Full text of Federal Reserve Bulletin : January 1947
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FEDERAL
BULLETIN
JANUARY 1947
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
VE
EDITORIAL COMMITTEE
ELLIOTT
THURSTON
WOODLIEF
THOMAS
CARL E.
PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Recent Market Developments. .
1-10
International Monetary Fund Statement Concerning Initial Par Values.
11-12
Report by the Council of Economic Advisers. .
13-25
Law Department:
Cessation of Hostilities:
Statement by the President
Cessation of Hostilities of World War II by the President of the United
States of America. Proclamation 2714.
Regulation T :
Exercise of Rights to Subscribe
. . . .
Transactions of Customers Who Are Brokers or Dealers.
Regulation U—Determination and Effect of Purpose of Loan.
Consumer Credit:
Credits Extended Before December 1, 1946
Conversion of Non-Instalment Credit to Instalment Basis.
Preservation of Records. .
Automobile Appraisal Guides.
...
Suit Regarding Removal of Bank Directors.
...
Foreign Funds Control—Treasury Department Releases. .
26
26-27
27
27
27
27-28
28
28
28-30
30-34
34-35
Current Events
36-37
National Summary of Business Conditions. .
38-39
Financial, Industrial, Commercial Statistics, U. S. (See p. 41 for list of tables)
41-93
International Financial Statistics (See p. 94 for list of tables).
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
94-111
112
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
113
Map of Federal Reserve Districts. .
114
Federal Reserve Publications (See inside of bac\ cover)
Subscription Price of BULLETIN
FEDERAL RESERVE BULLETIN
VOLUME 3 3
January 1947
NUMBER 1
RECENT MARKET DEVELOPMENTS
Aggregate production and employment
have increased somewhat further in recent
months despite interruptions in activity
owing to industrial disputes and continued
shortages of raw materials, transportation
equipment, and skilled labor. Nevertheless,
the exceptionally high level of current incomes, together with the wartime accumulation of deferred needs and of liquid assets,
has continued to result in a level of demand
generally in excess of the supply of goods
available, and there has been a further
marked rise in the average level of prices,
especially since the ending of Federal price
controls.
Generally high production levels during
the past twelve months have added considerably to the greatly depleted stocks of civilian
goods held by manufacturers, distributors,
and consumers at the end of the war. At
the sharply advanced price levels now prevailing numerous businessmen, especially distributors of nondurable goods and certain
durable goods like jewelry and furniture,
have reduced considerably their commitments for goods. Outstanding orders in
most durable goods industries appear to have
been maintained in record volume.
In some markets actual or prospective increases in supplies have resulted in reductions
in prices from earlier peaks. Prices of a
number of basic agricultural commodities
have declined, and the possibility of further
JANUARY
1947
reductions is indicated by quotations for
future contracts substantially below cash
prices. In retail markets many merchants
marked down prices of various items of merchandise before the end of the Christmas
buying season, and special sales following the
holiday resulted in additional price reductions.
In a period of changing prices producers
and distributors generally find it difficult to
appraise accurately the longer term markets
for their goods. These difficulties were considerably enhanced under the conditions prevailing during most of 1946. The economy
was completing the reconversion of its productive facilities from war to peacetime uses
and there were large unsatisfied demands
as a result of wartime restrictions on output
of civilian goods and of the wartime growth
in business and consumer incomes and in
holdings of liquid assets. Moreover, during
the war there were marked shifts in price
and income relationships and some of these
shifts were certain to be transitory.
If there is sufficiently general recognition
of the many market readjustments which are
yet to be made and action is taken promptly
to anticipate those developments, the effect
of speculative activities may be diminished
and the severity of subsequent readjustments
reduced. The observance of a general market policy of resisting price advances and of
promptly reducing inflated prices would go
REVIEW OF THE MONTH
far towards adjusting the economy to a basis
which would permit sustained high production and distribution of goods and high employment.
INCREASED SUPPLIES OF GOODS
Total value of goods marketed by producers of both agricultural and industrial
products increased sharply in the latter part
of 1946. This development reflected further
increases in the quantity of goods produced,
additional advances in wholesale.prices, and
a greater disposition to offer goods for sale.
The freer offerings of goods by producers
were partly a response to the more attractive
level of prices but reflected also a growing
tendency among buyers to restrict their commitments because of greater uncertainty concerning maintenance of recent advanced
price levels and because of fairly large accumulations of merchandise in some lines.
The total quantity of manufactured goods
produced was 7 per cent larger in the fourth
quarter of 1946 than in the middle of the year
and* for the year as a whole was three-fourths
greater than the 1935-39 average. This was
about double the volume of manufactures
produced for civilian use during most of
1945. The recent increase to new record
peacetime levels occurred despite production
losses due to the curtailment in trucking and
maritime shipments in October and a twoand-a-half week work stoppage in bituminous coal mining terminated December 9.
Production of most finished goods for consumer use expanded further with especially
marked gains shown by durable goods.
Nondurable goods—Output of nondurable
manufactured goods during the autumn was
about 5 per cent larger than during the summer months, as shown in the chart. The
largest increases occurred in production of
manufactured foods and beverages—largely
due to the recovery in output of meat and
grain products—and in cotton textiles, tobacco, paper, rubber, and petroleum products.
Production of these goods and other nondurable products during most of 1946 ranged
up to 60 per cent larger than the volume of
output available for civilian use during most
INDUSTRIAL PRODUCTION
POINTS IN
PER CENT
260
240
V
220
180
too
JJ
MACt1INER YAN 3
rRAN 3P0R rATION
EQIHPM INT
\
1
f
i-
tr
/
80
/
.
OTHER
DURABLE
r
V
r
80
1940
1942
1944
1946
1940
120
100
\3
NON DUR/
MANUFAC1rURES
A
160
120
AL -
1
200
140
140
t
X
60
\
N
f
40
20
n
20
MINERALS
i
1942
J944
0
1946
Federal Reserve indexes. Monthly figures; latest shown are
estimates for December.
of 1945, while the civilian population had increased less than 10 per cent as a result of
demobilization.
The country's agricultural production,
which is the major source of the raw foodstuffs and materials used in manufacturing
nondurable goods, and of those foods which
are consumed without further processing,
was nearly as large in 1946 as in the previous
year. The quantity of most crops harvested,
with the major exception of cotton, exceeded
any previous records. Production of grains
was 6 per cent larger than in 1945 and 40
per cent greater than in 1940. Even with the
expansion in the number of livestock on
farms in recent years, supplies of feed grains
per animal unit during the current season are
estimated to be the largest on record. This
is already being reflected in increased feeding
of livestock and would ordinarily be expected
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
also to encourage the raising of more animals. reached in 1941. The manufacture of autoHog prices, after declining in December, mobile replacement parts was continuing at
were still 45 per cent higher than at the end an exceptionally high rate. Output of most
of December 1945 while corn prices were other consumer durable goods also showed
only 15 per cent higher and as a result price very sharp advances in the second half of the
relationships were exceptionally favorable for year. Electrical appliances were being prohog production. Preliminary reports, how- duced at above the advanced 1941 level and
ever, indicate that the spring pig crop will be manufacture of furniture, jewelry, and houseonly slightly larger than last year's rather wares was also in record volume.
small crop.
Production of various types of producers'
At present price levels record acreages of durable goods such as trucks, electrical equipmost crops in 1947 are to be anticipated. ment, and farm machinery, which had been
Prices of corn, even after the sharp declines curtailed in the early part of 1946 by indusduring the second half of 1946 from $2.25 trial disputes, showed a considerable advance
per bushel to $1.35, were nearly double the in the last half of the year. Truck producprewar level and at those levels might be tion reached the highest rate on record and
expected to encourage another year of large was about 75 per cent above average producplantings. December reports on winter tion in 1935-39. Output of farm machinery
wheat indicate that the harvest next summer likewise increased to an exceptionally high
may be 10 per cent larger than the bumper level in the last half of 1946. Activity in the
crop in 1946.
office equipment and industrial and construcImports of materials for the manufacture tion machinery industries advanced further
of nondurable goods and of finished goods in the latter part of the year. Production of
have increased recently. During the summer equipment for sale to railroads, airlines, and
and early autumn the volume of imports was utilities was in large volume, including a
limited by maritime disputes and by the sizable amount for export.
relatively low level of prices in this country.
Since the end of the war a larger share
These conditions no longer prevail and, with than usual of the industrial machinery and
a further improvement in economic condi- other equipment produced has been made
tions in supplying countries during this for use directly or indirectly in producing
period, the outlook is for a further marked nondurable goods and supplying the needs
expansion in the arrival of foreign supplies of the service industries. Equipment purof nondurable goods such as tropical foods, chases in many of these lines had been reoils, rubber, woodpulp, silk, and burlap.
stricted during the war years. Meanwhile,
Durable goods—Output of consumers' dur- in many lines manufacturing durable goods
able goods increased considerably during a great deal of new equipment was installed
the latter part of 1946, and production of pro- to meet war requirements and much of this
ducers' durable equipment was maintained equipment was adaptable to peacetime reor expanded from high levels reached earlier. quirements.
Output of new passenger automobiles in the
Production of building materials increased
fourth quarter was at an annual rate of 3.4 considerably after the middle of the year.
million cars, which was double the June rate This increase reflected in part the availability
and within 10 per cent of the average level of more workers as well as special price and
JANUARY 1947
REVIEW OF THE MONTH
other inducements to increase output of materials which were in short supply and were
especially needed in the Veterans' Emergency
Housing program. Stocks of many building
materials in distribution channels, however,
were not yet adequate at the end of the year;
production of some products, such as gypsum
board and heating equipment, was expected
to continue below demand for some time.
on page 5, actual increases were substantial
for numerous types of commodities. The
rise in the level of prices since before the war
is now reflected in the indexes more accurately than it was in the early part of 1946.
PRICES
LY, l93S-39«IOq_
A!
f
HIGHER PRICE LEVELS
The high level of demand, which stimulated the further expansion in physical output of goods during the second half of 1946,
also induced considerable price advance
during that period. Prices had been rising
earlier under Federal price controls, and with
the lapse of those controls at the end of June,
prices of agricultural commodities showed
a sharp advance; and following the elimination of controls in October and the early
part of November there were further advances in prices of most agricultural commodities and also marked increases in many
industrial commodities. By the end of the
year, however, prices of cotton, corn, hogs,
and butterfat were considerably below earlier
high levels. Wholesale prices of foods in
general averaged 10 per cent below the peak,
reflecting mainly a drop in meat prices from
the sharply advanced levels reached in October.
The over-all rise in the level of wholesale
commodity prices from June to the end of
December was one-fourth, according to the
general index of the Bureau of Labor Statistics. The level reached was three-fourths
above the prewar average, as shown in the
accompanying chart. Although prices did
not rise during the second half of 1946 as
much as the indexes indicate, partly because
of changes in quotations included in the
indexes explained in the note to the chart
J\
1
WHOLESAL E
cOMMODITY PfNCES
I
CONSUMERS1
PRtCES
J/
1
_~f
£ ^
1
1
1
1
Bureau of Labor Statistics indexes. Index of wholesale
prices converted to 1935-39 base by Federal Reserve. Latest
figures shown are estimates for December.
Foods—The greatest advances in price
were in foods. Mid-November quotations
for foods in wholesale and retail markets
were 45 and 35 per cent higher respectively
than in the early part of the year. These
sharp advances reflected in part the elimination of the large Federal subsidy program
inaugurated during the war to limit the rise
in prices of dairy products, meats, flour,
canned vegetables, coffee, and sugar. Other
factors that contributed to the exceptionally
large increases in food prices in October were
the withholding of supplies in anticipation
of the lifting of controls; the time period
required to expand production and marketings of some foodstuffs; the continued large
foreign demands for domestic foods; the
restricted volume of some food imports; and,
finally, the greater sensitivity of the markets
for most foods to the demand and supply
situation.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Because of the elimination of subsidies, income associated with the production and distribution of foods did not expand to the same
extent that the value of these goods increased,
although temporarily large windfall gains
accrued to holders of stocks of these goods.
Government payments for subsidies were
reduced, and while taxes may be lower at
some future date because of the discontinuance of the food subsidies, both taxes
and prices paid by food consumers during
the current period are at advanced levels and
together absorb an increased portion of current incomes.
Other nondurable goods—Price increases
during the latter part of the year were also
generally greater for farm products and for
other nondurable goods, such as textile,
leather, paper, and soap products, than for
durable goods, as is indicated in the chart.
This difference reflected in part the operation
of the same factors that influenced food prices.
Prices of many nondurable goods had already
reached exceptionally high levels during the
war, owing partly to the difficulty of controlling prices of these products effectively. In
the latter part of the year prices of most of
these goods, except tobacco and rubber
products, showed further marked increases
and in the latter part of December were
generally double the 1939 level. The range
of changes, however, was very great. In the
case of basic chemicals, for example, prices
of many products after being raised by 10
per cent following the ending of controls in
November, were not far above prewar levels.
Ceiling prices on petroleum products were
not reimposed after July and substantial price
increases followed in August. Subsequently
there was little change in prices, owing to
relatively ample stocks of products, until December. At that time the advent of cold
WHOLESALE PRICES
NONDURABLE GOODS
PER CENT
240
1935-39 ° 100
DURABLE GOODS
PER CENT
240
-
-
-
I
FARM PRODUCT
)
^V7
-
/
-
/J
/
J
FOODS
TE XTILE P RODUGTS
*•*•%'
HIDES A ND LEA! HER
PR ODUCTS
-
-
-
-
I-
/
-
BUIL DING MATERIALS
? T ^ f X FURNITURE
IETALS AND ME1fAL PRODUCTS
A
-
120
100
-
v\A
Selected groups of Bureau of Labor Statistics indexes converted to 1935-39 base by Federal Reserve. Latest figures shown
are estimates for December. Some of the group indexes shown and the total index shown on page 4 have overstated the recent
rise in actual prices for the reasons mentioned on pages 837 and 838 of the August 1946 issue of the BULLETIN. In addition
quotations not previously available have recently been introduced into the indexes at advanced levels which actually had been
reached earlier. For example, most of the rise shown for metals and metal products in October reflected increases in prices of
motor vehicles which had occurred in the spring and summer months.
JANUARY 1947
REVIEW OF THE MONTH
weather and the temporary curtailment in
coal mining were accompanied by some
further increase in prices of petroleum
products and at the end of the year prices
were about 20 per cent above the old ceiling
levels. Coal and coke prices, on the other
hand, showed little advance in most markets.
Durable goods—After the ending of controls prices of nonferrous metals and steel
scrap increased by as much as 50 per cent
within a six weeks period. These prices are
so high that collections and sales of scrap
may be considerably stimulated and so also
imports and domestic mine production of
nonferrous metals. At such levels, too, it is
likely that industrial buyers will hold their
purchases to minimum requirements and
expand their use of substitute materials.
Within the nonferrous metals group, aluminum prices are now considerably below copper prices, while before the war aluminum
prices were much higher than copper. In the
iron and steel industry ceiling prices had been
raised by about 10 per cent last February and
since the end of controls prices of pig iron
and numerous finished steel products have
been raised further.
Prices of most metal products and building
materials, with certain important exceptions
like steel scrap, nonferrous metals, lumber,
and paint materials, showed fairly moderate
advances during the second half of 1946.
Prices of durable goods generally are less
responsive to changes in market developments. Price changes which do occur in
these lines, moreover, are often not fully reflected in indexes because of technical problems of price measurement. Soon after the
removal in the spring of price ceilings on
many types of industrial equipment, prices
of this equipment, not included in the indexes shown in the accompanying chart,
were reported to have risen from 10 to 20
per cent.
Following the elimination of the remaining price controls in the early part of November, prices of most electrical goods were
raised by 5 to 15 per cent. The largest
automobile manufacturer increased car prices
by $100 while other automobile prices were
raised by smaller amounts. Farm machinery
prices were increased about 6 per cent.
Prices of most metals and metal products and
building materials are still under strong upward pressures owing to the continued high
level of demand for these products, the current advanced prices of raw materials, and
the reopening of wage contracts.
SHIFTING TRENDS IN SALES
While the value of goods produced generally showed a sharp expansion during the
latter part of 1946, reflecting the advances in
both output and prices, there were significant
shifts in the rate of purchase of various goods
for domestic consumption and for export
purposes. In many important lines purchases continued to rise and were generally
limited only by the volume of output available. In some lines, however, demands receded from earlier peak levels and outstanding orders were reduced.
One of the important shifts was the decline
in purchases of cereal products and some
other foods for export; such purchases had
been at exceptionally high levels in the first
half of 1946. Federal purchases of goods
for military purposes continued to decline.
Contracts awarded for nonresidential construction declined in the second half of 1946;
this decline, however, was attributable at
least in large measure to restrictions designed
to release materials for veterans' housing,
rather than to a decrease in demand for such
FEDERAL RESERVE BULLETIN
REVIEW OF THE
building. The number of new dwelling units
started during the past six months, mainly
for veterans' occupancy, continued at a high,
though declining, rate. Total expenditures
for construction purposes were maintained
close to the high levels reached in the middle
of 1946. Preliminary indications are that demands for producers' machinery and equipment were maintained during the second half
of 1946 at advanced levels. New orders for
machine tools placed by domestic and foreign
buyers declined, and backlogs of unfilled
orders, although declining, remained large.
In retail markets the value of goods sold
continued to expand during the second half
of 1946, reflecting further increases in output
of finished goods and in retail prices. Sales
of durable goods during the fourth quarter
of the year were running about two-thirds
higher than in the same period in 1945, as
shown in the chart. After the middle of
the year sales of some durable goods like
furniture and jewelry, which earlier had been
at exceptionally high levels, showed little
further expansion. Even in these lines, however, there continued to be large unfilled demands for such products as basic furniture
pieces, bed springs, and silverware.
Relative to consumer incomes, retail sales
of most nondurable goods had already been
high from the end of the war through the
third quarter of 1946. Following the large
rise in retail prices of foods and the expansion
in food supplies, value of sales at food stores
rose sharply and in November was about
one-fifth above the level in the first half of
the year. Sales at other stores selling nondurable goods such as clothing, drugs, liquor,
and general merchandise showed much less
marked increases, after allowance for seasonal changes. These shifts in retail sales,
involving declines in some cases, apparently
reflected, in addition to changed supply conJANUARY 1947
MONTH
RETAIL SALES
RATES, SEASONALLY ADJUSTED
provide only an approximate indication of the retail sales o
the products shown to consumers and business purchasers.
Also, the figures include the amounts charged for repair work
done by durable goods stores
ditions, the high level of prices, larger stocks
of goods in consumer hands, and little
further increase after the middle of the year
in average incomes of wage earners and
salaried workers.
INCOMES AND EXPENDITURES
Total income payments of individuals were
at a seasonally adjusted, annual rate of
around 174 billion dollars in November,
about 12 billion dollars larger than in the
middle of the year. The increase reflected
sharply higher farm incomes, as a result
mainly of the rise in agricultural prices, and
other increased entrepreneurial returns, as
well as some further growth in nongovernmental wages and salaries. Consumer expenditures continued to increase more than
incomes. The rate of current net savings, as
measured by the excess of individual incomes
over personal taxes and consumer expenditures, has declined sharply from high wartime levels, and it appears that during the
REVIEW OF THE
fourth quarter of the year these savings
were down to about the same proportion of
income after taxes as prevailed before the
war.
There were substantial withdrawals of past
savings during 1946, including redemptions
of about 6 billion dollars of United States
savings bonds. Borrowings of individuals
also increased, as is indicated by the sharp
growth in consumer credit and in real estate
loans. It is likely that there will be a further
marked expansion in credit to finance the
purchase of consumer durable goods in
coming months, as increased supplies of such
goods become available. Individuals still
have unprecedented amounts of accumulated
savings in the form of currency, bank deposits, and Government securities but it is
difficult to appraise to what extent these
savings may be drawn upon for current expenditures.
RISING INVENTORIES
The continued increase in consumer buying was smaller than the increase in the
volume of merchandise received by distributors; and the value of distributors' stocks of
most types of goods showed a further marked
expansion in the second half of 1946.
Manufacturers' inventories also increased.
At the end of November they aggregated
about 20 billion dollars, according to the Department of Commerce, as compared with
17 billion at the end of June. Most of these
inventories were raw and semifinished materials. The accumulation of larger, better
balanced stocks of finished products was
prevented by the continuation of orders
generally in excess of the output of finished
goods. Over-all stocks of industrial consumers were large but a very wide range
existed in the adequacy of supply of different
materials. In such basic industries as iron
MONTH
and steel, nonferrous metals, petroleum refining, and cotton textiles the value of inventories remained considerably below prewar relationships to the value of shipments,
as in other recent years. It is likely, however,
that inventory requirements at the existing
high levels of output are not as large as such
comparisons based on lower levels of production might suggest. Inventories of materials in the apparel, machinery, automobile,
and other transportation equipment industries were as high relative to the value of
shipments as in the prewar period, and in
some cases higher.
Recent changes in other sectors of the
economy, including stocks of goods in consumers' hands, are more difficult to measure
currently. Even in those lines of activity
where comprehensive data on inventory
changes are available, the information is subject to a wide range of interpretation depending on current and prospective trends in
prices, supplies, and sales and in the volume
of inventories in other hands. As long as
prices are rising and sales are increasing
stocks of goods are generally not considered
to be too large. The point at which stocks
of goods usually come to be regarded as excessive is when sales decline and prices begin
to fall.
Present high price levels are a reflection
in part of buying to build up inventories
from the earlier relatively low levels to which
stocks of goods had been reduced owing
mainly to transitory wartime envelopments.
In a period of active demand considerable
time is required to replenish stocks. As supplies continue to improve in coming months
it can be expected that prices will reflect this
development in many lines but in some lines
more promptly than in others. In the closing
months of 1946 this sort of development was
already evident in various branches of the
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
department store trade and particularly in
women's outerwear.
DEPARTMENT STORE STOCKS AND ORDERS
The total value of stocks held at department stores when the war ended in August
1945 was equivalent to about 3.1 months'
sales at the rate of sales prevailing then, compared with 4.1 months' held in August 1940
when stocks were in a more balanced relationship to sales. Department store sales
showed a marked expansion during the 12
months after August 1945 and stocks, although showing a large increase, were still
relatively low compared to the rate of sales
at the end of that period. During the autumn months of 1946, sales showed a seasonal
expansion while stocks increased by more
than the usual amount. At the end of October and November stocks were almost as
large relative to sales in those months as in
the same months of 1940. Although stocks
of some goods were very small, those of other
goods were exceptionally large relative to the
rate of sales.
Information available for the end of October, given in the accompanying table, shows
that most of the departments handling
women's and children's clothing and accessories had stocks relative to sales exceeding
by substantial amounts the relationships in
October 1940. Although stock-sales ratios
for shoes, underwear, hosiery, men's suits
and shirts, refrigerators, floor coverings, and
certain other types of goods were still low,
those for most other classes of merchandise
—including furniture, lamps, housewares,
and jewelry as well as women's outerwear
and many other nondurable goods—were as
large as or larger than in the prewar period.
In order to stimulate the sale of such merchandise many stores reduced prices in NoJANUARY 1947
DEPARTMENT STORE STOCKS RELATIVE TO SALES
BY
DEPARTMENTS
Departments
Women's and Children's Apparel:
Coats, suits, and dresses, juniors'.
Furs
Aprons and housedresses
Blouses and sportswear
Handbags
Girls' wear
Negligees and robes
Gloves
Coats and suits
Dresses
Infants' wear
Hosiery
Shoes
Underwear
Men's and Boys' Apparel:
Boys' clothing
Men's furnishings
Shoes and slippers
Men's clothing
Home Furnishings:
Lamps and shades
Housewares
Furniture
Draperies and curtains
Blankets and spreads
Radios
China and glassware
Linens and towels
Appliances excl. refrigerators.
Floor coverings
Domestics and sheetings
Refrigerators
Other Departments:
Toilet articles
Jewelry and clocks
Books and stationery
Sporting goods and cameras
Silverware
Piece goods
Toys and games
Total—all departments
Ratio of stocks
to sales
Percentage
change
in
ratios
Oct.
Oct.
1940
1946
2.3
4.4
3.1
2.9
3.2
3.4
4.1
4.8
1.7
1.4
2.4
1.4
2.6
2.2
1.3
2.8
2.0
1.9
2.2
2.4
3.1
3.9
1.4
1.2
2.6
2.0
4.2
3.8
+77
+57
+55
+53
+45
+42
+32
+23
+21
+ 17
- 8
-30
-38
-42
3.6
3.5
3.3
1.4
3.6
4.6
6.1
3.9
0
-24
-46
-64
4.0
3.7
3.5
3.2
2.8
2.0
4.9
3.8
1.2
2.2
1.3
0.4
3.0
3.1
3.0
3.0
2.9
2.2
5.8
4.6
1.5
3.3
3.4
2.4
+33
+ 19
+ 17
+ 7
- 3
- 9
-16
-17
-20
-33
-62
-83
4.5
4.3
4.0
4.9
3.4
2.0
4.5
3.4
4.1
4.0
6.1
4.3
3.6
9.8
+32
+ 5
2.8
2.9
- 3
0
-20
-21
-44
-54
NOTE.—Data based on main store stocks reported by large department stores. Most main store departments regularly pub-
stocks are IUI CIIU ui me IIIUJULU aim Liiuse lor sines a.ie iui entire month. Percentage changes shown are computed from ratios
carried out to two decimal points.
vember and December in the midst of the
holiday buying season.
Outstanding orders for goods sold at department stores reached a peak volume in
the middle of 1946 which was equivalent to
3.5 months of sales at that time as compared
with orders amounting to around one month
at the rate of sales existing in the same period
of 1940. In subsequent months in 1946, the
rise in sales slackened but stocks continued
REVIEW OF THE
to increase, as shown in the chart. Department stores sharply curtailed their purchases
of merchandise and by the end of November
unfilled orders were reduced to 1.7 times
sales for that month, compared with a corresponding ratio of 0.7 for November 1940.
The total of stocks and unfilled orders was
about four times sales for November 1946,
compared with a ratio of about 3.3 in November 1940. The reduction in new and
unfilled orders of department stores during
the late months of 1946 was reflected in some
weakening of the markets for apparel and
certain other goods.
IMMEDIATE PRICE FACTORS
Recent reductions in retail prices have involved mainly luxury items and goods of
poor quality which were previously overpriced. These reductions at retail and the
price declines which have occurred in the
wholesale markets for such basic commodities as corn, hides, and silk have not affected
markets generally. Prices of some manufactured goods have continued to rise and other
prices have remained at the advanced levels
reached after the lifting of controls. A general increase in freight rates amounting to 10
per cent from recent levels went into effect
January 1, 1947. Reflecting in part the influence of current high profits in many industries and sharply increased living costs,
labor organizations have indicated their intention to bargain for increased wage rates
10
MONTH
DEPARTMENT STORE SALES, STOCKS,
AND OUTSTANDING ORDERS
Data reported by 296 large department stores to the Federal
Reserve System. Stocks and outstanding orders are end of
month figures; latest shown are preliminary figures for November. Sales are total for the month; latest shown are estimates
for December. Figures are unadjusted for seasonal variation.
in the near future, when contracts in major
industries are up for consideration. These
and other developments, including continued
shortages of goods, have tended to support
prices in many lines.
The development of price weakness in
some lines, on the other hand, does reflect
actual and prospective increases in supplies
and a growing selectivity among industrial
buyers and consumers as to the quality and
prices of goods purchased. Output of most
goods fo-r civilian use has been far in excess
of prewar levels during the past 16 months,
excess inventories of goods have accumulated,
and there are likely to be substantial further
increases in supplies in coming months.
FEDERAL RESERVE
BULLETIN
INTERNATIONAL MONETARY FUND
STATEMENT CONCERNING INITIAL PAR VALUES
On December 18, 1946, the International Monetary Fund too\ an important step toward world currency stability by announcing initial par values in
terms of United States dollars of the currencies of
32 countries and 52 other areas. The announcement %nd the rates released are given below:
The International Monetary Fund will begin
exchange transactions on March 1, 1947. The
transactions of the Fund will be at the initial par
values which have been determined in the manner
laid down in the Fund Agreement. The par value
of each currency is stated in the schedule below.
Eight of the thirty-nine members of the Fund—
Brazil, China, the Dominican Republic, Greece,
Poland, Yugoslavia, France in respect of French
Indo China, and the Netherlands in respect of the
Netherlands Indies—have requested, in accordance with Article XX, Section 4 of the Agreement,
more time for the determination of their initial
par values, and the Fund has agreed. Pending the
completion of certain legislative proceedings in
Uruguay, the initial par value of its currency has
not yet been definitely established.
This is the first time that a large number of
nations have submitted their exchange rates to
consideration by an international organization and
thus a new phase of international monetary cooperation has begun. The major significance of the
present step is not in the particular rates of exchange which are announced, but in the fact that
the participating nations have now fully established
a regime wherein they are pledged to promote exchange stability, to make no changes in the par
values of their currencies except in accordance with
the Fund Agreement, and to assist each other in attaining the general objectives of the Fund.
The initial par values are, in all cases, those
which have been proposed by members, and they
are based on existing rates of exchange. The acceptance of these rates is not, however, to be interpreted as a guarantee by the Fund that all the
rates will remain unchanged. As the Executive Directors of the Fund stated in their First Annual
Report, issued in September: "We recognize that in
some cases the initial par values that are established
may later be found incompatible with the maintenance of a balanced international payments position
at a high level of domestic economic activity. . .
JANUARY
1947
When this occurs, the Fund will be faced with new
problems of adjustment and will have to recognize
the unusual circumstances under which the initial
par values were determined. It is just at such
times that the Fund can be most useful in seeing
that necessary exchange adjustments are made in
an orderly manner and competitive exchange depreciation is avoided."
The Fund realizes that at the present exchange
rates there are substantial disparities in price and
wage levels among a number of countries. In
present circumstances, however, such disparities do
not have the same significance as in normal times.
For practically all countries, exports are being
limited mainly by difficulties of production or transport, and the wide gaps which exist in some countries between the cost of needed imports and the
proceeds of exports would not be appreciably narrowed by changes in their currency parities. In
addition, many countries have just begun to recover from the disruption of war, and efforts to
restore the productivity of their economies may be
expected gradually to bring their cost structures
into line with those of other countries. Furthermore, for many countries now concerned with combating inflation there is a danger that a change in
the exchange rate would aggravate the internal tendencies toward inflation.
In view of all these considerations, the Fund has
reached the conclusion that the proper course of
action is to accept as initial par values the existing
rates of exchange.
SCHEDULE OF PAR VALUES
The Fund Agreement requires that "the par
value of the currency of each member shall be expressed in terms of gold as a common denominator
or in terms of the United States dollar of the
weight and fineness in effect on July 1, 1944."
(Art. IV, Sec. 1.)
Members have communicated their par values
either in terms of gold or of United States dollars
or both. For convenience, all par values below
have been expressed both in terms of gold and of
United States dollars in a uniform manner and
with six significant figures, i.e., six figures other
than initial zeros. For these reasons, there may
arise iq a few cases inconsequential discrepancies in
the last, rounded, decimal figures.
INTERNATIONAL MONETARY FUND STATEMENT CONCERNING INITIAL PAR VALUES
I. CURRENCIES OF METROPOLITAN AREAS
Par values
(In terms of gold)
Country
Currency
Grams of fine
gold per
currency unit
Belgium
Bolivia
Canada
Chile
Colombia
Costa Rica
Cuba
Czechoslovakia
Denmark
Ecuador
Egypt
El Salvador
Ethiopia
France
Guatemala
Honduras
Iceland
India
Iran
Iraq
Luxemburg
Mexico
Netherlands
Nicaragua
Norway
Panama
Paraguay
Peru
Philippine Commonwealth. .
Union of South Africa
Franc
Boliviano
Dollar
Peso
Peso
Colon
Peso
Koruna
Krone
Sucre
Pound
Colon
Dollar
Franc
Quetzal
Lempira
Krona
Rupee
Rial
Dinar
Franc
Peso
Guilder
Cordoba
Krone
Balboa
Guarani
Peso
Pound
0.0202765
0.0211588
0.888671
0.0286668
0.507816
0.158267
0.888671
0.0177734
0.185178
0.0658275
3.67288
0.355468
0.357690
0.00746113
0.888671
0.444335
0.136954
0.268601
O.O275557
3.58134
0.0202765
0.183042
0.334987
0.177734
0.179067
0.888671
0.287595
0.136719
0.444335
3.58134
United Kingdom. .
Pound
3.58134
United States
Dollar
0.888671
Sol
Par values
(In terms of U. S. dollars)
Currency units
per troy ounce
of fine gold
Currency units
per U. S.
dollar
U. S. cents
per currency
unit
1,533.96
1,470.00
35.0000
1,085.00
61.2495
196.525
35.0000
1,750.00
167.965
472.500
8.46842
87.5000
86.9565
4,168.73
35.0000
70.0000
227.110
115.798
1,128.75
8.68486
1,533.96
169.925
92.8498
175.000
173.697
35.0000
108.150
227.500
70.0000
8.68486
(or 173 shillings
8.367 pence)
8.68486
(or 173 shillings
8.367 pence)
35.0000
43.8275
42.0000
1.00000
31.0000
1.74999
5.61500
1.00000
50.0000
4.79901
13.5000
0.241955
2.50000
2.48447
119.107
1.00000
2.00000
6.48885
3.30852
32.2500
0.248139
43.8275
4.85500
2.65285
5.00000
4.96278
1.00000
3.09000
6.50000
2.00000
0.248139
(or 4 shillings
11.553 pence)
0.248139
(or 4 shillings
11.553 pence)
1.00000
2.28167
2.38095
100.000
3.22581
57.1433
17.8094
100.000
2.00000
20.8376
7.40741
413.300
40.0000
40.2500
0.839583
100.000
50.0000
15.4111
30.2250
3.10078
403.000
2.28167
20.5973
37.6953
20.0000
20.1500
100.000
32.3625
15.3846
50.0000
403.000
403.000
100.000
II. CURRENCIES OF NON-METROPOLITAN AREA
Par values
(In terms of gold)
Member and non-metropolitan areas
Belgium
Belgian Congo (Franc—parity with Belgian franc)
France
Algeria, Morocco, Tunisia, French Antilles, French Guiana
(Franc—parity with French franc)
French West Africa, French Equatorial Africa, Togoland, Cameroons, French Somaliland, Madagascar and dependencies,
Reunion, St. Pierre and Miquelon (CFA franc = 1.70 French
francs)
*
New Caledonia, New Hebrides, French possessions of Oceania
(CFP franc = 2.40 French francs)
French possessions in India (Rupee = 36 French francs)
Netherlands
Surinam and Curasao (Guilder = 1.40671 Netherlands guilders).
United Kingdom
Gambia, Gold Coast, Nigeria, Sierra Leone (West African
pound—parity with sterling); Southern Rhodesia, Northern
Rhodesia, Nyasaland (Southern Rhodesian pound—parity
with sterling); Palestine (Palestinian pound—parity with
sterling); Cyprus (Cyprus pound—parity with sterling);
Gibraltar (Gibraltar pound—parity with sterling); Malta
(Maltese pound—parity with sterling); Bahamas (Bahamas
pound—parity with sterling); Bermuda (Bermuda pound—
parity with sterling); Jamaica (Jamaican pound—parity
with*sterling); Falkland Islands (Falkland Islands pound—
parity with sterling)
Kenya, Uganda, Tanganyika, Zanzibar (20 East African
shillings = 1 pound sterling)
'
Barbados, Trinidad, British Guiana (4.80 British West Indian
dollars = 1 pound sterling)
British Honduras (4.03 British Honduras dollars = 1 pound
sterling)
Ceylon (13 1/3 Cingalese rupees = 1 pound sterling); Mauritius
(13 1/3 Mauritius rupees = 1 pound sterling); Seychelles
(13 1/3 Seychelles rupees = 1 pound sterling)
Fiji (1.11 Fijan pounds = 1 pound sterling)
Tonga (1.2525 Tongan pounds = 1 pound sterling)
Burma (Burmese rupee, at par with Indian rupee, i. e., = 1
shilling 6 pence)
Hong Kong (16 Hong Kong dollars = 1 pound sterling)
Malaya—Singapore and Malayan Union (8.57142857 Malayan
dollars = 1 pound sterling, or 2 shillings 4 pence = 1 Malayan dollar); Sarawak, British North Borneo (the Sarawak
and British North Borneo dollars circulating alongside the
Malayan dollar—which is legal tender—have the same value)
12
Grams of fine
gold per
currency unit
0.0202765
Par values
(In terms of U. S. dollars)
Currency units
per troy ounce
of fine gold
1,533.96
0.00746113 4,168.73
Currency units
per U. S.
dollar
43.8275
119.107
U. S. cents
per currency
unit
2.28167
0.839583
0.0126839
2,452.20
70.0628
1.42729
0.0179067
0.268601
1,736.97
115.798
49.6278
3.30852
2.01500
30.2250
0.471230
3.58134
0.179067
66.0049
8.68486
173.697
1.88585
0.248139
53.0264
403.000
4.96278
20.1500
83.9583
0.746113
41.6873
1.19107
0.888671
35.0000
1.00000
100.000
0.268601
3.22644
2.85936
115.798
9.64020
10.8778
3.30852
0.275434
0.310794
30.2250
363.063
321.756
0.268601
0.223834
115.798
138.958
3.30852
3.97022
30.2250
25.1875
2.12691
47.0167
0.417823
74.4417
FEDERAL RESERVE BULLETIN
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
In accordance with the requirements of Congress set forth in the Employment Act of 1946, the
Council of Economic Advisers submitted its First
Annual Report to the President on December 18,
1946. The text of the Report, with the exception
of an appendix reproducing, the Employment Act
of 1946, is given below.
The Employment Act of 1946 marks a distinct
and important step in the evolution o£ our national
life and our frame of democratic government. The
Council of Economic Advisers, which this act sets
up in the Executive Office of the President, constitutes an undertaking in the field of political
science no less than in the field of economics.
Therefore, it seems appropriate that, in this first
annual report, the Council should clearly set forth
its conception of the agency which Congress has
established within the executive branch and explain
the Council's relations to the administrative departments and independent agencies, to the Congress, and to nongovernmental agencies in our
economic system. The opening section of this report, accordingly, will deal with the political philosophy of the Employment Act of 1946. The
second section will consider the economic philosophy of sustained employment and high-level production. Against this background we shall then
discuss briefly a few outstanding aspects of the
outlook for production and jobs during 1947
and in the years immediately following. It is the
President's Economic Report to the Congress rather
than this Council report which will contain specific
economic conclusions and recommendations.
I. THE POLITICAL PHILOSOPHY OF THE EMPLOYMENT ACT
It is trite to observe that the responsibilities of the
Chief Executive of the United States and of the
Congress have grown enormously in scope and difficulty during recent decades. This is in part due
to the sheer size to which our population and
wealth have grown, but in part also to the increasing complexity in technical processes and in business organization which has come with the rapid
march of industrialization. Beyond these changes,
still a third factor must be recognized as playing a
part in increasing the difficulty and burdensomeness
of the duties of both President and Congress. This
is the fact that the mass of citizens has come to
expect and indeed, as voters, to demand of their
Federal Government a more active role of leadership in dealing with matters which affect the Nation's economic life.
SOURCES OF THIS LEGISLATION
In the First World War, in the severe depression
of the thirties, and again in the Second World War,
a general sense of national emergency led to acceptance of a more active role of executive leadership by the President and the more prompt development and explicit implementation of a national proJANUARY
1947
gram by the Congress in activating, directing, or
safeguarding the economic life of the country.
Drawn under pressure of time and in the face of
danger, those national programs of both the executive and the legislative branch often were, of necessity, hastily improvised and sometimes set aside or
suspended for a time some deeply cherished values
such as love of individual freedom and our belief
in the efficiency of a flexible business set-up.
As the Second World War drew toward a close
there was deep concern in public thinking and in
the Congress as to our ability to handle our affairs
in peacetime with the vigor and effectiveness that
we had shown in meeting wartime needs. There
was apprehension lest we might drift into a postwar
depression as great as that of the thirties—or even
worse. Two clearly marked schools of thought
arose. One held it to be imperative not merely to
have prompt liquidation of wartime controls but
also the abandonment of depression-born "action
programs" of the Federal Government, so that "individual . free enterprise" could, through automatic processes of the market, effect the transition
to full-scale peacetime business and (even with recurrent depressions) the highest practicable level of
13
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
prosperity thereafter. The other school held that
the economic activities of individuals and groups
need, under modern industrial conditions, more
rather than less supplementation and systematizing (though perhaps less direct regulation) by
central government.
Some of this latter group were concerned merely
with "spot" remedies for particular situations which
they regarded as peculiarly important or dangerous. Others centered their attention on some great
over-all device that they believed would assure or
promote national economic stability or guard
against a business decline. Followers of this latter
school of thought became active as early as 1944 in
drafting legislation under which the Federal Government should attempt to put their theories of
economic stabilization into practice. Their proposals, however, encountered such sharp disagreement from the opposing school of thought that the
early form of "full employment" legislation became deadlocked in Congress. Proponents of the
bill followed, in this situation, the good American
tradition of intellectual give-and-take. They gave
opponents of the measure credit for being no less
desirous than they themselves were of finding
some practicable means of avoiding postwar depression or any unnecessary fluctuations of business.
Hence they said in effect: "If you find our proposals defective, what alternatives have you to suggest?" Thus challenged, the opponents of the
proposed bill set to work refining definitions, moderating objectives, reducing commitments as to any
specific form of attack, broadening trie range of
weapons to be used in the defense against depression or the attack on unemployment.
The measure which finally emerged from this
process of legislative coalition was a well-balanced
and carefully drawn piece of legislation. Athough
frequently referred to as a "much watered-down
version" of the original proposal, it is in fact a
broad enabling act of great flexibility as well as
vigor. It is far from being a meaningless verbal
compromise. The present act does not make any
particular method mandatory. Nor does it legislate
any specific remedy into use. Instead, the law
states quite fully and clearly the general purpose
and intention of the Congress and lays down the
principle that the executive and the legislature
shall seek diligently for any method which, in the
peculiar circumstances of any given situation, ap-
14
pears to them to be sound and to promise helpful
results. It is hard to see how a measure can be
regarded as "watered down" which so clearly states
the
responsibility of the Federal Government to use all practicable means consistent with its needs and obligations and
other essential considerations of national policy * * * to
coordinate and utilize all its plans, functions, and resources—
for the stated purposes of the act—maximum production, employment, and purchasing power.
As a result of lengthy deliberations over the
bill, and the coll?bor?tive process cf drafting, many
individuals and groups gained a profound understanding of the problem and the purposes of the
act. Furthermore, such persons and groups succeeded in removing ambiguities of language or in
the elimination of what they regarded as dangerous
or doubtful provisions. Beyond this, these participants cont:vibuf:?d to the finpl drrft such ideas or
phraseology that in many cases they not merely
ceased to oppose the bill but actually became supporters of the measure which was finally adopted.
Thus, the Employment Act of 1946 has an extraordinary amount of friendly interest and approval
among the public, and it was passed in the House
of Representatives by a vote of 320 to 84 and in the
Senate by a unanimous voice vote. In signing the
act on February 20, President Truman commented:
In enacting this legislation, the Congress and the President are responding to an overwhelming demand of the
people. The legislation gives o:oression to a deep-seated
desire for a conscious and positive at::i1c upon the everrecurring problems of mass unemployment and ruinous
depression. * * * I am happy that the Senate adopted this
legislation unanimously, the House of Representatives by a
large majority. * * *
The Employment Act of 1946 is not the end of the road,
but rather the beginning. It is a commitment by the Government to the people—a commitment to take any and all
of the measures necessary for a healthy economy, one that
provides opportunities for those able, willing, and seeking
to work. We shall all try to honor that commitment.
BROAD POLICY OF THE ACT
This, then, gives us our first point with reference
to the political philosophy of the act, namely, that
it is not specific in character, prescribing a single
kind of medicine for a simple kind of economic
disease nor a panacea "good for what ails you."
Instead, the act expresses an intention to call upon
all competent sources for diagnosis of situations as
they arise and for the recommendation of such treatFEDERAL RESERVE BULLETIN
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
ment as the nature of the case, carefully studied, is
deemed to require. Before considering the agencies
set up for the purpose of this diagnosis and prescription, one should note carefully the political philosophy expressed in the declaration of policy in
section 2 of the act.
Here, for the first time, the Congress has spelled
out in unequivocal terms as a "continuing policy
and responsibility of the Federal Government"
something which hitherto had only fallen somewhat ambiguously within the general welfare clause
of the Constitution. Now—
the Congress hereby declares that it is the continuing policy
and responsibility of the Federal Government to use all
practicable means consistent with its needs and obligations
and other essential considerations of national policy * * *
to coordinate and utilize all its plans, functions, and resources for the purpose of creating and maintaining * * *
conditions under which there will be afforded useful employment opportunities, including self-employment, for those
able, willing, and seeking to work, and to promote maximum employment, production, and purchasing power.
A mandate is thus laid on the President and the
whole executive establishment and upon both
Houses of Congress to pursue this goal of promoting maximum productive use of the Nation's
resources, natural and human, thereby providing
work opportunities as ample as are practicably
possible for those who are anxious to apply their
labor to the supplying of their wants.
It should be clearly noted that the act is called
the Employment Act of 1946, avoiding the vague—
and in some quarters alarming—use of the term
"full employment." There is in it not the slightest
hint that anyone is to be coerced or constrained to
labor more than he wants to, with inferior equipment, or at anything other than the calling of his
choice. The act stresses maximum production and
the purchasing power that makes for high consumption; it does not stress mere number of jobs.
The freedom of the worker is fully protected by the
expression "willing and seeking to work." The
danger of resort to leaf raking or digging holes and
filling them up is guarded against by the expression
"useful employment opportunities."
Finally, it is part of the broad policy of the act
that, in carrying out a central responsibility for
promoting high production and the general welfare, the Federal Government should coordinate its
program and activities with those of State and local
governments on the one hand and of private business agencies—industry, labor, and agriculture—
JANUARY
1947
on the other. It is to operate "in a manner calculated to foster and promote free competitive enterprise." Likewise, it is the expressed policy of
the act that the Council of Economic Advisers,
which it sets up, shall be closely articulated with
other agencies of the Federal Government operating
in the economic area and that its work shall be
cooperatively related to theirs, coordinating rather
than superseding their functions.
MACHINERY OF THE ACT
We turn now from the political philosophy of
the Employment Act, as embodied in its statement
of purpose and of general method or range of
methods, to ncte the governmental machinery
through which this purpose is to be attained. The
measure as enacted is fully within the existing
frame of government. It does not set up any
authoritarian bo^cl or official dictator of labor,
of plant, or cf production. The traditional division
of function between the executive ?nd legislative
branches cf the Government is fully preserved
and, as aJicjdy ipeorioned, the complementary relation between Federal ?pd State Governments. In
the machinery cf the ?cJ\ however, something has
been adc- d to our customary equipment for handling liV'Tieis thy!; concern the Nation's economic
life. No longer is the study of the multifarious
economic probhrns of the country ?nd the formulating of Executive programs for deaUng with national economic welfare tc be merely scattered
among the Federal departments and independent
commissions or the still more numerous bureaus and
divisions within these agencies. Instead, a means
is provided, for reviewing and synthesizing all
these studies, conclusions, and recommendations
into a single coordinated whclt.
To this end, the President is called upon to send
to Congress at the beginning of its session an
Economic Report—
setting forth (1) the levels of employment, prcductic-M, and
purchasing power obtaining in the United States and such
levels needed to carry out the policy decked in section 2;
(2) current and foreseeable trenrs in the levels of employment, production, and purchase.)'^ pow.'t: (3) p review of
the economic program of the Federal Government ?m! a
review of economic conditions affecting emplovment in the
United States or any considerable portion thereof dun 1/3 the
preceding year and of their effect upon employment, production, and purchasing power; and (4) a program for
carrying out the policy declared in section 2, together with
such recommendations for legislation as he may deem necessary or desirable.
15
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
The new machinery set up for (a) preparing
and (b) dealing with the Economic Report of the
President consists of two parts: The Council of
Economic Advisers to the President and the Joint
Committee of Congress on the Economic Report.
The Employment Act establishes in the Executive
Office of the President a Council of Economic
Advisers, consisting of three economists, who, with
the aid of the necessary staff, are to—
assist and advise the President in the preparation of the
Economic Report . . . analyze and interpret economic developments, to appraise programs and activities of the Government in the light of the policy declared in section 2, and
to formulate and recommend national economic policy to
promote employment, production, and purchasing power
under free competitive enterprise.
It was clearly the intent of the framers of the act
that this shall be a small coordinating agency immediately adjacent to the President and effecting
liaison between him and the vast area of technical
services dealing with economic matters already
available within the governmental establishment.
It is not itself to be a fact-finding agency or one
doing original statistical or economic research.
The intent of Congress to keep this new agency
within the Executive Office of the President a small
top-level consultative organization is evidenced by
a statutory limitation on the salaries of the members, officers, and employees of the Council to an
annual total of $345,000—a limitation which the
Council considers very salutary and hopes to see
maintained in future. The same intent is manifest
in the provision that—
the Council shall, to the fullest extent possible, utilize the
services, facilities, and information (including statistical information) of other Government agencies as well as of
private research agencies, in order that duplication of effort
and expense may be avoided.
In conformity with these evident intentions of
Congress, the Council has set up a small (not to
exceed 10) top staff of broadly trained economists,
selected with a view to their competence to analyze
the state of the Nation's business as a whole and
appraise the functioning of the entire economy.
Each, however, has specialized knowledge of the
problems, the methods of analysis used, and materials and personnel available in some special area
such as labor relations, plant capacity, agricultural
probems, consumer demand, price-wage-cost relationships, money and credit factors, taxation, and
fiscal problems. Together with a small secondary
16
staff, these "specialized generalists" are utilized
under the Council's direction to bring to its deliberations the best thinking of the economic and
statistical profession in the Federal Government
agencies, in non-Federal governments, and in the
private organizations of business, labor, and agriculture. Easy and effective relations were promptly
established between the Council's staff and the staffs
of these many agencies.
As the deliberations of the Council and its start
lead to conclusions and recommendations at the
policy level on matters concerning any agency oi
organization, the Council itself invites the consultation and comments of the respective agency or
organization head. It seeks thus to arrive at the
greatest degree of mutual understanding and agreement that is possible as to each element of the broad
economic program which would be conceived as
promoting the interests of the whole Nation. Such
consultations at the policy level draw upon the
thinking of experienced leaders of business, of
finance, of labor, and of agriculture, as well as the
executive heads of Government, local, State, and
Federal. It is only after giving careful consideration to such views and suggestions that the Council would feel itself justified in offering its counsel
and advice to the Chief Executive as to an over-all
economic program for the Nation. We are deeply
gratified at the frank and cordial manner in which
these various agencies have collaborated with the
Council.
It is not within the province of this Council to
elaborate on the functions of the other agency
set up under the Employment Act, namely, the
Congressional Joint Committee on the Economic
Report. It should be noted, however, that the
act in no way trenches on the primacy of the Congress in the field of final policy making. It simply
sharpens i:hut body's tools fci evaluation of proposals made by the President as well as for the
initiation of proposals of its own. Obviously, the
joint committee will have at iis disposal the improved facilities made available under the Congressional Reorganization Act as well as recourse to
those contacts with all governmental and nongovernmental sources of facts and ideas which are the
traditional prerogatives of Congress.
In the words of the act:
It shall be the function of the joint committee—(1) to
make a continuing study of matters relating to the Economic
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REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
Report; (2) to study means of coordinating programs in
order to further the policy of this act.
When the President's Economic Report is presented to the Congress at the opening of its session, it is to be referred to this joint committee.
After study of the proposals embodied in the President's economic program and in the light of such
studies as the committee may already have conducted into the economic problems which it considers pertinent, it will prepare—
its findings and recommendations with respect to each of the
main recommendations made by the President in the Economic Report—
and submit them to the two Houses of Congress
by February 1. This congressional report is designed to be—
a guide to the several committees of the Congress dealing
with legislation relating to the Economic Report.
The outstanding feature of this procedure is that
it tends to unite the President and Congress through
mutual consideration of national economic policy
as a coordinated whole instead of proceeding in an
unrelated piecemeal fashion. It guards against the
danger that economic legislation shall be incomplete, inconsistent, or directly conflicting, much as
the creation of the Bureau of the Budget 25 years
ago undertook to remedy the haphazard process of
estimating fiscal needs and allocating public
revenues.
Besides its February 1 report, the joint committee may also—
from time to time make such other reports and recommendations to the Senate and House of Representatives as it
deems advisable.
T H E C O U N C I L A CONSULTATIVE AND ADVISORY BODY
A final point as to the political science aspect of
the Council of Economic Advisers is that, although
set up as an arm of the Executive Office, the
Council as such does not have any administrative
powers or responsibilities. It is purely a consultative and advisory agency. Besides its duty to—
assist and advise the President in the preparation of the
Economic Report—
it is to—
analyze and interpret * * * developments and trends # # *
appraise the various programs and activities of the Federal
Government in the light of the policy—
of promoting maximum employment, production,
and purchasing power, and make interim and supplementary studies either on its own initiative or at
the request of the President. Thus it is designed
to serve as a continuous agency of counsel to the
President on the professional plane in regard to
administrative decisions as well as his approval—
or even veto—of legislative proposals.
The Council of Economic Advisers does not
reallocate basic public responsibilities; it merely
puts improved professional techniques and resources
at the disposition of those who make national
policy. Since the President must formulate his
policies and shape his program within his own
evaluation of the most varied and comprehensive
political and social, as well as economic influences
and considerations, it is not to be expected that his
Report to Congress will merely reflect the conclusions and recommendations of his Economic
Council. He will simply use as he deems wise
such economic analyses, appraisals, conclusions, and
recommendations as they prepare for him. What
is said here is intended—as subsequent annual reports and perhaps interim reports will be—to serve
as a general explanation of the purposes of the act
and the nature of the Council's work. It sketches
also the general setting of economic philosophy and
policy-determining considerations within which our
specific conclusions and particular recommendations
to the President are developed.
II. THE ECONOMIC PHILOSOPHY OF SUSTAINED EMPLOYMENT
In examining the Employment Act of 1946 from
the standpoint of political science, we have of
necessity given some intimation of the economic
philosophy with reference to national employment
and production which it embodies. Quite naturally,
this theory or approach to the problem of the Nation's business and how it may be made most
healthy and vigorous is not set forth formally or in
JANUARY
1947
detail in the act. It may, however, quite readily be
inferred, in part from provisions which were explicitly rejected by Congress during the drafting
of the law and in part from the character of the
provisions that were included.
Nowhere in the Employment Act can one find
the expression "business cycle" or even such familiar
and harmless single words as "prosperity" and "de-
17
REPORT BY T H E COUNCIL OF ECONOMIC ADVISERS
pression." And yet, no sooner had the Council
been set up than the Man-on-the-Street began
referring to us as having been assigned the task
of "taming the business cycle" and the Inquiring
Reporter pressed us for an opinion on the prospect
for a postwar "boom and bust." This is only
natural. For if, through constructive economic
policies, the Nation were enabled to come closer to
the attainment of "maximum employment, production, and purchasing power," business depressions would, to that extent, have been filled up and
the turns of the cycle would have lost their former
power to work hardship on the people. The passing of the Employment Act by Congress would
have been no more than a senseless gesture if it did
not express a considered belief that, by mobilizing
our capacity of economic reasoning and the brains
and experience of business management, labor leaders, and others, we could moderate in the future
the devastating periods of business depression.
The three appointees who make up the initial
membership of the Council, though no one of them
had so much as met either of the others at the time
of his selection, have found themselves in a gratifying state of like-mindedness on this matter. All of
us believe wholeheartedly in the basic purposes of
the act. We believe its broad enabling powers
provide a device through which practical action can
be suited to the demands of changing circumstances. In our judgment, too, there has come to be
a broader understanding of the basic relationships
among production, purchasing power, and employment, and an actionable degree of willingness to
meet the requirements of better sustained general
prosperity in the future.
All that this claims is that the American people
really are smart enough to organize themselves in
groups of sufficient size for high efficiency and yet
keep the necessary flexibility of action under free
enterprise and democratic government. But if
such efforts are to be practically successful, they
must be based on or guided by sound understanding of what really happens when our economic
arrangements get so tangled up that production is
held up, forced unemployment appears, and purchasing power ebbs away from the market. Businessmen, union officials, and organized farmers as
well as economists have given an increasing amount
of attention during the past generation to the ups
and downs of business activity, employment, and
market demand. Three major steps mark the
18
progress of this thinking. By reviewing them
briefly we can see the significance of the action
taken by Congress in the Employment Act of 1946.
THE SPARTAN DOCTRINE OF LAISSEZ FAIRE
Early thinking about the general upswings and
downswings of business were of a highly individualistic and essentially fatalistic character.
Those who follow this line of thought—and some
still do—accept the cycle as a result produced by
causes deeply rooted in physical nature or in fundamental human behavior and following an intricate
pattern of short-, medium-, and long-time swings.
They do not claim that this pattern is precise as to
timing or invariable as to magnitude, like the movement of the stars. But they do think in terms of
essentially mechanical relationships rather than
human institutions that can be modified by intelligent action in a republic, and human behavior
that can be changed by wise leadership.
Now if the businessman becomes convinced that
cyclical swings will inevitably recur in response to
sunspots, weather cycles, or some deep alternating
pulls or tides of human behavior, what is the practical consequence? His prime concern becomes that
of perfecting a technique for discovering what this
extraneous pattern is and of measuring his position
and that of business in general with reference to the
progress of prosperity or depression. Insofar as he
admits the likelihood of some variation in the pattern, he becomes concerned in identifying signs of
its probable timing and magnitude. His major
objective of business management centers on trying
to outguess the course of the business cycle.
Whatever the mixture of trained measurement,
experienced interpretation or evaluation, and sheer
hunch, the practical outcome of this approach to the
problem of economic fluctuations is, in the main,
that of conformity or indeed exaggeration, not one
of corrective action. If a majority of businessmen
become convinced that a business recession "is due"
in a specified quarter of the following year, ordinary
prudence dictates that they shall put their business
house in order for the impending storm. They will
curtail their commitments and revise their operating
plans in general accord with the prediction of time
and severity of the depression in which they have
placed their faith. If the various predicters and
those who look to them for guidance, progressively
comparing notes, come to substantial agreement in
picking the third quarter as the time, 20 per cent
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REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
the magnitude, and 1 year the probable duration
of the decline, and if the majority of businessmen
accept this counsel as their guide to action, it can
be expected that they will make about the appropriate curtailment in operations and will emerge
from the storm cellar at about the appropriate
moment so that the prediction will in fact prove
true. It will, indeed, become the engine of its own
verification. The journey into the area of restricted
production, unemployment, and low purchasing
power will have been completed according to schedule or even accelerated. The question, however,
might be asked: "Was this trip necessary?"
Possible ill effects from stanch reliance on cycle
theory and predictive techniques may be no less on
the up side. If the business community in general
becomes imbued with the idea that the economy
as a whole is in a pronounced prosperity phase
and that the upswing of this cycle is due to continue
for three or five, or whatever number of years, they
are likely to make plans of expansion without due
care as to the particular factors of demand and
available capacity in their own industry or their
own locality. They are likely to follow looser practices as to management and cost control or be less
cautious as to inventory accumulation and credit
commitments than they would be if looking at
each situation strictly on its own merits and in the
long-time perspective.
This extreme type of business-cycle theory does
not conceive the role of the business organizer and
administrator as in any way different from that of
the squirrel storing up nuts for the winter. It does
not ask whether this individual protective action
may, unlike an animal's instinctive conformity to
the fixed cycle of the seasons, become itself a contributory cause of the drying up of business. These
narrow-visioned individuals do not consider what
happens to the whole economic system when those
who are less strongly entrenched to withstand a
period of lean production (or less well equipped
with advisers to foretell its coming and plan protective measures) are allowed to go to the wall.
The real 100-percenters of this school of thought
carry their fatalism one step further. They believe
that depression is a wholesome purgative for business, eliminating those who are too weak or too
short-sighted to be entitled to survive. Like the
ancient Spartans, they believe in exposing the
young and weak, no less than the strong, to the full
force of nature, trusting that the strong will survive
JANUARY
1947
and only the weak will perish. They forget or
deny that in a depression the strong and efficient
also suffer. This type of economic behavior is
complacently referred to as "riding the business
cycle." Those who practice the art believe that they
can—
find as many advantages in depressions as in booms. * * *
Smart folks take advantage of the boom and are then ready
for depression-time bargains. * * * It is to be hoped that
depressions are never abolished, for they have many desirable features.
In our modern economy, however, little recessions often develop into big depressions, once a setback causes contraction of purchasing power and
markets. Efficient as well as inefficient businesses
incur losses. Efficient workers as well as inefficient
workers become unemployed, and the Nation as a
whole suffers. Besides the human misery and the
waste of productive resources implied, we wonder
how often our social fabric can stand "cures" of the
type prescribed by the Spartan school of thought.
Changing our figure of speech, the business cycle
is often likened to swings of a pendulum. It is
said that, when it has gone to one side or the other
of the equilibrium point a certain distance determined by mechanical laws, natural forces will check
its deviation and turn it back. This may be measurably true as to the excesses of price inflation or
deflation. A midpoint of stable values may be the
object and the basis of a natural control process.
But as to production and employment, such is
definitely not the case. The greatest amount of
employment attained at the peak of the boom (except the most extreme war boom) is quite within
the desires of the workers to apply their energies
toward the satisfaction of their wants. All the idleness and underconsumption which develops as
business moves toward the midpoint and on to the
bottom of the depression is net loss, not a true corrective movement.
So, too, the volume of production at the top does
not represent excess, with the midpoint as the goal
of our "stabilization" devices. It is prices and
property values and credit extensions that are excessive and unstable at the top of the swing and
that are artificially shrunken and carrying the potential of a rise when the bottom has been reached.
We do not in a boom have an excessive physical
volume of production or excess of employment
(even though there may be a faulty distribution of
it) that needs to be corrected by idleness and a re19
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
duction in total production—with resultant want.
The greatest danger of recent years has been that
our economic institutions and our business practices
would bring us to a more or less permanent equilibrium at a low or "stagnation" level. The Employment Act of 1946 reflects truly the proper goal
of business stabilization in setting maximum production, maximum employment, and maximum
purchasing power or scale of living as the kind of
stability to which we are to apply our "plans,
functions, and resources."
THE ROMAN DOCTRINE OF AN EXTERNAL REMEDY
Unlike those whose belief in the external character of the cycle causes them to conclude that
nothing can be done about it but to adapt one's
business operations or exploit it for individual
profit, a second group would master the cycle by a
remedy equally external to the processes of private,
business—the power of government to spend and
create a purchasing medium. There has arisen in
recent years a widespread belief that, whatever the
"cyclical" forces beating upon business in general
or whatever adaptations to such forces may be
spontaneously made by the dictates of private managerial understanding or prudence, the economy as
a whole may be kept on a reasonably even keel
merely through the intervention of central government in the monetary and fiscal area.
According to this philosophy of external remedy,
the essential phenomenon of a business depression
is a too restricted volume of purchasing power
being turned into the system, and this particularly
in the form of capital expenditures. The obvious
remedy, therefore, is for central government to
measure the amount of this aggregate deficiency
and restore the Nation's business to a satisfactory
state of activity by injecting an appropriate amount
of the purchasing medium. There is a certain
undeniable cause-and-result logic in the prescription
of government spending limited to specific support
or "pilot" purposes, just as there is a measure of
validity also in the doctrine of individual adaptation
to cycle forces. But there are also rather obvious
shortcomings and indeed dangers in the extreme
proposals of this as a "cure-all" remedy.
In contrast to the Spartan business theory and
practice that carried a cult of individual self-reliance
to the point of brutality and needless waste, we
believe it is not fanciful to liken this doctrine of an
over-all offset to managerial maladjustment to the
20
Roman system that swung to an extreme opposite
to that of Sparta. Roman citizens were—for a time
—relieved of the compulsion of relying on their
own efforts to keep their economy as a desirable
level. "Bread and circuses" were provided for all
through the power of the state. Similarly, this
theory relieves businessmen of the necessity of
themselves making the .business adjustments by
which they would keep the system going at a satisfactory level. As we found in the Spartan school
of thought, it is with the 100-percenters or perhaps
the 90-percenters that we disagree. Extremists of
the Roman doctrine say that we need not worry
about any maladjustments in our enterprise system.
Monopolistic price policies may curtail markets and
cause unemployment. Excessive wage demands
may drive costs up and paralyze profits, investments, and employment. We do not need to worry
because we can always create full employment by
pumping enough purchasing power into the system.
If there is too much demand for labor and materials—that is inflation—we turn the faucet off and
cause a contraction. Thus by manipulation of
Government expenditures and taxation, continuing
full employment is assured, and we do not need to
worry about anything else in the economy.
It would be very simple indeed if: we could rely
on fiscal policy as a panacea. Broadly speaking, the
shortcoming of this single track doctrine of fiscal
policy is that it does not face the complexity of our
economic system. It assumes that by pumping
money up or down the Government could control
the Nation's economic life without regard to what
employers and workers, farmers, and traders were
doing in the countless specific price and wage and
profit relationships that make up the body of their
business life.
If certain industries are suffering set-backs, or if
economic development in certain regions of the
country is lagging, or if consumers are bidding up
prices for scarce goods, a regulation of purchasing
power in general by fiscal measures will not help.
We cannot assume that deficiency of demand in one
particular area or of one particular character can be
made up just by adding purchasing power in general, for instance, through tax relief. Nor can we
assume that demand for houses or automobiles in
excess of supply can be curtailed by an increase in
general taxes.
Placing too sweeping reliance on the supposed
importance and persistence of certain general relaFEDERAL RESERVE BULLETIN
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
tionships between consumption, saving, and investment, this attack ignores both the difference in
these relationships in different parts of the economy
and their changes—as technological or institutional
conditions change. Jobs and markets depend on
very specific wage-price-cost relationships. If labor
is pricing itself out of jobs or manufacturers and
farmers are pricing themselves out of a market, or
capital is pricing itself out of investment, the basic
remedy is the correction of these specific situations,
not the injection of some aggregate purchasing
power in a dose measured in size to offset an estimated future total of unemployment.
The causes of a fall in production and employment at any given time may be one of a numerous
set or combination of conditions. For some of these
the single remedy prescribed is not effective or not
the best remedy. For example, a temporary decline in employment and production may accompany a decline of inflated prices and reduction of
excessive inventories, both of which are necessary to
bring prices into a balance with purchasing power
that will be sustained. Use of the ''all-embracing"
cure might bolster up prices for a time but retard
the necessary readjustment. Why limit ourselves to
a single remedy—and a crude remedy at that—
when we can muster a set of remedies fitted to the
whole range of particular situations? In placing
sole reliance on action external to the markets and
the bargaining tables where investment, output,
prices, and wages are determined, this doctrine fails
to marshal the abilities of individuals and leaders of
groups in the world of affairs where many of the
causes of depression originate, to aid in maintaining maximum employment, production, and pur
chasing power by wise and statesmanlike decisions
in their conduct of affairs. Surely we are not such
a soft people that we do not want to participate
vigorously in such a vital matter as this.
We of the Council of Economic Advisers do not
believe that the facts of the situation or the requirements of the process are so simple. We believe that
the internal relationships of business must be carefully adjusted by business participants themselves
within an institutional atmosphere made favorable
by government but also that government itself is
now and must to a somewhat greater extent in
future be an actual stimulative and guiding element
in the economy. Its role is thus complementary
to that of private business. It should not, and need
not, be either conflicting or confusing. We pass
JANUARY
1947
on, therefore, to state briefly the outlines of this
complementary relationship between mutually interested partners in a total business relationship.
AMERICAN DEMOCRACY'S DOCTRINE OF MUTUAL
ADJUSTMENT
Although American thought has largely been of
the Spartan pattern of self-reliance, not without
some of the brutally wasteful accompaniments of
laissez faire, and although the softer Roman philosophy of external salvation has been aggressively
sponsored in recent years, we believe the great body
of American thinking on economic matters runs
toward a more balanced middle view. This view
stresses the importance of having the specific
wage - profit - investment - disbursement relationships
soundly adjusted at the points where business is
actually done, markets found, and jobs created. It
recognizes, however, that not all economic functions
are or ever have been performed entirely by private
enterprise rather than as government agencies. It
is essential, therefore, that those parts of the national business which we find it necessary or convenient to initiate through agencies that are organized as public enterprises shall be as soundly conceived, as flexibly modified in the light of changing
conditions, and as efficiently operated as our knowledge of managerial principles and economic forces
will permit.
This broad concept of national economic life we
find to be written securely into the Employment
Act of 1946. The act states clearly at the very
outset that the objectives of maximum employment,
production, and purchasing power are to be pursued in ways "calculated to fciscer and promote
free competitive enterprise and the general welfare."
But, at the same rime, there is a "continuing policy
and responsibility of the Federal Government."
This is not an intention to create jobs artificially or
pad the Government pay roll, but "to create and
maintain conditions under which there will be afforded useful employment opportunities, including
self-employment for those able, willing, and seeking to work." It accepts the well-known fact that
Americans by and large are a nation of businessmen, whether in overalls or white collars, alert to
see and skillful to develop opportunities for better
income. It assumes also something that is not as
yet proved as fully as we might wish. They still
have to demonstrate that, in claiming for themselves
the right to embrace these opportunities, they dis21
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
play an adequate understanding of fundamental
economic forces and of how to work out such
mutual wage, price, and profit relationships as will
correlate an efficient system of production with a
fluid and vigorous market. It is an integrated consideration of private and public functioning in the
economic sphere that the act is designed to promote.
To achieve such a system of broad-viewed organization of the Nation's business, with a maximum of individual freedom but the degree of selfand group-discipline necessary for high efficiency
is the challenge of our democratic system. The
war experience gave us a great lesson as to the productive power we develop when private enterprise
is harnessed to a unified national efTort. The Employment Act of 1946 enunciates sustained peacetime utilization of our productive resources as a no
less important national purpose and proposes a concerted efTort to develop an equally good coordination of effort among all agencies, without the
legal controls which were both endurable and
necessary in the face of our war danger. The Congress in this act did not either exclude Government
nor put exclusive reliance on this single means of
attacking the problem of stabilizing the practically
attainable maximum of production or utilization
of the Nation's resources. Far from shutting out
other measures or means of approach, the act
plainly invites the Council to pursue its studies and
make its recommendations "with the assistance
and cooperation of industry, agriculture, labor, and
State and local governments" and to proceed "in a
manner calculated to foster and promote free competitive enterprise and the general welfare."
In moving toward this realistic, understanding,
and efficient organization of private and public
business activity a few basic principles seem evident.
For the actual operation of the major forms of
business, we need the intimately informed and
flexible decision making of private individuals in
their business relations and of executives of business
organizations. But we must recognize also that the
practically sound and individually efficient management of private farming, manufacturing, transportation, distribution, and banking in the practical
situations in which the active managers must make
their decisions will not, year in and year out,
add up to a sustained and satisfactorily stabilized
total utilization of the Nation's resources in producing the national well-being of which we are in
fact capable.
22
Hence experience and experimentation teach us
that there is an important area of Goverment action
in stimulating, facilitating, and complementing the
enterprise of private business even if individually
well managed. This functional differentiation and
cooperation between private enterprise and public
enterprise is in our view something quite different
from and much better suited to our situation and
temperament than the nationalization of industries
to which our English cousins have now resorted.
Nor does it involve that regulation of actual business operation which would constitute bureaucratic
"regimentation."
We believe, therefore, that when the Congress instructed the Council of Economic Advisers to set
up consultative relations "with such representatives
of industry, agriculture, labor, and consumers, State
and local governments, and other groups as it deems
advisable," this outlines one of the major features
of our work and one of the most important ways in
which we may prove of aid in creating and maintaining; conditions of maximum employment and
the high standards of living that go with it. By consulting with the most thoughtful and responsible
leaders of these groups with reference to conditions
which would promote the welfare of the country as
a whole, we believe that our counsel and advice on
the national economic program will reflect a realistic grasp of the needs and difficulties of the several
factors in the total economic process. We trust also
that in the course of these consultations we may
reflect back to the leaders of these groups something
of the demands that successful operation of a total
system make upon each of its component parts. In
particular, we trust that we may translate objectively
to the representatives of the various business, labor,
and agricultural groups the purposes and methodology of the Government programs so that, instead
of blind opposition which might arise through misunderstanding, there may always be constructive
critidrm, which will lead to useful adaptation.
As to the methods by which "competitive private
enterprise" in consultation with the Federal Government through its Council of Economic Advisers
and other agencies may systematically perfect a
peacetime program of "maximum production, employment, and purchasing power," only a few words
can be said here. The process itself must stretch
over the future years and draw upon the best thinking of many devoted citizens. It is clear, however,
that in this day cf large corporations, large labor
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REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
unions, and comprehensive agricultural organizations, cooperatives, and trade associations, private
business management can not safely accept a cynical
philosophy of "riding the cycle" or of such isolationist company management and accounting as merely
assumes that the strong shall be in a position to
survive even the deepest depression. Their counsel
and their pressure for legislation governing business
forms and practices and also tax and fiscal measures
must be geared to a broad and sincere endeavor to
give all who are able, willing, and seeking to work
an opportunity to add their effort to augment the
Nation's total product and, in that proportion, raise
their own purchasing power or scale of living. Only
by attaining such general welfare can they in their
several roles as capitalists, as laborers, as farmers, or
as managers and technicians gain their own greatest profit and security.
Besides promoting a more adequate use of our
national resources by private enterprise, several
methods of stabilizing the economy lie within the
hands of the Government alone. It must review,
as part of a total program, the legal aids and financial subsidies that it has always given to particular
branches or phases of transportation, manufacture,
trade, and finance, and, more recently, to agriculture and labor. It must gauge carefully the amount
and character of public informational, regulatory,
and service work the Government needs to perform as a means of preventing fraud, discrimination, or waste, and securing maximum advance
in efficiency of operation, particularly among the
very small business units, at a minimum of cost.
It must consider carefully how much of the national income it shall allow to be channeled into
military outlay in view of the nature of dangers and
the possibility of physical protection in the light of
latest developments. It must decide whether
changes in our traditional use of Government
agencies in the fields of education, health, and
conservation would most surely advance our total
production and purchasing power. The timing,
volume, and distribution of its own expenditures
must be considered in relation to those of private
business and State and local governments. The
Government must weigh the claim made by some
citizens and businessmen that taxation (as such or
after the rate has reached some point) is legalized robbery. Or is it being so handled as to be
the means by which Government can redress faults
in the distribution of total product and the adjustment of these shares to individual or group contributions, faults which tend to keep production
below its possible maximum?
The agents of government must diligently study
and vigorously use a democratic and statesmanlike
control of the public purse to put a brake at certain
strategic points where boom forces develop dangerous trends, and to stimulate employment and
production and support purchasing power when
and where it becomes unduly depressed. Here
Government must constantly face the same dilemma
that every doctor—and every parent—faces. Calm
judgment must be exercised not to rush in fussily,
ministering to small and temporary disturbances
that would right themselves sooner and better if left
to themselves. On the other hand, carelessness or
ignorance must not keep Government from detecting serious symptoms promptly and initiating corrective measures with skill and decisiveness.
With this broad principle in mind, a few observations may be made as to the actual situation by
which the Nation's business is confronted as the
President and the Congress undertake to put into
operation the policy enunciated in the Employment
Act of 1946.
III. SOME ASPECTS OF THE OUTLOOK FOR PRODUCTION AND IOBS
This first report of the Council of Economic Advisers appears at a time which is highly ambiguous
in the economic affairs of the Nation. We were not
devastated by the war, but emerge with a plant,
labor force, and technology whose productive capacities exceed anything known in our past. Likewise, we have funds more than adequate to full
use of our physical resources. We have a postponed consumer demand, enterpriser ambitions,
and purchasing power which hold the potential of
JANUARY
1947
some years of great activity along lines essentially
similar to past periods of prosperity. This much
could be accomplished without any material change
in traditional patterns of business life. These conditions present the possibility, for a people who
know how to use them, of great prosperity in 1947.
By foresight and intelligence we believe such prosperity for the Nation could be approximately stabilized and broadly disseminated so long as world
peace can be preserved.
23
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
On the other hand, even with these favorable
conditions, it is easy to visualize such a mishandling
of our economic affairs as might make 1947 a year
of curtailed production, irregular employment, and
unsatisfactory purchasing power. The year and a
half since the end of active fighting have been
marked by anything but smooth transition to peaceful and economically efficient conditions of business—including the relationship of private enterprises to the agencies of government. We stand
at the moment in a situation of misunderstanding
and tension among the indispensable parties to our
total economic life that causes many persons to
forecast a business recession starting some time in
1947. We do not find many accredited business officials or professional economists who are really
apprehensive that a recession once started will induce a downward spiral into deep or prolonged depression, although a chain reaction in the economic
area is always conceivable. The basic economic
conditions show such a strong recuperative power
as to minimize such a fear—barring international
tension verging on war or a persistent round of
strikes.
What has been said in the preceding section of
this report about mutual adjustment of wage, price,
cost, and profit relations by the voluntary bargaining of the parties at interest shows clearly that we
believe that the outlook for production and jobs in
1947 lies primarily in whether the responsible persons in these groups will show a willingness to face
the issues and demands of a free enterprise system
realistically and show intelligence and skill or flexible experimentation in arriving at workable formulas of adjustment. Something can no doubt be
done during the coming year toward improving
the institutions under which such negotiation is
carried on and the terms of adjustment carried out.
But legislative changes in our business institutions
will be a minor determinant of what actually happens in 1947. The major determinant will be
found in the statesmanship or the obstinacy of the
men, particularly the leaders, who are the active
parties in business operation.
Mere legislative acts alone will not force capitalists to invest, employers to hire, or laborers to
work. What was said in the previous section also
indicates that we do not believe that 1947 presents
a situation in which government should undertake
heroic measures of public works, consumer or producer subsidies to quicken employment or stimu24
late production. We suggest that the impediments
to prosperity in the near future are of the sort that
must be worked out, without benefit of direct Government intervention, through the practical wisdom
of management and labor, farmers, and financiers.
In a sense, of course the Government is, in spite
of itself, forced to be a contributing factor in the
maladjustments of the present time. It becomes an
indirect influence in the labor situation, in fact
bidding against employers by the extent of the aid
it gives GI's to go back to school rather than into
the labor market. Through veteran hospitals and
other services and through whatever construction
work is undertaken in lines deferred by Government agencies during the war it is bidding for
both labor and materials which are already short
as compared with the demands of private construction. No one would for a moment suggest
that the Government should not do these things
wherever service people are concerned. And we
are anxious also to make these outlays when they
furnish protection, provide civilian health aids, and
make better provision for the education of the oncoming generation. But we can not ignore the conflicting factor they inject into the general economic
picture. Government has in fact withdrawn from
such activities or pared them down during 1946
to such an extent as seemed practicable, both in the
interest of keeping from contributing to inflationary
pressures and of getting more for each dollar spent
at a later time. This deferment means that these
public works added to the backlog can be made
available at some subsequent time when private
demand slackens.
While the prospect 'for high employment and
production in the near term is good—barring the
possibility of a brief dip—it is pretty generally
recognized that the bases of this activity are somewhat artificial or at least that activity in the present lines can not be expected to continue indefinitely.
Thus the plans of private business and the thinking
of the Government can not too soon be directed
toward appraising the probable duration of present
sources of activity and toward foreseeing what may
be done to utilize the Nation's resources after present stimuli have been removed or weakened.
The outstanding factor in the present situation
is that we are working under a strong domestic
urge and foreign demand to catch up on durable
(producer and consumer) goods, whose production
had to be postponed during the war at the same
FEDERAL RESERVE BULLETIN
REPORT BY THE COUNCIL OF ECONOMIC ADVISERS
time that, because of high income and war savings,
the majority of the population are eager and able
to maintain a higher than prewar level of consumption also of nondurables. Added to these
two more-than-ordinary supports of employment
and productive enterprise is a third—the need to
reconvert plant, reequip it for these particular
types of production, and expand these industries to
meet the accelerated rate demanded by this race
to catch up after the war's interruptions. Everybody without a house or a car wants one this year.
The success of '47 and '48 is gauged by our ability
to make and sell 6,000,000 cars, 1,500,000 housing
units, and similar numbers of electric refrigerators,
washing machines, and other accessories in each
of these years. But the closer we come to this
standard of performance in the immediate future,
the more pressing becomes the problem of sustaining employment, production, and purchasing power
in the years that follow. Automobiles, as we have
learned under war conditions, have a normal life
expectancy of 8 to 10 years and houses last anywhere from 25 years to generations or even centuries. Hence, the very industries which feature
the prosperity of the moment could, if nothing is
done, be expected to drop to a replacement basis
after a few years.
This might spell deep depression for some later
time—but only if we fail to make the gradual shift
in expenditures and resource use that wise foreseeing
and astute planning for this inevitable trend of
development suggests to a sagacious people. For
it would be absurd to say that there are not things
to do with these resources after the present making
up of war deprivations has been completed. We
must recognize the real magnitude of our productive power and keep it going to produce for all
the things that only the more favored have enjoyed
in the past. As progress is made in catching up on
the wartime postponables, we must feed into our
"product mix" more of those semi-luxuries, those
welfare and culture goods, which are put within
the reach of our people as a whole by reason of our
JANUARY
1947
unparalleled productive capacity. This, as we have
said before, will combat -depression and even up
the years of traditional recession by allowing those
able, willing, and seeking to work to go on supplying themselves rather than being every few years
forced to loaf amid want.
In a word, then, our view as to the outlook for
production and jobs is that it should be more than
ordinarily favorable for a period of some years
ahead. In spite of certain conditions that might
make for a dip in 1947, we believe that courageous
and sensible action by those responsible for the administration of private business relations (including
labor unions) can at least hold such a recession to
moderate proportions if not avert it. Thereafter,
it would seem that broad basic conditions suggest
that it will be easy to have some years of high production, employment, and purchasing power without the display of any extraordinary economic
statesmanship by leaders of industry, labor, farming, and finance. In those years, however, we
should not be satisfied with a level of production
and conditions of use which fail to produce favorable results for all sections of the country and all
segments of the population. In those years, also,
if foresight is not keen and action vigorous, the stage
will be set for serious unemployment, underproduction, and want in the years that follow. It is
our belief, however, that enough time is afforded in
which wise policy and action on the part of labor,
of management, of agriculture, and of finance, with
a very carefully considered complementary role by
Government, will not only raise the national prosperity to new high levels but will maintain those
levels with a degree of stability which has not characterized the earlier exploratory and speculative
decades of our industrial life. It is toward such a
system of continuous study and collaborative guidance of the Nation's business on a basis of competitive private enterprise and economic democracy
that the Employment Act of 1946 is directed. To
its achievement the Council of Economic Advisers
dedicates its best efforts.
25
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Cessation of Hostilities
On December 31, 1946, the President of the
United States issued a Proclamation legally terminating the period of hostilities of World War II
effective as of 12 o'clock noon on that date. The
Proclamation does not have the effect of terminating
the war or of terminating the emergencies declared
by President Roosevelt on September 8, 1939, and
on May 27, 1941. Accordingly, the only statutory
provisions directly concerning the Federal Reserve
System which are affected by the Proclamation are
those of section 12B(h)(l) and the last paragraph
of section 19 of the Federal Reserve Act, as amended
by the Act of April 13, 1943, exempting war loan
accounts of the United States from deposit insurance
assessments and from reserve requirements of member banks, both of which will expire six months
from the date of the Proclamation. The text of
the Proclamation and an accompanying statement
issued by the President are set forth below:
STATEMENT BY THE PRESIDENT
I have today issued a proclamation terminating
the period of hostilities of World War II, as of
12 o'clock noon today, December 31, 1946.
Under the law, a number of war and emergency
statutes cease to be effective upon the issuance of
this proclamation. It is my belief that the time
has come when such a declaration can properly be
made, and that it is in the public interest to make it.
Most of the powers afTected by the proclamation
need no longer be exercised by the executive branch
of the Government. This is entirely in keeping with
the policies which I have consistently followed, in
an effort to bring our economy and our government
back to a peacetime basis as quickly as possible.
The proclamation terminates Government powers
under some 20 statutes immediately upon its issuance. It terminates Government powers under
some 33 others at a later date, generally at the end of
6 months from the date of the proclamation. This
follows as a result of provisions made by the Con-
26
gress when the legislation was originally passed.
In a few instances the statutes affected by the proclamation give the Government certain powers
which in my opinion are desirable in peacetime, or
for the remainder of the period of reconversion. In
these instances, recommendations will be made to
the Congress for additional legislation.
It should be noted that the proclamation does not
terminate the states of emergency declared by President Roosevelt on September 8, 1939, and May 27,
1941. Nor does today's action have the effect of
terminating the state of war itself. It terminates
merely the period of hostilities. With respect to
the termination of the national emergency and the
state of war I shall make recommendations to the
Congress in the near future.
CESSATION OF HOSTILITIES OF WORLD WAR II
BY THE PRESIDENT OF THE UNITED STATES
OF AMERICA
PROCLAMATION 2714
With God's help this nation and our allies,
through sacrifice and devotion, courage and perseverance, wrung final and unconditional surrender
from our enemies. Thereafter, we, together with
the other United Nations, set about building a
world in which justice shall replace force. With
spirit, through faith, with a determination that
there shall be no more wars of aggression calculated to enslave the peoples of the world and destroy
their civilization, and with the guidance of Almighty Providence great gains have been made in
translating military victory into permanent peace.
Although a state of war still exists, it is at this time
possible to declare, and I find it to be in the public
interest to declare, that hostilities have terminated.
NOW, THEREFORE, I, HARRY S. TRUMAN,
President of the United States of America, do hereby
proclaim the cessation of hostilities of World War II,
effective twelve o'clock noon, December 31, 1946.
IN WITNESS WHEREOF, I have hereunto set
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
my hand and caused the seal of the United States
of America to be affixed.
DONE at the City of Washington this 31st day
of December in the year of our Lord nineteen hundred and forty-six, and of the Independence of the
United States of America the one hundred and
seventy-first.
HARRY S. TRUMAN
By the President:
JAMES F. BYRNES
The Secretary of State
would amount to delivery of the security to settle
one transaction and its re-delivery to settle the
other. The answer is that it is permissible to offset
the transactions against each other without physical
delivery and re-delivery of the security.
Regulation U
Determination and Effect of Purpose of Loan
Under the present regulation the original purpose
of a loan is controlling. In other words, if a loan
originally is not for the purpose of purchasing or
carrying registered stocks, changes in the collateral
Regulation T
for the loan do not change its exempted character.
Exercise of Rights to Subscribe
However, a so-called increase in the loan is necWith respect to the recent amendment to Regu- essarily on an entirely different basis. So far as the
lation T which added section 6(1) relating to the purpose of the credit is concerned, it is a new loan,
acquisition of registered securities through the ex- and the question of whether or not it is subject to
ercise of certain "rights to subscribe," the Board has the regulation must be determined accordingly.
Certain facts should also be mentioned regarding
ruled that exempted securities may be used to make
the deposit required under the provision, and that the determination of the purpose of a loan. Section
for this purpose they may be assigned the cus- 3(a) provides in that connection that "a bank m a y
tomary good faith loan value as specified in section rely upon a statement with respect thereto, accepted
by the bank in good faith, signed by an officer of
3(c) of the Regulation.
the bank or by the borrower." The requirement of
Transactions of Customers Who Are
"good faith" is of vital importance here. Its apBrokers or Dealers
plication will necessarily vary with the facts of the
particular
case, but it is clear that the bank must
The Board has recently considered certain questions regarding transactions of customers who are be alert to the circumstances surrounding the loan.
For example, if the loan is to be made to a customer
brokers or dealers.
The. first question was whether delivery and pay- who is not a broker or dealer in securities, but such
ment under section 4(/)(3) must be exactly simul- a broker or dealer is to deliver registered stocks to
taneous (such as in sight draft shipments), or secure the loan or is to receive the proceeds of the
whether it is sufficient if the broker-dealer customer, loan, the bank would be put on notice that the
"as promptly as practicable in accordance with the. loan would probably be subject to the regulation.
ordinary usage of the trade," mails or otherwise It could not accept in good faith a statement to the
delivers to the creditor a check in settlement of the contrary without obtaining a reliable and satisfactransaction, the check being accompanied by in- tory explanation of the situation.
Furthermore, the "purpose" of a loan means just
structions for transfer or delivery of the security.
that.
It can not be altered by some temporary apThe Board ruled that the latter method of settling
plication
of the proceeds. For example, if a borthe transaction is permissible.
The second question was, in effect, whether the rower is to purchase Government securities with
limitations of section 4(V)(8) apply to the account the proceeds of a loan, but is soon thereafter to sell
of a customer who is himself a broker or dealer. such securities and replace them with registered
The answer is that the provision applies to any stocks, the loan is clearly for the purpose of pur"special cash account," regardless of the type of chasing or carrying registered stocks.
customer.
Consumer Credit
The third question was, in effect, whether a purCredits Extended Before December 1, 1946
chase and a sale of an unissued security under section 4(/)(3) may be offset against each other, or
The Board of Governors recently received an
whether each must be settled separately by what inquiry relating to the footnote on page 3 of the
JANUARY 1947
LAW DEPARTMENT
December 1, 1946, revision of Regulation W,
which, in part, provides that "the revision (of December 1, 1946) shall not affect any transaction
prior to such date." The inquiry concerned preDecember credits, still outstanding, that were subject to the Regulation when they originated but
would not be subject if they originated on or subsequent to December 1, 1946; and the question was
whether, in the light of the footnote, renewals, revisions and other actions currently taken with respect to such pre-December credits must follow the
pre-December rules.
In reply, the Board ruled that unless the credit,
regardless of when negotiated, falls within the
terms of the December 1 revision, any action taken
on or after December 1 with respect to the credit
is not subject to the Regulation.
Conversion of Non-Instalment Credit to
Instalment Basis
The Board of Governors has been requested for
a ruling as to the conversion of a charge account
covering the sale of a "listed article" to an instalment basis, under Regulation W as revised December 1, 1946. The question also arises in connection
with the conversion of a single-payment loan to
an instalment basis.
This was one of the general problems which
were considered in connection with the revision of
the Regulation, but after preliminary drafts had
been made of provisions governing the conversion
of non-instalment credit to an instalment basis, it
was decided to omit them from the revised Regulation and to rely upon the provisions of section
6(7) to furnish protection against evasion. In any
case where investigation showed that a registrant
was converting an undue number of credits to an
instalment basis after originating them on a non-instalment basis, the inference would be fairly
plain that the registrant was violating section 6(/)
by attempting to disguise instalment credit as noninstalment credit.
Accordingly, it is the view of the Board that if a
credit originates in good faith as an obligation payable in a lump sum, its later conversion to an instalment basis does not make it subject to the present Regulation. It is essential, of course, that the
original transaction be in good faith and not a
subterfuge.
28
Preservation of Records
Advice has been requested of the Board of Governors regarding the preservation of records under
section S(a) of Regulation W. Specifically, it was
asked whether the "Statement of the Borrower" required under section 4(J) of the Regulation need
be preserved after a credit has been revised in accordance with the Regulation.
Briefly, section S(a) requires a registrant to preserve relevant documents for the "life of the obligation to which they relate." This, of course, includes
the "Statement of the Borrower."
The Board's view is that "the obligation," as that
term is used in section 8(a), means the original
obligation with respect to which the Statement was
procured, and, therefore, does not require the preservation of the Statement executed in connection
with any such original obligation after a new obligation has arisen by virtue of a revision of the old
credit.
Automobile Appraisal Guides
Regulation W as revised effective December 1,
1946, provided in Part 4 of the Supplement that the
maximum credit value of a used automobile after
January 1, 1947, will be the specified percentage of
whichever is the lower of (1) the cash purchase
price, or (2) the "appraisal guide value" (as determined from any designated guide).
The Board of Governors of the Federal Reserve
System on December 16, 1946, designated the usedcar guides that are to be used initially for this purpose. The guides designated and the territories for
which they are to be used are listed below.
A dealer is not required to use any particular appraisal guide, but may use any one of those designated for use in the territory in which the sale is
made. The requirement as to the use of the "appraisal guide value" does not apply to cars of 1936
and older models, and the maximum credit value
in such cases will be the specified percentage of the
cash purchase price, regardless of any lower appraisal guide value. The "appraisal guide value"
to be used for the purposes of Regulation W does
not include any added value for cars equipped with
a radio or heater, but it may include added value
for cars having an overdrive or automatic transmission as extra equipment.
On December 26, 1946, the Board postponed the
effective date of the designation, with the result that
the guide books are not required to be used for the
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
purposes of Regulation W until January 15, 1947,
and the maximum credit value until that time will
be based on the cash purchase price only. This
action was taken because printing difficulties prevented delivery of certain of the designated guide
books by January 1, 1947.
AUTOMOBILE APPRAISAL GUIDES
DESIGNATED BY THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM FOR PURPOSES OF PART 4 OF THE SUPPLEMENT TO REGULATION W
Effective January 15, 1947
(Designations limited to quotations for used cars of 1937
and later models)
Name of Guide
and publisher
Territory for which
publication is designated
M A R K E T ANALYSIS REPORT,
published by Used Car Statistical Bureau, Inc.
AMERICAN AUTO APPRAISAL,
Connecticut
Maine
Massachusetts
New Hampshire
New Jersey
New York
Rhode Island
Vermont
Region A #
published by American Auto
Appraisal
OFFICIAL WISCONSIN AUTOMOBILE VALUATION GUIDE,
Wisconsin
published by National Used
Car Market Report, Inc., for
Wisconsin Automotive Trades
Association
KELLEY BLUE BOOK OFFICIAL
GUIDE,
published by Northwest Publishing Company
CALIFORNIA USED CAR VALUES,
published by Thomas Publishing Company (Northwest
Publishing Company)
OFFICIAL
Region C #
Idaho
Oregon
Washington
Arizona
California
Nevada
Utah
AUTOMOBILE GUIDE,
Price Edition,
published by Recording &
Statistical Corp.
"Average retail prices"
stated for Region A
JANUARY 1947
Region B
Region C
RED BOOK NATIONAL USED CAR
MARKET REPORT,
published by National Used
Car Market Report, Inc.
Region A Edition
Region B Edition
Region C Edition
Region A #
Region B *
Region C *
BLUE BOOK—EXECUTIVES' EDITION,
published by National Used
Car Market Report, Inc.
"Average retail values"
stated for Region A
"Average retail values"
stated for Region B
"Average retail values"
stated for Region C
Region A *
Region B *
Region C #
N.A.D.A. OFFICIAL USED CAR
GUIDE,
published by National Automobile Dealers Used Car
Guide Co.
Region A Edition
Region B Edition
Western Edition
Region A *
Region B *
Region C *
* The regions for which publication is designated
comprise the following States:
published by Kelley Blue Book
NORTHWEST USED CAR VALUES,
"Average retail prices"
stated for Region B
"Average retail prices"
stated for Region C
Region A :
Region A
Alabama
Connecticut
Delaware
District of Columbia
Florida
Georgia
Illinois—except Madison, St.
Clair and Rock Island Counties
Indiana
Kentucky
Maine
Maryland
Massachusetts
Michigan
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Ohio
Pennsylvania
Rhode Island
South Carolina
Tennessee
Vermont
Virginia
West Virginia
Wisconsin -— except Douglas
County
29
LAW DEPARTMENT
Region B
Arkansas
Colorado
Illinois—Madison, St. Clair and
Rock Island Counties
Iowa
Kansas
Louisiana
Minnesota
Missouri
Montana
Nebraska
New Mexico
North Dakota
Oklahoma
South Dakota
Texas
Wisconsin—
Douglas
County
Wyoming
Region C
Arizona
California
Idaho
Nevada
Oregon
Utah
Washington
Suit Regarding Removal of Bank Directors
On January 6, 1947, the United States Supreme
Court sustained an order of the Board of Governors
of the Federal Reserve System removing from office
John Agnew and F. O. Fayerweather as directors
of a national bank in Paterson, New Jersey. The
case was taken to the Supreme Court on certiorari
to the United States Court of Appeals for the District of Columbia which had reviewed the case on
the merits and ruled against the Board by reversing
the decision of the District Court of the United
States for the District of Columbia dismissing the
suit filed by Messrs. Agnew and Fayerweather for
judicial review and enjoinment of the Board's
action. Summaries of the earlier proceedings in
this case are published in the FEDERAL RESERVE
BULLETIN for July 1945, pages 645, 646, and the
FEDERAL RESERVE BULLETIN for March 1946, pages
251, 252.
The Board's removal order, issued under section
30 of the Banking Act of 1933, was predicated upon
a finding that Messrs. Agnew and Fayerweather
had violated section 32 of the Banking Act of 1933,
which prohibits any officer, director or employee of
any company, partnership, or individual, primarily
engaged in the business of underwriting securities,
from serving at the same time as an officer, director
or employee of any member bank of the Federal
Reserve System. The suit against the Board was
based upon the contention that the words "primarily
engaged" in section 32 limited the statute's appli30
cation to cases in which the underwriting business
of the securities company is first in volume as compared with other businesses in which it is engaged
and that, since this was not true of the securities
company of which Messrs. Agnew and Fayerweather were employees, the statute was not applicable to them.
In reversing the decision of the Court of Appeals,
the Supreme Court was unanimous in holding that
the Board did not transcend its authority by applying section 32 to a situation where the underwriting
was not first in volume as compared with other
businesses of the company involved, and that the
word "primarily" was not limited in meaning to
"chiefly" or "principally" and that it meant "substantiality" as well. The majority of the Court
was of the opinion that the determination of the
extent of the authority granted to the Board to issue
removal orders under section 30 is subject to judicial review; but in a concurring opinion, two Justices were of the view that the question presented
on the merits should be reviewable only for abuse
of discretion. The opinions in the Supreme Court
are set forth below.
SUPREME COURT OF THE UNITED STATES
No. 66.—OCTOBER TERM, 1946.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYSTEM ET AL., PETITIONERS,
v.
JOHN AGNEW, F. O. FAYERWEATHER.
O N W R I T OF CERTIORARI TO THE UNITED STATES
COURT OF APPEALS FOR THE DISTRICT OF
COLUMBIA.
[January 6, 1947.]
MR. JUSTICE DOUGLAS delivered the opinion of the
Court.
This case, here on certiorari to the Court of
Appeals of the District of Columbia, presents important problems under § 30 and § 32 of the Banking
Act of 1933, 48 Stat. 162, 183, as amended, 49 Stat.
704,709, 12 U. S. C. §§77, 78.
Section 30 of the Act provides that the Comptroller of the Currency, whenever he is of the
opinion that a director or officer of a national bank
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
has violated any law relating to the bank, shall
warn him to discontinue the violation and, if the
violation continues, may certify the facts to the
Board of Governors of the Federal Reserve System.
The Board is granted power to order that the
director or officer be removed from office if it
finds after notice and a reasonable opportunity to
be heard that he has continued to violate the law.1
Section 32 of the Act prohibits, inter alia, any
partner or employee of any partnership "primarily
engaged in the issue, flotation, underwriting, public
sale, or distribution, at wholesale or retail, or
through syndicate participation, of stocks, bonds,
or other similar securities" from serving at the
same time as an officer, director, or employee of a
member bank.2
Pursuant to the procedure outlined in §30 the
Board ordered respondents removed from office as
directors of the Paterson National Bank on the
' ground that they were employees of a firm "primarily engaged" in underwriting within the meaning of §32. Respondents brought suit in the District Court of the District of Columbia to review
the action of the Board or to enjoin its action.
The District Court dismissed the complaint. The
Court of Appeals reversed by a divided vote, holding that the Board exceeded its authority and that
an injunction should issue. 153 F. 2d 785.
First. The Board contends that the removal
orders of the Board made under §30 are not subject
to judicial review in the absence of a charge of
fraud. It relies on the absence of an express right
of review and on the nature of the federal bank
supervisory scheme of which § 30 is an integral part.
Cf. Adams v. Nagle, 303 U. S. 532; Switchmen's
Union v. Mediation Board, 320 U. S. 297; Estep v.
United States, 327 U. S. 114. A majority of the
Court, however, is of the opinion that the determination of the extent of the authority granted the
Board to issue removal orders under § 30 of the
Act is subject to judicial review and that the Dis1
Section 30 also provides:
"That such order and findings of fact upon which it is based
shall not be made public or disclosed to anyone except the director or officer involved and the directors of the bank involved,
otherwise than in connection with proceedings for a violation
of this section. Any such director or officer removed from
office as herein provided who thereafter participates in any
manner in the management of such bank shall be fined not
more than $5,000, or imprisoned for not more than five years,
or both, in the discretion of the court."
2
Not material here is an exception "in limited classes of
cases in which the Board of Governors of the Federal Reserve
System may allow such service by general regulations when
in the judgment of the said Board it would not unduly influence
the investment policies of such member bank or the advice it
gives its customers regarding investments." § 32.
JANUARY
1947
trict Court is authorized to enjoin the removal if
the Board transcends its bounds and acts beyond
the limits of its statutory grant of authority. See
American School of Magnetic Healing v. McAnnulty, 187 U. S. 94; Philadelphia Co. v. Stimson,
223 U. S. 605, 620; Star\ v. Wic\ard, 321 U. S. 288,
309-310. That being decided, it seems plain that the
claim to the office of director is such a personal
one as warrants judicial consideration of the controversy. Cf. Columbia Broadcasting Sytsem v.
United States, 316 U. S. 407; Star\ v. Wic\ard,
supra, p. 305.
Second. We come then to the merits. Respondents for a number of years have been directors of
the Paterson National Bank, a national banking association and a member of the Federal Reserve
System. Since 1941 they have been employed by
Eastman, Dillon & Co., a partnership, which holds
itself out as being "Underwriters, Distributors,
Dealers and Brokers in Industrial, Railroad, Public
Utility and Municipal Securities." During the
fiscal year ending February 28,. 1943, its gross
income from the underwriting field3 was 26 per
cent of its gross income from all sources, while its
gross income from the brokerage business was 42
percent of its gross income from all sources. The
same percentages for the"fiscalyear ending February
29, 1944, were 32 per cent and 47 per cent respectively; and for the period from March 1, 1944, to
July 31, 1944, 39 per cent and 40 per cent respectively. Of the total number of transactions, as well
as the total market value of the securities bought and
sold by the firm as broker and as dealer for an
indefinite period prior to September 20, 1943, about
15 per cent were in the underwriting field. The
firm is active in the underwriting field, getting
what business it can. In 1943 it ranked ninth
among 94 leading investment bankers in the country
with respect to its total participations in underwritings of bonds. For a time during 1943 it
ranked first among the underwriters of the country.
Apart from municipals and rails, its participation
in underwritings during 1943 amounted to $14,657,000. Since October, 1941, respondents have
done no business with the bank other than a
strictly commission business with its customers.
Nor has the firm done business with the bank
since the fall of 1941.
3
The issue, flotation, underwriting, public sale or distribution,
at wholesale or retail or through syndicate participation, of
stocks, bonds or other similar securities. The firm does not
deal in United States Government bonds.
31
LAW DEPARTMENT
These are the essential facts found by the Board.
On the basis of these facts the Board concluded
that during the times relevant here Eastman, Dillon
& Co. was "primarily engaged" in the underwriting
business and that respondents, being employees of
the firm, were disqualified from serving as directors of the bank.
The Court of Appeals concluded that when
applied to a single subject "primary" means first,
chief, or principal; that a firm is not "primarily
engaged" in underwriting when underwriting is
not by any standard its chief or principal business.
Since this firm's underwriting business did not
by any quantitative test exceed 50 per cent of its
total business, the court held that it was not
"primarily engaged" in the underwriting business
within the meaning of §32 of the Act.
We take a different view. It is true that "primary", when applied to a single subject often means
first, chief, or principal. But that is not always the
case. For other accepted and common meanings of
"primarily" are "essentially" (Oxford English Dictionary) or "fundamentally" (Webster's New International). An activity or function may be "primary" in that sense if it is substantial. If the
underwriting business of a firm is substantial, the
firm is engaged in the underwriting business in a
primary way though by any quantitative test underwriting may not be its chief or principal activity.
On the facts in this record we would find it hard
to say that underwriting was not one primary
activity of the firm and brokerage another. "If
"primarily" is not used in the sense we suggest
then the firm is not "primarily engaged" in any
line of business though it specializes in at least two
and does a substantial amount of each. One might
as well say that a professional man is not "primarily engaged" in his profession though he holds
himself out to serve all comers and devotes substantial time to the practice but makes the greater
share of his income on the stock market.
That is the construction given the Act by the
Board. And it is, we think, not only permissible
but also more consonant with the legislative purpose than the construction which the Court of
Appeals adopted. Firms which do underwriting
also engage in numerous other activities. The
Board indeed observed that if one was not "primarily engaged" in underwriting unless by some
quantitative test it was his principal activity, then
§32 would apply to no one. Moreover, the evil at
32
which the section was aimed is not one likely to
emerge only when the firm with which a bank
director is connected has an underwriting business
which exceeds 50 per cent of its total business.
Section 32 is directed to the probability or likelihood, based on the experience of the 1920's that
a bank director interested in the underwriting business may use his influence in the bank to involve
it or its customers in securities which his underwriting house has in its portfolio or has committed
itself to take. That likelihood or probability does
not depend on whether the firm's underwriting
business exceeds 50 per cent of its total business.
It might, of course, exist whatever the proportion
of the underwriting business. But Congress did
not go the whole way; it drew the line where the
need was thought to be the greatest. And the line
between substantial and unsubstantial seems to us
to be the one indicated by the words "primarily
engaged."
There is other intrinsic evidence in the Banking
Act of 1933 to support our conclusion. Section 20
of the Act outlaws affiliation4 of a member bank
with an organization "engaged principally" in the
underwriting business. Section 19 provides control over bank holding companies. In order to
vote its stock in controlled banks a bank holding
company must show that it does not own, control,
or have any interest in, and is not participating in
the management or direction of any organization
"engaged principally" in the underwriting business.
On the other hand, when Congress came to deal
with the practice of underwriters taking checking
deposits, it used language different from what it
used either in §§19 and 20 on the one hand or in
§32 on the other. By §21 it prohibited any organization "engaged" in the underwriting business
"to engage at the same time to any extent whatever" in the business of receiving checking deposits.
Thus within the same Act we find Congress dealing
with several types of underwriting firms—those
"engaged" in underwriting, those "primarily engaged" in underwriting, those "engaged principally" in underwriting. The inference seems reasonable to us that Congress by the words it chose
marked a distinction which we should not obliterate
by reading "primarily" to mean "principally."
* Defined in § 2(b) as direct or indirect ownership or control
of more than 50 per cent of the voting stock, common ownership or control of 50 per cent or more of such voting stock,
or a majority of common directors of the organization in
question.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
The Court of Appeals laid some stress on the States, 321 U. S. 414, 424-428; Bowles v. Willingfact that Congress did not abolish the bank affiliate ham, 321 U. S. 503, 512-516.
Reversed.
system but only those underwriter affiliates which
were under the control of a member bank or which
MR. JUSTICE RUTLEDGE, concurring.
were under a common control with it.5 Section 20.
If the question presented on the merits is reviewSince Congress made majority control critical able judicially, in my opinion it is only for abuse
under §20, it was thought that under §32 a firm of discretion by the Board of Governors. Not only
was not "primarily engaged" in underwriting unless because Congress has committed the system's operunderwriting constituted a majority of its business. ation to their hands, but also because the system
But the two situations are not comparable. In itself is a highly specialized and technical one,
§32 Congress was not dealing with the problem requiring expert and coordinated management in
of control of underwriters by banks or vice versa. all its phases, I think their judgment should be conThe prohibited nexus is in no way dependent on clusive upon any matter which, like this one, is open
the presence or absence of control, nor would it be to reasonable difference of opinion. Their spemade so even if "primarily engaged" in under- cialized experience gives them an advantage judges
writing were construed to mean principally engaged cannot possibly have, not only in dealing with the
in that business. Section 32 was designed, as we problems raised for their discretion by the system's
have said, to remove tempting opportunities from working, but also in ascertaining the meaning Conthe management and personnel of member banks. gress had in mind in prescribing the standards by
In no realistic sense do those opportunities dis- which they should administer it. Accordingly their
appear merely because the underwriting activities judgment in such matters should be overturned only
of the outside firm with which the officer, director, where there is no reasonable basis to sustain it or
or employee is connected happens to fall below 51 where they exercise it in a manner which clearly
per cent. Fifty-one per cent, which is relevant in exceeds their statutory authority.
In this case I cannot say that either of these things
terms of control, is irrelevant here. The fact then
that Congress did not abolish underwriter affiliates has occurred. The Board made its determination
serves as no guide in determining whether "pri- after the required statutory hearing on, notice.
marily engaged" in underwriting as used in §32 48 Stat. 162, 193, 12 U.S.C. § 77. The considermeans principally engaged or substantially en- ation given was full and thorough, including detailed findings of fact and conclusions of law, folgaged in that business.
lowed by a carefully written opinion.6 The Board
Section 32 is not concerned, of course, with any concluded that "primarily" in § 32 does not mean
showing that the director in question has in fact "first in volume in comparison with any other
been derelict in his duties or has in any way business or businesses in which it [the employer]
breached his fiduciary obligation to the bank. It engages,"7 but means rather as "a matter of primary
is a preventive or prophylactic measure. The fact importance," like "primary" colors or planets or
that respondents have been scrupulous in their as the word is used in the phrase "the primary
relationships to the bank is therefore immaterial. causes of a war." This view it found not only
There is a suggestion that if "primarily" does supported by accepted dictionary meaning but also
not mean principally but merely connotes substan- in conformity with Congress' intent as established
tiality, §32 constitutes an unlawful delegation of by the legislative history. In a further ground
authority to the Board. But we think it plain which we must take as reflecting its specialized exunder our decisions that if substantiality is the perience, the Board stated: "To say that a securities
6
statutory guide, the limits of administrative action
The opinion is not reported, pursuant to the statutory
12 U.S.C. § 77, which is effective except in connecare sufficiently definite or ascertainable so as to prohibition,
tion with proceedings for enforcement.
7
Under such a view, in cases involving different facts the
survive challenge on the grounds of unconstitutionquestion would become judicial whether "primarily" means
ality. Sunshine Anthracite Coal Co. v. Admins, more than half of (1) the gross volume of business done; (2)
gross profit; (3) the net profit, where some but not all these
310 U. S. 381, 397-400; Opp Cotton Mills v. Admin- the
factors as relating to one phase of the total activities carried
on amounts to more than half the gross. Such discriminations
istrator, 312 U. S. 126, 142-146; Ya\us v. United would seem to be clearly within the Board's power to deter5
See note 4, supra.
JANUARY
1947
mine in the first instance. If so, it is difficult to see why that
power does not include the determination made here.
33
LAW DEPARTMENT
firm ranking ninth among the leading investment
bankers of the country with respect to its total participations in underwritings of bonds, and for a
period ranking first, should be held to be beyond
the scope of the statute is to say that Congress
enacted a statute with the intention that it would
apply to no one."
I cannot say that the Board's conclusion, in the
light of those groundings, is wanting either for
warrant in law or for reasonable basis in fact. The
considerations stated in the Court's opinion and in
the dissenting opinion filed in the Court of Appeals, 153 F. 2d 785, 795, as well as by the Board
itself, confirm this view. I think it important, not
only for this case but for like ones which may
arise in the future, perhaps as a result of this
decision, to make clear that my concurrence in the
Court's disposition of the case is based upon the
ground I have set forth, and not upon independent
judicial determination of the question presented on
the merits. I do not think this Court or any other
should undertake to reconsider, as an independent
judgment, the Board's determination upon that
question or similar ones likely to arise, if the Board
was not without basis in fact for its judgment and
does not clearly transgress a statutory mandate.
More than has been shown here would be required
to cause me to believe that the Board has exceeded
its power in either respect.
MR. JUSTICE FRANKFURTER joins in this
opinion.
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
have been issued by the Office of the Secretary of
the Treasury under authority of the Executive
Order of April 10, 1940, as amended, and the Regulations issued pursuant thereto:
Treasury Department
Foreign Funds Control
November 30, 1946
with the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control.*
General License No. 94 (31 CFR, 1945 Supp., 131.94)
was amended on November 30, 1946 to read as follows:
CERTAIN COUNTRIES GENERALLY LICENSED
(1) Blocked countries generally licensed subject to certain
conditions. A general license is hereby granted licensing all
blocked countries and nationals thereof (excepting the following countries and nationals thereof: (i) Germany and
Japan, (ii) Portugal, Spain, Sweden and Tangier) to be
regarded as if such countries were not foreign countries
designated in the Order, provided that
(a) any property in which on the effective date hereof
any of the following had an interest: (i) any
blocked country (including countries licensed
hereby) or person therein; or (ii) any other partnership, association, corporation, or other organization, which was a national of a blocked country
(including countries licensed hereby) by reason of
the interest of any such country or person therein;
or
(b) any income from such property accruing on or after
the effective date hereof
shall continue to be regarded as property in which a blocked
country or national thereof has an interest and no payment,
transfer, or withdrawal or other dealing with respect to such
property shall be effected under, or be deemed to be authorized by, this paragraph.
(2) Transactions under other licenses authorized without
regard to certain restrictions. With respect to property subject to the proviso of paragraph (1), any transaction not
involving any excepted country or national thereof which is
authorized under any license (other than General Licenses
Nos. 1, 1A, 4, 27, 30A, 58 and 75 or any other license to the
extent that it merely authorizes transfers between blocked
accounts of the same person or changes in the form of
property held in a blocked account) may be effected without
regard to any terms of such license relating to the method of
effecting such transaction.
(3) Certain other transactions authorized. This license
also authorizes any transaction which could be effected
under General License No. 53 if the countries licensed hereby
were members of the generally licensed trade area, provided
that this paragraph shall not be deemed to authorize any
payment, transfer, or withdrawal, or other dealing, with
respect to any property which is subject to the proviso of
paragraph (1).
(4) General Ruling No. 17 not waived with regard to
certain countries. This license shall not be deemed to waive
the requirements of General Ruling No. 17 with respect to
blocked property held in any account maintained in the
name of any bank or other financial institution located in
*Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended
by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec.
1941; Ex. Order 9193, July 6, 1942, as amended by Ex.
Under Executive Order No. 83 89, as ^Amended, Executive 26,
Order 9567, June 8, 1945; Regulations, April 10, 1940, as
amended June 14, 1941, February 19, 1946, and June 28, 1946.
Order No. 9193, as Amended, Section 5(b) of the Trading
AMENDMENT TO GENERAL LICENSE NO. 94
34
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Switzerland or Liechtenstein, unless such property has been
certified under paragraph (1) of. General License No. 95.
(5) Application of license to nationals of countries licensed
hereby who are also nationals of excepted countries. Pa.r2i'
graphs (1) and (2) shall not apply with respect to any
national of a country licensed hereby who is also a national
of any excepted country, provided, however, that for the
purpose only of this license the following shall be deemed
not to be nationals of an excepted country:
(a) Any individual residing in a country licensed
hereby, except any citizen or subject of Germany
or Japan who at any time on or since "December 7,
1941 has been within the territory of cither such
country or within any other territory while it was
designated as "enemy territory" under General
Ruling No. 11;
(b) Any partnership, association, corporation, or ^ther
organization, organized under the laws of a country licensed hereby, unless it is a national of
Germany or Japan.
(6) Definition. As used in this license, the term "excepted country" shall mean any country excepted in paragraph (1).
(7) Effective date. The effective date of this general
license shall be December 7, 1945, except that it shall be
October 5, 1945 as to France, November 20, 1945 as to
Belgium, and November 30, 1946 as to Switzerland and
Liechtenstein.
JOHN W. SNYDER,
Secretary of the Treasury.
JANUARY
1947
Treasury Department
Foreign Funds Control
November 30, 1946
AMENDMENT TO GENERAL LICENCE NO. 95
Under Executive Order No. 8)89, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
with the Enemy Act, as Amena^d by the First War Powers
Act, 1941, Relating to Foreign Funds Control.*
Paragraph (4) (a) of General License No. 95 (Paragraph
( d ) ( l ) of 31 CFR, 1945 Supp., 131.95) was amended on
November 30, 1946 to read as follows:
(4) Definitions
(a) The term "country specified herein" means the following:
(i) France, effective October 5, 1945;
(ii) Belgium, effective November 20, 1945;
(iii) Norway, effective December 29, 1945;
(iv) Finland, effective December 29, 1945;
(v) The Netherlands, effective February 13, 1946;
(vi) Czechoslovakia, effective April 26, 1946;
(vii) Luxembourg, effective April 26, 1946;
(viii) Denmark, effective June 14, 1946;
(ix) Greece, effective October 15, 1946;
(x) Switzerland, effective November 30, 1946;
(xi) Liechtenstein, effective November 30, 1946;
and each country specified herein shall be deemed to include
any colony or other territory subject to its jurisdiction.
JOHN W. SNYDER,
Secretary of the Treasury.
*Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended
by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec.
26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex.
Order 9567, June 8, 1945; Regulations, April 10, 1940, as.
amended June 14, 1941, February 19, 1946, and June 28, 1946..
35
CURRENT EVENTS
Resignation of Class C Director
Mr. Beardsley Ruml, Chairman, R. H. Macy &
Company, Inc., New York, New York, resigned as
a Class C director of the Federal Reserve Bank of
New York effective December 31, 1946. Mr. Ruml
had served as a Class C director since January 16,
1937, and as Deputy Chairman from January 20,
1938, to January 1, 1941, when he was designated
Chairman and Federal Reserve Agent.
Appointments of Chairmen, Deputy Chairmen,
and Directors
On January 2 the Board announced the designation of Chairmen and Deputy Chairmen of the
Federal Reserve Banks for the year 1947, the reappointment of some Class C directors of the Federal Reserve Banks as well as directors of branches
whose terms had expired, and the appointment of
new directors to fill vacancies.
A complete list of the Federal Reserve Bank and
branch directors will appear in a later issue of the
BULLETIN.
New appointments and designations announced
up to the time this issue went to press are listed
below:
Federal Reserve Bank of Boston
Mr. Donald K. David of Boston, Massachusetts,
who has been a Class C Director of the Federal
Reserve Bank of Boston since January 1, 1946, was
appointed Deputy Chairman for the year 1947.
Mr. David is Dean, Graduate School of Business
Administration, Harvard University, Cambridge,
Massachusetts.
Mr. H. D. Hodgkinson of Marblehead, Massachusetts, was appointed a Class C Director of the
Federal Reserve Bank of Boston for a three-year
term beginning January 1, 1947. Mr. Hodgkinson
is Vice President, General Manager, and Chairman
of the Management Board of Wm. Filene's Sons
Company, Boston, Massachusetts.
Federal Reserve Bank of Richmond
Mr. W. G. Wysor of Richmond, Virginia, who
has been a Class C Director of the Federal Reserve
Bank of Richmond since January 8, 1937, and
Deputy Chairman since January 1, 1938, was designated Chairman and Federal Reserve Agent for
the year 1947. Mr. Wysor is General Manager of
the Southern States Cooperative, Inc., Richmond,
Virginia.
Mr. Charles P. McCormick of Baltimore, Maryland, who has been a Class C Director of the Federal Reserve Bank of Richmond since August 31,
1939, was appointed Deputy Chairman for the
year 1947. Mr. McCormick is President of McCormick & Company, Inc., Baltimore, Maryland.
Mr. L. V. Hershey of Hagerstown, Maryland,
was appointed a director of the Baltimore Branch
of the Federal Reserve Bank of Richmond for a
three-year term beginning January 1, 1947. Mr.
Hershey is President and General Manager of the
Hagerstown Shoe Company, Hagerstown, Maryland.
Mr. W. A. L. Sibley of Union, South Carolina,
was appointed a director of the Charlotte Branch
of the Federal Reserve Bank of Richmond for a
three-year term beginning January 1, 1947. Mr.
Sibley is Vice President and Treasurer of the
Monarch Mills of Union, South Carolina.
Federal Reserve Bank of Chicago
Mr. Paul G. HofTman of South Bend, Indiana,
who has served as a Class C Director of the Federal
Reserve Bank of Chicago since November 16, 1942,
was appointed Deputy Chairman for the year
1947. Mr. HofTman is President of the Studebaker
Corporation, South Bend, Indiana.
Federal Reserve Bank of St. Louis
Mr. Ralph E. Plunkett of Little Rock, Arkansas,
was appointed a director of the Little Rock Branch
of the Federal Reserve Bank of St. Louis for a
three-year term beginning January 1, 1947. Mr.
Plunkett is President of the Plunkett-Jarrell Wholesale Grocer Company, Little Rock, Arkansas.
Mr. Hugh M. Brinkley of Hughes, Arkansas,
was appointed a director of the Memphis Branch
of the Federal Reserve Bank of St. Louis for a
three-year term beginning January 1, 1947. Mr.
Brinkley is engaged in farming.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Federal Reserve Bank of Kansas City
Mr. Rufus Green of Duncan, Oklahoma, was
appointed a director of the Oklahoma City Branch
of the Federal Reserve Bank of Kansas City for a
two-year term beginning January 1, 1947. Mr.
Green is engaged in ranching.
Federal Reserve Bank of Dallas
Mr. Hiram S. Corbett of Tucson, Arizona, was
appointed a director of the El Paso Branch of the
Federal Reserve Bank of Dallas for a three-year
term beginning January 1, 1947. Mr. Corbett is
President of the J. Knox Corbett Lumber and Hardware Company, Tucson, Arizona.
Federal Reserve Bank of San Francisco
Mr. R. B. Taylor of Adams, Oregon, was appointed a director of the Portland Branch of the
JANUARY
1947
Federal Reserve Bank of San Francisco for a twoyear term beginning January 1, 1947. Mr. Taylor
is engaged in farming.
Mr. Merle G. Hyer of Lewiston, Utah, was
appointed a director of the Salt Lake City Branch
of the Federal Reserve Bank of San Francisco for
a two-year term beginning January 1, 1947. Mr.
Hyer is engaged in farming.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State bank-was admitted to membership in the Federal Reserve System during the
period November 16, 1946, to December 15, 1946:
Illinois
Chicago—Bank of Rogers Park
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 19, and released for publication December 21]
Industrial production and employment in most
lines of activity continued to be maintained at
record peacetime levels in November. Department
store sales in November and the early part of December were larger in dollar amount than the
holiday trade last year, reflecting mainly increased
prices. Prices of industrial commodities have generally advanced further, while a number of important farm products and foods have declined from
previous peaks.
INDUSTRIAL PRODUCTION
Total output of manufactured goods and minerals, as measured by the Board's seasonally adjusted index, was 182 per cent of the 1935-39 average in November. This was about the same as in
October notwithstanding the sharp drop after November 20 in coal, coke, iron, and steel production
as a result of work stoppages in the bituminous
coal industry. After the resumption of bituminous
coal output on December 9 activity at steel mills,
which reached a low of 60 per cent of capacity in
the first week of the month, rose sharply and in
the current week is scheduled at 84 per cent.
Output of steel in the month of November was
at an average rate of 84 per cent of capacity as
compared with 89 per cent in October. Activity
in the nonferrous metals and machinery industries
continued to increase in November and output of
most other metal products was maintained at a
high level. Lumber production showed less than
the usual seasonal decline.
Output of manufactured food products was maintained in November at an exceptionally high level
for this season of the year, reflecting chiefly further
sharp increases in meat production and larger output of flour and sugar products. Production of
cotton and rayon textiles, paperboard, rubber products, and some other nondurable goods showed
further small gains in November.
Output of minerals declined 5 per cent in November. Bituminous coal production dropped
sharply as a result of work stoppages in the latter
part of the month, while production of anthracite
and crude petroleum was maintained at high levels
and output of metals showed less than the usual
seasonal decline.
CONSTRUCTION
Estimated expenditures on construction projects
in November were maintained close to the peak
levels reached in August and September. Contracts
awarded for nonresidential construction, however,
were at the lowest level since the end of the war,
according to reports of the F. W. Dodge Corporation; residential building awards were sharply below
the peak rate reached in the spring, but were still
considerably above last year's level.
VALUE OF CONSTRUCTION ACTIVITY
INDUSTRIAL PRODUCTION
PER
PER GENT
MILLIONS OF DOLLARS
260
240
A
220
200
180
y
160
140
120
-
p
y
_
-
100
80
1940
Federal Reserve indexes.
for November.
38
Monthly figures, latest shown is
1942
1944
1946
1940
1942
1944
1946
Latest figures shown are for November.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
DISTRIBUTION
Department store sales in November and the
early part of December were about one-fifth larger
than during the same period of the holiday shopping season last year. The total value of retail
trade outside of department stores increased somewhat further in the fourth quarter, reflecting chiefly
higher prices and larger expenditures for foods.
Loadings of railroad revenue freight declined in
November due to the sharp drop in bituminous coal
shipments at the end of the month. Loadings of
manufactured products and most other classes of
freight showed substantial gains, after allowance
for seasonal changes.
COMMODITY PRICES
Following the initial sharp increases in basic
commodities which occurred with the elimination
of Federal price controls on November 11, price
changes have become more selective. Prices of
copper, lead, steel scrap, and cotton gray goods for
immediate delivery have advanced further, while
prices of hides, turpentine, and silk have declined.
During the past week there has been a sharp drop
in hog prices. Wholesale prices of foods have de-
creased somewhat further from the sharply advanced levels reached in the middle of October.
Prices of industrial products have continued to
advance. In retail markets prices of women's wear
and some other items have declined but in general
retail prices have continued to advance.
BANK CREDIT
Commercial, real estate, and consumer loans increased further at banks in leading cities during
November and the first half of December. Government security holdings declined considerably
reflecting Treasury cash retirement of notes and
certificates. Deposits of businesses and individuals
increased somewhat and currency in circulation rose
by the usual seasonal amount.
The Treasury retired for cash during November
and the first half of December 5.8 billion dollars
of Government securities held largely by the banking system. Withdrawals from war loan deposits
at commercial banks to redeem securities reduced
U. S. Government deposits at banks to a level of
about 2 billion dollars in mid-December as compared with 24 billion before the retirement program
was begun in March.
MEMBER BANKS IN LEADING C I T I E S
CONSUMERS* PRICES
/
>
CLCTHINQ^%/FOOD|"
/
^ U - L ITEMS
RENT
100
80
1939
1940
1941
1942
1943
1944
1945
Latest figures shown are for November.
JANUARY
1947
1946
1947
1939
1940
1941
1942
1943
1944
1945
1946
Demand deposits (adjusted) exclude U. S. Government and
interbank deposits and collection items. Government securities
include direct and guaranteed issues. Wednesday figures, latest
shown are for Dec. 31.
39
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements..
... .
Federal Reserve Bank statistics.
Guaranteed war production loans
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover
....
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields.
Security prices and new issues .
Corporate earnings and dividends.
Treasury
finance
...
Government corporations and credit agencies
Business indexes
Department store statistics. .
Consumer credit statistics. .
Cost of l i v i n g . . . .
Wholesale prices
Gross national product, national income, and income payments
December Crop Report, by Federal Reserve districts.
Current statistics for Federal Reserve chart book. .
Number of banking offices in the United States. .
43
44
45-48
49
49-50
51-52
52
53
54-55
56-57
58-61
62
63
64-65
66
67-69
70
71-80
81-83
84-86
86
87
88
89
90-92
93
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.
JANUARY 1947
41
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
1939
1940
1941
1942
1943
1944
1945
(946
10
10
1939
1940
1941
1942
1943
1944
1945
1946
Wednesday figures, latest shown are for Dec. 24. See p. 43
42
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In
millions of dollars]
Reserve Bank credit outstanding
Member
bank reserve
balances
U. S. Government
securities
Discounts
and
advances Total
Monthly averages of
daily figures:
^945—Sept.
Oct..
Treasury
bills
and
certificates
All
other
All
other1
Total
Gold
stock
TreasTreasOther
ury
Treas- ury de- Non- FedMoney
posits
cureral
ury
in
cirmemwith
rency
Recash
culade- serve
outhold- Federal ber
tion
posits
Restandacings
serve
ing
counts Total
Banks
398
369
636
283
251
351
22,877
23,123
23,333
23,614
23,471
23,674
20
20
20
22
22
22
051
216
390
254
030
116
2 ,827
2 ,908
2 ,943
1 ,360
1 ,441
1 ,558
434
395
420
493
421
498
23,
23,
24,
24,
24,
24,
709
888
389
391
143
522
20,
20,
20,
20,
20,
20,
090
048
033
291
330
437
221
261
290
545
4] 546
548
27,765
27,943
28,151
28*478
28^588
28,727
2 ,261
2,' 259
2,268
2^275
2 [ 274
2,282
609
448
419
515
444
596
;
:
;
;
End of month figures:
1945—Sept. 30
Oct. 3 1 . . . .
Nov. 3 0 . . . .
1946—Sept. 30
Oct. 3 1 . . . .
Nov. 30
334
439
775
213
253
316
23,328
23,276
23,472
24,049
23,518
23,944
20
20
20
22
22
22
418
379
393
626
047
356
2 ,911
2 ,898
3 ,079
1 ,423
1 ,470
1 ,588
420
272
450
331
338
530
24
23
24
24
24
24
082
987
697
594
109
791
20,
20,
20
20,
20
20
073
036
030
305
402
470
4,
4,
4
4,
4
4
251
278
303
546
549
551
27,826
28,049
28,211
28,507
28,600
28,861
2,246
2,244
2,239
2,289
2,285
2,269
854
429
866
Wednesday figures:
1946—Feb. 6
Feb. 1 3 . . . .
Feb. 2 0 . . . .
Feb. 27
289
411
352
380
23,227
23,253
23,017
22,972
20
20
20
20
876
904
692
652
2 ,352
2 ,349
2 ,326
2 ,320
324
270
417
325
23
23
23
23
840
933
787
677
20
20
20
20
157
157
233
233
4
4
4
4
413
424
434
447
27,929
27,967
27,955
27,938
Mar. 6
Mar. 1 3 . . . .
Mar. 2 0 . . . .
Mar. 27
443
710
483
683
22,526
22,393
22,592
22,974
20
20
20
20
207
074
335
634
2 ,320
2 ,320
2 ,258
2 ,340
327
319
408
305
23
23
23
23
297
423
483
963
20
20
20
20
232
232
233
257
4
4
4
4
451
456
467
478
Apr.
Apr.
Apr.
Apr.
3
10....
17....
24....
686
353
326
324
21,969
22,232
22,103
22,304
19, 603
19 866
19 736
19 874
2 ,366
2 ,366
2 ,366
2 ,430
280
261
429
274
22,
22
22
22
936 20, 255
846 20 253
857 20 251
901 20 247
May
May
May
May
May
1... .
8
15....
22
29....
225
207
145
163
237
22,579
22,732
22,660
22,643
22,983
20
20
20
20
20
003
134
019
001
341
2 ,577
2 ,598
2 ,641
2 ,641
2 ,641
279
279
447
326
337
23
23
23
23
23
084
219
252
132
556
20
20
20
20
20
251
248
245
245
242
4
4
4
4
4
June
June
June
June
5....
12....
19..:.
26....
252
252
252
231
22,780
23,270
22,691
23,385
20
20
20
20
129
619
187
882
2 ,651
2 ,651
2 ,503
2 ,503
417
374
512
369
23
23
23
23
450
896
454
986
20
20
20
20
272
271
272
269
July
July
July
July
July
3....
10....
17
24....
31
23,003
23,394
23,230
23,652
*246 23,633
21
22
21
22
22
652
043
879
301
282
1 ,351
1 ,351
1 ,351
1 ,351
1 ,351
453
333
462
358
286
23
24
23
24
24
694
019
895
229
164
20
20
20
20
20
Aug.
Aug.
Aug.
Aug.
7
14
21
28....
258
263
229
216
23,593
23,575
23,486
23,606
22 ,242
22 224
22 ,135
22 ,256
1 ,351
1 ,351
1 ,351
1 ,351
283
400
394
279
24
24
24
24
134
238
109
102
Sept.
Sept.
Sept.
Sept.
4....
11
18....
25
291
250
262
294
23,387
23,291
23,421
23,866
22 036
21 ,940
22 070
22 ,515
1 ,351
1 ,351
1 ,351
1 ,351
332
395
541
425
24
23
24
24
Oct. 2 . . . .
Oct. 9....
Oct. 16
Oct. 23
Oct. 3 0 . . . .
218
271
254
248
238
23,555
23,502
23,418
23,056
23,608
22
22
21
21
22
,126
,074
,973
,610
,162
1 ,428
1 ,428
1 ,445
1 ,445
1 ,445
368
275
480
332
256
24
24
24
23
24
6....
13....
20....
27
376
397
330
283
23,515
23,684
23,522
23,682
22
22
21
22
,020
,105
,933
,093
1 ,494
1 ,578
1 ,588
1 ,588
216
484
463
451
24
24
24
24
Dec. 4
Dec. 11
Dec. 18
Dec. 2 4 . . . .
246
290
303
340
23,888
24,128
23,211
23,722
22
22
22
22
,239
,479
,102
,61?
1 ,648
1 ,648
1 ,109
1 ,109
452
378
815
815
24
24
24
24
Nov
1946—Sept.
Oct..
Nov
Nov.
Nov.
Nov.
Nov.
239
292
204
219
,499
[388
,347
[214
I"xc
947
992
470
483
485
585
597
598
15
L5
L6
16
L6
16
414
675
043
160
167
310
1 ,063
1 ,057
I ,167
885
863
854
628
620
1 ,487
1 ,373
1 ,209
3 ,069
1 ,020
951
473
483
483
590
595
598
15
15
16
15
15
16
520
723
022
910
931
513
1 ,153
904
1 ,024
725
567
1 ,063
2,306
2,301
2,318
2,317
716
864
940
826
1 ,226
1 ,173
1 ,235
1 ,203
516
516
516
517
15
15
15
15
717
693
490
555
1 ,115
1 ,146
950
1 ,039
27,957
27,946
27,889
27,842
2,284
2,260
2,267
2,298
612
501
774
1,397
,153
L,210
,230
,226
531
530
540
540
15
15
15
15
444
663
484
395
924
1 ,112
929
995
4,485 27,912
4 492 27,955
4 514 27,948
4 536 27,877
2,271
2,259
2,259
2,260
533
260
334
385
1,013
,161
,138
1,159
550
550
548
547
15
15
15
15
396
406
395
457
1 ,072
940
843
836
535
534
534
532
533
27,888
27,958
27,950
27,961
28,106
2,267
2,266
2,265
2,262
2,265
409
314
504
562
681
1,010
1,162
1,110
1,069
1,038
548
550
550
550
553
15
15
15
15
15
747
751
652
505
,689
1 ,111
1 ,014
916
700
830
4
4
4
4
534
537
536
539
28,159
28,128
28,116
28,135
2,285
2,280
2,260
2,262
394
860
419
970
1,063
556
557
566
569
15 ,799
15 909
15 ,916
15 ,910
738
833
671
867
270
271
271
269
267
4
4
4
4
4
540
537
538
539
540
28,395
28,335
28,241
28,187
28,254
2,249
2,254
2,249
2,263
2,250
507
664
513
674
513
1,116
1,165
1,473
1,401
567
568
568
563
562
15
15
15
15
15
,815
,889
,968
,877
,991
730
825
859
753
856
20
20
20
20
266
268
274
280
4
4
4
4
538
541
543
543
28,326
28,353
28,365
28,376
2,263
2,262
2,265
2,274
353
557
540
620
1,331
1,295
L.250
1,214
573
572
572
574
16
16
15
15
,093
,008
,933
,867
964
898
805
714
011
935
224
585
20
20
20
20
284
288
288
301
4
4
4
4
543
545
545
547
28,506
28,499
28,453
28,448
2,281
2,280
2,265
2,279
293
199
359
928
1,188
1,122
1,111
1,212
581
581
588
590
15
16
16
15
,989
,086
,280
,975
778
754
872
724
140
048
152
636
306
305
304
388
399
4
4
4
4
4
546
544
545
546
548
28,526
28,608
28,597
28,585
28,588
2,301
2,270
2,274
2,270
2,285
357
483
524
369
462
1,045
,101
20
20
20
20
20
597
598
596
595
595
16
16
16
15
16
,166
,019
,142
,779
,111
934
766
855
435
737
,107
,565
,314
,416
20
20
20
20
405
420
461
469
4 548
4 548
4 548
4 ,548
28,750
28,761
28,689
28,815
2,276
2,294
2,285
2,271
408
577
633
665
1,044
1,021
953
599
599
597
598
16 ,060
16 ,259
16 ,098
16 ,131
637
838
618
643
,585
,796
,328
,877
20 477
20 450
20 477
20 ,527
,550
,551
,554
,554
28,906
28,946
29,019
29,163
2,288
2,270
2,208
2,258
679
626
237
547
917
875
770
848
600
601
609
612
16 ,222
16 ,479
16 ,517
16 ,530
A
A
'
A '
. '
4
4
4
4
1,081
969
985
950
971
920
868
972
1,006
967
667
874
»947
P969
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
JANUARY
1947
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect December 31.
Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas C i t y . . .
Dallas
San Francisco.
Other secured advances
[Sec. 10(b)]
Effective
Rate
Effective
Apr. 27,1946
Apr. 25,1946
Apr. 25,1946
M a y 3, 1946
M a y 10, 1946
M a y 10, 1946
Apr. 26,1946
Apr. 26,1946
Apr. 26,1946
Apr. 27,1946
M a y 10, 1946
Apr. 25,1946
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
Oct. 27,1942
Oct. 30,1942
Oct. 17,1942
Sept. 12,1942
Oct. 28,1942
Oct. 15,1942
Aug. 29, 1942
Mar. 14, 1942
Oct. 30,1942
Oct. 27,1942
Oct. 17,1942
Oct. 28,1942
Rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Effective
Rate
Mar.
Apr.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Mar.
Apr.
2
I*
2
2K
2
2
2
2
2K
29,1946
6, 1946
23,1946
9. 1946
16,1946
16,1946
16,1946
16,1946
23,1946
13,1946
16,1946
25,1946
x1
Rates snown
shown also
also appiy
apply to
to advances
advances secured
secured Dy
by oDiigations
obligations oi
of reuciai
Federal intermediate
Kates
unenueumi credit bank
NOTE.—Maximum maturities for discounts and advances to member banks are: 15
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Rate on
Dec. 31
Treasury bills
Bankers' acceptances:
1- 90 days
91-120 days
121-180 days
Previous
In effect beginning—
rate
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exweding five years
[In effect December 31, Per cent per annum]
To industrial or
commercial
businesses
Apr. 30, 1942
H
l
l
l
*Aug. 24, 1946
!Aug. 24. 1946
iQct. 20, 1933
3
Federal
Reserve
Bank
IK
1
Date on which rate became effective at the Federal Reserve Bank
of New York.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
21,
16,
1,
1,
16,
1,
20,
14,
3,
1917-Aug. 15, 1936..
1936-Feb. 28, 1937..
1937-Apr. 30,1937..
1937-Apr. 15,1938..
1938-Oct. 31, 1941..
1941-Aug. 19,1942..
1942-Sept. 13, 1942..
1942-Oct. 2, 1942..
1942 and after
Central
reserve
city
banks
13
19K
HH
Reserve
city
banks
1
Time
deposits
(all
Country member
banks
banks)
7
IOK
14
12
14
14
14
14
10
15
17K
20
17K
20
20
20
20
3
4K
5K
6
26
5
22^
6
26
6
24
6
22
6
20
1
Demand deposits subject to reserve requirements, i. e., demand
deposits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco..
2K
2K
2K
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.
On
loans 1
On
commitments
Portion
for which
Re-
institu-
maining
portion
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
K-i
K-iX
X-iX
K-iX
X-iX
K-iK
X-iX
K-iK
K-iK
K-iK
y*-\x
K-lK
(2)
(2)
42
(2)
(2)
(2)
2K-5
1-1K
•(2)
2
( )
(2)
(2)
(3)
(3)
(3)
(3)
(3)
(3)
2K-S
(3)
(33)
()
(33)
()
On
commitments
K-1
y*-\x
X-1X
K-i^
K-iX
«K-i X
5
X-iX
X-lX
K-1X
6 H-iX
K-1K
6
K-1X
1
2
8
4
Including loans made in participation with financing institutions..
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge rate charged borrower by financing institution, if
lower.
5
Charge of yi per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118
pp. 446-447.
MARGIN R E Q U I R E M E N T S 1
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Feb. 5,
1945July 4,
1945
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
50
50
75
75
100
100
50
75
100
Nov. 1,1933- Feb. 1,1935Effective
Jan. 31,1935 Dec. 31,1935 Jan. 1, 1936
2K
2K
2K
2K
2K
On discounts or
purchases
tion is
obligated
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
T o financing institutions
July 5,
Effec1945tive
Jan. 20, Jan. 21,
1946
1946
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.,
FEDERAL RESERVE
BULLETIN?
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1946
Dec. 31
Dec. 24
Dec. 18
1946
Dec. 11
Dec. 4
Nov. 27
Nov. 20
December
1945
November December
Assets
17,587,17 17,587,17 17,589,178 17,504,176 17,521,174 17,529,178 17,514,427 17,587,177 17,529,176 17,062,565
"Gold certificates.
^Redemption fund for
786,459
780,443
793,736
F. R. notes
777,345
794,116
791,424
780,442
800,359
794,130
794,116
Total gold certificate reserves.... 18,381,293 18,381,305 18,382,914 18,295,600 18,307,633 18,309,620 18,291,772 18,381,293 18,309,619 17,862,924
•Other cash
267,890
jDiscounts and advances:
For member banks. . .
For nonmember
banks, etc
15,739
190,203
147,340
150,340
163,079
340,543
550
541
Total discounts and
advances
'Industrial loans
250,849
236,635
258,059
256,552
157,613
144,650
105,177
142,428
189,170
145,340
145,300
140,300
140,300
140,300
302,953
289,950
245,477
282,728
329,470
579
1,132
1,076
1,061
1,112
U. S. Govt. securities:
Bills:
Under repurchase
option
4,905,617 5,316,320 4,826,531 5,220,613 5,064,
Other
9,839,366 9,828,846 9,828,746 9,828,746 9,796,
Certificates:
Special
Other
7,496,012 7,468,012 7,447,012 7,430,012 7,378, 012
355,300
355,300
895 100
Notes.
895,100
355,300
753,390
753,390
753; 390
Bonds
753,390
753,390
272,192
267,890
279,724
267,125
236,315
15,739
176,121
201,865
147,340
140,300
47,040
163,079
316,421
248,905
550
1,079
1,941
,998,572 4,906,416 4,905
,763,720 9,763,520 9,839 366
,228,357 4,851,923
,796,586 7,979,322
,331,012 7,263,512 7,496,
355, 300
835,100
835,100
753, 390
753,390
753,390
,331,012 8,364,461
835,100 2,119,650
753,390
946,892
Total U. S. Govt.
3,349.685 23,721, 868 23,210,979 24,127,861 23,887, 622 23 681,794 23,521,938 3,349, 685 23,944,445 24,262,248
securities
Other Reserve Bank
579,780
578,272
461,577
449,976
377,077
579, 780
529,192
813,802
450, 522
813,985
credit outstanding. . .
Total Reserve Bank
credit outstanding 4,093,094 24,876,937 24,328,313 24,796,020 24,584,697 24,415,559 24,314,097 14,093, 094 24,791,137 25,091,366
Liabilities
"Federal Reserve notes. . 4,945,304 25,091,572 24,963,181 24,896,491 24,844,017 24,779,754 24,675,511 14,945, 304 24,799,429 24,649,132
^Deposits:
Member bank — reserve account
6,138,878 16,529,705 16,516,786 16,479,189 16,221,755 16,131,047 16,097,879 16,138,878 16,512,697 15,914,950
U. S. Treasurer—gen976,668
619,658
eral account
392,869
236,807
679,490
625,598
664,626
633,174
392,869
547,062
862,320
508,016
525,969
611,775
627,928
570,201
640,734
508,016
Foreign
596,368
519,705
445,572
313,638
243,967
305,371
304,367
312,598
313,638
322,895
424,791
Other
328,046
Total deposits
7,353,401 17,924,518 17,523,529 17,979,355 17,818,391 17,749,005 17,752,212 17,353,401 18,083,178 18,199,510
IRatio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent).. .
43.5
42.7
43.3
42.7
42.9
43.1
43.1
41.7
42.7
43.5
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Nov. 27 . . .
Dec. 4
. .
Dec. 11
Dec. 18
Dec. 24. .
Industi ial loans:
Nov. 27
.
Dec. 4
Dec. 11
Dec. 18
Dec. 24
U. S. Government securities:
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
JANUARY
1947
Within
15 days
16 to 30
days
,728
245 ,477
289 ,950
302 ,953
98 ,458
136 808
162 1S6
340 543
181 54?
7 41 S
1 ,061
1 076
1 132
579
541
947
969
1 076
525
460
56
48
136
21 188
24 ,158
16 375
7 18S
31 to 60
days
8
3 ,410
8 ,347
17 64?
16 816
17 ,085
119 ,451
128 ,420
115 ,970
134 770
100 ,000
2
4
3
1
5
4
3
2
2
5
7
7
6
6
14
999
376
486
173
337
6 314 ,759
5 ,202 ,361
S ,?17 ,362
5 134
5 ,293 ,969
4
2,831
23,681 794 3,384
23,887 622 3,936 021 2,663 836
24,127, 861 3 997,694 2,618 791
2 158
979 3 606
23,721 868 3,599, 811 2,411, 223
61 to 90 91 days to 6 months
days
6 months to 1 year
4 ,918
6 ,226
6 , 383
6 392
6 ,476
1 ,411
1, 317
1 , 317
1 312
1, 300
1 year to 2 years to
2 years
5 years
7
7
7
7
7
4
4
4
4
12
7S6
77? 006
906 3 , 492 332
906
S44 33?
006 3 SS7 83?
906 3 , 590 832
320
320
320
320
320,
400
400
400
400
400
Over
5 years
34
34
34
34
34
148
148
148
148
148
350
350
3S0
3S0
350
580
580
580
580
580
040
040
040
040
040
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
Assets
Gold certificates:
Nov. 27 . . . . 17,529,178 753,766
17,521,174 757,481
Dec. 4
17 504,176 761,335
Dec 11
17,589,178 749*851
Dec. 18
17,587,175 761*940
Dec. 24
Redemption fund
for F. R. notes:
Nov. 27
780,442
55,948
Dec. 4
786,459
55,852
Dec. 11.
791,424
55,758
Dec. 18
793,736
55,627
Dec. 24
794,130
55,555
Total gold certificate reserves:
Nov. 27
18,309,620 809,714
Dec. 4
18,307,633 813,333
Dec. 11
18,295,600 817,093
Dec. 18
18,382,914 805,478
Dec. 24
18,381,305 817,495
Other cash:
272,192
Nov. 27
22,324
Dec. 4
256,552
21,586
Dec. 11
258,059
21,054
Dec. 18
250,849
21,048
Dec. 24
, .
236,635
19,777
Discounts & advances:
Secured by
U- S. Govt.
securities:
Nov. 27. .
142,428
4,370
Dec. 4 . .
105,177
2,070
Dec. 11. .
144,650
4,945
Dec. 18..
157,653
10,015
Dec. 24. .
190,243
19,055
Other:
140,300
Nov. 27. .
8,627
Dec. 4. .
140,300
8,659
Dec. 1 1 . .
145,300
9,299
Dec. 18..
145,300
9,299
Dec. 24. . 150,300
8,928
Industrial loans:
1,061
Nov. 27
55
Dec. 4
1,076
47
1,132
Dec. 11 . . . .
48
579
48
Dec. 18
541
ec. 24
27
U. S. Govt.
securities:
Bills:
Under repurchase
option:
Nov. 27. . 4,998,572
57,511
Dec. 4. . 5,064,534
56,011
Dec. 1 1 . . 5,220,613
70,794
Dec. 18.. 4,826,531
64,252
Dec. 24. . 5,316,320
71,578
Nov. 27'.. 9,763,720 828,633
Dec. 4. . 9,796,586 | 752,281
Dec. 1 1 . . 9,828,746 739,749
Dec. 18.. 9,828,746 757,836
Dec. 24. . 9,828,846 762,739
Certificates:
Nov. 27
7,331,012 475,638
Dec. 4
7,378,012 544,774
Dec. 11
7,430,012 548,479
Dec. 18
7,447,012 551,190
Dec. 24. . . . 7,468,012 552,683
Notes:
835,100
Nov. 2 7 . . . .
54,181
Dec. 4. . . . 895,100
66,092
Dec. 11
895,100
66,075
Dec. 18
355,300
26,298
Dec. 24
355,300
26,295
Bonds:
753,390
Nov. 2 7 . . .
48,880
Dec. 4. . .
753,390
55,629
Dec. 1 1 . . .
753,390
55,614
Dec. 1 8 . . . .
753,390
55,762
Dec. 24
753,390
55,756
Total U. S. Govt.
securities:
Nov. 27
23,681,794 1,464,843
Dec. 4
23,887,622 1,474,787
Dec. 11
24,127,861 1,480,711
Dec. 18
23,210,979 1,455,338
Dec. 24
23,721,868 1,469,051
Total loans and
securities:
Nov. 27
23,965,583 1,477,895
Dec. 4
24,134,175 1,485,563
Dec. 11
24,418,943 1,495,003
Dec. 18
23,514,511 1,474,700
Dec. 24
24,062,952 1,497,061
46
New
York
Philadelphia
Richmond
Cleveland
5,200,246
5,218,287
5,165,263
5,521*684
5,126,110
838,435
829,315
834,712
864,629
854,006
1,110,522
1,130,630
,101,975
,075,673
1,123,671
120,588
120,208
124,820
124,317
124,008
60,667
60,506
61,344
61,136
61,009
76,201
77,070
77,934
77,721
77,620
58,846
60,131
59,387
58,505
59,914
5,320,834
5,338,495
5,290,083
5,646,001
5,250,118
899,102
889,821
896,056
925,765
915,015
1,186,723
1,207,700
1,179,909
1,153,394
1,201,291
1,126,887
1,186,395
1,206,321
1,139,849
1,179,777
56,304
52,273
54,622
48,624
44,617
17,307
17,057
18,029
19,226
17,615
20,308
16,922
19,531
17,955
20,966
23,690
22,529
21,670
21,812
20,759
36,228
13,768
26,440
17,435
28,255
8,927
7,305
11,140
12,615
11,632
22,635
7,655
12,945
35,365
23,526
50,388
50,054
48,385
48,385
57,254
11,188
11,230
12,060
12,060
11,579
Atlanta
Chicago
St.
Louis
1,068,041 968,946 3,285,309 585,822
,126,264 986,179 3,205,082 586*,891
,146,934 1,001,329 3,189,956 582*88?
,081,344 986,400 3,092*,420 580,212
1,119,863 1,036,207 3,275,033 575*139
<KJ KJ ZS J O O L
46,686
46,589
46,482
46,331
46,254
Minneapolis
San
Francisco
Kansas
City
Dallas
344,848
340* 168
343^647
333,007
360*809
576,943
577*,669
588,074
561*,319
597*888
484,583 2,311,717
469 [.041 1,294,167
480,154 ' 307 915
463*857 2*278*782
472*471 2,284,038
127,330
132,177
132,019
136,791
136,658
46,640
46,599
46,553
46,490
46,456
21,443
21,429
21,412
21,374
21,360
34,167
34,132
34,100
34,046
34,017
25,133
25,099
25,067
25,027
25,003
106,793
106,667
106,548
106,371
106,276
1,015,632 3,412,639
1,032,768 3,337,259
1,047,811 3,321,975
1,032,731 3,229,211
1,082,461 3,411,691
632,462
633,490
629,435
626,702
621,595
366,291
361,597
365,059
354,381
382,169
611,110
611,801
622,174
595,365
631,905
509,716
494,140
505,221
488,884
497,474
2,418,510
2,400,834
2,414,463
2,385,153
2,390,314
20,728
19,710
17,596
20,004
17,218
31,665
30,194
29,815
28,834
26,562
17,216
15,611
14,788
13,555
13,056
5,966
5,724
5,329
5,464
4,596
17,391
15,703
15,803
16,355
15,826
10,671
10,422
10,481
10,805
10,565
28,622
28,821
29,341
27,167
25,078
13,420
7,810
15,430
13,520
9,600
14,228
8,799
12,000
7,773
5,870
11,820
26,820
26,870
6,345
11,200
10,550
18,300
22,600
25,180
30,530
1,850
2,450
3,050
17,300
30,100
5,775
3,825
3,725
9,575
9,375
6,775
3,175
4,675
2,100
3,100
5,850
3,200
12,537
12,583
13,513
13,513
12,973
6,336
6,359
6,829
6,829
6,556
5,123
5,142
5,521
5,521
5,301
18,063
18,130
19,470
19,470
18,693
4,583
4,600
4,940
4,940
4,743
3,370
3,383
3,633
3,633
3,488
4,448
4,465
4,795
4,795
4,603
4,314
4,330
4,650
4,650
4,464
11,323
11,365
12,205
12,205
11,718
830
430
8,000
1,006
1 029
1,084
531
514
55,047
56,405
83,887
76,007
75,456
51,560
52,340
37,676
51,896
55,161
29,064
26,964
24,500
21,604
14,550
787,771
873,531
850,190
872,401
931,026
99,030
95,025
107,346
100,161
101,592
34,560
22,175
28,149
36,938
35,108
84,493
90,739
78,011
85,956
103,273
29,650
24,670
21,400
15,520
10,940
259,055
226,885
233,500
260,880
318,380
260,673
220,436
230,472
404,278
404,309
162,718
127,251
113,161
130,072
135,187
810,900
875,509
894,869
864,451
909,625
1,362,070
1,370,890
1,355,796
1,315,800
1,354,329
814,135
743,637
746,290
746,290
746,298
695,484
676,887
679,094
679,094
679,101
1,538,609
1,658,668
1,662,715
1,644,628
1,533,125
509,947
519,593
528,749
515,714
534,803
376,048
379,468
374,982
329,984
334,386
591,740
586,811
591,926
561,633
565,099
452,482
437,116
448,814
433,748
471,907
1,522,999
1,575,290
1,575,290
1,575.290
1,533,125
1,831,567
1,856,256
1,868,865
1,878,171
1,883,252
558,310
531,966
535,893
535,249
536,838
627,406
626,944
631,905
627,559
629,575
444,221
442,517
445,789
445,188
446.514
390,577
376,039
378,772
378,773
379,878
949,853
937,427
944,108
945,479
948,178
411,861
404,184
406,779
410,398
411,441
220,910
223,799
225,288
226,746
227,345
367,860
366,168
368,704
370,008
371,033
350,464
366,655
368,969
372,686
373,614
702,345
701,283
706,461
705,565
707,661
208,640
225,201
225,145
89,608
89,598
63,599
64,539
64,559
25,537
25,541
71,469
76,060
76,127
29,941
29,953
50,603
53,686
53,704
21,240
21,243
44,492
45,622
45,631
18,071
18,073
108,200
113,729
113,738
45,109
45,111
46,917
49,035
49,005
19,580
19,575
25,165
27,151
27,140
10,818
10,816
41,904
44,423
44,418
17,654
17,652
39,923
44,483
44,450
17,781
17,775
80,007
85,079
85,108
33,663
33,668
188,225
189,548
189,500
190,008
189,987
57,376
54,321
54,338
54,149
54,157
64,477
64,018
64,074
63,488
63,513
45,652
45,187
45,202
45,039
45,045
40,138
38,399
38,407
38,319
38,323
97,614
95,723
95,731
95,651
95,654
42,326
41,272
41,247
41,519
41,507
22,703
22,853
22,844
22,939
22,935
37,804
37,390
37,386
37,433
37,431
36,017
37,440
37,413
37,703
37,691
72,178
71,610
71,634
71,380
71,391
5,837,218
5,903,979
6,085,981
5,672,909
6,031,215
1,652,903 2,180,469
1,653,586 2,194,317
1,662,820 2,211,789
1,609,458 2,112,795
1,661,348 2,152,826
1,406,171
1,337,367
1,328,661
1,309,653
1,314,261
1,199,755 3,482,047
1,163,911 3,679,078
1,166,404 3,666,482
1,135,861 3,603,268
1,129,925 3,553,094
1,110,081
1,109,109
1,133,126
1,087,372
1,108,918
679,386
675,446
678,403
627,425
630,590
1,123,801 908,536 2,636,584
1,125,531 910,364 2,660,147
1,120,445 921,046 2,671,993
1,072,684 877,438 2,646,778
1,094,488 911,927 2,664,225
5,923,834
5,967,801
6,160,806
5,738,729
6,116,724
1,674,024 2,215,641
1,673,15C 2,214,555
1,687,104 2,238,247
1,634,664 2,161,673
1,685,073 2,189,325
1,425 Q?7
1,351,536
1,350,920
1,330,002
1,330,417
1,219,106 3,511,930
1,177,852 3,724,028
1,183,925 3,712,822
1,149,155 3,629,083
1,141,096 3,582,987
1 125,214
1,132,009
1,160,666
1,117,492
1,144,191
684,606
681,279
685,086
648,358
664,178
1,134,024
1,133,821
1,128,965
1,087,054
1,108,466
3,348,113
3,412,538
3,571,999
3,110,844
3,464,069
919,625
917,869
930,371
884,188
919,491
2,653,757
2,674,712
2,685,028
2,659,413
2,683,943
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Due from foreign
banks:
1
5
7
3
11
2
7
102
8
4
3
3
3
Nov. 27
46
5
11
3
3
7
7
2
8
4
3
3
102
Dec 4 .
1
5
7
4
11
3
3
3
2
8
3
102
46
Dec 11
3
11
7
3
102
5
146
8
4
3
2
3
Dec. 18
7
1
5
7
3
3
2
3
7
8
4
3
102
11
Dec. 24 ..
46
Federal Reserve
notes of other
Banks:
Nov. 27 . .
129,156
5,094
17,256
4,913
5,812
27,623
13,480
14,257
9,429
4,143
6,263
4,615
16,271
5,471
10,582
13,023
113,317
13,884
4,851
26,269
6,346
6,342
3,494
4,512
2,889
Dec. 4
15,654
127,455
15,972
6,390
29,824
12,287
14,565
5,304
5,663
8,612
3,496
3,518
6,039
Dec. 11
15,785
Dec. 18
133,401
4,956
16,097
5,968
7,817
30,658
14,176
15,907
8,100
4,437
7,275
3,732
14,278
9,008
16,216
133,884
4,672
17,913
32,029
6,828
4,158
4,610
10,381
8,114
4,056
Dec. 24
15^899
Uncollected
items:
Nov. 27
2,341,124 178,430
474,207 134,093 223,153 209,744 131,826 406,301 119,798
56,421 113,993 90,359 202,799
Dec. 4
2,405,463 167,177
476,776 153,634 224,553 208,503 147,490 404,352 117,964
64,928 119,519
93,535 227,032
Dec. 11
2,370,139 177,653
473,688 139,003 197,301 208,064 161,646 400,687 125,740
64,470 120,986
99,331 201,570
Dec. 18
3,285,374 228,079
646,266 184,855 356,210 300,875 213,192 540,319 162,850
80,052 152,563 134,611 285,502
Dec. 24
2,754,061 177,729
552,155 193,790 264,312 244,113 189,098 453,069 124,975
73,320 135,284 112,247 233,969
Bank premises:
800
Nov. 27
32,573
1,301
8,496
3,182
3,886
2,693
1,529
3,071
2,014
1,275
2,532
1,794
797
Dec. 4
32,534
1,301
8,477
3,182
3,886
2,693
1,529
3,064
2,013
1,272
2,526
1,794
8,477
2,693
2,527
32,536
1,301
3,182
3,886
1,529
3,064
1,272
798
2,013
Dec. 11
1^794
798
Dec. 18
32,538
1,301
8,477
3,182
3,886
2,693
1,529
3,064
2,013
1,274
2,527
1,794
798
Dec. 24
32,519
1,301
8,477
3,170
3,886
2,693
1,526
3,064
2,013
1,270
2,527
1,794
Other assets:
Nov. 27
54,029
3,503
12,906
3,456
5,012
3,300
2,965
6,923
3,952
1,571
2,573
2,485
5,383
Dec. 4
52,640
3,837
12,297
3,337
4,688
3,192
2,696
7,018
3,434
1,593
2,552
2,449
5,547
Dec. 11
53,876
3,964
12,985
3,477
4,758
3,263
2,747
7,263
3,443
1,660
2,595
2,411
5,310
Dec. 18
48,002
3,826
11,143
3,549
4,119
2,737
2,432
6,436
3,062
1,464
2,245
2,219
4,770
Dec. 24
47,741
3,202
11,427
3,627
4,236
2,839
2,529
6,531
3,000
1,322
2,148
2,246
4,634
Total assets:
Nov. 27
45,104,379 2,498,266 11,813,883 2,736,084 3,660,543 2,819,868 2,405,269 7,386,797 1,910,088 1,120,275 1,887,889 1,538,274 5,327,143
Dec. 4
45,302,416 2,496,296 11,870,049 2,745,039 3,677,783 2,801,121 2,392,630 7,518,949 1,910,870 1,119,284 1,892,267 1,523,727 5,354,401
Dec. 11
45,556,710 2,521,377 12,016,679 2,752,521 3,650,030 2,822,759 2,427,544 7,490,202 1,944,700 1,126,374 1,899,092 1,552,134 5,353,298
Dec. 18
45,647,691 2,539,393 12,115,383 2,777,216 3,705,062 2,828,630 2,433,222 7,452,865 1,933,777 1,095,432 1,863,387 1,525,240 5 378 084
Dec. 24
45,649,199 2,521,242 12,001,477 2,822,907 3,694,405 2,812,631 2,442,939 7,500,131 1,916,947 1,130,913 1,902,987 1,546,982 5,355,638
Liabilities
Federal Reserve
notes:
Nov. 27
24,779,754 1,483,006 5,642,619 1,681,276 2,108,331 1,793,672 1,444,699 4,548,038 1,104,636 586,756 912,143 607,395 2,867,183
Dec. 4
24,844,017 1,490,183 5,655,363 1,685,950 2,118,170 1,789,943 1,449,189 4,558,203 1,112,551 590,415 918,331 610,959 2,864,760
Dec 11
24,896,491 1,493,006 5,656,223 1,693,994 2,127,423 1,786,955 1,452 216 4,566,086 1,117,245 592,143 919,749 610,109 2,881 342
Dec. 18
24,963,181 1,492,713 5,685,030 1,700,386 2,135,022 1,789,350 1,456',952 4,575,352 1,122,169 592,365 920,168 609,928 2 [883',746
Dec. 24
25,091,572 1,505,429 5,729,360 1,711,860 2,144,519 1,791,906 1,461,348 4,602,370 1,127,666 594,795 922,676 610,470 2,889,173
Deposits:
Member bank
—reserve
account:
Nov. 27. . 16,131,047 721,198 4,998,953 786,678 1,178,207 736,957 742,161 2,288,924 608,295 417,911 792,532 776,852 2,082,379
Dec. 4 . . 16,221,755 725,759 5,015,198 793,435 1,192,268 731,779 730,620 2,379,426 599,846 412,588 787,691 753,990 2,099,155
Dec. 1 1 . . 16,479,189 739,359 5,165,594 799,554 1,169,405 753,198 747,946 2,371,959 621,209 415,900 804,010 773,471 2,117,584
Dec. 18.. 16,516,786 767,307 5,200,897 812,952 1,196,944 744,648 734,714 2,350,474 621,809 418,497 781,492 765,482 2,121,570
Dec. 24. . 16,529,705 749,325 5,188,017 842,735 1,203,557 739,570 742,616 2,359,487 616,223 418,285 805,045 769,292 2,095,553
U. S. Treasurer-general
account:
Nov. 27. .
664,626
42,933
146,055
45,474
74,451
54,522
40,269
78,560
43,272
33,573
31,475
27,207
46,835
Dec. 4. .
679,490
39,311
177,626
36,064
58,693
43,273
28,128 101,090
44,198
31,643
38,264
31,510
49,690
Dec. 1 1 . .
625,598
39,845
178,85
42,250
63,992
41,017
29,079
65,709
43,484
31,084
31,261
28,091
30,935
579
500
870
496
758
505
Dec. 18..
236,807
1,015
226,803
1,076
1,596
1,011
1,598
Dec. 24. .
547,062
43,886
122,680
30,694
27,944
42,378
33,106
78,484
26,980
31,356
31,889
27,368
50,297
Foreign:
40,184 2224,453
29,313
15,592
20,582
Nov. 27..
51,766
58,003
19,958
23,700
83,574
21,205
640,734
52,404
Dec. 4. .
611,775
37,559 2222,879
48,35
54,176
27,379
22,136
78,060
19,806
14,563
19,224
18,641
49,001
Dec. 1 1 . .
570,20
34,040 2217,860
43,798
49,075
24,801
20,052
70,710
17,941
13,192
17,414
16,886 44,432
Dec. 18..
525,969
32,883 2185,749
42,297
47,393
23,951
19,365
68,287
17,327
12,740
16,817
16^307
42,853
Dec. 24. .
519,70.
31,697 2191,823
40,759
45,670
23,081
18,66
65,804
16,697
12,277
16,205
15,714
41,317
Other*
1,463
Nov. 2 7 . .
2,07
3,259
235,43
2,198
892
312,598
2,84
5,61
3,22
5,279
7,362
42,951
618
Dec. 4. .
305,37
3,422
222,91
2,569
8,23
2,52
5,61
7,798
2,724
2,873
1,811
44,275
909
Dec. 1 1 . .
304,36
4,203
225,606
2,040
6,40
2,77
3,99
7,629
2,813
1,461
1,903
44,639
Dec. 18..
243,96
5,275
160,16
3,30
7,34
3,173
1,66
4,574
7,953
1,600
1,683
1,598
45,638
Dec. 24. .
170
578
328,046
5,189
241,20
3,404
10,84
4,615
1,988
2,716
7,582
1,974
47,781
Total deposits:
Nov. 27. . 17,749,005 807,574 5,604,89
822,863 809,35 2,456,33
886,765 1,316,27
680,134 469,274 846,052 824,909 2,224,569
Dec. 4. . 17,818,39
806,05 5,638,61
880,419 1,313,37
804,95
781,50 2,564,18
671,648 461,518 848,052 805,952 2,242,121
Dec. 1 1 . . 17,979,355 817,447 5,787,91
887,642 1,288,87
821,787 797,986 2,512,370 690,263 462,989 854,146 820,351 2,237,590
Dec. 18.. 17,523,529 806,480 5,773,60
859,62 1,252,26
772,272 756,616 2,423,83
648,685 433,848 800,750 783,892 2,211,659
Dec. 24.. 17,924,518 830,097 5,743,72
917,592 1,288,01
809,644 796,37 2,506,49
667,482 463,892 853,309 812,952 2,234,948
Deferred availability items:
Nov. 27. . 1,891,250 163,845
352,94
112,478 172,399 169,160 122,420 289,90
100,275
45,764 104,748
82,066 175,241
Dec. 4. . 1,955,04
156,143
362,33
123,050 182,63
172,050 133,17
303,74
101,587
49,344 100,858
82,974 187,150
Dec. 1 1 . . 1,993,16
166,935
357,93
115,07
169,920 179,669 148,469 318,638 111,925
53,142 100,062
97,753 173,640
Dec. 18.. 2,471,674 196,027
441,55
161,363 253,88
232,682 190,706 360,38
137,676
50,995 117,384 107,344 221,676
Dec. 24.. 1,940,178 141,296
311,600 137,434 197,734 176,593 156,166 297,689
96,419
53,617 101,788
99,351 170,491
Other Hab. incl.
accrued div.:
657
911
582
578
762
876
514
634
Nov. 27. .
14,96
4,148
1,43
2,44
1,416
706
623
56
490
413
545
440
854
Dec. 4. .
14,008
4,11
1,364
2,569
1,319
731
936
725
597
514
456
583
453
Dec. 1 1 . .
14,955
4,56
1,429
2,619
1,351
536
491
504
599
502
748
879
589
Dec. 18..
14,799
4,585
1,37
2,56
1,426
651
537
87
513
567
826
95.
636
Dec. 24. .
17,018
5,85.
1,488
2,65
1,467
1
After deducting $56,000 participations of other Federal Reserve Banks on Nov. 27; Dec. 4; Dec. 11; Dec. 18 and Dec. 24.
2
After deducting $415,999,000 participations of other Federal Reserve Banks on Nov. 27; $388,554,000 on Dec. 4; $351,965,000 on Dec. 11; $339,906,000 on Dec. 18; and $327,547,000 on Dec. 24.
JANUARY 1947
47
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
2,455,187
2,453,083
2,478,119
2,495,968
2,477,648
11,604,610
11,660,429
11,806,629
11,904,782
11,790,541
2,681,395
2,690,273
2,697,649
2,722,254
2,767,839
3,598,442
3,615,545
3,587,645
3,642,541
3,631,753
2,786,352
2,767,568
2,789,136
2,794,903
2,778,794
2,377,110
2,364,431
2,399,268
2,404,863
2,414,521
7,296,729
7,428,703
7,399,713
7,362,128
7,409,206
1,885,559
1,886,276
1,919,947
1,909,032
1,892,104
1,102,705
1,101,690
1,108,730
1,077,744
1,113,175
1,863,525
1,867,786
1,874,540
1,838,793
1,878,286
1,514,948
1,500,325
1,528,666
1,501,668
1,523,340
5,268,409
5,295,350
5,293,923
5,318,507
5,296,079
10,904
10,906
10,912
10,944
11,094
64,728
64,746
64,791
64,971
64,994
13,936
13,904
13,910
13,923
13,926
18,285
18,278
18,285
18,286
18,304
7,805
7,806
7,785
7,799
7,827
7,045
7,050
7,057
7,071
7,074
22,293
22,300
22,314
22,344
22,353
6,034
6,040
6,103
6,104
6,104
4,007
4,008
4,012
4,025
4,031
6,133
6,137
6,145
6,149
6,159
6,786
6,788
6,789
6,831
6,852
17,085
17,085
17,155
17,196
17,203
22,439
22,439
22,439
22,439
22,439
116,860
116,860
116,860
116,860
116,860
28,946
28,946
28,946
28,946
28,946
33,745
33,745
33,745
33,745
33,745
15,593
15,593
15,593
15,593
15,593
14,450
14,450
14,450
14,450
14,450
53,029
53,029
53,029
53,029
53,029
12,939
12,939
12,939
12,939
12,939
8,869
8,869
8,869
8,869
8,869
11,891
11,891
11,891
11,891
11,891
10,670
10,670
10,670
10,670
10,670
28,924
28,924
28,924
28,924
28,924
3,012
3,012
3,012
3,012
3,012
7,205
7,205
7,205
7,205
7,205
4,501
4,501
4,501
4,501
4,501
1,007
1,007
1,007
1,007
1,007
3,326
3,326
3,326
3,326
3,326
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,142
2,142
2,142
2,142
2,142
6,724
6,856
6,895
7,030
7,049
20,480
20,809
21,194
21,565
21,877
7,306
7,415
7,515
7,592
7,695
9,064
9,208
9,348
9,483
9,596
6,792
6,828
6,919
7,009
7,091
5,902
5,937
6,007
6,076
6,132
13,317
13,488
13,717
13,935
14,114
5,029
5,088
5,184
5,175
5,273
3,621
3,644
3,690
3,721
3,765
5,203
5,316
5,379
5,417
5,514
4,563
4,637
4,702
4,764
4,813
10,583
10,900
11,154
11,315
11,290
2,498,266
2,496,296
2,521,377
2,539,393
2,521,242
11,813,883
11,870,049
12,016,679
12,115,383
12,001,477
2,736,084
2,745,039
2,752,521
2,777,216
2,822,907
3,660,543
3,677,783
3,650,030
3,705,062
3,694,405
2,819,868
2,801,121
2,822,759
2,828,630
2,812,631
2,405,269
2,392,630
2,427,544
2,433,222
2,442,939
7,386,797
7,518,949
7,490,202
7,452,865
7,500,131
1,910,088
1,910,870
1,944,700
1,933,777
1,916,947
1,120,275
1,119,284
1,126,374
1,095,432
1,130,913
1,887,889
1,892,267
1,899,092
1,863,387
1,902,987
1,538,274
1,523,727
1,552,134
1,525,240
1,546,982
5,327,143
5,354,401
5,353,298
5,378,084
5,355,638
404
405
414
412
417
12,103
12,108
12,155
12,146
12,168
524
525
537
535
540
587
589
602
599
606
297
297
304
303
306
240
241
246
245
248
846
848
867
863
872
215
215
220
219
221
158
158
162
161
163
208
209
213
213
215
202
203
207
206
208
530
532
544
541
547
1,624
1,369
1,309
1,275
1,290
1,746
1,596
1,584
1,584
1,584
39
39
37
37
37
382
382
382
382
382
4,040
4,265
4,265
4,265
4,265
450
450
450
450
450
155
155
155
155
155
192
192
183
183
183
Total
Total liabilities:
Nov. 27
44,434,971
Dec. 4 . . . . 44,631,459
Dec. 11
44,883,965
Dec. 18
44,973,183
Dec. 24
44,973,286
Capital Accts.:
Capital paid in:
185,041
Nov. 27
Dec. 4
185,048
Dec. 1 1 . . . .
185,258
Dec. 1 8 . . . .
185,643
Dec. 24
185,921
Surplus
(section 7):
358,355
Nov. 27
Dec. 4 . . . .
358,355
Dec. 1 1 . . . .
358,355
Dec. 18
358,355
Dec. 24
358,355
Surplus
(section 13b):
Nov. 2 7 . . . .
27,428
Dec. 4
27,428
Dec. 1 1 . . . .
27,428
Dec. 18
27,428
Dec. 24. . . .
27,428
Other cap. accts:
98,584
Nov. 27
Dec. 4
100,126
Dec. 11
101,704
Dec. 1 8 . . . .
103,082
Dec. 24
104,209
Total liabilities
and cap. accts:
Nov. 2 7 . . . . 45,104,379
Dec. 4 . . . . 45,302,416
Dec. 11
45,556,710
Dec. 1 8 . . . . 45,647,691
Dec. 24
45,649,199
Contingent liability on bills
purchased for
foreign correspondents:
6,314
Nov. 27
Dec. 4
6,330
Dec. 11
6,471
Dec. 1 8 . . . .
6,443
Dec. 24. . . .
6,511
Commit, to make
indus. loans:
Nov. 2 7 . . . .
8,628
8,448
Dec. 4. . . .
8,365
Dec 11
8,331
Dec 18
8,346
Dec. 24. . . .
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank):
25,383,016 1,509,216 5,
,757,208 1,723,632 2,154,125 1,830,264 1,486,174 4,620,398 1,145,978 597,315 933,907 636,027 2,988,772
Nov. 27
25,478,953 1,517,111 5,786,937 1,726,498 2,163,817 1,831,177 1,485,290 4,637,773 ,149,899 601,769 938,709 639,247 3,000,726
Dec. 4
25,570,689
1,524,655
5
,827,031
1,740,046 2,179,358 1,831,023 1,487,291 4,647,260 1,152,848 605,793 942,410 638,187 2,994,787
Dec. 11
25,630,096 1,,525,956 5,824,580 1,745,060 21,184,041 1,839,633 1,496,174 4,670,310 1,158,862 606,079 945,052 639,035 2,995,314
Dec. 18
25,763,342
1,541,590
5,863,997
1,754,677 2,192,647 1,840,599 1,507,139 4,696,855 1,166,141 610,236 947,980 640,614 3,000,867
Dec. 24
Collateral held against
notes outstanding:
Gold certificates:
11,014,000 430,000 3,470,000 520,000 635,000 700,000 595,000 2,140,000 300,000 175,000 280,000 169,000 1,600,000
Nov. 27
10,929,000 430,000 3,470,000 530,000 635,000 700,000 595,000 2,040,000 300,000 180,000 280,000 169,000 1,600,000
Dec. 4
10,999,000 455,000 3,470,000 540,000 635,000 700,000 595,000 2,070,000 300,000 185,000 280,000 169,000 1,600,000
Dec. 11
10,948,000 455,000 3,470,000 540,000 645,000 700,000 605,000 2,000,000 300,000 184,000 280,000 169,000 1,600,000
Dec. 18
11,053,000 455,000 3,470,000 550,000 645,000 760,000 615,000 2,020,000 300,000 189,000 280,000 169,000 1,600,000
Dec. 24
Eligible paper:
86,970
4,370
36,228
8,927
Nov. 27
13,420
10,550
1,850
5,775
5,850
58,728
2,070
13,768
Dec. 4
7,305
7,810
18,300 2,450
3,825
3,200
88,160
4,945
26,440
Dec. 11
11,140
15,430
22,600 3,050
3,725
830
106,070
10,015
Dec. 18
17,435
25,180 17,300
9,575
12,615
13,520
430
146,447
Dec. 24
19,055
28,255
30,530 30,100
9,375
8,000
11,632
9,500
~U. S. Govt. s e c :
Nov. 27
14,974,030 1,100,000 2,400,000 1,200,000 1,550,000 1,150,000 900,000 2,500,000 949,030 425,000 700,000 500,000 1,600,000
Dec. 4
15,070,025 ,100,000 2,400,000 1,200,000 1,550,000 1,150,000 900,000 2,600,000 945,025 425,000 700,000 500,000 1,600,000
Dec. 11
15,182,346 ,100,000 2,500,000 1,200,000 1,550,000 1,150,000 900,000 2,600,000 957,346 425,000 700,000 500,000 1,600,000
Dec. 18
15,275,161 100,000 2,500,000 1,200,000 1,550,000 1,150,000 900,000 2,700,000 950,161 425,000 700,000 500,000 1,600,000
15,226,592 100,000 2,500,000 1,200,000 1,550,000 1,100,000 900,000 2,700,000 951,592 425,000 700,000 500,000 1,600,000
Dec. 24
Total collateral:
Nov. 27
26,075,000 ,534,370 5,906,228 1,728,927 2,185,000 1,863,420 1,495,000 4,640,000 1,259, 580 601,850 985,775 669,000 3,205,850
Dec. 4
26,057,753 ,532,070 5,883,768 1,737,305 2,185,000 1,857,810 1,495,000 4,640,000 1,263,325 607,450 983,825 669,000 3,203,200
Dec. 11
26,269,506 ,559,945 5,996,440 1,751,140 2,185,000 1,865,430 1,495,000 4,670,000 1,279,946 613,050 983,725 669,000 3,200,830
Dec. 18
26,329,231 ,565,015 5,987,435 1,752,615 2,195,000 1,863,520 1,505,000 4,700,000 1,275,341 626,300 989,575 669,000 3,200,430
Dec. 24. .
26,426,039
5,998,255
2,195,000 i,ouy,juu
1,869,500 I.JU.UUU
1,515,000 t,'^u,wu 1,282,122
644,100 yoy,j<j
989,375 DDV.UW
669,000 J,ZUO,W»
3,208,000
- , - - , — -1,574,055
,-._,
_
,
,
.1,761,632
, . ,.,^-z z,iyj,uuu
i,zoz,izz ot4,iuu
i After deducting $4,211,000 participations of other Federal Reserve Banks on Nov. 27; $4,222,000 on Dec. 4; $4,316,000 on Dec. 11; $4,297,000
«on Dec. 18; and $4,343,000 on Dec. 24.
-48
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]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Date
1942
June 30
Dec. 31
1943
June 30
Dec. 31
1944
June 30
Dec. 30
1945
Mar. 31
June 30
Sept. 30
Dec. 31
1946
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 3 0 . . . . . .
Oct. 31
Nov. 30
Additional
amount
available to
borrowers
guarPortion underagreeguaran- antee
ments
teed
outstanding
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
6,433
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
137,888
632,474 1,430,121
6,563,048 1,914,040 1,601,518 3,146,286
7,886 9,645,378 1,599,120 1,365,959 3,963,961
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,695 10,313,868 1 ,073,892 916,851 3,043,674
8,757 10,339,400 510,270 435,345
966,595
8,761
8,766
8,768
8,770
8,771
8,771
8,771
8,771
8,771
8,771
8,771
10,340,275
10,341,890
10,342,690
10,343,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
427,278
357,161
271,793
171,036
116,077
70,267
55,771
44,510
39,153
32,472
28,902
363,048
302,597
230,110
147,164
100,316
60,214
48,391
39,253
34,670
28,776
25,592
764,093
477,429
363,010
286,701
147,815
142,617
72,373
56,083
46,541
33,254
32,416
under guarantee agreements outstanding
and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)
1934
1935
1936
1937
1938
1939
1940 . . . .
1941
1942
June 2 4 . . .
Dec. 3 1 . . .
1943
June 3 0 . . .
Dec. 3 1 . . .
1944
Tune 3 0 . . .
Dec. 3 0 . . .
1945
June 3 0 . . .
Dec. 3 1 . . .
1946
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 0 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 2 9 . . .
July 31 . . .
Aug. 3 1 . . . .
Sept. 30
Oct. 31
Nov. 3 0 . . . .
Applications
approved
to date
Number
proved
Loans Commitments
outbut not
outcom- standing2
standing
pleted^
(amount)
Amount (amount)
(amount)
Participations
outstanding
(amount)
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
1C ,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
,252
1 ,995
5,224
1,644
2,501
1,086
3,512
3,513
3,519
3,520
3,520
3,524
3,528
3,533
3,535
3,537
3,541
545,372
546,149
547,581
551,512
551,890
552,711
558,538
559,974
563,779
564,587
565,529
195
545
755
1 ,843
: ,590
,536
,486
,310
,210
L.178
1,158
1,106
L.O78
L,083
1,579
1,575
2,063
1,631
5,393
5,366
5,438
5,981
6,254
8,654
8,395
1,046
984
1
4,095
45
615
6,085
5,195
8,115
4,475
4,995
976
1,014
1,034
1,229
1,110
1,103
1,427
1,455
3,105
3,090
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
s
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.
JANUARY 1947
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Thursday
T o t a l reserves h e l d :
1945—October
November
1946—October
November
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Excess reserves:
1945—October
November
1946—October
November
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
17
24
31
7
14
21
28
5
Borrowings a t Federal
Reserve B a n k s :
1945—October
November
1946—October
November
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
17
24
31
7
14
21
28
5
All
member
banks *
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks l
15,675
16,043
16,167
16,311
4,183
4,262
4,174
4,208
926
950
904
925
6,244
6,381
6,362
6,433
4,323
4,450
4,726
4,744
16,171
16.192
16,226
16,252
16,335
16,303
16,306
16,337
4,147
4,195
4,197
4,194
4,188
4,208
4,234
4,211
899
911
918
920
918
924
931
940
6,371
6,374
6,389
6,422
6,429
6,422
6,438
6,445
4,754
4,712
4,723
4,716
4,800
4,750
4,703
4,741
1,057
1,167
863
854
14
27
10
19
5
5
4
7
261
300
197
203
777
835
652
625
903
833
857
828
898
828
818
839
11
16
14
13
14
15
25
16
4
5
5
5
7
4
6
6
208
185
195
206
201
187
200
204
680
627
643
604
676
622
587
613
358
592
107
211
93
216
2
28
179
281
61
128
86
95
44
54
125
127
111
226
273
187
171
142
2
3
2
45
70
2
2
2
68
71
62
132
140
132
110
99
55
53
47
49
62
51
57
40
^Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS
IN LARGE AND
SMALL CENTERS 1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
November 1945..
October 1946
15,672
16,085
7,260
8,204
11,160
12,178
5,088
5,759
November 1946...
15,932
8,234
12,258
5,795
Boston
New York. . .
Philadelphia.
Cleveland....
1,933
2,917
1,136
1,371
874
2,127
722
896
358
1,084
957
1,087
231
1,127
861
800
Richmond. . .
Atlanta
Chicago
St. Louis
1,154
1,563
1,966
618
389
480
1,321
312
934
694
1,688
1,006
450
203
903
260
Minneapolis...
Kansas City...
Dallas
San Francisco.
579
533
921
1,240
282
105
129
598
767
1,583
1,470
631
415
193
55
297
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All2 reserve cities have a population of more than 15,000.
Includes war loan deposits, shown separately f or all country banks
in the table on the following page.
49
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
U. S.
Government
war loan
deposits*
Other
Demand
deposits
ad- 8
justed
Net
demand
deposits*
Time
deposits*
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of November 1946
All member banks
Central reserve city banks
New York
Chicago
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
91,456
12,065
4,798
74,593
69,618
76,056
27,058
5 829
16 ,306
15 ,431
875
245
23,024
5,152
4 ,183
1,179
1,254
17,587
3,655
16,279
3,310
20,454
4,325
1,439
803
56
165
4 ,196
921
4 ,177
913
19
8
54
33,951
2,013
1,827
26,530
124. 1,608
1,792
6 ,427
365
115
412
731
410
380
781
350
188
491
424
1,780
6 ,222
359
112
406
705
390
366
743
337
183
468
396
1,756
205
6
2
6
26
19
15
38
12
5
23
28
25
136
2,305
3,804
2,206
2,111
3,956
1,978
1,094
2,834
2,337
8,753
5,593
281
28
334
498
400
500
509
589
354
911
566
622
29,329
2,377
4,095
2,113
2,480
2,235
2,455
3,745
1,766
1,422
2,199
2,531
1,910
1,110
87
90
14
25
141
195
87
142
79
85
133
32
1,398
3,816
181
296
201
283
325
340
535
261
214
413
518
248
4 ,762
376
748
391
451
338
358
650
264
232
312
343
300
4 ,119
342
672
338
379
293
316
546
230
197
256
279
270
643
34
75
53
72
45
42
104
34
35
56
64
30
55
5
29
5
2
3
2
1
3
559
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
318
30
127
246
121
99
244
109
66
122
96
441
137
255
126
166
96
93
199
62
64
68
62
68
674
574
864
1,802
1,674
7,689
1,595
1,511
6,971
2,235
1,883
7,333
10,772
197
302
238
1,250
452
402
1,953
323
168
352
319
4 ,816
26,820
2,153
3,750
1,972
2,289
1,998
2,167
3,459
1,562
1,279
2,046
2,336
1,809
26,031
2,056
3,598
1,918
2,231
1,913
2,100
3,383
1,517
1,241
2,023
2,294
1,757
23,399
1,967
3,404
1,735
1,979
1,734
1,965
2,944
1,400
1,109
1,699
1,914
1,548
14,044
1,107
3 ,263
1,586
1,695
839
682
2 ,226
572
697
298
184
894
23,997
1,495
27,877
1,737
500
465
472
1,844
3,060
1,685
1,512
3,203
1,279
1,696
2,822
1,514
1,337
2,914
1,103
1,957
3,150
1,817
1,709
3,131
1,589
40
23
74
177
109
132
301
108
65
276
198
290
8
3
5
37
5
15
35
11
2
9
3
2
i
1
2
Second half of November 1946
All member banks
Central reserve city banks:
New York
Chicago
Reserve city banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco.
91,711
11,937
4 ,851
74,923
69,941
76 ,330
27,050
5,748
16 ,315
15,483
832
177
23,156
5,223
4 ,123
1,178
1,257
316
17,777
3,729
16,466
3,366
20,575
4 ,377
1,446
810
61
169
4 ,221
929
4 ,202
924
19
5
2
2
34,067
2,005
1,846
125
31
128
248
122
99
248
110
66
124
97
448
26,689
1,603
24,135
1,483
466
1,859
3,086
1,686
1,529
3,207
1,313
1,706
2,829
1,518
1,353
2,936
1,127
678
578
1,829
1,690
7,708
1,605
1,536
6,998
27,950
1,720
472
1,954
3 ,159
1,821
1,717
3 ,145
1,610
864
2 ,238
1,888
7,362
10,780
197
302
234
1,253
450
403
1,953
325
168
352
320
4 ,823
1,795
501
2,311
3,822
2,204
2,119
3,956
2,010
1,091
2,857
2,345
8,786
5 ,533
277
29
324
488
396
491
501
588
347
904
558
630
6 ,437
360
114
413
735
407
383
781
352
186
497
423
1,786
6 ,238
356
113
405
707
391
368
746
341
183
469
397
1,762
201
5
1
8
28
16
15
35
11
3
29
26
24
120
1
3
5
23
8
13
36
13
1
8
5
4
29,265
2,379
4,082
2,101
2,486
2,226
2,446
3,738
1,762
1,429
2,205
2,515
1,896
1,103
88
85
14
25
143
192
87
139
81
86
131
32
1,435
139
257
129
171
101
96
205
65
67
73
63
69
26,727
2,153
3,740
1,958
2,290
1,982
2,158
3,446
1,558
1,281
2,045
2,321
1,795
25,973
2,054
3,592
1,906
2,230
1,897
2,096
3,378
1,518
1,245
2,024
2,284
1,749
23,428
1,963
3 ,406
1,735
1,987
1,728
1,963
2 ,950
1,408
1,120
1,703
1,912
1,553
14,012
1,102
3 ,243
1,581
1,696
838
683
2 ,221
572
698
298
184
896
3,723
4 ,726
370
740
382
451
333
354
647
263
234
309
342
301
4 ,120
341
671
338
380
292
316
546
231
199
256
279
271
605
29
69
44
71
41
38
100
32
36
52
63
30
51
561
,
,
,
..
Country banks...
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
41
23
78
166
105
130
300
107
62
277
209
297
184
282
189
274
323
333
524
252
209
411
508
234
6
26
6
2
3
2
1
2
i
l
l
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
baseds on deposits at opening of business.
Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks
and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
» Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than war loan and Series E bond accounts) on the latest available call report date.
« Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection
and demand balances due from domestic banks.
«Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
50
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Large denomination currency 2
Coin and small denomination currency2
Total
in circula-1
tion
Total
Coin
*$1
$2
$5
$10
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
442
452
478
517
537
550
590
648
751
880
1,019
1,156
402
423
460
499
505
524
559
610
695
801
909
987
33
32
33
35
33
34
36
39
44
55
70
81
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
,360
618
,342
364
,254
577
,326
337
,369
627
358
,359
,530
707
399
,501
,542
710
387
,475
,714
770
409
,481
,048
460
919
,576
538 1,112
1,800 2,489
2,545
044
724 1,433
4,096
837 1,019 1,910
580 1,481 2,912
5,705
7,224 7,730 1,996 4,153
125
112
122
135
139
160
191
227
261
287
407
555
237
216
239
265
288
327
425
523
556
586
749
990
1945—July
August... .
September
October. . .
November.
December.
27,108 19,599
27,685 20,141
27,826 20,235
28,049 20,381
28,211 20,500
28,515 20,683
1,223
1,236
1,243
1,252
1,263
1,274
995
1,003
1,001
1,000
1,009
1,039
73
73
72
71
71
73
2,250
2,301
2,288
2,274
2,279
2,313
6,659
6,826
6,815
6,779
6,783
6,782
511
8,400
139 4,013
546
8,700
180 4,038
592
8,816
204 4,071
671
9,004
243 4,123
713 2,264 4,154
9,095
9,201 7,834 2,327 4,220
472
466
464
461
457
454
1946—January.. .
February..
March. . . .
April
May
June
July
August
September
October. ..
November.
27,917
27,954
27,879
27,885
28,120
28,245
28,254
28,448
28,507
28,600
28,861
1,261
1,264
1,269
1,280
1,291
1,300
1,311
1,319
1,332
1,345
1,355
985
982
984
987
999
998
990
992
1,001
1,000
1,010
69
68
67
66
67
67
67
66
66
65
65
2,217
2,211
2,191
173
199
2,191
166
165
156
148
2,169
6,568
6,570
6,547
6,509
6,586
6,604
6,552
6,571
6,528
6,494
6,543
9,027
9,044
8,986
8,981
9,029
9,087
9,099
9,159
9,180
9,221
9,305
445
443
442
439
438
438
436
436
436
434
435
End of year or
month
20,126
20,139
20,045
19,997
20,171
20,248
20,185
20,271
20,262
20,273
20,447
Total
$20
$50
$100
,316 4,224
7,794
,322 4,248
7,816
,327 4,267
7,834
7,889 2,337 4,309
7,950
352 4,356
7,998
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
$500 $1,000 $5,000 $10,000
Unassorted
10
7
16
18
12
32
32
60
46
25
22
24
8
10
5
8
7
5
2
4
4
3
2
3
847
832
825
816
811
801
32
22
21
21
20
24
2
2
2
2
2
2
779
772
768
773
775
781
790
802
795
784
782
22
22
22
22
21
22
21
20
21
21
21
3
1
1
1
1
2
2
2
2
2
2
5
7
7
6
17
20
30
24
9
9
10
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
* Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money
held by
For
Federal
Federal
Reserve
30, Oct. 31, Nov. 30,
Reserve Banks and Nov.
1946
1945
1946
Banks and
agents
agents
Money held in the Treasury
Total outstanding, As security
Nov. 30,
against
1946
gold and
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890..
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—November 30, 1946
October 31, 1946
November 30, 1945
20,470
18,359
25,410
4 551
494
1,909
*2,219
903
341
347
446
112
(4)
(4)
4
()
Treasury
cash
18,359
22,111
*2,219
107
52
310
1,909
2,815
723
267
49
24,580
4,232
50
24,347
4,204
51
24,136
4,024
35
3
146
145
133
8
6
2
2
212
17
5
26
4
1
2,007
878
331
319
440
111
1,989
872
328
314
444
111
1,828
825
305
316
499
118
3,806
3,886
3,977
28,861
(5)
20,578
20,499
19,935
15,494
2,269
2,285
2,239
15,494
15,413
15,054
28,600
28,211
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. 43, and seasonally adjusted figures in table on p. 52.
5
Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of
1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31,
1945.8
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 reserves6 against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal
Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold
certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United
States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be
deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may
be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates.
Federal Reserve Bank notes and national bank notes are in process of retirement.
JANUARY
1947
51
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
Change in
seasonally
adjusted
series l
+742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
7,598
8,732
11,160
15,410
20,449
25,307
28,515
Monthly averages of daily
figures:
1945—August
September
October
November
December
27,392
27,765
27,943
28,151
28,452
27,530
27,821
27,943
28,067
28,170
+558
+291
+122
+124
+ 103
1946—January
February
March
April
May
June
July
August
September
October
November
December
28,158
27,944
27,913
27,923
27,978
28,140
28,281
28,352
28,478
28,588
28,727
28,997
28,074
27,944
27,997
28,148
28,175
28,281
28,338
28,494
28,535
28,588
28,641
28,710
-96
-130
+53
+151
+27
+ 106
+57
+156
+41
+53
+53
+69
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of
period
Period
1934«
1935
1936 . . . .
1937
.*
1938
1939
1940
1941 . .
1942
1943
1944
1945
1945—December. .
1946—January....
February...
March
April
May..
June
July
August
September..
October
November..
December. .
Increase
in gold
stock
4,202.5
8,238
1,887.2
10,125
1,132.5
•11,258
1,502.5
•12,760
1,751.5
14,512
3,132.0
17,644
4,351.2
21,995
741.8
22,737
-10.3
22,726
-788.5
21,938
20,619 -1,319.0
-553.9
20,065
35.2
20,065
91.0
20,156
76.3
20,232
23.9
20,256
-5.2
20,251
-9.1
20,242
28.1
20,270
-3.2
20,267
13.2
20,280
25.3
20,305
96.7
20,402
67.7
20,470
P59.2
P20.529
EarDoNet
marked mestic
gold
gold: de- gold
import
procrease
or export
duc-1
or in(-)
crease(—) tion
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4
-106.3
19.3
154.1
82.4
31.4
-20.5
-27.0
36.3
6.3
15.2
-7.6
24.2
77.9
(4)
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
-4.3
-12.5
-5.8
19.7
15.1
27.5
15.0
8.0
60.1
12.3
115.7
127.5
582.8
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
3.6
4.0
3.3
3.6
3.2
3.2
3.4
4.0
8.3
6.8
5.9
4.9
(4)
p Preliminary.
1
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 96 adjusted to exclude
Philippine
Islands production received in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and
$35 a fine ounce thereafter.
» Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
*5 Not yet available.
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,828.4 million dollars on Dec. 31, 1946. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits 1,o total deposit accounts> except
interbank accounts
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
Annual rate of
turnover of demand
deposits except interbank and Government
Year and month
New
York
City
333 other
reporting
centers
Total, all
reporting
centers
New
York
City 1
140
other
centers 1
Other
reporting
centers2
469,463
405 929
423,932
445,863
537 343
607,071
641,778
792,937
891,910
974,102
197 836
168 778
171,382
171 582
197 724
210,961
226,865
296,368
345,585
404,543
235 206
204 745
218,298
236 952
293 925
342,430
347,837
419,413
462 354
479,760
36,421
32 406
34,252
37,329
45 694
53,679
67,074
77,155
83,970
89,799
16.1
16.5
17.1
18.3
13.1
11.7
10.8
79,401
1945—November
December . . . 101,577
'89,142
1946^—Tanuarv
February . .
73 963
March
87,579
87,532
April
.. .
85,908
M^ay
86,655
June
91,358
July
. .
August
'82,704
September
'83,295
'91 340
October
86,642
November
32,246
45,035
38,819
30,498
35,670
37,208
35,085
34,972
37,357
30,216
31,397
33,913
31,088
39,255
47,774
41,977
36 210
43,449
42,122
42,433
43,219
45 017
43,683
43,155
47 671
46,105
7,900
8,766
'8,347
7,255
8,459
8,201
8,390
8,464
8,985
'8,805
8,743
9,756
9,449
18.1
23.1
18.5
16.6
17.8
19.0
17.9
18.9
20.0
16.3
19.3
18.7
19.9
9.9
10.9
9.0
8.7
1937
1938
1939
1940
1941
1942—old series«
1942—new series»
1943
1944
1945
9.7
9.4
9.2
9.2
9.9
10.1
9.6
10.7
10.6
11.6
New
York
City
100 other
leading
cities
New
York
City
100 other
leading
cities
193,143
164 945
167,939
167,373
193 729
200,337
215,090
186,140
200,636
217,744
270 439
308,913
29.5
25 1
21.0
17.1
17 3
18.0
22.4
19.9
19.4
18.6
19.4
18.4
258,398
298,902
351,602
369,396
403,400
412,800
20.5
22.4
24.2
17.4
17.3
16.1
28,423
37,046
34,165
27,425
32,831
33,290
30,408
32,439
32,667
28,127
27,864
29,401
28,843
34,616
41,070
35,546
31,402
36,543
36,478
35,324
36,921
38,240
37,858
36,578
40,057
39,325
23.5
31.8
28.3
25.6
27.5
27.6
24.5
26.3
25.6
21.6
23.7
22.1
24.1
16.5
19.5
16.2
16.2
16.8
16.8
15.8
16.7
16.8
16.0
17.1
16.7
18.2
' Revised.
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary
Statistics, Table 55, p. 254, due to differences in method of computation.
1
5
8
52
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted 1
United
States
Government
deposits2
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
41,680
42,548
19,172
19,817
36,919
37,766
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
1945—November
167,300
175,401
December
176,500
1946—January
177,300
February
173,600
March
174,400
April
173,500
May
171,237
June
170,400
July?
170,200
August*
September*".... 169,600
169,300
October?
November^.. . . 168,900
End of month
1929—June
December
1933—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
*.
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
Time deposits
Mutual
savings
banks*
Postal
Savings
System 5
Currency
outside
banks
Total
Commercial
banks a 4
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
3,639
3,557
14,411
15,035
852
1,016
21,656
21,715
10,849
11,019
9,621
9,488
186
208
4,761
4,782
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
666
824
599
889
792
846
828
753
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
1,267
1,269
1,251
1,251
1,261
1,278
1,292
1,303
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
,303
,313
,315
,415
,576
,786
,032
2,340
2,657
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
106,300
102,341
102,900
102,500
101,100
103,700
104,900
105,992
106,800
107,200
107,800
108,700
109,500
141,000
148,911
150,400
151,200
147,500
148,200
147,200
144,721
143,900
143,600
143,100
142,800
142,200
80,000
75,851
76,800
76,400
75,000
77,500
78,600
79,476
80,300
80,600
81,300
82,200
82,800
13,100
24,608
24,600
25,000
22,400
20,000
17,400
13,416
11,300
10,200
8,700
7,200
5,700
47,900
48,452
49,000
49,800
50,100
50,700
51,200
51,829
52,300
52,800
53,100
53,400
53,700
29,800
30,135
30,500
31,100
31,300
31,600
32,000
32,429
32,700
33,000
33,200
33,400
33,400
15,200
15,385
15,500
15,700
15,800
16,000
16,100
16,281
16,400
16,600
16,700
16,800
17,000
2,900
2,932
3,000
3,000
3,000
3,100
3,100
3,119
3,200
3,200
3,200
3,200
3,300
26,300
26,490
26,100
26,100
26,100
26,200
26,300
26,516
26,500
26,600
26,500
26,500
26,700
P Preliminary.
1
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.
8
Excludes interbank time deposits and postal savings redeposited in banks.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member
5
mutual savings banks.
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS
l
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
1939—Dec.. . 1,279
1940—Dec... 1,304
1941—Dec. . 1,314
1942—Dec... 1,417
1943—Dec. . 1,788
1944—Dec... 2,342
1945—Nov. .
Dec...
1946—Jan...
Feb.. .
Mar...
Apr...
May..
June..
July. .
Aug...
Sept..
Oct...
Nov...
2,909
2,933
2,981
3,013
3 043
3,066
3,091
3,120
3,160
3,188
3,207
P3.232
P3.260
Total
1,319
1,348
1,396
1,464
1,843
2,411
2,999
3,022
3,073
3,107
3,139
3,161
3,188
3,220
3,258
3,288
3,306
Cash
in depository
banks
53
36
26
16
10
8
6
6
5
5
5
5
5
5
5
6
6
Total,
banks
U. S. Government
securities
Total
1,192
1,224
1,274
1,345
1,716
2,252
2,809
2,837
2,886
2,910
2,951
2,966
2,986
3,026
3,060
3,088
3,114
Direct
1,046
1,078
1,128
1,220
1,716
2,252
2,809
2,837
2,886
2,910
2,951
2,966
2,986
3,026
3,060
3,088
3,114
Cash
reserve
Guar- funds,
anetc. 2
teed
146
146
146
126
74
88
95
102
118
152
184
179
181
192
182
189
197
188
193
194
186
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
JANUARY
1947
Number of banks suspended:
1934-39
1940 .
1941
1942
1943..
1944
1945
1946
...
. .
Nonmember
banks
Member
banks
InNational State sured
Noninsured
189
81
4
18
3
6
3
1
3
2
2
1
291
15
22
8
9
1
4
1
0
6
0
Deposits of suspended banks2
(in thousands of dollars):
1934-39
125,991 14,616 26,548 44,348 40,479
1940
1941
1942
1943
1944
1945
1946
5 943
256
3,726 3,144
1,702
6,223 4,982
405
0
0
5,341
346
503
79
327
1,375
1,241
405
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 i n the same publication.
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
Investments
Total
Loans
Total
Other
U. S.
Govern- Other
securment
ities
obligations
Total1
Interbank^
Number
of banks
Demand
Time
All banks:
1938—Dec. 31..
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.,
1943—Dec. 31.
1944—Dec. 30.
1945—June 30.
Dec. 31.
1946—June 29.
48,831
50,885
54,170
61,101
78,137
96,966
119,461
129,639
140,227
136,572
21,261
22,169
23,751
26,616
23,915
23,601
26,015
27,979
30,355
31,486
27,570
28,716
30,419
34,485
54,222
73,365
93,446
101,661
109,872
105,087
17,953
19,402
20,983
25,488
45,932
65,932
85,885
93,657
101,295
95,911
9,617
9,314
9,436
8,997
8,290
7,433
7,561
8,004
8,577
9,175
61,319
68,225
75,963
81,780
99,796
117,661
141,449
151,033
165,612
159,171
7,484 28,695
9,883 32,492
10,941 38,518
10,989 44,316
11,318 61,395
11,012 75,561
12,245 91,644
12,605 96,725
14,065 105,923
12,311 98,043
25,140
25,850
26,504
26,476
27,083
31,088
37,559
41,702
45,623
48,817
15,207
15,035
14,895
14,825
14,682
14,579
14,535
14,542
14,553
14,567
All commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
38,669
40,667
43,922
50,722
67,391
85,095
105,530
114,505
124,019
119,448
16,364
17,243
18,792
21,711
19,217
19,117
21,644
23,672
26,076
27,130
22,305
23,424
25,130
29,011
48,174
65,978
83,886
90,833
97,943
92,318
15,071
16,300
17,759
21,788
41,373
59,842
77,558
84,069
90,613
84,473
7,234
7,124
7,371
7,223
6,801
6,136
6,329
6,764
7,331
7,845
51,041
57,702
65,305
71,248
89,132
105,923
128,072
136,607
150,227
142,890
7,484 28,695
9,883 32,492
10,941 38,518
10,989 44,316
11,318 61,395
75,561
11,012
12,245 91,644
12,605 96,725
14,065 105,923
12,311 98,043
14,862
15,327
15,846
15,944
16,419
19,350
24,183
27,276
30,238
32,536
14,652
14,484
14,344
14,277
14,136
14,034
13,992
14,000
14,011
14,026
All insured commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
37,470
39,289
42,556
49,288
66,240
83,507
103,382
112,353
121,809
117,409
16,021
16,863
18,394
21,258
18,903
18,841
21,352
23,376
25,765
26,791
21,449
22,426
24,161
28,030
47,336
64,666
82,030
88,978
96,043
90,618
14,506
15,566
17,063
21,046
40,705
58,683
75,875
82,401
88,912
82,977
6,943
6,859
7,098
6,984
6,631
5,983
6,155
6,577
7,131
7,641
49,772
56,069
63,461
69,411
87,803
104,094
125,714
134,245
147,775
140,612
7,254 27,849
9,523 31,483
10,539 37,333
10,654 43,061
11,144 60,504
74,309
10,705
12,074 89,761
12,401 94,910
13,883 104,015
12,007 96,459
14,669
15,063
15,589
15,697
16,154
19,081
23,879
26,934
29,876
32,145
13,655
13,531
13,438
13,426
13,343
13,270
13,263
13,277
13,297
13,330
32,070
33,941
37,126
43,521
59,263
74,258
91,569
99,426
107,183
102,032
13,208
13,962
15,321
18,021
16,088
16,288
18,676
20,588
22,775
23,302
18,863
19,979
21,805
25,500
43,175
57,970
72,893
78,838
84,408
78,729
13,223
14,328
15,823
19,539
37,546
52,948
67,685
73,239
78,338
72,272
5,640
5,651
5,982
43,363
49,340
56,430
61,717
78,277
92,262
110,917
118,378
129,670
122,519
7,153
9,410
10,423
10,525
11,000
10,555
11,884
12,230
13,640
11,801
24,842
28,231
33,829
38,846
54,523
66,438
79,774
84,400
91,820
84,602
11,369
11,699
12,178
12,347
12,754
15,268
19,259
21,748
24,210
26,115
6,338
6,362
6,486
6,619
6,679
6,738
6,814
6,840
6,884
6,887
20,903
21,810
23,648
27,571
37,576
47,499
58,308
63,177
69,312
66,277
8,469
9,022
10,004
11,725
10,183
10,116
11,480
12,369
13,925
14,469
12,434
12,789
13,644
15,845
27,393
37,382
46,828
50,808
55,387
51,809
8,691
9,058
9,735
12,039
23,744
34,065
43,292
47,051
51,250
47,271
743
731
908
806
648
3,318
3,536
3,757
4,137
4,537
27,996
31,559
35,787
39,458
50,468
59,961
71,858
76,533
84,939
80,212
4,499
5,898
6,574
6,786
7,400
7,158
8,056
8,251
9,229
7,816
15,587
17,579
20,885
24,350
34,499
42,605
50,900
53,698
59,486
54,930
7,910
8,081
8,329
8,322
8,570
10,196
12,901
14,585
16,224
17,466
5,224
5,187
5,144
5,117
5,081
5,040
5,025
5,015
5,017
5,012
11,168
12,130
13,478
15,950
21,687
26,759
33,261
36,249
37,871
35,754
4,738
4,940
5,316
6,295
5,905
6,171
7,196
8,219
8,850
8,834
6,429
7,190
8,162
9,654
15,783
20,588
26,065
28,030
29,021
26,921
4,532
5,271
6,088
7,500
13,802
18,883
24,393
26,188
27,089
25,000
1,897
1,920
2,074
2,155
1,980
1,705
1,672
1,842
1,933
1,921
15,367
17,781
20,642
22,259
27,808
32,302
39,059
41,844
44,730
42,307
2,653
3,512
3,849
3,739
3,600
3,397
3,827
3,980
4,411
3,986
9,255
10,652
12,944
14,495
20,024
23,833
28,874
30,702
32,334
29,672
3,459
3,617
3,849
4,025
4,184
5,072
6,357
7,163
7,986
8,649
1,114
1,175
1,342
1,502
1,598
1,698
1,789
1,825
1,867
1,875
All member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Tune 30
Dec 31
1946—June 29
All national banks:
1938—Dec. 3 1 . . .
1939—Dec. 30... .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 31... .
1943—Dec. 3 1 . . .
1944—Dec. 30...
1945—June 30...
Dec. 31... .
1946—June 29...
-
State member banks:
1938—Dec. 31
1939—Dec. 30
1940— Dec. 312
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
961
5,629
5,022
5,208
5,599
6,070
6,458
* Thesefiguresdo not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the1 Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
2
During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These
banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included
only 3once in "all banks."
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System
of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
4
Beginning June 30, 1942, includes Bank of Nofth Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941,
its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
54
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Class of bank
and
call date
Deposits
Other
Investments
Total
Loans
Total
U. S.
Government
obligations
Other
securities
Total1
Interbank!
Number
of banks
Demand
Time
All nonmember commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
6,598
6,726
6,796
7,208
8,135
10,847
13,972
15,091
16,849
17,430
3,156
3,281
3,471
3,693
3,132
2,832
2,971
3,087
3,303
3,830
3,442
3,445
3,325
3,515
5,003
8,014
11,002
12,005
13,546
13,600
1,848
1,971
1,936
2,251
3,829
6,899
9,880
10,839
12,284
12,212
1,594
1,474
1,389
1,264
1,174
1,115
1,122
1,166
1,262
1,388
7,678
8,362
8,875
9,539
10,864
13,671
17,168
18,242
20,571
20,387
331
473
518
464
318
457
362
375
426
510
3,853
4,260
4,689
5,470
6,872
9,123
11,870
12,326
14,104
13,441
3,493
3,629
3,668
3,605
3,674
4,091
4,936
5,541
6,042
6,436
8,314
8,122
7,858
7,661
Insured nonmember commercial
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
399
348
429
774
6,984
9 258
11, 24
2,813
2,901
3,074
3,241
2,818
2,556
2,678
2,790
2,992
3,491
2,586
2,447
2,356
2,533
4,166
6,702
9,146
10,150
11,647
11,901
1,283
1,238
1,240
1,509
3,162
5,739
8,197
9,170
10,584
10,716
1,303
1,209
1,116
1,025
1,004
962
949
979
1,063
1,185
6,409
6,729
7,032
7,702
9,535
11,842
14,809
15,880
18,119
18,108
101
113
116
129
145
149
190
171
244
206
3,007
3,252
3,504
4,215
5,981
7,870
9,987
10,510
12,196
11,857
3,300
3,365
3,411
3,358
3,409
3,823
4,632
5,199
5,680
6,045
7,317
7,169
6,952
6,810
6,667
6,535
6,452
6,440
6,416
6,446
343
380
1,269
1,633
1,843
1,837
1,329
1,829
2,358
2,362
2,452
2,279
230
360
402
335
173
307
171
204
182
303
846
1,008
1,185
1,255
891
1,253
1,883
1,815
1,908
1,584
193
264
257
247
265
269
304
343
362
391
997
953
906
851
793
764
729
723
714
696
Noninsured nonmember commercial
banks :
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 3 1 . .
1942—Dec. 3 1 ^
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
12,940
14,639
15,392
1,199
1,378
1,367
1,434
1,151
1,588
856
998
969
982
837
565
733
696
742
667
1,312
1,856
1,855
1,900
1,699
1,160
1,682
1,668
1,700
1,496
291
265
273
239
170
153
174
187
200
204
460
299
181
163
130
7,142
2,038
397
452
314
276
292
297
311
339
All mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31 2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
10,162
10,218
10,248
10,379
10,746
11,871
13,931
15,134
16,208
17,125
4,897
4,926
4,959
4,905
4,698
4,484
4,370
4,307
4,279
4,356
5,265
5,292
5,289
5,474
6,048
7,387
9,560
10,827
11,928
12,769
2,883
3 ,102
3,224
3,700
4,559
6,090
8,328
9,588
10,682
11,438
2,382
2,190
2,065
1,774
1,489
1,297
1,232
1,240
1,246
1,331
10,278
10,523
10,658
10,532
10,664
11,738
13,376
14,426
15,385
16,281
10,278
10,523
10,658
10,532
10,664
11,738
13,376
14,426
15,385
16,281
555
551
551
548
546
545
543
542
542
541
Insured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31 2
1941—Dec. 31
1942—Dec. 3 1 . . .
1943—Dec. 31
1944—Dec. 30
1945—Dec. 30
Dec. 31
1946—June 29
972
1,329
1,655
1,693
2,007
7,525
9,223
10,063
10,846
11,453
461
605
637
642
740
3,073
3,110
3,089
3,081
3,132
511
724
1,018
1,050
1,267
4,452
6,113
6,974
7,765
8,322
280
422
548
629
861
3,844
5,509
6,368
7,160
7,662
232
303
470
421
405
608
604
607
606
660
1,012
1,409
1,818
1,789
2,048
7,534
8,910
9,671
10,363
10,979
1,012
1,409
1,818
1,789
2,048
7,534
8,910
9,671
10,363
10,979
48
51
53
52
56
184
192
192
192
191
9,190
8,889
8,593
8,686
8,739
4,345
4,708
5,071
361
5,671
4,436
4,321
4,322
4,263
3,958
1,411
1,260
1,218
1,198
1,224
4,754
4,568
4,271
4,424
4,781
2,935
3,448
3,853
4,163
4,447
2,603
2,680
2,676
3.071
3,698
2,246
2,819
3,220
3,522
3,777
2,150
1,887
1,595
1,353
1,084
689
629
633
641
671
9,266
9,114
8,840
8,743
8,616
4,204
4,466
4,754
5,022
5,302
9,266
9,114
8,840
8,743
8,616
4,204
4,466
4,754
5,022
5,302
507
500
498
496
490
361
351
350
350
350
Noninsured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Tune 30
Dec. 31
1946—June 29
For footnotes see p. 54.
JANUARY
1947
55
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loaris
Class of bank
Total
loans
call date
investments
and
and
Member banks,
total:
1940—Dec. 31. . 37,126
1941—Dec. 312. 43,521
1942—Dec. 31. . 59,263
1943—Dec. 31. . 74,258
1944—Dec. 30. . 91,569
1945—June 30. . 99,426
Dec. 31. . 107,183
1946—June 29. . 102,032
Sept. 30.. 99,706
New York Cityz:
1940—Dec. 31. . 10,910
1941—Dec. 31. . 12,896
1942—Dec. 3 1 . . 17,957
1943—Dec. 31. . 19,994
1944—Dec. 30. . 24,003
1945—Tune 30.. 25,756
Dec. 31. . 26,143
1946—June 29. . 23,304
Sept. 30.. 21,972
Chicago:3
1940—Dec. 3 1 . . 2,377
1941 r>ec 31
2 760
1942—Dec. 31. . 3',973
1943—Dec. 31. . 4,554
1944—Dec. 30. . 5,443
1945—June 30.. 5,730
Dec. 31. . 5,931
1946—June 29.. 5,167
Sept. 30
4,972
Reservecitybanks:
1940—Dec. 3 1 . . 13,013
1941—Dec. 31. . 15,347
1942—Dec. 31. . 20,915
1943—Dec. 31. . 27,521
1944—Dec. 30. . 33,603
1945—June 30.. 36,572
Dec. 3 1 . . 40,108
1946—June 29. . 37,675
Sept. 30.. 36,706
Country banks:
1940—-Dec. 31. . 10,826
1941—Dec. 31. . 12,518
1942—Dec. 31. . 16,419
1943—Dec. 31. . 22,188
1944—Dec. 30. . 28,520
1945—June 30. . 31,368
Dec. 31. . 35,002
1946—June 29. . 35,886
Sept. 30
36,056
Insured nonmember commercial banks:
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
5,429
5,774
6,984
9,258
11,824
12,940
14,639
15,392
U. S. Government obligations
Commercial,
Total
Loan 3 for
purchasing
or carrying
inAgri- securities RealcludCones- sumer Otner Total
culing
To
tate loans loans
open- tur1
mar- al brokTo loans
ers
ket
and othpadeal- ers
per1
ers
All insured commerical banks: 42,556 18,394 7,178 1,281
1940—Dec. 331.
1 . .. 49,288
1941—Dec.
1942—Dec. 31. . 66,240
1943—Dec. 31. . 83,507
1944—Dec. 30. . 103,382
1945—June 30. . 112,353
Dec. 31. . 121,809
1946—June 29. . 117,409
Investments
21,258
18,903
18,841
21,352
23,376
25,765
26,791
9,214
7,757
7,777
7,920
7,501
9,461
10,334
1,450
1,642
1,505
1,723
1,632
1,314
1,366
15,321
18,021
16,088
16,288
8,676
20,588
22,775
23,302
4,775
6,660
8,671
7,387
7,421
7,531
7,095
8,949
9,685
865
972
3,384
4,072
4,116
4,428
5,760
7,069
7,334
6,506
6,258
2,125
2,807
2,546
2,515
2,610
2,380
3,044
3,169
696
954
832
663
614
950
1,414
2,269
3,113
3,164
2,417
642
594
934
727
662
597
922
2,265
3,601
3,606
2,656
652
598
538
839
1,089
1,023 1,398
1,198 2,249 2,108
1,125 3,089 3,407
855 3,133 3,378
877 2,395 2,480
6
465
8
412
21
787
24 1,054
30 1,742
53 2,528
190
169
193
323
859
492
732
658
763
738
671
760
804
5
6
6
6
17
13
2
1
54
52
32
52
163
299
233
185
5 931
7,105
6t102
6,201
6,822
7,155
8,514
8,862
9,814
2,589
3,456
2,957
3,058
3,034
2,883
3,661
3,932
263
300
290
279
348
304
205
197
5,309
5,890
5,038
4,654
4,910
5,114
5,596
6,605
7,334
1,453
1,676
1,226
1,084
1,149
1,162
1,484
1,781
590
659
772
713
802
755
648
679
21
20
17
25
32
32
42
34
201
183
161
197
310
422
471
354
3,074
3,241
2,818
2,556
2,678
2,790
2,992
3,491
518
543
370
356
389
406
512
649
416
478
553
482
525
506
459
488
21
20
16
16
21
24
31
21
75
64
59
82
156
193
228
1,004
1,184
1,250
1,333
1,329
1,370
,539
2,453 ,172
1,852 798
42
48
34
102
163
159
211
188
4,468
4,773
4,646
4,437
4,343
4,413
4,677
5,738
4,077
24,161
4,545
28,030
2,269 1 ,042 47,336
1,868 918 64,666
1,888 944 82,030
2,108 1 ,008 88,978
2,361 1 ,181 96,043
3,069 1 ,211 90,618
3,228
3,273
3,494
3,692
3,423 1,847 870
3,274 1,484 848
3,209 1,505 877
3,248 1,688 934
3,455 1,900 1 ,104
4,267 2,464 1 ,133
130
123
117
107
86
76
80
83
468
554
303
252
253
270
287
378
19
22
23
22
24
23
36
43
84
96
62
45
45
50
51
76
7,527
8,823
13,841
15,566
18,243
18,687
18,809
16,798
15 714
18
14
34
34
40
32
1,681
1,806
3J141
3,550
4,258
4,480
4,598
3,837
3,602
115
207 1,436
1 322
1,512
194 1,527
114
312
97
153 1,486
808
217
267 1,420
658
301
311
313
660
777 1,379
371 1,147 1,378
757
315
427 1,503 1,459
855
404
453
321 1,142 1,743 1,073
1,644
1,823
1,797
1,725
1,719
1,771
1,881
2,398
1,400
1,530
674
528
547
611
707
937
803
1,240
1,282
854
1,225 422
385
1,165
1,136 383
1,167 420
1,224 460
176 1,473 605
393
381
351
362
363
422
173
70
67
74
77
79
ga-
tions
Total
17,063
21,046
40,705
58,683
75,875
82,401
88,912
82,977
States Other
and secuCertifiGuar- politicates
an- cal rities
inteed subBills of
debt- Notes Bonds
diviedsions
ness
6^727
13,218
15,300
17,204
19,071
17,637
2,756
3,159
5,799
7,672
15,778
16,454
16,045
12,004
9,925
12,797
20,999
30,656
39,848
45,870
51,321
52,092
3,719
4,102
2,718
2,501
3,608 3,491
3,651 3,333
3,533 3,098
3,287 2,696
3,422 2,733
3,684 2,892
3,873 3,258
3,973 3,668
6,285
12,071
13,982
15,584
16,985
15,292
2,594
3,007
5,409
6,906
14,127
14,723
14,271
10,467
9,091
11,729
18,948
27,265
34,927
40,266
44,792
45,420
3,486
3,832
2,540
2,345
3,013
3,090
2,965
2,729
2,857
3,102
3,254
3,307
3,617
2,970
2,871
2,664
2,294
2,350
2,497
2,815
3,151
3,082
2^144
3,409
3,740
3,538
3,433
2,980
1,245
1,623
2,056
1,829
3,745
3,607
3,325
2,229
2,977 1,615
3,652 1,679
5,420 1,071
7,014 984
8,592 189
2
9,920
1
10,337
1
10,234
695
729
593
444
468
567
606
535
693
788
830
701
558
596
629
629
618
611
188
182
166
158
160
154
181
153
148
186
193
186
155
185
196
204
200
194
662
988
4,462
4,636
3,971
2,831
2,455
1,220
6,044 207
7,265 311
12,547 1,855
14,563 1,328
17,179 913
17,492 424
17,574 477
15,646 201
14 410
297
256
397
199
250
127
133
14
1,045
1,253
1,467
1,042
145
153
391
484
779
814
749
529
7 081 5,204 103
8'243 6*467 295
14,813 13,038 1,441
21,321 19,682 1,802
26,781 25,042 1,704
29,417 27,523 1,320
31,594 29,552 1,034
28,813 26,585 410
26 892 24 614
2',253
4,691
5,730
6,598
6,982
6,038
1,723
2,497
5,181
5,689
5,653
4,014
45
5,517 3,269
6,628 4*377
110
11,380 9,172
671
17,534 15,465 1,032
23,610 21.552 882
26,253 24,094 762
29,407 26,999 630
29,281 26,556 447
28 722 25 948
1,251
3,094
3,466
4,194
5,102
5,231
1,240
2,096
4,422
4,613
4,544
3,696
10
17
99 " ' 4 4 2
276 1,147
223 1,319
198 1,620
180 2,087
147 2,346
162
152
390
766
2,356
2,533
4,166
6,702
9,146
10,150
11,647
11,901
of
Direct
21,805 15,823 652
25,500 19,539 971
43,175 37,546 4,363
57,970 52,948 4,360
72,893 67,685 3,748
78,838 73,239 2,633
84,408 78,338 2,275
78,729 72,272 1,072
74 931 68 232
148
153
179
223
298
226
Obli-
1,307
1 430
2^789
3,238
3,913
4,130
4,213
3,485
3,260
1,240
1,509
3,162
5,739
8,197
9,170
10,584
10,716
637
877
771
751
433
481
1,652
1,731
1,774
1,538
752
903
1,282
1,602
1,809
1,936
1,864
1,900
978
43
22
24
902
33
16
20
112
119
83
74
31
3,281 1,049 984 893
4,248 1,173 956 820
6,810 811 954 821
9,943 749 913 726
11,987 440 1,000 740
10 1,100
794
13,906
5 1,126
916
15,878
7 1,194 1,034
16,116
1,269 1,009
2,081
2,926
5,436
8,705
12,540
14,504
16,713
17,170
710
861
574
538
241
21
9
12
1,146
1,222
1,252
1,214
1,230
1,281
1,342
1,426
1,507
1,102
1,028
834
234
271
179
156
76
10
6
595
563
569
560
566
584
619
667
521
462
435
403
383
396
443
518
1,069
2,053
3,395
4,928
5,611
6,538
6,682
956
855
829
878
1,067
1,299
1,268
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federa]
Deposit Insurance Corporation.
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Re-
Class of bank
and
call date
serves
with
Cash
Federal in
Revault
serve
Banks
Balances
w th
do-
De-
mand
New York City:z
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
Sept. 30. .
'C erti- IndiU. S.
U. S. States fied viduals
Gov- States
and
a n d partner- Inter- ernand
Govern- politica offiships, bank ment politand
ment subdi- cers' and corical
visions checks poraPosta subdiSav- visions
etc.
tions
ings
d e-
posits
adDomestic
banks4 justed 5 mestic
All insured commercial banks:
1940—Dec. 31. 13,992 1,234 8 ,202 33 ,820
1941—Dec. 31. . 12,396 1,358 8 ,570 37 ,845
1942—Dec. 31. . 13,072 1,305 9 ,080 48 ,221
1943—Dec. 31. 12,834 1,445 8 ,445 59 ,921
1944—Dec. 30. 14,260 1,622 9 ,787 65 ,960
1945—June 30. 14,806 1,474 9 ,959 68 ,048
Dec. 31. 15,810 1,829 11 ,075 74 ,722
1946—June 29. 15,999 1,471 9 ,102 78 ,281
Member banks,
total:
991
1940—Dec. 31. 13,992
1941—Dec. 312
12,396 1,087
1942—Dec. 31. 13,072 1,019
1943—Dec. 31. 12,835 1,132
1944—Dec. 30. . 14,261 1,271
1945—June 30. . 14,807 1,150
Dec. 31. . 15,811 1,438
1946—June 29. . 16 001 1,141
Sept. 30. . 15,792 1,382
!nterba n k
deposits
Time deposits
Foreign
Individuals Bor- Capital
partner- rowsh ips, ings
acand corcounts
porations
666
702
673 1,761
813 8,167
893 9,950
948 19,754
1 ,119 23,478
1 ,248 23,740
1 ,346 12,941
3 ,298
971
3 ,677 1 ,077
3 ,996 1 ,219
4 ,352 1 ,669
4 ,518 1 ,354
4 ,698 1 ,240
5 ,098 2 ,585
5 ,807 2 ,320
32 ,398
36 ,544
47 ,122
58 ,338
64 ,133
65 ,494
72 ,593
75 ,391
160
158
97
68
64
66
70
77
69
59
61
124
109
105
103
107
522
492
397
395
423
482
496
552
14 ,998
15 ,146
15 ,697
18 ,561
23 ,347
26 ,346
29 ,277
31 ,487
11
10
10
46
122
65
215
83
6 ,185 30 ,429 9 ,581
616
700
6 ,246 33 ,754 9 ,714
671 1,709
6 ,147 42 ,570 10 ,101
811 7,923
5 ,450 52 ,642 9 ,603
891 9,444
6 ,354 57 ,308 10 ,881
945 18,509
6 ,486 59 ,133 11 ,064 1 ,106 21,967
7 ,117 64 ,184 12 ,333 1 ,243 22,179
5 77? 67 461 10 ,391 j , 339 12 009
5 ,660 68 ,'818 10
1 ^370 7,'763
2 ,724
913
3 ,066 1 ,009
3 ,318 1 ,142
3 ,602 1 ,573
3 ,744 1 ,251
3 ,877 1 ,138
4 ,240 2 ,450
4 ,826 2 , 179
4 ,763 1 ,796
29 ,576
33 ,061
42 ,139
51 ,820
56 ,270
57 ,417
62 ,950
65 ,589
67 !l29
141
140
87
62
58
61
64
72
72
56
50
56
120
105
102
99
101
104
435
418
332
327
347
392
399
447
491
11 ,687
11 ,878
12 ,366
14 ,822
18 ,807
21 ,254
23 ,712
25 ,568
26 ,150
3 5 ,698
i
5 ,886
5 6 ,101
39 6 ,475
111 6 ,968
52 7 ,276
208 7 ,589
72 7 ,920
77 8 ,077
7,057
5,105
4,388
3,596
3,766
3,879
4,015
4,255
4,015
102
93
72
92
102
89
111
85
129
122
141
82
61
76
64
78
68
61
1,051
1,021
902
821
899
929
942
870
900
42
43
39
38
43
33
36
26
24
319
298
164
158
177
180
200
162
156
Reserve city banks.
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
Sept. 30. .
4,027
4,060
4,940
5,116
5,687
5,882
6,326
6,332
6,278
396
425
365
391
441
396
494
399
471
2 ,741
2 590
2 202
1 758
2 005
2 029
2 174
1 858
1 777
Country banks:
1940—Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
Sept. 30. .
1,857
2,210
2,842
3,303
3,909
4,117
4,527
4,543
4,599
452
526
542
611
684
632
796
631
758
3
3
3
3
4
4
4
3
3
243
271
287
313
352
324
391
330
2 017
2 325
2 , 934
2 , 996
3 , 434
3 , 473
3 , 959
3 , 332
11 ,062
10 ,761
11 ,899
13 ,899
14 ,042
14 ,643
15 ,065
16 ,158
16 ,119
9 ,677
9 ,823
10 ,234
9 ,743
11 ,063
11 ,21"
12 ,566
10 ,584
4 ,032
3 ,595
3 ,209
2 ,867
3 ,179
3 ,271
3 ,535
3 ,127
2 ,954
641
607
733
810
851
989
48
866
8
8
12
14
16
19
20
24
24
90
127
665
713
370
319
263
252
199
229
237
293
246
1 ,338
1 ,132
768
11 ,357
11 ,282
12 ,501
14 ,373
14 ,448
14 ,789
15 ,712
16 ,836
16 ,657
174
233
178
174
167
193
237
262
234
27
34
38
44
33
29
66
37
44
1 ,905
2 152
2 588
3 097
3 100
3 124
3 160
3 153
3 335
1
1
1
1
1
1
2
1
995
144
319
448
509
516
763
003
955
228
286
385
475
488
422
611
558
543
9
11
15
18
20
20
22
23
23
468
127
061
790
371
559
281
005
601
1
1
1
1
1
1
2
2
2
184
370
558
727
868
939
004
269
328
187
6
8
239
272 11
344 15
369 18
346 18
435 21
453 22
441 23
574
611
678
750
775
820
858
981
58
68
76
96
103
101
135
142
4,186
3,395
6,722
7,618
1 ,105 6,940
1 ,178 3,495
1 ,213 2,112
471
450
448
710
361
341
c
6
/
11
16
17
27
27
5
7
8
10
8
51
29
23
26
17
19
20
17
17
1
1
1
1
6 ,673
6 ,841
7 ,055
7 ,453
7 ,989
8 ,340
8 ,671
9 ,068
1 ,615
768
778
1 ,648
1 ,727
711
816 " ' 2 9 1 ,862
96 1 ,966
977
40 2 023
082
195 2 120
206
372
27 2 176
5 2 ,196
400
Chicago:3
1940—Dec. 31. .
1941—Dec, 3 1 . .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
Sept. 30. .
Insured nonmember commercial banks:
1940—Dec. 31. .
1941—Dec. 31
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—-June 30
Dec. 31. .
1946—June 29. .
1 ,941
997
2 ,215 1 ,027
2 ,557 1 ,105
3 ,050
972
3 ,041
,132
3 , 152
, 174
3 153
[ 292
3 ,189
,047
3 ,287
,026
581
117
849
654
267
682
372
483
849
3 ,919
4 ,302
4 ,831
4 ,770
5 ,421
5 ,510
6 ,307
5 ,220
5 ,089
002
7 845
216
9 661
699 13 265
474 17 039
097 19 958
213 20 656
665 23 595
684 24 630
666 25 563
633
790
957
994
1 149
1 108
1 199
997
972
9
11
14
18
20
20
22
23
23
3 391
4 092
5 , 651
7, 279
8, 652
8, 915
10, 537
10, 821
95
108
133
141
182
153
233
194
1.400
1,499
1,552
789
525
327
49
491
54
63 1,982
63 3,373
70 6,157
90 7,655
110 8,221
129 4,531
125 2,971
2
2
4
Cj
8
8
8
8
8
151
225
1,090
1,962
4,230
5,195
5,465
3,194
2,155
50
3
2
53
243
2
506
2
3 1,245
13 1,511
5 1,560
932
7
'2
270
288
304
326
354
362
377
394
397
496
476
453
505
619
663
719
779
792
8
7
1
1
1
2
2
1
1
107
104
63
41
33
31
30
27
28
19
20
22
56
40
39
38
43
42
226
243
169
151
154
166
160
187
219
4
4
4
5
7
8
9
10
10
505
542
805 "
902
561
529
563
190
381
2 135
2 327
3 2 450
2 2 566
27 2 676
30 2 731
846
500
989
561
350
945
797
594
536
29
30
20
17
14
14
17
18
17
33
31
32
56
57
54
52
48
54
150
146
140
149
175
207
219
242
254
5
6
6
7
9
10
12
13
13
917
082
397
599
650
981
224
226
577
3
4
3
10
16
9
11
18
41
2 , 822
3 , 483
4 , 983
6, 518
7, 863
8, 078
9 , 643
9 , 802
18
18
10
6
6
13
8
5
4
4
4
4
6
87
74
65
68
76
90
97
105
5
6
5
3 311
3 , 276
3 , 339
3 , 750
4 , 553
5 , 105
5 , 579
5, 934
1 904
1 967
"2 2 028
8
6
5
6
10
13
7
11
1
1
2
2
2
2
2
2
2
909
982
042
153
321
440
525
674
752
975
956
955
979
1, 022
1, 065
1, 083
1, 149
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.
5
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see page 56.
Back figures.—-See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JANUARY
1947
57
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
T o others
U.S.
U. S.
Govt. Other
se- Govt.
obob- curiligaligations ties tions
U. S. Government obligations
Real, Loans
estate to Other Total
loans banks
Total
Bills
CertifiOther
cates
secuof in- Notes Bonds1 rities
debtedness
9,798 9,049 25,456 ,239
Other
securities
Total—101 Cities
1945—November
61,646 13,034 6,659 1,382
843 1,044
401 1,068
,568 48,612 45,373
,070
1946—July
August
September
October
November
60,749
59,927
59,198
58,383
57,671
14,878 7,827 1,062
823
14,992 8,336
845
15,318 8,841
704
15,685 9,495
888
16,450 0,044
731 1,432
608 1,287
532 1,125
430 973
409 866
462
454
427
414
421
,306
,352
,395
,447
,497
139 919 45,871
164 968 44,935
123 2,030 43,880
135
42,698
171 2,154 41,221
42,421
41,487
40,401
39,234
37,833
882
762
603
833
614
9,665
8,825
7,756
6,643
5,727
4,989
4,871
4,782
4,531
4,398
26,885
27,029
27,170
27.227
27,094
,450
,448
,479
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
58,108
58,170
58,317
58.768
58,554
15,477 9,164
15,492 9,381
15,631 9,547
15,732 9,622
16,093 9,759
786
637
638
658
800
467 1,037
436 994
428 973
412 940
408 920
418
407
410
413
423
,424
,435
,445
,458
,473
127
127
112
123
188
2,054 42,631
42,678
2,078 42,686
2,106 43,036
2,122 42,461
39,088
19,187
39,230
19,619
9,044
679
734
857
,233
660
6,547
6,621
6,618
6.701
6,729
4,634
4,574
4,521
4,452
4,472
27,228
27 ,258
27,234
27,233
27,183
,543
,491
,456
.417
,417
Nov.
Nov.
Nov.
Nov.
6
13
20
27
57,609 16,256 9,846
57,548 16,521 10,029
16,475 10,156
57,791 16,548 10,143
835
923
881
913
420
415
387
412
900
908
840
814
409
405
453
419
,479
,493
,503
,513
231
211
98
146
2,13641,353
2,137 41,027
2,157 41,261
2,188 41,243
37,967
7,626
37,881
37,859
444
490
779
741
5,918
5,710
5,640
5,641
4,435
4,331
4.381
4,432
27,170
27,095
27,081
27,045
,386
,401
,380
,384
Dec.
Dec.
Dec.
Dec.
4
11
18
24
57,583
57,641
56,865
56,173
16,606
16,703
16,894
16,920
10,171
10,287
10,351
10,334
925
875
753
866
422
398
603
579
794
767
723
700
415 ,520
428 ,531
430 1,541
427 1,553
148
188
223
183
2,211 40,977
2,229 40,938
2,270 39,971
2,278 19,253
37,623
37,572
36,559
35,837
671
596
,010
567
4,345 27,075 ,354
4,427 27,052 ,366
3,131 27,0^6 ,412
5,254 3,064 25,952 ,416
New York City
1945—November
21,342
5,415
2,597 1,134
628
325
179
64
54
434 15,927
4,855
209
2,750 2,939 8,957 1,072
1946—July
August
September
October
November
20,690
20,148
19,870
19,627
19,264
5,675
5,517
5,563
5,54
5,869
2,967
3,165
3,346
3,557
3,692
860
644
660
545
744
491
404
341
266
255
484
419
370
316
258
210
204
178
168
176
63
64
67
70
72
124
132
99
112
151
476
485
502
513
521
15,015
14,631
14,307
14,080
13,395
3,935
13,545
13,187
12,963
12,340
233
160
158
301
155
2,876
2,541
2,132
1,872
1,521
1,420
1,391
1.398
1,320
1,337
9,406
9,453
9,499
9,470
9,327
,080
1,086
1,120
,117
1,055
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
19,613
19,552
19,492
19,863
19,615
5,528
5,468
5,483
5,506
5,750
3,464
3,539
3,588
3,574
3,619
603
484
479
510
649
290
268
258
256
258
338
324
317
304
29:
170
161
16:
168
177
70
70
70
71
71
88
107
96
107
162
505
515
513
516
517
14,085
14,084
14,009
14,357
13,865
12,895
12,944
12,907
13,280
12,789
269
251
254
639
94
1,756
1,855
1,866
1,923
1,960
1,344
1,322
1,297
1,299
1,337
9,526
9,516
9, 490
9,419
9,398
1,190
1,140
1,102
1,077
,076
Nov.
Nov.
Nov.
Nov.
19,261
19,142
19,318
19,333
5,820
5,946
5,838
5,871
3,627
3,696
3,734
3,711
69
775
737
770
262
238
259
274
273
250
233
163
16:
20'
174
72
72
73
73
212
191
78
125
521
515
521
526
13,441
13,196
13,480
13,462
12,378
12,136
12,430
12,414
36
26
344
213
1,654
1,517
1,442
1,471
1,333
1,280
1,330
1,403
9,355
9,313
9,314
9,327
,063
1,060
1,050
1,048
19,22
5,903
19,150 5,932
19,300 6,044
18,861 6,036
3,719
3,778
3,826
3,801
782
738
594
694
443
420
225
219
182
166
16'
170
173
17.
73
75
74
74
130
169
197
160
542
539
555
548
13,320
13,218
13,256
12,825
12,287
12,188
12,193
11,762
180
74
477
152
1,416
1,403
1,503
1,488
1,317
1,395
882
858
9,374 1,033
9,316 1 ,030
9,331 1,063
9,264 1,063
Outside
New York City
1945—November
40,304 7,619
4,062
248
215
719
222 1,004
1,134 32,685 30,518
861
7,048 6,110 16,499 2,167
1946— July
August
September
October
November
40,059
39,779
39,328
38,756
38,407
9,203
9,475
9,755
10,138
10,581
4,860
5,171
5,495
5,938
6,352
202
179
18
159
144
240
204
191
164
154
948
868
1S\
65'
608
25:
250
249
246
245
1,243
1,288
1,328
1,377
l,42f
28,486
27,942
27,214
26,271
25,493
649
602
535
532
459
6,789
6,284
5,624
4.771
4,206
3,569
3,480
3,384
3,211
3,061
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
38,495
38,618
38,825
38,90:
38,939
9,949
10,02
10,148
10,226
10,343
5,700
5,842
5,959
6,048
6,140
183
153
159
148
151
177
168
170
156
150
699
670
656
636
623
248
246
248
24!
246
1,354
1,365
1,375
1,387
1,40:
28,546
28,594
28,67
28,679
28,596
26,193
26,243
26,323
26,339
26,255
410
483
60
594
566
4,791
4,766
4,752
4,778
4,769
3,290 17 ,702 2,353
3,252 17,742 2,351
3,224 17,~744 2,354
3,15 17,814 2,340
3,135 17,785 2,341
Nov.
Nov.
Nov.
Nov.
6
13
20
27
38,348
38,406
38,418
38,458
10,436
10,575
10,637
10,677
6,219
6,333
6,42
6,432
14
148
144
143
161
153
149
153
626
635
590
581
246
243
246
245
1,40'
1,421
1,430
1,440
1,615 27,912
1,622 27,831
1,636 27,78
1,662 27,781
25,589
25,490
25,451
25,445
408
464
435
528
4,264
4,193
4,198
4,170
3,102
3,051
3,051
3,029
17,815 2,323
17,782 2,341
17,767 2,330
17,718 2,336
Dec. 4
Dec. 11
Dec. 18
Dec. 24
38,360
38,491
37,565
37,312
10,703
10,771
10,850
10,88
6,452
6,509
6,525
6,533
143
137
159
172
157
15
160
159
569
548
541
53
248 1,44
25,336
25,38
24,366
24,075
491
522
533
415
4,116
4,09
3,879
3,766
3,028
3,032
2,249
2,206
17,701 2,321
17,736 2,336
17,705 2,349
17,688 2,353
6
13
20
27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
1,456
257 1,467
254 1,479
69
1,443 30,856
1,483 30,304
24 1,528 29,573
23 1,574 28,618
""27,826
20 1,633
1,549
1,560
1,565
1,590
1,605
19
20
20
21
18 1,669
19J1.690
26 1,715
23 1,730
27,65
27,720
26,715
26,428
,464
,388
17,479 2 ,370
17,576 2,362
17,671 2,359
17,757 2,347
17,767 2,333
1
Direct and guaranteed.
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
58
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits
except interbank
Date or month
Reserves
with Cash
Fedin
eral vault
Reserve
Banks
Balances
with
domestic
banks
Demand
deposits
adusted 1
IndividCertiuals, States
and
fied
part- politand
nerical
offiships, subcers'
and
cor- divi- checks,
etc.
pora- sions
tions
Interbank
deposits
Time deposits,
except interbank
IndiDomestic
vidU. S.
banks
Bor- Cap- Bank
uals, States
Govdeband
row- ital
U. S. part- politacernits*
For- ings counts
Gov- nerment
ical
eign
ern- ships, suband
banks
ment and
Postal
Decor- divi- Sav- mand Time
pora- sions ings
tions
Total—101 Cities
1945—November.. 10,491
603
2,266 39,751 40,011 2,112
1,186 8,218 9,186
106
43 10,419
31
1 ,116
533
1946—July
August....
September .
October
November..
10,159
10,181
10,228
10,142
10,209
585
597
618
609
647
2,171
2,143
2,109
2,139
2,132
39,282
39,155
39,578
39,425
39,751
39,479
39,264
39,846
39,827
40,448
2,260
2,223
2,235
2,258
2,280
1.295
,156
,195
,139
,193
7,397
6,607
5,421
4,621
3,452
9,985
10,066
10,093
10,154
10,175
134
144
150
148
154
55
58
58
59
60
9 409
9',368
9,298
9,288
9,369
27
27
28
28
27
1 ,268
1 ,287
1 ,321
1 ,302
1 ,307
206 5,168
220 5,194
207 5,211
175 5,230
253 5,251
70,907
65,985
64,442
69,458
68,168
Oct. 2 . . . .
Oct. 9 . . . .
Oct. 1 6 . . . .
Oct. 2 3 . . . .
Oct. 3 0 . . . .
10,242
10,146
10,202
9,961
10,161
576
617
591
623
637
2,113
2,092
2,241
2,128
2,121
39,237
39.277
39,267
39,690
39,653
39,418
39,314
40,522
40,029
39,851
2,370
2,229
2,198
2,185
2,308
L,269
1,093
1,101
L ,101
1,130
4,680
4,559
4,588
4,639
4,640
10,133
10,156
10,161
10,162
10,159
153
148
149
146
145
58
59
58
59
60
9,258
9,206
9,552
9,216
9,207
28
27
28
27
28
1 ,304
1 ,294
1 ,291
1 ,308
1 ,313
145
209
179
149
194
5,226
5,234
5,227
5,234
5,230
16,821
14,531
15,156
16,398
15,177
Nov. 6 . . . .
Nov. 1 3 . . . .
Nov. 20
Nov. 2 7 . . . .
10,127
10,278
10,215
10,215
636
678
641
633
2,087
2,205
2,129
2,108
39,530
39,501
39,840
40,135
40,032
40,661
40,460
40,638
2,309
2,298
2,244
2,270
1,178
1,198
1,226
1,170
3,401
3,425
3,459
3,524
10,180
10,178
10,185
10,158
144
145
163
162
60 9,350
59 9,614
60 9,301
60 9,121
26
27
27
27
,332
,315
,292
,288
334 5,256
329 5,249
194 5,251
156 5,249
15,533
14,967
17,987
15,929
Dec. 4 . . . .
Dec. 1 1 . . . .
Dec. 1 8 . . . .
Dec. 2 4 . . . .
10,320
10,457
10,469
10,489
643
710
710
663
2,122
2,184
2,226
2,120
39,999
40,322
41,010
40,536
40,178
40,957
41,840
40,977
2,248
2,243
2,275
2,238
1,217 3,311 10,169
1,334 3,375 10,169
1,481 1,484 10,171
1,196 1,554 10,192
162
161
164
161
60 9,406
61 9,337
60 9,582
62 9,219
27
27
27
27
,267
,249
,289
: ,272
New York City
1945—November.
3,809
98
25 14,711 15,127
261
726
3,077 1,100
19
10 3,138
1
992
227
1,894 28,423
1946—July
August....
September
October...
November.
3 704
3,727
3,763
3,709
3,732
96
97
109
106
119
27
26
29
28
27
14,317
14,172
14,351
14,370
14,511
14,753
14,523
14,748
14,740
14,923
223
211
194
262
302
775
661
685
652
698
2,659
2,331
1,863
1,576
1,159
1,231
U2SS
1,258
1,268
1,254
16
16
16
18
28
2,97^
• 2,'878
7 2,911
2,869
2,809
116
117
129
95
86
98
1 974
1^982
1,982
1,989
2,001
32 667
28^127
27,864
29,401
28,843
Oct. 2 . . .
Oct. 9 . . .
Oct. 1 6 . . .
Oct. 2 3 . . . .
Oct. 3 0 . . .
3,772
3,733
3,728
3,551
3,760
104
109
100
105
110
29
27
30
29
26
14,302
14,329
14,241
14,543
14,436
14,658
14,615
14,874
14,832
14,723
292
223
233
240
323
774
602
599
636
648
1,603
1,556
1,566
1,578
1,577
1,271
1,274
1,277
1,263
1,256
18
18
18
18
18
2,956
2,869
7 2,888
7 2,817
2,816
1,157
1,144
1,142
1,148
1 1,154
93
91
81
43
122
1,989
1,991
1,988
1,989
1,985
7,568
6,360
6,341
6,797
6,243
Nov.
Nov.
Nov.
Nov.
6...
13...
20...
27...
3,692
3,805
3,728
3,704
117
124
113
121
25
29
29
28
14,357
14,421
14,607
14,658
14,708
14,912
14,997
15,076
320
305
283
299
675
687
735
693
1,148 1,261
1,150 1,256
1,158 1,259
1,180 1,241
18
18
37
38
1,173
1,159
1,135
1,136
169
146
28
50
2,002
2,002
2,003
1,996
6,826
6,112
7,494
6,788
Dec. 4 . . .
Dec. 1 1 . . .
Dec. 18..
Dec. 24...
3,770
3,856
3,893
3,869
114
130
130
119
25
27
33
30
14,533
14,623
15 083
14,823
14,820
15,090
15,689
15,231
245
241
241
200
679
810
904
676
1,116 1,255
1,134 1,248
1 ,481 1,250
504 1^253
38
38
37
38
1,110
1,098
2,003 6,902
2,000 6,674
2 00( 10 158
1^994 7^647
6,682
505
2,241 25,040 24,884 1,851
460
5,141 8,086
3,048 34,616
6 455
6,454
6,465
6,433
6,477
489
500
509
503
528
2,144
2,117
2,080
2,111
2,105
24,965
24,983
25,227
25,055
25,240
24,726
24,741
25,098
25,087
25,525
2,037
2,012
2,041
1,996
1,978
520
495
510
487
495
4,738
4,276
3,558
3,045
2,293
8,754
Oct. 2 . . .
Oct. 9 . . .
Oct. 1 6 . . .
Oct. 2 3 . . .
Oct. 3 0 . . .
6,470
6,413
6,474
6,410
6,401
472
508
491
518
527
2,084
2,065
2,21
2,099
2,095
24,935
24,948
25,026
25,147
25,21
24,760
24,699
25,648
25,197
25,128
2,078
2,006
1,965
1,945
1,985
495
49
502
465
482
Nov.
Nov.
Nov.
Nov.
6...
13...
20...
27...
6,435
6,473
6,487
6,511
519
554
528
512
2,06
2,176
2,100
2,080
25,173
25,080
25,233
25,47
25,324
25,749
25,463
25,562
1,989
1,993
1,961
1,97
Dec. 4 . . .
Dec. 1 1 . . .
Dec. 1 8 . . .
Dec. 24...
6,550
6,601
6,576
6,620
529
580
580
544
2,09
2,15
2,193
2,090
25,466
25,699
25,92
25,713
25,358
25,86
26,15
25,746
2,003
2,002
2,034
2,038
Outside
New York City
1945—November.
1946—J u ly
August. . .
September
October...
November.
2,834
2,825
2,833
7 2,747
L132
1,171
1,149
1 1,151
!
7
;
2,884
181 5,257 15,852
219 5,248 15,707
299 5,253 21,663
283 5,243 16,771
3 083
7 2^850
1
U121
100
106
155
151
7
7 2,819
138
4,942 63,039
87
33
7,281
30
124
306
8',835
8,886
8,921
118
128
134
130
126
48
51
51
52
53
6,435
6^490
6,387
6,419
6,560
26
26
27
27
26
152
155
150
15.
156
89 3,194
91 3^212
112 3,229
89 3,24
155 3,250
38,240
37',858
36,578
40,057
39,325
3,07
3,003
3,022
3,06
3,063
8,862
8,882
8,884
8,899
8,903
135
130
131
128
127
5
52
51
52
53
6,302
6,337
6,664
6,399
6,391
27
26
27
26
27
14
150
149
160
159
52
118
98
106
72
3,23
3,24
3,239
3,24
3,24
9,253
8,171
8,815
9,601
8,934
503
511
49
477
2,25
2,275
2,30
2,34
8,919
8,922
8,926
8,917
126
127
126
124
53 6,516
52 6,789
53 6,558
53 6,374
25
26
26
26
159
156
157
152
165
183
166
106
3,25
8,707
3,24
8,855
3,248 10,493
3,25
9,141
538
524
577
520
2,19
2,24
1,00
1,050
8,914
8,921
8,921
8,939
124
123
127
123
53
54
53
55
6,522
6,518
6,499
6,369
26
26
26
26
15
15
15
15
8
113
144
132
3,254 8,950
3,24
9,033
3,25 11,505
3,249 9,124
i 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.
s
JANUARY
1947
59
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
Boston
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
New York*
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Philadelphia
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Cleveland
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Richmond
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Atlanta 1
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Chicago*
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
St. Louis
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24.
Minneapolis
Nov. 27
Dec. 4
Dec. 11
Dae. 18
Dec. 24
Kansas City
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dallas
Nov. 27
Dec. 4
Dec. 11
EJec. 18
Dec. 24
. San Francisco
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
City of Chicago*
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Total
loans
and
invest- Total
ments
2,855
2,856
2,849
2,81
2,793
1,330
1,221
L ,139
1,276
),829
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
T o brokers
and dealers
U. S. Other
Govt.
seobliga- curitions ties
U. S. Government obligations
To o
U.S.
Govt. Other
obliga- cuntions ties
Real- Loans
estate to Other Total
loans banks loans
Total
59:
59'
600
600
588
29
24
22
24
28
10
10
11
16
14
25
25
25
25
23
14
14
1
14
15
90
90
90
89
90
6,364 3,952
6,399 3,960
6,428 4,022
6,546 4,073
6,543 4,050
777
792
745
601
700
262
268
246
446
.422
254
246
236
199
183
19.
188
191
193
194
179
179
181
181
184
91
908
912
923
911
12
130
169
197
160
CerOther
tifisecucates
rities
Bills of in- Notes Bonds
debtedness
149
145
146
147
148
1,940
1,948
1,937
1,891
1,882
,857
,868
,856
,812
38
42
28
41
33
202
201
196
195
192
618
636
638
656
650
4,966
4,822
.4,711
4,730
4,2&6
13,817
13,690
13,581
13,568
13,123
217
192
83
497
158
1,551
1,487
1,472
1,564
1,553
175
183
186
130
128
1,442
1,442
1,446
1,446
1,450
1,562 10,487
1,475 10,536
1,551 10,475
1,018 10 ,489
994 10,418
>,284
',300
',330
,282
,296
664
662
669
658
65
396
396
401
387
385
11
6
6
10
9
21
23
21
22
22
16
16
16
11
11
7
7
7
7
7
44
44
45
45
46
166
168
169
169
170
1,620
1,638
1,661
1,624
1,639
1,409
1,429
1,451
1,412
1,425
34
59
70
76
63
162
166
175
167
186
146
142
139
98
97
1,067
1,062
1,067
1,071
1,079
,711
712
694
599
601
1,220
1,225
1,232
1,249
1,269
645
650
657
652
660
22
22
22
33
47
22
21
20
27
24
105
104
101
101
101
12
12
12
12
12
215
217
218
219
219
199
199
202
205
206
3,491
3,487
3,462
3,350
3,332
3,202
3,201
3,176
3,060
3,040
42
41
19
27
31
449
449
439
412
390
320
321
321
222
220
2,391
2,390
2,397
2,399
2,399
983
979
976
922
896
462
463
464
465
468
238
242
242
242
245
1
" "[1
5
4
4
4
4
36
37
36
35
35
10
10
10
10
11
74
75
76
76
76
96
93
94
96
96
1,521
1,516
1,512
1,457
1,428
1,435
1,431
1,427
1,372
1,344
18
18
17
11
9
248
245
242
218
196
123
123
124
106
104
1,046
1,045
1,044
1,037
1,035
,022
,005
,012
,950
,943
580
577
580
584
588
329
324
326
328
331
1
1
1
1
1
5
6
6
6
6
65
63
62
63
62
22
22
23
23
23
41
41
41
41
41
113
116
117
118
120
1,442
1,428
1,432
1,366
1,355
1,278
1,264
1,268
1,203
1,193
16
14
20
18
31
285
276
276
245
229
166
163
162
132
128
811
811
810
808
805
,468
,369
,446
,123
,047
2,166
2,177
2,191
2,195
2,198
1,463
1,467
1,478
1,480
1,477
58
64
64
67
65
42
44
45
39
42
79
72
73
73
71
62
65
65
65
67
243
244
245
246
247
219
221
221
225
229
6,302
6,192
6,255
5,928
5,849
5,757
5,652
5,701
5,365
5,286
185
102
137
116
62
938
910
907
828
807
654
654
651
402
394
3,980
3,986
4,006
4,019
4,023
904
919
921
881
879
706
711
721
732
731
406
409
420
429
427
2
3
2
2
2
5
5
4
4
4
37
37
37
34
33
15
15
15
15
15
98
99
99
100
102
140
140
141
146
146
1,198
1,208
1,200
1,149
1,148
1,065
1,075
1,067
1,015
1,012
18
17
9
15
16
103
105
101
100
93
178
188
193
138
137
766
765
764
762
766
208
211
208
183
174
328
327
327
330
332
186
186
185
187
188
' 'I i
2
2
2
2
2
18
17
17
16
16
5
5
5
5
5
39
39
39
40
40
77
76
77
79
80
884
881
853
842
823
827
829
795
785
10
11
14
5
69
67
68
62
57
112
112
112
100
90
632
637
635
629
630
213
193
201
157
124
540
541
543
550
552
347
347
348
354
356
3
4
4
4
4
25
25
25
24
23
9
9
9
9
9
60
60
60
61
61
94
94
95
96
97
1,673
1,652
1,658
1,607
1,572
1,504
1,484
1,491
1,441
1,407
42
31
46
45
30
347
345
340
335
325
250
244
245
206
201
865
864
860
855
851
942
948
947
925
891
755
758
764
777
780
496
499
500
511
511
8
8
8
8
10
62
60
60
62
63
32
32
33
34
32
48
48
48
49
49
108
110
114
112
114
1,187
1,190
1,183
1,148
1,111
1,116
1,119
1,112
1,074
1,037
46
46
48
54
50
263
266
258
250
230
163
161
161
123
122
644
646
645
647
635
871
870
918
753
700
1,848
1,858
1,872
1,885
1,891
1,090
,094
108
108
,116
n
n
10
13
13
27
27
27
25
25
92
92
79
80
79
36
36
43
43
37
382
384
389
394
398
209
213
215
221
222 4,809
4,596
4,583
4,613
4,441
4,382
75
98
105
105
76
1,024
1,015
1,023
1,006
996
583
579
582
456
449
2,914
2,891
2,903
2,874
2,861
,047 1,447
,958 1,456
,03. 1,463
1,463
1,460
1,099
1,102
1,106
1,105
1,099
56
62
63
66
64
33
36
37
32
34
48
41
44
43
42
53
56
56
56
58
52
52
51
51
51
3,600
3,502
3,572
3,359
3,280
3,266
3,167
3,224
3,004
2,925
150
70
107
93
32
620
599
598
543
523
322
320
321
165
161
2,174
2,178
2,198
203
2,209
i
I
l
l
l
106
107
106
110
112
1
Direct and guaranteed.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
60
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Reserves
BalDewith lash ances mand
Fedwith
dein
eral
do- posits
ault Lestic
Readserve
banks usted 1
Banks
Boston (6 cities)
Nov. 27
479
Dec. 4
475
Dec. 11
482
Dec. 18
510
Dec. 24
497
New York (8 cities)'Nov. 27
3,96:
Dec. 4
4,010
Dec. 11
4,108
Dec. 18
4,148
Dec. 24
4,116
Philadelphia (4 cities'
Nov. 27
'.
422
Dec. 4
426
Dec. 11
434
Dec. 18
452
Dec. 24
460
Cleveland (10 cities)
Nov. 27
764
Dec. 4
778
Dec. 11
75Dec. 18
768
Dec. 24
781
Richmond (12 cities)
Nov. 27
354
Dec. 4
348
Dec. 11
363
Dec. 18
36
Dec. 24
358
Atlanta (8 cities)
Nov. 27
38i
Dec. 4
378
Dec. 11
378
Dec. 18
38
Dec. 24
Chicago (12 cities)*
Nov. 27
1,42'
Dec. 4
1,495
Dec. 11
1,47
Dec. 18
1.44C
Dec. 24
l,47i
St. Louis (5 cities)
Nov. 27
34
Dec. 4
33.
Dec. 11
35
Dec. 18
35.
Dec. 24
35
Minneapolis (8 cities
Nov. 27
21
Dec. 4
21
Dec. 11
21
Dec. 18
20
Dec. 24
21
Kansas City {12 cities
Nov. 27
45
44«
Dec. 4
Dec. 11
45'
Dec. 18
43.
Dec. 24
45
Dallas (9 cities)
40i
Nov. 27
38!
Dec. 4
Dec. 11
40:
Dec. 18
39
Dec. 24
40:
SanFrancisco(7 cities
Nov. 27
1,01
Dec. 4
1,01
Dec. 11
1,03.
Dec. 18
1,02
Dec. 24
1,00!
City of
Nov.
Dec.
Dec.
Dec.
Dec.
Chicago*
27
4
11
18
24
95
92
905
92
IndiindividvidCertiuals, States
uals, states
and
fied
and
part- politU.S.
partand
nerGov- ner- political
offiical
ships, subern- ships, subcers'
and
ment and dividivichecks,
corcoretc.
pora- sions
pora- sions
tions
tions
54
63
68
68
6.
10'
106
111
123
109
2,245
2,273
2,283
2,363
2,320
2,21
2,222
2,26'
2,337
2,289
16:
156
148
161
155
156
153
174
173
158
116
112
122
142
128
5,985
5,863
5,967
6,483
6,194
6,27
6,008
6,307
6,932
6,459
486
431
428
442
393
33
37
42
43
39
90
89
92
102
92
1,836
1,853
1,899
1,943
1,960
1,941
1,958
2,000
2,058
2,049
44
46
44
53
51
80
86
95
9
196
192
204
204
200
3,118
3,168
3,135
3,16
3.18C
3,179
3,176
3,195
3,241
3,235
158
159
15
15
162
42
4:
45
45
4:
12
13
13 =
12
11
1,40 1,43!
1,399 1,43
1,407 1,452
1,409 1,444
1,384 1,420
3:
31
3:
3:
3
125
14.
14.
15
13, 1,37
1,3H
1,34(
1,35(
1,31.
10i
10
39'
38
39
40.
37
5,60
5,535,601
5,56
5,52
5,61
5,47.
5,62
5,61
5,53
2
2.
2
2
2
10
10
11
10*
10C
1,16
1,16.
1,16
1,17
1,14!
1,24
1,22
1,26
1,27
1,24!
9.
9:
10
1
1
1
1
1
2
2
2,
2.
2
2
21
'2
2;
2
76=
76C
764
76'
75.
Time deposits,
except interbank
Interbank
deposits
Domestic
banks
U. S.
BorGovrowernForings
ment
eign
and
banks
DePostal
Sav- mand Time
ings
190
178
181
79
472
471
471
471
471
282
286
281
296
279
24
22
23
23
23
729 1,279
720 1,208
848 1,227
523
955
547
711
,946
,962
,956
,958
,962
2,814
2,953
2,887
3,149
2,916
1,138
1,113
1,101
1,141
1,123
22
23
31
44
29
157
145
147
63
70
243
24:
243
243
244
318
334
334
346
334
12
12
11
12
12
55
63
50
53
61
300
280
28
12;
134
1,335
1,335
1,336
1,336
1,341
477
482
470
478
495
2
30
32
43
36
12
12
13C
6i
64
380
377
377
376
376
17
1
1
23
H
10.
9i
9«
4'
4'
33
36
39
43
38
Capital
Bank
debits*
299
297
297
297
296
716
664
678
893
747
2,162
2,169
2,166
2,166
2,159
7,198
7,310
7,111
10,699
8,068
263
264
264
263
262
646
589
' 643
853
677
5
4
5
5
5
493
494
491
492
492
1,034
964
974
1,300
1,102
410
416
413
402
389
5
7
5
5
6
148
149
148
149
148
379
458
474
570
455
451
450
449
449
449
46'
478
491
48
485
8
8
8
9
133
133
133
133
133
493
469
469
596
488
46.
49<
48;
47
47
51. 1,993
47' 1,995
1,99'
1,99
2,00C
1,614
1,669
1,651
1,628
1,570
632
632
632
632
633
2,278
2,360
2,255
3,040
2,177
7
7,
37:
36!
36<
371
371
575
586
603
608
612
144
144
143
144
144
469
485
471
600
475
23
23
23
23.
23
355
360
3534:
332
93
93
93
93
93
365
315
339
363
2U
2U
21
20*
20?
74'
75
76'
75'
76;
112
120
164
157
1
2
1
4
1,51
1,53
1,51
1,54
1,55'
1,52
12
11
11
5;
6
31
31.
31
31
31
8383;
83:
82!
82:
158
158
157
160
158
570
523
529
690
544
1,49«
1,48;
1,49
1,51
1,51
1,48.
1,48:
1,50!
1,53(
1,50
95
9
9.
4:
4.
29
30C
29
29
29,
5254:
55!
54:
54:
152
152
150
151
152
480
419
454
564
485
574
573
1,301
1,296
1,310
1,495
1,264
3,64
3,62;
3,68
2,12i
2,12.
2,12;
2,12,
2,13.
3,36;
3,52
3,44:
3,54
3,51
3,43'
S2t
83C
83:
83.
45:
46:
46'
44^
1,131
1,173
1,164
1,15
1,097
397
398
398
399
1,465
1,546
1,416
1,965
1,360
* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except in interbank and U. S. Government accounts.
1
2
JANUARY
1947
61
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Based on 2
Held by
Commercial
paper
Total
out- 1
outstanding standing
Accepting banks
Total
Own
bills
Bills
bought
1945—August
September
October
November
December
110
111
127
156
159
128
135
135
145
154
101
104
100
107
112
50
52
53
58
64
50
52
46
49
48
1946—January
February
March
April
May
June
July
August
September
October
November
174
178
172
149
126
121
131
142
148
202
227
166
167
163
169
177
192
205
207
200
204
208
126
128
119
109
108
109
118
140
151
154
155
71
74
64
65
66
65
67
68
68
71
73
55
53
55
44
42
45
51
72
82
82
82
Federal
Reserve
Banks
(For own
account)
2
13
13
18
34
13
2
Imports
into
United
States
Exports
from
United
States
28
31
35
38
42
91
98
95
100
103
40
39
42
47
55
64
54
54
47
50
54
109
109
104
114
124
134
146
152
150
154
152
Others
Goods stored in or
shipped between
points in
United
States
Foreign
countries
10
11
12
15
18
25
23
22
23
26
2
3
6
6
7
20
18
17
16
18
22
24
22
20
18
23
29
31
33
30
28
27
26
26
23
23
26
8
9
8
9
7
8
9
7
7
8
6
1
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
2
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and
trading
and trading
(net)*
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In partners'
Infirm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
19*36—June
December...
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...
1,267
1,395
1,489
985
774
991
834
906
653
677
67
64
55
34
27
32
25
16
12
12
164
164
161
108
88
106
73
78
58
99
219
249
214
232
215
190
178
207
223
204
985
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
616
600
496
543
761
788
887
1,041
1,223
1,138
11
8
9
7
9
11
5
7
11
12
89
86
86
154
190
188
253
260
333
413
186
211
180
160
167
181
196
209
220
313
395
368
309
378
529
557
619
726
853
795
255
289
240
270
334
354
424
472
549
654
65
63
56
54
66
65
95
96
121
112
17
17
16
15
15
14
15
18
14
29
7
5
4
4
7
5
11
8
13
13
222
213
189
182
212
198
216
227
264
299
370
3 734
3 645
3 622
3 575
3 547
498
3 442
3 377
3 305
3 253
3 238
3 727
3 755
3712
3 697
3 669
651
3
653
'647
3 729
3 720
3 723
120
24
17
314
3 1,168
1946—January
F e b r u a r y . . . 31,046
3 936
March
3 895
April
8 856
May
809
June
3 745
July
3 723
August
3 631
September. .
3 583
October
3571
November. .
7
399
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firmS
2
includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
- • - • - '
-r
i ^,
, T^ i
A
I:__J.~4.I
4.,, +v,~ ^~w- ^t 4-^i-^i c u s t o m e r s ' d e b i t b a l a n c e s r e p r e s e n t e d b y b a l a n c e s
The article describes the
uuuywn.
.~&—~~
r
~ - . _
. ' a n d explains that the last
oninmn 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.
62
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4-to 6months1
U. S. Government
security yields
Prime Stock
exbank- change
ers'
9-to 12call
accept- loan
month
to 53ances,
certifi- 3-year
re90 1
month
cates taxable
new2
days
of inbills'
als
debted- notes
ness
1944 average
1945 average
1946 average
.73
.75
.81
.44
.44
.61
1.00
1.00
1.16
.375
.375
.375
.79
.81
.82
1945—December..
.75
.44
1.00
.375
.84
1946—January...
February. .
March
April
May
.75
.75
.75
.75
.75
.75
.77
.81
.81
.88
.94
1.00
.44
.44
.44
.44
.47
.50
.59
.71
.81
.81
.81
.81
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.38
1.38
1.38
1.38
1.38
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.376
.375
.79
.76
.79
.81
.83
.83
.84
.84
.85
.83
.84
.85
1.10
1.03
.99
1.12
1.18
1.15
1.13
1.14
1.22
1.24
1.22
1.22
.376
.375
.375
.375
.374
.85
.85
.85
.84
.85
1.25
1.25
1.24
1.20
1.18
June
July
August....
September.
October....
November.
December..
Week ending:
Nov. 3 0 . . .
Dec.
7...
Dec. 14. . .
Dec. 2 1 . . .
Dec. 28. . .
1
1
1
1
1
13
Ae
13
/l6
13
/l6
13
/l6
13
/l6
i^-i
K
lX-i K
1X-1K
IK-IK
l T4-1K
1.33
1.18
1.15
4
1.15
i Monthly figures are averages of weekly prevailing rates.
1
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
•4 Rate on new issues offered within period.
From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept.
15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15,
1945, includes only Treasury bonds of Dec. 15, 1950.
(• Back figures.—See Banking and Monetary Statistics, Tables 120-121,
»pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
average1
average1
average
average
average
average
average
average
average
average
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
1.73
1.69
2.07
2.04
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
_ 2.59
2.39
2.34
1942—December.
2.63
2.09
2.63
3.26
1943—March
June
September.
December..
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September.
December..
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March
June
September.
December..
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March
June
September.
December..
2.31
2.41
2.32
2.33
1.75
1.84
1.83
1.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
pp
BOND YIELDS1
[Per cent per annum]
Corporate (Moody's) 4
U. S. Government
Year, month,
or week
7 to 9
years
Taxable
15 years and
over
Partially tax
exempt
Municipal
(highgrade)2
Corporate
(highgrade)3
Taxable
Aaa
Number of issues.
1-5
1-5
1-9
1944 average....
1945 average.
1946 average....
1.94
1.60
1.45
1.92
1.66
6
s 1.38
1.51
1.86
1.67
1.64
1.64
2.60
2.54
2.44
2.54
3.05
2.87
2.74
1945—December
2.48
2.37
2.19
2.33
1946—January. .
February..
March....
April
May
June...'..
July
August. . .
September
October. .
November
December
1.31
1.28
1.28
1.36
1.47
1.43
1.40
1.46
1.55
1.56
1.58
1.56
2.21
2.12
2.09
2.08
2.19
2.16
2.18
2.23
2.28
2.26
2.25
2.24
1.57
1.49
1.49
1.45
1.54
1.55
1.60
1.65
1.75
1.84
1.80
1.97
2.43
2.36
2.35
2.37
2.44
2.42
2.41
2.44
2.50
2.51
2.51
2.55
'Week ending:
Nov. 30..
Dec.
7..
Dec* 14. .
Dec. 2 1 . .
Dec. 28. .
1.62
1.61
1.57
1.55
1.53
2.27
2.27
2.25
2.23
2.22
1.87
1.93
1.96
2.00
1.99
2.52
2.53
2.56
2.57
2.56
()
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
15
5
By groups
By ratings
Total
Aa
A
Baa
Industrial
Railroad
Public
utility
30
30
30
30
40
40
40
2.81
2.71
2.62
2.68
3.06
2.87
2.75
2.79
3.61
3.29
3.05
3.10
2.80
2.68
2.60
2.64
3.39
3.06
2.91
2.96
2.97
2.89
2.71
2.80
2.72
2.62
2.53
2.61
2.73
2.68
2.66
2.67
2.71
2.71
2.71
2.73
2.79
2.82
2.82
2.83
2.54
2.48
2.47
2.46
2.51
2.49
2.48
2.51
2.58
2.60
2.59
2.61
2.62
2.56
2.54
2.56
2.58
2.59
2.59
2.62
2.68
2.70
2.69
2.69
2.73
2.70
2.69
2.69
2.73
2.73
2.72
2.74
2.80
2.84
2.84
2.83
3.01
2.95
2.94
2.96
3.02
3.03
3.03
3.03
3.10
3.15
3.17
3.17
2.57
2.54
2.54
2.57
2.60
2.59
2.58
2.58
2.64
2.65
2.66
2.66
2.89
2.83
2.80
2.78
2.84
2.85
2.86
2.89
2.98
3.05
3.05
3.04
2.71
2.65
2.64
2.65
2.69
2.70
2.69
2.70
2.75
2.76
2.77
2.77
2.84
2.84
2.83
2.83
2.82
2.60
2.61
2.62
2.61
2.60
2.70
2.70
2.70
2.69
2.68
2.85
2.85
2.83
2.83
2.82
3.19
3.19
3.17
3.17
3.16
2.67
2.67
2.67
2.67
2.66
3.07
3.07
3.04
3.04
3.03
2.77
2.78
2.78
2.77
2.76
120
2.79
6
No partially tax-exempt bonds due or callable in lo years ana over.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for M
JANUARY
1947
63
SECURITY MARKETS *
Stock prices5
Bond prices
Number of issues.
U. S.
Government2
Municipal
(highgrade)3 Highgrade
Preferred6
DePublic faulted
utility
Medium- and lower-grade
Total
Industrial
Volume
of trading7 (in
thousands of
Public shares)
utility-
Common (index, 1935-39 = 100)
Corporate
Year, month, or week
Railroad
Total
Industrial
Railroad
15
15
50
10
20
20
15
402
354
20
28
1944 average
1945 average
1946 average
100.25
102.04
104.77
135.7
139.6
140.1
120.9
122.1
133.4
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
1945—December..
102.68
140.1
121.9
119.0
123.1
117.5
116.2
82.1
195.3
140
142
157
120
1,626
119.7
120.0
120.1
119.9
119.5
119.5
119.1
119.0
117.4
115.8
115.9
115.9
123.9
124.4
124.5
124.4
123.9
123.9
123.4
124.0
123.3
122.2
122.5
123.0
118.9
119.6
119.9
119.6
118.6
118.7
118.5
117.7
114.3
112.3
112.7
122.9
116.3
116.1
115.9
115.8
116.0
116.0
115.3
115.4
114.7
112.9
112.6
111.9
84.9
85.4
82.7
83.6
81.8
83.2
80.0
78.8
65.4
62.7
63.6
67.7
197.9
200.5
203.1
204.9
201.9
202.4
204.1
203.4
196.2
191.6
189.3
186.2
145
143
142
152
154
153
150
146
125
122
121
126
148
146
145
156
159
157
153
150
129
126
124
129
164
160
154
157
157
162
154
147
119
110
113
119
124
124
123
128
129
130
128
125
110
107
106
110
2,183
1,776
1,116
1,391
1,311
1,086
936
946
2,173
1,256
1,191
1,320
115.5
115.5
116.0
116.0
116.0
122.5
122.6
122.9
123.1
123.2
112.1
112.1
113.0
113.2
113.1
112.0
112.0
112.3
111.6
111.6
63.0
64.1
68.5
68.8
69.3
187.7
185.7
186.2
186.7
186.7
120
122
127
126
127
123
125
130
129
130
113
115
123
120
119
106
108
110
110
110
1,005
1,133
1,556
1,291
1,164
1-9
1946—January...
February..
March
April
May
June
July
August....
September.
October
November.
December..
104.59
106.03
106.46
106.61
104.82
105.28
104.87
104.11
103.25
103.58
103.71
103.87
141.6
143.4
143.4
144.1
142.1
142.0
140.9
140.0
137.8
135.7
136.8
133.4
123.8
124.5
124.5
124.3
123.7
123.9
124.0
123.8
122.8
121.8
121.6
121.5
Week ending:
Nov. 3 0 . . . .
Dec. 7 . . . .
Dec. 14
Dec. 2 1 . . . .
Dec. 2 8 . . . .
103.42
103.46
103.82
104.02
104.14
135.4
134.2
133.6
132.8
133.0
121.5
121.5
121.4
121.4
121.5
971
1,443
1,390
1
2
8
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
*5 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
• Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Total
(new
and
refunding)
Domestic
Total
(domestic
and
forTotal
eign)
1,972
2,138
2,360
2,277
1,951
2,854
1,075
642
913
1,764
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
896
1,752
342
176
235
471
223
838
94
243
94
241
34
80
200
122
200
373
310
425
491
419
231
353
659
200
122
200
373
302
425
491
419
231
353
659
68
57
56
61
103
108
124
64
61
49
69
1945—November
December
346
430
562
1,097
1,037
June
847
July
929
August...
559
September
430
October. .
552
November
761 1
1946—January..
February.
March. . .
April
May
Domestic
Corporate
State FedForand
eign2
eral
mu- agenBonds
nici- cies1 Total and Stocks
pal
notes
6,214
3,937
4,449
5,790
4,803
5,546
2,114
%. . 2,174
. . . 4,216
7,958
. ...
.
For refunding
735
712
22
157
1,192
1,225
839
817
352
408
23
44
971
931
751
518
481
924
461
873
383
736
1,062
624
374
646
1,255
807
287
601
889
67
97
135
173
35
38
2
1
506
282
422
602
118
92
224
654
60
161
28
107
31
54
131
47
127
290
192
307
367
354
170
257
590
10
5
17
118
99
115
183
196
95
213
444
122
42
111
172
93
193
184
159
74
43
145
1,272
108
90
15
26
1
18
16
22
7
9
47
2
17
12
•
•
•
•
-
1
8
Total
(domestic
and
forTotal
eign)
4,242
1,799
2 089
3,513
2 852
2,693
1,039
1,532
3,303
6,194
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,146
129
594
146
307
362
723
728
423
438
141
199
199
102
State
and
municipal
Federal
agen-1
cies Total
382
191
353
281
129
195
482
435
665
Corporate
Foreign2
Bonds
and Stocks
notes
181
259
404
324
440
497
418
912
3,387
1 209
1 267
1 733
2 026
1 557
418
685
2,466
4,911
129
594
7
3
44
255
78
337
60
282
18
55
146
307
338
698
728
423
386
126
199
199
102
3
23
31
10
47
16
8
1
16
1
2
30
20
23
326
17
41
33
33
38
133
13
113
264
284
363
664
366
345
92
144
65
86
55
247
238
277
536
301
274
39
143
36
68
58
17
46
85
127
65
71
53
1
29
19
1 537
344
698
3,187
856
1 236
1,596
1 834
1 430
407
603
2,178
4,256
200
352
119
119
31
137
193
126
28
48
11
82
288
655
4
90
15
48
23
25
52
15
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.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce.
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
2
64
Monthly figures
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated Estimated
gross
net
proceeds2 proceeds 3
New money
Total
Plant and
equipment
Retirement of securities
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
57
208
858
991
681
325
569
868
474
308
657
1,080
32
111
380
574
504
170
424
661
287
141
252
638
26
96
478
417
177
155
145
207
187
167
405
442
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
71
226
190
87
59
128
100
30
72
351
438
84
170
154
111
215
69
174
144
138
73
49
434
11
23
49
36
7
26
19
28
35
27
47
133
1945—August
September
October
November
December
465
808
1,082
152
500
459
793
1,062
148
491
100
99
156
25
121
59
50
102
9
93
41
49
54
16
29
302
682
853
88
338
283
648
797
68
296
19
35
56
19
42
50
1
19
6
12
6
11
34
29
20
1946—January
February
March
April
May
June
July
August
September
October
November
253
297
417
682
844
663
672
497
267
245
291
405
666
825
643
655
488
261
'377
617
111
37
99
213
153
245
327
331
138
••263
511
63
17
55
148
91
169
198
126
101
160
329
49
20
44
65
62
77
129
206
37
104
183
118
238
287
376
630
317
258
98
98
48
81
56
222
257
320
514
285
218
77
38
36
74
62
16
30
56
116
32
40
21
60
12
6
5
2
2
57
28
14
46
50
18
n51
6
10
15
17
21
14
67
25
10
6
5
19
••383
629
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month
Other
Industrial
Retire- All Total
Retire- All
Retire- All Total
Total
Retire- All Total
New ment of other net
New ment of other
net
New ment of other net
net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses ceeds
ties
ties
poses
poses ceeds
poses ceeds
ties
ceeds
ties
172
120
774
338
54
182
319
. - - 361
47
160
602
1,436
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Public utility
21
57
139
228
24
85
115
253
32
46
102
115
120
54
558
110
30
97
186
108
15
114
500
1,320
1945—August
September..
October.. . .
November.
December. .
84
270
246
10
4
27
74
266
219
68
19
50
1946—January
February...
March
April
May
June
July
August
September..
October
November..
7
150
192
98
76
35
9
3
19
40
18
7
1
2
1
7
9
8
3
16
21
18
148
190
97
69
26
3
19
31
10
77
1
18
1
1
130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
469
1,400
2,291
11
30
63
89
180
43
245
317
145
22
40
69
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
42
30
27
50
86
47
13
30
27
25
17
63
62
774
1,280
1,079
831
584
961
828
527
497
1,033
1,969
25
74
439
616
469
188
167
244
293
228
454
811
34
550
761
373
226
353
738
463
89
199
504
1,010
2
150
80
90
136
43
56
121
146
71
76
148
20
122
390
71
16
102
155
94
4
21
107
206
46
218
57
8
9
42
55
4
13
61
85
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
4
42
65
4
3
56
117
378
566
63
213
2
16
2
24
111
372
524
54
181
5
6
26
7
8
249
133
223
61
184
86
87
95
21
70
116
42
105
33
105
47
4
23
7
9
8
12
28
24
26
1
8
19
1
9
2
3
5
1
4
22
15
43
32
78
138
424
179
338
41
111
124
61
1
1
1
6
5
10
181
6
13
108
18
43
31
76
119
408
134
156
33
86
17
33
13
11
35
1
2
12
181
100
126
412
289
405
277
392
130
'210
530
98
26
94
198
127
206
131
313
108
132
470
68
59
13
157
137
153
102
63
9
12
48
15
15
19
56
25
45
44
16
13
13
9
10
18
37
24
31
53
1
3
8
6
9
2
7
14
20
6
9
1
3
5
"'io'
r
Revised.
1
Estimates of new issues sold for cash in the United States.
5
Gross
proceeds are derived by multiplying principal amounts or number
8
Estimated net proceeds
are equal to estimated gross proceeds less cost
4
••66
12
5
3*
7
8
3
17
4
i'
9
6
25
42
3
of units by offering price.
of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
JANUARY
1947
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dol ars]
Profits and
dividends
Net profits,1 by industrial groups
Manufacturing anc mining
Year or quarter
Total
Number of companies.
Annual
1939
1940
1941
1942
1943
1944
1945
. . .
Quarterly
1943—i
2
3. . . ,
4
1944—i
2
3
4
Iron
and
steel
47
69
15
146
115
278
325
158
193
629
1,465
1,818
2,163
1,769
1,800
1,896
1,925
2
3
4
1946—1
2
3
Other
durable
goods
Oil
Foods, produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
68
77
75
49
45
223
102
242
274
173
227
70
88
113
90
83
88
88
151
148
159
151
162
175
199
98
112
174
152
186
220
223
30
Other
nondurable
goods
74
152
152
186
134
122
90
564
194
207
160
187
132
152
90
92
669
705
164
170
136
149
161
171
187
147
154
184
970
203
86
989
85
612
36
36
39
39
38
50
209
221
226
21
22
21
127
132
127
47
38
44
246
22
170
42
36
39
224
21
142
50
272
23
184
45
250
47
53
58
269
224
246
20
82
80
79
116
250
303
159
165
209
201
194
174
222
190
163
243
169
47
50
52
3 48
3 46
3 46
3 41
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
41
41
40
3 52
3 47
33 47
43
29
30
28
28
20
22*
21
25
38
43
45
49
49
52
56
64
53
37
3
3
3
3
31
27
23
27
21
21
20
26
45
46
50
58
62
64
61
37
48
39
20
26
43
12
37
42
65
74
84
56
62
78
63
66
67
188
430
433
461
52
47
51
39
41
41
477
53
45
53
444
47
40
52
459
475
46
47
40
38
55
55
55
55
59
492
49
38
63
508
439
485
53
37
49
42
35
47
77
46
58
323
604
676
22
67
94
-19
49
31
-34
21
44
50
47
36
36
3-5
351
338
152
847
1 028
1 137
888
902
226
204
182
180
Dividends
MiscellaNet 1
neous
serv-2 profits Pre- Comices
ferred mon
80
119
133
153
138
128
115
108
518
1945—1
Other Nontrans- ferrous
Au- porta- metals
Machin- tomo- tion
and
ery
biles equip- prodment
ucts
187
43
49
45
43
51
37
37
38
37
40
62
71
76
43
52
88
86
230
244
22
20
552
556
611
149
137
142
22
21
22
145
143
182
20
21
20
146
153
149
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power5
Railroad4
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
.
1943—1
2
3
4
Operating
revenue
3,995
4,297
5,347
. . 7,466
9,055
9,437
8,902
Quarterly
1944—1
2
3
4
I945—1
2
Income
before
income
tax 7
126
249
674
1,658
2,211
1,971
755
Operating
revenue
Net
income1
Dividends
93
189
500
902
873
668
447
126
159
186
202
217
246
253
2,647
2,797
3,029
3,216
3,464
3,618
3,695
29
864
2,091
2,255
2,368
2,340
515
608
653
435
244
250
166
52
36
100
835
859
906
2,273
2,363
2,445
2,356
458
511
31
55
30
130
878
452
148
174
180
165
425
139
30
504
229
550
214
925
886
Telephone 8
Income
before
income
tax 7
Net
income1
Dividends
Operating
revenue
Income
before
income
tax 7
Net
income1
629
692
774
847
914
915
906
535
548
527
490
502
499
523
444
447
437
408
410
390
399
1,067
1,129
1,235
1,362
1,537
1,641
1,803
227
248
271
302
374
399
396
191
194
178
163
180
174
177
254
136
221
210
228
99
366
88
42
Dividends
175
178
172
163
168
168
173
40
118
114
133
100
99
113
382
391
398
96
94
96
135
123
94
102
400
406
97
101
42
43
42
42
111
94
409
98
43
42
44
45
48
42
43
43
929
262
241
205
130
101
426
104
46
43
971
292
139
102
436
115
46
41
207
4
2,277
2,422
2,231
1,972
-404
187
125
-4
72
29
123
909
887
928
233
211
171
123
116
145
96
92
109
444
449
474
109
103
70
45
44
43
44
43
46
1946—1
2
3
1,866
1,711
2,045
38
-54
156
14
-42
125
56
52
41
971
915
937
299
221
207
196
151
142
107
110
112
475
497
502
84
74
55
54
53
44
46
46
48
3
1
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
2 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.
4
»8 Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations..
• Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,7 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published
reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description
of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
66
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]
1 Otcll
gross
direct
debt
End of month
1940—June. . . .
Dec
1941—June. . . .
Dec.
1942—June
Dec
1943—June
Dec
1944—June
Dec
1945—June
Dec
1946—Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov.. . .
Dec
Total
interestbearing
direct
debt
Marketable public issues1
Total
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
bonds
bills
indebtnotes
edness
4 2 , 968
45 025
4 8 , 961
57 938
72 422
108 170
136 696
165 877
201 003
230 630
258 682
278 115
42,
44
48
57
71
107
135
164
199
228
256
275
376
458
387
451
968
308
380
508
543
891
357
694
34 436
35 ,645
37 ,713
41 ,562
50 ,573
76 ,488
95 ,310
115 ,230
140 ,401
161 ,648
181 ,319
198 ,778
1, 302
1, 310
1, 603
2 002
2 508
6 627
11 864
13 072
14 734
16 428
17 041
17 037
3
10
16
22
28
30
34
38
278 887
279 ,214
276 012
273 ,898
272 ,583
269 ,422
268 ,270
267 ,546
265 ,369
263 ,532
262 ,277
259 ,149
277 456
277 ,912
274 ,748
272 ,711
271 ,440
268 ,111
267 ,039
266 ,359
264 ,217
262 ,415
260 ,925
257 ,649
199 ,633
199 ,810
197 ,063
195 ,079
193 ,487
189 ,606
187 ,596
186 ,350
184 ,338
182 ,318
180 ,328
176 ,613
17 042
17 032
17 047
17 054
17 ,041
17 ,039
17 023
17 ,024
17 ,007
16 ,987
17 ,000
17 ,033
41 ,502
41 ,413
40 399
38 ,408
36 ,828
34 ,804
37 ,720
36 ,473
34 ,478
32 ,478
30 ,475
29 ,987
096
534
561
843
822
401
136
155
6
6
5
5
6
9
9
11
17
23
23
22
Total
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
383
178
698
997
689
863
168
175
405
039
497
967
26 555
27 ,960
30 ,215
33 367
38 ,085
49 ,268
57 ,520
67 ,944
79 ,244
91 ,585
106 ,448
120 ,423
3 , 166
3 , 444
4 , 555
8 , 907
1 3 , 510
2 1 , 788
2 9 , 200
3 6 , 574
4 4 , 855
5 0 , 917
5 6 , 226
5 6 , 915
2
3
4
6
10
15
21
27
34
40
45
48
905
195
314
140
188
050
256
363
606
361
586
183
19 ,551
19 ,551
18 ,261
18 ,261
18 ,261
18 ,261
13 ,351
13 ,351
13 ,351
13 ,351
13 ,351
10 ,090
121 ,358
121 ,635
121 ,177
121 ,177
121 ,177
119 ,323
119 ,323
119 ,323
119 ,323
119 ,323
119 ,323
119 ,323
5 7 , 168
5 7 , 206
5 6 , 550
5 6 , 408
5 6 , 472
5 6 , 173
5 6 , 399
5 6 , 566
5 6 , 025
5 6 , 081
5 6 , 343
56 451
48 588
48 692
48 733
48 828
48 ,917
49 ,035
49 ,320
49 ,447
49 ,545
49 ,624
49 ,709
49 ,776
Noninterestbearing
debt
8 ,586
9 ,557
9 843
10 ,136
8 ,235
4 , 775
5 , 370
6 , 120
6 , 982
7, 885
9 , 032
10, 871
12, 703
14, 287
16, 326
18, 812
2 0 , 000
1,316
1,370
1,460
1,739
2,326
2.4-21
8 ,107
8 ,043
7 ,365
7 ,144
7 ,127
6 ,711
6 ,669
6 ,688
6 ,096
6 ,003
5 ,978
5 ,725
2 0 , 655
2 0 , 897
2 1 , 135
2 1 , 224
21 481
2 2 , 332
23 045
23 443
2 3 , 854
24 015
24, 254
24 585
1,431
1,301
1,264
1,188
1,143
1,311
1,231
1,187
1,152
1,117
1,352
1,500
2 ,471
3 ,015
6 ,384
7 ,495
591
566
574
487
454
862
Fully
guaranteed interestbearing
securities
5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
545
539
542
533
542
467
324
370
391
378
362
331
1
Including amounts held by Government agencies and trust funds, which aggregated 6,310 million dollars on Nov. 30, 1946.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, and Armed Forces Leave bonds not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
UNITED STATES SAVINGS BONDS
SECURITIES OUTSTANDING DECEMBER 31, 1946
[In millions of dollars]
On basis of daily statements of United States Treasury. In millions
of dollars]
RedempAmount Funds received from sales during tions and
maturities
outrenuu
Issue and coupon rate
Issue and coupon rate
Month
standing
at end of
All
All
1
month
Series Series Series
Treasury bills
Treasury bonds—Cont.
F
G
series
series
E
Jan. 2, 1947..
491
1,307
Dec. 15, 1949-52"..3 V8
Jan. 9,1947..
1,786
1,306
Dec. 15, 1949-53 °..2}4
Jan. 16, 1947..
1,963
1,307
Mar. 15, 1950-52
2
Fiscal year
Jan. 23, 1947.
1,186
1,302
Sept. 15, 1950-52 « . . 2 ^
ending:
Jan. 30, 1947..
4,939
1,303
Sept. 15, 1950-52
2
114
june—1940..
2,905 1 109
Feb. 6, 1947.
2,635
1,312
Dec. 15, 1950
\y2
395
148
67
203
1941..
4,314 1 492
Feb. 13, 1947.
1,627
,314 June 15, 1951-54 «..2M
207
435
2 032
3,526
1942.. 10,188 5 994
Feb. 20, 1947.
7,986
,314 Sept. 15, 1951-53
2
2 759
848
758
11 789
8,271
1943..
21,256
Feb. 27, 1947.
755
,543 Sept. 15, 1951-55 «... .3
802
2 876
2,371
1944.. 34,606 15 498 11,820
Mar. 6, 1946.
1,118
,316 Dec. 15, 1951-53 •..2M
679
2 658
4,298
1945.. 45,586 14 891 11,553
Mar. 13, 1946.
510
,315 Dec. 15, 1951-55
2
2 465
407
6,717
6,739
1946.. 49,035 9 612
Mar. 20, 1946.
1,024
1,309
Mar. 15. 1952-54... 2y2
Mar. 27, 1946.,
5,825
1,317
June 15, 1952-54
2
83
262
559
908
1945—Dec... 48,183 1 254
1,501
June 15, 1952-55... 2M
Cert, of indebtedness
8,662
Dec. 15, 1952-54
2
278
629
40
1946—Jan.. . . 48,588
960
641
Jan. 1, 1947
3,330 June 15, 1953-55*
725
2
565
367
30
225
622
Feb
48,692
Feb. 1, 1947
4,954 June 15, 1954-56 «..2M
681
634
371
27
228
626
Mar.... 48,733
Mar. 1, 1947
3,133
2,611
Mar. 15, 1955-60«..2%
621
388
250
29
Apr..
.
.
668
48,828
Apr. 1, 1947
2,820 Mar. 15, 1956-58... 2 ^
1,449
552
225
345
24
594
M
a
y
.
.
.
48,917
2,775 Sept. 15, 1956-59 *..2*4
June 1, 1947
982
519
321
24
226
571
June..
.
49,035
2,916
July 1, 1947
3,823
Sept. 15, 1956-59...2K
537
386
31
335
J u l y . . . 49,320
753
1,223
Aug. 1, 1947
919
June 15, 1958-63 « . . 2 ^
478
347
25
217
590
Aug..
.
.
49,477
2,341 June 15, 1959-62 ' . . 2 X
Sept. 1, 1947
5,284
482
309
20
165
494
S e p t . . . 49,545
1,440
Oct. 1, 1947
3,470
Dec. 15, 1959-62 r. .2%
489
327
24
169
519
Oct
49,624
1,775
Nov. 1, 1947
y
1,485
Dec. 15, 1960-65 «..2%
418
453
294
20
139
7 t
Nov.... 49,709
Dec. 1, 1947
A 3,281 June 15, 1962-67 r r. .2^
2,118
504
576
370
29
178
D e c . . . 49,776
Dec. 15, 1963-68 ..2}4
2,831
Treasury notes
June 15, 1964-69»-.. 2 H
3,761
Mar. 15, 1947
IH
1,948
Dec. 15, 1964-69 r..2K
3,838
Maturities and amounts outstanding December 31, 1946
Sept. 15, 1947
1 ^ 2,707
Mar. 15, 1965-70 «\.2H
5,197
Sept. 15, 1947
\yA 1,687
Mar. 15, 1966-71 «\
.2%
3,481
r
Series
Series
Series
Series
All
Year of
Sept. 15, 1948
1M 3,748 June 15, 1967-72 . . 2 H
7,967
E
B-D
F
G
maturity
series
Sept. 15, 1967-72...
2H
2,716
Dec. 15, 1967-72 r..2}4 11,689
Treasury Bonds
759
Oct. 15, 1947-52 «..4M
427
427
1947
Dec. 15,
701 Postal Savings
502
502
2 1,115
1948
Mar. 15, 1947 «
bonds
2Y2
16
803
803
1949
Mar. 15, 1948-50
2 1,223 Conversion b o n d s . . . . 3
113
980
980
1950
June 15, 1948-51 •. .2 M 3,062 P a n a m a Canal L o a n . 3
50
1,598
435
1,162
1951
\%
Sept. 15, 1948
451
Total direct issues. .. 176,613
4,522
2%,
1952
Dec. 15, 1948 •
571
4,522
6,783
209
1,151
8,143
1953
June 15, 1948-50 • . . . . 2 1,014 G u a r a n t e e d securities
7,922
561
2,230
10,713
1954
Sept. 15, 1949-51..
1,292
Federal Housing Admin.
623
2,336
9,504
6,544
1949-51..
1955
Dec. 15, 1949-51
2,098
Various
45
2
702
2,681
6,788
3,406
1956
564
-2,434
2,997
1957
1
310
2,566
2,876
1958
Sold on discount basis. See table on Open-Market Money Rates,
— 77
Unclassified
p. 63.
•Partially
tax exempt.
r
Restricted.
30,339
2,969
13,397
3,148
49,776
Total
JANUARY
19-17
67
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by banks
Total
interestbearing
securities
End of month
Commercial
banks x
Total
Held by nonbank investors
Federal
Reserve
Banks
Total
Individuals
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
U. S. Government agencies
and trust funds
Special
Public
2,305
1940—June
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,892
114,362
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,100
90,100
466
184
254
645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,874
161,884
9,700
11,100
13,800
18,200
23,800
30,300
37,100
45,100
52,200
58,500
63,600
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
100
400
700
,900
,500
300
6,100
7,300
8,300
9,600
10,700
2,600
2,400
4,400
5,400
11,600
15,700
20,100
25,700
27,600
29,900
29,900
300
400
500
600
800
1,300
2,000
3,200
4,300
300
6,300
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
,558
,737
218
,451
4,242
810
348
6,128
7,038
1946—February
March
April
May
June
July
August
September
October
278,451
275,290
273,244
271,9,83
268,578
267,363
266,729
264,608
262,792
115,404
111,601
111,332
109,832
107,083
105,533
104,346
102,749
101,018
92,500
89,000
88,600
86,900
83,300
81,900
80,400
78,700
77,500
22,904
22,601
22,732
22,932
23,783
23,633
23,946
24,049
23,518
163,047
163,689
161,912
162,151
161,495
161,830
162,383
161,859
161,774
63,700
63,800
63,300
63,200
63,000
63,100
63,100
62,900
63,100
24,800
25,000
25,000
25,200
25,300
25,400
25,400
25,400
25,400
11,100
11,200
11,300
11,300
11,500
11,600
11,700
11,700
11,700
29,000
29,200
27,700
27,500
26,500
26,000
26,100
25,400
25,200
6,400
6,400
6,400
6,400
6,200
6,100
6,100
6,000
6,000
20,897
21,135
21,224
21,481
22,332
23,045
23,443
23,854
24,015
7,061
7,046
7,045
7,048
6,798
6,666
6,619
6,524
6,419
1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
Sept. 30, 1946.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Public marketable securities. Par values in millions of dollars]
End of month
Total
outstanding
U. S.
Government
agencies
and
trust
funds
Total: 2
1946—May.. 193 ,529
June.. 189 ,649
J u l y . . 187 ,638
Aug.. . 186 ,394
Sept.. 184 ,382
Oct.. . 182 ,362
Fed- Com- Mu- Insurmer- tual
eral
sav- ance Other
cial
Reserve banks ings comBanks 0) banks panies
7,018
6,768
6,636
6,584
6,489
6,384
22 ,932
23 ,783
23 ,633
23 ,946
24 ,049
23 ,518
79 ,884
76 ,578
75 ,465
73 ,993
72 ,390
71 ,347
11,087
11,220
11,337
11,422
11,449
11,487
24,229
24,285
24,393
24,381
24,429
24,382
7
3
7
7
4
6
13 ,896
14 ,466
14 ,406
14 ,739
14 ,711
14 ,595
1 ,715
1 ,142
1 ,225
925
939
1 ,126
1
3
1
1
1
1, 421
1, 424
1, 384
1, 352
1, 352
1, 260
36 ,828
34 ,804
37 ,720
36 ,473
34 ,478
32 ,478
75
58
83
74
57
64
6 ,395
6 ,813
7 ,876
7 ,856
7 ,915
7 ,452
18 ,157
16 ,676
17 ,616
16 ,342
14 ,532
13 ,343
211
243
272
302
261
252
579
576
603
610
605
521
1 1 , 410
10, 439
1 1 , 270
1 1 , 289
1 1 , 108
10, 846
18 ,261
18 ,261
J u l y . . 13 ,351
Aug. . 13 ,351
Sept.. 13 ,351
Oct.. . 13 ,351
13
9
7
7
8
14
1 ,738
I ,748
596
596
668
715
11 ,828
11 ,396
8 ,938
8 ,843
8 ,707
8 ,469
224
227
206
222
254
273
584
623
604
609
629
636
3 , 874
4 , 258
3 , 000
3 , 074
3 , 087
3 , 245
14
14
13
13
13
12
3
3
3
3
3
3
12
13
13
13
14
14
4
5
5
5
5
Treasury bills:
1946—May..
17 ,041
June.. 17 ,039
J u l y . . 17 ,023
Aug... 17 ,024
Sept. . 17 ,007
Oct.. . 16 ,987
Certificates:
1946—May..
June..
July..
Aug. .
Sept..
Oct...
Treasury notes:
1946—May..
June..
Guaranteed
securities:
1946—May..
June..
July..
Aug...
Sept..
Oct.. .
42
43
43
43
44
44
9
9
9
9
9
9
1
1
48
47
46
46
45
45
379
015
174
068
574
243
End of month
Total
outstanding
U. S.
Government
agencies
Fed- Com- Mu- Insurmer- tual
eral
Resav- ance Other
cial
serve banks ines comBanks 0) bs inks panies
and
trust
funds
Treasury bonds:
Total:
1946—May.. 121 ,177
June.. 119 ,323
J u l y . . 119 ,323
Aug. . 119 ,323
Sept.. 119 ,323
Oct.. . 119 323
Maturing within
5 years:
1946—May.. 11 613
June.. 10 772
July.. 10 772
Aug... 10 772
Sept.. 12 064
Oct... 12 064
Maturing in 5-10
years:
1946—May.. 45 261
June.. 44 928
J u l y . . 44 928
Aug... 44 928
Sept.. 43 636
Oct.. . 43 636
Maturing in 10-20
years:
1946—May.. 20 704
June..
July..
Aug...
Sept..
Oct.. .
Maturing after 20
years:
4
1946—May..
June
July..
Aug...
Sept..
Oct.. .
6,877
6,655
6,494
6,451
6,375
6,257
561
272
272
272
273
273
903
755
755
7 5
l
7^5
755
48 ,155
47 ,335
47 ,660
47 ,856
48 ,186
48 ,383
10 ,647
10 ,743
10 855
10 893
10 930
10 958
8 ,009
7 ,776
7 ,760
7 785
8 811
8 762
189
232
225
230
259
274
23 ,052
23 ,073
23 ,171
23 ,147
23 ,182
23 ,210
31,541
30,764
30,388
30,220
29,895
29,760
264 2,586
347 2,145
348 2,168
343 2,144
458 2,263
459 2,296
1,148
1,133
1,108
1,108
1,600
1,096
31
31
31
31
30
30
668
545
697
814
797
826
1
1
1
1
1
1
963
905
877
828
779
772
3
3
3
3
3
3
464
337
293
247
130
135
7,019
7,013
6,948
6,925
6,828
6,807
20
20
20
20
20
023
023
023
023
023
974
915
859
833
801
751
5
5
5
5
5
5
729
257
403
455
750
978
3,
3,
3,
3,
3,
3,
438
461
472
454
428
390
3
3
3
3
3
3
146
165
173
197
147
106
7,414
7,226
7,118
7,084
6,897
6,798
43
43,
43,
43,
43,
43,
598
598
598
598
598
598
5,100
5,091
5,011
4,994
4,956
4,892
2
2
2
2
2
2
744
758
799
799
828
817
5 , 054
5 , 145
5 , 280
5 , 380
5 , 463
5 , 522
16
16
16
6
16
6
179
223
357
361
449
505
14,523
4 381
4^152
14,064
13,905
13,862
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial
banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by
other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies
for certain dates are shown in the table above.
1
Including stock savings banks. On Oct. 31, 1946, commercial banks reporting to the Treasury held 20,531 million dollars of U. S. Government2 securities due or callable within one year out of a total of 59,957 million outstanding.
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisW a r TransIncome taxes1 cellaInfers to Other Total
ter- and
neous Social
Other Total Net
deSecutrust
ex- budget
inter- rity
rere- 3 est fense
reac- pendi- expendnal
on
ceipts
ceipts
ceipts
activcounts
Withtaxes
itures
tures
revedebt ities
etc.
held2 Other nue1
Period
Deficit
Trust
accounts
etc.4
Change
in
general
fund
balance
Increase
in
gross
debt
Fiscal year ending:
556 3 , 540 93,' 144 49,595 -4,051 +10,662 64,307
June 1944
8,393 26,262 5,291 1, 751 3,711 45,408 44 ,149 2,605 87,039
June 1945
10,289 24,884 6,949 1, 793 3,824 47,740 46 ,457 3,617 90,029 1,646 5 113 100,^105 53,948 + 798 +4,525 57,679
June 1946
9,392 21,493 7,725 1, 714 3,915 44,239 43 ,038 4,722 48,542 1,918 9 837 65,019 21,981 + 781 -10.46C ) 10,740
817 4,245
170 4,122 4 ,118
516
69
384
1945—December...
707 2,659
5, i 145 1,327
+n: + 11,558 12,773
397 3,848 3 ,819
305> 3,417
645
51
482
554 2,201
684
-577
1,073
-27t >
1946—January....
4 , 391
772
118\ 2,702
584
310
191 3,875 3 ,678
148
543
3 , . 510
+534
327
February. . . 1,086 1,704
+35>
+ 168
5
64(
649
176
23
1
383
502
658
100
4
,
—
1,593
—
3,201
5,762 ,747
) 2,550
March
4,180
+1,146
+462
424 2,734 2 ,677
642
200 1 316
174I 2,560
485 1,118
65
+254t - 3 , 4 3 3 - 2 , 1 1 4
April
1,573
4 , 251
690 2,998 2 ,733
10() 2,182
442
615
285
95 1 294
966
944
—135 — 2,398 — 1,316
3 , 577
Ivlay
650 2,742
615
399 4,482 4 ,479 1,39. 5 2,442
5 1 671
76
1,034
- 1 0 3 - 4 , 2 9 8 —3,161
5 , 513
June
....
4 , 514
695
349 2,600 2 ,539
24<) 1,190
974
67
631 2 444
July
514
1 975 +918\ —2,205 — 1,152
223 2,717 2 ,434
I 1,509
1,070
443
302
679
13 1 152
363
+98
—985
— 724
August
2 , 796
186 4,481 4 ,478
64*5 1,100
656
705 2,845
32 1 070
89
-3185
-868 - 2 , 1 7 7
September. .
2 , 851 + 1,627
16() 1,481
557
847
752
74
386 2,617 2 ,544
479
48 1 335
3 , 023
October
+21 = - 2 , 1 0 1 - 1 , 8 3 7
1 0 < 1,436
332
669
290
236 2,639 2 ,364
193
27
989
2 , 557
November. . 1,111
+43 - 1 , 4 0 5 - 1 , 2 5 5
9 5 : I 1,580
722
416 4,113 4 ,107
766 2,120
21 1 065
89
3 , 518
December.. .
+490
-525 - 3 , 1 6 3 - 3 , 1 2 8
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
June 1944
June 1945
June 1946
3,202
3,239
2,940
Net expenditures
in checking acExInvest- pendi- counts of
Governments tures
ment
agencies
2,816
2,757
1,261
380
453
54
198
149
1946—January....
February...
March
April
178
355
64
135
465
232
276
492
57
159
430
71
-36
-13
87
-60
72
359
103
122
271
-5
87
237
178
178
174
155
158
140
137
135
112
116
104
109
June
July
August
..
September. .
October
November. .
December.. .
Other
Receipts
Assets
Investments
Expenditures
1, 313
2 , 444
2 , 407
-571
2,550
192
Balance
in
general
fund
De-
De-
posits
in
Federal
Reserve
Banks
posits
in
special
depositaries
20,775
25,119
14,708
1 442
1 500
1 006
18,007
22,622
12,993
1,327
997
708
470
20,169
24,698
14,238
Total
Other
assets
Total
liabilities
607
4,403
1,178
-952
1,851
3,820
4,726
-395
g
260
54
195
26,520
1 674
24,044
802
517
26,003
-635
-4
181
8
810
393
181
326
390
466
5-1,704
s 586
548
309
85
-18
419
41
6
66
-67
108
216
155
127
125
583
225
72
133
165
253
331
192
46
26
60
25,851
26,414
24,743
21,293
18,859
14,708
12,444
11,431
10,524
8,393
6,965
3,920
1 ,011
1 ,209
2 ,160
1 124
1 230
1 ,006
702
872
1 ,445
773
824
682
24,030
24,447
21,776
19,502
16,949
12,993
10,961
9.845
I5,377
6,936
5,487
2,570
810
758
807
667
681
708
781
716
702
684
655
668
424
453
376
359
323
470
415
391
353
323
300
418
25,427
25,961
24,367
20,935
18,536
14,238
12,029
11,040
10,171
8,070
6,665
3,502
1,618
1945—December...
General fund of the Treasury (end of period)
9
-116
-2
17
448
-12
228
78
265
357
•ust fund.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Individual
income taxes
Period
Withheld
Fiscal year ending:
June 1940
1941
1942
1943
1944
1945
1946
•.
1945—November.
December.
1946—January.. .
February..
March....
April
May
June
July
August
September.
October. . .
November.
JANUARY
686
7,823
10,264
9,858
1,405
27
604
1,848
154
708
1,245
30
858
1,339
30
1,062
1,243
1947
Other
Corporation income
and profits taxes
Normal
and
surtax
61
560
1,121
1,852
3,069
4,521
5,284
4,880
4,640
136
744
1,743
991
1,883
508
175
1,053
375
77
1,198
234
80
301
128
1,006
157
82
744
192
142
692
232
122
982
1,418
3,263
5,944
10,438
8,770
8,847
Excess
profits
164
1,618
5,064
9,345
11,004
7,822
248
1,398
536
236
1,268
324
157
994
330
204
978
344
123
Other
profits
taxes
CASH INCOME AND OUTGO OF THE U. S.
TREASURY
[In millions of dollars]
Estate
and
gift
taxes
Excise and
other miscellaneous
taxes
27
37
57
84
137
144
91
360
407
433
447
511
643
677
2,000
2,547
3,405
4,124
4,842
6,317
7,036
6
13
6
4
9
5
3
16
4
4
10
4
3
44
45
61
54
84
66
64
63
74
58
43
57
49
560
466
582
543
555
549
577
548
634
631
604
706
612
Period
Fiscal year ending
June—1940
1941
1942
1943
1944
1945
1946
1945—November.
December.
1946—January...
February..
March....
April
May
June
July
August....
September.
October.. .
November.
Cash
income
Cash
outgo
7,019
9,298
15,374
25,485
48,254
51,332
48,103
3,087
4,407
3,993
4,277
5,950
2,934
3,492
4,736
2,703
3,016
4,698
2,803
2,892
9,555
14,031
34,717
79,253
94,296
96,263
65,904
4,811
5,303
5,630
3,921
4,169
4,171
4,383
5,046
2,923
2,928
2,988
2,850
2,276
Excess
of
cash
outgo
2,536
4,733
19,342
53,769
46,043
44,931
17,800
1,724
896
1,637
-356
-1,782
1,237
891
310
219
-88
-1,710
47
-616
69
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:
Dec. 31, 1945
Mar. 31, 1-946
June 30, 1946
Sept. 30, 1946
33,844
925 5,290
33,325 1,279 5,069
29,869 1,305 5,381
29,569 1,157 5,949
Classification by agency,
Sept. 30, 1946
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
269
Federal intermediate credit banks.
388
Federal land banks
1,163
Production credit corporations....
117
Regional Agricultural Credit Corp.
15
Other3
24
Federal Farm Mortgage Corp
151
Rural Electrification Administration.
500
Commodity Credit Corp
1,414
Farm Security Administration
454
Federal Crop Insurance Corp
15
Federal Surplus Commodities Corp...
3
National Housing Agency:
Federal Home Loan Bank Administration:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
386
22
22
41
1
13
2
9
7
513
52
5
3
203
320
959
20
2
18
138
489
29
324
2,288
1,918
1,550
1,429
1,683
1,789
1,767
1,836
43
43
139
68
669
168
17
533
60
191
6
23
279
1
25
6
14
1,035
1,053
272
760
84
12
2
24
945
2
79
1
3,728
8,487
2,573
101
97
43
*470
4,212
4,959
4,939
3,377
1,113
1,133
1,234
1,250
25
315
37
48
334
1,390
6
6
102
55
48
15
111
2,975
253
124
9
242
105
781 4,267
6
9
47
4
144
723
24
235
72
77
117
14
21
145
500
-310
448
9
3
472
479
482
496
531
59
147
6
23
()
3
27,492
26,218
22,889
24,069
170
700
227
58
1
742
73^
555
536
325
377
1,845
1,741
1,605
1,536
281
56
3
130
5,047
472
460
385
299
578
235
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission activities
War Shipping Adm. activities
325 21,017
285 20,784
439 17,438
390 16,973
2
3
173
728
Reconstruction Finance Corp.4
All other
U. S. PriBonds, notes,
Gov- vately
Land,
and debenern- owned
struc- Undis- Other tures payable Other ment
tures, tribinterinterasliabilU. S.
Fully
and
uted
est
est
Govt. Other
equip- charges sets guar- Other ities
secuanteed
secu- rities ment
by U.S.
rities
Investments
9
156
3,300
7,766
1,743
153
28
882
886
272
751
139
3,585
7,840
2,497
244
455
112
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1946
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural
Fed. Farm
Elec- Farm
for co- modity trificaSeculand Mort. mediate
operaCredit
rity
tion
banks Corp. credit tives Corp.
Adm.
Adm.
banks
1,026
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
67
Less: Reserve for losses.
Total loans receivable
(net)
959
168
320
204
29
489
Home
Owners'
Loan
Corp.
Fed.
ExFed. R.F.C. portPublic home
and
Hous- loan affiliIming
port
Auth. banks ates Bank
485
' "682"
"235'
29
(2)
138
320
1
203
(2)
29
(2)
160
13
489
324
669
279
279
235
June
All
other
1946
All 30, all
agen- agencies
cies
(2)
21
139
1
2,860
704
2,873
760
153
140
18.
42
171
182
195
197
7
12
2
249
245
66
983
(2)
38
400
117
123
20
237
1,632
641
498
23
235
972
686
561
757
945
601
5,949
5,381
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
Includes U. S. Commercial Company and War Damage Corp. By action of the Board of Directors of the Reconstruction Finance Corp.
all assets and liabilities of the Rubber Development Corp. were transferred to former Corporation effective July 1, 1946.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept.
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,
Table 152, p. 517.
4
70
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year
and
Month
Income
payments 1
value)
935-39
=100
Ad-
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
Employment4
contracts
awarded (value)2
1923-25=100
1939=100
Manufactures
Total
Durable
justed
Construction
Industrial production2
(physical volume)*
1935-39=100
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
Factory
DepartFac- Freight ment
tory carload- store
pay
sales
rolls4 ings*
(val1939= 1935-39 ue)* s
=100
1935-39
100
=100
AdAdAdUnad- AdAdUnad- Unad- A d AdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.4
113 5
138.0
174.6
213.0
233.4
?239 1
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
235
203
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
353
274
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
166
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
68
44
30
44
68
81
95
124
121
117
126
87
50
37
13
12
21
37
41
45
60
72
89
82
40
16
26
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
102
102 6
95 5
86.1
75.5
76 0
83 8
87^6
94.9
100^9
94.4
100.0
104 7
117*5
126^ 7
132^4
130.8
125 7
11
Ad-
justed
Wholesale
commodity
prices4
1926
=100
Cost of4
living
1935-39
=100
Unadjusted
Unadjusted
103.8 103.2
104.2 123.5
79^8 79.7
88 2 85.5
ioi!o 108.4
93 8 101.2
97.1 106.6
98.9 109.9
96 8 107.9
96.9 109.1
103.1 117.1
89 8 94.7
75'.8 71.8
64.4 49.5
71.3 53.1
83.1 68 3
88.7 78.6
96.4 91.2
105 .8 108.8
9o!o 84.7
100.0 100.0
107 5 114.5
132^1 167.5
154.0 245.2
177.7 334.4
172.4 345.7
149.5 288.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
135
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168
186
207
138.6
154.4
97.6
96. 7
100.6
98 1
103^5
100.0
95.4
96^7
95.3
86*4
73.0
64.8
65 9
74 9
80^0
80.8
86.3
78^6
77.1
78.6
87.3
98 8
103.1
104.0
105 .8
124.5
143.2
127.7
119 7
121'.9
122.2
125.4
126.4
124 0
122.6
122.5
119 4
108^7
97.6
92.4
95! 7
98.1
99.1
102. 7
10018
99.4
100 2
105.2
116.5
123.6
125.5
128.4
1943
September
October. . .
November.
December.
216.8
219.3
222.9
224.
244
247
247
241
248
249
247
239
368
374
376
365
179
179
180
174
138
136
133
137
65
49
60
61
35
34
37
35
89
61
78
81
131.9
132.0
132.3
132.2
179.6
180.6
181.5
179.9
180.8
181.4
181.9
180.3
349.5
354.9
359.7
350.7
140
137
139
143
167
172
174
170
103.1
103.0
102.9
103.2
123.9
124.4
124.2
124.4
1944
January. .
February.
March. . .
April
M^ay
227.
232.
231.9
231.
243
244
241
239
236
235
230
232
230
232
232
232
240
240
238
237
236
236
232
235
234
234
232
230
369
367
364
361
356
354
347
348
342
344
341
343
176
177
175
172
169
169
165
168
168
169
173
173
139
142
139
140
143
14
139
14
14
14
14
13
55
45
40
36
33
34
38
41
39
42
46
51
29
21
17
17
16
15
]L4
13
L3
L3
13
L4
76
64
59
52
4'
50
57
63
61
6.
7.
8
132.5
132 4
131 .8
131.1
131.1
130 8
130.8
129 9
129.2
128 9
129.7
178.8
178.5
176.6
174.5
173.3
172.5
171.4
170.9
169.3
168.1
167.3
168.0
178.3
178.0
176.2
173.8
172.3
172'.2
171.9
172.0
170.1
168.5
167.7
168.3
351.6
352.7
350.5
345.0
345.3
346.6
339.6
343.1
341.9
343.8
341.0
346.7
145
142
140
138
138
139
142
142
139
137
141
137
174
172
181
175
185
177
186
187
189
193
201
198
103.3
103.6
103.8
103.9
104 0
104^3
104.1
103.9
104.0
104.1
104.4
104.7
124.2
123.8
123.8
124.6
125 1
125^4
126.1
126.4
126.5
126.5
126.6
127.0
234
236
235
230
225
220
210
186
167
162
168
163
230
232
232
229
225
221
21
18
17
16
16
16
345
346
345
336
323
308
292
239
194
186
191
185
175
176
17
174
17
17
16
15
15
15
15
15
14
14
14
14
13
14
48
59
72
70
58
50
54
6
69
8
94
108
14
13
1.
18
20
22
23
24
26
3
44
56
75
9
11
11
89
7
7
9
10
12
13
15
130.1
130.3
130.6
129.0
128 :
127^
126.4
125.4
119..
119.2
120.4
121.3
168.1
168.0
166.5
163.8
160 8
157^2
151.7
147.6
127.8
127.2
127.8
128.1
167.7
167.5
166.0
163.0
159 8
156.9
152.
148.
128.5
127.6
128.2
128.4
345.6
344.8
341.7
333.3
318 7
314.6
298."
267.3
224.2
222.9
222.9
226.2
144
139
145
141
141
140
139
128
127
118
133
127
198
208
218
183
190
202
215
200
202
213
222
218
104.9
105.2
105.3
105.7
106.0
106^1
105.9
150.7
105.2
105.9
106.8
107.1
127.1
126.9
126.8
127.1
128.1
129.0
129.4
129.3
128.9
128.9
129.3
129.9
160
15
168
16
159
170
17
17
180
18
P\82
15
14
16
16
15
17
17
18
18
18
166
138
183
190
175
193
202
208
212
214
10
13
14
17
169
17
16
15
15
145
6
9
12
17
179
17
16
15
14
140
P12
14
16
16
16
16
17
16
15
15
14
*>160
123.5
122.0
125.0
126.3
127.4
128.
128.8
130.8
131.4
131.9
P132.8
130.7
122.4
130.3
136.6
138.0
139.6
140.6
143.8
145.9
146.4
P148.8
130.
121.9
129.9
135.9
136.9
139.
141.C
145. C
146.
146.
P149.
229.
210.5
232.9
249.
247.8
257.
261.
'278.3
"•284.2
286.0
133
126
139
109
106
133
139
141
138
139
137
227
251
260
252
258
275
273
290
269
257
273
107.1
107.7
108.9
110.2
111.0
112.9
124.7
129.1
124.0
134.1
139.6
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.4
151.7
June
July
August.. .
September
October. .
November
December
1945
January..
February.
March. . .
April
May
June
July
August.. .
September
October. .
November
December
1946
January. .
February.
March. . .
April
May
June
July
August. .
•September
October. .
November
232
233.
233.
234.
232.
235.
237.
239.
241.
245.
244.
242.
241
244.
243.
236.
229.
231.
235.
234.
233.
231.
234.
236.
239.
240.
250.
252.
246.
254.
P259.
P18
* Average per working day.
P214
16
16
16
16
16
16
15
16
16
16
P17
••
14
14
13
12
13
13
14
14
13
10
11
13
14
14
14
14
*>13
P Preliminary.
PU5
•
1 3 0 *•
*• Revised.
1
Department of Commerce series on value of payments to individuals.
2
For indexes by groups or industries, see pp. 72-75. For points in total index.by major groups, see p.
3
Based
on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by
4
91.
groups, see p. 79 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of
the Bureau
of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For indexes by Federal Reserve districts and other department store data, see pp. 81-83.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1946, p. 529; for department
stores sales, June 1944, pp. 549-561.
JANUARY 1947
71
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
Industry
Oct. Nov. Dec Jan. Feb. | M a r Apr. M a y June July Aug. Sept. Oct.
Nov.
Industrial Production—Total.
162
168
163
160
152
168
165
159
170
172
177
180
181
P182
Manufactures—Total
168
173
169
163
154
173
176
167
176
177
184
186
188
P!90
186
191
185
166
138
183
190
175
193
202
208
212
214 P214
Iron and steel...
146
167
164
102
159
109
154
179
183
184
183
176
Pig iron
Steel
Open hearth.
Electric
Machinery
129
159
139
307
158
178
160
306
164
172
155
293
100
108
95
199
48
46
38
106
168
176
161
286
142
175
148
363
86
126
98
319
144
167
142
343
178
190
168
343
186
195
169
381
184
195
171
366
183
194
170
369
174
190
161
396
232
231
232
217
188
207
225
230
241
243
254
262
270 P275
258
252
217
220
199
209
245
239
238
241
242
120
137
95
107
98
114
161
162
167
144
148
147
151
139
141
132
130
137
148
156
168
'188
148
147
140
140
128
123
109
109
110
132
138
146
155
143
148
150
155
144
148
141
139
147
155
163
176
191
91
96
92
108
119
125
130
129
133
129
135
137
136
'142
76
120
83
123
72
131
95
135
108
139
117
142
123
144
123
142
127
146
121
144
126
152
129
152
127
155
134
157
161
158
164
172
185
192
190
175
190
192
197
204
200
'202
186
50
235
106
116
177
218
175
4
235
113
119
181
215
181
3
244
119
124
182
217
190
29
247
131
144
197
199
216
106
255
149
144
201
197
221
136
251
152
150
204
217
214
130
243
152
148
202
221
193
133
213
127
140
187
222
209
119
240
155
148
194
232
218
129
249
155
147
187
233
215 238
114 161
251 265
159 162
150 150
215 212
242 -•235
227
158
250
156
149
210
242
226
152
251
162
150
'220
243
157 164
•171
Durable Manufactures. ..
Manufacturing Arsenals and Depots1.. .
Transportation Equipment
Automobiles2
(Aircraft: Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining; 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium
products; Tin consumption) 1
Lumber and products. .
Lumber. .
Furniture.
Stone, Clay, and Glass Products. . ,
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products1
Other stone and clay products
Nondurable Manufactures
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food
Products...
Wheat flour
Cane sugar meltings1
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
Ice cream
154
158
156
161
167
166
164 161
162
141
146
143
151
159
162
164
165
131
128
215
135
133
226
132
125
228
140
138
233
149
146
234
150
147
241
148
144
245
152
149
247
153
152
240
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
173
138
229
174
176
171
173
169
122
224
171
172
169
174
174
134
231
176
180
170
176
112
116
HI
117
133
154
131
107
121
89
46
145
109
125
83
51
140
114
131
92
49
139
115
131
92
54
151
126
146
99
64
146
138
120
140
84
62
148
115
135
84
54
134
116
120
109
118
143
150
153
154
129
145
72
155
156
133
•154
65
149
146
136
131
59
143
136
149
116
59
151
130
160
163
117
58
150
131
P234
P186
r
165
167
168
168
132
127
233
151 '156
149 153
233 236
156
155
242
174
137
225
175
178
170
178
144
101
192
143
147
138
151
173
137
226
173
178
165
176
183
144
239
180
183
176
190
177
143
230
176
177
176
181
127
128
103
120
119
116
104
124
75
49
118
107
128
75
45
128
99
117
66
45
125
101
119
70
49
124
101
114
81
51
134
97
103
78
66
141
r
144
142
142
142
106
133
131
130
156
153
145
139
150
147
136
145
122
'122
59
153
144
120
129
65
173
163
100
'120
62
166
163
109
129
62
167
174
127
136
73
168
178
131
'137
74
169
173
135
143
79
168
163
135
146
79
164
142
160
164
249
H55
150
145
77
170
143
r
x
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies
parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. Recently the level shown
by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks. The difference
is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output. It appears,
however, that the series overstates the current level of total output in these industries. Study is being made of production and man-hour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries.
2
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. Dec. Jan.
Feb. Mar. Apr. M a y
June July Aug. Sept. Oct. Nov.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
129
99
159
197
134
155
153
158
189
135
155
171
138
138
148
131
146
122
87
105
178
205
153
87
184
140
149
132
80
157
130
157
101
72
132
120
151
90
68
94
85
97
65
60
126
165
190
145
132
121
138
141
139
134
110
38
24
41
81
93
115
116
107
140
131
163
179
150
160
116
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
148
128
108
160
152
128
113
165
159
138
137
168
165
145
145
174
165
146
143
174
167
163
139
173
164
165
132
169
156
158
136
159
151
162
123
153
153
175
109
154
151
155
107
158
150
142
110
159
•152
167
P158
p\7S
156
P\6\
201
216
212
231
238
176
169
155
161
176
174
227
206
213
182
70
218
420
199
83
223
427
197
130
274
343
199
131
431
396
197
125
524
416
121
100
370
401
117
96
356
409
109
60
352
387
123
61
343
367
128
65
377
426
1.23
56
426
427
197
71
384
461
179
68
241
460
194
64
191
463
Alcoholic Beverages. . .
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Industrial Alcohol from Beverage Plants'1.
167
154
112
143
156
161
154
163
133
140
155
157
173
169
Cigars
Cigarettes
111
216
96
110
194
94
139
64
104
185
71
111
205
69
110
217
65
109
205
69
110
219
71
108
200
76
99
181
72
110
202
79
112
205
76
127
226
79
131
216
Other tobacco products
143
142
134
133
140
148
146
142
146
136
147
150
152
Tobacco Products
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
Chemical Products. ..
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products 1
Rubber
Products....
Minerals—Total.
.
Fuels
Coal.
Bituminous coal
Anthracite
Crude petroleum
Metals...
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
139
154
124
101
227
129
137
157
80
133
147
147
79
138
153
114
103
223
131
136
158
79
132
145
140
81
132
137
95
100
195
120
131
143
78
132
149
140
86
115
114
112
96
96
92
130
131
93
102
167
125
130
145
81
134
146
128
86
136
144
96
104
203
130
135
155
82
139
141
135
86
143
156
98
111
239
132
141
165
82
144
149
138
86
123
110
81
P153
141
155
96
112
235
131
139
166
85
144
143
126
86
138
150
92
100
223
133
136
160
84
141
143
128
83
142
161
99
107
250
137
139
164
85
143
142
132
83
131
147
96
101
229
122
129
155
72
127
138
124
84
142
156
98
110
238
132
140
169
85
134
151
135
83
126
124
129
124
129
132
130
108
108
116
123
119
118
102
108
P166
vl61
P!71
P166
P178
144
162
101
111
249
136
142
172
85
138
152
133
87
146
163
106
108
244
141
144
172
89
144
155
135
85
'182 P181
P179
P147
145
175
90
142
156
136
84
129
152
120
122
147
164
133
144
140
164
123
157
131
171
129
180
129
176
130
190
130
172
141
183
133
172
135
161
138
168
132
167
140
170
146
175
144
166
135
172
149
164
152
162
146
165
153
155
P145
160
159
163
P146
116
115
145
148
144
276
154
150
286
116
111
296
91
85
295
151
145
337
113
116
18
73
75
16
137
133
276
160
155
336
165
159
369
166
161
352
167
160
406
152
148
P274
230
228
230
234
232
232
235
231
233
235
237
235
P237
P243
139
124
238
371
142
124
244
370
142
127
246
378
145
130
251
384
147
126
255
379
148
122
256
382
150
121
260
392
143
121
261
383
146
122
256
389
150
120
255
396
153
117
262
395
-149
'114
'267
395
148
111
271
403
P278
P412
191
192
205
215
216
221
219
215
218
211
221
231
228
P234
124
138
133
141
141
137
104
115
139
146
144
146
145
P136
126
143
137
146
149
145
108
124
149
153
150
151
150
P139
112
110
120
133
149
159
112
141
132
142
94
139
150
159
114
144
152
160
121
147
159
168
125
138
32
10
121
73
60
125
142
156
86
153
159
128
154
149
156
120
151
155
163
125
149
152
160
124
149
P118
P116
P123
P150
109
109
108
93
89
146
107
149
153
103
107
111
pill
P117
76
63
78
147
148
153
157
P169
164
163
159
159
135
132
111
89
114
44
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 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
JANUARY
1947
73
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
Industry
Industrial Production—Total..
Manufactures—Total
Durable M a n u f a c t u r e s . . . .
Iron and Steel.. .
Pig iron
Steel
Open hearth.
Electric
Machinery
Oct.
1935-39 average = 100]
Nov. Dec. Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov,
164
167
161
156
148
164
163
159
171
174
180
184
184 P182
171
173
167
160
151
170
174
167
176
178
186
191
191 P191
187
192
184
164
136
182
190
175
194
203
210
214
215 P214
146
167
164
102
43
169
159
109
154
179
183
184
183
176
129
159
139
307
158
178
160
306
164
172
155
100
108
95
199
48
46
38
106
168
176
161
286
142
175
148
363
126
98
319
144
167
142
343
178
190
168
343
186
195
169
381
184 183
195 194
171 170
366 '369
174
190
161
396
232
231
232 217
188
207
225
230
241
243
258
252
217
220
199
209
245
239
238 241
120
137
95
107
98
114
161
162
176
144
148
147
151
139
141
132
130
137
148
148
141
140
128
123
109
109
110
143
148
150
155
139
94
95
86
99
110
120
129
82
120
81
123
162
63
131
80
135
95
139
108
142
159
163
174
184
122
144
187
169
3
227
108
128
186
217
186
29
242
107
134
190
199
210
106
247
113
138
191
197
221
136
251
125
143
197
217
214
130
243
145
144
198
221
162
161
262
270 P275
242
241
237 P234
182
188
185 P186
148
156
131
138
168 179 P188
150 P155
147
155
163
191
131
141
137
144
147
142 P140
126
142
138
146
133
144
140
152
144
152
136
155
180
191
193
204
•212
204
133
228
134
140
190
222
207
119
237
166
147
198
232
211
129
239
171
147
187
233
223 242
114 161
261 270
179 188
154 156
215 216
242 "235
160
162
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles 2
;
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc
shipments; Aluminum products; 1Magnesium products; Tin consumption) .
Lumber and Products. . .
Lumber. .
Furniture.
Stone, Clay, and Glass Products
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. .
Abrasive and asbestos products.l
Other stone and clay products .
Nondurable Manufacture. . .
Textiles and Products. .
Textile fabrics
Cotton consumption
,
Rayon deliveries
Nylon and silk consumption 1. . . .
Wool textiles
Carpet wool consumption... .
Apparel wool consumption.. .
Woolen and worsted y a r n . . . .
Woolen yarn
Worsted yarn
Woolen and worsted cloth. . .
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products. . .
Wheat flour
Cane sugar meltings l
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
Ice cream
167
192
50
242
123
122
182
218
176
4
237
122
123
183
215
158
158
141
154
157
162
143
151
159
164
159
166
144
162
172
209 P207
232
158 152
258 254
181 175
158 155
216 P224
242 P243
171
P172
168
P171
131
128
215
135
133
226
132
125
228
140
138
233
149
146
234
150
147
241
148
144
245
152
149
247
153
152
240
132
127
233
151
149
233
156
153
236
156
155
242
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
173
138
229
174
176
171
173
169
122
224
171
172
169
174
174
134
231
176
180
170
176
174
137
225
175
178
170
178
144
101
192
143
147
138
151
173
137
226
173
178
165
176
183
144
239
180
183
176
190
177
143
230
176
177
176
181
113
117
111
117
137
134
131
127
127
101
119
118
117
108
122
91
46
145
116
113
130
86
50
148
120
113
131
90
49
132
109
115
134
90
54
140
118
136
157
104
67
160
138
119
140
82
62
144
114
135
81
56
131
105
124
72
48
127
142
104
123
77
46
127
94
110
66
45
116
100
115
73
47
127
133
99
111
80
51
131
98
104
79
66
141
130
153
151
149
143
145
136
134
135
149
165
120 P100
62
50
139 112
127 105
P84
47
103
105
P75
49
112
105
144
142
139
139
119
P85 •101
51
54
123 138
118 141
137
96
116
134 160
80
66
180 222
184 227
142
106
137
161
104
189
86
237
240
125
197
89
207
207
164
130
81
189
179
131
164
147
151
76
171
150
156
164
249
>156
143 P151
120
68
148
115
58
128
103
r
x
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication seoarately.
2
This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies,
parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. Recently the level shown
by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks. The difference
is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output. It appears,
however, that the series overstates the current level of total output in these industries. Study is being made of production and man-hour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries.
74
FEDERAL RESERVE BULLETIN:
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1945
Industry
Oct.
Nov. Dec. Jan. Feb.
Mar. Apr. May June July Aug. Sept. Oct.
Nov.
Manufactured Food Products—Continued
Meat packing
Pork and lard .
Beef
Veal
L a m b and mutton
133
93
173
224
140
171
179
164
202
135
182
225
138
130
145
155
191
125
81
111
171
201
141
76
186
129
138
120
75
154
120
143
95
71
128
120
151
90
70
96
84
97
63
60
117
154
167
147
132
116
122
108
141
132
107
Other manufactured foods . .
Processed fruits and vegetables
Confectionery
Other food products
164
165
142
168
158
118
134
173
156
108
139
171
152
94
149
167
150
92
144
166
148
89
129
166
145
101
110
162
140
103
104
156
141
125
91
154
162
228
89
157
173 187 P171
255 313 215 P 1 6 4
115 142
161 '163
164 P169
214
...
201
188
198
211
162
164
157
174
187
174
237
221
196
169
70
566
420
154
83
467
427
157
130
301
343
163
131
280
396
178
125
314
416
118
100
241
401
123
96
214
409
124
60
211
387
154
61
213
367
160
65
219
426
141
56
230
427
199
71
526
461
166
68
624
460
149
64
401
463
... 173
157
104
142
148
152
147
164
159
145
161
166
179
172
111
225
103
110
198
97
87
128
57
104
185
70
111
193
67
110
202
65
109
190
69
110
219
71
108
210
77
99
190
72
110
212
77
112
219
81
127
235
85
131
221
83
143
142
134
133
141
148
146
142
147
136
147
150
152 P 1 5 3
141
156
106
112
235
131
139
166
85
144
144
126
88
138
151
100
100
223
133
136
160
84
141
143
128
83
142
162
100
107
250
137
139
164
85
143
145
132
84
131
146
86
101
229
122
128
155
72
127
133
124
82
142
154
86
110
238
132
140
169
85
134
151
135
82
144
160
90
111
249
136
142
172
85
138
152
133
87
146 P 1 4 8
162
98
108
244
141
144 145
172
175
89
90
142
144
156
156
136
135
85
85
Alcoholic Beverages.. . •
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Industrial Alcohol from Beverage Plants l. .
Tobacco Products...
Cigars
. . .
Cigarettes
Other tobacco products
..
Paper and pulp
Pulp ..
Groundwood pulp
..
Soda pulp
Sulphate pulp .
Sulphite pulp
Paper
Paperboard . . . .
Fine paper
..
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and publishing
Newsprint consumption
Printing paper (same as shown under Paper).'.
Petroleum refining2
Gasoline
. ..
Fuel oil
Lubr eating oil
Kerosene
Other petroleum products *
Coke
.
By-product coke
Beehive coke
Chemical Products. .
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition l
Other chemical productsl
Rubber Products
Minerals—Total
Fuels
Coal
Bituminous coal
Anthracite . . . .
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
117
109
117
160
136
181
210
156
172
116
...
Paper and Paper Products....
Petroleum and Coal Products
37
19
44
89
100
139
153
115
101
227
129
137
157
80
133
148
147
79
138
153
121
103
223
131
136
158
79
132
145
140
82
131
137
96
100
195
120
131
143
78
132
145
140
84
130
131
96
102
167
125
130
145
81
134
144
128
86
137
145
100
104
203
130
136
155
82
139
147
135
86
143
157
105
111
239
132
141
165
82
144
149
138
86
117
118
114
114
122
129
129
126
129
115
123
128
135
135
101
104
96
94
106
114
114
112
115
104
111
119
125
129
P156
P166 P161
P174
P171
P166
P163 P174 P178 P182
P181
P179
129
152
120
122
147
164
133
148
140
164
122
162
131
171
125
184
\29
176
129
200
130
172
139
187
133
172
141
165
138
168
137
169
140
170
146
164
144
166
133
160
149
164
151
155
146
165
153
154
145 P 1 4 6
160
159
163
116
115
145
148
144
276
154
150
286
116
111
296
91
85
295
151
145
337
113
116
18
73
75
16
137
133
276
160
155
336
165
159
369
166
161
352
167
160
406
232
230
231
233
233
234
237
231
231
232
233
235
240
P244
139
130
238
371
140
125
244
370
142
127
246
378
142
127
251
384
145
148
124
122
255 ^256
379
382
151
119
260
392
147
117
261
383
150
119
256
389
149
119
255
396
151
119
262
395
'148
119
'267
395
148
116
271
403
P149
P115
P278
152
148
274
P412
191
192
205
215
216
221
219
215
218
211
221
231
228 P234
.... 125
134
126
134
134
130
99
115
141
150
147
149
147 P135
126
143
137
146
149
145
108
124
149
153
150
151
150 P139
112
110
120
133
149
159
112
141
132
142
94
139
150
159
114
144
152
160
121
147
159
168
125
138
32
10
121
146
73
60
125
149
142
156
86
153
153
159
128
154
149
156
120
151
155
163
125
149
152
160
124
149
116
80
61
60
47
44
46
62
95
126
132
136 P129 P108
175
245
111
108
79
50
78
50
58
22
56
28
61
58
89
116
143
233
188
295
189
282
192
282
32
54
34
52
34
47
33
40
32
30
30
17
28
9
28
13
30
20
44
35
55
48
60
59
P118
P116
P123
P150
180 P 1 4 4
174
252
51
v Preliminary.
»• Revised.
* Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
JANUARY
1947
75
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
1945
Industry group or industry
Oct.
Factory pay rolls
1946
Nov.
July
Aug.
Sept.
1945
Oct.
Nov
Sept.
1946
Oct.
Nov,
July
Aug.
Sept.
Oct
Total
Durable goods
Nondurable goods
127.6 128.2 141.0 145.0 146. 146. 149.2 224.2 222.9 222.9 261.2 278.3 284.2 286.0
142.6 143.5 161.4 166.2 168.6 169.4 171.8 246. 243.7 241.8 287. 307.0 314.4 318.2
115.7 116.2 125.0 128.4 129.4 128.9 131.3 202.6 202.6 204
235.4 250.2 254.6 254.6
Iron and Steel and Products
,
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work
125.2
Electrical Machinery
Electrical equipment
Radios and phonographs.
180.1
161
129
Machinery except Electrical
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors... .
Machine tools
Machine-tool accessories
,
Pumps
Refrigerators
172.1
163
230
158
129
158
182
213
99
161
229
161
135
142
181
215
112
150
154
195.8 202.8 210.1
219.9
215.9
161
166
156
190
197
176
170
205
194.4 199.0 202.5 206.5 210.4
180
176
183
174
243
241
239
233
166
169
172
168
148
146
152
147
169
168
169
162
205
200
208
194
237
235
237
225
175
172
184
168
Transportation Equipment, except Autos.
Aircraft, except aircraft engines
Aircraft engines
Shipbuilding and boatbuilding
420.4
320
331
532
361.3
306
300
413
289.1
324
298
251
284.0
338
309
229
278.1
352
311
204
Automobiles
114.4
130.5
173.6
180.9
Nonferrous Metals and Products
Primary smelting and refining.
Alloying and rolling, except aluminum
Aluminum manufactures
133.0
125
139.3
122
165.0
128
129
153
137
163
153
206
157
210
158
215
Lumber and Timber Basic Products.
Sawmills and logging camps...
Planing and plywood mills.. . .
113.3
67
83
115.0
67
84
143.4
80
97
149.4 149.2
81
103
150.7
81
104
Furniture and Lumber Products. .
Furniture
93.7
82
97.7
85
101
118.1
104
105
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
108.8
124
85
79
117
106.5
110
85
83
120
132.9
143
11.8
110
138
137.8 138.7 139.9
149
151
149
122
120
122
112
112
112
143
145
146
Textile-Mill and Fiber Products
Cotton goods except small wares..,
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles
92.4
102
71
94
62
80
92.9
101
71
96
64
81
103.5 104.7 106.0
112
114
115
77
78
76
107
104
104
72
72
71
95
94
96
Apparel and Other Finished Textiles. ..
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
117.5
82
70
76
75
117.8
81
72
75
74
126.7 132.9
88
90
76
77
72
78
71
77
90.3
84
92.5
86
80
102.3
88
89
Food and Kindred Products
Slaughtering and meat packing.
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
130.6
105
126
110
108
151
125
127.0
110
125
110
111
150
93
Tobacco Manufactures.
Cigarettes
92.2
131
71
89.2
127
68
Leather and Leather Products.
Leather
Boots and shoes
,.
Cigars
110
177
113
98
101
126.6
111
170
111
97
105
140.
121
167
137
126
117
144.5
124
167
140
129
123
146.9 145.
124
122
169
162
141
133
134
137
129
131
133
110
139
115
157
136
158
142
161
148
148.4 206.9
175
281
201
174
161
234
190
166
207.3
169
290
186
184
180
210.4
174
282
186
178
182
238.1
192
277
249
245
211
255.8
204
295
270
254
234
263.
206
298
274
267
248
263.2
203
290
249
280
259
230
200
238
209
280
254
290
280
307
291
326
303
274
272
385.
298
401
395.7
304
418
148
120
184.9
166
132
181
188
268.5 289.1
230
254
228
218
301.9
265
238
285.
284.1
283.3 333.
348.8 362.2 373.5
266
369
238
247
261
280
390
147
268
380
220
230
255
271
386
159
263
367
229
231
233
270
385
176
314
454
257
257
281
316
438
288
322
485
254
270
286
336
444
298
334
479
269
277
292
342
453
317
533.0
641
498
422
508.
664
508
353
523.9
673
530
361
272
338.3 365.1
283
264
332
377
299
447
248
251
262
293
413
272
278:
358
322
198
281.,
188.9
185.1
185.2
170.9 172.9
134
136
175.4
140
178.1 223.3 230.4 243.5 292.9 312.4
231
215
240
222
228
159
211
625
470
1116
713.5 583.5 538.5
537
507
606
444
390
469
893
638
469
171.8
223
220
192.2
282.2 307.4 319.5 308.7
319.6
247
326.3
251
284
358
284
362
223
235
239
254
269
340
199.0
117
140
194.8
114
137
270.8 307.1
171
152
196
174
141
147
173.2 222.1
151
194
210
243.4
220
212
175.7
189
131
126
173
183.2
196
139
133
187
175.9
170
135
139
188
235.7
238
196
211
229
253.2
255
207
220
252
259.8
269
213
224
258
264.0
274
205
228
262
108.6 169.
201
138
175
101
145
171.3
199
143
178
105
137
174.8
200
142
184
109
143
214.7
246
166
229
m
231.0
276
181
234
141
188
237.2
282
181
243
144
187
242.9
285
189
244
150
195
135.3 137.4
90
91
77
78
80
80
78
79
136.9 208.4
141
126
138
131
213.5
141
131
142
135
208.0
137
132
136
110
179
244.7
167
155
141
123
277.5
183
163
170
138
288.2
187
168
176
147
288.9
189
173
171
139
102.0
89
102.4 101.5
88
89
87
89
101.4
160.2
146
140
165.0
151
144
165.3
146
146
197.3
157
178
198.2
161
175
203.3 198.1
159
160
175
182
129.0
102
114
101
93
144
137
136.5
115
119
103
98
145
154
135.4 125.7
79
70
120
123
105
105
105
112
150
147
181
128
133.1 226.6
178
218
174
175
243
352
215.9
173
224
177
188
226
252
214.9
185
212
181
198
225
179
231.5
180
221
179
170
222
326
250.3
202
239
184
187
232
387
242.7
118
249
188
204
244
465
228.6
111.5
255
191
212
235
324
90.7
123
74
91.7
123
76
93.5
123
79
181.7
218
159
172.2
208
149
178.3
211
160
186.2
219
167
196.0
227
181
208.7
242
192
118.2
103
152.0 215.3
130
145
122.1
107.0
116
78
108
73
96
95.8
124
81
139.9
97.1
176.0
214
148
283
351
306.9 313.5
169
168
208
200
NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security
of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month and cover production workers only. Figures for November 1946 are preliminary.
76
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1945
Oct.
Factory pay rolls
1946
July
Nov.
Aug.
1945
Sept.
Oct.
Nov.
138.6
122
124
126
140.2 143.1 200.7
122
181
126
183
130
186
'Sept.
1946
Oct.
Nov
July
Aug.
Sept.
Oct
206.9
187
184
193
211.0
190
186
197
243.8
218
212
223
253.9
228
216
234
257.1
228
226
236
265.8
235
232
245
Paper and Allied Products.
Paper and pulp
Paper goods, n.e.c
Paper boxes
120.9 122.9 135.9 137. <
122
121
106
108
123
121
115
115
126
115
116
124
Printing and Publishing
Newspaper periodicals.
Book and job
102.5 105.9 116.,
110
97
101
126
110
113
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
168.5 169.1 163.7 164.9 167.9 170.5
190
194
174
189
175
188
119
120
115
119
118
118
168
170
157
169
168
159
178
409
173
170
177
361
161
243
116
178
174
264
117
119
71
56
136
116
110
112
103
112
Products of Petroleum and Coal.
Petroleum refining
Coke and by-products
123.6 131.3 142.7 143.4
122
137
137
131
100
118
119
103
Rubber Products
Rubber tires and inner tubes.
Rubber goods, other
154.4 160.1 180.2 187.5 190.1 194.0 199.2 231.3 254.2 257.8 327.2 343.2 365.0 357-3
192
163
190
195
240
240
304
311
330
169
183
211
341
142
115
139
144
193
204
256
278
282
209
119
134
287
Miscellaneous Industries
Instruments, scientific...
Photographic apparatus.
138.3 142.2 169.2
216
202
192
120
125
146
117.0 117.6 120.1 121.4 147.7 150.7 158.5 186.0 190.5 195.2 200.3
110
113
179
111
130
138
164
169
176
133
126
129
210
215
220
167
178
209
169
125
292.2
265
179
274
739
562
205
261
284.9
266
186
261
626
472
265
250
281.8
269
189
261
527
488
306
240
286.9
307
198
289
265
336
120
246
290.5
314
206
288
273
201
159
275
298.3
317
211
290
293
339
198
297
303.5
332
210
294
292
326
278
277
143.8 142. < 143.6 212.1 198.0 222.9 244.3 246.3 250.3 245-8
228
137
136
216
228
233
204
190
229
119
119
182
163
181
215
218
220
215
173.9 174.9 178.2 180.8 239.2 243.1 251.1 3U.c
189
187
325
327
191
373
346
148
198
148
148
240
191
189
326.9 334.9 346-2
330
332
331
245
241
247
For footnotes see page 1396.
FACTORY EMPLOYMENT
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1945
1946
Group
Total
Durable
Nondurable
Preliminary.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
127.2
142.6
115.1
127.8
143.3
115.6
128.1
141.2
117.8
130.7
144.4
119.8
122.4
122.9
122.0
130.3
138.6
123.7
136.6
151.6
124.7
138.0
154.6
124.8
139.6
158.1
125.0
140.6
161.2
124.4
143.8
165.9
126.5
145.9
168.5
128.1
146.4
169.3
128.2
P148.8
P171.7
P130.7
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
1945
Average hourly earnings (cents per hour)
1946
1945
Sept. Oct. June July Aug. Sept. Oct.
Sept.
98.7
Oct.
June
July
Aug.
Sept.
Oct.
98.5 108.4 109.3 111.2 112.7 113.0
All Manufacturing
41.4
41.6
40.0
39.7 40.5
40.3
40.4
Durable Goods
41.0
41.6
39.8
39.3 40.5 40.3
40.6
107.2 106.3 116.5 117.7 118.6 120.1 120.2
41.8
40.8
43.0
38.8
36.5
42.5
40.8
42.3
41.8
42.1
41.1
43.0
39.1
38.4
43.2
42.2
42.7
42.5
38.8
39.8
40.9
39.5
36.6
40.9
41.5
41.8
40.4
38.5
39.4
40.4
39.3
37.8
40.0
39.1
41.0
39.5
39.7
40.9
41.1
38.8
38.6
40.8
41.4
41.8
40.5
40.3
40.9
41.5
39.9
38.3
40.9
41.9
42.2
40.5
108.9
101.4
111.9
126.4
122.4
104.4
81.9
83.3
93.7
107.8
103.1
111.8
125.0
121.9
104.8
78.4
84.1
93.2
41.8
41.5
40.2 40.1 40.4 40.3
40.2
90.3
90.9
40,6
36.2
40.6
44
42.3
45.9
42
43.4
44.9
43.0
42.2
40.4
36.7
40.9
44.1
42.0
45.8
41.6
43.3
42.6
41.4
42.0
40.0
37.1
39.3
42.3
40.0
43.0
40.5
40.5
39.6
39.3
41.2
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos.
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and Other Finished 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
39.6
36.0
38.2
43.8
39.1
42.8
40.2
40.7
40.0
39.2
40.5
39.9
40.6
40.9
39.7
39.2
40.8
41.8
41.9
40.7
40.1
37.0
37.8
43.7
38.6
43.4
40.8
40.8
40.3
39.4
41.0
NOTE.—Back hgures are available from the Bureau of Labor Statistics.
JANUARY
1947
40.0
36.9
38.2
43.0
39.4
42.9
41.1
40.9
40.4
40.6
41.1
120.6
114.8
122.3
135.0
134.7
116.3
90.8
92.7
104.1
121.6
115.8
123.2
136.6
135.4
116.6
91.0
93.7
105.7
122.2
116.9
124.6
135.9
137.3
117.7
92.8
95.7
106.3
124.1
118.5
126.0
135.7
138.6
119.2
93.5
97.7
108.8
123.8
118.6
126.5
135.8
137.8
119.6
93.6
99.2
109.7
100.3 100.9 103.6 105.0 105.5
40.2 76.3
77.3 87.5 87.7 92.4
36.8 87.8 87
95.1 94.1 98.6
37.5 85.3 85,
95.0 95.4 97.2
42.4 88.0 89
97.2 98.6 101.5
40.5 78.6 79.
84.6 85
88.5
43.4 89.3 89
99.3 100
102.0
41.0 115.8 115.5 127.8 128
129.9
41.2 99.2 99.1 108.4 109.8 110.2
40.2 121.7 120.4 134.7 135.5 134.7
39.3 109.8 110.0 128.3 129.2 129.5
41.4 95.1 95.7 104.2 104.8 105.7
94.0
101.0
98.2
101.4
89.6
103.7
131.6
111.0
136.8
132.0
107.5
94.7
99.7
98.7
103.5
91.0
104.9
132-6
110.2
135.4
134.5
108.6
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
1,753
1,722
2,236
2,078
1,259
679
834
2,912
3,013
3,248
3,433
3,619
3,761
3,822
6,618
6,906
7,378
7,263
7,030
7,044
7,173
4,160
4,310
4,438
4,447
4,115
4,348
4,589
3,988
4,136
4,446
5,203
5,890
5,911
5,887
962
954
944
933
2,077
2,136
2,095
2,041
3,448
3,484
3,503
3,525
7,227
7,224
7,132
7,136
4,382
4,330
4,255
4,229
5,431
5,526
5,620
5,701
16,653
16,901
17,123
17,215
17,267
17,431
17,618
17,648
17,608
17,689
17,769
17,634
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734.
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
40,219
40,202
40,016
39,796
39,737
39,789
39,693
39,711
39,440
39,220
39,127
39,357
17,675
17,669
17,535
17,322
17,191
17,116
17,006
17,000
16,804
16,675
16,612
16,747
862
862
852
848
843
848
833
830
822
812
808
802
830
786
737
719
673
677
653
648
627
609
611
619
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304
5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
1945—January
February
March
April
May
June
July
August
September
October
November
December
39,489
39,558
39,651
39,169
38,953
38,6B3
38,356
38,070
36,223
36,184
36,538
36,813
16,696
16,684
16,640
16,384
16,092
15,749
15,255
14,944
13,094
13,048
13,110
13,059
805
802
796
765
732
798
784
780
780
714
789
798
633
658
691
736
782
828
868
858
883
940
984
1,085
3,797
3,848
3,846
3,811
3,802
3,795
3,801
3,803
3,774
3,806
3,871
3,916
7,210
7,164
7,214
7,004
7,056
7,039
7,117
7,121
7,215
7,258
7,315
7,335
4,394
4,404
4,438
4,466
4,513
4,521
4,558
4,597
4,603
4,745
4,894
4,936
5,954
5,998
6,026
6,003
5,976
5,953
5,973
5,967
5,874
5,673
5,575
5,684
1946—January
February
March
April
May
June
July
August
September
October
November
37,471
37,016
37,931
38,335
38,663
38,947
39,095
'39,690
'39,882
40,03^
40,315
13,236
12,536
13,272
13,848
13,955
14,098
14,174
'14,510
'14,658
14,761
14,982
814
812
801
508
717
811
815
824
823
821
822
1,230
1,385
1,462
1,597
1,708
1,837
1,882
1,936
'•1,965
1,948
1,926
3,956
3,987
3,990
3,939
3,873
3,878
3,904
'3,942
'3,890
3.968
3,997
7,673
7,697
7,757
7,775
7,763
7,788
7,898
'7,973
^7,998
7.954
7,966
5.034
5.082
5,127
5,166
5,134
5,055
5,026
5,084
5,155
5.261
5,313
5,528
5,517
5,522
5,502
5,513
5,480
5,396
5,421
r
5,393
5,323
5,309
39,093
39,135
39,251
38,991
38,880
38,767
38,474
38,172
36,398
36,327
36,779
37,463
16,696
16,684
16,557
16,302
16,012
15,749
15,331
15,019
13,159
13,048
13.110
13,059
801
798
796
761
728
794
784
784
784
718
793
802
582
599
636
699
798
845
911
927
945
1,006
L.014
1,042
3,740
3,771
3,788
3,792
3,802
3,833
3,858
3,860
3,831
3,825
3,871
3,896
7,030
6,985
7,084
6,990
7,021
7,004
6,975
6,979
7,143
7,331
7,571
7,959
4,350
4,360
4,394
4,444
4,513
4,589
4,672
4,666
4,603
4,698
4,845
4,936
5,894
5,938
5,996
6,003
6,006'
5,953
5,943
5,937
5,933
5,701
5,575
5,769
37,013
36,509
37,469
38,121
38,612
39,056
39,260
'39,871
'40,129
40,250
40,603
13,236
12,536
13,206
13,779
13,885
14,098
14,245
'14,583
••14,731
14,761
14,982
810
808
801
505
713
807
815
828
1,132
1,260
1,345
1,517
1,742
1.874
1,976
2,091
'2,103
2,084
1,984
3,897
3,907
3,930
3,919
3,873
3,917
3,963
••4,001
••3,948
3.988
3,997
7,481
7,505
7,617
7,759
7,724
7,749
7,740
'7,814
••7,918
8.034
8,245
4,984
5,031
5,076
5,140
5,134
5,131
5,152
5,160
5,155
5,208
5,260
5,473
5,462
5,494
5,502
5,541
5,480
5,369
5,394
r
5,447
5,350
5,309
Total
Manufacturing
ling
30,353
31,784
35,668
38,447
40,185
39,689
38,144
10,078
10,780
12,974
15,051
17,381
17,111
15,060
845
916
947
970
891
835
779
1942—September
October
November
December
39,171
39,452
39,597
39,898
15,644
15,798
16,048
16,333
1943—January
February
March
April
May
June
July
August
September
October
November
December
40,081
40,154
40,358
40,248
40,170
40,298
40,435
40,288
40,032
40,067
40,143
40,118
1944—January
February
March
April
May
June
July
August
September
October
November
December
Year and month
1939
1940
1941
1942
1943
1944
1945
Construction*
Federal,
State, and
local
government
SEASONALLY ADJUSTED
UNADJUSTED
1945—January
February
March
April
May
June
July
August
September
October
November
December
1946—January
February. . . .
March
April
May
June
July
August
September
October
November
r
827
825
826
* Includes Contract Construction and Federal Force Account Construction.
' Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates for manufacturing have been adjusted to levels indicated by
final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time
wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors
self-employed persons, domestic servants, and personnel of the armed forces are excluded. November 1946 figures are preliminary. For back
seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics.
78
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Nonresidential building
Residential
building
Total
Factories
January
February
March
April
May
June
July
August
September
October
November
December
Year
1945
1946
1945
1946
1945
1946
140.9
147.0
328.9
395.8
242.5
227.3
257.7
263.6
278.3
316.6
370.1
330.7
357.5
387.4
697.6
734.9
952.4
807.9
718.0
679.9
619.9
573.2
19.5
19.3
26.9
42.7
47.2
41.8
46.3
42.7
42.6
59.9
88.4
86.1
89.7
102.1
275.2
370.6
463.6
332.2
281.2
284.0
293.8
235.1
45.2
66.6
160.4
174.5
43.4
25.5
51.5
75.5
98.3
85.4
107.9
92.6
104.7
97.7
113.7
105.1
140.5
159.4
129.3
109.4
73.7
140.2
3,299.3
563.5
1,027.0
Total
Public ownership Private ownership
1944 1945 1946
1944 1945 1946 1944 1945 1946
J a n u a r y . . . . 159
February. . . 137
March
176
April
179
May
144
June
164
July
191
August
169
September.. 176
O c t o b e r . . . . 145
November. . 165
December . . 188
Year
141
147
329
396
243
227
258
264
278
317
370
331
1,994 3,299
358
387
698
735
952
808
718
680
620
573
504
122
109
133
133
98
122
148
125
127
102
103
114
75
74
221
309
148
82
108
67
43
61
61
62
47
56
146
127
197
215
202
205
187
134
130
37
28
43
46
46
42
42
44
49
43
62
74
1,435 1,311
559
66
73
107
87
95
146
149
196
235
256
309
269
311
331
551
608
756
593
516
475
433
439
373
1,988
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—Nov
Dec
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Total
320
557
495
694
954
1,026
1,186
1,137
942
886
684
60
55
56
46
48
58
80
83
80
55
63
85
67
Property
improvement
Small
home
construction
Mortgages on
224
246
60 ••• — •
160
208
25
251
26
262
21
141
15
96
1
125
189
*
28
*
23
*
17
*
14
*
13
*
21
*
39
40
*
42
*
25
*
32
*
47
*
35
War and
l-to4- Rental
and
family group Veterans'
houses housing housing
(Title (Title (Title
ID
94
309
424
473
669
736
877
691
243
216
219
21
20
27
24
28
28
31
37
33
26
26
33
26
69.0
77.5
112.7
75.1
88.7
55.2
72.8
56.6
50.0
41.0
1945
1946
4.9
3.0
4.6
4.3
5.1
10.5
13.4
10.4
10.2
18.6
7.0
8.2
18.1
17.1
11.4
18.0
23.4
23.4
35.7
7.8
18.8
12.6
100.2
2
2
11
48
51
13
13
6
*
7
3
i
*
l
l
i
*
23.9
17.6
36.3
49.9
29.4
35.6
36.9
32.0
27.0
30.8
30.0
27.3
25.8
28.3
40.9
37.9
38.3
35.2
45.8
37.7
27.1
31.5
1945
1946
39.8
32.0
90.6
111.9
107.9
95.0
89.9
77.5
54.6
61.1
74.0
51.0
50.2
64.7
143.6
128.1
197.9
202.4
153.1
184.4
156.4
112.8
885.4
376.8
1945
1946
Federal Reserve district
Nov.
Oct.
Nov.
34,760
95,577
27,592
42,851
62,782
52,333
86,018
24,725
20,511
26,849
29,747
36, 899
83, 076
21, 897
50, 187
59 282
74,533
133 294
34, 530
17. 495
14, 676
47, 337
19,222
40,151
24,990
43,923
37,427
31,553
86,671
31,484
12,148
12,324
30,194
503, 745
573,206
370,087
Boston
New York. . . .
Philadelphia. .
Cleveland
Richmond. . . .
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
SavMuCom- tual
ings
mer- savand
cial
loan
ings
banks banks associations
Insur- Federal Other*
ance
com- agenpanies cies1
365
771
1,199
1,793
228
430
634
902
8
27
38
71
56
110
149
192
41
118
212
342
5
32
77
153
27
53
90
133
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec.
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
856
264
940
272
276 1,032
237
243
245
200
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec.
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec.
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
3,102
1,488
260
247
11
122
1936—Dec
1937—Dec.
193g—Dec>
1939—£)ec
13
284
601
537
272
11
11
12
8
7
8
10
6
5
4
4
6
7
Public works
and public
utilities
Other
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]
VI)i
II)
*Less
than $500,000.
1
Mortgages insured under War Housing Title VI through April
1946; figures thereafter represent mainly mortgages insured under
the Veterans' Housing Title VI (approved May 22, 1946) but include
a few refinanced mortgages originally written under the War Housing
Title VI.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
JANUARY 1947
Educational
Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
7.5
8.5
10.0
12.3
9.5
18.8
19.8
25.5
45.5
60.8
62.8
65.5
346.4
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Commercial
1940—Mar
June
Sept
Dec
. .
e m
974
!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.
79
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports 2
Excess of exports
Month
1942
1943
1944
1945
1946
1942
1943
1944
1945
1946
1942
1943
1944
1945
1946
January. .
February..
March.. . .
482
483
637
749
728
988
1,124
1,107
1,197
903
887
1,030
P670
P815
254
254
272
230
234
249
300
314
358
334
325
365
P394
P318
P384
228
230
365
519
494
739
824
793
839
569
561
665
P405
P352
P431
April
May
June
717
542
650
989
1,092
1,003
1,231
1,455
1,297
1,005
1,135
870
P757
P851
P878
235
191
215
258
282
296
352
386
331
366
372
360
P407
P397
P386
482
351
434
732
810
707
879
1,069
965
639
763
511
P350
P453
P492
July
August. . .
September,
659
705
732
1,265
1,280
1,269
1,197
1,191
1,194
893
737
514
P825
P882
214
187
196
302
318
289
294
304
282
356
360
335
P433
P425
P3 75
446
518
536
963
962
981
903
887
912
537
378
180
P392
P457
P268
October...
November.
December.
803
788
883
1,238
1,073
1,288
1,144
1,187
939
455
P639
P736
P537
200
168
359
329
312
282
328
323
347
344
P322
P297
P399
603
620
524
909
761
1,005
815
863
591
111
P317
P439
8,431 P 7 , 6 5 7
2,217
2,787
3,250
3,516 P3,918
4,191
7,816
8,886
4,914
Jan.-Oct. .
6,409 10,603 12,136
P3,739
umption and that entered for storage in bonded warehouses.
; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average = 100]
ForTotal Coal Coke Grain Live- est
stock products
REVENUES, EXPENSES, AND INCOME OF CLASS 1
RAILROADS
[In millions of dollars]
Ore
Mis- Mercel- chanlane- dise
ous
l.c.l.
101
110
136
146
145
147
97
96
100
69
63
67
68
Total
Total
railway
railway
operating expenses
revenues
Net
railway
operating
income
Net
income
Annual
1939
1940
1941
1942
1943
1944
1945
101
137
98
111
123
135
138
140
135
143
134
109
130
138
102
107
137
168
186
185
101
112
120
146
139
172
151
181
96
96
91
100
114
104
117
124
124
155
141
139
143
129
110
147
183
206
192
180
169
142
SEASONALLY
ADJUSTED
1945—September.
October. . .
November.
December. .
1946—January...
February. .
March. . . .
April
May
June
July
August.. . .
September.
October. . .
November.
127
118
133
127
133
126
139
109
106
133
139
141
138
139
137
143
109
148
133
155
113
167
164
148
152
127
107
165
95
155
26
68
146
145
152
160
155
117
62
140
177
184
183
183
166
145
158
167
153
152
150
141
112
126
126
139
131
125
142
147
114
122
145
140
126
158
140
143
114
118
166
118
91
128
136
125
109
110
106
174
134
134
117
126
125
133
130
66
69
74
74
122
126
134
143
125
149
118
94
121
66
66
134
121
143
143
123
135
78
78
78
81
74
81
78
77
75
79
83
137
153
157
154
164
162
146
151
'•157
135
115
108
94
261
215
114
136
139
36
123
109
121
134
29
24
35
123
164
157
141
145
139
139
148
UNADJUSTED
1945—September.
October. . .
November.
December. .
137
128
136
119
1946—January...
February. .
March
April
May
June
July
August
September.
October
November.,
123
119
132
107
107
137
143
145
149
149
141
143
109
148
133
148
152
155
26
68
146
145
152
160
155
117
154
111
167
172
163
158
164
144
150
133
114
166
152
147
120
126
111
127
93
61
138
172
177
181
180
166
130
99
111
128
166
142
140
142
144
188
183
135
50
103
143
130
96
135
113
155
153
165
120
166
243
245
197
171
154
148
216
169
103
213
263
136
113
136
141
125
139
142
146
150
151
154
69
72
75
71
74
75
79
82
74
81
78
77
79
82
84
r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
Annual
589
93
189
500
902
874
668
P447
3,995
4,297
5,347
7,466
9,055
9,437
P8.902
3,406
3,614
4,348
5,982
7,693
8,343
P8.052
1945—August. . .
September.
October...
November.
December.
705
691
657
668
628
648
655
620
608
674
36
37
61
-36
1946—January...
February..
March
April
May
June
July
August. . .
September.
October. . .
655
635
651
566
515
639
651
664
673
663
567
555
667
562
524
586
603
613
605
606
88
80
-16
4
-9
53
48
51
68
57
-45
-28
-41
20
16
18
37
P25
1945—August. . .
September.
October...
November.
December.
755
679
697
661
614
667
636
••645
600
651
87
43
'52
61
-37
53
9
20
34
75
1946—January...
February..
March.. . .
April
May
June
July
August. . . ,
September.
October...
641
579
646
567
533
612
674
710
660
710
570
521
667
557
537
574
611
629
593
625
71
58
-20
10
-5
38
63
82
67
85
34
29
49
21
37
15
32
53
39
1939
1940
1941
1942
1943
1944
1945
682
998
1,485
1,362
1,093
P850
SEASONALLY
ADJUSTED
57
22
4
3
30
-56
51
51
UNADJUSTED
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
Year or month
United
States
Boston
New
York
104
108
126
140
148
162
176
101
106
119
128
135
150
169
104
111
129
143
151
167
184
Richmond
Atlanta
Chicago
St.
Louis
106
114
138
153
167
182
201
109
120
144
170
194
215
236
113
123
145
162
204
244
275
107
116
135
149
161
176
193
111
119
143
158
179
200
227
106
109
123
129
148
164
185
105
110
127
149
184
205
229
Phila- Clevedelphia land
Minne- Kansas Dallas
City
apolis
SALES*
106
114
133
149
168
186
207
1939
1940
1941
1942
1943
1944
1945
San
Francisco
112
117
138
157
212
246
277
109
117
139
169
200
221
244
'272
SEASONALLY ADJUSTED
222
183
182
202
212
208
184
218
297
206
'204
199
288
179
'241
239
238
188
'256
237
290
218
244
287
256
227
251
260
252
258
275
186
200
218
210
213
232
194
210
232
219
226
240
205
221
244
224
232
253
220
236
246
244
256
273
262
283
294
276
276
303
308
331
328
327
329
365
209
241
243
237
234
253
234
* 281
286
272
277
305
212
236
246
225
252
248
249
261
275
273
289
288
306
339
336
352
342
368
273
227
236
254
260
307
343
254
300
253
281
381
269
300
297
291
305
315
323
290
269
257
273
246
226
216
230
259
202
177
233
250
241
••229
253
286
249
248
'266
306
298
365
367
348
348
281
263
250
'261
330
313
293
294
259
265
'254
252
300
321
'297
283
381
376
349
356
319
321
'274
352
179
225
323
147
235
307
155
255
328
264
338
167
348
466
246
254
320
167
303
365
'240
305
158
286
366
199
'351
467
248
207
156
174
174
194
227
292
193
236
182
238
299
253
238
255
248
253
208
242
278
278
336
197
223
211
216
157
184
237
240
284
206
219
214
221
158
189
214
202
301
219
228
222
228
175
195
246
2S9
319
237
253
243
257
203
249
2*1
2^5
r333
264
281
274
266
219
253
316
312
369
315
336
313
306
275
321
374
372
417
226
242
234
245
198
236
268
268
'318
264
281
272
274
234
284
316
313
371
223
235
242
236
204
232
287
'281
302
255
273
272
265
239
279
311
312
340
316
335
322
313
290
332
395
384
434
258
287
284
288
266
292
326
102
108
131
179
155
162
166
99
105
124
165
142
147
153
97
102
123
181
143
150
159
96
99
119
167
141
148
150
99
106
130
182
144
151
156
107
113
139
191
175
190
198
107
115
140
178
161
185
188
103
111
134
186
160
161
159
102
108
134
176
152
159
166
103
110
138
171
151
169
165
99
105
125
159
152
157
156
106
113
130
161
159
177
190
106
113
137
187
172
177
182
165
158
148
139
152
150
149
146
157
149
195
192
193
189
155
147
163
155
160
155
158
154
189
198
191
176
167
171
177
189
200
211
223
221
226
237
255
145
154
157
171
177
181
187
186
192
207
209
162
166
170
180
190
204
213
214
200
192
217
149
153
160
172
182
194
203
205
210
••217
215
157
163
174
178
192
209
213
208
221
232
249
207
201
206
217
233
243
264
264
262
274
298
184
192
201
220
239
252
267
271
277
297
330
163
165
168
179
191
199
213
210
220
2^5
249
160
175
185
193
211
222
231
234
240
264
274
166
162
166
183
186
207
224
219
227
'244
258
165
163
183
184
194
212
206
201
219
'234
249
179
190
195
208
239
2S3
252
262
267
274
303
183
190
190
215
217
218
250
240
249
270
296
1945—November
December
179
136
167
127
173
136
164
124
165
124
207
160
203
155
171
132
175
130
173
136
170
126
202
166
202
144
1946—January
February
March
April
May
June
July
August
September
October
November
146
158
172
188
200
205
223
238
250
267
132
145
154
164
173
174
179
198
210
231
144
156
171
182
192
192
196
218
216
217
130
148
160
175
184
184
192
213
231
'247
138
151
168
183
194
201
213
225
246
268
177
190
205
218
228
232
260
297
294
312
166
179
201
217
232
255
275
292
305
333
140
150
163
179
191
195
209
225
244
263
138
158
180
193
211
222
240
255
266
295
151
155
167
174
185
200
228
232
245
'271
143
147
165
179
191
212
230
225
246
'266
161
169
185
202
227
246
272
296
299
310
161
167
177
212
225
221
265
263
281
299
277
236
247
237
263
316
347
274
293
279
267
324
313
1945—November
December
1946—January
February
March
April. . .
May
June
July
August
September
October
November
••286
290
324
313
UNADJUSTED
1945—• November
December
1946—January
February
March
April
M!ay
June
July
August
September
October.
November
...
158
P326
399
197
192
'320
407
214
330
378
STOCKS*
1939
1940
1941
1942
1943
1944
1945
.
.
SEASONALLY ADJUSTED
1945—November
December
....
1946—January
February
March
April
May
June
July
August
September.
October
November
UNADJUSTED
' Revised.
* Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
JANUARY
1947
81
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average=100]
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve
districts]
Amount
(In millions of dollars)
Year or month
1939 average
1940 average
1941 average.
1942 average
1943 average
1944 average
1945 average
1945—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
896
979
974
910
934
1048
1073
1012
960
845
P690
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Without seasonal adjustment
1943
1946
1944
1945
.246
May 22... . .153 May 20... . .177May 19.... .178 May 18
745
29
. .151
27
. .168
182
25
26
223
June 5... ..151 June 3... ..163 June 2
.169 June 1
9
12
. .168
10
172
196
8
17... ..173
15.... .283
.206
19 . . .168
16
26... . .132
24... ..151
22.... .248
23.... .183
739
July 3
. .134 Julv 1
. 149
30
29
197
10... ..113
8... ..116 July 7 .. 153 July 6
. .126
145
17
15
167
13
14
201
22... . .138
1S7
20
24.. . .124
21
132
27
.204
31 . 118
29
28
153
. .137 Aug. 4.... .167 Aug. 3
217
Aug. 7... ..131 Aug. 5
131
12... ..148
.176
10.... .228
14
11
19... ..149
21 . .146
17....
18.... .124
26
182
. .171
24
255
28 .. . .145
25
31.... .281
Sept. 4... ..169 Sept. 2... ..194 Sept. 1.... .194
9... ..177
11... ..156
.177 Sept. 7.... .264
8
16... ..196
14.... .293
18... . .179
15.... .213
780
21
. .176
23
. .193
25
22
990
30... ..196
2... . .175
28.... .257
Oct.
29.... .209
.242 Oct. 5.... .277
9... ..188 Oct. 7... . .218 Oct. 6
945
781
14... . .221
12
13
16... . .189
. .194
21... . .209
.295
23
20.... .237
19
. .187
28... . .207
30
233
26
987
27
.277
Nov. 6... . .202 Nov. 4... ..215 Nov. 3.... .236 Nov. 2
11... ..231
10
.261
9.... .314
13... ..211
18... ..252
17.... .275
16.... .342
20... . .223
363
. .201
25 . . .236
24
23
27
258
30.... .334
.326
Dec. 4... ..269 Dec. 2... ..304 Dec. 1
9... ..365
.4758.... .401 Dec. 7
11... . .297
16... ..377
15.... .433
18... ..321
14.... .519
23... ..369
22.... .421
25... . .274
21.... .532
30... ..123
29
.158
28.... .281
Jan.
1944
1..
8..
15
22..
29..
1945
. .110Jan. 6... ..145 Jan.
. .143
13... ..166
. .146
20.. . .160
. .144
27... ..161
..137 Feb. 3... . .163 Feb.
1946
5...
12...
19
26...
2...
1947
.188
4
.135 Jan.
11
.188
191
18 ...
25
.188
.197 Feb, 1
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
r
P Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
SALES BY FEDERAL RESERVfe DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
11
j Nov.Oct. mos.
19461946 1946
11
NovJOct. mos.
1946 1946 1946
NovJOct. I
1946 I 1946 |
11
\p+26
Chicago
Kansas City—
United States.. P+24 +21 +28 Cleveland-cont.
!p +24i
cont.
+23 +25 +23 Chicago!
i +25|
+25
Peoria!
Oklahoma City.. +19 +15 +19
+28 +22 +27 Toledo!
+22
+21
. . +21I+15 +21 Fort Wayne!
Tulsa
• +27 Youngstown!.
+35 +27
+25 +25 +23
+27| +9 +29 Indianapolis!. . .
+22 Erie!
+21 + 16+22
Pittsburgh!
Dallas
+25 +21 +29 Terre Haute f. . .
+ 24 +21 +29
+27 +23 +28 Wheeling!
Shreveport
DesMoines
+22 +28 +26
Corpus Christi. . +51 +34 +30
+ 16 +14 +22 Detroit!
+26 +19 +26 Richmond
+ 19 Flint!
+21 +20 +32
Dallas!
+20
+17
+7
Washington!
+23 +13
Fort Worth
+16+17 +23 Grand Rapids. . .
+20 +19 +24
+32
+20 +30 Baltimore
Houston!
+301 +26 +35
+25 + 16+24 Raleigh, N. C . . . +26+15 +25 Lansing
San Antonio
+23| +19 +28
Winston-Salem.. +36 +25 +30 Milwaukee!
+28 +3+31 Charleston, S. C. +4+11 +5 Green Bay !
New York
San
Francisco
.
.
+
18
Madison
P+20
+37
Greenville,S.C...
+29 +26
+33
+34
Bridgeport!
+14; +6 +24
Phoenix!
+20 +32 +30
+29 - 6 + 3 0 Lynchburg
Newark!
+ 16^+18 +8 St. Louis
Tucson
+23+27 +37 +32
+38 +34 +46 Norfolk
Albany
+11J+12 +27 Fort Smith
Bakersfield !. . . . +17 +31 +28
Binghamton. . . + 19 +32 +32 Richmond
+22 +14 +35 Little Rock!
Fresno !
+17 +37 +29
+25 +18 +29 Roanoke
Buffalof
+31 +25
Long Beach!.. . . + 17 +23 +24
Quincy
+30 +16+23 Charleston,
Elmira
+30
Los
Angeles
f...
.
Evansville
+20
+26
+22 +31 +30
+17
+
13
+9
W.
Va
Niagara Falls. .
Oakland and
+26+21 +30 Louisville!
New York City t +26 - 7 +29 Clarksburg
+24
+16+17
East
St.
Louis..
.
Berkeley!
+29
p+23
+35
+27
+24 +23
Hungtington
Poughkeepsie. .
Riverside and
St. Louis!
Rochester f. . . . +33 +2i:6 +31
+26
San
Bernardino
+20
+21
St.
Louis
Area.,.
+29 **-f22
Schenectady. . . +33 +25
. ^ +25Atlanta
Sacramento!... . +25 +36 +30
+35 +36 +38 Birmingham!. . + 11+17 +24 Springfield
Syracuse f
+17
P
+
4
+24
+9
Memphis!
San
Diego!
+ 17 +11
+27 +19 +25 Mobile
Utica
+13+14 +21
San Francisco!. . +18 +21 +20
Montgomery!..
+22
P
+
3
5
Minneapolis
+
191+22
San
Jose!
+37 +31
+25 +24 +29 Jacksonville ! . . .
Philadelphia...
Santa Rosa !. . . . +21 +24 +24
+25 +36 +31 Minneapolis!. . .
+22 +21 +36 Miami!
Trenton!
+37
+27
St.
Paul!
Stockton
+36
+ 15 +33
+28
+28 +23 +30 Orlando
Lancaster!
Vallejo and
+22 +34 +33 Duluth-Superior !
Philadelphia!. . +20 +20 +25 Tampa!
+18 +24 +30
- 6 +41
Napa!
-4
Reading!
+43 +28 +35 Atlanta!
+37 +30 +36 Kansas City
Boise and
Wilkes-Barre!.. +34 +35 +36 Augusta
17 Denver
P + 1 5 +24 +26
Nampa
York!
+24+18 +
+30 +26 +27 Columbus
P + 2 0 +27 +26
Portland
+ 15 +21 +28 Pueblo
Macon!
Salt Lake City! . P + 1 7 +30 +31
+28 +22 +29 Hutchison
Cleveland
+26 +18 +28 Baton Rouge!..
Bellingham!. . . . +25 +42 +26
Akron!
+ 16+15 +19 New Orleansf.. +24 +22 +26 Topeka
P + 2 6 +46 +35
+21 + 18 Everett!
Canton!
+43 +36
. +29 Bristol, Tenn... +26 +19 +28 Wichita
+11 +26 Seattle!
+19
, P + 1 2 +2
+16 +19 +22 Joplin
Jackson!
Cincinnati!.. . +24 +24
+32 Chattanooga!.. +31 +27 +32 Kansas C i t y . . . .
P + 2 8 +40 +30
+26 +25 Spokane!
+26 +20 +28
Cleveland!. . .
P + 1 9 '+15 +17
+26 +32 Tacoma!
Columbus!. . . +30 +18 +29 Knoxville!
+9 - 2 +9 St. Joseph
P + 2 3 +26 +24
+ 18 +31 Yakima!
Springfield!...
+27 +26 +37 Omaha
+ 15 + 14+15 Nashville!
r
** Ten months in 1946.
P Preliminary.
Revised.
* Data not avai lable.
! Indexes for these cities may be obtained on request from the Federal Reserve Bank in the District in which the city is located.
Boston
New H a v e n . . . .
Portland
Boston Area. . .
Downtown
Boston.. . .
Springfield
Worcester
Providence....
82
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Number
of stores
reporting
Department
Index numbers
without seasonal adjustment
1941 average monthly sales=100 *
Percent change from Ratio of stocks
to sales *
a year ago (value)
Sales during
month
Sales during
period
1946
Oct.
GRAND TOTAL—entire store3
MAIN STORE—total
Women's apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Handbags and small leather goods
Men's and boys* wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Lamps and shades
China and glassware
Housewares
Piece goods
Cotton wash goods
Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Art needlework
Stationery, books, and magazines
Miscellaneous
r
Luggage
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
360
360
357
340
342
333
318
319
294
342
339
351
334
249
273
252
289
177
327
331
239
316
291
186
320
242
264
300
225
307
236
238
235
299
123
344
120
230
328
310
241
238
307
240
210
190
133
139
52
130
218
234
313
221
252
264
323
138
229
248
171
208
227
194
276
176
242
191
210
210
203
243
192
207
164
188
240
281
212
210
140
254
273
223
193
265
211
148
225
217
211
194
162
189
191
191
203
284
138
Stocks at end
of month
1945
Sept.
Oct.
201
223
277
221
271
280
304
U35
193
236
151
161
229
162
.258
136
257
188
190
187
171
247
174
189
158
176
200
245
194
180
131
258
262
190
169
237
195
139
196
170
166
158
179
167
171
169
170
253
130
1946
Oct.
190
609
219
574
523
315
327
202
725
241
747
264
804
297
430
123
605
204
609
212
244
149
993
221
590
191
863
184
888
265
160 1,006
244
238
613
179
608
188
302
206
713
165
879
240
628
138
154
620
158
575
139
421
208
764
51
231
172
582
195
844
132
684
186
948
251
546
191
444
785
178
250 1,012
186
748
142
672
183
929
208
765
209
855
171
660
129
706
165
496
177
458
167
585
546
163
551
242
480
98
1945
Sept.
572
547
549
294
715
737
800
378
524
570
220
935
527
890
840
909
234
557
555
301
608
849
560
592
539
427
776
193
544
826
633
910
531
401
703
992
721
577
842
740
722
607
594
470
439
536
528
546
449
Oct.
Oct.
1946
Ten
mos.
1946
Stocks
(end of
month)
Oct.
1946
October
1946
1945
+42 2.7 2 . 2
+14 +26
428 +14
+42 2.8 2.3
+27
1.8
+47 2.4
390
+7 +16
1.0
+60 1.7
331
+18
-1
0.9
+78 1.4
184
+9 + 17
1.9
+62 2.9
443
+4 + 13
1.7
+62 2.8
465
0 +13
+26 2.4 2.1
633
+8
+9
2.2
+58 3.1
274 + 12
+17
1.7
+74 2.6
345 +12
+13
1.8
+59 2.4
380 + 17
+20
1.1
+50 1.4
161 +15
+ 13
+46 4.8 3.1
684
+6
-6
2.4
+26 2.6
466 +19
+26
+34 4.4 3.4
651
+5 +20
2.8
+21 3.2
716
+8
+4
5.7
+ 10 5.7
916 + 10 + 10
0.7
+39 1.0
171
+16
+2
2.6
3.2
+32
467
+7 +19
+39 2.9 2.3
443 +12
+37
1.1
+33 1.4
237
+2 +37
2.9
487 +23
+47
+47 3.5
2.8
682
+13
+29
3.6
+ 1 +49
3.8
527 +39
+20 3.3
2.4
+62 3.0
+59
382 +34
2.4
+48 3.5
+4 +44
388
2.1
+43 2.2
+60
289 +35
2.1
+76 3.2
+30
434 + 15
0.6
0.8
+699
+456
+567
32
+71 2.8 2.0
+42
339 +23
+34 4.0 3.2
+7 +39
627
+32 4.9 3.9
+6 +31
517
3.7
2.9
+78
+36
+71
533
329
+64 2.0
1.3
+9 +12
+12
250 +17
1.4
+69 2.0
+15 4.1 3.8
678
+9 +14
+ 16 3.8 3.4
+9
851
+6
+24 3.5 3.2
594 + 13 +18
+8
662
+1 4.5 4.7
+4
+33
650 +23
+42 4.1 3.6
+4
627
+20 3.5 3.1
+4
+6
820
+3 4.0 4.0
+1
+22 3.4 3.2
+32
540 +14
+77 4.4 3.1
+56
380 +25
+42 2.6 2.1
+19
350 +14
+38 2.4
1.9
333
+8 +11
+47 3.1
2.4
402 +15
+34
+67 2.7
2.0
328 +24
+38
+51 1.9
373 +17
1.5
+14
416 +40
+17 3.4
+20
4.2
sales index for that department. The stocks
For description and monthly indexes of sales
The titles of the tables on pages 857 and 858
and stocks by
were 2reversed.
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales duri ng 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.
* For movements of total department store sales and stocks see the indexes for the UUnited States on p. 81.
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average = 100
Year and month
Accounts receivable
at end of month
Sales during month
Collections during
month
Charge
account
Instalment
Charge
account
Instalment
Charge
account
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
1945—October
November
December
190
212
270
245
271
356
89
100
108
147
165
204
36
41
48
99
113
144
72
'78
79
122
143
148
63
63
64
33
33
32
1946—January
February
March
April
May
June
July
August
September
October
November *•
142
152
190
205
194
193
156
193
197
218
257
186
191
233
249
234
233
192
234
229
249
297
64
72
84
96
85
81
74
99
97
119
146
106
122
162
175
169
169
130
164
180
202
232
45
44
43
45
45
46
45
48
50
55
62
108
100
114
126
129
133
119
127
145
156
176
82
75
83
82
83
81
79
84
87
101
109
190
140
138
154
168
167
165
152
152
186
197
65
62
60
60
59
59
61
60
57
56
57
31
34
36
36
37
37
35
36
39
39
38
r
P Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sale; shown on p. 81.
JANUARY 1947
83
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—October.. .
November.
December.
1946—January...
February..
March....
April
June
July
August... .
September.
Octoberp. .
November?
Total
instalment
credit
Loans1
Singlepayment
loans2
Charge
accounts
Service
credit
Sale credit
Total
Automobile
Other
7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,030
7,981
9,153
9,899
6,485
5,338
5,777
6,734
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,578
4,436
5,455
5,924
2,955
1,961
2,039
2,365
2,515
,032
,595
999
,122
,317
,805
,436
2,752
2,313
2,792
3,450
3,744
1,491
814
835
903
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
227
,197
,104
958
677
663
741
865
,147
,368
,343
,525
,721
,802
,009
639
635
676
652
674
619
516
459
532
802
1,065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
2,125
1,949
1,402
962
776
875
1,048
1,331
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,251
1,616
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1 513
1 498
1,758
1,981
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
6,000
6,344
6,734
6,506
6,564
6,978
7,315
7,507
7,762
7,843
'8,150
8,384
8,117
9,189
2,086
190
365
2,364
2,408
2,507
2,652
2,789
2,908
3,031
'3,177
3,301
3,470
3,655
754
805
903
877
879
905
957
1,004
1,035
1,072
1,126
1,181
1,266
1,360
210
219
227
235
245
264
289
318
336
365
394
425
466
505
544
586
676
642
634
641
668
686
699
707
732
756
800
855
1,332
1,385
1,462
1,487
1,529
1,602
1,695
1,785
1,873
1,959
'2,051
2,120
2,204
2,295
1,490
1,556
1,616
1,659
1,671
1,695
1,710
1,708
1,697
1,695
1,714
1,740
1,773
1,820
1,666
1,835
1,981
1,701
1,692
1,972
2,138
2,188
2,327
2,281
2,418
495
621
2,859
758
763
772
782
793
804
815
822
830
836
841
848
853
855
r
P Preliminary.
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]
Loans made by principal lending institutions
(during period)
Amounts outstanding
(end of period)
Total
Commercial1
banks
Small
loan
companies
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
652
674
619
516
459
532
802
1,065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
358
471
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
445
129
131
132
134
89
67
68
76
1945—October
November.
December..
1946—January. . .
February..
March
April
May
June
July
August....
September.
Octoberp...
NovemberP
1,332
1,385
1,462
1,487
1,529
1,602
1,695
1,785
1,873
1,959
-•2,051
2,120
2,204
2,295
428
448
471
494
522
564
608
656
700
745
792
825
864
905
395
409
445
446
452
462
482
492
506
520
535
544
556
574
71
73
76
76
78
82
85
88
92
96
100
103
108
112
Year or month
Industrial
banks2
Industrial
loan
com- 2
panies
Insured
repair
Comand
modern- mercial1
ization3
banks
loans
Credit
unions
Miscellaneous
lenders
95
99
104
107
72
59
60
70
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
25
168
244
148
154
213
284
301
215
128
120
179
64
67
70
70
71
73
76
78
79
81
84
86
90
94
121
124
128
127
128
132
137
142
149
154
158
164
170
175
90
93
93
94
95
97
98
99
100
102
103
104
106
165
174
179
181
184
194
210
231
248
263
'280
295
312
329
219
218
184
143
121
125
156
191
221
Small
loan
companies
Industrial
banks2
69
130
248
368
460
680
1,017
1,198
792
636
744
938
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876
978
238
261
255
255
182
151
155
166
94
101
104
105
132
138
148
148
156
164
156
177
171
89
97
133
76
80
103
105
97
99
106
110
98
107
122
16
15
18
14
14
18
18
19
19
20
20
20
21
22
413
380
340
250
202
234
288
354
409
Industrial
loan
com- 2
panies
Credit
unions
176
194
198
203
146
128
139
151
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
14
14
16
14
14
16
16
16
17
17
18
18
19
20
20
21
23
19
19
24
25
28
28
29
30
31
34
33
r
P Preliminary.
Revised.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of
other retail direct loans not shown separately. Other retail direct loans outstanding at the end of November amounted to 66 million dollars,
and loans
made during November were 12 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
3 Includes only loans insured by Federal Housing Administration.
84
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
stores
and
mailorder
houses
Household
appliance
stores
All
other
retail
stores
End of
year or
month
Total,
excluding automobile
1929
1930
1931.
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945
October. ..
November.
December.
1946
January...
February..
March....
April
May
June
July
August....
September.
October ?. .
November?
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183
198
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
544
586
676
156
173
198
247
262
283
11
12
14
44
47
74
86
92
107
642
634
641
668
686
699
707
732
756
800
855
189
184
188
200
206
210
213
222
235
259
285
272
274
279
288
295
299
299
308
311
322
335
14
14
14
15
16
17
21
23
25
27
28
66
62
59
60
61
63
63
64
65
66
72
101
100
101
105
108
110
111
115
119
126
135
Furniture
stores
Jewelry
stores
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Outstanding at end
of period:
1941—June
December....
1942—June
December....
1943—June
December....
1944—June
December
1945—October
November...
December....
1946—January
February
March
April
May
June
July
August
September...
October?
November?...
Volume extended
during month:
1945—October
November...
December
1946—January
February....
March
April
May
June
July
August
September...
October?
November?...
1
2
Total
Retail instal-2
ment paper
Automobile
rn-hor
utner
Repair Personal
and
instalmodern- ment
ization1
cash
loans
loans
202.5
196.8
162.4
125.4
100.2
91.8
89.6
92.0
97.7
100.9
104.1
105.6
107.3
112.8
118.1
122.4
127.4
132.6
138.5
142.9
150.6
156.1
53.5
49.3
34.3
21.4
14.4
12.6
12.5
13.0
13.1
13.6
13.8
14.1
14.6
15.4
16.8
17.6
18.5
19.9
21.3
22.1
24.4
26.3
18.4
18.8
16.3
12.8
8.8
7.7
6.8
7.8
8.4
9.0
9.8
9.9
10.0
10.9
11.8
12.7
13.7
13.8
14.1
14.7
15.7
16.7
18.2
18.6
16.5
15.6
14.1
14.0
12.9
13.4
16.2
16.8
17.2
18.0
18.2
19.1
20.2
21.2
22.0
23.1
24.2
25.4
26.7
27.4
112.4
110.1
95.3
75.6
62.9
57.5
57.4
57.8
60.0
61.5
63.3
63.6
64.5
67.4
69.3
70.9
73.2
75.8
78.9
80.7
83.8
85.7
19.7
19.9
21.3
18.6
18.0
23.3
23.6
24.4
23.8
26.3
26.7
25.2
28.8
28.4
2.7
3.0
3.1
3.1
3.0
3.8
4.2
3.9
3.9
4.7
4.7
4.3
5.5
5.2
1.7
2.2
2.0
1.6
1.7
2.2
2.4
2.8
2.7
2.8
3.0
2.7
3.5
3.6
2.1
1.9
1.6
1.8
1.6
2.4
2.5
2.5
2.3
2.6
2.8
2.7
3.3
2.8
13.2
12.8
14.6
12.1
11.7
14.9
14.5
15.2
14.9
16.2
16.2
15.5
16.5
16.8
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
,
1945
1945—October
November.
December. .
1946—January.. .
February..
March....
April
May
June
July
August... .
September.
October?. . .
November?
Volume extended during month:
1945—October. . .
November.
December. ,
1946—January...
February..
March
April
May
June
July
August....
September.
October?. .
November?
1,093
1,450
1,694
845
514
559
731
659
694
731
771
809
871
946
1,025
1,093
1,164
1,247
1,313
1,387
1,465
218
311
411
136
55
57
65
131
140
147
157
155
188
212
226
217
240
253
243
280
270
13
14
14
19
18
20
29
29
24
30
36
33
41
37
1947
60
62
65
70
74
82
97
108
115
124
138
149
161
174
Repair
and
modernization
loans1
instalment
cash
loans
Personal
164
253
310
123
81
99
146
128
135
146
155
164
179
193
212
228
245
263
276
294
314
155
217
288
143
68
75
97
83
90
97
107
111
117
127
142
154
167
179
188
201
214
209
247
234
154
89
83
121
109
116
121
125
131
140
151
161
173
183
198
211
225
238
347
422
451
289
221
245
302
279
291
302
314
329
353
378
402
423
445
469
489
506
525
28
29
32
19
21
24
34
35
41
46
52
50
53
58
55
64
64
27
24
25
32
38
36
44
38
41
48
47
15
16
13
14
15
20
22
22
22
23
27
25
29
27
56
60
64
63
63
82
83
85
85
90
94
89
98
95
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Outstanding at end
of period:
1944
1945
1945—October
November. . .
December... .
1946—January..\..
February. . . .
March
April
May
June
July
August
September. . .
October?
November?...
Volumes extended
during month:
1945—October
November. . .
December....
1946—January
February. . . .
March
April
May
June
July
August
September. . .
October?
November?.. .
Total
Retail instalment paper 2
Repair Persona]
and
instalmodern- ment
ization1
cash
loans
loans
Automobile
Other
67.1
76.7
71.4
73.8
76.7
77.5
78.4
81.0
83.2
85.6
87.5
89.0
93.1
95.3
99.7
103.6
10.5
11.0
10.0
10.6
11.0
11.2
11.2
11.6
12.1
12.6
12.7
13.0
13.6
13.8
14.5
15.2
3.8
4.0
3.9
4.0
4.0
4.0
4.1
4.2
4.5
4.8
5.2
5.4
5.6
6.2
7.0
7.6
1.1
1.5
1.5
1.6
1.5
1.5
1.6
1.6
1.6
1.7
1.7
1.9
2.0
2.0
2.2
2.3
51.7
60.2
56.0
57.6
60.2
60.8
61.5
63.6
65.0
66.5
67.9
68.7
71.9
73.3
76.0
78.5
16.0
16.2
17.8
15.6
15.2
18.3
18.0
18.4
18.3
19.6
20.5
20.0
22.5
22.7
2.6
2.7
2.7
2.6
2.4
3.0
3.1
3.2
2.7
3.3
3.5
3.4
4.0
4.2
1.0
1.1
0.8
0.7
0.8
0.9
1.0
1.2
1.2
1.4
1.1
1.4
1.8
1.8
0.2
0.2
0.2
0.1
0.1
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.2
12.2
12.2
14.1
12.2
11.9
14.2
13.7
13.8
14.2
14.6
15.6
14.9
16.4
16.5
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
JANUARY
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
P Preliminary.
85
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from corresponding
month of preceding
year
Percentage change
from preceding
month
Item
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
1946P
Oct.
1946
Sept.
1946
Nov.
1946?
Oct.
1946
Sept.
1946
+3
+5
+ 15
+ 14
-3
+ 19
+ 14
+34
+28
+29
+64
+37
+35
+26
+67
+61
+64
+6
-1
-5
-3
Accounts receivable, at
end of month:
Total
Instalment
+7
+7
+3
+3
+4
0
+36
+25
+36
+25
+38
+28
Collections during
month:
Total
Instalment
0
+4
+ 12
+12
-2
-4
+37
+29
+42
+29
+48
+39
+2
+8
+5
+66
+57
+46
Nov.
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
nventories, end of
month, at retail value.
+7
+45
+92
Preliminary.
Charge
accounts
Instalment accounts
Year and month
Household ap- Jewelry
pliance
stores
stores
Department
stores
Furniture
stores
Department
stores
1945
October
November...
December. . .
41
'41
36
27
27
24
52
51
48
31
35
46
66
67
61
1946
January
February
March
April
May
June
July
August
September...
October
November?..
32
31
35
35
34
33
32
35
34
37
37
25
24
27
28
27
26
26
26
25
27
28
52
52
54
56
55
55
56
55
52
51
48
32
29
32
32
34
33
32
33
31
32
34
61
60
64
63
62
60
57
59
56
60
59
r
p1 Preliminary.
Revised.
Ratio of collections during month to accounts receivable at beginning of month.
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
Year or month
All items
Food
Clothing
Rent
122.5
119.4
132.5
126.0
115.3
112.7
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
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
.
105.2
116.5
123.6
125.5
128.4
105.5
123.9
138.0
136.1
139.1
106.5
124.2
129.7
138.8
145.9
141.4
137.5
130.3
116.9
100.7
94.4
94.2
96.4
100.9
104.1
104.3
104.6
105.9
108.5
108.0
108.2
108.3
127.1
126.9
126.8
127 1
128.1
129.0
129 4
129.3
128.9
128 9
129.3
129.9
137.3
136.5
135.9
136 6
138.8
141.1
141.7
140.9
139.4
139 3
140.1
141.4
143.0
143.3
143.7
144 1
144.6
145.4
145.9
146.4
148.2
148.5
148.7
149.4
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148 4
151.7
141.0
139.6
140.1
141.7
142 6
145.6
165.7
171.2
174.1
180 0
187.7
149.7
150.5
153.1
154.5
155.7
157.2
158.7
161.2
165.9
167.0
168.7
1929...
1930
1941
1942
1943
1944
1945
.
...
...
. . . .
1945—January
February
March . . . .
April
May
.
.
June
Tulv
August . . . .
September
October
November
.
December
. . .
1946—January
February
March . .
April
May
June
July
September
October
November
108.3
108.3
108.3
108.3
108.4
108.5
108.7
108.8
Fuel,
electricity,
and ice
112 5
111.4
108.9
103 4
100.0
101 4
100.7
100.2
100.2
99.9
99.0
99.7
102.5
105.4
107.8
109.8
110.3
109.7
110 0
110.0
109 8
110.0
110.0
111.2
111.4
110.7
110 5
110.1
110.3
110.8
111.0
110.5
110.4
110.3
110.5
113.3
113.7
114.4
114 4
114.7
House
furnishings
Miscellaneous
111 7
108 9
104.6
105.1
98.0
85 4
84 2
92 8
94.8
104.1
101.7
98.4
97.9
98.1
96 3
104.3
103 3
101.3
100 5
98.7
101.0
101.5
100.7
101.1
108.2
122 2
125 6
136.4
145.8
104.0
110.9
115.9
121.3
124.1
143.6
144 0
144 5
144 9
145 4
145.8
145 6
146.0
146.8
146 9
147 6
148.3
123.3
123.4
123.6
123.8
123.9
124.0
124.3
124.5
124.6
124.7
124.6
124.8
148.8
149 7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
167 6
169.1
125.4
125.6
125.9
126.7
127.2
127.9
128.2
129.8
129.9
130.8
132.0
Back figures.—Bureau of Labor Statistics, Department of Labor.
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74 9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103 1
104.0
105.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
83 0
78.5
67.5
70.3
66.3
73 3
73.5
76.2
77 6
76.5
73 1
71.7
76 2
78.5
80 8
83.0
84 0
100 5
92 1
84.5
80 2
79.8
86 9
86 4
87.0
95 7
95.7
94 4
95.8
99 4
103.8
103 8
103.8
104 7
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
105.9
106 8
107.1
. . . 107.1
107.7
108.9
110.2
111.0
112 9
124.7
129 1
124.0
134 1
139.6
127.3
131 1
131.5
129.9
130.8
133.4
135.4
137.5
140.1
157.0
161.0
154.3
165 3
169.8
105.7
107 9
108.6
107.3
107.8
109.4
110.8
111.5
112 9
140.2
149.0
131.9
157.9
165.4
100.1
100.2
100.5
100.8
101.3
102.2
103.3
103.9
105.6
109.5
111.6
112.2
115.7
120.6
118.6
118 8
118.9
119.4
119.6
119.8
119 8
120.4
122 4
141.2
138 9
141.6
142 4
172.5
101.0
101 1
101.4
101.6
102.2
104.7
107 9
108.8
109 2
118.1
124 0
125.7
128 6
131.3
84.2
84 6
84.8
84.9
85.1
85.0
86 1
86 1
87 8
90 3
94 4
94 3
94 2
94.5
105 0
105 2
105 6
105.7
106 6
108.4
108 8
109 4
112 2
113 3
114 0
114 2
125 7
129.7
118.3
118.7
119.5
120.0
120.9
124.9
126.5
127.8
129 9
132.1
132 7
133.8
134 8
145.5
95.5
95.7
96.1
96.0
95.9
96.0
96.1
96.5
96 4
99.3
98.4
98.4
99 9
118.9
104 7
104 7
104 7
128 3
128.4
128 2
122 0
121.7
123 8
124.4
125.1
126 0
135 1
135.9
134 8
134.8
135.8
137.3
139.1
139 1
139.7
139.8
139.6
163.3
160.9
157.1
150.4
151.8
155.1
156.6
158.0
160 2
160.1
170.1
166 5
166.0
167.3
172.1
170.3
169.2
168.7
170.7
167.7
148.9
148.1
150.9
130.7
128.1
131.9
133.0
135.5
137.7
175.6
169.9
165.9
162.5
164.1
165.0
163.6
161.7
161.3
159.5
159.1
110.8
111.0
111.0
110.8
111.0
112.1
112.4
112.6
112.6
112.8
113.1
114.0
115.5
116.2
116.9
121.1
121.6
122.9
123.4
123.5
138.4
140.4
140.1
139.6
139.7
139.4
140.9
141.1
141 3
141.5
143.3
143 3
158.7
'159.2
158.6
165.0
166 9
170.7
170.9
114.9
115.0
115 2
117 3
117.5
123 7
125.4
125 9
126 1
126 3
126.5
127 3
130 2
129.5
129.6
130 7
131 7
132 5
132.8
133.3
96 5
96 7
96 7
95 1
95.2
95 3
95.1
95 0
95 0
95 0
95.0
94 8
94 7
94.8
94.9
95 8
96 0
96 1
96.9
97.0
113 7
113 7
113 6
113 6
113.6
114 2
114.2
114 2
114 2
114 4
114 4
114 4
114 4
116 3
117.2
131 8
132 2
132 7
133 3
133 9
132.7
132.9
132.8
133.1
133.3
133.9
134.0
134.1
134 1
134.2
134.2
137.4
140.0
140.4
142.0
144.3
145 2
151.1
151.9
154.6
98.3
98.3
98.1
97.9
97.9
98.4
98.2
98.6
98 8
98.8
99.5
103.5
110.2
122.3
123.1
123.7
124 0
125.4
125.6
126.1
114.0
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—October
November
1945—January
February
Inarch
April
May
June
July
August
September
October
November
Week ending:
1945—Aug 17
Aug. 24
Aug 31
Sept. 7
Sept 14
Sept 21 . . . .
Sept. 28
Oct. 5
Oct 12
Oct. 19
Oct. 26
Nov 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec 7
Dec 14
. .
Dec. 21
Dec 28
1945
Total
ChemiHouse- MiscelHides and Textile Fuel and Metals
Building cals and furnishleather products lighting and metal materials
allied
ing
goods laneous
products
materials products
products
171 . 3
1946
Other farm products
Foods:
Cereal products
Fruits and vegetableis
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and s k i n s . . . .
Leather
Other leather products
Textile Products:
Clothing
Hosiery and underwear
Silk
Rayon
..
...
Woolen and worsted goods...
Other textile products
Fuel and Lighting Materials:
Bituminous coal
Coke
Electricity
Gas
Petroleum products.
81.7
89.7
86 . 8
86
88 . 5
94
10?
102
104
104
4
7
3
S
94.8
94.8
94.8
95.3
95.6
95.6
95.7
97.0
98.5
101.3
102.0
102.1
104.0
106.5
106 .2
106 5
10(3 . 9
107
10? ^
11C . 4
111 9
112 6
113 6
.3
118.2
101.0
101.5
101.5
101.3
101.9
101.8
101.8
102.2
102.2
102.5
103.7
105.4
104.9
104.6
106.1
106.7
106 9
107.9
108.1
107.7
114 0
114 0
114[ 1
114.3
114.7
115 .0
115 1
115
115 7
115 9
117 •7
117
1 1 'r 6
118.0
118.3
118 7
120.0
120.5
120.5
Subgroups
Nov.
Farm products:
Grains
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
94
92 . 7
84 9
75 1
7S 8
81 5
80 6
1946
1945
Subgroups
' Revised.
1926 = 100]
Other commodities
Aug.
Sept.
Oct.
Nov.
132.9 169.0 170.6 174.2 165 . 4
131.8 177.6 150.4 174.6 197
129.3 147.8 151.1 156.1
113.2
95 5
123.8
107.9
100.7
161.8
124 7
120.4
198 1
114.9
169.1
127 4
115.5
131 3
115.5
185.5
128 5
122 5
191 4
136 2
139
202
141 4
126.7
117.6
103 8
115.2
140.1
155.8
133 3
115.8
144.8
151.5
138 5
115.8
145.2
153 0
138 5
118.6
162 .9
221 0
178
123
107.4 122 8
125.1 160.0
71.5 87.7
134.8
30 2 30 2
112.7 112.8
101.9 121.7
122.9
166.6
88.7
126.5
30 2
113.9
126.7
125 5
172 9
88.8
125 7
30 2
116.6
130.6
127
182.9
136 1
Q
174 7
89 .3
115 0
30
9
117 .7
161
Metals and Metal Products:
Agricultural implements.
Farm machinery
Iron and steel
Motor vehiclesa *
Nonferrous m tals
Plumbing and h*»sif tntr
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 pharmaceutical
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furniture
102.2 113.4 113.5 113.5 i n s Miscellaneous:
124.8 136.7 137.0 137.2 137 4
Auto tires and tubes
134.9 147.0 147.5 147 5 147 s
Cattle feed
68.0 63.9 64.7
Paper and pul p
79 1 79 5 80.6 8 0 R
Rubber, crude
61.7 72.8 73.0 73.1 73 4
Other miscella neous
Sept.
Nov
Aug.
98. 1
99. 1
100.
112. 8
85. 8
95 o
108.5 108.6 108 .7 112.5
109.7 109 8 109 Q 113.8
113.3 113.5 i n 7 114.0
143
147.0
101.4 101.4 101 .8 118.4
106 3 107 2 107 9 107 2
Oct.
Nov.
129 1
107.0
192 1
151.3
107 2
120 1
105. 4 120.9 121.4 122 .5 125.3
116 7 126 0 127 7
100. 1 105.8 106 5
155
177 6 178 2
127
106
178 0
107. 7 113.9 116.7 119 .2
95 0 106 3 107 2 107 9
107 7, 120 1 120 1 120 1
96 7
106 9
98 4 98 6 98
s 152.8
94.4 90.2 91 .9 96.3
91 1
87 7 90 0 90
102 5 103 3 111 1 191 0
110 7 110 1 110 3 111
81. 9
86 6
102 0
107. 9 118.5 119 4 121
101. 6 106.6 107.5 109
9
124.4
111.8
73. 0 73.0 73.0 73 0 73.0
159 6 221 1 201 8 217 9 210 8
109. 119.6 121.9 124 6 127.7
46 9 46 2 46 2 46 9 46 2
98 9 105.0 106.5 108 .2 113.3
Revision made beginning October 1946.
Back figures.— -Bureau of Labor Statistics, Department of Labor.
JANUARY 1947
87
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
1939
1940
1942
1943
1944
1945
1946?
88.6
97.1
120.2
152.3
187.4
197.6
199.2
194.0
205.1
208.2
198.2
185.2
Government expenditures for goods and
services
Federal Government
16.0
7.9
16.7
26.5
18.6
62.7
55.3
93.5
86.2
97.1
89.5
83.6
75.7
35.0
96.5
88.7
99.8
92.0
81.0
73.0
57.2
49.3
War
Nonwar
State and local governments
Private gross capital formation
Construction
1.4
6.5
8.1
10. 9
3.6
2.8
6.1
7.9
14.8
4.3
13.3
5.3
7.9
19.1
5.3
50.3
5.0
7.4
7.6
2.9
81.3
4.9
7.4
2.5
1.6
83.7
5.7
7.7
2.0
1.6
69.4
6.3
7.9
9.1
2.6
32.0
8.0
82.9
5.8
7.8
3.6
1.8
85.7
6.3
7.8
6.6
2.3
66.4
6.6
7.9
11.2
2.9
42.6
6.7
8.0
15.0
3.7
2.0
1.6
5.5
0.9
0.8
2.4
2.0
6.9
1.8
1.5
2.8
2.5
8.9
3.5
1.2
1.3
1.6
5.1
-0.5
0.6
1.0
3.1
-0.6
-1.5
0.5
1.1
4.0
-1.7
-1.8
0.7
1.9
6.6
0.6
-0.6
3.0
5.0
13.0
6.0
5.0
0.3
1.5
25.2
-2.5
-0.8
0.5
1.8
6.1
-0.7
-0.8
0.9
2.0
26.7
0.3
1.5
0.2
61.7
6.4
32.6
22.7
0.3
65.7
7.4
34.4
23.9
0.2
74.6
9.1
40.1
25.4
0.1
82.0
6.3
47.9
27.8
()
91.3
6.6
55.1
29.7
-0.1
98.5
6.7
60.0
31.8
-0.1
106.4
7.7
65.6
33.1
127.0
14.0
77.0
36.0
-0.1
105.0
7.4
65.0
32.6
-0.1
101.8
7.1
61.5
33.2
-0.1
106.0
7.4
65.1
33.5
-0.1
113.0
9.0
88.6
97.1
120.2
152.3
187.4
197.6
199.2
194.0
10.4
6.2
0.8
12.4
6.4
0.7
18.5
7.0
0.8
23.1
7.6
0.6
27.4
8.0
0.5
29.7
8.2
0.5
0.8
0.9
-0.2
1.5
-0.1
-2.2
160.7
167.6
166.2
158.4
150.7
Gross national product
,
Residential
Other
Producers durable equipment
Net change in business inventories. .
Net exports of goods and services.. .
Net exports and monetary use of
gold and silver
Consumer goods and services
Durable goods
Nondurable goods
Services
Gross national product
Deductions:
Business tax and nontax liabilities.
Depreciation and depletion
Other business reserves
Capital outlay charged to current
expense
A djustments:
For inventory revaluation
For discrepancies
National income
Additions:
Transfer payments
Deductions:
Corporate savings
Contributions to social insurance
funds
Income payments to individuals
0.7
0.9
1.3
-0.4
0.0
-0.4
-0.4
77.6
-3.2
-1.1
96.9
-2.1
-0.2
122.2
2.6
2.5
2.7
1.8
4.0
2.1
76.2
2 6
92.7
3.2
117.3
Income payments to individuals
Personal taxes and nontax payments....
Federal
State and local
Disposable income of individuals
Consumer expenditures
Net savings of individuals
70.8
3.1
1.3
1.9
67.7
61.7
6.0
76.2
3.3
117.3
6.7
4.7
2.0
110.6
82.0
28.6
143.1
156.8
156.8
1.4
1.9
72.9
65.7
7.3
92.7
4.0
2.0
2.0
88.7
74.6
14.2
18.6
16.6
2.0
124.6
91.3
33.3
National income
70.8
77.6
96.9
122.2
48.1
44.2
3.8
11.2
4.3
6.9
7.4
4.2
3.8
0.4
52.3
48.6
3.7
12.0
4.4
7.6
7.5
5.8
4.0
1.8
64.5
84.1
80.8
3.3
20.6
9.7
10.9
8.8
8.7
4.3
4.4
Total compensation of employees
Salaries and wages
Supplements
Net income of proprietors
Agricultural
Nonagricultural
Interest and net rents
Net corporate profits
Dividends
Savings
70.8
2.4
0.4
2.0
70.8
60.8
3.7
15.8
6.3
9.6
8.0
8.5
4.5
4.0
2
2
2
2
1.4
2.3
8.3
0.8
2.5
70.6
33.3
25.0
9.5
161.0
-4.0
-1.0
164.0
160.7
4.0
163.7
163.7
163.2
158.6
156.9
19.4
17.4
2.1
137.4
98.5
38.9
160.7
21.2
163.7
19.2
163.7
22.1
163.2
21.7
158.6
20.7
156.9
20.1
139.6
106.4
33.1
144.5
127.0
17.5
141.6
105.0
36.6
141.5
101.8
39.7
137.9
106.0
31.9
136.9
113.0
23.9
149.4
160.7
161.0
164.0
167.6
166.2
158.4
150.7
106.3
103.1
3.2
23.5
11.9
11.6
9.7
9.8
4.3
5.5
116.0
112.8
3.2
24.1
11.8
12.3
10.6
9.9
4.5
5.4
114.5
111.4
3.1
25.6
12.5
13.1
11.8
9.0
4.5
109.0
106.0
3.0
30.0
15.0
15.0
13.0
12.0
5.0
7.0
118.3
115.1
3.2
25.8
13.2
12.6
11.7
10.4
113.0
110.0
3.0
25.1
12.2
12.9
11.9
8.4
105.7
102.7
2.9
26.0
12.1
13.9
12.2
6.8
149.4
3.2
5.5
3.8
143.1
5.3
7.0
3.9
4.5
119.6
116.4
3.2
26.3
13.3
13.0
11.4
10.4
•P Annual figures for 1946 are preliminary; revised quarterly figures are not yet available for publication.
1
Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in
BULLETIN for July 1946, p. 806.
2
Based on new sources and not precisely comparable with previous years.
3
Less than 50 million dollars.
NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business
for May and August 1942, and March 1943.
Back figures: For annual totals 1929 through 1938, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates
1939 through 1944, see the Survey of Current Business for April 1944 and February 1946.
FEDERAL RESERVE BULLETIN
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS* OF DECEMBER 1, 1946
[In thousands of units]
Cotton
Corn
Winter wheat
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Spring wheat
Production
1945
Estimate
Dec. 1, 1946
Production
1945
Estimate
Dec. 1, 1946
Production
1945
Estimate
Dec. 1, 1946
Production
1945
Estimate
Dec. 1, 1946
Bales
Bales
Bushels
7 120
31 175
53,294
223 470
149,589
162,801
1,394,302
416,064
407,287
372,024
64,640
6,161
Bushels
Bushels
6,498
17,856
53 578
26,028
5,748
55,570
38,914
40,437
439,505
63,901
125,858
Bushels
19
Bushels
21
9 976
17,974
62 803
24,499
6,892
65,016
43,887
36,605
404,341
49,071
96,770
57
189
730
17
246,964
4,831
100
37,672
1,313
16
243,224
4,249
84
32,726
3,287,927
817,834
873,893
290,390
281,822
1,108
2,165
1,131
1,750
12,789
22,776
237
2,258
458
216
2,045
564
Bushels
7 120
26 121
52,927
215 899
145,976
176,262
1,108,652
328,676
373,020
373,130
66,755
6,395
9,015
8,482
2,880,933
Oats
Tobacco
Tame hay
White potatoes
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis . . . .
Kansas City
Dallas
San Francisco
Total
Production
1945
Estimate
Dec. 1, 1946
Bushels
4,696
20,228
15,505
59,879
35,845
37,348
574,989
57,713
521,496
132,710
45,572
29,695
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
Tons
4,133
6,876
2,813
6,249
5,277
4,399
20,128
9,777
11,149
9,186
1 773
13,529
1,535,676
1,509,867
95,289
Production
1945
Production
1945
Estimate
Dec. 1, 1946
Pounds
36,265
1,337
58,808
154,353
1,283,490
262,218
42,196
388,829
3,362
4,470
Bushels
63,845
36,883
19,865
13,231
24,643
17,706
32,158
9,458
51,803
34,936
4,940
108,552
Bushels
88,945
49,845
23,406
14,710
31,369
18,718
31,934
10,817
43,833
37,972
6,634
116,426
2,235,328
418,020
474,609
Production
1945
Estimate
Dec. 1, 1946
Tons
3,911
6,795
2,753
6,182
5,077
4,210
17,788
9,298
9,590
8,372
1 883
13,471
Pounds
30,774
978
46,380
144,148
1,128,749
240,700
37,533
357,133
2,921
4,521
89,330
1,993,837
Estimate
Dec. 1, 1946
1
2
Includes 9,COO bales grown in miscellaneous territory.
Includes 13,000 bales grown in miscellaneous territory.
NOTE.—1945 figures for all crops except cotton are as revised in December 1946.
JANUARY
1947
89
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page Nov. Dec.
1946
Dec.
11
Dec.
18
WEEKLY FIGURES—Gont.
In billions of dollars
WEEKLY FIGURES*
4.42
3.68
4.76
7.33
.84
.75
.28
10.47
18.82
2.27
.67
6.13
5.49
.64
24.59
23.89
14.86
7.38
.90
.75
.25
20.48
28.91
2.29
.68
16.22
15.55
67
24.80
24.13
15.05
7.43
.90
.75
.29
20.45
28.95
2.27
.63
16.48
15.61
.87
24.33
23.21
14.66
7.45
.36
.75
.30
20.48
29.02
2.21
.24
16.52
'15.77
p. 75
.82
.02
.01
.20
.59
.84
.02
.01
.20
.61
.87
.02
.01
.21
.64
.03
.01
.21
14 57.79
14 37.86
14 40.14
14 3.58
14 16.55
57.58
37.62
40.00
3.37
16.61
57.64
37.57
40.32
3.44
16.70
56.87
36.56
41.01
1.54
16.89
2
3
3
3
3
3
2
2
2
2
2
4
4
4
5
5
5
5
5
24.88
23.72
15.15
7.47
.36
.75
.34
20.53
29.16
2.26
.59
.27
.39
.75
.24
.39
.78
.44
.36
38.36 38.4'
27.78 27.66 27.72
16 17.72 17.70 17.74
16 7.20 7.14 7.13
.53
.49
.52
25.48 25.4 25.70
2.40 2.25 2.30
6.5
6.71 6.70
9.04 9.04 9.04
10.68 10.70 10.7
6.43 6.45 6.51
1.12 1.1
1.10
3.12 3.13 3.1
37.57
26.72
16
17
17
.26
.41
.72
45
475
334
532
281
1946
MONTHLY FIGURES
Reserve Bank credit
old stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total
Central reserve city banks
Reserve city banks
Country banks
Required reserves, total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2 and $5 bills
Oct.
Nov.3
In billions of dollars
.24
56.1
35.83
40.54
1.62
16.92
519
49 39.1 139.1 139.7 139.8 139.6
49 70.3 169.2 168.7 170.7 167.7
49 21.1 121.6 122.9 123.4 123.9
RESERVES AND CURRENCY
()
16 9.33 9.37 9.32 9.33 9.26
2.73 2.80 2.39 2.35
16 2.8
.15
.07
.18
.48
16 .21
14.66 14.53 14.6: 15.08 14.82
.51
1.19 1.1
1.14
.49
3.9
3.88 4.00 3.92 4.2
1.28 1.29 1.29 1.29 1.29
5
5.90 5.93 6.04 6.04
3.71 3.72 3.78 3.83 3.80
.74
37 62.8 60.2 69.8 83.9 72.8
37 448 4,673
,673 4,778
778 4,940 4,442
45 661 729 829i 836 628
Sept.
1. 19.33 19.22 19.15 19.30 18.86
li 12.41 12.29 12.19 12.19 11.76
.78
Steel production (% of capacity)...
Electric power prod. (mill. kw. hrs.).
reight carloadings (thous. c a r s ) . . .
Department store sales (1935-39
= 100)
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
.55
16.53
'15.56
.97
MEMBER BANKS IN LEADING CITIES
Total—101 cities:
Loans and investments
U. S. Govt. obligations
Demand deposits adjusted...
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, total.
Bonds and guaranteed
securities
Notes and certificates
Bills
Demand deposits adjusted...
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U.S. Govts.
Brokers'—on other securities
Toothers
All other
100 cities outside New York:
Loans and investments
U. S. Govt. obligations, total.
Bonds and guaranteed
securities
Notes and certificates
Bills
Demand deposits adjusted...
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities. .
All other
In unit indicated
BUSINESS CONDITIONS
RESERVES AND CURRENCY
Reserve Bank credit, total
U. S. Govt. securities, total..
Bills
Certificates
Notes
Bonds
Discounts and advances
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves
Excess reserves*
Excess reserves (weekly average):
Total*
New York City
Chicago
Reserve city banks
Country banks'
Chart
book
page Nov. Dec. Dec. Dec. Dec.
27
18
24
Dec.
24.39
20.29
28.48
2.27
.52
16.16
5.09
6.36
4.71
15.27
5.06
6.16
4.05
.89
24.14
20.33
28.59
2.27
.44
16.17
5.08
6.36
4.73
15.30
5.06
6.17
4.07
.86
24.52
20.44
28.73
2.28
.60
16.31
5.13
6.43
4.74
15.46
5.11
6.23
4.12
.85
1.76
3.72
28.51
8.25
15.71
4.55
1.79
3.73
28.60
8.33
15.71
4.56
1.79
3.77
28.86
8.42
15.85
4.60
9 169.60
9 P81.30
9 P53.10
P26.50
P8.70
P169.30
P82.20
P53.40
P26.50
P7.20
8.38
1.74
2.50
.85
3.30
2.12
1.18
.43
.76
8.72
1.77
2.62
.85
P3.47
2.20
1.27
.47
.80
P9.19
Pl.82
P2.86
P. 86
P3.66
P2.30
Pl.36
262.79
261.29
119.32
62.82
56.08
24.02
119.32
60.83
56.34
24.25
107.41
63.81
43.74
74.91
59.08
32.48
16.99
107.41
63.81
43.74
72.92
57.09
30.47
17.00
6
6
6
6
6
6, 7
13
13
13
13
13
13
13
13
8
8
8
8
ALL BANKS IN U. S.
.69
Total deposits and currency
.42 Demand deposits
.34 Time deposits
.78 Currency outside banks
U. S. Govt. deposits
37.3
26.4-
P168.90
P82.80
P53.70
P26.70
P5.70
CONSUMER CREDIT
17.71 17.69
18
6.13 5.9 Consumer credit, total
18
.42 Single payment loans
.53
Charge
accounts
18
25.93 25.71
Service credit
18
1.06 1.10
Instalment credit, total
18, 19
6.68 6.55
Instalment loans
19
9.05 9.06
Instalment
sal^
credit,
total
19
10.85 10.88
Automobile
19
6.53 6.53
Other
19
1.1
1.12
3.21 3.23
P.51
P. 86
TREASURY FINANCE
Per cent per annum
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
24
Certificates
24
Notes
24
Bonds (7-9 years)
24
Bonds (15 years and over).24, 26
Corporate bonds:
High grade (5 issues)
26
Aaa
26
Baa
26
.375
3.75
1.25
1.62
2.27
375
.85
1.25
1.61
2.27
85
1 24
1 57
2 25
1.20
1.55
2.23
1.1
1.5
2.2
2.52
2.60
3.19
2.53
2 .61
3 .19
2 56
2 62
3 17
2.57
2.61
3.17
2.5i
2.6i
.376
.85
.84
.374
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
.
Volume of trading (mill, shares).
27 120
123
2
27 113
27 106
2 1.01
122
125
115
108
1.13
127
130
123
110
1.56
126
129
120
110
1.29
12
131
11
11
1.1
U. S. Govt. obligations outstanding,
total interest-bearing
2' 264.61
By classes of securities:
Bonds (marketable issues)
2< 119.32
64.84
Notes, certificates, a n d bills
2i
56.03
Savings bonds a n d t a x n o t e s . . . 2'
Special issues
2C 23.85
By maturities:
5 years and over
2i 107.41
63.81
5-20 years
2'
43.74
5-10 years
2
76.93
Within 5 years
2'
61.10
Within 1 year
2
34.48
Certificates
2
17.01
Bills
2
Holdings of U. S. Govt. obligations:
Commercial banks
2 '79.50
Fed. agencies and trust f u n d s . . . . 2
30.38
Federal Reserve Banks
2
24.05
11.70
Mutual savings banks
2
25.40
Insurance companies
2
Other investors, total
2 '93.60
'39.60
Marketable issues
2
'78.40
30.43
23.52
11.70
25.40
'93.30
'39.30
30.61
23.94
For footnotes see p. 92.
90
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1946
Sept.
Oct.
Nov.*
Per cent per annum
MONTHLY FIGURES—Cont.
MONTHLY FIGURES—Cont.
MONEY RATES, ETC.
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
Treasury bills (new issues)
23
23
23
2.58
1.00
.375
2.60
1.00
2.59
1.00
In unit indicated
Stock prices (1935-39=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares) . . . .
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers'free credit balances. . .
27
27
27
27
27
125
129
119
110
2.17
122
126
110
107
1.26
121
124
113
106
1.19
29
29
29
631
305
729
583
253
720
571
238
723
BUSINESS CONDITIONS
Income payments (mill, dollars) :4
Total
30
Salaries and wages
30
Other
30
Cash farm income (mill, dollars):
Total
31
Livestock and products
31
Crops
31
Govt. payments
31
Armed forces (mill, persons)
32
Civilian labor force (mill, persons):
Total
32
Male
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural. 4
33
Industrial production:
Total (1935-39=100)
35, 49B
Groups (points in total index):
Durable manufactures
35
Machinery and trans, equip.. . 49B
Iron and steel
49B
Nonferrous metals, lumber, and
building materials
49 B
Nondurable manufactures
35
Textiles and leather
49 B
Food, liquor, and tobacco
49B
Chemicals, petroleum, rubber,
and coal products
49B
Paper and printing
49B
Minerals
35, 49B
New orders, shipments, and inventories (1939=100):
New orders:
Total
36
Durable
36
Shipments:
Total
36
Durable
36
Nondurable
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls
(1939=100):
Pay rolls
38
Employment
38
Hours and earnings at factories:
Weekly earnings (dollars)
39
Hourly earnings (cents)
39
Hours worked (per week)
39
Nonagricultural
employment
(mill,
persons) :4
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts (34 mo. moving
average, mill, dollars) :
Total
41
Residential
41
Other
41
13,805 14,245 P 1 4 , 5 1 6
9,050 9,024 P 9 , 1 0 6
5,221 P 5 , 4 1 0
4,755
2,027
880
1,134
13
2.2
3,343 P3,089
1,503 P 1 , 6 3 4
1,829 Pl.442
15
P13
2.2
2.0
'59.1
17.3
2.1
'57.1
'48.3
-8.8
'59.0
'41.8
17.2
2.0
'57.0
'48.4
'8.6
59.0
42.0
17.0
1.9
57.0
49.1
7.9
180
181
P182
80.4
43.3
20.2
81.1
44.0
20.1
P81.2
P44.3
P19.4
16.8
77.2
21.5
20.9
17.0
78.3
21.5
21.8
P17.6
*>80.
P21.9
P23.0
21.8
12.9
22.1
21.9
13.2
22.0
P22.3
P13
P2O.7
••41.9
Chart
book
page
228
254
227
249
233
258
242
261
228
244
263
231
260
280
262
190
205
177
197
211
184
200
21
186
BUSINESS CONDITIONS
286.0
146.7 P149.2
45.4
40.3
112.7
40.4
113.0
P40.2
P113.5
39.9
15.5
8.0
5.4
3.9
2.0
40.0
15.6
8.0
5.3
4.0
1.9
P40.3
P1S.8
621
271
350
593
258
336
P596
P233
P8.0
P5.3
P363
Oct.
Nov.
In unit indicated
Residential contracts (mill, dollars) :4
Total
Public
Private, total
1- and 2-family dwellings
Other
Value of construction activity (mill,
dollars):
Total
Residential:
Public
Private
Nonresidential:
Public
Private
Freight carloadings:4
Total (1935-39=100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores (1935-39=100) :4
Sales
Stocks
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports excluding LendLease exports
Cost of living (1935-39=100):
All items
Food
Clothing
Rent
Wholesale prices (1926=100):
Total
-.
Farm products
Other than farm and food
42
42
42
42
42
304
27
277
241
36
220
18
202
189
13
236
6
230
173
57
49C
1,067
1,062
985
49 C
49C
53
340
63
330
63
320
49 C
49C
227
447
231
438
192
410
43
138
139
137
43
43
43
75.9
33.9
28.4
76.1
32.9
r
29.8
81.0
24.8
30.7
44
44
269
226
257
237
273
255
46
46
46
P643
P537
P987
P630
P376
P529
P399
P979
P428
46
P254
P130
P497
47
47
47
47
145.9
174.1
165.9
108.8
148.4
180.0
167.0
151.7
187.7
168.7
49
49
49
124.0
154.3
112.2
134.1
165.3
115.7
139.6
169.8
120.6
1946
Apr.-
June
QUARTERLY FIGURES
RECEIPTS AND EXPENDITURES OF THE
U. S. TREASURY
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, t o t a l . . . .
Individual income taxes
Corporate income taxes
Misc. internal revenue
49D
49D
49D
49D
49D
49D
49D
JulySept.
Oct.
Dec.
In billions of dollars
13.44
7.19
9 .89
8 .07
3 .72
2 .48
1.87
10.16
3.80
9.45
8.47
3.87
2.56
2.04
9.20
4.50
9.02
Per cent per annum
MONEY RATES
23
25
25
25
Corporate security issues:
Net proceeds:
All issues
Industrial
Railroad
Public utility
New money:
All issues
Industrial
Railroad.
Public utility
2.41
1.84
2.51
2.97
2.32
1.83
2.43
2.75
2.33
1.85
2.43
2.76
In millions of dollars
SECURITY MARKETS
P4.0
»1.9
Sept.
Cont.
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
45.68 P45.65
Southern and Western cities
284.2
146.7
1946
28
28
28
28
2,134
1,106
209
741
798
31
490
28
28
28
28
611
532
18
21
796
551
28
200
1,404
For footnotes see p. 92.
JANUARY 1947
91
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued
Chart
book
page
1945
Dec.
31
1946
June
29
Sept.
30
In billions of dollars
CALL DATE FIGURES
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Agricultural
For purchasing securities:
Brokers
Toothers
Consumer
Demand deposits adjusted
CALL DATE FIGURES—Cont.
1945
Dec.
31
1946
June
Sept.
30
29
In billions of dollars
CLASSES OF BANKS—CONT.
10
10
11
11
11
11
11
10
107.18 102.03
78.34 72.27
44.79 45.42
16.98 15.29
14.27 10.47
1.07
2.27
.02
.02
6.46
6.07
11
11
10
11
11
11
3.25
2.82
22.78
8.95
3.46
.86
3.31
3.15
23.30
9.69
4.27
.88
11
11
11
10
3.13
2.40
2.48
2.46
67.46
3.38
1.90
64.18
99.71 Country banks:
68.23 Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
3.62
3.08
24.78
13
13
13
13
13
13
35 . 0 0
27 . 0 0
2 .41
5.60
23 . 6 0
12 . 5 1
3 5 . 89
2 6 . 56
2 . 73
6 . 61
2 4 . 63
13.53
36.06
25.95
2.77
7.33
25.56
13.90
1946
SELECTED DATES
Apr.-
June
12
12
12
12
12
12
32.07
21.79
1.62
8.67
18.22
1.97
28.47
19.13
1.51
7.84
19.35
2.21
12
12
12
12
12
12
40.11
29.55
2.04
8.51
22.37
9.79
37.68
26.59
2.23
8.86
23.48
10.45
36.71
24.61 •ash farm income (bill, dollars)
2.28 term transfers (number per 1000
9.81 farms):
Total
23.85
Voluntary sales and trades
10.67
July-
Oct.Dec.
Sept.
In unit indicated
FARM REAL ESTATE VALUES
Cash farm income (bill, dollars, annual
()
basis)
68.82 Farm real estate values (1912-14=
100)
Prices received and paid by farmers:
Prices paid (1910-14=100)
Prices received (Aug. 1909-July
26.94
1914=100)
17.67
1.65
7.63
19.41
2.25
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Chart
book
page
49A
23.0
49A
6
147
P24.7
6 152
49A
'185
201
211
49A
214
245
267
1944
1945
In unit indicated
49A
21.0
21.6
49A
49 A
53.4
51.5
56.4
54.9
r
1
r
Estimated.
*> Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
28 Less than $5,000,000.
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
4
Adjusted for seasonal variation.
5
Figures available for June and December dates only.
6
As of July 1 and Nov. 1.
92
FEDERAL RESERVE BULLETIN
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks
Banks (Head Offices)
Dec. 31, 1942
Dec. 31, 1943
Dec. 31 1944
Dec. 31, 1945
Nov. 30, 1946P
Branches and
Additional Offices a
Dec. 31, 1942
Dec 31 1943
Dec. 31, 1944. . . .
Dec 31 1945
Nov. 30, 1946P
All
reportingx
banks
Total
14 682
14,579
14 535
14,553
14,596
14 136
14,034
13 992
14,011
14,055
6,679
6,738
6.S14
6,884
6,904
5,081
5,040
5,025
5,017
5,010
3 739
3 933
4 064
4 090
4,113
3 602
3 797
3 924
3 947
3,958
2,615
2 793
2,892
2 909
2,899
1,592
1,741
1,813
1 811
1,769
l
Total J
National
Mutual savings
banks
Nonmember banks 1
Member banks
Total
Insured
1,598
1,698
1,789
1,867
1,894
7,460
7,299
7,181
7,130
7,154
6,667
6,535
6,452
6,416
6,460
1,023
1,052
1,079
1,098
1,130
987
1,004
1,032
1,038
1,059
935
952
978
981
998
State *
Noninsured 1
Insured *
Noninsured
793
764
729
714
56
184
192
192
490
361
351
350
694
191
350
52
35
102
52
54
57
61
95
99
101
112
41
41
42
43
Nonreporting
banks
(nonmember
noninsured)
130
119
120
112
111
iNUiii.—irnor to reDruary ly^bo, statistics on numuer ox uaiiKing unices weie puu
tary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS,
BY DISTRICTS AND STATES
On par list
Federal Reserve
district or State
Total l
MemTotal
United States total:
Dec. 31, 1942...
Dec. 31, 1943. . .
Dec. 31, 1944...
Dec. 31, 1945. . .
Nov. 30, 1946?..
ber
banks
On par list 1
l
Nonmember
banks
14,123
14,021
13,989
14,002
14,051
11,413
11,492
11,544
11,869
11,960
6,670
6,729
6,806
6,877
6,898
4,743
4,763
4,738
4,992
5,062
336
804
649
723
154
136
198
446
475
332
999
496
309
185
Not
on
par
list 1
2,710
2,529
2,445
2,133
2,091
By districts a n d
by S t a t e s
Nov. 30, 1946 P
Boston
New York
Philadelphia
Cleveland
490
940
847
490
940
847
1,169
1,169
Richmond
Atlanta
Chicago
St. Louis
1,013
1,145
2,473
1,468
784
517
Minneapolis
Kansas City
Dallas
San Francisco
1,272
1,750
980
504
616
229
628
58
356
865
499
467
753
595
269
124
978
270
230
681
19
115
5
2,415
1,112
591
1,731
1,416
Alabama
Arizona
Arkansas
California
Colorado
220
10
227
191
141
107
10
97
191
141
86
5
66
111
92
21
5
31
80
49
Connecticut
Delaware
Dist. of Columbia,
Florida
Georgia
114
39
21
174
370
114
39
21
110
87
63
17
18
70
60
51
22
3
40
27
Idaho
Illinois
Indiana
Iowa
Kansas
47
871
488
659
612
47
869
488
659
610
25
500
238
164
213
22
369
250
495
397
Kentucky
Louisiana
Maine
Maryland
Massachusetts
387
155
63
170
186
387
52
63
170
186
114
43
38
79
149
273
9
25
91
37
JANUARY 1947
113
64
283
State
Total 1
Total
Member
banks
Nonmember
banks
Not
on
par
list*
Michigan. .
Minnesota.
Mississippi.
Missouri...
Montana. .
443
674
203
593
110
443
258
38
521
108
228
208
30
182
76
215
50
8
339
32
Nebraska
Nevada
New Hampshire. . . .
New Jersey
New Mexico
409
8
64
344
44
401
8
64
344
44
145
6
52
295
31
256
2
12
49
13
New York.
North Carolina.
North Dakota..
Ohio
Oklahoma
669
202
150
674
383
669
84
44
674
373
580
53
41
426
220
89
31
3
248
153
68
1,011
20
149
169
68
,011
20
54
67
33
770
11
29
61
35
241
9
25
Tennessee.
Texas
Utah......
Vermont...
Virginia. . .
293
867
59
71
316
190
804
59
71
303
81
550
34
40
201
109
254
25
31
102
103
63
Washington
West Virginia
Wisconsin
Wyoming
124
180
554
55
119
177
441
55
56
108
163
37
63
69
278
18
5
3
113
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
6
416
165
72
2
8
118
106
10
95
102
p Preliminary.
1
Represents banks on which checks are drawn, except that it excludes
both member and nonmember mutual savings banks on a few of which
some checks are drawn. Similar par list figures published heretofore
have included member mutual savings banks and member nondeposit
trust companies (three and four, respectively, on Dec. 31, 1945)
on which no checks are drawn, because of the requirement that member
banks remit at par for checks presented to them through the Federal
Reserve Banks.
The total in this table differs frqm total commercial banks in preceding table because the commercial bank total excludes some banks on
which checks are drawn, namely, those that do not report to State
banking departments (see footnote 1 of preceding table), and includes
industrial banks and nondeposit trust companies whether or not
checks are drawn on them.
NOTE.—Prior to February 1946, statistics on the Federal Reserve
par list were published annually. For back figures see Banking and
Monetary Statistics, Table 15, and descriptive text, pp. 14-15.
93
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments. .
95
Gold production.
96
Gold movements
96
International capital transactions of the United States. .
Central banks
97-102
103-106
Money rates in foreign countries.
107
Commercial banks .
108
Foreign exchange rates.
109
Price movements:
Wholesale prices
110
Retail food prices and cost of living. .
Ill
Security prices. .
Ill
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.
94
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argen-1
tina
Belgium
Brazil
14,512
17,644
21,995
22,737
22,726
21,938
20,619
431
466
353
354
1658
1939
il.lll
581
609
734
734
735
734
32
40
51
70
115
254
329
274
274
274
274
274
274
274
192
214
27
5
6
5
6
30
30
30
31
36
54
79
24
21
17
16
25
59
92
20,065
20,156
. . 20,232
20,256
Mar
20,251
Apr
20,242
May
20,270
June
20,267
July
20,280
Aug
Sept.. . . 20,305
20,402
Oct .
20,470
Nov
403
398
398
397
392
398
406
407
407
716
729
747
755
763
761
761
756
750
722
726
726
354
363
362
361
361
360
359
358
357
355
354
274
274
274
274
274
274
274
274
274
274
274
7
7
6
6
7
5
6
6
7
7
7
7
82
82
82
82
83
82
83
81
73
73
71
71
127
128
129
131
132
133
134
135
141
142
143
144
Java
End of month United
States
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1945—j a n
Feb.
End of month
Hungary
Iran
(Persia)
Italy
Japan
37
24
26
26
193
144
164
164
80
90
24
26
120
164
140
24
24
24
24
26
34
92
128
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Jan
Feb.
Mar
British
India Canada Chile
6
164
4
235
216
131
126
126
..
124
124
124
Apr
May
June
July
124
Aug
Sept.
Oct
Nov.
Sweden
Switzerland 8
Turkey
United
Kingdom
Uruguay
1933—Dec
1939—Dec.
1940—Dec
1941 Dec
1942—Dec
1943—Dec.
1944—Dec
321
308
701
549
29
29
2,690
H
69
68
160
223
331
387
502
665
824
88
92
114
161
1
1
1
1
90
100
89
121
221
1
157
1945—Dec.. . .
1945—j an>
482
241
1
195
End of month
463
6
965
1,158
Mexico
Colombia
Nether- New
lands Zealand
Czechoslovakia
Denmark
Egypt
83
56
58
61
61
61
61
53
53
52
44
44
44
44
55
55
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
191
201
201
201
201
201
201
201
201
211
61
61
61
61
61
61
61
61
38
38
38
38
38
38
38
38
38
38
38
38
52
52
52
52
52
52
52
52
52
52
52
1,090
1 090
1,090
1,090
1 090
Norway
Peru
Portugal
94
94
84
20
20
Cuba
1
1
1
16
46
111
29
32
47
47
39
203
222
998
692
617
575
506
500
500
23
23
23
23
23
23
23
294
288
284
257
254
250
235
229
218
213
200
191
270
270
270
270
270
270
270
270
270
265
265
265
23
23
23
23
23
23
23
23
23
C
23
23
Venezuela
Yugoslavia
B.I.S.
Other
countries7
14
7
166
178
37
245
39
247
39
247
52
52
29
41
68
89
130
4
57
59
82
83
12
12
21
45
4
170
166
185
229
Poland
85'
84
GerFrance many
Greece
29
29
29
29
29
29
29
27
28
28
28
28
28
28
Rumania
South
Africa
Spain
796
796
796
796
796
796
796
69
69
133
152
220
249
20
59
21
25
31
32
158
367
59
59
60
60
182
203
260
267
366
634
706
814
42
42
91
105
28
28
28
28
28
25
60
60
60
269
269
269
914
949
982
1 ,014
1 ,046
1 080
110
111
111
111
111
111
4
60
23
23
23
24
1 046
24
24
965
1 ,001
970
'525
111
111
111
111
Government gold reserves 1 not included ia
previous figures
United
End of month United
France
States Kingdom
193g—Dec
1939—Mar
May....
June
80
154
2
759
1,732
331
559
477
Belgium
44
85
17
3
Sent.. . .
164
876
156
Dec/;.::
17
86
195
241
481
1940—June
247
39
1
17
Feb
48
195
1
241
478
292
Dec
245
39
17
Mar....
89
198
1
241
476
1941—June
242
39
17
Apr
4
25
1
204
241
473
Dec
P239
39
17
151
May. . .
1
8
204
240
473
1942—June
P238
39
17
June...
1
12
205
240
470
July
Dec
P238
41
17
11
205
240
1943—June....
1
17
41
P238
474
Aug
1
472
Dec
P238
236
17
40
Sept
43
1
21
469
1944—June
40
17
P238
Oct
12
Dec
17
P238
426
40
Nov
1
32
1945—Mar....
81
June
17
e
P Preliminary.
Corrected
20
Sept.. . .
17
i Figures thronph Mar ch 194-0 and for December 1942. December 1943. and Dpremhpr 1944
18
Dec
54
include in addition to gold of the Central Bank held at home, gold of the Central Bank held 1946—Mar. . . .
71
abroad
and gold belonging to the Argentine Stabilization Fund.
June... .
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance,
1
Reported at infrequent intervals or on de«4 Figure for December 1938 is that officially reported on Apr. 30, 1938.
Figures relate to last officia report dates for the respective countries, as follows: Java— layed basis: U. S.—Exchange Stabilization Fund
Jan. 31, 1942; Norway—Mar. 3 0, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali* Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- zation Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
rately.
2
Figure for end of September.
• Beginning December 1943, includes gold holdings of Swiss Government. Current pre1
Reported figure for total British gold reserves
liminary
figures
represent
Bank
holdings
only.
7
on
Aug.
31, 1939, less reported holdings of Bank
These countries are: Albania , Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, Bulgaria, China , Costa Rica beginning July 1943, Danzig through Aug. 31, of England on that date.
<
Figure
for Sept. 1, 1941.
1939, Ecuador, El Salvador, Esto nia, Finland, Guatemala, Iceland, Ireland beginning February
NOTE.—For available back figures and for de1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have
tails
regarding
special internal gold transfers
been carried forward from last p revious official report.
7& Gold holdings of Bank of En ?land reduced to nominal amount by gold transfers to British affecting the British and French institutions, see
Banking
and
Monetary
Statistics, p. 526, and
Exchange Equalization Account during 1939.
JSSSNOTE.—For back figures, see 1tanking and Monetary Statistics, Tables 156-160, pp. 536-555, BULLETIN for February 1945, p. 190.
and for a description of figures, iricluding details regarding special internal gold transfers affectinglthe reported data, see pp. 524-535 in the same publication.
481
1,342
1,346
1,345
1,361
1,363
1,374
1,376
1,393
1,396
1 412
1,408
Pl.137
JANUARY 1947
241
1
195
202
212
212
212
212
215
215
215
215
95
Estimated
Year or
month
1936
1937.
1938
1939.
1940
1941
1942.
1943
1944.
1945.
1945—Cirt
Nov.
rw
1946—Tan
Feb
Mar.
Apr
Ivlay
June
July
Aug
Sept
production Total 1
reported South
outside
U.S.S.R. 1 monthly 1 Africa
971,514 833,895
1,041,576 893,384
1,136,360 958,770
1,208,705 1,020,297
1 297 349 1 094,264
1,288,945 1,089,395
966,132
760,527
682,061
645,323
55,739
54,686
54,896
55,758
50,981
50,656
53,900
. .
55,857
54,749
57,193
60,795
Oct
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
429,787
427,862
36,809
36,005
35,043
35,892
32,971
30,871
34,793
36,740
35,732
36,657
35,553
34,509
35,922
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
North and South America
Africa
MexWest Belgian United CanRhoColom- Chile Nica-7
ico6
desia Africa2 Congo8 States 4 ada*
bia
ragua
grains
o
?.,
ai
*
oun
ce
of fine gol * = ! . 15.
fine;
i.
<
1
gol
$
807
,053 16 , ?9S 7,386 15? S09 131,181 76 46 S 13,632 Q ,018
78 7 0 6 ? 0 784
8,018 168 1S9 143 367 7 9 S91 1S 478 9 S44
848
,53?
,670 8,470 178 143 16S 379 3? 306 18 ? ? s 10 ,290
SS7
78 0 0 9 78 564
8,759 196 391 178 303 79 476 19 9S1 11 376
3, S06
? Q ,1SS
109 18S 890 30 878 i i 117 11 ,999
4?9
»8,862
s
709 17S 187 081 77 9 6 9 7? 961
9 ?S9
7 s?s
?7 76S 3? 414
130 963 169 446 28 019 20 882 6 ,409
26 ,641 29 ,225
8, 623
009 19 740
7, 71S
48 808 177 796 7? OSS 19 789 6 ,081
35 778 102 302 17 779 19 374 7 ,131
20 ,746 18 ,445
7, 865
3? S11 9? 794
19 ,888 18 86S
17 734 6
6, 98S
1 ,610
1 ,664
8 034
1 319
3 639
SS9
425
7 7?6
1 400
1 ,S9S
1 ??4
3 8??
396
S9?
1 ,597 1 ,470
3 635 8 391
1 140 1 ,096
634
1 ,S84 1 ,610
1 49?
683
3 984 8 346
1 ,610
1 ,473
3 ?83
8 013
309
549
443
1 ,645
1 ,574
1 473
3 639
770
8 677
608
3 226
8 338
451
1 ,609 1 ,645
1 193
580
1 ,609 1 610
1 3S0
4?S
1S8 8 41?
488
1 71S
3 416
1 ,654
1 094
8 ?03
563
.34?
1 ,7S0
1 ,643
1 ,335
66S
3 903
8 384
456
1 646
1 7S0
1 71S
1 ,785
8 310
6 798
5 ,930
8 09?
8 047
8 ,429
1 048
1 4?S
.377
448
379
654
Other
Austra- British
lia*
India"
40 118
46,982
54 264
56182
S«: 878
51 .039
42,525
28,560
16,310
16-450
11 ,663
11 ,607
11 284
11 ,078
10 157
9 ,940
8 ,960
190
490
490
,435
[,365
L,470
I 330
1,400
11,435
1,610
1,540
1,785
3,080
1,925
1,925
,820
6 ,545
,950
s
525
175
630
455
490
525
490
490
525
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2 Beginning April 1941, figures are those reported by American Bureau of 3Metal Statistics. Beginning January 1944, they represent Gold
Coast only.
Beginning May 1940, monthly figures no longer reported.
* Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figurea
represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193
«o that
aggregate for year is equal to annual estimate compiled by Bureau of the6 Mint.
5
Figures for Canada beginning 1945 are subject to official revision.
Beginning April 1942, monthly figures no longer reported.
7
Gold
exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported-by American Bureau of Metal Statistics. For the period December 1941-December
19439they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939. p. 151; July 1938, p. 621; June 1938, p. 540; April 1933* pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Total
Year
net
or
month imports
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
NOV.P
United
Kingdom
France
Belgium
Netherlands
Sweden
Switzer- Canada
land
Mexico
PhilOther
ipLatin
Ameri- pine
Iscan Republics lands
2 7,511
30,790 21,513
39,966
72,648
1,116,584 174,093 573,671 3,351 71,006
6 54,452 111,480
39,485 25,427
38,482
1,585,503 891,531 -13,710 90,859 6,461
65,231 27,880
36,472
76,315
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
86,987
28,715
57,020
33,610
341,618
165,122
35,636
612,949
3,798
1,826,403
3,574,151
29,880 128,259 38,627
977 63,260 161,489 90,320 2,622,330
4,744,472 633,083 241,778
899 412,056
1,747
61,862 42,678
16,791
1
1
3,779
982,378
5 208,917
39,680
40,016
321
1,955
315,678
13,489
66,920 -3,287
88
68,938
46,210 -109,695 -108,560
-845,392 -695,483
15,094 -41,748 "103
53,148
160
-106.250
154,070
82,439
31,396
-20,534
-27,028
36,329
6,347
15,210
-7,629
24,182
77,903
36
34
-1
-4
-1
2
383
-8
-6
151,270
80,629
25,265
222
127
32,277
639
649
197
134
25,248
391
1,729
126
1,479 ""L{
1,386
75
-2
637
149
-33
34
-8
902
29
11
2,328
476
516 - 8 , 5 0 2
-6
82 -29,198
4,523
198
621
1,065
Australia
South
Africa
23,280
8
34,713
181
39,162
401
74,250 22,86?
103,777 184,756
67,492 292,893
528 4,119
152
307
199 3,572
106
357
Japan
British
India
20,856
77,892
246,464 50,762
8,910
168,740 16.159
13,301
165,605 50.956 168,623
111,739 49.989 '284,208
9,444 9,665 363,071
20,008
129
-8,731
18,365
4-133,471
3
3
3
23
11
3,267
9
13
2
41
15 19,886
17 902
19,912
38,601
All
other
countries
-236
-398
-682
-430
654
191
1,366
»«-21,586
*-27,155
83,112
«2,865
6
2,887
« 3,785
103
•12,415
Preliminary,
i Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
* Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,090 fro<n U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000
from other countries.
» Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
* Includes $133,980,000 to China and $509,000 from other countries.
* Includes $27,567,000 to China and $5,981,000 from other countries.
* Includes imports from U. S. S. R. as follows: April, $5,625,000; June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000;
November,
$11,793,000.
T
Includes $27,229,000 to China and $75,000 from other countries.
NOTE.— For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in tht same
publication.
96
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
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
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
1937- - M a r . 3 1 . .
June 30..
Sept. 29,.
Dec. 2 9 . .
2,998.4
3,639.6
3,995.5
3,501.1
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
Official i
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
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
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
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
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
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2).
Sept. (Oct. 1).
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
1,459.8
1,424.0
1,177.1
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1).
June 30 2
Sept. 30
Dec. 31
1943—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
1,068.9
1,352.8
1,482.2
1,557.2
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
1,920.3
1,931.2
1,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
7,611.9
7,610.4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868.0
856.6
883.5
805.8
904.1
929.8
1,026.2
1,019.4
685.8
702.4
737.8
911.8
119.6
119.1
122.2
126.3
1945—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
7,908.1
7,983.6
8,002.6
8,079.7
8,131.6
8,422.8
4,999.6
5,159.6
5,219.4
5,289.5
5,335.4
5,671.0
2,744.4
2,859.6
2,865.1
2,920.2
2,964.9
3,313.2
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
2,357.9
848.2
859.8
848.5
844.7
845.7
760.4
1,025.2
989.3
983.7
012.6
032.0
1,011.2
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
July 31.
Aug. 31.
Sept. 30.,
Oct. 31.
Nov. 30.,
Dec. 31..
.,641.7
8,711.9
8,858.6
8,965.4
8,828.1
8,802.8
5,846.2
5,922.4
6,042.2
6,214.0
6,122.9
6,144.5
3,482.4
3,513.6
3,554.9
3,593.0
3,431.0
3,469.0
2,363.9
2,408.8
2,487.2
2,620.9
2,691.9
2,675.5
810.2
829.0
865.3
875.5
804.2
742.7
1,015.0
999.7
998.2
946.5
983.0
972.8
843.2
831.6
818.4
795.1
779.1
798.7
127.1
129.1
134.6
134.4
139.0
144.1
1946—Jan. 31.
Feb. 28.,
Mar. 31.
Apr. 30.,
May 31.,
June 30.,
July 31..
Aug. 3 1 . .
8,822.9
8,775.1
8,730.8
8,674.4
.,405.8
8,319.0
8,477.0
8,326.3
6,234.7
6,173.0
6,169.3
6,124.6
5,896.2
5,853.5
6,149.7
6,009.3
3,601.6
3,473.9
3,455.2
3,344.7
3,119.6
3,042.9
3,386.6
3,197.6
2,633.2
2,699.1
2,714.1
2,780.0
2,776.5
2,810.7
2,763.2
2,811.7
729.2
728.7
703.6
701.2
644.8
624.5
574.1
555.3
1,097.8
1,067.2
1,073.0
1,076.1
1,104.2
1,084.7
1,106.1
1,122.7
625.9
672.4
645.1
630.7
619.7
615.0
506.1
492.2
135.1
133.9
139.9
141.7
140.9
141.4
140.9
146.8
4.4
22.6
16.3
38.0
6.0
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and Philippine accounts held with the United States Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City
by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal
Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with
the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); beginning
Jan. 31, 1946, accounts of international institutions; and beginning Feb. 28. 1946, Italian special deposit account held with the U. S. Treasury.
2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete sincefit takes'into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
JANUARY
1947
97
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936). . .
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Europe
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
463.9
510.9
469.8
464.2
553.6
531.6
515.1
453.3
464.1
432.5
419.4
393.2
114.5
229.7
311.9
328.6
470.3
455,6
464.4
474.0
487.7
506.2
518.1
523.8
526.3
539.7
538.4
525.8
536.5
528.2
426.3
411.9
389.4
377.7
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
698.4
705.2
709.8
722.3
728.6
731.1
728.8
730.4
725.4
737.0
741.0
752.5
36.6
83.1
123.9
140.5
165.9
175.9
179.9
179.5
178.6
179.1
179.3
179.5
179.4
179.7
179.6
179.4
179.3
179.3
179.2
179.3
179.6
179.6
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
94.2
98.0
100.8
106.5
107.3
133.5
136.2
159.0
165.7
170.4
196.9
201.0
130.0
228.5
312.2
472.0
752.9
922.7
891.8
850.9
954.8
993.3
1,134.2
1,118.1
1,127.8
1,132.1
1,142.9
1,125.5
1,116.7
1,140.0
1,152.2
1,138.3
1,108.5
1,085.2
440.7
667.4
501.1
933.0
112.8
807.9
354.1
980.2
267.1
728.4
554.9
829.3
993.7
1,183.8
1,101.3
865.2
674.1
837.8
1,257.7
1,090.0
,858.6
,965.4
,828.1
,802.8
,822.9
,775.1
,730.8
,674.4
,405.8
,319.0
,477.0
,326.3
946.7
937.8
888.7
892.5
858.3
804.7
719.1
709.5
585.8
485.3
756.0
624.1
Total
Europe
Latin
Canada America Asia*
1,200.6
70.9
156.5
()
2,051.3 150.5 201.2 243.0
2,653.0 106.3 410.6 315.4
3,054.2 155.3 384.6 302.7
3,790.1 229.4 483.4 522.6
4,056. 6 411.7 606.8 642.6
3,626.3 340.5 567.5 691.1
3,608.1 425.1 835.8 932.9
4,192.8 760.3 951.0 1,161.6
4,081.8 976.4 1,193.7 1,273.6
4,034.8 1,411.2 1,413.8 ,763.7
4,073.2 1,419.2 1,404.7 ,804.3
4,002.6 1,434.3 1,336.5 ,801.7
4,037.0 1,395.7 1,338.4 ,784.1
4,108.7 1,342.6 1,345.1 ,780.5
4,031.7 1,357.0 1,350.7 ,764.9
3,931.7 1,370.5 1,391.5 ,716.5
3,899.6 1,347.7 1,400.9 ,723.1
3,698.7 1,306.2 1,431.5 ,677.5
3,554.8 1,294.0 1,471.6 ,560.3
3,790.7 1,259.5 1,486.1 ,492.1
3,613.3 1,204.3 1,566.2 ,425.4
All
other1
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
235.2
264.1
253.0
247.5
246.0
270.9
320.6
303.1
291.9
438.4
448.5
517.0
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—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Total
631.5
989.5
,259.3
,513.9
,522.4
239.3
,979.6
,465.5
,644.8
,865.2
6,042.2
6,214.0
6,122.9
6,144.5
6,234.7
6,173.0
6,169.3
6,124.6
5,896.2
5,853.5
6,149.7
6,009.3
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
233.3
280.2
247.1
229.9
318.2
300.5
284.3
225.7
239.5
205.8
195.1
170.6
55.7
65.9
76.3
87.9
190.9
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
259.7
266.5
272.0
286.3
297.5
298.3
303.2
306.5
305.3
314.6
318.8
341.1
2.7
9.6
-11.8
-20.1
-22.9
-23.1
-22.7
-23.7
-23.4
-23.4
-23.2
-23.4
-23.3
-23.3
-23.5
-23.6
-23.6
-23.7
-23.9
-23.8
-23.8
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
38.2
41.7
45.1
50.1
50.8
77
80.2
103.1
110.2
116.6
145.2
154.0
60.7
79.7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
744.8
729.9
738.2
769.1
757.6
742.0
738.0
760.9
777.6
771.5
742.2
715.0
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
684.8
678.9
638.3
646.4
617.7
569.2
492.4
492.1
373.0
273.7
599.7
464.0
160.3
161.0
170.0
176.7
193.1
204.0
211.4
253.0
265.0
277.3
265.6
278.4
278.3
251.8
239.5
217.5
210.5
453.5
588.9
791.7
1,010.7
1,655.4
1,986. 3
1,766.9
1,697.5
2,271.2
2,193.7
2,141.4
2,185.4
2,170.3
2,223.4
2,295.8
2,229.2
2,152.8
2,143.0
2,033.7
1,897.9
194.8
2,031.4
Canada
Latin
America Asia*
33.5
46.0
87.0
86.8 149.3 149.4
76.3 166.3 217.0
101.6 127.6 251.8
174.5 215.1 417.0
334.1 326.4 531.2
273.1 296.7 541.4
399.5 482.8 743.9
704.7 578.7 928.2
818.6 794.7 888.6
,384.1 989.0 1 ,329.9
,443.9 976.2 ,382.8
,437.8 924.2 ,373.7
,414.2 924.9 ,369.1
,242.8 929.4 ,554.5
,241.8 922.0 ,542.9
,251.8 972.4 ,505.0
,236.2 956.2 ,518.7
,140.3 986.5 ,475.0
155.8 1,029.7 ,360.8
1,176.4 1,052.8 ,306.8
1,111.6 1,105.0 ,256.9
All
other1
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
197.6
225.7
216.8
212.9
212.3
237.0
287.3
270.6
260.6
409.3
418.9
504.4
TABLE 4.—DECREASE IN U, S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2,1935, through—
Total
United
King- France
dom
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
865.3
875.5
804.2
742.7
729.
728.
703.6
701.2
644.8
624.5
574.1
555.3
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
267.1
270.5
266.1
266.6
266.2
265.7
263.4
260.4
259.4
261.5
216.2
226.2
1936)
1939)
1940)
1941)
48.1
62.0
65.3
68.4
73.8
74.6
76.9
77.8
77.9
77.7
77.8
78.1
78.0
78.0
78.3
78.4
78.3
78.2
78.2
78.1
75.7
76.0
Netherlands
-.4
-3.3
-4.4
-5.6
12.9
17.7
17.6
18.1
18.3
18.3
18.0
18.0
-17.9
-17.7
-17.1
-17.5
-17.1
-24.7
-99.9
-100.7
-101.0
-102.9
Switzerland
Germany
Italy
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6.8
5.4
5.1
6.5
5.2
1.9
3.2
2.5
1.6
.1
1.6
1.4
3.4
29.7
66.0
105.1
141.7
177.8
191.6
196.8
196.7
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
26.4
26.2
26.2
26.2
26.2
26.1
26.0
25.5
24.1
22.2
17.8
Other Total
Europe Europe
22.0
26.9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
70.9
69.4
68.8
38.3
65.9
61.1
57.9
61.0
58.5
51.3
45.9
49.1
310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
662.5
664.4
624.6
593.4
618.3
614.0
608.1
599.3
518.8
512.9
457.3
466.5
Canada
Latin
1
America Asia
All
other1
-4.6
36.9
-21.7
35.9
56.5
60.3
62.7
58.6
55.1
64.8
53.3
60.7
54.9
39.5
18.5
21.6
30.0
28.2
42.8
39.3
50.6
49.3
20.1
37.3
24.9
30.4
51.6
18.7
66.8 - 4 6 . 5
52.6 - 2 1 . 5
43.2
34.8
17.7
64.7
68.3
93.8
55.7 102.7
37.0
77.7
47.4
98.3
91.7
54.4
99.9
22.2
99.2
9.1
88.5
3.3
85.5
6.8
75.5
-10.4
71.9
1.9
74.7
10.0
72.8
3.3
71.9
-2.4
61.1
-17.3
-1.6
-4.4
-8.7
-7.a
-.8
2.1
-1.2
6.6
7.5
-.3
3.8
4.2
2.6
1.5
.6
.9
.4
— .2
-1.5
-3.9
-3.4
-4.2
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2 Inflow less than $50,000.
98
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
Total
United
King- France
dom
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—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
,019.4
998.2
946.5
983.0
972.8
,097.8
,067.2
,073.0
,076.1
,104.2
,084.7
,106.1
,122.7
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
119.1
119.2
119.1
117.7
115.0
113.9
112.4
110.8
110.9
109.7
107.3
101.5
1, 1936). . .
4, 1939). . .
3, 1940). . .
1, 1941) . . .
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
51.1
51.1
51.2
51.1
51.0
51.1
51.2
51.1
51.0
50.9
49.9
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.5
33.7
33.0
33.0
33.4
33.4
33.1
33.2
33.3
33.2
33.1
31.4
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
45.2
45.5
45.0
45.2
44.9
45.0
45.0
45.1
44.9
45.0
44.9
36.4
13.3
22.5
26.6
33.5
36.6
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.7
36.9
36.9
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.6
27.6
27.6
27.5
27.3
27.3
27.3
27.3
27.3
27.3
27.3
27.1
46.1
87.9
115.2
167.8
189.0
196.4
201.8
207.6
210.1
210.4
210.9
211.1
210.4
212.8
212.5
212.6
212.9
213.1
213.3
213.8
221.5
220.7
143.1
278.3
366.4
440.6
495.2
510.0
521.3
526.3
530.3
530.1
523.9
524.6
522.7
523.8
520.7
519.7
518.3
517.2
517.3
516.7
521.9
503.8
CanLatin
1
ada America Asia
-39.7
1.7
10.5
-9.7
-7.6
25.0
35.4
-3.0
41.2
104.9
73.1
23.4
59.6
49.1
176.8
144.3
149.1
147.8
169.8
147.0
160.5
174.5
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.6
314.9
317.4
317.1
317.6
320.5
32351
328.8
334.4
338.1
341.0
378.2
All
other1
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
61.8
61.8
61.5
60.8
60.9
60.6
60.4
60.0
59.9
59.8
59.7
59.7
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
21.8
21.9
21.8
22.0
21.9
22.1
22.1
22.5
22.9
23.0
23.0
6.5
CanLatin
1
ada America Asia
All
other1
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
316.7
917.4
,162.0
,219.
,133
888
626.
1, 1936). . .
4, 1939). . .
3, 1940). . .
1, 1941) . . .
911.8
795
779
798.
625.9
672
645.1
630.7
619.7
615.0
506.1
492.2
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
149.
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-143.4
-149.9
-154.0
-157.9
-161.9
-164.7
-169.2
-173.0
-176.7
-179.0
-186.2
-186.7
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
237.8
235.5
234.0
233.5
228.6
228.1
226.1
225.8
225.2
224.0
223.6
222.9
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
360.2
360.9
358.1
355.4
354.0
353.8
346.1
345.2
342.8
342.3
342.1
335.6
-5.4
-7.5
-17.4
-22.8
-28.2
-29.1
-30.1
-30.9
-30.8
-30.8
-30.7
-30.7
-30.6
-30.4
-30.4
-30.4
-30.4
-30.5
-30.5
-30.4
-30.4
-30.4
-.1
-3.3
-4.9
-5.5
-4.9
2.7
-.1
-.1
.6
1.9
1.8
1.9
1.6
2.2
2.4
2.4
2.1
2.0
2.1
1.8
1.7
1.6
12.9
38.5
55.7
56.6
60.4
64.9
67.3
75.3
86.3
103.2
96.4
96.4
98.0
98.5
93.7
96.8
94.7
91.9
89.8
88.8
85.6
86.8
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
78.5
78.3
70.4
81.7
81.8
77.0
77.2
74.0
71.1
73.3
73.4
73.0
286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
615.0
644.7
645.7
633.7
600.8
592.4
577.4
582.9
568.3
562.8
546.5
535.4
524.0
520.9
509.8
502.8
2.8
3.7
32.6 15.5
37.6 18.2
25.7 23.7
- 2 . 6 30.1
- 1 8 . 4 25.6
-44.7 28.1
- 4 5 . 1 35.2
-58.2 40.5
- 2 8 . l| 54.9
-117.9 55.1
-126.4 54.6
-136.8 65.8
-126.6 81.3
-114.5 89.3
- 6 9 . 6 97.6
- 8 0 . 3 98.2
- 8 3 . 9 102.7
- 6 6 . 3 89.7
- 6 6 . 8 90.3
-147.7 86.1
-150.3 87.5
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
270.6
264.4
263.1
251.3
73.0
71.9
71.3
67.7
63.8
62.1
49.7
43.4
2.6
7.1
9.8
11.1
14.3
12.6
10.9
10.9
10.6
10.7
9.8
10.0
9.4
9.9
9.9
9.7
9.4
8.9
8.5
8.4
8.3
8.8
CanLatin
1
ada America Asia
All
other1
1.0
-4.2
-.5
-.9
1.6
9.2
3.9
4.2
3.8
5.1
4.5
4.5
6.9
5.9
5.5
3.9
8.2
11.3
10.9
10.2
8.5
12.9
-.9
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
134.6
134.4
139.0
144.1
135.1
133.9
139.9
141.7
140.9
141.4
140.9
4
146.8
1, 1936).
4, 1939).
3, 1940).
1, 1941).
United
King- France
dom
Netherlands
Switzerland
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23.1
23.2
23.1
23.4
24.2
24.7
24.1
24.3
24.2
24.3
24.4
23.7
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
24.7
25.2
24.1
26.0
16.2
16.2
16.1
15.7
16.0
15.9
16.1
15.8
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
27.8
27.3
28.2
30.3
30.3
30.9
32.1
32.0
32.2
33.4
33.8
35.9
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
19.1
19.1
19.3
19.8
21.3
20.7
20.0
19.2
19.1
19.3
18.9
19.2
Germany
Italy
Other
Europe
Total
Europe
1.4
.4
5.0
5.2
5.0
7.9
8.0
8.7
9.4
10.5
11.1
11.3
12.4
13.6
13.1
13.1
13.3
13.1
12.9
12.9
13.2
13.7
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
106.1
106.4
107.5
113.6
105.6
105.9
106.0
104.8
105.0
106.3
107.0
108.9
-4.5
-7 6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
18.6
17.6
18.8
19.5
19.0
18.9
19.9
19.4
19.6
18.5
19.8
19.1
2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6.0
6.0
5.6
3.2
3.6
3.4
3.S
3.6
3.9
4.5
4.8
4.1
4.8
3.9
4.4
.3
2.1
.7
.8
.9
1.3
1.8
2.2
2.2
2.4
1.3
1.5
1.3
1.3
1.3
1.4
1.5
1.7
1.6
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2 Inflow less than $50,000.
a Outflow less than $50,000.
Amounts outstanding Aug. 31, in millions of dollars: foreign brokerage balances in United States, 102.9; United States brokerage balam
abroad, 33.0.
4
JANUARY 1947
99
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Date
Official United
Neth(included King- France erin total)
dom
lands
Total
1934—Dec22
1935—Dec
1936—Dec. 30. .
1937—Dec2 29..
1938—Dec
669.7
1,301.1
1,623.3
1,893.1
2,157.8
1939—Dec22
1940—Dec
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 3 1 . .
3,221.3
781.0
448.2 288.2
3,938.2 1,418.9
365.5 490.1
3,678.5 1,314.9
400.8 448.6
554.6 432.3
4,205.4 2,244.4
5,374.9 3,320.3 1,000.8 439.9
865.7 401.2
3,335.2
5,596.
1945—Sept. 30.
Oct. 31.,
Nov. 30.,
Dec. 3 1 . .
1946—Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
6,780.7
6,952.5
•6,861.4
6,883.1
3 6,993.2
6,931.4
6,927.8
6,883.1
6,654.6
6,612.0
6,908.2
6,767.8
92.4
130.3
232.5
427.1
473.8
76.9
205.5
235.7
261.5
436.1
4,265.2
4,303.3
4,141.3
4,179.3
4,331.8
4,204.1
4,185.4
4,074.9
3,849.9
3,773.1
4,116.8
3,927.8
746.2
740.2
699.6
707.7
679.0
630.5
553.8
553.4
434.4
335.1
661.1
525.3
Switzerland
Germany
Italy
Other Total
Europe Europe
Canada
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25.7
20.4
46.8
107.5
126.3
156.0
255.5
232.9
686.3
814.3
1,017.1
1,237.8
99.3
145.3
186.1
175.6
201.8
122.8
156.3
263.9
280.9
248.5
202.8
289.8
331.9
399.5
435.5
12.0
23.4
27.1
20.0
34.1
204.9
174.3
174.9
186.6
193.3
209.7
376.3
508.4
339.9
184.2
210.6
239.3
9.5
6.7
6.6
7.5
6.5
6.8
38.5
17.9
15.4
12.1
11.3
27.3
516.9
650.6
608.0
643.4
722.1
767.7
1,882.6
2,213.5
1,994.0
2,020.7
2,584.5
2,517.8
274.6
434.3
373
507
812.6
926.5
336.0 655.7
447.3 769.9
417.7 780.0
597.7 930.0
693.7 ,108.8
909.3 ,069.2
72.5
73.3
113.6
149.6
175.3
174.0
220.6
228.1
269.6
281.6
293.9
282.2
295.0
294.9
268.4
256.1
234.1
227.1
277.7
284.4
290.0
304.2
315.5
316.2
321.2
324.4
323.2
332.5
336.7
359.0
6.9
7.1
6.9
7.0
6.9
6.S
6.6
6.6
6.5
6.4
6.4
6.5
58.5
62.0
65.4
70.4
71.1
97.5
100.5
123.4
130.5
137.0
165.5
174.3
877.9
862.9
871.2
902.1
890.6
875.0
871.0
894.0
910.6
904.5
875.3
848.0
2,501.0
2,545.0
2,529.9
2,583.0
2,655.4
2,588.8
2,512.4
2,502.5
2,393.2
2,257.4
2,554.4
2,391.0
,492.1
551.8
,545.7
,522.2
,350.7
,349.7
,359.7
,344.1
,248.2
,263.8
,284.3
33.9 12.9
163.5 68.6
176.3 78.8
143.9 89.1
187.4 101.8
313.4
360.3
327.3
310.0
398.3
380.7
364.5
305.8
319.7
286.0
275.2
250.8
Latin
1
America Asia
1,110.6
1,097.7
1,045.7
1,046.4
,050.9
043.5
094.0 1
1,077.7
1,108.1
1,151.3
1,174.4
1,226.6
All
other i
510.5 166.5
563.4 194.6
554.4 185.7
181.8
549
3201.1
735
225.8
723.6
685.6 276.1
699.3 259.4
655.7 249.4
541.4 398.1
487.5 407.7
437.5 493.2
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
Finland
1939—Dec. (Jan. 3, 1940) . .
1940—Dec. (Jan. 1, 1941) . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
516.9
650.6
608.0
643.4
722.1
767.7
159.2
144.8
117.3
121.8
122.9
124.3
28.1
17.3
18.1
17.7
13.9
14.8
21.4
16.5
5.7
7.9
7.7
7.1
1 945—Sept. 30
Oct 31
Nov 30
Dec 31
1946—j an 3i
Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31
877.9
862 9
871 2
902.1
890 6
875.0
871 0
894.0
910.6
904.5
875.3
848.0
218.6
195.6
183.0
185.0
184.9
167.6
166.3
176.4
177.8
175.7
169.0
160.1
16.8
20.1
24.3
25.9
40.1
41.6
44.2
47; 4
48.6
49.7
50.4
52.1
7.2
6.7
6.2
5.5
6.6
10.7
11.2
10.1
11.9
11.2
11.9
13.1
Greece4 Luxembourg4
Norway
39.3
43.5
48.7
18.3
18.4
18.6
56.3
48.7
65.2
132.4
158.9
220.8
66.1
68.7
71.0
70.8
70.0
69.7
74.9
76.7
75.5
72.3
64.1
60.1
22.9
22.9
23.0
22.3
22.3
22.4
22.3
22.0
22.1
22.6
22.9
22.8
184.4
182.7
182.9
216.1
176.5
175.0
174.0
159.3
161.6
161.1
148.9
142.3
4
Ru4 YugoPortuAll
gal* mania4 Spain Sweden USSR slavia4 other
35.7
53.4
54.5
45.5
45.2
48.5
47.9
47.5
45.3
45.4
49.7
49.5
48.6
47.6
50.2
9.4
17.5
31.8
43.4
142.2
235.4
210.7
153.5
163.2
152.1
9.2
9.2
9.2
9.3
9.3
9.2
9.2
32.6
24.4
31.2
31.7
37.1
37.4
35.4
36.2
35.5
32.3
20.7
18.2
199.1
213.5
217.2
210.1
214.0
212.9
205.2
200.0
196.0
191.7
204.4
196.3
9.3
9.5
10.0
10.2
10.0
10.9
8.5
14.3
12.3
16.1
17. 7
9.9
5.7
109.8
187.9
191.0
57.9
76.9
52.1
25.4
24.4
24.8
28.0
29.7
28.5
24.8
44.9
57.4
59.5
50.2
47.9
5.2
5.2
5.4
5.7
6.3
6.6
6.8
7.7
7.3
7.4
8.3
8.7
45.0
44.5
44 3
43.7
46.4
48.4
51.2
53.6
57.4
62.3
65.9
67.7
Latin America
Latin
Bo- Brazil Chile
Amer- Argentina livia5
ica
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
1945—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—j an# 31
Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
.
. . .
. .
336.0
447.3
417.7
597 7
693.7
909.3
1,110.6
1,097 7
1,045.7
1,046.4
1,050.9
1,043.5
1,094.0
1,077.7
1,108.1
1,151 3
1,174.4
1,226.6
Colom-5
bia
French
West
Costa5 Cuba Indies Mexand
Rica
ico
Gui-5
ana
67 6
69 8
9
10 8
6
17 7
67 7
98 7
140 8
34 S
54 0
55 ,0
43.4
67.1
83.6
37.0
47.9
62.5
12.4 100.3
12.2 70.4
7 . 4 139.3
78
77
77
94
17 .9
17 9
15 6
14 .5
13 6
13.4
181 .5
179
63 .2
63 6
18S 6
71 4
93.2
83.1
84.5
79.2
82.4
80.6
77.5
72.4
69.6
66.3
75.2
67.4
6.2 154.5
6.6 145.4
7 . 1 136.5
6.9 128.3
6.0 122.2
5 . 7 120.5
6 . 3 139.5
6 . 0 152.7
6 . 9 163.7
6 . 7 169.6
6 . 8 167.0
6 . 5 175.6
57 7
115 4
75 7
0
9
3
8
80 0
83 Q
84.1
9?
116
174
147
6
6
4
9
,36 .4
36 .2
50 •>
26 .8
28 .5
27 3
195 .1
19? 3
199 6
13 6 210 6
7 706 8
11 9 777 0
10 7 718 8
731 1
1?
11 .5 255 . 9
66 .3
66 6
64 6
63 9
60 3
55 3
S9
6? 1
53 . 9
Netherlands
Other
West Pana5 Vene- Latin
Indies ma8 Peru zuela5 Amerand
ica
Surinam5
58.8
55.0
37.7
95.7
70.4
83.1
20.7
41.2
36.0
9
57 6
69 1
17 7
17 4
77 7
20 9
24 2
31.5
85.3
105.6
121 8
64 2
95 4
119.8
7.8 164.4
7.3 164.3
6 . 6 111.8
7.1 116.4
7.2 125.9
7 . 1 128.3
6 . 6 140.7
6 . 6 122.3
7 . 0 119.8
7 . 0 137.1
7 . 6 135.3
7 . 4 143.1
32.9
33.6
31.0
28.2
20.9
22.8
20.7
21.7
19.2
16.7
14.7
14.1
89 1
90 s
38 .8
4? 6
44.3
48 5
38.3
49.7
36 0
42.4
41.3
49 5
50.3
46 1
42 3
50.9
138.6
138 1
138 3
144.8
150 3
146 0
156 3
152 4
160 5
168 6
171 5
169.4
4.9
2.6
4.4
34 0
58 7
42 1
.......
90 7
45 9
43 .9
87 5
91 7
90
88 9
87 1
84 8
84. 3
45 0
41 9
88 7
89 4
4
40
40 6
39
38 . 8
For footnotes see p. 101.
100
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Date
India,
China
and French Hong BurMan- Indo-1 Kong ma,
and
chu- China
Cey-1
ria
lon
Asia
Egypt
Neth- PhilBriand French Union
er- ippine Tur- Other All A u s - New Angloof
tish Japan lands
MoOther
traZea1
EgypMa-1
othe
r2
Iskey
Asia
East
lia .and tian rocco South
Africa
laya
Indies1 lands
Sudan
1939—Dec.
(Jan. 3, 1940)
1940—Dec.
(Jan.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Sept.
Oct.
Nov.
Dec.
1946—Jan.
Feb.
Mar.
Apr.
1, 1941)
31
31
31
31
30
31
30
31
31
28
31
o
71 4
165. 4
193
769 .9 207 5
780 ,0 156 8
930 .0 ' 6 0 9
1,108 . 8 574 2
1,069 .2 427 3
91. 1
61. 6
27 4 4 1 . 6
27 4 2 3 . 9
27 4 2 2 . 9
110. 3
198.6
18.2
22.1
6 21. 9
5 21. 7
5 22. 1
0 27. 4
2 30. 5
34.6 3 1 . 8
37 9 3 4 . 8
38 0 3 6 . 4
39 0 3 5 . 4
43 6 3 7 . 8
47 2 3 3 . 2
55 0 34 1
28.9
.9
33.2 1.0
34.6 1.0
33.4 1.2
29.4 1.7
36.7 1.6
25.7
1 5
34.6 1.6
37.6 1.4
36.1 1.6
33.2 2 . 2
28.3 10.3
655-7 167
1,510
1,563
1,554
1,549
1,735
1,723
1,685
1,699
1,655
1,541
1,487
1,437
30
M a y 31
June 30
July 31
Aug. 31
c
A
A
.6
588
591
581
582
756
5
7
4
3
3
.1
.6 738.0
.6 732 1
717 0
"7 695 4
_ 4 657 0
. 5 611 9
561 8
•5
27
27
27
28
28
13. i
i.o
.9
1.3
58 5
162.4
69. 9
226
4 . 8 160. 4 254
4 . 1 110. 1 259
4 . 0 110. 5 365
8
7 29. 9
1
4
8 23! 7
4. 2
4. 2
4. 1
4. 1
4. 0
3. 9
3. 8
3. 7
3. 7
3 c
9 2
13. 4
1
4
7
1
8
7
4
99. 3
104. 4
103. 8
113. 7
110. 0
100. 7
99. 0
102. 1
103. 6
100. 2
612
645
659
629
642
635
598
617
580
505
482
114.
120. 1 466
SO
50
47
52
57
62
66
o 66
.2 72
5 69
'A 64
.9 62
264 9
36 2
55 5
64.2
72
s
73 . 3
113 .6
149 .6 13. 1
8
175 . 3 25. 3 5 . 1
174 .0 52. 9 3 . 5
76 7 166 c 18 5
83 7 194 . 6 29 0
73 0 185 . 7 30 2
78 0 181 . 8 28.9
75 1 3201 .1 29 6
78 4 225 . 8 26 1
276 . 1 24 3
86
81 9 259 # 4 26 6
87 4 249 . 4 23 8
86 . 8 398 _ 1 24 4
407 _ 7 28 7
89
84 .6 493 • 2 33 6
c
5
2
5
3
2
1
9
0
c
9
6. 8
6. 1
7. 3
J
ii.
10. 3
ii.c
4.5
"91.' 8
124. 1
4. 3
8.3
97. 6
13. 6
17. 3
19. 6
18. 9
19. 4
19. 6
18. 9
17 9
16 8
17 7
17 7
19 0
5. 8
7. 7
9. 4
10. 0
9. 7
10. 1
10. 3
11 3
12 4
11 2
11 5
11 6
4.
3 1
3 7
4 3
4 3
4.0
4 0
3 8
3 8
4 8
7
6 A
5 .2
107. 1
130. 4
114. 2
113. 4
3
132. 1
157. 0
209. 3
190. 9
11.3 180. 4
12.8 324 5
10.1 333 3
13.4 410 3
8.4
6.4
8.0
6.4
6.3
9.1
9.5
8.9
1
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. 100.
1
Prior to Jan, 3. 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2 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. 31, 1941.
These figures are not strictly comparable with the corresponding figures for preceding months due to inclusion for first time of the*accounts
of international institutions. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to [United States" have been adjusted
to exclude
the unreal movement introduced by this change.
4
Prior to June 30, 1942, included under "All other."
s Prior to June 30, 1942, included under "Other Latin America."
s Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for September 1945, pp. 967-970.
ASSETS
Date
Total
United
Kingdom
France
Nether
lands
Switzerland
Germany
Italy
1,139.9
778.6
672.6
655.0
594.0
296.9
38.1
114.1
84.8
86.0
SO. 5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
743.2
433.0
392.1
326.5
274.9
96.3
100.9
59.4
118.0
60.4
8.5
10 1
12.9
17.2
15.5
Other Total
Europe Europe
Canada
Asia1
AH
other 1
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940). . .
(Jan. 1, 1941)
31
31
31
31
508.7
384.0
367.8
246.7
257.9
329.7
39.9
23.0
20.9
12.6
19.9
25.9
4.9
4.2
1.8
1.3
1.1
1.4
5.7
.9
1.1
.5
.4
.3
5.2
1.5
2.6
1.5
3.0
1.3
53.4
39.6
34.4
34.0
33.9
33.9
11.8
2.0
1.5
.4
.4
.3
51.4
29.9
26.2
22.3
19.0
44.4
172.2
101.0
88.4
72.6
77.6
107.5
39.7
36.0
33.6
34.3
37.8
28.1
9.3
6.4
9.7
4.8
3.9
11.7
1945—Sept.
Oct.
Nov.
Dec.
1946—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
30
31
30
31
31
28
31
30
31
30
31
31
270.2
260.0
331.3
392.8
406.3
406.8
431.9
434.3
490.7
511.0
561.4
580.2
24.9
21.5
25.9
25.4
25.9
26.3
28.6
31.6
32.6
30.5
75.8
65.8
1.2
1.0
1.1
1.1
.8
.7
.7
.9
.9
.9
3.4
3.1
.6
.6
36.5
36.3
35.7
36.1
35.8
43.4
118.5
119.4
119.6
121.5
2.7
3.0
1.6
2.9
6.2
4.9
5.6
6.5
8.0
6.5
6.7
4.7
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.8
33.9
33.9
33.9
33.9
.3
.1
.3
.3
.3
.4
.4
8.1
9.6
10.2
40.8
13.1
17.9
21.1
18.0
20.5
27.7
33 2
29.9
71.7
69.8
109.6
140.7
115.8
120.2
126.1
134.8
215.3
221.2
276.8
267.7"
39.6
32.2
38.0
53.3
74.3
71.3
62.9
64.7
50.1
53.6
42.2
43.6
7.6
7.2
8.8
9.9
10.8
10.5
11.0
11.6
12.9
15.3
14.8
15.6
.6
1.0
2.4
4.3
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 practica
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.
JANUARY
1947
101
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
1939—Dec.
1940—D ec
1941—DeCi
1942—Dec
1943—Dec.
1944—Dec
(Jan. 3, 1940)
(Jan. 1, 1941)
3i
31
31
31
1945—s e pt 30
Oct. 31
Nov 30
Dec. 31
1946—j an# 3i
Feb. 28
Mar 31
Apr 30
May 31 . . .
June 30
July 31
Aug. 31
51.4
29 9
26.2
22.3
19.0
44.4
6.5
1.5
1.1
.8
.7
.7
8.1
9.6
10.2
40.8
13.1
17.9
21.1
18.0
20.5
27.7
33.2
29.9
.5
.5
.6
.6
1.8
2.6
3.6
4.6
5.0
7.7
8.8
9.1
Denmark
Finland
3.2
.3
1.4
1.8
1.9
Greece1 Luxembourg1
5.6
7.6
8
(s)
.6
.6
.6
.7
.7
.8
.8
2.0
1.5
1.1
1.6
2.1
1.5
1.5
1.0
1.0
1.1
1.1
.1
.1
.2
.3
r1
1.1
.6
.6
(2)
1.3
1.4
1.2
.6
2.0
4.4
4.3
4.0
Norway
Por1 SweRutugal1 mania 1 Spain den
3.6
8.7
Yugo-1 All
USSR1 slavia
other
10
.9
.5
1
1
.2
.2
35.1
2.4
1.4
.8
1
1
1
1
1
1
1
1
1
1
1
1
.1
.1
.1
31.6
.1
4.2
6.2
.2
1.2
.3
.6
.5
.3
.2
.4
.5
.4
.4
.4
.4
.6
.5
.7
.7
(')
3.2
3.2
1.8
(')
.9
1.0
.9
1.6
1.8
1.4
1.5
1.4
2.1
2.9
4.2
3.3
'A
A
A
.6
.4
2
.%
.1
.3
.5
1.0
.9
1.1
1.1
1.3
2.4
3.0
5.6
7.6
5.5
i
333333333333 333*
BelOther
Europe gium
Date
28 0
24 5
22 1
8.4
50
5.1
5.1
50
4.9
4 7
4.8
4 9
4.9
5.0
5.1
5.0
5.0
4.3
Latin America
Latin
BoAmer- Argentina livia* Brazil Chile
ica
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec
1944—Dec.
(Jan. 3, 1940)..
(Jan. 1, 1941)...
31
31
31
31
113.3
122.7
148.3
99.7
112.2
131 0
120.6
113.6
145.8
158.9
164.7
161.2
. . 178.4
166.1
158.0
164.7
170.4
185.3
1945—Sept. 30
Oct 31
Nov. 30
Dec. 31
1946—Tan 3i
Feb 28
Mar 31
Apr 30
May 31
June 30
July 31
Aug 31
16.8
11.9
16.8
6.9
15.3
3.1
12 8
10.8
20.5
21.0
24.2
18.0
24.7
26.8
20.4
20.4
27.9
25.6
3.6
1.8
1.8
1.1
1.8
1.2
1.3
1.7
• 1.5
2.7
2.9
2.0
3.1
4.4
3.2
32.2
33.1
38.0
16.7
18.9
25.3
9.7
13.4
14.9
15.3
16.6
9.0
21.7
18.2
22.0
24.7
26.8
29.7
30.0
31.9
30.9
28.4
28.6
7.5
6.8
7.2
6.6
41.3
7.0
6.2
7.1
7.0
6.7
8.0
7.5
10.6
Colombia*
Costa Cuba
Rica»
12.2
15.5
.7
1.2
10.5
11.7
11.3
8.3
20.1
47.4
16.7
14.2
19.4
16.8
17.5
18.1
20.1
20.0
21.2
23.2
21.3
22.6
1.5
4
".6
?
L.4
5
1.4
4
1.5
2.1
9.8
French
West
Indies Mexico
and
Guiana*
'".2
.2
18.3
17.0
27.2
33.3
33.9
32.9
37.1
A
22.9
27.6
29.3
00
25.7
15.6
5.9
6.1
7.6
4.8
11.2
8.6
Netherlands
Other
West
Vene- Latin
Indies Pana4
Peru* zuela*
ma
Amerand
ica
Surinam*
* ,3
.5
.3
1.0
2.1
2.4
2.1
1.1
.8
.3
.4
.3
.5
.8
8
1.0
1.1
9.0
9.7
10.6
11.0
10.5
13 9
14.3
14.1
13.5
15.0
15.2
17.2
.3
.4
.5
.4
.5
.4
.5
.4
2 8
1.4
1 2
1.3
1.9
2 8
2.9
1 l
1.1
1.8
1 3
1 7
1 9
3.3
3 5
3.8
3 6
3.8
3 5
1.6
1.3
3.4
3.6
37.2
44.4
57.3
3 9 14 2
3.8
8.7
5 1 11 7
5 2
57
61
61
6.6
6 9
7.7
7 4
7.7
7 9
81
8.1
24 1
25 4
27 3
33 4
29.5
25 9
26.1
26 6
21.2
22 1
24 0
25.8
Asia and / Ml Other
Asia
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec
India,
China
Burand French Hong ma,
Man- Indo- Kong and
chu- Chinas
Ceyria
Ion*
(Jan. 3, 1940) 174.1 22.0
(Jan. 1, 1941) 117.8 2 3 - 7
87.9 2.5.5
31
35.3 1 l . l
31
26.3
1.7
31
51.4
L.5
31
1945—Sept 30
Oct. 31
Nov 30 . . . . . . . . .
Dec. 31
1946—j an# 31
Feb 28
Mar. 31
Apr 30
May 31
J u n e 30
J u l y 31
Aug 31
li
1
30.8
37.3
L.2
.2
29 1
7
0
29.9
7.7
40.6
(2)
43 6 9 . 7 ( 2 )
53.6 ! 22.8 .2
57 1 25 6 ( 2 )
54 4 22.6
56.2 23.9 ( )
.1
57 1 19 0
68.0 28.6
2
. . .
1.9
1.7
3.1
.9 "*2.*2
1.0 2.0
.9 22.3
Egypt
Neth- Philand French Union
BrierNew Anglo
ippine Tur- Other All Austish Japan lands
of Othar
tra- Zea- Egyp- Mo- South
Iskeys
Asia
other*
Malia land tian rocco
East lands
laya
Africa
Indies*
Sudan
.7
.5
.1
102.1
55.8
18.9
e
.*5
.5
"
1.6
1.7
1.5
.8
.8
.8
8.0
7.2
7.1
.5
.5
.5
1.4
1.4
1.4
.8
1.1
.8
1.5
1.5
2.0
2.0
2.2
2.9
7.5
7.9
7.0
6.8
7.2
6.6
7.4
9.4
.5
.3
.3
.3
.3
.3
.3
.3
.3
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.2
1.3
10.8
.3
.2
.2
.3
.1
1.7
.1
26.4
21.6 9.3
22.6
14.0 6.4
23.0
19.5 9.7
14.4 i'.s 2.0 4.8
13.9 3.2
1.8 3.9
13.8 1.8 8.8 11.7
13.6
13.0
13.7
13.8
18.5
20.1
16.0
16.1
16.7
16.7
18.5
19.2
7.3 2.9
1.6 11.4
1 7 2.0
2.0
1.0
11
1.1
9
.9
.9
9
.9
2.7
2.5
2.8
3.3
3.9
3.6
3.5
3.9
3.9
7.6
7.2
8.8
9.9
10.8
10.5
11.0
11.6
12.9
15.3
14.8
15.6
"i.'o
.5
.6
7
.7
.9
1,7
2.1
1.8
1,3
1.5
18
1.9
2.9
2.9
'".7
.2
.2
.1
.1
.2
3
.6
7
7
.6
7
7
.3
.2
.2
6
6
.6
1 1
1.2
.3
.2
.3
.2
.2
.2
.3
.3
.4
"i.*7
2.4
9.7
(2)
8
4.5
4.1
50
4.7
5.0
53
5.8
6 7
(2)
.1
00
7.8
8.5
"Hi
.7
1.0
1 6
1.5
1 9
25
2.9
2 4
2 9
26
25
3.9
80
25
8.1
3.0
1
Prior to June 30, 1942, included under "All other."
»1 Less than $50,000.
Prior to June 30, 1942, included under "Other Latin America."
*1 Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
6
Country breakdown not available until June 30, 1942.
102
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
Liabilities of banking department
Assets of banking department
Bank of England
(Figures in millions of
pounds sterling)
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
1943—Dec. 29
1944—Dec. 27
1945—Dec. 26
1946—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
30
27
27
24
29
26
31
28
25
30
27
Cash reserves
Other
assets2
Gold*
Coin
Notes
Discounts
and advances
Securities
Note
circulation3
Deposits
Bankers'
Public
Other
Other
liabilities
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5630.0
5 780.0
5950.0
5 1,100.0
51,250.0
5
1,400.0
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
.4
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1 ,088.7
1 ,238.6
1 ,379.9
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
5.3
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
•1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
.5
.9
.8
1.0
1.5
1.8
1.4
1.1
1.2
1.0
1.1
68.8
77.1
71.9
52.0
58.6
36.4
13.4
32.7
41.5
38.5
34.2
5.5
7.4
20.0
22.4
16.7
12.5
15.8
9.9
18.8
9.5
25.3
289.6
236.7
238.7
256.3
250.9
315.2
288.0
343.4
324.6
327.2
333.9
:L.331.4
L,323.1
L.328.3
L.348.3
1,341.7
L.363.9
1,386.9
U367.5
L.358.7
L,361.8
L,366.0
279.7
234.5
249.1
253.4
244.8
286.0
238.7
307.6
302.9
292.7
310.1
11.0
16.7
9.9
7.4
7.4
5.3
7.1
7.0
9.3
8.2
10.1
55.9
53.0
54.0
53.1
57.4
56.5
54.4
54.0
55.5
57.5
56.3
17.9
18.0
18.5
17.8
18.0
18.1
18.3
18.4
18.5
17.8
17.9
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec. 3 1 . .
1936—Dec. 3 1 . .
1937—Dec. 3 1 . .
1938—Dec. 3 1 . .
1939—Dec. 30..
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Jan. 31.
Feb. 28.
Mar. 30.
Apr. 30.
May 31.
June 29.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Gold
180.5
179.4
179.8
185.9
225.7
Sterling
and United,
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm6
Note
circulation7
Other
liabilities5
Chartered
banks
Other
Dominion
government
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
101.8
95.2
95.2
24.1
2.0
2.0
1.8
1.7
.7
.9
.9
1,143.8
1,155.2
1,296.2
1,348.0
1,230.0
1,218.5
1,276.6
1,257.7
1,259.1
1,301.5
1,283.8
686.2
688.8
559.9
553.0
541.1
540.7
541.8
530.8
523.9
521.5
605.0
33.2
48.0
39.4
48.6
52.9
30.8
31.4
44.1
38.3
40.1
40.9
1,088.1
1,086.7
1,102.2
1,114.4
1,109.5
1,114.0
1,117.9
1,127.4
147.5
156.9
1,161.1
.505.9
522.9
518.1
555.8
493.9
500.
532.5
521.1
511.3
538.6
579.5
187.2
201.7
149.2
183.3
87.1
57.9
69.1
69.1
27.4
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
36.6
63.9
Other
19.1
17.8
27.7
29.8
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
34.2
56.4
89.1
62.7
78.5
85.6
90.1
79.7
87.8
85.2
79.4
149.6
119.6
132.1
57.4
57.2
34.2
42.1
37.1
48.0
46.7
46.8
2.1
3.5
3.1
17.9
9.5
6.0
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 i^ was raised to 172 shillings
and three pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department,
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on
May 8, July 3, and Dec. 10, 1945.
6
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
,fl.nd pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
JANUARY 1947
103
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in
millions of francs)
Gold*
1929—Dec. 2 7 . . . 41,668
1930—Dec. 2 6 . . . 53,578
1931—Dec. 3 0 . . . 68,863
1932—Dec. 3 0 . . . 83,017
1933—Dec. 2 9 . . . 77,098
1934—Dec. 2 8 . . . 82,124
1935—Dec. 2 7 . . . 66,296
1936—Dec. 3 0 . . . 60,359
1937—Dec. 3 0 . . . 58,933
1938—Dec. 2 9 . . . 87,265
1939—Dec. 2 8 . . . 597,267
1940—Dec. 26.. . 584,616
1941—Dec. 3 1 . . . 84,598
1942—Dec. 3 1 . . . 84,598
1943—Dec. 3 0 . . . 84,598
1944—Dec. 2 8 . . . 75,151
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37
42
1945—Nov. 2 9 . . . 65,152
Dec. 2 7 . . . 5129,817
45
68
129,817
129,817
129,817
129,817
594,817
94,817
94,817
94,817
94,817
94,817
69
69
69
5
5
5
6
5
6
5
1946—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 2 8 . . .
Apr. 2 5 . . .
May 2 9 . . .
June 2 7 . . .
July 2 5 . . .
Aug. 2 9 . . .
Sept. 2 6 . . .
Oct. 3 1 . . .
Advances to
Government
Domestic bills
Foreign
exchange
7
Open
2
market 2 Special
Other
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
47,288
1,379
652
1,797
2,345
661
12
169
29
48
8,624
8,429
7,389
3,438
4 739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
7,543
18,592
62,210
23,038
153
303
26,081
27,247
25,524
25,810
63,090
64,985
64,769
64,474
70,577
71,224
220
160
46
546
3,124
26,073
25,548
27,415
30,945
32,647
36,579
45,512
46,204
45,324
61,657
62,567
63,127
For ocOther2
cupation
costs3
Other
assets
Deposits
Note
circulation
Govern- C.A.R.4 Other
ment
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
«35,221
68,571 11,737
76,436 12,624
85,725 5,898
85,028 2,311
82,613 2,322
83,412 3,718
81,150 2,862
89,342 2,089
93,837 3,461
110,935 5,061
151,322 1,914
218,383
984
270,144 1,517
382,774
770
500,386
578
572,510
748
426,000
426,000
6
45,859
6
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
6
44,818
6
46,744
6
72,317
142,507
210,965
326,973
426,000
17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400
15,850
39,122
16,000
19,000
11,200
13,400
8,600
8,600
28,100
46,600
40,985
638,614
641,848
H2,053
6
40,915
645,049
644,703
652,693
Other
liabilities
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
37,855
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
4,872
7,078
545,795 21,708
570,006 12,048
53,447
57,755
4,540
4,087
592,436
605,156
613,434
616,102
625,809
629,181
612,879
633,327
667,567
696,924
52,046
50,743
52,516
53,653
51,845
53,265
59,829
62,282
54,743
55,612
4,156
4,070
4,357
5,337
4,072
4,268
7,006
4,213
4,201
4,241
41,400
64,580
16,857
10,724
5,781
1,014
781
732
745
750
717
779
804
814
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
May2 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
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and
in week
ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium
on Dec.
22, 1944.
7
Forty billions francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds.
NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of 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)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt.. 1.
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank
Government 1
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 (incl. Government and
Treasury bills)
Other assets
Note circulation
1946
Nov.
Oct.
Sept.
i,537
,069
1,847
1,160
860
84
866
80
,710
:,279
,638
,267
i,633
,297
,676
969
560
,528
146
2
599
673
,514
155
2
,695
Nov.
166
,722
,719
516
199
180
229
217 560 217,204 177, 783
863
2,692
2,
386,
392,361 410, 568
6
7,344 13, 731
197,
197,680 190, 464
1946
Central Bank
(Figures as of last report
date of month)
Nov.
C o m m o n w e a l t h Bank of Australia
—Continued
Deposits of Trading Banks:
Special
Other
Other liabilities
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Loans to Government
Other loans and discounts
Claim against Bank of Issue... .
Other assets
Note circulation
Demand deposits 3
Blocked accounts
Other liabilities
Central Bank
of Bolivia—Monetary Dept. 4 (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities
Oct.
258,
23.
133!
31,809
4,894
49,882
5,053
64,597
2,239
71,703
6,025
79,281
1,465
1945
Sept.
Nov.
252,862 230,689
24,559 27,074
144,500 155,719
,817
,723
859
055
597
358
439
174
342
454
31,655
3,720
50,084
3,125
64,597
2,223
71,292
4,709
77,966
1,436
920
244
185
431
18
,625
166
920
322
223
431
16
,633
273
6
31,166
4,816
o44,686
1,095
64,597
"1,287
66,761
3,237
76,522
1,127
0
1
2
3
4
Corrected.
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided thejnstitution into Monetary (central banking
functions) and Commercial Banking Departments.
104
FEDERAL RESERVE BULLETIN.
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
National Bank of Bulgaria *
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Costa Rica—
Issue Dept. (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Czechoslovakia
in Prague (millions of koruny):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation—Old
New
Deposits—Old
New
Other liabilities
National Bank of D e n m a r k
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account 2 . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government .•
Other
Other liabilities
1
1946
Nov.
Oct.
1945
Sept,
Nov.
Central Bank
(Figures as of last report
date of month)
1945
Nov.
Oct.
Sept.
Central Reserve Bank of El Salvador (thousands of colones):
Gold
32,773 32,807
326
331
287
Foreign exchange
326
38,099 38,559
451
600
Loans and discounts
53.
384
2,155
1,651
Government debt and securities.
1,048
938
706
1,048
6,023 6,052
Other assets
883
713
819
597
1,840 1,941
Note circulation
1,807
1,811
1,914 1,664
43,844 44,603
Deposits
3,243 3,244 2,612
29,417 29,688
3,299
Other liabilities
591
531
7,223
7,126
489
569
216
253
184 Bank of Finland *
200
466
468
352 Bank of Greece (billions of drach470
mae):
Gold and foreign exchange (net).
972
941
Loans and discounts
11
250,979 248 843 201,261
14
Advances—Government
517
55,245
,444 96,307
484
Other
499
32,207
216 24,234
556
Other assets
39
85,713
555 66,644
42
Note circulation
512
896 32,082
41,030
505
Deposits—Government
80
224,910 217 828 180,813
78
Other
127
916 186,755
201,584
113
Other liabilities
1,319
209 52,960
38,680
1,341
Bank of Guatemala (thousands of
quetzales):
Gold
11,267 11,220 33,790
11,2
28,476 28,476 28,476
Foreign exchange
5,829
5,317 11,063
16,197 15,403 16,364
4,2
Rediscounts and advances
1,100
1,780 1,600
59,728 61,760 62,755 45,846
Other assets
3,240
3,450 3,285
2,619 2,180 1,737
Circulation—Notes
1,586
1,651 1,618
28,500 27,803 27,797
1,625
Coin
67,084 69,499 68,596 75,962
2,712
2,690 26,666
Deposits—Government
6,07.
7,801 10,684
4,411
6,813
4,652 4,794
Banks
11,804 11,331 11,694
6,402 6,341 6,219 5,678
Other liabilities
2,228
2,476
2,288
National Bank of Hungary (thousands of forint):
1,517
1,520 1,520 1,518
Gold
283,982 283,982
813
2,507 2,297 2,059
Foreign exchange
54,942 54,378
6,722 5,514 6,265 1,160
Discounts
456,086 398,903
124,495 120,708 120,637 129,579
Loans—Treasury
342,070
937
342,070
2,841
933
936
Other
909
39,772 38,665 38,290 17,847
Other
assets
408,010
76,627
384,459
96,963
75,573 75,515
Note circulation
937,228 842,667
2,538
7,203
7,953
10,*
Demand deposits—Government. 67,432 48,741
7,718
6,674 12,880
8,083
Other
38,019 24,691
Other liabilities
502,410 548,601
97 Reserve Bank of India (millions of
83
83
83
rupees):
146
110
132.
140
Issue department:
97
94
2,946
100
Gold at home and abroad. . .
22
444
444
41
22
25
93
Sterling securities
11,353 11,353
101
73
109
Indian
Govt.
securities
578
578
7,572
7,588
65
7,568
Rupee coin
205
86
101
211
4,979
117
Note
circulation
11,879
1,493
1,551
11,952
1,421
1,562
Banking department:
2,717
2,684 2,829
2,705
Notes of issue department. .
702
635
3,606
3,695 3,618
3,667
Balances abroad
5,165
4,956
243
240
443
200
Treasury bills discounted...
24
18
Loans to Government
(Aug.)3
Other
assets
368
399
288,865
242,312
Deposits
6,010
5,702
97,583 105,658
Other liabilities
250
307
214,734 138,145
94,684 98,728 Central Bank of Ireland (thousands
of pounds):
341,064 338,252
Gold
2,646
2,646
269,825 264,101
2,646
Sterling funds
37,974 36,358 35,744
38,423 29,042
Note circulation
40,620 39,005 38,390
Bank of Italy (millions of lire):
(July)3
Gold
6,241
6,241
6,241
526
Foreign exchange
16,088 15,601 18,063
5,991
Advances—Treasury
459,923
4,578 2,366
6,083
Other Govt. agencies
29,747
Loans and discounts
28,545
305,020 300 ,511 299,913
Government securities
82,813
28,355 28,426 27,596
Other assets
29,312
141,806 132,528 142,232
Bank of Italy notes
311,125
85,768 84,488 64,722
Allied military notes
96,373
119,314 122,249 135,914
Deposits—Government
18,526
13,394 13,880 15,028
66,753
Demand
Other
131,659
Other liabilities
12,420
Nov.
33,027
36,252
1,789
6,452
1,892
44,607
27,796
7,008
444
10,693
578
170
11,764
122
5,641
8
2
276
5,814
234
2,646
34,809
37,455
For last available report from central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; and of Finland (August 1943),
see BULLETIN for April 1944, p. 405.
2 In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to
Government
compensation account.
3
Latest month available.
JANUARY 1947
105
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1945
1946
Nov.
Oct.
Sept,
Nov.
Bank of Japan 1
Bank of Java x
Bank of Mexico (millions of pesos):
746
697
711
698
Metallic reserve 2
"Authorized" holdings of securi1,943
1,680
1,633
1,645
ties, etc
397
520
505
530
Bills and discounts
78
164
180
144
Other assets
1,618
1,726
1,691
1,690
Note circulation
1,367
1,067
1,155
1,097
Demand liabilities
179
220
215
248
Other liabilities
Netherlands Bank (millions of
guilders):
699
713
699
699
Gold
1
1
1
1
Silver (including subsidiary coin)
4,535
4,529
4,601
4,507
Foreign bills
1
Discounts
187
147
162
158
Loans
117
104
103
99
Other assets
440
262
260
261
Note circulation—Old
2,554 1,011
2,615
2,576
New 3
2,596
1,252
1,333
1,389
Deposits—Government
519
110
119
104
Blocked
465
687
663
756
Other
482
542
526
541
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
2,802
2,802
2,802
Gold
84,248 85,909 74,177
Sterling exchange reserve
Advances to State or State un33,866 34,185 30,865
dertakings
5,799
3,949
3,949
Investments
1,073
921
1,270
Other assets
45,832
42,795
45,406
Note circulation
;
75,040 77,935 67,153
Demand deposits
5,067
4,616
4,773
Other liabilities
Bank of Norway *
Bank of Paraguay—Monetary
Dept. (thousands of guaranies):
3,323
3,415
3,415
3,415
Gold
35,441 34,058 32,056 30,004
Foreign exchange
100
500 5,859
Loans and discounts
9,727
9,786 10,162
Government loans and securities
1,151
900
872
363
Other assets
30,917 30,325 29,792 27,007
Note circulation
15,410 14,257 13,411 20,450
Demand deposits
3,507
3,552
3,426
2,254
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
164,432 156,552 159,487
Gold and foreign exchange
45,138 38,274 29,037
Discounts
622,686 625,649 568,033
Government loans
24,865 13,734 20,649
Other assets
69,071 560,845 483,881
Note circulation
244,563 242,202 256,457
Deposits
43,487 31,163 36,868
Other liabilities
Bank of Portugal (millions of es~
(Mar.)4
cudos):
1,42,
1,420
Gold 5
7,087 6,672
Other reserves (net)
9,842 9,781
Nonreserve exchange
297
292
Loans and discounts
1,018
1,020
Government debt
737
693
Other assets
7,824 7,847
Note circulation
11,703 11,218
Other sight liabilities
834
857
Other liabilities
National Bank of R u m a n i a 1
South African Reserve Bank
(thousands of pounds):
231,148 237,118 238,45 114,45
Gold 6
18,068 21,219 24,794 42,679
Foreign bills
5,734 4,956 5,718 3,747
Other bills and loans
12,256 9,514 9,333 106,835
Other assets
64,295 64,639 65,225 66,254
Note circulation
196,492 200,70^ 206,496 196,055
Deposits
6,419
7,461
6,579 5,409
Other liabilities
Bank of Spain (millions of pesetas) :
1,213
1,213
1,188
Gold
550
573
597
Silver
15,79- 15,703 15,892
Government loans and securities
5,826 4,660 4,24'
Other loans and discounts.. .
2,894 3,05
2,292
Other assets
Central Bank
(Figures as of last report
date of month)
1945
Nov.
Oct.
Sept,
Nov.
Bank of Spain—Continued
Note circulation
21,521 20,414 17,947
Deposits—Government
714 1,063
2,891
Other
3,480 3,088 2,796
Other liabilities
562
637
580
Bank of Sweden (millions of kronor):
Gold
939
1,035
1,040 1,046
Foreign assets (net)
842
865
981
817
Swedish Govt. securities and advances to National Debt Office7
1,145
961
1,106
1,432
Other domestic bills and advances
217
50
39
42
Other assets
859
968
907
1,127
Note circulation
2,576 2,622 2,606 2,546
Demand deposits—Government.
900
582
835
1,048
Other
146
290
245
82
Other liabilities
381
385
386
787
Swiss National Bank (millions of
francs):
Gold
4,921
4,895 4,881 4,798
Foreign exchange
148
169
149
125
Loans and discounts
114
121
63
104
Other assets
94
86
87
89
Note circulation
3,898 3,858 3,785 3,725
Other sight liabilities
1,055
1,095
1,079
1,093
Other liabilities
324
318
317
298
Central Bank of the Republic of
Turkey (thousands of pounds):
Golds
658,370 659,430 662,448 294,692
Foreign exchange and foreign
190,937 145, 218 126,176 55,869
clearings
794,195 795,
Loans and discounts
754,043 776,073
165,424 165,
Securities
165,528 168,378
87,798 86,
Other assets
79,849 27,260
918,584 911
Note circulation
878,247 894,375
196,533 196,
Deposits—Gold
197,197 85,586
246,462 221,107 141,209 137,853
Other
535,145 523,134 571,390 204,458
Other liabilities
Bank of the Republic of Uruguay 9
(thousands of pesos):
Gold
310,856 295,704
Silver
13,540 13,804
Advances to State and government bodies
14,470 8,984
Other loans and discounts
109,502 95,100
Other assets
359,479 330,037
Note circulation
213,127 163,969
Deposits—Government
44,181 37,044
Other
253,118 247,457
Other liabilities
297,420 295,160
Central Bank of Venezuela (thousands of bolivares):
(Aug.)
Gold10....;
557,080 516,903
Foreign exchange (net)
24,319 37,672
Credits to national banks
14,3ia
Other assets
34,339 15,409
Note circulation—Central Bank.
403,884 340,338
National banks.
7,776 10,365
Deposits
195,263 225,771
Other liabilities
7,821
8,816
National Bank of the Kingdom
of Yugoslavia !
Bank for International Settlements 11 (thousands of Swiss gold
francs):
122,998 123,042 123,042 118,285
Gold in bars
Cash on hand and on current
5,868 4,095 4,473 41,292
account with banks
140
141
141 9,806
Sight funds at interest
Rediscountable bills and accept5,601
6,363 8,373 82,328
ances (at cost)
10,825 5,84'
5,854 2,750
Time funds at interest
Sundry bills and investments. . . 309,942 314 ,591 312,350 199,760
7
34
3
Other assets
14a
20,679 20,730 20,737 16,956
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own ac4,402 2,989 3,047 3,17a
count
1,234 1,209
Other
1,209 2,021
Long-term deposits: Special ac229,001 229,001 229,001 229,001
counts
Other liabilities
200,130 200,185 200,271 203,204
1
For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942)fc
see BULLETIN for March 1943, p. 278; of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of
Rumania (June 1944), see BULLETIN for March 1945, p. 286.
2
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
'Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the
currency reform decrees effected between June and October 1945.
5
* Latest month available.
Valued at average cost beginning October 1940.
• Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 7 Includes small amount of non-Government bonds.
8
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
9
Issue and banking departments consolidated.
10
Beginning October 1944 a certain amount of gold formerly reported in the Bank's account shown separately for account of the Govn
ernment.
See BULLETIN for December 1936, p. 1025.
106
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
Ger- Bel- Neth- SweUnited
King- France many gium erden
lands
dom
In effect Dec. 31,
1936
Jan. 28,1937...
June 15
. .
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938.
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940. .
Apr. 9
May 17
Mar. 17, 1941...
May 29
June 27
Jan. 16,1945...
Jan. 20
Feb.
9
Nov. 7, 1946. . .
In effect Dec. 31,
1946
2
4
6
5
4
3)4
2
4
2
2
2K
Switzerland
IK
Central
bank of—
Rate
Dec.
31
1940
1936
1946
1940
Italy
Japan
Java
Latvia
Lithuania....
4
3.29
3
5
6
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
Bulgaria
4K Aug. 14, 1946
Canada
I K Feb. 8, 1944
Chile
3-4y2 Dec. 16, 1936
July 18, 1933
Colombia
4
Apr. 1, 1939
3
Costa Rica
Oct. 28, 1945
Czechoslovakia
Mexico
Netherlands .
New Zealand.
Norway
Peru
Portugal
4K
2K
IK
2K
2K
June
June
July
Jan.
Aug.
Jan.
4,
27,
26,
9,
1,
12,
1942
1941
1941
1946
1940
1944
Denmark
Ecuador
El Salvador
Estonia
Finland
8,
2,
1,
9,
26,
1944
1941
1938
1945
1936
Rate
Dec.
31
Central
bank of—•
Albania
Argentina
Belgium
Bolivia
Date
effective
Mar. 21,
Mar. 1,
Dec. 19,
Nov. 8,
5K
3y2
3
6
3
4
2K
3
3
'i'yz'
2K
4
3
2K
4
3
3
2
3
France
Germany
Greece
Hungary
India
Ireland
3
IK
2%
2K
2%
2
IK
3K
2K
1946
1938
1939
1935
1934
Rumania.... 4
South Africa. 3
4
Spain
Sweden
2K
Switzerland..
May
June
Dec.
Feb.
Nov.
Jan. 20,
Apr. 9,
Aug. 16,
Aug. 1,
Nov. 28,
Nov. 23,
1945
1940
1946
1946
1935
1943
4
Turkey
United King2
dom
U. S. S. R.. . . 4
Yugoslavia . . 2K
July
IK
4y2
3%
\y2
15,
26,
30,
1,
3,
3y2 Jan.
May
Mar.
3
Oct.
Dec.
2
Date
effective
2K
2K
IK
IK
1, 1938
Oct. 26, 1939
July 1, 1936
Aug. 1, 1946
3%
10
7
NOTE.—Changes 3since Nov. 30: Belgium—-Dec. 19, up from 2K to 3 per
2K
cent.
OPEN-MARKET RATES
[Per cent per annum]
Germany
United Kingdom
Month
Netherlands
Private
discount
rate
Day-today
money
Private
discount
rate
Money
for
1 month
7.28
4.66
8.00
3.88
3.88
3.81
3.04
2.94
2.88
2.88
2.75
2.25
2.13
2.13
2.13
2.13
8.06
5.15
9.21
4.94
5.11
4.63
3.13
2.82
81
70
2.23
87
1.76
1.80
1.84
5.15
1.59
2.76
.37
.50
.59
4.70
1.87
.13
.21
1.90
2.25
1.88
4.52
1.48
3.07
1.00
1.00
1.00
5.00
2.51
.50
.50
2.24
2.75
2.25
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
6.13
09
68
.82
.79
.77
.63
.56
.55
.70
1.88
1.03
1.03
1.03
1.03
1.03
.83
6.19
2.13
5.46
.71
.73
1.77
1.02
1.00
1.00
1.00
1.00
.75
5.45
1.65
4.36
.71
.75
.75
.75
.75
.75
.75
1.71
1.00
1.00
1.04
1.00
1.10
.96
1945—Nov
Dec
.53
.53
.51
.50
.63
.63
.25
.25
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.50
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
1929—Oct
1930—Oct
1931—Oct
1932—Oct
1933—Oct
1934—Oct
1935—Oct
1936—Oct
1937—Oct
1938—Oct
1939—Oct
1940—Oct
1941—Oct
1942—Oct
1943—Oct
1944—Oct
1945—Oct
.68
.62
.54
.53
.68
Bankers'
allowance
on deposits
3.38
1.29
1.90
1.50
1.50
1.50
2.37
1.69
1.00
1.00
1.25
1.31
1.25
1.25
1.25
.25
.25
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table
172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
JANUARY 1947
107
COMMERCIAL BANKS
United K i n g d o m 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Assets
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury
deposit
short
counted receipts 2
notice
Other
assets
Loans to
customers
Deposits
Total
Demand
Time
Other
liabilities
1939—December
1940—December
1941—December
1942—December
1943—December... .
1944—December
274
324
366
390
422
500
174
159
141
142
151
199
334
265
171
198
133
147
314
758
896
1,307
1,667
609
771
999
1 ,120
1 ,154
1 ,165
1,015
924
823
794
761
772
290
293
324
325
349
347
2,441
2,800
3 329
3,629
4 032
4,545
1,398
1,770
2,168
2,429
2,712
3,045
1,043
1,030
1,161
1,200
1 319
1,500
256
250
253
236
245
1945—November
December
496
536
296
369
1,703
1,523
1 ,201
1 ,234
4,789
4,850
3,254
3,262
1,535
1,588
263
265
496
483
493
509
509
524
532
553
553
557
361
340
379
433
470
526
522
464
405
472
1,493
1,468
1,443
1,449
1,374
1,302
1,382
1,511
1,671
1,629
1 ,230
1 ,241
1 ,246
1 ,282
1 ,322
1 ,382
1 ,406
1 ,393
1 ,393
1 ,403
809
827
840
847
863
841
856
894
885
906
930
944
318
374
1946—January
February
March
April
May
June
July
August
September
October
229
252
249
243
254
271
301
315
305
313
280
312
333
338
353
367
356
399
386
369
379
390
4,729
4,684
4,749
4,865
4,894
5,045
5,113
5 198
5,302
5,397
3,135
3,078
3,143
3,242
3,239
3,351
3,389
3,427
3,502
3,563
1,594
1,606
1,606
1,623
1,655
1,694
1,724
1,771
1,800
1,833
271
276
281
287
292
296
304
310
308
310
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
471
550
40
32
31
48
92
1,088
1,108
1 169
1,168
1,156
1 211
1945—November
December
646
694
239
251
1,372
1,274
229
227
1946—January
February
March
April
May
June
July
August
September
October
665
669
650
722
642
637
696
665
676
699
210
200
148
152
125
115
96
98
91
97
1,213
1,194
1 181
1,160
1,187
1,188
1,230
1,249
1,284
1,341
209
206
214
221
197
159
121
128
122
126
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December .. .
292
323
356
387
53
(4 large banks. End
of month figures in
millions of francs)
132
159
168
231
250
214
Other
assets
Note
circulation
Deposits payable in Canada
excluding[ interbank deposits
liabilities
Total
Demand
Time
1,033
1,163
1 436
1,984
2,447
2,714
1,741
1,641
1 669
1,673
1,948
2 423
1,049
1,172
1,289
1 ,646
1 ,531
1 759
,293
2 ,940
611
612
744
782
42
34
2,774
2,805
3 105
3,657
4,395
5 137
4 ,015
4 ,038
4 ,100
4 ,119
4 197
4 ,243
4 ,304
4 ,275
4 ,298
4 ,336
4 ,375
4 ,471
888
869
26
26
6,013
5,941
3,197
3,076
2,816
2,865
1,350
1,386
793
845
803
876
907
896
876
865
960
959
25
25
25
24
24
23
23
23
22
22
5,810
5,830
5 781
5,898
5,882
5,756
5,887
5,892
6,037
6,201
2,848
2,752
2,611
2,660
2,576
2,393
2,476
2,426
2,513
2,724
2,963
3,078
3 170
3,238
3,306
3,364
3,411
3,466
3,524
3,477
1,354
1,379
1,387
1,452
1,456
1,490
1,407
,428
,449
1,470
570
653
657
85
80
71
60
Assets
France
250
963
846
962
Liabilities
Cash
reserves
Due from
banks
Bills discountec
Loans
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
4,599
6,418
6,589
7 810
8,548
10,365
3,765
3,863
3,476
3 458
4,095
4,948
29,546
46,546
61,897
73 917
90,897
99,782
7,546
8,346
8,280
10,625
14,191
18,653
2,440
2,229
2,033
2,622
2,935
2,190
1945—September
October
November
December....
11,122
11,942
11,898
14 602
6,080
6,337
6,859
13 804
143,818
143,567
145,110
155,025
28,732
30,153
32,165
36,166
1946—January
February
March
April
May
June
July,
August
15 312
15,005
14,444
14,443
15,295
17,472
14 985
14,830
13 871
14,393
14,462
15,827
15,988
16,114
17 873
16,991
153 227
157,420
168,708
173,773
175,903
184,633
182 107
181,770
40,123
41,119
40,017
40,976
41,772
42,674
50,747
53,861
Other
assets
Deposits
Own
ances
Total
Demand
Time
4 2 , 443
6 2 , 032
76, 575
91, 549
112, 732
128, 758
41 ,872
61 ,270
75 ,764
91 ,225
111 ,191
,578
912
324
1,541
2,180
5,279
5,906
6,325
7,360
184, too
186, 740
190, 759
213, ?08
18? ,105
184 ,637
188 ,748
,871
2,296
2,103
2,010
2,037
413
462
428
557
2,268
2,476
2,618
2,898
5,022
6,627
8,466
10,114
11,738
12,708
14,160
15,676
216, 729
222, 359
231, 499
239, 182
243, 228
255, 173
260, 371
262, 160
?14 ,842
1,887
1,840
1,715
1,702
1,659
1,787
1,797
1,699
3,371
4,607
6,007
6,774
7,879
8,330
9 527
10,376
220 ,219
229 ,784
237 ,481
,569
253 ,386
,574
260 ,461
571
762
844
558
Other
liabilities
4 ,609
4 ,813
5 ,187
f\ 422
1 ,506
6 ,623
,364
8 ,690
8 ,980
1(1 ,151
7 ,455
7 ,898
,590
,177
,589
1C ,096
c, ,973
1C ,592
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported
by individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at ty% 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.
108
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
(peso)
Special
Official
Export
1937..
1938..
1939..
1940..
1941..
1942..
1943..
1944..
1945. .
32.959
32.597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
1945— Dec
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
Year or month
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
23.704
23.704
24.732
25.125
25.125
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
Official
Free
In cents per unit of foreign currency]
Bulgaria
(lev)
Canada
(dollar)
Official
3.3752
3.3788
3.3704
23.3760
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
2321.17 22.2860 6.0602
100.004
1.2846
99.419
1.2424
5'. 1248
96.018
21.2111
5.0214
290.909 85.141
5.0705
90.909 87.345
90.909 88.379
90.909 89.978
1280
1469
90.909 89.853
90.909 90.485
5.1802
321.41
321.41
321.41
321.41
321.40
321.38
321.41
321.41
321.41
321.38
321.27
321.19
2.2839
2.2840
2.2845
2.2845
2.2844
2.2846
2.2847
2.2847
2.2847
2803
2798
2.2797
5.1802
5.1802
5.1802
5.1829
5.1902
5.1900
5.1902
5.2283
5.3675
5.4053
5.4053
5.4053
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
36.0602
6.1983
90.909
90.909
90.909
90.909
90.909
90.909
90.909
598.347
100.000
100.000
100.000
100.000
3.4930
3.4674
2 3.4252
2.1811
2.1567
1.9948
1.8710
22.0101
22.069
21.825
20.346
19.308
520.877
20.877
20.877
20.877
20.877
20.877
20.877
20.877
20.877
20.877
Free
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
FinGer- Greece Hong Hunland France many (drach- Kong
India
gary
(mark- (franc) (reichs- ma)
(dollar) (pengo) (rupee)
mark)
ka)
4.0460
2.8781
2.5103
2.0827
40.204
40.164
40.061
40.021
2
39.968
.9055
.8958
.8153
.6715
30.694
30.457
27.454
22.958
224.592
19.779
19.727
19.238
18.475
!
19.770
'1.9711
37.326
36.592
33.279
30.155
30.137
30.122
30.122
30.122
30.122
1.7822
,8410
.8410
.8410
.8409
.8408
.8409
.8409
.8408
.8408
.8409
.8408
30.122
30.122
30.122
30.122
30.139
30.182
30.182
30.182
30.185
30.170
30.156
30.155
2
2
6 20.202
20.202
20.202
20.197
20.161
20.161
20.161
20.161
20.161
20.161
18.923
18.860
18.835
2
4.4792
4.4267
4.0375
3.7110
2
4.0023
6
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
.7294
.7325
.7111
2.6896
489.62 6.053 57.973 25.487
484.16 5.600 56.917 25.197
440.17 10.630 51.736 23.991
397.99 9.322 46.979 23.802
398.00 29.130 47.133 223.829
2
398.00
46.919
398.00
398.00
399.05
400.50
400.50
400.50 6 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
China
(yuan ColomShangbia
hai)
(peso)
Export
Chile
(peso)
Official
5.1697
5.1716
5.1727
5.1668
25.1664
2
4.0000 29.606 56.726
4.0000 21.360 55.953
4.0000 11.879 57.061
4.0000 6.000 57.085
24.OOOO 25.313 57.004
57.052
57.265
57.272
57.014
90.725
90.712
90.695
90.747
90.764
90.679
90.597
96.662
96.784
96.254
95.953
95.182
56.980
56.980
56.980
56.980
57.032
57.021
57.007
57.007
57.007
57.007
57.007
57.065
Italy
(lira)
Japan
(yen)
5.2607
5.2605
5.1959
5.0407
2
5.0703
28.791
28.451
25.963
23.436
223.439
New
Mex- Netherlands Zeaico
land
(guild(peso)
(pound)
er)
55.045
55.009
53.335
53.128
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
237.933 323.46
2
20.579
20.580
20.581
20.580
20.580
20.575
20.572
20.587
20.596
20.578
20.574
20.583
8.4434
.4434
.4434
9
.4434
United
Kingdom
Portu- Ruma- South Spain Straits SweSwitz(pound)
SettleNorway Poland
gal
nia
Africa
den
erland
(krone)
(zloty) (escudo) (leu) (pound) (peseta) m e n t s (krona) (franc)
(dollar)
Official
Free
24.840
24.566
23.226
2
22.709
1945—Dec
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
322.8O
322.80
322.80
322.80
322.80
^322.80
Free
Belgium
(franc)
Brazil
(cruzeiro1)
Czecho- Denslovakia m a r k
(koruna) (krone)
2.0060
0060
0060
0060
0060
0060
2.0060
2.0060
2.0060
Year or month
Official
2
2
2
1945—Dec
1946—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Australia
(pound)
37.933
37.933
37.926
37.789
37.789
37.789
37.789
37.789
37.789
37.789
37.789
37.789
Uruguay
(peso)
322.70
322.70
322.70
322.70
322.69
322.67
322.70
322.70
322.70
322.67
322.56
322.48
Yugoslavia
(dinar)
Controlled
Noncontrolled
22.938
494.40
22.871
488.94
22.525
443.54
22.676 2403.50 383.00
223.210 403.50 403.18
403.50 403.50
403.50 2403.50
403.50
2403.50 2403.02
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
2.3060
2.3115
236.789 2.2716
37.601 2.2463
43.380 22.2397
52.723
52.855
53.506
55.159
403.37
403.38
403.38
403.38
403.35
403.32
403.37
403.37
403.36
403.32
403.20
403.09
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
6 23.852 6 23 363
23.852 23, 363
23.852 23, 363
23.852 23 363
23.852 23 363
i°26.195 23 363
27.819 23 363
27.820 23 363
27.819 23 363
27.821 23. 363
56.290
56.290
56.290
56.290
56.290
56.287
56.272
56.272
56.272
56.271
56.272
56.272
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
Based on quotations through July 19. Official rate abolished as of July 22.
* Based on quotations through July 19 and from July 25-31.
5
On July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar.
6
7
Based on quotations beginning Feb. 5.
Based on quotations beginning Mar. 9.
8 Based
Rnsprl on
nn quotations
niintatinns beginning
hpcrirminor Mar.
Mar 22.
99.
9 Based On quotations through June 12.
2
8
JANUARY
1947
109
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926 =
100)
Canada
(1926 =
100)
United
Kingdom
(1930 =
100)
France
(1913 =
100)
Germany
(1913 =
100)
150
2 126
144
161
180
178
186
198
238
251
278
311
329
92
89
90
87
91
108
102
105
131
150
157
160
164
181
2 92
2 90
2 96
100
102
114
111
115
146
172
189
196
196
194
96
91
90
90
96
111
107
111
143
184
210
21S
223
221
170
217
190
214
172
172
172
173
173
173
177
177
177
178
179
236
241
242
244
245
249
252
257
P259
185
185
185
185
185
186
186
185
••185
P262
186
215
213
214
213
213
213
214
215
213
217
P219
100
100
2 124
695
134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
65
66
75
80
81
86
79
77
79
87
99
103
104
106
67
67
72
72
75
85
79
75
83
90
96
100
103
104
86
86
88
89
94
109
101
103
137
153
159
163
166
169
427
398
376
338
411
581
653
707
» 901
97
93
98
102
104
106
106
107
110
112
114
116
118
1945—December...
107
104
1946—January
February
March
April
May.
June
July
August
September
October
November
107
108
109
110
111
113
125
129
124
134
140
105
105
106
108
109
109
110
109
109
111
Pill
. . .
. .
Switzerland
(July 1914
= 100)
237
1926
....
NetherJapan
lands1
Sweden
(October (July
1938- (1935 =
1900 =
June
1939
100)
100)
= 100)
Italy
(1928 =
100)
70
63
62
68
76
89
95
99
116
132
r
* Preliminary.
Revised.
1 New weighted index of 400 articles. For detailed description of the Articles included and of the weight coefficients used in the index, see
Maandschrift
for
1941,
pp.
663-664.
Yearly averages 1926-1938 are calculated from old index, 1926-30 = 100.
2
Approximate figure, derived from old index (1913 =100).
8
Average based on figures for 5 months: no data available since May 1940, when figure was 919.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
R a w and Fully and
Farm
chiefly
Other
partly
manucommod- products manufactured factured
ities
goods
goods
IndusIndus- Agricul- trial raw Industrial
tural and semi- trial finished
products products finished
products products
Farm
products
Foods
1926
100
100
100
100
100
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
48
51
65
79
81
86
69
65
68
82
106
123
123
128
61
61
71
84
82
86
74
70
71
83
100
107
105
106
70
71
78
78
80
85
82
81
83
89
96
97
99
100
48
51
59
64
69
87
74
64
••107
r
110
55
57
64
66
71
84
73
67
75
82
90
99
104
106
70
70
73
73
74
81
78
75
82
89
92
93
94
94
88
83
85
87
92
102
97
97
133
146
158
160
158
158
85
87
90
90
96
112
104
106
138
156
160
164
170
175
1945—December
132
109
101
109
106
94
158
175
130
131
133
135
138
140
157
161
154
165
170
107
108
109
111
112
113
140
149
132
158
165
101
101
102
103
104
106
110
112
112
116
121
110
110
110
111
112
113
114
111
111
113
P113
106
107
107
108
109
110
110
108
108
112
P113
95
95
96
99
99
99
99
100
100
101
P101
157
157
158
159
159
159
161
159
158
157
157
180
179
179
180
181
181
185
186
188
189
191
February . .
March
May
June
Tulv ..
August
September
October
November
••68
••73
••85
••98
Germany
;i913=100 )
United K i n g d o m
(1930=100)
Canada
(1926=100)
Foods
129
130
150
91
87
96
102
105
105
106
108
111
112
115
119
122
89
88
91
92
94
96
94
95
99
100
102
102
103
118
113
116
119
121
125
126
126
129
133
134
135
136
r
p Preliminary.
Revised.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
no
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
COST OF LIVING
[Index numbers]
United
United
CanKingGer- NetherStates
dom
ada
many
lands
(1935-39 (1935-39 (July (1913-14 (1911-13
=100)
=100)
1914 =100)
=100)
=100)
Year or
month
Switzerland
(June
1914
=100)
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
94
100
101
105
97
106
124
138
136
139
106
116
127
131
131
133
164
168
161
166
168
170
1945-December.
141
134
169
210
1946-January...
February..
March....
April
May
June
July
August
September.
October...
November.
141
140
133
133
140
142
133
135
169
169
210
208
143
146
166
171
174
180
188
138
142
144
145
143
147
93
95
98
103
98
95
104
101
P147
122
125
130
139
141
141
118
120
122
122
122
123
128
129
132
134
138
169
169
169
169
171
171
168
168
168
124
118
120
127
130
130
150
177
191
198
United
Ger- NetherCanKingUnited
lands
many
ada
dom
States
(1935-39 (1935-39 (July (1913-14 (1911-13
=100)
=100)
=100)
1914 =100)
=100)
Year or
month
1934
1935
1936
1937
130 1938
132 1939
146 1940
175 1941
200 1942
211 1943
215 1944
215 1945
96
98
99
103
115
114
120
130
1945—December
96
96
98
101
101
99
102
102
100
105
117
124
126
128
106
112
117
118
119
119
141
143
147
154
121
123
125
125
156
158
126
126
184
199
200
199
201
203
130
133
137
139
141
1
Switzerland
(June
1914
=100)
129
128
130
137
140
136
132
137
137
138
139
140
154
175
187
195
151
174
193
203
208
2Q9
207
130
120
203
1946-January...
February.
206
March. . . .
206
April
130
130
120
120
130
131
120
121
203
203
203
203
205
205
208
209
209
209
209
215
132
133
141
144
146
148
152
122
124
125
126
126
127
204
203
205
205
203
203
203
206
207
207
207
207
212
P216
May
June
JulyAugust
September.
October
November.
207
206
J» Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues. .
15
United
Germany
Kingdom
France
(December (1938=100)2 (average
price)*
1921=100)
Netherlands<
United
States
(1935-39
=100)
50
H39
8
402
99.0
100.7
103.0
6
103.3
87
113 8
115.9
117 8
118 3
120.3
120.9
122 1
112.3
118.3
123.8
127.3
127.8
127.5
128 3
114.2
6
114.2
•143.4
146.4
146.6
150.5
152 1
1945—December...
121.9
127.5
151.2
1946—January....
February. . .
March
April
123.8
124.5
124.5
124.3
123 7
123.9
124.0
123 8
122.8
121 8
121.6
129.1
130.1
129.9
131.7
132 6
132.0
132.2
132.2
132.5
133 0
148.6
148.6
147.5
146.1
147 3
146.3
143.5
142.8
142.1
139 9
P141.0
1939
1940
1941
1942
1943
1944
1945
. .
May
June
July
August
September. .
October
November. .
t
United
States
(derived
price) i
Common stocks
90 9
7
77.9
84 3
94 7
98.5
10
103.7
102.4
105.0
105.3
105.9
105 0
100.9
100.3
103 0
(1926=100)
United
Kingdom
278
94 2
88.1
80 0
69 4
91.9
99.8
121 5
75.9
70.8
72 5
75 3
84.5
88.6
92 4
139.7
94.2
144.8
143.3
141.8
151.6
154 3
153.2
149.6
146 4
125.4
122 3
120.6
95.2
94.9
93.8
95.2
97 6
99.5
99.2
97 6
94.7
93 0
NetherFrance
lands
2
Ger- (1938=100) (1930=100)
many
(5)
94.1
114.6
136 8
142.1
145.0
145.4
2 284
112
« 140
•308
479
540
551
453
450
433
461
452
448
532
540
569
583
933
1 051
Pl.080
100
89.7
8
95.0
129.1
131.5
151.0
w 151.4
123.2
115.9
109.8
* Preliminary.
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
* Published by the Ministry of National Economy with new base of 1938= 100. Figures are for the last Friday of each month. The number
of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, when five
banks were nationalized; on 295 issues until July 4, 1946, when 11 insurance companies were nationalized; and on 284 issues thereafter. For
complete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Generale" December 1942, pp. 511-513,
and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bui etin
de la8 Statistique Generale" for October-December 1944, pp. 274-276.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior
to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
* Indexes of reciprocals of average yields. For old index, 1929-1936, 1929= 100; average yield in base year was 4.57 per cent. For new index
beginning
January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
6
This number, originally 329, has declined as the number of securities eligible
for the index has diminished. In May 1941 it was down t o 287.
8
Average
based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept.
8
Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb.
10
Average based on figures for 8 months; no data available Sept.-Dec.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
JANUARY
1947
111
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
Assistant
to the Chairman
ELLIOTT THURSTON,
LEO
RONALD RANSOM, Vice Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
Special Adviser
to the Board of Governors
CHESTER MORRILL,
H. PAULGER, Special Adviser
to the Board of Governors
OFFICE OF THE SECRETARY
-S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF SECURITY LOANS
J. LEONARD TOWNSEND, Assistant General Counsel
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION OF PERSONNEL
ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
Director
FEDERAL
OPEN MARKET COMMITTEE
FEDERAL
ADVISORY COUNCIL
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
HUGH LEACH
W. S. MCLARIN, JR.
J. N . PEYTON
RONALD RANSOM
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
C. S. YOUNG
(December 31, 1946)
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H . MCCOY,
CLEVELAND DISTRICT
A. L. M. WIGGINS,
RICHMOND DISTRICT
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
E. A. KINCAID, Associate Economist
JOHN K. LANGUM, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\ct
Account
CHESTER MORRILL,
112
JAMES H . PENICK,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
ED H . WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Donald K. David
Laurence F. Whittemore
William Willett
Allan Sproul
L. R. Rounds
New York
William I. Myers
Philadelphia. . . . Thomas B. McCabe
Warren F. Whittier
Vice Presidents .
E. G. Hult
J. C. Hunter'
E. 0. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
W. D. Fulton
J. W. Kossin 3
A. H. Laning
Alfred H. Williams
W. J. Davis
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
W. G. Wysor
Hugh Leach
Charles P. McCormick
J. S. Walden, Jr.
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
P. L. T. Beavers
V. K. Bowman
H. F. ConnifT
C. S. Young
Charles B. Dunn
Allan M. Black2
Neil B. Dawes
J. H. Dillard
E. C. Harris
0. M. Attebery
A. F. Bailey
Wm. E. Peterson
Chicago
Paul G. Hoffman
St. Louis
Russell L. Dearmont
Douglas W. Brooks
Minneapolis. . . . Roger B. Shepard
W. D. Cochran
Chester C. Davis
F. Guy Hitt
H. G. McConnell
A. W. Mills3
Otis R. Preston
J. N. Peyton
0. S. Powell
Kansas C i t y . . . . Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry 0. Koppang
Dallas
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
San Francisco... Henry F. Grady
Harry R. Wellman
0. P. Cordill
L. H. Earhart
Delos C. Johns
E. B. Austin3
R. B. Coleman
H. R. DeMoss
W. N. Ambrose
D. L. Davis
J. M. Leisner3
H. N. Mangels
C. E. Earhart
Carl B. Pitman
0. A. Schlaikjer
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
C. A. Mcllhenny
P. M. Poorman
C. A. Sienkiewicz
B. J. Lazar
Martin Morrison
W. F. Taylor
Donald S. Thompson
R.W. Mercer
W. R. Milford
C. B. Strathy
Edw> A. Wayne
Joel B. Fort, Jr.
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
William B. Pollard
C. A. Schacht
William H. Stead
C. M. Stewart
E. W. Swanson
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin 3
D. W. Woolley
W. E. Eagle
W. H. Holloway
Watrous H. Irons
L. G. Pondrom
W. L. Partner
C. R. Shaw
H. F. Slade
W. F. Volberg
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
A. F. Bailey
C. A. Schacht
William B. Pollard
1
Also Federal Reserve Agent.
JANUARY
1947
2
Cashier.
3
Branch
Chief Officer
Minneapolis. . . . Helena
R. E. Towle
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
0. P. Cordill
L. H. Earhart
Dallas
W. E. Eagle
L. G. Pondrom
W. H. Holloway
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
1
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
113
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5?
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
OCTOBER I. 1948
•YE SrSTEAf.
to
d
§
@FedFRASER