Full text of Federal Reserve Bulletin : December 1947

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FEDERAL




ESERVE

BULLETIN
DECEMBER 1947

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOODLIEF THOMAS

CARL E. PARRY

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in oificial statements and signed articles.

CONTENTS
PAGE

The Current Inflation Problem—Causes and Controls.

1455-1463

Inflationary Aspects of Housing Finance.

1463-1465

Bank Credit Policy during the Inflation.

1465

Proposed Regulation of Consumer Instalment Credit.

1466-1468

Farm Production Loans at Commercial Banks, by Herman Koenig and Tynan
Smith .
1469-1476
Farm Mortgage Loans at Commercial Banks, by Philip T. Allen.

1477-1482

The Structure of Interest Rates on Commercial Bank Loans to Farmers, by
Richard Youngdahl..

1483-1492

Current Events and Announcements.

1493

Statistical Bulletin of the International Monetary Fund.

1493

National Summary of Business Conditions.

1494-1495

Financial, Industrial, Commercial Statistics, U. S. (See p. 1497, for list of tables)

1497-1552

International Financial Statistics (See p. 1553, for list of tables) .

1553-1571

Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.

1572

Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Federal Reserve Publications.

1573
1574-1577

Map of Federal Reserve Districts.

1578

Index to Volume 33

1579-1602
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December 1947

VOLUME 33

NUMBER 12

THE CURRENT INFLATION PROBLEM-CAUSES AND CONTROLS"
Mr. Chairman and Members of the Committee: In
appearing before you today I wish to make clear
that I am speaking for the Board of Governors of
the Federal Reserve System, an agency of Congress,
and I am not undertaking to speak for the Administration or the Presidents of the 12 Federal Reserve
Banks.
You have requested me to testify, I take it, as to
what might be done in the monetary and credit
field to deal with inflationary forces, which have
already gone so far as to cause very serious maladjustments within the economy. Correction is overdue. The longer it is postponed, the more severe
will be the inevitable reaction.
I am sure this Committee recognizes that a great
many factors and forces contributed to the inflationary problem and that there is no easy, simple,
or single remedy. We are already in the advanced
stages of this disease. It is no longer a question of
preventing it, but of moderating so far as possible
its ultimate ravages.
At best, monetary and credit policy can have only
a supplemental influence in any effective treatment
of either inflation or deflation. In considering what
can be done so far as monetary and credit action is
concerned, it is necessary to make a correct diagnosis of the multiple causes of the situation with
which we are now confronted.
What is inflation? It is the condition which exists when effective demand exceeds the overall
supply of goods and services. Potential overall demand always exceeds supply. What is lacking in
deflation is effective demand. We are witnessing
effective demand today when individuals and businesses, together with State and local governments,
as well as the Federal Government, generally have
* Statement by Marriner S. Eccles, Chairman of the Board
of Governors of the Federal Reserve System, before the Joint
Committee on the Economic Report, Special Session of Congress,
Nov. 25, 1947.
DECEMBER

1947




money which they are trying to spend, bidding for
an insufficient supply of goods and services. This
effective purchasing power is composed of past
savings, current income, or future credit. The savings were largely accumulated during the war
years in the form of currency, bank deposits and
Government securities.
At the end of 1946, individuals and businesses
held about 223 billion dollars of such liquid savings, or more than three times the prewar total.
Similarly, current national income is at an all-time
high level. It is running at a rate of 200 billions
a year, or about two and a half times the total for
1940, the highest year prior to the war. It is due
to a record high agricultural income, high wages of
organized labor and other workers, but not all of
them, and unprecedented business profits. This
is augmented by a readily available supply of excessively easy credit for consumers' goods of all
kinds, for housing, for short- and long-term business loans, for State and municipal expenditures,
and for foreign credits and grants. The notable
exception is loans to buy listed stocks, which are
sharply restricted by the Board's margin requirements.
In the face of these large and expanding demands,
production is practically at capacity and further
growth will necessarily be slow. The physical
volume of output of manufactured goods and minerals in 1947 has averaged 186 per cent of the
1935-39 average. Current output is about one-fifth
below the wartime level, largely because of the reduction in weekly working hours. Agricultural
output in physical terms has continued for the
past three years at record levels of about a third
above the maximum of any prewar year. This
volume reflects general favorable weather and further growth can hardly be expected. Construction
of all kinds, including residential building, is close
1455

THE CURRENT INFLATION PROBLEMto any previous peacetime peak. Expansion in
building is now being retarded by shortages of essential labor and materials. Railroad transportation
is limited by the shortages of railroad cars and other
equipment. Employment is at very high levels with
acute shortages in many fields and with a minimum
of unemployment.
The source of the present inflation is war financing and the enormous Federal deficits incurred
in preparation for and prosecution of global war.
During the six-year period, June 30, 1940 through
June 30, 1946, the Government raised about 398
billion dollars, but only 176 billion dollars, or 44
per cent came from taxes. The remainder of 222
billions, or about 56 per cent, was raised by borrowing. And of this total which was borrowed,
approximately 90 billion dollars, or 23 per cent
of total needs, was raised by selling Government
securities to the commercial banking system, including those purchased by the Federal Reserve
Banks.
As the Reserve Board stated in its 1945 Annual
Report to Congress, it is important to bear in mind
that borrowing from the banking system, whether
by the Government or by others, creates an equivalent addition to the country's money supply. To
the extent that the Government did not finance its
war program by taxation, it was obliged to borrow,
and to the extent that it did not borrow from nonbank investors, it relied upon the banks and thus
created new supplies of money. The Federal Reserve by purchasing Government securities, supplied
the commercial banks with reserves needed as a
basis for the increased money supply.
As a result, the country's money supply, as measured by privately held demand deposits and currency in circulation, increased more than two and
one-half times, rising from less than 40 billion dollars in June of 1940 to 106 billions at the end of
June 1946. In the same period, time or savings
deposits nearly doubled. In addition, the general
public, outside of banks, insurance companies, and
Government agencies, accumulated or increased
holdings of Government securities to 100 billion
dollars, or nearly seven times as much as in June of
1940. These Government securities in the hands
of the public are the equivalent of money because
they are readily convertible into cash.
It should be strongly emphasized that the banking system was the instrument, and not the instigator, of this swollen money supply. The bankers

1456




CAUSES AND CONTROLS

performed a vital service in the financing of the war
and particularly in the sale and distribution of
savings bonds and of other Government securities.
If it were possible to finance a great war entirely
by taxation there would, of course, be no increase in
the public debt. Or if it were possible to do the
financing by a combination of taxation and borrowing outside of the banking system, there would be
no increase in the money supply. In retrospect,
we can see that we could have and probably should
have taxed more and borrowed more from nonbank investors and less from the banking system.
We are suffering the consequences today of an excessively swollen money supply which neither the
bankers individually nor Government authorities
have adequate means at present of controlling.
In order to enable the banks to purchase Government securities essential to the financing of the
war, the Federal Reserve System maintained easy
money conditions and made Federal Reserve
credit and reserves readily available to the banks.
The vast money supply thus created was held
in check by an elaborate harness of controls consisting, among other things, of allocations of
scarce materials, construction permits, price and
wage ceilings, rationing, and the excess profits
tax. When the harness of controls was prematurely removed and no effective substitute was
devised to hold back the flood of effective demand, it was apparent, or at least it should have
been apparent, that a sharp rise in prices was
inevitable.
As a result, the economy was caught in a dangerous wage-price-profit-credit spiral, acutely intensified by short farm crops abroad, and reduced
corn and cotton crops at home. Critical conditions
abroad, in part resulting from our rising prices,
impose upon us obligations which must be met
even though they add to our inflationary difficulties.
It would be blindly and foolishly optimistic to
believe that the spiral of inflation can continue
through further general wage, price and profit
increases and further overall expansion of credit
without ultimate serious deflation. The longer
the necessary readjustment is delayed, the longer
it will take to reach a stable condition of employment and production. The most serious maladjustments are evidenced by the increasing numbers
of our people whose incomes do not keep pace with
the rising cost of living. They are being priced
FEDERAL RESERVE BULLETIN

THE CURRENT INFLATION PROBLEM
out of the market for housing and many other
things, and in countless instances their savings
and credit have already been exhausted. The
higher prices rise and credit expands, the greater
the subsequent liquidation and downward pressure
on prices is bound to be. As the November letter
of the National City Bank of New York correctly
states, "Rapidly accumulating debt is both a cause
and a consequence of the inflationary pressures,
for in a wage-price spiral, business constantly
needs more and more money to keep going and
this leads to the incurrence of more and more debt
by business and more and more spending by the
individual. To check this kind of spiralling—
which is to the ultimate benefit of no one and to
the injury of all—is not simple."
The problem we all face now is what can
be done at this late stage, if necessary, to curb
further inflationary developments. As a practical
matter, we cannot now put back the elaborate
harness of wartime controls, and it seems that
we are left only with the choice of certain curbs
or restraints selectively applied at some of the
more critical points of danger.
In the absence of a comprehensive scheme of
controls we must continue to put our main
reliance on fiscal policy, which is by far the
most effective way to deal with the demand
side of the equation, while we do everything
possible to maintain and increase production. We
should have the largest possible budgetary surplus
while the inflation danger exists. And this means
taking from the public in taxes money that
otherwise would continue in the spending stream.
It means rigid Government economy. It means
deferment of all expenditures, Federal, State, or
local, to the greatest extent consistent with public
obligations at home and abroad. Using the budgetary surplus to pay off bank-held public debt as it
becomes due will reduce the money supply by an
equivalent amount. This is a reversal of the process
by which the money supply was expanded. In an
inflationary boom such as we are experiencing the
Government should pay off as much of its debt as
possible.
Public debt cannot be reduced during deflation.
Budgetary deficits, not surpluses, are an inevitable consequence of serious deflation. Tax
reduction would be appropriate after deflation sets
in, not during an inflationary period. If a reduction of taxes at this time would, in fact,
DECEMBER

1947




CAUSES AND CONTROLS

call forth more production, then it would be
justified. Today we still have acute scarcities of
labor and materials. Adding to existing buying
power either by tax reduction or aggregate expansion of credit can only have the effect of
bidding up the prices paid for both labor and
materials. If conditions were reversed and we
had idle labor and a surplus of materials and
productive facilities coupled with a shortage of
capital and insufficient purchasing power, then
reductions in taxes, particularly those which
would stimulate mass buying power, would be in
order.
If I were to outline a program to meet the situation with which we are now faced, I would list the
following steps to deal with the causes rather
than with the effects of inflationary pressures. They
are listed in what I consider their order of importance.
1. Increased productivity both at home and
abroad. Production is the ultimate solution for
inflation. Nothing could be more effective than
increased productivity of labor and longer hours
of work by everyone. In short, if all who are
engaged in producing goods and essential services
were to work more, and save more, and spend less,
the unbalanced relationship between demand and
supply would most effectively be corrected and
prices would come down.
2. Suspension of future demands for wage
increases, especially those of organized labor where
the increases have been greatest, is necessary if
the present unbalanced relationship is to be corrected without severe deflation. Business profits
after taxes are more than double what they were
in any prewar year and almost double the profits in
any war year, and therefore business should hold
prices down or should reduce them, in accordance
with what would be reasonable earnings.
3. A fiscal policy to produce the largest possible surplus to be used to pay off bank-held
Government debt and thus reduce the money
supply. This means the greatest possible economy
in all Government expenditures. It means more
adequate financial support of the tax collection
machinery of the Government to prevent tax
evasion. It means no general decrease in tax
rates at this time. It should also mean the elimination of the agricultural price support program
unless price ceilings are reimposed.

1457

THE CURRENT INFLATION PROBLEM
4. Legislation giving the Federal Reserve System such authority as may be necessary to restrict
further overall expansion of bank credit. The need
for this authority would be less if Congress authorized other anti-inflationary measures such as
restoration of consumer instalment credit restrictions and if stricter appraisals and less liberal
credit terms were applied under the Veterans'
Administration, the FHA, and the Home Loan
Bank programs of housing finance.
5. Continuation and expansion of the Treasury's
Savings Bond campaign, with adequate financial
support by Congress. Funds so raised have a twofold effect. It removes these funds from the
spending stream and makes them available to pay
off bank-held debt, thus reducing the money supply.
Other actions have been proposed which, however, deal with the effects rather than the causes.
Allocations, construction permits, price and wage
ceilings, commodity margin requirements, instalment credit regulation, export and rent controls,
and similar devices are all in the category of
curbs rather than cures. Where they can be
4 applied as a practical matter and enforced, they
can be useful, but they do not go to the sources of
the problem.
I should like to summarize what the Federal
Reserve Board believes might be done in the
monetary and credit field. In its 1945 and 1946
Annual Reports to Congress the Federal Reserve
Board described the situation in which those with
responsibility for monetary policy find themselves
as a consequence of the war. As the Board stated
in the 1945 report:

CAUSES AND CONTROLS

financing operations in particular of an exercise
of such existing powers to the degree necessary
to be an effective anti-inflationary influence."

Of late the Federal Reserve System has been
increasingly criticized for not adequately using
its existing statutory powers to restrain bank credit
expansion. It is very important, therefore, that
the Congress understand what those powers are and
why the Board does not believe they can be used
to deal with the credit problem, and why we suggested in the 1945 and 1946 reports, and suggest
now, that Congress consider providing other authority that may be necessary to cope with the
situation. We did not then and we do not now
seek power, but we feel that we would be remiss,
as an agency of Congress, if we failed to report
the situation as we see it and to propose alternative means of dealing with it inasmuch as we
feel that our existing powers are insufficient.
The Reserve System has always had broad
powers to influence the supply and cost of bank
credit. Through open market operations, that is,
buying and selling of Government securities, the
System either gives reserves to the banks or
absorbs reserves. Reserves are the foundation on
which bank credit is built. If banks have no reserves they cannot lend. But they can obtain
reserves when they borrow from the Federal
Reserve Banks or sell Government securities to the
Reserve Banks. And the banking system automatically receives reserves through gold acquisitions, and also when the Federal Reserve Banks
buy Government securities from nonbank investors.
The Reserve System can restrain banks from bor"In common with other nations whose energies rowing by raising the discount rate sufficiently
were devoted primarily to winning the victory, high to make the borrowing unprofitable. It could
the United States had no choice, under the exigen- refuse to buy Government securities and shut off
cies of a global war, except to use monetary powers that source of reserves. It has no powers to deal
in furtherance of essential war financing and not with reserves arising from gold acquisitions.
Why, then, doesn't the System simply make the
as an anti-inflationary weapon. There has been
a widespread assumption that, with the coming of discount rate prohibitive and at the same time
peace, such statutory powers as the Reserve System refuse to buy any more Government securities?
possesses should be exerted in the traditional way Let me say that if the Congress disagrees with us
against the heavy inflationary forces at present and feels, as do some bankers and insurance comconfronting the country. The Board believes pany executives, that we should more fully use exthat such an assumption does not take sufficiently isting powers, we would welcome such an expresinto account either the inherent limitations of the sion from the Congress. In that case, there would
System's existing statutory powers, under present- be no need to consider any alternative powers. On
day conditions, or the inevitable repercussions on the other hand, if Congress agrees that our existthe economy generally and on the Government's ing powers are not appropriate under present cir-

1458




FEDERAL RESERVE BULLETIN

THE CURRENT INFLATION PROBLEM
cumstances, full consideration should be given to
any proposal that would help to meet the situation.
First, let us consider what the effect would be of
raising the discount rate by itself. Actually, the
effect would be negligible, except for possible psychological reaction, because as long as the System
stands ready to buy Government securities in the
open market, banks can obtain reserves at will by
selling such securities out of their portfolios. Suppose, then, that the System refused to buy the securities—and that is the heart of the matter—what
would the consequences be? Bear in mind that
the total interest-bearing debt of the Government
is 256 billion dollars, more than five times what
it was before the war. The public debt at the
beginning of 1940 was about one-fifth of the total
public and private debt of the country, whereas
at the present time it is nearly two-thirds of the
entire indebtedness of the country. About onethird of the total Government debt is short-term
marketable debt and would need to be refunded
into higher-rate securities. This would raise the
cost to the Government, and therefore to the taxpayers, of carrying the public debt. Already the nation's tax bill for interest cost is approximately 5
billion dollars or nearly one-seventh of the total
Federal budget.
Just how high would interest rates have to rise to
deter business and individuals from borrowing
from banks? Higher interest rates do not deter
the lender. Rising interest rates are like rising
prices. At some point they do deter the borrower
or the buyer. They do not deter the lender or the
seller. I doubt if anybody knows how high interest
rates, especially short-term rates, would have to rise
to discourage borrowers. Certainly the rates would
have to be substantially above the present relatively
low levels. Bank customers, particularly business,
with seemingly insatiable markets awaiting their
products, are hardly to be deterred by one or two
points of increase in bank interest rates.
The additional costs to the Government in carrying the public debt would be difficult to estimate,
but they would amount to billions a year over a
period of time. If that were the only consequence,
it might be argued that the extra cost to the Government would be justified because inflationary borrowings would cease.
However, this is only one aspect of the matter.
In the process of leaving Government securities to
the free play of variable forces in the market, the
DECEMBER

1947




CAUSES AND CONTROLS

Treasury would be confronted with a continuing
puzzle in all of its constantly recurrent refunding
operations. It could not tell from day to day at
what price it could sell its securities. It would be
entirely at the mercy of uncontrolled factors in the
market, if, indeed, conditions did not become so
confused and chaotic as to demoralize completely
any refunding operations.
I recently saw a prediction by a very keen bond
market analyst that failure of the Reserve System
to support the 21/2 per cent rate on marketable Government bonds would lead to a wholesale liquidation of all Government bonds, including the nonmarketable E, F and G bonds. He declared that it
would be the most dramatically inflationary move
that could be made at this time, the repercussions
of which would be, as he put it, so catastrophic as
to make present fears appear as one raindrop in
a storm. That is strong language. Nobody can
say with certainty that it is too exaggerated.
In any case, I think it is fairly clear that withdrawing support from the Government securities market
and letting interest rates rise on Government securities would not increase the power of the Federal
Reserve System to offset increases in bank reserves
from gold acquisitions. Sales of System holdings of
Government securities for this purpose would have
to compete with private credit demands. Private
borrowers might outbid us for these reserves.
There would be no certain level of security prices
or interest rates at which we could dispose of
enough Government securities to offset gold imports.
On the other hand, we have to recognize what
would happen if we follow the present course of
policy in order to maintain the public's confidence
in Government credit and avoid any unnecessary
increase in the interest cost to the Government
for carrying the public debt. Commercial banks
currently hold about 70 billion dollars of Government securities. This sum is about 50 per cent
of their total deposits. If they should sell half of
these securities and the Federal Reserve System, in
providing an ultimate market, should buy them, the
banks would acquire an equivalent volume of new
reserves. On the basis of these reserves, the banks
could expand credit by about six times, or by more
than 200 billion dollars. This is nearly double the
present amount of demand deposits and currency.
While it is unlikely that the banks would dispose of
so large a proportion of their holdings, it neverthe1459

THE CURRENT INFLATION PROBLEMless is a measure of the potential bank credit expansion that can occur if the banks are left with complete freedom to convert their Government security holdings into reserves at will.
This bank credit expansion potential is apart
from other sources of bank reserves. Gold is now
flowing into our banking system in large quantities from foreign holdings. As a result, deposits
are increased and on the asset side banks gain an
equal amount of reserves. Over the next year, the
gold inflow is estimated at from 2 to 3 billion
dollars. Multiplied by six, this would permit an
expansion of bank credit of from 12 to 18 billions.
There are two other important potential sources
of increased bank reserves. Nonbank investors,
mainly business corporations, hold about 13 billion
dollars of short-term Government securities. Businesses face increasing needs for working capital
under prevailing inflationary conditions. To some
extent, these needs will be met by sales of shortterm Government securities, which the Reserve
System may have to buy.
The second possible source of bank reserves is
the 59 billions of marketable, medium- and longterm Government securities held by nonbank investors. With widening opportunities for the
placement of funds in private investment at increasingly attractive yields, there is a small amount
of shifting by investors of their holdings of
marketable long-term Government securities. If
inflation continues, this shifting will likely increase. Such sales have to be met by Federal
Reserve support of the prices of marketable Government bonds so as to protect the 2 l/z per cent rate
on long-term issues. The result of these support
operations is to increase bank reserves and thus
to support further inflation.
Under present and prospective conditions, it is
not only desirable but essential, in the opinion of
the Treasury and of the Reserve System, that the
established 2l/2 per cent rate on long-term marketable Government securities be maintained.
The Federal Reserve Board has one other
power that it has been criticized by some for
not using. That is the power to raise the reserve
requirements of the banks in New York and
Chicago from 20 to 26 per cent of their net demand deposits. This is a relatively minor matter
and does not in any way go to the heart of the
problem. Any action taken would have an
effect on banking conditions only in two cities in

1460




:AUSES AND CONTROLS

which the credit expansion, as well as deposit
growth, has been relatively less than for the rest
of the country.
We have given a great deal of study to this
admittedly difficult and complex problem. We are
convinced that the remedy of letting interest rates
on Government debt go up on the theory that
this would bring an end to inflationary borrowing
is dubious at best, as has been demonstrated in
past monetary history, notably in the 20's when high
rates were unsuccessful in restraining speculation in
the stock markets, real estate, or otherwise.
As was made clear in the Annual Report for
1946, we are not opposed in principle to higher
interest rates if some desirable ends and the public
interest can be served by such a policy. In fact, in
recent months we have cooperated with the Treasury in permitting some moderate, corrective rise
from wartime levels of interest rates on short-term
Government securities. This adjustment was made
to reduce the wide differential prevailing between
short-term and long-term interest rates. Such
a large differential was having the effect of encouraging banks to sell short-term securities, which
the Federal Reserve bought, and to buy long-term
securities in the process, thereby encouraging
multiple credit expansion. The differential in
rates was also exerting a strong downward pressure on yields of long-term securities. We were
aware that this decline was artificially induced by
investment policies of the banking system known
as monetization of the public debt, and resulted in
bank credit expansion. We also recognized the importance of checking the decline in long-term interest rates to protect educational, charitable, and
pension funds, as well as insurance institutions,
savings banks, and individuals depending upon interest for income.
The action permitting a moderate rise in shortterm interest rates coincided, however, with strong
demands for long-term funds, which put considerable strain on the market for corporate and municipal securities. As a consequence, these issues have
been made more attractive as investments. They
are thus somewhat more competitive with longterm Governments than before. We have to face
this fact of the market place and be prepared to offset any shifts in investor holdings from Government
bonds to other securities. The undesirable aspect of
the situation, from the standpoint of inflationary
credit conditions, is that support of Government
FEDERAL RESERVE BULLETIN

THE CURRENT INFLATION PROBLEM

CAUSES AND CONTROLS

bonds adds to bank reserves. These developments Over the next four months there is likely to be
indicate that a policy of permitting interest rates on little need for the suggested special reserve beshort-term Government securities to rise has gone cause of the large amount of Treasury surplus
about as far as can be justified under present cir- funds, taken from the market through taxes, which
cumstances.
will be available to retire bank-held public debt.
We have, therefore, been compelled to seek some This would temporarily exert pressure against bank
better alternative than higher interest rates to re- credit expansion.
strain further bank credit expansion. We believe
The proposed special reserve requirement has
that one is available which will not make the Gov- a number of important advantages over other
ernment and the taxpayer bear the added cost of the methods of dealing with the problem of restricting
restraint, that will impose very little, if any, hard- the banks' expansion of credit:
ship on the banks, that will, in fact, have a compensating aspect in that the restraint imposed would
1. The plan would have about the same effect
increase interest rates on private borrowings with- in limiting credit expansion as an increase in
out additional cost to the Government.
primary reserve requirements, whic"h was proI refer to the second alternative proposed in the posed as the third alternative in the 1945 Annual
1945 Annual Report. We recommend for consid- Report. It would enable the banks to retain the
eration, as the best alternative we have been able to same volume of earning assets that they now hold,
devise, that all commercial banks be required as a whereas an increase in basic reserve requirements
temporary measure to hold some percentage of would make it necessary for them to reduce earntheir demand and time deposits, in addition to ing assets, with adverse effects upon the earnings
present reserves, in a special reserve in the form of position of banks.
Treasury bills, certificates and notes or cash, cash
2. The ratio of potential credit expansion on a
items, interbank balances, or balances with Federal given increase in reserves would be narrowed to the
Reserve Banks.
extent that the special reserve was required. At
Such a requirement would be far less onerous the maximum requirement proposed, it would be
for the banking system than any other effective lowered from six to one to nearly two and onemethod that has been suggested in the long period half to one.
in which this problem has been discussed by bank3. It would bring about an increase in interest
ers, by economists, and public officials. Manifestly, rates on private debt and would increase earnings
such a requirement would have to be imposed of the banks from this source where rates on loans
gradually, if at all, as an offset, for example, to bank are comparatively low. It would accomplish this
reserves created by gold acquisitions and by the purpose, moreover, without increasing the inpurchase of Government securities from nonbank terest cost on the public debt or permitting uninvestors, and also to limit the too ready availability stable prices in the Government securities market.
of reserves, now enabling banks to obtain them at The plan, in effect, would divorce the market for
will. A multiple expansion of credit can be built private debt from the market for Government
on these reserves at a ratio of fully six dollars securities.
of lending for every dollar of reserves. We would
4. The plan would not rely on higher interest
propose that the special reserve requirement be rates to restrain private borrowing, but to the
limited by law to a maximum of 25 per cent on de- extent higher interest rates restrain such borrowmand and 10 per cent on time deposits. It should ing, the proposal would make use of the interest
be made applicable to all commercial banks. It rate mechanism. Hence, the cost of restraining
would not be effective if applied only to member credit would be borne by private borrowers who
banks of the Federal Reserve System, and would be are incurring additional debt, and not by the
an unjustifiable discrimination.
Government which is reducing its debt.
We recognize that this proposal is no panacea,
5. The main effect of the plan would be to reduce
but it would be an important, available restraint, the availability of bank credit. This would be
now lacking, to be applied equally to all commer- accomplished by putting the restraint on the lendcial banks so that the individual banker would be ers, that is, the banks. They would be less willing
in the same competitive situation he is in today. to sell Government securities in order to expand
DECEMBER

1947




1461

THE CURRENT INFLATION PROBLEMcredit because the amount of such liquid assets
as they held as secondary reserves could be greatly
reduced by the requirement. Such an authority,
even without action being taken by the Reserve
authorities, would have a very restraining influence.
6. The plan would restore use of the customary
instruments of Reserve influence on bank credit
expansion, namely, discount rates and open market operations. Support of these instruments by
the special reserve requirement would enable the
Federal Reserve to make it more difficult and
costly for banks to borrow Federal Reserve funds.
7. No alterations in the banking structure, in the
authority of the supervisors, in customary methods
of bank operations, or in established interbank relationships would be introduced as a result of
imposing the requirement.
8. The banks would be left by the plan with
sufficient latitude to meet essential needs of the
economy for credit, and the public would be assured of a high degree of liquidity and safety for
the banking system.
Many bankers argue that this proposed requirement is unnecessary because the banks themselves
have a vital interest in the conservative extension of
credit, and will prevent excessive credit expansion as
a matter of ordinary banking prudence. The banks,
however, are confronted by a situation in which
they can readily meet unlimited private credit demands and in which such demands are vigorously
sustained by inflation while, at the same time, these
demands are contributing to inflation. They are
both a cause and effect. The banks are not in a
position to refuse legitimate, sound credit demands
of individual customers, and current loans, taken
separately, which in the light of the customer's
satisfactory credit risk, do appear to represent legitimate credit needs. But in accommodating these
credit demands freely, the banks as a system are
expanding bank deposits and adding to the money
supply.
From the beginning of 1946 through October of
this year, the banking system as a whole has increased its loans and investments—other than Treasury obligations—by an estimated 12 billion dollars.
This has added a like amount to the money supply,
which, together with gold acquisitions, is largely
responsible for an increase in privately held deposits
of 14 billion dollars.
Reconversion of the economy from war to peace
required aggressive bank financing of agriculture,

1462




CAUSES AND CONTROLS

commerce, and industry in order to facilitate the
earliest possible attainment of peacetime activity
on a much higher level than prevailed before the
war. Some of this bank credit expansion for private
purposes, therefore, was justified. High levels of
peacetime activity have long since been attained,
however; yet, bank credit expansion is continuing
and in recent months has gained rapid momentum.
None of us likes restraints. I am sympathetic
with the bankers who resent seeming to be singled
out for a special restraint on their wares, which
are loans and investments. To the uninformed, it
might appear that the banking system has been or
is now to blame for the oversupply of money. This
is not the case.
Instinctively and naturally, bankers do not relish
restrictions on their activities any more than labor
likes wage controls, or agriculture likes price ceilings. We realize that the special reserve proposal
which we consider the best alternative, after considering all of the circumstances, will be very
strongly resisted by those bankers who fear that
it points accusingly at them, or that it is more regimentation, more bureaucratic reaching for power,
or an encroachment on State rights, or an opening
wedge to force nonmember banks into the Reserve
System. All these things have been said to us privately or publicly—and we can only say that if a
better alternative can be devised, we would welcome it.
The Board recommends that the administration
of the special reserve plan be placed in the Federal
Open Market Committee, whose members, in addition to the Reserve Board, are five presidents of
the Federal Reserve Banks. This should help to
remove some of the misgivings of bankers.
The opposition of some very prominent bankers
to any new power for the Federal Reserve is expressed in a statement which they have asked me
to submit for the record. It is a statement of the
Federal Advisory Council, composed of twelve
bankers, one from each Federal Reserve district
Often we agree. In this case they unitedly oppose
the remedy we advocate. They contend that banks
are not indulging in inflationary expansion of
credit; that, therefore, the problem should be attacked on other fronts, and that no legislation is
required on the banking front. They differ with us
also in unanimously opposing reinstatement of instalment credit regulation.
I am sure the Council's views reflect the opinion
FEDERAL RESERVE BULLETIN

THE CURRENT INFLATION PROBLEMof a great many bankers, who are entirely sincere in the belief that the loans they are extending
are safe, deserving risks necessary to sustain full
production. That conviction, honestly held, is
unhappily characteristic of boom psychology. In
1920, or in the latter part of that decade, bankers
would have made the same replies that they give
today if asked whether they thought the loans
they were making should not be made. A short
time later they were trying desperately to liquidate
some of these loans. The individual banker is
judging by standards applying to the individual
borrower and risk.
The Reserve Board, the Congress, and all responsible for public policy must necessarily approach the whole problem from a different standpoint. The question we must ask is whether any
further expansion in the aggregate amount of
credit is desirable or dangerous. If it, in fact,
calls forth more production it will be desirable.
If it only permits one borrower to bid against another would-be buyer for scarce goods and thus
adds to upward pressures on prices, it is dangerous.
It is our best judgment that overall expansion of the
money supply at this time is inflationary and dangerous.
It is unfortunate, I think, that banking leaders
oppose protective measures against inflationary
forces arising in the credit field. They seem to
forget that in order to assist in war financing, the

CAUSES AND CONTROLS

Government provided the banking system with
additional reserves which enabled the banks to buy
Government securities; that this created new
deposits in the banks; and that banks have also had
the benefit of interest received on the Government
securities they have held and will continue to hold
for an indefinite period. They object even to a
temporary limitation on the further use of these
funds as a basis for loans to private borrowers,
which would in turn create more and more deposits.
The Government has an obligation and a duty to
step in at this time of national danger to say to
the banks, "We are not proposing to deprive you
of benefits you have already derived and will continue to derive from the vast increase in bank
deposits resulting from your purchases of Government securities, but we do say that you should
be willing to accept a reasonable limitation on
using a war-created situation to multiply private
loans in peacetime when they serve to intensify
inflationary pressures."
To sum up, the proposed special reserve requirement is only a part, though a necessary part, of any
effective anti-inflationary program. As I have
indicated, action on other fronts, by far the most
important of which is fiscal policy, is necessary to
the success of that program. And the need for
action on the monetary and credit front would be
reduced to the extent that needed action is taken
on other fronts.

INFLATIONARY ASPECTS OF HOUSING FINANCE*
One of the most inflationary factors—perhaps the
most inflationary single factor—-in the present situation is excessively easy mortgage credit for housing.
During the past two years the amount of such
mortgage debt has increased by more than 9 billion
dollars and the rate of current mortgage lending
has risen from about 550 million dollars per month
to about 1 billion dollars per month. Terms of
lending have eased substantially as compared with
prewar. A large proportion of recent loans has been
made on an instalment basis at 4 per cent interest
on the unpaid balance for a period of between 20
and 25 years. Most of these loans have been made
* Statement by Marriner S. Eccles before the Joint C<ommittee on the Economic Report, Special Session of Congr<
gress,
Nov. 25, 1947.

DECEMBER

1947




for a very high percentage of current sale price,
which is greatly inflated.
More than half of the current unprecedented
volume of mortgage lending is sponsored by the
Federal Government under legislation enacted by
Congress. The Government must therefore assume
much of the responsibility for any adverse effects
of this type of lending. Prices of houses have advanced from 25 to 35 per cent during the past two
years. A large number of families of moderate and
low income have been encouraged to assume mortgage debt which will be beyond their means when
the present inflationary period is over, and is becoming increasingly burdensome as the cost of
living goes up. Sellers and builders of houses have
1463

INFLATIONARY ASPECTS OF HOUSING FINANCE
been enabled to make exorbitant profits. The Government has assumed and continues to assume contingent liabilities of great proportions.
It is entirely inconsistent to restrict credit terms
on automobiles and other consumer durable goods,
partly to reduce the inflationary pressures, and
partly to protect the buying public, and at the same
time to make housing credit terms so easy as to
stimulate inflation and encourage people to go too
deeply in debt. Any anti-inflationary program of
the Government will lose much of its effectiveness
so long as the Government sponsors the present
inflationary housing credit program.
Easy credit has greatly increased the effective
demand for both old and new housing far beyond
the supply and this has greatly inflated prices. In
an effort to meet the demand and take advantage
of this profitable market, builders have undertaken
to construct a larger volume of housing than there
are resources readily available to finish. As a result,
published prices of materials have advanced and, in
addition, a gray or premium market has developed
for many building materials. In this competitive
market, the services of labor are also being actively
bid for and bonuses and other extras have become
common.
The predominant feeling in the building industry
is that only by building at current rates or even
higher can the housing shortage be met and only
by keeping demand high can the current levels of
production be maintained. The prices that are being
established now, however, are too high for longsustained building. At inflated prices of materials
and labor and inflated profits for builders a few
more houses may be produced than would be the
case if prices and profits were lower, but that condition makes it less likely that the market next year,
and the year after that, will be able to pay the prices
necessary to keep building going at the rate needed
to overcome the housing shortage and stabilize this
segment of the economy. An increasing number
of families are being priced out of the market now,
in spite of the extremely easy financing terms, even
though their need for housing is very great.
If the easy credit situation were producing a
substantial additional volume of housing at supportable values in the long run, it would be justified, but because of the limitations of labor and
materials it produces, instead, a dangerously inflated market which cannot be sustained for both
new and old houses. I believe that by curtailment
1464




of credit for housing in closer relationship to the
supply of labor and materials, the price trend would
be reversed and a market for houses assured over
a long period of years. Good low-cost housing
cannot be built with high-cost materials and highcost labor. Neither Government nor private industry can produce this miracle.
For the reasons which I have stated, Congress
should reconsider in the longer term interest of
the country the present policy and program of the
Federal Government in the field of housing credit.
I shall be glad to be of any assistance I can in
making suggestions for changes in the present
housing credit programs. At this time I am merely
indicating the nature of some of the changes that
seem desirable.
Operations under the National Housing Act and
the "G. I. Bill of Rights" are closely related in
practice but not in law or in administration.
These two programs sponsored by the Federal Government should be brought together so that appraisals are made by only one agency.
The "100 per cent loans" under the program of
the Veterans' Administration for both old and new
houses and the nominal 90 per cent loans on new
houses under Title VI of the National Housing
Act should be revised so as to reduce the demand
for housing and thus bring prices down. This
means that both buyers and builders should have
more equity in their properties than under the
prevailing lending policies so long as present inflationary prices continue for housing.
Lending by members of the Federal Home Loan
Bank System should be subject to greater restraints
by the use of a conservative, uniform appraisal
system, and by selective restriction on the terms
of their loans.
Finally, from the long-range standpoint it is
vitally important to prevent inflation in the housing
field from getting any worse than it is. The greater
the inflation, the more severe will be the aftermath
of defaults, foreclosures, liquidations, and bankruptcy. Over the years the construction industry,
which is a major outlet for investment and supports
a wide variety of related manufacturing, transportation and distributing activity, has been characterized by violent upswings and downturns. If
greater stability could be introduced into this field,
it would go far towards achieving the national
objective of stabilizing production and employment
at high levels. The more the backlog of demand
FEDERAL RESERVE BULLETIN

for housing is filled at exorbitant prices now, the
smaller will be the cushion under the entire industry when prices come down and, therefore, the more
intense the deflation in the industry will be. Manifestly, this is not in the best interest of the general
economy, and what is not good for the country as

a whole is not good for any group—veterans, or
otherwise. As has been well said, there is no such
thing as easy credit—true, it is easy to get into debt
but the easier it is to get in, the harder it is to get
out. That applies to all of us, including war
veterans.

BANK CREDIT POLICY DURING THE INFLATION*
Our country is experiencing a boom of dangerous
proportions. The volume of bank credit has been
greatly inflated in response to the needs for financing the war effort. Domestic and foreign demands
for goods and services are exerting a strong upward
pressure on prices in spite of the high volume of our
physical production. These demands would be inflationary without any further increase in the use
of. bank credit, but the demand is being steadily
increased through continued rapid expansion in
bank loans, in addition to other factors outside the
control of the banking system.
A substantial increase in production, agricultural
as well as industrial, would be highly beneficial.
However, increases can only take place slowly and
to a limited degree. In industry, they are dependent
upon corresponding increases in the available supply
of basic raw materials, plant capacity, and the number and productivity of the labor force. Therefore
a further growth of outstanding bank credit tends
to add to the already excessive demand and to make
for still higher prices.
* Statement issued on Nov. 24, 1947 by the Board of Governors of the Federal Reserve System, the Comptroller of the
Currency, the Federal Deposit Insurance Corporation, and the
Executive Committee of the National Association of Supervisors
of State Banks. This statement does not concern itself with the
functions of the Federal Reserve System in the monetary field
or its joint responsibilities with the Treasury. These phases
of the inflation problem are presented by Chairman Eccles of
the Board of Governors on pages 1455-63 of this BULLETIN.

DECEMBER

1947




The Board of Governors of the Federal Reserve
System, the Comptroller-of the Currency, the Federal Deposit Insurance Corporation, and the Executive Committee of the National Association of
Supervisors of State Banks are unanimously of
the view that present conditions require the bankers
of the country to exercise extreme caution in their
lending policies. It is at times such as these that
bad loans are made and future losses become inevitable.
It is recognized that a continued flow of bank
credit is necessary for the production and distribution of goods and services. The banks of the country
have adequately met this important need in the
reconversion period. Under existing conditions,
however, the banks should curtail all loans either
to individuals or businesses for speculation in real
estate, commodities or securities. They should
guard against the over-extension of consumer credit
and should not relax the terms of instalment financing. As far as possible extension of bank credit
under existing conditions should be confined to
financing that will help production rather than
merely increase consumer demand.
The bank supervisory authorities strongly urge
directors to see that their banks follow these policies
and maintain adequate capital in relation to risk
assets.

1465

PROPOSED REGULATION OF CONSUMER INSTALMENT CREDIT*
The Board of Governors of the Federal Reserve
System has recommended to the Chairmen of the
Senate and House Banking and Currency Committees a bill which would authorize the Board
to regulate consumer instalment credit.
If legislation is to be passed, we believe that
consumer credit regulation should be directed to
the volatile sector of consumer credit, that is,
instalment credit. This is the part which has
been subject to the greatest fluctuations in the past,
thus contributing to instability and unemployment.
It is also the part that is now increasing most
rapidly and doing most to keep prices on the
upgrade.
Regulation under the proposed legislation would
be in much the same form as it was under the
Board's Regulation W when that regulation was
still in force. Allowing for appropriate exceptions
to provide administrative flexibility, the regulation
would prescribe maximum maturities for all types
of instalment credit and in addition would prescribe minimum down payments for instalment
credit to finance the purchase of important categories of consumers* durable goods. The regulation would accordingly cover not only instalment
credit for consumers* durable goods but also instalment credit for other consumer purposes, both
of which contribute to the accentuation of business upswings and downswings and neither of
which can be sharply disassociated from the other.
At the consumer level, both instalment selling and
instalment lending are among the inflationary
forces that are at the present time causing so much
apprehension to the public and to the Congress.
Generally speaking, the instalment terms finally
prescribed by Regulation W called for maturities
of not more than 15 months and called for down
payments of at least one-third in most cases and
for 20 per cent in some cases. Under the proposed
legislation, terms would, of course, be varied from
time to time depending upon changing economic
conditions but with a view to restraining the
development of unsound credit terms and with a
view to preventing or reducing excessive expansion or contraction of consumer instalment
* Statement by R. M. Evans, member of the Board of
Governors of the Federal Reserve System, before the Senate
Banking and Currency Committee, Nov. 24, 1947.

1466




credit. These would be the declared statutory
objectives.
Under existing conditions when the articles
commonly financed with instalment credit are
for the most part in short supply relative to demand, it is apparent that the restraints which could
be imposed would help to dampen the demand
and thus reduce the upward pressure on prices.
Even when goods become available in larger
quantities, however, reasonable restraints on consumer instalment credit would serve a useful
public purpose, because they would tend to induce
sellers to reach more customers by reducing prices
and improving quality instead of by resorting to a
competitive relaxation of instalment credit terms
while still maintaining high prices. Under prevailing conditions of maximum peacetime employment and national income, it would be economically
unsound to encourage people to go deeper and
deeper into debt on increasingly easy terms.
Notwithstanding continued shortages of goods,
particularly durable goods, and notwithstanding
the regulation of consumer credit that has been
applied, instalment credit has expanded during the
past 12 months by more than 2 billion dollars.
The economic effect of adding borrowed dollars to
current income, together with the unprecedentedly
large volume of savings in the hands of the
public generally, can only be to prolong the period
of inflated prices. At the present time this is
the really crucial point. Easy credit terms would
make no more goods available. They would only
help to hold prices high in the market place.
Were goods available in larger volume and were
many consumers able to finance their purchases on
easier credit terms, there is little question but that
the volume of consumer instalment credit would
increase even more rapidly than it has increased
during the past year.
The need for regulation is acute at the present
time but the need is not merely a temporary one.
Experience has shown that the excessive expansion
and subsequent contraction of consumer instalment
credit contributes substantially to economic instability. Its role in instability is increasing as the
years go by, with the growing importance of consumers' durable goods in the economy. It is recogFEDERAL RESERVE BULLETIN

PROPOSED REGULATION OF CONSUMER INSTALMENT CREDIT
nized that the development of this type of credit
has gone hand in hand with the unparalleled industrial development of the nation. Yet, it is
equally significant that when competition takes the
form of relaxing credit terms and is carried to
extremes, it is a symptom and cause of economic
unsoundness. Millions of people are encouraged
to overpledge future income. This inevitably
entails instability because the excessive credit extended during a business boom accentuates the
boom and then has to be liquidated out of current
income on the downswing, which accentuates
depression. The fact that current income has to
be used to pay off excessive instalment debt created
during the business boom necessarily diverts
that income from the channels of consumer expenditures in the depression, especially in the important sector of consumers' durable goods.
Voluntary efforts have been made from time to
time by foresighted retailers, sales finance companies, banks, and other lenders to prevent down
payments from becoming excessively small and
repayment periods from becoming overextended
in times of credit expansion. These efforts, however, have always been ineffective because of the
aggressive competition of those who will not
voluntarily cooperate in this objective. Since the
end of Regulation W, only three weeks ago, for
example, and notwithstanding efforts by many to
"hold the line," instalment credit terms have been
growing more and more liberal in many fields.
Credit terms, in fact, have already become too easy
for these boom times.
The present trend of expansion in consumer instalment debt needs to be carefully watched and
restrained so that the country shall not repeat the
pattern of inducing American families to go heavily
into debt on too easy terms, particularly for highpriced goods many of which are not only highpriced but of inferior quality. The decline that
would be bound to follow would be felt not only
in the durable goods industries but throughout the
economy. The proposed restraints would help
to prevent a repetition of such an unsound sequence
of events.
The Board feels that this type of regulation,
which is of a selective character, serves a useful
purpose which cannot be reached by the exercise of
any powers over bank credit in general. The
regulation is needed, therefore, as a supplement to,
and not a substitute for, general credit control
DECEMBER

1947




powers. Each instrument has its proper place
in a well-rounded anti-inflation program.
In connection with any Congressional action on
the subject, there are some legislative alternatives
that seem to us to deserve the careful consideration
of the Congress. Executive Order No. 8843, under
which Regulation W was issued, served its purpose
reasonably well. Six years of experience, however,
have shown that it would be preferable for legislation on the subject to convey independent authority
for the necessary regulation rather than merely to
revive the Executive Order.
For one thing a statute enacted at this time
could provide clearer and more appropriate standards or guides to be followed in prescribing regulations. In addition, it could place clearer and more
precise limits on the Board's authority as, for
example, by limiting it to only that portion of
consumer credit that takes the form of instalment
credit. A bill conferring such independent authority could still be relatively short, and it would be
distinctly more satisfactory than a mere continuation of the Executive Order. This would be true
not only from the standpoint of sound administration but also from that of greater convenience for
those subject to the legislation.
The matter of appropriate enforcement provisions
also deserves the consideration of the Congress.
Such provisions could be incorporated more conveniently in an independent bill such as we have
suggested, but in any event the problem is one
which the Congress would not wish to overlook. It
has been our experience that the penalties applicable
under the Executive Order and the underlying
authority in the Trading with the Enemy Act are so
drastic that it is difficult to apply them in actual
practice. To provide enforcement that is both
equitable and effective, it is essential that there be
specific provision for courts of equity to aid
enforcement through their power to enforce subpoenas and enjoin violations. That is a sound
type of enforcement machinery that the Congress has adopted in connection with other similar
matters. If necessary, this authority could be
given in a single-sentence provision through the
incorporation by cross reference of provisions on this
subject in statutes already applicable to other
agencies.
The case for permanent legislation seems to
the Board to be very strong. It is important in
1467

PROPOSED REGULATION OF CONSUMER INSTALMENT CREDIT

any event that any legislation on the subject should
have a long enough life really to achieve the objectives of the Congress. We believe the Congress would largely defeat its purposes if it attempted to confine the operation of the legislation
to an unduly short period. It would be rash to
assume that inflationary pressures will substantially
subside in the near future. Furthermore, any
temporary statute tends to lose much of its effectiveness as it approaches its termination date, and
this can become serious long before that date
is reached. Accordingly, if the Congress is not

1468




disposed at this time to enact permanent legislation,
the Board would recommend that the measure
authorize application of the necessary restraint
for a period as long as three years. At any
time within this period the Board would be in
position to modify whatever restrictions may be
prescribed, or even to remove them altogether, in
the event that such action should be warranted by
a change in economic conditions at any time during the period. It should be taken for granted that
the administration of consumer credit regulation
must be, and would be, altogether flexible.

FEDERAL RESERVE BULLETIN

FARM PRODUCTION LOANS AT COMMERCIAL BANKS 1
by
HERMAN KOENIG AND TYNAN SMITH

Commercial banks provide a major part of the
credit used by farmers to meet their working capital
requirements. Such credit is employed largely to
pay production and living expenses during the
growing season, or to purchase machinery, equipment, or livestock. Farm production loans of commercial banks are typically small, of short-term,
and on a single-payment basis. About half of
them are secured by the pledge of specific assets.3
Characteristics of farm production loans vary widely
in accordance with the type of farming engaged in
by the borrower, the region in which the farm is
located, and the net worth of the borrower.
SUMMARY

1. Almost 2.2 million farm production loans were
outstanding at insured commercial banks in the
summer of 1947, of which 1.5 million were to farmers with a net worth of less than $10,000. These
loans to small farmers totaled 600 million dollars,
40 per cent of the amount of all farm production
loans.
1
This article is one of a series covering the results of a
nation-wide survey of agricultural loans outstanding in mid1947 at insured commercial banks. The first article, "Commercial Bank Loans to Farmers," by Tynan Smith and Philip
T. Allen, appeared in the Federal Reserve BULLETIN for October
1947. Two other articles in the series appear in this issue of
the Federal Reserve BULLETIN.
The survey of insured commercial bank loans to farmers, on
which this article is based, was planned by the Division of
Research and Statistics of the Board of Governors of the Federal
Reserve System and the Division of Research and Statistics of
the Federal Deposit Insurance Corporation in consultation with
the Federal Reserve Banks, the Bureau of Agricultural Economics, and other interested agencies. The information for
member banks of the Federal Reserve System was collected and
compiled into district totals at the Reserve Banks and national
totals were prepared at the Board's offices. The information
for insured commercial banks not members of the Federal Reserve System was collected by the examiners of the Federal
Deposit Insurance Corporation with the consent and cooperation
of the participating banks. Totals were compiled by the Corporation's Division of Research and Statistics.
Supervision of the survey, analysis of results, and preparation of articles are under the general direction of Ralph A.
Young, Assistant Director of the Board's Division of Research
and Statistics, and Florence Helm, Acting Chief of the Corporation's Division of Research and Statistics. Richard Youngdahl
of the Board's staff and Tynan Smith of the Corporation's staff
have been largely responsible for the supervision of the collection
and tabulation of information.
2
Both of the Division of Research and Statistics of the
Federal
Deposit Insurance Corporation.
3
At banks in some sections of the country a relatively small
number of loans that would usually be classed as farm production loans are secured with real estate mortgages, frequently as
a matter of custom. These loans are not included in the production loans discussed here but are considered with other farm
mortgage loans in another article in this BULLETIN.

DECEMBER

1947




2

2. Regional differences in the distribution of farm
production loans between large and small farmers
were marked and were associated with differences
in the type and average value of farms. In the
southeastern section of the country an exceptionally
large proportion of commercial bank loans went to
small farmers. This reflected in part the large proportion of cotton and tobacco farms, which are
typically operated as small units. In the Far West,
almost three-fifths of farm borrowers were operators
of livestock ranches or wheat and other field-crop
farms—types of farms which are generally in large
units—and there large farmers received the greater
proportion of farm production loans.
3. Tenant farmers accounted for more than onethird of farm production loans at banks in mid1947. These farmers had a lower average net worth
than did owner-operators. One-half of the loans
to tenant farmers were to borrowers with a net
worth of less than $2,000, and two-fifths were
to tenants with a net worth of from $2,000 to
$10,000. The average size of loan was the same
for tenant farmers as for owner-operators of similar
net worth.
4. Loans to very small farmers were more commonly for production and living expenses than
were loans to large borrowers. Most loans to purchase machinery or livestock were made to borrowers with a net worth of $2,000 or more.
5. About one-third of all farm production loans
were unsecured, about one-eighth were endorsed,
and over one-half were secured by the pledge of
specific assets such as machinery, livestock, and
crops. Very small farmers obtained relatively few
bank loans on an unsecured basis. The use of
endorsement was much more prevalent for this
group of borrowers than for larger farmers.
6. Use of security varied widely by regions. In
part this resulted from differences in average farm
value. In the South, where the proportion of very
small farms was relatively high, most of the loans
were made on a secured basis. There also appear
to be some regional differences in banking customs regarding security. Use of endorsement was
1469

FARM PRODUCTION LOANS AT COMMERCIAL BANKS
negligible in the western part of the country,
whereas it was very frequent in the Richmond
Federal Reserve District. Farm production loans
secured by pledge of specific assets were substantially larger on the average than were unsecured
loans.

Small farm operators are defined to include all
farmers with a net worth of less than $10,000. This
appears to be a reasonable point of division since
the average net worth of all farmers in the country
at the beginning of 1947 was $17,000.4 Since this
average is heavily weighted by a few very large
farms, the most common net worth would be subThese conclusions are based primarily upon aver- stantially below that figure. In some instances
age characteristics of loans. They reflect the net reference is made to very small farm operators, by
effect of a multitude of varying practices and poli- which is meant those with a net worth under $2,000.
cies and the tendencies noted do not necessarily
Almost half of the farm production loans were
apply at individual banks.
made to operators of general farms.5 Most of these
operators had a net worth of from $2,000 to $10,000.
LOANS TO LARGE AND SMALL FARMERS
Other important groups of borrowers, in terms of
Nearly 25 per cent of the number of all farm number of loans, were operators of dairy, cotton,
production loans outstanding at insured commercial field-crop, and livestock farms. A relatively high
proportion of the borrowers who operated cotton
FARM PRODUCTION LOANS OF COMMERCIAL BANKS
and tobacco farms had a net worth of less than
BY SIZE OF BORROWER, MID-1947
$2,000,
as is shown in Table 1. Borrowers who
ipo
NUMBER OF LOANS
operated dairy farms tended to be concentrated in
the group having a net worth of from $2,000 to
$10,000. Half of the loans to livestock operators
went to borrowers with a net worth of $10,000 or
more. Fruit and nut farms require a heavy capital
investment and consequently two-thirds of the bor0
rowers in this group had a net worth of $10,000 or
100
AMOUNT OF LOANS
more.
Regional differences in the distribution of farm
production loans between large and small farmers
were large. These were associated with differences
in average farm values, which in turn were related
to the type of farming most prevalent in each area.
Tables 2 and 3 show the regional distribution of
farm production loans by net worth of borrower
and type of farm. In the Atlanta Federal Reserve
District the proportion of loans to very small
farmers—those with net worth of less than $2,000
—was relatively large, reflecting the importance of
cotton farms, which are typically operated as small
UNDER
$2,000
$10,000
$25,000
$100,000
$2,000
AND OVER
units. In the San Francisco District, more than
$9,999
$24,999
$99,999
one-third of the farm production loans were to
operators of livestock farms and one-fourth were
banks in mid-1947 were to farm operators with a to growers of wheat and other field crops. These
net worth of less than $2,000. Another 46 per cent types of farms are generally operated as large units.
were to farmers with a net worth of from $2,000
As a consequence, nearly two-thirds of the loans in
to $10,000. These groups of borrowers accounted
this district were to farmers with a net worth of
for less than 40 per cent of the dollar volume of
4
production loans, since most of the loans to these
Computed from data on assets and liabilities published in the
Sheet of Agriculture, U. S. Department of Agriculture,
small farmers were relatively small in amount. The Balance
August
1947, p. 2.
5
A general farm was denned in the survey as one in which
distribution of farm production loans by net worth
no single source of income provided one-half or more of the
of borrower is shown in the accompanying chart. total income of the farm operator.
PER CENT

^

CENT

CENT

TO

TO

TO

NET WORTH OF BORROWER

1470




FEDERAL RESERVE BULLETIN

FARM PRODUCTION LOANS AT COMMERCIAL BANKS
TABLE 1
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING

IN MID-1947

B Y T Y P E OF FARM AND N E T W O R T H OF BORROWER

[Estimates of outstanding loansj
Net worth of borrower (In thousands of dollars)
Type of farm
All
borrowers1

Less
than 2

2-9.9

10 or
more

All
borrowers1

Less
than 2

2-9.9

10 or
more

Number of loans
As a percentage of total for farm type

In thousands

201
17
45
24
252
98
56

216
42
30
22
2
15
1
136
42
16

490
169
88
78
9
18
7
87
42
20

257
89
88
100
6
11
16
27
14
6

100
100
100
100
100
100
100
100
100
100

22.1
13.7
14.7
10.7
13.3
33.0
2.1
54.0
42.9
28.3

50.2
55.2
42.5
38.5
50.1
40.5
28.2
34.4
42.6
35.5

26.3
29.0
42.2
49.8
34.9
25.2
66.0
10.8
13.9
10.8

2,185

522

1,007

613

100

23.9

46.1

28.1

977

General
Dairy
Wheat, corn, and other field crops
Livestock
Poultry
Truck
Fruit
Cotton
Tobacco
Other 2

306
207

All types
1

Includes loans not classified by net worth of borrower.
Includes farms not classified elsewhere, such as farms operated on a part-time basis and farms not classified as to type.
NOTE.—Detailed figures may not add to totals because of rounding.
2

TABLE 2
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING

IN MID-1947

BY FEDERAL RESERVE DISTRICT AND N E T W O R T H OF BORROWER

[Estimates of outstanding loans]
Net worth of borrower (In thousands of dollars)
Federal Reserve district

All
borrowers1

Less
than 2

2-9.9

10 or
more

All
borrowers1

Less
than 2

2-9.9

10 or
more

Number of loans
In thousands
Boston
New York
Philadelphia

•
.

. . .
.

....

24

4

12

6

100

49
42

5
5

24
21

16
16

100
100

33

57

126

36

53

34

100

202

104

73

24

100

131

126

Cleveland
Richmond
Atlanta
Chicago
<$£ Louis

.

.

.

Kansas City
Dallas
San Francisco
All districts

As a percentage of total for district

32

100

352

36

181

422

136

208

72

100

178

17

106

54

100

100

16 7
10.9
11.7

49 0
48.7
48.8

24 0
32.6
37.0

26.2
28 6
51.2

45.6
42 2
36.1

25.5
26.9
11.7

10.2
32.3
9.5

51.3
49 2
59.7

37.3
17.2
30.3

290

51

131

95

100

257

89

103

62

100

116

6

38

72

100

17 7
34.7
5.0

45 2
40.2
32.9

32 8
24.1
61.6

2,185

522

1,007

613

100

23.9

46.1

28.1

1

Includes loans not classified by net worth of borrower.
NOTE.—Detailed figures may not add to totals because of rounding.

DECEMBER

1947




1471

FARM PRODUCTION LOANS AT COMMERCIAL BANKS
TABLE 3
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947
BY FEDERAL RESERVE DISTRICT AND TYPE OF FARM
[Estimates of outstanding loans]

Federal Reserve district

All
types
of
farms

General

Dairy

Wheat,
corn,
and
other
field
crops

Livestock

Poultry

Truck

Fruit

Cotton

Tobacco

Other*

(2)

2

Number of loans, in thousands
Boston
New York
Philadelphia

24

.

. . .

Cleveland
Richmond
Atlanta
Chicago .
.
St. Louis
Minneapolis

. . .

Kansas City.
Dallas
San Francisco

..

All districts

2

15

1

1

1
2

3
2

1
1

2
13
4

1
2

1
10
1

2
1

26
15
26

34
46
19

3
2
1

2
5
1

5
1

57
21

37
32

1
1

3
10

2

(2)

(2)

48
42

8
21

32
13

1
1

126
126
202

67
45
56

12
11
5

5
7
20

352
422
178

194
223
75

78
42
54

290
257

162
91

16
6

116

32

22

26

15

2

4

1
11

2,185

977

306

207

201

17

45

24

1
1
12
98

30
20
10

5
4
8

46

1
35

10
8
2

4
92

2

2
252

8
6
2

98

56

w

4.8
2 3
1.7

As a percentage of total for district
Boston
New York
Philadelphia

100
100
100

5.6
7 8
46.1

52.5
70 5
31.0

18.1
3 3
2.4

8

7.6
3 2
8.8

2.9
8 9
5.2

3 1
4.1

Cleveland
Richmond
Atlanta .

100
100

59 2
35 1
28.0

12 8
13 1
5.6

3 1
6 7
17.8

2 6
9 4
5.3

0 9
3 4

1 0
7 1
1.1

2 5
4 0

Chicago
St. Louis
Minneapolis

100
100
100

49.3
51 9
30.7

20.2
9 2
20.4

9.2
5 8
15.3

16.2
13 5
29.2

0.7
0 9
3.6

0.4
4 2
0.4

1.7
0 1

Kansas City . . . .
Dallas
San Francisco

100
100
100

41.6
32.8
11.4

4.9
4.0
15.8

14.4
8.8
21.8

35.8
29.8
35.4

0.2
1.0

1.7
1.4
4.2

100

44.7

14.0

9.5

9.2

0.8

2.0

All districts

100

0.2

4 1

13 8
7 3
3.3

2.7

8 8

4 5

2.3
1 l
0.4

0.4
20.8
3.1

0.2

0.3
6.3

0.7
2.1
1.0

1.1

11.6

4.5

2.6

11 2
34.1

1.9

1

Includes farms not classified elsewhere, such as farms operated on a part-time basis and farms not classified as to type.
Less than 500 loans or 0.05 per cent.
NOTE.—Detailed figures may not add to totals because of rounding.
2

$10,000 or more and only 5 per cent were to
borrowers with a net worth of less than $2,000.
LOANS TO FARM OWNERS AND TENANTS

More than one-third of the farm production loans
outstanding at banks in the summer of 1947 were
to tenant farmers. One-half of the loans to tenant
farmers were to operators with a net worth of less
than $2,000 while two-fifths were to those with a
net worth of from $2,000 to $10,000. For borrowers
of comparable net worth, loans to tenant farmers
averaged about the same in size as those to owneroperators.
Comparison of farm production loans outstanding to tenants and owner-operators, by type of farm
and by net worth of borrower, is made in Table 4.
1472




Most tenant borrowers are engaged in types of farming that require relatively little long-term investment and from which returns are obtained relatively
quickly. Small farm borrowers operating cotton,
tobacco, or field-crop farms were more frequently
tenants than owners. Relatively few production
loans to finance dairy or poultry farming, which
requires heavy capital investment, were made to
farm tenants. Almost no tenant borrowers operated fruit and nut orchards, which produce only
after a long development period.
USES OF PRODUCTION LOAN FUNDS

About one-half of the farm production loans
were used to pay production or living costs, and
one-third were for the purpose of financing the
FEDERAL RESERVE BULLETIN

FARM PRODUCTION LOANS AT COMMERCIAL BANKS
TABLE 4
FARM PRODUCTION LOANS OF INSURED COMMERCIAL

BANKS OUTSTANDING

IN MID-1947

BY T Y P E OF FARM AND BY N E T WORTH AND TENURE OF BORROWER

[Estimates of outstanding loans]

All
borrowers1

Type of farm

Net worth under
$10,000

Net worth over
$10,000

Owner

Owner

Tenant

Tenant

All
borrowers1

Net worth under
$10,000

Net worth over
$10,000

Owner

Owner

Tenant

Tenant

Number of loans
As a percentage of total for farm type

In thousands
General
.
...
Dairy
. .
Wheat, corn, and other field crops. . .
Livestock
.. .
Poultry
Truck
Fruit
.
••
Cotton
Tobacco
Other 3

1

100

50

100

35.6

353
147

349
63

234
83

23
6

100
100

207
201

46
57

72
42

78
92

10
9

100
100

3
12
1
145
43

6
10
16
25
13

(2)

100
100
100
100
100

17
45
24
252
98

8
20
6
79
41

56
2,185

All types

36.1
48.0
22.2
28.4
47.1
44.4
25.0
31.3
41.8
35.7

977
306

20

14

5

777

744

562

1
(2)

2
()
2

35.7
20.6
34.8
20.9
17.6
26.7
4.2

24.0
27.1
37.7
45.8
35.3
22.2
66.7

57.5
43.9
25.0

13.3
8.9

34.1

25.7

9.9

2.4
2.0

4.8
4.5
(2)
2.2
(2)

0.8
(2)

1.8

2.3

1
Includes loans not classified
2
Less than 500 loans or 0.05
8

by net worth of borrower.
per cent.
Includes farms not classified elsewhere, such as farms operated on a part-time basis and farms not classified as to type.

TABLE 5
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947
BY PURPOSE OF LOAN AND N E T WORTH OF BORROWER

[Estimates of outstanding loans]
Net worth of borrower (In thousands of dollars)
Purpose of loan

All
borrowers1

Less
than 2

2-9.9

10 or
more

All
borrowers1

Less
than 2

2-9.9

10 or
more

Number of loans
In thousands
Pay production or living costs
Buy machinery or livestock
Buy or improve land or buildings
Repay debts
Unclassified
All purposes

Percentage distribution

1,116
731
122
76
140

335
117
9
18
43

479
377
54
39
59

291
219
57
18
29

51.1
33.5

64.1
22.4

47.6
37.4

5.6
3.5
6.4

1.7
3.5
8.2

5.3
3.8
5.8

47.4
35.7
9.3
2.9
4.7

2,185

522

1,007

613

100

100

100

100

Average interest rate
{Per cent per annum)

Average size of loan

Pay production or living costs
Buy machinery or livestock
Buy or improve land or buildings

Repay debts

All purposes

$460
980
1,120
640

$170
390
240
190

$310
660
560
420

$1,050
1,890
1,790
1,560

6.6
6.0
5.7
5.9

8.6
6.4
6.4
6.8

7.2
6.3
6.2
6.5

5.9
5.8
5.4
5.4

680

220

460

1,440

6.1

7.5

6.6

5.7

1

Includes loans not classified by net worth of borrower
NOTE.—Detailed figures may not add to totals because of rounding.

DECEMBER

1947




1473

FARM PRODUCTION LOANS AT COMMERCIAL BANKS
purchase of machinery or livestock. Other purposes
for which production credit was used, such as the
purchase or improvement of land or buildings and
the repayment of debts, were of minor importance,
as is shown in Table 5.
Purpose varied in importance among borrowers
of different size. Very small farmers borrowed
more frequently in order to pay production and
living expenses than did larger farm borrowers, and
less frequently to purchase machinery or livestock.
Of the loans to very small borrowers about twothirds were used to pay production and living expenses and about one-fourth to purchase machinery
or livestock. Of the loans to larger borrowers less
than one-half were for production and living costs
while more than one-third were for the purchase
of machinery or livestock. Use of farm production
credit to buy or improve land or buildings was
more common among the large borrowers with a
net worth of $10,000 or more than among the
smaller farm operators. This purpose accounted for
nearly 10 per cent of the loans to large farm operators as compared with less than 2 per cent of
the loans to very small farmers.
For large and small farmers alike, loans used to
pay production and living expenses were smaller on
the average than those for other purposes. Loans
used to purchase machinery or livestock tended to
be above average in size. Interest rates were substantially higher on loans to pay production and
living expenses than on loans for other purposes,
as is pointed out in another article in this BULLETIN.
This was partly because loans used to pay production and living expenses tended to be smaller than
other loans, but also because borrowing for this
purpose frequently indicates greater risk of loss.6
Farmers who need bank credit in order to meet
production and living expenses are often operating
marginal farms.
VARIATIONS IN USE OF SECURITY

Pledge of specific assets secured more than onehalf of the farm production loans outstanding at
commercial banks in mid-1947. One-third of the
loans were unsecured and one-eighth were endorsed
but not otherwise secured. Table 6 shows that the
use of security was much more frequent for loans
to small farmers than for loans to large farmers.
Nearly two-thirds of the loans to very small farmers
were secured while only two-fifths of the loans to
6

See p. 1491 of this BULLETIN.

1474




borrowers with a net worth of $10,000 or more
were secured. The reverse was true for unsecured
loans. Most production loans to large farmers were
unsecured, 33 per cent of those to small farmers,
and only 16 per cent of those to very small farmers.
The fact that small farmers did not obtain unsecured bank credit as readily as did larger farmers
was offset in part by the more frequent use of
endorsement. One-fifth of the loans to very small
farmers were endorsed but not otherwise secured
whereas a much smaller proportion of loans to larger
farmers were on an endorsement basis.
Regional variations in the relative frequency with
which farm production loans were secured, unsecured, or endorsed were marked, as is shown in
Table 7. These differences reflected regional differences in banking customs regarding the use of
security and also regional differences in the net
worth of borrowers. In the South, where the proportion of very small farmers is high, the proportion
of secured loans was high, and in the Mid-West,
where there were relatively few very small farm
borrowers, most loans were unsecured. In the Far
West the actual proportion of secured loans was
about equal to the national average and substantially above the average for some of the eastern and
midwestern districts although the high proportion
of farm borrowers with a net worth of $10,000 or
more would suggest a low proportion of secured
loans. The relatively low proportion of secured
farm production loans in the Richmond Federal
Reserve District reflected the exceptional frequency
of endorsed loans in that district. Use of endorsement was almost negligible in areas west of the
Mississippi.
For the country as a whole the average size of
secured loans was about twice that of unsecured
or endorsed loans. Also, within every Federal Reserve district except Richmond and Dallas, secured
loans were larger in average size than unsecured and
endorsed loans. Thus, it appears that the pledge
of specific assets enabled farm borrowers to obtain
larger loans than were available without security.
Secured loans were more frequently collateraled
by a combination of crops, livestock, and machinery
than by any other type of security. For very small
borrowers such a combination was pledged against
more than half of the secured loans. Mixed security
loans were a substantial proportion of all secured
loans to large farmers, although made less frequently to large farmers than to small farmers.
FEDERAL RESERVE BULLETIN

FARM PRODUCTION LOANS AT COMMERCIAL BANKS
TABLE 6
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947
BY TYPE OF SECURITY AND N E T WORTH OF BORROWER

[Estimates of outstanding loans]
Net worth of borrower (In thousands of dollars)
Type of security

All
borrowers 1

Less
than
2

10

All
borrowers1

2-9.9

Less
than
2

10
2-9.9

All
borrowers1

Less
than
2

2-9.9

10
or
more

Number of loans
Average size of loan
Percentage distribution

In thousands
Unsecured
Endorsed
Secured
All loans
Secured:
Livestock
Machinery
Growing crops
Crops in storage
Combination of crops, livestock or machinery
,
G. I. guarantee or insurance.
Other
All secured loans

743
273
1,168

84
110
328

328
112
567

324
45
244

34.0
12.5
53.4

16.1
21.1
62.8

32.6
11.1
56.3

52.8
7.3
39.9

$580
410
800

$110
180
260

2,185

522

1,007

613

100.0

100.0

100.0

100.0

680

220

460

1,440

361
167
34
5

91
25
16
1

177
93
11
2

84
41
7
2

34.2
16.8
3.0
0.8

980
710
500
1,420

180
450
180
210

540
600
500
530

2,830
1,150
1,190
3,200

171
5
19

241
6
38

87
23

27.7
7.8
4.8
0.4
52.2
1.5
5.7

31.1
16.3
1.9
0.3

505
12
84

30.9
14.3
2.9
0.4
43.2
1.0
7.3

42.5
1.0
6.7

710
1,570
790

260
1,380
230

650
1,410
460

1,790
(3)
1,75

1,168

328

567

244

100.0

100.0

100.0

35.4
(2)
9.6
100.0

Endorsed

Secured

$240 $1,060
380 1,040
600 2,010

1

Includes loans not classified by net worth of borrower.
23 Less than 500 loans or 0.05 per cent.
Insufficient number of loans to compute an average.
NOTE.—Detailed figures may not add to totals because of rounding.
TABLE 7
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN M I D - 1 9 4 7
BY FEDERAL RESERVE DISTRICT AND SECURITY STATUS
[Estimates of outstanding loans]
Security status

Federal Reserve district

All
loans1

Unsecured

Endorsed

Secured

All
loans 1

Unsecured

Endorsed

Secured

All
loans 1

Unsecured

Number of loans
Average size of loan

As a percentage of total
for district

In thousands
24
49
42

7
19
19

11

11
22
12

100
100
100

29.1
39.1
44.5

25.2
15.7
26.7

45.3
45.2
28.8

$900
920
770

$810
610
760

Cleveland
Richmond
Atlanta

126
126
202

66
29
25

31
59
23

29
37
153

100
100
100

52.8
23.1
12.4

24.4
47.1
11.2

22.7
29.5
75.6

460
520
420

450
670
390

310
400
240

650
590
450

Chicago
St. Louis
Minneapolis

352
422
178

178
139
66

36
79
2

133
201
106

100
100
100

50.4
33.0
37.3

10.3
18.6
1.2

37.8
47.5
59.2

650
470
750

490
440
320

480
350
600

910
540
1,020

Kansas City. . .
Dallas
San Francisco. .

290
257
116

104
38
52

7
8
4

178
211
59

100
100
100

35.9
14.8
45.2

2.5
2.9
3.6

61.5
82.2
51.2

750
680
1,940

520
760
1,690

560
460
890

870
670
2,250

All districts

2,185

743

273

1,168

100

34.0

53.5

680

580

410

800

Boston
New York
Philadelphia. . .

$650 $1,100
800 1,230
560 1,010

1

Includes loans unclassified by type of security.
NOTE.—Detailed figures may not add to totals because of rounding.

DECEMBER

1947




1475

FARM PRODUCTION LOANS AT COMMERCIAL BANKS
Use of a combination of assets as security for farm
production loans not only permits banks to extend
credit to many farmers who would not otherwise
be eligible for loans but also reflects a banking practice, particularly common in some regions, of obtaining maximum security.
Livestock, which was the most important single
asset used as security, was pledged against about
one-third of the secured loans. Machinery was

1476




commonly used by farmers in all size groups as
security but its importance increased as the net
worth of the borrower increased. Relatively few
loans were secured by growing crops; a negligible
number by crops in storage. Of the comparatively
small number of loans made under the provisions
of the Servicemen's Readjustment Act (G. I. loans),
nearly all were made to small farmers. These loans,
however, were substantially above average in size.

FEDERAL RESERVE BULLETIN

FARM MORTGAGE LOANS AT COMMERCIAL BANKS 1
by
PHILIP T. ALLEN

Bank lending in the farm mortgage field has
increased markedly in the last year. Total holdings
of bank loans secured by farm real estate increased
by one-fourth in the 12-month period ending last
June, one of the sharpest increases on record. This
change in farm mortgage loans of banks was in
marked contrast with the change in farm mortgage
holdings of other lenders, which as a group probably reduced holdings by one per cent in the
12-month period. At the beginning of 1947 farm
mortgage portfolios of banks, while still small in
comparison with some earlier periods, accounted
for 14 per cent of all farm mortgage debt, the
largest proportion held by banks since 1922. In the
last 12 months, a period of unusually high farm
land values, a larger volume of farm mortgage
loans was made by banks than by any other lender
group.
Farm mortgage loans outstanding at banks in
mid-1947 were typically small and were usually
made to finance the purchase of small tracts of
land.2 The bulk of the loans had been made in
1946 and 1947 and many of them were of short
maturities. Most farm mortgage credit was provided by banks of medium or small size. Characteristics of farm mortgage loans of banks varied
significantly by region and by type of farm.
SUMMARY

1. Almost half of the farm mortgage loans outstanding at banks were on general farms, largely on
properties of less than 140 acres.
2. Most of the loans were for the purpose of
buying land. Thus the large number of farm
transfers in recent years has been reflected in an
expanded volume of bank credit.
3. About one-third of the farm mortgage loans at
banks were for purposes other than to purchase
land. Such loans were usually small, and probably
accounted in part for the smaller average size of
farm mortgage loans by banks as compared with
those of other lenders.
1
This is one of a series of four articles covering the results
of the nation-wide survey of commercial bank loans to farmers
outstanding in mid-1947. The first article was "Commercial
Bank Loans to Farmers," by Tynan Smith and Philip T. Allen,
Federal Reserve BULLETIN, October 1947. The other two
articles
appear elsewhere in this BULLETIN.
2
See Tynan Smith and Philip T. Allen, "Commercial Bank
Loans to Farmers," Federal Reserve BULLETIN, October 1947.

DECEMBER

1947




4. The size of mortgage loans varied appreciably
with type and size of farm and with the purpose
for which the funds were used.
5. Banks made an appreciable portion of their
farm mortgage loans for very short terms. The
short-term loans, however, were concentrated in
certain areas and appeared to reflect chiefly bank
practices in those areas.
6. Instalment repayments were provided for in
slightly over half of the farm mortgage loans held
by banks. Variations in use of instalment repayments were marked among Federal Reserve districts and for the most part were accompanied by
variations in maturities in the different districts.
7. Survey data, which represent outstanding loans
and are incomplete as regards loans written in
earlier years, indicate that bank appraisal values
have lagged somewhat behind the rise in prices
of farm properties.
DISTRIBUTION OF LOANS BY FEDERAL RESERVE
DISTRICTS AND BY TYPE OF FARM

Farm mortgage loans of insured commercial
banks in June 1947 were concentrated in the MidWest. Nearly one-half of the number of all loans
were in the St. Louis, Chicago, and Cleveland Federal Reserve Districts, as is shown in Table 1.
About one-fifth were in the southern districts of
Atlanta, Richmond, and Dallas. Only about onetenth of the loans were in the northeastern districts,
and about one-sixth in northwestern and western
districts.
About half of the number of all farm mortgage
loans were made on general farms.3 Dairy farms
were second in importance and accounted for about
one-sixth of the total number of loans. The
remainder of the loans were distributed among several other types of farms, none of which accounted
for more than 8 per cent of the total. General
farms were the leading type in seven districts, dairy
farms in three districts, and cotton and field-crop
farms in one district each.
Bank mortgage loans on general, dairy, and fieldcrop farms were common in most districts. Loans
on livestock farms were also distributed generally,
3
A general farm was defined in the survey as one in which
no single source of income provided one-half or more of the
total income of the farm operator.

1477

FARM MORTGAGE LOANS AT COMMERCIAL BANKS
TABLE 1
FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN M I D - 1 9 4 7 , BY T Y P E OF FARM AND
FEDERAL RESERVE DISTRICT

[Estimates of outstanding loans]

Type of farm

All
districts

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

Number of loans
In thousands
General
Dairy
,
Wheat, corn, and other
field crops
Livestock
Poultry
Truck
Fruit
Cotton
,
Tobacco
Other 2
All types

21
12
4
7
6
17
9
19

19
2

4
5

128
41

0)1
C1 )
C)

0)1

0)
0)
0)

0)
1
1

C)

0)

C1)

0)
C1)

C)

0)
0)

C1)

2
1

0)
0)

34
3

4
3
1
1
1

2
4
1
1

0)

13
1
1
30

12

265

0)
0)
0)1

26
10

16

27

4
3
49

C1)
C1)

2
1

1
1

0)

0)
0)

1

C)

0)

0)

0)
0)
3
C1)
1

53

17

17

64
6

32
49
11
5
1
1

50
2
6
14
1
7
1
17

21
19

5
7
1
1
a
()
4
7
5

56
5
17
9
1
3
1
1

100

100

100

100

100

16

Percentage distribution
General
Dairy
Wheat, corn, and other
field crops
Livestock
Poultry
Truck
Fruit
Cotton
Tobacco
Other 2
All types

48
15

14
47

30
46

55
15

()
10

13

49
7
4
7
2
4
1
3
13
10

100

100

100

5
1
6
7
1

8
5
2
3
2
7
3
7

20

100

100

100

62
7
6
1
1
1

29
4

100

7
2
1
2
1
47
3
5

53
21
9
6
1
1
3

100

21
2
3
5
19
3

1
2
3

Less than 500 loans.
Includes farms not classified elsewhere, such as part-time farms and farms not classified as to type.
Less than 0.5 per cent.
NOTE.—Detailed figures may not add to totals because of rounding.

except in the Northeast. On the other hand, loans
on fruit, cotton, and tobacco farms tended to be
concentrated in specialized areas—on fruit farms
in the San Francisco District, on cotton farms in
the Atlanta District, and on tobacco farms in the
Cleveland, Richmond, and St. Louis Districts.

farm mortgages were on properties of intermediate
size, while loans on field-crop and livestock farms
were usually on larger properties, reflecting the
more extensive operations of these types of farming.
Mortgaged cotton and tobacco farms varied more
in size than did most types of mortgaged farms.

SIZE OF MORTGAGED PROPERTIES

PURPOSE OF LOAN

Mortgages on properties from 70 to 140 acres in
size accounted for slightly over one-third of the
number of farm mortgage loans at banks in mid1947, as is shown in Table 2. A similar portion of
the loans were on properties under 70 acres, and
the remainder—a little over one-fourth—were on
properties of 140 acres or more. Since loans were
usually larger on larger properties than on smaller
properties, the dollar amounts of loans outstanding
were more highly concentrated on large properties.
Loans on poultry, fruit, and truck farms tended
to be on smaller properties. General and dairy

The bulk of farm mortgage financing by banks
was for the purchase of land. For all types of farms
66 per cent of the loans were to buy land, 9 per cent
for constructing or repairing buildings, and 25 per
cent for production and other purposes.
The purposes for which farm borrowers used
bank mortgage credit varied somewhat among different types of farms, as is shown in Table 3. The
fact that loans to buy land were less than one-half
of the number of loans on cotton farms reflected
the banking practice of taking a mortgage on the
farm to secure production loans to cotton farmers.

1478




FEDERAL RESERVE BULLETIN

FARM MORTGAGE LOANS AT COMMERCIAL BANKS
TABLE 2

TABLE 3

FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS O U T -

FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS O U T -

STANDING

STANDING IN M I D - 1 9 4 7 , BY T Y P E OF FARM AND PURPOSE OF

IN M I D - 1 9 4 7 ,

BY T Y P E

OF FARM AND SIZE

OF

PROPERTY MORTGAGED

LOAN

[Estimates of outstanding loans]

(Estimates of outstanding loans]

Size of property mortgaged

Purpose of loan

Type of farm
Type of farm

All
purposes

Number of loans
In thousands
General
Dairy
Wheat, corn, and
field crops
Livestock
Poultry
Truck
Fruit
Cotton
Tobacco
Other

other

All types

128
41

43
10

51
18

33
13

21
12
4
7
6
17
9
19

5
2
3
5
5
8
4
12

6
4
1
1
1
5
3
5

10
6

265

97

95

71

0)
1
4
2
3

As a percentage of total for farm type
General
Dairy
Wheat, corn, and
field crops
Livestock
Poultry
Truck
Fruit
Cotton
Tobacco
Other

other

All types

100
100

33
23

40
45

26
32

100
100
100
100
100
100
100
100

24
17
76
78
74
48
47
60

30
33
19
15
15
30
37
26

46
50
5
8
11
22
17
14

100

37

36

27

iLess than 500 loans.
NOTE.-—Detailed figures may not add to totals because of rounding and because totals include 1,500 loans unclassified as to size.

An unusually high proportion of mortgages on
field-crop farms were to buy land other than the
property mortgaged. Similarly, a high proportion
of the mortgages on poultry farms were to secure
loans to build or repair buildings. This reflected
the greater relative importance of buildings for
poultry production than for most other types of
farming.
VARIATIONS IN SIZE OF MORTGAGES

Farm mortgage loans at banks were typically
small in size. About one-half of the loans were
from $1,500 to $5,000 in original size, almost onethird were under $1,500, and about one-fifth were
over $5,000. Loans tended to be smallest in the
South, about average or slightly above average in
size in the East and Middle West, and above average in the Far West. Variations in the size of
mortgage loans at banks were related to the purpose
DECEMBER

1947




To
buy
land
mortgaged

To
buy
other
land

To
build Other
or
Not
pur- known
repair poses
buildings

Number of loans
In thousands
General
Dairy
Wheat, corn, and
other field crops. .
Livestock
Poultry
Truck
Fruit
Cotton
Tobacco
Other
All types

128
41

75
25

12
4

10
3

22
7

21
12
4
7
6
17
9
19

10
7
2
4
3
8
5
11

4
1

1
1

1
1
1
1
1
2
1
2

5
3
1
1
2
6
2
3

265

151

25

23

51

0)
0)
(l)

As a percentage of total for farm
General
Dairy
Wheat, corn, and
other field crops. .
Livestock
Poultry
Truck
Fruit
Cotton
Tobacco
Other
All types

100
100

59
62

10
9

8
8

17
17

100
100
100
100
100
100
100
100

48
57
52
52
52
45
57
57

18
11
5
6
6
4
10
6

7
6
26
15
11
10
8
12

23
22
17
19
23
33
20
17

100

57

10

9

19

1
Less than 500 loans.
NOTE.—Detailed figures may not add
rounding.

9
1
1

0)1
C)

0)
1
1
16
type

to totals because

of

for which the loan was used, the type and size of
farm on which the mortgage was placed, and the
year in which the loan was made.
Loans for purchasing land were considerably
larger than those for other purposes, as is shown
by the following average loan sizes: 4
To buy land other than that mortgaged
To buy land mortgaged
To build or repair buildings. .
Other purposes
Average, all purposes. .

$3,800
3,700
2,300
2,300
3,200

The average size of all farm mortgage loans made
by banks was smaller than the average for most
other lenders, partly because a larger proportion of
4
Average loan sizes were computed as described in note to
Table 4.

1479

FARM MORTGAGE LOANS AT COMMERCIAL BANKS
the bank loans were for purposes other than the
purchase of land.
Mortgage loans on fruit, field-crop, and livestock
farms were of larger average size than those on
other types of farms, as is shown in Table 4. The
fruit farms mortgaged were usually small but the
amount lent per acre was relatively large. On fieldcrop and livestock farms, in contrast, the large
average size of loan reflected large acreage and a
relatively small loan value per acre. Because of
small acreage and notwithstanding a higher loan
rate per acre than on most types of farms, mortgages
on poultry and truck farms were relatively small.
Loans were smallest on tobacco and cotton farms,
reflecting both the small acreage of these farms and
the small amounts lent per acre. In the case of
cotton farms, particularly, many of the loans were
for production purposes and were much smaller in
size than loans to purchase land.
Loans increased markedly in size for all types of
farms as the acreage mortgaged increased. The
amount lent per acre dropped very noticeably as the
size of unit increased, but usually the effect of this
decline was more than offset by the increase in
acreage.
Changes in the average size of loan by years were
not shown by the survey data. Studies by the Department of Agriculture, however, indicate that the
average size of farm mortgage loan made by banks
increased about 72 per cent from 1940 to 1946.
TABLE 4
AVERAGE SIZE OF FARM MORTGAGE LOANS OF INSURED C O M MERCIAL BANKS MADE IN T H E FIRST H A L F OF 1947, BY T Y P E
OF FARM AND SIZE OF MORTGAGED

PROPERTY

[Based on estimates of outstanding loans]
Size of property mortgaged
Type of farm

General
Dairy
Wheat, corn, and other
field crops
Livestock
Poultry
Truck
Fruit
Cotton
Tobacco
Other
All types

All
sizes

Under
30 acres

30-139

140 acres
and over

$3,150
3,700

$1,450
2,400

$2,650
3,200

$5,150
5,050

0)

6,050
5,650

3,500
C1)
5,050

,900
,600
2,300
5,650
1,550
2,150
2,650

C1)
2,350
1,700
3,800

0)
0)

3,400
2,500
3,000
2,850
6,050
1,150
1,850
2,500

3.200

1,700

2,600

4,450

0)
(0
0)

1,800
5,200
Insufficient number of loans to compute an average.
NOTE.—Figures are based on the outstanding portion of loans
made in the first half of 1947. This figure was substantially the
same as the original amount of the loans.
1

1480




REGIONAL VARIATIONS IN MATURITIES OF LOANS

For the country as a whole, over one-third of all
farm mortgage loans were repayable either on
demand, or within one year. About one-third of
the loans were to mature in from one to five years,
and one-fourth in more than Rve years. A small
fraction, about one-twentieth, were overdue at the
time of the survey. This latter group probably
consisted in large part of loans technically overdue
but considered as demand loans by banks.
Figures for the entire country conceal substantial
variations in maturities among different sections of
the country, as is shown in the chart and in Table 5.
.

RELATIVE IMPORTANCE OF
SHORT-TERM FARM MORTGAGE LOANS OF BANKS

^ " ^ T r L _ _

/

BY FEDERAL RESERVE DISTRICT9

:

w

NOTE.—Short-term loans include demand loans, overdue loans,
and loans with maturities of one year or less. For data, see
Table 5, p. 1481.

In the San Francisco and New York Federal Reserve Districts about one-half of the loans were
written to mature in more than five years. In the
Kansas City, Minneapolis, Chicago, and Dallas Districts the most common term was from one to five
years; it was one year or less in the Philadelphia,
Boston, Atlanta, Richmond, St. Louis, and Cleveland Districts.
As has been noted previously, a substantial portion of the farm mortgage loans were made, not to
finance land transfers, but to finance production,
building construction, and other undertakings.
These loans tended to be shorter in maturity than
loans to purchase land, and their greater importance
in some sections of the country, particularly in the
Deep South, accounted in part for the large proportion of short-term loans made in these areas.
For the country as a whole, however, the differences
in maturity between farm mortgage loans to purchase land and those for other purposes were
moderate, as is shown in Table 6.
FEDERAL RESERVE BULLETIN

FARM MORTGAGE LOANS AT COMMERCIAL BANKS
TABLE 5
PERCENTAGE DISTRIBUTION OF FARM MORTGAGE LOANS OUTSTANDING IN MID-1947 AT INSURED COMMERCIAL BANKS WITHIN
EACH FEDERAL RESERVE DISTRICT, BY MATURITY CLASS

[Based on estimated number of outstanding loans]
Maturity class
Federal Reserve district

1-2

2-3

3-5

years

years

years

5-10
years

10-15
years

15-20
years

1
2
1

9
2

4
13
4

10
30
9

3
7
2

4
7
3

17
16
52

3
3
9

2'
6
4

14
6
5

23
9
5

7
2
1

1
1
(2)

11
23
6

3
35
4

4
6
5

9
6

39
16
48

29
10
23

3
2
4

2
*2
2

Kansas City
Dallas
San Francisco...

4
7
6

9
12
3

6
9
4

12
13

7

42
31
31

20
25
41

4
3
7

2
1
1

All districts

24

17

5

6

22

19

3

2

6 months
or less x

6 mos.1 year

Boston
New York
Philadelphia. . . .

75
29
73

3
1
5

Cleveland
Richmond
Atlanta

34
57
24

Chicago
St. Louis
Minneapolis. . . ,

,

7

Over 20
years

1

Includes demand loans, and loans overdue.
Less than 0.5 per cent.
NOTE.—Percentages may not add to totals because of rounding.

2

TABLE 6
PERCENTAGE DISTRIBUTION OF FARM MORTGAGE LOANS OUTSTANDING IN MID-1947 AT INSURED COMMERCIAL BANKS WITHIN
EACH FEDERAL RESERVE DISTRICT, BY MATURITY OF LOANS FOR SPECIFIED PURPOSES

[Based on estimated number of outstanding loans]
To buy land l

All other purposes 2

Maturity

Federal Reserve district
Total

Maturity

1 year
or less 3

1-5
years

5-10
years

Over
10 years

Total

1 year
or less3

1-5
years

5-10
years

Boston
New York...
Philadelphia.

100
100
100

75
25
77

6
25

11
32

9
19
6

100
100
100

86
45
82

22
6

25
9

Cleveland. .
Richmond..
Atlanta

100
100
100

50
67
67

19
16
22

21
12
7

10
5
4

100
100
100

51
83
84

19
12
14

25
4
2

Chicago
St. Louis. . . .
Minneapolis.

100
100
100

12
56
7

50
26
60

32
12
25

6
6
9

100
100
100

18
61
18

57
32
61

23
6

Kansas City.. .
Dallas
San Francisco.

100
100
100

11
14

61
54
36

21
27
44

8
5
13

100
100
100

18
34
11

61
48
48

18
17
37

38

34

100

49

All districts.

5

Over
10 years

6

17

1
2
3
4

Includes loans to purchase the property mortgaged and loans to purchase other land.
Includes some loans not classified as to purpose.
Includes demand loans and loans overdue.
Less than 0.5 per cent.
NOTE.—Percentages may not add to totals because of rounding.

Of the national total of loans to purchase land
only 6 out of 10 loans had stated maturities of more
than one year. In four of the Federal Reserve districts, however, only about 3 out of 10 mortgage
loans to buy land matured in more than one year.
Of mortgages made at banks for purposes other
DECEMBER 1947




than the purchase of land, one-half of the national
total matured in more than one year, and in the
San Francisco, Chicago, Minneapolis, and Kansas
City Federal Reserve Districts 8 out of every 10
such loans were made for more than one year.
Part of the regional variation in the maturity dis1481

FARM MORTGAGE LOANS AT COMMERCIAL BANKS
tribution of farm mortgage loans at banks reflected
differences in average size of loan, since there was
a tendency for larger loans to have somewhat longer
maturities. However, when loans of similar size
were compared by districts, nearly as much contrast
in maturities was shown as when the comparison
was made for all sizes of loans together.
METHOD OF REPAYMENT

For the entire country, 54 per cent of the number
of farm mortgages held by banks called for instalment repayment. Practices varied considerably
among regions. In the Atlanta and Richmond
Federal Reserve Districts only about one-fourth of
the loans were instalment loans while in the San
Francisco and New York Federal Reserve Districts
nearly 90 per cent of the loans were amortized.
Regional variations in use of the instalment technique are associated with variations in maturities
of loans in the different districts. The low percentage of loans to be repaid by instalments in the South
was closely related to the high proportion of shortterm loans in this section. For loans of similar
maturity the proportion of loans written on an
instalment basis was similar among regions.
APPRAISAL PRACTICES OF BANKS

Appraised values per acre varied considerably on
different types of farms. They were much higher
on fruit farms than on other types and were also
considerably higher than average on truck and on
poultry farms. These types of farms usually require
a large investment on a relatively small number of
acres. Appraisals per acre were lowest on cotton
and on livestock farms.
On smaller units appraised values per acre were
much higher than they were on larger units. Appraisals of $1,000 or more per acre were not uncommon on properties under 10 acres in size. An
appreciable part of these small properties were parttime farms, where an important part of the income
of the owner was obtained from work off the farm.
Some rise in the appraised value per acre of
mortgaged farms has occurred between 1943-45
and 1947. This is indicated for selected sizes and
types of farms by the percentage changes given
in the following table. They were computed from
appraised valuations per acre placed on farms which

1482




were mortgaged at commercial banks in 1943-45
and 1947 respectively and against which loans were
still outstanding in mid-1947. The data are incomplete in that loans made in 1943-45 and paid
off by mid-1947 were not available for the computation.
Type and size
of farm
General:
Under 30 acres
30-139 acres . .
140-259 acres
Dairy:
30-139 acres
140-259 acres
Cotton:
30-139 acres
Tobacco:
30-139 acres
Field crops:
30-139 acres
140-259 acres
Farm land values

Percentage change
1943-45 to 1947
—4

+12
+10
+26
+17
—11
—1

+24
+20
6
+41

5
Percentage changes shown only for those types and sizes of
farm groups having a significant number of 1943-45 loans outstanding
at mid-1947.
6
Computed from U. S. Department of Agriculture figures
referring to March 1.

For these selected cases, the increase has been most
noticeable for small dairy farms andfield-cropfarms.
From these data it appears that, while bank
appraisal of farm properties has been influenced in
recent years by increases in land prices, increases
in reported appraisal values have lagged behind
increases in prices of farm land. In general, bank
appraisal practices seem to reflect some hesitancy
in following the inflation of land values.
There has apparently been little change in recent
years in the relation between the appraised value of
farm properties and the amount of loan made on
the properties. On loans for the purchase of land
made in 1940 and outstanding in mid-1947, banks
lent an average of 49 per cent of the appraised value
of the property. On loans made in 1947 the average
was 48 per cent. For loans made in 1946, the only
year since 1940 in which the average exceeded 50
per cent, it was 52 per cent.

FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS
TO FARMERS1
by
RICHARD YOUNGDAHL

With respect to interest rates, the farm mortgage
loan market served by commercial banks contrasts
sharply with the non-real-estate or production loan
market. For the farm mortgage loan market, the
structure of rates shows a high degree of uniformity
throughout the banking system. On a given size
and type of farm mortgage loan, made to borrowers
of comparable characteristics, interest charges are
substantially the same at banks of varying sizes in
large and small centers, and in various sections of
the country.
The non-real-estate or production loan market, on
the other hand, appears to be composed of many
small markets each of which has its own pattern of
interest rates related to local conditions. Thus on
farm production loans of like characteristics, important variations are shown among sections of the
country and at banks and in cities of various sizes.
Sharp differences exist, moreover, in the level of
rates charged on production as compared with
mortgage loans to farmers, with rates on the former
considerably higher.
Within each of these divisions of the farm credit
market served by commercial banks the variations
in rates appear to be accounted for by many factors.
Most important of these factors is size of loan.
Other factors related to the borrower, such as type
and financial size of farm, and to the loan, such as
maturity and repayment method, are also of significance.
SUMMARY

The structure of interest rates on bank loans to
farmers in mid-1947 had the following principal
features, as shown by the survey data:
(1) Interest rates were considerably lower on
loans secured by farm real estate than on non-realestate (production) loans, particularly for small
loans and in the South and West. Rates averaged
4.9 per cent on farm mortgage loans and 6.1 per cent
on farm production loans.
1
The present article is one of a series of four articles covering
the results of the nation-wide survey of commercial bank loans
to farmers outstanding in mid-1947. The first article was
"Commercial Bank Loans to Farmers," by Tynan Smith and
Philip T. Allen, Federal Reserve BULLETIN, October 1947.
The other two articles appear elsewhere in this BULLETIN.

DECEMBER

1947




(2) The rate of 6 per cent was more frequent
than any other rate charged farmers on bank loans,
both mortgage and production. For farm mortgage
loans, rates of 5 and 4 per cent were also common.
Almost half of farm production loans were at rates
of 7 per cent or over.
(3) Size of loan was the most significant factor
influencing interest rates. Rates declined progressively as size of loan increased.
(4) Other characteristics of loans, such as purpose, method of repayment, and maturity accounted
for rate variations, particularly in the case of production loans. Differences in rates were also shown
among types of collateral pledged as security for
production loans. Rates were generally lower on
first mortgage loans than on loans secured by junior
liens on farm property.
(5) Differences in rates were shown among loans
to borrowers with various characteristics. On both
mortgage and production loans, but particularly on
the latter, interest rates tended to vary according to
the type of farm operated by the borrower. Rates
on production loans also differed depending on the
tenure and the net worth of the farmer making the
loan.
(6) Variations in size and location of the lending
bank were also reflected in rate differences. For
mortgage loans, differentials in rates were nominal
among large and small banks and large and small
cities; variations among regions were moderate.
Rates on production loans varied somewhat more
among cities and banks of different sizes and
showed substantial divergencies among regions of
the country, even on loans of comparable size.
(7) Farmers in mid-1947 paid about the same
rates for bank loans, both mortgage and production,
as small business concerns paid on comparable
loans outstanding near the end of 1946.
COMPARISON OF RATES ON REAL ESTATE AND ON
OTHER LOANS TO FARMERS

Important differences existed between the pattern
of rates charged by banks in mid-1947 on loans
secured by mortgages on farm real estate and on
1483

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS

production loans to farmers. As is shown in
Chart 1, the most common rate on each type of
loan outstanding in mid-1947 was 6 per cent, with
about 40 per cent of each at that rate. On farm
mortgage loans rates of 5 and 4 per cent were also
charged frequently. Comparatively few bank loans
on farm real estate were at rates of 7 per cent or
CHART 1

DISTRIBUTION OF LOANS TO FARMERS, BY INTEREST RATE
PER CENT
OF TOTAL LOANS

OF TOTAL LOANS

100

00

80

J/l

FARM MORTGAGE LOANS

| H

FARM PRODUCTION LOANS

60

80

60

i

40

20

•

•

Bi

i-, • 1

0
UNDER
4 7.

4 0 TO
4.9 7.

5 . 0 TO
5-9 1

6 0 TO
6.9%

40

20

m 1 H
0
7 . 0 TO
7.9 7.

8 . 0 TO
8.9 %

9 0 7.
AND OVER

over. On the other hand, almost half of the production loans to farmers were made at rates of 7
per cent or over, while only about 10 per cent of
such loans were at rates of less than 6 per cent.
Part of the large differences in rate distribution
between farm mortgage and farm production loans
is due to the fact that the mortgage loans tend to
be larger than the others. Banks customarily charge
higher interest rates on small loans than on large,
both for mortgage and production loans. As is
shown in Chart 2 and in later sections of this
article, average rates on both types of loans declined
systematically with size of loan.
It is clear from the chart, howTever, that the
pattern of rates charged by banks on farm mortgage
loans differs markedly from that charged on farm
production loans. For each size of loan farmers
paid higher rates on production than on mortgage
loans. Differences varied among loan size groups,
but they ranged from 0.7 to 1.0 percentage points
for all size groups under $10,000. On loans of
$10,000 or more, the differential was nominal.
Explanation of the disparities in the rates charged
on the two types of loans probably lies in part in
risk factors. The degree of organization in the
two divisions of the farm credit markets, however,
is also very important.
1484




Farm mortgages command wide acceptance at
the present time in a well-organized national
market. Their acceptability is not necessarily tied
closely with the borrower. Competition for farm
mortgages, regionally and nationally, is strong, and
such paper is actively sought by insurance companies, agencies of the Federal Farm Loan System,
savings banks, and individuals, as well as by commercial banks. Banks, in fact, now hold only
about 14 per cent of the amount of all farm
mortgages outstanding, although in recent years
their importance in the field has been increasing.
Farm production loans, on the other hand, except
perhaps for some types of equipment loans, are
commonly made on a personal basis with the lender
relying more heavily on the creditworthiness of the
borrower than on the collateral pledged to secure
the loan. On these loans, which average much
smaller in amount than the mortgage loans, the
rates at commercial banks are determined in personal negotiation between farmer and banker. Accordingly there are significant variations in rates
among loans depending on local customs and special
CHART 2

AVERAGE INTEREST RATES ON LOANS TO FARMERS
BY SIZE OF LOAN, MID-1947
PERCENTAGE DISTRIBUTION OF LOANS
AVERAGE ANNUAL INTEREST RATES
100
75
50
25
O
0
2
SIZE OF LOANsf
UNDER $500 I

•

1
-I
1

1
50
|

25

0

FARM MORGAGE LOANS

0

2

4

6

FARM PRODUCTION LOANS

competitive situations as well as on circumstances
with respect to farmer-banker business relationships.
The market for farm production loans is not
highly organized since these loans are by their
nature individualistic and not readily standardized.
Commercial banks account for about two-thirds of
the amount of production loans made to farmers by
FEDERAL RESERVE BULLETIN

T H E STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS
TABLE 1
FARM MORTGACE LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN M I D - 1 9 4 7
BY INTEREST RATE AND SIZE OF LOAN

[Estimates of outstanding loaiis]
Original size of loan
Interest rate
(Per cent per annum)

All
sizes

Under
$1,000

$1,000$2,499

$2,500$9,999

$10,000
and over

All
sizes

Number of loans, in thousands
Less than 4 0
4.0
4.1-4.9
5.0
5.1-5 9
6.0
«.
6.1-6.9
70
7 1-7 9
8.0
8.1 and over

1
52
10
76
1
104
0
5
P)
13
2

All rates

265

P)
P)
6
P)
30
P)

P)
8
2
27
1
44

P)
9
1

P)

49

88

1

Under
$1,000

$1,000$2,499

$2,500$9,999

$10,000
and over

Amount of loans, in millions

1
36
7
40
1
29
P)

$

7
255
43
227
3
170
P)
4
P)
11
1

1
4
P)

P)

1

P)

P)
P)

115

14

r

722

$

P)

3
155
25
139
1
90
P)

$

4
88
15
49
P)
14

P)
13
P)

p)

P)
4
P)

P)
4
P)

22

111

418

171

0.6
37 0
6.0
33.3
0.3
21.5

2.6
51 3
8.8
28.9
0.2
8 1

i

$

$

P)
12
3
36
1
53
P)

1

P)

P)
P)
P)

Percentage distribution
Less than 4.0
4.0
4 1-4 9
50
5.1-5 9
6.0
6 1-6 9
70
7.1-7 9
8.0

8.1 and over
All rates

0.4
19 5
3.8
28.8
0.5
39 4
0.1
1.7

1 9
0.3
11.5
0.2
61 0
0.1
4.8

0.1
9 1
2.4
30.3
1.0
50 6
0.1
2.0

0.5
31 4
5.9
35.1
0.4
25 2

2.7
50 1
8.8
28.6
0.1
9 3

1.0
35.3
6.0
31.4
0.4
23.5

0.4

0.1

0.6

4.8

0.1
10.7
2.9
32.1
1.0
47.5
0.1
1.7

0.3

0.1

5 0

17 5

3 9

1 0

1.5

15.0

3.6

0 9

0 1

0.7

2.7

0.5

0.1

0.1
0.1

0.2

2.1

0.4

0.1

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

2 5
0.5
13.2
0.3
61.5

100.0

T
1
2

Revised.
Less than 500 loans or $500,000.
Less than 0.05 per cent.
NOTE.—Detailed figures may not add to totals because of rounding.

credit institutions.2 Of the loans not made at commercial banks, most are currently obtained through
production credit associations. These are Government sponsored organizations of farmers and stockmen, capitalized in part by their member borrowers
and in part by the Federal Government through the
Production Credit Corporations. The associations
obtain funds largely from the Federal Intermediate
Credit Banks, which in turn borrow by selling their
debentures in the investment markets. At present
the basic charge to a member for an advance from
a production credit association is an interest rate
of 4.5 per cent. Comparisons of this rate with rates
paid by farmers for bank credit should allow, however, for special requirements and costs incurred
in obtaining a production credit association loan.
At banks in many sections of the country loans
to farmers for production purposes are often secured
2
An unknown amount of credit is extended to farmers by
retail and wholesale trade concerns and others that are not
primarily credit granting institutions.

DECEMBER

1947




by farm mortgages. Thus in the farm mortgage
portfolios of banks there are loans which are in
many respects more comparable with production
loans than with loans made to purchase farm
property. Rates on such mortgage loans, as is
shown later, tend to be somewhat higher than on
other mortgage loans, a fact which accounts for a
part of the moderate regional and other variations
in mortgage loan rates.
In all regions of the country rates were lower
on farm mortgage loans than on farm production
loans. Comparison of data presented in later sections reveal, however, that the differences were
much larger at banks in the South and West than
in the North and Northeast.
Because of the differences in the structure of
interest rates on farm mortgage and farm production loans, separate treatment will be given to
these two divisions of the farm credit market in
the following analysis of interest rates charged
farmers for bank credit.
1485

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS
TABLE 2
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN

MID-1947

BY INTEREST RATE AND SIZE OF LOAN

[Estimates of outstanding loans]
Size of loan outstanding
Interest rate
(Per cent per annum)

All
sizes

Under
$499

$500- $1,000- $2,500- $10,000
$999 $2,499 $9,999 and over

All
sizes

Under
$499

Number of loans, in thousands
Less than 4 0
4.0

4.1-4.9
5.0
5.1-5.9
60
6.1-6.9
....
7.0
7.1-7.9
8.0
8 1-8 9
9 0-9 9
10 0-10.9 . •
11.0-11.9
12 0-12 9
13.0 and over
All r a t e s . . . .

Amount of loans, in millions

12
41
14
145
14
895
24
267
13
420
24
27
190
14
21

7
7
5
31
7
515
17
184
10
300
20
20
154
12
18

1
7
2
31
3
174
4
48
2
67
3
3
23
1
2

1
16
4
50
4
152
2
29
1
43
1
3
11
1
1

1
10
3
29
1
49
1
6

62

59

2

1

0)

. . . 2,185

1,366

374

317

$500- $1,000- $2,500- $10,000
$999 $2,499 $9,999 and over

0)

1
2
1
5

$

0)

5

0)
0)

'(})'
10
C11)
C)
C1)
C1)
1

113

15

r

80
93
42
266
13
613
10
116
5
167
6
10
57
3
6

$

1
2
1
7
2
90
3
31
2
46
4
3
23
2
2

$

1
4
1
17
2
98
2
28
1
37
1
2
13
1
1

$

2
21
5
62
4
189
2
37
1
51
1
4
13
1
1

8

6

1

1

l,497

225

211

393

0 4
0.9
0.4
2.9
0 7
39.9
1.3
14.0
0 8
20.6
1 6
1.5
10.3
0 9
1.0
2.7
100.0

0 4
2.1
0.4
8.3
0 7
46.6
1.1
13.3
0 7
17.5
0 7
0.9
6.1
0 2
0.5
0.6
100.0

$

7
35
13
105
•168*
3
19
1
30

$

70
30
22
76
2
68
1
1
3

0)

1
6
1
C)

2

C1)
393

276

0.4

1.7

5.4
1.2
15.7
1.1
48.1
0.5
9.4
0 2
12.9
0 2
1.0
3.4
0 1
0.2
0.2

8.9
3.3
26.6
0.9
42.9
0.7
4.8
0 3
7.7

25.4
11.0
8.1
27.6
0.8
24.7
0.2
0.4

100.0

100.0

Percentage distribution
Less than 4.0
40

4 1-4 9
50
5.1-5 9
6.0
6 1-6 9
70
7 17 9
80
8.1-8 9
9 0-9 9
10 0-10 9
....
11.0-11.9...
12 0-12 9
13.0 and over
All rates

0 6
1.9
0.7
6.6
0 7
41 0
1.1
12.2
0 6
19.2
1 1
1.2
8.7
0 6
1.0
2.8
100.0

0 5
0.5
0.4
2.2
0 5
37 7
1.3
13.5
0 7
22.0
1 5
1.5
11.3
0 9
1.3
4.3

0 3
2.0
0.4
8.1
0 8
46 5
1.1
12.9
0 6
18.0
0 7
0.9
6.2
0 2
0.6
0.6

4.9
1.1
15.7
1.1
47.9
0.5
9.1
0 2
13.5
0 3
1.0
3.5
0.1
0.3
0.2

8.6
2.9
25.5
0.8
43.3
0.8
5.5
0 2
8.7

100.0

100.0

100.0

100.0

0.4

1.0

8 9
12.6
5.5
32.4
0 7
35.6
0.6
0.6
2.3

(2)

0.2
1.7
0.1
0.4
0.1

0.9

100.0

5 3
6.2
2.8
17.8
0 9
41.0
0.7
7.7
0 4
11.2
0 4
0.7
3.8
0 2
0.4
0.6
100.0

1.2

(2)

0.2
1.5
0.1
0.5
0.1

0.6

100.0

T
1
2

Revised.
Less than 500 loans on $500,000.
Less than 0.05 per cent.
NOTE.—Detailed figures may not add to totals because of rounding.
SIZE OF LOAN AND INTEREST RATES

Size of loan is the most significant of the factors
affecting the interest rates paid by farmers for
bank credit. As is shown in Chart 2 and pointed
out above, average rates were substantially higher
on small loans than on large loans, and rates declined steadily as loan size increased.
Interest rate differences by size of loan may reflect
a number of factors. Certain costs incurred by a
bank in making and servicing a loan are the same,
or nearly so, irrespective of the size of the loan.
To cover such costs higher rates are customarily
charged on small loans than on large loans. Other
factors also tend to encourage banks to establish a
1486




schedule of interest rates that varies by size of loan,
declining as the amount borrowed increases. Large
borrowers frequently hold at the bank, at least at
certain periods of the year, substantial deposit
balances, and they may also bring a considerable
volume of other business to the bank. In order to
attract and keep these customers, special borrowing
rates may be offered to them. Borrowers of large
amounts, moreover, may be more inclined and
possibly better equipped to shop for the most
favorable interest rates.
Farm mortgage rates. Seventy-five per cent or
more of both the number and amount of farm real
estate loans in each of the four size groups shown
FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS
TABLE

3

AVERAGE INTEREST RATES ON FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING

IN MID-1947

BY SIZE OF BANK, SIZE OF CITY, AND FEDERAL RESERVE DISTRICT, AND BY SIZE OF LOAN

[Per cent per annum]
Original size of loan
Classification
All

All loans

Under
$1,000

$1,000$1,499

$1,500$2,499

$2,500$4,999

$5,000$9,999

$10,000
and over

6.2

5.8

5.4

5.0

4.7

4.5

Size of bank (total deposits, in millions of dollars):
Under 2
2-10
10 and over

5.0
4.9
4.6

6.3
6.2
6.0

5.7
5.8
5.5

5.4
5.5
5.3

5.0
5.1
4.7

4.7
4.7
4.5

4.5
4.6
4.4

Size of city (population):
Under 1,000
1,000-2,499
2,500-4,999
5,000-9,999
10,000-24,999
25,000-99,999
100,000 and over

5.0
5.0
5.0
4.9
4.7
4.6
4.7

6.2
6.2
6.2
6.4
6.1
6.2
6.1

5.7
5.8
5.8
5.9
5.6
5.4
5.9

5.4
5.5
5.5
5.4
5.3
5.3
5.6

5.0
5.2
5.1
5.0
4.9
4.7
5.1

4.7
4.7
4.8
4.7
4.6
4.6
4.6

4.6
4.5
4.5
4.6
4.4
4.3
4.4

Federal Reserve district:
Boston
New York
Philadelphia

5.0
4.8
5.0

5.4
5.5
5.7

5.3
5.3
5.6

5.1
5.0
5.4

4.9
4.8
5.0

5.0
4.6
4.9

4.8

Cleveland
Richmond
Atlanta

4.9
5.0
5.8

5.8
5.7
6.8

5.6
5.7
6.3

5.4
5.5
6.1

5.0
5.2
5.7

4.7
4.9
5.7

4.3
4.5
5.1

Chicago
St. Louis
Minneapolis

4.5
5.2
4.5

5.7
6.4
5.9

5.4
5.8
5.3

5.2
5.6
4.9

4.7
5.2
4.5

4.3
4.8
4.2

4.1
4.4
4.0

Kansas City
Dallas
San Francisco

4.8
5.1
4.9

6.5
7.1
6.5

5.9
6.6
6.0

5.2
6.3
5.7

4.8
5.2
5.4

4.6
4.9
5.1

4.2
4.6
4.5

1

0)
0)

Insufficient number of loans to permit computation of an average rate.

in Table 1 were made at interest rates of from 4
to 6 per cent. Loans of less than $1,000 were highly
concentrated at 6 per cent, with much smaller
numbers at rates of 8 and 5 per cent. As size of
loan increased, a rising percentage of loans were
at rates of 5 and 4 per cent. Of the loans of $10,000
or more, half were at rates of 4 per cent and all
but 10 per cent were at rates of from 4 to 5 per cent.
Rates on farm mortgage loans of any size were
seldom more than 8 per cent or less than 4 per cent.

that, as was pointed out in another article in this
series, over four-fifths of the banks making farm
production loans have a minimum interest charge
commonly ranging from 50 cents to fl.OO.3 Application of the minimum charge to small short-term
loans often resulted in a high annual rate.
Farm production loans, like farm mortgage loans,
tended to be made at lower interest rates as size of
loan increased. Unlike the latter, however, more
production loans were at 6 per cent than at any
other rate, irrespective of loan size. Even for loans
of $10,000 or more, only about one-fourth of the
number of loans were at less than 5 per cent.

Production loan rates. Production loans tended to
be at rates of 6, 7, 8, and 10 per cent, as is shown
in Table 2. Of loans of less than $500, about twofifths were at 6 per cent, one-fifth at 8 per cent,
INFLUENCES OTHER THAN SIZE ON MORTGAGE
and one-tenth each at 7 and 10 per cent. About
LOAN RATES
90,000 of these loans were made at effective rates
of 11 per cent or more. Among these were many
Within each size group of loans, rates on farm
consumer credit type loans. Other loans at high mortgages varied moderately depending on the
effective rates were on a discount basis, where dis- characteristics of the bank, the farm, and the borcount was charged for a full year although the loan rower. These variations, which were generally
had a maturity of less than a year. Another factor
3
Tynan Smith and Philip T. Allen, "Commercial Bank Loans
accounting for high annual rates on small loans is to Farmers,"
Federal Reserve BULLETIN, October 1947, p. 1221.
DECEMBER 1947




1487

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS

small for small loans, narrowed further as size of
loan increased.
Size and location of bank. The pattern of interest
rates on farm mortgage loans was remarkably
uniform among banks of all sizes, banking centers
of all sizes, and even throughout most areas of the
country. This similarity is indicated in Table 3,
which shows average interest rates for farm
mortgage loans of various sizes by size of bank,
size of city, and Federal Reserve district.
Large banks—that is banks with deposits of 10
million dollars or more—tended to charge slightly
lower rates on farm mortgage loans than did smaller
banks. Differences were usually 0.2 percentage
points or less, however, on loans of comparable size.
At very small banks—those with less than 2 million
dollars in deposits—rates were substantially the
same as those charged by institutions of medium
size.
Uniformity in farm mortgage rates also prevailed
as among banks in centers of various sizes. Differences in average rates rarely exceeded 0.3 percentage
points for comparable loans, as is shown in the
table. Banks in cities of 25,000 to 100,000 population tended to charge slightly lower rates than those
in other cities, but aside from this there appears
to have been no general rate differences by size of
city.
Regional variations in farm mortgage interest
rates at banks are considerably larger than differences among banks and cities of various sizes.
Banks in the Atlanta, Dallas, and San Francisco
Federal Reserve Districts charged higher rates on
farm mortgage loans, particularly on smaller loans,
than did banks in other sections. Rates at banks
in the Chicago and New York Districts, on the
other hand, were generally below those in other
areas. Nevertheless, except for small loans, on
which rate differentials were comparatively sharp,
a fair degree of rate uniformity was shown throughout the northern and mid-western regions.
Higher rates on farm mortgage loans at banks
in the South and Far West may reflect in part the
fact that many short-term loans for production purposes are secured by mortgages on farm real estate.
Such loans, like non-real-estate production loans,
tended to carry somewhat higher rates than did
other mortgage loans, particularly in the South.
Even after allowance for this factor, however,
interest charges on farm mortgage loans in these
sections still exceed those in other areas. Rates on
1488




loans to businesses, particularly small businesses,
and, as is shown in a later section, on farm production loans tend also to be higher in the Deep South,
the Southwest, and the Far West than elsewhere.
Type of farm. Except on cotton and tobacco farms,
average rates charged by banks for mortgage credit
were substantially uniform for all types of farms.
On small loans, dairy farmers generally paid somewhat lower rates than did others, while on large
loans to fruit farmers rates tended to be moderately
above average. The degree of uniformity in
mortgage rates was more striking, however, than
were the minor differences shown, as is indicated
in Table 4.
Advances secured by mortgages on cotton farms
generally bore interest rates substantially higher
than those on other farm mortgages; for loans of
comparable size they averaged about 0.6 percentage
points higher. Similarly, rates on tobacco farm
mortgages tended to be significantly above average,
particularly for medium-sized loans. For both of
these farming operations short-term production
loans are frequently secured by real estate. Since
TABLE
AVERAGE
INSURED

INTEREST

RATES

COMMERCIAL
BY

ON

BANKS

4
FARM

MORTGAGE

OUTSTANDING

IN

LOANS

OF

MID-1947

T Y P E OF FARM AND SIZE OF LOAN

[Per cent per annum]
Original size of loan
Type of farm

General
Dairy
Wheat, corn, and
field crops
Livestock
Poultry
Truck
Fruit
Cotton
Tobacco
Other
All types
1
Insufficient
average rate.

All Under $1,000- $1,500- $2,500- $10,000
and
sizes $1,000 $1,499 $2,499 $9,999
4.8
4.8

6.2
5.8

5.7
5.6

5.4
5.2

4.8
4.7

4.3
4.5

4.8
4.8
5.1
5.2
5.1
5.7
5.6
5.0

6.2
6.4
6.1
6.6

5.8
5.8
5.8
5.8
6.2
6.0
5.7

4.9
4.8
5.0
5.1
5.2
5.4
5.6
4.9

4.5
4.3

6.8
6.1
6.1

5.3
5.5
5.4
5.5
5.4
6.1
5.9
5.4

4.9

6.2

5.8

5.4

4.8

4.3

(x)

0)

0)
&

8

4.5
number of loans to permit computation of an

rates were higher on loans for production purposes
than on loans for the purchase of real estate, the
average rate on mortgage loans was raised accordingly. Also, most cotton farms and many tobacco farms are in regions where interest rates, both
on farm and business loans, tend to be above
average.
FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS
Purpose of loan. In setting interest rates on farm
mortgage loans, banks in most areas do not in
general differentiate among purposes for which
funds may be borrowed. For the country as a
whole only minor variations in average rates were
shown by purpose of loan, as is indicated in Table 5.
Borrowers tended to obtain slightly more favorable
interest terms when loan proceeds were applied to
the purchase of the mortgaged property than when
the loan funds were used to build or repair buildings or for, other purposes, such as for living and
production expenses and repayment of debt. Differences, however, averaged only about 0.2 percentage points. Rates were about the same on
loans made for building or repairs, for purchasing
land other than that mortgaged, or for other purposes than the purchase of the mortgaged land.
TABLE 5
AVERAGE

INTEREST

INSURED

COMMERCIAL

RATES ON FARM MORTGAGE LOANS OF
BANKS

OUTSTANDING

IN

MID-1947

BY PURPOSE, T Y P E OF L I E N , AND REPAYMENT METHOD, AND
BY SIZE OF LOAN

[Per cent per annum]
Original size of loan
Classification
$10,000
All Under $1,000- $1,500- $2 ,500- and
sizes $1,000 $1,499 $2,499 $9,999 over
4.9

6.2

5.8

5.4

4.8

4.5

4.8
4.9

6.1
6.0

5.7
5.9

4.7
4.9

4.4
4.6

5.2
5.1

6.4
6.4

5.8
5.8

5.3
5.5
5.5
5.5

5.1
5.0

4.6
4.6

Type of lien:
4.9
First lien
Junior lien. . . . 5.6

6.2
6.0

5.8
6.1

5.4
5.7

4.8
5.5

4.5
0)

Repayment
method:
Loans maturing
in 1 year
or less:
One payment 5.6
Instalment. . 5.1

6.4
6.0

6.1
5.6

5.9
5.4

5.5
5.0

5.0
4.6

Loans maturing in over
1 year:
One payment 4.8
Instalment. . 4.7

6.0
6.0

5.6
5.5

5.3
5.2

4.7
4.7

4.5
4.3

All loans
Purpose:
Buy land mortgaged
Buy other land.
Build or repair
buildings.. . .
Other

1
Insufficient
average rate.

the pledge of real estate. Such mortgage loans
tended to be at rates comparable with those on
non-real-estate production loans. Since differences
between rates on real estate and on non-real-estate
loans are considerably larger in the South and West
than in other regions, differences between rates on
farm mortgage loans for the purchase of land and
on mortgage loans for other purposes were relatively
wide in these sections.
Type of lien. Loans secured by first mortgages on
farm property carried rates which were lower than
those on loans secured by junior liens. An exception was that, for small loans, the junior lien had
rates somewhat below those on first mortgages.
Only about 2,000 loans secured by junior liens on
farm property were outstanding at commercial
banks in mid-1947, however, and these probably
were held in most cases as a result of special circumstances.

number of loans to permit computation of an

National averages, however, conceal some regional
variations in practices. An important proportion of
farm mortgage loans are for production purposes
and, particularly in the South, many of these loans
are to farmers who could not obtain credit without
DECEMBER 1947




Method of repayment. In mid-1947 banks charged
farmers lower interest rates on mortgage loans with
instalment repayment provisions than on those
providing for retirement in one payment. For loans
maturing in less than one year, as is shown in
Table 5, average rates on instalment loans wrere
about 0.5 percentage points less than average rates
on single-payment loans. These differentials may
be related, in part at least, to loss experience. Use
of instalment payments on short-term loans, with
payments frequently timed with and tied directly
to receipts from farm marketings, has been a successful device for reducing lender risk.
On longer-term farm mortgages, rates were also
lower on amortized than on single-payment loans.
Differences, however, were very small.
Maturity of loan. Banks charged farmers less per
year for long-term than for short-term mortgage
credit. As is shown in- Table 6, rates were lower
than average on loans maturing in three years or
more and above average on those extended for a
stated period of less than three years. Demand loan
rates were relatively low where the amounts involved were small. On large demand loans rates
were somewhat above average although still below
those on loans with maturities of less than two years.
Explanation of the tendency for bank rates on
farm mortgage loans to decline as maturity
lengthens probably lies, in part at least, in the fact
that banks make many short-term real estate loans
of the production type to farmers who could not
1489

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS
obtain a non-real-estate loan. Such borrowers
would not be in a strong position to bargain for
low rates. Long-term loans, moreover, because
they involve a commitment of bank funds for an
extended period of time, may be more carefully
screened, and may thus tend to be above average
in quality. In addition initial loan costs can be
recovered over a greater period on long-term than
on short-term loans, and accordingly the annual
rate on long-term loans may be lower and still
include provision for such costs.
The tendency for rates on demand mortgage
loans to average less than those on mortgage loans
with short-term maturities may reflect the practice
at many banks of carrying essentially long-term
credit extensions as demand loans. Such loans are
frequently made originally on a short-term basis
and held as demand loans after the maturity date.
Because of their uncertain duration, however, they
do not bear as low rates as do loans with stated
long-term maturities.
TABLE 6
AVERAGE
INSURED

INTEREST

RATES

COMMERCIAL

ON FARM MORTGAGE

BANKS OUTSTANDING

IN

LOANS OF
MID-1947

BY MATURITY AND SIZE OF LOAN

[Per cent per annum]
Original size of loan
Maturity of loan

All Under $1,000- $1,500- $2,500- $10,000
and
sizes $1,000 $1,499 $2,499 $9,999 over

5.1
Demand
One year or less. . 5.6
5.4
1-2 years
5.1
2-3 years
4.7
3-5 years
4.6
5-10 years
Over 10years. . . 4.3
All maturities

4.9

5.7
6.5
6.5
6.1
5.9
5.7

0)

5.6
6.1
6.1
5.8
5.4
5.3
5.3

6.2

5.8

5.4
5.9
5.8
5.5
5.2
5.1
4.7

5.0
5.5
5.2
4.9
4.7
4.7
4.3

4.7
4.9

4.8

4.5

0)
4.8
4.3
4.4
4.3

1
Insufficient number of loans to permit computation of an
average rate.

VARIATIONS IN RATES ON FARM PRODUCTION LOANS

In contrast to bank loans secured by farm
mortgages, bank loans for farm production show
wide variations in rates among loans of comparable
size and other characteristics. These variations
appear to reflect different local credit market conditions as well as differences in bargaining position
and creditworthiness of individual borrowers.
Rate differences by size of bank and city. For
production credit, farmers paid somewhat more at
1490




small banks than at large. As is shown in Table 7,
rates on loans of comparable size were about 0.5
percentage points higher at very small banks than
at large banks, and medium-sized institutions
charged rates close to the average.
TABLE

7

AVERAGE INTEREST RATES ON FARM PRODUCTION

LOANS OF

INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947, BY
SIZE OF BANK, SIZE OF CITY, AND FEDERAL RESERVE DISTRICT
AND BY SIZE OF LOAN

[Per cent per annum]
Size of loan outstanding
Classification
All

All loans

6.1

Size of bank (total deposits, in millions
of dollars):
Under 2
2-10
Over 10

6.7
6.1
5.1

Size of city (population) :
Under 1,000
1,000-2,499
2,500-4,999
5,000-9,999
10,000-24,999
25,000-99,999
100,000 and over...
Federal Reserve district :
Boston
New York
Philadelphia

Under $250- $500-$1,000- $2,500
and
$250 $499 $999 $2,499 over
7.2

6.8

6.3

5.4

7.8
7.6
7.3

7.4
7.1
6.8

6.9
6.7
6.3

6.5
6.2
5.9

6.1
5.5
4.6

6.5
6.6
6.4
5.7
6.0
5.0
4.3

7.4
7.8
8.0
8.1
7.6
6.9
7.6

7.0
7.3
7.5
7.2
7.1
6.4
7.0

6.7
6.9
6.9
6.7
6.7
6.1
6.3

6.4
6.4
6.4
6.0
6.1
5.7
6.1

6.0
6.1
5.7
5.1
5.5
4.5
3.9

5.2
5.6
5.3

5.9
5.9
6.0

5.7
5.9
5.8

5.6

5.8
5.7

5.3
5.7
5.4

4.8
5.4
5.0

6.0
6.2
7.3

5.7
5.7
6.7

5.2
5.2
5.6

6.1
6.5
6.7

5.6
6.1
6.4

5.3
5.7
5.6

7.3
8.3
7.1

7.0
7.6
6.4

4.9
6.4
5.4

Cleveland
Richmond
Atlanta

5.7
5.7
6.9

Chicago
St. Louis
Minneapolis

5.7
6.3
6.2

6.5
7.3
7.1

6.0
6.1
7.8
6.3
6.9
6.9

Kansas City
Dallas
San Francisco

6.1
7.6
5.8

8.9
10.9
8.2

8.0
9.5
7.4

Variations in average interest charges on farm
production loans were substantial among banks in
cities of different sizes. Average rates for a given
size of loan showed divergencies by size of city of
about one percentage point. No regular pattern
of rate differences among cities with a population
of 10,000 or less is evident. Banks in cities of
over 25,000 population tended to charge lower
rates than those in smaller centers, while at banks
in cities of 10,000-25,000 population rates averaged
about the same as for the country as a whole. With
respect to loans of $2,500 or more, comparisons by
size of city are not meaningful since this size group
FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS
is open-ended and at banks in larger cities it includes some very large loans at relatively low rates.
Regional variations in rates. Very large regional
differentials prevailed in rates on bank production
loans to farmers. In the Dallas and Atlanta Federal
Reserve Districts banks charged rates which were
generally much higher on loans of like size than
in most other districts. San Francisco and Kansas
City were also comparatively high-rate districts on
smaller loans. On loans of less than $250, average
annual rates varied from less than 6 per cent in
the Boston and New York Districts to nearly 11
per cent in the Dallas District. Divergencies in
rates were also shown for other sizes of loans, but,
as on farm mortgage loans, they narrowed as loan
size increased.

points more than did rates on loans for other purposes, and even for larger loans slight difference
prevailed. Higher rates on loans to pay production
and living expenses may reflect a weaker financial
position of many borrowers who seek loans for
such purposes. Such borrowers, moreover, may
need to pledge as loan collateral types of security
which ordinarily carry higher rates, such as growing
crops or a combination of crops, livestock, or
machinery. Farmers requesting credit to improve
or add to current or fixed capital goods may on an
average appear to be sounder risks.

Security. Bank rates on farm production loans
varied widely according to the nature of the collateral offered. Farmers who were able to borrow
on an unsecured or endorsement basis, and such
Effect of purpose of loan. Farmers paid more for loans were about one-half of all farm production
bank credit needed to pay production or living ex- loans at commercial banks in mid-1947, paid rates
considerably below the average rate on secured
loans. Interest charges were highest on loans
TABLE 8
secured by growing crops, and a combination of
AVERAGE INTEREST RATES ON FARM PRODUCTION LOANS OF
crops, livestock, or machinery. Farmers who cannot
INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947, BY
borrow without collateral and who can offer only
T Y P E OF FARM AND PURPOSE OF LOAN, AND BY SIZE OF LOAN
growing crops as loan security are not in all prob[Per cent per annum]
ability prime financial risks. Similarly, this would
tend to be true where a bank considers it desirable
Size of loan outstanding
to pull in a variety of types of collateral for a loan,
Type of farm and
purpose of loans
All Under $250-$500-$1,000- $2,500
or
where, for small loans, stored crops are used as
and
sizes $250 $499 $999 $2,499 over
security.
Loans secured by livestock or machinery were at
6.1
5.4
7.2
7.7
6.8
6.3
All loans
rates close to the average for all banks. Former
Type of farm:
6.4
5.7
6.3
General
7.4 7.0 6.7
servicemen who borrowed under the guarantee or
5.9
5.5
Dairy
5.9
6.9 6.5 6.3
Wheat, corn, and
insurance provisions of the Servicemen's Readjust6.4
6.6
5.9
7.5 7.0
8.2
field crops
6.2
5.3
7.5 7.1 6.7
4.9
Livestock
ment
Act (G. I. loans) obtained funds at about
5.7
5.7
7.6 6.6 6.0
Poultry
5.5
6.1
7.8 6.5
6.0
8.5
5.4
Truck
4
per
cent. As was indicated in the first article
5.8
4.8
5.4
7.6 6.6 6.7
Fruit
7.5
5.9
in this series, commercial banks had about 12,000
7.7
9.5 8.8 8.1
Cotton
6.3
5.5
6.1
6.4 6.0 6.1
Tobacco
such loans outstanding in mid-1947.4
6.2
5.5
6.2
7.1 6.9 6.7
Other
Purpose of loan:
Net worth and tenure of borrower. Farmers with
Pay production and
living expenses... 6.6
5.6
6.6
7.8 7.7 7.1
large net worth generally paid lower rates for a
Buy machinery or
5.5
livestock
6.0
given size of loan than did those with small net
6.2
7.1 6.8 6.5
Buy or improve land
worth. Rates tended to decline as net worth of the
5.9
5.7
5.5
6.8 6.6 6.3
or buildings
6.1
5.9
5.1
Repay debts
6.8 6.7 6.7
borrower increased. On loans of less than $250,
for example, banks charged an average annual rate
penses, that is, the current operating costs of farm- of 8.5 per cent from borrowers having net worth
ing, than they did for funds to make capital of under $2,000. Farmers with from $25,000 to
improvements or to refinance debts. As Table 8 $100,000 net worth obtained loans of this size at
shows, loans of less than $2,500 made to pay pro- an average rate of 6.7 per cent. On larger loans difduction or living expenses, which accounted for ferences were less striking but still significant.
Borrowers who owned their farms paid rates
over half of all bank non-real-estate loans to farmers,
carried rates which averaged about 05 percentage
* Ibid., p. 1220.
DECEMBER

1947




1491

THE STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS
TABLE 9
AVERAGE INTEREST RATES ON FARM PRODUCTION LOANS OF
INSURED COMMERCIAL BANKS OUTSTANDING IN M I D - 1 9 4 7 , BY
TYPE OF SECURITY, N E T WORTH OF BORROWER, AND TENURE
OF BORROWER, AND BY SIZE OF LOAN

[Per cent per annum]
Size of loan outstanding
Classification

All loans
Type of security:
Unsecured
Endorsed
Livestock
Machinery
Growing crops
Crops in storage. . .
C o m b i n a t i o n of
crops, livestock,
or machinery....
G. I. guarantee or
insurance....:...
Other
Net worth of borrower:
Under $2,000
=..
$2,000-$9,999
$10,000-$24,999....
$25,000-$99,999....
$100,000 and over. .
Tenure of borrower:
Owner, farm not
mortgaged
Owner, farm mortgaged
Tenant or cropper..

All
sizes

Under $2 50-$500-$1,000- $2,500
and
$250 $499 $999 $2,499 over

6.1

7.7

7.2

6.8

6.3

5.8
5.9
5.8
6.6
7.1
4.4

7.0
6.7
7.9
7.3
10.5
9.8

6.6
6.3
7.3
7.2
8.1
7.9

6.3
6.1
6.9
6.8
6.9
6.5

5.9
5.8
6.4
6.6
6.6
5.8

5.2
5.2
5.2
6.0
6.3
3.2

6.9

9.5

8.5

7.5

6.8

5.9

4.2
5.3

0)

4.2
6.6

4.1
6.4

4.1
5.6

4.1
4.5

7.5
6.7
6.3
5.6
4.6

7.2

8.5
7.4
7.1
6.7
4.2

7.9
7.1
6.7
6.6

0)

7.4
6.8
6.5
6.3
6.4

6.3
6.5
6.3
6.0
5.8

5.9
6.0
6.1
5.5
4.5

10

RATES ON FARM PRODUCTION LOANS OF

INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947, BY

[Per cent per annum]
Size of loan outstanding
Repayment method
and maturity

5.8

7.5

6.1
6.7

7.3
8.1

7.0
7.5

6.6

6.1

5.0

6.7
6.9

6.3
6.5

5.5
5.8

Repayment method. Like farm real estate loans,
single-payment farm production loans carry higher
rates than do those which provide for instalment
repayment. Lowest rates are paid on loans with
repayment in irregular instalments, with payments
presumably related to the pattern of farm cash
receipts. Almost 90 per cent of bank loans to
farmers for production purposes call for lump-sum
repayment, however.
Maturity. Rates on demand loans and on loans
maturing in over one year were generally below
those on other production loans. Highest rates
were paid for credit extended for from six to nine
months. Differences in farm production loan rates

All
sizes

Under $250- $500- $1,000- $2,500
and
$250 $499 $999 $2,499 over

6.1

7.7

7.2

6.8

6.3

5.4

Repayment method:
6.2
Single payment
Regular instalments. 6.0
Irregular instalments. 5.3

7.7
7.6
6.6

7.2
7.0
6.6

6.8
6.6
6.3

6.3
5.9
6.0

5.4
5.4
4.6

Maturity of loan:
Demand
3 months or less
3-6 months
6-9 months
9-12 months
Over 12 months

7.0
6.7
7.5
8.9
7.7
7.3

6.5
6.7
6.9
8.5
7.3
7.0

6.5
6.5
6.6
7.6
6.8
6.4

6.1
6.4
6.2
6.7
6.4
5.8

5.1
6.3
5.6
5.8
5.5
5.4

All loans

about 0.5 percentage points lower for a given size
of loan than did renters. Except on large production loans, banks did not in general differentiate
in the rates charged farmers who own farms
without lien and those who have mortgaged their
property.




TABLE
AVERAGE INTEREST

METHOD OF REPAYMENT AND MATURITY, AND BY SIZE OF LOAN

1
Insufficient number of loans to permit computation of an
average rate.

1492

by maturity of loan do not appear, however, to have
reflected primarily the relative willingness of banks
to commit funds for particular periods of time.
The variations probably were due largely rather to
variations in other characteristics of loans and the
differentials in rates and maturities associated with
them. Thus, for example, the loans secured by a
crop or a combination of crops, livestock, or machinery tended to carry maturities of three to nine
months. Because rates were high on such loans,
rates on loans of that maturity tended to be above
average.

5.6
6.4
6.2
6.8
6.2
5.8

COMPARISON OF INTEREST RATES ON BANK LOANS TO
FARMERS AND TO BUSINESSES

With respect to financing problems, farms are in
many respects comparable with small businesses,
and banks charged farmers about the same average
rates on their loans in mid-1947 as they charged on
loans to small business concerns outstanding in
November 1946.5 Like farmers, small business
establishments—those with assets of less than $50,000—paid rates on non-real-estate loans ranging
from over 7 per cent on loans of less than $500 to
less than 4 per cent for loans of $10,000 or more.
Bank rates on mortgage loans averaged just under
5 per cent to farmers and to small businesses.
5
See Richard Youngdahl, "The Structure of Interest Rates
on Business Loans at Member Banks," Federal Reserve BULLETIN, July 1947; and Charles H. Schmidt, "Member Bank
Loans to Small Business," Federal Reserve BULLETIN, August
1947.

FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Death of Vice Chairman Ransom

The Board of Governors announces with the
deepest regret the death of its Vice Chairman, Mr.
Ronald Ransom, on December 2, 1947. Mr. Ransom had been a member of the Board of Governors
since February 3, 1936, and had served as Vice
Chairman since August 6, 1936.
Federal Reserve Meetings
The Federal Advisory Council held a meeting in
Washington on November 16-18, 1947, and met
with the Board of Governors of the Federal Reserve
System on November 18, 1947.
The Conference of Chairmen of the Federal Reserve Banks met in Washington, D. C, on December 1 and 2, 1947.
The Conference of Presidents of the Federal
Reserve Banks met in Washington, D. C, on
December 8, 1947. The Presidents met with the
Board of Governors of the Federal Reserve System
on December 9, 1947.
A meeting of the Federal Open Market Committee was held in Washington, D. C, on December 9, 1947.
Publication of Postwar Economic Studies No. 8
Federal Reserve Policy, the eighth and last of the
special series of postwar economic studies authorized by the Board of Governors, will be available
for distribution in January. The pamphlet will
contain the following papers: "Three Decades of

Federal Reserve Policy," by Karl R. Bopp; "Impact
of the War on the Member Banks, 1939-1946," by
Robert V. Rosa; "Selective Instruments of National
Credit Policy," by Carl E. Parry; and "Problems
of Postwar Monetary Policy," by Woodlief Thomas
and Ralph A. Young.
All the pamphlets in this series contain essays on
related subjects by specialists on the staffs of the
Board of Governors and the Federal Reserve Banks.
The views expressed in the papers are entirely those
of the authors, and there is no official endorsement
of any of the proposals made.
Individual pamphlets may be purchased for 25
cents each, or for 15 cents each for group purchases
of ten or more in single shipment. Orders should
be sent to the Division of Administrative Services,
Board of Governors of the Federal Reserve System,
Washington 25, D. C.
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, 1947 to November 15, 1947:
Texas
Dallas—Texas Bank & Trust Company of Dallas
Houston—First State Bank of Green's Bayou
Junction—First State Bank
Wyoming
Upton—Union State Bank

STATISTICAL BULLETIN OF THE INTERNATIONAL MONETARY FUND
Beginning January 1948, the International Monetary Fund will publish a monthly statistical bulletin
entitled "International Financial Statistics." This
Bulletin will contain statistics arranged by countries, for some sixty countries, on exchange rates,
gold production, gold and foreign exchange holdings, assets of the Central Banks and of Commercial Banks, interest rates, money supply, prices,
foreign trade and production, with notes on the
significance of the items carried. The figures for
1936 through 1947 will be on an annual basis and
for the last 18 months on a monthly basis. The
DECEMBER

1947




Bulletin will also publish the balance sheets of the
International Monetary Fund and the International
Bank for Reconstruction and Development. The
annual subscription rate for the United States will
be $5.00. Subscriptions should be sent to the International Monetary Fund, Washington 6, D. C.
Equivalent rates in other member countries will
be accepted in local currency. Arrangements are
being made to set up agents in other countries; in
the meantime inquiries should be addressed to the
International Monetary Fund.
1493

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Not/ember 25, and released for publication November 27]

Industrial output increased further in October.
Department store sales continued in large volume
in October and the first half of November. The
general level of wholesale commodity prices advanced slightly further.
INDUSTRIAL PRODUCTION

Production of manufactures and minerals continued to rise in October, and the Board's seasonally adjusted index of industrial production
reached a level of 189 per cent of the 1935-39
average. This was the same as the rate prevailing
during the first quarter of the year and 4 per cent
above the third quarter average.
Output of durable goods increased further in
October to about the level that prevailed in the
early months of this year, owing mainly to larger
output of iron and steel. Operations at steel mills
were at 97.6 per cent of capacity, the highest rate
since the end of the war, and this rate has been
sustained in November. Activity in most branches
of the machinery and transportation equipment
industries increased somewhat further in October.
Production of nondurable goods showed a slight
advance in October to a level of 173 per cent of
the 1935-39 average, as compared with a rate of
176 at the beginning of the year. The rise in Oc-

tober reflected mainly increases in activity at cotton
mills and in the printing and publishing industry.
Cotton consumption in October was 10 per cent
above the reduced rate prevailing during the third
quarter but 10 per cent below the rate in October
1946. Newsprint consumption continued to expand
and was 16 per cent larger than a year ago.
Minerals output advanced somewhat in October,
owing to further gains in fuel production and was
about 5 per cent above the level at the beginning
of the year. Most of the rise this year has been due
to a 10 per cent increase in crude petroleum output.
EMPLOYMENT

Nonagricultural employment continued to increase in October, owing mainly to the usual large
pre-Christmas rise in wholesale and retail trade.
In manufacturing, a seasonal reduction of nearly
150,000 workers in the canning industry largely
ofTset further gains in most other lines.
CONSTRUCTION

Value of construction contract awards, according to the F. W. Dodge Corporation, rose sharply
in October following a decline in September and
was only slightly below the August peak. Awards
for residential building and utility construction
CONSTRUCTION CONTRACTS AWARDED

1NDUSTRIAL PRODUCTION

[939

1941

1943

1945

1947 1939

1941

1943

1945 1947

Federal Reserve index. Monthly figures, latest shown are for
October.

1494




MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

PHYSICAL VOLUME SEASONALLY ADJUSTED. 1935-39° 100

1943

1945

1947 1939

1943

1945 1947

F. W. Dodge Corporation data for 37 Eastern States. Nonresidential includes awards for buildings and public works and
utilities. Monthly figures, latest shown are for October.
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
showed the largest increase. The Department of
Labor estimated that work was begun on 92,000
dwelling units in October, the same number as in
September, and 82,000 units were completed as
compared with 77,000 in September.
DISTRIBUTION

Department store sales, according to the Board's
seasonally adjusted index, were 278 per cent of the
1935-39 average in October as compared with 290
in September and an average of 280 during the
first three quarters of the year. In the first
half of November sales showed more than the
usual seasonal increase and were 11 per cent larger
than in the corresponding period of 1946.
COMMODITY PRICES

The general level of wholesale commodity prices
increased slightly further in October and the early
part of November, reflecting advances in industrial
commodities. Average price levels for farm
products and foods were unchanged, as increases
in cotton, cereal products, and fats and oils
were offset by declines in prices of livestock products
from the advanced levels reached in September.
Retail prices, according to the consumers' price
index, advanced 2 per cent in September, reflecting
a rise of 4 per cent in foods, 2 per cent in rents,
and an average increase of 1 per cent in prices
of other items. In October retail prices of foods

apparently declined somewhat while prices of various other items continued to advance.
BANK CREDIT

Rapid expansion in commercial and industrial
loans continued at banks in leading cities during
October and the first half of November. Real
estate and consumer loans also increased further.
Transfer of funds by the Treasury from war
loan balances at commercial banks to Treasury
accounts at Reserve Banks, together with Treasury
retirement for cash of Government securities held
by Reserve Banks, resulted in a drain on member bank reserves in late October and again
in mid-November. Banks obtained reserves to
meet this drain largely through further gold inflows and by selling Government securities to the
Reserve Banks.
INTEREST RATES AND BOND YIELDS

Prices of Treasury bonds declined considerably
in October and November, following an earlier
decline in corporate bond prices. The yield on
the longest 2% per cent issue rose to 2.44 per cent,
compared with a low point for this year of 2.28.
Average rates on Treasury bills have risen gradually
since last summer to .94 per cent in November. A
new 13-month V/& per cent Treasury note has been
offered in exchange for the % per cent certificates
maturing December 1.
LOANS AT MEMBER BANKS IN LEADING CITIES

DEPARTMENT STORE SALES AND STOCKS

ONS OF DOLLARS

BILLIONS OF Df^U

/
-

COMMERCIAL*

-

y

FOR PURCHASING
SECURITIES K

-

-

] \
I
1V 1

AMMU

OTHER

REAL ESTA rE

1939

1940

1941

194Z

1943

1944

1945

1946

1947

Federal Reserve Indexes. Monthly figures, latest shown are
for October.

DECEMBER

1947




1940

1941

1942

1943

1944

1945

1946

1947

Excludes loans to banks. Wednesday figures, latest shown are
for Nov. 19.

1495

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items. .
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements

1499

1500

Federal Reserve Bank statistics. .

1501-1504

Guaranteed war production loans

1505

Deposits and reserves of member banks. .

1505-1506

Money in circulation. .

1507-1508

....

Gold stock; bank debits and deposit turnover

1508

Deposits and currency; Postal Savings System; bank suspensions. .

1509

All banks in the United States, by classes. . .

1510-1511

All insured commercial banks in the United States, by classes. .

1512-1513

Weekly reporting member banks

1514-1517

Commercial paper, bankers' acceptances, and brokers' balances..

1518

Money rates and bond yields

1519

Security prices and new issues

1520-1521

Corporate earnings and dividends. .
Treasury

1522
finance

1523-1525

Government corporations and credit agencies. ..
Business indexes

1526

-...

1527-1536

Department store statistics...

1537-1539

Consumer credit statistics. .

1540-1542

Cost of living

1543

Wholesale prices

1544

Gross national product, national income, and income payments. .

1545-1546

Current statistics for Federal Reserve chart books. .
November crop report, by Federal Reserve districts. .

1547-1551
..

Number of banking offices on Federal Reserve par list and not on par list

1551
1552

Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.

DECEMBER

1947




1497

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
.IONS OF DOLLARS

WEDNESDAY FIGURES

BILLIONS OF DOLLARS

NONMEMBER DEPOSITS

1939

1940

1941

1942

1943

1944

1945

1946

1947

TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES

10

1939

1498




1940

1941
1942,
1943
1944
1945
Wednesday figures, latest shown are for Nov. 26. See p. 1499.

1946

*947

FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In million 3 of dollars]

Reserve 1Bank credit outstanding

Member
bank reserve
balances

U.S. Government
securities
Discounts
and
advances Total

Treasury
bills
and
certificates

All
other

All
other 1

Total

Gold
stock

TreasTreasOther
ury deury
Fedposits NonMoney Treascurury
eral
with memcirrency in
cash
ReFederal ber de- serve
culaoutholdRetion
posits
standings
acserve
ing
counts Total
Banks

Monthly averages of
daily figures:
1945—Aug.
Sept.
Oct.
1947—Aug
Sept
Oct

247
283
251
165
163
208

23,584
23,614
23,471
22.055
22,067
22,092

22,233
22,254
22,030
20,964
20,886
20,847

1,351
1,360
1,441
1 ,091
1,181
1,245

427
493
421
302
386
498

24,258
24,391
24,143
22.521
22,616
22,798

20,271
20,291
20,330
21.648
21,866
22,149

4,541
4,545
4,546
4,551
4,551
4,551

28,352
28,478
28,588
28.252
28,654
28,598

2 969
. 97K
?.'9 74.
,326
1 ,315
,327

End-of-month figures:
1946—Aug. 3 1 . . . .
Sept. 30
Oct. 3 1 . . . .
1947—Aug. 3 0 . . . .
Sept. 30
Oct. 3 1 . . . .

331
213
253
185
92
296

23,946
24,049
23,518
22.192
22,329
22,168

22,595
22,626
22,047
21,103
21,138
20,650

1,351
1,423
1,470
1,089
1,191
1,518

471
331
338
382
308
442

24,748
24,594
24,109
22.75Q
22,730
22,906

20,280
20,305
20,402
>1.766
21,955
22,294

4,544
4,546
4,549
4.553
4,552
4,554

28,448
28,507
28,600
28.434
28,567
28,552

2,256
2,289
2,285
1,323
1 ,309
L.330

Wednesday figures:
1947—Jan. 8
Jan. 1 5 . . . .
Jan. 2 2 . . . .
Jan. 29

247
243
238
317

23,733
23,327
23,430
23,863

22,624
22,218
22,322
22,754

1,109
1,109
1,109
1,109

396
536
533
335

24,375
24,105
24,201
24,514

20,531
20,567
20,692
20,808

4,561
4,560
4,559
4,559

28,748
28,518
28,369
28,265

2,281
2,291
2,295
2,325

Feb. 5 . . . .
Feb. 12
Feb. 19
Feb. 26

278
393
342
392

23,412 22,303 1,109
23,803 22,694 1,109
23,918 22,773 1,145
24,044 22,861 1,183

359
442
414
326

24,050
24,638
24,674
24,761

20,749
20,751
20,770
20,322

4,559
4,558
4,556
4,556

28,295
28,346
28,276
28,262

Mar.
Mar.
Mar.
Mar.

239
237
234
287

23,242
23,247
22,411
22,810

22,044
22,050
21,306
21,704

1,198
1,198
1,105
1,105

323
295
402
390

23,804
23,780
23,047
23,486

20,376
20,403
20,413
20,438

4,557
4,557
4,557
4,556

Apr. 2 . . . .
Apr. 9
Apr. 1 6 . . . .
Apr. 23
Apr. 30

429
277
101
141
125

21,938
22,276
21,905
21.829
21,857

20,833
21,171
20,800
20,724
20,752

1,105
1,105
1,105
1,105
1,105

391
339
468
259
223

22,758
22,893
22,474
22,230
22,205

20,486
20,497
20,583
20,621
20,774

May 7 . . . .
May 14
May 21
May 28

102
139
117
130

21,852
21,762
21,676
21,590

20,747
20,671
20,589
20,485

1,105
1,091
1,087
1,105

276
331
278
299

22,230
22,233
22,071
22.019

June 4
June 11
June 18
June 25

173
175
132
132

21,760
21,578
21,186
21,582

20,664
20,482
20,089
20,485

1,097
1,097
1,097
1,097

301
287
479
343

July 2 . . . .
July 9 . . . .
July 1 6 . . . .
July 23
July 3 0 . . . .

110
120
99
118
111

21,629
21,611
21,758
21,700
22,012

20,532
20,515
20,663
20,605
20,917

1,097
1,097
1,095
1,095
1,095

Aug. 6. . . .
Aug. 13
Aug. 20
Aug. 27

123
183
239
134

20,777
20,939
21,008
21,018

Sept.
Sept.
Sept.
Sept.

125
120
130
119

21,869
22,030
22,097
22,107
22,224
22,042
21,756
22,118

21,135
20,848
20,562
20,927

1,092
1,091
1,089
1,089
1,089
1,194
1,194
1,191

Oct. 1 . . . .
Oct. 8 . . . .
Oct. 15
Oct. 2 2 . . . .
Oct. 2 9 . . . .

156
111
146
125
373

22,392
22,355
22,218
21,772
22,129

21,195
21,148
21,013
20,564
20,689

Nov.
Nov.
Nov.
Nov.

204
429
199
370

5
12
19
26

3
10
17
24

5
12
19
26....

524
515
444
957
553
945

1,328
1,214

704

Excess2

891
885
863
800
931
954

573
585
597
624
638
647

16,031
16,160
16,167
16.481
16,866
17,073

1,345
1,069
1,020
1,343

574
590
595
626
643
631

16,245 1,085
725
15.910
567
15,931
823
16.601
841
16.784
864
16,956

966
967

1,004
1,536 1,021

614
615
613
612

16,457
16,431
16,308
16,124

903
850
726
663

2,320
2,335
2,324
11,381

1,162
863
938
1,711
649
2,358
2,372 1,218

622
623
623
624

16,095
15,994
15,770
15,781

761
779
614
703

28,335
28,330
28,242
28,170

L.331
,335
,335
L.355

1,407 1,108
1,429 1,172
713 1,148
1,600 1,060

626
627
636
637

15,930
15,847
15,943
15,658

800
718
673
559

4,557
4,559
4,558
4,558
4,561

28,247
28,250
28,163
28,105
28,114

L.333
1,336
,332
L ,338
,329

946
753
613
482
619

1,093
1,033

642
641
641
643
627

15,540
15,934
15,987
15.820
15,826

563
886
844
658
654

20,811
20,878
20,888
20,932

4,560
4,559
4,559
4,561

28,197
28,134
28,116
28,211

1,328
1,337
1,338
,372

654
556
539
751

1,066
957
846

626
628
626
626

15,877
t5,949
15,942
15,705

654
787
752
520

22,234
22,040
21,797
22.057

20,990
21,026
21,123
21,174

4,561
4,561
4,561
4,553

28,261
28,253
28,195
28,183

,366
L.332
,333
,329

653
495
225
642

956
889
857
915

629
629
632
636

15,921
16,028
16,241
16,081

626
667
750
674

406
304
391
275
187

22,145
22,035
22,248
22,093
22,310

21,284
21,336
21,434
21,467
21,537

4,559
4,551
4,550
4,550
4,551

28,409
28,363
28,225
28,145
28,129

1,325
1,329
1,331
,330
1,341

658
566
756
939
705

977
844
952
818

1,236

631
631
631
633
633

15,988
16,190
16,336
16,244
16,354

526
670
759
630
742

219
282
300
237

22,211
22,494
22,636
22,478

21,602
21,611
21,666
21,766

4,552
4,551
4,551
4,550

28,206
28,223
28,239
28,302

L,330
728 1,071
,329 1,053 1,000
987
L,330 1,265
915 1,123
L ,335

621
622
624
626

16,409
16,428
16,407
16,493

741
779
721
775

274
309
509
336

22,623
22,472
22,394
22,573

21,765
21,815
21,935
21,950

4,552
4,551
4,551
4,552

28,749
28,742
28,633
28,556

,323
,329
,306
,319

459
243
240
800

1,149
960
930
924

632
632
642
645

16,628
841
16,932 1,015
17,128 1,055
875
16,831

1,196
1,207
1,205
1,208
1,440

383
385
443
451
287

22,931
22,852
22,807
22,348
22,789

21,955
22,092
22,153
22,225
22,294

4,551
4,551
4,551
4,552
4,552

28,559
28,632
28,656
28,569
28,519

,316
,328
,324
,337
,338

1,053

832
837
817
924
917

643
646
648
650
649

17,034
985
17,142 1,069
17,229 1,154
857
17,037
721
16,859

22,119 20,552 1,567
22,052 20,343 1,708
22,222 20,117 2,105
22,239 19,913 2,327

317
208
620
325

22,640
22,689
23,041
22,934

22,336
22,442
22,513
22,597

4,551
4,550
4,552
4,554

28,635
28,709
28,595
28,725

,324
,328
,327
,330

922
950
926
969

632
632
631
626

952
17,088
766
16,839
P
928
17,068
17,121 *>1,012

1,081
628
751

1,091
1,400
401
409
862

909
836
608

1,355
926

1,224
1,560
1,314

947

1,079
1,007

908

842
884

879

1,021
1,025
918

* Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

1
2

DECEMBER

1947




1499

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

Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1

Other secured advances
[Sec. 10(b)]

Effective

Rate

Apr. 27,
Apr. 25,
Apr. 25,
M a y 3,
M a y 10,
M a y 10,
Apr. 26,
Apr. 26,
Apr. 26,
Apr. 27,
M a y 10,
Apr. 25,

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)

1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946

Rate

Effective

IX

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

\x
IX
IX
IX
IX
IX
IX
IX

Rate

Effective

2

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

2X
2

IX
2
2
2
2
2

2K
IK
IK
Rates shown also apply to advances secured by obligations of Federal intermediateIK
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, DO.
439-443.
FEDERAL RESERVE BANK MINIMUM BUYING RATES ON
BANKERS' ACCEPTANCES
[Per cent per annum]
Maturity
1- 90 days
91-120 days
121-180 days

Rate on
Nov. 30
1
1
1

In effect beginning—

Previous
rate

lAug. 24, 1946
*Aug. 24, 1946
iQct. 20, 1933

.8

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.
To industrial or
commercial
businesses
Federal
Reserve
Bank

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.

Net demand deposits1
Period in effect

Time
deposits
Reserve Country
(all
city
banks member
banks
banks)

3
13
10
7
4X
10K
19K
15
12K
22K
17K
6
14
26
5
12
20
6
14
22K
17K
6
14
26
20
6
14
24
20
6
14
22
20
20
20
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
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

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]
Nov.l, 1933- Feb.l, 1935- Effective
Jan. 31,1935 Dec.31,1935 Jan. 1,1936
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

2X
2X

2%

2X

2K
2X
2X

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.

1500



Boston
New York...
Philadelphia.
Cleveland
Richmond...,
Atlanta
Chicago
St. Louis
Minneapolis. ,
Kansas City.
Dallas
San Francisco

Tofinancinginstitutions
On discounts or
purchases

On
loans l

On

commit-

ments

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

Central
reserve
city
banks

Per cent per annum]

Portion
for which
institution is
obligated

2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K5

Remaining
portion

On
commitments

()
*2

1-5
2K-5

2K-5
2K-5
2K-5
2K-5

1
s

Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
•4 Rate charged borrower.
May charge rate charged borrower by financing institution, if
lower.
• Charge of K per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118
pp. 446-447.
MARGIN REQUIREMENTS 1
[Per cent of market value]

Prescribed in accordance with
Securities Exchange Act of 1934

Regulation T:
For extensions of credit by brokers
and dealers on listed securities
Regulation U:
For loans by banks on stocks

July 5, Jan. 21,
19461945Jan. 20, Jan. 31,
1946
1947

Effective
Feb. 1,
1947

75
75

100
100

75
75

75

100

75

1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.

FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item

End of month

1947
Nov. 26

Nov. 19

Nov. 12

1947

Nov. 5

Oct. 29

Oct. 22

Oct. 15

Nov.

1946
Oct.

Nov.

Assets
Gold certificates
20,660,170 20,581,170 20 511,170 20,412,670 20,362,670 20,284,670 20,209,670 20,680,170 20,362,670 17,529,176
Redemption fund for
682,968
F. R. notes
682,742
679,566
681,710
679,542
780,443
691,780
695,428
682,867
681,710
Total gold certificate reserves. . . 21,343,138 21,263,912 21,190,712 21,092,236 21,044,380 20,976,450 20,905,098 21,363,037 21,044,380 18,309,619
Other cash

262,621

268,852

246,444

259,037

266,671

255,133

245,913

260,485

274,807

267,125

Discounts and advances:
For member banks.. .
For nonmember
banks, etc

332,691

161,020

391,194

165,846

333,557

85,287

111,521

293,068

256,884

176,121

37,800

37,800

37,800

37,800

39,500

39,500

34,500

37,800

39,500

140,300

370,491

198,820

428,994

203,646

373,057

124,787

146,021

330,868

296,384

316,421

4,721
1,442
1,940
1,917
Industrial loans
1,853
1,910
1,910
4,627
1,901
629
Acceptances purchased.
862
1,006
1,369
1,810
2,122
476
1,802
2,482
U. S. Govt. securities:
Bills:
Under repurchase
option
12,669,278 12,900,924 13,234,574 13,504,284 13,622,284 13,564,884 13,913,632 12,557,968 13,562,934
Other
Certificates:
Special
7,243 405
,108,805 7,047 805 7,066,966 6,999,466 7,098,966 7,255,405 7,086,566
Other
215,905
970,500
1,398 750
314,000
859 300
732,400
Notes
500,300
497,300 1,424,750
810,800
737,690
791,111
928 033
707 690
707,690
Bonds
707,690
707,690
707,690
970,508

1,079

Total discounts and
advances

,228,357
,796,586
,331,012
835,100
753,390

Total U. S. Govt.
22,129,340 21,772,340 22,217,588 22,208,631 22,167,990 23,944,445
22,221,940 22 051,569 22,119
22,239,
securities
Other Reserve Bank
205,236
313
283,215
618,264
438,662
447,176
430,423
318,
437,531
529,192
credit outstanding. . .
Total Reserve Bank
credit outstanding 22,934,305 23,041,328 22,688,745 22,639,821 22,789,275 22,348,335 22,806,663 22,975,025 22,905,608 24,791,137
:
Liabilities
Federal Reserve notes.. 24,635,735 24,521,176 24,585,740 24,543,376 24,452,524 24,491,686 24,553,381 24,651,452 24,481,439 24,799,429
Deposits:
Member bank — re17,120,791 17,067,520 16,838,792 17,087,565 16,859,049 17,037,410 17,228,922 16,973,803 16,956,062 16,512,697
serve account
U. S. Treasurer1—gen1,354,582
223,521
926
607,562
835,730 1,277,228 1,400,266
1,313
,560,193
619,658
eral account
450,290
443,036
470
447,092
332,310
446,052
450
406,022
416,047
627,928
Foreign
466,311
507,003
451
476,563
733,517
484,801
467,992
518
519,876
322,895
Other
Total deposits.... 19,403,837 19,553,611 19,012,352 18,936,361 19,130,232 18,568,627 18,881,763 19,430,600 19,240,367 18,083,178
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..

48.6

48.5

48.3

48.5

48.7

48.1

48.5

48.1

42.7

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Industrial loans:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Acceptances purchased:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
U. S. Government securities:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26

D E C E M B E R 1947



Within
15 days

373, 057
203, 646
428 994
198 ,820
370 491

328,646
150,447
378,010
152,252
318,563

1 ,853
1 ,917
1 ,940
1 ,442
4 ,721

1,294
1,367
1,419
1,368
4,640

1 ,810
1 ,369
1 ,006
862
629

816
606
377
491
388

129 ,340
119 ,079
051 ,56'
221 ,940
239 ,466

16 to 30
days

3,105
11,035
11,135
6,655
25,491
25
25

518
391
404
371
241

31 to 60
days

16,266
20,687
31,714
31,703
25,286

61 to 90 91 days to 6 months 1 year to 2 years to Over
6 months to 1 year 2 years
days
5 years
5 years

25,024
21,461
8,078
8,157
1,098
43

36
30
33
40

5
5
33
29
29

11
11
24
24
24

27
26
51
2
2

53
54
54
4
4

109
111
111
11
11

302
298
273
23
23

476
372
225

3,132,529 2 ,337,490 4 ,528,265 4 727,711 2,392,662 4,327,993
3,182,282 2,481,985 5,106,771 5,351,468 662,890 4 ,650,993
2,193,202 3 ,592,431 5,078,095 4,985,068 647,
,872,193
3,526,065 2,273,938 4,873,503 830,640 647,
,343,793
3,510,481 2,055,094 4,894,151 4,810,774
797,990 5,463,043

255,150
255,150
255,150
255,450
117,050

427,540
427,540
427,540
470,661
590,883

1501

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]

Total

Assets
Gold certificates:
Oct. 29
20,362,670
Nov. 5
20,412,670
Nov. 12
20,511,170
Nov. 19
20,581,170
Nov. 26
20,660,170
Redemption fund
for F. R. notes:
Oct. 29
681,710
Nov. 5
679,566
Nov. 12
679,542
Nov. 19
682,742
Nov. 26
...
682,968
Total gold certificate reserves:
Oct. 29
21,044,380
Nov. 5
21,092,236
Nov. 12
21,190,712
Nov. 19
21,263,912
Nov. 26
21,343,138
Other cash:
266,671
Oct. 29
Nov. 5
259,037
Nov. 12
246,444
Nov. 19
268,852
Nov. 26
262,621
Discounts & advances:
Secured by
U. S. Gov't.
securities:
333,412
Oct. 29..
Nov. 5. .
165,709
Nov. 12. .
391,025
Nov. 19. .
160,737
Nov. 26. .
332,060
Other:
39,645
Oct. 29..
Nov. 5..
37,937
Nov. 12. .
37,969
Nov. 19. .
38,083
Nov. 26. .
38,431
Industrial loans:
Oct 29
1,853
Nov. 5
1,917
1 940
Nov' 12
1,442
N o v 19
4^721
Nov. 26
Acceptances purchased :
Oct. 29
1,810
1 369
Nov
5
N o v 12
1,006
862
N o v 19
629
Nov. 26
U. S. Gov't.

Boston

760,990
751,392
742,627
768,509
782,285
54,727
54,624
54,543
54,439
54,406
815,717
806,016
797,170
822,948
836,691




Philadelphia

Richmond

San
Francisco

St.
Louis

Minneapolis

Kansas
City

Dallas

613,496
633,117
606,533
613,129
578,846

474,753
488,815
496,504
479,077
501,003

741,596
729,561
733,052
730,522
707,933

490,926 2,736,563
508,121 2,768,419
513,459 2,789,969
500,823 2,747,952
496,185 2,729,307

86,940
86,806
86,702
86,572
86,531

46,949
46,908
46,882
46,847
46,820

22,980
22,967
22,955
22,940
22,924

35,807
35,774
35,757
35,738
35,710

5,602,001 1,021,119 1,444,468 1,266,712 1,129,622 4,523,825
5,853,114 1,041,491 1,376,716 1,217,482 1,107,290 4,378,833
5,715,288 1,089,627 1,393,040 1,226,444 1,133,634 4,512,372
6,002,854 1,071,301 1,432,242 1,169,663 1,102,482 4,407,474
5,955,764 1,091,668 1,478,664 1,215,867 1,080,544 4,487,407

660,445
680,025
653,415
659,976
625,666

497,733
511,782
519,459
502,017
523,927

777,403
765,335
768,809
766,260
743,643

Cleveland

Atlanta Chicago

5,483,436 961,358 1,369,894 1,204,233 1,088,540 4,436,885
5,734,979 981,904 1,302,280 1,155,745 1,066,310 4,292,027
5,597,461 1,029,181 1,318,712 1,165,267 1,092,735 4,425,670
5,880,417 1,011,019 1,358,036 1,109,111 1,061,673 4,320,902
5,833,623 1,031,448 1,403,550 1,155,338 1,039,776 4,400,876
118,565
118,135
117,827
122,437
122,141

59,761
59,587
60,446
60,282
60,220

74,574
74,436
74,328
74,206
75,114

62,479
61,737
61,177
60,552
60,529

41,082
40,980
40,899
40,809
40,768

25,861
25,839
26,318
26,289
26,276

51,985
51,773
51,708
51,631
51,529

516,787 2,788,548
533,960 2,820,192
539,777 2,841,677
527,112 2,799,583
522,461 2,780,836

25,616
27,101
23,121
25,228
25,186

49,325
42,082
43,901
48,209
42,836

13,098
11,779
10,860
13,141
10,738

25,000
22,180
21,760
21,664
22,862

14,951
15,202
13,419
15,344
16,241

19,698
21,679
21,771
23,086
21,669

38,783
38,719
36,635
39,308
37,764

13,881
14,721
16,081
18,149
17,550

6,467
6,285
5,924
5,732
5,925

9,837
9,573
9,109
9,484
10,755

11,179
11,335
11,299
11,773
13,308

38,836
38,381
32,564
37,734
37,787

6,125
13,895
16,203
7,720
15,238

117,300
47,782
177,330
34,660
101,075

16,615
19,135
8,605
11,380
25,445

17,840
31,550
51,490
10,885
30,405

14,435
7,260
23,380
20,350
39,425

11,237
7,537
10,337
7,137
18,287

65,085
6,735
45,935
7,235
9,885

21,070
5,110
6,065
13,945
19,300

13,150
7,650
5,500
9,300
1,750

19,825
13,225
31,235
17,275
24,950

3,700
1,700
1,700
1,700
1,700

27,030
4,130
13,245
19,150
44,600

2,528
2,419
2,419
2,419
2,419

12,640
12,096
12,096
12,096
12,096

3,199
3,062
3,062
3,062
3,062

3,784
3,620
3,652
3,721
4,076

1,936
1,852
1,852
1,852
1,852

1,653
1,583
1,583
1,583
1,583

5,372
5,141
5,141
5,141
5,141

1,383
1,323
1,323
1,323
1,323

988
945
945
945
945

1,382
1,323
1,323
1,323
1,323

1,304
1,247
1,247
1,247
1,247

3,476
3,326
3,371
3,371
3,364

1 810
1 883
1,910
1 409
1 481

43
34
30
33
40

3,200

4,021,663
3,887,275
3,822,145
3,741,575
3,685,636

983,383
968,881
948,677
923,682
906,329

1,227,612 737,539
1,229,116 746,708
1,203,037 729,631
1,170,777 708,504
1,148,378 693,836

609,702
621,473
607,119
589,363
577,036

1,676,022 704,378
1,640,614 708,840
1,575,648 695,395
1,580,687 677,542
1,524,552 667,217

343,892
347,774
340,122
330,655
324,082

602,850
608,099
594,936
578,663
567,365

540,338
556,566
559,678
531,832
519,278

1,284,865
1,276,662
1,249,629
1,216,186
1,192,969

1,656,528
1,566,772
1,583,458
1,614,626
1,624,119

468,144
471,876
477,257
487,480
490,727

675,351
683,007
688,883
699,178
701,804

466,750
490,567
493,788
498,831
499,637

171,677
191,027
216,175
294,019
313,629

48,517
57,533
65,155
88,770
94,763

69,991
83,276
94,047
127,319
135,523

48,373
59,812
67,413
90,836
96,483

39,787
47,100
53,160
71,864
76,446

96,875
121,100
136,505
183,986
195,450

40,968
47,029
53,006
71,428
75,870

165,885
157,324
164,318
177,018
208,085

46,880
47,382
49,526
53,445
62,872

67,630
68,583
71,487
76,654
89,916

46,741
49,259
51,241
54,689
64,014

38,445
38,790
40,408
43,267
50,720

93,606
99,734
103,759
110,771
129,676

securities:
Bills:
13,622,284 890,031
Oct. 29
Nov. 5.... 13,504,284 912,285
Nov. 12
13,234,574 908,557
Nov. 19
12,900,924 851,458
Nov. 26
12,669,278 862,600
Certificates:
7,066,966 492,877
Oct. 29
Nov. 5
7,047,805 468,959
Nov. 12.... 7,108.805 473,569
Nov. 19
7,215,905 481,990
Nov. 26. ... 7,243,405 484,416
Notes:
732,400
51,081
Oct. 29....
Nov. 5....
859,300
57,178
Nov. 12
970,500
64,652
Nov. 19
1,314,000
87,770
Nov. 26
1,398,750
93,544
Bonds:
707,690
49,357
Oct. 29....
Nov. 5
707,690
47,090
Nov. 12....
737,690
49.143
Nov. 19
791,111
52,843
Nov. 26. ... 928,033
62,064
Total U. S. Govt.
securities: 22,129,340
1,483,346
Oct. 29
Nov. 5
22,119,079 1,485,512
Nov. 12
22,051,569 1,495,921
Nov. 19
22,221,940 1,474,061
22,239,466 1,502,624
Nov. 26
Total loans and
securities: 22,506,060 1,491,999
Oct. 29
Nov. 5
22,326,011 1,501,826
Nov. 12
22,483,509 1,514,543
Nov. 19
22,423,064 1,484,200
Nov. 26
22,615,307 1,520,281

1502

New
York

1 810
1,369
1^006
862
629

210,085 357,377
214,299 369,014
215,823 371,624
218,302 375,853
218,780 376,661

360,627 665,273
357,596 660,447
359,642 667,228
362,609 679,766
362,870 683,494

21,773
26,128
29,464
39,752
42,248

37,037
44,992
50,734
68,442
72,735

37,374 68,947
43,600 80,525
49,099
91,090
66,030 123,784
70,072 131,987

39,586
38,731
40,290
43,004
50,337

21,038
21,518
22,396
23,933
28,030

35,788
37,054
38,563
41,207
48,258

36,113
35,907
37,320
39,754
46,491

6,015,753
5,802,398
5,786,096
5,827,238
5,831,469

1.546,924 2,040,584 1,299,403 1,071,838 2,801,252 1,180,233
1,545,672 2,063,982 1,346,346 1,093,670 2,854,691 1,180,318
1,540,615 2,057,454 1,342,073 1,090,077 2,815,795 1,176,951
1,553,377 2,073,928 1,352,860 1,099,142 2,885,818 1,184,222
1,554,691 2,075,621 1,353,970 1,100,074 2,861,810 1,186,317

596,788
609,719
607,805
612,642
613,140

6,147,503
5,863,645
5,976,528
5,874,856
5,945,269

1,568,548 2,062,208
1,569,752 2,099,152
1,554,192 2,112,596
1,569,228 2,088,534
1,584,679 2,110,102

383,904 934,749
386,307 993,243
389,390 999.883
394,648 1,010,374
395,872 1,012,132

395,301
385,718
388,260
392,248
392,893

1,315,817 1,084,728 2,871,709 1,202,686
1,355,492 1,102,790 2,866,567 1,186,751
1,367,335 1,101,997 2,866,871 1,184,339
1,375,095 1,107,862 2,898,194 1,199,490
1,395.287 1,123,144 2,876,836 1,206,940

66,621
66,318
69,239
74,526
87,570

1,033,061 974,452 2,085,706
1,059,150 993,669 2,083,952
1,055,857 1,005,739 2,077,186
1,064,165 1,000,225 2,094,262
1,065,019 998,711 2,096,020

610,926 1,054,268 979,456 2,116,212
618,314 1,073,698 996,616 2,091,408
614,250 1,088,415 1,008,686 2,093,757
622,887 1,082,763 1,003,172 2,116,783
615,835 1,091,292 1,001,658 2,143,984

FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]

Total
Due from foreign
banks:
95
Oct. 29
95
Nov. 5
95
Nov. 12
95
Nov. 19.
95
Nov. 26
Federal Reserve
notes of other
Banks:
131,499
Oct. 29
Nov. 5
120,341
Nov. 12
103,860
Nov. 19
131,364
Nov. 26.
125,712
Uncollected
items:
2,613,538
Oct. 29
Nov. 5
2,502,427
Nov. 12 .
2,659,037
Nov. 19.
3,307,253
Nov. 26
2,611,422
Bank premises:
33,242
Oct. 29
Nov. 5
33,208
Nov. 12
33,208
Nov. 19
33,235
Nov. 26
33,201
Other assets:
56,165
Oct. 29
Nov. 5
58,323
Nov. 12
61,255
Nov. 19
64,399
Nov. 26
70,849
lotai assets.
46,651,650
Oct. 29
Nov. 5
46,391,678
Nov. 12
46,778,120
Nov. 19
47,492,174
Nov. 26
47,062,345
Liabilities
Federal Reserve
notes:
24,452,524
Oct. 29
Nov. 5
24,543,376
Nov. 12
24,585,740
Nov. 19
24,521,176
Nov. 26
24,635,735
Deposits:
Member bank
—reserve
account:
Oct. 2 9 . . 16,859,049
Nov. 5. . 17,087,565
Nov. 12.. 16,838,792
Nov. 19.. 17,067,520
Nov. 26. . 17,120,791
U. S. Treasurer-general
account:
Oct. 2 9 . . 1,354,582
Nov. 5 . .
926,397
Nov. 12.. 1,223,521
Nov. 19.. 1,560,193
Nov. 2 6 . . 1,313,869
Foreign:
Oct. 2 9 . .
450,290
Nov. 5. .
470,896
Nov. 12. .
443,036
Nov. 19. .
406,022
Nov. 26. .
450,700
Other:
Oct. 2 9 . .
466,311
Nov. 5. .
451,503
Nov. 12..
507,003
Nov. 19. .
519,876
Nov. 2 6 . .
518,477
Total deposits:
Oct. 29
19,130,232
Nov. 5
18,936,361
Nov. 12
19,012,352
Nov. 19
19,553,611
Nov. 26. . . . . . 19,403,837
Deferred availability items:
2,330,418
Oct. 29
Nov. 5
2,188,712
Nov. 12
2,453,896
Nov. 19
2,689,084
Nov. 26
2,292,519
Other liab. incl.
accrued div.:
Oct. 29
21,299
Nov. 5
19,693
Nov. 12
20,030
Nov. 19
20,696
Nov. 26
20,405

New
York

Boston

Philadelphia

Richmond

Cleveland

Atlanta Chicago

St.
Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

6
6
6
6
6

126
126
126
126
126

8
8
8
8
8

9
9
9
9
9

5
5
5
5
5

4
4
4
4
4

14
14
14
14
14

4
4
4
4
4

3
3
3
3
3

4
4
4
4
4

3
3
3
3
3

9
9
9
9
9

5,207
5,408
4,774
4,989
3,868

22,048
16,640
15,266
23,234
19,716

5,566
3,952
4,578
5,998
5,379

7,959
6,745
6,987
7,159
6,564

13,425
11,907
8,874
12,224
11,872

10,914
10,364
8,867
12,265
13,802

14,789
16,413
13,018
17,625
16,399

9,429
6,829
7,706
9,940
9,285

9,721
9,632
6,896
8,844
7,221

8,994
7,453
6,109
7,195
7,850

3,902
3,725
3,338
4,624
4,955

19,545
21,273
17,447
17,267
18,801

201,747
207,719
221,366
289,987
220,760

501,003
405,888
542,929
675,249
530,738

185,551
183,006
187,536
223,152
181,727

250,409
229,867
253,035
319,397
246,727

235,170
226,270
241,534
288,749
236,229

160,160
166,024
172,527
188,692
155,675

418,841
416,831
395,729
483,068
391,007

121,345
124,663
111,223
142,631
116,975

76,392
75,537
75,761
84,649
64,593

133,845
136,883
133,929
164,159
141,873

107,258
104,904
121,395
153,685
116,142

221,817
224,835
202,073
293,835
208,976

1,255
1,250
1,250
1,250
1,245

8,294
8,276
8,276
8,276
8,276

3,137
3,137
3,137
3,164
3,159

5,176
5,176
5,176
5,176
5,177

2,648
2,641
2,641
2,641
2,638

1,490
1,490
1,490
1,490
1,487

3,054
3,052
3,052
3,052
3,045

1,976
1,979
1,979
1,979
1,977

1,214
1,214
1,214
1,214
1,211

2,468
2,462
2,462
2,462
2,462

804
805
805
805
805

1,726
1,726
1,726
1,726
1,719

3,987
3,968
4,077
4,449
4,786

12,742
11,807
12,990
13,752
15,647

3,388
3,496
3,658
3,928
4,349

5,598
5,871
5,801
6,372
6,995

3,744
3,888
4,181
4,344
4,844

3,213
3,260
3,405
3,597
3,945

7,425
8,026
8,382
9,113
9,944

3,510
3,504
3,697
3,872
4,197

1,610
1,677
1,756
1,873
2,054

2,648
2,886
3,066
3,296
3,571

2,976
3,035
3,079
3,315
3,565

5,324
6,905
7,163
6,488
6,952

2,545,534
2,553,294
2,566,307
2.633,057
2,612,823

12,342,942
12,201,478
12,315,204
12,646,456
12,518,272

2,800,415
2,816,621
2,853,596
2,889,920
2,881,707

3,800,827
3,745,716
3,798,404
3,880,553
3,877,100

2,852,472
2,832,887
2,864,433
2,868,065
2,882,983

2,409,829
2,412,901
2,443,695
2,439,478
2,400,270

1,436,021
1,440,014
1,447,706
1,447,200
1,457,474

5,592,613
5,630,826
5,624,795
5,613,485
5,679,848

1,647,013 2,103,302
1,650,334 2,106,867
1,658,513 2,114,158
1,653,278 2,108,952
1,671,739 2,115,477

1,733,332
1,735,899
1,740,425
1,742,230
1,745,625

1,400,056 4,576,979
1,405,880 4,592,647
1,404,720 4,598,961
1,396,537 4,591,211
1,395,156 4,608,203

760,926
776,897
743,377
758,199
755,185

5,198,014
5,221,295
5,111,164
5,247,818
5,301,317

828,179
823,114
828,646
828,587
824,515

1,238,750
1,255,831
1,253,819
1,264,826
1,262,155

761,996
745,341
741,249
738,806
768,383

740,005
758,373
760,206
757,224
741,030

83,479
78,626
78,549
113,594
125,483

328,704
199,513
277,104
421,177
230,904

76,278
75,481
86,709
131,454
142,183

121,047
63,105
106,379
149,724
172,818

88,057
81,480
98,633
97,859
100,153

25,152
27,148
24,019
22,206
23,697

2183,692
2183,032
2188,425
2170,685
1199,530

31,744
34,271
30,310
28,018
29,905

36,447
39,348
34,801
32,169
34,336

2,750
3,523
3,901
2,420
2,475

398,598
380,366
439,321
456,021
450,936

2,014
2,455
2,012
1,759
2,004

872,307
886,194
849,846
896,419
906,840

6,109,008
5,984,206
6,016,014
6,295,701
6,182,687

189,908
180,936
222,384
242,950
201,903
1,162
1,155
1,188
1,100
1,153

7,878,440 2,013,276
7,728,455 2,018,476
7,836,073 1,978,444
7,857,848 2,036,041
7,822,416 1,982,594

1,204,066 1,989,467
1,224,444 1,998,294
1,225,263 2,011,903
1,227,219 2,035,623
1,220,769 2,001.450

1,622,365 5,192,017
1.654,383 5,204,729
1,688,382 5,196,416
1,704,489 5,273,425
1,662,897 5,199,064

1,125,314
1,129,617
1,129,073
1,123,156
1,123,019

618,404
621,660
622,974
621,918
622,621

935,990
942,540
941,977
939,117
938,540

624,167
629,057
630,863
629,210
625,142

2,659,333
2,658,035
2,671.575
2,654,882
2,652,891

2,540,770
2,560,019
2,555,752
2,545,353
2,548,179

636,373
688,115
635,296
653,864
638,336

436,654
457,810
441,586
446,842
454,577

825,839
834,506
837,958
859,137
849,208

809,175
842,436
836,032
844,648
841,969

2,082,368
2,123,828
2,093,70-7
2,122,216
2,135,937

58,180
40,551
63,212
65,785
59,975

239,826
108,430
168,459
177,771
177,009

87,312
40,073
62,807
88,119
60,335

53,352
51,615
58,026
62,957
58,525

66,213
59,788
63,411
66,190
50,027

48,0*7
46,151
59,088
64,077
48,913

104,047
81,584
100,544
121,486
87,544

19,203
20,732
18,336
16,949
18,091

16,068
17,347
15,342
14,182
15,137

53,298
57,542
50,891
47,042
50,211

13,717
14,809
13,097
12,107
12,922

9,798
10,578
9,355
8,648
9,230

13,717
14,809
13,097
12,106
12,922

12,933
13,962
12,349
11,415
12,184

34,521
37,318
33,014
30,495
32,535

7,344
9,125
6,912
6,778
5,891

2,207
2,653
2,335
1,922
2,069

2,046
1,025

6,723
6,755
5,945
6,029
5,910

1,918
2,593
2,044
2,028
1,983

1,058
1,668

2,305

2,397
2,862
2,489
2,398
3,227

1,334

858
740
584
626
787

38,398
37,738
39,580
38,847
39,556

938,215
935,321
947,677
989,818
998,607

1,403,588
1,367,409
1,401,911
1,453,497
1,475,200

871,463
850,206
860,553
855,536
888,696

816,299
817,296
839,662
838,003
818,447

2,836,291
2,728,853
2,777,591
2,772,564
2,778,626

744,125
749,752
717,145
760,119
717,503

501,722
522,596
511,011
520,475
524,315

906,827
910,771
915,444
937,669
913,491

871,053
903,289
908,653
920,766
903,853

2,259,334
2,280,468
2,266,845
2,313,044
2,295,572

413,052
361,669
448,719
509,907
428,624

155,699
172,861
189,117
188,433
152,864

225,137
204,480
215,311
250,785
218,803

210,183
210,531
227,035
233,827
211,951

161,804
159,185
168,659
174,196
155,758

365,874
309.914
362,025
395,831
336,982

117,003
112,279
105,180
125,684
114,799

64,245
61,211
72,061
65,756
54,665

118,978
118,262
127,587
131,904
122,302

100,855
96,435
123,245
128,721
107,958

207,680
200,949
192,573
241,090
185,910

5,970
5,636
5,911
6,955
6,061

1,340
1,298
1,309
1,244
1,271

2,090
2,143
1,913
1,970
2,089

1,056
1,002
1,028

899
838
843
820
863

3,205
2,849
2,914
2,912
2,970

920
881
929
865
908

718
546
723
508
539

797
803
838
786
811

853
841
783
822
868

2,289
1,701
1,651
1,773
1,839

941

1,033

902
812

978
236

1 After deducting $69,000 participations of other Federal Reserve Banks on Oct. 29; Nov. 5; Nov. 12; Nov. 19; and on Nov. 26.
2 After deducting $266,492,000 participations of other Federal Reserve Banks on Oct. 29; $287,708,000 on Nov. 5; $254,456,000 on Nov. 12 j
$235,212,000 on Nov. 19, and $251,056,000 on Nov. 26.

DECEMBER

1947




1503

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

Total liabilities:
Oct. 29
45,934,473 2,499,398 12,120,643 2,742,267 3,734,117 2,816,034 2,379,058 7,782,349 1,987,362 1,185,089 1,962,592 1,596,928 5,128,636
Nov. 5 . . . . 45,688,142 2,508,299 11,982,337 2,759,814 3,680,899 2,797,638 2,383,199 7,634,263 1,992,529 1,206,013 1,972,376 1,629,622 5,141,153
Nov. 12
46,072,018 2,521,124 12,095,439 2,796,616 3,733,293 2,829,041 2,413,884 7,741,491 1,952,327 1,206,769 1,985,846 1,663,544 5,132,644
Nov. 19
46,784,567 2,587,669 12,426,048 2,832,773 3,815,204 2,832,534 2,409,556 7,762,518 2,009,824 1,208,657 2,009,476 1,679,519 5,210,789
Nov. 26
46,352,496 2,567,370 12,297,220 2,824,481 3,811,569 2,847,305 2,370,224 7,726,781 1,956,229 1,202,140 1,975,144 1,637,821 5,136,212
Capital Accts.:
Capital paid in:
Oct. 29
193,830
11,233
68,332
14,319
18,820
8,178
7,456
23,162
6,342
4,275
6,484
7,228
18,001
Nov. 5 . . . .
193,852
11,233
68,332
14,319
18,824
8,179
7,456
23,168
6,344
4,275
6,485
7,236
18,001
Nov. 12
194,030
11,233
68,337
14,328
18,888
8,182
7,457
23,265
6,344
4,277
6,486
7,232
18,001
Nov. 19
194,562
11,225
68,342
14,330
18,896
8,183
7,463
23,716
6,347
4,280
6,486
7,262
18,032
Nov. 2 6 . . . .
194,548
11,226
68,343
14,332
18,855
8,183
7,467
23,719
6,352
4,280
6,490
7,266
18,035
Surplus
(section 7):
Oct. 29
439,823
27,557
136,549
34,720
41,394
20,676
18,663
65,078
16,577
10,997
15,729
13,777
38,106
Nov. 5 . . . .
439,823
27,557
136,549
34,720
41,394
20,676
18,663
65,078
16,577
10,997
15,729
13,777
38,106
Nov. 12
439,823
27,557
136,549
34,720
41,394
20,676
18,663
65,078
16,577
10,997
15,729
13,777
38,106
Nov. 19
439,823
27,557
136,549
34,720
41,394
20,676
18,663
65,078
16,577
10,997
15,729
13,777
38,106
Nov. 2 6 . . . .
439,823
27,557
136,549
34,720
41,394
20,676
18,663
65,078
16,577
10,997
15,729
13,777
38,106
Surplus
(section 13b):
762
521
Oct. 29
27,455
3,012
7,253
4,489
1,007
3,325
1,429
1,073
1,137
1,307
2,140
762
521
Nov. 5 . . . .
27,455
3,012
7,253
4,489
1,007
3,325
1,429
1,073
1,137
1,307
2,140
762
521
Nov. 12
27,455
3,012
7,253
4,489
1,007
3,325
1,429
1,073
1,137
1,307
2,140
762
521
Nov. 1 9 . . . .
27,455
3,012
7,253
4,489
1,007
3,325
1,429
1,073
1,137
1,307
2,140
762
521
Nov. 2 6 . . . .
27,455
3,012
7,253
4,489
1,007
3,325
1,429
1,073
1,137
1,307
2,140
Other cap. accts.:
Oct. 29
56.069
4,334
10,165
4,620
5,489
4,259
3,890
6,422
2,474
2,632
3,525
3,125
5,134
Nov. 5 . . . .
42,406
3,193
7,007
3,279
3,592
3,069
2,821
4,517
2,505
2,086
2,567
2,441
5,329
Nov. 12
44,794
3,381
7,626
3,443
3,822
3,209
2,929
4,810
2,675
2,147
2,705
2,522
5,525
Nov. 19
45,767
3,594
8,264
3,608
4,052
3,347
3,034
5,107
2,772
2,212
2,795
2,624
4,358
Nov. 2 6 . . . .
48,023
3,658
8,907
3,685
4,275
3,494
3,154
5,409
2,915
2,279
2,950
2,726
4,571
Total liabilities
and cap. accts.:
Oct. 2 9 . . . . 46,651,650 2,545,534 12,342,942 2,800,415 3,800,827 2,852,472 2,409,829 7,878,440 2,013,276 1,204,066 1,989,467 1,622,365 5,192,017
Nov. 5
46,391,678 2,553,294 12,201,478 2,816,621 3,745,716 2,832,887 2,412,901 7,728,455 2,018,476 1,224,444 1,998,294 1,654,383 5,204,729
Nov. 1 2 . . . . 46,778,120 2,566,307 12,315,204 2,853,596 3,798,404 2,864,433 2,443,695 7,836,073 1,978,444 1,225,263 2,011,903 1,688,382 5,196,416
47,492,174 2,633,057 12,646,456 2,889,920 3,880,553 2,868,065 2,439,478 7,857,848 2,036,041 1,227,219 2,035,623 1,704,489 5,273,425
Nov. 19
Nov. 26
47,062,345 2,612,823 12,518,272 2,881,707 3,877,100 2,882,983 2,400,270 7,822,416 1,982,594 1,220,769 2,001,450 1,662,897 5,199,064
Contingent liability on bills
purchased for
foreign correspondents :
194
412
100
245
282
124
148
106
76
106
Oct. 29
3,029
1969
267
193
245
281
124
411
106
106
100
148
76
Nov. 5
3,024
1968
266
195
100
247
414
107
283
149
125
107
76
Nov. 12
3,046
1975
268
194
124
412
100
246
282
106
106
149
76
Nov. 19
3,032
1970
267
186
235
270
142
119
395
102
73
102
96
Nov. 26
2,905
2 930
255
Commit, to make
indus. loans:
923
79
400
28
580
Oct 29
7 362
1,452
3,750
150
147
7,227
Nov. 5 . . . .
850
400
28
3,750
77
580
1,395
147
Nov 12
7 176
799
400
580
3,750
78
27
1,395
147
352
Nov 19
7 545
845
400
580
3750
1 395
76
147
7,467
352
Nov. 26.
766
77
400
580
3,750
1,'395
1
After deducting $2,060,000 participations of other Federal Reserve Banks on Oct. 29; $2,056,000 on Nov. 5; $2,071,000 on Nov. 12; $2,062,000
on Nov. 19; and $1,975,000 on Nov. 26.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

Total
F. R. notes outstanding
(issued to Bank):
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Collateral held against
notes outstanding:
Gold certificates:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Eligible paper:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
U. S. Govt. s e c :
Oct. 29
Nov. 5
Nov. 12
,
Nov. 19
Nov. 26
Total collateral:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
....

25,193,802
25,214,130
25,248,355
25,251,583
25,289,864

Boston

New
York

1,504,157 5,759,942
1,498,550 5 ,761,863
1,501,535 5,776,919
1,504,880 5 ,769,005
1,509,248 5,792,477

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

1,691,651 2,163,670 1,774,430
1,695,379 2,168,180 1,778,837
1,700,523 2,171,032 1,781,365
1,702,292 2 ,169,221 1,782,672
1,709,770 2 ,182,388 1,782,695

1,444,542 4,679,055
1,448,106 4,679,174
1,449,573 4,685,683
1,448,494 4,687,441
1,442,273 4,686,865

650,000
650,000
650,000
650,000
650,000

725,000 3,050,000
725,000 3,010,000
725,000 3,010,000
725,000 3,010,000
725,000 3,010,000

12,593,000
12,559,000
12,559,000
12,559,000
12,509,000

440,000
440,000
440,000
440,000
440,000

3,470,000
3,470,000
3,470,000
3,470,000
3,470,000

515,000
515,000
515,000
515,000
515,000

235,250
117,287
266,863
133,425
270,421

6,125
13,895
16,203
7,720
15,238

117,000
46,882
162,630
34,260
99,675

16,615
19,135
8,605
11,380
25,445

13,400,000
13,400,000
13,400,000
13,400,000
13,400,000

1,100,000
1,100,000
1,1CO,OOO
1,100,000
1,100,000

2,400,000
2,400,000
2,400,000
2,400,000
2,400,000

1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
l,2C0,000 1,500,000
1,200,000 1,500,000

1,150,000
1,150,000
1,150,000
1,150,000
1,150,000

26,228,250
26,076,287
26,225,863
26,092,425
26,179,421

1,546,125 5,987,000
1,553,895 5,916,882
1,556,203 6,032,630
1,547,720 5,904,260
1,555,238 5.969,675

1,731,615 2,195,000
1,734,135 2,195,000
1,723,605 2,195,000
1,726,380 2,195,000
1,740,445 2.195,000

1,814,435 1,475,000 4,750,000
1,807,260 1,475,000 4,710,000
1,823,380 1,475,000 4.,710,000
1,820,350 1,475,000 4,710,000
1,839,425 1,475.000 4,710,000

1504



695,000
695,000
695,000
695,000
695,000

14,435
7,260
23,380
20,350
39,425
750,000 1,700,000
750,000 1,700,000
750,000 1,700,000
750,000 ,700,000
750,000 1 ,700,000

Minne- Kansas
apolis
City

St.
Louis

Dallas

San
Francisco

1,163,577 632,692
1,168,512 634,255
1,169,903 634,787
1,163,866 636,059
1,167,332 636,647

959,874
963,710
963,032
963,639
962,081

652,384 2,767,828
654,429 2,763,135
655,375 2,758,628
657,385 2,766,629
660,141 2,757,947

184,000
190,000
190,000
190,000
190,000

280,000
280,000
280,000
280,000
280,000

169,000 2,100,000
169,000 2,100,000
169,000 2,:,100,000
169,000 :2,100,000
169,000 :2,050,000

21,070 13,150
5,110
7,650
6,065 5,500
13,945
9,300
19,300
1,750

19,825
13,225
31,235
17,275
24,950

27,030
4,130
13,245
19,195
44,638

315,000
315,000
315,000
315,000
315,000

950,000
950,000
950,000
950,000
950,000

450,000
450,000
450,000
450,000
450,000

700,000 500,000 1,000,000
700,000 500,000 1,000,000
700,000 500,000 1,000,000

700,000 500,000 1,000,000
700,000 500,000 1,000,000

999,825 669,000 3,,127,030
993,225 669,000 3,104,130
,271,'
271,065 645,500 1,011,235 669,000 3,,113,245
,278,945 649,300 997,275 669,000 3,,119,195
,284,300 641,750 1,004,950 669,000 3,094,638
,286,070 647,150
,270, 110 647,650

FEDERAL RESERVE

BULLETIN

WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]

Date

1942
June 30
Dec. 31
1943
June 30
Dec. 31
1944
June 30
Dec. 30
1945
June 30
Dec. 31
1946
June 29
Dec. 31
1947
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 30
Sept. 30
Oct. 31

Additional
amount
available to
borrowers
guarPortion underagreeguaran- antee
ments
teed
outstanding

Guaranteed
loans
outstanding

Guaranteed loans
authorized
to date
Number

Amount

565
2,665

310,680
2,688,397

4,217
5,347

4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286

6,433
7,434

8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586

Total
amount

81,108
803,720

69,674
632,474

137,888
1,430,121

8,422 10,149,315 1,386,851 1,190,944 3,694,618
966,595
8,757 10,339,400 510,270 435,345
8,771
8,771

10,344,018
10,344,018

70,267
18,996

60,214
17,454

142,617
28,791

8,771
8,771
8,771
8,771
8,771
8,771
8,771
8,771

10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018

11,746
10,356
9,236
3,589
3,245
2,992
2,977
2,886

10,965
9,658
8,601
3,218
2,908
2,703
2,689
2,609

15,392
13,452
13,176
6,726
6,709
6,729
6,739
5,165

NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
Date (last
to date
Wednesday
or last day
of period) Num- Amount
ber
1934
1935
1936 . . . .
1937
1938
1939
1940
1941
1942
June 24. . .
Dec. 3 1 . . .
1943
June 30. . .
Dec. 3 1 . . .
1944
June 3 0 . . .
Dec. 30. . .
1945
June 3 0 . . .
Dec. 3 1 . . .
1946
June 2 9 . . .
Dec. 3 1 . . .
1947
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 30. . .
July 3 1 . . .
Aug. 30
Sept. 30. . .
Oct. 31

ApParticiLoans Commitproved
pations
out- 2 ments
but not
outoutcom- 1 standing standing standing
pleted (amount) (amount) (amount'
(amount)

984
1,993
2,280
2,406
2,653
2,781
2 908
3,202

49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860

20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294

13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337

8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597

1,296
8,778
7,208
7,238
12,722
10,981
6 386
19,600

3,352
3,423

338,822
408,737

26,346
4,248

11,265
14,126

16,832
10,661

26,430
17,305

3,452
3,471

475,468
491,342

3,203
926

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
3,511

537,331
544,961

70
320

3,252
1,995

5,224
1,644

2,501
1,086

3,524
3,542

552,711
565,913

615
4,577

1,210
554

5,366
8,309

1,110
2,670

3,548
3,552
3,553
3,555
3,558
3,563
3,566
3,567

569,825
571,408
571,893
572,836
574,999
576,161
577,614
578,300

4,595
5,371
4,595
195
1,902
351
1,229
1,139

1,081
1,109
1,618
1,778
1,732
1,858
1,892
1,901

8,160
7,279
5,735
7,018
6,886
7,437
7,395
7,316

2,727
2,616
2,761
4,043
3,902
5,028
5,019
4,892

1
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 1947



MEMBER

BANK

RESERVES

[Averages of daily figures.

All
member x
banks

Month, or
week ending Thursday

Total reserves h e l d :
1946—September. . . .
October
1947—September. . . .
October
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.

25
2
9
16
23
30
6
13

Excess reserves:
1946—September....
October
1947—September. . . .
October
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.

25
2
9
16
23
30
6
13

Borrowings a t Federal
Reserve B a n k s :
1946—September
October
1947—September....
October
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.

25
2
9
16
23
30
6
13

AND

BORROWINGS

In millions of dollars]
Central reserve
city banks

Reserve
city
banks

Country
banks»

New
York

Chicago

16,160
16,167
16,866
17,073

4,183
4,174
4,270
4,324

905
904
1,001
1,024

6,360
6,362
6,688
6,781

4,712
4,726
4,906
4,944

16,872
16,891
17,039
17,082
17,348
16,872
17,003
16,962

4,280
4,290
4,276
4,280
4,463
4,289
4,277
4,226

1,010
1,010
1,017
1,020
1,048
1,013
1,016
1,002

6,668
6,703
6,780
6,805
6,844
6,719
6,780
6,755

4,914
4,888
4,966
4,977
4,993
4,852
4,930
4,979

885
863
931
954

24
10
24
60

3
4
6
14

196
197
256
263

662
6S2
646
618

913
984
985
1,157
726
882
861

19
25
22
33
190
14
37
15

4
10
9
13
34
3
9
4

220
264
299
280
292
189
253
221

641
614
654
659
641
520
583
621

149
107
133
171

29
2
44
70

92
61
59
66

28
44
28
26

98
235
148
131
83
336
234
322

16
126
89
55
1
146
57
126

55
77
38
48
56
120
130
129

26
25
19
25
24
39
47
48

19

i Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population

In places of under
15,000 population

Demand
deposits
except
interbank

Time
deposits

Demand
deposits
except
interbank

Time
deposits

October 1946
September 1947

16,085
15,588

8,204
8,508

12,178
12,130

5,759
6,064

October 1947

15,900

8,532

12,398

6,092

Boston
New York
Philadelphia. . . .
Cleveland

1,909
2,897
1,100
1,342

881
2,175
751
932

353
1,081
933
1,071

235
1,178
904
833

Richmond
Atlanta
Chicago
St. Louis

1,125
1,557
2,009
676

402
490
1,409
337

903
659
1,742
990

470
213
956
282

Minneapolis
Kansas City
Dallas
San Francisco. . .

595
551
962
1,176

298
106
142
609

829
1,682
1,559
597

448
204
62
306

1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
Ail reserve cities have a population of more than 15,000.

1505

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district
Total

Interbank

Other

Net
demand
de- 8
posits

Time
deposits 8

Demand
balances
due
from
domestic
banks

Reserves with Federal
Reserve Banks

Total

Required

Excess

Borrowings
at
Federal
Reserve
Banks

First half of October 1947
All member banks

90,528

11 ,958

78,570

79,221

28,324

5,959

17,023

16,072

952

136

Central reserve
New York
Chicago

22,414
5,288

4 ,216
1,155

18,198
4,133

20,837
4,783

1,480

880

53
147

4 ,271
1,016

4 ,256
1,009

15
7

70
3

Reserve city banks
Boston
New York
Philadelphia
^ Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

33,566
1,996

28,023
1,718

29,066
1,832

11,350

1,850

548

509

2,313
3,814
2,154
2,053
4,027
1,913
1,114
2,871
2,400
8,335

5 ,543
279
29
370
495
367
458
503
547
366
943
598
588

1,943
3,319
1,787
1,594
3,523
1,366

2,058
3,364
1,876
1,735
3,449
1,630

199
307
278

748

921

1,928
1,801
7,747

2,356
1,981
7,354

34
24
76
172
108
137
305
98
68
268
259
301

6 ,773
385
123
437
793
425
398
857
363
203
519
455
1,815

6 ,494
378
120
428
754
402
372
817
345
195
493
416
1,772

279
7
3
8
39
23
27
39
18
8
26
39
42

41
1
2
3
11
3
1
5
8
2
2
1
4

Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

29,259
2,321
4,065
2,054
2,431
2,149
2,387
3,812
1,793
1,502
2,314
2,636
1,795

1,044
85
84
16
24
130
175
71
132
82
79
137
27

28,216
2,236
3,981
2,037
2,407
2,019
2,212
3,741
1,661
1,419
2,235
2,499
1,768

24,537
2,003
3,559
1,780
2,092
1,748
1,987
3,210
1,496
1,224
1,857
2,055
1,524

4 ,963
391
790
400
465
345
364
687
281
255
325
360
300

4 ,312
347
699
348
399
297
320
591
247
216
279
300
268

651
43
91
51
66
48
44
96
35
39
46
60
32

23
5
5
4
2
3
1

ity banks:

577

1,353

447
411
2,128

324
178
363
337
5,025
14,614
1,117
3,353
1,654
1,763

871
703
2,361

619
745
310
204
912

3,909

202
329
218
282
318
337
536
249
237
436
539
226

Second half of October 1947
AH member banks

91,554

12,144

79,410

79,730

28,365

5,995

17,120

16,164

957

204

Central reserve city banks:
New York
Chicago

22,676
5,344

4,265
1,182

18,411
4,162

20,917
4,787

1,473

884

69
155

4,374
1,031

4,272
1,011

102
20

70
14

Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

34,076
2,034

5,613

28,462
1,748

29,292
1,845

11,373

1,880

6,789

6,541

550

509

1,989
3,384
1,788
1,618
3,549
1,407

2,075
3,394
1,883
1,752
3,439
1,679

198
306
276

913

1,965
1,848
7,858

2,381
2,024
7,397

390
123
442
802
423
393
850
363
198
517
450

381
120
432
760
403
375
816
355
193
498
425

1,836

1,782

248
9
2
11
42
19
18
34
8
4
19
26
54

90
2
3
5

758

34
24
80
183
101
137
318
101
64
255
267
315

Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

29,459
2,371
4,060
2,046
2,444
2,170
2,399
3,842
1,811
1,511
2,312
2,689
1,805

28,375
2,285
3,975
2,031
2,419
2,036
2,220
3,761
1,671
1,427
2,232
2,542
1,777

24,734
2,035
3,560
1,782
2,101
1,769
2,007
3,238
1,504
1,248
1,876
2,078
1,535

3,890

4,927

4,341

209
323
206
284
315
332
532
256
223
416
570
226

390
777
393
467
343
359
684
281
250
325
363
295

352
700
349
400
300
323
595
248
219
281
303
270

587
38
78
44
67
43
36
89
33
30
44
60
25

30
5
8
5
3
3

580
2,358
3,890
2,161
2,084
4,047
1,992
1,109
2,892
2,473
8,456

287
29
369
506
373
466
498
584
351
927
625
598
1,084

85
85
16
25
134
179
81
140
84
80
147
28

1,353

447
411
2,135

324
178
363
338
5,042
14,635
1,115
3,354
1,656
1,766

873
704
2,368

619
747
310
205
918

7
10
5
3
13
10
12
2
15

1
1

'V
' "l

1
Averages of daily closingfiguresfor reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
basedJ on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
' Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—Demand deposits adjusted (demand deposits other than interbank and United States Government, less cash items reported as in
process of collection) of all member banks estimated at 71,000 million dollars in the first half and 71,800 million in the second half of October. U. S.
Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements.

1506



FEDERAL RESERVE BULLETIN

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation *

End of year or
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945

.

. ...

Large denomination currency 2

Coin and small denomination currency
Total

Coin

4,167
5,519
5,536 4,292
4,518
5,882
6 543 5,021
6,550 5,015
5,147
6,856
5,553
7,598
8 732 6,247
8,120
11,160
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683

442
452

402
423

33
32

478
517
537
550

460
499
505
524

33
35
33
34

590
648

559
610

36
39

751

695

44

3$1

$2

$5

$10

801
880
909
1,019
987
1,156
1,274 1,039

55
70
81
73

719 1,229
771 1,288
1,373
1,563
1,560
1,611
1,019 1.772
1,129 2,021
1,355 2,731
1,693 4,051
1,973 5,194
2,150 5,983
2,313 6,782
815
906
905
946

$20

Total

1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201

1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834

460
919
538 1,112
724 1,433
1,019 1,910
1,481 2,912
1,996 4,153
2,327 4,220

$50

364
337
358
399
387
409

$100
618
577
627
707
710
770

$500 $1,000 $5,000 $10,000
125
112

237
216

122
135
139
160

239
265
288
327

6
17

16
18
12
32

191
227

425
523

20
30

32
60

556

24

287
407
555
454

586
749
990
801

9
9
10
7

46

261

8
5
7
7

10
7

28,245
28,254
28,448
28,507
28,600
28,861
28,952

20,248
20,185
20,271
20,262
20,273
20,447
20,437

1,300
1,311
1,319
1,332
1,345
1,355
1,361

998
990
992
1,001
1,000
1,010
1,029

67
67
66
66
65
65
67

2,191
2,166
2,165
2,156
2,148
2,169
2,173

6,604
6,552
6,571
6,528
6,494
6.543
6,497

9,087
9,099
9,159
9,180
9,221
9,305
9,310

7,998 2,364 4,387
8,071 2,377 4,437
8,178 2,402 4,509
8,247 2,419 4,567
8,329 2,436 4,645
8,416 2,458 4,711
8,518 2,492 4,771

438
436
436
436
434
435
438

781
790
802
795
784
782
783

I

1947—January....
February...
March
April
May

28,262
28,304
28,230
28,114
28,261
28,297
28,149
28,434
28,567
28,552

19,808
19,873
19,807
19,684
19,773
19,769
19,622
19,837
19,881
19,833

1,337
1,337
1,344
1,351
1,351
1,355
1,356
1,362
1,375
1,385

972
967
969

63
64
63

9,077
9,079
9,036
8,979
8,982
8,996
8,935
9,020
9,077
9,064

8,457 2,460 4.757
8,434 2,456 4,755
8,424 2,447 4,754
8,432 2,442 4,769
8,489 2,449 4,789
8,530 2,466 4,808
8,529 2,453 4,824
8.600 2,477 4,874
8.689 2,503 4.941
8,721 2,499 4,986

774
769
771

<>
<

tl

23
14
14

63
63

6,284
6,336
6,309
6,253
6,303
6,289
6,230
6,308
6,270
6,233

434
433
432

972
985

2,074
2,090
2,085
2,065
2,089
2,078
2,058
2,092
2,085
2,078

431
430

773
804

5
5

12
11

810
806
804
800
793

5
5
5
5
5

12
12
12
12
11

July
August
September..
October

986
980
990
1,010
1,011

64
63
64
64
63

430
428
428
428
427

8
10
|

1
!

25
22
24
24

1946—June
Tulv
August
September..
October
November..
December. .

June

Unassorted

|

22
21
20
21
21
21
26

2
!
\
\
\
"

2
%
2
3

1
2

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 held in the Treasury
Total outstanding, As security
against
Oct. 31.
gold and Treasury
1947
cash
silver
certificates

....
...

22,294
21,091
25,208
4,554

Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
. ..
National Bank notes

493
1,933
3 2,240
931
353
347
391
105

Gold
Gold certificates
Federal Reserve notes
Treasury currency-—total

Total—Oct 31 1947
Sept 30 1947
Oct 31 1946

21,091
' '*2,240 '
307
1,933

23,331
23,016
20,499

2

Money
held by
Federal
For
Reserve
Federal
Reserve Banks and
agents
Banks and
agents

1,203
70
57

18,229

2,815
855
275

Money in circulation 1

Oct. 31,
1947

Sept. 30,
1947

Oct. 31,
1946

47
24,283
4,221

47
24,289
4,231

50
24,347
4,204

32

3

152

151

145

14
8
2
1
1

210
22
6
30
3
1

2,030
895
339
315
387
104

2,044
887
337
317
391
105

1,989
872
328
314
444
111

3,945
3,954
3,886

28,552

1,330
1,309
2,285

18,229
17,907
15,413

28,567
28,600

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. 1499, and seasonally adjusted figures in table on p. 1508.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
> To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because 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
•ignificance and is not shown. See note of explanation of these duplications.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of diiect 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

1947




1507

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]

MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—•
unadjusted
for seasonal
variation

Date

End of year figures:
1939
1940
1941
1942
.
.
1943
1944
1945
1946

.

.

Amount—
adjusted for
seasonal
variation

7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952

Change in
seasonally
adjusted
series 1

+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437

Monthly averages of daily
figures:
1946—July
August
September
October
November
December

28,281
28,352
28,478
28,588
28,727
28,997

28,338
28,494
28,535
28,588
28,641
28,710

+57
+156
+41
+53
+53
+69

1947—January
February
March
April
May
June
July
August
September
October
November

28,543
28,300
28,273
28,185
28,158
28,236
28,259
28,252
28,654
28,598
28,648

28,458
28,300
28,358
28,412
28,356
28,378
28,316
28,394
28,711
28,598
28,562

-252
-158
+58
+54
-56
+22
-62
+78
+317
-113
-36

1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—'For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.

Gold
stock
at end
of
period

Period

1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—November..
December. .
1947—January....
February.. .
March
April
May
June
July
August
September..
October
November. .

2
11,258
2

12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
20,470
20,529
20,748
20,330
20,463
20,774
20,933
21,266
21,537
21,766
21,955
22,294
P22.615

Increase
in gold
stock

1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
-1,319.0
-553.9
464.0
67.7
59.4
219.3
•-418.2
132.5
311.5
159.0
333.4
270.6
228.8
189.4
339.0
P320.4

DoEarNet
marked mestic
gold
gold: de- gold
import
procrease
or export
ducor in(-)
crease (—) tion1
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4
-106.3
311.5
77.9
-61.2
-16.8
20.4
153.6
44.1
129.7
200.2
219.2
111.7
109.6
P45O.8
(4)

-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
127.5
82.8
196.1
-684.5
203.5
272.0
13.1
119.0
26.7
42.3
153.1
-4.0
« -82.8

131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
4.4
5.8
7.6
5.5
5.5
6.2
7.2
6.1
7.3
7.0
7.0
4
()
(«)

P Preliminary.
Annual figures are estimates of the United States Mint. For
explanation
of monthly figures see table on p. 1556.
2
Includes gold in the Inactive Account amounting to 27 million
dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
1
Change reflects primarily gold subscription to International Monetary
Fund.
4
Not
yet available.
8
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,573.8 million dollars on Nov. 30, 1947. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
1

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts

Annua rate of
turnover of total
deposits, except
interbank

Debits to demand
deposit accounts,
except interbank
and Government

New
York
City

New
York
City

Year and month
140
other
centers *

Other
reporting
centers 2

171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
417,475

218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
527,336

34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
105,210

16.1
16.5
17.1
18.3
19.0

91,340
86,645
103,900

33,913
31,088
41,252

47,671
46,105
52,295

9,756
9,452
10,353

93,488
81,567
93,314
87,771
87,840
94,446
'93,741
'84,423
'91 ,903
105,280

34,305
29,745
33,547
31,391
30,895
35,632
34,779
28,331
31,837
37,504

49,140
43,199
49,955
46,904
47,464
49,265
49,178
46,717
49,962
56,554

10,043
8,622
9,812
9,475
9,482
9,548
'9,784
'9,375
'10,104
11,222

Total, all
reporting
centers

New
York
City *

1939
423,932
445,863
1940
1941
537,343
607,071
1942—old series'
641,778
1942—new series »
792,937
1943
891,910
1944
1945
. . . . 974,102
4
1946—old series 4
J 1,050,021
1946—new series
1946—October
November
December
1947—January
February
March
April
May
June
July
August
September
October

Annual rate of
turnover of demand
deposits, except interbank and Government

Other
leading
cities

New
York
City

Other
leading
cities

13.1
11.7
10.8
9.7
10.0

167,939
167,373
193,729
1200,337
258,398
298,902
351,602
| 374,365
407,946

200,636
217,744
270,439
308,913
369,396
403,400
412,800
449,414
522,944

21.0
17.1
17.3
18.0
20.5
22.4
24.2
25.5
25.2

19.4
18.6
19.4
18.4
17.4
17.3
16.1
16.9
16.5

18.7
19.9
25.8

10.6
11.6
12.6

32,035
31,379
40,021

46,612
46,037
52,139

21.9
23.8
28.7

16.3
17.8
19.2

20.6
20.4
20.4
19.2
19.0
22.7
21.2
17.5
20.2
21.8

11.6
11.6
11.9
11.3
11.3
12.1
11.5
11.0
12.1
12.3

33,592
29,173
34,439
29,997
31,695
35,092
33,026
29,025
31,605
35.162

48,778
44,011
50,582
46,403
48,023
48,595
48,525
47,026
'49,978
55.025

23.8
24.0
24.9
21.5
22.7
25.6
22.9
20.6
23.1
23.9

17.4
18.1
18.6
17.0
17.3
17.9
17.2
16.6
18.0
18.2

333 other
reporting
centers

' 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.
4
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947
and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in leading cities since 1935; 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
8

1508



FEDERAL RESERVE BULLETIN

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Time deposits

Total
deposits
adjusted
and
currency
outside
banks

Total
demand
deposits
adjusted
and
currency
outside
banks

Total
deposits
adjusted

Demand
deposits
adjusted 1

1929—JuneDecember
1933—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June

55,171
54,713
41,680
42,548
56,565
58,955
60.943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237

26,179
26,366
19,172
19,817
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
105,992

51,532
51,156
36,919
37,766
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721

22,540
22,809
14,411
15,035
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476

1946—October
November
December

169,400
169,000
167,107

108,900
109,700
110,044

"142,900
142,300
140,377

1947—January (Jan. 29)..
February (Feb. 26)..
March (Mar. 2 6 ) . . .
April (Apr. 30)
May (May 2 8 ) . . . . . .
June (June 30)
July (July 30) P
August (Aug. 27)P. .
September(Sept.24)p
October (Oct. 2 9) P. . .

165,900
165,100
165,000
165,100
165,000
165,45.5
166,300
167,100
168,500
169,700

108,600
106,800
106,500
107,400
107,600
108,575
109,300
109,700
110,700
111,800

139,800
138,900
138,900
139,000
138,900
139,156
140,300
140,900
142,100
143,400

End of month

United
States
Government
deposits *

Currency
outside
banks

Total

Commercial
banks•«

Mutual
savings
banks *

Postal
Savings
System •

753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416

28,611
28,189
21,656
21,715
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829

19,557
19,192
10,849
11,019
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429

8,905
8,838
9,621
9,488
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281

149
159
,186
,208
,251
,251
,261
,278
,292
,303
,303
,313
,315
,415
,576
,786
2,032
2,340
2,657
2,932
3,119

8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490
26,516

82,400
83,000
83,314

300
900
103

53,200
53,400
53,960

33,500
33,500
33,808

16,500
16,600
16,869

3,200
3,300
3,283

26,500
26,700
26,730

82,500
80,600
80,400
81,300
81,500
82,276
83,300
83,500
84,300
85,500

3,100
3,700
3,700
2,700
2,200
,367
,400
,700
,900
,800

54,200
54,600
54,800
55,000
55,200
55,513
55,600
55,700
55,900
56,100

33,900
34,100
34,200
34,400
34,500
34,693
34,700
34,800
34,900
35,100

17,000
17,100
17,200
17,200
17,300
17,428
17,500
17,500
17,600
17,600

3,300
3,400
3,400
3,400
3,400
3,392
3,400
3,400
3,400
3,400

26,100
26,200
26,100
26,100
26,100
26,299
26,000
26,200
26,400
26,300

381
158
852
1,016
599
889
792
846
828
753

3,639
3,557
4,761
4,782
5,417
5,775
6,005
6,401
6,699
7,325

r
Revised.
1
P
Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
2
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
• Excludes interbank time deposits and postal savings redeposited in banks.
• Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banka.
'Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS l
[In millions of dollars]
Member
Nonmember
banks
banks
Assets
Total,
all
NonInNabanks
DeposU. S. Government
tional State sured insured
Cash
Cash
securities
End of month itors'
in debalreposiances 1 Total
serve
Number of banks suspended:
tory
Guarfunds,
1934-39
291
6
15
189
81
Dibanks Total
anetc8
rect
teed
1
3
1940
22
18
1941
8
1
4
3
9
3
6
1942
1,192 1,046
1,319
53
1939—Dec... 1,279
146
74
1943
4
2
2
1,224 1,078
1,348
36
1940—Dec... 1,304
146
88
1
1
1944
1,274 1,128
1,396
26
1941—Dec... 1,314
146
95
1945
0
1,345 1,220
1,464
16
1942—Dec.. . 1,417
126
102
0
1946
1,716 1,716
1,843
10
1943—Dec... 1,788
118
1947—j a n -Nov
0
2,252 2,252
8
1944—Dec... 2,342 2,411
152
2,837 2,837
6
1945—Dec... 2,933 3,022
179
Deposits of suspended banksa
(in thousands of dollars) :
1946—Nov... 3,260 3,360
3,151 3,151
6
204
1934-39
125,991 14,616 26,548 44,348 40,479
3,182 3,182
D e c . . . 3,284 3,387
6
200
1940
5,943
256
346
5,341
1947—Jan... 3,331 3,436
6
3,234 3,234
196
1941
3,726 3,144
503
79
F e b . . . 3,355 3,463
3,257 3,257
200
6
1942
1,702
1,375
327
Mar... 3,375 3,481
3,284 3,284
192
5
1943
6,223 4^982
1,241
Apr.. . 3,382 3,492
3,290 3,290
197
5
1944
405
405
3,277 3,277
M a y . . 3,387 3,508
226
5
1945
0
3,302 3,302
J u n e . . 3,393 3,523
216
6
0
1946
3,351 3,351
J u l y . . 3,398 3,548
191
6
1947—Jan.-Nov
0
3,360 3,360
Aug... 3,396 3,553
188
6
Sept
P3,406
1
Represents banks which, during the periods shown, closed temO c t . . . P3.413
porarily 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.
aasters.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
Back figures.—See Banking and Monetary Statistics, p. 519; for
for description, see pp. 281-282 in the same publication.
description, see p. 508 in the same publication.

DECEMBER

1947




1509

ALL BANKS IN THE UNITED STATES, BY CLASSES •
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments

Deposits

Investments

Other

/"Waco r\t Kaviir-

and date

Total

Loans
Total

Cash
assets l

Total Number
of
capital
accounts banki

U. S.
Government
obligations

Other
securities

19,417
20,972
25,511
45,951
65,932
85,885
101,288
95,911
86,558
82,679
82,750

9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,175
9,491
10,051
10,630

23,292
28,090
27,344
28,701
28,475
30,790
35,415
33,124
35,041
33,544
34,490

68,242
75,996
81,816
99,803
117,661
141,448
165,612
159,171
155,902
153,349
157,970

9,874 32,513
10,934 38,558
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,311 98,043
12,656 92,446
11,679 89,437
12,430 92,680

25,855
26,503
26,485
27,064
31,089
37,561
45,627
48,817
50,800
52,233
52,860

8,194
8,302
8,414
8 566
8,996
9,643
10,542
11,067
11,360
11,721
11,880

15,035
14,896
14.S26
14 682
14^579
14,535
14,553
14,567
14,585
14,716
14,730

Total 1

Interbank 1

Tim

mand

Time 8

All banks:
1939—Dec. 30
1940— Dec. 31
1941—pec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 303
Oct. 29«

50,884
54,177
61,126
78,147
96,966
119,461
140,227
136,572
131,698
131,095
135,160

22,165 28,719
23,756 30,422
26,615 34,511
23 916 54,231
23,601 73,365
26,015 93,446
30,362 109,865
31,486 105,087
35,648 96,050
38,365 92,730
41,780 93,380

All commercial banks:
1939—£)ec# 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 3O3
Oct. 29"

40,668
43,929
50,746
67,393
85,095
105,530
124,019
119,448
113,993
112,756
116,440

17 238
18,800
21,714
19,221
19,117
21,644
26,083
27,130
31,122
33,679
36,940

23,430
25,129
29,032
48,172
65,978
83,886
97,936
92,318
82.871
79,077
79,500

16,316
17,757
21,808
41,379
59,842
77,557
90,606
84,473
74,780
70,539
70,540

7,114
7,372
7,225
6,793
6,136
6,329
7,331
7,845
8,091
8,538
8,960

22,474
27,124
26,551
28,039
27,677
30,206
34,806
32,378
34,223
32,704
33,820

57,718
65,337
71,283
89,135
105,923
128,072
150,227
142,890
139,033
135,907
140,300

9,874 32,513
10,934 38,558
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,311 98,043
12,656 92,446
11,679 89,423
12,430 92,670

15,331
15,844
15,952
16,395
19,350
24,184
30,241
32,536
33,930
34,804
35,200

6,885
7,010
7.173
7,330
7,719
8,265
8,950
9,352
9,577
9,880
10,010

14 484
14,345
14,278
14,136
14,034
13,992
14,011
14,026
14,044
14,183
14,197

30
31
31
31
31
30
31
29
31
30.. 7

39,290
42,557
49,290
66,240
83,507
103,382
121,809
117,409
112,178
110,682

16,863
18,395
21,259
18,903
18,841
21,352
25,765
26,791
30,733
33,250

22,427
24,162
28,031
47,336
64,666
82,030
96,043
90,618
81,445
77,433

15,567
17,064
21,046
40,705
58,683
75,875
88,912
82,977
73,554
69,136

6,860
7,099
6,984
6,631
5,983
6,155
7,131
7,641
7,891
8,297

21,873
26,287
25,788
27,586
27,183
29,733
34,292
31,843
33,694
32,190

56,069
63,461
69,411
87,803
104,094
125,714
147,775
140,612
136,990
133,659

9,523 31,483
10,539 37,333
10,654 43,059
11,144 60,504
10,705 74,309
12,074 89,761
13,883 104,015
12,007 96,459
12,320 91,144
11,243 88,074

15,063
15,589
15,699
16,154
19,081
23,879
29,876
32,145
33,526
34,343

6,527
6,676
6,844
7,055
7,453
7,989
8,671
9,068
9,286
9,558

13,534
13,438
13,426
13,343
13,270
13,263
13,297
13,330
13,354
13,386

All member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30..:
Oct. 29«

33,941
37,126
43,521
59,263
74,258
91,569
107,183
102,032
96,362
94,802
97,983

13,962
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
28,655
31,530

19,979
21,805
25,500
43,175
57,970
72,893
84,408
78,729
69,666
66.146
66,453

14,328
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042
59,198
59,171

5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,458
6,625
6,948
7,282

19,782
23,963
23,12324,280
23,790
25,860
29,845
28,079
29,587
28,694
29,596

49,340
56,430
61,717
78,277
92,262
110,917
129.670
122,519
118,170
115,435
119,122

9,410
10,423
10,525
11,000
10,555
11,884
13,640
11,801
12,060
11,041
11,874

28,231
33,829
38,846
54,523
66,438
79,774
91,820
84,602
78,920
76,380
78,913

11,699
12,178
12,347
12,754
15,268
19,259
24,210
26,115
27,190
28,014
28,335

5,522
5,698
5,886
6,101
6,475
6,968
7,589
7,920
8,095
8,315
8,422

6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,887
6,900
6,928
6,930

All national banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—jUne 30..:

21,810
23,648
27,571
37,576
47,499
58,308
69,312
66,277
63,723
62 982

9,022
10,004
11,725
10,183
10,116
11,480
13,925
14,469
17,272
18,764

12,789
13,644
15,845
27,393
37,382
46,828
55.387
51,809
46,451
44,218

9,058
9,735
12,039
23,744
34,065
43,292
51,250
47,271
41,658
39,271

3,731
3,908
3,806
3,648
3,318
3,536
4,137
4,537
4,793
4,947

12,489
15,099
14,977
16,184
16,017
17,570
20,114
18,607
20,012
19,342

31,559
35,787
39,458
50,468
59,961
71,858
84,939
80,212
78,775
77,146

5,898
6,574
6,786
7,400
7,159
8,056
9,229
7,816
8,169
7,432

17,579
20,885
24,350
34,499
42,605
50,900
59,486
54,930
52,194
50,694

8,081
8,329
8,322
8,570
10,196
12,901
16,224
17,466
18,412
19,020

3,397
3,528
3,640
3,729
3,950
4,265
4,644
4,862
5,138
5,296

5,187
5,144
5,117
5,081
5,040
5,025
5,017
5,012
5,007
5,012

State member
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
I943—D ec#
1944—Dec.
1945—Dec.
1946—June
Dec.
1947—June

12,130
13,478
15,950
21 687
26,759
33,261
37,871
35,754
32,639
31,820

4,940
5,316
6,295
5 905
6,171
7,196
8,850
8,834
9,424
9,891

7,190
8,162
9,654
15,782
20,588
26,065
29,021
26,921
23,216
21,928

5,271
6,088
7,500
13,802
18,883
24,393
27,089
25,000
21,384
19,927

1,920
2,074
2,155
1,980
1,705
1,672
1,933
1,921
1,832
2,001

7,293
8,865
8,145
8,096
7,773
8,290
9,731
9,472
9,575
9,353

17,781
20,642
22,259
27,808
32,302
39,059
44,730
42,307
39,395
38,289

3,512
3,849
3,739
3,600
3,397
3,827
4,411
3,986
3,890
3,609

10,652
12,944
14,495
20,024
23,833
28,874
32,334
29,672
26,726
25,686

3,617
3,849
4,025
4,184
5,072
6,357
7,986
8,649
8,779
8,994

2,124
2,169
2,246
2 371
2 525
2,703
2,945
3,058
2,957
3,019

1,175
1,342
1,502
1 598
1,698
1,789
1,867
1,875
1,893
1,916

All Insured commercial
1939—Dec.
1940— Dec.
1941—Dec.
1942—D«e.
1943—Dec.
1944—Dec.
1945—Dec.
1946—June
Dec.
1947—June

banks:
30
31
31
31
31
30
31
29
31
30..:

• Partly estimated; table will include latest monthly estimates hereafter.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" except three mutual savings banks that became members of the Federal Reserve System in 1941;
these three banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are
included only once in "all banks." Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of
banks includes a few noninsured banks for which asset and liability data are not available.
ition. For reviBackfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publicatic
sions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see following page.

1510



FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments

Deposits

Investments
Class of bank
and date

Total

Loans

Other

Total

U. S.
Government
obligations

Other
securities

Cash
assets 1

Total 1

Inter-1
bank

Demand

Time

2

Number
Total
of
capital
accounts banks

All nonmember commercial banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31.
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 303. . . . .
Oct. 29«

6,727
6,803
7,233
8,137
10,847
13,972
16,849
17,430
17,646
17,969
18,470

3,276
3,479
3,696
3,136
2,832
2,971
3,310
3,830
4,429
5,027
5,410

3,451
3,324
3,536
5,002
8,014
11,002
13,539
13,600
13,217
12,943
13,060

1,987
1,934
2,270
3,836
6,899
9,880
12,277
12,212
11,749
11,352
11,380

1,464
1,389
1,266
1,166
1,115
1,122
1,262
1,388
1,468
1,591
1,680

2,692
3,161
3,431
3,760
3,889
4,348
4,962
4,300
4,639
4,012
4,230

8,378
8,907
9,574
10,867
13,671
17,168
20,571
20,387
20,879
20,488
21,200

464
512
457
309
448
351
425
510
597
638
560

4,282
4,729
5,504
6,908
9,131
11,879
14,101
13,441
13,526
13,043
13,760

3,633
3,667
3,613
3,650
4,092
4,938
6,045
6,436
6,756
6,806
6,880

1,363
1,312
1,288
1,230
1,245
1,298
1,362
1,433
1,483
1,566
1,590

8,122
7,859
7,662
7,460

Insured nonmember
commercial banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30

5,350
5,431
5,776
6,984
9,258
11,824
14,639
15,392
15,831
15,896

2,901
3,074
3,241
2,818
2,556
2,678
2,992
3,491
4,040
4,597

2,448
2,357
2,535
4,166
6,702
9,146
11,647
11,901
11,791
11,299

1,239
1,240
1,509
3,162
5,739
8,197
10,584
10,716
10,524
9,949

1,210
1,116
1,025
1,004
962
949
1,063
1,185
1,268
1,350

2,091
2,324
2,668
3,308
3,395
3,875
4,448
766
109
3,498

6,729
7,032
7,702
9,535
11,842
14,809
18,119
18,108
18,836
18,240

113
116
129
145
149
190
244
206
260
201

3,252
3,504
4,213
5,981
7,870
9,987
12,196
11,857
12,225
11,694

3,365
3,411
3,360
3,409
3,823
4,632
5,680
6,045
6,351
6,345

1,005
978
959
955
979
1,022
1,083
149
193
1,245

7,172
6,952
6,810
6,667
6,533
6.452
6,414
6,446
6,457
6,461

Nonlnsured nonmember commercial
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31*
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 3O3

378
372
457
154
588
2,148
2,211
2,038
1,815
2,073

375
405
455
318
276
292
318
339
389
430

1,003
967
1,002
836
1,312
1,856
1,893
1,699
1,426
1,644

749
694
761
674
1,160
1,682
1,693
1,496
1,226
1,403

254
273
241
162
153
174
200
204
200
241

601
837
763
452
494
473
514
534
530
514

1,649
1,876
1,872
332
829
358
452
2,279
2,043
2,248

351
396
329
164
299
161
181
303
336
437

1,031
1,225
1,291
927
1,261
1,892
1,905
1,584
1,302
1,349

268
255
253
241
270
305
365
391
404
461

358
334
329
275
267
276
279
284
290
321

950
907
853
793
764
729
714
696
690
797

10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,125
17,704
18,339
18,720

4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,356
4,526
4,686
4,840

5,289
5,292
5,478
6,059
7,387
9,560
11,928
12,769
13,179
13,653
13,880

3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,438
11,778
12,140
12,210

2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,331
1,400
1,513
1,670

818
966
793
663
797
584
609
747
818
839
670

10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,442
17,670

10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,428
17,660

1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,715
1,784
1,842
1,870

551
551
54S
544
541
54S
542
541
541
533
533

1,329
1,654
1,693
2,007
7,525
9,223
10,846
11,453
11,891
12,375

605
637
642
740
3,073
3,110
3,081
3,132
,250
3,370

724
1,018
1,050
1,267
4,452
6,113
7,765
8,322
8,641
9,005

422
548
629
861
3,844
5,509
7,160
7,662
7,946
8,216

303
470
421
405
608
604
606
660
695
789

133
202
151
130
559
400
429
550
612
658

1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,901

1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,887

153
161
164
201
808
892
,034
122
173
1,218

51
53
52
54
184
192
192
191
191
191

8,887
8,594
8,687
8,747
4,345
4,708
5,361
5,671
5,813
5,964

4,323
4,319
4,259
3,954
1,411
1,260
1,198
1,224
1,275
1,316

4,565
4,274
4,428
4,792
2,935
3,448
4,163
4,447
4,538
4,648

2,679
2,667
3,075
3,711
2,246
2,819
3,522
3,777
3,833
3,924

885
607
353
082
689
629
641
671
705
724

685
764
642
533
238
184
180
197
206
181

9,114
8,841
8,744
8,620
4,204*
4,466
5,022
5,302
5,442
5,541

9,114
8,841
8,744
8,620
4,204
4,466
5,022
5,302
5,442
5,541

1,156
1,131
1,077
1,035
468
485
558
593
611
624

500
498
496
490
361
351
350
350
350
342

All mutual savings
banks:
1939—Dec. 3 0 . . . . . .
1940—Dec. 31.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 3 1 . . . . . .
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 303
Oct. 29«
Insured mutual saving;
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
Noninsured mutual
savings banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 3O3

14

299
181
130
142
147
258
7,270

i 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. 2 Figures for "all banks" and for mutual savings banks prior to June 30. 1947, include a relatively8 small amount of demand deposits held by the latter.
June 30, 1947,figuresare consistent (except that they exclude possessions) with the revised all bank series recently announced by the Federal
bank supervisory agencies, but are not entirely comparable with prior figures shown above, particularly with respect to number of banks.
* Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year
comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
For other footnotes, see preceding page.
DECEMBER

1947




1511

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Class of bank
and
call date

Total
loans
and
investments

All insured commercial banks:
1940—Dec. 31.. 42,557
1941—Dec. 31.. 49,290
1942—Dec. 31.. 66,240
1943—Dec. 31.. 83,507
1944—Dec. 30.. 103,382
1945—Dec. 31.. 121,809
1946—Dec. 31.. 112,178
1947—June 30.. 110,682
Member banks,
total:
1940—Dec. 31.. 37,126
1941—Dec. 31.. 43,521
1942—Dec. 31.. 59,263
1943—Dec. 3 1 . . 74,258
1944—Dec. 30.. 91,569
1945—Dec. 31.. 107,183
1946—Dec. 31.. 96,362
1947—June 30.. 94,802
Oct. 6.. 97,328
New York City?
1940—Dec. 31.. 10,910
1941—Dec. 3 1 . . 12,896
1942—Dec. 3 1 . . 17,957
1943—Dec. 31.. 19,994
1944—Dec. 30.. 24,003
1945—Dec. 31.. 26,143
1946—Dec. 31.. 20,834
1947—June 30. . 20,332
Oct. 6.. 20,469
Chicago?
1940—D,ec. 31.. 2,377
1941—Dec. 31.. 2,760
1942—Dec. 3 1 . . 3,973
1943—Dec. 3 1 . . 4,554
1944—Dec. 30.. 5,443
1945—Dec. 3 1 . . 5,931
1946—Dec. 3 1 . . 4,765
1947—June 30.. 4,802
Oct. 6.. 5,040
Reserve city banks:
1940—Dec. 31.. 13,013
1941—Dec. 31.. 15,347
1942—Dec. 3 1 . . 20,915
1943—Dec. 31.. 27,521
1944—Dec. 30.. 33,603
1945—Dec. 3 1 . . 40,108
1946—Dec. 31.. 35,351
1947—June 30. . 34,611
Oct. 6. . 35,792
Country banks:
1940—Dec. 3 1 . . 10,826
1941—Dec. 31.. 12,518
1942—Dec. 3 1 . . 16,419
1943—Dec. 31.. 22,188
1944—Dec. 30.. 28,520
1945—Dec. 3 1 . . 35,002
1946—Dec. 3 1 . . 35,412
1947—June 30.. 35,057
Oct. 6 . . 36,027
Insured nonmember commercial banks:
1940—Dec. 3 1 . . 5,431
1941—Dec. 3 1 . . 5,776
1942—Dec. 31.. 6,984
1943—Dec. 31.. 9,258
1944—Dec. 30.. 11,824
1945—Dec. 3 1 . . 14,639
1946—Dec. 3 1 . . 15,831
1947—June 30.. 15,896

Total

Investments

ComLoans for
merpurchasing
cial,
or carrying
insecurities Real
clud- Agricules- Con- Other Total
ing
To
tate sumer
turloans
openbrokloans loans
marTo
ers
ket
and othpadealperi
ers

1,281 663 727 4,468
4,077
24,162
1,450 614 66: 4,773
28,031
4,545
1,64: 950 59 4,646 2,269 1,042 47,336
1,505 ,414 92 4,437 1,868 918 64,666
1,723 2,269 2,265 4,343 1,888 944 82,030
96,043
1,3143,1643,606 4,677 2,361
1,358 1,51 1,609 7,103 4,031 1,098 81,44.
1,549 1,517 1,278 8,201 4,893 1,047 77,433

18,395
21,259
18,903
18,841
21,352
25,765
30,733
33,250

7,178
9,214
7,757
7,777
7,920
9,461
14,016
14,765

15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
30,738

21 ,805
6,660 865 642 65! 3,228 3,273
25 ,500
8,671 97: 594 598 3,494 3,692
7,387 1,089 934 538 3,423 ,847 870 43 ,175
7,421 1,023 1,398 839 3,274 ,484 848 57,970
2,249 2 108 3,209 ,505 877 72,893
7,531
855 3,133 3,378 3,455 1,900 1,104 84,408
8,949 1,198
13,154 884 1,506 1,467 5,358 3,308 1,020 69,666
13,820 972 1,507 1,154 6,240 3,998 965 66 ,146
66 ,590

3,384
4,072
4,116
4,428
5,760
7,334
6,368
6,548
6,881

,125
,807
2,546
2,515
2,610
3,044
4,078
4,171

465 190
412 169
787 193
24 1,054 323
1,742
859
30
2,453 1,172
1,096 389
1,196 286
42
48
34
102
163
211
117
100

696
492
954
732
832
658
1,004
763
1,184
738
1,333
760
1,499 1,094
1,565 1,178
1,724

130
123
117
107
86
80
99
104

54
52
32
52
163
233
101
84

15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
59,288

1,681
1,806
3,141
3,550
4,258
4,598
3,266
3,237
3,316

1,307
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,935

84
96

2,589
3,456
2,957
3,058
3,034
3,661
5,548
5,726

263
300
290
279
348
205
201
197

7,081
115 207 436
1,322
8,243
114 194 527
1,512
97 153 486 808 312 14,813
217 267 420 658 301 21,321
311 777 379 660 313 26,781
427 1,503 459 855 404 31,594
264 704 2,237 1,436 435 24,527
185 540 2, 713 1,675 405 23^170
23,297

5,309
5,890
5,038
4,654
4,910
5,596
8,004
9,102
9,638

1,453
1,676
1,226
1,084
1,149
1,484
2,433
2,744

590
659
772
713
802
648
681
774

5,517
1,400
201 1,644
6,628
1,530
183 1,823
161 1,797 674 393 11,380
197 1,725 528 381 17,534
310 1,719 547 351 23,610
471 1,881 707 363 29,407
273 2,970 1 312 306 27,408
244 3,381 1,693 240 25,955
26,389

3,074
3,241
2,818
2,556
2,678
2,992
4,040
4,597

518
543
370
356
389
512
862
945

416
478
553
482
525
459
474
576

75 ,240
64 ,282
59 ,225
82 ,165
156 ,136
228 1,224
142 1,748
125 1,963

17,064 662
2,756 9,925 3,719 3,608 3,491
21,046 988
3,159 112,797 4,102 3,651 3,333
40,705 4,462 6,727 5,799 20,',999 2,718 3, 533 3 ,098
58,683 4,636 13,218 7,672 30,656 2,501 3, 287 2,696
75,875 3,971 15,300 15,778 39,848 978 3,422 2,733
88,912 2,455 19,071 16,045 51,321
22 3,873 3.258
73,554 1,271 12,288 6, 780 53,200
15 4, 298 3,592
69,136 835 9,441 5,341 53,505
14 4 ,826 3,471

044
265
,547
,563
,179
,574
,308
,571
,305

5,931
7,105
6,102
6,201
6,822
8,514
10,825
11,441
12,495

21
20
16
16
21
31
12
11

Total

468
554
,
303 148 13,841
252 153 15,566
253 179
287 298 18,243
18,809
455 250 14,465
500 291 13,784
378
13,588

62
45
45
51
105
130

2,357
803
2,535
854
422 173 4,166
385
70 6,702
383
67 9,146
460
77 11,647
723
79 11,791
895
82 11,299

Obligations
of
Direct
States Other
and secuCertifiGuar- politrities
cates
anin- Notes Bonds teed ical
Bills of
subdebtdiviedsions
ness

U. S. Government obligations

19,682
25,042
29,552
22,250
20,845
20, 884

652
2,594 ,091 486 3,013 2,970
971
3,007 ,729 3^832 3,090 21871
4,363 6,285 5,409 ,948 2,540 2,965 2,664
,071
4,360 12
6,906 27 ,265 345 ,729 2,294
3,748 13,982 14,127 34 ,927 902 ,857 2,350
2,275 16,985 14,271 44 792
16 3,254 2,815
1,167 10,043 5,602 46 ,219
11 ,548 3,077
773 7,544 4,369 46 ,502
10 3,982 2,966
4,224 3,079
207
311
,855
,328
913
477
387
137

2,144
3,409
3,740
3,433
1,725
1,103

1,245
1,623
2,056
1,829
3,745
3,325
992
775

297
256
637
397
877
199
250 1,045
133 1,467
498
60
368
106

145
153
391
484
779
749
146
132

103
295
1,441
1,802
1,704
1,034
441
334

2,253
4,691
5,730
6,982
3,799
3,038

2,977 1,615
3,652 1,679
5,420 1,071
7,014 984
8,592 189
10,337
1
10,202
1
10,555
1
752
903
1,282
1,602
1,809
1,864
2,207
2,284

112
119
83
74
31

695
729
593
444
468
606
557
631
694

788
830
701
558
596
629
601
582
588

188
182
166
158
160
181
167
175
205

186
193
186
155
185
204
187
173
176

771 3,281 1,049 984 893
751 4,248 1,173 956 820
1,723 6,810 811 954 821
2,497 9,943 749 913 726
5,181 11,987 440 ,000 740
5,653 15,878
5 ,126 916
1,993 16,013
4 ,272 1,004
1,503 15,967
3 ,364 962
,390 1,023

3,269
45
433 2,081
4,377
110
481 2,926
9,172 671 1,251 1,240 5,436
15,465 1,032 3,094 2,096 8,705
21,552 882 3,466 4,422 12,540
,999 630 5,102 4,544 16,713
,572 279 4,020 2,470 17,797
,893 197 3,035 1,960 17,696
23,,164

710
861
574
538
241
9
6
5

,146 1,102
,222 1,028
,252 956
,214 855
,230 829
,342 1,067
,551 1,285
,813 1,250
,934 1,291

1,240
1,509
3,162
5,739
8,197
10,584
10,524
9,949

234
271
179
156
76
6
3
4

595
563
569
560
566
619
752
845

10
17
99
276
223
180
104
62

162
834
152 1,069
442
390 2,053
1,147
766 3,395
1,319 1,652 4,928
2,087 1,774 6,538
2,247 1,179 6,991
1,897
972 7,013

521
462
435
403
383
443
516
505

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
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. 8 31, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.

1512



FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
lln millions of dollars]

Demand deposits
Reserves
Cash
with
Federal in
Revault
serve
Banks

Class of bank
and
call date

All insured commercial banks:
1940—Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30..
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—June 30. .

13,992
12,396
13,072
12,834
14,260
15,810
16,013
16,039

1,445
1,622
1,829
2,012
1,804

Member banks
total:
1940—Dec.
1 . ..
1941—Dec. 331.
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30..
Oct. 6..

13,992
12,396
13,072
12,835
14,261
15,811
16,015
16,040
16,946

New York City:2
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31..
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6..

DeBalances mand
dewith
doposits
mestic8
ad- 4
banks justed

Interbank
deposits

U.S.
Government

DoFormestic* eign

Time deposits

U. S.
Certi- IndiGov- States
States fied viduals,
and
ernand
and partner- Inter- ment
politships,
political offiical
and
subdi- cers' and cor- bank Postal
subdivisions checks, poravisions
Savtions
etc.
ings

IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations

8,202
8,570
9,080
8,445
9,787
11,075
9,481
8,498

33,820
37,845
48,221
59,921
65,960
74,722
82,085
81,012

702
666
9,677
673 1,761
9,823
813 8,167
10,234
893 9,950
9,743
948 19,754
11,063
12,566 1,248 23,740
10,888 1,364 2,930
9,807 1,372 1,247

3,298
3,677
3,996
4,352
4,518
5,098
5,967
6,495

1,077
1,219
1,669
1,354
2,585
2,361
2,111

971 32,398

36,544
47,122
58,338
64,133
72,593
79,887
78,220

160
158
97
68
64
70
68
64

69
59
61
124
109
103
119
111

522
492
397
395
423
496
664
771

14,998
15,146
15,697
18,561
23,347
29,277
32,742
33,461

11
10
10
46
122
215
39
60

6,676
6,844
7,055
7,453
7,989
8,671
9,286
9,558

6,185
6,246
6,147
5,450
6,354
7,117
5,936
5,521
5,993

30,429
33,754
42,570
52,642
57,308
64,184
70,243
69,595
70,793

9,581
9,714
10,101
9,603
10,881
12,333
10,644
9,612
10,471

700
616
671 1,709
811 7,923
891 9,444
945 18,509

2,724
3,066
3,318
3,602
3,744
4,240
4,915
5,376
5,059

913

1,087
1,019
1,132
1,271
1,438
1,576
1,409
1,496

1,009
1,142
1,573
1,251
2,450
2,207
1,976
1,821

29,576
33,061
42,139
51,820
56,270
62,950
69,127
67,933
69,047

141
140
87
62
58
64
62
60
50

56
50
56
120
105
99
114
106
110

435
418
332
327
347
399
551
649
661

11,687
11,878
12,366
14,822
18,807
23,712
26,525
27,259
27,511

3
4
5
39
111
208
30
50
332

5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,463

7,057
5,105
4,388
3,596
3,766
4,015
4,046
4,166
4,254

102
93
72
92
102
111
131
123
143

122
141
82
61
76
78
87
50
55

11,062
10,761
11,899
13,899
14,042
15,065
16,429
16,494
15,941

4,032
3,595
3 209
2,867
3,179
3,535
3,031
2,898
2,975

641
48
607
866
733 4,186
810 3,395
851 6,722

370
319
263
252
199
237
218
260
225

5
6
3
4
11
17
20
22
14

5
7
10
15
14
12

51
29
23
26
17
20
39
17
17

768
778
711
816
977

29
96
195

942
915
783

11,357
11,282
12,501
14,373
14,448
15,712
17,216
17,202
16,463

\
268

1,615
1,648
1,727
1,862
1,966
2,120
2,205
2,234
2,250

1,051
1,021

42
43
39
38
43
36
29
36
30

319
298
164
158
177
200
172
162
144

1,941
2,215
2,557
3,050
3,041
3,153
3,356
3,427
3,612

27
34
38
44
33
66
47
55
50

1,905
2,152
2,588
3,097
3,100
3,160
3,495
3,417
3,548

5

8

902
821
899
942
928
973
993

1

270
288
304
326
354
377
404
416
420

Reserve city banks:
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 30. .
Oct. 6..

4,027
4,060
4,940
5,116
5,687
6,326
6,337
6,274
6,764

396
425
365
391
441
494
532
470
494

2,741
2,590
2,202
1,758
2,005
2,174
1,923
1,864
1,835

9,581
11,117
14,849
18,654
20,267
22,372
24,221
24,166
24,580

3,919
4,302
4,831
4,770
5,421
6,307
5,417
4,773
5,378

Country banks:
1940— Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 30. .
Oct. 6..

1,857
2,210
2,842
3,303
3,909
4,527
4,703
4,628
4,934

452
526
542
611
684
796
883
780
829

3,002
3,216
3,699
3,474
4,097
4,665
3,753
3,444
3,959

7,845
9,661
13,265
17,039
19,958
23,595
26,237
25,508
26,660

633
790
957
994

243
271
287
313
352
391
437
395

2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,959 10,537
3,547 11,842
2,979 11,418

Chicago:*
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Oct.

31. .
31..
31..
31..
30. .
31. .
31. .
30. .
6. .

1,234
L.358

11,305

991

997

1,027
1,105

972

1,132
1,292
1,130
1,056
1,111

1,149
1,199
1,067

885

1,006

1,243
1,353
1,369
1,455

22,179
2,672
1,095
2,308

1,105 6,940
651
1,195
179
1,228
564
1,298
8
8
12
14
16
20
24
24
25

90
127
665
713

1,400
1,552
152
181
161

174
233
178
174
167
237
228
304
323

471
450
448
710
361

1,338

1,206
1,395
1,407
1,437

2
2
2

4
6

7

496
476
453
505
619
719
823
864
871

2
2

i1

110 8,221
991
127
109
311
789
125

1,144
1,319
1,448
1,509
1,763
2,077
2,301
2,025

228
9,468
286 11,127
385 15,061
475 18,790
488 20,371
611 22,281
693 24,288
554 23,934
554 24,508

107
104
63
41
33
30
25
21
20

19
20
22
56
40
38
43
41
46

226
243
169
151
154
160
235
319
314

4,505
4,542
4,805
5,902
7,561
9,563
10,580
10,888
10,975

2
4
11
35

1,904
1,967
2,028
2,135
2,327
2,566
2,729
2,796
2,847

2
151
2
225
4 1,090
5 1,962
8 4,230
8 5,465
877
8
424
8
794
7

1,184
1,370
1,558
1,727
1,868
2,004
2,391
2,511
2,487

187
6,846
239
8,500
272 11,989
344 15,561
369 18,350
435 21,797
524 24,128
451 23,380
435 24,528

29
30
20
17
14
17
17
17
17

33
31
32
56
57
52
55
49
50

150
146
140
149
175
219
272
308
324

5,917
6,082
6,397
7,599
9,650
12,224
13,727
14,101
14,229

3
4
3
10
16
11
26
38
28

1,909
1,982
2,042
2,153
2,321
2,525
2,757
2,869
2,946

2,822
3,483
4,983
6,518
7,863
9,643
10,761
10,287

18
18
10
6
6
6
6
4

13
8
5
4
4
4
5
5

87
74
65
68
76
97
113
122

3,311
3,276
3,339
3,750
4,553
5,579
6,232
6,218

8
6
5
6

978
959
955
979

327
49
491
54
63 1,982
63 3,373

70 6,157

995

2

[nsured non-

member commercial banks:
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June

31
31..
31
31
30. .
31
31
30. .

95
108
133
141
182
233
244
194

3
2
2
2
3
5
11
3

50
53
243
506

1,245
1,560

258
152

574
611
678
750
775
858

1,052
1,119

58
68
76
96
103
135
154
135

10
7
9
10

1,022
1,083
1,193
1,245

1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits
other than interbank and U. S. Government, less cash items reported as in process of collection.
p
F
th
ft
di page.
For other footnotes
see preceding
Back figures.—See Banking and Monetar y Statistics, Tables 18-45, pp. 72-103 and 108-113.

DECEMBER

1947




1513

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

U. S. Government obligations

To others

Real Loans
estate to Other Total
U.S. Other U.S. Other loans banks
Govt. se- Govt. seobobliga- curiliga- curities
tions
tions ties

CerOther
tifisecucates
1
Bills of in- Notes Bonds rities
debtedness

Total

TotalLeading Cities
1946—October

66,816 18,259 10,536

758

477 1,064

482 2,282

153 2,507 48,557 44,530

922

7,903

5,076 30,629 4,027

1947—June
July
August
September
October

63,143
63,401
63,630
64,343
64,840

20,167
20,232
20,838
21,371
22,220

11,757
11,860
12,259
12,757
13,432

771
588
622
573
494

531
523
471
444
546

513
514
504
501
492

482 2,938
472 3,029
472 3,127
475 3,199
487 3,278

157 3,018 42 ,976
160 3,086 43 ,169
242 3,141 42,792
224 3,198 42 ,972
220 3,271 42,620

38,886
39,025
38,561
38,689
38,340

818
950
649
791
680

4,762
4,595
4,294
4,133
4,034

2,658
2,643
2,626
2,686
2,576

30,,648 4 ,090
30,i,837 4 ,144
30,992 4 ,231
31,,079 4 ,283
31,,050 4 ,280

Sept. 3
Sept. 10
Sept. 17
Sept. 24

63,799
64,292
64,714
64,566

21,212
21,319
21,383
21,569

12,518
12,717
12,858
12,935

714
605
475
498

452
442
449
435

502
504
499
497

473
476
476
476

3,171
3,189
3,208
3,226

215 3,167 42,587
211 3,17542 ,973
194 3,224 43 ,331
275 3,227 42 ,997

582
38,354
38,699
812
39,022 1,077
38,680
694

4,138
4,095
4,146
4,134

2,619
2,708
2,711
2,705

31, 015 4 ,233
31, 084 4 ,274
31, 088 4 ,309
31,127 4,317

Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29

64,796
64,719
64,620
65,029
65,034

22,056
22,068
22,258
22,148
22,572

13,116
13,202
13,432
13,595
13,817

667
554
498
344
406

536
568
493
564

497
499
495
491
480

478 3,244
486 3,258
488 3,279
486.
496

246 3,241 42,740
285 3,248 42 ,651
228 3,270 42 ,362
154 3,290 42 ,881
187 3,306 42 ,462

38,400
38,373
38,103
38,632
38,192

519
545
629
938
769

4,025
3,993
3,997
4,125
4,032

2,632
2,600
2,599
2,630
2,418

31,224 4 ,340
31,235 4,278
30,
,259
30,939 4 ,249
30,973-4,270

, 64,910 22,694 13,971
64,937 22,880 14,152
64,924 22,874 14,214
65,042 23,099 14,267

399
444
374
458

462
463
432

474
458

486
331
486
347
515 3,367
487 3,380

246 3,325 42,,216
182 3,348 42,,057
180 3,353 42,050
235 3,367 41,943

717
37,982
807
37,834
37,829 1,041
37,724 1,021

3,924
3,763
3,765
3,793

2,349
2,262
2,029
1,997

30,992
31, 002
30, 994
30,913

597

307

341

200

90

127

562 15,238 4,034

315 2,073

,447

96
103
97
91
82

190
191
187
185
189

99
100
102
102
102

127
130
181
170
161

641
65S
674
692
711

13,578
13,828
13.400
13,465
13,196

12,393
12,600
12,131
12,173
11,965

302 1,011
398 1,013
142
Sll
255
712
250
724

776 10.304
766 10,423
725 10,453
747 10,459
618 10,373

,185
,228
,269
,292
,231

Nov.
Nov.
Nov.
Nov.

5
12
19
26

New York City
1946—October

4,234
4,223
4 ,221
4,219

10,199 ,204

21,296

6,058

3,834

19,920
20,014
19,803
20,031
20,036

6,342
6,186
6,403
6,566
6,840

4,180
4,176
4,309
4,525
4,815

651
477
523
490
412

358
351
330
311
368

Sept. 3
Sept. 10
Sept. 17
Sept. 24

19,808
20,040
20,147
20,126

6,580
6,558
6,492
6,632

4,422
4,516
4,564
4,597

617
514
399
429

319
309
312
305

94
92
89
89

185
186
185
185

102
103
102
102

161
156
143
218

680
682
698
707

13,228
13,482
13,655
13,494

11,963
12,181
12,353
12,195

120
231
474
193

698
680
§94
776

721 10,424
801 10,469
731 10,454
736 10,490

,265
,301
,302
,299

Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29

20,265
20,056
19,784
20,027
20,048

6,888
6,842
6,827
6,696
6,947

4,675
4,709
4,806
4,889
4,996

571
473
423
278
316

371
331
371
335
382

89
82
80
79
80

186
190
189
186
193

100
102
102
103
104

193
200
144
112
156

703
705
712
714
720

13,377
13,214
12,957
13,331
13,101

12,062
11,977
11,744
12,142
11,902

152
161
163
453
325

682
666
707
789
774

696
646
619
632
499

10,532
10,504
10,255
10,268
10.3S4

,315
,237
.213
,1S9
.199

Nov.
Nov.
Nov.
Nov.

19,891
19,917
19,884
19,918

6,977
7,102
7,075
7,195

5,086
5,190
5,235
5,253

313
349
281
338

316
316
288
334

80
75
72
70

185
183
214
188

104
105
106
105

168
152
148
173

725
732
731
734

12,914
12,815
12,809
12,723

11,741
11,638
11,633
11,545

272
373
541
462

711
609
585
612

454
419
315
314

10,304
10,237
10,192
10,157

1,173
1,177
1,176
1,178

1947—June
July
August
September
October

5
12
19
26

Outside
New York City
1946—October

45,520

12,201 6,702

170

723

2,192

26 1,945 33,319 30,496

607 5,830

1947—June
July
August
September
October

43,223
43,387
43,827
44,312
44,804

13,825
14,046
14,435
14,805
15,380

7,577
7,684
7,950
8,232
8,617

120
111
99
83
82

173
172
141
133
178

417
411
407
410
410

292 2,839
281 2,929
285 3.025
290 3,097
298 3,176

30 2,377 29,398
2,428 29,341
2,467 29,392
2,506 29,507
59 2,560 29,424

26,493
26,425
26,430
26,516
26,37

516
552
507
536
430

3,751
3,582
3.483
3,421
3,310

,882
,877
,901
,939
,958

20,344 2 ,905
20,414 2.916
20,539 2 ,962
20,620 2 ,991
20,677 3,049

Sept. 3
Sept. 10
Sept. 17
Sept. 24

43,991
44,252
44,567
44,440

14,632
14,761
14,891
14,937

8,096
8,201
8,294
8,338

97
91
76
69

133
133
137
130

408
412
410
408

288
290
291
291

3,069
3,086
3,106
3,124

2,487
2,493
2,526
57 2,520

29,359
29,491
29.676
29,503

26,391
26,518
26,669
26,485

462
581
603
501

3,440
3,415
3,452
3,378

,898
,907
,980
.969

20,591 2,968
20.615 2 ,973
20,634 3 ,007
20,637 3,013

Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29

44,531
44,663
44,836
45,002
44,986

15,168
15,226
15,431
15,452
15,625

8,441
8,493
8,626
8,706
8,821

96
81
75
66
90

196
155
197
158
182

408
417
415
412
400

292
296
299
300
303

3,144
3,156
3,177
3,192
3,21:

53
85
84
42

2,538 29,363
2,543 29,437
2.5
558 29,405
2.5
576 29,550
2,586 29,361

26,338
26,396
26,359
26,490
26,290

367
384
466
485
444

3,343
3,327
3,290
3,336
3,258

,936
.954
.980
.998
,919

20,692
20,731
20,623
20,671
20,,669

Nov.
Nov.
Nov.
Nov.

45,019
45,020
45,040
45,124

15,717
15,778
15,799
15,907

8,885
8,962
8,979
9,014

86
95
93
120

146
147
144
138

394
383
367
36.

301
30.
301
299

3,22'
3,24:
3,261
3,27.

2,600 29,302
2,616 29,242
2,622 29,241
2,633 29,220

26,241
26,196
26,196
26,179

445
434
500
559

3,213
,895 20,688 3,061
3,154
,843 20,765 3,046
3,180 1,714 20,802 3 ,045
3,181 1,683 20,756 3,041

5
12
19
26

3,629 20,430 2,823

3 ,025
3,041
3,046
3,060
3 ,071

1
Including guaranteed obligations.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.

1514



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Reserves
DeBalwith Cash ances mand
Feddewith
in
eral vault
do- posits
Re.
mestic ad- 1
serve
banks justed
Banks

Date or month

TotalLeading Cities
1946—October

Sept.
Sept.
Sept.
Sept.

3.:.
10...
17...
24...

Interbank
deposits

Time deposits,
except interbank

IndiIndividvidU.S.
Certiuals, States
uals, States
and
fied
and Govpart- politU. S. part- politernand
nerGov- nerical
offiical ment
ships, suband
ern- ships, subcers'
and
and
divi- checks, ment cordivi- Postal
cor- sions
Savsions
etc.
poraporaings
tions
tions

Demand

Bor- Caprow- ital
acings counts
Time

Bank
debits »

Do-

Foreign

223

9,764

1,363

177 5,617 378,647

1,342
1,339
1,374
1,431
1,410

170
730
740
138
766
222
783
203
231 5,810

83,687
81,551
76,051
81,583
90,187

734 2,359 45,895 46,121

2,721

11,681
11,792
11,952
12,257
12,432

764
762
753
809
790

3,280
3,096
3,096
3,056
2,978

,465
450
,491
586
,326
808
,393
931
,513 1,380

14,025
14,058
14,080
14,134
14,167

325
327
332
333
328

8,957
9,153
9,274
9,696
9,978

12,176
12,266
12,348
12,236

784 2,2257
854 2,3394
791 2,512
808 2,318

46,954
47,350
47,498
47,303

46,884
47,514
48,174
47,266

3,124
3,069
2,996
3,036

,429
,435
,350
,358

940
950
889
945

14,104
14,138
14,142
14,153

334
336
332
329

9,364
9,728
10,047
9,647

1,434
1,431
1,435
1,424

179
188
189
257

5,785
5,779
5,782
5,786

15,544
17,492
20,389
19,039

11,607

1947—June
July
August. . .
September
October...

In millions of dollars]

2,290 46,858 46,557
2,308 46,890 46,794
46,632
2,370 47,276 47,460
47,804
2,452

1,376 4,937 13,550

Oct.
1... 12,383
Oct.
8... 12,477
Oct. 15... 12,571
Oct. 22... 12,421
Oct. 29... 12,309

743
790
800
800
816

2,370
2, 439
2,672
2,429
2,352

47,056
46,767
46 ,927
47,467
47,771

47,330
46,838
48,892
47,974
47,988

3,076
2,925
2,954
2,908
3,027

,685
,398
,570
,412
,499

1,561
1,652
1,344
1,372
969

14,151
14,166
14,174
14,169
14,175

328
328
327
327
327

9,728
10,034
10,437
10,029
9,664

1,412
1,417
1,405
1,400
1,414

239
234
216
98
368

5,804
5,812
5,808
5,807
5,820

22,137
18,918
18,070
22,339
20,394

Nov.
Nov.
Nov.
Nov.

12,429
12,180
12,417
12,458

774
872
817
800

2,402
2,483
2,461
2,326

47,452
47,275
47,622
47,982

47,766
48 ,696
48 ,449
48 ,460

3,129
3,060
3,028
3,141

,449
,512
,430
1,645

1,095
1,105
1,036
1,048

14,169
14,162
14,147
14,096

324
332
329
323

10,005
10,002
10,090
9,526

1,391
1,374
1,377
,378

277
426
201
437

5,843
5,846
5,831
5,825

20,331
17,997
23,702
21,762

New York City
1946—October...

4,048

118

15,828 16,221

276

729

1,706

1,339

3,013

,206

89 2,145 32,035

1947—•June.
July..
August. . .
September
October...

4,076
4,098
4,117
4,233
4,315

121
124
122
128
130

16,122
16,224
15,955
16,038
15,834

16,526
16,651
16,325
16,503
16,390

226
231
220
210
241

813
827
692
714
810

123
134
203
232
481

1,357
1,348
1,351
1,371
1,376

2,902
2,908
2,859
3,000
3,047

1,201
1,194
1,222
1,276
1,257

73 2,173 35,092
33,026
65
29,025
123
31,605
133
35,162
142

4,239
4,202
4,226
4,263

124
133
125
130

15,963
16,058
16,047
40 16,085

16,378
16,509
16,627
16,499

201
232
207
203

730
776
639
709

230
247
215
236

1,364
1,373
1,369
1,376

2,908
2,984
3,100
3,007

1,279
,279
,278
,267

109 2,193
125
132
165 2,186

6,071
6,803
7,710
7,064

Oct. 1...
Oct. 8...
Oct. 15...
Oct. 22...
Oct. 29...

4,260
4,318
4,41
4,313
4,270

120
130
133
13:
13

15,917
15,678
15,536
15,961
16,077

16,390
16,076
16,530
16,431
16,523

265
226
213
229
272

943
746
862
694
804

541
578
479
479
329

1,379
1,377
1,380
1,366
1,376

3,014
3,045
3,182
3,088
2,907

1,262
1,264
1,253
1,245
1,259

183 2,195
213 2,197
142
4
170 2,193

9,119
7,436
6,777
8,497
8,301

Nov. 5 . . .
Nov. 12...
Nov. 19...
Nov. 26...

4,241
4,123
4,284
4,330

138
15
133
147

15,778
15,709
15,889
16,020

16,334
16,408
16,514
16,64

364
32
306
308

743
764
669
908

381
380
354
356

1,363
1,357
1,355
1,339

3,024
2,995
3,087
2,907

1,239
1,223
1,227
1,225

164
210
59
213 2,202

7,893
7,010
9,329
8,628

Sept.
Sept.
Sept.
Sept.

5...
12...
19...
26...

3...
10...
17...
24...

38

Outside
New York City
1946—October...

7,559

616 2,321 30,067 29,900 2,445

1947—June
July
August. . .
September
October...

7,605
7,694
7,835
8,024
8,117

643
638
631
681
660

2,254 30,736
2,273 30,666
2,263 30, 862
2,333 31, 238
2,41 31,363

Sept. 3.
Sept. 10.
Sept. 17.
Sept. 24.

7,937
8,064
8,122
7,973

660
721
666
678

2,224
2,362
2,468
2,278

Oct.
Oct.
Oct.
Oct.
Ocfc.

8,123
8,159
8,156
8,108
8,039
8,188
8,057
8,133
8,128

1.
8.
15.
22.
29.

Nov. 5.
Nov. 12.
Nov. 19.
Nov. 26.

647 3,231

12,211

205

6,751

157

33

3,472

346,612

30 ,031
30,143
30,307
30,95
31,414

3,054
2,865
2,876
2,846
2,737

652
664
634
679
703

327
452
605
699
899

12,668
12,710
12,729
12,763
12,791

308
312
316
318
313

6,055
6,245
6,415
6,696
6,931

141
145
152
155
153

27
26
26
25
25

97
73
99
70
89

3,557
3,559
3,576
3,594
3,615

48,595
48,525
47,026
49,978
55,025

30,991 30,506
31,292 31,005
31,451 31,547
7
31,218 30,767

2,923
2,837
2,789
2,833

699
659
711
649

710
703
674
709

12,740
12,765
12,773
12,777

319
321
317
314

6,456
6,744
6,947
6,640

155
152
157
157

24
24
25
25

70
63
57
92

3,592 9,473
3,590 10,689
3,594 12,679
3,600 11,975

623
660
66
^6
679

2, 334 31,139 30,940
2, 406 31,089 30,762
2,631 31,391 32,362
2,38 31,506 31,54.
2, 314 31,694 31,465

2,811
2,699
2,741
2,679
2,755

742 1,020 12,772
652 1,074 12,789
708
865 12,794
718
893 12,803
695
640 12,799

313
313
312
312
313

6,714
6,989
7,255
6,941
6,757

150
153
152
155
155

25
25
25
25
26

56
21
74
94
198

3,609
3,615
3,611
3,613
3,627

636
71
684
653

2,363 31,674 31,432
2,444 31,566 32 ,288
2,410311,733 31,935
2,284 311,962 31,813 2,833

706
748
761
737

309
307
304
298

6,981
7,007
7,003
6,619

152
151
150
153

25
25
25
26

113
216
142
224

3,633 12,438
3,637 10,987
3,625 14,373
3,623 13,134

714
725
682
692

12,806
12,805
12,792
12,757

13,018
11,482
11,293
13,842
12,093

1

Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
« Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
« Bank debit figures for July 3-Dec. 31, 1946, as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will
be furnished upon request.

DECEMBER

1947




1515

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Federal Reserve
district and date

Total
loans
and
Investments Total

Boston
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
New York*
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Philadelphia
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Cleveland
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Richmond
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Atlanta
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Chicago*
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
St. Louis
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Minneapolis
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Kansas City
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dallas
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
San Francisco
Oct. 29
Nov. 5
^Nov. 12
Nov. 19
Nov. 26
City of Chicago*
Oct.
Nov.
Nov.
Nov.
Nov.

29
5
12
19
26

Commercial,
industrial,
and
agricultural

Investments

For purchasing
or carrying securities
To brokers
and dealers

U. S. Government obligations

CerOther
tifisecucates
1 rities
Bills of in- Notes Bonds
debtedness

To others Real

U.S. Other
U.S.
Govt. Other
se- 3ovt.
ob- seob- curiliga- ties liga- curitions ties
tions

estate to Other
Total
loans banks loans

918
948
905
887
867

1,024
1,051
1,039
1,047
1,053

667
677
683
688
688

25
22
20
25
28

15

19
18
18
18
18

15
15
16
15
15

111
112
112
112
113

203
047
082
04.
083

7,620
7,655
7,784
7,756
7,876

5,316
5,409
5,519
5,564
5,581

320
318
350
283
341

388
322
322
292
337

93
93
88
85
83

211
203
202
233
207

270
272
274
275
274

156
168
152
148
173

866
870
877
876
880

565
568
568
557
561

834
839
847
.833
855

465
474
483
476
500

5
6
5
5
5

37
32
31
23
22

9
9
9
9
10

11
11
11
11
11

78
77
77
77
77

5
6
2
3
1

224
224
229
229
229

294
285
,298
291
,336

1,386
1,380
1,394
1,398
1,438

803
802
818
819
823

16
16
16
16
26

25
16
15
16
16

91
89
82
78
78

14
14
15
14
14

218
218
219
221
221

1
1
1
6
31

,621
,624
,635
629
,620

765
766
776
779
779

362
363
371
372
375

6
6
6
6

36
36
36
34
33

23
23
23
23
22

162
163
165
166
165

,370
,369
,379
,383
,381

807
808
816
81
811

483
486
495
494
494

43
41
40
38
37

37
37
36
36
37

,817
,804
,742
,766
,810

2,654
2,673
2,681
2,674
2,683

1,824
1,832
1,838
1,836
1,830

45
45
44
42
42

158
15
178
191
194

952
952
949
958
961

578
583
586
595
594

225
229
220
210
208

435
432
423
417
417

473
452
456
466
493

Total

1,491
1,489
1,491
1,479
1,457

119
113
104
100
96

576 1,473
531 1,478
495 1,428
389 11,379
385 11,348

,368
,343
,347
,347
,351

73
72
59
58
55

1,254
1,255
1,261
1,256
1,236

266
267
270
269
269

136
131
129
130
133

122
122
123
90
90

2,312
2,312
2,321
2,322
2,324

323
323
322
323
321

35
38
34
30
27

205
201
197
195
184

102
102
100
98
87

1,390
1,394
1,406
1,407
1,424

124
123
122
120
119

1,369
1,375
1,378

13
9
10
10
13

212
210
209
210
211

120
123
120
117
117

1,023
1,025
1,030
1,038
1,037

195
194
194
193
192

6,163
6,131
6,061
6,09:
6,127

5,582
5,551
5,483
5,509
5,539

122
118
87
134
161

600
570
534
557
578

392 4,468
388 4,47
376 4,486
314 4,504
306 4,494

581
580
578
583
588

176
174
171
17
174

1,206
1,205
1,229
1,233
1,233

1,056
1,055
1,080
1,084
1,084

14
17
17
1
23

84
91
11
115
114

116
106
101
98

842
841
849
851
849

150
150
149
149
149

5:
5:
53
53
53

91
90
90
88
90

790
797
797
793
791

724
729
729
726
723

6
9
1
19
17

35
39
42
3
39

65
65
65
64
64

618
616
60'
606
603

66
68
68
67
68

20
20
19
18
18

104
105
10J
105
106

125
126
12
126
12

1,695
1,664
1,666
1,680
1,702

1,498
,467
,470
,483
,504

66
50
56
64
86

281
277
279
284
286

174
168
161
15
154

977
97
974
978
978

197
197
196
197
198

651
664
674
688
697

32
3
33
31
31

76
76
75
75
76

143
144
14:
147
147

1,291
1,297
1,300
1,304
1,291

,178
,18
,188
,192
1,17

28
29
3
39
33

188
190
191
196
193

120
118
110
99
99

84:
844
850
858
85:

113
116
112
112
114

4,36'
4,387
4,40'
4,42:
4,43'

1,897
1,903
1,908
1,906

46
46
46
44
44

1,748
1,757
1,765
1,778
1,787

611
616
621
620
62

6,782
6,780
6,793
6,78^
6,763

6,01
6,020
6,032
6,023
6,00'

76
98
11
95
103

1,17.
1,154
1,144
1,140
1,122

480
477
474
472
47,

4,283
4,291
4,299
4,316
4,311

768
760
761
761
754

1,845
1,861
1,858
1,845
1,849

1,437
1,446
1,442
1,43
1,427

29
29
28
2
2

68
69
69
69
70

18:
181
182
183
183

3,751
3,742
3,685
3,714
3,716

3,343
3,336
3,28
3,304
3,302

60
74
59
99
92

437
417
388
38
405

222 2,624
221 2,624
213 2,62

408
406
404
410
414

1,775
1,784
1,762
1,740
1,718

15
15
14
16
15

191
203
180
175
177

14,583 3,215
14,392 3,049
14,298 2,951
14,289 2,942
14,207 .2,856

352
293
387
558
480

814
747
641
616
643

1,465
1,462
1,451
1,455
1,437

27
24
26
31
33

111
111
105
110
113

218
224
228
228
229

2,908 2,585
2,905 2,582
2,904 2,582
2,893 2,570
2,898 2,577

15
17
9
28
30

5
4
4
4
3

171
171
171
174
174

1,856
1,858
1,859
1,850
1,841

1,732
1,735
1,737
1,730
1,72:

62
62
63
65
65

6
5
6
5
5

168
170
169
170
167

1,563
1,561
1,563
1,568
1,570

1,368

68
67
66
67
67

298
299
301
302
304

1
23
1
2
3

343
34^
34:
348
350

31
30
28
27
26

18
18
18
18
18

13
138
138
138
139

266
263
258
254
254

15
14
15
15
13

6
6

778
788
790
786
791

514
521
524
520
525

241
260
274
293
289

950
963
974
989
998

149
167
200
206
200
596
603
543
559
565

170
171
173
175
175

22

1,894
1,897
1,866
1,840
1,814

,731
,729
,721
,724
,706

1,36

78
77
77
70
69

2,619

2,608

1

Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.

1516



FEDERAL RESERVE

The figures

BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank

Time deposits,
except interbank

Interbank
deposits

Re-

Federal Reserve
district and date

Boston
Oct. 29.
Nov. 5.
Nov. 12
Nov. 19.
Nov. 26.
New York*
Oct. 29.
Nov. 5.
Nov. 12.
Nov. 19.
Nov. 26.
Philadelphia
Oct. 29.
Nov. 5.
Nov. 12 .
Nov. 19.
Nov. 26.
Cleveland
Oct. 29.
Nov. 5.
Nov. 12
Nov. 19
Nov. 26.
Richmond
Oct. 29.
Nov. 5.
Nov. 12
Nov. 19
Nov. 26.
Atlanta
Oct. 29.
Nov. 5
Nov. 12.
Nov. 19.
Nov. 26.
Chicago*
Oct. 2«.
Nov. 5.
Nov. 12.
Nov. 19.
Nov. 26.
St. Louis
Oct. 29.
Nov. 5.
Nov. 12.
Nov. 19
Nov. 26
Minneapolis
Oct. 29
Nov. 5.
Nov. 12.
Nov. 19
Nov. 26.
Kansas City
Oct. 2 9 . .
Nov. 5.
Nov. 12
Nov. 19.
Nov. 26.
Dallas
Oet. 29.
Nov. 5.
Nov. 12.
Nov. 19,
Nov. 26. .
Son Francisco
Oct. 29
Nov. 5.
Nov. 12
Nov. 19.
Nov. 26
Citv of Chicago*
Oct. 29.
Nov. 5.
Nov. 12.
Nov. 19. .
Nov. 26

Deserves
Balwith Cash ances mand
Fedwith
dein
eral vault do- posits
Remestic adserve
banks justed 1
Banks

527
531
494
517
515

61
58
64
62
54

116
114
115
115

4,521
4,515
4,399
4,560
4.595

183
184
204
179
190

140
148
146
153
130

491
476
487
485
487

45
44
50
46
43

97
99
97
103
96

759
768
763
776
763

81
78
82
83
77

506
494
491
491
508
449
464
468
469
448

IndividCertiuals, States
and
fied
part- politand
nerships, sub- cers'
and
cor- divi- checks,
pora- sions etc.
tions

U. S.
Government

Individuals,
partnerships,
and
corporations

Demand
S.
States U.
Govand
ernpolit- ment
ical
Doand
submes- Fordivi- Postal
eign
tic
Savsions
ings

2,474
2,480
2 .404
2.412
111 2 ,383

2,406
2.388
2.372
2.382
2,353

200
229
205
194
183

45
46
55
49
47

45
47
50
45
47

493
493
492
492
491

17,521
17.254
17,184
17.361
17.476

17,828
17,666
17,762
17.844
17.964

483
595
565
518
526

842
792
818
732
955

362
417
415
387
388

2,200
2,187
2,181
2,176
2,156

19
19
29
28
28

2 , 103
2.072
2,090
2,069
2.097

2,171
2,190
2 ,205
2,189
2 ,184

87
78
94
87
95

35
32
40
36
38

29
32
33
31
35

385
383
386
385
383

175
177
173
164
163

2,981
2.937
2 .939
2,970
3 016

3.057
3,000
3,077
3,085
3 136

157
151
146
153
153

56
54
59
55
57

68
79
81
77
76

1 ,276
1,277
1.275
1.275
1 ,274

65
61
72
67
62

167
182
181
171
189

2,075
2,068
2,066
2,057
2.090

2.036
2 .059
2,110
2,062
2,072

180
180
177
173
186

55
39
49
53
47

49
49
47
47
46

598
598
598
593
591

8
8
8
8
8

8
8
8
8
8

43
40
47
44
45

178
187
203
196
165

1. 763
1 ,749
1 ,781
,795
1 ,768

1,648
1 ,655
1 ,742
1.705
1 ,668

282
276
276
276
278

27
23
26
30
26

32
35
37
35
33

541
542
541
540
539

8
8
8
8
8

97
98
110
104
102

387
378
392
406
394

6,136
6.115
6,026
6,085
6,192

6,048
5,990
6,214
6,086
6,146

585
564
541
540
557

108
113
109
110
103

153
167
173
155
166

2,355
2,360
2,362
2,366
2,363

51
51
52
52
52

397
443
388
409
398

30
28
33
29
28

137
132
151
129
129

1.347
1 ,348
1.341
1,360
1 ,367

1,456
1,444
1,490
1,475
1,469

89
91
97
96
93

29
26
29
23
27

30
49
48
45
43

460
462
460
460
458

12
12
12
12
12

225
240
220
222
236

13
11
14
13
13

103
92
90
90
88

808
807
835
806
817

126
126
127
119
123

17
15
15
13
12

20
22
22
26
26

248
248
248
248
247

510
522
522
542
528

31
27
32
29
29

262
281
295
310
292

1,746
1 ,740
1 ,754
1,804
1 ,823

1,767
1,764
1,861
1.864
1,842

195
187
181
181
195

28
29
28
31
30

40
41
41
39
39

379
380
380
379
378

4
4
4
4
4

480
499
500
498
497

35
32
36
33
33

296
300
325
300
274

1 ,824
1,833
1,851
1,857
1 ,882

1 803
1 \ 799
1,862
1,856
1,835

174
178
192
186
200

32
42
34
33
34

27
29
28
27
28

338
339
339
339
339

1 .779
1,813
1,790
1.804
1,818

132
113
128
128
124

294
312
315
324
295

6,982
7,033
7,022
7,048
7,056

6,960
7,004
7,166
7,095
6,974

469
474
459
505
552

225
238
250
265
269

114
128
130
122
121

1 ,144
1,106
1,100
1,105
1,106

35
40
42
41
42

181
190
181
213
189

4,010
4,015
3*901
3,980
4,010

4,027
3 ,986
4,' 092
4,069
4,068

324
320
300
300
304

58
59
52
49
51

92
101
104
94
99

1,665
1,664
1,658
1,644
1 ,665

819
823
817
804
832

5
5
5
5
5

287
302
300
306
290

21
20
21
21
19

25
22
22
22
22

2,972
3,096
3,065
3,158
2,970

1,262
1,242
1,226
1,230
1,228

36
32
31
28
25

341
363
364
373
340

13
13
12
12
11

39
39
38
38
38

482
492
490
494
464

6
6
6
6
6

430
441
442
441
417

Time

Bor- Cap- Bank
row- ital
debacings counts
its2

3
12
13
4
18

315
315
315
316
314

178
165
227
72
232

2,380
2 ,398
2,397
2,394
2 ,390

8,802
8.358
7,503
9,990
9,161

16
18
11
18
24

303
304
305
305
302

726
700
644
905
803

5
4
4
4
5

14
35
45
14
23

465
467
467
467
468

1,059
1,262

5
5
5
6
6

4
4
4
4
4

6
6
23
19
34

209
210
210
210
208

671
672
639
835
673

518
5
5
549
5 « 556
537
5
504
5

7
9
8
7
8

4
4
4
4
4

11
6
10
8
17

175
176
176
176
176

654
635
577
746
661

13
13
13
13
13

1,520
1,564
1,561
1,571
1,496

29
26
25
27
27

2
2
2
2
2

64
4
43
5
7

661
664
665
665
665

2,950
2,906
2,545
3,345
3,04!

2
2
2
2
2

687
717
718
698
679

5
6
5
5
5

21
4
5
17
24

167
167
168
168
168

649
667
582
716
668

1
1

367
371
353
353
342

2
2
4
2
2

1
1
1
1
1

12
12
5
9
2

97
98
97
97
98

445
442
390
521
406

3
3
3
3
3

911
928
919
930
895

1
1
1
1
1

5
5
5
5
5

18
11
28
14
14

182
182
182
182
183

713
714
632
873
833

31
30
29
30
29

6
6
6
6
6

663
692
718
703
646

5
6
6
5
5

4
2
2
2
2

184
184
185
185
185

603
616
543
730
686

4,902
4,900
4,900
4,894
4,877

119
121
121
121
119

14
14
15
15
15

486
490
516
526
483

58
55
55
55
60

21
2
14
19
40

682
678
679
666
668

2,311
2,443
2,199
2,867
2,609

1,162
1,165
1,' 166

36
36
37
37
37

2
2
2
2
2

1,129
1,156
1,149
1,172
1,113

23
22
21
21
21

61

445
448
448
448
449

1,916
1.900
1,711
2,152
2,042

1', 167

14
14
14
14
H

4
4
4
4
4

42

811
916
779

1 ,000
936

964

1,174
1 ,282

1
2

Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.

DECEMBER

1947




1517

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

Accepting banks

Total
1946
September. . . .
October
November
December
1947
January
February
March
April
May
June
July.
August
September....
October

Based on

Held by

Commercial
End of month
paper
Total
out- 1
outstanding standing

Own
bills

Bills
bought

148
202
227
228

200
204
208
227

151
154
155
169

68
71
73
74

82
82
82
94

236
243
266
256
250
234
244
244
'242
283

241
230
228
215
189
183
187
206
219
237

183
171
170
154
130
132
148
158
168
180

85
76
75
71
67
69
75
71
83
83

98
95
95
83
63
63
74
87
. 85
97

Federal
Reserve
Banks
(For own
account)
2

4
2

Others

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

Goods stored in or
shipped between
points in
United
States

Foreign

countries

47
50
54
58

150
154
152
162

20
18
23
29

(2)
1
1
(2)

23
23
26
29

7
8
6
7

58
59
58
61
59
50
39
48
47
55

172
164
158
140
118
111
115
133
140
144

35
35
36
42
45
46
45
47
42
54

(2)
(2)
(2)
(2)
(2)
(2)
(2)

27
24
27
25
21
20
21
20
24
23

8
7
7
8
5
6
7
6
11
10

2
4

r
1
2

Revised.
As reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

End of month

Debit
Debit
Customers' balances in balances in
partners'
firm
debit
investment investment
balances
and trading and trading
(net) 1
accounts
accounts

Credit balances
Customers'
credit balances 1

Cash on
hand
and in
banks

Money
borrowed 2
Free

Other
(net)

Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...

1,489
985
774
991
834
906
653
677

55
34
27
32
25
16
12
12

161
108
88
106
73
78
58
99

214
232
215
190
178
207
223
204

1,217
688
495
754
570
637
376
427

266
278
258
247
230
266
267
281

92
85
89
60
70
69
62
54

25
26
22
22
21
23
22
22

13
10
11
5
6
7
5
5

397
355
298
305
280
277
269
247

1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June

616
600
496
543
761
788
887
1,041
1,223
1,138
809

11
8
9
7
9
11
5
7
11
12
7

89
86
86
154
190
188
253
260
333
413
399

186
211
180
160
167
181
196
209
220
313
370

395
368
309
378
529
557
619
726
853
795
498

255
289
240
270
334
354
424
472
549
654
651

65
63
56
54
66
65
95
96
121
112
120

17
17
16
15
15
14
15
18
14
29
24

7
5
4
4
7
5
11
8
13
13
17

222
213
189
182
212
198
216
227
264
299
314

1946—November. .
December...

3571
537

5

311

453

3 238
217

3 723
693

118

30

10

289

1947—January....
February. . .
March
April
May
June
July
August
September. .
October

3 533
3 573
3 576
3 553
3 530
552
3
564
3
550
3 570
3 606

3210
3217
3216
3 205
3 201
222
3
251
»241
••3 280
3 256

3
687
3

162

24

9

271

6

333

395

681
3 677
3 665
3 652
650
3 677
3 656
3 630
3 616

r
1

Revised.
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, 77; September, 78; October, 79.
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.
1518




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

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES

U. S. Government
security yields
Prime Stock
exbank- change
9-to 12ers'
call
month 3-to 5accept- loan
certifi- year
3ances,
recates
month
90 1
newbills' of in- taxable
days
debted- issues
ness

1944 average
1945 average....
1946 average....

.44
.44
.61

1.00
1.00
1.16

.375
.375
.375

.79
.81
.82

1.33
1.18
1.16

1946—November.
December.

.81
.81

1.38
1.38

.376
.375

.84
.85

1.28
1.30

1947—January...
February.
March....
April
May
June
July
August. . .
September
October...
November.

.81
.81
.81
.81
.81
.81
.81
.88
.94
.94
.94

1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38

.376
.376
.376
.376
.376
.376
.703
.748
.804
.857
.932

.84
.85
.82
.83
.85
.85
.85
.85
.87
.97
.99

1.26
1.26
1.24
1.24
1.27
1.29
1.33
1.31
1.28
1.35
1.47

Week ending:
Nov. 1...
Nov. 8. ..
Nov. 15. ..
Nov. 22. ..
Nov. 29. ..

15/16
15/16
15/16
15/16
15/16

.895
.912
.931
.940
.944

.98
.98
.98
1.00
1.01

1.42
1.45
1.47
1.47
1.49

1
s

Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per1 cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

[Per cent per annum]

Total
19 cities

New
York
City

7 other
Northern and
Eastern
cities

11 Southern and
Western
cities

2.59
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34

1.73
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82

2.88
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43

3.25
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85

1943—September.
December.

2.05
2.10

2.71
2.76

2.73
3.17

1944—March
June
September.
December.

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.
December.

2.31
2.41
2.32
2.33

.75
.84
.83
.85

2.34
2.51
2.43
2.43

2.93
2.97
2.75
2.76

1947—March
June
September.

2.31
2.38
2.21

.82
.83
.77

2.37
2.44
2.25

2.80
2.95

1937 average1. . ..
1938 average1
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average

BOND YIELDS 1
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years

15
years
and
over

Corporate (Moody's)4
Municipal
(highgrade)2

Corporate
(highgrade)3

By groups

By ratings
Total
Aaa

Aa

Baa

Industrial

Railroad

Public
utility

Number of issues.. .

1-5

1-8

15

120

30

30

30

30

40

40

40

1944 average
1945 average
1946 average

1.94
1.60
1.45

2.48
2.37
2.19

1.86
1.67
1.64

2.60
2.54
2.44

3.05
2.87
2.74

2.72
2.62
2.53

2.81
2.71
2.62

3.06
2.87
2.75

3.61

2.80
2.68
2.60

3.39
3.06
2.91

2.97
2.89
2.71

1946—November.. .
December. . .

1.60
1.60

2.25
2.24

1.80
1.97

2.51
2.55

2.82
2.83

2.59
2.61

2.69
2.69

2.84
2.83

3.17
3.17

2.66
2.66

3.05
3.04

2.77
2.77

1947—January
February
March
April
May
June
July
August
September...
October
November. . .

1.56
1.54
1.52
1.53
1.53
1.56
1.57
1.54
1.53
1.58
1.72

2.21
2.21
2.19
2.19
2.19
2.22
2.25
2.24
2.24
2.27
2.36

1.92
1.99
2.02
1.98
1.95
1.92
1.91
1.93
1.92
2.02
2.18

2.48
.48
.49
2.49
2.49
2.50
2.51
2.51
2.57
2.68
2.75

2.79
2.78
2.79
2.78
2.79
2.81
2.80
2.80
2.85
2.95
3.02

2.57
2.55
2.55
2.53
2.53
2.55
2.55
2.56
2.61
2.70
2.77

2.65
2.64
2.64
2.63
2.63
2.64
2.64
2.64
2.69
2.79
2.85

2.79
2.79

3.01

3.13
3.12
3.15
3.16
3.17
3.21
18
17
3.23
3.35
3.44

2.63
2.61
2.61
2.60
2.60
2.60
2.62
2.63
2.67
2.76
2.84

3.00
3.00
3.02
3.03
3.05
3.10
3.06
3.03
3.09
3.22
3.30

2.73
2.72
2.73
2.71
2.71
2.72
2.72
2.72
2.78
2.87
2.93

Week ending:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29

1.64
1.68
1.71
1.73
1.76

2.31
2.34
2.36
2.36
2.37

2.08
2.11
2.14
2.21
2.25

2.68
2.70
2.74
2.78
2.80

2.97
2.98
3.00
3.03
3.06

2.71
2.73
2.75
2.78
2.81

2.81
2.81
2.83
2.87
2.90

2.98
2.99
2.99
3.02
3.05

3.39
3.41
3.43
3.45
3.46

2.78
2.79
2.81
2.85
2.88

3.25
3.27
3.28
3.31
3.33

2.89
2.89
2.91
2.94
2.96

1
2

Monthly and weekly data are averages of 3daily 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, Aa, and A groups have
been reduced from 10 to 5, 8, and 8 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

DECEMBER

1947




1519

SECURITY MARKETS 1
Stock prices1

Bond prices
Corporate *
Year, month, or week

U. S.
Government2

Municipal
(highgrade)5 Highgrade

Medium- and lower-grade
Total

Number of issues

Industrial

Volume
of trading7 (in
thousands of
Public shares)
utility

Common (index, 1935-39 = 100)

Railroad

Preferred6
DePublic faulted
utility

Total

Industrial

Railroad

15

15

50

10

20

20

15

402

354

20

28

1944 average
1945 average
1946 average

100.25 135.7
102.04 139.6
104.77 140.1

120.9
122.1
123.4

114.7
117.9
118.5

120.5
122.2
123.6

107.3
115.1
117.0

116.3
116.3
114.9

59.2
75.4
76.7

175.7
189.1
198.5

100
122
140

102
123
143

101
137
143

90
106
120

971
1,443
1,390

1946—November
December
1947—January
February
March
April
May
June
July
August
September
October
November.

103.71
103.87

136.8
133.4

121.6
121.5

115.9
115.9

122.5
123.0

112.7
112.9

112.6
111.9

63.6
67.7

189.3
186.2

121
126

124
129

113
119

106
110

1,191
1,320

104.32
104.35
104.61
104.57
104.48
104.08
103.75
103.89
103.95
103.44
102.11

134.4
133.1
132.5
133.2
133.9
134.4
134.7
134.3
134.4
132.5
129.4

122.6
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8

116.3
116.8
116.6
116.5
115.0
114.3
115.7
116.1
115.1
114.0
113.3

123.5
123.7
123.7
123.5
123.2
122.6
122.8
123.9
121.9
120.8
120.0

114.3
114.3
113.6
113.2
109.2
107.3
110.5
110.4
109.3
106.9
105.1

111.2
112.4
112.5
112.7
112.5
113.0
113.8
113.9
114.1
114.3
114.7

68.3
69.3
66.0
64.0
61.9
63.4
69.6
69.6
68.6
69.4
68. 1

187.3
189.0
188.1
186.5
186.2
186.2
188.4
188.7
188.3
181.2
1 74.5

125
129
124
119
115
119
126
125
123
125
124

129
133
128
123
119
124
132
130
128
131
130

115
119
110
102
95
98
108
105
104
104
100

111
111
107
105
102
101
102
101
102
101
97

998
1,176
841
912
912
833
1,158
674
763
1,136
862

102.84
102.45
102.14
102.01
101.88

131.3
130.7
130.1
128.8
128.1

119.8
119.6
119.2
118.5
117.8

113.6
113.5
113.5
113.1
113.0

120.2
120.2
120.5
119.8
119.7

105.9
105.8
105.1
104.8
104.7

114.6
114.7
114.9
114.7
114.5

69.0
68.5
68.3
67.9
67.8

176.8
175.5
173.3
174.2
175.0

126
124
124
124
122

132
131
131
131
129

103
101
99
101
100

100
99
98
97
95

1,012
833
792
924
881

1-8

Week ending:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
1
2

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.
*4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per
cent 20-year bond.
6
Prices derived from average? of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
•T Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.

NEW SECURITY ISSUES
[In millions of dollars]
For refunding

For new capital

Year or month

1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

.

Total
(new
and
refunding)

3,937
4,449
5 790
4,803
5 546
2,114
2,169
4,216
8,006
8,557

2,138
2,360
2 277
1,951
2 854
1,075
642
913
1,772
4,589

2,094
2,325
2 239
1,948
2 852
1,075
640
896
1,761
4,579

State
and
municipal

Corporate
ForFedeign2
eral
Bonds
agen-1
cies Total and Stocks
notes

712
157
971
481
931
924
751
461
518 1 272
342
108
176
90
235
15
471
26
952
121

562
761

363
659

363
659

49
69

993

788

788

119

636
1947—January. .
410
February.
March. . .
855
April ..
885
699
May
1,033
June
»l,033
July
508
August...
783
September
813
October. .

498
252
635
784
347
744
»863
317
619
712

487
250
614
777
332
744
619
317
619
712

215
97
293
402
106
212
124
185
277
114

1946—October. .
November
December

Domestic

Domestic
Total
(domestic
and
forTotal
eign)

47

21
34
12
15
15
12
8
85

1,225
817
408
873 807
67
383 287
97
135
736 601
1 062 889
173
118
624 506
92
374 282
224
646 422
657
607
1,264
3,506 2,038 1,468

44
35
38
2
1
2
17
12
10

Total
(domestic
and
forTotal
eign)

1,799
2,089
3,513
2,852
2,693
1,039
1,527
3,303
6,234
3,968

1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,863

State
and
municipal

Federal
agen-1
cies Total

191
281
129
665
195 1,537
482
344
435
698
181
440
259
497
404
418
324
912
208
741

Corporate

Foreign2

Bonds
and Stocks
notes

1,209
1,267
1 733
2,026
1,557
418
685
2,466
4,937
2,914

856
1,236
1,596
1,834
1,430
407
603
2,178
4,281
2,313

352
31
137
193
126
11
82
288
656
601

267
590

223
444

43
145

199
102

199
102

65
86

29
19

125

205

190

36
68

544

1
2

133
13

669

50

34

105

79

27

252
118
310
376
211
517
483
123
256
598

208
75
265
240
79
434
309
113
173
409

44
44
44
136
132
83
174
10
84
189

139
158
220
101
352
290
170
191
165
101

135
56
191
96
352
252
170
191
165
101

11
1
2
3
1
2
11
3

22
24
50
20
33
38
40
40
42
20

103
31
140
73
317
211
118
147
122
76

84
8
136
39
227
162
107
140
113
51

10
2
21
7
15

5

119
28
48
4

86
15
61
105

15

18
4
22 101
29
4
5
34
91
48 "*38
11
7
9
25

1 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.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figun
•ubject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
2
3

1520



FEDERAL RESERVE BULLETIN

NEW CORPORATE SECURITY ISSUES 1
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
Plant and
equipment

Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

Retirement of securities
Working
capital

Total

Bonds and
notes

Preferred
stock

Repayment
of
other debt

Other
purposes

397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,887

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,744

57
208
858
991
681
325
569
868
474
308
657
1,080
3,279

32
111
380
574
504
170
424
661
287
141
252
638
2,115

, 26
96
478
417
177
155
145
207
187
167
405
442
1,164

231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,855

231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,379

71
226
190
87
59
128
100
30
72
351
438
476

84
170
154
111
215
69
174
144
138
73
49
134
379

11
23
49
36
7
26
19
28
35
27
47
133
231

1946—October
November
December

413
621
905

407
610
894

285
510
711

192
326
572

94
184
139

52
79
136

40
72
119

11
7
17

65
8
35

5
13
12

1947—January
February
March
April
May
June
July
August
September
October

322
265
450
449
446
738
601
248
441
622

316
260
442
441
437
727
588
245

183
205
285
254
180
498
435
118
244
510

138
105
153
101
109
426
370
99
179
388

45
101
132
153
71
72
64
19
65
122

120
34
121
85
232
207
112
104
154
33

81
18
110
80
198
164
103
102
154
15

38
16
11
5
34
43
9
3
1
18

11
15
31
98
19
15
17
16
9
45

2
5
5
3
7
6
24
6
26
24

. .....
. .

434
612

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month

Public utility

Industrial

Other

Total
Retire- All Total
Retire- All
Total
Retire- All Total
Retire- All
net
net
New ment of other
New ment of other
net
New ment of other
New ment of other
net
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purpro- money securi- pur- 4
4
ceeds
ties
poses ceeds
poses ceeds
ties
ties
ties
poses ceeds
poses
172
120
774
338
54
182
319
361
47
160
602
1,436
691

21
57
139
228
24
85
115
253
32
46
102
115
129

120
54
558
110
30
97
186
108
15
114
500
1,320
559

31
10
77
1

1946—October. . . .
November..
December. ,

40
18
47

21
18
35

19

3

io

2

1947—January....
February...
March
April
May
June
July
August. . . .
September..
October .. .

33
8
12
17
37
28
28
23
5
35

28
7
9
17
15
28
22
23
4
31

5
2
1

2

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

18

130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
469
1,400
2,291
2,129

11
30
63
89
180
43
245
317
145
22
40
69
785

77
1,190
1,897
611
943
1 ,157
922
993
292
423
1,343
2,159
1,252

42
30
27
50
86
47
13
30
27
25
17
63
93

129
53
510

108
21
417

20
28
84

1
3
9

43
14
67
47
332
223
93
30
225
31
536 35"3
307
234
* 140 28
306
157
303 280

26
18
107
61
179
181
68
95
136
8

3
2
2
2
16
2
4
16
13
16

22
6

2
4

62
25
34
774
74
550
1,280
439
761
1,079
616
373
831
469
226
584
188
353
961
167
738
828
244
463
527
293
89
497
228
199
1,033
454
504
1,969
811 1 ,010
3,601 2,201
981
233
528
270
229
119
90
328
165
141
239
79
71
259

2
150
80
90
136
43
56
121
146
71
76
148
419

20
122
390
71
16
102
155
94
4
21
107
206
323

46
218
57
8
9
42
55
4
13
61
85
164

151
465
206

13
48
30

69
15
34

5
11
66

5
5
53

136
94
52
204
129
96
175
65
45
193

84
8
5
24
26
26
43
9
13
20

9
16
33
99
10
19
21
6
13
45

11
66
9
3
10
21
14
2
51
16

5
58
1
3
5
21
3
2
38
7

72
152
7
7
88
9
18

19
4
20
7
1
5
104
21

4
42
65
64

3
56
95

2
12

3
2

5
6
8

1
2

5

1
1
4

10

9
8

1
2

Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or
number ui
of units
offering price.
price.
)i uumuer
units by
uy onering
>
Estimated net
net piULCCUO
proceeds cue
are cquai
equal LKJ
to estimated
- «flotation,
. . .
- lisuniaicu
coumaicu gross
giusa proceeds
ynj<~cci-i3 ' less cost. of
i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
ses.
Source.—Securities and Exchange Commission; for compilation off ba<
back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
J T - _ _ 1 _ _ J

DECEMBER

1947




_

— _

J.

_

.f

_

^_ 1_

J

_

1

_

J

_

_

.

J

_ J 1 _ _

__

__

_

1521

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

N e t profits, 1 b y industrial groups

Manufacturing and mining
Year or quarter
Other

Total

629

Number of companies.
Annual
.

1939
1940
1941
1942
1943
1944
1945
1946

1.465
L ,818
>,163
1,769
L,800
1,896
1.925
3
2,545

Quarterly
1945—^
2
3

492
508

439
485

4

1945—i

Oil
Foods,
produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing

Other
nondurable
goods

Net
profits 1

Preferred

Common

68

77

75

49

45

30

80

74

152

152

152

146

115

173
227
182
180
190
169
127

119
133
153
138
128
115
108
136

70
88
113
90
83
88
88
3 165

151
148
159
151
162
175
199
356

98
112
174
152
186
220
223
281

186
194
207
164
170
187
187
273

134
160
187
136
149
147
154
302

122
132
152
161
171
184
203
321

847
1,028
1,137
888
902
970
989
31,139

90
90
92
88
86
86
85
82

564

158
193
159
165
174
163

223
242
274
209
201
222
243
130

102

278
325
226
204
194
188
283

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

116
250
310
»415

20
21
20
21

146
153
149

49
53

37
49

97

'870
'870

126

860

Other
durable
goods

15

3 853

2
3

Non-

trans- ferrous
porta- metals
and
tion
equip- products
ment

69

22
67
96

1947—i

MaAuchin- t o m o biles
ery

47

323
604
698

2

3
4

Iron
and
steel

Dividends
Miscellaneous
services 2

99
98

3 171
38
42

35
47

*50

63
77
46
58

4
4
4

47
36
36

— 19
49
32
3 61

-34
21
42
102

4

38
4 44

20
26
41
50

12
37
41
3 57

65
74
93
124

56
62
77
85

63
66
67
77

62
71
77
91

82
80
93
66

69
r83
77

r94
r
105
102

'••so
r* 56
4
51

47
46
46

50
57
58

98
'64
69

90
111
122

89
87
78

96
r
92
93

63
r
71
67

4

4

-5
51

r

426
r
432
436

20
r
23
22

669
705
552
556
611
612
657

143
182

209
r

177
192
190

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power 6

Railroad 6
Year or quarter

Annual

1939
1940
1941
1942
1943
1944
1945
1946
1945—i
2

Quarterly

3

4
1946—i
2

3
4

.

.

.

1947—i
2
3

Operating
revenue

Income
before
income
tax 8

3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627

249
674
1,658
2,211
1,972

Net
income1

Dividends

Operating
revenue

189
500

159
186

902
873
667
450

202
217
246
246

273

289

235

2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828

2,277
2,422
2,230
1,973

430
514
237
-426

31
68
28
118

1,869
1,703
2,047
2,008

39
-57
161
130

149
199
127
-25
14
-45
128
191

2,039
2,111
2,177

163
185
181

86
117
109

126

756

93

126

Telephone 7

Income
before
income
tax8

Net
income1

Dividends

Operating
revenue

629

535

444

J .067
1,129
1,235
L 362
1,537
L 641
1,803

692
774

847
913
902
905

548
527

447
437

490
502
507
534

953

408
410
398
407

645

454

966
909
888
917

288
230
205
181

142
125
119
148

101
95
96
115

56
52
41
85

970
920
936
1,002

299
221
207
226

196
151
142
156

43
50
37

1,079
1,032
1,018

289
247
196

191
166
135

Income
before
Net
income
income1
tax 8

227

248
271
302
374
399
396

191

194
178

Dividends

175

178
172

163
180
174
177

163
168
168
173

171

OO?

277

200

115
109
103
70

46
45
44
43

41
44
43
46

107
110
112
125

436
444
449
474
475
497
502
519

84
75
56
62

54
53
44
49

43
43
43
42

115
115
111

527
478
555

67
29
38

44
21
27

40
33
33

r
1
2

Revised.
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation
other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
3
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts
(in millions 5of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
e7 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).

1522



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]

End of month

Total
gross
direct
debt

Total
interestbearing
direct
debt

1940—June. . . .
Dec
1941—June
Dec
1942—June
Dec. . .
1943—June
Dec.
1944—June
Dec
1945—June
Dec. .
1946—June....

42,968
45,025
48,961
57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422

1946—Nov. . .
Dec
1947—Jan
Feb.
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov

262,277
259,149
259,776
261,418
259,124
257,701
258,343
258,286
259,448
260,097
259,145
259,071
258,212

Nonmarketable public issues

Marketable public issues *

Certificates of Treasury Treasury Total 2
Total 2 Treasury
indebtbonds
notes
bills
edness

Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes

42,376
44,458
48,387
57,451
71,968
107,308
135,380
164,508
199,543
228,891
256,357
275,694
268,111

34,436
35,645
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606

1,302
1,310
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039

260,925
257,649
258,378
258,113
255,800
254,427
254,975
255,113
256,321
257,110
256,107
256,270
255,591

180,328
176,613
176,444
175,410
172,462
170,535
169,926
168,702
168,509
168,390
167,946
167,109
166,404

17,000
17,033
17,074
17,048
17,038
16,610
16,002
15,775
15,756
15,735
15,725
15,732
15,335

3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804

6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261

26,555
27,960
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323

3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173

2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035

30,475
29,987
29,791
28,784
27,792
26,294
26,294
25,296
25,122
25,025
24,894
24,808
24,501

13,351
10,090
10,090
10,090
8,142
8,142
8,142
8,142
8,142
8,142
7,840
7,840
7,840

119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
118,564
118,564

56,343
56,451
57,157
57,765
58,156
58,612
58,863
59,045
59,296
59,499
58,640
59,714
59,670

49,709
49,776
50,343
50,717
50,945
51,117
51,240
51,367
51,552
51,664
51,759
51,897
52,008

depo'Siiaxy, jMiiiicu. r urucs i^eave uuiius, aim ^ z2 P" ^cin licctsuiy iiivcaLinciii, u<->iiu.o,
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING NOVEMBER 30, 1947

Fully
Nonguaraninterest- teed inbearing terestbearing
debt
securities

2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711

4,775
5,370
6,120
6,982
. 7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332

591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311

5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467

5,978
5,725
5,590
5,570
5,443
5,477
5,525
5,560
5,592
5,642
5,531
5,618
5,534

24,254
24,585
24,777
24,938
25,183
25,280
26,186
27,366
28,516
29,220
29,520
29,447
29,517

1,352
1,500
1,399
3,305
3,324
3,275
3,368
3,173
3,127
2,987
c
3,038
2,801
2,621

362
331
262
181
175
171
171
83
74
73
70
78
83

ides adjusted service,

1

UNITED STATES SAVINGS BONDS
[In millions of dollars]

[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate

Amount

Treasury bills »
Dec. 4, 1947
Dec. 11, 1947
Dec. 18, 1947
Dec. 26, 1947
Jan. 2, 1948
Jan. 8, 1948
Jan. 15, 1948
Jan. 22, 1948
Jan. 29, 1948
Feb. 5, 1948
Feb. 13, 1948
Feb. 19, 1948
Feb. 26, 1948

1 ,302
1 ,303
1 ,302
1 ,102
1 ,301
1 ,304
1 ,105
1 ,104
1 ,101
1 ,002
1 ,104
1 ,102
1 .203

Cert, of indebtedness
Dec. 1,1947
%
Jan. 1, 1948
%
Feb. 1, 1948
Y%
Mar.
Apr.

June
July
July
July
Oct.
Oct.

1, 1948
1,1948

V%
%

1, 1948
%
1, 1948Ser."F"%
1, 1948Ser."G"K
1, 1948Ser."H"^
1, 1948Ser. "J" 1
1, 1948Ser."K" 1

Treasury notes
Sept. 15. 1948
Oct. 1, 1948
Treasury
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
June 15,
Sept. 15,
Dec. 15,

\
1

Bonds
1947 2
2
1948-50 K .. .2
1948-512 *2%
1948
\%
1948 2
2 ^
1948-50 2....2
1949-51
2
1949-51
2
1949-51
2

3 ,281
3 ,134
3 ,947
2 ,142
1 ,321
1 ,777
2 ,742
1 ,127
2 ,209
1 ,354
1 ,467

3 ,748
4 ,092

701
1 ,115
1 ,223
3 ,062
451
571
1 ,014
1 292
2 ,098

Issue and coupon rate

Amount

Treasury bonds—Cont.
491
Dec. 15, 1949-52 2 . . 3 ^
1,786
Dec. 15, 1949-53 K.2%
1,963
Mar. 15, 1950-52
2
1,186
Sept. 15, 1950-52 K .2}4
4,939
Sept. 15, 1950-52
2
2,635
Dec. 15, 1950
1H
1,627
June 15, 1951-54 2..2%
7,986
Sept. 15, 1951-53
2
755
Sept. 15, 1951-55 2 . . . . 3
1,118
Dec. 15, 1951-53 2..2 H
510
Dec. 15, 1951-55
2
1,024
Mar. 15, 1952-54... 2 H
5,825
June 15, 1952-54
2
1,501
June 15, 1952-55...2H
8,662
Dec. 15, 1952-54
2
725
June 15, 1953-55 J 2
681
June 15, 1954-56 22..2 14
2,611
Mar. 15, 1955-60 . . 2 %
1,449
Mar. 15, 1956-58... 2 ^
982
Sept. 15, 1956-59 2 . . 2 %
3,823
Sept. 15, 1956-59... 2 M
919
June 15, 1958-63 2..2 %
5,284
June 15, 1959-62».. 2 }i
3,470
Dec. 15, 1959-62 3 . . 2 ^
1,485
Dec. 15, 1960-65 2 ..2$J
2,118
June 15, 1962-67 3 . 2 ^
2,831
Dec. 15, 1963-68 »..2H
3,761
June 15, 1964-69 3..2H
3,838
Dec. 15, 1964-69'.. 2 ^
5.197
Mar. 15, 1965-70 »..2H
3,481
Mar. 15, 1966-71 3 . . 2 ^
7,967
June 15, 1967-72 3..2H
2,716
Sept. 15, 1967-72...
2^
Dec. 15, 1967-72 3 . . 2 H 11,689
Postal. Savings
bonds
. .2H
P a n a m a Canal Loan. 3

115
50

Total direct issues.... 166,404
Guaranteed securities
Federal Housing Admin.
Various

33

]
Sold on discount
basis. See table on Open-Market Money Rates,
2
p. 31519.
Partially tax exempt.
Restricted. < Called for redemption on Mar. 15, 1948.

DECEMBER

1947




Month

Fiscal year
ending:
june—1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1946— Nov....

Dec...

1947—Jan
Feb....
Mar....
Apr. . . .
May...
June...
July...
Aug
Sept....
Oct
Nov. . .

RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
atmonth
end of
All
Series Series Series
All
G
series
E
F ,
series

2,905 1,109
203
4,314 1,492
10,188 5,994 3,526
21,256 11,789 8,271
34,606 15,498 11,820
45,586 14,891 11,553
49,035 9,612
6,739
51,367 7,208 4,287
453
294
49,709
576
370
49,776
952
535
50,343
712
394
50,717
616
372
50,945
572
349
51,117
488
305
51,240
482
301
51,367
559
339
51,552
460
294
51,664
466
304
51,759
488
304
51,897
412
263
52,008

67
435
758
802
679
407
360
20
29
53
41
35
33
25
24
27
21
21
22
17

114
148
207
848

395

2,032
2,759
2,876
2,658
2,465
2,561

2,371
4,298
6,717
5,545

139
178
364
278
209
191
158
157
193
144
142
162
131

418
504
483
398
449
455
421
433
457
404
431
404
357

Maturities and amounts outstanding November 30, 1947
Year of
maturity

All
series

1947
1948
1949
1950
1951
1952
1953
1954
. .
1955
1956
1957
1958
1959 . . . .
Unclassified. .

510
815
983
1 563
4,288
7 642
9,952
8,715
6,404
5,902
2 8S8
2,301

Total

125

Series
C-D

Series
E

Series
F

Series
G

1 130
4,288
6,312
7,250
5,873
3,146
3,018

206
539
590

296

1,124
2,163
2,252
2,589
2,349
2 548
2,005

3,144

15,031

125

510
815
983
434

668
535
310

-52

52,008

2,867

31,018

1523

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by banks
Total
interestbearing
securities

1940—June
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945— June
December
1946—June
December

47,874
54,747
• 63,768
76,517
111,591
139,472
168.732
201,059
230,361
256,766
276,246
268,578
257,980

1947- -March. . . .
April
May
June
July
August....
September.

255,976
254,598
255,146
255,197
256,395
257,183
256,177

End of month

Held by nonbank investors
U. S. Government agencies
and trust funds

Individuals

Insurance
companies

Mutual
savings
banks

29,308
32.863
40,114
47,872
64.302
80.070
97,289
117,758
133.815
150,774
161,184
160.395
160.130

9.700
10.900
13,600
17,900
23,700
30.300
37.100
45,100
52,200
58.500
63,500
62.900
63.500

6,500
7,100
8.200
9,200
11.300
13,100
15,100
17,300
19.600
22,700
24,400
25.300
25,300

3,100
3.400
3,700
3,900
4,500
5,300
6.100
7,300
8,300
9,600
10.700
11,500
11,800

2,500
2,400
4,400
5,400
11,600
15,500
20,000
25.800
27,600
29.800
29,100
25.200
22,400

161.883
161,141
162,358
163,325
164,446
165,291
164.048

65,200
65,500
65,600
65,800
66,100
66,300
65,400

25.100
25,100
25,200
25.000
25,000
24.900
24.700

12,000
12,000
12,000
12,100
12,200
12,200
12.100

21,700
20,600
21,000
21,200
21,500
21,800
21.500

Total

Commercial1
banks

Federal
Reserve
Banks

Total

18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
97,850

16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,200
90,800
84,400
74,500

2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21.792
24.262
23,783
23.350

94,093
93,457
92,788
91,872
91,949
91,892
92,129

71,500
71,600
70,700
70,000
70,400
69,700
69,800

22,593
21,857
22,088
21,872
21,549
22,192
22,329

2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5 ,348
6,128
7.048
6.798
6,338
25,183
25,280
26,186
27,366
28,516
29,220
29.520

6,388
6,314
5,966
5.445
4,825
4.496
4,424

1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
Aug. 31, 1947.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Marketable public securit les. In millions of dollars]

End of month

Total
outstanding

U.S.
Govern- Fed- Com- Mu- Insurment eral
mer- tual
ance Other
sav- comagen- Recial
cies serve banks ings panies
1
banks
and Banks C )
trust
funds

Total
outstanding

Fed- Com- Mu- Insureral
mer- tual
ance Other
sav- comRecial
serve banks ings panies
1
banks
Banks C )

Treasury bonds

Type of
security:

and notes,

due or
callable:

2

Total:
1945—Dec
1946—June
Dec
1947—June
Aug
Sent.. . .
Treasury bills:
1945—Dec
1946—June
Dec
1947—June
Aug
Sept.. . .
Certificates:
1945—Dec
1946—June
Dec
1947—June....
Aug
Sept.. . .
Treasury notes:
1945—Dec
1946—June
Dec
1947—June....
Aug
Sept.. . .
Treasury bonds:
1945—Dec
1946—June....
Dec
1947—June....
Aug
Sept.. . .

End of month

U.S.
Government
agencies
and
trust
funds

198,820
189,649
176,658
168,740
168.425
167,980

7,009
6,768
6,302
5,409
4,460
4.388

24,262 82,830
23,783 76,578
23,350 66,962
21,872 62,961
22,192 62,687
22,329 62,773

17,037
17,039
17,033
15,775
15,735
15,725

5
3
2
11
I
36

12,831 2,476
14,466 1,142
14,745 1,187
14,496
787
14.207
684
768
14,019

38,155
34,804
29,987
25,296
25,025
24,894

38
58
64
48
32
43

22,967
18,261
10,090
8,142
8,142
7,840
120,423
119,323
119,323
119,323
119,323
119,323

10,491
11,220
11,521
11,845
11,892
11,833
3
1
2
5

23,183
24,285
24,346
23,969
23,837
23,610

51,046
47,015
44,177
42,684
43,357
43,047

1 1,723
1 1,424
11 1,088
1
479
837
4
3
894

18,091
16,676
11,221
8,536
7.893
7,754

91
243
257
249
187
221

360
576
490
362

8 2,120 15,701
9 1,748 11,396
6
355 6,120
7
369 4,855
369 4,843
2
472 4,763

179
227
211
183
177
116

576 4,383
623 4,258
603 2,796
285 2,443
255 2,498
135 2,352

10,217
10,743
11,049
11,407
11,522
11,486

22,230 33,579
23,073 30,764
23,226 29,700
23,305 29,822
23,268 30,183
23,164 30,223

6,915
6,655
6,186
5,306
4,389
4,270

8,364
6,813
7,496
6,280
6,896
7,119

947
755
753
727
720
720

46,535
47,335
48,408
48,756
49,242
49,460

11,211
10,439
10,459
9,821
294 9,723
293 9,464

Within 1 year:
1945—Dec
1946—June
Dec
1947—June....
Aug
Sept.. .
1-5 years:
1945—Dec
1946—June
Dec...
1947—June....
Aug
Sept..
5-10 years:
1945—Dec
1946—June
Dec
1947—June....
Aug
Sept.. .
10-20 years:
1945—Dec
1946—June....
Dec
1947—June....
Aug
Sept.. .
After 20 years:
1945—Dec
1946—June....
Dec

15,222
10,119
7,802
11,255
11,255
11,050

185 2,017 9,956
4 1,431 5,655
29
72 4,341
83
251 6,936
59
251 6,969
50
483 7,327

35,376
35,055
39,570
42,522
42,522
42,415

408
443
576
469
385
364

693
797
831
698
698
569

25,165
25,285
28,470
29,917
29,978
29,540

33,025
32,847
27,283
18,932
18,932
18,932

787
716
529
423
415
384

210
135
72
40
40
40

21,007
21,933
16,657
11,577
11,813
12,013

34,985
37,189
32,384
40,352
40,352
43,068

2,779
3,400
2,975
3,374
2,800
2,814

24,781 2,764
22,372 2,103
22,372 2,084
964
1 9 4 7 — J u n e . . . . 14,405
Aug
730
14,405
660
Sept.. . 11,689

63
116
181
374
343
266

235
495
591
420
394
282

2,761
2,418
2,591
3,191
3,239
2,651

701
709

1,047
1,574
1,529
1,505

1,742
1,506
2,101
2,671
2,666
2,611

6,673
6,319
6,550
7,193
7,266
7,826

2,058
1,609
2,042
1,245
1,142
1,111

2,902
2,822
2,826
2,002
1,866
1,765

6,063
5,632
5,156
3,645
3,656
3,619

5,523
6,026
5,303
6,751
78 2,.63 7 7,037
100 4,639 7,132

10,996
12,547
11,708
15,137
15,216
15,457

11,905
11,829
9,886
12,425
12,584
12,926

6,933
6,325
6,602
3,358
3,383
3,183

10,559
8,826
8,313
5,812
5,938
5,555

90 3,691
83 3,308
78 2,433
78 2,587

57
57
55
29
22

2,418
2,550
2,632
2,593
2,685

2,051
2,510
2,687
1,649
1,647
704 1 ,587

* 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. 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.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.

1524



FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIncrease (+) or
In- War jTransBudget | T l n i s ,t
decrease (—)
Income taxes] cella- Social
fers to Other Total surplus
ter- and
neous Secu- Other Total Net
I
during period
dej
trust
exbudget
inter- rity
rere- 3 est fense j ac- pendi- expend- (+) or | acreon activ-1 counts tures itures
nal
General Gross
deficit ; count?
Withtaxes ceipts ceipts ceipts debt
! ities I etc.
(-) i etc/ fund
1
held2 Other revedebt
nue
balance

Period

Fiscal year ending:
6,949 1,793 3,824 47,740 46 ,457 3,617 90,029 1,646 5,106 100,397 -53,941 +791
June 1945. . . 10,289 24
June 1946. . . 9,392 21,493 7,725 1,714 3,915 44,239 43 ,038 4,722 48,542 1,918 8,532 63,714 -20,676 -524
+754| -548
June 1947... 10,013 19,292 8,049 2,039 5 ,309 44,703 43,259 4 ,958 17,142! 1,355 19,051 42,505
332
669
2,529
290 236 2,639 2,364
27
961
1946—November. 1,111
105 1,436
-165! + 15
766 2,120
89 416 4,113 4,107
3,662
952 1,580
21 1,110
+445] -480
December.
722
546 2,117
693
3,113
1947—January.. .
58 445 3,860 3,820
343 1,412!
+706' -125
71
1,376 1,845
666
387 368 4,643 4,378
3,914
February..
124 1,457
16
+464; +317
785 3,865
118 27, 5,724 5,701
682
3,598 +2,102! -33
March....
626 1,428
1
584 1,012
638
4,001 -1,445! +269
April
75 315 2,624 2,556
141 1,728
46
1,218
400
595
365 625 3,204 2,865
3,851
May
92 1,327
432
-987| +99
778 2,492
125 1,484 5,480 5,473 ,396 1,4931
602
5,540
18 2,632
June
-67! - 6 3 4
625
757
80 343 2,469 2,397
663
979! 549 51,896 3,669 -l,272j - 1 2 9
245
July
352 202 2,865 2,536
1,255
413
643
908J
3,060
103
273 1,775
August
-524 +206
136 615 4,884 4,872
797 2,639
699
2,932 +l,940| -435
668! 1,006
9 1,249
September.
644
702
782
71 257 2,455 2,390
2 ,445
66 1,072
October. . .
157| 1,1501
-551 +283
329 362 3,053 2 ,743 \27\P\
350
P1,036
2 .194
November. 1,315
,012!
+549; + 138

Period

Net expenditures
in checking accounts of
ExGovernpendiment
tures
agencies

Other

Assets
Deposits
in
Federal
Reserve
Banks

Deposits
in
special
depositaries

25,119
14,708
3,730

1,500
1,006
1,202

22,622
12,993
962

265
331

6,965
3,920

824
682

5,487
2,570

121
224
2
-26
110
348
159
26
212
103
19

102
478
233
707
402
730
3,460
3,705
4,331
4,498
4,292

Investments

Expenditures

Total

3,820
4,735
3,009

2,444
2,407
1,577

-938
2,817
2,117

26
-27

127
125

60
26

131
11
-32
-60
-33
90
158
176
47
-216
128

123
361
207
197
327
477
153
400
180
168
160

44
41
17
32
456
305
46
281
24
14

Net
receipts

Invest
ments

Fiscal year endinj
June 1945...
June 1946...
June 1947...

3,239
2,940
3,219

2,757
1,261
1,785

453
1,618
1,493

1,553
95
-196

1946—November
December.

430
71

87
237

104
109

1947—January..
February.
March....
April
May
June
July
August. . .
September
October . .
November

219
440
83
157
590
246
632
573
65
163
523*

45
87
201
5
159
476
398
150
272
24
274

126
123
134
133
126
137
154
134
124
123
107

Receipts

+57,679
+ 10,740
-11,136
-1,255
-3,128
+628
+ 1,642
-2,294
- 1 ,423
+642
-57
+ 1.161
+649
-953
-74
-859

General fund of the Treasury (end of period)

Details of trust accounts, etc.
Social Security
accounts

+4,529
-10,460
-10,930
-1,405
-3,163
+ 1,210
+2,422
-224
-2,598
-245
-758
-239
+332
+552
+ 155
-172

1,620
2,561
2,369
842
989
1,202
884
5749
1,091
1,393
1 ,290

2,736
3,363
3,292
2,317
1,807
962
958
1,362
1,618
1,437
1,417

Total
liabilities

Balance
in
general
fund

997
708
1,565

421
470
422

24,698
14,238
3,308

655
668

300
418

6,665
3,502

391
344
323
395
336
422
391
304
378
391
357

4,711
7,134
6,909
4,312
4,066
3,308
3,069
3,400
3,952
4,107
3,935

Other
assets

746
1,554
1,571
1,548
1,607
1,565
1,617
5 1,593
1,622
1,668
1 ,585

P Preliminary.
1
1
Withheld by employers (Current Tax Payment Act of 1943).
on collection
basis
given employment
in table below.
» Details
Total receipts
less social
security
taxes, which
are appropriated directly to the Federal old-age and survivors insurance trust fund.
5
* Excess of receipts ( + ) or expenditures ( —).
Change in classification.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
CASH INCOME AND OUTGO OF THE
UNITED STATES TREASURY *

INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.

In millions of dollars]

[In millions of dollars]
Individual
income taxes
Period
Withheld

Other

Corporation income
and profits taxes
Normal
and
surtax

Excess
profits

1 ,852
3,069
4,521
5,284
4,880
4,640
6,055

164
1.618
5,064
9,345
11,004
7,822
3,566

Other
profits
taxes

Fiscal year ending:
June—1941
1942
1943
1944
1945
1946
1947

686
7,823
10,264
9,858
9,842

1,418
3,263
5,944
10,438
8,770
8,847
9,501

1946—October. . . .
November..
December. .

1,062
1,243
27

234
80
420

232
122
752

344
123
925

4

1947—January....
February. . .
March
, April
May
June
July
August.....
September..
October. . . .

657
1 ,971
81
1,014
1,528
33
1,133
1,495
26
1 ,188

2,196
1,082
1 ,967
648
158
1,068
297
62
1,128
246

250
177
1 ,712
228
170
1,386
370
276
1,514
384

266
127
80
66
63
61
49
43
35
28

DECEMBER

1947




Estate
and
gift
taxes

Excise and
other miscellaneous
taxes

Fiscal year ending:
[une—1941
407
433
447
511
643
677
779

2,547
3,405
4,124
4,842
6,317
7,036
7,285

9

57
49
62

706
612
652

6
3
3
2
3
2
2
1
1
1

66
84
103
68
62
55
66
79
64
65

639
595
541
572
539
560
618
572
625
736

57
84
137
144
91
55

Period

Cash
income

Cash
outgo

Excess income (+)
outgo (—)

1942
1943
1944
1945
1946
1947

9,371
15,291
25,245
47,984
51 ,041
47,793
46,643

14 ,060
34 ,585
78 ,979
94 ,079
95 ,986
65 ,692
39 ,985

—4,689
-19,294
-53,735
-46,095
-44,945
-17,899
+6,658

1946—October . . .
November
December.

2,794
2,869
4.207

2 ,955
2 ,325
3 ,629

+544
+578

1947—January...
February.
March....
April
May

3,889
5,127
5,946
2,819
3,316
5,295
2,565
3,193
4,712
2 .631

2 ,783
3 ,667
3 ,322
3 ,654
3 ,351
5 , 193
3 ,392
3 ,152
3 ,959
2 ,612

June

July
August....
September.
October. . .

-161

+ 1 ,106
+ 1 ,460
+2,624
-835
-35
+ 102
-827

+41
+753
+ 18

1
Revised figures. For description, see Treasury
Bulletin for September 1947.

1525

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items

Assets, other than interagency items 1
CommodiLoans ties,
supreTotal Cash ceivplies,
and
able
materials

Corporation or agency

All agencies:
June 30, 1946
Sept. 30, 1946
Dec. 31, 1946
Mar. 31, 1947
June 30, 1947

29,869
29,569
30.409
32,337
^29,666

Classification by agency,
June 30, 1947
Department of Agriculture: 4
Farm Credit Administration:
238
Banks for cooperatives
452
Federal intermediate credit banks.
109
Production credit corporations
14
Regional Agricultural Credit Corp.
Agricultural Marketing Act Re1
volving Fund
134
Federal Farm Mortgage Corp
673
Rural Electrification Administration.
1,436
Commodity Credit Corp
414
Farmers' Home Administration
16
Federal Crop Insurance Corp
National Housing Agency:
Federal Home Loan Bank Adm.:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority.
Defense Homes Corp
Federal Housing Administration • • • • • .
Federal National Mortgage Association.
Reconstruction Finance Corp. 6

1,305
1,157
1,398
1,588
1,792

1,767
1,836
1,873
1,985
1,777

439
390
547
3,426
3,565

17,438
16,973
16,924
15,486
12,691

385
299
339
380
165

325
377
261
169
83

1,605
1,536
1,414
1,176
1,163

1,234
1,250
1,252
1,250
506

1
24
6
422
56
6

104
629
110
325

289

158

544

178
15

840

6 1,751
8
)
2
76
16

()

40

695
2
7

140

178
567
205
53
1

123

348

43
15
6
2
4

142
741
29
115
10

3,305
6,507
1,681

560
163
30 2,122

491
55
155
5

(*)

()

1,123

1
128
673
700
412
9

87

12

278

266

227
83
109
14

()
(*)

()
6
38
533
26
10

482
496
498
509
269

4,939 22,889
3,377 24,069
3,588 24,810
3, 142 27,268
2,045 26,763

366
41

502
55
196
5
1,747

1,550
1,429
1,265
1,003
851

169
393

182
589

1,771
Export-Import Bank
1,137
Federal Deposit Insurance Corp
222
Federal Works Agency
771
Tennessee Valley Authority
U. S. Maritime Commission:
7
4,192
Maritime Commission functions
.
.
.
.
7,003
War Shipping Adm. functions 8
7,337
All other

5,381
5,949
6,649
7,294
7,662

U.S.
Bonds, notes,
PriDeGov- vately
Land, ferred
and debenern- owned
struc- and Other tures payable Other ment
tures,
liabil- inter- interasFully
U.S. Other and undisest
tribities
sets guarest
Govt. secu- equip- uted
Other
anteed
secu- rities2 ment charges*
by U.S.
rities

Investments

213

1,533

193
3
5
()
13

1,578
995
222
758

212
191
71

139

393 3,799!.
333 6,670!.
61 7,276 .

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1947
Purpose of loan

To aid agriculture

Fed.
Fed. inter- Banks Com- Rural
Elec- Farmers'
Farm medi- for co- modity trificaMort. ate opera- Credit
tion Home
Adm.
Corp. credit tives Corp. Adm.
banks
131

393

170

121

630

Home
Owners'
Loan
Corp.

Fed.
ExFed. R.F.C. portPublic home
and
Hous- loan affiliIming
port
Auth. banks ates Bank

601
557

To aid industry:
Other
To aid financial institutions:
289

Other
Other
Less Reserve for losses
Total loans receivable (net). .

27

(5)

104

393

278

1

12

1

276

13

169

110

629

325

544

278

289

All
other

Mar. 31,
1947,
All
all
agen- agencies
cies

(5)
76

7 4 2,053
28
660

147
191

17
32

164
224

167
204

1
4
250
222
47

5
1,758 2,050
96
(5)
9

6
293
4,058
597
393

17
238
2,854
590
497

845

1,751 2,226

7,662

7,294

3,056
663

1
Assets are shown on a net basis, i.e., after reserves for losses.
2 Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the
International Bank for Reconstruction and Development—159, 159, 318, 476, and 635 on June 30, Sept. 30, Dec. 31, 1946, Mar. 31 and June 30,
1947, 3 respectively; International Monetary Fund Quota—2,750 on Mar. 31 and June 30, 1947.
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
Federal land banks are
no longer included; since June 26, 1947, the United States has had no proprietary interest in any such bank.
5
Less than $500,000. 6 The R.F.C. Mortgage Company
was merged with the parent corporation effective June 30, 1947. Includes also
U.S. Commercial Company and War Damage Corp. 7 Figures are for Mar. 31. 1947. 8 Figures are for Feb. 28, 1947. with the exception of those
for lend-lease and UNRRA activities, which are for Mar. 31, 1947.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept.
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,
Table 152, p. 517.

1526



FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 2
1923-25 = 100

Industrial production
(physical volume)* l
1935-39 = 100

Manufactures
Year and month
Total
Durable

Nondurable

Minerals

Total

Residential

AdAdUnad- AdAdAdAdjusted justed justed justed justed justed justed
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
235
203
P170

84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
353
274
P192

62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
166
P165

71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
J>134

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
68
153

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
26
143

236
235
230
225
220
210
186
167
162
168
163

232
232
229
225
220
211
188
171
164
167
161

346
345
336
323
308
292
239
194
186
191
185

176
176
174
173
173
165
157
156
154
158
156

141
142
140
138
144
143
140
134
124
138
133

59
72
70
58
50
54
61
69
83
94
108

13
15
18
20
22
23
24
26
36
44
56

160
152
168
165
159
170
172
178
180
182
183
182

156
148
164
163
159
171
174
180
184
184
183
180

166
138
183
190
175
193
202
208
212
214
214
211

161
167
166
164
161
162
157
164
165
168
173
174

141
141
137
104
115
139
146
144
146
145
136
137

107
136
147
170
169
174
165
158
151
145
139
154

61
95
129
172
179
177
161
157
147
140
122
143

189
189
190
187
185
184
176
182
186
P190

184
185
187
185
185
185
178
185
191
P193

221
222
225
222
218
219
207
r
2ll
218
^222

176
176
175
172
170
168
163
169
172
*176

146
146
148
143
151
148
'140
150
153
*>154

146
151
132
133
127
136
155
166
183
P188

144
152
129
123
110
116
136
150
168
P174

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1945
February
March
April
May

June

July
. . . .
August
September
October
November
December
1946
January
February
March
April
May

June

July
August
September
October
November
December
1947
January
February
March
April
M^ay

June

July
August
September' '
October

All
other

Employment 8
1939 = 100

Nonagricultural

Factory

DepartFac- Freight ment WholeConsale
tory carload- store
com- sumers'
pay
sales
modity3 prices
rolls 3 ings*
(val1935-39
1939 = 1935-39
ue)* * prices
= 100
= 100 1935-39
1926
100
=
100
= 100

AdAdUnad- UnadAdAdjusted justed justed justed justed justed
79
90
65
88
86
94
120
135
139
142
142 102! 8
125 95.8
84 86.3
40 75 7
76.1
37
48 84.0
50 87.8
70 95.1
74 101.1
80 94.6
81 100.0
89 105.8
149 119.4
235 131.1
92 138.8
61 137.0
102 132.0
161 134.4
96
118
112
89
73
79
91
104
121
134
150

Adjusted

Unadjusted

Unadjusted

103.7
104.2
79.7
88.2
101.0
93.8
97.0
98.9
96 8
96.9
103.1
89 8
75.8
64 4
71 3
83.1
88.7
96 4
105.8
90.0
100 0
107.5
132.1
154 0
177.7
172.4
151 8
142.0

103.9
124.2
80 2
86.0
109.1
101 7
107.2
110.5
108 5
109.7
117.1
94 7
71.8
49 5
53 1
68.3
78.6
91 2
108.8
84.7
100 0
114.5
167.5
245 2
334.4
345.7
293 4
266.4

120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
135
132

83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168
186
207
264

138.6
154.4
97 6
96.7
100.6
98 1
103.5
100.0
95 4
96.7
95.3
86 4
73.0
64 8
65 9
74.9
80.0
80 8
86.3
78.6
77 1
78.6
87.3
98 8
103.1
104.0
105 8
121.1

123.8
143.3
127 7
119.7
121.9
122 2
125.4
126.4
124 0
122.6
122.5
119 4
108.7
97 6
92 4
95.7
98.1
99 1
102.7
100.8
99 4
100.2
105.2
116 5
123.6
125.5
128 4
139.3

136.6
136.4
135 8
134.8
134.2
133.0
131.8
125.8
125.5
126.6
127.1

169.3
168.3
166 0
163.6
160.3
155 0
150.4
130.1
129.5
130.1
130.6

168.7
167.7
165 2
162.5
160.0
155 6
151.7
130.8
129.9
130.5
130.9

347.5
345.7
338 5
324.9
321.8
306 6
273.6
228.7
227.7
227.7
231.4

139
145
141
141
140
139
128
127
118
133
127

207
214
184
190
203
214
201
203
213
221
220

105.2
105.3
105 7
106.0
106.1
10*5 9
105.7
105.2
105.9
106.8
107.1

126.9
126.8
127 1
128.1
129.0
129 4
129.3
128.9
128.9
129.3
129.9

145 129.2
169 127.4
161 130.6
168 132.4
161 133.4
172 134.3
168 134.7
158 136.4
155 137.6
148 138.1
152 139.1
163 139.4

133 2
124.4
132.6
139 4
140.7
142.2
143.0
146.3
148.6
149.1
151 5
152.4

132 6
123.9
132.1
138 5
139.6
141.9
143.6
147.7
149.5
149.6
152 0
152.8

234 1
214 3
238.3
254 8
253.5
262.8
267.1
284 4
290.3
292.8
298 2
306.2

133

227

139
109
106
133
139
141
138
139
137
140

256
252
259
276
273
290
270
'258
271
276

107 1
107 7
108.9
110 2
111.0
112 9
124.7
129 1
124.0
134.1
139 7
140.9

129 9
129 6
130.2
131 1
131.7
133 3
141.2
144 1
145.9
148.6
152 2
153.3

153 4
154.4
154 6
153.8
151 9
152
151.7
170
149.4
179
152.7
195
155.7
^200 P142.1 P\56A

152.7
153.7
154 0
152.9
150 6
151.4
150.1
154.3
156.7

307.3
310.6
314 1
310.7
312 2
319.6
314.2
32.3.5
337.2

150
142
146
137
142

265
268
273
276
291

137

289

141 5
144.6
149 6
147.7
147 1
147 6
150.6
153.6
157.4
158.5

153 3
153.2
156 3
156.2
156 0
157 1
158.4
160 3
163.8
163.8

148
149
134
142
140

139.5
139.8
140.0
138.9
138.9
139.8
139.0
140 1
141 .5

P156.8

126

134
143
142
145

250

287
282
'291
P275

r
* Average per working day.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 1528-1531. For points in total index, by major groups, see p. 1549.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1535 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices 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.
4
For indexes by Federal Reserve districts and other department store data, see pp. 1537-1539.
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 1947, p. 585; for department
store sales, June 1944, pp. 549-561.
1
2
3

DECEMBER 1947




1527

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average=100j

1946

1947

Industry
Jan. Feb.

June July 1 Aug. Sept Oct.

Oct.

Nov

Dec.

Industrial Production—Total

182

183

182

189

189

190

Manufactures—Total

188

191

190

196

197

198

194

191

191

214

214

211

221

222

225

222

218

219

184

178

159

192

191

196

195

197

193

183
195
171
369

174
193
163
404

152
174
145
381

193
206
177
414

191
207
174
446

194
213
179
457

189
213
178
461

193
215
179
469

268

271

276

277

277

281

276

237

235

235

229

233

239

185

187

187

181

190

197

184

192

197

Smelting and refining
,
(Copper smelting; Lead refining; Zinc smelting;

168

175

181

184

Fabricating
..
.
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin

191

198

203

'211

136

142

141

142

147

127

135

132

131

137

155

157

160

161

200

202

210

227
158
250
156
149
212
241

226
152
251
162
150
215
252

232
135
265
177
152
219
263

..

..

Durable Manufactures

Pig iron
Steeli
Open hearth
Electric

4

Machinery

Apr. M a y

Mar

187

182

186

183

188

192 P196

207

211

218 ?<222

181

188

195

204

189
211
176
458

174
198
166
429

187
205
170
454

188
214
177

'477

198
224
184
507

273

275

266

267

276

237

225

233

217

2l5

228 P234

193

179

191

185 M82

198

197

187

179

171

170

174 vl77

203

198

188

181

180

182

195

^183

176

167

167

171

147

144

142

142

133

143

140 P143

135

134

133

121

133

167

138
166

161

158

160

155

161

219

219

218

211

200

207

195

245
149
278
182
168
227
271

235
154
263
203
164
232
260

241
159
269
192
165
224
258

234
151
263
175
164
218
249

229
163
251
141
162
210
247

230
154
257
171
164
216
239

207
124
235
164
160

185

184

176

P190

Manufacturing Arsenals and Depots2
Transportation Equipment

....

Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government^ '
Nonferrous Metals and Products

Lumber and Products
Lumber
Furniture

.

.

. . .

Stone, Clay, and Glass Products
Q

Gla s products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products

.

.

....

Nondurable IVfanufactures
Ttxtiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2
Wool textiles

•• •
.

Woolen and worsted cloth

.

Leather and Products
Leather tanning
Cattle hide leathers

Shoes
.

, .

Wheat flour
Manufactured dairy products
Butter
Cheese

Canned and dried milk

..

...

.

. •

.

.

203

r

208
190

r

202

r

195

'•215 ^•205

r

r

224
220

r

r

199
151
231
171

r

225
'214

128 P130
^168

164
203

P200

'219

210
156
229
174

151
243
171
100
221
229

"158
^'225
P227

168

173

174

176

176

175

172

170

168

163

169

172 P176

169

174

164

172

173

172

166

164

155

142

154

160 P165

157
155
248

163
164
256

152
141
254

160
161
263

161
161
262

160
160
270

154
154
270

271

172
182

152
148

143
133

263

129
118

142
130

267

263

147
130

279

139
277

169

1S5

230
178
178
177
181

223
175
171
180
181

214
166
160
175
173

222
169
158
184
178

210
161
145
183
171

159
170

161

230
177
177
176
181

195
149
128
178
158

191

186
147
126
177
156

175

175
144
124
174
152

'149
121
108
139
132

'176
147
148

184
164
146
189
159

117

121

115

116

120

122

116

113

107

101

116

122 P124

97
103
78
67

110
121
91
70

137
129

113
127
98
67

118
134
99
81

122
140
99
84

119
137
102
79

108
121

102
121

95
113

119
138
96
88

114
130
94
92

106
121
78
00

115
130
93
87

120
131
103
94

141
130

110
122
94
68

146
135

178
143

Apparel wool consumption
Woolen and worsted yarn
Woolen yarn

\fanufactured Food Products

,

r

r

181
161

180
165

171
155

178
174

130
117

117
118

156

162

161

156

157

158

145

155

162

158

160

149

P146 P146 P147 P148 P149 P153
82
79
79
81
85
77
164 172 172 178 185 198
142 143 148 147 152 164

83
109

130
141

156
184

134

192

101
\ 17

118
123 p\27

155

156

157 P155

143

148 P137

84
103

84
97

155

154

144

152

r

P139

P152 P155 P157 P147 P148 Pi47
82
76
75
79
82
85
74
206 191 196 197 174 167 164
173 173 184 188 158 160 157

r
P Preliminary.
Revised.
1
Steel indexes are based on daily average output, with holiday allowances for July 4, Labor Day, and Christmas. This year the influence
of Labor Day on steel mill operations was very slight. This accounts for practically all the August-to-September increase and for about onefourth of the increase from September 1946, when the influence of Labor Day was of some importance, to September 1947. Revision of allowances
for holiday
closings is under consideration.
2
Series included in total and group indexes but not available for publication separately.

1528



FEDERAL RESERVE

BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average = 100]

1946

Industry

Oct. Nov.

1947
Dec.

Jan.

Feb.

Mar.

Apr. M a y

June July

Aug.

Sept. Oct.

Manufactured Food Products—Continued
Meat packing
Pork and lard
.
Beef
Veal
Lamb and mutton

..

...

Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products .
. .
Alcoholic Beverages
Malt liquor . .
Whiskev
Other distilled SDirits
Rectified liquors
Industrial

.

...

Cigars
Cigarettes
O t h e r tobacco products

...

....

Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
.
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
.
.. . .
Pa^erboard ;.
Fine paper
Printing paper
Tissue and absorbent paper.
Wrapping naper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint cot^umption
Printing paper (same as shown under Paper)
and Coal

151
151
162

163
172
164

159
165
167

149
143
169

150
153
159

152
157
154

156
171
149

140
131

160
116

151
154
159

138
105

133
108

121
104

122
101

121
105

119
102

141
104

154
93

154
167
123
156

160
160
135
164

168
170
147
172

165
157
138
171

158
137
142
166

160
151
145
165

161
145
149
167

158
138
153
164

154 156
132 '"133
135 119
164 168

206

213

234

241

223

208

189

162

159

179

194

202

183

157

160

154

149

150

145
155
140
158
91

146
144
153

142
141
146

174
99

171
109

3 59
138
118
172

162 "159
146 "133
125
173 P172

164

176

198

157

196
78

71

277
297

323
468

175

229
204

68

64

158

188

179

151

131

106

241
460

191
463

333
426

79

623
408

695
372

619
314

503
276

350
194

319
215

329
231

168
56
385
238

173

169

148

158

168

158

160

142

159

156

160

163

127

131

109

112

110

98

94

106

101

98

113

126

226
79

216
81

192
72

208
69

228
67

216
66

221
68

187
55

216
66

210
72

107
211
80

213
83

229
80

152

153

150

156

157

159

156

161

160

146

157 . 157

161

146

147

146

150

151

154

150

155

140

155

159
98
109
236

166
99
109
252

171
100
109
260

139
145

139
144

97
112
254

173
97
112
265

178
105
116
277

160
108
98
253

171

141
144

174
99
113
266

151
151

151
151

168

181

184

179

89
144
155
135
85

86
155
152
134
87

178

131
137

90
142
156
136
84

180

150
147

151
152

175

150
148

178
107
107
275
154

172

145
147
83
153
148
137
87

83
155
142
137
89

88
160
151
139
89

87
158
144
132
93

88
160
148
141
92

88
162
147
144
91

75
147
136
124
91

151
178
113
105
278
151
147
178
86
157
148
127
94

151

163
106
108
244

162
96
109
248

155

132

130

138

138

140

142

141

142

146

139

119

118

120

122

125

124

124

125

131

131

P!79

Products...

Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
Chemical

163
179
150

55

Alcohol from Beverage Playits *

Tobacco Products.

Petroleum

115
116
107

Products.

..
1

.

...

Paints
Soap
Rayon
I n d u s t r i a l chemicals
Explosives a n d a m m u n i t i o n *
Other chemical p r o d u c t s x

P177

P178

179

P180 P185 P185 P179 P184

145
160

148
161

148
167

142
166

159
163

147
150

154
162

160
175

167
160
406

152
148
272

143
139
278

238

243

148
111
257
402

" "

259

149
147
182

184

87
157
151
123
97

89
165
153
128
91
....

145

144

152

133

131

138

i'201

"202

166

P195

no
104

143
170

142
174

139
163

145
171

154
173

167
176

156
170

163
175

168
182

1 S7
178
157
186

163
180
164
177

162
1S3

162
185

171
163
410

172
165
416

172
165
424

166 M68
162 161
324 428

165
160
340

161
156
307

171
164
415

170
162
'439

249

251

251

251

251

253

250

251

150
115
261

152
128
260

154
131
266

157
135
283

155
138
289

411

422

430

156
136
276
429

431

433

153
137
292

435

151
142
251
439

152
135
291
438

1 ^2
135
294
431

2 <>5
425

r

249

"162

154
169
177
169
448

248 "247
1S3 "152
137
,'?<><>

"423

. . . .

234

243

252

247

246

239

234

220

216

207

209

216 i'220

Minerals—Total....

145

136

137

146

146

148

143

151

148

140

150

153 ''154

Fuels

150

140

141

151

150

153

144

144

155

160 "162

152
160
124
149

118
116
123
150

128
130
121
147

162
173
118
146

151
162
107
150

153
163
113
153

122
127
102
155

153
165
104
157

140
147
110
159

113
117
93
160

143
151
114
161

153
161
122
164

111

117

111

117

122

117

136

124

122

117

117 "111

157

169

153

158

166

159

189

169

166

160

163 "153

44
60

44
58

53
55

60
64

61
66

58
68

60
68

64
66

63
61

60
51

Rubber Products.

...

Coal

.

. . . . . .

Bituminous coal
Anthracite
Crude petroleum

Metals
Metals other than gold and silver
Iron ore
.
(Copper; Lead; Zinc)1
Gold
Silver
...

"155
"162
"126
"165

56
47

r
p Preliminary.
Revised.
* Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940 pp. 753-771 and 825-882.
2

DECEMBER

1947




1529

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1946

1947

Industry

Industrial Production—Total

Durable Manufactures
Iron and Steel

„

Steel1
Open hearth

Oct.

Nov.

Dec.

Jan.

184

183

180

184

185

191

192

188

192

193

215

214

209

218

220

Feb.

Mar. Apr.

May

187

185

185

185

178

185

191 P193

195

193

191

191

184

190

197 P200

223

222

219

220

208

212

219 P224

June July Aug.

Sept. Oct.

184 178 159 192 191 196 195 197 193 181 188 195
183
195

174
193

152
174

193
206

171
369

163
404

145
381

177
414

194
213

189
213

193
215

189
211

179
457

178
461

179
469

176
458

P204

198
224

174
198

187
205

188
r
214

166
429

170
454

177
r
477

184
507

268 271 276 277 277 281 276 273 275 266 267 276

P278

191
207

174
446

Manufacturing Arsenals and Depots 2

Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government) 2
Nonferrous Metals and Products

237

235

235

229

233

239

237

225

233

217

'215

228 P234

185

187

187

181

190

197

193

179

191

185

182

198 P198

184

192

197

'202 '197

187

179

171

170

174 P177

167

176

182

184

203

198

187

18t)

180

182

191

198

203

'211

195 183

176

167 167

171

142

139

129

136
155

131
157

114
160

209

207

232
158

258
181

r

203

r

208
190

196

215

'205

126

135

140

143

145

149

141

151

150 P150

107
161

118
167

126
166

134
161

138
158

143
160

133
155

147
161

143
164 P168

203

208

205

209

208

206

209

196

206

211 P21O

228
152

218
135

241
149

247
161

273
148

241
159

234
151

242
163

229
154

254
175

229
154

255
154

263
166

269
148

254
183

218
151

223
151

269
157

200
124

225
181

241
193

248
198

156
221

159
215

160
215

162
213

22 i

166
226
214

229

(Copper smelting; Lead refining; Zinc smelting;
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption)2
..
7 umber and Products

Stone Clay, and Glass Products
Glass products
Plate glass
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and ciav products 2
Nondurable Manufactures
Textiles and Products
Cotton consumption
Rayon deliveries
Nvlon and silk consumption 2
Wool textiles .
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Woolen and worsted cloth
I anther and Products

Cattle hide leathers
Sheep and lamb leathers

Wheat flour
Manufactured dairy products
Butter

. .

158
218

155
219

158
224

156
218

241

252

263

271

172

174

172

171

169

174

164

172

157

163

152

160

155
248

164
256

141
254

161
263

r

163

258

249

247

239

171

171

169

169

168

173

172

166

164

155

260

154

161

160

143

160
270

154
270

152

161
262

148
271

133
263

160
224

r

220

r

r

178

160 P165

129

142

147

130
267

130
279

156
184

169
192

176
147

184
164

181
161

180
165

171
155

178
174

172
182

159
170

161
191

155
175

230
178

223
175

177
176
181

178
177
181

214
166

171
180
181

160
175
173

222
169

210
161

195
149

158
184
178

145
183
171

128
178
158

186
147

175
144

149
121

117

123

114

116

123

121

115

113

106

99

98

114

110

113

127

121

118

119

112

104
80
67
141
130

126
94
68
145
129

122
92
68
124
117

130
96
67
109
118

145
104
84
119
121

140
97
83
121

137
98
82
93
113

100

138
92
86
89
109

125
96
92
83
103

114
77
89
78
97

158

158

157

149

140

140

144

149

154

166

143

146

153

162

160

157

143

138

146

P120
68

P96

59

P95
62

129
103

124
114

P95 P107 P127 P161 P 2 O 2
84
68
71
102
77

148
115

132
119

151
137

178
161

214
196

256
240

^180

173
154

178
143

' 99

166 ^166
225 P231
P227

165

230
177

124
174
152

215
156
236
202

142

r

118
263
130
141

126
177
156

r

108
139
132

141

134
165
148

139
277

146
189
159
121 P125

114
126
97
84
105
117
r

177

118

128
101
95
115
123

P127

181

P166

147

P192 P\56 P121
64
104
81
73

P229

113
279
254

242
218

195
163

170
147

148
127

r
P Preliminary.
Revised.
Steel indexes are based on daily average output, with holiday allowances for July 4, Labor Day, and Christmas. This year the influence
of Labor Day on steel mill operations was very slight. This accounts for practically all the August-to-September increase and for about onefourth of the increase from September 1946, when the influence of Labor Day was of some importance, to September 1947. Revision of allowances
for holiday
closings is under consideration.
2
Series included in total and group indexes but not available for publication separately.
1

1530



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1935-39 average = 100)

1946

1947

Industry

Manufactured Food

Oct.

Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.

117
109
117
160
136

181
210
156
172
116

175
199
162
130
103

191
225
168
124
115

152
162
153
106
105

138
133
154
115
99

139
139
149
118
102

151
154
159
124
104

150
157
151
141
96

173
. 216
161
164

166
147
159
172

164
132
149
175

15(5
102
142

142
83
135
159

143
88
123
160

143
90
118

164

143
86
144
158

161

146 163
101 1 7 3
100
97
165 171

221

196

210

206

195

187

182

167

178

166
68
624
460

149
64
401
463

161
158
366
426

150
188
405
408

142
179
417
372

149
151
403
314

162
131
302
276

170
106
210
194

189
79
198
215

179

172 138 157 160 149 151 142 165 162 165 172 181

127
235

131
221

109
177

68

101
227
67

107
222

65

106
187
55

98
221

63

98
201
66

94
205

83

112
208
68

110
215

85

72

78

113
228
89

126
238
85

152

153

150

156

157

159

156

161

160

145

156

157

161

146

147

146

151

150

155

171
104
109
260
150
148
181
83
155
147
137
89

155
178
106
116
277
151
152
179

151

159
99
109
236
139
144
168
86
155
147
134
85

155
174
105
112
265
151
152

140

162
101
109
248
139
145
175
90
142
156
136
85

154
175
106
113
266
151
151
180

150

162
98
108
244
141
144
172
89
144
156
135
85

150
167
103
109
252
145
147
179
83
153
147
137
87

176
100
105
278
151
147
178
86
157

170
98

135

135

141

133

125

129

126

114

PI 78

Products—Continued

Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
•
.
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages

Malt liquor
Whiskey
Other distilled spirits
Rectified liquors

Tobacco Products
Cigars
Cigarettes
Other tobacco products

Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Paper
Printing paper
Tissue and absorbent paper

Printing and Publishin2

...
...

. .
...

P179

Fuel oil
Lubricating oil
Coke
By-product coke

Paints

Minerals

•

.

Total

Coal
Crude petroleum
Metals
Metals other than gold and silver

Gold
Silver

•

P177

151
139
89

171
106
112
254
150
147
178
87
158
146
132
95

138

145

122

129

P180

P!85

P185

88
160

185
263
128
175

194 P177
P172
162
176 P180

182

181

206

252

196
55
191
231

192
56
208
238

197
78
379
297

190
71
837

r

468

177

144
92

144

145

146

130

139

145

155

131

129

129

113

120

132

145

P179

147
155

148
167
152
167

142
166
155
179

143
170
160
194

142
174
165
180

139
163
162

167
160
406

152
148
272

143
139
278

171
163
410

172
165
416

172
165
424

240

244

250

250

252

148

149
116
261

151

411

152
128
260
422

128
266
430

234

243

252

147

135

132

150

140

152
160
124

184
88
160
148

P184

88
162
150

P!91

145
171
170
176

154

166
162
324

»-168

254

154
134
276
429

157
135
283
431

247

246

239

141

141

143

141

151 150

153

118
116
123

128
130
121

151
162
107
150

153
163
113

P195

93

147
182
87
157
151
123
97

100
107
275
154
151
184
89
165
154
128
91

148

127

P201

104
259
149

P202

171

157
178
156
173

163
180
162
170

162
183
154
168

165
160
340

161

161
428

156
307

171
164
415

170
162
r439

253

252

247

247

"245

249

157
135
289
433

157
133
292
435

156
140
251
439

150
134
291
438

234

220

216

139

153

152

144

156

153

122
127
102

153
165
104

140
147
110

174

173
168

P\62

177
169
448

294
431

151 P152
143 P145
295 P295
425 P 4 2 3

207

209

216 P220

145

155

158

144

155

160

143
151
114

153 P1SS
161 P162
122 P126
164 P\65

151
rl36

149

150

147

162
173
118
146

153

155

157

159

113
117
93
160

126

105

76

81

84

83

112

140

148

151

151 P144

180
252

144
174

92
58

97
69

104
73

103
72

153
173

200
279

213
306

220
334

219 P206
326 298

51
59

49
58

54
55

57
65

55
67

54
68

56
65

59
59

58
50

s
i
70

144
133
159
195
113

141
93

148

116
257
402

136
114
165
191
106

159
96
98
253
131
137
166
75
147
131
124
89

145
160
159
163

161

127
119
141
155
89

146

150
151
154
90

161

P157

257

61
46

r
1
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
'This series is in process of revision.
NOTE.—For description and backfigures,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 1947




1531

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry

Factory pay rolls

1946
Sept.

1947
Oct.

June

July

Aug.

Sept.

Oct.

Aug.

Sept.

Oct.

June

July

Aug.

Sept.

Total
Durable goods
Nondurable goods... .

149.5 149.6 151.4 150.1 154.3 156.7 156.8 284.4 290.3 292.8 319.6 314.2 323.5 337.2
173.1 173.9 179.7 174.7 Ml .2 179.5 181.0 316.1 323.3 328.1 365.9 350.1 357.5 372.8
130.9 130.4 129.1, 130.7 136.2 138.7 137.8 253.4 258.1 258.3 274.2 279.1 290.4 302.4

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 w a r e . . . . . .
Structural and ornamental metal
work

152.7 151 2
124
122
169
162
141
133
133
136
129
131

157.5
128
128
162
158
138
133
136
139
134
137

161
147

157
140

Electrical Machinery
Electrical equipment
Radios and phonographs

217.3 22 3.4 221.5
166
174
170
196
188
203

170
178

Machinery except Electrical
Machinery and machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors. . .
Machine tools
Machine-tool accessories
Pumps
Refrigerators

210.3 214.0

217.4] 221.7 224.3

Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding

286.8 287.8 291.8 248 9 250.0 257.4 269.3 553.1
352
361
337
326
329
329
641
311
322
303
300
301
299
498
201
193
203
126
137
127
422

Automobiles

196.0

1V2.3 196.2] 195 .0 192.0

Nonferrous Metals and Products
Primary smelting and refining.
Alloying and rolling, except aluminum
Aluminum manufactures

179.5
136

182.0 175.1 168.6

159
211

158
215

Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills

138.6
149
144

140.4 158.2
151
171
147
163

Furniture and Lumber Products.
Furniture

123.5 125 .2
122
128
124

127 .8 131.9 133.5
129
131
126

135 .7 250 0
247
250

264.2
260

Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products

142.5 143.8
172
174
143
142
122
122
158
159

140.2
159
147
126
160

146.0 260.1 267.0
294
310
243
250
240
244
281

271.3 298.2
341
316
279
243
279
249
322
286

Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles

105.2
115
78
107
72
96

Apparel and Other Finished Textiles.. ..
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery

132.9 134.9
116
118
88
88
145
146
97
95

Leather and Leather Products.
Leather
Boots and shoes

103.1
89
95

Food and Kindred Products
Slaughtering and meat packing.
Flour
Baking
Confectionery
Malt liquors
Canning and preserving

137.5 127.7
77
69
134
140
108
108
102
113
158
157
244
180

Tobacco Manufactures.

93.
123
79

Cigarettes
Cigars

166
148

158

180
243
166
148
169
201
237
171

165

183
240
172
152
169
204
237
181

95.8
124
81

165

189
185
231
231
182 ; 180
185
176
146
137
178
167
242
233
223 ! 217

147
184

144.0
169
145
126
164

106.2 103.1
115
116
76
78
98
108
68
73
96
96

102.2
88
94

148
!47

158.
130
162
148
134
140

159.3
129
163
150
137
146

j 150 150
290
280
! 150 j 153
I
j
j 168 I 167
218.9 222.8 378.9
169
171
283
190
185
370

186
232
176
182
142
169
230
221

273.
206
298
274
267
248

273.7
203
291
249
278
259

316.1 304.4
247
235
322
315
264
295
305
297
283
275

314.4
250
313
331
289
281

307
289

326
301

321
326

289
328

296
319

314
454
257
253
281
316
438
288

23 t
222

136
172

156.5
169
160

161.5 161.6
176
175
161
164

322
485
254
270
286
336
444
293

334
482
269
277
292
343
453
311

368
503
310
372
263
305
494
428

356
494
311
362
240
282
479
422

524.1 542.3 560 3 483.0
622
622
681
664
485
530
482
508
243
354
394
347

360
513
301
370
251
280
475
404

283
351

285
358

372
507
316
387
254
294
488
421

482 9 501.5
624
638
502
487
267
242

376.8

346.2 326.6 330.7 344.4
297
289
299
296

174.5 324.2 331.8
240
247

135
178

144.6 145.5
166
166
151
152
129
130
166
165

311
345

199.2 201. 9 319 0 330.3 324.3\ 357.0 348.8 343.8\

170.4 172.1
143
142

325.7
253
326
343
305
314

317
2 74 i 326
336
275
335
397.2 408.1 432.6 422 3 420.3
442.2
333
304
344
330
293
409
390
386
385
390
344
420
119.2 424.8 442 6
362.2 376.2 388.0

187
231
1S1
185
141
168

139
168

287
362

280
327

260
299

248
308

160.7 285.6 285.2 292 0 374.9 359.8 387.3
430
412
397
313
310
315
345
363
367
281
295
274
290.4 281.4 293.3
274
285
285
285.9
313
284
276
309

301.7
334
297
289
330

254
322
385.7
426
370
305 .0
298
306.8
341
298
295
327

101.2 102.5 104.2
112
113
114
74
75
77
102
95
98
71
69
70
92
95
93

229.4 235.5 241.1
285
276
282
189
181
181
244
234
243
150
141
144
195
188
187

242.5 237.5 2 39.8
291
294
289
196
194
191
222
240
231
144
131
135
201
211
195

256.4
302
207
255
152
218

145.6
130
104
158
93

272.5 283.0 283.6
246
236
243
196
185
191
312
306
320
168
166
180

274.9
273
229
264
128

302.3
265
226
323
171

318.5
285
243
334
173

214.2 220.4
190
187
210
205

231.6
199
222

325.6
270
340
218
233
365
654

331.6
272
339
223
271
370
677

94.7 186.2 196.0 207.4 194.8 200.0 203.0
254
249
239
240
219
227
163
192
174
168
167
181

204.9
244
180

131.7 131.7
121
124
101
97
136
140
79
80

142.2
128
102
153
93

99.8 100.6 103.8 104.8
92
91
93
91
97
94
98
93
130.3 143.1 157.3
136
135
131
143
142
136
114
112
115
108
104
112
175
183
188
103
164
233

161.1
135
142
116
122
188
252

91.6
120
77

92.3
119
79

90.2
122
75

265.9
204
295
270
257
234

89. t
120
75

105.6

199.6 204.7 199.5 211.5
185
158
161
160
188
202
188
195
254.3
209
265
190
177
241
529

246.5
116
279
194
199
256
625

232.2
109
291
197
214
251
453

267.8
260
302
213
229
319
249

278.9
260
219
283
147

295.
281
326
218
211
350
402

NOTE.—Indexes for totals, major groups, and industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass, Printing and
Publishing, Paper, Rubber, Food and Miscellaneous groups have been adjusted to final 1945 data made available by the Bureau of Employment
Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics.
Underlying figures are for pay rollfperiod ending nearest middle of month and cover production workers only. Figures for October 1947 are
preliminary.

1532



FEDERAL RESERVE BULLETIN

F A C T O R Y E M P L O Y M E N T AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal
Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100)
Factory employment
Industry group or industry

Factory pay rolls

1947

1946

1947

Sept.

Oct.

June

140.0
136
149
142

141.7
136
151
145

143.4 140.7
141
141
150
154
134
140

143.0
143
150
138

143.
143
152
139

...

122.3
111
133

125.0
113
137

129. 1 128.8
120
120
138
138

129.8
121
138

130.
122
139

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

184.0
190
119
168
177
174
86
119

187.2
194
120
170
178
161
115
117

188.5
191
104
182
191

65 ! 64
114 ! 100

195 .
188
122
178
191
161
100
122

Products of Petroleum and Coal
Petroleum refining
Coke and by-products

147.8
137
119

146.8
136
119

150.8\ 153.71 154. 1
139 | 141
142
123 1 !25 I 125

153.
140
125

Rubber Products
. .
R u b b e r tires a n d inner t u b e s . . . .
R u b b e r goods, o t h e r . . . . . . . .

189. 1
226
164

191.8
234
168

180.7
217
153

175 2
212
148

Miscellaneous Industries
Instruments, scientific
Photographic apparatus

176.9
255
198

180.2
252
199

174.4
248
211

170 . 1 173.5
243
243
217
216

Paper and
Paper
Paper
Paper

Allied Products
and pulp
goods, n.e.c
boxes

.•.

Printing and Publishing
Newspaper periodicals
Book and job

July ! Aug. ! Sept. j Oct. I Aug. Sept.

187
120
181

186
120
179
190
103

163 i

145.0] 256.5

I 253

253
| 260 271
.1 262 264
!
131.9\ 198.1 203.1
176
228
198 0\ 320 (?•329.1
! 314 317
, { 206 211
I 288 290
; 273 293
.j 201 339
i 159 197
I 275 297
i
15J f>\ 253. 1
• 3\
233
220

17 X 2
217
153

Oct.

June j July

Aug. Sept.

268.5
260
280
274

298.0 298.
302
310
302
297
284 I 274

300.6 308.
311 j 316
293
309
280
292

208.4
179
233

235.9
210
258

233.6
209
259

235.
214
255

378.7
348
238
342
325
356
162
288

380 4 395. 1
375
363
247
240
337
336
357
353
376
204
264
185
335
305

332
210
294
292
326
278
280

355
205
339
341
359
169
! 302

252.7]
228
216

286.2 29 5 6 297.2
265
254
262
256
264
248

245 .0
222
267

302.
266
267

336.9: 363. 9\361.3
356 j 400 398
328 i 335

361.9
396
320

304
305

357 .0 368.6
397
399
319
336

350.7
449
334

355.4
468
392

341.2
453
386

347.
458
388

177 .8 182 .3 329.3
444
244
325
216

339.3
446
322

368.1
465
398

For footnotes see p. 1532.

FACTORY EMPLOYMENT
{Adjusted for Seasonal
Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1946

1947

Group

Total
Durable
Nondurable

. . .

P Preliminary.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

148.6
172.7
129.6

149.1
173.8
129.7

151.5
176.4
131.8

152.4
177.1
133 0

153.4
178.7
133 4

154.4
180.8
133.6

154.6
181.5
133.4

153.8
181.2
132.2

151.9
178.2
131.1

151.7
179.5
129.8

149.4
174.0
130.0

Sept.

,«.7

155.7
176 "> 179 1
137.3
134 2

Oct.
P156.4
P180.9
P137.1

N O T E . — B a c k figures from January 1939 may be obtained from the Division of Research and Statistics.
H O U R S AND E A R N I N G S O F P R O D U C T I O N WORKERS IN M A N U F A C T U R I N G
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week

Industry group

1946
Aug.

All manufacturing..

.

Durable Goods
Iron and steel products
Electrical machinery
Machinery except electrical
Transportation equipment except autos
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished lumber products . .
Stone, clay, and glass products
Nondurable

Aug.

Goods:.

Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing and allied industries . . .
Chemicals and allied products
Products of petroleum and coal
Rubber products
Miscellaneous industries

Average hourly earnings (cents per hour)

1947

Sept. May June

July

INDUSTRIES

1946
Aug.

Sept.

Aug.

Sept.

1947

June

July

Aug.

40.5

40.3

40.1

40.2

39.8

39.8

40.4

111.2

112.6 120.7 122 6 123.0 123 7 124 9

40.5

40.3

40.5

40.7

40.0

40.0

40.-6

118.6

120.1 127.8 130 .3

130.5 131.2 133.1

39.9
40.6
40.9
39.7
39.2
40.8
41.8
41.9
40.7

39.7
40.8
41.1
38.8
38.5
40.7
41.4
41 .8
40.5

40.3
39.8
41.4
40.2
38.3
40.6
42. C
41.5
40.3

40.5
39.8
41.3
40.1
38.7
40.5
42.8
41 .7
40.8

39.3
39.8
40.9
40.1
37.7
39.7
42.2
41.1
40.1

39.6
39.2
40.5
39.7
37.6
39 6
43.2
41.2
40.5

40.2
40.3
41.1
39.7
39.3
40.2
42.7
41.5
40.5

122.2
116.9
124.6
135.9
137.3
117.7
92.8
95.7
106.3

124.1
118.5
126.0
135.6
138.5
119.2
93.5
97.7
108.7

136.5
130.8
137.1
139.5
149.6
128.9
103.3
105.8
119.8

40.4

40.3

39.7

39.8

39.7

39.5

40.1

103.6 105.0 113.0 114 .0

40.1
37.0
37.8
43.7

40.0
36.9
38.2
43.0
39.5
43.0
41.0
40.9
40.4
40.6
41.1

38.9
35.8

38.6
36.0
38.1
43.2
38.2
42.9
39.9
41.1
40.7
39.1
40.3

38.4
35.8
38.2
43.2
39.6
42.9
39.6
40.9
40.5
38.6
39.4

43.4
39
42.4
39.4
40.9

39.5
35.9
39.1
43.4
39.1
42.9
40.1
41.1
40.9
39.5
40.2

92.4
98.6
97.2
101.5
88.5
102.0
129.9
110.2
134.7
129.5
105.7

38.6
43.

40.8
40.
40.3
39.4
41.0

38.1
43.0
36.3
43.
40.1
41.1
40.0
39.0
40.3

40.6
38.4
39.4

94.0
101.0
98
101
89
103
131.5
111.0
136.
132.3
107.6

133.3
126.4
133.4
137.6
146.3
126.0
102.5
104.6
117.3

102.5
98.8
103.51
111.0
94.8
113.3
148.6
121.0
144.8
141.6
115.3

136
129
136
138
148
128
105
106
119

102
99
105
111

.3
,S
.3
.7
.5
.6
.3
1
.0

.4
.4
3
.9

95.0

116
149
123
146
141
116

5
.9
2
4
.9

.7

137.6
131.4
137.7
140.6
150.4
129.2
104.8
107.0
121 .1

139.7
132.5
139.5
142.2
151.8
131 .2
105.4
109.3
122.4

115.0 115.8 116.5
102.8
102.0
105.5
112.1
95.3
119.0
149.8
124.7
149.5
144.5
117.8

103.1
103.9
105.7
114.0
95.1
119.1
150.9
125.2
149.4
144,8
117.7

104 .9
104.7
107.3
113.1
95.3
120.4
153.2
126.1
151.4
145.0
119.1

NOTE.—Preliminary October 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 40.5 and 125.7; Durable,
41.0 and 133.6; Nondurable. 40.1 and 117.3 respectively. Back figures are available from the Bureau of Labor Statistics.

DECEMBER

1947




1533

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]

Service

Federal,
State, and
local
governmentJ

1,382
,419
,462
,440
,401
,374
,383
,523

3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430

3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595

8,609
8,581
8,639
8,630

,549
,548
,551
,554

4,412
4,537
4,578
4,596

5,550
5,523
5,475
5,421

4,075
4,052
4,040
3,855
3,970
4,074
4,079
4,084
4,115
4,103

8,595
8,637
8,695
8,638
8,631
8,669
8,688
8,738
8,772
8,787

,552
,554
,555
,546
,553
,551
,574
,594
,599
,591

4,596
4,630
4,588
4,552
4,567
4,641
4,640
4,573
4,588
4,678

5,438
5,421
5,442
5,453
5,447
5,454
5,334
5,315
5,371
5,420

1,747
1,753
1,713
1,644

4,064
4,093
4,101
4,071

8,523
8,667
8,898
9,234

,534
,540
,543
,546

4,456
4,514
4,555
4,573

5,605
5,551
5,475
5,638

1,527
1,502
1,534
1,619
1,685
1,768
1,847
1,894
1,900
1,883

4,014
4,011
4,020
3,836
3,970
4,115
140
145
115

8,552
8,507
8,565
8,552
8,545
8,582
8,558
8,563
8,684
8,875

,544
,546
,555
,554
,561
,567
,590
,602
,583
,583

4,527
4,561
4,565
4,552
4,590
4,711
4,686
4,619
4,634
4,655

5,384
5,367
5,415
5,426
5,447
5,399
5,281
5,288
5,425
5,447

Contract
construction

Transportation and
public
utilities

Trade

Finance

845
916
947
983
917
883
826
836

1,150
1,294
1,790
2,170
1,567
1,094
1,082
1,493

2,912
3,013
3,248
,433
3,619
3,798
3,872
4,023

6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448

14,953
15,019
15,233
15,310

884
883
883
874

1,648
1,670
1,679
1,731

4,064
4,093
4,101
4,091

42,243
42,354
42,395
42,065
42,079
42,340
42,103
42 425
42,843
43,036

15,426
15,529
15,564
15,513
15,359
15,358
15,180
15,455
15,711
15,769

883
880
879
856
884
893
866
896
895
895

1,678
1,651
1,632
1,652
1,668
1,700
1,742
1,770
1,792
1,793

41,848
42,065
42,439
42,928

15,035
15,064
15,271
15,348

884
883
883
874

41,803
41,849
42,043
41,824
41,919
42,363
42,201
42,600
43,033
43,257

15,372
15,475
15,510
15,429
15,237
15,328
15,233
15,593
15,797
15,816

883
880
879
856
884
893
866
896
895
895

Total

Manufacturing

Mining

1939
1940
1941
1942
1943
1944
1945
1946
SEASONALLY ADJUSTED

30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712

10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365

1946—September
October
November
December

41,669
41,854
42,139
42,207

1947—January
February
March
April
May
June
July
August
September
October

Year or month

UNADJUSTED

1946—September
October
November
December

,

1947—January
February
March
April
May
June
July
August
September
October

4,103

1

Includes Federal Force Account Construction.
NOTE.—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 1947 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.

Thousands of persons 14 years of age and over]

Civi ian labor force
^ear or month

Total noninstitutional
population

Total
labor
force

Employed
Total

l

Total

In nonagricultural industries

In
agriculture

Unemployed

Not in the
labor force

1940 5
1941
1942
1943.
1944
1945
1946.

100,230
101 370
102,460
103,510
104 480
105,370
106,370

56,030
57 380
60,230
64,410
65 890
65,140
60,820

55,640
55,910
56,410
55,540
54,630
53,860
57,520

47,520
50,350
53,750
54,470
53,960
52,820
55,250

37,980
41,250
44,500
45,390
45,010
44,240
46,930

9,540
9,100
9,250
9,080
8,950
8,580
8,320

8,120
5,560
2,660
1,070
670
1,040
2,270

44 200
43 990
42 230
39,100
38 590
40,230
45,550

1946- —October
. . . .
November
December

106,760
106,840
106,940

61,160
60,980
60,320

58,990
58,970
58,430

57,030
57,040
56,310

48,410
49,140
49,100

8,620
7,900
7,210

1,960
1,930
2,120

45,600
45,860
46,620

1947- —January
February
IVtarch
April
May

106,970
107,060
107 190
107,260
107,330
107,407
107,504
107 590
107,675
107,755

59,510
59,630
59 960
60 650
61,760
64,007
64,035
63 017
62,130
62,219

57,790
58,010
58,390
59,120
60,290
62,609
62,664
61,665
60,784
60,892

55,390
55,520
56,060
56,700
58,330
60,055
60,079
59,569
58,872
59,204

48,890
48,600
48,820
48,840
49,370
49,678
50,013
50,594
50,145
50,583

6,500
6,920
7,240
7,860
8,960
10,377
10,066
8,975
8,727
8,622

2,400
2,490
2,330
2,420
1,960
2,555
2,584
2,096
1,912
1,687

47 460
47,430
47 230
46 610
45 570
43 399
43,469
44 573
45,544
45,535

June 3
July
August
September
October

1
2
8

Includes self-employed, unpaid family, and domestic service workers.
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
Beginning in June 1947, details do not necessarily add to group totals.
NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate
to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.

1534



FEDERAL RESERVE BULLETIN

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.

Nonresidential building

Residential
building

Total
Month

Factories

January
February
March
April
May
June
Tulv
...
August
September
October
November
December

1946

1947

1946

1947

1946

357.5
387.4
697.6
734.9
952.4
807 9
718.0
679.9
619.9
573 2
503 7
457.3

571.6
442.2
596 8
602.3
674.7
605 1
660.3
823.2
650.0
793 3

89.7
102.1
275 2
370.6
463.6
332 2
281.2
284.0
293.8
235.1
221 1
193.4

257.4
208.4
282 9
256.7
254.1
209 5
240.9
308.9
268.5
349 5

104.7
97.7
113 7
105.1
140.5
159 4
129.3
109.4
73.7
140 2
73 6
69.9

....

7,489.7

Year

1,317.3

3,142.1

141
147
329
396
243
227
258
264
278
317
370
331

358
387
698
735
952
808
718
680
620
573
504
457

3,299 7,490

Year

1946

86.5
73.9
82.1
65.6
71.3
66 8
82.3
88.0
73.8
95 5

Educational

1947

69.0
77.5
112 7
75.1
88.7
55 2
72 8
56.6
50.0
41 0
36 1
38.6

1947

1946

38.3
46.4
52 6
66 3
59.2
58 4
81 6
77.2
75.9
80 0

18.1
17.1
11 4
18 0
23.5
23 5
35 7
7.8
18.8
12 6
15 1
19.7

773.2

1945 1946 1947 1945

572
442
597
602
675
605
660
823
650

75
74
221
309
148
82
108
67
43
61
61
62

47
56
146
127
197
215
202
205
187
134
130
109

167
96
143
177
234
226
203
218
193

1946 1947

66
73
107
87
95
146
149
196
235
256
309
269

1,311 1,754

311
331
551
608
756
593
516
475
433
439
373
348

405
346
453
425
441
379
458
605
457

1,988 5,735

Public works
and public
utilities

Other
1946

19.7
13.5
21 4
22 7
47.7
40 1
38.5
45.6
42.8
41 1

1947
55.9
9.4
35 8
29 6
57.7
44 7
51.2
80.0
47.4
61 3

25.8
28.3
40 9
37 9
38.3
35 2
45 8
37.7
27.1
31 5
36 0
19.8

221 4

404.4

1946

1947

50.2
64.7
143 6
128 1
197.9
202 5
153 1
184.4
156.4
112 8
121 8
115.9

113.9
90.5
122 O
161 4
184.7
185 7
165 9
223.5
141.5
165 9

1,631 3

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars!

Public ownership Private ownership

Total
1945 1946 1947

January....
February. . .
March
April
May
June
July
August
September. .
October....
November. .
December...

Commercial

1947

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

Value of contracts in millions of dollars]

1947

1946

Federal Reserve district

Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta . . .
Chicago
St Louis
Minneapolis
Kansas City
Dallas

. . .

.

Oct.

Sept.

Oct.

49,166
143,463
41,969
73,665
72,369
84,807
137,322
50,402
31,026
33,091
76,006

33,852
125,217
37,595
64,840
69,395
65,209
111,350
52,781
28,937
21,921
38,899

36,899
83,076
21,897
50 187
59,282
74,533
133,294
34,530
17,495
14,676
47,337

793,286

649,996

573,206

Total (11 districts).

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]

Year or month

1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

Total

Property
improvement

Small
home
construction

736
877

13
13

. .

251
262

942
886
684

141
96
125
189

15
1

798

363

(2)

85
67
77
89
79
86
117
112
152
169
181
184
244

47
35
40
44
39
40
51
42
50
57
49
46
46

(22)
(2)
()

August
September..
October

VI)i

26
21

1,026
1,186
1,137

2

()
(2)
2

( )
"

II)

13
25

224
246
60
160
208

June
July

ID

2
2
11
48
51

320
557
495
694
954

1946—October
November..
December. .
1947—January....
February...
March
April
May

War and
l-to4- Rental
and
Vetfamily group
erans'
houses housing housing
(Title (Title (Title
94
309
424
473
669

. . .

' (2) ' "

(2)
(2)
(2)

INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION

Mortgages on

Title I Loans

691
243
216
219

347
33
26
28
30
27
28
33
36
39
39
37
41
48

6
(2)

7
4
3

13
284
601
537
272
85

6
7
9
16
13
18
33
34
63
74
95
96
150

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 refinanced2 mortgages originally written under the War Housing
Title VI.
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.

DECEMBER

1947




[In millions of dollars]

End of month

1935—Dec.
1937—Dec.
1938—Dec
1939—Dec
1940—Dec
1941—Mar
June
Sept
Dec. . .

Total

SavCom- Muings
tual
and
mersavloan
cial
ings
associbanks banks
ations

365
771
1,199
1,793
2,409

228
430
634
902
1,162

8
27
38
71
130

56
110
149
192
224

41
118
212
342
542

5
32
77
153
201

27
53
90
133
150

2,598
2,755
2,942
. 3,107

1,246
1,318
1,400
1,465

146
157
171
186

230
237
246
254

606
668
722
789

210
220
225
234

160
154
178
179

Insur- Fedance
eral
com- agen- Other*
panies cies 1

1942—June
Dec.

3,491
3 620

1,623
1 669

219
236

272
940
276 1 032

243
245

195
163

1943—June
Dec

3,700
3,626

1,700
1,705

252
256

284 1,071
292 1,134

235
79

158
159

1944—June
Dec

3,554
3,399

1,66-9
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
Dec

3,102
2,946

1,488
1,429

260
252

247
233

11
9

122
106

974
917

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.

1535

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Month

1943

1944

1945

1946

750
728
992

1,124
1,107
1,197

903
887
1,030

798
670
815

1,005
1,135
870

757
851
878

January
February
March

June

989
1,092
1,003

1 ,231
1,455
1,296

July
August
September

1,265
1,280
1,269

1,197
1,191
1,194

893
737
514

826
883
643

October
November
December.. . .

1,237
1,072
1,286

1 144
1,185
938

455
639
736

P537
P986
PI.097

Jan.-Sept.. .

9,369

10,992

7,976

7,120

April
May

. .

Merchandise imports 2

1

Excess of exr>orts

1943

1944

1945

1946

Pl,114
Pl.150
Pl,327

230
234
249

301
314
358

334
325
365

394
318
385

P531
P437
P445

520
494
743

823
793
839

569
561
665

405
352
431

P713
P883

P1,299

Pl.421
Pl.241

258
282
296

361
386
332

366
372
360

406
393
382

P512
M74
P463

732
810
707

870
1,069
965

639
763
511

351
457
496

P778

Pl.149
Pl.150
P\ ,115

302
318
289

294
304
282

356
360
335

431
422
377

P450
P399
P481

963
962
981

903
887
912

537
378
180

395
461
266

P700
P751
P633

329
312
282

329
323
336

344
322
297

P394

908
760
1,004

815
862
602

111
317
439

P!42
P508

3,1 72

3,507

6,912

8,061

4,804

3,613

1947

Pl0,965

2,457

2 ,93 1

1947

P478
P529
P4.191

1943

1944

1945

1946

1947
P583

P787

P947

P567

P Preliminary.
1
Including both domestic and foreign merchandise.
General imports including merchandise entered for immediate consumption and that entered for storage in bonded war<
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 J

P6,774

2

F R E I G H T CARLOADINGS BY CLASSES

ry 1931, p. 18.

REVENUES, EXPENSES, AND INCOME
RAILROADS

OF CLASS I

[Index numbers: 1935-39 average = 100]
[In millions of dollars]
ForLive- est
Total Coal Coke Grain stock products
Annual
1939
1940
1941
1942
1943
1944
1945
1946

.. .

101
109
130
138
137
140
135
132

98
111
123
135
138
143
134
130

102
137
168
181
186
185
172
146

107
101
112
120
146
139
151
138

96
96
91
104
117
124
125
129

100
114
139
155
141
143
129
143

Ore

Miscellaneous

Merchandise
I.C.I.

110
147
183
206
192
180
169
136

101
110
136
146
145
M7
142
138

97
96
100
69
63
67
69
79

SEASONALLY
ADJUSTED

Net
railway
operating
income

_ Net
income

589
682
998
1,485
1,362
1,093
849

P7,627

3,406
3,614
4,348
5 ,982
7,693
8,343
8,049
P7.OO8

P619

93
189
500
902
874
668
447
P289

1946—July
August
September.
October.. .
November.
December.

651
664
673
663
663
658

603
613
605
606
601
523

48
51
68
57
62
135

16
18
37
25
29
98

1947 - J a n u a r y . . .
February..
March. . . .
April
May
June
July
August. . . .
September.

698
696
723
685
698
731
683
719
716

624
631
642
637
633
649
634
655
681

74
65
81
48
65
82
48
64
36

42
33
48
15
32
49
18
31

1946—July
August. . . ,
September.
October.. .
November.
December.

674
710
660
710
658
637

611
'628
593
625
594
534

63
82
'68
85
64
103

1947—January...
February..
March....
April.....
May
June
July
August.. . .
September.

686
636
718
689
724.
697
705
745
727

628
593
645
631
649
637
644
664
679

58
43
73
58
76
60
61
81
48

Annual
1939
1940
1941
1942
1943
1944
1945
1946

3,995
4,297
5,347
7,466
9,055
9,437
8,899

SEASONALLY
ADJUSTED

..
..

141
138
139
137
140

152
160
155
117
132

184
183
183
166
155

131
125
142
147
162

119
91
128
136
122

157
154
146
151
156

162
164
157
157
145

145
139
139
148
148

77
75
79
83
81

1947—January
February....
March
April
May
June
July
August
September. . .
October.

150
142
146
137
142
137
134
143
142
145

163
149
147
119
155
141
115
146
153
156

175
171
180
173
185
173
170
184
ISO
192

157
147
159
151
138
140
168
162
137
152

123
111
121
111
104
107
107
92
105
104

163
166
159
148
148
145
152
152
149
147

176
172
171
184
184
184
194
190
181
163

152
145
151
147
145
142
143
149
145
149

77
76
78
79
76
74
71
73
73
75

S946—August
September. . .
October
November. . .
December. . .

145
149
149
141
131

152
160
155
117
132

177
181
180
166
163

142
140
142
144
152

113
120
197
171
118

165
166
154
148
139

243
245
216
169
45

146
150
r
152
154
139

77
79
82
84
78

1947—January
February....
March......
April
May
Tune . .
July
August
September,
October

138
133
137
134
144
142
140
148
153
156

163
149
147
119
155
141
115
146
153
156

184
182
182
169
183
170
165
177
178
188

157
144
146
133
121
143
202
175
153
152

118
89
96
98
94
87
87
87
139
161

147
159
159
148
154
151
153
160
161
155

44
43
50
157
267
286
311
284
272
235

139
136
144
145
146
146
145
150
157
163

74
74
79
80
76
73
71
73
77
78

1946—August
.
September.
October
November.
December.

Total
Total
railway
railway
operating
expenses
revenues

..
..

UNADJUSTED
UNADJUSTED

r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
J u n e 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.

1536



r
r

33
54
39
57
38
89

29
14
43
33
46
38
37
51
P21

r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.

FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
United
States

Year or month

SALESi
1939
1940
1941,,
1942
1943
.
1944
,
1945 ...
1946
,

...
,
,

Minne- Kansas
Dallas
City
apolis

San
Francisco

106
109
123
129
148
164
185
247

105
110
127
149
184
205
229
287

112
116
138
157
21?
245
'275
'352

109
117
139
169
200
221
244
306

293
294
303

254
252
251

'2 ! 8
2S,>
299

'. 51
350
348

'318
32u
317

245
262
260
261
276
278
281
266
290
266

278
290
294
306
321
299
320
307
337
308

262
261
279
257
270
278
268
271
287
P276

281
272
298
296
316
305
294
298
346
"320

363
347
347
377
379
361
378
376
368
360

313
330
325
315
323
320
329
340
321
"325

372
416
570

268
318
409

313
371
463

281
302
385

' \f 6
567

'•327
376
504

219
226
292
290
301
278
215
233
322
324

273
298
'347
350
'349
307
269
310
368
372

196
210
250
258
276
270
219
224
296
284

228
244
288
297
315
269
249
264
340
330

196
202
258
264
269
264
217
242
'311

225
247
283
290
297
281
250
277
336
P336

294
306
337
347
356
307
288
327
387
396

249
27b
295
297
301
294
272
306
335
P
336

99
106
130
182
144
151
156
205

107
113
139
191
175
190
198
250

107
115
140
178
161
185
188
258

103
111
134
186
160
161
159
205

102
108
134
176
152
159
166
225

103
110
138
171
151
169
165
211

99
105
125
159
152
157
158
210

106
113
130
161
139
177
190
250

106
113
137
187
172
177
182
238

217
220
219

232
249
258

274
298
319

297
330
348

235
249
256

264
274
292

244
259
281

234
249
303

274
303
364

270
296
334

234
249
242
230
221
215
204
206
210
224

216
225
223
221
215
212
205
206
210
P233

257
261
264
246
238
231
217
219
222
238

315
307
295
302
292
270
265
261
252
281

311
335
321
320
309
280
270
273
282
300

262
264
263
257
243
232
226
221
225
245

291
296
288
281
272
267
247
250
246
274

278
270
266
287
268
256
254
241
246
251

298
293
302
282
267
248
212
214
224
P239

327
343
343
326
333
308
276
282
285
306

315
330
331
308
287
280
267
248
253
288

231
236
186

217
247
213

247
242
187

268
263
214

312
316
266

333
347
293

263
274
231

295
293
246

271
279
246

266
266
248

310
324
306

299
313
274

180
194
207
202
194
180
181
195
206
239

206
231
241
233
224
206
193
215
227
253

188
218
223
225
217
201
195
214
231
^266

225
242
254
253
241
222
217
236
246
274

268
290
295
304
286
259
268
294
283
320

280
312
321
317
300
283
278
295
311
336

225
240
255
252
243
227
222
236
250
275

250
266
279
281
272
267
257
273
273
307

253
257
267
273
266
248
259
255
265
279

258
264
272
273
261
248
236
240
251

294
305
326
316
316
298
299
318
319
345

277
290
308
304
298
285
283
271
285
319

Richmond

Atlanta

Chicago

St.
Louis

106
114
138
153
167
182
201
257

109
120
141
170
194
215
236
'290

113
123
145
162
204
244
275
345

107
116
135
149
161
176
193
250

111
119
143
158
179
200
22?
292

'232
239
250

248
266
277

'287
291
293

348
347
363

250
261
264

247
234
236
258
275
264
257
258
267
i'253

256
256
257
272
298
284
281
273
290
271

293
281
307
299
303
317
301
282
303
297

341
338
••347
353
367
365
336
352
361
348

r

257
318
408

265
333
430

'314
370
494

182
188
229
223
237
231
170
179
244
252

188
192
255
248
261
238
185
193
267
P28O

194
210
262
266
283
267
220
237
293
290

99
105
124
165
142
147
153
182

97
102
123
181
143
150
160
195

96
99
119
167
141
148
150
191

207
209
205

192
221
238

197
206
211
211
198
188
188
184
189
213

267
277
235
234
252
264
262
253
236
232
245
255
P283

Phila- Clevedelphia land

Boston

New
York

106
114
133
149
168
186
207
264

104
108
126
140
148
162
176
221

101
106
119
128
135
150
169
220

104
111
129
143
151
167
184
236

'258'
271
276

216
230
231

179
231
232

265
268
273
276
291
289
287
282
291
J'275

215
219
237
227
244
249
237
234
736
211

228
224
229
235
253
254
254
246
234
223

278
336
441

240
284
398

••203
301
392

209
222
266
268
280
265
219
236
2()9
y'298

170
171
227
227
241
232
164
176
24-8
234

102
108
131
179
155
162
166
213

237
256
274

SEASONALLY ADJUSTED
« Q45—October
November
December

.

1Q47 —Januarv
....
February
March
April
May
Tune
July
August
September
October.
UNADJUSTED
1946—October
November
December

.........

1947 ~-T?»nuarv
February
March.
April
Mav
Tune
July
August
September
October

,
,

STOCKSi
1939
1940
1941."
1942
1943
1944
1945.
1946

.

.

P304

r

.M3
340
448

SEASONALLY ADJUSTED
1946—October
November
December

....

268
275
. . . , 273
264
252
241
230
227
23?
/»252'

1947—January
February
March..
April
Mav
Tune
July
August
September
October
UNADJUSTED
1945—October
November
1947—January
February
March .
April ..
Mav
June
July
August
September
October. ...

.

..
....
...

P272

' Revised.
P Preliminary.
1
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

1947




1537

DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES 1

WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100J
Without seasonal adjustment

Amount
(In millions of dollars)
1946
Year or month

Sales
(total
for
month)

Stocks
(end of
month)

Outstanding
orders
(end of
month)

1939 average
1940 average
1941 average....
1942 average
1943 average
1944 average-...
1945 average....
1946 average

128
136
156
179
204
227
255
318

344
353
419
599
508
534
564
714

108
194
263
530
560
728
907

1946—September
October. . .
November
December.

309
341
404
526

829
••882
919
776

961
'846
691
557

1947—January..
February..
March
April
May
June
July
August . . .
September
October. . .

256
250
332
321
336
304
252
273
340

769
838
865
849
818
769
730

619
603
485
387
351
470
593
622
659
P649

'793
819
P908

Jan.

Feb.

Mar

Apr.

May

June

1947

5... ..135 Jan.
12... . .188
19... . .191
188
26
2. . .197Feb.
9... . .214
16 . 209
23... . 213
2... . .217Mar.
9... . .233
16... . .243
23... ..255
30... . .257
6... . .272Apr.
13... . .282
20... . .289
27... . 232
4... . .248May
11... ..274
18... . .246
25... ..245
1... . .223
8... . .273June
15... ..283
22... . .248
29... . .239

1947

1946

4.... .188 July 6... ..192 July 5 ... .208
11
232
13
210
12
228
18.... .223
20... . .201
19
.217
220
204
26
213
25
27
1... 217 Aug. 3... ..217 Aug. 2.... .220
9
8
219
10
223
228

15

246

17

239

16

225

22... 216
24
255
23
243
1
?38
31
281
30
277
8
?S4 Sept. 7... . .264Sept. 6 .. 265
15
.267
14... ..293
13.... .291
22.... .286
21... . .280
20.... .301
?8S
29
28... . .257
27... 316
5.... 319 Ort
5... . .277Ort
4
.326
12
?6S
11
12... . .281
304
19
?71
19... . .295
18 ... 299
r
26... ^67
26
287
25
306
3
277 Nov. 1
?7*i Nov. 2
313
10.... .311
9... . .314
8
.347
17.... .273
16... . .342
15
.380
24.... .277
23... . .363
22.... .395
31.... .250
30... . .334
29
.367
7
.293 Dec. 7... . . 475Dec. 6 ..
14.... .300
14... . .519
13....
21
?56
21... . .532
20
28.... .245
28... . .281
27....

r

Revised.
NOTE.—-Revised series. For description and back figures see pp..
874-875 of BULLETIN for September 1944.

r
p Preliminary.
Revised.
These figures represent retail sales, stocks, and outstanding orders
as reported by a sample of 296 of the larger department stores located
in various cities throughout the country and are not estimates for all
department stores in the United States.
Back figures.—Division of Research and Statistics.
1

SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Oct. Sept,
1947 1947
United

+12

States.

v — +10
Boston
-8
New Haven.. . .
+5
-17
Portland
+10
Boston Area. . .
Downtown
+8
Boston
+6
Springfield
+11
Worcester
+10
Providence
New York l
Bridgeport ... .
Newark x
Albany
Binghamton....
Buffalo i
Elmira
Niagara Falls...
New York City1.
Poughkeepsie..
.
Rochester x
Schenectady.
.
.
Syracuse x
Utica
Philadelphia
.
Trenton 1
Lancaster x....
Philadelphia 1 .
Reading 1
Wilkes-Barre 1 .
York 1
Cleveland 1

....

Akron 1
Canton
Cincinnati11 . . .
Cleveland
Columbus x1. . .
Springfield . . .

+24
+30
+4
+2
+13
-1

+ 11
+36
+7
+4
+1
-7

+3
P+9

+ 15
+6
+9
+8
+3

+19
+2
+17
+18
+11
+17
+13
+6
+22
+12
+12
+10
+5
+9
+14
+8
+11
+12
+10
+14
+3
+21
+8
+10
+10
+11

10
Oct. Sept. mos.
1947 1947 1947

10

+7 Cleveland-cont
Toledo 1
+6 Youngstown 1. .

Erii
Pittsburgh 1. . . .
+8 Wheeling i

+7 Richmond
+3 Washington 1.. .

+

+9
+9
+6
+5
+6
+ 10
+2
+6
+3
+7
+5 +7 +4
+8 +19 +6

+14

+ +j
+5 +10
0 +4
+2 +17
+4

Baltimore
Raleigh, N. C. .
Winston-Salem.
Charleston,S. C. ^ 3
Greenville, S. C. +7 +2
Lynchburg
+2 +2
Norfolk
+2 +5
Richmond
+ 17 - 3
Roanoke
+8 +13
Charleston,
+5 + 17
W. Va
Huntington....
+6 +9

+10
+6
+8
+9
+7
+7
+10
+8
+8
+6 Atlanta
+6 Birmingham x . .
+9 Mobile
+10
+5
+11
+ 10
+10
+ 10
+2

+ 17
+ +17
+ 14 +23
+22 +48

-t

0

+2
+9

+7
+8

Montgomeryx *. . + 1 +5
0
Jacksonville
...
0
Miami x
+3 +2
Orlando1
+ 17 - 1 1
+2 +4
Tampa
Atlanta 1
+ 1 +4
+2
Augusta
-5
+2
+3
Columbus
+1
Macon 1
-7
x
+2
-6
Baton Rouge . .
New Orleans l. .
+2 +3
0
Bristol, Tenn..
.
1
0
-4
Jackson x
+1
x
7
5
Chattanooga
.
.
-6
Knoxville x
-3
0
Nashville 1

Oct. Sept.
1947 1947

Chicago
P+6
+4
+7 Chicago x
+5
+9 Peoria x
+ 11 Fort Wayne l.. P-5
0
+ 12 Indianapolis *..
0 Terre Haute 1.. P-3
Des Moines.
.
.
+
9
1
Detroit
+ 11
+3 Flint
1
P+7
Grand
Rapids.
+8
+2
+ 11
+ 10 Lansing
Milwaukee xl...
+6
+ 11 Green
Bay ...
+7
Madison
+8
+1
- 1 St. Louis
P+5
+ 1 Fort Smith....
-6
+9 Little Rock x. .
+1
+5 Quincy
-3
+7
Evansville....
+5 Louisville x . . . . P + 6
+4 East St. Louis.
+59
St. Louis 1 . . . .
+6
St. Louis Area.
+7
+3 Springfield....
—5
+4 Memphis l. . . .
P
+5
+6
+5 Minneapolis.
+ 1 Minneapolis *.. P+8
+ 12
+9 St. Paul 1
+7
+2 Duluth+8 Superior x. . .
+1
+1
+ 1Kansas City . . P+7
+5 Denver
+8
- 3 Pueblo
+4
+4 Hutchison. . . .
+6
+7 Topeka
+5
+2 Wichita
+1
- 1 Joplin
+22
- 3 Kansas City...
+7
- 9 St. Joseph. . . .
+ 10
- 1 Omaha
+ 13

+75
+13
2

+9
+20
+15
+20
+ 15
+20
+30
+ 10
+10
+18

+5

10

Oct. Sept.
1947 1947

+9
+8
+9
+5
+4
+ 10
+9
+ 11
+1
+ 12
+ 17
+5
+ 12
+9
+6
-11
-1
0

+28] + 15
+18! +9
+98! +88
+ 141 + 7

+16] +9
+4 + 1
+1 + 1
+13 + U
+ 1 +6
+ 12 + 12
+ 11
+12 +7
+ 12 + 10
+9 +8
+ 10 +5
+7 +5
+4 - 3
+ 11 + 11
+ 11 +7
+ l l | +8
+ 141 +6!

Kansas City—
cont.
Oklahoma City.
Tulsa
Dallas
Shreveport
Corpus1 Christi..
Dallas
Fort W ol r t h . . . .
Houston
San Antonio.. . .
San Francisco.
.
Phoenix :
Tucson
Bakersfield1
Fresno l
Long Beach l.. .
Los Angeles *.. .
Oakland and x
Berkeley ....
Riverside and
San Bernardino
Sacramento *. .
San Diego *. . l.
San Francisco
San Jose l
Santa Rosa x. .
Stockton
Vallejo and
Napa x
Boise and
Nampa
Portland
Salt Lake City
Bellingham x. .
Everett 1
Seattle *
Spokane xx
Tacoma
Yakima i

+5 + 11
+7 + 13
+3 +3
+6 +5
+ 1 +4
-1

+7
+7
-2

p+3

+8

-11

-1

+7
+5

°

1947

+3:
+5

+4'
+7
+4
-1

+6,
+6
+3

+5|

'+16 + 17 + 12
-1
+8 +8+ 1 + 17 +3
-3
+5 +6.

+6

+7 +4
+6 + 6 .
+ 11 r+6 +7
+5 + 13 +3
- 1 '+5
+3
+2 r-\
+ 10*
+2' +8 +5
-4

—2

+6

-15

+8

-14

-9

-7

-3

+ 10 + 12 + 10
+6 r+7 +7
(2) +1 s + 6 ,
+3 +11 +5
+ 1 +6 +4
45 '+12 + 14
+ 12
0 +3
+9 + 11 +8

r
p Preliminary.
Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
23 Data not available.
Nine months 1947.
1

1538



FEDERAL RESERVE BULLETIN;

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS

Number
of stores
reporting

Department

Per cent change
from a year ago
(value)

Ratio of
stocks 1to
sales

Stocks
Sales during (end
of
period
month)

September

Sept.
1947

GRAND TOTAL—entire store

3

Nine
mos.
1947

Sept.
1947

-2

362

+10

+4

MAIN STORE—total

362

+8

+3

W o m e n ' s apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Juniors' coats, suits, dresses
Girls' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Knit underwear
Silk and muslin underwear, slips
Negligees, robes, lounging apparel
Infants' wear
Shoes (women's, children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
Hosiery (women's, children's)
Handbags, small leather goods

357
340
343
338
316
226
243
295
342
163
190
165
321
251
274
250
294
174
336
340
350
330

+6
+2

-2
-9
-6
-5
-3
-4

Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes, slippers

2

+2
+ 12
+ 13
+9
+6
+1
+6
-2
-6

-4

+2
+ 10
-1

570

544

572

282
216
276
315
319
331
143
194
212
192
175
348
257
165
293
135
277
156
259
173
202

223
277
221
271
280
282
303
135
193
201
195
187
304
229
162
258
136
257
161
236
151
188

469
452
279
452
478
409
596
286
545
501
533
573
720
743
576
515
670
199
727
611
252
369

446
444
250
447
445
369
555
273
470
436
469
467
739
723
555
488
587
227
660
584
245
337

547
549
294
715
737
605
925
378
524
403
447
842
800
527
890
840
909
234
935
570
220
557

3.4
2.8
3.9
2.9
4.5

2.9
1.6
3.6

202
220
165
269
186

141
129
132
190
141

190
187
171
247
174

682
622
652
789
847

629
605
576
770
810

555
301
608
849
560

+34
-7

3.1
3.1
3.0
3.7
1.4
2.9
3.8
2.0
2.8
3.1
5.7
2.9

3.1
3.4
2.4
3.9
0.8
2.8
3.7
1.2
2.8
4.6
4.9
3.4

220
194
233
194
387
199
167
209
227
195
150
283

191
191
181
144
347
182
165
207
159
139
129
229

189
158
176
200
245
194
175
172
240
180
131
258

677
613
703
724
534
575
632
420
628
615
856
829

660
614
716
679
500
569
595
420
638
570
825
791

592
539
427
776
193
544
648
215
669
826.
633
910

+35
+45
+37
+49

2.6
2.2
1.9
3.1

2.0
1.7
1.4
2.1

278
260
487
188

204
212
324
188

262
234
458
190

721
709
589
575
915 1,019
592
548

531
406
669
401

-15

4.2
4.3
3.7
4.2
4.3
4.4
3.6
4.4
4.4
4.3
4.1

174
220
233
139
192
189
198
168
172
179
148

143
159
181
125
160
148
166
129
134
129
119

169
237
195
139
196
203
181
170
166
169
149

604
789
620
505
718
684
699
637
625
619
536

556
765
582
475
658
608
667
605
553
562
474

703
992
721
577
842
915
641
740
722
715
587

3.8
7.4
4.8
3.4
2.8
2.6
3.2
3.1
2.1
3.4

162
131
176
203

160
113
155
235

158
127
151
179

598
841
931
655

522
631
774
588

607
936
722
594

200
201
214
206
261
165

157
158
163
164
230
125

167
171
169
170
253
130

423
349
562
478
647
494

394
316
512
467
641
471

470
439
536
528
546
449

+4
+27
+ 19

319
240
266
301
237
307
207
176
191
241
243
243

+17
+23
+33

Piece goods
Silks, rayons, and velvets
Woolen dress goods
Cotton wash goods

300
112
94
129

+6
+H
+6

Small wares
Lace, trimmings, embroideries, and ribbons. .
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Jewelry
Silverware
Art needlework
Stationery, books, magazines
Stationery
Books, magazines

344
122
232
330
307
207
143
243
252
158
93

+2

Miscellaneous
Toys and games
Sporting goods, cameras
Luggage

307
155
67
254

+3
+4
+ 16

BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings....
Home furnishings
Piece goods
Shoes

206
196
163
135
53
127

-31
-10
-36
-38
-27
-17
-22
-34

+23
+ 104
+7
-8

+50
+14
+ 13
+63
-7
+ 159
+6
+ 100
-8
-26

-4
-1
-4

-22
-15
-13
-15
-25

-4

-14
-15
-14
-11

3.4
3.6
2.7
3.6
3.7
3.6
3.5
3.8
3.6
3.4
3.6

-11

+ 13

+ 14
+8

-10
+29
+9

3.7
6.4
5.3
3.2

+20
+ 17
+27
+21
+3
+27

+ 12
+7
+22
+ 13
+7
+25

-10
-20

+ 19
0
-2
-7
+ 10
-2

+4
+6

+6
+1
+1
+6
+2

Sept.

201

Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Linens and towels
Domestics-muslins, sheetings
Blankets, comforters, spreads
Lamps and shades
China and glassware
Housewares

-1

Aug

176
171
158
214
257
256
264
156
179
188
176
153
241
182
208
175
123
121
72
209
121
136

+8
+ 13
+5
+21

+5
+6
-3
+ 10
+1
—4
+ 11

Sept.

173

-3

-3
-4
+58 + 115
+3
0
-4
-7
+21 + 15
-5
+8
-1
+ 15
+8
+ 10
+5

Sept.

237

+6
+ 19
+1
-1

Aug.

217

+6
+ 18
+8
+7

Sept.

2.4
2.0
1.4
2.6
2.7
2.2
3.1
2.8
2.7
2.0
2.3
4.4
2.6
2.3
5.5
3.2
6.8
0.9
5.8
2.4
1.4
3.0

330
242
314
291
192

-6
-6

1946

2.9

+7
+ 14

-3

1947

2.0
1.6
1.3
1.6
1.5
1.3
1.8
2.0
2.8
2.4
2.8
3.3
2.1
2.9
3.5
1.8
5.0
0.7
4.7
2.4
1.4
1.8

-15
-18
-8
-37
-36
-35
-36
-25

+6

+8

1946

1947

2.8

+ 10
+ 14
+7

-4
-3
-3

1947

Stocks at end
of month

2.6

+40

-1

Sales during
period

2.5

+1
+7
+4
-6
+1

+ 14
+ 12
+1
+ 14

Index numbers
without seasonal adjustment
1941 average monthly sales=100 2

+7

+4
-10
+23
+ 11

2.1
1.7
2.6
2.3
2.4
3.0

1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and
858 were
reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 1537.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for
all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

DECEMBER

1947




1539

CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit

End of year
or month

1929
1930
1931
1932
1933
1934
1935
19^6
1937
.
1938
1939
1940
. .
1941
1942
1943
. ..
1944
1945
1946
1 946—• September
October
November
December
1947—January . .
February.
March
April
..
May

June

July
August
September?
October?

7,637
6,829
5,526
4,093
3,929
4,396
5,439
6,796
7,491
7,064
7,994
9,146
9,895
6,478
5,334
5,776
'6,638
'10,166
'8,652
'9,022
'9,542
'10,166
'10,024
'10,019
r
10,379
'10,631
'10,934
'11,230
'11,302
11,431
11,671
12,050

Instalment credit
Total
instalment
credit

Sale credit

3,167
2,696
2,212
1,526
1,605
1,867
2,627
3,526
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
3,288
3,458
3,646
3,976
4,048
4,156
4,329
4,536
4,739
4,919
5,045
5,178
5,284
5,454

Total

Automobile

Other

2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491

1,318

1,197
1,104

928
637
576
940
970

1,267
1,729
1,942
482
175
200
227
544

814
835
903

1,558
1.177
1,261
1,358
1,558
1,566
1,608
1 .695
1,812
1,928
2,036
2,092
2,167
2,257
2,374

425

1

466
505
544
581
631
691
753
816
880
922

965
1,004
1,050

652
664
617

958

322
459
1,289
1,384

Loans 1

677
663

527
483

741
865

550
822

1 ,147
1,368
1,343
1,525
1,721
1,802
1,009

1,090
1,219
1,299
1,657
1,998
2,176
l.,457
1,143
1,199
1,462
2,418
2,111
2,197
2,288
2,418
2,482
2,548
2,634
2,724
2,811
2,883
2,953
3,011
3,027
3,080

639
635
676

,014
752
795
853

1 ,014
985
977

,004
,059
,112
,156
,170
,202
,253
,324

Singlepayment
loans2

Charge
accounts

Service
credit

2 125
1,949
1,402
962
776

1 .749
1,611
1,381
L ,114
1,081
1,203
L ,292
,419
,459
,487
,544
,650
,764
.513
1,498
1,758
1,981
3,054
2,495
2,621
2 859
3,054
2,764
2,602
2,768
2,782
2,835
2,887
2,786
2,755
2,864
3,035

596
573
531

875

1,048
1,331
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,255
'1,520
'2,262
'2,009
'2,082
'2 166
'2,262
'2,337
••2,383
'2,403
'2,423
'2,460
'2,508
'2,548
2,578
2,606
2,646

491
467
451
472
520
557
523
533
560
610
648
687
729
772
874
860
861
871
874
875
878
879
890
900
916
923

920
917
915

r
PPreliminary.
Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).

1
2

CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)

Total

Commercial1
banks

Small
loan
companies

652
664
617
527
483
550
822
1,090
1,219
1,299
1,657
:1,998
2,176
1,457
L,143
1,199
.462
2,418
2,111
2,197
2,288
2,418
2,482
2,548
2,634
2,724
2,811
2,883
2,953
3,011
3,027
3.080

43
45
39
31
29
44
88
161
258
312
523
692
784
426
316
357
477
956
824
865
907
956
991
1,030
1,079
1,123
1,167
1,196
1,221
1,248
1,255
1,279

263
277
287
268
256
264
287
326
374
380
448
498
531
417
364
384
439
608
536
547
565
608
611
611
617
627
633
638
649
652
643
647

Year or month

1929
1930
1931
1932
1933
. . .
1934
1935
. . . .
1936
1937
. . .
1938
1939.
1940
1941
1942
1943
1944
1945
1946
1946—September. .
October
November. .
December...
1947—January....
February. . .
March,,
April
May
June
July
August
Septembers.
October P . . .

Industrial
banks*

Industrial
loan
com- 2
panies

219

218
184
143
121
125
156
191
221
129
131
132
134
89
67
68
76
117
103
108
112
117
122
125
128
133
138
143
148
152
154
158

95
99
104
107
72
59
60
70
98
86
90
94
98
102
105
108
113
116
119
121
124
125
127

Loans made by principal lending institutions
(during period)

Credit
unions

32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
185
164
171
176
185
186
190
197
204
213
224
233
240
245
250

Miscellaneous
lenders
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
110
103
104
106
110
110
110
111
112
113
113
114
114
114
114

Insured
repair
Comand
modern- mercial1
banks
ization3
loans

25
168
244
148
154
213
284
301
215
128
120
179
344
295
312
328
344
360
377
394
412
431
450
467
481
491
505

69
130
248
368
460
680
1,017
1,198
792
639
749
942
1,793
156
176
172
191
187
180
214
213
212
211
217
204
206
218

Small
loan
companies
463
485
494
393
322
413
455
610
662
664
827
912
975
784
800
869
956
1,251
96
105
120
166
98
90
121
116
115
117
123
113
107
121

Industrial
banks 2

Industrial
loan
com- 2
panies

413

380
340
250
202
234
288
354
400
238
261
255
255
182
151
155
166
231
20
21
22
26
22
21
24
24
24
26
29
25
27
27

176
194
198
203
146
128
139
151
210
18
19
20
25
20
20
23
24
24
24
23
22
24
23

Credit
unions
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
339
31
34
33
39
33
33
38
39
42
43
44
42
41
44

l
^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 99
million
dollars,
and
loans
made during October were 15 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.

1540



FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding.
End of
year or
month

Department
Total,
stores
excludand
ing auto- mailmobile
order
houses

1929
1930
1931
1932 .
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942 ..
1943
1944
1945
1946
1946
September
October. . .
November.
December.
1947
January. . ,
February..
March....
April
Mav
June
July
August
September ?
October? . .

1,197
1,104

958
677
663
741
865

1,147
1,368
1,343
1,525
1,721
1,802
1,009

639
635
676

1,014

752
795
853

1,014
985
977

1,004
1,059
1,112
1,156
1,170
1,202
1,253
1 ,324

Furniture
stores

In millions of dollars]
Household
appliance
stores

Jewelry
stores

All
other
retail
stores

160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183
198
337

583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
366

265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
28

56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
123

133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
160

235
257
284
337

311
322
337
366

23
25
26
28

65
66
72
123

118
125
134
160

337
338
358
386
409
423
429
440
462
494

352
349
354
366
382
395
398
408
423
443

27
29
29
32
32
37
39
41
43
46

114
107
105
108
114
119
120
124
128
132

155
154
158
167
175
182
184
189
197
209

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year and month

Outstanding at end
of period:
1941
1942..
1943
1944
1945
1946

Total

Automobile

Other

Repair Personal
and
instalmodern- ment
ization12
cash
loans
loans

CONSUMER I N S T A L M E N T CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Automobile
retail

Year or month

Total

Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
1945
1946
1946—September... .
October
November. . . .
December....
1947—January
February
March
April
May .
Tune. .
July
August
September?.. .
October?
Volume extended during month:
1946—September.. . .
October
November. . . .
December. . . .
1947—January
February
March
A^pril
May
June
Tuly.
August
September?.. .
October?

Other
retail,
purPur- Direct chased
and
chased loans
direct

181
196
215
237
254
276
288
301
314
327

164
253
310
123
79
96
139
306
252
268
285
306
325
348
373
397
423
439
456
470
478
491

155
217
288
143
68
75
100
275
214
233
251
275
296
305
317
337
364
388
405
416
429
449

209
247
234
154
89
84
124
273
226
242
256
273
280
284
296
314
334
358
379
401
430
455

347
422
451
289
226
247
315
572
506
525
546
572
586
599
620
637
652
664
672
683
681
689

246
279
274
306

30
34
33
39

51
58
58
64

46
54
54
61

27
31
29
28

92
102
100
114

307
289
343
364
375
392
384
363
387
409

44
42
54
60
59
59
63
58
66
66

69
70
81
84
83
80
84
79
80
86

65
55
59
69
77
92
75
70
76
86

24
25
31
36
42
44
42
45
54
54

105
97
118
115
114
117
120
111
111
117

1,093
1,450
1,694
845
516
557
742
1,591

218
311
411
136
54
55
64
165

1,334
1,413
1,494
1,591

136
145
156
165

1,668
1,732
1,821
1,922
2,027
2,125
2,200
2,271
2,332
2,411

Retail instalment paper 2
49.3
21.4
12.6
13.0
13.8
27.5

18.8
12.8
7.7
7.8
9.8
17.8

18.6
15.6
14.0
13.4
17.2
28.3

110.1
75.6
57.5
57.8
63.3
89.1

1946—September.
October
November..
December. .
1947 —January. . .
February...
March
April
May
June
July
August....
September?
October?. ..

142.9
150.6
156.1
162.7

22.1
24.4
26.2
27.5

14.7
15.7
16.7
17.8

25.4
26.7
27.5
28.3

80.7
83.8
85.7
89.1

168.1
172.6
177.4
184.2
191.4
199.2
206.7
212.6
215.5
221.5

29.5
31.3
33.5
36.4
38.6
40.6
42.8
44.9
46.3
48.3

18.6
19.6
19.4
20.5
21.8
23.1
24.3
25.3
26.0
27.5

28.9
29.6
30.3
31.4
33.1
35.0
36.9
38.4
39.4
41.3

91.1
92.1
94.2
95.9
97.9
100.5
102.7
104.0
103.8
104.4

Volume extended
during month:
1946-—September.
October
November..
December..

25.2
28.8
28.5
31.2

4.3
5.5
5.2
5.6

2.7
3.5
3.6
3.7

2.7
3.3
2.8
2.6

15.5
16.5
16.9
19.3

1947- -January. . .
February..
March
April
,
May
,
June
July
August
September i
October?. .

29.1
27.4
3! .3
32.4
32.8
33.8
36.5
33.2
34.8
36.4

6.4
6.2
7.1
7.7
7.5
7.5
8.2
8.1
8.8
9.0

3.5
3.4
3.5
4.1
4.3
4.3
4.4
4.2
4.1
5.0

2.4
2.4
2.7
3.1
3.7
3.9
4.0
3.6
3.7
4.3

16.8
15.4
18.0
17.5
17.3
18.1
19.9
17.3
18.2
18.1

Personal
instalment
cash
loans

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Year or month

196.8
125.4
91.8
92.0
104.1
162.7

Repair
and
modernization
loans 1 2

Total

Automobile

Other

Repair Personal
and
instalmodern- ment
ization
cash
12
loans
loans

Outstanding at end
of period:
1944,
1945
1946
1946—September
October...
November.
December
1947 -January. . .
February...
March. «
April
May.......
June
.
July
August
September?.
October?...

67.1
76.7
108.4
95 3
99.7
103.7
108.4
112,2
115.5
118.7
124.6
128.5
131.3
134.0
137.8
138.4
141.2

10.5
11.0
15 0
13 8
14 5
14.9
15.0
15.6
165
17.1
18.7
20.6
21.7
22.4
23.6
24.3
25.4

3.8
4.0
74
6.2
7.0
7.6
7.4
8.0
8.4
8.9
9.9
10.8
11.8
12.8
13.4
14.1
14.8

2.5
2.5
2.6
2.7
3.0
3.2
3.4
3.6
3.8
3.9

51.7
60.2
83.6
73.3
76.0
78.9
83.6
86 1
88.1
90.1
93 3
94.1
94.6
95.4
97.2
96.2
97.1

Volume extended
during month:
1946—September .
October
November..
December. .
1947—January.. . .
February...
March .
April
May
June
July
August
September?
October?...

20 0
22.5
23.0
26.2
22.4
22.2
25.6
27.4
26.9
27.3
26.4
25.6
27.1
27.2

3 4
40
4,1
3.4
3.6
3.9
3.9
4,8
4.7
4.8
5.1
5.1
5.2
5.5

14
1.8
1.7
1.6
1.8
1.6
1.8
2.4
2.4
2.7
2.9
2.7
3.0
3.5

0.3
0.3
0.2
0.3
0.2
0.2
0.3
0.3
0.5
0.5
0.5
0.5
0.5
0.5

14.9
16.4
17.0
20.9
16.8
16.5
19.6
19.9
19.3
19.3
17.9
17.3
18.4
17.7

1.1
1.5
2.4
2 0
2.2
2.3
2.4

1
p Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.

2

DECEMBER

1947




1541

CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month

Item

Oct.
1947?

Sept.
1947

+8
+8

+7
+4

+ 14
-9

+6
+12

+12
+8
+17
+7

+9
+6

+28
+ 13

+19
-5
+ 39
+14

+5
+6

+3
+3

+2
+2

+42
+43

+39
+38

+36
+35

Collections during
month:
Total
Instalment . . .

+3

0

+9
+16

0

+1

+ 16
+16

+25
+28

+13
+7

Inventories, end of
month, at retail value.

+7

+2

+2

+ 15

+16

+18

Accounts receivable, end
of month:
Total
Instalment

RECEIVABLE!

Instalment accounts

Charge
accounts

Percentage change
from corresponding
month of preceding
year

Aug.
1947

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

RATIO O F COLLECTIONS TO ACCOUNTS

Year and month

Sept.
1947

+16
+15

+6

-16

Household ap- Jewelry Department
pliance
stores
stores
stores

Department
stores

Furniture
stores

1946
September...
October
November...
December. . .

35
39
38
36

25
27
27
26

51
52
47
47

30
32
34
44

56
60
59
54

1947
January
February....
March
April
May
June
July
August
September . .
October?

30
29
33
30
30
28
28
28
31
31

23
21
25
23
24
23
22
22
24
23

47
41
44
44
44
45
41
'39
39
39

26
25
27
25
26
24
23
23
25
23

52
52
56
54
56
54
53
51
53
57

Aug.
1947

Oct.
1947?

r
p Preliminary.
Revised.
Collections during month as percentage of accounts outstanding at
beginning of month.
1

P Preliminary.

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
I n d e x n u m b e r s , w i t h o u t seasona

Accounts receivable
at end of month

Sales during month

Year and month

Instalment

Charge
account

Instalment

Charge
account

100

100

100

Total

Cash

100
114
130
145
162
202

100
131
165
188
211
243

82
71
66
68
101

102
103
111
124
176

1946—September
October
November
December

197
218
257
330

228
••247
297
384

98
'120
146
199

1947—January
. .
February
March ..
April
M^ay
June
July
... .
August
September
October P

163
159
210
207
216
195
161
174
217
234

188
179
236
230
241
219
184
196
236
252

1941
1942
1943
1944
1945
1946

average
average
average
average
average
average

... .

adjustment, 1941 average=100

Percentage of total sales

Collections during
month
Instalment

Charge
account

Cash
sales

Instalment
sales

Chargeaccount
sales

100

100

78
46
38
37
50

91
79
84
94
138

103
80
70
69
91

100
110
107
112
127
168

56
61
64
64
59

6
5
4
4
4

38
34

180
'203
233
292

50
55
61
75

145
156
176
223

89
104
112
121

152
186
197
205

57
56
57
57

4
5
5
5

39
39
38
38

106

146

74

175

121

250

154
160

6

115
129

141
138

192
202

79
81

163
167

123
127

186
198

95

181

147

37
38
39
39
39
39
37
38
40
40

109
146

144
192

123
113
130
156

182
143
157
206

180

225

73
75

82
83
84
87

165
146
145
167

122
124
123
138

48

57

9

195
185

56
55

6
6

193
190
162
167

55
57
56
54

6
6
6
6

203

55
55

53

6
6

7

43

32
32
37

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. 1537.

1542



FEDERAL RESERVE BULLETIN

COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average=100]
All items

Food

Apparel

Rent

Fuel,
electricity,
and ice

House
furnishings

Miscellaneous

1929
1930

122.5
119.4

132.5
126.0

115.3
112.7

141.4
137.5

112.5
111.4

111.7
108.9

104.6
105.1

1931.. .
1932
1933 .
1934
1935

108 7
97.6
92.4
95 7
98.1

103 9
86.5
84.1
93 7
100.4

102 6
90.8
87.9
96 1
96.8

130 3
116.9
100.7
94 4
94.2

108 9
103.4
100.0
101 4
100.7

98 0
85.4
84.2
92.8
94.8

104.1
101.7
98.4
97.9
98.1

1936.. .
1937
1938
1939
1940

99 1
102.7
100.8
99.4
100.2

101 3
105.3
97.8
95.2
96.6

97 6
102.8
102.2
100.5
101.7

96 4
100.9
104.1
104.3
104.6

100 2
100.2
99.9
99.0
99.7

96 3
104.3
103.3
101.3
100.5

98.7
101.0
101.5
100.7
101.1

1941
1942
1943
1944.. .
1945
1946
1945—juiy
August
September
October
November
December

105.2
116.5
123.6
125 5
128.4
139.3

105.5
123.9
138.0
136 1
139.1
159.6

106.3
124.2
129.7
138 8
145.9
160.2

106.2
108.5
108.0
108 2
108.3
108.6

102.2
105.4
107.7
109 8
110.3
112.4

107.-3
122.2
125.6
136.4
145.8
159.2

129 4
129 3
128.9
128.9
129.3
129.9

141 7
140 9
139.4
139.3
140.1
141.4

145 9
146 4
148.2
148.5
148.7
149.4

108.3

111 2
111.4
110.7
110.5
110.1
110.3

145 6
146.0
146.8
146.9
147.6
148.3

1946—January
February
March
April
May
June
Tulv
August
September
October
November
December

129.9
129 6
130.2
131 1
131 7
133.3
141.2
144 1
145.9
148.6
152 2
153.3

141.0
139 6
140.1
141 7
142 6
145 6
165.7
171 2
174.1
180.0
187 7
185.9

149.7
150.5
153.1
154 5
155.7
157.2
158.7
161 2
165.9
168.1
171 0
176.5

110.8
111.0
110.5
110 4
110.3
110.5
113.3
113.7
114.4
114.4
114.8
115.5

148.8
149.7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
168.5
171 0
177.1

125.4
125.6
125.9
126.7
127.2
127.9
128.2
129.8
129.9
131.0
132.5
136.1

153.3
153.2
156.3
156 2
156 0
157*1
158.4
160 3
163.8
163.8

183.8
182.3
189.5
188 0
187 6
190 5
193.1
196 5
203.5
201.6

179.0
181.5
184.3
184 9
185.0
185.7
184.7
185 9
187.6
189.0

117.3
117.5
117.6
118.4
117.7
117.7
119.5
123.8
124.6
125.2

179.1
180.8
182.3
182.5
181.9
182.6
184.3 l
184.2
187.5
187.8

137.1
137.4
138.2
139.2
139.0
139.1
139.5
139.S
140.8
141.8

Year or month

1947—January
February
IMarch
April
May . . .
June
July
August.
September
October

. ...

108.3
108.4
108.5
108 7
108.8

108.8
108.9
109.0
109 0
109.2
109.2
110.0
111 2
113.6
114.9

\ io4.p

,'

110 9
115.8
121.3
124.1
128.8

*

124 3
124.5
124.6
124.7
124.6
124.8

Back figures.—Bureau of Labor Statistics, Department of Labor.

DECEMBER

1947




1543

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926 = IOOJ

Other commodities
All
commodities

Farm
products

1929..
1930 .
1931..
1932..
1933..
1934 .
1935 .
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
1944..
1945..
1946..

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
79.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3

1946—October
November
December

Year, month, or week

Foods

Hides and Textile Fuel and
Metals
lighting and meta] Building
leather
products products materials products

Total

Miscellaneous

calfa^d
cais
and

82.4
105.9
122.6
.123.3
128 2
148.9

99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99 6
106.6
104.9
106.2
130.7

91.6
85.2
75.0
70.2
71.2
78.4
77.9
70.6
85.3
81.7
81.3
83.0
89,0
95.5
96.9
98.5
99.7
109.5

109 1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92 8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84 0
90.1

100.5
92.1
84.5
80.2
79 8
86.9
86 4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103 8
103.8
104.7
115.5

95.4
89.9
79.2
71.4
77 0
86 2
85.3
86.7
95.2
90.3
90.5
94.8
103 2
110.2
111.4
115.5
117.8
132.6

94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
S2.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
111.6

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3

134.1
139.7
140.9

165.3
169.8
168.1

157.9
165.4
160.1

115.8
120.7
124.7

142.4
172.5
176.7

128.6
131.3
134.7

94.2
94.5
96.1

125.8
130.2
134.7

134.8
145.5
157.8

99 9
118.9
125.7

115.3
118.2
120.2

104 0
106 5
108.9

1947—January
February..
March
April
May
June
July
August
September
October

141.5
144.6
149.6
147.7
147.1
147.6
150.6
153.6
157.4
158.5

165.0
170.4
182.6
177.0
175.7
177.9
181.4
181.7
186.4
189.7

156.2
162.0
167.6
162.4
159.8
161 .8
167.1
172.3
179.3
177.8

127.6
128.6
131 .3
131.8
131.9
131.4
133 4
136.0
138.2
139.9

175.1
173.8
174.6
166.4
170.8
173.2
178.4
182.1
184.8
190.5

136.6
138.0
139.6
139.2
138.9
138.9
139 5
140.8
142.0
143.0

97.7
97.9
100.8
103 4
103.3
103.9
108.9
112.5
15 4.1
115.9

138.0
137.9
139.9
140 3
141.4
142.6
143.8
148.9
150.7
151.1

169 7
174 8
177.5
178 8
177 0
174 4
175 7
179 7
183.3
185.8

128.1
129.3
132.2
133.2
127 1
120 2

123.3
124 6
125 8
127.8
128.8
129.2
129.8
129.7
130.6
132.3

110 3
110.9
115.3
115.7
116.1
112.7
113.0
112.7
115.9
117. 1

Week ending:
1947—Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29

154.9
157.4
158.1
156.2
157.1
158.0
157.9
158.0
157.4
157.9
158.5
159.2
159.8

182.4
187.3
189.8
184.7
187.5
190.1
190.9
190.7
187.7
186.1
186.9
188.6
190.3

174.1
180.9
182.3
177.6
178.3
180.0
178.5
176.2
173.8
176.3
178.0
178.8
178.3

137.9
138.1
138.0
138.2
138.6
139.0
139.3
140.2
140.9
141.3
141.5
142.0
142.6

183.2
185.2
185.5
186.2
186.7
189.2
190.4
191.3
195.9
198.7
199.6
200.4
203.3

140.3
140.4
140.7
140.8
141.0
141.2
141.2
142.1
142 7
142.9
142.9
144.0
144.7

114.4
114.4
115.0
115.0
115.3
115.4
115.7
117.4
118.3
118.4
118.7
118.7
119.1

150.4
150.4
150.3
150.4
150.7
150.7
151.1
151.3
151.3
151.3
151 .3
151 .3
151.3

180.1
179.4
180.9
182 0
182.3
183 3
184.0
184.4

118 5
120 4
122.2
123 6

131.9
132.1
131.9
131.9
131.9
132.7
132.7
132.9
133.4
133.4
133.5
134.7
134.8

117.2
117.9
115.1
114.9
115.9
116.1
116.5
117.1
117.2
117.9
118. I
118.1
118.7

67.7

123.9
125.1
124.7
126.9
127.8
129.1
131.3
136.5
138.0

1947

1946

1947

1946

Subgroups

Subgroups
Oct.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather p r o d u c t s . . . . . . .
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

185.2
185.2
185.3
186.1
187.2

118.8
117.5
121 .3
126.3

July

Aug.

Sept.

Oct

174.2 202.3 208.8 230.3 241.4
174.6 209.9 215.9 224.8 224.5
156.1 157.5 152.6 150.3 153.7
185.5
128.5
122.5
191.4
136.2

152.8
154.
139.7
217.9
141.7

164.3
153.3
133.0
234.6
140.7

170.6
158.7
130. 1
244.8
150.7

167.3
167.6
130.8
230.0
157.2

145.2
153.0
138.5
118.6

173.2
203.5
187.4
138.8

174.9
215.6
190.7
139.1

175.2
221.1
197.4
139.5

178.0
236.9
204.3
139.6

125.5
172.9
88.8
125.7
30.2
116.6
130.6

134.3
195.9
100.4
68.2
37.0
130.1
171.2

134.3
199.2
99.9
68.2
37.0
133.3
171.8

134.4
202.3
99.9
68.3
37.0
133.8
175.

134.7
204.6
100.0
71.2
37.0
134.2
176.3

113.5 114.2 121.7 122.5 122.8
137.2 163.0 169.8 170.1 172.2
147.5 160.7 170.2 181.9 182.0
64.1 65.0 64.5
80.8 85.5 86.0 87.0
73.1 89.8 92.2 93.7 96.5

Metals and Metal Products:
Agricultural implements....
Farm machinery
Iron and steel
Motor vehicles *
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..,
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizersOils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous.

Oct.

July

Aug.

Sept.

108.7
109.9
113.7
143.6
101.8
107.2

118.4
119.7
133.3
150.3
141.8
123.4

118.6
119.7
139.4
156.3
141.8
128.6

119.6
120.8
140.4
159.4
142.0
135.9

120.7
121.8
140.8
159.9
142.0
136.0

127.8
106.5
178.9
119.2
107.2
120.1
122.5

143.3
114.9
269.0
156.1
123.4
130.8
146.1

144.3
116.9
276.7
154.9
128.6
143.0
150.1

145.4
119.0
285.7
157.9
135.9
143.0
150.6

145.6
120.1
290.0
161.4
136.0
143.0
152.5

98.8
111.5
91.9
90.5
111.1

119.9
137.4
103.5
97.2
134.8

117.5
136.6
105.5
97.3
133.3

118.2
136.6
109.8
97.2
155.6

122.1
137.5
111.3
97.7
175.3

121.3 138.1 138.1 138.5 139.3
109.2 121.1 120.9 122 A 124.9
73.0 60.8 60.8 60.8 60.8
217.2 269.4 261.3 287.2 280.5
124.6 157.2 157.6 159.5 159.8
46.2 34.6 33.7 36.4 43.0
108.2 121.2 121.3 124.6 126.6

1

Revision made beginning October 1946.
Back figures.—Bureau of Labor|Statistics, Department of Labor.

1544



FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions 01 dollars.]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates by quarters

Annual totals

1946

1947
3

1

Gross n a t i o n a l product

103.8

Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government
enterprises
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
"
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving

55.8
7.2
7.1
.7
1.2

-.1
0)
87.4 39.6
10 3 - 2 . 0
2
.3
.0
.0
.9
1.5
1.0
1.2
5.8
2.1
.6
.7
85.1 46.6
1.5
2.6
.5
1.3
1.0
1.4
82.5 45.2
78.8 46.3
3.7 - 1 . 2

90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232 3
8.1
9.4
.5
.5

9.3
11.3
.5
.5

11.8
14.0
.5
2.6

11.0
16.9
.5
-2.1

10.9
16.3
.5
-2.4

11.1
17.4
.5
-1.5

.7
.5
.1
1.9
72.5 103.8 182.3 178.2 173.5
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
24
1.2
1.2
70.2
67.5
2.7

11.5
17.7
.5
-2.1

11.9
17.2
.5
-4.2

12.1
17.3
.5
-.7

12.2
17.6
.5
n.a.

-.1
191.0

-.2
197.6 200.1

n.a,

i

n.a.
23.3
14.6 23.5
16.5
17.2
15.6
18.8
5.2
5.9
5,9
2.8
5.2
6.0
6.4
5.8
5.3
.0
.0
.0
-.9
.0
.0
.0
.0
2
10.4
10. 1 13.7
2.6
9.8
3^1 10.8 11.0 10.4
4
.
6
4.6
4.5
4.5
4.5
1.3
4.5
4.5
2.8
5.4
6.5
5.6
6.2
6.3
4.5
5.6
5.9
4.7
.5
.5
.5
.5
.5
.5
.5
.5
.5
95.3 164.9 177.2 172.5 179.5 187.5 190.9 192.3 200.4
21.7
3.3
18.8
18.7
19 .1 19.5
21.2
21.4
18.9
19.9
2.0
17.2
17.1 17.5 17.9
19.4
19.6
17.5
1.9
1.3
1.6
1.6
1.6
1.6
1.7
1
.8
1.4
92.0 146.0 158.4 153.8 160.4 168.0 169.7 170.9 178.7
82.3 110.4 143.7 138.2 147.3 154.9 158.0 162.0 166.0
12 7
9.8 35.6 14.8 15.5
13.1 13.1 11 7
8.9

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates by quarters

Annual totals

1947
1941

National i n c o m e .
Compensation of employees
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income3
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest

1944

1946

87.4

39.6

72.5 103.8 182.3 178.2 173.5 179.9 191.0 197 6 200.1

50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8

29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0

47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5

10.3 - 2 . 0
9.8
.2
1.4
.5
8.4
-.4
.5 - 2 . 1
6.5
5.0

5.8
6.5
1.5
5.0
-.7
4.2

n.a.

64.3 121.2 116.8 114.0 119.2 122.2 124 9 126.3 129.7
61.7 116.9 111.1 108.0 113.6 117.1 119.4 120.9 124.7
51.5 83.3 90.2 87.
93.8 98.0 101.5 103.5 107.3
8.0
3.9
1.9 20.8
7.9
6.7
5.6
4.6
4.1
12.8 12.9 12.6
8.3
13.2 13.5
13.3 13.2 13.4
4.2
2.6
5.6
5.0
6.0
5.1
5.4
5.5
5.5
20.8 34 4 41.8 39.2 41.9 46.7 47.0 47.2 47.3
15.3 19.7 18.6 19.9 22.0 22.4 21.9 22.1
9.6
12.4 15.2
6.9
17.6
18.0 17.9
13.8 15.2 17.8
4.3
6.7
6.9
6.8
7.2
7.3
6.8
7.0
7.0
14 6
17.2
7.8
9.4
-2.6
4.1

23.5
23.8
13.9
9.9
-.4
3.2

16.5
21.1
8.6
12.5
-4.7
3.2

17.2
19.4
8.0
11.5
-2.3
3.2

15.6
22.9
9.3
13.5
-7.3
3.2

18.8
27.1
11.0
16.1
-8.3
3.2

22.4
29.0
11.6
17.4
-6.6
3.3

23.3 n.a.
n.a.
27.4
10.8
n.a.
16.6
n.a.
-4.1 -4.5
3 3
3.4

n.a.
Not currently available.
1
Less than 50 million dollars.
2
Includes
employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.

DECEMBER

1947




1545

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates by quarters

Annual totals

1946

"Gross national product

1933

1939

103.8

55.8

90.4

125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3

78.8

46.3

37.7
31.7
15.8

22.3
20.6

67.5
6.7
35.3
25.5
9.0
4.0
4.6
.4
.9
13.1
5.2
1.3
3.9
(3)
7.9

82.3 110.4 143.7 138.2 147.3 154.9 158.0 162.0 166.0
9.8
6.8 14.9 13.9 16.2 18.2 18.5 19.2 19.9
87.1 83.2 88.9 93.6 95.3 97.8 100.0
44.0 67.2
28.5 36.5 4 1 . 7
41.2 42.1 43.1 44.2 45.0 46.1
5.7 24.6 22.3 27.0 30.4 29.4 29.1 30 4
17.2
5.7
2.3
8.5
8.7
10.3
8.9
9.3
10.4
9.6
7.7
5.3 12.4 11.5 13.2 15.7 16.5 18.0 18.0
3.7
2.7
3.9 - 2 . 0
2.0
4.9
5.4
2.0
1.5
8.3 10.5
1.1 - 2 . 1
4.8
6.1
4.5
5.2
7.7
24.7 96.6 30.7 30
28.6 28.2 27.4 27.5 28.2
16.0 15.6 15.8
18.2 16.9
16.9 89.0 20.7 20.9
13.8 88.6 21.3 23.1 17.7 15.8 >18.2 17.4 16.7
3.2
1.6
2.4
2.1
3.1
3.3
1.2
3.0
4.2
2.6
2.2
2.2
.9
1.8
(3)
10.0
7.5
9.4
10.4
11.2
11.4 11.9 12.5
• 7.8

Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
New construction l
Producers' durable equipment
Change in businaes inventories
Net foreign investment
"Government purchases of goods and services
Federal
War
Nonwar
Less: Government sales 2
State and local

9.4

3.5

1.3
1.1
1.8

7.8
6.4
1.6
.8

-1.6

8.5
1.3

1 3
()
7.2

.2
8.0
2.0
2.0

()
5.9

1941

1944

1947

1929

1946

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries

Year or month

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

Personal
income

Wage and salary dis bursemen ts
Commodity Distributive
produc- indusing intries
dustries

Total
receipts4

Total
disbursements

85 1
76.2
64.8
49 3
46.6
53.2
59 9
68.4
74.0
68 3
72.6
78.3
95.3
122.2
149.4
164.9
171.6
177.2

50 0
45.7
38.7
30 1
28.7
33.4
36 3
41.6
45.4
42 3
45.1
48.9
60.9
80.5
103.5
114.9
115.2
109.2

50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.1

21.5
18.5
14.3

15.5
14.4
12.5

9.9
9.8

9.8
8.8

12.0
13.5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
45.7

9.9
10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9

178.5
184.0
188.4
189.9

113.0
113.6
115.4
117.0

114.8
115.4
117.2
118.8

49.4
49.5
50.6
52.3

190.3
190.7
191.8
190.2
191.5
195.1
June
July. .
196.1
'•194.9
August
September. P210.3

117.1
117.5
117.5
116.7
118.3
121.1
121.2
122.5
P124.3

119.2
119.6
119.6
118.9
120.4
123.2
123.3
124.6
P126.3

53.1
53.2
53.7
53.2
54.1
55.5
55.1
'56.2
P57 A

. .
. .

. .

. .

1946—September.
October.. .
November
December.
1947—January...
February..
March
April
May

Service
industries

8.2
7.7
6.8
5.7
5.1

5.5
5.8

Government

5.0
5.2
5.3
5.0
5.2

6.1
6.5

DiviLess emProdends
ployee
Other
prietors'
and
contriperlabor
and
butions income5 rental 6
sonal
for
income interest
social
income
insurance
.1
.1
.2
.2
.2

.2
.2

.5
.5
.5
.4
.4

.4
.4

19 7
15.7
11.8
7 4
7.2

Transfer
payments7

Nonagricultural
income8

1 5

13 3
12 6
11.1
9 1
8 2
8.6
8 6
10 1
10.3
8 7
9 2
9.4
9.9
9 7
10 0
10.7
11 6
13.3

2.2
2 4
3 5
2.4
2 8
3 0
3.1
3.1
3 2
3 0
3.6
6.2
11.3

76.8
70.0
60.1
46 2
43.0
49.5
53 4
62 8
66.5
62 1
66 3
71.5
86.1
108 7
134 3
149.0
154 4
157.9

1.5
2.7

2 2
2.1

10.5
11.5
13.6

8.5
10.2
16.1
26.9
33.6
35.5
20.9

2.2
2.3
1.9

L.3
L.6s

8.7
12 1
12.6
15.4
14 0
14 7
16.3
20.8
28.1
32 1
34.4
37 1
41.8

31.8
32.0
33.0
33.5

14.1
14.2
14.4
14.4

19.5
19.7
19.2
18.6

1.8
1.8
1.8
1.8

L.6
L.6
L.6
L.6

39.5
45.3
47.6
47.2

13.3
13.3
13.5
13.7

11.1
10.2
10.3
10.4

162.0
162.7
165.6
167.3

33.5
33.7
33.7
33.4
34.2
35.3
35.5
35.7
P36.2

14.6
14.6
14.6
14.8
14 9
15.2
15.4
15.3
P15.2

18.0
18.1
17.6
17.5
17.2
17.2
17.3
'17.4
P17.5

2.1
2.1
2.1
2.2
2 1
2.1
2.1
2.1

L.6
L.7
L.7
L.7

46.6
46.8
47.7
46.9
46 9
47.6
47.8
••45.9
PiS.2

13.9
14.0
14.0
14.0
14 0
14.1
14.2
'14.3
P14.8

11.1
10.7
10.9
10.9
10 5
10.5
11.1
r
10.4
P21.2

168.2
168.5
168.8
167.8
169 2
171.9
172.3
'173.1
P187.5

6.3

7.9

6.9
6 7
6.9
7.3
7.8
8.6

7.5
8.2

9.5

8.2

.2

.5

.6
.6

.5
.5

.6

.5

.7
.8
1.2
1.8

P2.0

.6
.6
.7
.9

L.8
L.8
L.8
1.8

r

P Preliminary.
n.a. Not currently available.
Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
3
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars*
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
1
2
4

1546



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS*
1947

Chart
book
page

Oct.
29

WEEKLY FIGURES *

Nov.

Nov.

Nov.

Nov.
26

In billions of dollars
22.79
22.13
13.62
7.07
.73
.71
22.29
28.52
2.69
16.86
16.14
.72
.73
.01
(2)
.19
.52

65.03
38.19
30.97
4.03
2.42
.77
4.27
47.77
1.05
22.57
13.82
3.32
1.95
.89
1.06
3.49

22.64 22.69 23.04 22.93 Corporate bonds:
22.12 22.05 22.22 22.24
Aaa
13.50 13.23 12.90 12.67
Baa
7.05 7.11 7.22 7.24 High grade (Treas. series). .
1.40
.86
.97 1.31
.79
.93
.71
.74
22.34 22.44 22.51 22.60
28.64 28.71 28.60 28.73
2.25 2.55 2.89 2.64 Stock prices (1935-39=100):
17.09 16.84 17.07 17.12
Total
16.14 16.07 P16.14 P 1 6 . 1 1
Industrial
.95
.77 P.93 Pi.01
Railroad
Public utility
P.92
P.79 Volume of trading (mill, shares)
.86
.88
.07
.03
.02
.04
.01
.01
.01 (2)
BUSINESS CONDITIONS
.20
.19
.22
.25
P56 Wholesale prices (1926=100):
P. 63
.62
.58
Total
Farm products
Other than farm and food. .
Production:
Steel (% of capacity)
64.91 64.94 64.92 65.04
Automobile (thous. c a r s ) . . .
37.98 37.83 37.83 37.72
Paperboard (thous. t o n s ) . . .
30.99 31.00 30.99 30.91
Electric power (mill. kw. hrs.)
3.92 3.76 3.77 3.79 Basic commodity prices
2.35 2.26 2.03 2.00
(1939=100)
1.02 Department store sales
.72
.81 1.04
4.23 4.22 4.22 4.22
(1935-39=100)
47.45 47.28 47.62 47.98 Freight carloadings (thous.
1.13
1.12
1.17
1.19
cars):
22.69 22.88 22.87 23.10
Total
13.97 14.15 14.21 14.27
Miscellaneous
3.33 3.35 3.37 3.38
1.82
.87
.95
3.57

1.85
.90
.95
3.53

1.76
.81
.95
3.53

1.85
.89
.96
3.60

19.88
11.63
10.19
.59
.32
.54
15.89
.37
4.31
1.39
7.08
5.24

19.92
11.55
10.16
.61
.31
.46
16.02
.37
4.13
1.38
7.20
5.25

.28
.29
.29
.99

.34
.33

20.05
11.90
10.30
.77
.50
.33
16.08
.34
4.17
1 .40
6.95
5.00

19.89
11.74
10.30
.71
.45
.27
15.78
.39
1.39
6.
5.09

19.92
11.64
10.24
.61
.42
.37
15.71
39
4 .22
1 40
7 10
5.19

.32
.38
.27

.31
.32
.27
1.00

.35
.32
.26
.99

4.26

44.99 45.02 45.02 45.04
26.29 26.24 26.20 26.20
20.67 20.69 20.77 20.80
3.26
3.21 3.15 3.18
1.71
1.92
1.90
1.84
.50
.44
.45
.43
31.69 31.67 31.57 31.73
.71
.75
.78
.79
6.91
7.13 7.16 7.15
13.14 13.14 13.14 13.12
15.63 15.72 15.78 15.80
8.82 8.89
8.96 8.98
3.21 3.23
3.24 3.26
.98
.93
.93
.91
2.62 2.68 2.65
2.65
Per cent per annum

MONEY RATES, ETC.

U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 years
7-9 years
15 years or more

Nov.

Nov.

Nov.
19

Nov.
26

Per cent per annum

MONEY RATES, ETC.—Cont.

MEMBER BANKS IN LEADING CITIES

All reporting banks:
Loans and investments
16
U. S. Govt. securities, total.. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U. S. Govt. securities. . 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted. . 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On other securities... 21
To others
21
All other
21
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
All other
21

Oct.
29

WEEKLY FIGURES *—Cont.

RESERVES AND CURRENCY

Reserve Bank credit, total
2
U. S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves
2, 4
Required reserves
4
Excess reserves 6
4
Excess reserves (weekly avg.):
Total"
5
New York City«
5
Chicago
5
Reserve city banks
5
Country banks e
5

Chart
book
page

.26

1.01
45.12
26.18
20.76
3.18
1.68
.56

31.96
.76
6.77

37
37
37

2.71
3.39
2.68

2 .73

3 .41
2 .70

2.75
3.43
2.74

2 .78
3 .45
2 .78

2.81
3.46
2.80

In unit indicated
40
40
40
40
40

126
132
103
100
1.01

124
131
101
99
.83

124
131
99
98
.79

124
131
101
97
.92

122
129
100
95

69 157.4 157.9 158.5 159.2 159.8
69 187.7 186.1 186.9 188.6 190.3
69 140.9 141.3 141.5 142.0 142.6
73 97.0 96.1 96.9 97.0
115
107
111
107
73
186
183
183
182
74
75 5,009 5,057 5,084 5,180
74 341.1 342.3 348.5 351.9
313

347

380

395

76
76

941
430

910
411

878
406

903
415

MONTHLY FIGURES

Sept.

4,983
357.7

75

Aug.

96.3
S3
170

367
792
368

Oct.

In billions of dollars

RESERVES AND CURRENCY

Reserve Bank credit
7
Gold stock
7
Money in circulation
Treasury cash
7
Treasury deposits
7
Member bank reserves:
Total
4, 7, 14
Central reserve city banks. . 14
Reserve city banks
Country banks
Required reserves:
Total
4
Central reserve city banks. . 14
Reserve city banks
15
Country banks
1
Excess reserves:
Total
4,
New York City
Chicago
Reserve city banks
Country banks
Money in circulation, t o t a l . . . . 9
Bills of $50 and over
9
$10 and $20 bills
9
Coins, $1,$2, and $5 bills...

13.08
15.90
9.01
ALL BANKS
3.28
IN THE UNITED STATES
.92
2.70 Total deposits and currency 6 ..
Demand deposits adjusted*...
Time deposits adjusted e e
Currency outside banks
U. S. Govt. deposits 6

22.52
21.65
28.25
1.33
.96

22.62
21.87
28.65
1.32
.55

22.80
22.15
28.60
1.33
.94

16.48
5.18
6.54
4.76

16.87
5.27
6.69
4.91

17.07
5.35
6.78
4.94

15.68
5.17
6.32
4.20

15.93
5.24
6.43
4.26

16.12
5.27
6.52
4.33

.80
.01
(2)
.23
.56
28.43
8.60
15.33
4.51

.93
.02
.01
.26
.65
28.57
8.69
15.35
4.53

.95
.06
.01
.26
.62
28.55
8.72
15.30
4.54

10 P167.10
10 P83.50
10 P55.7O
10 P26.20
Pl.70
10

P168.50
P84.30
P55.90
P26.40
Pl.90

P169.70
P85.5O
P56.10
P26.30

11 P114.00
11 P34.90
11 P7O.3O
P8.80
11

P115.30
P35.60
P7O.8O
P8.90

PI16.40
P36.90
P7O.5O
P9.00

ALL COMMERCIAL BANKS

.931
.895
.912
34
,98
.98
.98
34
1,45 1.47
34 1.42
34 1.64 1 .68 1 .71
34, 37 2.31 2 .34 2 .36

940
1 .00
1 .47
1 .73
2 .36

.944
1.01 Loans and
investments, total 6 .
1.49
Loans 6
1.76
U. S. Govt. securities 6
2.37
Other securities*

For footnotes see p. 1550.

DECEMBER 1947



1547

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS*—Continued

Chart
book
page

1947
Aug.

Sept.

MONTHLY FIGURES—Cont.
TREASURY FINANCE

MEMBER BANKS

All member b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted6
Time deposits
Balances due to banks
Balances due from banks
Central reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Country b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks

Oct.3

In billions of dollars

MONTHLY FIGURES—Cont.

Chart
book
page

14
14
14
14
14
14
14
14

95.91
29.70
59.07
7.14
70.53
28.15
11.19
5.54

97.00
30.30
59.44
7.27
71.14
28.29
11.69
5.75

14
14
14
14
14
14
14

25.06
8.29
15.13
1.64
19.82
2.35
5.16

25.50
8.41
15.42
1.68
20.03
2.37
5.36

15
15
15
15
15
15
15

35.38
12.02
21.00
2.37
24.72
11.28
1.76

35.74
12.35
20.98
2.41
24.70
11.34
1.81

15
15
15
15
15
15
15

35.47
9.39
22.95
3.13
25.99
14.53
3.59

35.76
9.53
23.04
3.19
26.41
14.59
3.73

Aug.

Sept.

Oct.3

In billions of dollars

Cont.

97.98 Ownership of U. S. Govt. securities—
31 .53
Cont.
59.17
Marketable public issues—Cont.
7.28
By earliest callable or due date:
72.12
Within 1 year:
28.39
Total outstanding
12.05
Commercial bank and F. R.
5.98
Bank
F. R. Bank
25.47
1-5 years:
S.81
Total outstanding
15.06
Commercial bank and F. R.
1.60
Bank
20.0
F. R. Bank
2.36
5-10 years:
5.41
Total outstanding
Commercial bank and F. R.
36.21
Bank
12.91
F. R. Bank
20.85
Over 10 years:
2.44
Total outstanding
25.08
Unrestricted issues:
11 .37
Nonbank, c o m m e r c i a l
1.87
bank, and F. R. Bank..
Commercial bank and
36.31
F. R. Bank
9.81
F. R. Bank
23.26
3.24
26.97
14.65
MONEY RATES, ETC.
3.90

31

52 .13

31
31

36 .91
21 .35

51.79

55.05

37.48
r
21.62 '21.'63

31

42 .52

42.42

31
31

30 .68
.70

30.11
.57

.40
18.93

31

18 .93

18.93

31
31

11 .85
.04

12 .05
.04

31

54 .81

54.81

31

6 .64

6.63

31
31

5 .42
.10

5.44
.10

38.32

.04
54.81

Per cent -per annum

CONSUMER CREDIT8

Consumer credit, total 4 4
22
Single-payment loans
22
Charge accounts
22
Service credit
22
Instalment credit, total
22, 23
Instalment loans
23
Instalment sale credit, t o t a l . . . . .
23
Automobile
23
Other
23

F. R. Bank discount rate
33
11.43 P I I . 6 7 P12.05 Treasury bills (new issues)
33
2.58 P2.61 P2.65 Corporate bonds:
2.76 P2.86 P3.04
Aaa
33,37
P.92
P.92
.92
Baa
37
5.18 P5.28 P5A5
High-grade (Treas. series)
37
3.01 P3.03 P3.08 U. S. Govt. bonds, 15 years or more. . 37
P2.26 P2.37
2.17
Pl.00 Pl.05
.97
Pi.25 Pl .32
1.20

1.00
.804

1 .00
857

2 .56
3 17
2 .51
2 .24

2.61
3.23
2.57
2.24

2 .70
3 .35
2 .68
2 .27

In unit indicated

TREASURY FINANCE

U. S. Govt. securities outstanding,
total interest-bearing
28
Bonds (marketable issues)
28
Notes, certificates, and bills
28
Savings bonds, savings notes, etc. 28
Special issues
28
Ownership of U. S. Govt. securities:
Total interest-bearing:
e
Commercial banks
29
Fed. agencies and trust funds. . . 29
F. R. Banks
29
Individuals*
29
Corporations*
29
Insurance companies*
29
Mutual savings banks*
29
State and local govts.*
29
Marketable public issues:
By class of security:
Bills:
Total outstanding
30
Commercial bank and F. R.
Bank
30
F. R. Bank
30
Certificates:
Total outstanding
30
Commercial bank and F. R.
Bank
30
F. R. Bank
30
Notes:
Total outstanding
30
Commercial bank and F. R.
Bank
30
F. R. Bank
30
Bonds:
Total outstanding
.30
Unrestricted issues:
Nonbank, c o m m e r c i a l
bank, and F. R. Bank..
30
Commercial bank and
F. R. Bank
30
F. R. Bank
30

1 .00
748

257.18 256.18 256.35 Stock prices (1935-39 =100):
119.32 119.32 118.56 Total
48.90 48.46 48.38 Industrial
59.50 58.64 59.71 Railroad
29.22 29.52 29.45 Public utility
.
Volume of trading (mill, s h a r e s ) . . . . .
Brokers' balances (mill, dollars):
69.70 69.80
Credit extended to customers
33.72 33.94 33.94
Money borrowed
22.19 22.33 22.17 Customers' free credit balances. . . .
66.30 65.40
21.80 21.50
24.90 24.70
BUSINESS CONDITIONS
12.20 12.10
6.40
6.40
Personal income
(annual rate, bill,
dollars):* 5
Total
Total salaries and wages
15.74 15.72 15.73
Proprietors' income, dividends, and
interest
14.89 14.79
14.21 14.02 13.56 Allother
Labor force (mill, persons):*
25.03 24.89 24.81 Total
Civilian
Unemployment
14.79 14.87
7.09
6.90
Employment
7.12
Nonagricultural
7.84 Employment in nonagricultural5 estab8.14
7.84
lishments (mill, persons):*
Total
5.21
5.24
Manufacturing and mining
.
.37
.47 " . • 8 1
Trade
119.49 119.49 118.73 Government
Transportation and u t i l i t i e s . . . . . . .
Construction
Hours and earnings at factories:
71.32
Weekly earnings (dollars)
Hourly earnings (cents)
'•49.98 50.19
.71
Hours worked (per week)
.72
.72

39
39
39
39
39

125
130
105
101
.67

123
128
104
102
.76

125
131
104
101
1.14

41
41
41

550
241
656

570
'280
630

606
256
616

48
48

194.9
122.5

210.3
124.3

48
48

'60.2
'12.2

63.0
23.0

49
49
49
49
49

63.0
61.7
2.1
59.6
50.6

62.1
60.8
1.9
58.9
50.1

62.2
60.9
1.7
59.2
50.6

50
50
50
50
50
50

42.4
16.4
8.7
5.3
4.1
1.8

42.8
16.6
8.8
5.4
4.1
1.8

P43.0
P16.7

51
51
51

49.19
123.7
39.8

P8.8
P5.4
P4.1

Pl.8

50.45 P5O.97
124.9 P125.7
40.4 M0.5

For footnotes see p. 1550,

1548



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued

Chart
book
page
MONTHLY FIGURES—Cont.

1947
Aug.

Sept.

Chart
book
page

Oct

In unit indicated

MONTHLY FIGURES—Cont.

1947
Aug.

Sept.

Oct

In unit indicated

BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS—Cont.

Industrial production:5
Total (1935-39 =100)
53, 54
Groups (points in total index):
Durable manufactures
53
Machinery and trans, equip
54
Iron and steel
54
Nonferrous metals, lumber, and
building materials
54
Nondurable manufactures
53
Textiles and leather
54
Food, liquor, and tobacco
54
Chemicals, petroleum, rubber,
and coal products
54
Paper and printing
54
Minerals
53, 54
Selected durable manufactures
(1935-39=100):
Nonferrous metals
55
Steel...,
55
Cement
55
Lumber
55
Transportation equipment
55
Machinery
55
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
56
Cotton consumption
56
Manufactured food products....
56
Paperboard
56
Leather
56
Industrial chemicals
56
Rayon
56
New orders, shipments, and inventories (1939=100):
New orders:
Total
57
Durable
57
Nondurable
57
Shipments:
Total
57
Durable
57
Nondurable
57
Inventories:
Total
57
Durable
57
Nondurable
57
Construction contracts 5(3 mo. moving
avg., mill, dollars):
Total
59
Residential
59
Other
59
Residential contracts (mill, dollars):5
Total
60
Public
60
Private, total
60
1- and 2-family dwellings
60
Other
60
Value of construction activity (mill,
dollars):'
Total
61
Nonresidential:
Public
61
Private
61
Residential:
Public
61
Private
61
Freight carloadings:5
Total (1935-39 = 100)
63
Groups (points in total index):
Miscellaneous
63
Coal
63
All other
63
Department stores:
Indexes (1935-39= 100) : 5
Sales
64
Stocks
64
296 stores:
Sales (mill, dollars)
65
Stocks (mill, dollars)
65
Outstanding orders (mill, dollars) 65
Stocks-sales ratio (months' supply) 65

182

186.

P190

•79.8
'42.1
20.7

82.6
44.0
21.4

17.0
'79.3
19.9
22.3

17.1
80.6
20.7
22.8

P23

'22.8
'14.3
22.8

22.9
14.2
23.3

P14.
P23.

180
205
171
133
'215.
267

182
214
171
128
228
276

'176
130
156
178
115
431
294

184
130
157
182
120
425
295

P44.
22.
P17
PS2
P21

P22.

Consumers' prices (1935-39=100):
All items
Food
Apparel
Rent...
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food
Prices paid and received by farmers
(1910-14=100):
Paid
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments

257
287
238

'282
'301
'269

313
332
300

231
259
'206

234
263
208

681
276
406

751
309
442

P234
P278

139
P155
184
j>423
P295

P773
P321

1,242

1,279

1,317

296
476

309
472

330
462

9
461

490

10
515

142
79.7
32.6
29.4

'282
227

'291
'231

273
'793
622
2.9

340
'819

2.4

153.6
181.7
136.0

157.4
186.4
138.2

158.5
189.7
139.9

71
71

235
276

72
72
72
72

2,517
1,318
,187
12

Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports or imports excluding Lend-Lease exports
Foreign exchange rates:
BULLETIN.

77
77

6
5.44
«2.33

77
77
77

e .49
63.11
e .98

79
79
79

'238
286
3,060
1,552
1,497
11

239
289
P3.773
Pl.637

79

Pl.150 P I , 115
P 1 , 1 4 9 Pl.114
P481
P399
P75O

P633

80-81

Apr.June

JulySept.

In billions of dollars

TREASURY FINANCE

82

81.5
31.1
30.9

69
69
69

QUARTERLY FIGURES

177

'143

163.8
201.6
189.0
114.9

1947

197
98

295

279
20
259

163.8
203.5
187.6
113.6

Jan.Mar.

323
20
303
235
68

304
9

160.3
196.5
185.9
111.2

INTERNATIONAL TRADE AND FINANCE
224
174

See p. of this 1569
231
'260
'214

67
67
67
67

Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total...
Individual income taxes
Corporate income taxes
Misc. internal revenue
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo....

26
26
26
26
26
26
26

10 .63
4 .30
13 .90
12 .61

7 .95
2 .62
2 .03

8 .29
4 .45
1.98
1 .86

9.66
2.89
9.81
8.46
4.14
2.29
2.02

27
27
27

14 .96
9 .77
+5 .19

11 .43
12 .20
- .77

10.47
10.50
-.03

Per cent per annum

MONEY RATES

Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities

33
35
35
35

CORPORATE SECURITY ISSUES

Commercial and Financial Chronicle
data (bill, dollars):
145
Total issues
New
capital
81.
33. Securities and Exchange Commission
data
(mill, dollars):'
29.
Net proceeds:
All issuers
Industrial
P275
Railroad
P252
Public utility
New money:
P366
All issuers
P908
Industrial
Railroad
P2.5
Public utility

13 39
4 .55
10.89

2.31
1.82
2.37
2.80

2 .38
1 .83
2 .44
2 .95

2.21
1.77
2.25
2.69

In unit indicated
42
42

.95
.68

1.70
1.10

1.25
.86

43
43
43
43

1,018
438
53
442

1,605
634
82
854

1,266
389
57
753

43
43
43
43

673
283
43
284

932
428
60
414

797
285
49
420

For footnotes see p. 1550

DECEMBER

1947




1549

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
QUARTERLY FIGURES—Gont.

1947

Jan.Mar.

Apr.June

Annual rates,
in billions of dollars

FIGURES FOR SELECTED DATES

44

223.1

229.1

44
44
45
45
45

27.4
158.0
18.5
95.3
44.2

27.5
162.0
19.2
97.8
45.0

44

37.7

39.6

46
46
46
46

16.5
10.3
2.7
8.3

18.0
9.6
1.5
10.5

47
47
47
47

190.9
169.7
158.0
11.7

192.3
170.9
162.0
8.9

232.3 Individuals and businesses:
Total holdings
28.
Deposits and currency
166
U. S. Govt. securities
19.9 Individuals:
Total holdings
100
Deposits and currency.
46,
U. S. Govt. securities....
38.1 Corporations:
Total holdings
Deposits and currency. . .
18.0 U. S. Govt. securities. . . .
10.4 Unincorporated businesses:
Total holdings
2.0
Deposits and currency. . .
7.7
U. S. Govt. securities. . . .

Dec.

In billions of dollars

24
24
24

220.5
138.9
81.6

223.2
143.3
79.9

24
24
24

151.2
96.2
55.0

156.9
101.5
55.4

24
24
24

41.8
24.6
17.2

39.1
23.5
15.6

24
24
24

27.5
18.1
9.4

27.2
18.3
8.9

200.4
178.
166.0
12.7

1947

1947

June
29

CALL DATE FIGURES 7

Dec.
31

June
30

In billions of dollars

ALL MEMBER BANKS

Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local govt. securities
Other securities

June

LIQUID ASSET HOLDINGS*

GROSS NATIONAL PRODUCT, ETC.

Gross national product • 5
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Persona] income,
consumption, and
saving: e 5
Personal income
Disposable income
Consumption expenditures
Net personal saving

Chart
book
page

JulySept.

46.23
5.60
10.04
1.17

46 .51
4 .37
7 54
77

9 69
88
4 27
2 46

13.15
5.36
3.31

13 82
97
6 24
4 00

2 40
2 . 48
3 . 31
15

1.51
1.47
3.55
3.08

1 51
1 15
3 98
2.97

12
12
12
12

45 44

13
13
13
13
13
13
13
13

10 47
15 29
1 07

.88

July 31

Feb. 26*

OWNERSHIP OF DEMAND DEPOSITS •

Individuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit ass'ns and other

25

77.5

77.8

25
25
25
25
25

38.3
16.4
13.0

37.2
16.0
12.5

25
25
25

6.6
2.1
4.5

6.5
2.1
4.5

25
25
25
25

27.6
21.4

28.9
22.1

4.4
4.5

6.2
5.0

4.2
4.5

6.7
5.2

6
1

Estimated
P Preliminary.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
»4 For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series.
Revised,
November
1945
to
date.
5
Adjusted for seasonal variation.
6
As of July 31, 1947.
7
Member bank holdings of State and local government securities on Sept. 30, 1946 and on Oct. 6, 1947, were 3.62 and 4.22 billion~dollars,
respectively, and of other securities on both dates were 3.08 billion; data for other series are available for June and December dates only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues, at $1.00 each.

1550



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT*
1947

Chart
book
page1

Aug.

Sept.?

1947

Chart
book
page1

Oct.?

Aug.

11,431 11,671 12,050 Consumer instalment sale 3 credit
5,178 5,284 5,454 granted, cumulative totals:
3,011 3,027 3,080
By automobiles dealers
2,167 2,257 2,374
By furniture and household appli3
035
2
864
2 7S5
ance stores
By department stores and mail2,578 2,606 2,646
order houses
920
917
915
By all other retailers
Consumer instalment loan credit
out11,431 11,671 12 050 standing, cumulative totals: 3
Commercial and industrial banks.
6,253 6,387 6,596
Small loan companies
3,498 3,523 3,561
920
917
915
Credit unions
Miscellaneous lenders
Insured repair and modernization
2,167 2,257 2,374
loans
1,202

1,253

Oct.?

In millions of dollars

In millions of dollars
3
Consumer credit outstanding, total 2 . .
3, 5
Instalment credit, total
5
Instalment loans
5
Instalment sale credit
3
Charsre accounts
3
Single-payment loans 2
3
Service credit
Consumer credit
outstanding,
cumulative totals: 2 8
2
4
Instalment credit2
..
4
Charge accounts
,...
4
Single-payment loans 2
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 3
6
Automobile dealers
....
Furniture and household appli6
ance stores
Department stores and mail6
order houses
6
All other

Sept.?

7

412

478

495

7

256

306

310

7
7

166
79

200
99

198
90

8

8
8
8

3,011
1,611
959
719

3,027
1,618
975
730

3,080
1 ,643
996
746

8

481

491

505

1,324

753

787

835

313

325

341

1
Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available,
P Preliminary.
Revised from November
N[ovember 1945 to date to incorporate new estimates for single-payment loans.
3 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2

NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF NOVEMBER 1, 194/
[In thousands of units]
Cotton
Federal Reserve district

New York
.
Philadelphia
Cleveland
Richmond
.
. .
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco

Corn

Estimate
Nov. 1, 1947

Production
1946

Estimate
Nov. 1, 1947

Production
1946

Estimate
Nov. 1, 19471

Production
1946

Estimate
Nov. 1, 19472

Bales

Bales

Bushels

Bushels

Bushels

Bushels

Bushels

Bushels

6,884
24,368
51 002
184,088
160,922
167,171
912,771
305,600
316,886
254,409
57,269
6,052

6,498
17,856
53,578
26,028
5,748
55,570
38,914
40,437
439,505
63,901
125,858

2,447,422

873,893

3

217
2,062
600

249
3,866
874

7,120
31,175
53 294
223,470
149,589
162,801
1,394,302
416,064
407,287
372,024
64,640
6,161

8,640

11,505

3,287,927

1,098
2,212
4

2,830

3 206

Oats
Federal Reserve district

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco

..

..

Total
1
2
3
4

Spring wheat

Production
1946

1,154
1,777

Total

Winter wheat

Tame hay

10,481
19 960
55,032
30,939
8,222
70,912
55,491
34,019
566,369
132,823
111,400

21
189

20
76

1,313
16
243,224
4,249
84
32,726

1,523
12
263 537
4,558
92
41,295

1,095,648

281,822

311,113

Tobacco

White potatoes

Production
1946

Estimate
Nov. 1, 19472

Production
1946

Estimate
Nov. 1, 19472

Production
1946

Estimate
Nov. 1, 1947

Production
1946

Estimate
Nov. 1, 1947

Bushels

Bushels

Tons

Tons

Pounds

Pounds

Bushels

Bushels

5,147
33,681
18,919
75,131
39,915
33,262
592,327
82,353
399,186
158,727
39 970
31,249

4,723
14,681
12,056
28,235
37,042
33,862
455,390
55,671
372,503
149,767
35 659
31,972

3,911
6,795
2,753
6,182
5,077
4,210
17,788
9,298
9 590
8,372
1 883
13,471

4,078
6,673
2,671
5,811
4,424
3,989
18,285
8,725
9,702
9,175
1 742
13,350

34,501
1,324
59,124
162,708
1,321,995
266,587
42,770
414,372
3 379
5,320

35,726
1,596
61,100
142,790
1,280,515
272,433
36,764
353,107
2,860
3,855

88,945
49,845
23,406
14,710
31,369
18,718
32,940
11,171
43,833
37,972
6 634
116,426

70 369
39 394
21,224
12 147
25 560
12 416
23,222
8,268
40 020
33 414
5 078
88,774

1,509,867

1,231,561

89,330

88,625

2,312,080

2,190,746

475,969

379,886

Estimate is for Aug. 1, 1947; no estimate made since that date.
Estimate is for Oct. 1, 1947; no estimate made since that date.
Includes 10,000 bales grown in miscellaneous territory.
Includes 12,000 bales grown in miscellaneous territory.

DECEMBER

1947




1551

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
On par list

Total banks, branches
and offices on which
checks are drawn

Federal Reserve
district or State

XJnited States total:
Dec 31 1945
Dec. 31, 1946
Oct 31 1947p

Total

Member

Not on par list
(Nonm ember)

Nonmember

Banks1

Branches
and offices2

Banks

Branches
and offices

Banks

Branches
and offices

Banks

14,002
14,043
14,076

3,947
3,981
4,098

11,869
11,957
12,029

3,616
3,654
3,772

6,877
6,894
6,924

2,909
2,913
3,009

4,992
5,063
5,105

707
741
763

486
928
845

284
829
131

486
928
845

284
829
131

336
797
648

210
761
96

150
131
197

74
68
35

Branches
and offices

Banks

Branches
and offices

2,133
2,086
2,047

331
327
326

222
619
56
352

126
36
26
59

674
11
109

71

By districts and
by States
Oct. 31, 1947?
District
NPW Vork
Philadelphia
Cipvpiand

1,156

Richmond
Chicago
St Louis

....

Tvtinneaoolis
K"an<?n«5 C i t v

Dallas
San Francisco

....

•• •

233

1,156

233

719

202

437

31

1,012
1,159
2,484
1,467

428

790

302

475

199

315

103

159
558
130

540

123
532
71

340

1000

1,428

495

108
214
40

200

2,428
1,115

15
318
31

1,278
1,751
1,003
507

111
6
36

1,740
894

40
6
28

475
757
611

26
4
19

129
983
283

1,193

503

1,193

271

1,130

232

222

22

112

22

87

22

10
228
193

37
19
890

10
99
193

37
5
890

5
66
115

30
1
848

5
33
78

1

50

11

51

4

22

604

620

14
2
9
63

8

4

State
Arkansas

142

=s? wa

22

115

14

1

92

22

64

39

14

17

38
2
30

19
114
95

38
2
27

16
71
64

35
2
26

3
43
31

48

45

48

45

26

43

22

2

39

Idaho

142

7
4
42

19
177
374

115
District of Columbia...
Florida
Georgia

1

25

1

3
88
162

874
487
664
609

3
88
162

503
237
163
214

3
32

371
250
501
395

56
162

385
160
63

36
63
67

385
58
63

36
40
67

113
46
38

67
138

272
12
25

90
35

11
5
32

78
148

25
35
35

34
11

101
149

168
183

101
149

TVfirhiVan

443

205

443

205

229

159

214

46

677
206
593

6
54

262
39
525

6

208
31
180

6
1

54
8
345

6

409

409

2
18

New Jersey
New York
North Carolina

30

2
18

2
135
7

65
342
47

2
135
7

52
294
33

2
17

264

8

65
342
47

1
119

13
48
14

1
16
7

659

707

659

707

574

56

86
46
668

46
4
187

53
41
424

651
27

85

169
24
187

164

33
5
244

19
4
23

384

1

374

1

224

1

150

68
1 001

79

68
1,001

79

32

74

36

19
57

137
41
29

767
11
31

114
29
27

69

21

63

20

204
151
668

Ohio

82

8

145
6

2

3

2

168
183

112

63
279
2

Maryland

112

14

11
10
3

876
487
664
611

7

110
129

102

23

415
167
68

47

118
105

123
20

1

10

234
8
26

5
23
•12
2

94

6

1

101

2
26

100

16

19
151

137
41
31

170

47

294

71

194

55

81

44

113

11

Utah

885
60
69

4
15
10

826
60
69

4
15
10

561
34
40

4
13
2

265
26
29

2
8

Virginia

314

89

307

88

202

43

105

45

7

65

7

4

71
281
17

77

3
109

'South Carolina
South Dakota

• ...

Tennessee

123

119

119

119

54

112

182
553
55

149

179
444
55

98

108
163
38

21

59
1

51

x
p Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 1175 of the BULLETIN for September 1947).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
2

1552



FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments

1555

Gold production

1556

Gold movements

1556

International capital transactions of the United States.

1557-1562

Central banks

1563-1566

Money rates in foreign countries.

1567

Commercial banks

1568

Foreign exchange rates.

1569

Price movements:
Wholesale prices

1570

Retail food prices and cost of living

1571

Security prices

1571

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.

DECEMBER 1947




1553

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina 1

Belgium

Brazil

14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065

431
466
353
354
1658
*939
U.lll
403

581
609
734
734
735
734

32
40
51
70
115
254
329
354

192
214
»7
5
6
5
6
»361

20,470
1946—Nov
20,529
Dec
20,748
i 947 —Jan
20,330
Feb
Mar.. . . 20,463
20,774
Apr
M a y . . . . 20,933
June.. . . 21,266
J u l y . . . . 21,537
21,766
Aug
S e p t . . . . 21.955
Oct
|22.294

»483
*563
P645
»706
J>726
*726
P723

726
735
723
691
633
634
639
643
644
649
650
599

354
354
354
354
354
354
354
354
354
354
354

7
»543
6
7
7
6
7
8
6
7
8
6

Japan

Java

164
164
164
« 164

80
90
140
235
* 21.6

End of month United
States
1938—Dec
1939—Dec
1940—Dec...
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec

P623

P495

Iran
(Persia) Italy

End of month

India

1938—Dec
1939—Dec
1940—Dec...
1941—Dec
i942—Dec
1943—Dec...
1944--Dec
1945--Dec

274
274
274
274
274
274
274
274

26
26
26
26
34
92
128
131

«046 - Nov.. . .

274
274
274
274
274
274
274
274

123
127
127
130

Dec
: 947—Jan.. ..
Feb
Mar.. .
Apr
May....
June
Tuly
Aug
Seo^
Oct

H6

193
144
120

Switzerland 6

Turkey

United
Kingdom

1938- - D e c . . . . .
1939—Dec.....
1940 - D e c . . .
1941 Dec
1942—Dec
.
1943—Dec
1944-Dec.....
1945—Dec.....

321
308
160
223
335
387
463
482

701
549
502
665
824

29
29
88
92
114
161
221
241

I nQO
•1

1946— Nov, . ..
Dec.....
1947—Jan
Feb.. . .
Mar
Apr
May.. . .
June.. . .
July. . . .
Aug
Sept
Oct

426
381
348
324
265
217
190
168
144
126
03
101

235
237
238
238
233
226
207
191
185
174
169
169

1
i
l
l
l
1
l
l
l
l
1
l

•965
1.158
i ? 342
1,418
1,430
1,432
1,431
1,432
1,427
1,416
1,355
1,370
1,373
1,386

i
1
1
1
1
i

30
30
30
31
36
54
79
82

24
21
17
16
25
59
92
127

1
1
1
16
46
111
191

71
65
63
54
53
53
53
45
46
45
45

144
145
147
125
126
98
92
93
87
88
89

221
226
231
236
229
234
239
259
259

New
Mexico Netherlands Zealand

Czecho- Denslomark
vakia

DECEMBER

1947




Hungary

27
28
28
28
28
28
28

37
24
24
24
24
24
24

2,430
2,709
2,000
2,000
2,000
2,000
1,777
1,090

61

38
38
38
32,
32
32
32
32
32
32
32
32

53
53
53
53
53
53
53
53
53
53

796
796
796
796
696
696
696
696
544
544
444

Norway

Peru

Poland

Portugal

Rumania

South
Africa

Spain

94
94

20
20
20
21
25
31
32
28

85
* 5*4

69
69
59
59
59
60
60
60

133
152
158
182
203
260
267
269

220
249
367
366
634
706
814
914

3 525

941
939
886
851
803
798
788
757
752
775
805

111
ill
111
111
111
111
111
111

265
265
265
245
197
197
196
190
190
190
190
191

23
23
23
23
23
23
23
23
23
23
23

Uruguay

zuela

Yugoslavia

B.I.S.

Other
coun-7
tries

69
68
90
100
89
121
157
195

52
52
29
41
68
89
130
202

14
7
12
12
21
45
$7
39

166
178
170
166
185
229
245
247

200
200
200
200
197
194
192
189
189
183

215
215
215
235
235
235
235
235
235
215
215

4 14

24
24
24
21
20
19
20
20
20
20

237
240
239
239
240
240
240
P240
P240
P240
P240
^240

P Preliminary.
Figures through March 1940 and for December 1942, December 1943, and December 1944
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held
abroad
and gold belonging to the Argentine Stabilization Fund.
J
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, except for
December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board
are included also.
3
Figure for December 1938 is that officially reported on Apr. 30, 1938.
4
Figures relate to last official report dates for the respective countries, as follows: Java
Jan.
31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941
5
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
Beginning December 1943, includes gold holdings of Swiss Government.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
N O T E . — 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.
1

Greece

55
55
52
52
52
52
52
52

191
181
170
148
149
149
141
131
98
99
100
100

40
32
28
28
27
27
27
27
27
26
29
28

GerFrance many

53
53
52
44
44
44
44
38

23
23
23
23
23
23
23
23

57
59
82

Egypt

83
56
58
61
61
61
61
61

998
692
617
575
506
500
500
270

274
7
74

Sweden

Cuba

29
32
47
47
39
203
222
294

274

End of month

Colombia

Canada Chile

29
29
29
29
29
29
29

24
24
24
24
27
27
27
30
30
30
33

P27O
P27O
P268

42
42
91
105
110

111

Government gold reserves 1 not included it
previous figures
End of month United
States

United
Kingdom

France

2
331
759
80
1938--Dec
1.732
559
154
1939—Mar.. . .
3876
*460
Aug
156
Dec
1940—Aug.....
' *293'
" '48* ' " 2 9 2
Dec
24
1941—Sept.. . .
<151
25
Dec
12
1942—Dec
43
1943—Dec
12
1944—Dec
»2',354' " 214*
18
1945—Dec
52,341
457
71
1946—June
52,196
5
113
Sept.. . .
2,535
177
Dec
52,587
5
163
1947—Mat2 345
5
151
2,382
June... .

Belgium
44

17
' 17'
17
17
17
17
17

1
Reported at infrequent intervals or en delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund
and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for tottJ British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for first of month.
5
Gross official holdings of gold and U. S.
dollars as reported by British Government; total
British holdings (official and private) of U. S.
dollars, as reported by banks in the United
States are shown in table on p. 1560.

NOTE.—For available back figures see Banking
and Monetary Statistics, p. 526, and BULLETIN for
November L947, p. 1433; June 1947, p. 755;
February 1945, p. 109. For details regarding
special internal gold transfers affecting the
British and French institutions, see p. 1563 footnote 4 and p. 1564 footnote 6.

1555

GOLD PRODUCTION
OUTSIDE U. S. S. R.
fin thousands of dollars]
Year or
month

1938
1939
1940
1941
1942
1943
! 944
194S
1946
1946—Oct.
Nov..
Dec.
1947—Jan . .
Feb..
Mar..
Apr..
May.
June.
July..
Aug.
Sept..

Estimated
Production reported monthly
world
North and South America
Other
production Total
West Belgian United I CanMexIColom- I Chile I Nica-7 Austrareported South I Rhooutside
India9
lia8
ico6
bia
| ragua
U.S.S.R.1 monthly | Africa desia Africa2 Congo3 States 4 |
5
9
$l=15 /n grains of gold /io fine; i. e., an ounce of fine gold=$35
1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284
1,208,705 1,020,297 448,753 28,009 28,564 3 8,759 196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078
1,297,349 1,094,264 491,628 29,155 32,163 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157
1,288,945 1,089,395 504,268 27,765 32,414
209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940
966,132 494,439 26,641 29,225
130,963 169,446 28,019 20,882 6,409 8,623 42,525 8,960
760,527 448,1S3 23,009 19,740
48,808 127,796 22,055 19,789 6,081 7,715 28,560 8,820
682,061 429,787 20,746 18,445
35,778 102,302 17,779 19,374 7,131 7,865 16,310 6,545
646,914 427,862 19,888 18,865
32,511 94,385
17,734 6,282 6,985 16,450 5,950
51,182 98,994
15,301 8,068 6,357 21,595 4,585
663,266 417,647 19,061 20,475
58,988 35,922
,579 1,785
654
525
1,332
1,925
5,454 8,429
1,384
,527 1,820
657
315
54,948 33,823
4,424 8,092
1,161
1,925
1,203
,585 1,820
5,779 7,961
559
490
56,501 34,184
1,088
2,17C
864
7,612 8,195
,524 1,785
566
525
58,127 34,021
1,423
2,205
271
5,483 7,806
,502 1,750
490
41,044 19,965
1,276
581
1,820
371
,500 9,235
,574 1,855
490
51,824 28,665
1,273
555
1,820
856
,537 1,890
6,246 8,921
560
55,412 31,82^
1,464
610
1,820
540
508 1,820
7,220 9,412
525
59,738 35,308
1,130
502
1,785
528
,498 1,680
6,117 9,418
490
57,215 33,984
1,065
520
1,890
553
,554 1,855
7,319 9,149
560
1,112
636
3,220
61,314 35,396
513
34,875
,033 9,131
,541 1,855
490
1,079
684
1,960
34,692
6,979
490
658

Gold production in U. 5 . 5 . R • No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal
Statistics. Beginning January 1944, they represent Gold
3
Coast4 only.
Beginning May 1940, monthly figures no longer reported.
Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint.
Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly
figure5 $475,641 so that the aggregate for the year is equal to the annual estimate6 compiled by the United States Mint.
Figures for Canada beginning 1946 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]

Total
net
imports

Year

1938
1939
1940
1941
1942
1943
1944
1945
1946

United
Kingdom

France

Belgium

Netherlands

Sweden

Net imports from or net exports (—) to:
Other PhilSwitzipLatin
AuserCanada Mexico Ameri- pine tralia
land
can Re- Republics public

76,315 36,472 65,23127
1,973,569 ,208,728 81,135 15,488163,049 60,146 1,363
3,574,151 ,826,403 3, 798165,122 341,618 28,71586 ,987 612,949 33,610 57,020 35
4,744,472 633,083 241 ,778
977 63,260161,489 90,320 2,622,330 29,880 128,259 38
1,747
" """
412,056 16,791 61,862 42
1
982,378
899
3,779
1
315,678
1,955
5 208,917 40,016 39,680
66,920 -3,287 13,489
68,938
46,210-109 ,695 -108,560
-845,392 -695,483
53,148 15,094 -41,748
160
-106,250
3,591 -134,405
344,130
-6
311,494
458
-14

1946
77,903
Nov.
Dec. -61,193
1947
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.p

383
2

25,248
27,473
-2

9
-120

"-31

-75
-1,002
-108
1
-449
2
- 5 22,515
245,712 140,568 .

13,903
14,088

-7

51,174
30,319
101,642
26,341
26,442
52,913
51,820
2,220
499
552

1,065
621
449 -110,276
443
222
221
-9,793
262
217
282
330
242
152

South
Africa

Japan

All
other
countries

India

880 39,162
74016,159 13,301
636 74,250 22,862 165,605 50,956 2168,623

627103,777184
678 67,492 292
321
528
152
199
106
103
41118
156

756111,739 49,989 284,208
893 9,444 9,665 3 63,071
119
129 20,008
307
-8,731
572
18,365
357
'-133,471
550
-2,613 5-18,083

38,601
-151

-97,579 -132
-30,341
-49
-13,269 -129
2,898
122
24,352
-87
96,026
-70
103,894 -1,111
90,369 -1,543
24,730 -286
49,263
-56

17 18,883

11 26, 376
80, 446
53 228
60 081
171 16 042
28 37 760!
211
40

-430
-868

6

12,415
3,279

6

-374 7 -2,899
- 5 5 6 -16,734
-214
-1,140
-515
-1,390
-78 -1,529
-638
- 5 5 1 • 5,233
64,221
6
10,215
6
497

P Preliminary.
1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
2
Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000
from 3 other countries.
Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
4
Includes $133,980,000 to China and $509,000 from other countries.
6 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries.
6 Includes imports from U. S. S. R. as follows: 1946—November, $11,793,000; December, $4,492,000; 1947—July $5,626,000; August,
$5,627,000;
September, $11,287,000; October, $5,346,000.
7
nd $2,734,000 to other countries.
Includes c $l 4,000,000 to China and
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.

1556



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES

From Jan. 2, 1935,
through—

Increase in foreign banking
funds in U. S.
Total
Total

Official 1

Other

Increase in
funds of international
institutions
in U. S.

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

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

L,999.9
1,907.8
1,980.5
1,958.3

631.6
684.1
773.6
775.1

761.6
785.6
793.1
803.8

1,095 0
1,042.1
987.0
888.7

88.7
98.9
101.6
100.9

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31

5,607.4
5,660.1
5,612.6
5,354.1

3,229.7
3,278.0
3,241.8
2,979.6

1,388.6
1,459.8
L,424.0
1,177.1

L,841.0
1,818.2
1,817.7
1,802.6

767 4
818 6
805.3
791.3

812 7
834.1
841.1
855.5

701 8
631 2
623.5
626.7

95 9
98.2
100.9
100.9

1942—Mar. (Apr.
1)
June 30 2
Sept. 30
Dec. 31

5,219.3
5,636.4
5,798.0
5,980.2

2,820.9
3,217.0
3,35S>.7
3,465.5

1,068.9
1,352.8
1,482.2
L.557.2

1,752.0
L,864.2
1,873.5
1,908.3

819.7
842.3
858.2
888 8

849.6
838.8
830.5
848.2

624.9
632.0
646.1
673 3

104.3
106.2
107.5
104.4

1943—Mar.
June
Sept.
Dec.

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
L.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—Mar. 31
June 30
Sept 30
Dec. 31

8,002 6
8,422.8
8,858.6
8,802 8

5,219.4
5,671.0
6,042.2
6,144.5

2,865.1
3,313.2
3,554.9
3,469.0

2,354.3
2,357.9
2,487.2
2,675.5

848.5
760.4
865.3
742 7

983 7
1,011.2
998.2
972 8

820 6
848.4
818.4
798 7

130 5
131.8
134.6
144 1

1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

8,822 9
8,775 1
8,730.8
8,674.4
8,405 8
8,338.2
8,496 2
8,344.2
8,250.1
8,280.2
8,270.4
8,009 5

6,234 7
6,156.8
6,098.8
6,076.2
5,850.7
5,662.7
5,949.7
5,729.0
5,681.7
5,660.9
5,495.4
5,272.3

3,601 6
3,457.7
3,384.6
3,296.2
3,074.2
2,852.0
3,186.7
2,917.3
2,834.4
2,776.9
2,532.7
2,333.6

2,633 2
2,699.1
2,714.1
2,780.0
2,776.5
2,810.7
2,763.0
2,811.7
2,847.3
2,884.0
2,962.7
2,938.7

16 2
70.6
48.5
45 4
190.8
200 0
280.3
249.1
264.4
441.5
453 8

729 2
728 7
703.6
701.2
644 8
624.5
574 1
554.0
519.8
532.8
492.9
427.2

1,097 8
1,067.2
1,073.0
1,076.1
1,104 2
1,103.9
1,125 3
1,141.9
1,170.7
1,196.9
1,231.5
1,237.9

625 9
672.4
645.1
630.7
619 7
615.0
506 1
492.2
478.3
472.1
454.4
464.5

135 1
133.9
139.9
141.7
140 9
141.4
140 9
146.8
150.4
153.1
154.7
153.7

1947—j an . 31
Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31

8,077.3
9,959 9
9,736.7
9,771.5
9,508.2
9,440.8
9,443.6

5,300.6
5,047 3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2

2,416.0
2,006 2
1,725.4
1,718.8
1,448.7
1,447.2
1,616.8

2,884.6
3,041.1
3,115.9
3,096.7
3,049.3
3,144.7
3,086.4

449.0
2,705 6
2,707.0
2,702.5
2,819.4
2,694.3
2,861.1

404.8
380.9
337.1
333.6
255.3
202.5
156.3

1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
31,177.3

464.4
439 7
414.3
416.7
398.5
393.4
385.9

150.4
156.6
154.5
161.6
156.4
160.8
159.8

31
30
30
31

4.4

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 deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures
are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
3
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
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 1947



1557

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,through —

1935—Dec. (Jan.
1936—Dec. 30 .
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec< (Jan.
1940—Dec. (Jan.
1941—Dec. 3 1 . .
1942—Dec. 31 .
1943—D ec
1944—Dec. 31. .
1945—Dec.
1946—Aug. 31 .
Sept 30
Oct 31
Nov. 30 .
Dec 31
1947—j an .
Feb. 28. .
Mar. 31.
Apr. 30..
May 31. .
Tune 30
July 31. .

1, 1936)
4, 1939)
3, 1940)
1,1941)

Total 1

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
5,807.9
5,354.1
5,980.2
7,267 1
7,728.4
8,802 8
8,063.9
8 001 0
8,015 8
7,828.9
7,555 7
7,628 4
7,254 3
7,029.7
7,069.0
6,688.9
6,746 5
6,582.5

554.9
829.3
993.7
1 ,183.8
1 101 3
865.2
674.1
837.8
1 ,257 7
1 ,090 0
892 5
624.1
665 1
736 3
640.9
563 1
585 6
558 2
489.6
595.8
453.5
441 7
614.1

210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
464.2
393.2
421.1
433.1
401.7
384.8
369 4
336.3
351.4
332.0
319.8
390 2
306.2

114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487 7
506.2
539 7
376.4
370 1
351 1
322.8
3^6 4
319 1
295 6
256.7
391.7
356.8
3 40 5
336.0

130.4
335.5
607.5
557.5
773 0
911.5
725.7
592.1
629 1
664.3
722 3
752.5
745 9
756 3
760 9
766 1
769 5
776 8
786.1
801.6
804.6
799 3
811.8

24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
106.5
201.0
203.5
213.4
228.0
287 5
342 8
256.2
215.8
221.7
198.7
181 2
161.2

166.6
311 6
436.1
612.5
918.9
1,098.6
1,071.7
1,030.3
1,133.3
1,172.5
1,311.8
1,264.8
1,243 9
1,248.7
1,249.5
1,246 3
1,259.5
1,232.8
1,262.9
1,210.0
1,161.5
1,093 2
1,112.2

1,200.6
70.9
2,051.3 150.5 201.2
2,653.0 106.3 410.6
3,054.2 155.3 384.6
3,790.1 229.4 483.4
4,056.6 411.7 606.8
3,626.3 340.5 567.5
3,608.1 425.1 835.8
4,192.8 760.3 951.0
4,081.8 976.4 1 ,193.7
4,037.0 1 ,395.7 1 .338.4
3,612.0 1 ,223.5 1 ,566.2
3,649 5 1 ,177.7 1 ,544.8
3,738.9 1 ,110.6 1 ,569.6
3,603.8 1 .067.0 1 ,546.4
3 574 2 979.7 1 ,474.0
3,645 8 967.1 1 ,466.3
3,455.8 933.3 1 ,431.2
3,362.5 853. 1 ,384.3
3,552.8 764.8 1 ,364.7
3,294.9 763.1 1 ,318.6
3,246 2 803 4 1 ,447.1
3,341.6 794.7 1 ,477.0

CanLatin
ada America

Asia2

All
other8

156.5
243.0
315.4
302.7
522.6
642.6
691.1
932.9
1 ,161.6
1 ,273.6
1 ,784.1
,425.4
1 ,365.9
1 ,326 6
1 ,327.4
1 ,258.3
1 ,247.1
1 ,185.9
1 ,179.8
1 ,142.0
1 ,072.6
1 ,018.7
972.1

12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
236.7
263.2
270.0
284.4
269.6
302.0
248.1
250.0
244.6
239.6
231.1
4
-2.9

TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through -

1935—Dec. (Jan. 1, 1936),
1936—Dec. 30
1937—Dec. 29.
1938—Dec. (Jan. 4, 1939)
1939- Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec 31
1942—Dec. 31
1943—Dec. 31. . . .
1944—Dec. 31 . . .
1945—Dec. 31. . .
1946—Aug. 31
Sept. 30 . .
Oct. 3 1 . . . . . .
Nov. 30
..
Dec. 31
1947—Tan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Tune 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
6,144.5
5,729.0
5,681.7
5,660.9
5,495.4
5,272.3
5,300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4.703.2

United
King- France
dom

Netherlands

Switzerland

128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
646.4
464.0
509.0
576.8
485.5
397.6
423.0
381.9
312.2
423.1
279.7
267.2
438.1

55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
210.5
222.4
199.1
185.8
208.2
195.6
197.8
166.7
205.0
189.7
102 .6
197.2

72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
286.3
341.1
333.1

129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
229.9
170.6
195.4
204.5
181.2
165.8
157.0
129.0
146.2
129.6
117.8
190.2
109.7

Italy

7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
154.0
158.6
168.6
345.5
185.2
353.2
359.0 247.6
363.6 300.7
370.5 227.1
198.2
378.5
383.6 205.4
184.1
388.9
381 .5 166.8
146.8
388.9

Other
Total
Europe Europe
59.9
82.4
119.1
196.8
449.9
580.8
538*0
479.8
565.3
611.2
745.8
691.2
679.4
688.7
693.1
687.2
701.0
673.1
719.1
689.2
647.8
589.0
619.8

CanLatin
ada America

460
453.5
86.8
588.9
76.3
791.7
1,010.7 101.6
1,655.4 174.5
1,986.3 334.1
1,766.9 273.1
1,697.5 399.5
2,271.2 704.7
2,193.7 818.6
2,223.4 ,414.2
2,031.4 1,111.6
2,097.9 1,069.6
2,183.0 995.4
2,084.0 937.4
2,065.5 823.9
2,141.0 748.0
1,979.3 784.7
1,921.0 670.2
2,035.9 519.6
1,808.0 469.6
1,787.2 478.8
1,900.6

33.5
149.3
166.3
127.6
215.1
326.4
296.7
482.8
578.7
794.7
924.9
,105.0
,059.2
.058.9
,029.3
983.3
,010.3
981.0
956.1
,000.0
,009.4
,120
,168.9

Asia2
87.0
149.4
217.0
251.8
417.0
531.2
541.4
743.9
928.2
888.6
1,369.1
1,256.9
1,215.8
1,178.7
1,183.9
1,135.7
1,112.9
1,043.5
1,042.5
1,012.7
973.1
966.7
932.6

All
Other*
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
212.9
224.1
239.3
244.8
260.8
263.9
288.5
258.7
251.5
247.2
237.9
238.2
245 .3

TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, 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—Dec. 31.
1946—Aug. 31
Sept. 30..
Oct. 31
Nov. 30. .
Dec. 31
1947—Tan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Tune 30
July 31

1936)
1939)
1940)
1941)

Tola»
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
742.7
554.0
519.8
532.8
492.9
427.2
404.8
380.9
337.1
333.6
255.3
202.5
156.3

United
King- France
dom
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
226.2
226.7
235.5
236.1
244.3
241.5
252.6
256.2
249.6
252.4
252.7
255.1

48.1
62.0
65.3
68.4
73.8
74.6
76.9
77.8
77.9
77.7
78.0
76.0
76.1
75.1
75.0
73.4
69.2
66.1
63.4
57.9
60.2
59 0
57.6

Netherlands

Switzerland

-.4
-3.3
-4.
-5.6
12.9
17.7
17.6
18.1
18.3
18.3
-17.7
-104.2
-118.4
-110.2
-120.2
-132.3
-117.9
-135.1
-137.1
-32.4
-20.6
-30.4
-28.6

1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6.8
5.2
3.4
2.6
3.7
1.8
-1.7
-3.5
-4.1
-3.3
-.2
-1.4
3
-2.1

Italy
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
17.8
15.9
16.0
13.7
10.6
11.7
8.9
6.0
4.5
2.7

2.5
2.3

Other
Europe

Total
Europe

Canada

38.5
88.0
132.0
175.6
206.2
241.4
250.5
253.5
256.8
231.5
235.1
246.0
236.3
232.0
229.0
226.9
226.0
225.9
217.1
203.4
196.7
182.2
170.9

310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
465.2
439.2
452.0
435.4
421.3
426.9
414.3
402.4
482.8
490.0
466.2
455.3

-4.6
36.9
-21.7
35.9
56.5
60.3
62.7
58.6
55.1
64.8
39.5
49.3
42.6
43.2
40.0
40.7
44.1
49.9
53.9
56.5
56.1
56.5
58.8

Latin
2
•\m erica Asia

All
other1

20.1
24.9
51.6
66.8
52.6
43.2
17.7
68.3
55.7
37.0
9.1
-17.3
-14.6
-14.1
-32.2
-58.8
-92 A
-111.6
-140.6
-213.7
-270.0
-256.9
-276.9

-1.6
-4.4
-8.7
-7.0
-.8
2.1
-1.2
6.6
7.5
-.3
1.5
-4.2
-3.7
-3.1
-4.4
-5,8
-8.4
-15.7
-18.7
-23.0
-22.6
-19.1
-24.9

37.3
30.4
18.7
-46.5
-21.5
34.8
64.7
93.8
102.7
77.7
99.2
61.1
56.4
54.8
54.1
29.9
34.6
44.0
40.2
31.0
1.8
-44.3
-56.0

1
2

Total capital movement by countries differs from total capital movement in Table 1 .by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
«
Tnflow less than $50,000.
4
See Table 1, footnote 3.

1558



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, ( —). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Tuly 31

Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
1,019.4
972.8
,141.9
,170.7
,196.9
,231.5
,237.9
,308.2
,229.
,282.6
,341.6
,380.
,398.0
,177.3

United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
117.7
101.5
100.4
98.3
95.0
96.8
98.1
101.3
101.4
102.9
103.6
105.7
104.2

6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
49.9
49.9
49.5
49.1
50.2
50.0
49.9
50.1
50.0
49.6
49.5
48.3

Netherlands

Switz-

7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.0
31.4
30.3
29.1
27.5
26.0
24.7
23.6
22.8
22.5
2.2
1.7

Italy
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
27.1
27.1
26.8
26.7
26.7
27.0
26.8
26.8
26.9
26.9
26.8
26.7

Other
Europe
59.4
110.4
141.8
201.3
225.6
232.9
238.4
244.1
246.6
246.9
249.2
257.6

258.2
258.0
257.2
260.2
261.8
264.6
265.1
257.7
258.3
265.4
266.4

Total
Europe.

Latin
1
America Asia

Canada

143.1 - 3 9 . 7
278.3
1.7
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
523.8
49.1
503.8 193.7
503.4 200.2
496.2 207.7
486.5 226.4
491.2 236.6
493.0 290.0
497.9 218.9
497.1 253.7
491.8 309.5
472.0 358.8
480.4 374.7
477.5 389.1

12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.1
378.2
390.3
414.2
439.9
448.4
453.2
457.6
464.4
468.2
474.2
478.8
481.8

7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
60.8
59.7
59.4
59.4
59.5
61.1
61.0
61.1
61.1
61.0
61.0
61.1
61.2

All
other1
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
22.0
6.5
17.4
19.3
19.3
.7
10.9
-5.7
6.4
11.1
14.7
3.0
-232.2

TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS,. BY COUNTRIES
(Net Purerlases by Foreigners of L . S. Securities)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Y)ec 30
1937—£>ec 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—rj ec 31
1944—Dec. 31
1945—Dec. 31
1946—Aug 31
Sept. 30
Oct. 31. .
Nov 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
[iiae 30
Tuly 31

Total
316.7
917.4
1 162 0
1,219.7
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
492.2
478.3
472.1
454.4
464.5
464 .4
439.7
414.3
416.7
398.5
303 4
385 9

1936)
1939)
1940)
1941)

United
King- France
dom

Netherlands

Switzerland

23.4
64 7
70 3
76.9
76.6
74.4
74.9
80.5
82 7
77 3
81.7
73.0
77.6
81.6
74.3
74.9
73.0
71.4
71.2
73.8
72.3
71.8
71.1

50.5
157.6
213 8
212.1
227.7
233.2
236.7
236.9
239 9
239 0
233.5
222.9
220.1
216.8
213 6
207^0
199.4
194.4
188.0
179.3
168.6
158.4
149.7

55.1
200 2
275 3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
335.6
335.8
334.7
336 3
337! 9
338.4
338.7
338.4
344.2
345.4
343 . 1
351.2

149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
— 100.3
— 125.4
-157.9
— 186.7
-189.7
— 193.4
— 194.9
-194.9
-196.2
-197.5
-197.9
-198.3
-200.5
-202.7
-203.5

Italy
_ t
—3.3
— 4.9
-5.5
—4.9
2.7
-.1

— .1
.6

1.9
2.2

1.6
1.7
1.6

2 0
2.1
3.0

-7.0
-15.5
-15.6
-15.4
-15.3
-15.1

Other
Europe
7.6

31.1
38.3
33.9
32 2
35.8
37.1
44.4
55 4
72.4
68.0
56.3
56.0
56.0
55 4
57.3
56.6
55.3
47.8
46.0
45.2
42.6
40.8

1
Latin
America Asia

Total
Europe

Canada

286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
615.0
644.7
645.7
633.7
582.9
502.8
501.6
497.2
486.7
484.3
474.2
455.2
432.0
429.5
415.5
398.0
394.2

32.6
37^6
25.7
-2 6
-18.4
-44.7
-45.1
—58.2
—28.1
— 126.6
— 150.3
-153.9
—155.7
— 158.2
-143.0
-137.1
-141.9
-144.6
-141.9
-141.0
-126.3
-128.1

2.8

3.7

15.5
18 2
23.7
30.1
25.6
28.1
35.2
40.5
54 9
81.3
87 5
91.5
93 A
94.1
87.6
84.9
86.2
88.2
90.6
86.5
85.3
84.2

21.4
44.1
54^7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
251.3
43.4
30.5
29.7
25 0
26.8
33.4
32.1
30.6
30.3
28.8
28.4
27.5

All
other1
2.6
7.1
9.8

11.1
14.3
12.6
10.9
10.9
10 6
10 7
9.9
8^6
7.5
6.9
8.8
9.1
8.0
8.1
8.1
8.7
8.0
8.1

TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec. 29
1938—-Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Tan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Tan. 31
Feb.
~ " 28.
Mar. 31.
Apr. 30
May 31 . .
June 3 0 . .
July 31 ..

1936)
1939)
1940)
1941)

rotal
6.0

12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
144.1
146.8
150.4
153.1
154.7
153.7
150.4
156.6
154.5
161.6
156.4
160.8
159.8

United
King- France
dom
(3)
4.0

11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
19.8
19.2
18.6
19.2
19.2
19.2
19.2
19.8
17.7
18.6
18.4
18.9
20.2

2.4

10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23.4
23.7
22.1
22.4
22.0
20.5
20.1
20.0
20.4
20.5
19.9
19.7
19.5

Netherlands

Switzerland

1.3
-.9
5.0
6.8
9.3

2.5
9.1

13.4
17.6
17.5
19.9
22.3
26.0
15.8
15.7
16.3
16.1
17.5
17.3
14.9
16.3
17.3
16.9
18.2
17.0

10.8
9.6

17.8
16.2
13.5
13.7
19.3
23.0
30.3
35.9
36.9
37.9
38.6
39.6
39.5
39.9
41.5
42.1
40.4
43.2
42.6

Italy
.1
.3
.1
.2
.1
.2
.2
.2
.3
.3
.4
.5
.3

.5
.5

.4
.4
.4
.4
.5
.4
5
.*5

Other
Europe
1.3
-.3
5.0
5.0
4.9
7.7
7.7
8.5
9.2

10.4
13.6
13.7
14.0
14.1
14.8
14.7
14.1
14.0
13.8
13.7
13.5
14.0
14.3

Total
Europe
7.6

22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
113.6
108.9
107.5
110.4
111.2
112.0
110.8
109.0
110.0
112.7
109.5
114.5
114.0

CanLatin
ada America
-4.5
-7.6

3.5
1.8
8.7

10.7
14.1
15.2
17.6
16.2
19.5
19.1
19.2
20.1
21.5
21.5
22.1
21.7
20.0
21.2
19.6
19.7
19.1

1.0

-4.2
5
-.9
1.6
9.2
3.9
4.2
3.8
5.1
5.9

12.9
18.3
17.1
15.3
13.4
10.3
18.0
16.3
19.5
18.5
19.0
19.0

Asia1
2.9
2.1
.5

-1.5
-3.4

6.0
6.3
6.0
6.0
5.6
3.8
4.4
3.7
4.0
5.0
4.8
5.3
5.2
5.5
7.0
8.0
6.7
6.9

All
other1
-.9
(4)
(*)
2.1
.7
.8
.9
1.3
1.8
1.3
1.6
1.6
1.5
1.8
2.0
1.9
2.8
2.8
1.2
.9
1.0
.8

1
2

Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 3Development. (Of the total issue 4of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Inflow less than $50,000.
Outflow less than $50,000.
5
Amounts outstanding July 31 (in million of dollars); foreign brokerage balances in United States, 109.9; United States brokerage balances
abroad, 26.9.
DECEMBER

1947




1559

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Total foreign
countries 1

In-

ternational
institutions

Date

NethUnited
King- France erdom
lands

Official
and

Switzerland

Italy

Total
Other
Europe Europe

13 7
86.1
123.5
302.1
218.8
376.3
508.4
339.9
184.2
210.6
239 3
304.2

18.8
26.1
41.7
25.7
20.4
38 5
17 9
15.4
12.1
11.3
27 3
70.4

76.7
136.5
158.3
194 9
273.3
526.4
657.3
614.6
650.9
728.6
774 5
909.1

359.0
351.1
359.1
366.8
372.6
377.2
384.1
392.2
397.2
402.5
395.1
402.5

174.3
178.9
188.9
205.5
267.9
321.0
247.4
218.5
225.7
204.4
187.1
167.1

2
CanLatin
ada America Asia

All 2
Other

Official

private

1934—Dec 33. .
1935—Dec. . .
1936—Dec 30
1937—Dec.3 29
193g—Dec.3
1939—Dec 3
1940—Dec
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31
1944—Dec 31
1945—Dec. 3 1 . . . .

669.7
1,301.1
1,623.3
1,893.1
2,157.8
3,221 3
3,938 2
3,678\5
4,205.4
5,374.9
5,596 8
6,883.1

92.4
130.3
232.5
427.1
473.8
781.0
1,418.9
1,314.9
2,244.4
3,320.3
3,335 2
4,179.3

76.9
205.5
235.7
261.5
436.1
448 2
365.5
400.8
554.6
1,000.8
865 7
707.7

33.9
163.5
176.3
143.9
187.4
288.2
490.1
448.6
432.3
439.9
401 2
310.0

12.9
68.6
78 8
89 1
101.8
204.9
174.3
174.9
186.6
193.3
209 7
281.6

1946—Aug. 3 1 . . . .
Sept. 30
Oct. 3 1 . . . .
Nov. 3 0 . . . .
Dec. 3 1 . . . .
1947—Jan. 3 1 . . . .
Feb. 2 8 . . . .
Mar. 3 1 . . . .
Apr. 3 0 . . . .
May 31
June 30. ...
July 3 1 . . . .

300.3 6,467.5 3,627.6
269.0 6,420.3 3,544.7
284.4 4 6,395.1 3,487.2
461.4 6,229.6 3,243.0
473.7 6,006.5 3,043.9
468.9 6,034.8 3,126.3
2,725.6 5,781.4 2,716.5
2,726.9 5,575.4 2,435.7
2,722.5 5,549.6 2,429.1
2,839.3 5,232.2 2,159.0
2,714.2 5,326.0 2,157.5
2,881.0 5,437.3 2,327.1

525.3
570.3
638.1
546.8
458.9
484.4
443.3
373.6
484.4
341.0
328.5
499.5

250.8
275.5
284.6
261.4
245.9
237.2
209.1
226.4
209.8
197.9
270.3
189.8

227.1
239.0
215.7
202.4
224.9
212.2
214.4
183.3
221.6
206.3
209.2
213.8

4

232.9
99.3 122.8 202.8
686.3 145.3 156.3 289.8
814.3 186 1 263 9 331.9
1,017.1 175.6 280.9 399.5
1,237.8 201.8 248.5 435.5
1,882.6 274.6 336.0 655.7
2,213.5 434.3 447.3 769.9
1,994.0 373.2 417.7 780.0
2,020.7 507.4 597.7 930.0
2,584.5 812.6 693.7 1,108.8
2,517 8 926 5 909 3 1,069.2
2,583.0 1,522.2 1,046.4 1,549.7

23.4
27.1
20.0*
34.1
72.573.3'
113.6*
149.6
175.3;
174.0
181.8

854.5 2,391.0 1,219.6 1,226.6 1,437.5
842.7 2,457.4 1,177.5 1,180.7 1,396.4
851.9 42,538.3 1,103 .3 1,180.5 1,359.3
856.4 2,439.3 1,045.3 1,150.8 1,364.5
850.5 2,420.7 & 931.81,104.8 1,316.4
864.3 2,496.2 855.9 1,131.8 1,293.5
836.3 2,334.6 892.7 1,102.6 1,224.2
882.4 2,276.3 778.2 1,077.6 1,223.1
852.5 2,391.2 627.5 1,121.6 1,193.3
811.1 2,163.3 577.6 1,130.9 1,153.7
752.3 2,142.5 586.8 1,242.5 1,147.4
783.1 2,255.8 563.7 1,290.4 1,113.2

192.9
208. V
213. T
229.7
232.8
257.3227.5
220.3.
216.0*
206.7
207. a
214.1)

1 2 . Q»

LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date

Other
Europe

Belgium

Denmark

1939—Dec.3
1940—Dec.3
1941—Dec. 3 1 . . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 31. . .
1945—Dec. 31. . .

526.4
657^3
614.6
650.9
728.6
774.5
909.1

159.2
144^8
117.3
121.8
122.9
124.3
185.0

28.1
17.3
18 1
17.7
13.9
14.8
25.9

21.4
16.5
5 7

9.5
6.7

7.9
7.7
7.1
5.5

7.5
6.5
6.8
7.0

39.3
43.5
48.7
70.8

1946—Aug. 3 1 . . .
Sept. 30. . .
Oct. 31. . .
Nov. 30. . .
Dec. 31. . .
1947—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30. . .
May 31. . .
June 30. . .
July 3 1 . . . .

854.5
842.7
851.9
856.4
850.5
864.3
836.3
882.4
852.5
811.1
752.3
783.1

160.1
158.7
177.0
186.0
159.5
165.3
149.3
178.8
163.0
150.9
142.5
164.0

52.1
56.8
54.9
57.0
66.5
73.3
68.3
62.5
57.8
56.9
52.0
45.6

13.1
13.6
17.0
18.6
22.2
21.6
28.9
31.3
26.8
22.4
22.7
36.2

6.5
6.4
6.8
7.3
7.1
5.3
5.5
6.9
9.1

60.1
64.4
58.4
55.5
49.3
43.7
43.0
39.7
39.8
37.7
32.2
32.2

Finland

6 LuxemGermany Greece bourg6

6 6

21.5
27.3
46.3

Norway

6
PortuYugo- All
Rugal6 mania6 Spain Sweden USSR« slavia6 other

18.3
18.4
18.6
22.3

56 3
48.7
65.2
132.4
158.9
220.8
216.1

35.7
53.4
54.5
47.9

9.4
9.3
9.5
9.3

22.8
21.7
21.6
21.8
22.6
22.5
22.5
22.9
22.2
22.2
22.3
22.6

142.3
140.8
136.0
123.1
123.5
117.4
106.8
105.3
111.2
100.6
91.2
80.0

50.2
49.1
48.8
43.5
39.0
45.4
44.0
54.2
52.2
52.3
42.5
40.1

8.5
8.7
8.7
9.0
8.9
8.9
8.9

Cuba

French
West
Indies
and
Gui-7
ana

12.2
11.3
8.3
8.2
8.2

17.5
31.8
43.4
31.7

142 2
235.4
210 7
153.5
163.2
152.1
210.1

14.3
12.3
16.1
28.0

il'.Y

18.2
18.9
20.2
15.3
16.4
19.8
20.0
18.8
18.1
17.5
11.8
12.2

196.3
183.1
159.9
165.4
172.6
164.2
159.1
165.2
157.3
152.2
133.2
122.9

47.9
37.5
46.4
53.2
60.5
60.4
58.5
58.5
60.0
50.4
50.6
50.3

8.7
8.5
8.4

Panama6

Other
Vene-7 Latin
Peru7 zuela
Amer-

9.9
5.7
5.7

10.4
12.4
12.9
13.9
14.7
15.3
12.5
11.8
13.1

109. &
187!9»
191 0*
57.9*
76.9»
52.1
43. T
67.7
74.7
87.890.3.
89.9103.4
107. &
111.4
108.4
105. &
104.0
109.3!

Latin America
NethLatin
Amer-

Date

1939—Dec*
1940—Dec.3
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 31.

.
.
.
.
.

336.0
447.3
. 417 7
. 597.7
. 693.7
. 909.3
. 1, 046.4

1946—Aug. 31. . .
Sept. 30. . .
Oct. 31. . .
Nov. 30. . .
Dec. 31. . .
1947—Jan. 31. . .
Feb. 28. . .
Mar. 31. . .
Apr. 30. . .
M a y 31. . .
June 30. . .
July 3 1 . . . .

1,
1,
1,
1,
1,
1,
1,
1,
1,
1.
1,
1,

226.6
180.7
180.5
150.8
104.8
131.8
102.6
077.6
121.6
130.9
242.5
290.4

Argentina

Bolivia7

Brazil

Chile

Colom-7
bia

Costa7
Rica

12 . 6
17 .7
14 .5

'36 .4
36 .2
50 .5
67 .7
98 .7
140 .8
195 .1

26.8
28.5
27 3
34.5
54.0
55.0
66.3

43.4
67.1
83.6
79.2

12.4
12.2

11 .5
13 .5
14 .3
13 .6
14 . 0
12 .4
13 .7
12 .8
11 .7
10 .3
16 .4
14 .6

255 .9
231 . 0
223 .5
205 .6
174 . 0
183 .4
157 .8
127 . 6
115 .3
96 .7
85 .2
98 .8

53.9
51.2
49.8
50.5
50.7
46.2
45.2
51.0
53.4
45.3
50.7
41.2

67.4
65.2
61.5
60.7
57.8
51.0
55.9
51.9
56.2
57.8
42.4
32.0

57.7
115.4
75.7
67.6
69.8
93.9
77.3

l6'8

147.9
144.5
147.9
131.4
112.6
166.0
180.0
181.4
223.0
252.0
265.0
309.3

7.4
6.9

37.0
47.9
62 5
100.3
70.4
139.3
128.3

4.9
2.6
4.4
7.1

6.5
6.7
7.1
8.6
7.7
7.3
9.0
8.5
9.3
8.5
8.6
6.9

175.6
160.6
158.0
159.1
153.5
147.3
145.9
150.8
168.0
162.0
289.6
284.0

7.4
7.8
6.7
6.0
5.4
4.9
3.9
4.0
3.2
3.6
2.9
3.2

er-

Mexico

lands
West
Indies

ica

and

Surinam7
58 8
55 0
37 7
95'. 7
70. 4
83. 1
116. 4

143.
142.
133.
143.
152.
149.
142.
139.
127
128
126
137

1
2
2
2
2
3
1
1
6
8
7
7

20.7
41.2
36.0
28.2
14.1
13.7
13.6
13.5
16.1
13.6
11.8
10.5
10.6
9.0

10.3
10.1

34 .0
58 .7
42
36 .9
57 .6
69 .1
88 .7

17 .7
17 .4
27 .7
43 .9

'26.9'
24.2
31.5
49.7

85.3105.6
121.8
64.2
95.4
119. &
144.8-

84 . 3
85 .4
84 .6
84 .1
77 .2
78 .2
75 .2
73 .2
71 . 0
68 .9
69 .9
69 .7

38 . 8
39 .1
43 .8
40 .7
40 .9
37 .0
34 .3
34 . 0
35 .9
38 .9
39 .7
38 2

50.9
52.5
68.7
67.3
74.0
51.5
45.5
46.7
49.4
46.3
53.6
66.2

169.4
167.3167.6
166.7
168.7
183. &
182.4
186.1
186.6
202.9
181.4
178.6

For footnotes see p. 1561.

1560



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Co»**"»w^
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA— Continued
Asia and all Other

Asia

India,
Egypt
China
Neth- PhilBur- Britand French Union
and French
erNew Angloma,
ish Japan lands
ippine Tur-; Other All 2 Ausof
Man- Indo-1 Hong
traZea- Egyp- MoOther
Kong
and
MaIskey
Asia
other
chu- China
East 1
lia land
rocco South
Cey-1 laya1
lands
tian
Africa
ria
Indies
lon
Sudan

655.7
769.9
780.0
930.0
,108.8
,069.2
,549.6

167.0
207.5
156.8
360.9
574.2
427.3
582.3

27.4
27.4
27.4
28.0

71.4
91.1
61.6
41.6 13.1
23.9 18.2
22.9 22.1
27.4 33.4

,437.5
31. . .
,396.4
30. . .
3 1 . . . ,359.3
30. . . ,364.5
,316.4
31. . .
,293.5
31. . .
28. . . ,224.2
31. . . ,223.1
,193.3
30. . .
,153.7
31. . .
30 . . . ,147.4
3 1 . . . . 1,113.2

561.8
525.3
490.1
456.5
431.9
428.7
389.7
373.2
369.1
354.3
=339.1
309.6

55.0
42.9
37.7
36.2
39.9
42.1
36.0
39.1
38.4
40.5
37.2
36.2

34.1
37.9
35.6
46.1
44.9
39.2
40.8
38.9
39.0
41.5
41.1
47.2

Date

1939—Dec.'
1940—Dec*
1941—Dec. 31
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—Dec. 31
1945—Dec. 3 1 . . . .
1946—Aug.
Sept.
Oct.
Nov.
Dec.
1947—Jan.
Feb.
Mar.
Apr.
May
June
July

28.3
35.8
33.3
40.1
43.5
42.5
44.2
40.7
36.1
33.4
41.2
43.3

165.4
110.3
69.9
1.0
4.8
4.1
.9
4.0
1.3
4.1
1.2

160.4
110.1
110.5
113.7

193.4
198.6
226.8
254. 7 29 .9
259.1 35.4
365.8 23.7
629.1 52.5

13.4
9.5
14.1
14.1
16.6
17.2
17
18
18.9
18.0
16.7
17.6

120.1
128.9
133.4
134.5
127.1
117.4
116.6
122.9
103.7
95.4
94.9
85.8

466.9
465.2
466.6
466.3
446.6
448.3
430.5
447.1
438.9
432.2
448.8
452.6

10.3
9.3
9.5
17.2
17.3
8.8
7.1
7.2
8.3
9.6
8.8
11.8

58
162
264.9
36
55.5
64.2
78.0

72.5
73.3
113.6
149.6
175.3
174.0
181.8

23.1
25.3
52.9
28.9

4.8
5.1
3.5
4.3

6.8
6.1
7.3
18.9

12.1
10.3
4.3
10.0

11.0
4.5
8.3
6.4

91.8
124.1
97.6
113.4

84.6
80.6
80.5
89.2
93.8
88.5
85.
79.4
75.6
71.8
68.5
68.7

192.9
208.1
213.7
229.7
232.8
257.3
227.5
220.3
216.0
206.7
207.0

33.6
39.9
41.1
35.1
45.5
40.9
59.4
40.4
38.7
36.2
47.8

5.2
5.5
5.5
5.7
8.0
8.2
8.3
9.6
8.7
8.7
8.6
9.4

19.0
20.2

11.6
13.4
13.3
14.5
14.9
16.0
16.9
16.5
16.1
14.9
13.9
13.7

13.4
24.5
29.4
52.2
47.2
82.5
33.9
43.7
47.3
50.0
39.5
49.5

110.1
104.5
102.5
99.8
96.4
89.9
90.
90.
86.
76.5
74.5
79.7

62.9
61.0
58.6
64.3
54. 7
60.8
56.5
55.8
65.4
57.0
51.0
40.4

21.8

22.3
20.8
19.8
18.4
19.6
19.0
20.5
22.6
19.4

c
1
2

Corrected.
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
» See footnote 3 below.

Footnotes
to table on p. 1560.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
3 Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan.!,
1941.
4
These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and
•• - -Movement
. to
. —
. nd 3 of-•—•"Net Capital
United
States"
have been adjusted to exclude the unreal movement introduced by this change.
6
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange
Control Board of Canada for 1946.
6
Prior to June 30, 1942, included under "All other."
7
8
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1,2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for September 1945, pp. 967-970.
ASSETS

Date

1934—Dec. (Jan.
1935 -Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31

2, 1935)
1, 1936)
4, 1939)
3, 1940)
1, 1941)

1946—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
•1947—Jan. 31
Fe-b. 28
Mar. 31
Apr. 30
May 31
June 30
July 31

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Total
Europe Europe

Canada

Latin
America

Asia 1

All
other 1

174.6
154.5
141.1
114.4
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9

117.4
80.1
67.2
78.9
144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9

8.5
10.1
12.9
17.2
15.5
9.3
6.4
9.7
4.8
3.9
11.7
9.9

185.3
182.6
182.1
200.2
226.8
260.4
279.6
308.6
381.7
438.0
424.9
444.9

68.0
72.7
74.3
75.0
99.2
94.5
85.0
88.9
98.1
127.3
173.3
185.0

15.6
15.1
14.5
15.8
17.2
19.8
27.1
30.1
34.3
34.0
30.5

1,139.9
778.6
672.6
655.0
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8

296.9
88.1
114.1
84.8
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4

80.5
32.5
16.8
13.5
10.3
4.9
4.2
1.8
1.3
1.1
1.4
1.1

18.6
19.0
21.9
23.0
24.2
5.7
.9
1.1
.5
.4
.3
36.3

8.2
6.6
5.4
5.5
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9

27.2
13.5
10.9
20.8
13.5
11.8
2.0
1.5
.4
.4
.3
.3

311.8
273.3
223.0
179.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6

743.2
433.0
392.1
326.5
274.9
172.2
101.0
88.4
77.6
107.5
140.7

96.3
100.9
59.4
118.0
60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3

581
615
602
642.6
708
730.7
754.6
798.4
801.8
880.2
933.0
979.2

65.8
65
56.5
55.9
47.7
50.5
39.4
35.8
42.4
39.6
39.3
36.9

3.1
3.0
3.9
4.1
5.7
9.9
13.0
15.6
21.1
18.8
20.1
21.4

122.8
137.1
128.8
138.8
151.0
136.6
153.7
155.8
51.0
39.3
49.0
47.2

4.7
5.5
4.5
6.3
9.8
11.7
12.2
11.4
8.3
9.5
7.8
10.2

10.7
10.5
12.9
16.0
14.9
17.7
20.6
22.0
23.8
24.1
24.3

63.8
73.4
77.8
80.8
82.8
83.8
83.9
92.6
106.4
113.1
127.6
138.8

269.0
294.9
282.1
298.8
312.9
307.3
319.8
331.8
251.3
244.1
268.0
278.9

43.6
50.3
49.7
52.9
52.2
48.8
43.0
39.0
36.4
36.8
36.4
34.0

72.6

36.3

1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
• of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
-reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.

"DECEMBER

1947




1561

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe

Belgium

Denmark

Finland

Germany

1939—.Dec.2
1940—Dec.2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31

104.7
69.5
60.5
56.3
52.9
78.3
74.6

6.5
1.5
1.1
.8
.7
.7
.6

3.2
.3

1.4
1.8
1.9
5.6
7.6

53.4
39.6
34.4
34.0
33.9
33.9
33.9

1946—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31

63.8
73.4
77.8
80.8
82.8
83.8
83.9
92.6
106.4
113.1
127.6
138.8

9.1
6.9
7.2
7.7
7.5
7.1
7.4
8.0
8.9
8.9
10.1
9.0

.3
.2
.4
.5
.5
.6
.4
.3
.3
.4
.6
.6

4.0
3.5
4.3
5.9
6.2
6.4
6.1
8.3
7.1
9.1
11.4
17.8

33.9
33.9
33.9
33.9
30.4
30.3
30.4
30.4
30.4
30.3
30.3
30.3

Date

Greece1 Luxembourg1

Norway

1 SwePorRutugal1 mania1 Spain den

Yugo-1 All
USSR1 slavia
other

3.6
9

8.7
1 0

.5

.6

28.0
24.522.1
8.4
5.O
5.1
4.7

.7

.2
.2
35.1
31.6

2.4
1.4
.8
.5

2.1
12.6
12.6
13.0
12.4
12.4
12.5
13.2
12.8
13.0
12.9
13.0

.5
.7
.7
2.1
3.3
3.7
4.0
4.2
5.2
5.9
6.3
7.0

.7
1.0
1.3
.9
1.0
.9
.9
1.0
1.0
1.2
1.5
1.3

1.1
.6
.6

8

( )"
.'
.1
I
$

.1

.1
4.2
6.9
7.0
6.9
11.9

3.2
3.2
1.8
1.6

.4
.2
.2
.9

3.3
3.6
7.2
6.5
7.2
7.3
6.2
3.8
3.7
3.5
4.3
1.6

5.5
5.5
4.1
3.9
4.9
5.5
5.6
6.0
7.1
7.4
7.5
8.7

I

I

i

4.3
5.5
6.1
6.2
9.4
9.5
10.2
13.2
22.9
26.3
35.437.5

Latin America

Latin
BoAmer- Argentina livia4 Brazil Chile
ica

Date

1939—Dec.22
1940—Dec.
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31

113.3
122.7
148.3
99 7
112.2
131.0
158.9

16.8
11.9
16.8
6.9
15.3
3.1
21.0

1946—Aug. 31
Sept 30
Oct 31
Nov 30
Dec. 31
1047 Tan 31
Feb 28
Mar 31
Apr 30
May 31
Tune 30
July 31

185.3
182 6
182.1
200 2
226.8
260.4
279 6
308 6
381.7
438 0
424 9
444.9

25.6
21.4
22.5
24.0
41.8
49.1
45.5
49.9
57.8
60.7
57 6
65.8

...

. .

3.0

1.8
1.8
1.3
3.2
2.6
2.2
2.0
2.3
2.6
2.6
3.0

4.8
5.3
3 6
3.3

Colombia4

Costa4 Cuba
Rica

10.5
11.7
11.3
8.3
20.1
47.4
33.3

32.2
33.1
38.0
16.7
18.9
25.3
24.7

9.7
13.4
14.9
15.3
16.6
9.0
6.6

20^7
12.2
15.5
16.8

41.3
37.2
40.4
43.9
49.8
54.4
63.1
69.6
115.4
150.2
160 9
164.1

10.6
14.5
13.8
14.0
14.6
13.1
15.3
16.0
18.6
20.3
17 4
20.5

22.6
23.8
21.0
19.8
26.4
29.9
30.2
26.8
30.4
36.4
40 3
35.7

.6

.7
1.2
1.2
9.8
1.7
2.6
2.5
2.9
3.4
3.7
4.0

3.4
3.6
3 9
3.9

15.6
21.1
27.9
41.1
25.7
35.5
37.9
45.2
53.8
60.1
46 0
53.3

NetherFrench
lands
West
Other
West PanaIndies Mexico Indies
Vene-4 Latin
6
Peru4 zuela
and
ma
Amerand
Gui-4
ica
Suri-4
ana
nam

2

.2
(8)

A

.2
.1

(3)

.1
3
.6

5.9
6.1
7.6
4.8
11.2
8.6
11.0
17.2
22.0
17.6
20.6
25.5
27.0
28.8
30.7
33.7
34.8
32 9
27.6

3
.5
.3
.5

1.0
2.1
2.4
2.1
1.1
.8
1.1

.4
4
.4
5
.8
.9
8

1.3
.9
.9
8
1.3
1.6
1 7

2 8
1.4
1.2
1.9

3 9
3.8
5.1
6.1

37.2
44.4
57.3
14 2
8.7
11.7
33.4

8.1
7 0
4.8
6 6
8.7
10.4
15 6
19 6
15.4
19 2
16 7
18.2

25.8
27 0
24.9'
21 7
23.1
27.1
27 9
33 9
37.3
36 7
36 3;
42.3-

1.1
1 0
1 0

2.2
2 1
2 6

3.6
3 0
2.7
2 7
3.7
5.4
6 5
7 0
7.8
7 6
5 6

1.0

2.7

5.9

8

2.2

Asia and All Other

Date

India,
China
and French Hong Burma,
Asia Man- Indo-1 Kong and
chu- China
Ceyria
lon"

1939—Dec.22
1940—Dec.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31

174.1
117.8
87.9
35.3
26.3
51.4
29.9

22.0
23.7
23.5
11.1
1.7
1.5
1.0

1.7
3.1
.9
1.0
.9

1946—Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31. .

68.0
72.7
74.3
75.0
99
94
85
88
98
127.3
173.3
185.0

28.6
34.7
34.6
40.8
53.9
43.8
36.8
41.2
47.0
76.
104.8
110.7

2.9
3.2
6.5
4.0
5.9
5.0
5.1
4.1
4.0
3.5
3.5
3.1

Egypt
Neth- PhilBriter- ippine Tur- Other All Aus- New and French Union
ish Japan lands
Anglo
of Other
ZeaMoMaIs- key6 Asia other' traEast 6 lands
lia land Egyprocco South
laya6
tian
Africa
Indies
Sudan

7.5

.7
.5
.1
.1

102.1
55.8
18.9
5
.5
.5
.5

10.8
11.7
10.1
9.1
12.0
12.7
12.9
14.6
14.2
13.2
32.8
33.7

.1
.2
.2
.2
.2
.5
.5
1.0
1.3
1.1
2.2
1.6

.3
.3
.5
.2
.2
.2
.2
.2
.2
.2
.2
.3

1.9

2.2
2.0
22.3

1.6
1.7
1.5
1.4

26.4
22.6
23.0
14.4
13.9
13.8
13.8

1.8
3.2
1.8
2.0

1.3
1.2
1.0
.9
1.0
1.1
.9
1.4
1.9
1.5
.5
.5

19.2
16.6
16.0
14.7
20.2
25.3
23.0
20.3
22.4
23.2
20.2
25.1

.9
.9
1.3
.9
1.4
1.4
1.5
2.0
2.5
2.7
3.3
3.2

21.6 9 . 3
14.0 6.4
19.5 9.7
2.0 4
1.8 3.9
8.8 11
2.7 9.9
3.9
3.9
4.0
4.2
4.4
4.5
4.0
3.9
4.5
5.8
5.8
6.7

15.6
15.1
14.5
15.8
17.2
19.8
27.1
30.1
34.3
34.0
30.5
36.3

1.0
.5
.6
1.7

.7
.2
.2
.7

1.7
2.4
9.7
4.7

.7
1.0
2.5

2.9
3.3
2.7
3.1
3.4
4.3
6.2
6.5
7.5
6.6
9.0
11.3

1.2
1.2
1.0
.9
1.1
1.2
1.3
1.5
1.3
1.6
1.0
1.7

8.1
7.7
8.4
9.1
10.1
10.5
14.7
16.0
18.3
18.9
15.2
18.8

3.ft
2.5
2.ft
2.4
2.2
3.4
4.5
5.5
6.8
6.0
5.0
4.2

()
00

1
2

Prior to June 30, 1942, included under "All other."
Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940-^Jan.
1, 1941.
4
«
Less than $50,000.
Prior to June 30, 1942, included under "Other Latin America."
8
6
Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
7
Country breakdown not available until June 30, 1942.

1562



FEDERAL RESERVE BULLETIN

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department

Assets of banking department

Coin

Notes

Discounts
and advances

Cash reserves

Other
assets 2

Gold*

Liabilities of banking department

Securities

Note
circulation 3

Deposits
Bankers'

Public

Other

Other
liabilities

1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
1943—Dec. 29
1944—Dec. 27
1945—Dec, 26

200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
.2
.2

260.0
200.0
220.0
230.0
580.0
«630.0
•780.0
•950.0
6
1,100.0
6 1,250.0
« 1,400.0

.6
.6
.8
.8
1,0
.9
.3
.9
.9
1.9
.4

35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3

8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4

94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0

424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9

72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5

12.1
12.1
11.4
15.9
29.7
12.5
11.2
5.2
5.3

37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5

1946—Nov. 27
Dec. 25

.2
.2

1,400.0
• 1,450.0

1.1
1.3

34.2
22.1

25.3
13.6

333.9
327.6

1,366.0
1,428.2

310.1
278.9

10.1
10.3

56.3
57.3

17.9
17.9,
17.9
17.9*
17.9,
17.a
17.8
17.9,
18.1

1947—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 30
Aug. 27.
Sept. 24
Oct. 29

.2
.2
.2
.2
.2
.2
.2
.2
.2
.2

1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0

1.0
.9
.6
1.0
1.3
1.8
2.4
2.5
2.3
2.0

85.8
74.7
59.5
62.6
56.1
55.2
30.9
56.8
73.7
89.4

25.4
16.0
11.1
18.0
8.7
20.6
28.6
16.6
14.6
5.9

271.0
294.6
338.7
344.8
353.9
337.0
364.6
332.0
325.9
318.9

1,364.5
1,375.6
1,390.7
1,387.6
1,394.1
1,395.0
1,419.3
1,393.4
1,376.5
1,360.8

288.4
285.2
286.4
303.7
301.9
290.3
301.8
282.0
289.6
288.8

16.0
22.4
10.6

60.6
60.1
94.4
98.0
95.1
98.3
95.1
93.4
92.1
95.9

18.3,
18.4
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
and United
States
dollars

9.0

10.3

6.9
5.0
8.0

11.3
14.0
16.2
13.8

18.a
18.0
18.0

is.a

Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

Note
circulation'

Other
liabilities8

Chartered
banks

Dominion
government

Other

Shortterm8

Other

4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8

30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3

83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3

8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5

99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1

181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2

17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3

.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8

7.7
13.4
14.4
9.3
13.3
28.5
35.1
24. Q
55.4
209.1
198.5

1946—Nov. 30.
Dec. 31.

.9
1.0

1,283.8
1,197.4

605.0
708.2

40.9
42.1

1,161.1
1,186.2

579.5
565.5

63.9
60.5

79.4
93.8

46.8
42.7

1947—Jan. 3 1 .
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 3 1 .
Aug. 30 .
Sept. 30.
Oct. 3 1 .

1.0
1.0
1.2
1.0
1.0
4.0
.7
2.4
1.9
7

1,196.8
1,172.3
1,146.9
1,186.0
1,123.0
1,063.7
1,081.9
1,141.5
1,088.0
1,136 4

718.8
738.9
757.5
751.2
731.0
716.0
722.6
720.3
744.7
799.4

39.3
47.6
40.4
59.2
41.3
40.4
42.0
39.0
49.5
53.1

1,138.6
1,137.9
1,153.2
1,153.9
1,148.1
1,152.6
1,153.7
1,158.9
1,172.2
1,179.4

533.3
493.6
536.3
542.6
477.6
474.4
468.3
515.0
481.1
548.7

150.1
215.7
159.8
195.7
179.4
105.6
124.1
133.6
128.2
143.4

82.9
75.3
64.6
69.3
58.5
54.4
63.7
58.7
62.0
71.2

51.0*
37.3
32.1
35.9
32.6
36.9
37.3
37.1
40.5
46,9

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.

31.
31.
31.
31.
30.
31.
31.
31.
31.
30.
31.

180.5
179.4
179.8
185.9
225.7

1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shilling^
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange
Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,
July 63 and Dec. 10, 1945, and on Dec. 10, 1946.
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—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

1947




1563;

CENTRAL BANKS—Continued
Assets
B a n k of F r a n c e
(Figures in
millions of francs)

Liabilities
Advances to
Government

Domestic bills
Gold*

Foreign
exchange

Open
market 2

Special 2

Other

For occupation
Other 2
costs 3
20,627
34,673
63,900
69,500
68,250
64,400
15,850

87,265
697,267
684,616
84,598
84,598
84,598
75,151
6
129,817

821
112
42
38
37
37
42
68

7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038

1,797
2,345
661
12
169
29
48
303

7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548

72,317
142,507
210,965
326,973
426,000
426,000

1946—Oct. 3 1 . . . 94,817
Nov. 2 8 . . . 94,817
Dec. 2 6 . . . 94,817

5
6
7

71,224
74,739
77,621

3,124
3,344
3,135

63,127
67,396
76,254

426,000 46,600
426,000 55,500
426,000 67,900

1938—Dec. 2 9 . . .
1939—Dec. 2 8 . . .
1940— Dec. 2 6 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 0 . . .
1944—Dec. 2 8 . . .
1945—Dec. 2 7 . . .

1947—Jan. 3 0 . . .
Feb. 2 7 . . .
Mar. 2 7 . . .
Apr. 3 0 . . .
May 2 9 . . .
June 2 6 . . .
July 3 1 . . .
Aug. 2 8 . . .
Sept. 2 5 . . .

94,817
94,817
'82,817
82,817
82,817
82,817
664,817
64,817
6
52,817

5 75,500
8 82,958
5 83,613
6 85,120
6 82,221
6 82,983
6 99,114
3 97,490
7 107,877

2,209 82,674
1,435 85,917
694 85,221
134 80,901
125 88,429
84 87,134
8 85,195
20 98,224
130 101,935

426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000

55,200
54,000
79,500
55,000
63,700
95,000
113,600
124,900
139,300

Deposits
Other
assets 4

18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122

Note
circulation

Govern- C.A.R.5
ment

110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
770
382,774
500,386
578
572,510
748
570,006 12,048

52,693 696,924
47,116 704,796
47,577 721,865
54,507
53,066
58,083
8
108,758
8
103,846
8
119,662
8
120,046
8
105,639
8
1O3,O67

730,253
737,692
746,266
770,670
775,053
807,064
831,587
838,442
852,195

Other
liabilities

Other

25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755

2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087

814
824
765

55,612
58,549
63,468

4,241
4,748
7,213

789
831
767
770
745
834
792
750
779

55,020
54,512
63,880
62,304
66,745
76,747
71,329
70,651
71,299

4,849
5,166
5,021
4,992
4,599
9,040
5,075
7,250
6,861

41,400
64,580
16,857
10,724

1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May 2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
s 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
Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the
National
Bank of Belgium on Dec. 22, 1944.
9
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 to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27. 104*, 53.000
million, in week ending May 2, 1946, 35,000 million, in week ending July 3, 1947, 18,000 million, and in week ending Sept. 11, 1947, 12,000 million
francs
of gold transferred from Bank of France to Stabilization Fund.
7
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury
bonds covering these contributions is shown under "Other assets."
8
Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description o*f statistics see pp. 562-563 in same
publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424.

Central Bank
(Figures as of last report
date of month)

1947
Oct.

C e n t r a l Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange .
Government securities
Temporary adyances to Govt.. 1.
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank
Government l
Nationalized
Other
Certificates of participation in
Government securities
Other liabilities. ^
C o m m o n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (inch Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities
N a t i o n a l Bank of Belgium
(millions of francs):
26,260
Gold
13,074
Foreign exchange
1,000
Net claim on Int'l. Fund 3

Sept.

1946
Aug.

1,410
2,384
953

,540
,399
952

12,262
2,656
4,657

610
594
596
366
277
984
76

498

1,513
12,089
78
831

Oct.

,537
,069
860
84
,633
,297
676

969

560

,528
146
599

175,620 173,775 217.560
3,011 2,064 2 ,189
404,821 411
386 ,558
13,333 13,
905
200,393 205,643
680
237,514 238.
29,341 26.
129,537 130
28,478
12,169
1,164

857
282
,393
817
723

1947

Central Bank
(Figures as of last report
date of month)
N a t i o n a l B a n k of Belgium—Cont.
Loans to Government
Other loans and discounts
Claim against Bank of Issue...
Other assets
Note circulation
Demand deposits
Blocked accounts *
Other liabilities
C e n t r a l B a n k of Bolivia—Monet a r y Dept.(millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities
N a t i o n a l B a n k of Bulgaria s
C e n t r a l Bank of Chile (millions
of pesos):
Gold
Gold contribution to Int'l. Fund.
Discounts for member banks. . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities

1946

Oct.

Sept.

Aug.

Get.

50,662
5,423
64,597
2,271
78,402
4,391
78,689
1,805

48,686
4,939
64,597
2,196
78,125
3,653
78,699
1.754

48,947
4,296
64,597
2,379
77,818
3,893
78,712
1,775

50,859
4,055
64,597
2,358
71,439
5,174
79,342
1,454

922
338
250
631
11
1,671
256
225

920
244
185
431
18
1,625
166

200
241
855
1 ,136
1 ,375
1,457
3,803
639
322
501
3

200
43
658
1,162
1,394
1,662
3,658
675
280
506

326
" 451
1,048
883
1,807
3,243
591
216
466

1
2

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.
* This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the-Fund,
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
5
For last available report (January 1943), see BULLETIN for July 1943, p. 697.

1564



Until such

FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

1947
Oct.

Sept.

1946
Aug

Oct.

Central Bank
(Figures as of last report
date of month)

Bank of the Republic of Colombia
Bank of Finland (millions of
markkaa):
(thousands of pesos):
Gold
Gold
155,099
,979
Foreign assets (net)
Foreign exchange
27,076
,592 55 ,245
Clearings (net)
Net claim on Int'l. Fund *...
21,867
,867
Loans and discounts
Paid-in capital—Int'l. Bank....
1,225
,225
Securities
Loans and discounts
126,208
,061 32 20
Other assets
Government loans and securities.
81,383
,302 85 71.
Note circulation
Other assets
42,223
,126 41 030
Note circulation
Deposits
,298 224 910
249,838
Deposits
Other
liabilities
,691 201 584
167,085
Other liabilities
,752 38 680 Bank of Greece (billions of drach38,158
mae):
National Bank of Costa R i c a Gold and foreign exchange (net).
Issue dept. (thousands of colones):
Loans and discounts
Gold
11,448 11,420
,267
Advances—Government
Foreign exchange
11,544 13,777
,703
Other
Contributions to Int'l. Fund and
Other assets
to Int'l. Bank
30,321 30,321
126
Note
circulation
Loans and discounts
760
60,308 62,515
Deposits—Government
Securities
180
3,992 3,996
Other
Other assets
618
1,158 1,166
Other liabilities
Note circulation
499
75,904 79,153
Bank
of
Guatemala
(thousands of
Demand deposits
813
36,057 37,180
Other liabilities
341 quetzales):
6,810 6,862
Gold
National Bank of Czechoslovakia
Foreign exchange
(millions of koruny):
Gold contribution to Int'l. Fund
Gold and foreign exchange 2 . . .
Rediscounts and advances
5,002 4,833 4.925
817,
Loans and discounts
Other assets
9,019 5,117 4,677
514)
Other assets
Circulation—Notes
57,765 57,860 57.873
708
Note circulation—Old
Coin
936
New
Deposits—Government
50,933 48,946 47,288
665
Deposits—Old
Banks
515,
New
7,657 6,193 7,730
203 | Other liabilities
Other liabilities
13,195 12,670 12,457
718 [National Bank of Hungary (millions of forint):
National Bank of Denmark
Gold
(millions of kroner):
Foreign exchange
Gold
71
71
71
83
Discounts
Foreign exchange
93
88
140
82
Loans—Treasury
Clearing accounts (net)
14
26
94
16
Other
Loans and discounts
16
22
20
16
Other assets
.Securities
101
127
123
116
Note
circulation
Govt. compensation account
,572
5,720 5,840
930
Demand
deposits—Government.
Other assets
101
270
259
256
Other
Note circulation
,551
1,513 1,452
,450
Other liabilities
Deposits—Government
,717
1,934 2,159
347
,606 Reserve Bank of India (millions of
Other
2,700 2,640
562
240 rupees):
Other liabilities
164
151
152
Issue department:
Central Bank of Ecuador
Gold at home and abroad..
(thousands of sucres):
Sterling securities
Gold
242
Indian Govt. Securities. . . .
375
274,525
Foreign exchange (net). . .
Rupee coin
18,730 116 259
Net claim on Int'l. Fund *
Note
circulation
16,877
Loans and discounts
Banking department:
290,914 221 291
Other assets
Notes
of issue department. .
743
94
119,398
Note circulation.
Balances abroad
341,906 352 313
Demand deposits.
016
Treasury
bills discounted. . .
297,684
Other liabilities...
339
Loans to Government
80,854
Other
assets
National Bank of Egypt (thouDeposits
sands of pounds):
Other liabilities
Gold
241 Central Bank
6,376
Foreign exchange
088 of pounds): of Ireland (thousands
13,432
Loans and discounts
578
3,124
Gold
British, Egyptian, and other
Sterling funds
Government securities
020
297,554
Note circulation
Other assets
355
26,780
806 Bank of Italy (millions of lire):
Note circulation
119,946
Gold
768
Deposits—Government
85,349
Foreign exchange
314
Other
127,437
Advances—Treasury
394
Other liabilities
14,535
Other Govt. agencies
Central Reserve Bank of El SalvaLoans and discounts
dor (thousands of colones):
Government securities
Gold
36,979 37,028
,773
Other assets
Foreign exchange (net)
32,686 37,528
,303
Bank of Italy notes
Net claim on Int'l. Fund 1
1,563 1,563
Allied military notes
Loans and discounts
^651
2,146 1,833
Deposits—Government
,023
Government debt and securities.
5,510 5,516
Demand
,840
Other assets
1,803 1,751
Other
,844
Note circulation
49,053 50,122
Other liabilities
5
,417 Bank of Japan
Deposits
26,102 27,5881
5
,329 Bank of Java
Other liabilities
5,532 7,508

1947
Oct.

Sept.

1946

Aug,

Oct.

2
1
2
628
1,408
93
980
- 2 , 3 75 -2,813 -3,920 -7,991
33,698 32,875 33,241 31,845
493
397
417
430
854
1,074 1,179
698
25,129 24,484 23,945 19,667
1,716 1,669 1,148 1,643
6,579 6,446 6,339 5,300
650
23
734
993
122
764
74
198
1,486

684
18
674
945
101
732
82
165
1,443

941
14
484
556
42
505
78
113
1,341

27,229 27,229 27,229 28,476
20,136 20,839 22,006 15,403
1,250 1,250 1,250
2,922 2,820 2,442 1,600
8,391
8,377
7,978 3,285
29,240 28,852 29,433 27,803
2,690
2,876
2,855
2,838
7,645
7,803
6,990 4,652
11,729 12,451 13,127 11,331
2,288
8,437 8,554 8,517
393
92
,291
340

355
111
1,178
340

242
1,834
25
114
385

280
1,754
30
104
376

444
11,353
578
348
11,736
988
3,870
20
1
912
5,578
213

284
54
399
342
1
384
843
49
25
549

444
444
11,353 11,353
* 578
578
326
211
11,806 11,952
896
3,825
65
10
889
5,538
146

635
4,956
18
"399
5,702
307

2,646
2,646
2,646
2,646
41,873 40,510 38,503 36,358
44,519 43,157 41,148 39,005
(June)4
523
523
4,352
8,586
489,252 462,915
14,040 28,891
91,395 41,487
115,629 82,810
37,447 40,445
501,174 357,885
76,417 87,634
11,728
57,599 64,254
83,921 143,170
21,800 12,714

rr Revised.
jK.evisea.
tount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
1
This
amount
the currency,
bank's the "net claim" will equal the country's gold contribution.
:ions inof this
time 2as
the figure
Fund represents
engages in the
operat
Gold
not
reported
separately
beginning Dec. 31, 1946.
1
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
*5 Latest month available.
For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942),

t BULLETIN for March 1943, p. 278.

DECEMBER

1947




1565

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions
of pesos):
Metallic reserve x
"Authorized" holdings of securities, etc.
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities,
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets.
Note circulation—Old
New
Deposits—Government
Blocked
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold...
Sterling exchange reserve
Advances to State or State undertakings.
Investments. ,
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities.
Bank of Paraguay—Monetary
Dept. (thousands of guaranies):
Gold......
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Contribution to Int'l. Bank
Discounts
Government loans
Other assets
Note circulation
Deposits
,
Other liabilities
Bank of P o r t u g a l 3
National Bank of R u m a n i a 3
South African Reserve Bank
(thousands
of pounds):
Gold4..,.
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts

1947
Oct.

Sept.

722
33,257
17,319
9,249
4,641
40,753
6,994
17,442

Au

Oct.

Central Bank
(Figures as of last report
date of month)

1947
Oct.

Sept.

1946
Aug.

Oct.

Bank of Spain—Continued
Other assets
2,851
2,894
Note circulation
23,148 21,521
1,490
,522
Deposits—Government
1,946
714
,645
610
617
Other
3,071
3,480
520
163
90
144
Other liabilities
596
562
1,662
,683
,690 Bank of Sweden (millions of kronor):
963
223
927
204
,097
Gold
278
1,035
294
390
271
220
Foreign assets (net).
343
339
865
Swedish Govt. securities and ad-5
vances to National Debt Office
2 ,865
2,707
,638
961
502
502
Other domestic bills and advances
89
234
120
699
50
2
2
311
Other assets.
323
346
1
968
379
418
Note circulation
2,694
,664
2,632
,529
2,622
154
152
558
570
478
Demand deposits—Government.
162
582
3,600
279
135
317
,600
Other
290
152
359
360
362
155
385
Other liabilities
..,
ioi
125
126
Swiss
National
Bank
(millions
of
261
2,856
,785
francs):
,576
860
900
5,374
Gold
5,307
5,234 4,895
,333
79
82
Foreign exchange
32
65
70
169
119
647
724
Loans
and
discounts
133
157
111
121
663
213
220
Other assets
101
99
83
86
542
Note circulation
4,192
4,022
4,108
3,858
Other sight liabilities
1,098
1,132
1,174
1,095
2,802
802
Other liabilities
,802
351
345
346
318
79,705
666 84 ,248 Central Bank of t h e Republic of
Turkey6 (thousands of pounds):
30,107
462
,866
Gold
473,960 473,960 487,705 659,430
868
3,868
,949
Foreign exchange and foreign
850
944
073
clearings
286,535 292 756 309 078 145,218
420
47,135
,832
Loans and discounts
615,955 633 178
403 795,555
262 75 ,040
65,449
185,780 187 642
669 165,504
Securities
966
4,842
,067
40,175
33
857
839 86,838
Other assets
948,511 942 096
619 911,848
Note circulation
339
149,338
149
339
338
378 196,456
Deposits—Gold
258,567 287 951 328,299 221,107
575
499
Other
245,990
242
72
008
87
229,399 523,134
Other liabilities
73
74
Bank of t h e Republic of Uruguay
8,103
,103
(thousands of pesos):
65
63
Gold. . .
277,278! 310,856
1 ,967
,956
Silver.
13,047 13,481
3,917
,968
Paid-in capital—Int'l. Bank
318
,266
1,363
Advances to State and govern897
896
ment bodies.
29,110 15,221
333
327
Other loans and discounts
154,041 113,252
744
757
Other assets
316,908 359,977
Note circulation
212,753 191,867
Deposits—Government
54,736 46,458
722
722
Other.
,415
245,181 250,522
,602
34,349
Other liabilities
278,031 323,941
,058
,399
17,338
Central Bank of Venezuela (thou,607
9,451
] 761 sands of7 bolivares):
,510
4,510
900
Gold
557,408 557,408 557,080
,668
41,289
,325
Foreign exchange (net)
94,278 80,131 56,182
,273
9,328
,257
Other assets
83,449 77,993 31,578
15,753
900
,552
Note circulation—Central Bank.
495,612 495,669 421 ,482
National banks.
7,261
4,335
4,531
Deposits
187,156 184,287 204,450
120 910 164,432
Other liabilities
48,033 31,046 11,647
20 491
National Bank of t h e K i n g d o m
2. 480
of Yugoslavia 3
67 189 45 138 Bank for I n t e r n a t i o n a l Settle697 373 622 686
m e n t s 8 (thousands of Swiss gold
121 141
865
francs):
320
684
071
85,919 89,695 79,485 123,042
Gold in bars
563
216 530
Cash on hand and on current
128 735 43 487
18,523
6,211 9,635 4,095
account with banks
3,572
Sight funds at interest
496 1,726
141
Rediscountable bills and accept30,338 34,157 36,159
6,363
ances (at cost)
16,129 19,785 10,363
5,849
Time funds at interest
197,710 190,305 237, ,118
Sundry bills and investments.
., 61,172 62,233 74,325 314,591
30,969
,870 21 ,219
Funds invested in Germany 9 . . . •91,160 291,160 291,160
9,029
,991
7,373
4,,956
Other assets
4,290 4,286
34
,796
17,721 18,071 18,093 20,730
10,413
9 ,514
Demand deposits (gold)
,639
62,562
,080
Short-term deposits (various
,707
179,255
currencies):
,461
6,304 6,038
Central banks for own account
7,818
8,080 8,113 2,989
,215
,213
6,472
Other
2,928 2,591 1,209
550
Long-term deposits: Special ac522
228,909 228,909 228,909 229,001
counts
15 ,794
,826
253,265 250,038 249,434 200,185
Other liabilities
656

504
2
292
156
3,600
141
125
2,829
967
95
467
211

1946

653

697

1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
2
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 3as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report from the central bank of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944).
see BULLETIN
for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
4
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds.
6
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
7
Beginning
October 1944, a certain amount of gold formerly
reported in the Bank's account shown separately for account of the Govern8
9
ment.
See BULLETIN for December 1936, p. 1025.
Before March 1947, included in "Sundry bills and investments."

1566



FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

United
Ger- Bel- Nether- SweKing- France many
gium lands
den
dom

In effect Dec. 31,
1937
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
Tan 25 1940
Apr 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 16, 1945. . .
Jan 20
Feb. 9
Nov. 7, 1946. .
Dec 19
Jan. 10, 1947
Aug 27
Oct. 9

3

2

2
4

4

2M

Switzerland

Rate
Nov.
30

3

2

4

3
2y2

4

3

3
2

1936
1945
1947
1940

Ireland1.
Italy
Japan
Java
Latvia

Aug. 14,
Bulgaria
Feb. 8,
Canada
Chile
3-4>| Dec. 16,
July 18,
4
Colombia
Apr. 1,
Costa Rica
3
Oct. 28,
Czechoslovakia

1946
1944
1936
1933
1939
1945

Lithuania....
Mexico
Netherlands .
NewZealand.
Norway
Peru

15, 1946
8, 1943
15, 1946
1, 1935
5, 1947

Portugal
Rumania....
South Africa.
Spain
Sweden

2y2 Oct. 9, 1947
&3
3H Apr. 9, 1940
Aug. 16, 1946
10
Oct. 29, 1947
5
Nov. 28, 1935
3

Switzerland..
Turkey
United Kingdom
U.S.S.R.. . .
Yugoslavia. .

3y2
6

3

iy2

France

2y2

2y2

Germany
Greece
Hungary
India

3

&2)|

3y2

...

In effect Nov. 30,
" l "
1947

3

Denmark
Ecuador
El Salvador...
Estonia
Finland

3y2

\y2

m

&3

2H

&3

sy2

3K

2H

Rate
Nov.
30

Date
effective

Nov. 23,
Sept. 6,
Apr. 7,
3.29 Jan. 14,
3
Feb. 17,
5
2V2

sy2

1943
1947
1936
1937
1940

July
June
June
July
Jan.
Aug.

15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
1, 1940

2H
4
3
4
2H

Jan.
May
June
Dec.
Feb.

12, 1944
8, 1944
2, 1941
1, 1938
9, 1945

1*

Nov. 26, 1936
July 1, 1938

2
4
1-4

Oct. 26, 1939
July 1, 1936
Jan. 1, 1947

6
4^

lH
5

2

2y2

2

sy2

Central
bank of—

Mar. 1,
July 3,
Aug. 27,
Nov. 8,

3

iy2

Date
effective

sy2 Mar. 21, 1940

Albania
Argentina
Austria
Belgium
Bolivia

2y2

2

Central
bank of —

2y2 IK

Jan.
June
SH Oct.
Oct.
June
4
4^
4^

NOTE.—Changes since Oct. 31: None.

OPEN-MARKET RATES
[Per cent per annum]

Germany

United Kingdom
Month

Private
discount
rate

Day-today
money

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

55
00
71
21
01
07
59
2.51
2.03
1.94
1.83
1.93
1.93

Netherlands1

Sweden

Switzerland

Loans
up to 3
months

Private
discount

Bankers'
acceptances
3 months

Treasury
bills
3 months

.67
.44
.73
.58
.55
.55
.91
3.51
1.03
1.03
1.03
1.03
1.03
1.03
.53

.55
.31
.61
.55
.53
.50
.86
3.23
1.03
1.01
1.00
1.00
1.01
1.00
.51

.75
.75
.75
2.72
1.00
1.00
1.05
1.07
1.13
1.13
.63

1946—Oct..
Nov.,
Dec.

.53
.53
.53

.51
.51
.50

.63
.63
.63

.07
.01
.21

.90
.78
.78

.25
.25
.25

1947—Jan...
Feb..
Mar..
Apr...
May.
June.
July..
Aug..
Sept..

.53
.53
.53
.53
.53
.53
.53
.53
.53

.50
.51
.51
.51
.51
.51
.51
.51
.51

.63
.63
.63
.63
.63
.63
.63
.63
.63

.44
.72
.65
.59
.45
.46
.52
.30
1.08

.77
1.46
1.19
1.11
1.08
.86
1.09
1.00
.75

.25
.25
.25
.25
.25
.25
1.25
1.25
1.25

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
1946—Sept

Day-today
money
.67
.63
.78
.75

Bankers'
allowance
on deposits

Treasury
bills
3 months

Day-today
money

1.00

rat©
1.50
.50
.50
.40'
.98
.00
.00
.25
.50
.25
.25
.25
.25
.25
.25

1

The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

DECEMBER 1947




1567

COMMERCIAL BANKS
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Liabilities
Cash
reserves

Money at
call and Bills dis- Treasury
Loans to
deposit 2 Securities customers
counted receipts
short
notice

Deposits

Other
assets

Otherliabilities

Total

Demand

Time

1939—December..
1940—December..
1941—December..
1942—December..
1943—December..
1944—December..
1945—December..

274
324
366
390
^22
500
536

174
159
141
142
151
199
252

334
265
171
198
133
147
369

314
758
896
,307
,667
,523

609
771
999
,120
154
165
1,234

1,015
924
823
794
761
772
827

290
293
324
325
349
347
374

2,441
2,800
3,329
3,629
4,032
4,545
4,850

1,398
1,770
2,168
2,429
2,712
3,045
3,262

1,043
1,030
1,161
1,200
1,319
1,500
1,588

256
250
253
236
245
250
265

1946—October
November.
December..

557
574
499

312
324
432

472
497
610

,629
,628
,560

1,403
1,410
1,427

944
964
994

390
433
505

5,397
5,503
5,685

3,563
3,632
3,823

1,833
1,870
1,862

310
328
342

1947—January...
February. .
March
April
May
June
July
August
September.

475
463
466
476
460
464
475
479
465

428
421
444
435
430
451
442
455
472

624
659
750
709
659
672
699
724
758

,563
,436
,317
,346
,350
,330
1,283
1,248
1,193

1,427
1,439
1,455
1,461
1,470
1,479
1,488
1,492
1,493

1,008
1,015
1,034
1,064
1,099
1,131
1,139
1,154
1,155

454
451
465
470
489
518
504
473
476

629
519

3,749
3,603
3,606
3,628
3,593
3,667
3,668
3,663
3,653

1,880
1,916
1,950
1,956
1,978
1,992
1,975
1,965
1,962

348
364
374
376
386
386
386
396
397

5,583
5,571
5,658
5,644
5,628
5,615

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.
1945—December.

292
323
356
387
471
550
694

53
40
32
31
48
92
251

1,088
1,108
1,169
1,168
1,156
1,211
1,274

132
159
168
231
250
214
227

1,646
1,531
1,759
2,293
2,940
3,611
4,038

612
570
653
657
744
782
869

85
80
71
60
42
34
26

2,774
2,805
3,105
3,657
4,395
5,137
5,941

1,033
1,163
1,436
1,984
2,447
2,714
3,076

1,741
1,641
1,669
1,673
1,948
2,423
2,865

963
846
962
1,049
1,172
1,289
1,386

1946—October...
November.
December.
1947—January..
February.
March....
April

699
730
753

97
117
136

1,341
1,476
1,507

126
128
132

4,471
4,496
4,232

959
931
1,039

22
22
21

6,201
6,362
6,252

2,724
2,902
2,783

3,477
3,460
3,469

1,470
1,493
1,525

689
635
695
719
631
637
645
670
663

134
155
121
97
81
106
99
82
83

1,481
1,506
1,555
1,628
1,664
1,709
1,761
1,805
2,027

134
126
195
142
113
126
119
116
113

4,369
4,264
4,239
4,349
4,162
4,131
4,110
4,109
3,963

960
1,066
993
1,035
998
1,041
1,036
1,014
933

21
21
21
21
20
20
20
19
19

6,233
6,171
6,188
6,356
6,066
6,152
6,170
6,186
6,193

2,700
2,585
2,569
2,719
2,383
2,508
2,481
2,412
2,387

3,533
3,586
3,619
3,637
3,682
3,644
3,690
3,774
3,806

1,514
1,558
1,590
1,594
1,563
1,578
1,580
1,591
1,570

June
July
August .. .
September

Assets

France

(4 large banks. End
of monthfiguresin
millions of francs)

Cash
reserves

Due from
banks

Bills discounted

Liabilities

Loans

Deposits

Other
assets
Total

Demand

Time

Own
acceptances

Other
liabilities

1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
1945—December

4,599
6,409
6,589
7,810
8,548
10,365
14,602

3,765
3,863
3,476
3,458
4,095
4,948
13,804

29,546
46,546
61,897
73,917
90,897
99,782
155,025

7,546
8,255
8,265
10,625
14,191
18,653
36,166

2,440
2,221
2,040
2,622
2,935
2,190
7,360

42,443
61,982
76,656
91,549
112,732
128,758
213,908

41,872
61,221
75,744
91,225
111,191
126,578
211,871

571
762
912
324
1,541
2,180
2,037

844
558
413
462
428
557
2,898

4,609
4,753
5,199
6,422
7,506
6,623
10,151

1946—August
September
October
November
December

14,830
16,553
15,505
16,909
17,943

16,991
17,723
18,389
18,423
18,919

181,770
177,269
183,716
187,560
195,177

53,861
55,935
61,262
63,941
64,933

15,676
16,319
18,618
21,116
23,392

262,160
262,130
273,488
281,576
291,894

260,461
260,366
271,672
279,703
290,004

1,699
1,765
,816
,872
,890

10,376
10,798
12,490
14,370
15,694

10,592
10,871
11,513
12,004
12,777

1947—January
February
March
Ajpril
May
June
July

17,267
16,992
19,471
18,578
17,516
27,316
21,428

20,241
19,127
20,677
20,877
20,684
20,419
20,388

195,750
197,377
203,451
202,425
209,977
196,762
208,792

67,084
66,114
66,744
69,670
68,656
73,569
79,789

18,367
18,756
20,724
21,081
22,377
22,866
24,928

295,444
294,922
305,583
306,356
311,244
312,289
324,665

293,484
292,946
303,742
303,857
308,256
309,137
321,678

,960
,976
,841
2,499
2,988
3,152
2,987

15,767
15,720
16,380
16,772
17,696
17,679
18,589

7,499
7,723
9,103
9,503
10,360
10,964
12,072

1
From September 1939 through November 1946, this table represents aggregates offiguresreported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at 1*4 Per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.

1568



FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in
Argentina
Australia
(peso)
(pound)
Year or month
Official
Free
Official Special
Export
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—November....
December. . . .
1947—January
February
March
April
May
June
July
August
September. . . .
October

Year or month

1938
1939
1940
1941
1942
1943
1944
1945
. ...
1946
1946—November....
December. . . .
1947—January
February
March
April
...
May
June
July
August
September. . . .
October

Year or month

1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—November....
December. . . .
1947—January
February
March
April
May
June
July
August
September....
October

32.597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773

389 .55
353 .38
2322.80
305.16
2
23!704' 322.80 321.27
23.704 322.80 321.50
24.732 322.80 2321.50
25.125 2322.80
25.125 322.80 3321.17
25.125
321.34
25.125
321.19
25.125
321.07
25.125
321.06
25.125
320.91
25.125
320.91
320.91
25.125
320.91
25.125
320.90
25.125
320.90
25.125
320.92
25.125
321.12
25.125
321.19
25.125

Czecho- Denslovakia mark
(koruna) (krone)
21.825
20.346
19.308

3.4674
3.4252

2

2

2

2

1.2424
3.3788 5.8438
99.419
3.3704 6.0027 25'. 1248 21.2111 2
96.018
3.3760 6.0562 5.0214
90.909 85.141
90.909 87.345
6.0575 5.0705
90.909 88.379
6.0584 5.1427
90.909 89.978
6.0586 5.1280
90.909 89.853
6.0594
5.1469
2
90.909 90.485
2.2860 6.0602 5.1802
95.198 93.288
2.2829 26.0602
2.2797
100.000 95.182
5.4 053
2.2795
100.000 95.444
5.4053
2.2790
100.000 95.078
5.4382
2.2797
100.000 95.692
5.4404
2.2822
5.4404
100.000 94.217
2.2836
5.44.05
100.000 91.901
2.2831
5.4406
100.000 91.954
2.2832
5.4406
100.000 91.592
2.2818
5.4406
100.000 91.652
2.2821
5.4406
100.000 91.998
2.2833
5.4406
100.000 90.362
2.2830
5.4406
100.000 89.989
2

FinGerHunland France many Greece Hong
Kong gary India
(mark- (franc) (reichs- (drach(rupee)
(dollar)
(peng6)
ma)
ka)
mark)
2.1567 2.8781 40.164
1.9948 2.5103 40.061
1.8710 22.0827 240.021
39.968
22.0101
2

2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060

New York for cable transfers. In cents per unit of foreign currency]
Brazil
Canada
Chile
China ColomBelBul(cruzeiro1)
(peso)
(dollar)
(yuan
gium
garia
bia
Shang(franc) Official Free
(lev) Official Free Official Export hai)
(peso)

20.876
20.877
20.869
20.867
20.866
20.866
20.866
20.866
20.865
20.862
20.862
20.861
20.861

1.9711
.8409
.8408
.8407
.8408
.8408
.8408
.8407
.8408
.8407
.8407
.8405
8407
.8407

2

.8958 30.457 19.727 36.592
.8153 27.454 19.238 33.279
.6715 22.958 18.475 30.155
224.592 219.770 30.137
30 122
30 122
30.122
30 122
30.155
30.155
30.152
30 157
30.153
30.153
30 160
30 161
30.163
30 171
30.171
30.167
30.169

R u m a - South Spain Straits
SwitzNorway Poland PortuSettle- Swegal
nia
Africa
den erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
24.566
23.226
22.709

2

2

18.860
18.835

2

4.4267
4.0375
3.7110
24.0023

20.176
24.0501
4.0501
20.161
4.0501
20.161
4.0501
20.161
4.0501
20.161
4.0412
20.161
4.0313
20.161
4.0208
20.160
4.0275
20.160
4.0161
20.160
4.0257
20 159
4.0203
20.158
20.159 : : : : : : : : 4.0240

2

.7325 484.16 5.600 56.917
.7111 440.17 10.630 51.736
.6896 397.99 29.322 46.979
398.00 9.130 247.133
398.00
46 919
398.00
398.00
399.05 2
400.50 9.132
400.50 9.132
400.50 9.132
400.63 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9,132
400.75 9.132
400.75 9.132

25.197
23.991
23.802
223.829

225.859
27.821
27.821
27.822
27.822
27.822
27.823
27.824
27.826
27.827
27.826
27.822
27.823

5.1716
5.1727
5.1668
2
5.1664

Italy
(lira)

Japan
(yen)

5.2605
5.1959
5.0407
25.0703

28.451
25.963
23.436
2
23.439

2.4434

United
Kingdom
(pound)
Official

Free

22.871
488.94
22.525 2
443 *&
22.676 403.50 383.00
2
23.210 403.50 403.18
403.50 2403.50
403.50 403.50
403 50
2403 50 3403 07
223.363
403.28
23.363
403.09
23.363
402.94
23.363
402.93
23.363
402.74
23.363
402.73
402.74
23.363
402.74
23.363
402.72
23.363
402.71
23.363
402.73
23.363
403.00
23.363
403.10
23.363

4.0000 21.360 55.953
4.0000 11.879 57.061
4.0000 26.000 57.985
2
4.0000 5.313 57.004
57.052
57.265
57.272
57.014
57.020
57.065
57.140
57.140
57.041
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
Neth- New
Mex- erlands
Zeaico
land
(peso) (guild(pound)
er)
22.122
19.303
18.546
20.538
20 569
20 577
20 581
20.581
20.581
20.583
20.584
20.582
20.574
20.574
20.577
20.580
20.576
20.575
20.582
20.578
20.576

55.009 392.35
53.335 354.82
53.128 306.38
322.54
322.78
324.20
324.42
2
37.933 323.46
37.813 322.63
37.789 322.48
37.789 322.36
37.789 322.35
37.789 322.20
37.788 322.20
37.757 322.20
37.760 322.20
37.751 322.18
37.760 322.18
37.753 322.20
37.751 322.41
37.762 322.48
2

Uruguay
(peso)
Controlled

Yugoslavia
Non- (dinar)
oontrolled

64.370
62.011 236.789
65.830 37.601
65.830 43.380
65.830 52.723
65.830 52.855
65.830 53.506
65.830 55.159
65.830 56.280
65.830 56.272
65.830 56.272
65.830" 56.264
65.830 56.262
65.830 56.262
65.830 56.262
65.830 56.262
65.830 56.262
65.830 56.259
65.830 56.203
65.830 56.204
65.830 56.204

2.3115
2.2716
2.2463
2.2397

2

1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
2
Average of daily rates for that part of the year during which quotations were certified.
» At the end of Juno 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
* The rate quoted after July 22, 1946, is not strictly comparable to the "free"rate shown before that date. The average for the "free" rate
for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955.
NOTB.—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 previous years, see BULLETIN for July 1947, p.
933; February 1944, p. 209; and February 1943, p. 201.

DECEMBER

1947




1569

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

Year or month

United
States
(1926 =
100)

Canada
(1926 =
100)

Mexico
(1929 =
100)

United
Kingdom
(1930 =
100)

France
(1938 =
100)

Italy
(1938 =
100)i

Japan
(1933 =
100)

Netherlands
(July 1938June 1939
= 100)

Sweden
(1935 =
100)

2 126

Switzerland
(July 1914
= 100)

1926..

100

100

2 124

106

132

150

1933 .
1934.
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

66
75
80
81
86
79
77
79
87
99
103
104
106
121

67
72
72
75
85
79
75
83
90
96
100
103
104
109

90
95
95
101
119
126
127
128
136
148
182
227
247
286

86
88
89
94
109
101
103
137
153
159
163
166
169
175

61
58
52
63
89
100
105
139
171
201
234
265
375
648

67
65
72
80
94
100
104
121
136
153

100
99
103
110
133
140
155
173
183
197
209
233
296
1,406

89
90
87
91
108
102
105
131
150
157
160
164
181
251

2

90
2 96
100
102
114
111
115
146
172
189
196
196
194
186

91
90
90
96
111
107
111
143
184
210
218
223
221
215

1946—November
December

140
141

111
112

309
313

179
180

3,376
3,677

1,948
2,063

264
266

190
192

219
219

1947—January
February
March
April
May
June
July
August
September
October

142
145
150
148
147
148
151
154
157
159

114
118
120
123
125
128
129
131
134

312
310
305
300
299
297
293
292
298
304

182
183
184
187
189
190
193
194
• 195
199

806
842
867
882
860
847
946
904
882
998
Pl.090

3,754
3,891
4,139
4,533
5,203
5,329
*5,779
*>5,876

2,120
2,120
2,144
2,617
2,848
2,946
4,221
5,347

267
268
269
268
268
270
272
271
P273

194
195
196
197
198
199
199
199
200

219
219
220
221
221
222
223
223
224
P230

. . . .

. . . .

P139

144

P Preliminary.
1
The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities.
The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1933-1942 are derived from
old index.
2
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for July 1947, p. 934; 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]
United States
(1926 = 100)
Year or month

United Kingdom
(1930 = 100)

Canada
(1926 = 100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods

Farm
products

Foods

Other
commodities

Farm
products

1926...

100

100

100

100

100

100

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

51
65
79.
81
86
69
65
68
82
106
123
123
128
149

61
71
84
82
86
74
70
71
83
100
107
105
106
131

71
78
78
80
85
82
81
83
89
96
97
99
100
110

51
59
64
69
87
74
64
68
73
85
98
107
110
112

57
64
66
71
84
73
67
75
82
90
99
104
106
109

1946—November
December
1947—January.
February
March
April
May
June
July
August
September
October

170
168

165
160

121
125

114
114

165
170
183
177
176
178
181
182
186
190

156
162
168
162
160
162
167
172
179
178

128
129
131
132
132
131
133
136
138
140

Netherlands
(July 1938-June 1939
Industrial raw
products

100)

Industrial
finished
products

Foods

Industrial
products

70
73
73
74
81
78
75
82
89
92
93
94
94
99

83
85
87
92
102
97
97
133
146
158
160
158
158
158

87
90
90
96
112
104
106
138
156
160
164
170
175
184

103
121
140
157
157
159
172
200

112
163
177
175
174
179
193
282

104
126
148
154
159
163
184
261

113
113

101
102

157
156

191
193

218
217

299
308

271
272

114
116
116
117
119
119
120
120
120

115
119
124
126
128
129
131
133
134

104
107
108
112
113
116
116*
117
123

313
312
312
316
321
323
337
338

273
274
274
274
275
277
276
276

P139

196
197
198
200
203
203
207
209
••213
218

218
218
220
215
206
205
207
204

P123

157
158
158
163
165
166
168
167
165
167

P128

Foods

r
P Preliminary.
Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.

1570



FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN

PK1JN CIPAL

COUNTRIES—Continued

RETAIL FOOD PRICES
[Index numbers]
United
United
CanKing- France
States
ada
dom
(1938
(1935-39 (1935-39 (June 17 = 100)
= 100)
= 100)
1947
= 100)i

Year or
month

1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

COST OF LIVING
[Index numbers]

....

101
105
98
95
97
106
124
138
136
139
160

98
103
104
101
106
116
127
131
131
133
140

130
139
141
141
164
168
161
166
168
170
169

100
108
129
149
174
224
275
377
645

1946—November.
December.

188
186

147
146

168
168

851
861

1947-January...
February..
March....
April.....
May . . . .
June
July
Au g u s t . . . .
September.
October...

184
182
190
188
188
191
193
197
204
202

146
147
149
152
155
158
160
161
165
P171

168
168
169
168
162
i 161
i 101
99
100

847
851
833
830
883
941
974
1 089
J>1,187
PI 309

....
....
....

Nether-

Switzer-

United

lands l a n d
(1911-13 (June
= 100) 1914
= 100)

= 100)i

120
130
130
132
146
175
200
211
215
215
210

1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

216
216

1946-November.
December.

152
153

216 1947-January...
February..
215
March. . . .
216
April
..
216
May
220
222
June
July
221
222
August....
September.
222
P229
October...

153
153
156
156
156
157
158

120

127
130
130
150
177
191
198

Switz-

United
CanK i n g - F r a n c e N e t h e r - erStates
ada
dom
lands
land
(1938
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
= 100)
= 100)
1947
= 100)
1914

Year or
month

99

....

98

124

147
154
156
158
184
199
200
199
201
203
204

100
108
129
150
175
224
285
393
645

127
127

203
204

856
865

212
212

127
128
- 129
131

204
203
204
203
203
1203
1101
100
101
P101

856
858
838
837
886
935
965
1,068

212
212
212
213
216
217
217
218
218
P223

103
101
99
100
105
117
124
126

101
102
102
106
112
117
118
119

128

119

139

133
135
136
137
139
PU2

160

164
164

= 100)
2

P1,157

Pl.268

132
137
139
140
154
175
187
195

130
137
137
138
151
174
193
203
208
209
208

P Preliminary.
1 The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 is
also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August
1947, p. 255.
2
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources— See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]

Bonds
United
States*
(derived
price)

Year or month

Number of issues. . .
1939
1940
1941
1942
1943
1944
1945
1946

,

15

United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 = 100)
(2)

Common stocks
France
(1938=100)

Nether-

50

13

87

113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4

98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2

112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1

114.2
114.2
143.4
146.4
146.6
150.5
152.1
144.6

1946—November. . .
December

121.6
121.5

117.6
117.6

134.6
134.7

141.0
142.6

1947—January
February....
March
April..;:....
May
June
July
August
September...
October

122.6
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120 0

117.8
118.1
118.2
117.9
118.2
118.6
119.3
119.2
119.0
P118.8

135.0
134.0
133.3
132.6
132.9
132.1
131.1
126.4
126.4
128.0

142,1
140.8
139.8
138.6
136.9
135.4
131.1
P128.6
P125.2
P122.O

7
8

lands*

United
States
(1935-39
= 100)

Canada 4
(1935-39
= 100)

402

United
NetherFrance 5
lands'*
Kingdom (December
(1926 = 100) 1938 = 100) (1938=100)

100

278

109.0

94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9

77.4
67.5
64.2
83.5
83.8
99.6
115.7

75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2

112
7
140
8 308
479
540
551
694
875

106.6
106.9

120.6
125,5

102.5
106.4

95.3
97.8

1 nan
l ,244

109.0
106.9
105.9
104.3
104.6
105.0
105.3
106.3

125.2
128.7
123.7
119.3
115.2
119.1
126.0
124.5
123.1
125.1

106.2
109.4
106.4
104.8
104.4
105,3
107.4
105.5
104.1
P105.5

98.6
96.7
96.9
96.6
97.9
97.5
98.2
92.2
88.7
9 3

,068
,028
L.103
L,017
1,003
1,124
1,135
1,265
1,298
1,245

5 295

p
V
V

37

170.0
180.1
179.5
183.6
201.9
203.0
201.4
203.4

p1 Preliminary.
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United
States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter
on the capitalized yield as calculated on the 15th of every month.
3
Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative
bond4 for each group. The average yield in the base period (January-March 1937) was 3.39 per cent.
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
5
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies
abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
6
This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average
of daily
quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
7
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
DECEMBER 1947




1571

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M . S. SZYMCZAK

ERNEST G. DRAPER
R. M. EVANS

Assistant
to the Chairman

ELLIOTT THURSTON,

OFFICE OF THE SECRETARY

JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON

Special Adviser
to the Board of Governors

CHESTER MORRILL,

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
LOWELL MYRICK, Assistant Director

LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel DIVISION OF SECURITY LOANS
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
J. BURKE KNAPP, Assistant Director
BONNAR BROWN, Assistant Director

CARL E. PARRY, Director

DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director

DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director

FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES,
ALLAN SPROUL, Vice

Chairman
Chairman

LAWRENCE CLAYTON
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
J. N . PEYTON
RONALD RANSOM
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
LAURENCE F . WHITTEMORE
CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
PAUL W. MCCRACKEN, Associate Economist
ALFRED C. NEAL, Associate Economist
WILLIAM H. STEAD, Associate Economist
DONALD S. THOMPSON, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\et

Account
1572



DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant

Director

FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT

Vice President
W. RANDOLPH BURGESS, NEW YORK DISTRICT
DAVID E. WILLIAMS,

PHILADELPHIA DISTRICT

JOHN H . MCCOY,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

J. T. BROWN,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
JAMES H . PENICK,

ST. LOUIS DISTRICT

HENRY E. ATWOOD,

MINNEAPOLIS DISTRICT

JAMES M. KEMPER,

KANSAS CITY DISTRICT

ED H . WINTON,

DALLAS DISTRICT

RENO ODLIN,

SAN FRANCISCO DISTRICT

WALTER LICHTENSTEIN, Secretary
HERBERT

V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Chairman1
Deputy Chairman

President
First Vice President

Boston

Albert M. Creighton
Donald K. David

Laurence F. Whittemore
William Willett

New York
William I. Myers

Allan Sproul
L. R. Rounds

Philadelphia...

Thomas B. McCabe
Warren F. Whittier

Alfred H. Williams
W. J. Davis

Cleveland

George C. Brainard
Reynold E. Klages

Ray M. Gidney
Wm. H. Fletcher

Richmond

Hugh Leach
W. G. Wysor
J. S. Walden, Jr.
Charles P. McCormick

Atlanta

Frank H. Neely
J. F. Porter

W. S. McLarin, Jr.
L. M. Clark

Chicago

Clarence W. Avery
Paul G. Hoffman

C. S. Young
Charles B. Dunn

St. Louis

Russell L. Dearmont
Douglas W. Brooks

Chester C. Davis
F. Guy Hitt

Minneapolis...

Roger B. Shepard
W. D. Cochran

J. N. Peyton
O. S. Powell

Kansas City...

H. G. Leedy
Robert B. Caldwell
Henry O. Koppang
Robert L. Mehornay

Dallas

J. R. Parten
R. B. Anderson

R. R. Gilbert
W. D. Gentry

San Francisco..

Brayton Wilbur
Harry R. Wellman

C. E. Earhart
H. N. Mangels

Vice Presidents
Robert B. Harvey2
E. G. Hult
E. O. Latham
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin
A. H. Laning8

Carl B. Pitman
O A. Schlaikjer
R. F. Van Amringe
A Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
C. A. Mcllhenny1
P. M. Poorman
B. J. Lazar
Martin Morrison
Donald S. Thompson

R. L. Cherry
Claude L. Guthrie8
E. A. Kincaid

R.W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler

P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.8
Allan M. Black
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
O. M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Tohns
R. L. Mathes
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
W. N. Ambrose
D. L. Davis
J. M. Leisner8
W. L. Partner

John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin 8
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom3
Mac C. Smyth
C. R. Shaw
H. F. Slade
W. F. Volberg
O. P. Wheeler

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Branch

Federal Reserve
Bank of

Chief Officer

New York

Buffalo

I. B. Smith4

Cleveland

Cincinnati
Pittsburgh

B. J. Lazar
J. W. Kossin

Richmond

Baltimore
Charlotte

W. R. Milford
R. L. Cherry

Atlanta

Birmingham
Jacksonville
Nashville
New Orleans

P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris

Chicago

Detroit

E. C. Harris

St. Louis

Little Rock
Louisville
Memphis

C. M. Stewart
C. A. Schacht
William B. Pollard

1

Also Federal Reserve Agent.

DECEMBER

1947




'Cashier.

8

Branch

Chief Officer

Minneapolis... . Helena

R. E. Towle

Kansas C i t y . . . . Denver
Oklahoma City
Omaha

G. H. Pipkin
R. L. Mathes
L. H. Earhart

Dallas

Mac C. Smyth
W. H. Holloway
W. E. Eagle

El Paso
Houston
San Antonio

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

Also Cashier.*

4

W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw

General Manager.

1573

FEDERAL RESERVE PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the
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DIGEST OF RULINGS to October 1, 1937. Digests of

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BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staflf. August 1941; reprinted March
1947. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.

Statistics of

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound), as listed on page 1577.
PROVISIONS OF STATE LAWS RELATING TO BANK RE-

SERVES as of December 31, 1944. 1945. 30 pages.
MONETARY AND BANKING REFORM IN PARAGUAY.

Includes translation of laws, accompanying reports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE

(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-

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POSTWAR ECONOMIC STUDIES. (8 pamphlets.)

No.
No.
No.
No.
No.
No.

1.
2.
3.
4.
5.
6.

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Prices, Wages, and Employment.
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* No. 8. Federal Reserve Policy.
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* DEBITS AND CLEARINGS STATISTICS, THEIR BACKGROUND AND INTERPRETATION. 25 cents per copy;

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REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.

PERIODICAL RELEASES
WEEKLY
CONDITION OF THE FEDERAL RESERVE BANKS
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES
DEPARTMENT STORE SALES, BY CITIES
WEEKLY DEPARTMENT STORE SALES
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY REVIEW OF PERIODICALS

FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.

Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.

1574




Individual regulations

with amendments.

SEMIMONTHLY
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
BANKS
11

Available early in 1948.
FEDERAL RESERVE BULLETIN

FEDERAL RESERVE

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SEMIANNUAL

MONTHLY
FEDERAL RESERVE BULLETIN.

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BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS E X CEPT INTERBANK ACCOUNTS

CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS
CREDITS

OF INDUSTRIAL

BANKS
CONSUMER

INSTALMENT

CREDITS

OF INDUSTRIAL

LOAN COMPANIES
CONSUMER INSTALMENT LOANS
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DEPARTMENT STORE SALES (Indexes and Compari-

sons with Previous Year)
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FOREIGN EXCHANGE RATES
INTERDISTRICT SETTLEMENT FUND
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN-MARKET MONEY RATES IN N E W YORK CITY
RETAIL FURNITURE REPORT
RETAIL INSTALMENT CREDIT
SALES FINANCE COMPANIES
SELECTED LIST OF ADDITIONS TO THE RESEARCH L I BRARY
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RESERVE BANKS (Also annual list)
DECEMBER 1947




UNIFIED COMMERCIAL BANKING SYSTEM FOR THE

UNITED STATES.

March 1933. 21 pages.

MEMBER BANK STATISTICS. November

1935.

28

pages.
BER 31, 1935. August 1937. 33 pages.

CONSUMER CREDIT

INSTALMENT

CONSTITUTIONALITY OF LEGISLATION PROVIDING A

ANALYSES OF THE BANKING STRUCTURE AS OF DECEM-

BUSINESS INDEXES

CONSUMER

REPRINTS
(From Federal Reserve Bulletin except as otherwise indicated)

T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS
IN

THE UNITED

STATES. November

1938.

20

PROBLEMS OF BANKING AND BANK SUPERVISION.

Ex-

pages.
cerpts from the Board's 1938 ANNUAL REPORT.
33 pages.
MONETARY MEASURES AND OBJECTIVES.

From Sep-

tember 1937, April 1939, and May 1939 issues
of BULLETIN.

8 pages.

T H E GOLD PROBLEM TODAY, by E. A. Goldenweiser.

January 1940. 4 pages.
T H E PAR COLLECTION SYSTEM OF THE FEDERAL R E -

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8 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL R E -

SERVE POLICY, by Arthur Hersey.
11 pages.

April 1940.

CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM,

by E. A. Goldenweiser.

May 1940. 5 pages.

GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank

R. Garfield.

June 1940. 7 pages.

GOLD RESERVES OF CENTRAL BANKS AND GOVERN-

MENTS. September 1940. 18 pages.
MEASUREMENT OF PRODUCTION, by Woodlief Thomas

and Maxwell R. Conklin.
pages. •

September 1940. 16

1575

FEDERAL RESERVE

PUBLICATIONS

FEDERAL RESERVE BANK LENDING POWER NOT D E - A NATIONAL SURVEY OF LIQUID ASSETS. From June,
PENDENT ON MEMBER BANK RESERVE BALANCES.
July, and August 1946 issues of BULLETIN. 26

February 1941. 2 pages.

pages.

ADJUSTMENT FOR SEASONAL VARIATION, by H . C.

INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY

Barton, Jr. Description of method used by Board
in adjusting economic data for seasonal variation.
June 1941. 11 pages.

ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45,

COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER

MAJOR DEPARTMENTS. August 1946. 4 pages.

by Doris P. Warner and Albert R. Koch. September 1946. 8 pages.

BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages.

LIQUID ASSETS AND EXPENDITURE PLANS OF FARM

POSTWAR INTERNATIONAL MONETARY STABILIZATION.

FINANCIAL DEVELOPMENTS AMONG LARGE MANU-

June 1943. 21 pages.

OPERATORS.
FACTURING

FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION.

From August 1940, September 1941, and October
1943 issues of BULLETIN with supplementary data.
October 1943. 120 pages.
REVISED INDEX OF DEPARTMENT STORE SALES.

June

1944. 20 pages.

September 1946. 2 pages.
CORPORATIONS,

1945, by

Warner and Albert R. Koch.
9 pages.
ECONOMIC

CONDITIONS

Marriner S. Eccles.
INTERNATIONAL

weiser and Alice Bourneuf.
21 pages.

1946.

P.

AND PUBLIC

POLICY,

by

November 1946. 6 pages.

TRANSACTIONS

OF THE UNITED

STATES IN THE FIRST POSTWAR YEAR.

BRETTON WOODS AGREEMENTS, by E. A. Golden-

Doris

October 1946.

December

14 pages.

September 1944.

T H E POSTWAR FINANCIAL POSITION OF BUSINESS, by

REVISED WEEKLY INDEX OF DEPARTMENT STORE

Albert R. Koch and Eleanor J. Stock well. December 1946. 10 pages.

SALES. September 1944. 2 pages.

BUSINESS LOANS OF MEMBER BANKS, by Albert R.

MONETARY AND CREDIT AGREEMENTS ENTERED INTO

AT BRETTON WOODS, by M. S. Szymczak.

Koch. March 1947. 11 pages.

April

COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-

ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28,

MENT FINANCING, by Frieda Baird. March 1947.
6 pages.

1945. 7 pages.
by Mary S. Painter.

September 1945. 2 pages.

SURVEYS OF LIQUID ASSET HOLDINGS.

September

1945. 7 pages.
FINANCIAL DEVELOPMENTS IN MANUFACTURING AND

TRADE IN 1944, by Doris P. Warner.
1945. 6 pages.

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.

Young and Duncan McC. Holthausen.
1947. 9 pages.

March

December

METHODS OF RESTRICTING MONETIZATION OF PUBLIC

T H E UNITED KINGDOM AND POSTWAR INTERNATIONAL

DEBT BY BANKS. April 1947. 4 pages.
N E W GUATEMALAN BANK LAW, by David L. Grove.

TRADE; ANGLO-AMERICAN TRADE AND FINANCIAL
NEGOTIATIONS; BRITISH W H I T E PAPER PUBLISHED
IN

CONNECTION

WITH

NANCIAL AGREEMENT.

ANGLO-AMERICAN

FI-

January 1946. 28 pages.

ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS.

April 1946. 12 pages.

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS

IN 1946, by Duncan McC. Holthausen. May
1947. 20 pages.
REVISION

REVISED INDEX OF DEPARTMENT STORE STOCKS, by

Richard Youngdahl and John O. Bergelin.
1946. 25 pages.
A NATIONAL SURVEY OF LIQUID ASSETS.

June

June 1946.

7 pages.

OF WEEKLY

STATISTICS

BANKS IN LEADING CITIES.

FOR MEMBER

June-July 1947.

July 1946. 7 pages.

A NATIONAL SURVEY OF LIQUID ASSETS—PROSPEC-

SECURITY PLEDGED ON MEMBER BANK LOANS TO

BUSINESS, by Tynan Smith. June 1947. 17 pages.
FOR DURABLE GOODS AND INVESTMENTS.

1947.

SURVEY OF CONSUMER FINANCES—II. CONSUMER I N COMES AND LIQUID ASSET HOLDINGS.

VEY FINDINGS. August 1946. 12 pages.

15 pages.




June

17 pages.

TIVE SPENDING AND SAVING AND SUMMARY OF SUR-

1576

9

pages.

SURVEY OF CONSUMER FINANCES—I. EXPENDITURES

A NATIONAL SURVEY OF LIQUID ASSETS—DISTRIBU-

TION ACCORDING TO INCOME.

April 1947 BULLETIN with translation of new
Bank Law. 39 pages.

July 1947.

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE PUBLICATIONS
SURVEY OF CONSUMER FINANCES—III. CONSUMER
SAVING IN 1946 AND OWNERSHIP OF SELECTED

NONLIQUID ASSETS.

August 1947. 12 pages.

SURVEY OF CONSUMER FINANCES.

From the June,

July, and August 1947 issues of BULLETIN. 44
pages.
RETAIL CREDIT SURVEY—1946.

From July 1947

BULLETIN with supplementary information for
nine separate trades. 40 pages. (Also, RETAIL
CREDIT

SURVEY—1942,

1943, 1944, and

1945.

by Herman Koenig and Tynan Smith.
ber 1947. 8 pages.
THE

Decem-

STRUCTURE OF INTEREST RATES ON COMMER-

CIAL BANK LOANS TO FARMERS, by Richard Young-

dahl. December 1947. 10 pages.
BANKING AND MONETARY STATISTICS. Limited sup-

ply from unbound editions of this 979-page
volume published in 1943, separate sections as
follows:

From the July 1943, June 1944, May 1945, and 1. General Statistics of all Banks in the United
States. 54 pages.
June 1946 BULLETIN, with supplementary infor2. Assets and Liabilities of all Member Banks. 43
mation for separate trades.)
pages.
T H E STRUCTURE OF INTEREST RATES ON BUSINESS
3. Assets and Liabilities of Insured Banks. 8 pages.
LOANS AT MEMBER BANKS, by Richard Youngdahl.
4. Assets and Liabilities of Weekly Reporting
July 1947. 17 pages.
Member Banks in Leading Cities. 70 pages.
MEMBER BANK LOANS TO SMALL BUSINESS, by
Charles H . Schmidt. August 1947. 16 pages. 5. Bank Debits and Deposit Turnover. 25 pages.
6. Bank Earnings. 22 pages.
BUSINESS LOANS OF MEMBER BANKS. From March,
May, June, July, and August 1947 issues of 7. Bank Suspensions. 12 pages.
BULLETIN. 80 pages.
8. Branch, Group, and Chain Banking. 27 pages.
T H E BRITISH CRISIS. September 1947. 12 pages. 9. Federal Reserve Banks. 34 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS 10. Member Bank Reserves, Reserve Bank Credit,
and Related Items. 42 pages.
AND BUSINESSES. September 1947. 2 pages.
FINANCIAL POSITION OF MANUFACTURING AND TRADE
11. Currency. 16 pages.
IN RELATION TO SIZE AND PROFITABILITY, 1946,
12. Money Rates and Security Markets. 83 pages.
by Albert R. Koch and Charles H . Schmidt. 13. United States Government—Treasury Finance
September 1947. 12 pages.
and Government Corporations and Credit AgenREVISION OF NATIONAL INCOME AND PRODUCT STAcies. 14 pages.
TISTICS. September 1947. 12 pages.
14. Gold. 23 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
15. International Financial Statistics. 125 pages.
Knapp and F. M. Tamagna. September 1947. 8
Part II. Member Bank Statistics by Federal Reserve
pages.
Districts. 253 pages.
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T. Allen.
pages.

October 1947. 13

The statistics given in the foregoing sections of
BANKING AND MONETARY STATISTICS include data

compiled by various agencies, governmental and
private, and cover the period ending in 1941 and
T H E CURRENT INFLATION PROBLEM—CAUSES AND extending back in many cases to 1914 and in a
CONTROLS, by Marriner S. Eccles. December few cases to an earlier date. The introduction to
each section summarizes the history, source, and
1947. 8 pages.
method of compilation of the data, and gives some
FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by
indication of the purposes for which they may be
Philip T . Allen. December 1947. 6 pages.
used.
FARM PRODUCTION LOANS AT COMMERCIAL BANKS,
FINANCIAL POSITION AND BUYING PLANS OF CON-

SUMERS, July 1947. October 1947. 4 pages.

DECEMBER 1947




1577




FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

=
if
$
•

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES

OCTOBER I. 1948
BOARD OF eOVERNOrtS OF THE FEDERAL RESERVE SYSTEM:

INDEX TO VOLUME 33
Pages

Acceptances', bankers:
Buying rates
44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Open-market rates on
63, 181, 301, 431, 571,
721, 885, 1007, 1141, 1279, 1397, 1519
Outstanding
62, 180, 300, 430, 570,
720, 884, 1006, 1140, 1278, 1396, 1518
Addresses:
Postwar bank credit problems, by Mr. Eccles
before National Association of Supervisors of
State Banks
1207
Our stake in German economic recovery, by
M. S. Szymczak
681
Admissions of State banks to membership in Federal
Reserve System
37, 155, 275, 405, 545,
696, 853, 982, 1116, 1254, 1372, 1493
Agnew, John, suit regarding removal as bank director, order sustained by United States Supreme
Court
30
Agricultural loans:
Insured commercial banks
56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512
Survey of: (See Commercial bank loans to
farmers)
Agriculture:
Balance sheet of, 1947
1357
Conditions in France and Italy
355
Crop reports
80, 1034, 1173, 1311, 1429, 1551
Position in mid-1947
939
United Kingdom, program outlined
1080
Albania:
Discount rate of Central Bank.. 107, 227, 345, 479,
627, 767, 931, 1059, 1189, 1331, 1445, 1567
Allen, Philip T.: (See Staff of Board)
American Statistical Association, paper on values
and limitations of consumer financial surveys for
economic research presented before
244
American zone of Germany, central banking laws
for
130
Anglo-American Financial Agreement, provisions discussed in article on sterling in multilateral trade... 1083
Annual reports:
Balance sheet of agriculture, 1947
1357
Bank for International Settlements
1228
Bank of Canada
392
Board of Governors, publication of
696
Council of Economic Advisers
13
National Supervisory Council on International
Monetary and Financial Problems
836
Argentina:
Central Bank of:
Condition
104, 224, 342, 476, 624,
764, 928, 1056, 1186, 1328, 1442, 1564
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Articles: (See Special articles)
Asia:
International capital transactions
98, 218, 336,
470, 618, 758, 922, 1050, 1180, 1322, 1436, 1558
Assets, liquid: (See Liquid assets)
Assets and liabilities:
All member banks:
December 31, 1946, by class of bank
464
June 30, 1947, by class of bank
1317
DECEMBER

1947




Pages

Assets and liabilities—Continued.
Commercial banks in United Kingdom, Canada,
and France
108, 228, 346, 480, 628,
768, 932, 1060, 1190, 1332, 1446, 1568
Federal Reserve Banks:
All banks
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Each bank
46, 164, 284, 414, 554,
704, 862, 990, 1124, 1262, 1380, 1502
Foreign central banks
103, 223, 341, 475, 623,
763, 927, 1055, 1185, 1327, 1441, 1563
Government corporations and credit agencies
70,
188, 308, 438, 578, 728,
892, 1014, 1148, 1286, 1404, 1526
Insured commercial banks in the United States
and possessions
465, 1316
International capital transactions of United
States
100, 220, 338, 472, 620,
760, 924, 1052, 1182, 1324, 1438, 1560
Australia:
Commonwealth Bank of:
Condition
104, 224, 342, 476, 624,
764, 928, 1056, 1186, 1328, 1442, 1564
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Automobile appraisal guides:
Applicability to 1947 model automobiles
694
Designation by Board under Regulation W
28
Automobile license taxes and fees, effect on appraisal
guide value under Regulation W
270
Avery, Clarence W., appointed Class C director at
Chicago and designated Chairman and Federal Reserve Agent
275
Bainer, John D., elected Class A director at Cleveland
853
Baird, Frieda: (See Staff of Board)
Bank credit:
Current statistics for Federal Reserve chart
book
90, 207, 327, 458, 598,
748, 912, 1035, 1169, 1307, 1425, 1547
Discussion of
775
Expansion, discussion of
1341
National summery of business conditions
39,
157, 277, 407, 547, 698,
855, 984, 1118, 1256, 1374, 1495
Policy during the inflation, joint statement issued
by bank supervisory agencies
1465
Postwar problems, address by Mr. Eccles
1207
Postwar revival in bank lending
235
Bank debits : (See Debits to deposit accounts)
Bank deposits : (See Deposits)
Bank for International Settlements:
Annual report of
1228
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Bank loans: (See Loans; Loans and investments)
Bank premises:
Buildings of Federal Reserve branch banks,
amendment to Section 10 of Federal Reserve
Act on cost of
979
Federal Reserve Banks
47, 165, 285, 415, 555,
705, 863, 991, 1125, 1263, 1381, 1503

1579

INDEX TO VOLUME 33
Pages

Pages

Bland, W. T., appointed director at Jacksonville
275
Bank premises—Continued.
Member banks
464, 1317 Board of Governors:
Annual report, publication of
696
Bank suspensions:
Assessment for expenses of
1044
Number and deposits
53, 171, 291, 421, 561,
Members:
711, 869, 997, 1131, 1269, 1387, 1509
Bankers' acceptances: (See Acceptances, bankers')
Clayton, Lawrence, appointed for unexpired
portion of term
155
Bankers' balances:
Insured commercial banks
57, 175, 295, 425, 565,
Eccles, M. S.:
715, 873, 1001, 1135, 1273, 1391, 1513
Address on postwar bank credit problems
Weekly reporting member banks:
before National Association of SuperBy Federal Reserve districts
61,
visors of State Banks
1207
179, 299, 429, 569, 719,
Current inflation problem—causes and
877, 1005, 1139, 1277, 1395, 1517
controls, statement before Joint ComN e w York City and outside... .59, 177, 297, 427,
mittee on Economic Report
1455
567, 717, 875, 1003, 1137, 1275, 1393, 1515
Inflationary aspects of housing finance,
Banking:
statement before Joint Committee on
Developments and monetary expansion, discusEconomic Report
1463
sion of
1341
Statement regarding economic condiFunds, foreign, increase in United States
97, 217,
tions during past year
149
335, 469, 617, 757, 921, 1049, 1179, 1321, 1435, 1557
Statement to House Banking and CurOffices:
rency Committee on methods of reChanges in number of
211, 1175
stricting monetization of public debt
Number of
93, 210, 330, 461, 601,
by banks
402
751, 916, 1040, 1174, 1314, 1430, 1552
Statement before Banking and Currency
Banking studies, copies of reprint available for
Committee of Senate on Federal Redistribution
274
serve guarantee of business loans made
Banks:
by chartered banks
521
Consolidations
211, 1175
Statement to Banking and Currency
Committees of Senate and House on
Government securities held by
68, 186, 306, 436,
legislation for continuing regulation
576, 726, 890, 1012, 1146, 1284, 1402, 1524
Number of:
of consumer credit
827
By districts and by States... .93, 210, 330, 461,
Evans, R. M., statement before Banking and
Currency Committee of Senate on pro601, 751, 916, 1040, 1174, 1314, 1430, 1552
posed regulation of consumer instalment
By States on December 31, 1946
752
Call dates
54, 172, 292, 422, 562,
credit
1466
712, 870, 998, 1132, 1270, 1388, 1510
Ransom, Ronald, death of
1493
Changes
211, 1175
Szymczak, M. S., text of speech on our stake
in German economic recovery
681
Suspensions
53, 171, 291, 421, 561,
Members and officers, list.... 112, 232, 350, 484, 632,
711, 869, 997, 1131, 1269, 1387, 1509
772, 936, 1064, 1194, 1336, 1450, 1572
Banks for cooperatives:
Publications of
1066, 1196, 1338, 1452, 1574
Loans by
70, 188, 308, 438, 578,
Staff: (See Staff of Board)
728, 892, 1014, 1148, 1286, 1404, 1526
Batson, E. O., appointed director at New Orleans
853 Bolivia:
Central Bank of:
Belgian Congo:
Condition
104, 224, 342, 476, 624,
Gold production
96, 216, 334, 468, 616,
764, 928, 1056, 1186, 1328, 1442, 1564
756, 920, 1048, 1178, 1320, 1434, 1556
Discount rate
107, 227, 345, 479, 627,
Belgium:
767, 931, 1059, 1189, 1331, 1445, 1567
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569 Bond yields:
Discussion of
783, 1495
Gold movements
96, 216, 334, 468, 616,
Government, municipal, and corporate.. .63, 181, 301,
756, 920, 1048, 1178, 1320, 1434, 1556
431, 571, 721, 885, 1007, 1141, 1279, 1397, 1519
National Bank of:
Condition
104, 224, 342, 476, 624, Bonds:
New security issues
64, 182, 302, 432, 572,
764, 928, 1056, 1186, 1328, 1442, 1564
722, 886, 1008, 1142, 1280, 1398, 1520
Discount rate
107, 227, 345, 479, 627,
Prices in principal countries. .111, 231, 349, 483, 631,
767, 931, 1059, 1189, 1331, 1445, 1567
771, 935. 1063, 1193, 1335, 1449, 1571
Gold reserves
95, 215, 333, 467, 615,
Prices in United States
64, 182, 302, 432, 572,
755, 919, 1047, 1177, 1319, 1433, 1555
722, 886, 1008, 1142, 1280, 1398, 1520
Bills discounted by Federal Reserve Banks:
United States savings, sales, and redemptions.... 67,
All banks combined
43, 161, 281, 411, 551,
185, 305, 435, 575, 725, 889, 1011,
701, 859, 987, 1121, 1259, 1377, 1499
1145, 1283, 1401, 1523
Each bank
46, 164, 284, 414, 554,
(See also Government securities)
704, 862, 990, 1124, 1262, 1380, 1502 Borrowings:
Maturity distribution
45, 163, 283, 413, 553,
Insured commercial banks
57, 175, 295, 425, 565,
703, 861, 989, 1123, 1261, 1379, 1501
715, 873, 1001, 1135, 1273, 1391, 1513
Member and nonmember banks
45, 163, 283, 413,
Member banks at Federal Reserve Banks..49, 167,
553, 703, 861, 989, 1123, 1261, 1379, 1501
287, 417, 557, 707, 865, 993, 1127, 1265, 1383, 1505

1580




FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Pages

Canada—Continued.
Borrowings—Continued.
Bank of:
Weekly reporting member banks:
Condition
103, 223, 341, 475, 623,
By Federal Reserve districts. .61, 179, 299, 429,
763, 927, 1055, 1185, 1327, 1441, 1563
569, 719, 877, 1005, 1139, 1277, 1395, 1517
Discount rate
107, 227, 345, 479, 627,
New York City and outside... .59, 177, 297, 427,
767, 931, 1059, 1189, 1331, 1445, 1567
567, 717, 875, 1003, 1137, 1275, 1393, 1515
Gold reserves
95, 215, 333t 467, 615,
Branch banks:
755, 919, 1045, 1177, 1319, 1433, 1555
Changes in number of
211, 1175
Commercial banks, assets and liabilities
108,
Federal Reserve System:
228, 346, 480, 628, 768,
Buildings, cost of, amendment to Section 10
932, 1060, 1190, 1332, 1446, 1568
of Federal Reserve Act
979
Cost of living, index numbers. .111, 231, 349, 483,
Directors: (See Directors)
Managing officers
113, 233, 351, 485, 633,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
773, 937, 1065, 1195, 1337, 1451, 1573
Foreign exchange rates
109, 229, 347, 481, 629,
Group banks, December 31, 1945
462
769, 933, 1061, 1191, 1333, 1447, 1569
Number in operation, by States
752
Gold movements
96, 216, 334, 468, 616,
Number of banking offices....93, 210, 330, 461, 601,
756, 920, 1048, 1178, 1320, 1434, 1556
751, 916, 1040, 1174, 1314, 1430, 1552
Gold production
96, 216, 334, 468, 616,
Brazil:
756, 920, 1048, 1178, 1320, 1434, 1556
Foreign exchange rates
109, 229, 347, 481, 629,
International capital transactions. .98, 218, 336, 470,
769, 933, 1061, 1181, 1333, 1447, 1569
618, 758, 922, 1050, 1180, 1322, 1436, 1558
Gold reserves
95, 215, 333, 467, 615,
Retail food prices
Ill, 231, 349, 483, 631,
755, 919, 1047, 1177, 1319, 1433, 1555
771, 935, 1063, 1193, 1335, 1449, 1571
Brinkley, Hugh M., appointed director at Memphis
36
Wholesale prices in
110, 230, 348, 482, 630,
British crisis, discussion of
1071
770, 934, 1062, 1192, 1334, 1448, 1570
British India: (see India)
Capital:
British white paper on economic survey for 1947.
367
Movement to United States..97, 217, 335, 469, 617,
Brokers and dealers in securities, loans to:
757, 921, 1049, 1179, 1321, 1435, 1557
Insured commercial banks
56, 174, 294, 424, 564, Capital accounts:
714, 872, 1000, 1134, 1272, 1390, 1512
Federal Reserve Banks
48, 166, 286, 416, 556,
Weekly reporting member banks:
706, 864, 992, 1126, 1264, 1382, 1504
By Federal Reserve districts.. 60, 178, 298, 428,
Insured commercial banks
57, 175, 295, 425, 565,
568, 718, 876, 1004, 1138, 1276, 1394, 1516
715, 873, 1001, 1135, 1273, 1391, 1513
New York City and outside... .58, 176, 296, 426,
Insured commercial banks in United States and
566, 716, 874, 1002, 1136, 1274, 1392, 1514
possessions
465, 1316
Brokers balances:
Member banks:
December 31, 1946
464
Movement to United States from abroad..97, 217,
June 30, 1947
1317
335, 469, 617, 757, 921, 1049, 1179, 1321, 1435, 1557
Weekly reporting member banks:
Brown, Bonnar, appointed Assistant Director of Division of Research and Statistics
1254
By Federal Reserve districts. .61, 179, 299, 429,
569, 719, 877, 1005, 1139, 1277, 1395, 1517
Brown, Edward E., elected President of Federal
New York City and outside.. .59, 177, 297, 427,
Advisory Council
275
567, 717, 875, 1003, 1137, 1275, 1393, 1515
Budget, message of President of United States for
fiscal year 1947-48
115 Cash in vaults:
Building material, supply and prices of
638
Insured commercial banks
57, 175, 295, 425, 565,
Bulgaria:
715, 873, 1001, 1135, 1273, 1391, 1513
Foreign exchange rates
109, 229, 347, 481, 629,
Weekly reporting member banks:
769, 933, 1061, 1191, 1333, 1447, 1569
By Federal Reserve districts. .61, 179, 299, 429,
National Bank of:
569, 719, 877, 1005, 1139, 1277, 1395, 1517
Discount rate
107, 227, 345, 479, 627,
New York City and outside... .59, 177, 297, 427,
767, 931, 1059, 1189, 1331, 1445, 1567
567, 717, 875, 1003, 1137, 1275, 1393, 1515
Business conditions:
Cash income and outgo of Treasury
69, 187, 307, 437,
Current statistics for Federal Reserve chart
577, 727, 891, 1013, 1147, 1285, 1403, 1525
book
90, 207, 327, 458, 598, Central banking laws for American zone of Germany
130
748, 912, 1035, 1169, 1307, 1425, 1547
National summary of
38, 156, 276, 406, 546, Central banks:
Assets and liabilities
103, 223, 341, 475, 623,
697, 854, 983, 1117, 1255, 1373, 1494
763, 927, 1055, 1185, 1327, 1441, 1563
Business expansion, financing the postwar, discusDiscount rates
107, 227, 345, 479, 627,
sion of
487
767, 931, 1059, 1189, 1331, 1445, 1567
Business indexes:
Gold reserves
95, 215, 333f 467, 615,
Monthly and yearly figures, 1919-1947
71,
755, 919, 1047, 1177, 1319, 1433, 1555
189, 309, 439, 579, 729,
893, 1015, 1149, 1287, 1405, 1527 Central reserve city banks:
Assets and liabilities:
Business loans of member banks, article by Albert
R. Koch
253
December 31, 1946
464
Cameron, D. P., director at New Orleans, death of..696
June 30, 1947
1317
Canada:
Condition of insured commercial banks..56, 174, 294,
Annual report of Bank of
392
424, 564, 714, 872, 1000, 1134, 1272, 1390, 1512
DECEMBER

1947




1581

INDEX TO VOLUME 33
Pages

Pages

Central reserve city banks—Continued.
Charts—Continued.
Deposits
50, 168, 288, 418, 558,
Labor force, employment, and unemployment
1200
708, 866, 994, 1128, 1266, 1384, 1506
Loans and investments of all commercial banks.. 1341
Earnings and expenses
528, 602, 1355
Loans at member banks, by type of loan
235
Reserves
50, 168, 288, 418, 558,
Loans at member banks in leading cities
708, 866, 994, 1128, 1266, 1384, 1506
547, 855, 1118, 1374
Reserves and borrowings
49, 167, 287, 417, 557,
Member bank reserves and related items
42, 160,
707, 865, 993, 1127, 1265, 1383, 1505
277, 280, 410, 550, 700, 858, 984, 986,
Chairmen of Federal Reserve Banks:
1120, 1256, 1258, 1374, 1376, 1496, 1498
Appointments for year
36
Member banks in leading cities.... 39, 277, 407, 698
Avery, Clarence W., designated at Chicago
275
Money supply, prices, and industrial production
Grady, Henry F., resignation at San Francisco.. 545
in France and Italy since liberation
357
List of
113, 233, 351, 485, 633,
National income
1106
773, 937, 1065, 1195, 1337, 1451, 1573
Nonfarm mortgage lending
644
Meeting on December 1 and 2
1493
Ownership of demand deposits
689
Wilbur, Brayton, designated at San Francisco.. .454
Ownership of United States Government marWysor, W. G., designated at Richmond
36
ketable public securities
786
Chart books:
Percentage change in outstanding farm mortgage
Bank credit, money rates and business, publicadebt
1363
tion of.
397
Personal savings
1108
Consumer credit
497
Positive and negative savers in 1946 by income
Current figures on bank credit, money
groups
956
rates, and business
90, 207, 327, 458, 598,
Prices
4
748, 912, 1035, 1169, 1307, 1425, 1547
Prices paid and received by farmers
943
Charts:
Principal forms of consumer saving in 1946 by
Agriculture production and prices
941
income groups
954
Annual report of Bank for International SettlePurchases and depreciation of farm automobiles,
ments—Industrial Production
1231
motor trucks, tractors and other farm, maAverage hourly earnings of workers in selected
chinery, United States 1910-1946
1349
industries
1206
Purchases of automobiles and selected durable
Average interest rate on business loans, by size
goods
652
of loan, November 20, 1946
807
Relative importance of short-term farm mortAverage interest rate on loans to farmers
1484
gage loans of banks
1480
Average weekly earnings of production workers
Retail
sales
7,
820
in manufacturing
1205
Short-term agricultural loans held by active
Bank deposits and currency
781, 1342
commercial banks, Federal and Federally sponBusiness expenditures on new plant and equipsored agencies
1365
ment
489
Spending units holding various types of liquid
Cash income and outgo of the United States
assets
796
Treasury
778
Spending units owning various types of nonCommercial and industrial loans at member
liquid assets in early 1947 by income groups
959
banks
237
Spending units showing changes in personal
Commercial bank deposits, by class of bank
1344
holdings of Government bonds and bank deCommercial bank loans
1346
posits, by income groups
654
Construction contracts awarded
406, 697,
Total liquid assets
799
983, 1255, 1494
Total loans at all commercial banks
236
Consumers' prices
39, 157, 984, 1256, 1373
Total money income
794
Corporate profits
495
Treasury receipts and expenditures.
115
Department store sales and stocks
156, 546,
Value of construction activity
38
854, 1117, 1495
Value of new construction activity
636
Department store sales, stocks, and outstanding
Volume of external trade of the United Kingorders .
10
dom
1072
Distribution of business loans, by interest rate
Volume of world trade
1235
and by size, of borrower, November 20, 1946... 806
Wholesale prices
5, 276, 407, 698, 855, 1118
Distribution of loans to farmers, by interest rate.. 1484
Wholesale prices of building materials
640
Distribution of spending units
791
Yields on Treasury and corporate securities. 784, 1350
Employees in nonagricultural establishments
1202
Farm land values and mortgage debt
950 Chile:
Central Bank of:
Farm production loans at commercial banks
1470
Condition
105, 225, 343, 477, 625,
Farm real estate, estimated value per acre
1357
765, 929, 1057, 1186, 1328, 1442, 1564
Government security holdings of banks in leadDiscount rate
107, 227, 345, 479, 627,
ing cities
157
767, 931, 1059, 1189, 1331, 1445, 1567
Gross national product
1106
Gold reserves
95, 215, 333, 467, 615,
Industrial production
2, 38, 156, 276, 406,
755, 919, 1047, 1177, 1319, 1433, 1555
546, 697, 854, 983, 1117, 1255, 1373, 1494
Foreign exchange rates
109, 229, 347, 481, 629,
Interest bearing debt of United States Govern769, 933, 1061, 1191, 1333, 1447, 1569
ment
779
1582




FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Pages

Chile—Continued.
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
China:
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Clayton, Lawrence, appointment as member of Board
of Governors
155
Clearing and collection:
Number of banks on par list, by districts and
by States
93, 210, 330, 461, 601,
751, 916, 1040, 1174, 1314, 1430, 1552
Coins:
Circulation of
51, 169, 289, 419, 559,
709, 867, 995, 1129, 1267, 1385, 1507
Colombia:
Bank of Republic of:
Condition
105, 225, 343, 477, 625,
765, 929, 1057, 1187, 1329, 1443, 1565
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Foreign exchange rates
109, 229, 347, 481, 629,
'
769, 933, 1061, 1191, 1333, 1447, 1569
Gold production
.96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Commercial bank loans to farmers:
Article by Tynan Smith and Philip T. Allen... .1216
Farm mortgage loans of commercial banks, article
by Philip T. Allen
1477
Farm production loans at commercial banks,
article by Herman Koenig and Tynan Smith.. 1469
Structure of interest rates on, article by Richard
Youngdahl
1483
Commercial banks:
Activity in consumer instalment
financing
264
Assets and liabilities in United Kingdom, Canada,
and France
108, 228, 346, 480, 628,
768, 932, 1060, 1190, 1332, 1446, 1568
Assets and liabilities of insured in United States
and possessions
465, 1316
Changes in number of
211, 1175
Condition of insured in United States by classes.... 56,
174, 294, 424, 564, 714, 872,
1000, 1134, 1272, 1390, 1512
Consumer instalment loans....85, 203, 323, 453, 593,
743, 907, 1029, 1163, 1301, 1419, 1541
Earnings of insured in United States and possessions for 1946
613
Insured home mortgages held. .79, 197, 317, 447, 587,
737f 901, 1023, 1157, 1295, 1413, 1535
Term lending to business in 1946
498
Commercial, industrial and agricultural loans of
weekly reporting member banks:
By Federal Reserve districts.. 60, 178, 298, 428, 568,
718, 876, 1004, 1138, 1276, 1394, 1516
New York City and outside... .58, 176, 296, 426, 566,
716, 874, 1002, 1136, 1274, 1392, 1514
Commercial loans:
Insured, by classes
56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512
Commercial paper:
Open-market rates o n . . . . . . . . 6 3 , 181, 301, 431, 571,
721, 885, 1007, 1141, 1279, 1397, 1519
Outstanding
62, 180, 300, 430, 570,
720, 884, 1006, 1140, 1278, 1396, 1518

Committees:
Banking and Currency of House:
Statement of Mr. Eccles on methods of restricting monetization of public debt by
banks
402
Statement of Mr. Eccles on legislation for
continuing regulation of consumer instalment credit
827
Banking and Currency of Senate:
Statement of Mr. Eccles on Federal Reserve
guarantee of business loans made by chartered banks
521
Statement by Mr. Eccles on legislation for
continuing regulation of consumer instalment credit
827
Statement by Mr. Evans on proposed regulation of consumer instalment credit
1466
Executive of Federal Open Market, members of. .275
Federal Open Market: (See Federal Open
Market Committee)
Joint Committee on Economic Report:
Statement by Mr. Eccles on current inflation problem—causes and controls
1455
Statement by Mr. Eccles on inflationary
aspects of housing
finance
1463
Commodity Credit Corporation:
Assets and liabilities
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Commodity prices:
National summary of business conditions... 39, 157,
277, 407, 547, 698, 855, 984, 1118, 1256, 1374, 1495
Comptroller of the Currency:
Bank credit policy during the inflation, joint statement issued with other bank supervisory agencies
1465
National banks authorized to purchase debentures
of International Bank for Reconstruction and
Development
852
Condition statements:
All member banks, by classes of banks
464, 1317
Commercial banks in United Kingdom, Canada,
and France
108, 228, 346, 480, 628,
768, 932, 1060, 1190, 1332, 1446, 1568
Federal Reserve Banks:
All banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Each bank
46, 164, 284, 414, 554,
704, 862, 990, 1124, 1262, 1380, 1502
Foreign central banks
103, 223, 341, 475, 623,
763, 927, 1055, 1185, 1327, 1441, 1563
Government corporations and credit agencies. .70, 188,
308, 438, 578, 728, 892, 1014, 1148, 1286, 1404, 1526
Insured commercial banks:
Classes of banks
56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512
United States and possessions.
465, 1316
Member banks in leading cities, revision of weekly
statistics
692
Weekly reporting member banks:
By Federal Reserve districts.. 60, 178, 298, 428,
568, 718, 876, 1004, 1138, 1276, 1394, 1516
New York City and outside..58, 176, 296, 426,
566, 716, 874, 1002, 1136, 1274, 1392, 1514
Conferences: (See Meetings)
Consolidations of banks
... .211, 1175

DECEMBER

1947




1583

INDEX TO VOLUME 33
Pages

Construction:
Markets in 1947, discussion of
635
National summary of business conditions.. 38, 156,
277, 406, 547, 698, 855, 983, 1118, 1255, 1374, 1494
Construction contracts awarded:
By districts
79, 197, 317, 447, 587,
737, 901, 1023, 1157, 1295, 1413, 1535
By public and private ownership.. 79, 197, 317, 447,
587, 737, 901, 1023, 1157, 1295, 1413, 1535
By type of construction
79, 197, 317, 447, 587,
737, 901, 1023, 1157, 1295, 1413, 1535
Index of value of
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Consumer credit:
Authorization to continue regulation
979
Automobile appraisal guides:
Applicability to 1947 model automobiles
694
Designated by Board under Regulation W
28
Automobile licenses, taxes, and fees under Regulation W .
270
Chart book, distribution of
497
Chart book statistics.... 1039, 1173, 1311, 1429, 1551
Commercial bank activity in consumer instalment
financing
264
Conversion of noninstalment credit to instalment
basis under Regulation W
.
28
Conviction of Consumers Home Equipment Company for violating Regulation W
532
Credits extended before December 1, 1946, ruling
under Regulation W
27
Discontinuance of controls
1356
Discussion of
240, 1347
Furniture store statistics
86, 204, 324, 454, 594,
747, 908, 1030, 1164, 1302, 1420, 1542
Instalment credits of commercial banks, by type
of credit
85,203, 323, 453, 593,
743, 907, 1029, 1163, 1301, 1419, 1541
Instalment loans
84, 202, 322, 452, 592,
742, 906, 1028, 1162, 1300, 1418, 1540
Instalment loans made by principal lending
institutions
84, 202, 322, 452, 592,
742, 906, 1028, 1162, 1300, 1418, 1540
Instalment sale credit, excluding automobile
credit
85, 203, 323, 453, 593,
743, 907, 1029, 1163, 1301, 1419, 1541
Kitchen cabinets, classification under Regulation
W
270
Preservation of records under Regulation W
28
Ratio of collections to accounts receivable.. 86, 204,
324, 454, 594, 747, 908, 1030, 1164, 1302, 1420, 1542
Regulation of:
Statement by Mr. Eccles to Banking Currency Committees of Senate and House on
Continuance of
827
Statement of Mr. Evans before Senate Banking and Currency Committee
1466
Revised series
830
Rulings made prior to revision of Regulation W,
status of
271
Sets and groups of articles, application of Regulation W to
270
Total credit, by major parts..84, 202, 322, 452, 592,
742, 906, 1028, 1162, 1300, 1418, 1540
Consumer financial surveys for economic research,
values and limitations of
244
Consumer finances, survey of:
Part I. Expenditures for durable goods and investments
647

1584




Pages

Consumer finances, survey of—Continued.
Part II. Consumer incomes and liquid asset holdings
788
Part III. Consumer saving in 1946 and ownership
of selected nonliqujd assets
951
Consumers financial position and buying plans, July
1947
1212
Consumers Home Equipment Company, conviction for
violating Regulation W
532
Consumers loans, discussion of
240
Cooperatives:
Banks for, loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Corbett, Hiram S., appointed director at El Paso
37
Corporate bonds:
Yields on
63, 181, 301, 431, 571,
721, 885, 1007, 1141, 1279, 1397, 1519
Corporate security issues:
Proposed use of proceeds:
All issuers
65, 183, 303, 433, 573,
723, 8187, 1009, 1143, 1281, 1399, 1521
Major groups of issuers. ..65, 183, 303, 433, 573,
723, 887, 1009, 1143, 1281, 1399, 1521
Corporate stocks:
Holdings of all member banks
464, 1317
Prices in United States
64, 182, 302, 432, 572,
722, 886, 1008, 1142, 1280, 1398, 1520
Cost of living:
Consumers price index for moderate income
families
86, ?04, 324, 457, 595,
745, 909, 1031, 1165, 1303, 1421, 1543
Index for principal countries..Ill, 231, 349, 483, 631,
771, 935, 1063, 1193, 1335, 1449, 1571
Index, United States
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Council of Economic Advisers, report, by
13
Country member banks:
Assets and liabilities:
December 31, 1946
464
June 30, 1947
1317
Condition, call dates
56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512
Deposits and reserves
50, 168, 288, 418, 558,
708, 866, 994, 1128, 1266, 1384, 1506
Deposits in large and small centers. .49, 167, 287, 417,
557, 707, 865, 993, 1127, 1265, 1383, 1505
Earnings and expenses
602, 605, 1355
Reserves and borrowings
49, 167, 287, 417, 557,
707, 865, 993, 1127, 1265, 1383, 1505
Court cases:
Consumers Home Equipment Company, conviction for violating Regulation W
532
Peoples Bank, Lakewood Village, California,
decision of United States Court of Appeals
for District of Columbia
532
Suit regarding removal of bank directors, order
sustained by United States Supreme Court
30
Credit:
Bank: (See Bank credit)
Consumer: (See Consumer credit)
Federal Reserve:
Chart
42, 160, 280, 410, 550,
700, 858, 986, 1120, 1258, 1376, 1498
End-of-month and Wednesday figures...43, 161,

Retail, survey for 1946

281, 411, 551, 701, 859,
987, 1121, 1259, 1377, 1499
820

FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Credits extended before December 1, 1946, ruling
under Regulation W
27
Crop reports, by Federal Reserve districts. .89, 1034, 1173,
1311, 1429, 1551
Crouch, George S., appointed director at Charlotte... .545
Currency:
Circulation, by denominations..51, 169, 289, 419, 559,
709, 867, 995, 1129, 1267, 1385, 1507
Kinds of money in circulation. .51, 169, 289, 419, 559,
709, 867, 995, 1129, 1267, 1385, 1507
Outside banks
53, 171, 291, 421, 561,
711, 869, 997, 1131, 1269, 1387, 1509
Statement concerning initial par values by International Monetary Fund
11
Treasury, outstanding
43, 161, 281, 411, 551,
701, 859, 987, 1121, 1259, 1377, 1499
Current inflation problem—causes and controls, statement of Mr. Eccles before Joint Committee on
Economic Report
1455
Customers' debit balances
62, 180, 300, 430, 570,
720, 884, 1006, 1140, 1278, 1396, 1518
Czechoslovakia:
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
David, Donald K., appointed deputy chairman at
Boston
36
Deaths:
Cameron, D. P., director at New Orleans
696
Holmes, Allen W., Class A director at Boston..853
McDowell, H. B., Class A director at Cleveland. .545
Ransom, Ronald, Vice Chairman of Board of
Governors
1493
Tillett, D. P., director at Charlotte branch
275
Debentures:
International Bank for Reconstruction and Development, purchase by State member banks...852
Debit and credit balances of stock exchange firms.... 62,
180, 300, 430, 570, 720, 884,
1006, 1140, 1278, 1396, 1518
Debits to deposit accounts:
Reporting centers, year and month
52, 170, 290,
420, 560, 710, 868, 996, 1130, 1268, 1386, 1508
Weekly reporting member banks:
By Federal Reserve districts
61, 179, 299,
429, 569, 719, 877, 1005, 1139, 1277, 1395, 1517
New York City and outside
59, 177, 297,
427, 567, 717, 875, 1003, 1137, 1275, 1393, 1515
Debt, Government:
Ownership of
777
Ownership of marketable issues
1312
Retirement program, discussion of
777
Volume and kind of securities. .67, 185, 305, 435, 575,
725, 889, 1011, 1145, 1283, 1401, 1523
Denmark:
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
National Bank of:
Condition
105, 225, 343, 477, 625,
765, 929, 1057, 1187, 1329, 1443, 1565
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
DECEMBER

1947




Pages

Department stores:
Sales:
By Federal Reserve districts and by cities.... 82,
200, 320, 450, 590, 740, 904,
1026, 1160, 1298, 1416, 1538
Index of value of
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Weekly index of
82, 200, 320, 450, 590,
740, 904, 1026, 1160, 1298, 1416, 1538
Sales, accounts receivable, and collections.. .83, 201,
321, 454, 594, 744, 908, 1030, 1164, 1302, 1420, 1542
Sales and stocks:
By Federal Reserve districts.. .82, 200, 320, 450,
590, 740, 904, 1026, 1160, 1298, 1416, 1538
By major departments.... 83, 201, 321, 451, 591,
741, 905, 1027, 1161, 1299, 1417, 1539
Sales, stocks, and outstanding orders
82, 200, 320,
450, 590, 740, 904, 1026, 1160, 1298, 1416, 1538
Stocks and orders, discussion of
9
Deposits:
Adjusted, of all banks and currency outside
banks
53, 171, 291, 421, 561,
711, 869, 997, 1131, 1269, 1387, 1509
All banks in United States, call dates...54, 172, 292,
422, 562, 712, 870, 998, 1132, 1270, 1388, 1510
Changes in, discussion ©f
.780
Federal Reserve Banks:
All banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Each bank
47, 165, 285, 415, 555,
705, 863, 991, 1125, 1263, 1381, 1503
Foreign banks, held by banks on call dates.. .57, 175,
295, 425, 565, 715, 873, 1001, 1135, 1273, 1391, 1513
Government:
Federal Reserve Banks, each bank..47, 165, 285,
415, 555, 705, 863, 991, 1125, 1263, 1381, 1503
Insured commercial banks
57, 175, 295, 425,
565, 715, 873, 1001, 1135, 1273, 1391, 1513
Weekly reporting member banks:
By Federal Reserve districts.. .61, 179, 299,
429, 569, 719, 877, 1005,
1139, 1277, 1395, 1517
New York City and outside
59, 177, 297,
426, 567, 717, 875, 1003,
1137, 1275, 1393, 1515
Group banks, December 31, 1945
462
Growth of, discussion
1342
Insured commercial banks
57, 175, 295, 425, 565,
715, 873, 1001, 1135, 1273, 1391, 1513
Member banks:
Classes of banks
50, 168, 288, 418, 558,
708, 866, 994, 1128, 1266, 1384, 1506
Country, in large and small centers. .49, 167, 287,
417, 557, 707, 865, 993, 1127, 1265, 1383, 1505
Mutual savings banks
55, 173, 293, 423, 563,
713, 871, 999, 1133, 1271, 1389, 1511
National banks
54, 172, 292, 422, 562,
712, 870, 998, 1132, 1270, 1388, 1510
Nonmember banks:
Chart
42, 160, 280, 410, 550,
700, 858, 986, 1120, 1258, 1376, 1498
Commercial banks
.55, 173, 293, 423, 563,
713, 871, 999, 1133, 1271, 1389, 1511
In Federal Reserve Banks
43, 161, 281, 411,
551, 701, 859, 987, 1121, 1259, 1377, 1499
Ownership of demand, article by Richard Hart
and Richard Youngdahl
689

1585

INDEX TO VOLUME 33
Pages

Pages

Directors, Federal Reserve Banks—Continued.
Deposits—Continued.
Wysor, W. G., designated Chairman and FedPostal savings:
eral Reserve Agent at Richmond
36
Call dates
57, 175, 295, 425, 565,
715, 873, 1001, 1135, 1273, 1391, 1513 Directors, Federal Reserve branch banks:
Appointments for year
36
Depositors' balances and assets.53, 171, 291, 421,
Batson, E. O., appointed at New Orleans
853
561, 711, 869, 997, 1131, 1269, 1387, 1509
Bland, W. T., appointed at Jacksonville
275
Rates on
44, 162, 282, 412, 552,
Brinkley, Hugh M., appointed at Memphis
36
702, 860, 988, 1122, 1260, 1378, 1500
Cameron, D. P., New Orleans Branch, death of. .696
Ratios of time to total by size of bank
1062
Corbett, Hiram S., appointed at El Paso
37
Savings:
Crouch, George S., appointed at Charlotte
545
Interest rate on
44, 162, 282, 412, 552,
Green, Rufus, appointed at Oklahoma City
37
702, 860, 988, 1122, 1260, 1378, 1500
Hershey, L. V., appointed at Baltimore
36
States and political subdivisions:
Holt, Thad, appointed at Birmingham
405
Insured commercial banks
57, 175, 295, 425,
37
565, 715, 873, 1001, 1135, 1273, 1391, 1513 Hyer, Merle G., appointed at Salt Lake City
List of
137
Suspended banks
53, 171, 291, 421, 561,
Plunkett, Ralph E., appointed at Little Rock
36
711, 869, 997, 1131, 1269, 1387, 1509
Sibley, W. A. L., appointed at Charlotte
36
Time, maximum rates on
44, 162, 282, 412, 552,
Taylor, R. B., appointed at Portland
37
702, 860, 988, 1122, 1260, 1378, 1500
Tillett, D. P., Charlotte branch, death of
275
Treasury:
Chart
42, 160, 280, 410, 550, Directors, National bank:
Agnew, John and Fayerweather, F. O., suit re700, 858, 986, 1120, 1258, 1376, 1498
garding removal of
30
With Federal Reserve Banks..43, 161, 281, 411,
551, 701, 859, 987, 1121, 1259, 1377, 1499 Directory:
Board of Governors
112, 232, 350, 484, 632,
Turnover
52, 170, 290, 420, 560,
772, 936, 1064, 1194, 1336, 1450, 1572
710, 868, 996, 1130, 1268, 1386, 1508
Federal Advisory Council... .112, 232, 350, 484, 632,
Weekly reporting member banks:
772, 936, 1064, 1194, 1336, 1450, 1572
By Federal Reserve districts.. .61, 179, 299, 429,
Federal Open Market Committee. .112, 232, 350, 484,
569, 719, 877, 1005, 1139, 1277, 1395, 1517
632, 772, 936, 1064, 1194, 1336, 1450, 1572
New York City and outside.. .59, 177, 297, 427,
Federal Reserve Banks and branches. .113, 233, 351,
567, 717, 875, 1003, 1137, 1275, 1393, 1515
485, 633, 773, 937, 1065, 1195, 1337, 1451, 1573
Deputy Chairmen of Federal Reserve Banks:
Appointments for year
36 Discount rates:
Federal Reserve Banks
44, 162, 282, 412, 552,
List of
113, 233, 351, 485, 633,
702, 860, 988, 1122, 1260, 1378, 1500
773, 937, 1065, 1195, 1337, 1451, 1573
Foreign central banks
107, 227, 345, 479, 627,
Directors, Federal Reserve Banks:
767, 931, 1059, 1189, 1331, 1445, 1567
Avery, Clarence W., appointed Class C at
Dividends:
Chicago and designated Chairman and Federal
Federal Reserve Banks
212
Reserve Agent
275
Industrial corporations
66, 184, 304, 434, 574,
Bainer, John D., elected as Class A at Cleve724, 888, 1010, 1144, 1282, 1400, 1522
land
853
Member banks 1946
602
Class C, appointments for three year term
36
Member banks, first half of 1947
1353
Classes of
136
Member banks, 1929-46
530
David, Donald K., appointed Deputy Chairman
Public utility corporations
66, 184, 304, 434, 574,
at Boston
36
724, 888, 1010, 1144, 1282, 1400, 1522
Grady, Henry F., resignation as Class C, ChairEarnings: (See also Earnings and expenses)
man and Federal Reserve Agent at San
Corporations
66, 184, 304, 434, 574,
Francisco
545
724, 888, 1010, 1144, 1282, 1400, 1522
Grede, Wm. J., elected Class B at Chicago
545
Federal Reserve Banks, transfer to Treasury of
Hodgkinson, H. D., appointed Class C at Bosexcess
518
ton
36
Production workers in manufacturing indusHoffman, Paul G., appointed Deputy Chairman
tries
77, 195, 315, 445, 585,
at Chicago
36
735, 899, 1021, 1155, 1293, 1411, 1533
Holmes, Allen W., Class A at Boston, death of.. .853
List of
136 Earnings and dividends:
Industrial corporations
66, 184, 304, 434, 574,
McCormick, Charles P., appointed Deputy Chair724, 888, 1010, 1144, 1282, 1400, 1522
man at Richmond
36
Public utility corporations
66, 184, 304, 434, 574,
McDowell, H. B., Class A at Cleveland, death of. .545
724, 888, 1010, 1144, 1282, 1400, 1522
Ruml, Beardsley, resignation as Class C at New
and expenses:
York
36 Earnings
Federal Reserve Banks:
Stamm, Earle W., elected Class A at Boston
1254
1946
212
Stettinius, Edward R., Jr., appointed Class C
First half of 1947
1044
at Richmond
853
Member banks:
Wallace, William R., Jr., appointed Class C at
1946
528, 602
San Francisco
1254
First half of year
1315, 1353
Wilbur, Bray ton, designated Chairman and Fed1929-1946
530
eral Reserve Agent at San Francisco
545 Eccles, Marriner S.: (See Board of Governors, Members)

1586




FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Pages

Economic Advisers, annual report of Council of
13
Economic conditions, statement by Chairman Eccles
on conditions during past year
149
Economic Survey of the United Kingdom for 1947.... 367
Ecuador:
Central Bank of:
Condition
105, 225, 343, 477, 625,
765, 929, 1057, 1187, 1329, 1443, 1565
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Egypt :
National Bank of:
Condition
105, 225, 343, 477, 625,
765, 929, 1057, 1187, 1329, 1443, 1565
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
El Salvador:
Central Reserve Bank of:
Condition
105, 225, 343, 477, 625,
765, 929, 1057, 1187, 1329, 1443, 1565
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Employees of member banks, number of.
602
Employment:
Discussion of
1
Factory employment:
Adjusted for seasonal variation
77, 195, 315,
445, 585, 735, 899, 1021,
1155, 1293, 1411, 1533
Business index
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Factory employment and pay rolls by industries
76, 194, 314, 444, 584,
734, 898, 1020, 1154, 1292, 1410, 1532
Labor force
1294, 1412, 1534
Manufacturing, discussion of.
1200
National summary of business conditions.. .156, 276,
546, 697, 854, 983,
1117, 1255, 1373, 1494
Nonagricultural:
Business index
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Total in each classification
78, 196, 316, 446,
586, 736, 900, 1022, 1156, 1294, 1412, 1534
United Kingdom, discussion of
1079
Employment Act of 1946, annual report by Council
of Economic Advisers submitted to President
.13
England: (See United Kingdom)
Estonia:
Discount rate of Central Bank... 107, 227, 345, 479,
627, 767-, 931, 1059, 1189, 1331, 1445, 1567
Europe:
International capital transactions.. 98, 218, 336, 470,
618, 758, 922, 1050, 1180, 1322, 1436, 1558
Evans, R. M., statement on proposed regulation of
consumer instalment credit
1466
Expenditures:
Government
116
Individuals, increase discussed
7
Treasury
69, 187, 307, 437, 577,
727, 891, 1013, 1147, 1285, 1403, 1525
(See also Earnings and expenses)
Export-Import Bank:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Exports, agricultural products, volume of
945
Factory employment: (See Employment)

Farm Credit Administration:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Farm mortgage loans of commercial banks, article
by Philip T. Allen
1477
Farm production loans at commercial banks, article
by Herman Koenig and Tynan Smith
1469
Farm products:
Wholesale price indexes:
Principal countries
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
United States
87, 205, 325, 456, 596,
746, 910, 1032, 1166, 1304, 1422, 1544
Farm, Security Administration:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Farmers, commercial bank loans to
1216, 1469, 1477, 1484
Fayerweather, F. O., suit regarding removal as bank
director, order sustained by United States Supreme
Court
30
Federal Advisory Council :
Meetings:
March 9-11
275
May 18-20
696
September 21-23
1254
November 16-18
1493
* Members:
Brown, Edward E., re-elected President
275
List of
112, 232, 350, 484, 632,
772, 936, 1064, 1194, 1336, 1450, 1572
Spencer, C. E., Jr., re-elected Vice President.275
Staff:
Lichtenstein, Walter, reappointed Secretary. .275
Prochnow, Herbert P., appointed Acting
Secretary
275
Federal Deposit Insurance Corporation:
Bank credit policy during the inflation, joint
statement issued with other bank supervisory
agencies
1465
Cancellation of stock of
980
Cooperation in survey on business loans of member banks
664
Federal Farm Mortgage Corporation:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Federal Home Loan Banks:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Federal Housing Administration :
Insured home mortgages held by banks and
others
79, 197, 317, 447, 587,
737, 901, 1023, 1157, 1295, 1413, 1535
Loans insured by
79, 197, 317, 447, 587,
737, 901, 1023, 1157, 1295, 1413, 1535
Federal Intermediate Credit Banks:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Federal Land Banks:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Federal National Mortgage Association:
Assets and liabilities
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Federal Open Market Committee:
Authorization to Federal Reserve Banks to place
weekly tenders for Treasury bills
520
Executive committee, members of
275

DECEMBER

1947




1587

INDEX TO VOLUME 33
Pages

Federal Open Market Committee—Continued.
Meetings:
February 27, 28, and March 1
275
June 5 and 6
696
October 6 and 7
1254
December 9
1493
Members:
Eccles, Marriner S., re-elected Chairman
275
Election of
275
Sproul, Allan, re-elected Vice Chairman
275
Members and officers, list.... 112, 232, 350, 484, 632,
772, 936, 1064, 1194, 1336, 1450, 1572
Federal Public Housing Authority:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Federal Register, announcement regarding
150
Federal Reserve Act:
Amendment to Section 10 on cost of Federal
Reserve branch bank buildings
979
Amendment to Section 14 (b) to authorize Federal Reserve Banks to purchase or sell Government obligations
694
Federal Reserve bank notes:
Circulation and outstanding. . .51, 169, 289, 419, 559,
709, 867, 995, 1129, 1267, 1385, 1507
Federal Reserve Bank of San Francisco
Staff:
Mangels, H. N., appointment as First Vice
President
155
Federal Reserve Banks:
Assets and liabilities of
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Branches: (See Branch banks, Federal Reserve
System)
Capital and surplus of each bank.. .48, 166, 286, 416,
556, 706, 864, 992, 1126, 1264, 1382, 1504
Chairmen: (See Chairmen)
Condition statement, each bank
46, 164, 284, 414,
554, 704, 862, 990, 1124, 1262, 1380, 1502
Deputy Chairmen, appointments for year
36
Directors (See Directors)
Earnings, transfer to Treasury of excess
518
Earnings and expenses:
1946
212
First half of 1947
1044
Government securities held by
68, 186, 306, 436,
576, 726, 890, 1012, 1146, 1284, 1402, 1524
Officers
113, 233, 351, 485, 633,
773, 937, 1065, 1195, 1337, 1451, 1573
Purchase of Government obligations by, amendment to Section 14(b) of Federal Reserve Act. .694
Federal Reserve chart book:
Bank credit, money rates and business, publication of
,
397
Consumer credit
497
Current statistics on bank credit, money rates,
and business
90, 207, 327, 458, 598,
748, 912, 1035, 1169, 1307, 1425, 1547
Federal Reserve districts, map of.. 114, 234, 352, 486, 634,
774, 938, 1070, 1198, 1340, 1454, 1578
Federal Reserve notes:
Circulation:
All banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Each bank, condition statement
47, 165, 285,
415, 555, 705, 863, 991, 1125, 1263, 1381, 1503

1588




Pages

Federal Reserve notes—Continued.
Circulation—Continued.
Each bank, Federal Reserve Agents* accounts
48, 166, 286, 416, 556,
706, 864, 992, 1126, 1264, 1382, 1504
Collateral security for
48, 166, 286, 416, 556,
706, 864, 992, 1126, 1264, 1382, 1504
Federal Reserve Agents' accounts.. 48, 166, 286, 416,
556, 706, 864, 992, 1126, 1264, 1382, 1504
Interest charge levied to pay into Treasury excess earnings of Federal Reserve Banks
518
Outstanding and in circulation
51, 169, 289, 419,
559, 709, 867, 995, 1129, 1267, 1385, 1507
Redemption fund:
All banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Each bank
46, 164, 284, 414, 554,
704, 862, 990, 1124, 1262, 1380, 1502
Federal Reserve operations and policies
1351
Federal Reserve System:
Admissions of State banks to membership (See
Membership)
Map
114, 234, 352, 486, 634,
774, 938, 1070, 1198, 1340, 1454, 157S
Federal Reserve System—Its Purposes and Functions,
new edition of book to be printed
1316
Financial position and buying plans of consumers—
July 1947
1212
Financial position of manufacturing and trade in relation to size and profitability, 1946
1091
Financing postwar business expansion
487
Finland:
Bank of:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Food:
Retail prices, principal countries. .111, 231, 349, 483,
631, 771, 935, 1063, 1193, 1335. 1449, 1571
Wholesale prices :
Principal countries
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
United States
87, 205, 325, 456, 596,
746, 910, 1032, 1166, 1304, 1422, 1544
Foreign banks:
Bank of Canada, annual report of
392
Commercial banks, condition of.. 108, 228, 346, 480,
628, 768, 932, 1060, 1190, 1332, 1446, 1568
Condition of central banks... 103, 223, 341, 475, 623,
763, 927, 1055, 1185, 1327, 1441, 1563
Deposits held by member banks on call dates. .57, 175,
295, 425, 565, 715, S73, 1001, 1135, 1273, 1391, 1513
Deposits of weekly reporting member banks:
By Federal Reserve districts.. .61, 179, 299, 429,
569, 719, 877, 1005, 1139, 1277, 1395, 1517
New York City and outside... .59, 177, 297, 427,
567, 717, 875, 1003, 1137, 1275, 1393, 1515
Discount rates of central banks... 107, 227, 345, 479,
627, 767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves of central banks
95, 215, 333, 467,
615, 755, 919, 1047, 1177, 1319, 1433, 1555
Land Central Bank of Wuerttenberg-Baden,
law establishing
130
Foreign deposits held by Federal Reserve Banks:
All banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Pages

Foreign deposits held by Federal Reserve Banks—Cont.
Each bank
47, 165, 285, 415, 555,
705, 863, 991, 1125, 1263, 1381, 1503
Foreign exchange: (See Foreign funds control)
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Foreign funds control:
Treasury Department regulation
151
Treasury Department releases. .34, 152, 273, 540, 852
Foreign trade:
France and Italy, discussion of
362
United Kingdom, discussion of
1076
Forms:
Reporting for survey of commercial bank loans
to farmers
1226
Reporting form and instructions for survey of
banking loans to commercial and industrial
concerns
262
France:
Bank of:
Condition
104, 224, 342, 476, 624,
764, 928, 1056, 1186, 1328, 1442, 1564
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Commercial banks, assets and liabilities
108, 228,
346, 480, 628, 768, 932, 1060, 1190, 1332, 1446, 1568
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
International capital transactions.. .98, 218, 336, 470,
618, 758, 922, 1050, 1180, 1322, 1436, 1558
Patterns of reconstruction
353
Public expenditures and receipts
358
Security prices, index numbers... .111, 231, 349, 483,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
Wholesale prices in
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
Freight car loadings:
Classes
80, 198, 318, 448, 588,

Germany—Continued.
Wholesale prices in
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
Gold:
Earmarked
52, 170, 290, 420, 560,
710, 868, 996, 1130, 1268, 1386, 1508
Movements, United States... .96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Production:
United States
52, 170, 290, 420, 560,
710, 868, 996, 1130, 1268, 1386, 1508
World
96, 216, 334, 468, 616,

Chart

42, 160, 280, 410, 550,
700, 858, 986, 1120, 1258, 1376, 1498
End-of-month and Wednesday figures...43, 161,
281, 411, 551, 701, 859,
987, 1121, 1259, 1377, 1499
United States, analysis of changes..52, 170, 290,
420, 560, 710, 868, 996, 1130, 1268, 1386, 1508
Transactions at premium prices:
Joint statement by Secretary of Treasury
and Board of Governors
978
Statement by Managing Director of International Monetary Fund
851
Gold certificates:
Federal Reserve Bank holdings:
All Banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Each Bank
46, 164, 284, 414, 554,
704, 862, 990, 1124, 1262, 1380, 1502
Outstanding and in circulation
51, 169, 289, 419,
559, 709, 867, 995, 1129, 1267, 1385, 1507
Government bonds: (See Government securities)
Government corporations and credit agencies:
Assets and liabilities
70, 188, 308, 438, 578,

Loans by

738, 902, 1024, 1158, 1296, 1414, 1536 Government debt:
Ownership of
71, 189, 309, 439, 579,

Index of

729, 893, 1015, 1149, 1287, 1405, 1527
Furniture store statistics
86, 204, 324, 454, 594,
747, 908, 1030, 1164, 1302, 1420, 1542
Germany:
Central banking laws for American zone
130
Cost of living, index numbers
Ill, 231, 349, 483,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
Economic recovery, our stake in, article by M. S.
Szymczak
681
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
International capital transactions.. .98, 218, 336, 470,
618, 758, 922, 1050, 1180, 1322, 1436, 1558
Open-market rates
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Reichsbank:
Discount rate
107. 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Retail food prices
Ill, 231, 349, 483, 631,
771, 935, 1063, 1193, 1335, 1449, 1571
Security prices, index numbers
111. 231, 349, 483,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
DECEMBER

756, 920, 1048, 1178, 1320, 1434, 1556
Reserves of central banks and governments.. .95, 215,
333, 467, 615, 755, 919, 1047, 1177, 1319, 1433, 1555
Stock:

1947




728, 892, 1014, 1148, 1286, 1404, 1526
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526

777
Ownership of marketable issues
1312
Retirement program, discussion of
777
Volume and kind of securities..67, 185, 305, 435, 575,
725, 889, 1011, 1145, 1283, 1401, 1523
Government employees, number of Federal, State, and
local
78, 196, 316, 446, 586,
736, 900, 1022, 1156, 1294, 1412, 1534
Government securities:
Bond prices
64, 182, 302, 432, 572,
722, 886, 1008, 1142, 1280, 1398, 1520
Direct obligations, volume and kind....67, 185, 305,
435, 575, 725, 889, 1011, 1145, 1283, 1401, 1523
Federal Reserve Bank holdings:
All Banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Each Bank
46, 164, 284, 414, 554,
704, 862, 990, 1124, 1262, 1380, 1502
End-of-month and Wednesday figures..43, 161,
281, 411, 551, 701, 859,
987, 1121, 1259, 1377, 1499
Maturity distribution
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Insured commercial banks
56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512

1589

INDEX TO VOLUME 33
Pages

Government securities—Continued.
Investments by weekly reporting member banks:
By Federal Reserve districts.. 60, 178, 298, 428,
568, 718, 876, 1004, 1138, 1276, 1394, 1516
New York City and outside..58, 176, 296, 426,
566, 716, 874, 1002, 1136, 1274, 1392, 1514
Ownership of...
1349
Ownership of direct and guaranteed
68, 186, 306,
436, 576, 726, 890, 1012, 1146, 1284, 1402,1524
Ownership of marketable issues, by class of
security
1312
Purchase by Federal Reserve Banks, amendment
to Section 14 (b) of Federal Reserve Act
694
Savings bonds
.67, 185, 305, 435, 575, 725, 889,
1011, 1145, 1283, 1401, 1523
Treasury bills: (See Treasury bills)
Yields on
63, 181, 301, 431, 571, 721, 885,
1007, 1141, 1279, 1397, 1519
Yields on, revision of averages
1251
Grady, Henry F., resignation as Class C director,
Chairman and Federal Reserve Agent at San
Francisco
545
Great Britain: (See United Kingdom)
Grede, Wm. J., elected Class B director at Chicago.. .545
Greece:
Bank of:
Discount rate
.107, 227, 345, 479, 627, 767,
931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615, 755,
919, 1047, 1177, 1319, 1433, 1555
Foreign exchange rate... .109, 229, 347, 481, 629, 769,
933, 1061, 1191, 1333, 1447, 1569
Green, Rufus, appointed director at Oklahoma City
37
Gross national product
88, 206, 326, 455, 597, 747,
911, 1033, 1167, 1305, 1423, 1545
Revision of statistics
1105
Group banking:
Number, deposits and branches by States
462
Grove, David L., article on New Guatemalan Bank
Law
398
Guatemala:
Bank Law, article by David L. Grove
398
Haberler, Gottfried, pamphlet on national central
banking and the international economy
1116
Hart, Richard, article on ownership of demand deposits
689
Hershey, L. V., appointed director at Baltimore
36
Hodgkinson, H. D., appointed Class C director at
Boston
36
Hoffman, Paul G., appointed Deputy Chairman at
Chicago
36
Holmes, Allen W., Class A director at Boston,
death of
.... 853
Holt, Thad, appointed director at Birmingham
405
Holthausen, Duncan M.: (See Staff of Board)
Home Owners Loan Corporation:
Loans by
70, 188, 308, 438, 578
728, 892, 1014, 1148, 1286, 1404, 1526
Hongkong:
Foreign exchange rate
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Hours and earnings of production workers in manufacturing industries..
77, 195, 315, 445, 585,
735, 899, 1021, 1155, 1293, 1411, 1533
Housing, discussion of construction, rental and sale... 642
Housing finance, inflationary aspects of, statement
of Mr. Eccles before Joint Committee on Economic Report
1463
1590




Pages

Hungary:
Foreign exchange rate
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
National Bank of:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Hyer, Merle G., appointed director at Salt Lake City.. .37
Imports:
United Kingdom program
1076
Imports and exports:
Gold movements to and from United States. .96, 216,
334, 468, 616, 756, 920, 1048, 1178, 1320, 1434, 1556
Merchandise
80, 198, 318, 448, 588,
738, 902, 1024, 1158, 1296, 1414, 1536
Income:
Cash, and outgo of U. S. Treasury
69, 187, 307,
437, 577, 727, 891, 1013, 1147, 1285, 1403, 1525
National
88, 206, 326, 455, 597,
747, 911, 1033, 1167, 1305, 1423, 1545
Revision of statistics
1105
Payments:
Index of value of
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Individuals, discusssion of
7
Use of
88, 206, 326, 455, 597,

747, 911, 1033, 1167, 1305, 1423, 1545
1167, 1305, 1423, 1545
80, 198, 318, 448, 588,
738, 902, 1024, 1158, 1296, 1414, 1536
Taxes, Internal Revenue collections
69, 187, 307,
437, 577, 727, 891, 1013, 1147, 1285, 1403, 1525
Index numbers:
Personal
Railroads

Bond prices

64, 182, 302, 432, 572,
722, 886, 1008, 1142, 1280, 1398, 1520
Business indexes
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Construction contracts awarded..71, 189, 309, 439,
579, 729, 893, 1015, 1149, 1287, 1405, 1527
Cost of living:
Consumers' price index for moderate income families
86, 204, 324, 457, 595,
745, 909, 1031, 1165, 1303, 1421, 1543
Principal countries
I l l , 231, 349, 483, 631,
771, 935, 1063, 1193, 1335, 1449, 1571
United States
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Department stores:
Sales, adjusted..
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Sales, weekly
82, 200, 320, 450, 590,
740, 904, 1026, 1160, 1298, 1416, 1538
Sales and stocks, monthly
82, 200, 320, 450,
590, 740, 904, 1026, 1160, 1298, 1416, 1538
Factory employment, business index...71, 189, 309,
439, 579, 729, 893, 1015, 1149, 1287, 1405, 1527
Factory employment and pay rolls by industries
76, 194, 314, 444, 584,
734, 898, 1020, 1154, 1292, 1410, 1532
Freight carloadings:
Adjusted
71, 189, 309, 439, 579,

729, 893, 1015, 1149, 1287, 1405, 1527
80, 198, 318, 448, 588,
735, 902, 1024, 1158, 1296, 1414, 1536
Income payments..
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Classes

FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Index numbers—Continued.
Industrial production:
Adjusted for seasonal variation
72, 190, 310,
440, 580, 730, 894, 1016, 1150, 1288, 1406, 1528
Physical volume
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Without seasonal adjustment. .74, 192, 312, 442,
582, 732, 896, 1018, 1152, 1290, 1408, 1530
Retail food prices
Ill, 231, 349, 483, 631,
771, 935,# 1063, 1193, 1335, 1449, 1571
Security prices in principal countries. .111, 23i, 349,
483, 631, 771, 935, 1063, 1193, 1335, 1449, 1571
Stock prices
64, 182, 302, 432, 572,
722, 886, 1008, 1142, 1280, 1398, 1520
Wholesale prices:
Commodities
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
Groups of commodities... 87, 205, 325, 456, 596,
746, 910, 1032, 1166, 1304, 1422, 1544
Principal countries
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
India:
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Reserve Bank of:
Condition
105, 225, 343, 477, 625,
765, 929, 1057, 1187, 1329, 1443, 1565
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Industrial advances by Federal Reserve Banks:
All banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Commitments
48, 166, 286, 416, 556,
706, 864, 992, 1126, 1264, 1382, 1504
Discussion of
237
Each bank
46, 164, 284, 414, 554,
704, 862, 990, 1124, 1262, 1380, 1502
Maturity distribution
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Number and amount
49, 167, 287, 417, 557,
707, 865, 993, 1127, 1265, 1383, 1505
Rates
44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Industrial corporations:
Earnings and dividends
66, 184, 304, 434, 574,
724, 888, 1010, 1144, 1282, 1400, 1522
Industrial production:
Business index
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
By industries:
Adjusted for seasonal variation
72, 190, 310,
440, 580, 730, 894, 1016, 1150, 1288, 1406, 1528
Without seasonal adjustment. .74, 192, 312, 442,
582, 732, 896, 1018, 1152, 1290, 1408, 1530
Charts
2, 38, 156, 276, 406, 546, 697,
854, 983, 1117, 1255, 1373, 1494
France and Italy
354
National summary of business conditions
38, 156,
276, 406, 546, 697, 854, 983, 1117, 1255, 1373, 1494
Wholesale price index
110, 230, 348, 482, 630, 770,
934, 1062, 1192, 1334, 1448, 1570
DECEMBER

1947




Pages

Inflation:
Current problem—causes and controls, statement
of Mr. Eccles before Joint Committee on
Economic Report
1455
Housing finance, aspects of, statement of Mr.
Eccles
1463
Instalment loans: (See Consumer credit)
Insurance companies:
Government securities held by. .68, 186, 306, 436, 576,
726, 890, 1012, 1146, 1284, 1402, 1524
Insured home loans held....79, 197, 317, 447, 587,
737, 901, 1023, 1157, 1295, 1413, 1535
Insured commercial banks:
Assets and liabilities in United States and possessions
465, 1316
Loans and investments.... 56, 174, 294, 424, 564, 714,
872, 1000, 1134, 1272, 1390, 1512
Interest:
Charge on Federal Reserve notes, transfer of
excess earnings of Federal Reserve Banks
to Treasury
518
Commercial loan rates in principal cities.,. .63, 181,
301, 431, 571, 721, 885, 1007, 1141, 1279, 1397, 1519
Open-market rates in New York City... .63, 181, 301,
431, 571, 721, 885, 1007, 1141, 1279, 1397, 1519
Rate, discussion of
1349
Rates on commercial bank loans to farmers, structure of
1483
Time deposits, maximum rates on... .44, 162, 282, 412,
552, 702, 860, 988, 1122, 1260, 1378, 1500
Internal Revenue collections
69, 187, 307, 437, 577,
727, 891, 1013, 1147, 1285, 1403, 1525
International Bank for Reconstruction and Development:
National Advisory Council report on participation of United States in
123
Purchase of the bank debentures by State member banks
852
Report of National Advisory Council on activities of
843
International capital transactions of the United
States
97, 217, 335, 469, 617, 757, 921,
1049, 1179, 1321, 1435, 1557
International monetary and financial problems, report of National Advisory Council on
836
International Monetary Fund:
National Advisory Council report on participation of United States in
123
Report of National Advisory Council on activities of
843
Statement by Managing Director on transactions
in gold at premium prices
851
Statement concerning initial par values
11
Statistical bulletin, announcement of publication
1493
Transactions in gold at premium prices, joint
statement by Treasury and Board of Governors
978
International Monetary Policies, available for distribution
1116
Inventories:
Continued increase in
8
Manufacturing and trade
490
Investment trust, operation of common trust funds
as
1115
Investments:
All banks in the United States, call dates
55, 173,
293, 423, 563, 713, 871, 999, 1133, 1271, 1389, 1511
1591

INDEX TO VOLUME 33
Pages

Investments—Continued.
Insured commercial banks
56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512
Weekly reporting member banks:
By Federal Reserve districts
60, 178,298,
428, 568, 718, 876, 1004, 1138, 1276 1394, 1516
New York City and outside... .58, 176, 296, 426,
566, 716, 874, 1002, 1136, 1274, 1392, 1514
Iran:
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Ireland:
Central Bank of:
Condition
105, 225, 343, 477, 625,
765, 929, 1057, 1187, 1329, 1443, 1565
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Italy:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Foreign exchange rate
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold reserves
.95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
International capital transactions
98, 218, 336,
470, 618, 758, 922, 1050, 1180, 1322, 1436, 1558
Patterns of reconstruction
353
Public expenditures and receipts
358
Wholesale prices in
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
Japan:
Bank of:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Wholesale prices in
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
Java:
Bank of:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Joint statements:
Bank credit policy during the inflation, by supervisory agencies
1465
Transactions in gold at premium prices, by Secretary of Treasury and Board of Governors... 978
Kitchen cabinets, *not considered furniture under Regulation W
270
Knapp, J. Burke, article on sterling in multilateral
trade
1083
Koch, Albert: (See Staff of Board)
Koenig, Herman, article on farm production loans at
commercial banks
1469
Labor force employment and unemployment
1294
1412, 1534
Labor market, discussion of
1199
Latin American Republics:
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556

1592




Pages

Latin American Republics—Continued.
International capital transactions. .98, 218, 336, 470,
618, 758, 922, 1050, 1180, 1322, 1436, 1558
Latvia:
Discount rate of Central Bank.... 107, 227, 345, 479,
627, 7671 931, 1059, 1189, 1331, 1445, 1567
Leading articles:
Banking developments and monetary expansion. .1341
British crisis
1071
Construction and real estate markets in 1947....635
Current inflation problem—causes and controls,
statement of Mr. Eccles before Joint Committee on Economic Report
1455
Current labor market
1199
Debt retirement and bank credit
775
Financing the postwar business expansion
487
France and Italy, patterns of reconstruction
353
New budget
115
Position of agriculture in mid-1947
939
Postwar revival in bank lending
235
Recent market developments
1
Legislation:
Amendment to Section 14(b) of Federal Reserve
Act to authorize purchase or sale of Government obligations by Federal Reserve Banks
694
Bank credit, suggestion by Mr. Eccles in statement before Joint Committee on Economic
Report
1458
Business loans, statement by Chairman Eccles on
Federal Reserve guarantee of loans made by
chartered banks
521
Cancellation of stock of Federal Deposit Insurance Corporation
980
Central banking laws for American zone of
Germany
130
Consumer instalment credit:
Statement by Mr. Eccles to Banking and
Currency Committees of Senate and House
on continuance of regulation
827
Statement of Mr. Evans before Senate Banking and Currency Committee
1466
Federal Reserve branch bank buildings, amendment to Section 10 of Federal Reserve Act on
cost of
979
Guatemalan Bank Law, article by David L.
Grove on
398
Joint resolution authorizing temporary continuation of regulation of consumer credit
979
Licenses relating to transactions in foreign exchange
34, 151, 273, 540, 852
Licensing of member banks, termination by Presidential proclamation
531
Liquid assets:
Holdings of individuals and businesses, estimated
1103
Reduction in, discussion of
492
List of directors of Federal Reserve Banks and
branches
136
Lithuania:
Discount rate of Central Bank.... 107, 227, 345, 479,
627, 767, 931, 1059, 1189, 1331, 1445. 1567
Loans:
Agricultural:
Discussion of
1347
Insured commercial banks
56, 174, 294, 424,
564, 714, 872, 1000, 1134, 1272, 1390, 1512
FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Loans—Continued.
Brokers and dealers in securities by weekly reporting member banks:
By Federal Reserve districts. .60, 178, 298, 428,
568, 718, 876, 1004, 1138, 1276, 1394, 1516
New York City and outside... .58, 176, 296, 426,
566, 716, 874, 1002, 1136, 1274, 1392, 1514
Business:
Discussion of
493, 1346
Federal Reserve guarantee made by chartered banks, statement by Chairman Eccles.. 521
Member bank loans to small
963
Member banks, article by Albert R. Koch...253
Regional distribution of
524
Security pledged on member bank loans t o . . .664
Structure of interest rates at member banks.. 803
Commercial, industrial, and agricultural by
weekly reporting member banks:
By Federal Reserve districts. .60, 178, 298, 428,
568, 718, 876, 1004, 1138, 1276, 1394, 1516
New York City and outside... .58, 176, 296, 426,
# 566, 716, 874, 1002, 1136, 1274, 1392, 1514
Commercial bank to farmers, article by Tynan
Smith and Philip T. Allen
1216
Consumer instalment, made by principal lending institutions
84, 202, 322, 452, 592,
742, 906, 1028, 1162, 1300, 1418, 1540
Consumers:
Discussion of
240
Outstanding at commercial banks on June
29, 1946
268
Farm mortgage of commercial banks, article by
Philip T. Allen
1477
Farm production at -commercial banks, article
by Herman Koenig and Tynan Smith
1469
Federal Housing Administration, insured by
79,
197, 317, 447, 587, 737f
901, 1023, 1157, 1295, 1413, 1535
Government corporations and credit agencies.. 70,
188, 308, 438, 578, 728,
892, 1014, 1148, 1286, 1404, 1526
Industrial: (See Industrial advances)
Instalment
84, 202, 322, 452, 592,
742, 906, 1028, 1162, 1300, 1418, 1540
Postwar revival in bank lending
235
Real estate:
Discussion of
241
Weekly reporting member banks:
By Federal Reserve districts. .60, 178, 298,
428, 568, 718, 876, 1004, 1138, 1276, 1394, 1516
New York City and outside... .58, 176, 296,
426, 566, 716, 874, 1002, 1136, 1274, 1392, 1514
Security, discussion of
241, 1348
Term lending to business by commercial banks in
1946
498
War production, guaranteed by War Department,
Navy Department, and Maritime Commission. .49,
167, 287, 417, 557, 707,
865, 993, 1127, 1265, 1383, 1505
Loans and investments:
All banks in United States, call dates..54, 172, 292,
422, 562, 712, 870, 998, 1132, 1270, 1388, 1510
Expansion, discussion of
1346
Insured commercial banks....56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512
Member banks, call dates....54, 172, 292, 422, 562,
712, 870, 998, 1132, 1270, 1388, 1510
DECEMBER 1947




Pages

Loans and investments—Continued.
Mutual savings banks, call dates
55, 173, 293, 423,
563, 713, 871, 999, 1133, 1271, 1389,1511
National banks
54, 172, 292, 422, 562,
712, 870, 998, 1132, 1270, 1388, 1510
Nonmember banks
55, 173, 293, 423, 563,
713, 871, 999, 1133, 1271, 1389, 1511
Weekly reporting member banks:
By Federal Reserve districts. .60, 178, 298, 428,
568, 718, 876, 1004, 1138, 1276, 1394, 1516
New York City and outside... .58, 176, 296, 426,
566, 716, 874, 1002, 1136, 1274, 1392, 1514
Revised series total for all leading cities
878
Mangels, N. H., appointment as First Vice President
at San Francisco
155
Manufactures:
Industrial production, index of
71, 189, 309, 439,
579, 729, 893, 1015, 1149, 1287, 1405, 1527
Manufacturing:
Financial position in relation to size and profitability, 1946
1091
Manufacturing industries:
Hours and earnings of production workers
77,
195, 315, 445, 585, 735,
899, 1021, 1155, 1293, 1411, 1533
Maps:
Federal Reserve System
114, 234, 352, 486, 634,
774, 938, 1070, 1198, 1340, 1454, 1578
Margin accounts:
Statistics of stock exchange firms..62, 180, 300, 430,
570, 720, 884, 1006, 1140, 1278, 1396, 1518
Margin requirements:
Amendments to supplements to Regulations T
and U
149, 151
Borrowing of securities from an individual./
981
Readjustment of, statement by Chairman Eccles
regarding economic conditions during year
149
Table
44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Maritime Commission:
War production loans guaranteed by... .49, 167, 287,
417, 557, 707, 865, 993, 1127, 1265, 1383, 1505
Market developments, discussion of
1
Maturity distribution of loans and Government securities
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
McCormick, Charles P., appointed Deputy Chairman
at Richmond
36
McDowell, H. B., Class A director at Cleveland,
death of
545
Meetings:
Chairmen of Federal Reserve Banks
1493
Federal Advisory Council:
March 9-11
275
May 18-20
696
September 21-23
1254
November 16-18
1493,
Federal Open Market Committee:
February 27, 28 and March 1
275
June 5 and 6
696
October 6 and 7
1254
December 9
1493
Presidents of the Federal Reserve Banks:
February 25 and 26
275
June 4 and 5
696
October 3 and 4
1254
December 8 and 9
1493

1593

INDEX TO VOLUME 33
Pages
Member banks:
Assets and liabilities:
December 31, 1946
464
June 30, 1947
1317
Changes in number of
211, 1175
Deposits and reserves of
50, 168, 288, 418, 558,
708, 866, 994, 1128, 1266, 1384, 1506
Earnings:
1946
528, 602
First half of 1947
1315, 1353
Loans and investments, call dates..54, 172, 292, 422,
562, 712, 870, 998, 1132, 1270, 1388, 1510
Loans to small business
963
Number of:
Call dates
54, 172, 292, 422, 562,
712, 870, 998, 1132, 1270, 1388, 1510
In operation on December 31, 1946, by States. .752
Offices in United States..93, 210, 330, 461, 601,
751, 916, 1040, 1174, 1314, 1430, 1552
Operating ratios 1946
1041
Par list
93, 210, 330, 461, 601,
751, 916, 1040, 1174, 1314, 1430, 1552
Ratios of earnings by classes
609
Reserve requirements
44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Reserves, Reserve Bank credit and related
items
43, 161, 281, 411, 551,
701, 859, 987, 1121, 1259, 1377, 1499
Termination of licensing by Presidential Proclamation
531
Weekly reporting member banks—revised series
total for all leading cities
878
Weekly statistics in leading cities revision of
692
Membership in Federal Reserve System:
Admission of State banks....37, 155, 275, 405, 545,
696, 853, 982, 1116, 1254, 1372, 1493
Sales of mortgages by State member banks, applicability of condition numbered 3
695
Suit of Peoples Bank, Lakewood Village, California, decision of Court of Appeals for District of Columbia
532
Merchandise:
Exports and imports
80, 198, 318, 448, 588,
738, 902, 1024, 1158, 1296, 1414, 1536
Metzler, Lloyd A., pamphlet on exchange rates and
the International Monetary Fund
1116
Mexico:
Bank of:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Discount rate
107, 227, 345, 579, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Military reservations, number of banking offices a t . . . . 462
Minerals:
Industrial production, index o f . . . . 7 1 , 189, 309, 439
579, 729, 893, 1015, 1149, 1287, 1405, 1527
Monetary and credit expansion, discussion of
1341
Monetization of public debt by banks, statement of
Chairman Eccles on method of restricting
402

1594




Pages
Money in circulation:
Adjustment for seasonal variation
52, 170, 290,
420, 560, 710, 868, 996, 1130, 1268, 1386, 1508
Chart
42, 160, 280, 410, 550, 700, 858,
986, 1120, 1258, 1376, 1498
Stock of
51, 169, 289, 419, 559, 709, 867,
995, 1129, 1267, 1385, 1507
Total
43, 161, 281, 411, 551, 701, 859,
987, 1121, 1259, 1377, 1499
Money rates:
Commercial loan r a t e s . . . . 6 3 , 181, 301, 431, 571, 721,
885, 1007, 1141, 1279, 1397, 1519
Current statistics for Federal Reserve chart book. .90,
207, 327, 458, 598, 748, 912, 1035, 1169,
1307, 1425, 1547
Discussion of
783
Foreign countries
107, 227, 345, 479, 627, 767,
931, 1059, 1189, 1331, 1445, 1567
Open-market, New York City
63, 181, 301, 431,
571, 721, 885, 1007, 1141, 1279, 1397, 1519
Monnet Plan of Modernization and Equipment, Program for France
364
Morse, Chandler, resignation as Assistant Director
of Division of Research and Statistics
1254
Mortgage debt on houses, discussion of
643
Mortgages:
Farm, of commercial banks, article by Philip
T. Allen
1477
Insured Federal Housing Administration mortgages held
79, 197, 317, 447, 587, 737, 901,
1023, 1157, 1295, 1413, 1535
Sales by State member banks, applicability of
condition of membership numbered 3
695
Mutual savings banks:
Changes in number of
211, 1175
Deposits, call dates....55, 173, 293, 423, 563, 713,
871, 999, 1133, 1271, 1389, 1511
Government securities held by
68, 186, 306, 436,
576, 726, 890, 1012, 1146, 1284, 1402, 1524
Insured home loans held....79, 197, 317, 447, 587,
737, 901, 1023, 1157, 1295, 1413, 1535
Loans and investments, call dates
55, 173, 293,
423, 563, 713, 871, 999, 1133, 1271, 1389, 1511
Number in operation on December 31, 1946 by
States
752
Number of banking offices
93, 210, 330, 461,
601, 751, 916, 1040
Myrick, Lowell, appointed Assistant Director of the
Division of Bank Operations
1372
National Advisory Council:
Report on international monetary and financial
problems
836
Report on participation of United States in the
Fund and the Bank
123
Statement on transactions in gold at premium
prices
.851
National Association of Supervisors of State Banks:
Address by Mr. Eccles on postwar bank credit
problems
1207
Bank credit policy during the inflation, joint
statement issued with other bank supervisory
agencies
1465
National bank notes, stock of
51, 169, 289, 419, 559,
709, 867, 995, 1129, 1267, 1385, 1507
National banks:
Assets and liabilities:
1946
464
June 30, 1947
1317
FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Pages

National banks—Continued.
Authority to purchase debentures of International
Bank for Reconstruction and Development
852
Changes in number of
211, 1175
Deposits, call dates
54, 172, 292, 422, 562, 712,
870, 998, 1132, 1270, 1388, 1510
Earnings:
1946
602, 607
First half of year 1946-47
1315, 1353
Number of:
Call dates
54, 172, 292, 422, 562, 712,
870, 998, 1132, 1270, 1388, 1510
In operation on December 31, 1946 by States. .752
Offices in United States
93,210,330,461,
601, 751, 916, 1040
Suspensions
53, 171, 291, 421, 561, 711, 869,
997, 1131, 1269, 1387, 1509
National income and product statistics, revision of.. .1105
National summary of business conditions
38, 156, 276,
406, 546, 697, 854, 983, 1117, 1255, 1373, 1494
Navy Department:
War production loans guaranteed by
49, 167, 287,
417, 557, 707, 865, 993, 1127, 1265, 1383, 1505
Netherlands:
Bank:
Condition
106, 226, 344, 478, 626, 766,
930, 1058, 1188, 1330, 1444, 1566
Discount rate
107, 227, 345, 479, 627, 767,
931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615, 755,
919, 1047, 1177, 1319, 1433, 1555
Cost of living
I l l , 231, 349, 483, 631, 771, 935,
1063, 1193, 1335, 1449, 1571
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616, 756,
920, 1048, 1178, 1320, 1434, 1556
International capital transactions. .98, 218, 336, 470,
618, 758, 922, 1050, 1180, 1322, 1436, 1558
Open-market rates
107, 227, 345, 479, 627, 767,
931, 1059, 1189, 1331, 1445, 1567
Retail food prices
I l l , 231, 349, 483, 631, 771,
935, 1063, 1193, 1335, 1449, 1571
Security prices, index numbers
111, 231, 349, 483,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
Wholesale prices
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
New York Stock Exchange:
Volume of trading on
64, 182, 302, 432, 572,
722, 886, 1008, 1142, 1280, 1398, 1520
New Zealand:
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Reserve Bank of:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Nicaragua:
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Nonmember banks:
Assets and liabilities of insured commercial banks
in United States and possessions
465, 1316
Changes in number of...
211, 1175
DECEMBER 1947




Nonmember banks—Continued.
Deposits:
Call dates
55, 173, 293, 423, 563,
713, 871, 999, 1133, 1271, 1389, 1511
Held by Federal Reserve Banks
43,
161, 281, 411, 551, 701,
859, 987, 1121, 1259, 1377, 1499
Loans and investments
55, 173, 293, 423, 563,
713, 871, 999, 1133, 1271, 1389, 1511
Number of:
Call dates
55, 173, 293, 423, 563,
713, 871, 999, 1133, 1271, 1389, 1511
In operation on December 31, 1946 by
States
752
Offices in United States..93, 210, 330, 461, 601,
751, 916, 1040, 1174, 1314, 1430, 1552
Par list
93, 210, 330, 461, 601,

Suspensions

751, 916, 1040, 1174, 1314, 1430, 1552
53, 171, 291, 421, 561,
711, 869, 997, 1131, 1269, 1387, 1509

Norway:
Bank of:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Obligations of Government, direct and guaranteed:
Maturities
67, 185, 305, 435, 575,
725, 889, 1011, 1145, 1283, 1401, 1523
Open-market paper, insured commercial banks
56,
174, 294, 424, 564, 714,
872, 1000, 1134, 1272, 1390, 1512
Open-market rates:
Foreign countries
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
New York City
63, 181, 301, 431, 571,
721, 885, 1007, 1141, 1279, 1397, 1519
Operating ratios of member banks
1041
Ownership of debt, changes discussed
777
Ownership of demand deposits, article by Richard
Hart and Richard Youngdahl
689
Ownership of Government marketable public issues,
class of security
1312
Pamphlets: (See Publications)
Paper currency, circulation
51, 169, 289, 419, 559,
709, 867, 995, 1129, 1267, 1385, 1507
Par list:
Number of banks, by districts and by States..... .93,
210, 330, 461, 601, 751,
916, 1040, 1174, 1314, 1430, 1552
Par values, statement concerning initial in terms of
United States dollars, announcement by International Monetary Fund
11
Paraguay:
Condition of Central Bank.... 106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Paulger, Leo H., retirement as Special Adviser to
the Board
405
Pay rolls, factory:
Business index of
71, 189, 309, 439, 579,
729, 893, 1015, 1149, 1287, 1405, 1527
By industry
76, 194, 314, 444, 584,
734, 898, 1020, 1154, 1292, 1410, 1532
Peoples Bank, Lakewood Village, California, suit regarding condition of membership
532

1595

INDEX TO VOLUME 33
Pages
Pages
Press statements:
Peru:
Bank credit policy during the inflation, joint stateCentral Reserve Bank of:
ment issued by bank supervisory agencies.... 1465
Condition
106, 226, 344, 478, 626,
Discontinuance of instalment credit controls
1356
766, 930, 1058, 1188, 1330, 1444, 1566
Transfer to Treasury of excess earnings of FedDiscount rate
107, 227, 345, 479, 627,
eral Reserve Banks
518
767, 931, 1059, 1189, 1331, 1445, 1567
Price levels, increase discussed
4
Gold reserves
95, 215, 333, 467, 615,
Prices :
755, 919, 1047, 1177, 1319, 1433, 1555
Agriculture, record levels of
943
Philippine Islands:
Building materials, discussion of
638
Gold movements
96, 216, 334, 468, 616,
Government securities
1251
756, 920, 1048, 1178, 1320, 1434, 1556
Retail food
Ill, 231, 349, 483, 631,
Plunkett, Ralph E., appointed director at Little Rock..36
771, 935, 1063, 1193, 1335, 1449, 1571
Securities in principal countries... Ill, 231, 349, 483,
Poland:
631, 771, 935, 1063, 1193, 1335, 1449, 1571
Foreign exchange rates
109, 229, 347, 481, 629,
Wholesale commodity:
769, 933, 1061, 1191, 1333, 1447, 1569
Business index
71, 189, 309, 439, 579,
Gold reserves
95, 215, 333, 467, 615,
729, 893, 1015, 1149, 1287, 1405, 1527
755, 919, 1047, 1177, 1319, 1433, 1555
By groups of commodities
87, 205, 325, 456,
Portugal:
596, 746, 910, 1032, 1166, 1304, 1422, 1544
Bank of:
Wholesale in principal countries, index of
110,
Condition
106, 226, 344, 478, 626,
230, 348, 482, 630, 770,

766, 930, 1058, 1188, 1330, 1444, 1566
934, 1062, 1192, 1334, 1448, 1570
Discount rate
107, 227, 345, 479, 627, Proclamations:
767, 931, 1059, 1189, 1331, 1445. 1567
Cessation of hostilities terminated by President
26
Gold reserves
95, 215, 333, 467, 615,
Termination of licensing of member banks
531
755, 919, 1047, 1177, 1319, 1433, 1555 Production, discussion of
1
Foreign exchange rates
109, 229, 347, 481, 629, Production workers in manufacturing industries,
769, 933, 1061, 1191, 1333, 1447, 1569
hours and earnings of
77, 195, 315, 445, 585,
Postal savings deposits:
735, 899, 1021, 1155, 1293, 1411, 1533
Depositors' balances and assets
53, 171, 291, 421, Profits, business during the expansion period
495
561, 711, 869, 997, 1131, 1269, 1387, 1509 Public debt:
Changes in
115
Insured commercial banks
57, 175, 295, 425, 565,
Methods of restricting monetization by banks,
715, 873, 1001, 1135, 1273, 1391, 1513
statement of Chairman Eccles
402
Interest rate on
44, 162, 282, 412, 552,
Retirement of, discussion
775
702, 860, 988, 1122, 1260, 1378, 1500
Volume and kind of securities.. 67, 185, 305, 435, 575,
Weekly reporting member banks:
725, 889, 1011, 1145, 1283, 1401, 1523
By Federal Reserve districts. .61, 179, 299, 429,
569, 719, 877, 1005, 1139, 1277, 1395, 1517 Public utility corporations:
Earnings and dividends of
66, 184, 304, 434, 574,
New Y©rk City and outside... .59, 177, 297, 427,
724, 888, 1010, 1144, 1282, 1400, 1522
567, 717, 875, 1003, 1137, 1275, 1393, 1515
Publications:
Postwar bank credit problems, address by Mr.
Annual report of Board of Governors
696
Eccles
1207
Banking studies, copies of reprint available for
Postwar Economic Studies:
distribution
274
No. 7, available for distribution
1116
Board of Governors, list. 1066, 1196, 1338, 1452, 1574
No. 8, publication of
.
1116. 1493
Federal Register, announcement regarding
150
Postwar revival in bank lending, discussion of
235
Federal Reserve charts on bank credit, money
Preferred capital of banks, proposed retirement of inrates and business
397
vestment by Reconstruction Finance Corporation... 404
Federal Reserve System—Its Purposes and FuncPresident of the United States:
tions, new editipn to be printed
1116
Letter on legislation to continue regulation of conPostwar Economic Studies No. 7, available for
sumer instalment credit
828
distribution
1116
Proclamation terminating licensing of member
Postwar Economic Studies No. 8 on federal rebanks
531
serve policy, to be announced later
1116
Proclamation terminating period of hostilities of
Publication announced
1493
World War II
26
Reprints from Federal Reserve Bulletin and other
Statement on authorization to continue regulareleases
982
tion of consumer credit
979
Statistical bulletin of International Monetary
Statement on discontinuance of instalment credit
Fund
1493
controls
1356 Railroads:
Presidents of Federal Reserve Banks:
Revenues, expenses and income of Class 1
80,
List of
113, 233, 351, 485, 633,
198, 318, 448, 588, 738,
773, 937, 1065, 1195, 1337, 1451, 1573
902, 1024, 1158, 1296, 1414, 1536
Meetings:
Ransom, Ronald, death of
1493
February 25-26
275 Rates:
June 4-5
696
Acceptances, bankers' buying..44, 162, 282, 412, 552,
October 3-4
1254
702, 860, 988, 1122, 1260, 1378, 1500
December 8-9
1493

1596




FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Rates—Continued.
Bills, buying

44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Buying on Treasury bills, announcement on
termination of
776
Commercial loan rates in principal cities
63,
181, 301, 431, 571, 721,
885, 1007, 1141, 1279, 1397, 1519
Discount:
Central banks
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Federal Reserve Banks..44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Foreign exchange
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Industrial loans and commitments.. 44, 162, 282, 412,
552, 702, 860, 988, 1122, 1260, 1378, 1500
Interest on business loans, structure at member banks
803
Interest on commercial loans to farmers, structure of
1483
Money, current statistics for Federal Reserve
chart book
90, 207, 327, 458, 598,
748, 912, 1035, 1169, 1307, 1425, 1547
Open-market in certain foreign countries
107,
227, 345, 479, 627, 767,
931, 1059, 1189, 1331, 1445, 1567
Open-market in New York City...63, 181, 301, 431,
571, 721, 885, 1007, 1141, 1279, 1397, 1519
Postal savings deposits
44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Time deposits, maximum, interest on
44,
162, 282, 412, 552, 702,
860, 988, 1122, 1260, 1378, 1500
Ration banking program, termination of
978
Ratios:
Member bank earnings
610
Member bank operating
1041
Real estate:
Loans on:
Discussion of
241
Insured commercial banks.56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512
Weekly reporting member banks:
By Federal Reserve districts
60,
178, 298, 428, 568, 718,
876, 1004, 1138, 1276, 1394, 1516
New York City and outside
58,
176, 296, 426, 566, 716,
874, 1002, 1136, 1274, 1392, 1514
Markets in 1947, discussion of
635
Receipts and expenditures of Government
115
Receipts of Treasury:
Summary of operations
69, 187, 307, 437, 577,
727, 891, 1013, 1147, 1285, 1403, 1525
Reconstruction Finance Corporation:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Preferred capital of banks, proposed retirement
of investment
404
Reconstruction Finance Corporation Mortgage Company:
Assets and liabilities
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Reconstruction in France and Italy, patterns of
353
Records:
Preservation under Regulation W
28
DECEMBER 1947




Pages

Regulations, Board of Governors:
Consumer instalment credit, statement of Mr.
Evans before Senate Banking and Currency
Committee
1466
F, Trust powers of national banks:
Acquisition of interest and participations as
part of common trust fund
980
Common trust fund, operation as investment
trust
1115
T, Extension and maintenance of credit by brokers, dealers, and members of National Securities Exchanges:
Amendment to supplement
149, 151
Exercise of rights to subscribe
27
Margin requirements, borrowing of securities by individuals
981
Transactions of customers who are brokers
or dealers
27
U, Loans by banks for the purpose of purchasing
or carrying stocks registered on a National Securities Exchange:
Amendment to supplement
149, 151
Determination and effect of purpose of loan.. .27
W, Consumer credit:
Automobile appraisal guides :
Applicability to 1947 model automobiles. .694
Designation of
28
Automobile license taxes and fees, effect on
appraisal guide value
270
Continuation authorized by joint resolution
of Congress
979
Conversion of noninstalment credit to instalment basis
28
Conviction of Consumers Home Equipment
Company for violation of
532
Credits extended before December 1, 1946
27
Discontinuance of instalment credit controls.. 1356
Kitchen cabinets not considered as furniture. .270
Preservation of records
28
Rulings made prior to revision, status of
271
Sets and groups of articles, application to
270
Statement by Mr. Eccles to Banking and
Currency Committees of the Senate and
House on legislation for continuance
827
Regulations, Treasury Department:
Foreign Funds Control
151
Relations with dealers in securities:
Suit regarding removal of John Agnew and
F. O. Fayerweather as directors of national
bank, order sustained by United States Supreme Court
30
Reports: (See also Annual reports)
National Advisory Council on participation of
United States in the Fund and the Bank
123
Reprints from Federal Reserve Bulletin and other
publications of Board
982
Reserve city member banks:
Assets and liabilities:
December 31, 1946
464
June 30, 1947
1317
Condition, call dates
56, 174, 294, 424, 564,
714, 872, 1000, 1134, 1272, 1390, 1512
Deposits and reserves
50, 168, 288, 418, 558,
708, 866, 994, 1128, 1266, 1384, 1506
Earnings and expenses:
1946
528, 602, 604
First half of 1947
1355
1597

INDEX TO VOLUME 33
Rhodesia:
Pages
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Rumania:
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
National Bank of:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333f 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Ruml, Beardsley, resignation as Class C director at
New York
36
Rulings of Board:
Common trust funds, operation as investment
trust
1115
Rural Electrification Administration:
Loans by
70, 188, 308, 438, 578,
728, 892, 1014, 1148, 1286, 1404, 1526
Salaries:
Federal Reserve Banks
.212, 1044
Member banks
528, 530, 602, 1315, 1353
Sales, shifting trends discussed
6
Savings and loan associations:
Insured home mortgages held. .79, 197, 317, 447, 587,
737, 901, 1023, 1157, 1295, 1413, 1535
Savings bonds:
Sales and redemptions
67, 185, 305, 435, 575,
725, 889, 1011, 1145, 1283, 1401, 1523
Savings deposits:
Interest rates on
44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Schmidt, Charles H.: (See Staff of Board)
Securities :
859, 987, 1121, 1259, 1377, 1499
Domestic, inflow of foreign funds
97,
In classes of banks...49, 167, 287, 417, 557,
217, 335, 469, 617, 757,
707, 865, 993, 1127, 1265, 1383, 1505
921, 1049, 1179, 1321, 1435, 1557
Supply and use of
1351
Foreign, return of United States funds
97,
Total held:
217, 335, 469, 617, 757,
All banks, end-of-month and Wednesday
921, 1049, 1179, 1321, 1435, 1557
figures
43, 161, 281, 411, 551,
Loans for purchasing or carrying:
701, 859, 987, 1121, 1259, 1377, 1499
Insured commercial banks.56, 174, 294, 424, 564,
Classes of banks..... 49, 167, 287, 417, 557,
714, 872, 1000, 1134, 1272, 1390, 1512
707, 865, 993, 1127, 1265, 1383, 1505
Weekly reporting member banks:
Weekly reporting member banks:
By Federal Reserve districts
60,
By Federal Reserve districts
. .61,
178, 298, 428, 568, 718,
179, 299, 429, 569, 719,
876, 1004, 1138, 1276, 1394, 1516
877, 1005, 1139, 1277, 1395, 1517
New York City and outside
58,
New York City and outside
59,
176, 296, 426, 566, 716,
177, 297, 427, 567, 717,
874, 1002, 1136, 1274, 1392, 1514
875, 1003, 1137, 1275, 1393, 1515
(See also Government securities)
Resignations:
Securities Exchange Administration:
Grady, Henry F., as Class C director and ChairDetermination and effect of purpose of loan, effect
man and Federal Reserve Agent at San Franof Regulation U
27
cisco
545
Exercise of rights to subscribe under Regulation T . . 27
Morse, Chandler as Assistant Director of the
Margin requirements for- purchasing securities,
amendments to supplements, Regulations T
Division of Research and Statistics
1254
and U
,149, 151
Ruml, Beardsley, as Class C director at New
Margin requirements under Regulations T and
York
36
U
44, 162, 282, 412, 552,
Retail credit survey—1946
820
702, 860, 988, 1122, 1260, 1378, 1500
Retail food prices
Ill, 231, 349, 483, 631,
Transactions of customers who are brokers or
771, 935, 1063, 1193, 1335, 1449, 1571
dealers, questions under Regulation T answered..27
Retirements:
Paulger, Leo H., as Special Adviser to the Board. .405 Security issues:
Corporate, proposed use of proceeds
65,
Revenues, expenses, and income of Class I railroads
80, 198, 318, 448, 588,
183, 303, 433, 573, 723,
887, 1009, 1143, 1281, 1399, 1521
738, 902, 1024, 1158, 1296, 1414, 1536
Financing postwar business
493
Review of the month: (See Leading articles)
Pages

Reserve city member banks—Continued.
Reserves
50, 168, 288, 418, 558,
708, 866, 994, 1128, 1266, 1384, 1506
Reserve requirements of member banks :
Percent of deposits
44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Special to limit credit expansion, plan proposed
by Mr. Eccles
1461
Reserves:
Effect of debt retirement program on
782
Federal Reserve Banks:
All banks combined
45, 163, 283, 413, 553,
703, 861, 989, 1123, 1261, 1379, 1501
Each bank
47, 165, 285, 415, 555,
705, 863, 991, 1125, 1263, 1381, 1503
Gold, of central banks and governments
95,
215, 333, 467, 615, 755,
919, 1047, 1177, 1319, 1433, 1555
Insured commercial banks with Federal Reserve
Banks
57, 175, 295, 425, 565,
715, 873, 1001, 1135, 1273, 1391, 1513
Member banks:
Account with Federal Reserve Banks
47,
165, 285, 415, 555, 705,
863, 991, 1125, 1263, 1381, 1503
By classes of banks
50, 168, 288, 418, 558,
708, 866, 994, 1128, 1266, 1384, 1506
Chart
42, 160, 280, 410, 550,
700, 858, 986, 1120, 1258, 1376, 1498
Excess:
End-of-month and Wednesday figures 43,
161, 281, 411, 551, 701,

1598




FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Pages

Security issues—Continued.
New and refunding
64, 182, 302, 432, 572,
722, 886, 1008, 1142, 1280, 1398, 1520
Security markets:
Bond and stock prices
64, 182, 302, 432, 572,
722, 886, 1008, 1142, 1280, 1398, 1520
Security pledged on member bank loans to business... .664
Security prices:
Principal countries
Ill, 231, 349, 483, 631,
771, 935, 1063, 1193, 1335, 1449, 1571
Sibley, W. A. L., appointed director at Charlotte
36
Silver and silver certificates, stock..51, 169, 289, 419, 559,
709, 867, 995, 1129, 1267, 1385, 1507
Smith, Tynan:
Article on security pledged on member bank loans
to business
664
Article on commercial bank loans to farmers.... 1216
Article on farm production loans at commercial
banks
1469
South Africa:
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Reserve Bank:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Spain:
Bank of:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Foreign exchange rates
109, 229, 347, 481, 629
769, 933, 1061, 1191, 1333, 1441, 1563
Special articles:
Annual report of Bank for International Settlements
,
1228
Annual report of the Bank of Canada
392
Balance sheet of agriculture, 1947
1357
Bank credit policy during the inflation, joint
statement issued by bank supervisory agencies.. 1465
Business loans of member banks
253
Central banking laws for American zone of
Germany
130
Commercial bank activity in consumer instalment
financing
264
Commercial bank loans to farmers
1216
Direct exchange of maturing Treasury bills for
new issues
520
Discontinuance of instalment credit controls
1356
Economic survey of the United Kingdom
367
Estimated liquid asset holdings of individuals
and businesses
1103
Farm mortgage loans of commercial banks, article by Philip T. Allen
1477
Farm production loans at commercial banks
1469
Federal Reserve guarantee of business loans
made by chartered banks
521

Special articles—Continued.
Financial position and buying plans of consumers, July 1947
1212
Financial position of manufacturing and trade in
relation to size and profitability in 1946
1091
Inflationary aspects of housing finance, statement by Mr. Eccles before Joint Committee
on Economic Report
1463
International Monetary Fund statement concerning initial par values
11
Member bank earnings for 1946
528
Member bank earnings, first half of 1947
1353
Member bank loans to small business
963
Methods of restricting monetization of public
debt by banks
402
National Advisory Council report on participation of United States in the Fund and the Bank.. 123
New Guatemalan Bank Law
398
Our stake in German economic recovery—text
of speech by M. S. Szymczak
681
Ownership of demand deposits
689
Postwar bank credit problems, address by Mr.
Eccles
1207
Regional distribution of business loans
524
Regulation of consumer instalment credit
827
Report by the Council of Economic Advisers
13
Report of National Advisory Council on International Monetary and Financial Problems.... 836
Revised consumer credit series
830
Revision of national income and product statistics
1105
Revision of weekly statistics for member banks
in leading cities
692
Security pledged on member bank loans to business
664
Survey of consumer finances:
Part I. Expenditures for durable goods and
investments
647
Part II. Consumer incomes and liquid asset
holdings
788
Part III. Consumer saving in 1946 and
ownership of selected nonliquid assets
951
Sterling in multilateral trade
1083
Structure of interest rates on business loans at
member banks
803
Structure of interest rates on commercial bank
loans to farmers
1483
Term lending to business by commercial banks
in 1946
498
Termination of ration banking program
978
Transactions in gold at premium prices
851, 978
Transfer to Treasury of excess earnings of
Federal Reserve Banks
518
Values and limitations of consumer financial
surveys for economic research
244
Yields on United States Government securities,
revision of averages
1251
Spencer, C. E., elected Vice President of Federal
Advisory Council
275
Staff of Board of Governors:
Allen, Philip T.:
Article on commercial bank loans to farmers
1216
Article on farm mortgage loans of commercial banks
1477
Baird, Frieda, article on commercial bank activity in consumer instalment
financing
264

DECEMBER

1947




1599

INDEX TO VOLUME 33
Pages

Pages

State member banks—Continued.
Staff of Board of Governors—Continued.
Earnings and expenses:
Brown, Bonnar, appointed Assistant Director of
1946
528, 602
Division of Research and Statistics
1254
First half of 1947
1315, 1353
Grove, David L., article on New Guatemalan
Number of:
Bank Law
.
398
Hart, Richard F., article on ownership of deCall dates
54, 172, 292, 422, 462,
mand deposits
689
712, 870, 998, 1132, 1270, 1388, 1510
Holthausen, Duncan M.:
Offices in United States..93, 210, 330, 461, 601,
751, 916, 1040
Article on financial position and buying
Peoples Bank, Lakewood Village, Calif., decision
plans of consumers—July 1947
1212
Article on survey of consumer finances—
of United States Court of Appeals for District
Part I
647
of Columbia
532
Article on survey of consumer finances—
Sales of mortgages by, applicability of condition
Part II
788
of membership numbered 3
695
Article on survey of consumer finances—
Suspensions
53, 171, 291, 421, 561,
Part III
.
951
711, 869, 997, 1131, 1269, 1387, 1509
Article on term lending to business by comStates and political subdivisions:
mercial banks in 1946.
498
Deposits:
Article on values and limitations of conInsured commercial banks on call dates.. 57, 175,
sumer financial surveys for economic re295, 425, 565, 715, 873,
search
244
1001, 1135, 1273, 1391, 1513
Knapp, J. Burke, article on sterling in multiWeekly reporting member banks:
lateral trade
1083
By Federal Reserve districts... .61, 179, 299,
Koch, Albert R.:
429, 569, 719, 877,
Article on business loans of member banks.. .253
1005, 1139, 1277, 1395, 1517
Article on financial position of manufacturNew York City and outside..59, 177, 297, 427,
ing and trade in relation to size and
567, 717, 875, 1003, 1137, 1275, 1393, 1515
profitability in 1946
1091
Investments of insured commercial banks in
Metzler, Lloyd A., pamphlet on exchange rates
obligations of
56, 174, 294, 424, 564,
and the International Monetary Fund
1116
714, 872, 1000, 1134, 1272, 1390, 1512
Morse, Chandler, resignation as Assistant DirecStatistical bulletin of International Monetary Fund,
tor of the Division of Research and Statistics.. 1254
publication of
1493
Myrick, Lowell, appointed Assistant Director of
Sterling in multilateral trade, article by J. Burke
the Division of Bank Operations
1372
Knapp and F. M. Tamagna
1083
Paulger, Leo H., retirement as Special Adviser
Stettinius, Edward R., Jr., appointed Class C director
to the Board
405
at Richmond
853
Schmidt, Charles H.:
Stock, capital: (See also Capital accounts)
Federal Deposit Insurance Corporation, cancelArticle on financial position of manufacturing
lation of
980
and trade in relation to size and profitability
in 1946
1091 Stock, preferred, proposed retirement of investment
by Reconstruction Finance Corporation
404
Article on member bank loans to small business
963 Stock exchange:
Call loan renewals, open-market rates in New
Triffin, Robert, pamphlet on national central
York City
63, 181, 301, 431, 571,
banking and the international economy
1116
721, 885, 1007, 1141, 1279, 1397, 1519
Young, Ralph A., article on values and limitations
Customers' debit balances money borrowed and
of consumer financial surveys for economic
principal related items of firms carrying margin
research
244
accounts
62, 180, 300, 430, 570,
Youngdahl, Richard:
720, 884, 1006, 1140, 1278, 1396, 1518
Article on ownership of demand deposits... .689
Volume of trading on New York market
64, 182,
Article on structure of interest rates on busi302, 432, 572, 722, 886,
ness loans at member banks
803
1008, 1142, 1280, 1398, 1520
Article on structure of interest rates on commercial bank loans to farmers
1484
New security issues
64, 182, 302, 432, 572,
Stamm, Earle W., elected Class A director at Boston. 1254
722, 886, 1008, 1142, 1280, 1398, 1520
State member banks:
Prices in principal countries..111, 231, 349, 483, 631,
Admissions to membership
37, 155, 275, 405, 545,
771, 935, 1063, 1193, 1335, 1449, 1571
696, 853, 982, 1116, 1254, 1372, 1493
Prices in United States
64, 182, 302, 432, 572,
Assets and liabilities:
722, 886, 1008, 1142, 1280, 1398, 1520
December 31, 1946
464
June 30, 1947
1317 Straits Settlements:
Foreign exchange rates
109, 229, 347, 481, 629,
Changes in number of banks and branches.. .211, 1175
769, 933, 1061, 1191, 1333, 1447, 1569
Debentures of International Bank for ReconStructure of interest rates on business loans at member
struction and Development may be purchased
banks
803
by
852
Deposits, call dates
54, 172, 292, 422, 562, Structure of interest rates on commercial bank loans
to farmers, article by Richard Youngdahl
1483
712, 870, 998, 1132, 1270, 1388, 1510
1600




FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 33
Pages

Studies:
Postwar Economic No. 7, available for distribution
1116
Postwar Economic No. 8, to be announced later. .1116
Publication announced
1493
Supplies of goods, increase in
2
Surplus:
Federal Reserve Banks
48, 166, 212, 286, 416,
556, 706, 864, 992, 1126, 1264, 1382, 1504
Member banks:
December 31, 1946
464
June 30, 1947
1317
Surveys:
Agricultural loans
1216, 1469, 1477, 1484
Bank loans to industrial and commercial businesses, basis for article on business loans of
member banks
253
Business loans at member banks, article by
Richard Youngdahl on structure of interest
rates on
803
Business loans, article on term lending by commercial banks in 1946
498
#
Business loans, article on security pledged on
member bank loans to business
664
Commercial bank loans to farmers, form for
reporting
1226
Consumer finances, article t>y Duncan M. Holthausen on financial position and buying plans
of consumers, July 1947
1212
Consumer finances:
Part I. Expenditures for durable goods and
investments
647
Part II. Consumer incomes and liquid asset
holdings
788
Part III. Consumer saving in 1946 and ownership of selected nonliquid assets
951
Consumer financial surveys for economic research,
values, and limitations of
244
Liquid assets, estimated holdings of individuals
and businesses
1103
Retail credit—1946
820
Suspension of banks:
Number and deposits
53, 171, 291, 421, 561,
711, 869, 997, 1131, 1269, 1387, 1509
Sweden:
Bank of:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Open-market rates
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Wholesale prices in
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
Switzerland:
Cost of living, index numbers... .111, 231, 349, 483,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
D E C E M B E R 1947




Pages

Switzerland—Continued.
International capital transactions.. .98, 218, 336, 470,
618, 758, 922, 1050, 1180, 1322, 1436, 1558
Open-market rates
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Retail food prices
Ill, 231, 349, 483, 631,
771, 935, 1063, 1193, 1335, 1449, 1571
Swiss National Bank:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Wholesale prices in
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
Szymczak, M. S., text of speech on our stake in
German economic recovery
681
Tamagna, F. M., article on sterling in multilateral
trade
1083
Taxes:
Changes in structure
120
Internal Revenue collections. .69, 187, 307, 437, 577,
727, 891, 1013, 1147, 1285, 1403, 1525
Taylor, R. B., appointed director at Portland
37
Term lending to business by commercial banks in
1946
498
Tillett, D. P., director at Charlotte Branch, death of. .275
Trade, financial position in relation to size and profitability in 1946
1091
Treasury bills:
Average rate on
63, 181, 301, 431, 571,
721, 885, 1007, 1141, 1279, 1397, 1519
Buying rates on
44, 162, 282, 412, 552,
702, 860, 988, 1122, 1260, 1378, 1500
Direct exchange of maturing, for new issues
520
Federal Reserve Bank holdings... .43, 161, 281, 411,
551, 701, 859, 987, 1121, 1259, 1377, 1499
Insured commercial bank holdings.. 56, 174, 294, 424,
564, 714, 872, 1000, 1134, 1272, 1390, 1512
Investments in, by weekly reporting member
banks:
By Federal Reserve districts. .60, 178, 298, 428,
568, 718, 876, 1004, 1138, 1276, 1394, 1516
New York City and. outside... 58, 176, 296, 426,
566, 716, 874, 1002, 1136, 1274, 1392, 1514
Maturities of
67, 185, 305, 435, 575,
725, 889, 1011, 1145, 1283, 1401, 1523
Termination of Federal Reserve buying rate,
announcement on
776
Treasury currency outstanding:
End-of-month and Wednesday figures..43, 161, 281,
411, 551, 701, 859, 987, 1121, 1259, 1377, 1499
Treasury Department:
Cash income and outgo
69, 187, 307, 437, 577,
727, 891, 1013, 1147, 1285, 1403, 1525
Foreign funds control regulation, amendment to.. 151
Foreign funds control releases.. 34, 152, 273, 540, 852
Statement on direct exchange of maturing
Treasury bills for new issues
520
Transfer of excess earnings of Federal Reserve
Banks to
518
Treasury finance:
National summary of business conditions
547, 698, 855, 984
Treasury receipts and expenditures:
Summary of
69, 187, 307, 437, 577,

727, 891, 1013, 1147, 1285, 1403, 1525

1601

INDEX TO VOLUME 33
Pages

Triffin, Robert, pamphlet on national central banking
and the international economy
1116
Trust funds, common:
Acquisition of interest in participation under
Regulation F
980
Operation as investment trust
1115
Turkey:
Central Bank of the Republic of:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Union of the Soviet Socialist Republics:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
United Kingdom:
Bank of England:
Condition
103, 223, 341, 475, 623,
763, 927, 1055, 1185, 1327, 1441, 1563
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Commercial banks, assets and liabilities
108, 228,
346, 480, 628, 768, 932,
1060, 1190, 1332, 1446, 1568
Cost of living, index numbers
I l l , 231, 349, 483,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
Crisis in Great Britain, discussion of
1071
Economic survey of
367
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
International capital transactions... 98, 218, 336, 470,
618, 758, 922, 1050, 1180, 1322, 1436, 1558
Open-market rates
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Retail food prices
I l l , 231, 349, 483, 631,
771, 935, 1063, 1193, 1335, 1449, 1571
Security prices, index numbers.. .111, 231, 349, 483,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
Sterling in multilateral trade, article by J. Burke
Knapp and F. M. Tamagna
1083
Wholesale prices in
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
United States:
Cost of living, index numbers
I l l , 231, 349, 483,
631, 771, 935, 1063, 1193, 1335, 1449, 1571
Gold movements
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Government securities: (See Government securities)
Retail food prices
I l l , 231, 349, 483, 631,
771, 935, 1063, 1193, 1335, 1449, 1571
Security prices, index of
I l l , 231, 349, 483, 631,
771, 935, 1063, 1193, 1335, 1449, 1571
Wholesale prices in
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570

1602




Pages

United States notes:
Stock

51, 169, 289, 419, 559,
709, 867, 995, 1129, 1267, 1385, 1507

Uruguay:
Bank of the Republic of:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Values and limitations of consumer financial surveys
for economic research
244
Venezuela :
Central Bank of:
Condition
106, 226, 344, 478, 626,
766, 930, 1058, 1188, 1330, 1444, 1566
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555
Violations:
Regulation W :
Consumers Home Equipment Company, conviction of
532
Wages:
Postwar increases, discussion of
1203
Wallace, William R., Jr., appointed Class C director
at San Francisco
1254
War Department:
War production loans guaranteed b y . . . .49, 167, 287,
417, 557, 707, 865, 993, 1127, 1265, 1383, 1505
War loans :
Guaranteed by War Department, Navy Department and Maritime Commission, number and
amount
49, 167, 287, 417, 557, 707,
865, 993, 1127, 1265, 1383, 1505
Weekly statements for member banks in leading cities,
revision of
692
West Africa :
Gold production
96, 216, 334, 468, 616,
756, 920, 1048, 1178, 1320, 1434, 1556
Wholesale prices:
Groups of commodities
87, 205, 325, 456, 596,
746, 910, 1032, 1166, 1304, 1422, 1544
Principal countries
110, 230, 348, 482, 630,
770, 934, 1062, 1192, 1334, 1448, 1570
Wilbur, Brayton, designated Chairman and Federal
Reserve Agent at San Francisco
545
World War II, Proclamation terminating period of
hostilities
26
Wysor, W. G., designated Chairman and Federal
Reserve Agent at Richmond
36
Yields on Government securities:
Average
63, 181, 301, 431, 571,
721, 885, 1007, 1141, 1279, 1397, 1519
Revision of averages
1251
Young, Ralph A.: (See Staff of Board)
Youngdahl, Richard: (See Staff of Board)
Yugoslavia:
Foreign exchange rates
109, 229, 347, 481, 629,
769, 933, 1061, 1191, 1333, 1447, 1569
National Bank of the Kingdom of:
Discount rate
107, 227, 345, 479, 627,
767, 931, 1059, 1189, 1331, 1445, 1567
Gold reserves
95, 215, 333, 467, 615,
755, 919, 1047, 1177, 1319, 1433, 1555

FEDERAL RESERVE BULLETIN