, 1380
New York City and outside. .55, 162, 308,
406, 510, 636, 776, 896, 1038,
1162, 1262, 1378
Investments of member banks in obligations
of
53, 160, 306, 404, 508,
634, 774, 894, 1036, 1160, 1260, 1376
Stettner, Walter F., study on public works and
services in the postwar economy
855
Stewart, Charles H., elected Class A director at
San Francisco
256
Stewart, Ross, appointed director at Houston
Branch
129
Stock exchange:
Call loan renewals, open-market rates in New
York City
60, 167, 313, 411, 515,
1456
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 32
Pages
Pages.
Triffin, Robert, article on monetary and banking
reform in Paraguay
865
Trustee, bank acting as, applicability of Regulation U
874
Turkey:
Central Bank of the Republic of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Union of the Soviet Socialist Republics:
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
United Kingdom:
Bank of England:
Condition
97, 207, 349, 449, 555,
695, 821, 945, 1085, 1209, 1309, 1423
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 142T
Gold reserves
89, 199, 341, 441, 547,.
687, 813, 937, 1077, 1201, 1301, 1415
British white paper on war
finance
723
British white paper published in connection with
Anglo-American financial agreement
20
Commercial banks, assets and liabilities. . 102, 212,
354, 454, 560, 700, 826, 950, 1090, 1214, 1314, 1428r.
Cost of living, index numbers. . 105, 215, 357, 457, 563,.
703, 829, 953, 1093, 1217, 1317, 1431
Financial agreements, discussion of
1, 1330*
Financial agreement between United States and
Great Britain, statement by Marriner S.
Eccles before Banking and Currency Committee of Senate
373'
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 142^
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Joint statements issued with United States on
Anglo-American trade and financial negotiations
14
Nationalization of Bank of England
479
Open-market rates
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Retail food prices
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Security prices, index numbers. . 105, 215, 357, 457,.
563, 703, 829, 953, 1093, 1217, 1317, 1431
Wholesale prices in
104, 214, 356, 456, 562^
702, 828, 952, 1092, 1216, 1316, 1430*
United States:
Cost of living, index numbers. . 105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Government securities (See Government securities)
International transactions in first postwar year. . 1321
Retail food prices
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Security prices, index of
105, 215, 357, 457, 563,
647, 787, 907, 1049, 1173, 1273, 1389
703, 829, 953, 1093, 1217, 1317, 1431
Switzerland:
Cost of living, index numbers. .105, 215, 357, 457,
563, 703, 829, 953, 1093, 1217, 1317, 1431
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold movements
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
International capital transactions. .92, 202, 344, 444,
550, 690, 816, 940, 1080, 1204, 1304, 1418
Open-market rates
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Retail food prices
105, 215, 357, 457, 563,
703, 829, 953, 1093, 1217, 1317, 1431
Swiss National Bank:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Wholesale prices in
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
Tax payments, discussion in Review of the Month
711
Taxes:
Internal Revenue collections
66, 173, 319, 417,
521, 647, 787, 907, 1049, 1173, 1273, 1389
Member banks for 1945
380
Tenneson, John T., appointed director at Seattle
Branch for unexpired term
256
Territories of United States, balances due to or from
banks in, treatment for reserve computation purposes
1240
Townsend, J. Leonard, designation changed from
Assistant General Attorney to Assistant General
Counsel
256
Treasury bills:
Average rate on
60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383
Buying rates on
41, 148, 294, 392, 496,
622, 762, 882, 1024, 1148, 1248, 1364
Federal Reserve Bank holdings. .40, 147, 293, 391,
495, 621, 761, 881, 1023, 1147, 1247, 1363
Investments in, by weekly reporting member
banks:
By Federal Reserve districts. .57, 164, 310, 408,
512, 638, 778, 898, 1040, 1164, 1264, 1380
New York City and outside. .55, 162, 308, 406,
510, 636, 776, 896, 1038, 1162, 1262, 1378
Maturities of
64, 171, 317, 415, 519,
645, 785, 905, 1047, 1171, 1271, 1387
Member bank holdings
53, 160, 306, 404, 508,
634, 774, 894, 1036, 1160, 1260, 1376
Treasury currency outstanding:
End of month and Wednesday figures. .40, 147, 293,
391, 495, 621, 761, 881, 1023, 1147, 1247, 1363
Treasury Department:
Awards for distinguished service in war finance... .248
Cash income and outgo
1049, 1173, 1273, 1389
Foreign funds control releases
29, 127, 252, 384,
476, 614, 753, 875, 1015, 1140, 1355
Treasury finance:
Discussion in Review of the Month
461
Retirement of debt
1098
Treasury receipts, expenditures and public debt
463
Treasury receipts and expenditures:
During fiscal year
112
Summary of
66, 173, 319, 417, 521,
DECEMBER
1946
1457
INDEX TO VOLUME 32
Pages
United States—Continued.
Wholesale prices in
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
United States notes:
Stock
48, 155, 301, 399, 503,
629, 769, 889, 1031, 1155, 1255, 1371
Uruguay:
Bank of the Republic of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Vardaman, James K., Jr., appointed member of
Board of Governors
386
Venezuela:
Central Bank of:
Condition
100, 210, 352, 452, 558,
698, 824, 948, 1088, 1212, 1312, 1426
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
Vest, George B., designation changed from General
Attorney to General Counsel
256
Veterans:
Absorption in the labor market, discussion in
Review of the Month
.960
Guaranteed loans, amendment to Servicemen's
Readjustment Act of 1944
.126
Insured loans excepted from provisions of Regulation W
.613
Limitations on national- bank real estate loans
to, instructions of Comptroller of the Currency
.474
Victory loan, total amount of subscriptions
.119
Villard, Henry H.:
Article on national survey of liquid assets
.574
Article on national survey of liquid assets, distribution according to income
.716
Violations:
Regulation W:
Consumers Home Equipment Company,
convicted of violating
749
Motor City Credit Jewelry Co., Inc., suspension of license and consent injunction.. .249
Section 32 of Federal Reserve Act:
Agnew, John, and Fayerweather, F. O., suit
regarding removal as bank directors
251
Wage earners in manufacturing industries, hours
and earnings of
74, 181, 327, 425, 529,
655, 795, 915, 1057, 1181, 1281, 1397
Wage-price policy, executive order issued by President outlining
220
Wagner, Senator Robert F., letter enclosing statements with regard to S. 1592
236
Wallace, Fred S., appointed director of Omaha
Branch for unexpired term
1241
War Department:
War production loans guaranteed by. .46, 153, 299,
397, 501, 627, 767, 887, 1029, 1153, 1253, 1369
1458
Pages
War finance, British white paper on
723
War loans:
Financing war production and contract termination under Regulation V
240
Guarantee fees and maximum interest and
commitment rates
41, 148, 294, 392,
496, 622, 762, 882, 1024, 1148
Guaranteed by War Department, Navy Department and Maritime Commission, number
and amount
46, 153, 299, 397, 501,
627, 767, 887, 1029, 1153, 1253, 1369
Office of Administrator abolished
1018
Sales of securities in eight issues
120
Victory loan, total subscription to
.\ . . . 119
Warner, Doris P.:
Article on estimated durable goods expenditures,
1939-45
* 967
Article on financial developments among large
financial corporations, 1945
1106
Way mack, W. W., resignation as Class C director at
Chicago
1357
West Africa:
Gold production
90, 200, 342, 442, 548,
688, 814, 938, 1078, 1202, 1302, 1416
Whittemore, Laurence F., resignation as Class B
director at Boston to become President of bank. .. .478
Wholesale prices:
Groups of commodities
83, 190, 336, 435, 539,
666, 805, 925, 1067, 1191, 1291, 1407
Principal countries
104, 214, 356, 456, 562,
702, 828, 952, 1092, 1216, 1316, 1430
Williams, Kenneth B., pamphlet on employment and
wage policies ready for distribution
722
Wood, Ramsay, study on housing needs and the
housing market
855
Wooster, Carl G., appointed director at Buffalo
Branch
31
Wyatt, Walter, resignation as General Counsel of
Board
256
Yields on Government securities:
Average
60, 167, 313, 411, 515,
641, 781, 901, 1043, 1167, 1267, 1383
Discussion in Review of the Month
1104
Young, Ralph A., appointed Assistant Director of
Division of Research and Statistics
386
Youngdahl, Richard:
Article on ownership of demand deposits
469
Article on revised index of department store
stocks
588
Yugoslavia:
Foreign exchange rates
103, 213, 355, 455, 561,
701, 827, 951, 1091, 1215, 1315, 1429
National Bank of the Kingdom of:
Discount rate
101, 211, 353, 453, 559,
699, 825, 949, 1089, 1213, 1313, 1427
Gold reserves
89, 199, 341, 441, 547,
687, 813, 937, 1077, 1201, 1301, 1415
FEDERAL RESERVE BULLETIN
@FedFRASER