Full text of Federal Reserve Bulletin : July 1946
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FEDERAL
E S E RV
BULLETIN
JULY 1946
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Postwar Business Finance
707-715
A National Survey of Liquid Assets—Distribution According to Income.
716-722
Announcement of Postwar Economic Studies No. 4.
British White Paper on War Finance.
722
723-748
Law Department:
Purchase of Government Obligations by Federal Reserve Banks.
749
Consumer Credit:
Amendment to Regulation W
Conviction for Violating Regulation W
749
749-750
Peoples Bank v. Eccles, et al.
750-753
Foreign Funds Control—Treasury Department Releases.
753-755
Current Events
756
National Summary of Business Conditions
757-758
Financial, Industrial, Commercial Statistics, U. S. (See p. 759 for list of tables)
759-810
International Financial Statistics (See p. 812 for list of tables).
812-829
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
830
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
831
Map of Federal Reserve Districts. .
832
Federal Reserve Publications (See inside of bac\ cover)
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FEDERAL RESERVE BULLETIN
VOLUME 32
July 1946
NUMBER 7
POSTWAR BUSINESS FINANCE
Business concerns have made considerable
progress in the past twelve months in preparing for large postwar civilian markets.
Despite work stoppages and industrial disputes in certain industries, large additions
to plant and equipment have been initiated
and some civilian-type inventories have been
accumulated. Many concerns have been able
to finance a large part of the expenditures
for expansion of business assets out of their
own funds. War producers have been aided
by prompt settlement of war contracts and
by liberal tax credits, while concerns engaged in civilian-type production and in
the trade and service industries have derived
funds from well maintained or increasing
earnings.
Holdings of liquid assets have been drawn
on only moderately, but the amount of
funds raised from external sources has increased substantially. At the end of 1945
business holdings of cash and United States
Government securities were at high levels,
equal to those at the beginning of the year.
There are indications, however, that these
assets were drawn down somewhat during
the first half of 1946.
Business concerns since V-E Day have secured one to two billion dollars of new
funds from banks and more than a billion
from new security issues. Concerns in nonwar activities appear to have been obtaining
a major portion of the new funds from external sources. In addition to furnishing
JULY 1946
new funds to business, banks and the security market have materially aided reconversion in providing short-term financial
assistance and in affording a transfer mechanism for the shifting of funds from one
concern to another and from one type of
financial obligation to another.
The expansion in business assets since the
end of the war has been moderate and consistent with the current volume of business;
moreover, it appears not yet to have run
its course. Large expenditures on plant and
equipment have occurred both in industries
in which reconversion requirements were
large and in nonwar industries in which
expansion and modernization had been restricted during the war, with expenditures
in industries of the latter type becoming
more dominant in recent months. Private capital expenditures will reach new
peaks during the remainder of 1946 despite
restrictions on construction in order to provide for emergency residential building.
Inventory accumulation thus far has been
slow, restrained primarily by the moderate
expansion in production and by continued
large consumer demands for goods. Inventories should continue to increase, since relative to sales they are still substantially below
prewar levels. In many lines the incentives
for inventory accumulation are strong at
this time because shortages are still acute
and upward pressures on prices continue
great.
707
REVIEW OF THE MONTH
FINANCIAL POSITION AT THE END OF 1945
Changes in the financial position of business in 1945 reflected primarily the decrease
in Government military orders, reconversion expenses, and tax adjustments arising
out of the end of hostilities. In view of
the fact that business sales and industrial
production declined, the latter by 30 per
cent from December 1944 to December 1945,
the most striking feature of business financial position at the end of the year, as is
shown in the table, was its over-all similarity
to that a year earlier.
ESTIMATED BALANCE SHEETS OF ALL
NONFINANCIAL CORPORATIONS, DECEMBER 3 1 , 1944
AND DECEMBER 31, 1945
[In billions of dollar 3]
Balance'sheet items
Dec.
31,
1945
Dec.
31,
1944
Net change
from
Dec. 31, 1944
to
Dec. 31, 1945
ASSETS
Cash
U. S. Government securities....
Receivables
From U. S. Government
From others
Inventories
Other current assets
23
23
21
21
3
23
26
2
5
23
26
1
+1
98
99
-1
94
43
235
96
43
-2
238
-3
26
26
1
11
8
46
2
17
8
—1
53
-7
Long-term debt and capital
stock
Surplus and capital reserves
125
64
124
61
+1
+3
Total liabilities and net
worth
Working capital (current assets
minus current liabilities)
235
238
-3
52
46
+6
Total current assets
Plant and equipment (net of
depreciation)
Other assets
Total assets
-2
LlABILITES AND NET WORTH
Notes and accounts p a y a b l e . . . .
Advances from U. S. Government
.
.
Accrued Federal income taxes. .
Other current liabilities
Total current liabilities....
-6
NOTE.—These data are not strictly comparable to those published
in the October 1945 BULLETIN since beginning in 1942 the tax laws
underlying the Bureau of Internal Revenue Statistics of Income data,
upon which the over-all corporate financial data are based, permitted a greater use of consolidated returns.
Sources: Current assets and liabilities are from Securities and
Exchange Commission. Other figures are estimates based on
samples of corporate data compiled at the Board and on data from
Bureau of Internal Revenue, Department of Commerce, and
Securities and Exchange Commission.
708
Of the changes in the assets of nonfinancial corporations during the year, the most
important, quantitatively, were decreases in
receivables due from the Government and
in plant and equipment. The decrease in
the latter was in part a reflection of the final
amortization of emergency war facilities,
which decreased book values of property
but did not represent a corresponding decrease in actual productive capacity except to the extent that privately owned property for war production is not adaptable
to peacetime use. Expenditures on plant
and equipment in 1945 increased 20 per cent
over 1944, reflecting the reconversion of war
plants as well as the renewal of capital expenditures by nonwar producers.
Although the volume of total current assets of all nonfinancial corporations was at
about the same dollar level at the end as at
the beginning of the year, total current liabilities decreased almost 15 per cent. As
a result, business working capital—current
assets minus current liabilities—rose almost
15 per cent.
Among the debts of business corporations,
short-term indebtedness to the Government
for both taxes and advanced payments on
contracts decreased considerably. Actual
payments on 1944 Federal income tax liabilities were in excess of current provisions
out of income, which were considerably reduced by tax credits and other adjustments
arising out of the war's end. The reduction
in Government advances reflected the decrease in shipments following the curtailment of the munitions program and finally
the termination of war orders.
External sources of business funds played
an important part in the financing of business during 1945. All nonfinancial corporations increased their bank debt over the year
by approximately one billion dollars while reFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
ducing their trade debt by a similar amount.
Bond and stock sales yielded somewhat less
than a billion dollars of new funds to nonfinancial businesses in the aggregate.
While the total debt of business decreased
in 1945, the ownership element of business
increased, largely because of retained earnings—that is, earnings after charges for current costs, taxes, and dividends. Such earnings were increased by tax credits. The additions thus made to net worth by retained
earnings were offset only in part by reconversion costs, many of which were charged
to war reserves set aside out of prior-year
earnings.
CAPITAL EXPENDITURES
As was indicated above, business capital
expenditures—those for the purchase of existing plant and equipment and for the construction of new plant and purchase of new
equipment—reflected in 1945 the relaxation
of controls on civilian production and the
growth of privately financed as contrasted
to Federally financed expenditures.
Expenditures for new plant and equipment, according to data gathered by the Department of Commerce and the Securities
and Exchange Commission and shown in
the chart, more than doubled from the first
to the last quarter of 1945 and, based on the
anticipations of business, continued to increase during the first half of 1946. Expenditures by mining and manufacturing companies have been the major part of the total.
The greatest relative increase in expenditures
thus far in 1946 has been by concerns in the
trade and service industries.
The increase in business capital expenditures since the end of the war has been due
in part to the reconversion of plants and
replacement of wornout equipment to regain
prewar capacity, and in part to the expansion
JULY 1946
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
JAN-MAR.
APR".
1946ANTICIPATED
Quarterly survey of the Securities and Exchange Commission
and the Department of Commerce. Figures for 1946 represent
expenditures anticipated by business. Commercial and miscellaneous includes trade, service, finance, communications, and
transportation other than railroad.
of capacity to meet the expected increase in
postwar civilian demands. A comparison
of 1945 expenditures by industry with those
of 1937, a peak year of expansion unaffected
by the needs of a war economy, indicates
that both factors were at work. In such
industries as machinery and automobiles and
parts, where the problems of adapting war
facilities to peacetime use have been great,
capital expenditures were larger in 1945
than in 1937. They were also larger in the
petroleum, chemical, building material, and
printing industries, where the reconversion
demands for expenditures were presumably
small. Even in industries such as these,
however, large capital expenditures reflected
replacements postponed during the war as
well as expansion. In other manufacturing
industries, expenditures in 1945 did not attain the level of 1937. Although complete
data are not yet available on an industry
breakdown of 1946 expenditures to date,
those on hand indicate a greater relative in709
REVIEW OF THE MONTH
crease in industries without reconversion
problems.
Business concerns have also purchased certain used surplus plants and equipment,
Federally financed during the war. According to the War Assets Administration,
through May 31, 1946 surplus war plants
and sites originally costing 732 million dollars had been sold for 332 million. Average
prices paid represented a much smaller percentage of original cost for the large plants
than for the small. In addition to purchases,
plants which originally cost 670 million dollars were being operated under leases. The
plants purchased or leased through May 31
account on an original cost basis for oneeighth of the 1,540 plants, costing 11.2 billion
dollars, that are expected eventually to be
declared surplus. Fragmentary data indicate
that the amount of funds expended on surplus producers' equipment may have been
three-fourths as large as that expended on
surplus plants and sites.
The volume of corporate funds that will
be used for the purchase of surplus war plants
and equipment during the remainder of 1946
will depend in part upon the demand for
additional productive capacity, and in part on
the number and size of usable surplus plants
and equipment that will become available.
About half of the eventually surplus plants,
accounting for over two-thirds of the Government's financial investment, have not yet
been declared surplus. Moreover, many corporations may continue to prefer to lease
plants, particularly the very large ones,
rather than to buy them outright.
INVENTORY ACCUMULATION
The end of the war has brought with it
not only a resumption of business expenditures on peacetime plant and equipment
but also the beginning of an accumulation
710
of civilian-type inventories. Thus far, however, this accumulation has been hindered by
continued large consumer demands and by
difficulties in procuring goods and partially
oflfset in the aggregate by the liquidation of
surplus war-type inventories. As of the
end of April, total business inventories were
estimated by the Department of Commerce
at 28 billion dollars, less than a 5 per
cent increase from the 27 billion on hand a
year earlier, or just before V-E Day. Moreover, price rises over the period, especially
the latter part, have been so marked that
there may have been little increase, or possibly even a decrease, in the aggregate physical stocks of goods, which include war as
well as nonwar type goods.
The effect of the liquidation of war inventories is clearly seen from the fact that
whereas in durable goods manufacturing industries—in which production of specialized
war material was concentrated—inventories
on April 30, 1946 were almost half a billion
dollars less than a year previous, those in
nondurable goods industries were almost a
billion greater. The dollar volume of inventories of trade concerns, which did not
increase during the war as did sales, was only
about 5 per cent higher on April 30,1946 than
a year earlier, the relative increase in wholesalers' inventories being greater than that in
retailers' inventories. Current sales at retail
thus far have absorbed practically all goods
available and have precluded any large accumulation of inventories. Department store
stocks, after allowing for seasonal changes,
were one-fourth higher at the end of May
than at the beginning of the year, but they
were still low compared to the current
volume of sales. Inventories in all retail
trade establishments during the first quarter
of 1946 averaged less than a month's sales
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
and wholesalers' inventories were even
smaller relative to first quarter sales.
RETAINED EARNINGS
The 1945 volume of retained earnings of
nonfinancial business corporations was below that of 1944 because of the reduced
earnings (before taxes) of war producers
and the final amortization of emergency
facilities. The effect of those factors which
tended to reduce earnings was offset in
part by reduced current tax liabilities and
by tax credits arising out of the final amortization of emergency facilities and the carryback of losses and unused excess profits tax
credits.
Corporations usually have available for
general business purposes a larger portion of
their current receipts than is represented by
the volume of retained earnings. The additional volume is made available by the presence among the costs of doing business of
certain charges which diminish earnings but
do not require immediate cash expenditures.
The largest of these charges is the depreciation and amortization of plant and equipment. To normal charges of this kind in
1945 was added the final write-off of emergency war facilities. As a result, total depreciation and amortization charges in 1945
probably exceeded capital expenditures by
2 billion dollars. A portion of business fixed
property was in effect converted to working
capital.
The volume of retained earnings of nonfinancial business corporations in 1946 should
equal if not slightly exceed that in 1945.
Although aggregate first quarter earnings
(after taxes) of large industrial, railroad,
and other public utility companies were
about a third below those of the first quarter
a year ago, this decrease was due primarily
to the work stoppages and reconversion difJULY 1946
ficulties of the railroads and a relatively
small number of large durable goods manufacturers. Many concerns of nondurable
goods manufacturing, trade, and the service
industries reported new all-time highs in sales
and earnings. Net profits of concerns in
these industries were substantially bolstered
by the elimination of the excess profits tax.
As reconversion difficulties are surmounted,
durable goods manufacturers should also be
in a position to profit from the volume of
output required to meet the expected large
demands of consumers, other business concerns, and foreign customers during the second half of 1946. As a result, total nonfinancial corporate earnings in 1946 should
compare much more favorably with 1945
than is indicated by the first quarter earnings
of large concerns.
TAX PAYMENTS AND CREDITS
The tax credits arising out of the end of
the war have partially offset the decline in
the earnings of war producers in 1945 and
thus far in 1946. The primary influence of
these war-end tax adjustments will be to
make actual cash tax payments in 1946 less
than they would have been in the absence of
such adjustments. Tax payments in 1945, on
the other hand, were much less affected by
war-end tax credits. During 1945 nonfinancial business corporations were required in
the aggregate to expend funds of approximately 5 billion dollars in excess of current
tax provisions out of income in order to pay
their 1944 tax liabilities to the Federal Government. The liquidation of Treasury tax
notes took care of a large part of this tax
liability, but substantial purchases of marketable Government securities by corporations during the Seventh and Victory Loan
Drives in 1945 resulted in slightly larger total
711
REVIEW OF THE
holdings of Government securities at the
end than at the beginning of the year.
The one tax adjustment that materially
affected 1945 tax payments was the 10 per
cent excess profits tax refund for 1944, which
under the Tax Adjustment Act of 1945 was
directly deductible from accrued tax liabilities of 1944. Since the volume of 1944 excess profits tax liabilities was approximately
11 billion dollars, the result of this tax adjustment was to decrease by over one billion the cash payments required during 1945
to liquidate 1944 tax liabilities.
The two tax credits which, though applied
against 1945 liabilities, will primarily affect
tax payments in 1946 were those arising from
the final amortization of emergency war
facilities and from the carryback of 1945
losses and of excess profits tax credits unused
in 1945. The former was the more important quantitatively. Final amortization
on emergency facilities, as charged in annual reports to stockholders, probably
amounted to between 2.0 and 2.5 billion dollars, while tax credits arising therefrom probably amounted to between 1.5 and 2.0 billion.
Tax credits from the carryback of losses and
unused excess profits tax credits may have
amounted to between 0.5 and 1.0 billion dollars.
An additional source of funds in 1946,
especially for war producers, has been over
one billion dollars of Government bonds issued for the 10 per cent postwar credit on
1942 and 1943 excess profits taxes; these became payable on January 1, 1946.
In the aggregate, the tax credits listed
above, together with certain other credits
that will become realizable in the future,
such as carrybacks in 1946, will probably
amount to between 5.0 and 6.5 billion dollars.
712
MONTH
CONTRACT TERMINATION
The prompt settlement of war contracts,
like the tax adjustments discussed above,
helped to ease the reconversion financing
problems of many companies in the war industries. Careful legislative and administrative preparation for the problems of terminating war production resulted in expeditious
work in clearing plants of Federally financed
equipment and in shifting inventories to
private ownership for civilian production.
By the end of May 1946, according to
the most recent report of the Office of Contract Settlement, work on over 90 per cent
of the number of contracts in the V-J Day
load—contracts pending settlement on that
date or canceled thereafter—had been completed. Contracts awaiting settlement were
mostly very large ones. Although these contracts amounted to 15 billion dollars—over
one-third the 42 billion volume of the aggregate V-J Day load of terminated contracts—contractors' funds tied up in them
were comparatively small, probably between
2.0 and 2.5 billion. Moreover, about one billion dollars of these funds have already been
made available to contractors, largely through
partial payments.
BANK LOANS
The financial aids offered by the Government have been available largely to companies in war industries. Along with such
financing the dollar volume of bank loans
to business has shown a steady rise since
mid-1945 and may very well now be larger
than at any time since the peak of the early
twenties.
Since May 1945, bank loans to business
have increased about one-third, the greatest
rate of increase occurring during the seasonal
demand in the fall of 1945. Even during the
first quarter of 1946, when a seasonal deFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
COMMERCIAL AND INDUSTRIAL LOANS OF BANKS
BILLIONS OF DOLLARS
_JUNE AND DECEMB
IONS OF DOLLARS
ther increase in this type of business bank
borrowing if this market is tapped.
The large increase in aggregate outstanding bank loans to business has occurred simultaneously with a sharp reduction in guaranteed V loans. The outstanding volume of
such loans had declined from a peak of over
2 billion dollars in mid-1944 to about 120
million at the end of May 1946. The
sharpest decline occurred during the last
half of 1945. The rate of decline in other
war loans was probably also sharp.
FINANCING THROUGH THE SECURITY MARKET
All insured commercial banks in the United States. Total
loans for June 30, 1946 are partly estimated. Total war loans
Security sales were a relatively minor
source of new funds for all nonfinancial
ports are tor June JU, ly^s. latest n§
business corporations during the first part
Regulation V loans are for May 31, 1946.
of 1945, but since V-E Day business has
cline usually sets in, the total volume con- probably drawn more new funds from the
tinued to increase. The increase in lending security market than it has for any comparappears to have been general in all regions able period since 1930-31. Corporate seof the country and at both large and small curity issues for new money, as can be seen
banks.
from the table, have averaged about 120
A substantial part of the increase in com- million dollars per month since June 1945,
mercial loans has been in the form of term over one and a half times the average for
loans. Subsequent to 1933 and prior to 1941, the last prewar year. Although the
World War II, the term loan had experi- dollar volume of these recent security sales
enced remarkable growth relative to other has been dominated by sizable issues of very
outside sources of business funds—shortCORPORATE SECURITY ISSUES FOR N E W MONEY
term bank loans and publicly offered is[Monthly averages; in millions of dollars]
sues of bonds and equity securities. This
rapid growth was apparently resumed after
Plant and
Total
Working
new money
equipment
capital
mid-1945, encouraged by the opportunity
Period
of retiring higher-cost bonds and preTotal IndusTotal IndusTotal Industrial
trial
trial
ferred stock with the proceeds from lower55
17
20
9
12
72
cost term loans. Large corporations have 1941
24
16
24
15
10
39
1942 .
12
14
12
19
1943
26
7
secured from a number of participating 1944
21
34
27
38
55
10
27
17
44
32
26
banks individual term loans with maturities 1945—1st half.... 59
70
51
28
—2nd half... 107
78
37
up to 10 years and for as much as 50 million 1946—1st half 1 ... 130
115
80
75
50
40
dollars, with interest rates as low as V/2 per
1
Figures for June partly estimated.
cent. The fact that the term loan is still
NOTE.—"Industrial" includes primarily manufacturing, trade,
and air transport. "Total" also includes railroads, other public
a minor source of funds for small and utilities, and miscellaneous which are not shown separately.
Detailed figures may not add up to totals because of rounding.
medium-sized concerns may lead to a furSource: Securities and Exchange Commission.
JULY 1946
713
REVIEW OF THE MONTH
large companies in a few industries, principally petroleum, tobacco, beverages, automobiles and airlines, there has been an increasing number of smaller issues sold during recent months. These issues, primarily
stocks, have been floated by small and
medium-sized companies in nondurable and
durable manufacturing, trade, and air transport industries.
This rise in security flotations for new
money since the end of the war has been
due to business needs for fixed property as
well as working capital. There has been a
notable increase in offerings for the purpose of financing private capital expenditures since the limitations on private construction for nonwar purposes were lifted.
Issues of which the proceeds were intended
for plants or equipment have averaged approximately 75 million dollars per month
since mid-1945, three to four times the war
average and a third above the 1941 average.
By far the greatest part of this growth was
in manufacturing industries.
The need for additional working capital
has also been an important reason for corporate new money issues. Working capital
needs during the earlier war period were
supplied to a considerable extent by retained
earnings, prepayments on Government contracts, and guaranteed bank loans. Beginning in 1944, however, security issues for
working capital purposes began to increase,
from companies in war as well as nonwar
industries. Monthly offerings for this purpose averaged 35 million dollars in 1945
and offerings thus far in 1946 have exceeded
the 1945 average.
Another tendency that began in mid-1945
has been the increase in stock offerings relative to bonds to secure new money. During
the period 1942-44 about one-fourth of the
total dollar volume of new money was se714
cured from the sale of stocks, but since mid1945 the proportion has increased to nearly
two-thirds. Corporations are taking advantage of the ready salability of stocks, the prices
of many of which are as high as they were
in 1930. Manufacturing corporations have
been responsible for the major part of this
shift to stock financing, railroads and public
utilities continuing to rely largely on debt
issues for their new capital.
SUMMARY
Business expenditures on plant and equipment which began to increase sharply after
the end of hostilities in Europe in the spring
of 1945 have risen further in the first half
of 1946. Inventory accumulation in the
aggregate has continued at a slow rate as
stocks of war goods have been liquidated
and increases in inventories of civilian goods
have been limited in many lines. Consumer
buying has been in exceptionally large volume and production, while much larger
than before the war, has been restricted by
labor-management disputes and lack of materials. Outstanding orders in many lines
of business have reached new highs in recent
months but there is much duplication in
these orders. Upward pressures on prices
continue great and efforts to accumulate inventories may be expected to continue for
some time.
Liquid assets are being drawn on to a
limited extent in financing the expansion
of other business assets, largely in war manufacturing industries where the volume of
some Government financial aids has been reduced. Retained earnings have been well
maintained in industries that did not manufacture specialized war products and appear
to be increasing in trade and service. The
volume of external financing through banks
and the security market has increased
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
sharply, and is substantially larger than it has
been in recent years.
The expansion of business assets and borrowings can be expected to continue in the
months immediately ahead. The dollar volume of this expansion will be closely related to price developments. It will be
greatly accentuated if the relaxation of the
JULY 1946
remaining price and other Government
controls is followed by substantial increases
in prices and by disorderly price and inventory conditions such as followed World
War I. In these circumstances, bank loans
and deposits might increase considerably
and greatly augment existing inflationary
pressures.
715
A NATIONAL SURVEY OF LIQUID ASSETS
DISTRIBUTION ACCORDING TO INCOME1
Current saving and the holding of liquid assets
is characteristic of a large percentage of the people
of the United States, even though in dollar amounts
the bulk of the saving and of asset holdings is
concentrated in a relatively small proportion of
all the spending units. Analysis of information
compiled for the Federal Reserve System by the
Division of Program Surveys of the Bureau of
Agricultural Economics indicates that while current saving and holdings of liquid assets in the
form of bank deposits and Government securities
tend to vary with current income, a substantial portion of people with moderate incomes reported
considerable amounts of saving, while some with
rather large incomes reported relatively small
savings.
In the first quarter of 1946 about three-fourths of
all spending units held some liquid assets in the
form of bank deposits or Government securities,
and in the year 1945 a similar proportion saved
some part of their income.2 It was shown in a
previous article that the 10 per cent of the spending
units who saved the largest amounts in 1945 accounted for 60 per cent of all the saving in that
year and also that the 10 per cent with the largest
dollar amounts of liquid assets (bank deposits and
Government securities) held 60 per cent of all such
assets held by all spending units at the beginning
of 1946. When these units are distributed by
amounts of income received in 1945, as is done in
this article, the results show that the 8 per cent of
the spending units with incomes of over $5,000 in
1945 accounted for 40 per cent of the saving in that
year and held 36 per cent of all liquid assets at the
beginning of 1946. Some of the 20 per cent of the
units with incomes of less than $1,000 saved part of
their income and held some liquid assets but in the
lf
rhis is the second of three articles covering the national
liquid asset survey. Prepared by Henry H. Villard of the
Board's Division of Research and Statistics, it summarizes the
results in part two of the report of the Division of Program
Surveys. Those wanting fuller information may obtain the full
report by applying to the Division of Program Surveys, Bureau
of. Agricultural Economics, U. S. Department of Agriculture.
Mr. George Katona and Mrs. Eleanor Maccoby of the Division
of Program Surveys were primarily responsible for the conduct of the studies and Mr. Villard was closely associated with
them throughout the planning and execution of the investigations.
2
A "spending unit" is defined as all persons living in the
same dwelling unit and belonging to the same family who
pool their income to meet their major expenses.
716
aggregate these people drew upon their past savings. About half of both saving and liquid asset
holdings are accounted for by spending units
with incomes of between $1,000 and $4,000 a year.
Among the many factors affecting liquid asset
holdings and saving, it is clear that opportunity
to save is of major importance and that opportunity to save largely depends on income. Current
income, however, is not the only influence determining the volume of current saving, and the volume
of accumulated savings is even less related to current income. Other factors than income as an influence upon saving are indicated by the results of
the survey. People who have had more education,
who live in rural communities, who are self employed or have professional occupations, and who
have regular saving programs tend to save more
and to hold more liquid assets than do other people
in the same income group. Older people apparently
do not save any more than younger ones in the same
income groups but tend to have larger holdings of
liquid assets.
The present article is devoted to factors influencing liquid asset holdings and saving, with special reference to income. Some of the major findings of the national interview survey conducted by
the Bureau of Agricultural Economics for the
Board, together with a description of its methods
and tests of the reliability of its results, were presented in the June BULLETIN. A final article discussing additional factors influencing prospective
spending and saving and appraising the over-all
significance of the results will appear in the August
BULLETIN. The present article starts with a discussion of the relation between income and liquid
asset holdings and saving. It then considers the
effect of changes in income on saving and concludes
with the factors other than income which influence
both liquid asset holdings and saving.
LIQUID ASSET HOLDINGS IN RELATION TO INCOMES
The extent to which liquid asset holdings are
distributed among people in different income
groups is illustrated by the chart and also shown in
Table 1. The 30 per cent of all units with incomes
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
of more than $3,000 account for 62 per cent of all
holdings, while the 47 per cent with incomes of less
than $2,000 account for 21 per cent. Those with
incomes of less than $4,000 hold more than half of
CONCENTRATION OF LIQUID ASSET HOLDINGS AND NET SAVING
PERCENTAGES OF TOTAL BY INCOME CLASSES
per cent of such assets.3 This shows that, while
income is obviously a major factor, it is not the only
one giving rise to differences in asset holdings.
Somewhat more than three out of four spending
units hold some liquid assets. The proportion holding assets increases steadily from around 50 per cent
in the case of those with incomes of under $1,000
to 95 per cent of those with incomes of between
$4,000 and $5,000 and 100 per cent of those with incomes of over $7,500. Savings bonds are distributed
in a manner similar to total holdings, but savings
accounts are held by more units in the upper middle
than in the top income bracket. Demand deposits,
on the other hand, are held by a relatively small
percentage of units in the middle income brackets
and a relatively large percentage of those in the highest brackets. Information regarding asset holdings
in different income classes is presented in Table 2.
TABLE 2
HOLDINGS OF LIQUID ASSETS BY INCOME CLASSES
Percentage of spending units in each income
class holding1
Income class l
DURING
1945
* Spending units in the $1,000-$ 1,999 income class accounted
for 11 per cent of the net saving while those having incomes
under $1,000 dissaved (had negative savings) to the amount of
one per cent of the total.
all liquid assets. This degree of concentration is
considerably less sharp than when holders are
ranked without reference to income: then the top 30
per cent of holders account for 87 per cent of all
liquid assets and the bottom 50 per cent a mere 3
TABLE 1
DISTRIBUTION OF SPENDING U N I T S , LIQUID ASSETS, AND N E T
SAVING BY INCOME CLASSES 1
[Percentage of total]
Income class 1
Under $1,000..,
$l,000-$l,999..
$2,000~$2,999..
$3,000-$3,999..
$4,000-$4,999..
$5,000-$ 7,499..
$7,500 and over
All classes
1
2
Spending
units
(Early
1946)
Liquid
asset
holdings
(Early
1946)
Net
saving 2
(During
1945)
20
27
23
15
7
5
3
7
14
17
16
10
13
23
-1
11
14
24
12
16
24
100
100
100
Based on 1945 money income before taxes.
Net saving is total positive saving less total dissaving
(consumption expenditures in excess of income).
JULY
1946
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over. .
All classes
Some
liquid
assets 2
Savings
bonds 3
Savings
accounts
Checking
accounts
54
71
87
92
95
98
100
31
54
74
80
89
91
94
22
32
43
50
55
60
52
21
29
28
42
50
67
88
78
63
39
34
1
2
Based on 1945 money income before taxes.
Including all Government bonds, bank deposits, and currency holdings to the extent that the latter were reported.
Holdings of currency, as was explained in the previous article,
were underreported in the survey; the amounts actually reported averaged only $20 per spending unit compared with
$1,748 in other assets and so have negligible importance in
the3 table.
Excluding Series G bonds.
The number of types of liquid assets held is
larger for those with higher incomes than for those
in lower income groups. Those holding two or
more types rose from 25 per cent in the lowest
income class to 85 per cent in the highest. Of
those holding only one type of asset 70 per cent
in the lowest bracket held bank deposits, compared
with 30 per cent who held savings bonds. In the
next income bracket the split was 55 to 45, while in
the third it was 40 to 60 in favor of savings bonds.
It seems clear that bank deposits are the most common asset of even the lower income brackets.
3
The previous article presented additional information on
concentration when ranked by holdings alone.
717
A NATIONAL SURVEY OF LIQUID ASSETS
The typical amount of liquid assets held is not
only larger in dollars for the high income group
than for the low income groups but is also larger
relative to income. This is shown by the comparison in Table 3 of median income and liquid asset
holdings (the median amount being that held by
the middle unit when all units in the class are
ranked by size). Median holdings increase from
$20 for the lowest income class to $7,270 for the
highest, and they rise as a percentage of income
from 3 per cent to 73 per cent.
TABLE 3
MEDIAN A M O U N T OF LIQUID ASSETS BY INCOME CLASSES
Income class
l
Median
income
(In dollars)
Median liquid Holdings as
asset holdings percentage of
(In dollars)
income
Under $1,000. .
$1,000-11,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
1,500
2.400
3,300
4,300
5,500
10,000
1,450
2,700
7,270
3
15
20
27
34
49
73
All classes..
2,020
430
21
20
230
470
900
600
1
Based on 1945 money income before taxes. The median
amount is that of the middle unit when all units in the class
are ranked by size of income or liquid asset holdings.
In every income class a few holdings of very
large amounts of liquid assets, which are not at all
typical of the class as a whole, have a major influence on average or mean holdings (the mean
amount being the total held by all units in the class
divided by the number of units involved). These
large holdings result in a very high ratio of mean
asset holdings to mean income in the lowest income
class, while over the entire range from $1,000 to
$5,000 of income, the ratio remains roughly constant
at an appreciably lower level. Only in the highest
income bracket does the ratio exceed that for the
lowest bracket.
The large holdings of some people with small incomes appear to be accounted for chiefly by two
groups. First, there are many farmers among people with low incomes and large assets; their money
income is obviously not representative of their real
income. Second, a number of retired people and
others whose earning capacity has decreased also
have current incomes bearing little relation to their
asset holdings—that is, they are likely to be living,
in part at least, on their capital.
The influence of factors other than income on
liquid asset holdings is also indicated by the wide
differences in holdings within a given income class
and the extent to which the holdings of one class
overlap those of other income classes. This is indicated in Table 5, which shows that when holders within each income class are ranked according
to size of holdings, every holder in the quarter
with the highest holdings had more assets than
the middle holder of the next higher income
class (with the sole exception of the highest income
class). Similarly, every holder in the quarter
of the spending units with the lowest holdings had
less assets than the middle holder of the next lower
income class. The overlapping of the complete
ranges within each income class was even more
extreme, but less significant because the end points
depended on a single or a few not necessarily typical
cases.
TABLE 5
DISPERSION OF LIQUID ASSET HOLDINGS
W I T H I N INCOME GROUPS
Amount of liquid assets
held
by holder a t 2
Income class x
First
quartile
Median
Third
quartile
$0
0
90
300
430
1,035
2,650
$20
230
470
900
1,450
2,700
7,270
$250
670
1,090
1,650
3,250
5,450
11,870
TABLE 4
MEAN A M O U N T OF LIQUID ASSETS BY INCOME CLASSES
Income class l
Mean
income
(In dollars)
Under $1,000
$l,000-$l,999
$2,000-12,999
$3,000-$3,999
$4,000-$4,999
$5,OOO-$7,499
$7,500 and over.. . .
All classes..
600
Mean liquid
Holdings as
asset holdings percentage of
(In dollars)
income
1,550
2,670
3,540
4.590
6,060
13,000
570
880
1,350
1,850
2,600
4,580
15,830
95
57
51
52
57
76
122
2,620
1,748
67
1
Based on 1945 money income before taxes. The mean
amount is the total amount held by all units in the class divided
by the number of units in the class.
718
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over...
1
2
Based on 1945 money income before taxes.
Figures refer to holders within each income group selected
as follows:
First quartile—holdings of case which separates the fourth
with smallest holdings from the upper three-fourths.
Median—holdings of case which is the mid-point of the distribution; half of the individuals are below and half above this
case.
Third quartile—holdings of case which separates the fourth
with largest holdings from the lower three-fourths.
Since there are substantial differences in size of
asset holdings even when people have the same
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
income, it is important to determine the factors
likely to be responsible for these differences—such
as place of residence, occupation, education, or age.
In many cases the factors in question are also related
to differences in saving rates. Hence examination
of them will be postponed until the relationship of
income to saving has been set forth. This will allow
effects on both asset holdings and saving to be
considered at the same time.
SAVING IN RELATION TO INCOME
Information was obtained for amounts saved in
the year 1945 by adding to the change in liquid
assets (excluding currency) the amount used to
purchase other assets (including housing and insurance) and to repay loans, and then subtracting
the amount derived from the sale of assets, the increase in loans, and gifts or inheritances.
By income class net saving is more concentrated
than liquid asset holdings, as was demonstrated in
Table I.4 The 70 per cent of spending units with
incomes of under $3,000 accounted for less than a
quarter of all saving but held 38 per cent of all
liquid assets, while the 8 per cent with incomes of
over $5,000 were responsible for 40 per cent of
saving and 36 per cent of liquid asset holdings.
By far the most striking contrast, however, is in
the $3,000 to $4,000 bracket, which accounted for
24 per cent of saving but only 16 per cent of liquid
asset holdings. The probable explanation of the
greater concentration of saving in general is that
some of those with large assets in the lower income
classes had high incomes in the past, while the
unusually large difference in the other direction
for the middle income bracket might be explained
by the rapid growth in incomes during recent years
for many people formerly receiving low incomes.
As with liquid asset holdings, the median percentage saved is much larger for higher than for
lower incomes, while the amount saved even within
the same income class varies widely. Over half
of those with incomes of under $1,000 had no
savings or dissaved in 1945, while among those with
incomes of over $5,000, only 6 per cent had no
saving or dissaved, and almost half saved 20 per
cent or more of their income, as is indicated in
Table 6.
The forms taken by saving also showed considerable variation. Of all spending units 12 per cent
4
Net saving is positive saving less dissaving
expenditures in excess of income).
JULY
1946
(consumption
TABLE 6
PERCENTAGE OF INCOME SAVED BY INCOME CLASSES
Percentage of spending units
in each
income class 1
Percentage of
income saved
Dissaving 2
No saving
1 to 9
10 to 19
20 to 29
30 to 49
50 ana over
Not ascertained. .
Median
3
Under
$1,000
$1,000$2,999
$3,000$4,999
$5,000
and
over
All
classes
18
33
16
9
7
7
7
3
21
9
25
16
10
9
6
4
11
2
23
24
13
15
6
6
4
2
14
24
12
19
14
11
17
13
23
18
11
11
6
1
100
100
100
100
100
0
6
13
19
8
1
2
3
Based on 1945 money income before taxes.
Expenditures in excess of income.
Percentage of income saved by the median spending unit
in each income class.
saved exclusively by increasing their holdings of
liquid assets (bank deposits and Government
securities). 25 per cent exclusively in other forms,
and 32 per cent in both forms, making a total of
69 per cent who saved in some form or other. By
far the most widespread form of saving was premiums on life or retirement insurance, which were
paid by three out of five spending units. This
compares with two out of five who increased their
holdings of liquid assets as a whole and almost as
many who increased their holdings of savings bonds,
one in five who increased their savings accounts,
and one in ten who increased their checking accounts. About one in twenty saved by buying real
estate out of their income and a similar proportion
put their current saving into business or securities, while one in a hundred increased their holdings
of Government bonds other than savings bonds.
In addition, the saving of one in five was accomplished by reducing their indebtedness.
If we compare those who increased their holdings
by more than 5 per cent with those who decreased
them to a similar extent, we find that 20 per cent
of all spending units decreased their holdings of
savings bonds (compared with 37 per cent who
increased them), 11 per cent decreased their savings accounts (compared with 18 per cent), 7 per
cent their checking accounts (compared with 11
per cent), and 26 per cent their liquid assets as a
whole (compared with 42 per cent). The remaining
spending units had either no holdings or unchanged
holdings. Thus while decreases were sizeable, increases were appreciably larger. About half of the
719
A NATIONAL SURVEY OF LIQUID ASSETS
funds withdrawn, covering three-quarters of those
making withdrawals, was added to consumption
expenditure and therefore involved dissaving, while
the remainder was used to purchase non-liquid
assets.
incomes had smaller saving and 25 per cent unchanged saving. Rising prices were probably also
an influence in reducing the rate of saving during
the year.
TABLE
RELATION
CHANGES IN SAVING DURING 1945
BETWEEN
IN RELATION TO
5
Appreciably more people felt that their financial situation
deteriorated after the end of the war; as many mentioned increases in prices in explaining their changed situation as
mentioned decreases in income.
720
7
CHANGES AND SAVING
Change in income *
INCOME
Incomes generally declined during 1945, but the
difference in the number of spending units whose
income increased and decreased in the course of
the year was not great. About 30 per cent of all
spending units had smaller incomes in January 1946
than in January 1945, while 25 per cent had larger
incomes. Loss of overtime pay, changes to lower
paid jobs, and unemployment were the main factors given in explanation of lowered earnings.5 A
large proportion of those with increased incomes
were veterans.
The rate of current saving declined considerably
more over the period than income, with the overall percentage of income saved declining approximately one-fifth from January 1945 to January
1946. Of all spending units (except farmers, who
were not asked to estimate the change because their
income is not received on a monthly basis), 27 per
cent decreased their saving between January 1945
and January 1946, 15 per cent increased their
saving, 47 per cent made no change, and 11 per cent
were unable to estimate the change. Of those
increasing their saving, about two out of five had
saved nothing in January 1945; of those who made
no change, over half saved nothing at either time;
and of those who decreased their saving, over half
were saving nothing in January 1946. The estimates of saving in the months of January 1945 and
January 1946 are less accurate than the estimate for
1945 as a whole, but are believed to be adequate to
permit comparisons between the two periods.
Changes in income were, of course, the most
important single factor explaining the decline in
saving, but other factors were also present. In
money terms, decreases in income had more effect
in reducing saving than improvements in income
had in increasing saving. Table 7 shows that 43
per cent of those with substantially increased incomes had larger saving and 38 per cent unchanged
saving, while 62 per cent of those with decreased
INCOME
Change in saving
Increase
No change
Decrease
Not ascertained..
InDeInDecrease
No
crease
crease
crease
of
5
change
of
5
of 25
of
25
cent
in
per cent per cent
per cent per
to 24 income2
to 24
or more per
or
more
cent
per cent
43
38
11
8
30
44
18
8
9
67
13
11
9
42
38
11
3
25
62
10
100
100
100
100
100
1
Figures in each column are percentages of all spending
units
having the change in income specified for the column.
2
Including change of less than 5 per cent.
OTHER FACTORS INFLUENCING
SAVING AND LIQUID
ASSET HOLDINGS
Around half of all spending units plan to save
whatever is left after meeting their expenses, a
quarter say they can not save at all, and the
remaining quarter plan to save some portion of
their income regularly and to meet their expenses
from what is left. More than half of the regular
savers use the pay-roll deduction plan for purchase
of Series E savings bonds.
When asked their purpose in saving, about three
out of five spending units mentioned motives which
can be classified under the general head of "security." Old age, ill-health, unemployment, and general protection against a "rainy day" were included
under this head. Old age and ill-health together
were specifically mentioned far more frequently
than unemployment, perhaps indicating that people expect little unemployment or that they no
longer consider protection against unemployment
an individual responsibility. A further one out of
five save to make investments (mainly to purchase
a home but including some business investment as
well) and one out of six to provide benefits for
children (mainly education). Only one out of
ten indicated that they were saving to purchase
consumer durable goods or to make other consumption expenditures, while one in twelve mentioned miscellaneous reasons or had no specific purpose.6
6
As some people mentioned more than one purpose in saving, the answers total more than 100 per cent.
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
The influences of factors other than income on
liquid asset holdings of individual spending units
can be analyzed by comparing the characteristics
of "large" and "small" asset holders with similar
incomes. In drawing the line "large" was defined
to include approximately the top quarter distributed
according to asset holdings and "small" the bottom quarter of all spending units having similar
incomes. Throughout the remainder of the discussion "large" holders (or savers) are units whose
holdings (or savings) are large for their income,
not large in an absolute sense. "Similar incomes"
is defined as income differences of less than $100
annually. Even when the influence of income is
eliminated in this way, sharp differences in holdings remain: the smallest of the large holders, for
example, has on the average seven times as much
as the largest of the small holders. Moreover,
roughly similar differences appear when savers are
analyzed in the same way.
Various characteristics of large and small holders
and savers are compared in Table 8. These comparisons throw light on non-income influences on
savings and holdings. We find that, at least in
money terms, the percentage of a given income
saved is larger in rural than in metropolitan areas.
Of those residing in rural areas 37 per cent were
large savers for their income, compared with 13 per
cent of those in metropolitan areas. This difference
may be in part explained by lower prices and nonmonetary income in rural areas. Differences in
liquid asset holdings between areas are far less
marked than in the case of saving, although some
residents of open country have large holdings of
liquid assets in relation to their income.
Among occupational groups, farm operators, selfemployed businessmen, and professional and whitecollar workers are large savers for their money income (in the order named), while skilled and unskilled laborers, those without paid occupation (retired and housewives), and the unemployed are at
the other extreme. These same differences prevail
in regard to liquid asset holdings, except that businessmen have relatively small liquid holdings and
those without paid occupations relatively large
TABLE
8
CHARACTERISTICS OF LARGE AND SMALL SAVERS AND HOLDERS OF LIQUID ASSETS
[Percentage of total number of spending units in group] 1
Groups of spending units
By age of head of unit:
20-29
30-44
45-60
Over 60
. . .
By occupational status of head of unit:
Professional or white collar worker
Self-employed businessman
. .
Skilled or unskilled worker*
Retired or housewife
Unemployed
By education of head of unit:
Grammar school
High School
College
By type of community: 3
Metropolitan areas
....
Other cities of more than 50,000 population
Towns of 2,500 to 50 000 population
Towns of less than 2 500 population
Open country
By savings plans:*
Have regular plan other than
pay-roll deduction^
Save by pay-roll deduction5
Have no plan but try to save
Say they can not save
..
.
Large
savers2
Medium
savers2
Small
savers2
Large
holders2
Medium2
holders
Small
holders2
27
22
22
21
41
45
44
49
29
27
23
21
22
19
27
34
45
47
41
28
32
30
25
31
23
30
19
16
17
52
40
46
47
36
17
17
30
27
41
28
26
18
33
20
50
48
44
28
35
15
17
35
31
42
20
25
29
48
41
43
26
26
17
23
24
34
37
48
42
37
23
16
13
20
46
48
47
43
29
29
34
25*
19
23
26
27
37
43
44
42
22
23
17
27
22
34
31
24
23
10
45
50
44
48
16
18
24
38
32
24
26
12
42
41
30
25
32
34
49
55
46
28
13
14
22
58
1
Figures in each line are percentages of all spending units having characteristic indicated in stub; for each characteristic shown, the
percentage figures in each set of three columns, together with percentages not shown for units for which the particular characteristics
were 2not ascertained, add across to 100 per cent.
Terms "large," "medium," and "small" savers or holders refer to amounts saved in 1945 or amounts of liquid assets held in first
quarter of 1946 relative to income and not to dollar amounts of savings or holdings.
* The 11 largest cities including their suburbs.
* Farmers have been omitted from this grouping since the irregular nature of their incomes makes it difficult for them to have a regular
s a v ings
plan.
6
People who saved by payroll deduction and also had other savings plans of their own are included in both columns. Pay-roll deduction refers only to purchase of Series E savings bonds.
JULY 1946
721
A NATIONAL SURVEY OF LIQUID ASSETS
holdings. Information was not obtained as to holdings of other assets.
Higher education appears to encourage both saving and the accumulation of liquid assets. Of those
with a college education 29 per cent were large
and 17 per cent small savers, compared with 20
per cent large and 26 per cent small savers in the
case of those with only a grammar school education.
This difference was even more pronounced in the
case of liquid asset holdings, where 34 per cent of
those with college education were large and 16 per
cent small holders, compared with 23 per cent large
and 37 per cent small holders among those with
grammar school education.
Differences in age have relatively little effect on
the current rate of saving, except that the number
who are average savers grows with age. As is to
be expected, however, the number of large asset
holders increases and the number of average holders decreases with age, but the number of small
holders—those who never succeed in accumulating
holdings—remains roughly constant.
That there is some stability of the saving habit is
demonstrated by the fact that about three times as
mai\y large savers as small savers hold $1,000 or
more in liquid assets. While about as many large
savers save entirely in liquid as in non-liquid forms,
among small savers non-liquid forms predominate,
largely because of the importance of insurance.
The largest savers are those who save regularly
before meeting their expenses by a plan other than
pay-roll deductions; those using pay-roll deductions
for purchase of Series E bonds come next, followed
by those without any definite plan.
POSTWAR ECONOMIC STUDIES NO. 4
Prices, Wages, and Employment, the fourth of
the series of eight postwar studies authorized by the
Board of Governors, is now ready for distribution.
It contains the following papers: "Prospects of Inflation in the Transition Period," by Charles O.
Hardy; "Employment and Wage Policies," by
Kenneth B. Williams; and "Monopoly and Unemployment," by Howard S. Ellis.
Later pamphlets will be announced in the BULLETIN as they become available at irregular intervals. Each pamphlet will contain essays on
722
related subjects by specialists on the staffs of the
Board and the Federal Reserve Banks. The views
expressed in the papers are entirely those of the
authors, and there is no official endorsement of
any of the proposals made.
Individual pamphlets may be purchased for
25 cents each, or for 15 cents each for group purchases of ten or more in single shipment. Orders
should be sent to the Division of Administrative
Services, Board of Governors of the Federal Reserve
System, Washington 25, D. C.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
Printed below is the text of a British Government
White Paper (Cmd. 6784) presented to Parliament
in April under the title "National Income and Expenditure of the United Kingdom, 1938-1945."
This document is the sixth of a series initiated in
1941, and provides a summary of British war finance for the entire period of hostilities. The texts
of the earlier White Papers were published in the
BULLETIN for August 1945, pages 732-53; for July
1944, pages 655-69; for August 1943, pages 72940; for June 1942, pages 539-49; and for July 1941,
pages 633-38.
stated are for calendar years and relate to the United
Kingdom of Great Britain and Northern Ireland.
The numbers in brackets after the titles of items
in the tables in Sections I to IV refer to items in
the main tables in Section V. These numbers are
intended solely for reference purposes and no
account is taken of the sign of the corresponding
item in the main tables.
The tables have been prepared in the Central
Statistical Office with the collaboration of the
Treasury and other Departments.
PREFACE
I. INTRODUCTION
This Paper gives estimates of national income
and expenditure in a form designed to show changes
in the distribution of the country's resources between different uses.
The introduction to the corresponding paper
issued in April 1945, Cmd. 6623, contained a discussion of the principles of social accounting followed in this series of papers. Reference should be
made to that discussion for fuller explanations of
the treatment and the definitions adopted in this
Paper. In those cases where the definitions differ
from those in Cmd. 6623, the changes are noted and
explained in Appendix II. In general, changes
have been made either because more information
has become available or for reasons of logical consistency.
All the statistics in this Paper unless otherwise
Detailed tables of income and expenditure are
given in Section V. Table 1 sets out the main
totals and shows the relationship of the various
concepts of income and product to one another.
Personal income before tax is the sum of incomes
received by individuals, charities and non-profit
making bodies from whatever source they are derived; private income includes, in addition, the
undistributed profits of companies and thus constitutes the total income accruing to the private
sector of the economy. The figures of personal
and private income are of particular use in the
analysis of changes in consumption, and in the
discussion of tax policy. Both series, however,
contain an element of duplication, in that they
include both direct taxes paid to public authorities
and transfer incomes (for example, unemploy-
TABLE 1
NATIONAL INCOME AND PRODUCT
[In millions of pounds]
1938
1939
1940
1941
1942
1943
1944
1945
1. Personal income before tax [29]
2. Plus other private income before tax [39].
4,772
259
5,010
369
5,720
615
6,400
919
7,087
962
7,643
980
8,019
975
8,351
900
3. Private income before tax [45]
4. Less transfer payments from public authorities to the private
sector [70]
5,031
5,379
6,335
7,319
8,049
8,623
8,994
9,251
-475
-469
-484
-522
-581
-652
-724
-891
5. Private income from current economic activity
6. Plus public income from trading, property, etc. [56]...
4,556
54
4,910
50
5,851
71
6,797
89
7,468
132
7,971
147
8,270
131
8,360
123
7. National income (or net product at factor cost) [6]
8. Plus sums allowed for depreciation and maintenance [85]
4,610
475
5,085
4,960
485
5,445
5,922
505
6,886
515
7,600
520
8,118
520
8,401
520
8,483
520
6,427
601
669
827
7,401
1,089
8,120
1,207
8,638
1,295
8,921
1,256
9,003
1,188
5,686
6,114
7,254
8,490
9,327
9,933 10,177
10,191
9. Gross national product at factor cost
10. Plus indirect taxes net of subsidies [53-65]....
11. Gross national product at market value. .
JULY
1946
723
BRITISH WHITE PAPER ON WAR FINANCE
ment assistance, old-age pensions and national debt
interest) received from public authorities. To the
extent that they consist of such transfer payments,
they are affected by changes in fiscal policy or
social insurance schemes.
From some points of view it is important to have
a measure of the total national output of goods
and services which is not affected by such changes.
Except in so far as the treatment of depreciation
and, hence, profits is a fiscal matter, thefiguresof
national income or net national product shown in
item 7 of table 1, satisfy this need. They show the
value of the product of the United Kingdom from
its resources at home and overseas. This product
is in later tables measured by both the incomes received from economic activity and the expenditure
which gives rise to such incomes. Thefiguresof
net national product are net in the sense that they
exclude sums allowed for depreciation and maintenance, and are at factor cost—that is, they represent the remuneration of the factors of production
the calls on the national resources for war purposes
could not be met without cutting consumption, reducing capital formation at home, disposing of
external investments and increasing external liabilities. The purpose of this section is to show
how the distribution of the national expenditure
between war expenditure, consumption and capital
formation changed during the war years.
Total expenditure on goods and services by
public authorities increased more than fivefold between 1938 and 1943—from 941 million pounds
to 5,227 million. It rose slightly above this level
in 1944 and in 1945 was still only about 200 million pounds below 1943. The 1945 figure was
raised in relation to those of earlier years by the
inclusion of 161 million pounds to cover the cost
of the final Lend-Lease settlement with the United
States. No Exchequer issue was made in respect
of this item.
The series in table 2, however, do not give a consistent measure of the goods and services currently
TABLE 2
EXPENDITURE ON GOODS AND SERVICES BY PUBLIC AUTHORITIES AT MARKET VALUE
[In millions of pounds]
1938
1. Central government:
(a) War expenditure [115]
(b) Other current expenditure [116]
(c) Net non-war capital formation [117]....
2. Extra-budgetary funds and local authorities:
(a) War expenditure
(b) Other current expenditure
(c) Net non-war capital formation [72]
3. Total [73+77]
employed in producing goods and services. They
therefore include the amount of subsidies received
from public authorities but exclude indirect taxes
paid to those public authorities.
Gross national product at factor cost includes
sums allowed for maintenance and depreciation,
and, at mar\et value, includes, in addition, the
amount of indirect taxes paid to public authorities
less subsidies received. The size of the gross
national product at market value is, therefore, affected by changes in the division of government
revenue between direct and indirect taxes.
II.
CHANGES IN THE COMPOSITION OF THE NATIONAL
PRODUCT
Although the size of the national product rose
during the war both in money and in real terms,
724
1939
1940
1941
1942
1943
1944
1945
343
92
24
735
105
25
2,467
117
18
3,579
131
11
3,962
140
11
4,609
139
10
4,645
140
4,389
155
40
5
376
101
45
382
70
107
382
134
396
-23
117
409
-34
99
408
-38
89
416
-42
78
434
-37
1,362
3,099
4,228
4,605
5,227
5,256
5,059
at the disposal of public authorities during the war
years. In the first place, they exclude the value of
goods and services received as Lend-Lease assistance
and Mutual Aid before V-J day or paid for out of
the Canadian contribution of 1942. In the second
place, they are, with the exception noted above for
1945, figures of cash payments and these fell short
of the value of work done on government account
in the years 1940 to 1943 when war programmes
were expanding and exceeded it in 1945 when
programmes were being cut. Table 2 does not,
therefore, bring out fully the year to year changes
in the claims of the government on the country's
resources.
In table 3 an attempt is made in line 2 to allow
for the second of these factors and thus to give a
measure of the total value of war work done on
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
government account. In item 5 of the table the
value of this work is shown after deduction of the
indirect taxes which enter into its market value
and, since they are paid to public authorities, represent merely a transfer within the public sector
of the economy. Item 5 is, therefore, a measure
of the factors of production taken up by the war
effort and is here called the "national cost of the
war.
TABLE 3
NATIONAL COST OF THE WAR
1940-45
[In millions of pounds]
1940 1941 1942 1943 1944 1945
1. War expenditure by pub2,574 3,713 4,079 4,708 4,734 4,467
lic authorities
2. Increase in work in progress on government account held under pri175
vate finance [10]
125
75
25
-225
3, Total market value of
war work done on government account
2,699 3,8884,154 4,733 4 734 4,242
4. Less net indirect taxes
included in market
value
-104 -171 -166 -181 -188 -95
5. National cost of the war1. 2,595 3,717 3,988 4,552 4,546 4,147
1
Expenditure at market value less indirect taxes plus subsidies.
The analysis is carried a stage further in table 4.
There the cost of the factors of production taken
up by the war effort is compared with the cost
subsidies. The item of government consumption
consists of the cost of the ordinary peace-time
services of government, such as justice, education
and road maintenance. Net non-war capital formation includes work on both public and private
account.
The total national cost of personal consumption
at current prices rose between 1938 and 1945 by
980 million pounds, or 27 per cent. Consumers'
expenditure in real terms, however, had by 1941
fallen 17 per cent below the pre-war level and even
in 1945 was still 14 per cent less than in 1938. This
fall is discussed in more detail in Section III.
Consumption could not have been maintained at
this level if capital had been maintained intact. In
fact, net capital formation was negative in each of
the years 1940-45. Some analysis of this loss of
wealth is given below. It is, however, especially
important to bear in mind the technical limitations
of the figures presented:
Firstly, it has not been possible during the war
to make a direct estimate of private domestic capital
formation, which has had to be obtained as a residue
by subtracting all the other elements in the net
national product from an independent estimate
of the total. It is, therefore, peculiarly subject to
error.
Secondly, the allowances for depreciation used in
TABLE 4
COMPOSITION OF NET NATIONAL PRODUCT
1938
1939
1940
1941
1942
1943
1944
1945
3,839 4,010
508
531
3,717 3,988
-1,178 - 9 2 9
4,006
532
4,552
-972
4,285
544
4,546
-974
4,582
578
4,147
-824
6,886 7,600
8,118
8,401
8,483
60
52
-12
56
56
-12
58
54
-12
61
49
-10
100
100
100
100
(In millions of pounds)
National cost of1:
Consumption
Personal [30]
Government
War
Net non-war capital formation
3,602
456
338
214
3,659
473
754
74
3,796
483
2,595
-952
Net national product at factor cost (or national income) [6].
4,610
4,960
5,922
(Percentages)
Consumption
War
Net non-war capital formation.
Net national product at factor cost.
1
72
44
-16
100
100
100
Expenditure at market value less indirect taxes plus subsidies.
of the factors of production used up in providing
current non-war goods and services and in adding
to the country's stock of assets at home and abroad.
All the figures in this table are on the same basis
as those in table 3, that is, they are at the prices
current in each year, adjusted for indirect taxes and
JULY
100
83
15
2
1946
calculating income and net capital formation are,
except in the case of agriculture, based on Inland
Revenue practice: that is, they are calculated on
the original and not on the replacement cost of
assets. In a period during which costs are rising,
these sums will in fact fall short of replacement
725
BRITISH WHITE PAPER ON WAR FINANCE
accounted for by failure to maintain equipment and
stocks in this country. The balance of 4,628 million
pounds represented a loss of external assets or a
piling-up of external liabilities. It should be noted
that the figure of 819 million pounds for 1945 given
costs, and the figures in line 3 of table 6 should
accordingly not be used as a measure of what it
would cost the country to replace all its lost wealth.
Thirdly, while no deduction has been made for
loss or damage due to enemy action, the making
TABLE 5
NATIONAL COST OF PERSONAL CONSUMPTION AT CURRENT AND AT 1938 PRICES *
1938
1939
1940
3,602
3,602
3,659
3,603
3,796
3,241
100
100
102
100
105
90
1941
1942
1943
1944
1945
4,285
2,974
4,582
3,115
119
83
127
86
(In millions of pounds)
Current prices [30]...
1938 prices
Current prices
1938 prices
1
...
...
3,839 ! 4,010
3,001 2,963
4,006
2,844
(Index numbers ,1938 -- 100)
107
83
111
82
111
79
Expenditure at market value less indirect taxes plus subsidies.
good of these losses so far as it has occurred is
included in capital formation.
Fourthly, the estimates given of net capital for-
in line 4 includes 161 million pounds (650 million
dollars) as indebtedness to the United States Government arising out of the Lend-Lease settlement.
TABLE 6
NON-WAR CAPITAL FORMATION
[In millions of pounds]
1.
2.
3.
4.
Gross non-war capital formation at home and war losses made
good [88 +90]
•
Less sums allowed for depreciation and maintenance [85]
Net capital formation at home and war losses made good [9+11
-fl2]
Net lending abroad and purchase of assets and financial claims
from overseas [91]
5. Net capital formation at home and abroad [9+11+12+13]
6. Less net indirect taxes falling on gross capital formation at home.
7. National lcost of net non-war capital formation at home and
abroad
1938
1939
1940
1941
1942
1943
1944
1945
780
-475
826
-485
364
-505
170
-515
283
-520
251
-520
211
-520
534
-520
305
341
— 141
— 345
— 237
—269
—309
14
-70
-250
-804
-816
-663
-680
-659
-819
235
-21
91
-17
-945
-7
-1,161
-17
-900
-29
-949
-23
-968
-6
-805
-19
214
74
-^952
-1,178
-929
-972
-974
-824
1
N e t non-war capital formation a t home at m a r k e t value less indirect taxes plus subsidies, plus increase in net lending abroad and
purchase of assets and financial claims from overseas.
mation make no allowance for under-maintenance
of plant and equipment.
All these factors work in the same direction.
On the other hand, government expenditure of a
capital nature for war purposes has been entirely
excluded from the figures of capital formation given
in this paper although some part of it will have a
peacetime use.
Of the total recorded disinvestment during the
years 1940-45, however, only about one-fifth was
726
III. CHANGES IN THE COMPOSITION OF PRIVATE
OUTLAY
The changes in the composition of the national
product discussed in the last section have been reflected in changes in the composition of private outlay. Table 7 shows the distribution of private income between expenditure on consumption, direct
tax payments and saving.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
TABLE 7
DISPOSAL OF PRIVATE INCOME
1938
1939
1940
Consumers' expenditure at market value [30+31]
Direct taxes [32+33 + 3 4 + 4 0 + 4 1 ]
Private saving (including undistributed profits) [35+36+42+43].
4,160
545
326
4,271
595
513
4,496
786
1,053
Private outlay [46]. . ,
5,031
5,379
6,335
1941
1942
1943
1944
1945
(In millions of pounds)
4,721
1,230
1,368
5,004
1,513
1,532
5,082
1,902
1,639
5,335
2,107
1,552
5,645
2,148
1,458
7,319
8,049
8,623
8,994
9,251
(Percentages)
Consumers' expenditure at market value
Direct taxes
Private saving (including undistributed profits)....
Private outlay
A. Consumers' Expenditure
Table 8 shows the distribution of consumers' expenditure on goods and services at current market
prices.
More detailed figures, together with definitions
of the items are given in Appendix III. Revisions
in detail have led to several changes compared with
the figures previously given, the most substantial
of these being in the estimates of expenditure on
food and alcoholic drink. In interpreting the figures and those in tables 9 and 10, the following
definitions should be noted:
(1) The figures relate as far as possible to expenditure met out of personal income including that
of charities and other non-profit-making bodies as
well as of individuals. The figures for individual
categories relate to purchases in this country even
when made by tourists or Dominion and Allied
troops. On the other hand they do not include
consumers' expenditure abroad out of British personal income. A rough adjustment for these factors is included in item 18 of the table.
(2) Expenditure on consumers' goods and services by business and public authorities is, as far as
possible, excluded except in certain cases where the
object purchased is resold to persons as part of a
composite product or service. Thus, personal expenditure on meals in restaurants and hotels is
spread over several categories; the cost to the
establishment of the food used appears in item 1,
"food"; the rent of the building in item 4, "rent,
rates and water charges"; the chinaware and cooking utensils purchased in item 6, "hardware" and
an allowance for the purely service and managerial
element of expense in item 14, "other services."
JULY
1946
83
11
6
80
11
9
71
12
17
65
17
18
62
19
19
59
22
19
59
24
17
61
23
16
100
100
100
100
100
100
100
100
(3) The figures represent the expenditure of
consumers in the above sense on goods and services
of all kinds whether these are provided out of new
production or from stock. Second-hand goods are
not included, but an allowance is made in item 14,
"other services," for the costs, including profit, of
handling and reconditioning them.
In table 9 estimates are given of the value of
the various components of consumers' expenditure in terms of constant prices.
During the war most groups of consumers' expenditure showed a decline in real terms, but the
extent of the curtailment varied appreciably between
different groups. The greatest decline was in the
categories of durable goods and personal services.
Purchases of new motor-cars by private individuals
ceased entirely for five years, purchases of furniture
were by 1944 down to only one-fifth and purchases
of clothing not much above half of their 1938 level.
In both these last two categories expenditure rose
slightly in 1945. In contrast, there was during the
war a rise in expenditure on drink, tobacco and
entertainments, all items subject to exceptionally
heavy indirect taxation.
It is important to bear in mind certain qualifications to which all the categories in table 9 are subject to some extent:
(1) The figures relate to the expenditure of the
total population of the United Kingdom, which,
because of the movement of troops between this
country and overseas, did not remain constant either
in size or composition.
Thus, for example, in 1943 and 1944 large numbers of Allied and Dominion troops were stationed
in this country, whose expenditure was distributed
727
BRITISH WHITE PAPER ON WAR FINANCE
very differently from that of the average British
civilian. Their expenditure on rent was smaller,
but their expenditure on drink and entertainments
was larger, than the average.
It is not, therefore, to be expected that the movement of these aggregate of expenditure will reflect
at all exactly the changes experienced 6y any particular class or individual.
TABLES 8 AND 9
PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES
8. I N MILLIONS OF POUNDS, AT CURRENT M A R K E T PRICES
Food
Alcoholic beverages:
Other
Tobacco:
Cigarettes
Other
Rent, rates and water charges
Fuel and light
Durable household goods:
Furniture and furnishings
Hardware
Other household goods
Clothing:
Footwear
Other clothing
Men's and boys' wear
Women's, girls' and infants' wear
Reading matter
Privately-owned motor vehicles and their running expenses.
Travel.
Communication services
Entertainments
Services not included above
Other goods
Income in kind of Armed Forces.
1938
1939
1940
1941
1942
1943
1944
1945
1,221
1,262
1,309
1,323
1,369
1,330
1,396
1,414
195
90
211
99
273
103
346
118
420
122
529
133
550
135
144
32
491
195
168
36
510
198
215
47
519
223
264
55
515
236
343
72
509
240
470
138
412
79
510
236
428
79
512
248
469
79
517
265
152
82
51
146
77
53
139
73
56
128
69
55
114
60
50
83
56
49
68
56
52
92
75
53
73
78
90
91
97
87
90
93
127
246
61
114
159
29
60
452
176
17
131
249
61
101
152
29
56
450
180
29
137
269
66
34
138
32
57
449
186
81
116
245
67
27
165
37
83
453
188
135
123
267
73
14
198
39
113
422
183
146
101
241
77
7
207
48
133
404
189
185
125
279
84
7
210
54
142
404
200
199
130
293
88
26
238
51
153
441
228
205
4,276
4,496
4,716
4,974
5,042
5,295
5,584
30
40
40
50
5,004
5,082
5,335
5,634
4,167
17. Total of above items.
18. Adjustment 1
-5
19. Total [7]
1
4,160
4,271
4,496
4,721
It is necessary to make a specific adjustment in order to convert the total in line 17 to a total of purchases out of British income.
9. I N MILLIONS OF POUNDS, AT 1938
1. Food
2. Alcoholic beverages:
Beer
Other
3. Tobacco:
Cigarettes
Other
4. Rent, rates and water charges
5. Fuel and light
6. Durable household goods:
Furniture and furnishings
Hardware
7. Other household goods
8. Clothing:
Footwear
Other clothing
Men's and boys' wear
Women's, girls' and infants' wear
9. Reading matter
10. Privately-owned motor vehicles and their running expenses
11. Travel
12. Communication services
13. Entertainments
14. Services not included above
15. Other goods
728
PRICES
1938
1939
1944
1945
1,221
1,231
1,075
983
1,022
195
90
203
95
202
82
233
68
144
32
491
195
150
32
504
196
149
30
507
200
230
84
166
32
502
201
980
1,027
1,034
236
64
249
59
259
60
174
32
496
196
176
29
497
185
177
28
499
186
194
27
501
192
152
82
51
144
75
53
105
59
51
70
45
47
48
33
42
36
29
40
30
29
40
42
38
40
1941
73
76
68
58
56
53
53
54
127
246
61
114
159
29
60
452
176
127
241
61
100
152
28
56
448
176
103
201
57
29
128
26
48
402
159
70
147
59
22
144
26
70
377
125
69
148
60
11
169
28
82
330
103
57
137
63
6
181
32
83
304
105
69
153
68
6
184
35
83
293
110
70
155
72
21
207
35
8S
313
117
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
(2) It has not been possible with the data available to adopt a uniform basis in compiling the series
of expenditures at constant prices. Two main methods have been used. In the case of rents, durable
household goods, clothing, books, travel and entertainments the values at current prices have been
deflated by dividing the estimates for each year by
an index reflecting changes in the prices of those
goods actually sold in the year in question in relation to 1938. In the case of the other groups of
expenditure the physical quantities purchased of
the various items in a category have been multiplied by their respective average prices in the
base-year.
would show a greater fall during the war than do
the figures in table 9, because the latter reflect the
movement of consumption from cheaper to more
expensive garments since rationing started.
In the case of food it has not been possible to
allow consistently for quality changes. Thus, dried
milk and liquid milk, for example, are treated as
two distinct commodities and a shift from one to
the other is reflected in the series of expenditure at
constant prices. On the other hand, an increase
in the proportion of inferior cuts of meat and a disappearance of the more expensive blends of coffee
have not affected the series, since the basic figures
are in terms of undifferentiated weight. There can
TABLE 10
NATIONAL COST OF CONSUMERS' GOODS AND SERVICES *
[In millions of pounds]
9.
10.
11.
12.
13.
14.
15.
16.
17.
Food
Alcoholic beverages:
Beer
Other
Tobacco
Rent, rates and water charges
Fuel and light
Durable household goods:
Furniture and furnishings
Hardware
Other household goods
Clothing:
Footwear
Other clothing
Reading matter
Privately-owned motor vehicles and their running expenses
Travel
Communication services
Entertainments
Services not included above
Other goods
Income in kind of the Armed Forces
Adjustment 2
18. Total [30]
1
2
1939
1940
1941
1942
1943
1944
1945
1,155
1,186
1,255
1,280
1,362
1,345
1,451
1,527
125
85
334
188
130
52
92
344
190
139
51
96
350
211
178
57
110
344
224
206
57
118
342
229
206
62
121
344
228
240
60
123
350
243
145
78
46
139
74
47
133
69
49
103
57
46
89
47
42
65
44
42
53
45
44
70
352
59
92
141
28
49
433
167
16
-7
74
359
59
81
135
28
46
430
171
27
85
386
63
28
124
31
47
428
176
75
79
306
64
21
147
35
65
428
161
129
5
85
334
70
80
306
74
7
190
46
89
386
151
180
40
84
372
3,602
3,659
3,796
3,839
4,006
4,285
46
c
U
180
37
82
401
149
139
30
?
195
Si
19
J>
4,582
Expenditure at market value less indirect taxes plus subsidies.
It is necessary to make a specific adjustment in order to convert the total in line 17 to a total of purchases out of British income
Owing to the lack of a uniform method of compilation the extent to which quality changes are
reflected in the figures varies from category to
category. In none of the service items has any
allowance been made for this factor. The figures
in table 9 are unaffected by changes in the extent
of overcrowding of trains, the delay in postal and
telephone services or the state of repair of houses.
Nor has any account been taken of changes in the
amount of services provided by sellers of goods, for
example, delivery services and use of wrapping
material. In the case of most groups of merchandise, however, some allowance has been made for
changes in the quality of goods. A series of clothing sales based on the number of garments sold
JULY
1938
1946
be no doubt, therefore, that the war-time changes
in the series of food expenditure at 1938 prices
underestimate the loss of satisfaction that has occurred through declines in quality.
(3) The "weights" used to combine the different
items in composite groups such as food and fuel
are prices and not, as would for other purposes be
more appropriate, technical factors such as food
values or thermal units.
A series of food purchases designed to measure
changes in the nutritional value of the diet would
fall by less during the war. Conversely, an index
of purchases of fuel weighted by their thermal content would show a smaller rise than the series in
table 9.
729
BRITISH WHITE PAPER ON WAR FINANCE
(4) None of the figures makes any allowance
for the loss of satisfaction caused by restrictions on
consumers' freedom of choice.
It was mentioned above that consumers' expenditure includes a large element of indirect taxation entering into the market price of the goods.
To this extent consumers' expenditure exceeds the
receipts of the producers of the goods. On the other
hand producers in some cases receive subsidies from
the government in addition to their sales proceeds.
Table 10 shows estimates of the amount producers
of consumers' goods and services actually receive,
whether from consumers or from public authorities.
It is these items that enter into the national cost
of consumption shown in table 5 above.
Though it is not feasible here to attempt to distribute the whole of this taxation over different
ranges of income it is possible to continue the estimates published in previous years of the extent to
which direct taxes fall on different incomes. Table
12 gives the estimated distribution of incomes before and after tax in the calendar years 1938 and
1944. It is clear from more recent information
that the figures for 1942 given in Cmd. 6623 need
revision; they should, therefore, be compared with
the figures given in Table 12 for 1944 which are
themselves provisional.
Table 12 relates to income received in 1938 and
1944 and shows the amount of private income at the
disposal of individuals which can be allocated to
TABLE 11
TOTAL PRIVATE INCOME AND THE PROPORTION REQUIRED TO MEET TAXATION
[In millions of pounds]
1938
1939
1940
1941
1942
1943
1944
1945
5,031
5,379
6,335
7,319
8,049
8,623
8,994
9,251
545
595
786
1,230
1,513
1,902
2,107
2,148
571
16
622
120
706
286
902
329
1,022
343
1,097
133
1,054
72
1,074
-22
5. Total tax liabilities in respect of private income
1,132
1,337
1,778
2,461
2,878
3,132
3,233
3,200
6. Tax liabilities as a percentage of private income
23
25
28
34
36
36
36
34
1. Private income [45]
2. Direct taxes, social insurance contributions of employees, war
damage contributions and premiums, etc., met out of private
income [49]
3. Indirect taxes, rates and war risks insurance premiums less subsidies met out of private income
4. Excess of tax liabilities over payments [83]
The difference between the entries in table 10 and
the corresponding entry or group of entries in
table 8 represents the indirect taxation less subsidies estimated to have fallen on particular classes
of consumers' goods and services. A comparison
of these two tables, therefore, shows the extent to
which different categories of consumers' expenditure are subject to net indirect taxation.
B. Taxation in Relation to Income
Table 7 showed the disposal of private income
between its immediate uses: personal expenditure,
direct tax payments and saving. Table 11 above
collects together all the taxes, both direct and indirect, which fall on private income.
The figures in line 3 are estimates of that part
of the excess of indirect taxes over subsidies which
is met out of private income: that is, which does not
appear in the value of goods and services bought
by public authorities. Indirect taxes entering into
the value of government purchases clearly represent
a transfer entirely within the public authority sector.
730
different ranges. The category of unallocated private income is not the same as other private income
shown in item 39 of table 21 since, while the undistributed profits of companies and all liabilities for
National Defence Contribution and Excess Profits
Tax are common to both, the figures in table 12
contain in addition all personal income (including
the income of non-profit-making bodies) which
cannot be allocated to ranges of income. Examples
are the investment income of charities, the increase
in assurance funds and certain allowances and
income in kind.
In the tables relating to 1944 the total net income
at 1944-45 rates is the amount which would have
resulted if all taxpayers had during that year paid
tax at 1944-45 rates on the income received by them
in that year. The figures in the corresponding
column for 1938-39 do not relate to the income of
that year, but to the income that would have remained after tax in 1944 if the taxation of 1938-39
had been in force in that year.
The change in the distribution of incomes brought
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
about by change in taxation can be shown in another way by classifying individuals by ranges of
income after tax, i.e. aggregate income as assessed
to tax less the income tax and surtax payable.
This is shown for the financial years 1938-39 and
1944-45 in table 13 which relates solely to income
assessed to income tax.
TABLE 12
DISTRIBUTION OF PRIVATE INCOME BY RANGES OF
INCOMES
Range of income
before tax
ber
of
incomes
Proportion
Total in- of income
come after before tax
Total income tax retained
and
inafter decome surtax1 at duction of
betaxes at
fore
tax
1938- 1944- 1938- 194445
39
39
45
rates2 rates rates rates
Private Income in 1938
(in pounds):
(In
thousands)
(In millions
(Per
cent)
of pounds)
provide this information below. It will be understood that in the case of mixed incomes the allocation of tax can only be arbitrary. Thus, if, for
example, income is derived partly from wages and
partly from interest-bearing securities, the tax payable in respect of the total income depends partly
on the size of the tax-free allowances and these are
calculated with reference to the total of income and
not with reference to its separate component parts.
TABLE 13
NUMBER OF INDIVIDUALS IN DIFFERENT RANGES
OF NET INCOME ASSESSED IN 1938-39 AND 1944-45 *
Range of income after tax
(In pounds)
1938-39
1944-45
150-250
250-500
500-1,000
1,000-2,000
2,000-4,000.
4,000-6,000
6,000 and over
4,500,000
1,820,000
450,000
155,000
56,000
12,000
7,000
7,400,000
5,050,000
830,000
186,000
33,050
890
60
Total
7,000,000
13,500,000
X
Private income at the
disposal of individuals3 which can
be allocated to
different ranges
Under 25O2
250-500
500-1,000
1,000-2,000
2,000-10,000
10,000 and over
Unallocated private
income
Total private income
Private Income in 1944
(in pounds)
Private income at the
disposal3 of individuals which can
be allocated to
different ranges
Under 2502
250-500
500-1,000
1,000-2,000
2,000-10,000
10,000 and over
Unallocated private
income
Total private income
A married couple is for income tax purposes counted as one
individual.
!
1 745
500
195
97
8
2,681 2,676 2,616 99.8
499 97 1
578
595
244 88.9
311
350
270
160 83 0
224
256
360
170 71.1
84
170
35 49.4
499
82.5
5,O31 4,628
92.0
*605
—
—
4
3,569 3,560 3,479 99 7
5,200 1,830 1,785 1,590 97.5
896
995
730 90.1
1,400
520
729
454 83.1
606
117
294
415
195 70.8
8
80
155
30 51.6
4
1,3O1
4
8,994
573
7,051
97.6
83 9
69.7
59 3
47.2
20.6
97 5
86.9
73.4
62.3
47.0
19.4
44.0
78.4
1
The estimates of income in this table relate to calendar years;
the tax-rates used are those that were current in the fiscal years
1938-39
and 1944-45.
2
All transfer payments, other than interest on the national debt,
have been included in the incomes below 250 pounds.
3 A married couple is for income tax purposes counted as one
individual.
4
Including all liabilities for National Defence Contribution and
Excess Profits Tax, which are deducted together with income tax
in arriving at retained income.
The preceding tables showed the effect of income
tax and surtax on personal incomes in different
income ranges, but gave no indication of the extent
to which direct taxation falls on different types
of income or property. An attempt is made to
JULY
1946
C. Private Saving
Table 15 brings together the information on
private saving, personal and other, contained in
table 21.
The allowance to meet accrued taxation in each
year is the excess of tax liabilities acrued during
the year, on the assumption that there will be no
change from the latest rate of tax announced, over
total payments during the year in respect both of
tax currently due and of arrears. Thus in order to
obtain the total amount required at the end of 1945
to meet the taxation accrued and unpaid, though
not necessarily due, at that date on personal income,
the figures in item 4 must be added together; that
is to say, the aggregate at that date was the sum
of the figures for the years 1938-45 ( = 463 million
pounds), plus the amount accrued and unpaid at
the end of 1937, plus or minus any adjustment due
to changes in the rate of tax between the dates of
earning and of assessment. The same applies to
the increase in allowances to meet accrued taxation
on other private income which is shown in item 7.
IV. CENTRAL GOVERNMENT EXPENDITURE AND ITS
FINANCE
This section deals with the finance of central government expenditure. Table 16 shows the relation
between total expenditure by the central government and expenditure of all public authorities on
goods and services.
731
BRITISH WHITE PAPER ON WAR FINANCE
TABLE 14
DIRECT TAXATION PAID IN RESPECT OF DIFFERENT TYPES OF INCOME AND PROPERTY
[In millions of pounds]
On income:
Rent of land and buildings
Income tax
Surtax
Interest and profits
Income tax
Surtax
N.D.C., E.P.T., etc
Salaries
Income tax
Surtax
Employees' contributions
Wages
Income tax
Surtax
Employees' contributions
Pay of Armed Forces
Income tax
On property:
Land and buildings
Death duties, corporation duty and land tax
War damage contributions
Interest bearing securities 2
Estate duties and corporation duty
Other stocks and shares
Estate duties and corporation d u t y . . .
Other forms of property
Estate duties
War damage contributions
Unallocated
2
1939
1940
1941
1942
1943
1944
59
7
208
43
16
65
7
84
8
120
132
8
305
59
69
1397
53
345
125
8
534
54
126
8
224
48
28
105
8
401
57
234
42
9
4
53
10
4
75
12
5
119
12
7
28
51
53
56
1
1
4
10
10
10
22
22
23
37
37
37
9
9
9
25
21
'25
545
595
786
1945
602
486
54
517
632
53
474
198
12
7
242
12
7
287
12
7
32a
112
185
238
241
61
65
64
63
"62
11
21
24
26
28
11
11
40
12
40
13
40
3a
30
31
36
43
43
43
47
48
11
26
14
11
14
10
12
9
16
13
21
1,513
1,902
2,107
2,148
1942
1943
1944
1945
32
Total direct taxes [49].
1
1938
28
40
10
43
23
1,230
12
7
16
The introduction of Tax Reserve Certificates absorbed payments previously made in advance.
Government and municipal stocks, bonds, mortgages and debentures.
TABLE 15
PRIVATE SAVING
[In millions of pounds]
1938
1939
1940
1941
Personal Saving
1. Gross personal saving, including allowance for accrued taxation
[34+35+36]
2. Less death duties, etc. [34]
234
-90
334
-87
700
-84
979
-93
1,283
-100
1,504
-106
1,450
-115
1.396
-133
3. Gross personal saving after allowance for death duties, etc.
[35 +36]
.
.
4. Less increase in allowance to meet accrued taxation [35]
144
-4
247
-34
616
-39
886
-42
1,183
-194
1,398
1,335
-97
-60
1,263
7
5. Net personal saving after allowance for accrued taxation [36]. ..
140
213
577
844
989
1,301
1,275
1,270
Ot ler Privjite Savin g
6. Other gross private saving, including allowance for accrued taxation [42 +43]
7. Less increase in allowance to meet accrued taxation [42]
182
-12
266
-86
437
-247
482
-287
349
-149
241
-36
217
-12
195
15
8. Other net private saving after allowance for accrued taxation [43].
170
180
190
195
200
205
205
210
9. Net personal saving after allowance for accrued taxation [36]....
10. Other net private saving after allowance for accrued taxation [43].
140
170
213
180
577
190
844
195
989
200
1,301
205
1,275
205
1,270
210
11. Total net private saving after allowance for accrued taxation [82].
310
393
767
1,039
1,189
1,506
1,480
1,480
To tal Privstte Savin g
732
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
TABLE 16
EXPENDITURE OF THE CENTRAL GOVERNMENT AND OF ALL PUBLIC AUTHORITIES
[In millions of pounds]
1. Expenditure of all public authorities on goods and services at
market prices [73 +77]
2. Less expenditure by extra-budgetary funds and local authorities
on goods and services [72 +75 +76]
3. Central government expenditure on goods and services [71+74]. .
4. Plus central government subsidies and transfer payments [65 +67].
5. Plus net transfers from central government to other public authorities [125]
1938
1939
1940
1941
1942
1943
1944
1945
5,059
941
1,362
3,099
4,228
4,605
5,227
5,256
-482
-497
-497
-507
-492
-469
-463
-475
459
343
865
352
2,602
429
3,721
550
4,113
637
4,758
715
4,793
826
4,584
1,024
231
273
334
382
379
358
352
359
5,831
5,971
5,967
6. Total central government expenditure [61]
1,033
Central government expenditure was met partly
by revenue and partly by borrowing. The proportion covered by revenue has increased steadily
since 1940.
The channels through which government borrowings reached the Exchequer are set out in one
of the main tables in Section V (table 24). Table
19 shows the ultimate sources of these borrowings,
1,490
3,365
4,653
5,129
TABLE 17
THE METHODS OF CENTRAL GOVERNMENT FINANCE
1938
1939
1940
1941
1942
1943
1944
1945
(In millions of pouncIs)
1. Revenue [47+50+54]
2. Net borrowing [57]
3. Expenditure [61]..
885
148
977
513
1,275
2,090
1,033
1,490
3,365
1,857
2,796
2,366
2,763
2,926
2,905
3,218
2,753
3,268
2,699
4,653
5,129
5,831
5,971
5,967
(Percen tages)
4. Revenue
5. Net borrowing
6. Expenditure
The composition of central government revenue
is shown below:
86
14
66
34
38
62
40
60
46
54
50
50
54
46
55
45
100
100
100
100
100
100
100
100
namely, private saving, surpluses of extra-budgetary
funds and of local authorities, sums arising from
TABLE 18
CENTRAL GOVERNMENT REVENUE
[In millions of pounds]
1938
1939
1941
473
79
24
664
77
23
848
73
27
44
211
317
1942
1943
1944
1945
1,110
74
33
1,279
74
35
1,353
73
34
Income tax
Surtax
National Defence Contribution
312
59
15
Excess Profits Tax
Death duties . .
Customs and excise duties on drink
107
116
175
218
267
337
360
375
84
108
159
208
97
306
113
371.
93
385
95
409
109
8
8
8
15
27
40
46
50
150
34
19
132
37
14
138
38
14
139
32
15
151
28
17
202
28
17
150
35
23
Customs and excise duties on tobacco
Purchase tax
Entertainments duty
Other customs and excise duties 1
Motor vehicle duties
Stamp duties
Post Office surplus 2
Receipts under the railway agreement
Other revenue
Central government revenue [47 +50 +54]
1
2
78
138
35
21
.
...
346
65
28
1940
77
79
88
94
453
97
481
107
440
119
10
8
19
18
18
32
25
10
31
31
66
23
36
54
20
39
49
21
42
32
24
885
977
1,275
1,857
2,366
2,926
3,218
3,268
The reduction in this item in 1945 was due largely to a reduction of imports of petroleum products on government account.
Surplus shown in the commercial accounts of the Post Office.
JULY 1946
733
BRITISH WHITE PAPER ON WAR FINANCE
the running down of domestic capital and sums
received from overseas as a result of borrowing and
the sale of overseas assets.
Sums set aside to replace equipment become available for an alternative purpose if the replacement is
postponed. The same is true of money obtained
by the sale of stocks without replacement and of
compensation received in respect of war risks and
other insurance claims which is not spent in the
period. When allowance has been made for other
calls on these sums the total described in the heading to item 2 is reached.
Attention is drawn to the statement under (2)
above that the net change in stocks and work in
progress is measured by the change in their value
as reckoned in the calculation of profits. While
the practice in this respect is not uniform, the
measure given here approximates more closely to
the change in the value of stocks than to the value
of the quantitative change and to some extent,
therefore, the basis of valuation of stocks differs
from the one adopted for other forms of capital
assets. In other words, the calculation of profits
takes account of changes in the value rather than
TABLE 19
THE SOURCES OF CENTRAL GOVERNMENT NET BORROWING
[In millions of pounds]
1938
1. Saving:
(a) Private [82 +83]
(b) Extra-budgetary funds and local authorities [72 —58 —59].
2. Sums released by running down domestic capital equipment and
stocks1:
(a) Private [ 8 6 - 1 0 - 1 1 - 1 2 ]
(b) Local authorities [72]
3. Net sale of assets and increase in liabilities to countries abroad [91].
4. Central government net borrowing (deficit) [57]
1
1939
1940
1941
1942
1943
1944
1945
326
33
513
66
1,053
163
1,368
183
1 532
181
1 639
145
1 552
114
1 458
8
-180
— 101
70
-246
-70
250
78
—8
804
406
23
816
353
34
663
403
38
680
386
42
659
377
37
819
148
513
2,090
2,796
2,763
2,905
2,753
2,699
Including any unspent compensation in respect of war risks and insurance claims.
This total, therefore, is provided from the following sources:
(1) Additions to depreciation, obsolescence and
similar funds held by firms, institutions and persons;
(2) Depletion of stocks and work in progress
held under private finance, measured by the reduction in their value as reckoned in the calculation
of profits;
(3) Sums repaid to lenders and transferred to
sinking funds by local authorities;
(4) Receipts from the sale to the central government of fixed capital assets such as sites and
buildings;
(5) Compensation received in respect of war
risks claims;
(6) Less private gross capital formation, including replacement of war losses and the increase in
work in progress on government contracts which,
being ultimately recoverable from the Exchequer,
is shown separately in item 10 of table 20;
(7) Less gross capital formation of local authorities.
734
in the quantity of stocks. The information available does not permit measurement of the value
of the quantitative change in stocks. There can
be no doubt, however, that in the early years of
the war, particularly 1940 and 1941, when stocks
were falling, the value of the decrease was greater
than the fall in value implied in the calculation of
profits. An adjustment to bring the figures on to
the former basis would, therefore, reduce the estimate of net capital formation in those years.
If this adjustment were possible, profits, and
hence private saving, would be lower to exactly the
extent that item 2(a) would be increased. The distribution of sums between items l(a) and 2(a) of
the above table is, therefore, arbitrary to the extent
that it depends on the adoption of a particular
convention for the assessment of profits. Each of
these items, moreover, consists in part of the residual items in tables 20 and 21, for which no
independent estimate has, except in 1938, so far
been possible. Each of them is, therefore, peculiarly subject to error, although their sum is not.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
V. THE MAIN TABLES
TABLE 20
ESTIMATES OF NATIONAL INCOME AND EXPENDITURE
[In millions of pounds]
1938
1939
1940
1941
1942
1943
1944
1. Rent of land and buildings
2. Interest and profits, including farming profits and professional
earnings
3. Salaries
4. Wages
»
5. Pay and allowances (in cash and kind) of serving members of
the Armed Forces
380
388
386
385
384
384
384
385
1,317
1,100
1,735
1,472
1,141
1,835
1,829
1,206
2,115
2,128
1,332
2,419
2,342
1,381
2,688
2,460
1,430
2,845
2,487
1,473
2,890
2,445
1,585
2,840
78
124
386
622
805
999
1,167
1,228
6. National income (or net national product at factor cost)
4,610
4,960
5,922
6,886
7,600
8,118
8,401
8,483
4,271
1,267
95
4,496
3,073
26
4,721
4,240
-12
5,004
4,628
-23
5,082
5,255
-28
5,335
5,290
-34
5,645
5,056
3
125
175
75
7. Personal expenditure on consumers' goods and services at
market prices
4,160
816
8. Current expenditure by public authorities on goods and services..
125
9. Net non-war capital formation of public authorities
10. Increase in work in progress on government account held
under private finance
180
11. Private net capital formation at home and war losses made
good not included below
12. Expenditure incurred in making good war damage to buildings..
13. Net lending abroad and purchase of assets and financial claims
-70
from overseas
15
14. Subsidies
-562
15. Less indirect taxes and rates
-54
16. Less employers' national insurance contributions
17. Less war risks insurance premiums
18. Net national expenditure
NOTES
1. This item represents the income from the ownership
of lands, houses, etc., as assessed for income tax under
Schedule A, after allowance has been made for maintenance
and repair. Incomes from these sources below the effective
income tax exemption limit are included, as also are those
received by non-profit-making bodies, e.g. charities, colleges,
etc. Premises occupied by their owners are treated on the
same basis as rented premises. Rents paid by occupiers
in excess of Schedule A values are excluded from this item,
since they attract income tax under Schedule D.
2. Aggregate profits here are net, after current business
losses have been deducted. This item excludes interest on
the national debt and also income due to foreigners after
deduction of income tax, but includes miscellaneous government income such as trading profits, receipts under the railway agreement, certain receipts from abroad and central
government taxes paid by foreigners. It also includes profit
and interest not brought into assessment, including income
in kind and the amounts received by persons below the
income tax exemption limit or by non-profit-making bodies,
and incomes, whether or not below the income tax exemption
limit, accruing to persons working on their own account.
In addition to profits and interest this item includes rents
paid in excess of Schedule A values.
3. Aggregate salaries include: (a) the whole of the earnings of shop assistants, (b) small salaries below the income
tax exemption limit, (c) allowances of salary earners not
brought under assessment to income tax.
4. This item includes an allowance for the income in
kind (food, lodging, etc.) of, e.g. domestic servants, miners
and farm workers. The estimate of personal expenditure on
consumption at market prices (item 7) includes a similar
allowance.
JULY
1946
4,610
(246) I
-225
(-167) (-362) (-275) (-290) (-331) (-109)
120
29
49
56
61
-250
20
-620
-55
-14
-804
70
-715
-58
-124
-816
130
-915
-65
-239
4,960
5,922
6,886
-819
-659
-680
-663
215
250
170
160
-1,095 -1,241 - 1 , 3 4 2 - 1 , 3 5 4
-70
-69
-72
-73
-59
-15
-152
-199
7,600
8,118
8,401
8,483
5. This item includes: (a) the pay and cash allowance of,
and the value of issues of food and clothing to, members
of H.M. Forces and Auxiliary Services, other than those on
release leave, and (b) the pensions and retired pay of former
members of the Armed Forces other than pensions awarded
for death pension or disability attributable to war service.
War pensions appear as a transfer payment in* item 26; payments and issues of civilian clothing to members of the
Armed Forces on release leave are shown as a separate
transfer payment in item 23 of table 21.
6. This item is the sum of items 1 to 5 and is an estimate
of the incomes received by factors of production in, or
only temporarily absent from, the United Kingdom in the
course of producing the current output of goods and services
of all kinds. These incomes are before tax, since all taxes,
direct and indirect, falling on them, whether paid directly by
individuals (including non-profit-making bodies) or through
businesses or public authorities, will be paid out of them.
The item is net in the sense that the sums shown in items
1 and 2 exclude that part of gross receipts which is allowed
in the calculation for tax purposes of net rent and profit in
respect of the maintenance and repair or replacement of all
existing capital equipment (such as houses, machinery and
stocks) which is currently worn out or used up.
The estimates of labour income given in items 3, 4 and
5 do not include employers' contributions to national insurance (unemployment, health and pensions). These payments are, however, included in the income figures for some
countries and are therefore shown separately in item 16
of this table.
7. This item shows the money value of all consumers'
goods and services either bought by individuals and nonprofit-making bodies or received by them as income in kind.
The figures shown here are therefore at prices which include
735
BRITISH WHITE PAPER ON WAR FINANCE
those indirect taxes, rates, employers' contributions to national insurance and insurance premiums which appear in
the market value of these goods and services. They exclude
costs which, being met by government subsidies, do not enter
into market values. The market value of personal expenditure on insurance is measured by the cost of the factors of
production taken up in providing the insurance, that is,
an estimate of the share of premiums which is paid out in
expenses of management, commissions and dividends or
retained in free reserves.
8. This item excludes expenditure by public authorities
which does not arise from a direct demand for goods and
services. Thus it excludes (i) transfer payments, (ii) claims
paid in respect of war losses, (iii) loan repayments, payments to sinking funds, etc., by the central government.
Loan repayments and payments to sinking funds by local
authorities on rate fund account are included in lieu of
depreciation allowances as part of the current cost of providing the services. Subsidies, which are shown in item 14
below, are excluded and so are operating expenses incurred
in the provision of services such as postal services and local
authority trading services, which are sold to persons and
businesses. Net non-war capital expenditure is excluded
from this item and appears separately in item 9.
With the exception noted below, Lend-Lease assistance
and, in 1942, expenditure equivalent to the Canadian contribution are excluded from this item. Thus, in so far as
goods have been received under Lend-Lease and Mutual
Aid or have been paid for out of the Canadian contribution,
this series is not a consistent measure of the value of the
total amount of goods and services currently at the disposal
of public authorities since it includes resources obtained by
borrowing from, or sale of assets and financial claims to,
countries abroad, but not those obtained under Lend-Lease
provisions or as a result of the Canadian contribution.
The 1945 figure includes an amount of 161 million pounds
(650 million dollars) to cover the following items mentioned
in the joint statement regarding settlement for Lend-Lease,
Reciprocal Aid, surplus war property and other claims
issued by the Governments of the United Kingdom and the
United States on 6th December 1945 {see Cmd. 6708):
(a) a net sum of 118 million dollars representing the
difference between the amount of the services and supplies
furnished or to be furnished by each Government to the other
Government after V-J day through Lend-Lease and Reciprocal Aid channels, less the net sum due to the United Kingdom under the claims settlement, and
(b) a net sum of 532 million dollars for all other LendLease and Reciprocal Aid items, and for surplus property,
and the United States interest in installations, located in
the United Kingdom and owned by the United States Government.
The exact amount for the items mentioned in (a) above,
other than claims, will be ascertained by accounting in due
course but is not likely to differ greatly from the amount
provisionally taken as a working total.
Since no cash payment has been made this expenditure
is not included in Exchequer issues.
9. This item excludes entirely expenditure on goods and
services connected with the war even though it was of a
capital nature. It is mainly composed of Post Office loan
expenditure, central government expenditure on the manufacture of pre-fabricated houses (in 1945 only) and the
736
capital formation of local authorities (other than that on
war emergency services, which is included in the preceding
item). The latter is measured by taking capital expenditure
on works less receipts from the sale of assets and sums repaid
to lenders and transferred to sinking funds. This last deduction is made in lieu of allowances for depreciation since there
is a reasonable correspondence between the life of the assets
and the period over which the borrowing used to finance
them is repaid.
10. This item is shown separately since it is convenient
to keep it distinct from other forms of private net capital
formation at home. Unless separately accounted for it
necessarily appears in the balancing item (item 11 in the war
years) since the national income includes all income accruing
as a result of current activity in producing goods and services
on government account whereas items 8 and 9 include only
payments actually made by public authorities.
11. This item relates only to capital formation of the
private sector of the economy. It is composed of (a) gross
expenditure on fixed capital and its upkeep, i.e. new additions,
replacements and repairs (whether normal or resulting from
war damage, with the exception of the sums shown
separately in item 12 below), less (b) maintenance expenditure and depreciation allowances deducted from gross revenue
in arriving at the figures of net rent and profits shown in
items 1 and 2, less (c) increases in assurance reserves to
meet claims by business insurers, less (d) receipts in respect
of business insurance claims for damage (other than war
damage) to fixed capital less (e) receipts from the sale to
public authorities of existing privately-owned capital assets
such as land and buildings, plus (f) the increase in stocks
(including replacements of war losses) as valued for the
calculation of profits in item 2, less (g) the increase in work
in progress on government account held under private finance
shown separately in item 10.
The necessity for the deductions in (c) and (d), which
were not previously made, is explained in Appendix II.
It has been impossible to make a direct estimate of the
constituents of this item for the war years. The figures in
brackets have been obtained by subtracting the sum of
items 7 to 10 and 12 to 17 from item 6 and are therefore
dependent on the accuracy of those estimates.
12. Equal to the amount of compensation paid under Part
I of the War Damage Act, substantially all of which arises
only where actual work is put in hand. This work includes
a small amount of equipment other than buildings.
13. This item is an estimate of the net recorded increase
(or, when negative, decrease) in the external assets of the
United Kingdom. The amounts shown for the war years
are known to understate the extent to which the country's
international position has deteriorated.
If records were complete this item would be equal to the
United Kingdom balance of payments on current account.
This balance represents the excess of payments over receipts
on current account and is required here since receipts for
exports and similar services which give rise to income in this
country do not appear elsewhere in expenditure, whilst payments for imports and similar services which do not give
rise to such income appear in items 7 to 12 and have,
therefore, to be deducted.
Lend-Lease affects this item, as also item 8, in only one
year: the 1945 figure includes the liability of 161 million
pounds to the Government of the United States to cover
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
the net sum due for the settlement of Lend-Lease and
Reciprocal aid, etc. mentioned in the note to item 8.
14. This item is included here since it represents payments in respect of costs not appearing in the market value
of goods and services. It is restricted to the following
classes of payments made by the central government towards
the cost of goods and services bought by the public: (i)
agricultural subsidies such as the beet sugar subsidy, milk
subsidy, wheat deficiency payments and grants in respect
of fertilizers, grassland ploughing and field drainage, (ii)
acreage payments, (iii) losses incurred on the commercial
accounts of the Ministry of Food and the Ministry of War
Transport, (iv) subsidies in respect of coal paid by the
Ministry of Fuel and Power, (v) subsidies in respect of
utility cloth and (vi) certain subsidies in respect of raw
materials and fertilizers met by the Ministry of Supply.
The corresponding item in Cmd. 6623 included the Ministry
of Food's contributions towards the cost of food and vitamin
products supplied under the National Milk Scheme and the
milk-in-schools and vitamin schemes, which are in this Paper
treated as transfer payments and therefore enter into consumers' expenditure on goods and services (item 7).
15. This and the two items following require to be
deducted from the sum of items 7 to 13 (which is the net
national expenditure at market value) since they appear in
market prices but do not appear in any of items 1 to 6.
The item includes (i) customs and excise duties, (ii) motor
vehicle duties on vehicles owned by businesses, (iii) stamp
duties other than those on the transfer of property and (iv)
local rates. An estimate of the amount of taxes paid by
foreigners has been deducted since these taxes are now
treated as a part of the national income.
16. Compulsory contributions of employers to the national health and unemployment insurance and contributory
pensions schemes.
17. This item shows the premiums paid under the commodities and marine war risks insurance schemes, but not
contributions and premiums under the War Damage Act,
which are treated as direct taxes.
18. This item is the sum of items 7 to 17 and is an
TABLE 21
ESTIMATES OF PRIVATE INCOME AND OUTLAY
[In millions of pounds]
Personal Income
1938
19. Rent, interest and.profits received by persons
1,589
20. Wages and salaries paid by government non-trading under250
takings
2,585
21. All other wages and salaries
78
22. Pay and allowances of serving members of the Armed Forces. .
23. Pay and allowances of members of the Armed Forces on release
leave
24. War gratuities and post-war pay credits of members of the
Armed Forces
132
25. Pension payments
114
26. Payments in respect of unemployment and the relief of poverty.
23
27. Sickness benefit
1
28. Other transfer payments
1943
1945
1,649
1,746
1,744
1,919
2,052
2,144
2,230
320
2,656
124
380
2,941
475
540
3,529
805
580
3,695
999
590
3,773
1,167
615
3,810
1,228
386
3,276
622
45
134
98
23
6
153
67
23
24
181
31
21
50
204
19
27
44
5,010
5,720
6,400
80
257
25
31
30
225
17
31
44
250
18
32
45
7,087
7,643
8,019
8,351
4,285
4,582
1,050
1,029
205
115
1,063
1,085
225
133
-7
29. Personal income before tax
4,772
30. National cost of personal consumption
31. Indirect taxes, rates, etc., less subsidies on consumers' goods
and services
32. Direct tax payments not included below
33. Income tax payments due for repayment after the war
34. Death duties and stamps on the transfer of property
35. Excess of direct tax liabilities over payments
36. Net personal saving after setting aside the excess of direct tax
liabilities over payments
3,602
3,659
3,796
3,839
4,010
4,006
558
378
612
405
700
524
87
34
84
39
882
690
10
93
42
994
675
125
100
194
1,076
887
170
106
97
(213)
(577)
(844)
(989) (1,301) (1,275) (1,270)
37. Personal outlay
4,772
90
4
(140)
5,010
60
5,720
6,400
7,087
7,643
8,019
8,351
615
919
962
980
975
900
962
980
975
Other Private Income
38. Other private income before tax.
259
369
39. Other private income before tax
615
40. National Defence Contribution and Excess Profits Tax payments
41. Other direct tax payments
42. Excess of direct tax liabilities over payments
43. Other private net saving after setting aside the excess of direct
tax liabilities over payments
15
62
12
28
75
86
170
180
44. Other private outlay
259
68
110
247
234
203
287
344
269
149
486
253
36
516
242
12
190
195
200
205
205
474
231
-15
210
900
615
Private Income
45. Private income before tax (sum of items 29 and 39)
46.
Private outlay (sum oi items 37 and 44)
JULY 1946
5,031
5 ,379
6 , 335
7 ,319
8 ,049
8 ,623
8, 994
9 , 251
5,031
5 ,379
6 , 335
7 ,319
8 ,049
8 ,623
8, 994
9 , 251
737
BRITISH WHITE PAPER ON WAR FINANCE
estimate of expenditure on the factors of production in,
tions to national insurance, (iv) war damage contributions
or only temporarily absent from the United Kingdom. It is, and premiums met out of personal income and (v) motor
therefore, by definition equal to item 6.
vehicle duties on vehicles owned by persons.
NOTES
33. The amount of income tax payments for which post19. This item is composed of items 1 and 2 of table 20
war credits are due.
plus national debt interest received by the private sector of
34. Together with items 32 and 33 this item makes up the
the economy and the increase in interest accrued on National
total of direct tax, etc. payments met out of personal income.
Savings Certificates (item 119 of table 24) less private income
35. This item shows the excess of the liability for the
not accruing to persons (item 38) less miscellaneous income
direct taxes included in items 32 to 34 accruing on current
from public property, etc. (item 56 of table 22).
income over current direct tax payments. It relates particularly to income tax on interest and profits and to surtax
20. An estimate of that part of items 3 and 4 of table
since in these cases liabilities in respect of current incomes
20 which is paid by government non-trading undertakings,
(payable in the future) differ considerably from current
i.e. by central government departments other than the Post
payments at times when money incomes or rates of taxation
Office, by extra-budgetary funds and by local authorities on
are changing. Income tax accruals in respect of income
rate fund account.
assessed under Schedule E (wages and salaries) have been
21. Items 3 and 4 of table 20, less item 20.
omitted throughout the period. This has been done to
22. The same as item 5 of table 20.
avoid the discontinuity which would otherwise have been
23. This item includes, in addition to the pay and cash
introduced into the figures as a result of the introduction of
allowances of members of the armed forces on release leave,
the "p a v as you earn" scheme in 1944.
the cost of the civilian clothing issued to them on their
Tax liabilities have been calculated at current rates of
release.
taxation, except in 1945 when account has been taken of
24. The post-war pay credits included in this item are
the reduction in tax-rates, to take effect in April, 1946, which
the amounts paid out in respect of service in the Armed
was announced in the autumn Budget of 1945.
Forces. They are not post-war credits of income tax.
25. Non-contributory and contributory old age pensions,
36. This item represents the excess of personal income over
other contributory pensions, supplementary pensions and
outgoings on consumers' goods and services and liability
cash payments in respect of war pensions and service grants.
for taxes and compulsory contributions. It has been obtained
throughout by subtracting the sum of items 30 to 35 from
26. Unemployment insurance benefits, unemployment alitem 29 and therefore depends on the accuracy of those items.
lowances and outdoor relief paid by local authorities.
37. This item is the sum of items 3Q to 36, which show
27. Cash benefits under the national health insurance
the various ways in which personal income is disposed of.
scheme. In previous years the corresponding item included,
Current income may be either (a) spent on consumers'
in addition, the cost of medical benefit, which is now treated
goods and services, (b) paid away in taxes and the like,
as expenditure by public authorities on goods and services and
(c) set temporarily aside against increased liabilities to tax
not as a transfer payment. A corresponding deduction has
or (d) added to past savings. Since this list is exhaustive
been made from personal expenditure on medical services and
the item is by definition equal to item 29.
drugs included in item 30 on the other side of the account.
38. This item is equal to that part of the national income
28. This item previously consisted of billeting allowances,
(item 6 of table 20) which is neither paid out to persons
fireguards' subsistence allowances, travelling and lodging
(in which case it enters, together with transfer payments,
allowances of transferred workers, trainees' wages and lodginto item 29) nor accrues to public authorities as miscellaneing allowances, State scholarships and maintenance allowous income from public property, trading, etc. (item 56 of
ances to students. It now includes, in addition, that part
table 22).
of the cost of vitamin products and milk sold under the
National Milk and milk-in-schools schemes, which is met by
39. See preceding note.
the Ministry of Food. This cost, previously treated as a
40. The total payments of National Defence Contribution
subsidy, has this year been treated as a transfer income.
and Excess Profits Tax.
A corresponding addition has been made to item 30 on the
41. This item is composed of other direct taxes such as
other side of the account.
income tax and war damage contributions and premiums
The sum of items 23 to 28, plus that part of the national
met out of other private income. Together with items 32, 33,
debt interest and increase in interest accrued on National
34 and 40, it is equal to item 49 of table 22.
Savings Certificates which is included in private income
42. This item shows the excess of the liability for the
(item 119 of table 24), is equal to the total of transfer paydirect taxes included in items 38 and 39 accruing on current
ments shown in item 70 of table 22.
income over the current payments of these taxes. As ex29. This item is the sum of items 19 to 28 and shows the plained in the note to item 35, accruals of this kind are
total of disposable income received by persons (including
payable in the future in so far as current payments are made
non-profit-making bodies).
in respect of assessments based on the income earned in an
earlier period. Tax liabilities were calculated as explained
30. This item is equal to item 7 of table 20 less item 31.
in the note to item 35.
31. That part of the excess of indirect taxes, etc. (items
15, 16 and 17 of table 20) over subsidies (item 14 of table
43. An estimate of other private net saving, the net
20) which falls on consumers' expenditure.
undistributed profits of companies.
32. This item includes payments of (i) income tax in
44. The sum of items 40 to 43 and by definition equal
respect of private income (other than that paid by businesses
to item 39.
in respect of business saving, which is included in item 41,
45. The sum of items 29 and 39; equal to item 6 of
and the sums due for repayment after the war which are
table 20 plus item 70 of table 22 less item 56 of table 22.
shown in item 33), (ii) surtax, (iii) employees' contribu46. The sum of items 37 and 44.
738
FEDERAL RESERVE BULLETIN
BRITISH
WHITE PAPER ON WAR FINANCE
TABLE 22
THE INCOME, DEFICIT AND EXPENDITURE OF PUBLIC AUTHORITIES
| In millions of pounds]
1938
1939
L940
1941
1942
1943
1944
1945
Direct taxes
490
55
538
57
725
61
1,087
143
1 375
138
1 777
125
1,988
119
2 ,041
107
545
595
786
1,230
1 513
1 902
2,107
2 ,148
50. Central government
51. Extra-budgetary funds. . . .
52. Local authorities
351
54
211
397
69
223
487
182
228
690
304
225
871
272
224
1 014
224
227
1,112
129
230
1,119
84
235
53. Total. .
616
689
897
1,219
1 367
1 465
1,471
1,438
44
10
42
8
63
8
80
9
120
12
135
12
118
13
108
15
54
50
71
89
132
147
131
123
148
-22
90
513
-54
58
2 ,090
2 ,796
2 ,763
2 905
2,753
-146
-149
-153
-173
-9
-57
-62
-60
-97
-59
2,699
16
-61
216
517
1,935
2 ,590
2,548
2 ,722
2,597
2 ,654
1,033
87
311
1,490
72
289
3 ,365
97
227
4 ,653
298
177
5 ,179
257
174
5 831
226
179
5,971
151
184
5 ,967
207
189
1,431
1,851
3 ,689
5 ,128
5 ,560
6 ,236
6,306
6 ,363
15
20
70
130
160
170
215
250
36
248
214
187
111
163
47. Central government
48. Extra-budgetary funds
49. Total
Indirect taxes
Income from property
54. Central government.
55. Local authorities. . . .
56. Total. .
Deficit
57. Central government
58. Extra-budgetary funds
59. Local authorities
60. Total
Income plus deficit
61. Central government
62. Extra-budgetary funds
63. Local authorities
64. • Total
Subsidies
65. Central government
Payments in respect of war damage claims
66. Extra-budgetary funds
Transfer payments
67. Central government. . . .
68. Extra-budgetary funds. .
69. Local authorities
328
124
23
332
114
23
359
105
20
420
89
13
477
92
12
545
95
12
611
101
12
774
104
13
70. Total.
475
469
484
522
581
652
724
891
24
101
25
70
18
8
11
-23
11
-34
10
-38
8
-42
40
-37
125
95
26
-12
-23
-28
-34
3
74. Central government
75. Extra-budgetary funds. . .
76. Local authorities
435
26
355
840
27
400
2 ,584
25
464
3 ,710
27
503
4 ,102
77
499
4 ,748
26
481
4,785
28
477
4 ,544
28
484
77. Total.
816
1,267
3 ,073
4 ,240
4 ,628
5 ,255
5,290
5 ,056
802
150
479
1,217
141
493
3 ,031
166
492
4 ,271
364
493
4 ,750 5 ,473
333
308
477
455
5,619
240
447
5 ,608
295
460
1,431
1,851
3 ,689
5 ,128
5 ,560
6,306
6 ,363
Net non-war capital formation
71. Central government.
72. Local authorities. . . .
73. Total.
Current expenditure on goods and services
Total expenditure, excluding transfers to other authorities but
including payments out of transfers from other authorities
78. Central government. . .
79. Extra-budgetary funds.
80. Local authorities
81. Total. .
NOTES
This table is a combined statement of the income, deficit
and expenditure of public authorities in the United Kingdom.
Transfers between one public authority and another, such as
JULY 1946
6 ,236
Exchequer grants to local authorities, similar contributions
to extra-budgetary funds and payments by public authorities
of direct taxes are excluded from the income of the receiving
authority and from the expenditure of the authority making
739
BRITISH WHITE PAPER ON WAR FINANCE
the transfer. Thus, expenditure by local authorities from
Exchequer grants is attributed to local authorities and not to
the central government.
Expenditure on goods and services is here net in the sense
that it is after deduction of goods and services sold by public
authorities to the general public, which are included either
in personal expenditure on consumption or in private net
capital formation at home.
47. Includes income tax, after deduction of the small
amount paid by foreigners and by public authorities in
respect of their income from property surtax, National Defence Contribution, Excess Profits Tax and other Inland
Revenue duties with the exception of those stamp duties
included in item 50. Certain appropriations-in-aid and
receipts appearing in miscellaneous revenue which can be
regarded as gifts (e.g. sundry contributions towards the cost
of the war) or direct taxes are also included. Receipts from
wireless licences are here treated as direct taxes, as also are
motor vehicle duties on vehicles owned by persons.
48. Employees' contributions to national insurance schemes
and War Damage Act contributions and premiums.
49. The sum of items 47 and 48: equal to the sum of
items 32, 33, 34, 40 and 41 of table 21.
50. Customs and excise duties, motor vehicle duties not
included in item 47 above, stamp duties other than those
on the transfer of property and appropriations-in-aid corresponding to indirect taxes. A deduction has been made
to cover indirect taxes estimated to enter into the value of
exports and therefore to fall on foreigners. These have
been treated as central government income from trading,
property, etc., and included in item 54.
51. Employers' contributions to national insurance schemes
and premium payments under the commodities and marine
war risks insurance schemes.
52. Composed of local rates and central government contributions in lieu of rates, with the exception of water rates,
which are treated as current receipts from a trading service.
53. The sum of items 50 to 52; numerically equal to the
sum of items 15 to 17 of table 20.
54. As in previous years, this item includes receipts from
Crown Lands and from Sundry Loans, certain items appearing in miscellaneous revenue, such as contributions
towards the cost of the war received from colonial governments and peoples, and certain appropriations-in-aid, such
as receipts under the railway agreement. Interest on national
debt owned by public departments continues to be excluded.
The Post Office income from trading, previously measured
by the Post Office net receipt less Post Office expenditure
out of Vote of Credit, is here measured by the surplus shown
in the Post Office commercial accounts. The item now
includes, in addition, the direct and indirect taxes estimated
to fall on foreigners.
55. An estimate of the profits from trading services and
corporation estates treated in such a way that contributions
to rate fund accounts are included while transfers from rate
fund accounts in aid of deficiencies are not.
57. The excess of central government expenditure over
revenue. Sums received through the Currency Deposit
Account, amounting in 1944 and 1945 to 90 million and
38 million pounds respectively, are omitted from this item
and corresponding amounts are omitted from expenditure.
58. This item shows the excess (or, in 1945, shortfall)
of receipts over payments of the war risks insurance schemes,
740
the Unemployment and National Health Insurance Funds
and various accounts managed by the National Debt Commissioners. Since the item is headed "deficit", a surplus
requires a negative sign.
59. This item shows the net borrowing of local authorities.
It is composed of total borrowing less repayments, transfers
to sinking funds and additions to balances.
61. The sum of items 47, 50, 54 and 57.
62. The sum of items 48, 51 and 58.
63. The sum of items 52, 55 and 59.
65. This item is identical with item 14 of table 20; it
is fully described in the note to that item.
66. Payments in respect of claims under the commodities
and marine war risks insurance schemes and the War
Damage Act.
67. As in previous years this item includes (i) national
debt interest paid to persons and businesses, (ii) increase
in interest accrued on National Savings Certificates, (iii)
contributory and non-contributory old age pensions, (iv)
cash payments in respect of war pensions and service grants,
(v) supplementary pensions, (vi) unemployment allowances,
(vii) billeting allowances, (viii) fireguards' subsistence allowances, (ix) travelling and lodging allowances of transferred
workers, and (x) trainees' wages and lodging allowances. It
also includes, for the first time, the Ministry of Food's contributions to the cost of milk provided under the National
Milk and milk-in-schools schemes, and of orange-juice,
cod-liver oil and vitamin tablets provided under the vitamin
schemes. These were previously treated as subsidies and so
appeared in item 65.
68. Unemployment benefit, cash benefits under the.national health insurance scheme and contributory pensions.
In previous years this item included also the cost of medical
benefit, which now forms part of item 75.
69. Public assistance (out-relief) in cash and kind.
70. The sum of items 67 to 69; equal to the sum of items
23 to 28 of table 21 plus that part of national debt interest
and the increase in interest accrued on National Savings
Certificates which is included in private income (item 119
of table 24).
71. This item is mainly composed of Post Office loan
expenditure, Road Fund expenditure on improvements and
new construction and, in 1945, expenditure on the manufacture of pre-fabricated houses. A small allowance is
made to cover normal additions to government buildings.
It excludes altogether expenditure connected with the war
even though this was of a capital nature.
72. This item includes the net capital formation of local
authorities' trading services as well as of all rate fund services
except war emergency services. Net capital formation is
equal to capital expenditure on works less receipts from the
sale of assets and sums repaid to lenders or transferred to
sinking funds. As explained in the note to item 9 of table
20, this last deduction is made in lieu of allowances for
depreciation.
73. The same as item 9 of table 20.
74. This item comprises the whole of central government expenditure on goods and services except the net
capital formation shown in item 71.
75. This item is composed of fees and commissions paid
to agents under the war risks insurance schemes, (which are
included in war expenditure in item 2 (a) of table 2) the
administration costs of the national insurance schemes and
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
expenditure on medical benefit by the national health insurance funds. This last component was previously treated
as a transfer payment and therefore appeared in the item corresponding to item 68.
76. This item comprises all local authorities' expenditure
on revenue account other than that recouped from the private
sector of the economy in the form of fees, rents, etc., plus
capital expenditure on war emergency services. Loan repayments and payments to sinking funds are included as an
operating expense in lieu of depreciation allowances. All
expenditure on war emergency services, even that of a capital
nature, is included in war expenditure in item 2 (a) of
table 2.
77. The same as item 8 of table 20.
78. This item excludes net transfers made by the central
government to extra-budgetary funds and local authorities
which, in so far as they are spent, appear in items 79 and 80.
It therefore differs from item 61 (which also appears as item
6 of table 16, item 3 of table 17 and item 126 of table 24),
which includes such transfers.
TABLE 23
COMBINED CAPITAL ACCOUNT
[In millions of pounds}
1938
82. Net private saving after setting aside the excess of direct tax
liabilities over payments
Excess of direct tax liabilities on private income over payments. .
Net saving of public authorities
Sums allowed for depreciation and maintenance
..
Compensation received in respect of war damage claims
83.
84.
85.
86.
87. Saving and other sums set aside
88. Private gross capital formation at home and war losses made
good
89. Increase in work in progress on government account held
under private finance
90. Gross capital formation of public authorities
91. Net lending abroad and purchase of assets and financial claims
from overseas
92. Gross capital formation
NOTES
82. The sum of items 36 and 43 of table 21.
83. The sum of items 35 and 42 of table 21.
84. Net non-war capital formation of public authorities
(item 73 of table 22) less the net borrowing (deficit) of
public authorities (item 60 of table 22). The fact that
throughout the period this figure was negative means that
public authorities were borrowing to finance current expenditure.
85. These estimates are, so far as the private sector is
concerned, mainly based on the allowances, as computed
for income tax purposes, which were due each year, viz.,
allowances for repairs, etc., under Schedule A and wear
and tear and obsolescence allowances under Schedule D.
In fact, when assessment under Schedules A and D are taken
together it becomes clear that the Schedule A allowances are
nonoperative and the deduction allowed for repairs before
tax is chargeable is the actual amount spent, which is known
to have varied from year to year more than the statutory
allowances. Because gross capital formation has, except in
1938, been estimated by adding the sums allowed for
depreciation and maintenance to the figure of net capital
formation obtained as a residual in table 20, the conventional
treatment of Schedule A allowances adopted in this Paper
has affected private gross capital formation (item 88) to
exactly the same extent as this item; a change in practice
would alter this item and item 88 but would leave item 11,
private net capital formation, unchanged.
In the case of local authorities sums repaid to lenders and
transferred to sinking funds are treated as the equivalent of
depreciation allowances, as explained in the note to item
JULY 1946
310
16
-91
475
1939
1940
1941
1942
1943
1944
1945 ^
393
767 1,039
1,189
1,480
1,480
1,506
120
286
-22
329
343
72
133
-422 - 1 , 9 0 9 - 2 , 6 0 2 - 2 , 5 7 1 - 2 , 7 5 0 - 2 , 6 3 1 - 2 , 6 5 1
520
485
505
515
520
520
520
163
36
248
214
187
111
576
545
621)
1
235
205
-70
-250
710
576
-471
-305
-404
-448
231
76
205
174
140
424
125
175
25
133
94
75
89
77
71
-225
110
804
-816
-663
-680
-659
-819
-315
-471
-305
-404
-448
-510
-315
710
-
-510
9. Expenditure by public authorities on maintaining highways and bridges is included, as is also Post Office capital
expenditure charged to Vote.
It will thus be seen that these allowances are treated here
in a narrow sense in that they exclude, except in the case
of buildings, highways and bridges, the greater part of outlays for current repair work. A wider treatment of these
allowances would, of course, leave the figures for net capital
formation unaffected since the gross figure (items 88 and
90) would be increased to the same extent as the allowances.
An addition has this year been made to cover the amount
received by business insurers in respect of claims for damage
(other than war damage) to fixed capital goods and the
increase in assurance reserves to meet business claims of all
kinds. Expenditure on making good such damage appears
in gross capital formation; by the practice here adopted
provision for insurable loss is treated identically with provision to meet normal wear and tear. This point is further
discussed in Appendix II.
86. The same as item 66 of table 22.
88. Composed of total expenditure on fixed capital,
works, etc., by the private sector of the economy, together
with the change in the value of stocks and work in progress
as implied in the calculation of profits. As explained in
the note to item 85 this item is treated here in a narrow sense
since except in the case of buildings the greater part of
private outlays on repair work is excluded.
89. The same as item 10 of table 20.
90. Capital expenditure on works less receipts from the
sale of assets plus maintenance of highways and bridges.
91. The same as item 13 of table 20.
741
BRITISH
WHITE PAPER OTsI WAR FINANCE
TABLE 24
CENTRAL GOVERNMENT EXPENDITURE AND THE CHANNELS THROUGH WHICH IT WAS FINANCED
[In millions of pounds]
93. Central government revenue.
94.
95.
96.
97.
98.
99.
100.
Unemployment Fund
National Health Funds
Local Loans Fund
Other extra-budgetary receipts
Reconstruction Finance Corporation loan
Canadian Government interest-free loan,
Credit granted by United States Government in connection
with Lend-Lease settlement
101. Capital receipts included in miscellaneous revenue, appropriations in aid, etc
102. Less sinking funds
103. Less other expenditure (net)
104. Finance through government agencies
105. Post Office and Trustee Savings Banks
106. National Savings Certificates including increase in accrued
interest
107. Defence Bonds
108. Other public issues (net)
109. Increase in fiduciary issue
110. Increase in Treasury Bills held outside government departments and in Bank Ways and Means
111. Treasury deposit receipts
,
112. Tax reserve certificates
1938
1939
1940
1941
1942
1943
1944
1945
885
977
1,275
1,857
2,366
2,926
3,218
3,268
' —2
258
1
186
24
9
5
516
64
8
9
72
87
74
12
10
-58
4
157
74
9
10
-155
-7
-4
72
5
10
-107
-11
-13
69
3
6
63
-10
-14
2
-11
4
2
-14
-21
6
-12
7
-17
13
2
-13
-1
5
-15
15
5
-16
16
250
161
540
243
187
-68
-39
257
19
119
214
234
301
325
355
73
10
21
22
10
-30
167
180
567
50
214
174
1,031
150
232
134
1,047
170
297
121
1,060
150
265
112
896
150
159
154
1,176
150
-189
310
129
338
279
474
17
151
155
453
433
434
177
537
394
113
565
-158
41
-1
161
5
-16
-10
113. Public borrowing at home
-102
352
1,550
2,553
2,576
2,973
2,792
2,442
114. Central government revenue plus deficit
1,033
1,490
3,365
4,653
5,129
5,831
5,971
5,967
343
92
24
15
735
105
25
20
2,467
117
18
70
3,579
131
11
130
3,962
140
11
160
4,609
139
10
170
4,645
140
4,389
155
40
250
205
208
217
239
287
335
379
423
12
19
122
16
24
382
144
13
24
379
164
13
28
358
185
10
29
352
194
7
22
359
4,653
5,129
5,831
5,971
5,967
115.
116.
117.
118.
119.
Expenditure on goods and services connected with the war. . . .
Current expenditure on non-war goods and services
Net non-war capital formation
Subsidies
National debt interest paid to the private sector of the economy and increase in accrued interest on National Savings
Certificates
120. War gratuities, post-war pay credits and pay and allowances
of members of the Armed Forces on release leave
121. Billeting allowances
12 2» No^i-contributory pensions, and payments in respect of war
pensions and service grants
123. Unemployment and training allowances
124. Other transfer payments
125. Net transfers to other public authorities
126. Central government expenditure
NOTES
93. This item, the sum of items 47, 50 and 54 of table
22, is composed of total ordinary revenue (including
throughout the period the receipts from wireless licenses
but excluding receipts under the War Damage Act, which
appear in the income of extra-budgetary funds, and the
Canadian contribution) plus receipts of classes which may
be appropriated in aid of Votes which correspond to gifts,
taxes and income from property, less receipts from the Post
Office Fund, which is treated as an extra-budgetary fund,
less Post Office receipts from the Vote of Credit (which
represent a transfer within the central government sector)
plus the surplus shown in the commercial accounts of the
Post Office, less receipts from capital transactions included
in miscellaneous revenue, which are properly regarded as a
part of the finance of the deficit, less transfers between public
authorities included in miscellaneous revenue, less departmental receipts in excess of those appropriated in aid of
Votes, since these appear in miscellaneous revenue and
742
231
273
100
21
9
334
1,033
1,490
3,365
125
3
also, so far as they are relevant, in those receipts of classes
which may be appropriated in aid of Votes which correspond to gifts, taxes and income from property.
94, 95 and 96. The net increase in these funds available
for loan to the Exchequer.
97. The net increase in government securities held by other
extra-budgetary funds and by the Exchange Equalisation
Account, certain receipts in respect of war risks insurance and
the War Damage Act, and the reduction in the Exchequer
balance.
100. The net sum due from the United Kingdom to the
United States for the settlement of Lend-Lease and Reciprocal Aid, for the acquisition of surplus property, and the
United States interest in installations, located in the United
Kingdom, and for the settlement of claims. An identical
amount has been included in item 115, central government
expenditure on goods and services connected with the war.
101. These items appear here since they are not included
in item 93.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
103. This item includes net issues under various Acts,
e.g. North Atlantic Shipping Act, 1934, Tithe Act, 1936,
Anglo-Turkish (Armaments Credit) Agreement Act, 1938,
Overseas Trade Guarantees Act, 1939.
104. The sum of items 94 to 103; represents the total of
sums used to finance the central government deficit which is
received from government funds and similar sources as
opposed to loans from the public.
105. The increase in investments from the net deposits
in the Post Office and Trustee Savings Bank.
106 and 107. Receipts less repayments.
108. Receipts from public issues, e.g. National War Bonds
and Savings Bonds, and Other Debt (net) less securities
redeemed and excluding purchases of government securities
(war or pre-war issues) by public departments.
110. The increase in bills held by the market or by Empire
Funds and in Bank Ways and Means Advances.
111. Receipts less repayments.
112. The increase in the amount of certificates outstanding.
113. The sum of items 105 to 112, showing the amount
of public borrowing at home. The sum of item 104 and
this item is equal to item 57 of table 22.
114. The sum of items 93, 104 and 113; the same as
item 61 of table 22.
115. Expenditure on goods and services out of Vote of
Credit and Defence Votes and under the Defence Loans
Act. All subsidies, transfer payments and sums transferred
to other public authorities (Exchequer grants and contribu-
tions and interest on national debt held by extra-budgetary
funds) are excluded from this item.
116. The sum of this and the preceding item is equal to
item 74 of table 22.
117. The same as item 71 of table 22. It should be noted
that all war expenditure of a capital nature is excluded from
this item and included, together with current expenditure, in
item 115.
118. The same as item 14 of table 20 and item 65 of table
22.
119. This item forms part of items 19 and 38 of table
21. The estimates have been revised in the light of fuller
information.
120. The sum of items 23 and 24 of tab1e 21.
121. This item was not previously shown separately.
122. This item forms part of item 25 of table 21.
123. This item forms part of items 26 and 28 of table 21.
124. This item forms part of item 28 of table 21. The
corresponding item in Cmd. 6623 included billeting allowances, which now appear separately in item 121, but excluded the Ministry of Food's contributions to the cost of
milk provided under the National Milk Scheme and of milk
and vitamin products provided under the milk-in-schools and
vitamin schemes, which were then treated as subsidies.
125. Equal to item 61 of table 22 less item 78 of table 22.
126. This item differs from item 78 of table 22 by the in- •
elusion of the net transfers to other public authorities shown
in item 125 and is therefore equal to item 114, the sum of
central government revenue and deficit.
APPENDIX IV
A
COMPARISON WITH CMD.
The differences between the estimates given in
this Paper and those which appeared a year ago
in Cmd. 6623 arise from two sources: changes in
definition and treatment and new data which have
become available.
Changes in definition and treatment. 1. An important change has been made in order to remove
an inconsistency in the treatment of business insurance against risk.
In order that the two sides of table 20 shall balance, it is necessary to ensure that only that part
of expenditure shall appear in the total of net
national expenditure, which actually gives rise to
income. If more than this is included in any item
of expenditure it is necessary, as in the case of
indirect taxes, to make a specific deduction of the
excess.
The total amount paid in insurance premiums
each year can be thought of as consisting of three
1
Appendix I in the original paper contained the notes for the
detailed tables presented in Section V. These notes have been
transferred to positions following the tables to which they refer.
JULY
1946
6623
parts: the amount paid out to claimants in respect
of insured losses, the amount added to reserve to
meet any such future losses and the amount paid
out in wages, salaries, rent, interest and profits
(including free reserves) to the factors of production employed in providing insurance. Only this
last part appears in the national income and the
problem is, therefore, to ensure that no more than
this is included in the net national expenditure.
In the case of personal insurance this is achieved
by including in consumers' expenditure only the
cost of the factors of production taken up in providing the insurance, i.e. expenses of management,
commissions and operating profit.
Business insurance is not a final but an intermediate service, whose cost has to be covered by the
market value of the final goods and services whose
production it facilitates. This value, however, in
fact covers the whole amount of the premiums,
since the insurer is allowed to deduct these from
the gross proceeds as an expense of production not
subject to income tax.
743
BRITISH WHITE PAPER ON WAR FINANCE
When the proceeds of the claims are spent on
making good losses, income is generated whatever
the nature of the goods and services purchased.
But estimates of capital formation are only affected
to the extent that the expenditure is in respect of
fixed capital; investment in circulating capital is
normally measured by changes in inventories resulting from the balance of purchases, sales and losses.
The net result is that, in any year in which each
component of the national income and expenditure
is separately estimated, unless a specific deduction
is made, recorded net national expenditure will,
apart from errors of estimation, exceed income by
the amount of the increase in insurance reserves to
meet business claims and receipts by business insurers in respect of claims for damage to fixed
capital.
In this Paper such an adjustment has for the first
time been attempted; the whole deduction has been
made from the previous figures of private net
capital formation on the ground that provision for
insurable losses should be treated analogously with
provision for normal wear and tear. An equal
addition has been made to depreciation allowances.
The effect of this is to change the definition of
net capital formation in each year but to change the
figures given under this head only in 1938, since
for later years they were always residuals.
The size of the adjustment made is believed to
be of the right order of magnitude, but no accuracy
can be claimed for it.
2. The proceeds of certain insurance claims are
treated as a current receipt by the Inland Revenue
and so attract tax. While the individual seller
who is insured may not sacrifice income if his
goods are destroyed, the community as a whole
' clearly suffers loss and it is unrealistic to measure
the national income as if it were a matter of indifference whether goods are sold or destroyed. A
deduction has therefore been made from profits
to cover the estimated amount of claims brought
into the assessment of income. No corresponding
change was necessary in the case of net capital formation in 1938 since replacements of lost goods
were not counted as increases in inventories, and so
were never treated as part of net capital formation.
3. Taxes falling on foreigners both direct and
indirect have this year been treated as central government income from property and hence included
in the national income. It has been possible to
make only a rough estimate of the amount involved.
744
4. Hitherto the whole of the pay and allowances
of the Armed Forces (in cash and kind) has been
treated as a part of net national product. In 1945
that part of it paid to men and women on release
leave has, like war gratuities, been treated as a
transfer payment, i.e. it enters into personal income
but not into the national income. The amount involved is shown separately in item 23 of table 21.
5. Ministry of Food contributions to the cost of
vitamin products and milk issued to certain classes
of the community have hitherto been treated as
a subsidy. This year they have been treated as a
transfer payment and the full value of these products is therefore included in personal expenditure
at market prices in table 20. This change was made
in order to make the treatment of subsidies approximate more closely to the definition suggested in
Cmd. 6623.
6. Medical benefit, hitherto treated as a transfer
payment in kind and so entering into personal expenditure, has been treated as a direct purchase of
medical attendance and drugs by the national health
insurance funds. This brings the treatment of
public health into line with that already adopted
for public education.
Changes in estimates. 1. More reliable estimates
have become available of the amount of national
debt interest not paid to the private sector of the
economy. This improvement has affected, in particular, the computation of the profit component
of the national income and private income.
2. The contribution of the Post Office to government income from trading and property has
been differently measured this year. Previously, the
Post Office net receipt shown in the Exchequer
returns was used, abated by the Post Office expenditure out of Vote of Credit. Owing to the suspension of inter-departmental payments during the war
this resulted in a lack of year to year comparability
and, since the proportion of work done by the Post
Office for other Departments without reimbursement increased greatly, in an underestimation of
both the income and expenditure of the central
government. The surplus shown in the Post Office
commercial accounts has, therefore, been substituted. Government war expenditure has been increased by the same amount as government income
from property.
3. In the case of central government taxes figures
of net receipts by revenue departments have been
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
used this year instead of payments into the Exchequer. The differences are very slight.
4. Numerous improvements have been made in
the estimates of consumers' expenditure. The most
substantial of these occur in the case of food and
alcoholic drink. The value of food produced and
consumed on farms was previously erroneously
omitted from personal expenditure on food, although it was included in income. Additional information has led to a considerable upward revision
of the previous estimates of expenditure on meat
from 1940 onwards.
The changes in the estimates of expenditure on
alcoholic drink are due to a revision of the series
of average prices used. The prices previously used
are believed to have been too low because they took
little or no account of the difference between the
prices charged in public bars and those charged
elsewhere.
5. The estimates of the overseas balance of payments have been revised for the years from 1938
onwards. In almost every case the effect of the
revisions has been to make the figures show a less
favourable position than those they replace. The
estimates still cover only recorded disinvestment,
and must be regarded as underestimates of the true
deterioration of the country's international position.
6. It is believed that the allocation of indirect
taxes and subsidies over the various components
of national expenditure at market value has been
improved. Items of expenditure were first adjusted
for taxes and subsidies known to be specific to
them; components of expenditure known to con-
JULY
1946
tain no general taxes {e.g. expenditure on domestic
service, government expenditure on the wages and
salaries of civil servants and the Armed Forces)
were then deducted and the general taxes and
subsidies spread pro rata over the remaining parts
of gross national expenditure. Net taxes attributable to exports were added to the national income; the others were deducted in order to arrive
at the estimates of the national cost of particular
items shown in table 4.
The Effect of the Changes. The absolute change
in the balancing figures of private saving and capital formation resulting from these changes of definition and estimation has been considerable. The
relative movements shown by the main series in
the successive annual estimates have changed considerably less, as can be seen from table 25.
TABLE 25
RELATIVE MOVEMENTS OF SOME OF THE
MAIN SERIES
(1938 = 100)
1938 1939 1940 1941 1942 1943 1944 1945
National income as
given in:
100 108
C m d . 6623
100 108
C m d . 6520
100 108
Consumers' expenditure
on goods and services
as given in:
100 103
C m d 6623
100 102
C m d . 6520
100 103
Private saving including
allowance for accrued
taxation as given in:. . 100 157
C m d . 6623
100 151
C m d . 6520
100 159
128 149 165 176 182 184
128 149 164 175 180
129 150 165 177
108 in 1?0 1?? 1?8 136
107 112 118 120 126
106 112 119 122
323 420 470 503 476 447
315 408 444 484 465
345 419 460 498
745
BRITISH WHITE PAPER ON WAR FINANCE
APPENDIX III
CONSUMERS' EXPENDITURE
Table 26 shows the composition of the personal
expenditure on consumer goods and services at
current market prices in greater detail than was
given in table 8.
TABLE 26
PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES AT CURRENT MARKET PRICES
[In millions of pounds]
1938
1. Food:
(a) Household expenditure
Bread and cereals, etc
Meat, bacon, etc
Fish, fresh and canned
Oils and fat
Sugar, preserves and confectionery
Dairy products
Fruit, fresh, canned and dried
Potatoes and vegetables
Beverages not included below
Other manufactured food
(b) Other personal expenditure
2. Alcoholic beverages:
(a) Beer
(b) Other
3. Tobacco:
(a) Cigarettes
(b) Other
4. Rent, rates and water charges
5. Fuel and light:
(a) Coal
(b) Electricity. .
(c) Gas
(d) Other
6. Durable household goods:
(a) Furniture and furnishings
(b) Hardware
7. Other household goods:
(a) Matches
(b) Soap
(c) Other
8. Clothing:
(a) Footwear
(b) Other clothing
(i) Men's and boys' wear
(ii) Women's, girls' and infants' wear
9. Reading matter:
(a) Books
(b) Newspapers and magazines
10. Privately-owned motor vehicles and their running expenses
11. Travel:
(a) Railway travel
(b) Other travel
12. Communication services:
(a) Postal services
(b) Telephone and telegraph services
13. Entertainments
14. Services not included above:
(a) Cost of assurance and transfer of property
(b) Other
15. Other goods
16. Income in kind of the Armed Forces
17. Total of above i t e m s . . . .
18. Adjustment...
19. Total
746
1939
1940
1941
1942
1943
1944
1945
165
276
43
98
108
204
79
84
54
33
77
56
110
237
41
126
50
45
122
229
293
35
58
106
231
78
244
274
46
60
112
220
32
119
51
51
114
246
300
36
1,184
220
309
39
65
128
193
62
85
52
57
99
129
47
39
127
229
327
42
60
100
234
43
133
49
41
138
228
293
56
59
93
244
59
138
55
47
142
195
90
211
99
273
103
346
118
420
122
470
138
529
133
550
135
144
32
491
168
215
47
519
264
510
55
515
343
72
509
412
79
510
428
79
512
469
79
517
108
33
38
16
107
36
39
16
120
39
45
19
129
40
47
20
126
42
51
21
120
40
54
22
121
43
59
25
120
54
63
28
152
82
146
77
12
30
11
139
73
128
69
114
60
83
56
68
56
92
75
12
31
13
11
32
12
10
28
12
10
28
11
10
29
13
9
29
15
10
30
11
36
36
73
78
90
91
97
87
90
93
127
246
131
249
137
269
116
245
123
267
101
241
125
279
130
293
10
51
114
9
52
101
8
58
34
13
54
27
17
56
14
20
57
7
23
65
26
55
104
52
100
48
90
59
106
74
124
86
121
21
63
7
90
120
18
11
60
17
12
56
20
12
57
24
13
83
13
113
26
32
16
133.
18
142
36
32
19
153
• 66
176
17
66
384
180
29
66
383
186
81
67
386
188
135
68
354
183
146
68
336
189
185
68
336
200
199
68
373
228
205
4,167
4,276
4,496
4,716
4,974
5,042
5,295
5,595
30
40
40
50
5,004
5,082
5,335
5,645
386
n
4,160
-5
4,271
4,496
4,721
102
136
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
NOTES
The items included in each group are set out below:
1. Food—comprises purchases of food, including nonalcoholic beverages, by households, together with the value
at farm prices of farm produce consumed on farms and the
cost to the establishment of food used in canteens, restaurants and hotels. It should be noted that the estimates
this year include the full value of milk provided under the
National Milk and milk-in-schools schemes and vitamin
products provided under the vitamin schemes. Previously,
personal expenditure included only their cost to the consumer
and the balance was treated as a subsidy. This change was
discussed in Appendix II.
2. Alcoholic beverages—
(a) Beer, ale, stout and porter
(b) Imported wines, British wines, spirits, cider and perry.
3. Tobacco—comprises purchases in the United Kingdom,
including gifts to troops overseas. An allowance has been
made for the concession introduced in 1942, by which
members of the armed forces were able to buy a limited
quantity of tobacco at N.A.A.F.I. canteens at reduced prices.
(a) Home-produced cigarettes
(b) Home-produced pipe tobacco, cigars, snuff and all
imports of finished tobacco products.
4. Rent, rates and water charges—includes an allowance
for buildings occupied by non-profit-making bodies and for
hotels, boarding houses, etc., in addition to private dwelling
houses.
5. Fuel and light—includes the value of the fuel and
power only. The cost of the hire of equipment is included
in item 14(b).
(a) Coal—includes miners' coal valued at pithead prices
(b) Electricity
(c) Gas
(d) Coke, paraffin and firewood.
6. Durable household goods—
(a) Furniture, furnishings, household textiles, floor coverings and musical instruments (including wireless sets, gramophones and accessories).
(b) Pottery and glassware, ironmongers' goods, electrical
goods, heating and cooking appliances, sewing machines and
refrigerators.
7. Other household goods—
(a) Matches
(b) Toilet, shaving and household soap, scourers, etc.
(c) Polishes, candles and nightlights, miscellaneous cleaning materials, etc.
8. Clothing—
(a) Footwear covers all new boots, shoes, slippers, etc.,
but not socks and stockings, repairs or repair materials.
(b) Other clothing covers all kinds of garments, dress
materials, millinery, haberdashery, etc. The expense of
making-up customers' materials is included, but not alterations or repairs. All dress materials are allocated to (b)
(ii), and so are such things as knitting wool and general
haberdashery. Infants for this purpose are children under
about four years of age.
JULY 1946
9. Reading matter—
(a) Books
(b) Newspapers and magazines.
10. Privately-owned motor vehicles and their running
expenses—comprises an estimate of the purchases by persons
of motor-cars, motor-cycles and motor accessories and the
running expenses incidental to their use, together with an
allowance for dealers' margins on second-hand vehicles.
11. Travel—includes all travel in public conveyances paid
for out of personal income and therefore the travel of members of the Armed Forces when at their own expense.
(a) Main line, joint line and London Passenger Transport
Board railways
(b) Buses, coaches, trams, trolley-vehicles, taxis, etc.
12. Communication services—
(a) Postage on letters, parcels, etc. and the poundage on
postal and money orders
(b) Telephone rentals, local and trunk calls and telegrams.
13. Entertainments—includes admissions to cinemas,
theatres, concert-halls, music-halls, sporting events, dancehalls, skating rinks and all other places of public amusement.
14. Services not included above—
(a) Expenditure out of personal income on the factors of
production taken up in providing life and other assurance and
in facilitating the acquisition and transfer of property
(b) Medical services not provided under the national health
insurance scheme, undertaking, hairdressing, hotel and
restaurant services, domestic service, repairs to furniture,
clothing, footwear, watches, etc., dealers' margins on secondhand goods (other than motor vehicles) and the hire of
domestic heating and cooking equipment. Expenditure on
medical services provided under the national health insurance
scheme is now treated as expenditure by public authorities.
15. Other goods—includes stationery, fancy goods, jewellery, bicycles, travel goods, toys and sports goods, chemists'
wares other than drugs and medicines provided under the
national health insurance scheme (expenditure on which is
included in expenditure on goods and services by public
authorities), flowers, garden seeds, food for domestic pets,
etc.
16. Income in kind of Armed Forces—cost of providing
members of H.M. Forces and Auxiliary Services with food
and clothing, including civilian clothing issued on release
from the services.
17. Adjustment—the figures in all the previous categories
include expenditure in the United Kingdom by tourists from
overseas and Allied troops temporarily resident in this
country and exclude expenditure abroad by British tourists
and members of the Armed Forces. An adjustment is needed
to convert the total to a total of purchases out of British
income. The adjustment given here also includes a rough
allowance for the excess of personal remittances abroad from
this country over remittances received in this country from
overseas. This is because remittances sent abroad appear in
British income but not in British expenditure whereas
remittances received from overseas are not treated as income
although they finance British expenditure.
747
BRITISH WHITE PAPER ON WAR FINANCE
APPENDIX IV
BANK DEPOSITS
The estimates of the distribution of bank deposits
provided in previous years by courtesy of the Clearing Banks are continued in the following table:
TABLE 27
DEPOSITS HELD BY CLEARING BANKS
[In millions of pounds]
1943
Dec. 31
1. Total deposits held
by C l e a r i n g
Banks
4,032
2. Less advances to
customers
and
other accounts. . .
743
3. Total deposits (net). 3,289
4. Personal deposits
972
(net)
5. Other deposits (net). 2,317
748
1945
1944
June 30 Dec. 31 June 30 Dec. 31
4,100
4,545
4,751
4,850
770
754
761
815
3,330
3,791
3,990
4,035
1,032
2,298
1,158
2,633
1,260
2,730
1,339
2,696
Net personal deposits in item 4 exclude the accounts of businesses, financial institutions, public
authorities, and also, for example, those of individual traders, shopkeepers, farmers and professional men where the accounts are known to be
used for the purpose of business. Non-resident
deposits and sundry accounts are also excluded.
No attempt has been made to adjust for the amount
of bank accommodation obtained by the discounting
of bills.
The figures in item 5 have been obtained by subtracting those in item 4 from those in item 3. Thus
item 5 includes non-resident deposits and sundry
accounts as well as the business deposits of which
it is mainly made up.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of ban\ing laws, new regulations issued by the
Board of Governors, and other similar material.
Purchase of Government Obligations
by Federal Reserve Banks
tions, or improvements do not incorporate any listed
article".
Amendment to Section 14(b) Extended
3. Section 8(r) is amended by revising clause (1)
thereof to read as follows:
Under the Second War Powers Act, enacted
March 27, 1942, section 14(b) of the Federal Reserve Act was amended so as to authorize the purchase or sale by Federal Reserve Banks, directly
from or to the United States, of bonds, notes, or
other obligations which are direct obligations of the
United States or which are fully guaranteed as to
principal and interest, but limited the aggregate
amount acquired directly from the United States
held at any one time by the twelve Federal Reserve
Banks to not exceeding $5,000,000,000. Another
provision of the Second War Powers Act, as
amended, provided that such authority should terminate on June 30, 1946, or at such earlier time as
Congress by concurrent resolution, or the President, might designate. By Act of Congress approved June 29, 1946, this time limit was extended
until March 31, 1947.
(1) That the proceeds are to be used for
bona fide educational, medical, hospital, dental,
or funeral expenses, or to pay debts incurred
for such expenses, and that such proceeds (unless they are to be used exclusively for educational expenses) are to be paid over in amounts
specified in such statement to persons whose
names, addresses, and occupations are stated
therein;
4. Section 13(a) is amended by striking out the
names of the articles listed as items 4, 5, and 6 of
Group A and inserting in lieu thereof the word
"(deleted)", and also by adding at the end of
Group A a new item 42 reading as follows:
42. Combination units incorporating any
listed article in classifications 12, 13, 18, 30, or
36 of this Group A.
Consumer Credit
Amendment to Regulation W
The Board of Governors of the Federal Reserve
System, effective July 5, 1946, issued the following
amendment to its Regulation W, entitled "Consumer Credit":
AMENDMENT NO. 20 TO REGULATION W
Regulation W is hereby amended in the following respects, effective July 5, 1946:
1. Section 2(e) is amended by inserting the
words "in a principal amount of $1,500 or less"
after the word "credit."
2. Section 8(a) is amended by inserting at the
end thereof after the word "structures" a comma
and the following: "provided such repairs, alteraJULY 1946
Conviction for Violating Regulation W
In the Federal Reserve BULLETIN for August
1945, at page 775, there was published a decree
entered July 19, 1945, in the District Court of the
United States for the Eastern District of Michigan,
Southern Division, restraining Consumers Home
Equipment Co. and A. B. Chereton, its President,
from violations of Regulation W of the Board of
Governors of the Federal Reserve System.
On June 14, 1946, the District Court rendered
an oral opinion in which it found that the defendants had violated Regulation W and the terms of
the injunction. Accordingly, the court found each
of the defendants guilty of contempt of court. The
Company was fined $2,500 and A. B. Chereton was
sentenced to one year in prison.
749
LAW DEPARTMENT
The text of the oral opinion is as follows:
UNITED STATES OF AMERICA
IN THE DISTRICT COURT OF THE UNITED STATES
FOR THE EASTERN DISTRICT OF MICHIGAN
SOUTHERN DIVISION
In re:
CONSUMERS HOME EQUIPMENT CO.,
a Corporation,
and
A. B. CHERETON,
4801-19 Woodward Avenue, Detroit, Michigan
Cr. No. 28826
Oral Opinion
This cause having come on for hearing May
27, 1946, on the Rule to Show Cause issued pursuant to Petition filed in behalf of the United
States of America was continued from day to day
thereafter until May 31, 1946.
The Court having fully considered the evidence
submitted and arguments urged on behalf of respective parties found both defendants to have violated the terms of an injunction issued July 19,
1945 in Civil Action No. 5097 in the following
particulars.
More than thirty customer witnesses were sworn
on behalf of the United States of America and the
evidence stands undisputed except in one case,
where an attempt was made to controvert the testimony of the witness for the Government. The overwhelming weight of such testimony conclusively
establishes the defendant Corporation and A. B.
Chereton, individually, violated the terms of said
injunction in making instalment sales, of socalled
listed articles without securing the one-third down
payment required by Section 4 of Regulation W
of the Board of Governors of the Federal Reserve
System. Under the evidence in this case there can
be no doubt that the persons who made the sales
to the customer witnesses produced by the Government were in fact Agents of the defendant Corporation acting under a general policy of said company
determined and controlled by the defendant A. B.
Chereton. The forms used by said Agents in negotiating sales of merchandise bore the name of the
defendant corporation and the undisputed evidence
is that the samples they displayed were the property
of said defendant Corporation. While it may have
been true that detailed directions as to prospective
customers were not given said Agents, it certainly
can not be contradicted that they acted under the
general direction of the defendant Corporation,
750
pursuant to policies emanating from the defendant
A. B. Chereton. It is admitted that the goods sold
were the property of the defendant Corporation and
the sales were made in behalf of said Corporation.
It is admitted that the Michigan State Sales Tax
was paid in every instance by the defendant Corporation. The form used by said Agents in making
such sales was supplied by the defendant Corporation. It appears on its face to be an order form,
and, with the notations made thereon in each instance, reflects a direct instalment sale. It is stated
thereon in each instance, without equivocation, that
the goods described were sold on a certain date to
the purchaser named and the amount of the down
payment received. It necessarily follows that the
transaction is a time or instalment sale on the
face of it and that it could not be anything else.
These salesmen did nothing whatever to enlighten
the prospective purchasers as to the cash price of
the goods sold with the single possible exception
noted above. A substantial number of instalment
sales were made by defendants of "listed articles"
selling for more than $10.00 either without any
down payment whatsoever or with a down payment substantially smaller than that required by
Section 4 of Regulation W, directly in violation of
the terms of said injunction.
Something has been said as to intent. Intent is
not evidenced by what a man says, nor by his proclamations, but by what he does. Intent in a criminal action flows not from a written or spoken word,
but from the logical and natural inferences that
come from a man's actions. From all the facts
presented from this witness stand, rather than from
isolated declarations or written circulars of defendants, it is found that there was an intent to violate
Regulation W and the terms of said injunction;
The defendants and each of them are accordingly
found guilty of contempt of court.
The Court does not pass directly on die validity
or the constitutionality of Regulation W. The Regulation is presumed to be valid, and that is all that
is necessary in this proceeding.
ERNEST A. O'BRIEN,
United States District Judge.
Dated: June 14, 1946.
Peoples Bank v. Eccles, et al.
The Peoples Bank, Lakewood Village, California, brought suit in the District Court of the United
States for the District of Columbia against the inFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
dividual members of the Board of Governors of the
Federal Reserve System, seeking a declaratory judgment that a condition of membership which had
been prescribed when the Peoples Bank became a
member of the Federal Reserve System was invalid
and seeking a judgment restraining defendants
from taking any steps to enforce the condition.
The court ruled that the plaintiff could not now
attack the validity of the condition to which it voluntarily agreed, and the motion of the defendants
for summary judgment was sustained. This suit
has the same object as that brought by the Peoples
Bank in the District Court of the United States for
the Northern District of California, which was dismissed on November 17, 1944. The opinion of the
California District Court was published in the December 1944 Federal Reserve BULLETIN at page
1182, and the text of the recent opinion is as follows:
IN THE DISTRICT COURT OF THE UNITED STATES FOR
THE DISTRICT OF COLUMBIA
Civil Action 32200
PEOPLES BANK,
Plaintiff,
v.
S. ECCLES, et al., Defendants
This case is before the Court on defendants' motion for judgment on the pleadings and plaintiff's
motion for summary judgment, both motions having been orally argued on April 29th, last.
The complaint shows that plaintiff is a banking
corporation organized under the laws of the State
of California; that defendants are the individual
members of the Board of Governors of the Federal
Reserve System; that in 1941 plaintiff applied for
membership in the Federal Reserve System; that in
May 1942 it was admitted to the Federal Reserve
System membership upon the following condition,
among others:
"4. If, without prior written approval of the
Board of Governors of the Federal Reserve
System, Transamerica Corporation or any unit
of the Transamerica group, including Bank of
America National Trust and Savings Association, or any holding company affiliate or any
subsidiary thereof, acquires, directly or indirectly, through the mechanism of loans for the
purpose of acquiring bank stock, or in any
other manner, any interest in such bank, other
than such as may arise out of usual correspondMARRINER
JULY
1946
ent bank relationships, such bank, within 60
days after written notice from the Board of
Governors of the Federal Reserve System, shall
withdraw from membership in the Federal Reserve System."
The complaint further shows that, since plaintiff's admission to the Federal Reserve System membership, a number of its shares have been acquired
by, and registered on its books in the name of
Transamerica Corporation, and that these shares
were acquired by Transamerica without plaintiff's
knowledge or consent, and without the approval
of the Board of Governors.
Upon the basis of these facts plaintiff seeks a declaratory judgment that Condition No. 4 is invalid
and an injunction restraining defendants from taking any steps to enforce the Condition.
The defendants have filed a joint and several
answer, in which they set forth two defenses. The
first defense is that plaintiff, having enjoyed for
almost four years the benefits of the Federal Reserve System membership, which resulted from its
acceptance of Condition No. 4 is now estopped
from challenging the validity of such Condition.
The second defense is that the complaint otherwise
fails to state facts upon which any relief can be
granted.
It appears that plaintiff filed its formal application for admission to the Federal Reserve System
under date of December 2, 1941; that on February
14, 1942, the Board of Governors rejected the application; that after a conference with the Board representatives in Washington, attended by its representatives, plaintiff by letter formally requested the
Board of Governors to reconsider its decision, calling attention to the fact that a number of changes
had taken place in its stock ownership; that, following the receipt of plaintiff's formal request for reconsideration, the Board of Governors, under date
of March 11, 1942, notified plaintiff that its application would be reconsidered if the plaintiff could
demonstrate inter alia:
# # #
"2. That some change has been made in the
arrangements for the use of the furniture and
fixtures whereby the bank will be under no
obligation to Capital Company or any other
part of the Transamerica group.
"3. That neither Transamerica Corporation
nor any organization affiliated or closely identified with Transamerica Corporation or any
751
LAW DEPARTMENT
other bank holding company group has any interest, direct or indirect, in the applicant bank,
and that the bank is in no manner obligated
to any such organization.
"4. That all stockholders have stated in writing that they have no agreements or understandings, expressed or implied, with respect
to the sale or transfer of the stock of the bank
to any such organization, and that they do not
intend to enter into any such agreements or
understandings.
"5. That the bank was organized as a bona
fide local, independent institution, and is expected to be continued as such."
Plaintiff, as a means of securing the Board of
Governors reconsideration of its application, voluntarily complied with all of these requirements.
Under date of April 23, 1942, plaintiff sent to the
Federal Reserve Bank of San Francisco (1) a statement relative to the refinancing of his shares of
plaintiff's stock, (2) a declaration signed by all of
plaintiff's directors that plaintiff was "organized as
a bona fide local, independent institution," and that
it was not obligated in any manner to Transamerica Corporation or to any of its affiliated companies,
and (3) a signed statement of each stockholder
that he had no arrangements respecting the sale or
transfer of his shares to Transamerica or any of its
affiliated companies and that he did not intend to
enter into any such arrangements in the future.
Based upon the representations thus made to it
by the bank and by all of its directors and stockholders, the Board of Governors, under date of May
6, 1942, notified the plaintiff that its application
had been approved subject to a number of conditions, including Condition No. 4. Before Membership status could attach, however, plaintiff was required to evidence its acceptance of the conditions
by formal resolution, a certified copy of which was
to be filed with the Federal Reserve Bank of San
Francisco.
The plaintiff contends that the Board was without power to impose this Condition No. 4 and
therefore it is a nullity and should be cancelled. In
my opinion, however, the plaintiff is not in a position to raise this question. It voluntarily agreed to
it and on the basis of that agreement was admitted
to membership in the Federal Reserve System, and
for several years has received the benefits of membership in that System. It is true that there are
many cases in which the Supreme Court has held
752
that a state can not impose conditions upon the doing of business by foreign corporations which are
in violation of rights secured by the Federal Constitution, and in the case of United States v. Chicago, M. St. P. & Pac. RR. Co., 282 U. S. 311, it
held that a corporation was not estopped by a condition imposed by the Interstate Commerce Commission which was beyond the power of the Federal Government to impose. The case of Hammer
v. Dagenhart, et al., 247 U. S. 251, had not then
been overruled and was relied on by the majority
of the court in holding that the Interstate Commerce Commission nor Congress itself may take
any action which lies outside the realm of interstate
commerce. On the other hand, in cases such as
Pierce Oil Corporation v. Phoenix Refining Co.,
259 U. S. 125; St. Louis Malleable Casting Co. v.
Prendergast Construction Co., 260 U. S. 469, and
Hurley v. Commission of Fisheries, 257 U. S. 223,
it has been held that where one accepts a privilege
it consents to be bound by the conditions attached
to it and it will not be heard to attack its legality.
And in those cases, where a foreign corporation
undertakes to do intrastate business within a state,
as distinguished from business arising out of interstate commerce, the tendency has been to sustain
the conditions imposed by a state, United Fuel Gas
Co. v. Railroad Commission, 278 U. S. 300. So,
too, in the case of United States v. Chicago etc.
R. R. Co., supra, at p. 342, Mr. Justice Stone, dissenting, said:
"Courts may determine whether the Commission lacks the power to impose a particular
condition; but they may not strike from an
order the condition upon which it was granted,
and thus declare that it should stand although
the condition is not complied with."
The condition here is clearly not one outside the
domain of the Federal Government. Here the defendant Board, with discretionary power to admit
or to refuse to admit the plaintiff to the privilege
of membership in the Federal Reserve System, imposed a condition which was not merely acquiesced
in but agreed to by the plaintiff. The claim that
this agreement was brought about by duress of
the plaintiff is, I think, without foundation. The
agreement was voluntarily made, it was acted on
and the plaintiff received the benefits which arose
from its admission to membership in the System.
I see nothing contrary to public policy in the
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
condition agreed upon by the parties; indeed, it
may well be that the condition imposed was within
the Board's discretion if it was of the opinion that
unsound banking policies were being pursued by
Transamerica and that the character of management
of this plaintiff bank, if Transamerica obtained control, would be detrimental to sound banking.
In any event, plaintiff can not now attack the
validity of the condition to which it voluntarily
agreed and this motion of the defendants for
summary judgment will be sustained.
Mr. Justice Holtzoff has held that the Court
has jurisdiction of this suit and that a case is
presented for a declaratory judgment. Peoples
Bank vs. Eccles et al. 64 F. Supp. 811; and denied
a motion to dismiss the complaint based on the
ground that no justiciable controversy was presented; but the motions for summary judgment
were not before him, they having been filed since
his action on the motion to dismiss.
The defendant, John K. McKee, has moved to
dismiss the complaint as to him, and apart from
the motions for summary judgment it will be sustained. He is no longer a member of the Board;
the action is not one for damages; and he no
longer has any power to take any action in the
premises.
(Signed) JENNINGS BAILEY,
Justice.
with the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
GENERALLY
LICENSING MEMBERS OF, AND PERSONS
GENERALLY LICENSED TRADE AREA
IN,
(1) Members of generally licensed trade area licensed.
Notwithstanding the proviso of paragraph (1) of General
License No. 94, members of the generally licensed trade
area are hereby licensed to be regarded for all purposes as
not blocked.
(2) Persons licensed. This general license also licenses
as a generally licensed national:
(a) any individual in the generally licensed trade area,
except an individual who on October 5, 1945 was
in a blocked country other than a member of the
generally licensed trade area, and
(b) any partnership, association, corporation, or other
organization which is a national of a blocked
country solely by reason of the interest of persons
licensed hereby,
provided that this license shall not apply with respect to
any person whose name appears on the Proclaimed List of
Certain Blocked Nationals.
(3) Definitions. As used in this license:
(a) the term "member" and "generally licensed trade
area" shall have the meaning prescribed in General License No. 53; and
(b) the term "blocked country" shall be deemed to
include countries licensed by General License No.
94 except a country licensed by General License
No. 96.
FRED M. VINSON,
Secretary of the Treasury.
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions in
foreign exchanges, 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
May 30, 1946
GENERAL LICENSE NO. 53A
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
* 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, July 26, 1941, and February 19,
1946.
.
JULY 1946
Treasury Department
Foreign Funds Control
May 30, 1946
REVOCATION OF GENERAL LICENSES NOS. 54,
76 AND 78
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
with the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
General License No. 54, issued July 26, 1941, General
License No. 76, issued December 9, 1941, and General License No. 78, issued December 26, 1941, are hereby revoked,
rin view of paragraph 3 of Public Circular No. 10, as
amended on the date hereof.
FRED M. VINSON,
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, July 26, 1941, and February 19,
1946.
753
LAW DEPARTMENT
Treasury Department
Foreign Funds Control
May 30, 1946
AMENDMENT TO PUBLIC CIRCULAR NO. 10
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Sections 3(a) and 5(b) of the
Trading with the Enemy Act, as Amended by the First War
Powers Act, 1941, Relating to Foreign Funds Control*
Public Circular No. 10 is hereby amended to read as
follows:
(1) The privileges of all general licenses are hereby extended to Hong Kong to the same extent as though Hong
Kong were a part of China.
(2) The offices within Hong Kong of banks named in
Schedule A of General License No. 58 are hereby reinstated
as appointed banks for the purposes of such license and as
generally licensed nationals within the meaning of General
Licenses Nos. 59, 60 and 61.
(3) No transaction shall be deemed to require a license
solely because it involves property in which a blocked country or national thereof had an interest which was extinguished prior to the date of the extension of the Order to
such country. In view of the provisions of this paragraph
General Licenses Nos. 54, 76 and 78 have been revoked.
FRED M. VINSON,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
May 30, 1946
REVOCATION OF PUBLIC CIRCULAR NO. 16
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Sections 3(a) and 5(b) of the
Trading with the Enemy Act, as Amended by the First War
Powers Act, 1941, Relating to Foreign Funds Controls
Public Circular No. 16, issued February 18, 1942, is
hereby revoked.
FRED M. VINSON,
with the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
Paragraph (4) (a) of General License No. 95 is hereby
amended to read as follows:
(a) the term "country specified herein" means the following:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
France, effective October 5, 1945;
Belgium, effective November 20, 1945;
Norway, effective December 29, 1945;
Finland, effective December 29, 1945;
The Netherlands, effective February 13, 1946;
Czechoslovakia, effective April 26, 1946;
Luxembourg, effective April 26, 1946;
Denmark, effective June 14, 1946;
and each country specified herein shall be deemed to include any colony or other territory subject to its jurisdiction.
FRED M. VINSON,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
June 21, 1946
GENERAL LICENSE NO. 32A, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
with the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
General License No. 32A is hereby amended to read as
follows:
LIVING EXPENSE REMITTANCES TO ITALY, BULGARIA, HUNGARY, AND RUMANIA
(1) Certain remittances for living expenses authorized.
A general license is hereby granted authorizing remittances
from blocked accounts by any person to any individual within
Italy, Bulgaria, Hungary, or Rumania, provided that:
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
(a) Such remittances are made only for the necessary
living expenses of the payee and his household,
and are not made from an account other than an
account in the name of, or in which the beneficial
interest is held by, the payee or a member of his
household; and
(b) Such remittances do not exceed $1,000 in any one
calendar month to any one household, except that
in the case of individuals who are citizens or subjects of Italy, Bulgaria, Hungary, or Rumania, the
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 194f,
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, July 26, 1941,
and February 19, 1946.
t Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; 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, July 26,
1941, and February 19, 1946.
* 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, July 26, 1941, and February 19, 1946.
* 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, July 26, 1941, and February 19,
1946.
%
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
June 7, 1946
AMENDMENT TO GENERAL LICENSE NO. 95
754
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
amount does not exceed $100, plus an additional
sum of not more than $25 for each member of the
payee's household in addition to the payee, but in
no event shaU more than $200 per calendar month
be remitted to any such individual and his household.
(2) Refunds. Any person in the United States receiving
the amount of any remittance ordered pursuant to this general license for transmittal to Italy, Bulgaria, Hungary, or
Rumania may refund such amount when advised that the
remittance can not be effected.
(3) Definition. As used in this general license, the term
"household" shall mean:
(a) Those individuals sharing a common dwelling as
a family; or
(b) Any individual not sharing a common dwelling
with others as a family.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
June 28, 1946
Revocation of Public Circulars Nos. 1, 4, and 22 under
Executive Order No. 8389, as Amended, Executive Order
No. 9193, as Amended, Sections 3(a) and 5(b) of the Trading With the Enemy Act, as Amended by the First War
Powers Act, 1941, Relating to Foreign Funds Control *
Public Circular No. 1, issued July 9, 1941, as amended;
Public Circular No. 4 issued August 16, 1941, and Public
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; 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
8998, Dec.
Order 993,
9193, July 6,
a d Ex.. Order
Or
899,
e . 26,
6, 1941;
9 1 ; Ex.. Ordr
1942
dd b
d
9567
145; Regula1942, as amended
by E
Ex. O
Order
9567, JJune 8
8, 1945;
i
April 10, 1940, as amended June 14, 1941, July 26 , 1941,
ebruary 19, 1946; Special Regulation No. 1, June 1,
JULY
1946
Circular No. 22, issued June 1* 1943, as amended, are
hereby revoked.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
June 28, 1946
Revocation of Special Regulation No. 1, as Amended, Requiring Reports on Form TFR-500 by Persons Subject to the
Jurisdiction of the United States with Respect to Property in
any Foreign Country.*
Special Regulation No. 1, as amended, is hereby revoked.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
June 28, 1946
Amendment of Regulations of April 10, 1940, as Amended,
under Executive Order No. 8389, as Amended.*
Section 130.4 of the Regulations of April 10, 1940, and
the amendment of July 26, 1941 to such Regulations are
hereby revoked.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Sec. 3, Public
No. 831, 77 Congress; 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, July 26, 1941, and February 19,
1946.
* 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.
755
CURRENT EVENTS
Federal Reserve Meetings
A meeting of the Presidents of all of the Federal
Reserve Banks was held in Washington on June
7 and 8, 1946. The Board of Governors met with
the Presidents on June 11, 1946.
In accordance with the requirement of the law
that the Federal Open Market Committee meet at
least four times each year, the third meeting of
the Committee during 1946 was held in Washington on June 10.
Change in Weekly Reserve Computation Period
Pursuant to action taken by all Federal Reserve
Banks under Section 3(a) of Regulation D, with
the approval of the Board, deficiencies in reserves
of member banks in central reserve and reserve
cities will, beginning June 22, 1946, be computed
on the basis of average daily net deposit balances
covering weekly periods ending on Thursdays, instead of on Fridays as had previously been the
case. This action was taken because Saturdays
756
during the summer months are observed as holidays by banks in some States, and it was thought
undesirable that the weekly reserve computation
period of member banks in those States should
begin with two nonbusiness days, Saturday and
Sunday.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period May 16, 1946, to June 15, 1946:
Illinois
De Kalb—De Kalb Trust and Savings Bank
Missouri
St. Louis—Mutual Bank and Trust Company
Pennsylvania
Kittanning—Safe Deposit and Title Guaranty
Company
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled June 26, and released for publication June 28]
Industrial output declined somewhat further in
May but advanced considerably in the early part of
June, reflecting chiefly the settlement of the coal
strike. Department store trade was maintained in
record volume for this season of the year. Prices
in both wholesale and retail markets continued to
advance.
changes, largely due to further reductions in output
of flour and cereal products and of meats. Despite
these declines production in recent months of most
nondurable goods, including many manufactured
foods, cigarettes, textiles, shoes, gasoline, chemicals,
and rubber and paper products, has been considerably larger than the volume produced for civilian
use a year ago and also than the 1939-40 level of
INDUSTRIAL PRODUCTION
output.
Output of minerals rose 12 per cent in May,
The Board's seasonally adjusted index of industrial production was 160 per cent of the 1935-39 reflecting largely the resumption of bituminous
average in May as compared with 165 in April coal production around the middle of the month.
and 168 in March. Since the resumption of bitu- In the first two weeks of June bituminous coal
minous coal mining and the settlement of various output increased sharply to a level close to the
other wage disputes in the latter part of May, in- pre-strike rate. Anthracite production was maindustrial production has expanded considerably and tained at an exceptionally high level during most
indications are that the Board's index in June will of May, and after a work stoppage during the first
week of June, was resumed in large volume. Outsurpass the March level.
Output of iron and steel was especially affected put of crude petroleum continued to advance in
by the coal shutdown and in May steel ingot pro- May and the early part of June. Metals producduction averaged only 52 per cent of capacity as tion showed much less than the usual seasonal rise
compared with 78 per cent in the previous month. in May, reflecting chiefly wage disputes in iron ore
Steel production, however, rose rapidly in June, mines which were largely settled by the end of
reaching a scheduled rate of 87 per cent of capacity the month.
during the current week. Activity in other durable
Value of construction contracts awarded, as regoods industries was generally maintained in May ported by the F. W. Dodge Corporation, continued
at about the April level.
to rise sharply in May, reflecting increases in
Output of nondurable goods continued to show awards for most types of construction. Residential
a slight decline in May, after allowance for seasonal
COST
CAL VOLUME SEASONALLY ADJUSTED, 1935-39 • too
PER CENT
260
OF
LIVING
1935 -39-100
INDUSTRIAL PRODUCTION
PER
C
240
240
r
iiidO
/
iiOO
180
1
140
220
e
\
130
I
/
200
V
V
IbO
, - / \ FOO
140
\
180
110
140
100
V
140
> ^
130
/CLOTHING
^/ALL ITEMS
120
160
J
120
— RENT —
110
100
j
/
120
120
\J
90
90
80
80
100
1939
1940
1941
1942
1943
1944
1945
1946
80
1939
1940
1941
Federal Reserve index.
for May.
JULY 1946
1942
1943
1944
1945
1946
Monthly figures, latest shown are
Bureau of Labor Statistics' indexes. Last month in each
calendar quarter through September 1940, monthly thereafter.
Mid-month figures, latest shown are for May.
757
NATIONAL SUMMARY OF BUSINESS CONDITIONS
expansion in the volume of goods sold. Department store stocks continued to rise sharply in
May and, after allowing for seasonal changes, the
value of stocks held on May 30 was one-fourth
larger than at the beginning of the year, although
still comparatively low relative to the value of
sales.
EMPLOYMENT
Freight carloadings during May were slightly
below the April rate as increased shipments of
Nonagricultural employment showed a further
coal and grain were more than offset by declines
substantial gain in May, reflecting increases at facin loadings of most other classes of revenue freight
tories and mines due to termination of work stopdue chiefly to the railroad strike. During the first
pages and a continued large advance in constructhree weeks of June carloadings increased sharply
tion employment. The number of persons unem- and in the week ending June 22 were as high as in
ployed remained unchanged at the April level of the same period a year ago.
2.3 million.
building awards were at a new record level, onefourth higher than in April. Awards for nonresidential construction advanced in May, after a
drop in April. Awards for manufacturing plant
and public works permitted by Federal authorities
showed sharp increases.
BANK CREDIT
COMMODITY PRICES
The general level of wholesale commodity prices
continued to advance from the middle of May to
the third week of June. There were important
increases in prices of milk, bread, coal, cotton,
leather, copper, and of a number of miscellaneous
products.
From the middle of April to the middle of May
the consumer price index advanced another onehalf per cent and since that time additional increases have occurred in retail prices.
DISTRIBUTION
Department store sales in May and the first
half of June were maintained at the high level
reached earlier in the spring. Value of sales was
about 35 per cent larger than in the corresponding
period last year, reflecting largely a considerable
Deposits subject to reserve requirements increased further in May and the first three weeks of
June, reflecting primarily a shift of about 3.5 billion dollars from Treasury war loan accounts to
accounts held by businesses and individuals, and
average required reserves increased about 500 million dollars. Reserve balances increased considerably less than required reserves and excess reserves
declined.
At member banks loans for purchasing and
carrying Government securities were further reduced in May and the first half of June. Real
estate and commercial and industrial loans continued to increase at banks outside New York City.
Bank holdings of Treasury certificates and bonds
declined largely as a result of Treasury debt retirement operations.
MEMBER BANKS IN LEADING CITIES
DEPARTMENT STORE SALES AND STOCKS
DOLLAB. YQLUME SEASONALLY ADJUSTED, 1935-39 = 100
PEH CENT
PER
280
I
u. S. GOV'T
SECURITIES ^
r
240
1
SALES
A
200
i
160
1 T\J
\jf\r
,
/
AA/
r
^1
h
10 -
120
i
DEMAND DEPOSITS
AD. USTED
20
A
U. S. GOV'T
DEPOSITS
1939
80
1939
1940
1941
" ••
Federal Rese:rve indexes.
for May.
758
" ~
1943
" "
1944
""'
1945
""
" "
Monthly figures, latest shown are
Demand
l^emanu dcdeposits
(adjusted) exclude U. S. Government and
K
depo
interbank deposits
and collection items. Government securities
include direct and guaranteed issues. Wednesday figures,
latest shown are for June 26, 1946.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements.
Federal Reserve Bank statistics. . .
Guaranteed war production loans. . .
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover. .
Deposits and currency; Postal Savings System; bank suspensions
All banks in the United States, by classes
.
All insured commercial banks in the United States, by classes.
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields.
Security prices and new issues.
Corporate earnings and dividends. .
Treasury finance.
.
...
Government corporations and credit agencies.
Business indexes.
Department store statistics.
Consumer credit statistics.
Cost of living.
Wholesale prices
.
Gross national product, national income, and income payments. .
Current statistics for Federal Reserve chart book.
Number of banking offices in the United States.
761
762-763
763-767
767
767-768
769-770
770
771
772-773
774-775
776-779
780
781
782-783
784
785-787
788
789-798
799-801
802-804
804
805
806
807-809
810
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.
JULY 1946
759
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
BILLIONS
OF
DOLLARS
30
1939
1940
1941
1942
1943
1944
19*5
1946
10
10
1939
1940
1941
1942
1943
Wednesday figures, latest shown are for June 26.
760
1944
1945
1946
See p. 761.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances Total
Date
Monthly averages of
daily figures:
1945—Mar
Apr
May
1946—Mar
Apr
May
End of month figures:
1945—Mar. 3 1 . ..
Apr. 3 0 . . .
May 31...
1946—Mar. 3 0 . . .
Apr. 3 0 . . .
May 31...
W e d n e s d a y figures:
1945—Aug.
1...
Aug. 8 . . .
Aug. 1 5 . . .
Aug. 2 2 . . .
Aug. 2 9 . . .
Sept.
Sept.
Sept.
Sept.
5...
12...
19...
26...
All
Treasury
other
All 1
bills
and other
certificates
Gold
stock
Total
245 19,509 17,313 2,196
360 20,115 17,985 2,129
633 20,754 18,640 2,114
566 22,549 20,243 2,307
433 22,260 19,855 2,406
212 22,699 20,076 2,623
500 20,253 20,448
459 20,934 20,400
20,325
412
23,533 20,237
23,070
20,252
376
458 23,369 20,246
17,490 2,180
20,455 18,344 2,111
20,954 18,824 2,130
22,601 20,234 2,366
22,732 20,166 2,566
254 22,932 20,291 2,641
399 21,877
353 21,910
312 21,869
400 22,296
442 22,358
19,066
19,099
19,058
19,466
19,516
377
457
301
422
22,435
22,808
22,965
23,186
19,670
20,014
20,116
20,306
TreasTreasOther
deury
Treas- ury
Money
posits Non- Fedcurury
eral
in
cirwith
memrency
cash
Reculaber de- serve
outhold- Federal
Reposits
standings
acserve
ing
counts
Banks
4,120
4,120
4,136
4,464
4,510
4,534
Member
bank reserve
balances
Total
Excess1
25,850
26,009
26,351
27,913
27,923
27,978
2,357
2,367
2,361
2,274
2,261
2,263
269
504
405
809
448
556
1,495
1,516
1,549
1,167
1,120
1,074
423 14,429
437 14,621
439 15,156
536 15,536
550 15,531
551 15,727
396
362
303
402
346
331
20,311 20,419 4,119 25,899
21,307 20,374 4,130 26,189
22,131 20,270 4,144 26,528
23,630 20,256 4,480 27,879
20,251 4,537 27,885
23',518 20,242 4,535 28,120
2,346
2,371
2,331
2,288
2,263
2,257
647
446
362
1,593
679
846
1,361
1,549
1,589
1,213
1,166
866
429 14,166
796
437 14,818
918
440 15,296 1,038
540 14,853
627
959
547 15,606
807
553 15,653
2,811
2,811
2,811
2,829
2,841
288
342
601
447
263
22,564 20,152
22,606 20,151
22,782 20,130
23,142 20,088
23,063 20,088
4,108
4,197
4,198
4,201
4,215
27,130
27,260
27,351
27,506
27,600
2,257
2,248
2,262
678
538
398
671
397
,532
,588
,643
,557
,577
454 14,861
14,833
458 15,004
458 14,992
458 15,070
2,765
2,795
2,850
2,880
380
412
441
285
23,192 20,088
23,677 20,096
23,707 20,095
23,892 20,093
4,216
4,216
4,222
4,222
27,750
27,793
27,777
27,729
2,263
304
598
428
961
,529
,538
,525
,506
463
465
475
475
15,180
966
15,329
964
15,552 1,039
15,274
893
23,212 20,297 2,916
23,272 20,357 2,916
22,901 19,985 2,916
23,089 20,192 2,898
23,276 20,379 2,898
294
338
482
312
272
23,821 20,072
23,923 20,040
23,699 20,039
23,790 20,038
23,987 20,036
4,248
4,257
4,262
4,270
4,278
27,853
27,962
27,952
27,974
28,049
2,268
2,282
2,249
2,248
2,244
648
535
293
295
429
,469
,419
,324
,349
,373
484
485
482
482
483
15,420
15,537
15,700
15,751
15,723
245 19,669
489
875
626
279
1,010
931
1,005
1,031
1,024
956
1,063
1,066
1,132
1,018
986
Oct.
Oct.
Oct.
Oct.
Oct.
3...
10...
17...
24...
31...
314
313
316
389
439
Nov.
Nov.
Nov.
Nov.
7...
14...
21...
28...
508 23,076
596 23,448
630 23,343
792 23,646
20,179
20,510
20,372
20,62
2,898
2,938
2,970
3,019
23,877 20,035
455 24,498 20,034
359
20,032
326 24,764 20,031
4,285
4,284
4,297
4,297
28,137
28,178
28,198
28,169
2,268
2,265
2,272
2,269
261
580
410
557
,310
,313
,360
,351
484 15,737
928
486 15,994 1,163
484 15,937 1,043
485 16,261 1,293
Dec.
Dec.
Dec.
Dec.
5...
12...
19...
26...
345 23,525
312 23,493
360 23,668
492 24,037
20,474
20,440
20,602
20,970
3,052
3,053
3,067
3,067
359
460
829
643
24,229 20,029
24,264 20,045
24,859 20,066
25,172 20,065
4,303
4,317
4,326
4,334
28,279
28,370
28,557
28,649
2,242
2,268
2,288
2,283
8
627
718
1,199
,304
,204
,284
,282
487
488
496
500
16,242
15,669
15,906
15,658
1,594
1,296
1,332
1,213
2...
9...
16...
23...
30...
222 24,092
215 23,859
210 23,437
207 23,341
310 23,297
21,602
21,377
21,030
20,968
20,945
2,490
2,482
2,407
2,373
2,352
533
463
426
373
291
4,352
4,362
4,377
4,385
4,404
28,491
28,297
28,119
27,977
27,914
2,306
2,256
2,262
2,282
2,295
771
758
272
578
762
,299
,307
,257
239
,298
498
505
505
506
507
15,900
15,822
16,145
15,859
15,681
1,439
1,266
1,423
1,169
1,061
6...
13...
20...
27...
289
411
352
380
23,227 20,876
23,253 20,904
20,692
23,017 20,652
22,972
2,352
2,349
2,326
2,320
324
270
417
325
24,847 20,065
24,536 20,046
24,072 20,111
20,135
23,898 20,157
23,840 20,157
23,933 20,157
23,78 20,233
23,677 20,233
4,413
4,424
4,434
4,447
27,929
27,967
27,955
27,938
2,306
2,301
2,318
2,317
716
864
940
826
,226
,173
,235
,203
516 15,717 1,115
516 15,693 1,146
15,490
950
517 15,555 1,039
Mar. 6...
Mar. 13...
Mar. 20...
Mar. 27...
443 22,526
20,207 2,320
710 22,393 20,074 2,320
22,592 20,335 2,258
683 22,974 20,634 2,340
327
319
408
305
23,297 20,232
23,423 20,232
23,483 20,233
23,963 20,257
4,451
4,456
4,467
4,478
27,957
27,946
27,889
27,842
2,284
2,260
2,267
2,298
612
501
774
1,397
,153
,210
,230
,226
924
531 15,444
530 15,663 1,112
540 15,484
929
540 15,395
995
Apr.
Apr.
Apr.
Apr.
686 21,969 19,603 2,366
353 22,232 19,866 2,366
326 22,103 19,736 2,366
324 22,304 19,874 2,430
22,936 20,255
261 22,846 20,253
429 22,857 20,251
274 22,901 20,247
4,485
4,492
4,514
4,536
27,912
27,955
27,948
27,877
2,271
2,259
2,259
2,260
533
260
334
385
,013
,161
,138
,159
550
550
548
547
15,396 1,072
15,406
940
15,395
843
15,45'
836
1946—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
3...
10. ..
17...
24. ..
22,579
22,732
22,660
22,643
22,983
1,001
1,027
1,032
1,002
904
May 1 . . .
May 8 . . .
May 1 5 . . .
May 2 2 . . . ,
May 29. ..
207
145
163
237
20,003
20,134
20,019
20,001
20,341
2,577
2,598
2,641
2,641
2,641
279 23,084 20,251
279 23,219 20,248
20,245
326 23,132 20,245
337 23,556 20,242
4,535
4,534
4,534
4,532
4,533
27,888
27,958
27,950
27,961
28,106
2,267
2,266
2,265
2,262
2,265
409 ,010
314 ,162
504 ,110
56: 1,069
681 1,038
548
550
550
550
553
15,74' 1,111
15,751 1,014
15,652
916
15,505
700
15,689
830
June 5. ..
June 12. ..
June 1 9 . . .
June 26
252 22,780 20,129
23,270 20,619
252 22,691 20,187
231 23,385 20,882
2,651
2,651
2,503
2,503
417 23,450 20,272
374 23,896 20,271
23,454 20,272
23,986 20,269
4,534
4,537
4,536
4,539
28,159
28,128
28,116
28,135
2,285
2,280
2,260
2,262
860
419
970
1,063
969
985
950
556
557
566
569
15,799
15,909
15,916
15,910
738
833
*>554
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
JULY 1946
761
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect June 30. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Rate
Effective
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
Apr.
May
Apr.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Rate on
June 30
In effect beginning—
H
Apr. 30, 1942
1
Oct. 20, 1933
Oct. 20, 1933
Oct. 20, 1933
Treasury bills l
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days
Previous
rate
1
1
1
Established rate at which Federal Reserve Banks stand ready
to buy all Treasury bills offered. Effective Aug. 3, 1942, purchases
of such bills, if desired by the seller, were made on condition that the
Reserve Bank, upon request before maturity, would sell back bills of
like amount and maturity at the same rate of discount. Since May
15,2 1943, all purchases have been made subject to repurchase option.
Minimum buying rates on prime bankers' acceptances.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112 AND
CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect June 30]
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Percentage of loan guaranteed
80 or less
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower)1
10
15
20
30
50
85
90
95
Over 95
MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY
FINANCING INSTITUTIONS
(Per cent per annum]
Maximum rate of interest. . . .
Maximum commitment rate 2 .
1
2
4V2
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
Rate
Effective
1H
13^
1 V*>
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
IX
IH
IX
IX
Effective
Rate
Mar. 29, 1946
Apr. 6, 1946
Mar. 23, 1946
Mar. 9, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 23, 1946
Apr. 13,1946
Mar. 16, 1946
Apr. 25,1946
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT i
Maturities not exceeding five years
[In effect June 30. Per cent per annum]
To industrial or
To financing institutions
commercial
businesses
Federal
Reserve
Bank
Boston
New York
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco..
On discounts or
purchases
On
loans2
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
003
()
52
(3)
(8)
(3)
2K1-1H
o)
2^-5
8
2H5
2^-5
1
See table on maximum interest and commitment rates chargeable
under Regulation V for rates on guaranteed Section 13b loans.
2
Including
loans made in participation with financing institutions.
3
Rate charged borrower less commitment rate.
*6 Rate charged borrower.
May charge rate charged borrower by financing institution, if
lower.
8
Charge of \i per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Nov. 1,1933- Feb. 1, 1935- Effective
Jan.31, 1935 Dec.31,1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
2%
2V2
X
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative, charge a flat fee of not to exceed $50, without regard to the
amount or maturity of the commitment.
762
27,
25,
25,
3,
10,
10,
26,
26,
26,
27,
10,
25,
Other secured advances
[Sec. 10(b)]
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
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.
FEDERAL RESERVE
BULLETIN
MARGIN REQUIREMENTS1
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
[Per cent of market value]
Net demand deposits1
Central
reserve
city
banks
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
Reserve
city
banks
13
22%
26
26
24
22
20
4
7
10
15
P
12H
20
20
20
20
20
3
2
14
12
14
14
14
14
5
6
6
6
6
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
1
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.
EffecJuly 5,
1945tive
Jan. 20, Jan. 21,
1946
1946
Prescribed in accordance with
Securities Exchange Act of 1934
Time
deposits
(all
Country member
banks
banks)
Regulations T and U limit the amount of credit that may be ex-
margin requiitmeiiis siiowu in tins tauie are trie uinerence oetween
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands ot dollars]
Wednesday figures
Item
End of month
1946
June 26
June 19
June 12
1946
June 5
May 29
May 22
May 15
June
Assets
17,342,055 17,354,060 17,339,060 17,344,055 17,344,060 17,346,055 17,346,060 17,347,057
Gold certificates
Redemption fund for
748,058
747,445
752,036
747,267
755,979
752,035
747,611
760,979
F. R. notes
Total gold certificate reserves. . . 18,103,034 18,106,095 18,091,096 18,091,322 18,092,118 18,093,500 18,093,671 18,103,036
Other cash
290,960
297,404
132,190
116,507
118,082
120,000
120,000
45,000
236,507
1,324
11,324
283,344
271,505
264,762
111,243
131,259
131,330
Discounts and advances:
For member banks...
For nonmember
banks, etc
120,000
120,000
120,000
Total discounts and
advances........
231,243
251,259
251,330
1,189
18,173
1,260
15,118
1,287
12,917
Industrial loans
Acceptances purchased..
U. S. Gov't securities:
Direct :
Bills:
Unde,r repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
259,945
279,626
1,268
11,193
1945
May
June
,344,055 17,355,214
748,059
699,302
,092,114 18,054,516
280,138
264,866
212,909
100,124
36,772
134,092
46,082
45,000
120,000
120,000
163,082
145,124
156,772
254,092
46,082
1,354
13,745
1,412
17,070
1,206
18,057
1,306
13,456
3,147
5,385,431 4,907,219 5 ,444,686 5,035,
9,013,815 8,946,995 8,880,175 8,824;
5,248,049 4,986,372 5,056,440 5,383,696 5,072,062 4,874,482
8,757,805 8,679,415 8,635,025 9,082,635 8,824,125 8,087,965
6,482,370 6,332,870 6,293,870 6,268
1,748,200 1,748,200 1,748,200 1,748
902
755,290
755,290
902,942
6,335,596 6,335,596 6,327,096 6,813,370
1,738,200 1,738,200 1,738,200 1,748,200
902,942
902,942
755,290
902,942
Total U. S. Govt.
23,385,106 22,690,574 23,269,873 22,779,
securities
Other Reserve Bank
405,
495,985
350,167
credit outstanding....
360,574
22,982,
22,642,525 22,659,703 23 ,783,191 22,931,925
,792,050
317,245
462,864
311,370
324;
394,596 6,032,011
738,200 1,684,950
902,942 1,112,642
428,341
496,589
Total Reserve Bank
credit outstanding 23,985,878 23,454,196 23,895,981 23,449,874 23,556,070 23,132,076 23,251,650 24,455,815 23,518,024 22,304,143
Liabilities
Federal Reserve notes. . 24,090,486
24,078,540 24,104,137 24,066,413 23,946,502 23,950,426 24,190,592 24,064,389 23,018,860
Deposits:
Member bank — reserve account
15,909,762 15,916,383 15,909,236 15,798,813 15,688,738 15,505,017 15,652,429 16,123,380 15,653,470 14,919,911
U. S. Treasurer—gen599,208
419,092
833,364
846,175
680,
eral account
394,
504,134
969,537
561,524
860,105
504,5 i1
552,125
601,236 1,248,166
608,
Foreign
618,
660,099
685,786
519,116
534,879
745,209
420,236
432,406
264,546
429,
409,166
444,
424,269
431,247
Other deposits
434,450
Total deposits
17,829,662 17,320,006 17,738,670 17,256,090 17,407,251 17,135,806 17,266,618 18,206,484 17,365,427 17,187,521
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..
43.2
43.'
43.7
43.6
44.0
43.9
43.7
42.7
44.9
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
June 26, 1946
Discounts and advances
Industrial loans
Acceptances purchased
U. S. Government securities
JULY
1946
Total
231,243
1,189
18,173
23,385,106
Within
15 days
16 to 30
days
31 to 60
days
61 to 90 91 days to 6 months 1 year to 2 years to Over
5 years
5 years
6 months to 1 year 2 years
days
95,198
14,608
10,494 110,943
1,012
6
9
77
13
4,901
5,265
5,897
2,110
,356,617 2,233,163 5, 336,390 5 ,950,616 1,577,1502,859,080
19
45
46,400
443,250
582,440
763
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
M a y 29
17,344,060
June 5
17,344,055
June 12
17,339,060
June 19
17,354,060
June 26
17,342,055
Redemption fund
for F. R. notes:
M a y 29.
748,058
June 5
747,267
June 12
752,036
June 19
752,035
June 26
760,979
Total gold certificate reserves:
M a y 29
18,092,118
June 5
18,091,322
June 12
18,091,096
June 19
18,106,095
June 26
18,103,034
May
June
June
June
June
29.'
5
12
19
26
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
Minneapolis
Kansas
City
Dallas
558,030
529,021
547,604
548,978
551,568
324,729
316,696
334,055
328,656
327,682
560,984
546,519
564,022
555,215
546,250
453,721 2,364,342
447,398 2,372,080
455,297 2,385,784
459,697 2,366,741
468,367 2,386,486
42,553
42,550
42,527
42,527
42,450
19,986
19.984
19,975
19,975
19,952
34,885
34,883
34,873
34,873
34,815
600,583 344,715
571,571 336,680
590,131 354,030
591,505 348,631
594,018 347,634
595,869
581,402
598,895
590,088
581,065
750,999
718,033
741,063
738,488
760,834
5,009,154
5,183,838
5,028,946
5,301,670
4,956,762
821,665
806,033
801,865
845,977
852,367
1,105,812
1,076,928
1,090,851
1,093,657
1,099,767
799,936
832,188
837,855
823,771
860,049
58,020
57,988
57,977
57,977
57,824
119,034
118,844
118,799
118,799
118,208
59,982
59,925
59,878
59,877
59,620
76,615
76,578
76,563
76,563
76,354
60,795
60,418
60,415
60,415
61,333
809,019
776,021
799,040
796,465
818,658
5,128,188
5,302,682
5,147,745
5,420,469
5,074,970
259,945
264,762
271,505
283,344
279,626
22,225
20,430
20,739
20,663
17,981
67,435
67,371
74,712
76,080
78,448
16,848
17,315
17,149
19,090
18,853
21,828
19,360
21,214
20,030
20,657
17,674
18,414
17,131
18,371
17,290
18,590
21,815
22,330
23,662
20,996
28,384
26,119
29,584
30,375
30,491
10,175
10,024
11,137
12,041
11,421
3,759
4,254
3,709
4,598
4,021
15,624
15,401
15,290
16,213
16,384
7,891
8,000
9,207
10,364
9,710
29,512
36,259
29,303
31,857
33,374
116,507
132,190
131,330
131,259
111,243
7,503
7,856
5,716
5,031
6,079
28,051
32,021
24,646
11,976
16,726
3,359
5,409
5,524
2,209
5,044
31,485
29,370
30,410
13,250
13,350
12,850
12,875
12,525
14,450
18,900
1,450
500
500
2,000
7,100
11,915
16,515
26,115
36,515
15,400
12,200
16,200
16,600
21,600
19,050
1,300
1,300
5,200
13,000
2,750
6,750
950
9,950
4,250
144
144
144
778
144
3,500
3,250
3,000
500
5,200
120,000
120,000
120,000
120,000
120,000
7,680
7,680
7,680
7,680
7,680
39,960
39,960
39,960
39,960
39,960
9,960
9,960
9,960
9,960
9,960
11,160
11,160
11,160
11,160
11,160
5,640
5,640
5,640
5,640
5,640
4,560
4,560
4,560
4,560
4,560
16,080
16,080
16,080
16,080
16,080
4,080
4,080
4,080
4,080
4,080
3,000
3,000
3,000
3,000
3,000
3,960
3,960
3,960
3,960
3,960
3,840
3,840
3,840
3,840
3,840
10,080
10,080
10,080
10,080
10,080
1,324
1,268
1,287
1,260
1,189
87
87
87
87
82
20,710
24,685
17,785
19,500
26,100
844,944
912,199
953,586
906,998
944,536
83,802
79,952
70,457
81,434
77,708
34,695
35,995
28,307
35,277
32,755
65,262
52,517
56,333
74,398
75,358
22,607
23,635
28,485
35,912
22,942
388,055
347,185
366,605
384,815
354,915
580,020
591,731
590,129
567,544
570,054
881,647 1,182,427
865,958 1,153,506
861,743 1,167,414
905,854 1,170,220
911,987 1,176,121
962,106 3,632,584
943,724 3,571,595
958,014 3,593,704
914,468 3,376,742
926,606 3,605,317
San
Francisco
St.
Louis
43,588
43,562
43,552
43,552
43,376
96,770
96,728
101,695
101,695
111,471
860,731 1,005,694 3,729,354
892,606 987,286 3,668,323
898,270 1,001,566 3,695,399
884,186 958,020 3,478,437
921,382 969,982 3,716,788
25,790
25,788
25,785
25,785
25,743
110,040
110,019
109,997
109,997
109,833
479,511 2,474,380
473,186 2,482,101
481,082 2,495,781
485,482 2,476,738
494,110 2,496,319
vances:
Secured by
U. S. Govt.
securities:
M a y 29...
June 5...
June 12...
June 19...
June 26...
Other:
M a y 29...
June 5...
June 12...
June 19...
June 26...
Industrial loans:
M a y 29
June 5
June 12
June 19
June 26
Acceptances
purchased:
M a y 29
June 5
June 12
June 19
June 26
U. S. Govt.
securities:
Bills:
Under repurchase
option:
M a y 29...
June 5...
June 12...
June 19...
June 26...
Other bills*
M a y 29...
June 5...
June 12...
June 19...
June 26...
Certificates *
M a y 29
June 5
June 12
June 19
June 26
Notes:
M a y 29
June 5
June 12
June 19
June 26
M a y 29
June 5
June 12
June 19
June 26
Total TT S Grwfr
securities:
M a y 29
June 5
June 12
June 19
June 26
33
28
28
1 204
1,153
1 172
1 173
1,107
11,324
11 193
12 917
15 118
18,173
11,324
11,193
12,917
15,118
18,173
5,248,049
5,035,799
5,444,686
4,907,219
5,385,431
8,757,805
8,824,125
8,880,175
8,946,995
9,013,815
87,979,
63,326
72,095
73,540
90,447
3,373,792
3,177,027
3,488,807
2,997,977
3,460,337
756,044
778,062
786,679
783,331
815,718
231,470
247,373
260,814
276,837
292,860
6,335,596
6,268,870
6,293,870
6,332,870
6,482,370
420,436
415,801
417,553
419,733
430,211
1,738,200
1,748,200
1,748,200
1,748,200
1,748,200
90,714
91,019
98,059
91,784
82,639
80,994
75,614
74,594
62,516
71,556
756,087 1,147,572
760,139 1,125,834
754,997 1,148,722
758,025 1,127,692
786,560 1,186,643
829,608
833,827
837,392
841,642
845,892
713,642 1,046,330
717,131 1,039,533
720,080 1,046,201
723,595 1,181,056
727,110 1,049,542
535,997 338,915
537,398 341,243
555,465 344,718
529,097 336,993
536,283 349,849
1,592,520
1,576,210
1,582,290
1,593,000
1,629,338
478,793
473,717
475,620
478,508
489,887
610,796
604,238
606,703
610,219
624,970
397,568
393,349
394,930
397,312
406,784
317,532
314,090
315,387
317,147
324,906
317,912 180,739 301,925
314,647 178,850 298,704
315,866 179,557 299,914
317,983 180,699 301,689
325,264 184,923 308,927
115,349
115,955
115,979
115,869
116,021
436,916
439,557
439,501
439,749
439,408
131,357
132,106
132,110
132,092
132,115
167,575 109,075
168,504 109,692
168,520 109,698
168,451 109,679
168,544 109,705
902,942
902,942
902,942
755,290
755,290
59,920
59,890
59,903
50,060
50,126
226,964
227,030
227,001
189,989
189,841
68,236
68,233
68,234
57,069
57,079
22,982,592
22,779,936
23,269,873
22,690,574
23,385,106
1,439,728
1,433,034
1,452,209
1,442,533
1,502,523
764
154,495
152,645
189,573
143,068
146,138
87,050
87,032
87,040
72,778
72,817
56,662
56,656
56,659
47,385
47,397
816,600
808,036
811,242
816,344
835,510
490,448 1,331,672
513,521 1,338,333
491,016 1,343,962
470,510 1,350,673
495,920 1,357,384
268,337
265,475
266,550
268,132
274,558
632,438
625,753
628,258
632,104
647,092
87,117 224,038
87,590 225,338
87,602 225,333
87,548 225,353
87,622 225,326
87,221
87,746
87,735
87,781
87,719
49,586
49,876
49,874
49,883
49,871
82,836
83,300
83,305
83,283
83,314
73,618
74,033
74,036
74,019
74,043
173,512
174,503
174,507
174,493
174,512
45,255
45,240
45,246
37,824
37,856
45,309
45,320
45,315
37,925
37,898
25,758
25,761
25,760
21,551
21,546
43,031
43,024
43,027
35,981
35,995
38,242
38,238
38,240
31,979
31,990
90,134
90,131
90,133
75,388
75,396
116,381
116,387
116,384
97,361
97,349
5,861,662 1,588,968 2,103,707 1,473,907 1,184,256 3,048,293 1,070,241
5,667,197 1,586,840 2,076,627 1,469,138 1,188,736 3,101,493 1,065,063
5,998,413 1,620,534 2,109,044 1,473,273 1,186,100 3,152,746 1,074,838
5,497,552 1,568,762 2,070,924 1,458,534 1,185,614 3,227,112 1,054,220
6,011,784 1,611,779 2,135,613 1,481,334 1,203,594 3,152,263 1,064,872
629,693 1,073,074
631,725 1,069,276
628,216 1,072,708
624,403 1,062,895
638,944 1,073,648
893,252 2,615,811
914,902 2,575,905
898,327 2,603,465
880,552 2,617,473
899,453 2,609,299
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
New
York
Boston
Total loans and
securities:
23,231,747 ,454,998
May 29
23,044,587 ,448,657
June 5
,465,692
June 12
23,535,40
22,958,211 ,455,331
June 19
23,635,711 ,516,364
June 26
Due from foreign
banks:
May 29
June 5
June 12
June 19
June 26
84
Federal Reserve
notes of other
banks:
May 29
3,145
118,716
June 5
3,365
109;67
June 12
4,009
115,032
June 19
3,303
120,367
June 26
4,250
119,795
Uncollected
items:
May 2 9 . . . .
1,987,701 143,522
June 5
2,188,403 186,107
June 1 2 . . . .
2,242,568 194,391
June 1 9 . . . .
2,721,093 254,177
June 26
2,185,41" 178,728
Bank premises:
May 29
33,029
1,329
June 5
33,003
1,329
June 1 2 . . . .
33,006
1,329
June 19
33,00.
1,329
June 26
32,966
1,329
Other assets:
May 2 9 . . . .
56,128
3,703
June 5
55,546
3,777
June 12
56,901
3,721
June 1 9 . . . .
48,789
3,809
June 26
50,326
3,124
Total assets:
May 2 9 . . . .
43,779,469 2,437,947
June 5 . . . .
43,787,382 2,439,692
June 1 2 . . . .
44,345,599 2,488,926
June 19
44,270,988 2,535,082
June 26
44,406,954 2,540,439
Liabilities
Federal Reserve
notes:
May 29
24,066,413 1,462,090
June 5
24,104,137 1,466,896
June 12
24,078,540 1,463,864
June 19
24,077,691 1,462,827
June 26
24,090,486 1,474,401
Deposits:
Member bank
—reserve
account:
May 2 9 . . . 15,688,738 702,068
June 5 . . . 15,798,813 718,234
June 12... 15,909,236 725,56"
June 19... 15,916,383 744,363
June 26... 15,909,76: 727,691
U. S. Treasurer-general
account:
May 2 9 . . .
680,516
56,123
June 5 . . .
394,158
21,801
June 12...
860,105
53,706
June 19...
419,09
22,872
969,53
June 26...
90,351
Foreign:
608,209
May 29...
37,089
618,505
June 5 . . .
37,869
534,879
32,246
June 12...
552,125
33,414
June 19...
519,116
31,549
June 26...
Other:
3,547
429,788
May 29...
444,614
1,446
June 5 . . .
434,450
3,786
June 12...
432,406
June 19...
4,156
431,247
June 26...
4,602
Total deposits:
May 29
17,407,251 798,827
June 5
17,256,090 779,350
June 12
17,738,670 815,301
June 19
17,320,006 804,805
June 26
17,829,662 854,193
Deferred availability items:
M a y 29
1,663,463 135,585
June 5
1,783,201 151,869
June 12
1,882,078 168,073
June 19
2,225,192 225,589
June 26
1,835,329 169,845
5,940,997
5,750,371
6,075,936
5,564,606
6,086,643
Philadelphia
Cleveland
Richmond
1,603,491 2,146,352 1,492,430
1,603,362 2,117,157 1,487,681
1,637,190 2 ,150,614 1,491,466
1,582,104 2,095,334 1 ,478,624
1,627,890 2,160,123 1,505,874
Atlanta
Chicago
1,190,266 3,076,288
1,193,796 3 ,134,088
1,191,160 3 ,194,941
1,192,
"",707
1,215,254 3,183,743
St.
Louis
Minneapolis
Kansas
City
1,086,521
1,085,343
1,095,518
1,079,900
1,088,002
633,993
636,025
636,416
640,403
641,944
1,079,784
1,079,986
1,077,618
1,076,805
1,081,858
Dallas
San
Francisco
897,236 2,629,391
918,886 2,589,235
902,311 2,616,545
885,170 2,628,053
2^28,053
903,437 :2,624,579
128
128
128
128
128
15,118
13,018
14,121
19,065
17,18:
5,144
4,442
4,858
6,479
5,466
5,466
5,140
5,331
5,476
5,485
29,718
28,086
25,806
25,195
24,453
9,477
8,678
10,231
8,869
9,225
11,967
12,247
13,042
13,674
12,688
6,072
7,123
6,992
8,074
8,375
3,931
3,554
3,522
3,835
4,622
6,897
5,979
6,075
5,774
6,262
4,513
2,922
4,351
3,977
2,975
17,268
15,120
16,694
16,646
18,809
429,056
476,706
513,953
608,524
477,893
116,793
123,931
127,476
174,646
135,093
195,700
193,186
191,307
273,305
185,807
144,336
179,200
175,569
195,090
185,859
125,628
159,056
153,465
162,724
130,774
313,530
301,877
331,631
410,563
337,315
90,134
99,187
96,053
101,752
85,159
50,453
53,232
52,762
57,033
48,098
106,881
116,357
111,032
120,843
104,922
82,526
108,623
93,841
101,389
91,057
189,142
190,941
201,088
261,047
226,707
8,601
8,583
8,583
8,583
8,583
3,253
3,253
3,253
3,253
3,241
3,942
3,942
3,942
3,942
3,942
2,735
2,735
2,735
2,735
2,728
1,551
1,551
1,551
1,550
1,547
3,091
3,091
3,091
3,091
3,085
2,037
2,037
2,037
2,037
2,036
1,273
1,273
1,273
1,273
1,273
2,568
2,562
2,562
2,562
2,562
817
815
815
815
815
1,832
1,832
1,835
1,835
1,825
13,135
12,749
13,567
10,977
11,726
3,994
3,907
3,608
3,062
3,208
5,801
5,853
6,048
5,430
5,647
3,733
3,621
3,633
3,124
3,221
3,018
3,038
2,917
2,457
2,568
7,477
7,421
7,667
6,835
7,109
3,118
3,180
3,297
2,836
2,940
1,604
1,625
1,681
1,275
1,344
2,536
2,575
2,661
2,092
2,196
2,406
2,300
2,509
2,088
2,246
5,603
5,500
5,592
4,804
4,997
2,631,177' 3,561,524 2,551,361
2,622,1775 3,498,152 2,612,347
2,655,284
' I 3,545,8782,614,614
2,694,495» 3,573,7452,607,329
2,705,745 3,557,790 2,658,811
2,354,227
2,375,223
2,383,223
2,349,459
2,350,349
7,170,102
7,153,177
7,275,366
7,222,693
7,291,230
1,798,643
1,778,468
1,805,168
1,798,148
1,791,954
1,039,730
1,036,645
1,053,395
1,057,050
1,048,938
1,810,162
1,804,265
1,814,136
1,814,380
1,795,252
5,403,928
5,407,950
5,400,416
5,414,378
5,434,214
1,618,729
1,615,389
1,621,368
1,619,174
1,627,956
2,036,830
2,040,511
2,040,316
2,040,747
2,052,603
1,647,198
1,650,870
1,648,001
1,646,990
1,653,929
1,426,265 4,405,351
1,428,997 4,425,247
1,427,771 4,418,513
1,425,882 4,4:25,387
1,424,130 4,427,653
1,045,295
1,047,782
1,047,471
1,047,418
1,046,668
553,602
555,971
556,014
556,684
556,428
886,381
890,222
889,076
888,251
887,075
591,358
595,359
594,694
594,995
593,755
2,989,386
2,978,943
2,971,036
2,954,958
2,911,674
4,965,339
5,011,150
5,033,902
5,029,991
5,050,755
772,370
781,756
792,308
803,928
795,421
1,138,934
1,154,022
1,155,624
1,168,543
1,144,976
681,595
705,220
705,667
684,707
687,659
726,553
729/
732,399
715,047
719,164
2,230,804
,246,706
2,273,562
2,252,287
2,27
,270,032
590,502
582,192
588,397
579,807
590,921
391,530
388,277
391,712
391,320
396,709
763,855
759,907
758,695
766,466
760,773
738,359
745,251
751,835
744,804
749,127
1,986,829
1,976,459
1,999,572
2,035,120
2,016,534
123,230
81,025
296,761
89,200
188,386
40,829
13,307
33,686
18,631
73,312
101,639
28,783
79,908
25,656
82,571
35,001
33,433
40,587
38,054
102,576
38,217
28,475
33,852
10,283
35,660
125,134
75,909
156,501
58,579
173,389
29,314
16,496
34,109
30,801
30,128
23,984
19,164
31,033
32,340
26,685
24,538
19,504
32,712
21,491
21,325
31,441
30,128
25,306
21,642
43,703
51,066
26,133
41,944
49,543
19,912
225,877
2 228,455
201,969
22 207,171
193,923
47,517
48,472
41,381
42,877
40,414
53,242
54,312
46,366
48,043
45,283
26,907
27,448
23,433
24,280
22,885
21,755
22,192
18,945
19,631
18,503
76,714
78,256
66,808
69,223
65,247
19,465
19,856
16,951
17,564
16,555
14,312
14,600
12,464
12,915
12,173
18,892
19,272
16,453
17,048
16,068
18,320
18,688
15,954
16,531
15,581
48,119
49,085
41,909
43,428
40,935
348,746
339,579
320,266
319,343
306,620
2,758
4,827
2,599
2,883
3,647
4,919
5,408
8,094
8,953
9,154
1,842
5,764
5,842
2,948
2,338
1,311
1,397
1,673
1,678
2,217
2,627
5,549
5,306
4,706
3,345
12,043
8,685
7,692
10,061
8,916
2,144
2,657
2,301
2,458
2,624
1,249
783
446
418
795
2,295
1,849
1,383
1,010
934
46,307
66,670
75,062
73,792
86,055
5,663,192
5,660,209
5,852,898
5,645,705
5,739,684
863,474
848,362
869,974
868,319
912,794
1,298,734
1,242,525
1,289,992
1,251,195
1,281,984
745,345
771,865
775,529
749,989
815,458
787,836 2,435,279
781,703 2,^
2,406,420
786,869 :2,502,177
746,639 2,384,795
775,544 2,512,013
651,324
627,229
647,149
638,233
646,520
431,970
424,698
437,510
439,033
438,191
808,534
799,466
808,306
805,423
798,961
790,415
795,916
794,478
783,987
809,345
,132,321
,118,347
,158,487
201,883
163,436
331,900
359,350
390,698
443,327
375,227
96,661
105,878
111,221
154,254
112,085
166,061
155,138
155,332
221,440
162,554
127,190
157,884
159,193
178,412
157,344
113,644
137,998
141,935
150,199
123,799
243,373
235,370
268,172!
325,507!
264,132
78,899
80,181
87,182
89,126
75,263
37,264
38,946
42,830
44,116
37,189
92,234
91,473
93,528
97,456
85,830
70,751
101,122
82,523
87,749
78,585
169,901
167,992
181,391
208,017
275,015
11,602,558
11,631,508
11,848,645
11,708,332
11,755,476
2
2
1,,474,903 5,347,135
1,514,735 5,320,995
1,494,119 5,366,845
1,489,288 5,420,987
1,504,353 5,406,617
1 After deducting $57,000 participations of other Federal Reserve Banks on May 29 and June 5; $56,000 on June 12; June 19; and June 26.
2
After deducting $381,855,000 participations of other Federal Reserve Banks on May 29; $389,526,000 on June 5; $332,543,000 on June 12;
$344,567,000 on June 19; and $324,774,000 on June 26.
JULY 1946
765
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Other liabilities
including accrued div.:
May 29
June 5
June 12
June 19
June 26
Total liabilities:
May 29
June 5 . . . . .
June 12
June 19
June 26
Cap. Acc'ts.:
Capital paid in:
May 29
New
York
Boston
Total
Richmond
Cleveland
Philadelphia
Minneapolis
St.
Louis
Chicago
Atlanta
Kansas
City
Dallas
San
Francisco
13,828
13,719
14,476
14,243
15,769
786
798
856
901
930
3,989
4,027
4,260
4,145
5,182
800
848
914
834
879
1,379
1,311
1,397
1,347
1,479
690
688
740
662
702
620
580
606
601
651
2,330
2,206
2,343
2,292
2,478
513
519
543
490
547
43,150,955
43,157,147
43,713,764
43,637,132
43,771,246
2,397,288
2,398,913
2,448,094
2,494,122
2,499,369
11,403,009
11,431,536
11,648,272
11,507,555
11,554,307
2,579,664
2,570,477
2,603,477
2,642,581
2,653,714
3,503,004
3,439,485
3,487,037
3,514,729
3,498,620
2,520,423
2,581,307
2,583,463
2,576,053
2,627,433
2,328,365
2,349,278
2,357,181
2,323,321
2,324,124
7,086,333
7,069,243
7,191,205
7,137,981
7,206,276
1,776,031
1,755,711
1,782,345
1,775,267
1,768,998
182,003
182,104
182,175
182,642
182,860
10,809
10,812
10,822
10,823
10,829
64,365
64,371
64,375
64,378
64,390
13,489
13,491
13,493
13,494
13,494
18,258
18,260
18,281
18,305
18,309
7,603
7,639
7,640
7,645
7,645
6,787
6,787
6,804
6,825
6,830
21,599
21,588
21,593
21,937
21,953
5,811
5,875
5,877
5,886
5,886
3,959
3,955
3,965
3,966
3,968
5,974
5,974
5,975
6,009
6,023
6,589
6,590
6,588
6,612
6,615
16,760
16,762
16,762
16,762
16,918
358,355
358,355
358,355
358,355
358,355
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
27,428
27,428
June 5
June 12
27,428
June 19
27,428
June 26
27,428
Other capital accounts:
May 29
60,728
June 5
62,348
June 12
63,877
June 19
65,431
June 26
67,065
Total liabilities
and capital accounts:
May 29
, 43,779,469
June 5
43,787,38?
June 12
44,345,599
June 19
44,270,988
June 26
44,406,954
Commitments to
make industrial loans:
May 29
5,431
5,421
June 5
5,398
June 12
June 19
5,396
5,484
June 26
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
4,399
4,516
4,559
4,686
4,790
11,119
11,536
11,933
12,334
12,714
4,577
4,760
4,867
4,973
5,090
5,510
5,655
5,808
5,959
6,109
4,416
4,482
4,592
4,712
4,814
3,863
3,946
4,026
4,101
4,183
7,712
7,888
8,110
8,317
8,543
3,335
3,416
3,480
3,529
3,604
2,633
2,660
2,706
2,747
2,800
3,481
3,574
3,640
3,678
3,787
3,257
3,298
3,358
3,416
3,472
6,426
6,617
6,798
6,979
7,159
2,437,947
22,439,69
2,488,926
2,535,082
2,540,439
11,602,558
211,631,50
11,848,645
11,708,332
11,755,476
2,631,177
8,622,175
2,655,284
2,694,495
2,705,745
3,561,524
3,498,152
3,545,878
3,573,745
3,557,790
2,551,361
2,612,347
2,614,614
2,607,329
2,658,811
2,354,227
2,375,223
2,383,223
2,349,459
2,350,349
7,170,102
7,153,177
7,275,366
7,222,693
7,291,230
1,798,643
1,778,468
1,805,168
1,798,148
1,791,954
1,039,730
1,036,645
1,053,395
1,057,050
1,048,938
857
850
830
828
916
521
521
521
521
521
265
262
262
262
262
June 5
June 12
June 19
June 26
Surplus
(section 7):
May 29
June 5
June 12
June 19
June 26
Surplus
(section 13 b):
May 29
360
473
428
562
420
530
528
583
535
548
1,023,196 1,787,679
1,020,088 1,781,689
1,036,782 1,791,493
1,040,395 1,791,665
1,032,228 1,772,414
556
473
501
552
604
1,275
1,268
1,305
1,322
1,349
1,453,080 5,292,883
1,492,870 5,266,550
1,472,196 5,312,219
1,467,283 5,366,180
1,482,289 5,351,474
1,810,162 1,474,903 5,347,135
1,804,265, 1,514,735 5,320,995
1,814,136 1,494,119 5,366,845
1,814,380 1,489,288 5,420,987
1,795,252 1,504,353 5,406,617
170
170
170
170
170
3,603
3 603
3,600
3,600
3,600
15
15
15
15
15
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes
outstanding (issued
to Bank):
May 29
June 5
June 12
June 19
June 26
Collateral held against
notes outstanding:
Gold certificates:
May 29
June 5
June 12
June 19
June 26
Eligible paper:
May 29
June 5
June 12
June 19
June 26
U. S. Govt. securities:
May 29
June 5
June 12
June 19
June 26
Total collateral:
May 29
June 5
June 12
June 19
June 2 6 . . .
24,693,082
24,770,351
24,773,028
24,778,830
24,797,939
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
1,491,812! 5,545,939 1,657,289 2,086,893 1,704,637 1,462,763 4,472,526 1,079,021 564,397
1,495,5,249 5,559,143 1,660,464 2,106,209 1,705,087 1,462,665 4,495,822 1,084,550 566,421
1,490,670 5,565,087 1,662,836 2,110,876 1,707,419 1,461,725 4,493,424 1,083,179 566,463
1,500,470 5,572,337 1,666,559 2,104,985 1,705,228 1,459,550 4,500,790 1,079,712 566,607
1,511,033 5,597,949 1,669,905 2,100,629 1,707,233 1,459,946 4,505,986 1,084,568 567 ,855
11,444,000
11,274,000
11,174,000
11,099,000
11,019,000
410,000
410,000
410,000
410,000
430,000
3,495,000
3,295,000
3,295,000
3,320,000
3,320,000
500,000
500,000
500,000
500,000
500,000
71,513
85,661
74,161
78,716
75,249
7,503
7,856
5,716
5,031
6,079
28,051
32,021
24,646
11,976
16,726
3,359
5,409
5,524
2,209
5,044
635,000
635,000
635,000
635,000
635,000
550,000
550,000
550,000
550,000
550,000
640,000 2,595,000
640,000 2,625,000
640,000 2,525,000
640,000 2,525,000
640,000 2,325,000
12,850
12,875
12,525
14,450
18,900
1,100,0002,100,000 1,200,000 1,550,000
1,100,000 2,300,000 1,200,000 1,550,000
1,100,000 2,300,000 1,200,000 1,550,000
1,100,000 2,300,000 1,200,000 1,550,000
1,100,000 2,300,000 1,200,000 1,550,000
1,175,000
1,175,000
1,175,000
1,175,000
1,175,000
850,000 1,900,000
850,000 1,900,000
850,000 2,000,000
850,000 2,000,000
850,000 2,200,000
25,499,315 1,517,503 5,623,051 1,703,359 2,185,000
25,539,61 1,517,856 5,627,021 1,705,409 2,185,000
25,518,618 1,515,716 5,619,646 1,705,524 2,185,000
25,459,150 1,515,031 5,631,976 1,702,209 2,185,000
25,571,957 1,536,079 5,636,726 1,705,044 2,185,000
1,737,850
1,737,875
1,737,525
1,739,450
1,743,900
,490,000
,490,000
,490,000
,490,000
,490,000
13,983,802
14,179,952
14,270,457
14,281,434
14,477,708
766
Minne- Kansas
apolis
City
St.
Louis
4,495,000
4,525,000
4,525,000
4,525,000
4,525,000
Dallas
San
Francisco
910,046
911,210
909,418
906,636
907,308
619,543 3,098,216
626,735 3,096,796
627,778 3,094,,123
170,000
170,000
170,000
170,000
170,000
280,000
280,000
280,000
280,000
280,000
169,000
169,000
169,000
169,000
169,000
12,200
1,300
16,200
1,300
16,600 5,200
21,600 13,000
19,050
2,750
6,750
95 0|
9,950!
4,250
300,000
300,000
300,000
300,000
300,000
908,802
904,952
895,457
906,434
902,708
400,000
400,000
400,000
400,000
400,000
1,221,002 5711,300
1,221,152 5711,300
1,212,057 5755,200
1,228,034583,000
1,221,758 570,000
700,000
700,000
700,000
700,000
700,000
625,9143,090,042
622,366 3,063,161
1,700,000
1,700,000
1,700,000
1,600,000
1,700,000
3,500
3,250
3,000
500
5,200
500,000 1,600,000
500,000 1,600,000
500,000 1,600,000
500,000 1,600,000
500,000 1,600,000
982,750 669,000 3,303,500
986,7501 669,000 3,303,250
980,950 669,000 3,303,000
989,950 669,000 3,200,500
984,250 669,000 3,305,200
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Date
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,65&
2,665
310,680
944,204
2,688,397
1943
Mar. 31
June 30
Sept. 30
Dec. 31
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
1,245,711 999,394 1,865,618
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286
Mar.
June
Sept.
Dec.
1944
31
30
30
30
5,904
6,433
6,8S2
7,434
7,466,762
8,046,672
8,685,753
9,310,582
2,009,511
2,064,318
1,960,785
1,735,970
Mar.
June
Sept.
Dec.
1945
31
30
30
31
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
1946
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
8,761
8,766
8,768
8,770
8,771
Total
amount
10,340,275
10,341,890
10,342,690
10,343,018
10,344,018
81,108
427,918
803,720
69,674
137,888
356,677
230,720
632,474 1,430,121
1,680,046
1,735,777
1,663,489
1,482,038
427,278
357,161
271,793
171,036
116,077
3,615,963
3,810,797
4,301,322
4,453,586
363,048
302,597
230,110
147,164
100,316
764,093
477,429
363,010
286,701
147,815
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees
available but not completed, and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)
Applications
approved
to date
Approved
Loans Commitments
but not
outoutcom- standing2
pleted1 (amount) standing
(amount)
(amount)
Participations
outstanding
(amount)
Number
Amount
984
1,993
2,280
2.406
2,653
2. 781
2,908
3,202
49,634
124,493
139,820
150,987
175,013
188.222
212.510
279,860
20,966
11.548
8.226
3.369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6.386
19,600
1942
June 24. . . 3,352
Dec. 3 1 . . . 3,423
338.822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
1934
1935
1936
1937
1938
1939
1940
1941
1943
June 3 0 . . . 3,452
Dec. 3 1 . . . 3,471
475,468
491,342
3,203
926
13.044
10,532
12,132
9,270
19,070
17,930
1944
June 3 0 . . . 3.483
Dec. 30. . . 3,489
510.857
525.532
45
1 295
11,366
3,894
4,048
4,165
11,063
2,706
1945
Mar. 3 1 . . .
June 3 0 . . .
Sept. 30. . .
Dec. 3 1 . . .
3,493
3,502
3,505
3,511
528.936
537,331
540,241.
544,961
85
70
130
320
4,214
3,252
3,166
1,995
3,321
5,224
4,291
1,644
2,365
2,501
2,018
1,086
1946
Jan. 31
Feb. 28
Mar. 3 0 . . . .
A"r. 3 0 . . . .
May 31
3,512
3,513
3,519
3.520
3,520
545,372
546,149
547.581
551,512
551,890
195
545
755
4,095
45
1,579
1,575
2.063
1,631
5,393
1,046
976
1.014
1,034
1,229
1
1,843
1,590
1.536
1.486
1,310
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired
JULY 1946
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member 1
banks
Month, or
week ending Friday
Total reserves held:
1945—Apr
May
1946—Apr
May
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
Excess reserves:
1945— Apr
May
1946—Apr
May
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
Borrowings a t Federal
Reserve B a n k s :
1945—Apr
May
1946—Apr..
May
May
May
May
May
May
June
June
June
3
10
17
24
31
7
14
21
Central reserve
city banks
Reserve
city
banks
Country
banks 1
New
York
Chicago
14,621
15,156
15,531
15,727
4,023
4,215
4,015
4,077
890
940
872
5,793
5,970
6,127
6,220
3,916
4,032
4,517
4,552
15,623
15,748
15,720
15,706
15,808
15,949
15,951
16,086
4,073
4,065
4,043
4,098
4,126
4,172
4,168
4,225
884
882
883
886
888
893
889
895
6,152
6,221
6,228
6,208
6,250
6,313
6,314
6,335
4,515
4,580
4,567
4,515
4,545
4,571
4,580
4,632
931
1,005
1,024
956
12
13
36
12
14
8
24
-1
227
254
215
230
678
730
748
714
955
1,026
985
908
945
981
887
P912
16
15
13
23
27
36
13
17
214
251
233
211
229
256
217
226
717
754
733
668
684
682
652
P664
360
632
393
150
127
330
139
7
150
209
148
105
80
92
60
36
287
227
179
164
126
127
148
139
42
151
132
90
97
82
81
100
100
92
85
78
59
36
35
35
26
P Preliminary
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS I N LARGE AND
SMALL CENTERS i
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank2
Time
deposits
Demand
deposits
except
interbank2
Time
deposits
May 1945
April 1946
14,383
17,229
6,509
7,755
9,417
11,980
4,477
5,376
May 1946
5,437
17,074
7,845
11,965
Boston
New York
Philadelphia
Cleveland
2,109
3,343
1,216
1,483
839
359
219
2,022
1,121
1,060
Richmond
Atlanta
Chicago
St Louis
1,192
1,691
2,102
Minneapolis
Kansas City
Dallas
San Francisco. . .
688
862
965
1,084
365
458
884
740
1,255
1,611
650
310
978
571
534
935
266
102
121
556
1,503
1,426
1,248
700
593
806
745
419
192
848
246
384
187
54
277
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All2 reserve cities have a population of more than 15,000.
Includes war loan deposits, shown separately for all country banks
in the table on the following page.
767
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
deposits2
Other
Demand
deposits
adjusted*
Net
demand
deposits*
Time
deposits'
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Re-
Ex-
quired
cess
Borrowings
at
Federal
Reserve
Banks
First half of May 1946
All member banks
98,644
12 ,082
16, 363
70,198
65,925
72,386
25,578
5,857
15 ,723
14, 715
1,008
174
Central reserve city banks:
New York
Chicago
26,081
5,719
4 ,300
1 ,154
4,963
1, 132
16,818
3,433
15,544
3,171
19,825
4,152
1,357
757
50
174
4 ,055
879
4, 046
876
9
3
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
36,691
2,298
601
2,643
4,201
2,371
2,325
4,396
2,151
1,167
2,953
2,478
9,107
5 ,549
281
28
345
501
356
577
485
586
313
889
554
634
6,150
481
103
506
799
390
353
784
364
239
392
363
1,375
24,992
1,535
471
1,792
2,901
1,626
1,395
3,126
1,202
615
1,671
1,561
7,098
22,944
1,436
443
1,666
2,704
1,495
1,251
2,909
1,069
545
1,505
1,441
6,481
26,786
1,675
449
1,939
3,044
1,754
1.683
3,111
1,556
794
2,131
1,782
6,868
10,220
184
289
207
1,199
435
386
1,858
305
160
336
304
4,556
1,801
45
22
73
166
112
150
293
102
66
270
217
286
6 ,217
353
110
412
702
399
375
774
341
170
467
420
1 ,693
5, 970
346
107
400
681
377
360
734
330
168
446
375
1, 647
246
7
3
12
21
22
16
41
11
3
21
45
46
9
2
124
6
3
3
40
3
8
38
12
7
3
1
1
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
30,153
2,565
4,560
2,200
2,593
2,216
2,667
3,776
1,757
1,337
2,117
2,492
1,872
1 ,079
98
86
14
26
133
228
71
127
67
77
127
26
4, 118
473
869
348
417
296
295
539
173
169
166
183
190
24,956
1,994
3,604
1,838
2,149
1,787
2,145
3,166
1,457
1,101
1,875
2,182
1,657
24,267
1,905
3,459
1,791
2,098
1,720
2,084
3,106
1,420
1,074
1,851
2,144
1,614
21,622
1,837
3,245
1,596
1,834
1,548
1,928
2,665
1,296
958
1,538
1,770
1,406
13,244
1,057
3,073
1,488
1,603
782
646
2,097
554
649
288
174
832
3,832
175
316
215
296
318
395
523
257
187
399
511
241
4 ,572
357
735
372
437
311
364
615
256
211
296
337
280
3, 822
321
638
313
353
264
309
499
215
173
233
258
247
750
36
97
59
84
47
55
116
42
39
63
79
33
40
9
17
3
1
3
2
2
1
1
Second half of May 1946
All member banks
98,387
11,864
15,698
70,826
66,606
72,944
25,736
5,761
15,731
14,824
906
Central reserve city banks:
New York
Chicago
25,995
5,706
4,216
1,151
4,742
1,081
17,037
3,474
15,803
3,208
19,998
4,177
1,374
766
53
184
4,098
878
4,082
881
16
-4
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
36,634
2,290
593
2,615
4,231
2,339
2,313
4,391
2,147
1,176
2,955
2,482
9,101
5,448
279
27
334
496
342
556
487
567
308
868
552
631
5,914
462
98
484
767
374
341
756
354
229
379
349
1,322
25,271
1,550
468
1,798
2,967
1,622
1,415
3,148
1,227
639
1,708
1,582
7,148
23,215
1,450
441
1,673
2,759
1,492
1,274
2,929
1,096
566
1,543
1,460
6,533
26,954
1,687
447
1,935
3,095
1,744
1,685
3,131
1,564
810
2,150
1,790
6,917
10,279
185
289
209
1,201
439
389
1,878
308
161
337
307
4,576
1,803
44
21
74
167
106
152
293
102
64
268
226
286
6,223
354
110
409
717
391
373
768
339
175
474
411
1,701
6,008
348
107
400
691
375
350
739
331
172
450
376
1,658
215
6
3
10
26
16
13
29
8
3
24
35
43
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
30,053
2,562
4,540
2,190
2,594
2,198
2,639
3,790
1,748
1,338
2,110
2,481
1,862
1,048
92
84
14
26
129
217
70
123
66
76
125
26
3,961
453
832
334
402
284
285
520
166
163
159
179
184
25,044
2,016
3,623
1,842
2,166
1,785
2,137
3,200
1,460
1,109
1,875
2,177
1,652
24,380
1,929
3,479
1,797
2,117
1,720
2,079
3,141
1,425
1,083
1,853
2,142
1,613
21,814
1,852
3,274
1,610
1,857
1,558
1,942
2,696
1,308
968
1,553
1,777
1,419
13,317
1,060
3,091
1,499
1,611
787
652
2,109
557
649
289
177
835
3,722
179
305
206
291
304
366
527
245
185
386
500
228
4,532
359
728
368
436
308
358
613
251
210
289
330
281
3,853
323
644
315
357
265
311
504
217
174
235
259
249
679
36
84
54
79
43
47
109
35
35
54
71
32
128
6
2
88
3
2
2
34
10
2
17
11
32
5
16
3
1
2
1
1
1
1
1
5
A\erages of daily dosing figures for reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
based on deposits at opejiing of business.
2 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 4 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.
768
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency2
Large denomination currency2
Total
in circula-1
tion
Total
Coin
3$1
$2
$5
$10
$20
Total
$50
$100
$500
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
,019
,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
,019
,129
,355
,693
,973
2,150
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
1,342
1,326
,359
,501
,475
,481
,576
,800
2,545
4,096
5,705
7,224
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
364
337
358
399
387
409
460
538
724
1,019
,481
1,996
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
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—January
February
March
April
May
June
July
August
September...
October
November...
December. . .
25,290 17,456
25,751 17,778
25,899 18,000
26,189 18,353
26,528 18,715
26,746 19,183
27,108 19,599
27,685 20,141
27,826 20,235
28,049 20,381
28,211 20,500
28,515 20,683
,150
,158
,170
,180
,196
,205
,223
,236
,243
,252
,263
,274
950
953
954
957
972
981
995
1,003
1,001
1,000
1,009
1,039
77
75
73
73
73
73
73
73
72
71
71
73
102
135
2,132
2,151
2,186
2,215
2,250
2,301
2,288
2,274
2,279
2,313
5,936
6,076
6,132
6,238
6,377
6,515
6,659
6,826
6,815
6,779
6,783
6,782
7,242
7,381
7,539
7,754
7,911
8,193
8,400
8,700
8,816
9,004
9,095
9,201
,837
,974
,900
,837
,814
,565
,511
,546
7,592
7,671
7,713
7,834
2,022
2,059
2,088
2,126
2,159
2,132
2,139
2,180
2,204
2,243
2,264
2,327
4,228
4,317
4,266
4,210
4,192
4,044
4,013
4,038
4,071
4,123
4,154
4,220
566
571
550
527
513
483
472
466
464
461
457
454
990
994
965
932
909
868
847
832
825
816
811
801
1946—January
February....
March
April
May
27,917 20,126
27,954 20,139
27,879 20,045
27,885 19,997
28,120 20,171
,261
,264
,269
1,280
1,291
985
982
984
987
999
69
68
67
66
67
2,217
2,211
2,191
2,173
2,199
6,568
6,570
6,547
6,509
6,586
9,027
9,044
8,986
8,981
9,029
7,794
7,816
7,834
7,889
7,950
2,316
2,322
2,327
2,337
2,352
4,224
4,248
4,267
4,309
4,356
445
443
442
439
438
779
772
768
773
775
End of year or
month
$1,000 $5,000 $10,000
5
7
7
6
17
20
30
24
9
9
10
10
10
9
9
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
21
24
23
33
33
31
32
22
21
21
20
24
3
1
1
1
1
2
2
2
2
2
2
2
22
22
22
22
21
3
1
1
1
1
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
* Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
8
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money neld in the Treasury
Total outstanding, As security
May 31,
against
Treasury
1946
gold and
cash
silver
certificates
Gold
. . .
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
..
.
United States notes
Federal Reserve Bank notes
National bank notes
Total—May 31 1946
April 30, 1946
May 31 1945
. ..
2
20 242
18,143
24,682
4,535
*2,226
96
157
494
1,909
317
1,909
35
s 2,226
873
324
347
473
116
(4)
(4)
4
( )
18 143
2 099
For
Federal
Reserve
Banks
and
agents
15 277
2,257
2 263
2,331
2 815
50
725
265
23,861
4,209
15,277
15 281
15,296
51
23,685
4,149
52
22,651
3,824
3
139
138
123
207
2,019
837
315
317
468
114
1,979
830
312
303
473
115
1,653
784
290
322
533
121
20
4
26
4
2
15
5
4
1
(5)
20,368
20 386
20,018
Money in circulation1
Money
held by
Federal
Reserve
May 31,
31, Apr. 30,
Banks and May
1945
1946
1946
agents
3,806
3,975
3,745
28,120
27 885
26,528
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. 761, and seasonally adjusted figures in table on p. 7702
Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of
1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31,
1945.3
To avoid duplication, amount of silver dollars and bullion5 held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Less than $50?,000.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold buHion 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.
JULY
1946
769
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series1
+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—January
February
March
April
May
June
July
August
September
October
November
December
25,243
25,527
25,850
26,009
26,351
26,561
26,918
27,392
27,765
27,943
28,151
28,452
25,167
25,527
25,928
26,219
26,537
26,694
26,972
27,530
27,821
27,943
28,067
28,170
+210
+360
+401
+291
+318
+157
+278
+558
+291
+ 122
+ 124
+ 103
1946—January
February
March
April
May
June
28,158
27,944
27,913
27,923
27,978
28,140
28,074
27,944
27,997
28,148
28,175
28,281
-96
-130
+53
+ 151
+27
+ 106
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.
Period
Gold
stock
at end
of
period
Increase
in gold
stock
19342
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—June
July
August
September..
October....
November..
December. .
1946—January.. . .
February...
March
April
May
June
8,238
10,125
HI,258
312,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,213
20,152
20,088
20,073
20,036
20,030
20,065
20,156
20,232
20,256
20,251
20,242
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
-1,319.0
-553.9
-57.3
-60.6
-64.6
-15.0
-36.9
-6.2
35.2
91.0
76.3
23.9
-5.2
-9.1
P27.7
P2O,27O
EarNet
marked
gold
gold:
deimport
crease
or export
or in(-)
crease (—)
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
-83.8
-7.0
-12.3
13.5
-4.3
.8
19.3
154.1
82.4
31.4
-20.5
P-27.0
(4)
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
96.0
-100.3
-63.0
-19.0
34.6
-38.2
-4.3
-12.5
-5.8
19.7
15.1
27.5
'15.0
Domestic
gold
production1
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
34.8
2.5
2.1
3.4
2.9
3.8
4.0
3.8
4.0
P3.7
P4.2
P3.9
(*)
(4)
P Preliminary.
1
Annual figures through 1944 are estimates of the United States
Mint. Annual figure for 1945 and monthly figures are those published
in table on p. 814, 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.
3
Includes gold in the Inactive Account amounting to 27 million
dollars
on
Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account amounted to 4,234.8 million dollars on June 30, 1946. Gold
under earmark is not included in the gold stock of the United States,
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
New
York1
City
140
other
centers1
Other
reporting
centers2
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
333 other
reporting
centers
New
York
City
1937
1938
1939
1940
1941
1942—old series3
1942—new series3
1943
1944
1945
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
9.7
193,143
164,945
167,939
167,373
193,729
200,337
258,398
298,902
351,602
1945—May
June
July
August
September
October
November
December
1946—January
February
March
April
May
81,724
98,024
79,163
73,208
71,169
81,616
79,401
101,577
89,132
73,963
87,579
87,532
85,898
33,678
41,725
33,590
29,388
28,545
34,984
32,246
45,035
38,819
30,498
35,670
37,208
35,085
40,643
47,716
38,286
36,767
35,718
39,006
39,255
47,774
41,977
36,210
43,449
42,122
42,433
7,403
8,583
7,287
7,054
6,906
7,626
7,900
8,766
8,337
7,255
8,459
8,201
8,380
18.8
22.0
17.5
14.4
16.5
18.1
18.1
23.1
18.5
16.6
17.8
19.0
17.9
10.1
11.3
9.2
8.2
9.1
8.8
9.9
10.9
9.0
8.7
9.4
9.2
9.3
28,384
36,951
29,190
24,803
26,534
29,990
28,423
37,046
34,165
27,425
32,831
33,290
30,408
Annual rate of
turnover of demand
deposits except interbank and Government
100 other
leading
cities
New
York
City
100 other
leading
cities
215.090
186,140
200,636
217,744
270,439
308,913
369,396
403,400
412,800
29.5
25.1
21.0
17.1
17.3
18.0
20.5
22.4
24.2
22.4
19.9
19.4
18.6
19.4
18.4
17.4
17.3
16 1
34.418
41,870
32,662
30,796
30,631
33,474
34,616
41,070
35,546
31,402
36,543
36,478
35,324
21.4
28.9
25.6
19.7
22.9
22.4
23.5
31.8
28.3
25.6
27.5
27.6
24.5
15.3
18.9
16.1
13.7
14.9
14.4
16.5
19.5
16.2
16.2
16.8
16.8
15.8
1
2
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 p. 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.
770
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
adjusted1
1929—June
December
1933—June
December
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
1937—June
December....
1938—June
December. . . .
1939—June
December....
1940—June
December....
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
1941—June
December. . .
1942—June
December. . .
1943—June
December
1944—June
December
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
1945—May
152,600
162,784
163,600
163,200
162,900
163,900
167,300
175,401
176,300
177,000
173,700
r
174,200
173,400
End of month
June
July
August
September
October
November
December. . . .
1946—January?
FebruaryP....
March?
April P
May*
Time deposits
United
States
Government
deposits2
Currency
outside
banks
Total
Commercial
banks' *
Mutual
savings
banks*
Postal
Savings
System8
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
1,186
1,208
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
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
1,303
1,313
1,315
1,415
1,576
1,786
2,032
2,340
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
100,800
94,150
97,700
99,900
101,700
104,500
106,300
102,341
102,700
102,300
101,200
-103,600
104,900
127,800
137,687
138,100
137,300
136,800
137,600
141,000
148,911
150,200
150,900
147,600
148,000
147,000
76,000
69,053
72,200
74,000
75.600
78,200
80,000
75,851
76,600
76,200
75,100
77,400
78,500
8,200
24,381
20,800
17,300
14,300
11,700
13,100
24,608
24,600
25,000
22,400
20,000
17,400
43,600
44,253
45,100
46,000
46,900
47,700
47,900
48,452
49,000
49,700
50,100
50,600
51,100
26,700
27,170
27,800
28,500
29,200
29,700
29,800
30,135
30,500
31,100
31,300
31,600
32,000
14,300
14,426
14,600
14,700
14,900
15,100
15,200
15,385
15,500
15,600
15,800
15,900
16,000
2,600
2,657
700
800
800
2,900
2,900
2,932
3,030
3,000
3,000
3,100
3,100
24,800
25,097
25,500
25,900
26,100
26,300
26,300
26,490
26,100
26,100
26,100
'26,200
36,400
r Revised
/. includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
P Preliminary.
with December 1938, includes United States Treasurer's time deposits, open account.
• ivxcmues interbank time deposits and postal savings redeposited in banks.
•Beginning
June 1941, the commercial bank figures exclude and mutual sayings bank figures include three member mutual savings banks.
6
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
Table ind 9, pp. 34-35, for back figures.
Assets
End of month
Depositors'
balances1
Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
1939—Dec.. . 1,279
1940—Dec.. . 1,304
1941—Dec... 1,314
1942—Dec.. . 1,417
1943—Dec.. . 1,788
1944—Dec... 2,342
1,319
1,348
1,396
1,464
1,843
2,411
53
36
26
16
10
8
1,192
1,224
1,274
1,345
1,716
2,252
1,046
1,078
1,128
1,220
1,716
2,252
2,609
2,659
2,720
2,785
2,836
2,880
2,909
2,933
2,981
3,013
P3.043
2,696
2,751
2,809
2,867
2,921
2,968
2,999
3,022
3,073
3,107
8
8
7
8
8
6
6
6
5
5
2,518
2,574
2,625
2,674
2,737
2,780
2,809
2,837
2,886
2,910
2,518
2,574
2,625
2,674
2,737
2,780
2,809
2,837
2,886
2,910
1945—May. .
June. .
July..
Aug.. .
Sept...
Oct. . .
Nov...
Dec. ..
1946—Jan....
Feb...
Mar.. .
Apr.. .
May. .
Total,
all
banks
Cash
reserve
Guar- funds,
anetc.2
teed
146
146
146
126
74
88
95
102
118
152
170
169
176
185
176
182
184
179
181
192
P3,062
P3,088
f 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
s
JULY 1946
Number of banks suspended:
1934-39
1940
1941
1942
. . .
1943
1944
1945
1946—Jan -June
I
Nonmember
banks
Member
banks
National
291
15
22
8
9
4
1
0
0
1
4
2
State
6
Insured
Noninsured
189
81
18
3
3
1
ON
BANK SUSPENSIONS
3
— Si
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Deposits of suspended banks2
(in thousands of dollars) :
1934-39
125,991 14,616 26,548 44,348 40,479
1940
1941
1942
1943
1944
1945
1946—Jan -June
256
5,943
3,726 3,144
1,702
6,223 4,982
405
0
0
5,341
503
1,375
1,241
346
79
327
405
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
771
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans a nd investments
Deposits
Investments
Class of bank
and
call date
All b a n k s :
1938—Dec. 3i
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
1 9 4 5 _ j u n e 30
Dec. 31
Total
Other
Other
securities
Totals
Total
U.S.
Government
obligations
Loans
Interbank^
Number
of banks
Demand
Time
48,831
50,885
54,170
61.101
78,137
96,966
108,707
119,461
129,639
140,227
21,261
22,169
23,751
26.616
23.915
23.601
25.424
26,015
27,979
30,355
27 570
28.716
30 419
34,485
54 222
73 365
83,284
93 446
101.661
109,872
17,953
19.402
20.983
25.488
45 932
65,932
75,737
85.885
93.657
101,295
9 617
9,314
9.436
8,997
8.290
7,433
7.547
7,561
8,004
8,577
61 319
68 225
75 963
81 780
99 796
117 661
128,605
141 449
151,033
165,612
7 484 28 695
9 883 32.492
38 518
10 941
44,316
10 989
61 395
11 318
75,561
11 012
83,588
11,219
91,644
12 245
96,725
12,605
14,065 105,923
25 140
25 850
26 S04
26 476
27 083
31 088
33.797
37 559
41 702
45,623
15,207
15,035
14,895
14,825
14,682
14,579
14,553
14,535
14,542
14,553
All commercial b a n k s :
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—June 30
Dec 30
1945—j u n e 30
Dec. 31
38.669
40,667
43.922
50,722
67,391
85,095
95,731
105,530
114,505
124,019
16,364
17,243
18,792
21,711
19.217
19,117
21,010
21,644
23.672
26,076
22,305
23 424
25,130
29.011
48 174
65.978
74 722
83 886
90 833
97,943
15.071
16.300
17,759
21,788
41.373
59,842
68,431
77 558
84.069
90,613
7,234
7 124
7,371
7,223
6,801
6,136
6,290
6 329
6,764
7,331
51,041
57 702
65.305
71,248
89 132
105,923
116 133
128 072
136 607
150,227
7 484 28,695
9 883 32 492
38,518
10,941
44.316
10,989
61,395
11 318
75,561
11,012
83,588
11 219
91 644
12 245
96,725
12 605
14 065 105,923
14 862
15 327
15.846
15,944
16 419
19,350
21 326
24 183
27 276
30 238
14,652
14,484
14.344
14.277
14.136
14,034
14,009
13,992
14,000
14,011
All insured commercial b a n k s :
1938—Dec. 31
1939—Dec 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
1945—June 30
Dec. 31
37,470
39,289
42,556
49,288
66,240
83,507
93,936
103,382
112,353
121,809
16,021
16,863
18,394
21,258
18,903
18,841
20,729
21.352
23.376
25,765
21.449
22.426
24 161
28,030
47.336
64.666
73,207
82 030
88.978 96,043
14,506
15,566
17,063
21,046
40,705
58,683
67,085
75,875
82.401
88,912
6,943
6,859
7,098
6,984
6,631
5,983
6,122
6.155
6,577
7,131
49 772
56,069
63 461
69,411
87,803
104 094
114,145
125 714
134,245
147,775
7 254 27,849
31,483
9,523
37 333
10 539
10,654 43,061
60,504
11,144
74,309
10 705
82.061
11,038
89,761
12 074
94.910
12,401
13,883 104,015
14 669
15,063
15 589
15 697
16.154
19 081
21 045
23 879
26,934
29,876
13.655
13,531
13,438
13,426
13,343
13,270
13,264
13,263
13,277
13,297
AH member b a n k s :
1938—Dec. 31
1939—Dec 30
1940—Dec. 312
1941—Dec 31
1942—Dec. 31
1943—Dec 31
1944—June 30
Dec. 30
1945—j u n e 30
Dec. 31
32,070
33,941
37,126
43,521
59,263
74,258
83,587
91,569
99,426
107,183
13,208
13,962
15,321
18,021
16,088
16,288
18.084
18,676
20,588
22,775
18,863
19,979
21,805
25,500
43.175
57.970
65.503
72,893
78,838
84,408
13.223
14,328
15,823
19,539
37.546
52,948
60,339
67.685
73.239
78,338
5,640
5,651
5,982
5,961
5,629
5,022
5,164
5,208
5,599
6,070
43,363
49,340
56,430
61,717
78 277
92,262
101,276
110,917
118,378
129,670
7,153
9,410
10 423
10,525
11 000
10,555
10 903
11,884
12 230
13,640
24.842
28,231
33,829
38.846
54,523
66,438
73,488
79,774
84.400
91,820
11 369
11.699
12 178
12,347
12 754
15,268
16 884
19,259
21 748
24,210
6,338
6,362
6,486
6,619
6.679
6,738
6,773
6,814
6,840
6,884
All national b a n k s :
1938—Dec. 31
1939—Dec. 30
1940—Dec 31
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—June 30
Dec. 30
1945—j u n e 30
Dec. 31
20,903
21,810
23,648
27,571
37,576
47,499
53,343
58,308
63,177
69,312
8,469
9,022
10,004
11,725
10,183
10,116
11,213
11,480
12,369
13,925
12,434
12,789
13.644
15,845
27 393
37,382
42,129
46 828
50,808
55,387
8,691
9,058
9,735
12,039
23,744
34,065
38.640
43.292
47.051
51,250
3,743
3,731
3,908
3.806
3,648
3.318
3,490
3.536
3,757
4,137
27,996
31 559
35,787
39,458
50 468
59,961
65,585
71,858
76,533
84,939
4 499
5 898
6,574
6,786
7 400
7,159
7,402
8 056
8,251
9,229
15,587
17,579
20,885
24,350
34 499
42,605
46,879
50,900
53,698
59,486
7 910
8 081
8.329
8 322
8 570
10,196
11 304
12 901
14.585
16,224
5,224
5,187
5,144
5,117
5,081
5,040
5,036
5,025
5,015
5,017
State m e m b e r b a n k s :
1938—Dec. 31
1939—Dec 30
1940—Dec. 312
1941—Dec 31
1942—Dec. 31
1943—Dec. 31
1944—j u n e 30
Dec. 30
1945—j u n e 30
Dec. 31
11,168
12,130
13,478
15,950
21,687
26,759
30,244
33,261
36,249
37,871
4,738
4,940
5,316
6,295
5,905
6,171
6,870
7,196
8,219
8,850
6,429
7,190
8 162
9,654
15 783
20.588
23,373
26,065
28,030
29,021
4,532
5,271
6,088
7,500
13,802
18,883
21,699
24,393
26,188
27,089
1,897
1,920
2,074
2,155
1,980
1,705
1,674
1,672
1,842
1,933
15,367
17,781
20,642
22,259
27 808
32,302
35,690
39,059
41,844
44,730
2 653
3,512
3 849
3,739
3 600
3,397
3,501
3 827
3,980
4,411
9,255
10,652
12 944
14,495
20 024
23.833
26,609
28 874
30,702
32,334
3 459
3.617
3 849
4,025
4 184
5 072
5,580
6 357
7,163
7,986
. . . .
. . . .
1,114
1,175
1 34.9
L502
L 598
1,698
L ,737
I 789
1,825
L 867
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars a t all member banks and
525 million a t 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 once in "all banks."
• Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large b a n k with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
4
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941,
its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
772
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
Investments
Total
Loans
Total
Other
U.S.
Government
obligations
Other
securities
Total*
Inter-1
bank
Number
of banks
Demand
Time
All nonmember commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 3i
1942—Dec. 31
1943—Dec. 3i
1944—June 30
Dec. 30
1945—June 30
Dec. 31
6,598
6,726
6,796
7,208
8,135
10,847
12,155
13,972
15,091
16,849
3,156
3,281
3,471
3,693
3,132
2,832
2,929
2,971
3,087
3,303
3,442
3,445
3,325
3,515
5,003
8,014
9,226
11,002
12,005
13,546
1,848
1,971
1,936
2.251
3,829
6,899
8,099
9,880
10.839
12,284
1.594
1,474
1,389
L,264
1,174
L, 115
L, 128
1,122
t, 166
1,262
7,678
8,362
8,875
9,539
10,864
13,671
14,869
17,168
18,242
20,571
331
473
518
464
318
457
315
362
375
426
3,853
4,260
4,689
5,470
6,872
9,123
10,100
11.870
12,326
14,104
3 493
3 629
3,668
3 605
3 674
4 091
4 453
4 936
5 541
6 042
8,314
8,122
7,858
7,661
7,460
7,299
7,239
7,181
7,163
7,130
Insured nonmember commercial
banks:
1938—Dec. 3i
. . . .
1939—Dec. 30
1940—Dec 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
1945— j l m e 30
Dec. 31
5,399
5,348
5,429
5,774
6,984
9,258
10,360
11,824
12,940
14,639
2,813
2,901
3,074
3,241
2,818
2,556
2,648
2,678
2,790
2,992
2,586
2,447
2,356
2,533
4,166
6,702
7,712
9,146
10,150
11,647
1,283
1,238
1,240
1,509
3,162
5,739
6,752
8,197
9,170
10,584
1,303
1,209
L, 116
1,025
L.004
101
1,063
6,409
6,729
7,032
7,702
9,535
11,842
12,880
14,809
15,880
18,119
129
145
149
135
190
171
244
3,007
3,252
3,504
4,215
5.981
7,870
8,573
9,987
10,510
12,196
3,300
3.365
3 411
3,358
3,409
3,823
4.172
4,632
5.199
5,680
7,317
7,169
6,952
6,810
6,667
6,535
6,494
6,452
6,440
6,416
1,199
1,378
1,367
1,434
1,151
1,588
1,795
2,148
2,152
2,211
343
380
397
452
314
276
281
292
297
311
856
998
969
982
837
565
733
696
742
667
1,160
1,347
1,682
1,668
1,700
1,269
1,633
1,843
1,837
1,329
1,829
1,989
2,358
2,362
2,452
230
360
402
335
173
307
181
171
204
182
846
1,312
1,514
1,856
1,855
1,900
291
265
273
239
170
153
168
174
187
200
193
264
257
247
265
269
281
304
343
362
997
953
906
851
793
764
745
729
723
714
All mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 312
1941—Dec 31
1942—Dec 31
1943—Dec. 31
1944—June 30
Dec 30
1945—June 30
Dec 31
10,162
10,218
10,248
10,379
10,746
11,871
12,976
13,931
15,134
16,208
4,897
4,926
4,959
4,905
4,698
4,484
4,414
4,370
4,307
4,279
5,265
5,292
5,289
5,474
6,048
7,387
8,562
9,560
10,827
11,928
2,883
3,102
3,224
3,700
4,559
6,090
7,306
8,328
9,588
10,682
2,382
2,190
2,065
1,774
1,489
1,297
1,257
1,232
1,240
1,246
10,278
10,523
10,658
10,532
10,664
11,738
12,471
13,376
14,426
15,385
10,278
10,523
10 658
10,532
10 664
11,738
12,471
13,376
14.426
15,385
555
551
551
548
546
545
544
543
542
542
Insured mutual savings banks:
1938—Dec 31
1939—Dec. 30
1940—Dec. 31
1941—Dec 312
1942—Dec. 31
1943—Dec 31
1944—June 30
Dec. 30
1945—j u n e 30
Dec 31
1,329
1,655
1,693
2,007
7 525
8,489
9,223
10,063
10,846
972
461
605
637
642
740
511
724
280
422
548
629
861
232
303
470
421
405
608
626
604
607
606
1,012
1,409
1,818
1,789
2,048
7,534
8,235
8,910
9,671
10,363
1,012
1,409
1,818
1.789
2,048
7 534
8,235
8,910
9.671
10,363
48
51
53
52
56
184
192
192
192
192
9,190
8,889
8,593
8,686
8,739
4,345
4,487
4,708
5,071
5,361
2,150
1,887
1,595
1,353
1,084
9,266
9,114
8,840
8,743
8,616
4,204
4,236
4,466
4,754
5,022
9,266
9,114
8,840
8,743
8,616
4,204
4,236
4,466
4,754
5,022
507
500
498
496
490
361
352
Noninsured nonmember commercial
banks:
1938—Dec. 31
1939—Dec 30
1940—Dec. 31
1941—Dec 31
1942—Dec. 313 4
1943—Dec 31
1944—Tune 30
Dec. 30
1945—j u n e 30
Dec. 31
Noninsured mutual savings banks:
1938—Dec 31
1939—Dec. 30
1940—Dec. 31
1941—Dec 31
1942—Dec. 31
1943 Dec 31
1944—June 30
Dec 30
1945—j une 30 . .
Dec. 31
3,073
3,111
3,110
3,089
3,081
1,018
1,050
1,267
4,452
5,378
6,113
6,974
7,765
3,844
4,752
5,509
6,368
7,160
4,436
4,321
4,322
4,263
3,958
1,411
1,302
1,260
1,218
1,198
4,754
4,568
4,271
4,424
4,781
2,935
3,185
3,448
3,853
4,163
2,603
2,680
2,676
3,071
3,698
2,246
2,554
2,819
3,220
3,522
962
960
949
979
689
631
629
633
641
113
116
1,008
1,185
1,255
891
1,253
1,527
1,883
1,815
1,908
351
350
350
For footnotes see page 772.
JULY 1946
773
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Class of bank
and
call date
Total
loans
and
investments
All insured commercial banks:
193g—Dec> 3 i . . . 37,470
1940—Dec. 31. . . 42,556
1941—Dec. 31. . . 49,288
1942—Dec. 31. . . 66,240
1943—Dec. 3 1 . . . 83,507
1944—June 30. . . 93,936
Dec. 30. . . 103,382
1945—June 30. . . 112,353
Dec. 3 1 . . . 121,809
Member banks,
total:
1938—Dec. 31. . . 32,070
1940—Dec. 31.2 . . 37,126
1941—Dec. 31 . . 43,521
1942—Dec. 3 1 . . . 59,263
1943—Dec. 31. . . 74,258
1944—June 30. . . 83,587
Dec. 30. . . 91,569
1945—June 30. . . 99,426
Dec. 3 1 . . . 107,183
New York City:3
1938—Dec. 3 1 . . . 8,335
1940—Dec. 31. . . 10,910
1941—Dec. 3 1 . . . 12,896
1942—Dec. 31. . . 17,957
1943—Dec. 3 1 . . . 19,994
1944—June 30. . . 22,669
Dec. 30. . . 24,003
1945—June 30. . . 25,756
Dec. 3 1 . . . 26,143
Chicago:*
1938—Dec. 3 1 . . . 1,969
1940—Dec. 31. . . 2,377
1941—Dec. 31. . . 2,760
1942—Dec. 31. . . 3,973
1943—Dec. 31. . . 4,554
1944—June 30. . . 5,124
Dec. 30. . . 5,443
1945—June 30. . . 5,730
Dec. 3 1 . . . 5,931
Reserve city banks:
1938—Dec. 31. . . 11,654
1940—Dec. 31. . . 13,013
1941—Dec. 3 1 . . . 15,347
1942—Dec. 31. . . 20,915
1943—Dec. 31. . . 27,521
1944—June 30. . . 30,943
Dec. 30. . . 33,603
1945—June 30. . . 36,572
Dec. 3 1 . . . 40,108
Country banks:
1938—Dec. 31. . . 10,113
1940—Dec. 31. . . 10,826
1941—Dec. 31. . . 12,518
1942—Dec. 3 1 . . . 16,419
1943—Dec. 31. . . 22,188
1944—June 30. . . 24,850
Dec. 30. . . 28,520
1945—June 30. . . 31,368
Dec. 3 1 . . . 35,002
Insured nonmember commercial banks:
1938—Dec. 31. . . 5,399
1940—Dec. 31. . . 5,429
1941— Dec. 31. . . 5,774
1942—Dec. 31. . . 6,984
1943—Dec. 31. . . 9,258
1944—June 30. . . 10,360
Dec. 30. .. 11,824
1945—June 30. . . 12,940
Dec. 31. . . 14,639
Commercial,
in- Agriclud- culing
turTotal open- ali
market
paperi
Loans for
purchasing
or carrying
securities
To
brokTo
ers
and othdeal- ers
ers
885
727
662
597
922
U. S. Government obligations
ga-
Reales- Con- Other
tate sumer loans Total
loans loans
Total
16,021
18,394
21,258
18,903
18,841
20,729
21,352
23,376
25,765
5,636 1,060
7,178 1,281
9,214 1,450
7,757 1,642
7,777 1,505
7,406 1,474
7,920 1,723
7,501 1,632
9,461 1,314
13,208
15,321
18,021
16,088
16,288
18,084
18,676
20,588
22,775
5,179
6,660
8,671
7,387
7,421
7,023
7,531
7,095
8,949
3,262
3,384
4,072
4,116
4,428
5,479
5,760
7,069
7,334
1,594
2,125
2,807
2,546
2,515
2,430
2,610
2,380
3,044
5
6
8
21
24
64
30
53
539
696
954
832
1,004
1,064
1,184
1,250
1,333
335
492
732
658
763
710
738
671
760
17
5
6
6
6
11
17
13
2
4,963
5,931
7,105
6,102
6,201
6,761
6,822
7,155
8,514
2,063
2,589
3,456
2,957
3,058
2,787
3,034
2,883
3,661
207
263
300
290
279
277
348
304
205
4,444
5,309
5,890
5,038
4,654
4,780
4,910
5,114
5,596
1,186
1,453
1,676
1,226
1,084
1,096
1,149
1,162
1,484
483
590
659
772
713
671
802
755
648
25
21
20
17
25
33
32
32
42
243
201
183
161
197
345
310
422
471
1,353
1,644
1,823
1,797
1,725
1,708
1,719
1,771
1,881
674
528
536
547
611
707
2,813
3,074
3,241
2,818
2,556
2,648
2,678
2,790
2,992
457
518
543
370
356
383
389
406
512
348
416
478
553
482
452
525
506
459
28
21
20
16
16
21
21
24
31
110
75
64
59
82
166
156
193
228
1,141
1,240
1,282
1,225
1,165
1,159
1,136
1,167
1,224
730
2,586 1,283
803
2,356 1,240
854
2,533 1,509
422
173 4,166 3,162
385
70 6,702 5,739
395
73 7,712 6,752
383
67 9,146 8,197
420
74 10,150 9.170
460
77 11,647 10,584
712
865
972
1,089
1,023
1,023
1,198
1,125
855
1,002
Obli-
Direct
tions
of
States
Other
CerGuar- a n d secutifian- politi- rities
Bills cates Notes Bonds teed cal
of insubdebtdiviedsions
ness
290
662
988
3,857
4,468
4,773
4,646
4,437
4,364
4,343
4,413
4,677
3,583
4,077
4,545
2,269 1,042
1,868 918
1,862 1,106
1,888 944
2,108 1,008
2,361 1,181
21,449
24,161
28,030
47,336
64,666
73,207
82,030
88,978
96,043
14,506
17,063
21,046
40,705
58,683
67,085
75,875
82,401
88,912
2,716
3,228
3,494
3,423
1,398
3,274
2,200 2,130 3,207
2,249 2,108 3,209
3,089 3,407 3,248
3,133 3,378 3,455
2,853
3,273
3,692
1,847 870
1,484 848
1,467 1,033
1,505 877
1,688 934
1,900 1,104
18,863
21,805
25,500
43,175
57,970
65,503
72,893
78,838
84,408
13,222
15,823
19,539
37,546
52,948
60,339
67,685
73,239
78,338
148
153
251
179
223
298
5,072
7,527
8,823
13,841
15,566
17,190
18,243
18,687
18,809
3,857
158
1,142 1,663 894
6,044 207
1,245 2 977 1,615
7,265 311
1,623 3,652 1,679
12,547 1,855 2 i 144 2,056 5,420 1,071
14,563 1,328 3,409 1,829 7,014 984
16,157 1,258 4,242 2,805 7,650 201
17,179 913 3,740 3,745 8,592 189
2
17,492 424 3,538 3,607 9,920
I
17,574 477 3,433 3 325 10,337
18
14
40
34
34
40
1,430
1,681
1,806
3,141
3,550
4,060
4,258
4,480
4,598
1,114
1,307
1,430
2,789
3,238
3,688
3,913
4,130
4,213
59
297
256
397
199
367
250
127
133
1,101
1,322
1,512
5,018
5,204
6,467
13,038
19,682
22,484
25,042
27,523
29,552
57
103
295
312
301
350
313
315
404
6,691
7,081
8,243
14,813
21,321
24,183
26,781
29,417
31,594
1,154
1,400
1,530
5,669
5,517
6,628
11,380
17,534
20,071
23,610
26,253
29,407
11
732 1,893
3,233
3,269
45
433 2,081
110
481 2,926
4,377
671 1^251 1,240 5,436
9,172
15,465 1,032 3,094 2,096 8,705
18,009 926 3,362 3,355 10,114
21,552 882 3,466 4,422 12,540
24,094 762 4,194 4,613 14,504
26,999 630 5,102 4,544 16,713
663
614
950
1,414
2,221
2,269
3,113
3,164
2,296
2,265
3,601
3,606
973
642
594
934
775
652
598
538
839
787
465
412
787
220
190
169
193
323
751
859
121
130
123
117
107
93
86
76
80
535
468
554
303
252
232
253
270
287
70
54
52
32
52
130
163
299
233
12
19
22
23
22
21
24
23
36
63
84
96
62
45
49
45
50
51
1,054
1,657
1,742
2,528 1,539
2,453 1,172
43
42
48
34
102
102
163
159
211
119
242 1,230
115
207 1,436
114
194 1,527
97
153 1,486
217
267 1,420
409
903 1,385
311
777 1,379
371 1,147 1,378
427 1,503 1,459
808
658
650
660
757
855
393
381
392
351
362
363
4,462
4,636
4,708
3,971
2,831
2,455
6\727
13,218
15,466
15,300
17,204
19,071
3,648 8,000 2,568
2 756 9,925 3,719
3,159 12,797 4,102
5,799 20,999 2,718
7,672 30,656 2,501
11,834 34,114 963
15,778 39,848 978
43
16,454 45,870
22
16,045 51,321
'6i285
12,071
14,228
13,982
15,584
16,985
3,389
2,594
3,007
5,409
6,906
10,640
14,127
14,723
14,271
286
652
971
4,363
4,360
4,466
3,748
2,633
2,275
1,441
1,802
1,914
1,704
1,320
1,034
4
10
17
99
276
242
223
198
180
637
877
1,038
1,045
1,253
1,467
2,253
4,691
5,586
5,730
6,598
6,982
442
1,147
1,238
1,319
1,620
2,087
3,011 3,932
3,608 3,491
3,651 3,333
3,533 3,098
3,287 2,696
3,393 2,730
3,422 2,733
3,684 2,892
3,873 3,258
7,208 2,340 2,448 3,192
9,091 3,486 3,013 2,970
11,729 3,832 3,090 2,871
18,948 2,540 2,965 2,664
27,265 2,345 2,729 2,294
30,118 887 2,834 2,331
34,927 902 2,857 2,350
33 3,102 2,497
40,266
16 3,254 2,815
44,792
517
695
729
593
444
456
468
567
606
698
788
830
701
558
577
596
629
629
141
188
182
166
158
204
160
154
181
176
186
193
186
155
169
185
196
204
1,224 2,997 740 808
984
771 3,281 1,049
956
751 4,248 1,173
1,723 6,810 811 954
2,497 9,943 749 913
3,893 10,689 402 963
5,181 11,987 440 1,000
10 1,100
5,689 13,906
5 1,126
5,653 15,878
866
893
820
821
726
735
740
794
916
291
145
153
391
484
587
779
814
749
259
162
152
390
766
1,194
1,652
1,731
1,774
655
752
903
1,282
1,602
1,665
1,809
1,936
1,864
793
834
1,069
2,053
3,395
4,002
4,928
5,611
6,538
109
112
119
83
74
31
31
597
710
861
574
538
252
241
21
9
228
234
271
179
156
76
76
10
6
982 1,453
1,146 1,102
1,222 1,028
1,252 956
1,214 855
1,212 849
1,230 829
1,281 878
1,342 1,067
563
595
563
569
560
560
566
584
619
739
521
462
435
403
400
383
396
443
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit
Insurance Corporation.
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the items
for Dec.
31, 1945, may not be entirely comparable with prior figures.
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 "member banks" but are not included in "all insured commercial banks."
3
Central reserve city banks.
774
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demand deposits
Re-
Class of bank
and
call date
All insured commercial b a n k s :
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31..
Member banks,
total:
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 312 .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
New York City:*
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
serves
Cash
with
Federal in
Revault
serve
Banks
DeBalances mand
dewith
posits
doadmestic4 justed 5
banks
950
8,694
5,663
13,992 1,234 8,202
12,396 L,358 8,570
13,072 1,305 9,080
12,834 1,445 8,445
12,812 1,464 8,776
14,260 1,622 9,787
14,806 1,474 9,959
15,810 1,829 11,075
25,198
33,820
37,845
48,221
59,921
59,197
65,960
68,048
74,722
Interbank
deposits
DoFormestic4 eign
503
838
6,595
702
666
9,677
673 1,762
9,823
813 8,167
10,234
893 9,950
9,743
940 18,757
10,030
948 19,754
11,063
11,217 1,119 23,478
12,566 1,248 23,740
2,942
3,298
3,677
3,996
4,352
4,402
4,518
4,698
5,098
595
971
1,077
1,219
1,669
1,550
1,354
1,240
2,585
U.S.
IndiGov- States
viduals
ernand
partner- Inter- ment
politships, bank
and
ical
and corPostal subdiporaSavvisions
tions
ings
IndiCapital
viduals Boracpartner- rowships, ings counts
and corporations
23,475
32,398
36,544
47,122
58,338
57,351
64,133
65,494
72,593
157
160
158
97
68
68
64
66
70
86
69
59
61
124
108
109
105
103
575
522
492
397
395
407
423
482
496
14,009
14,998
15,146
15,697
18,561
20,530
23,347
26,346
29,277
18
11
10
10
46
84
122
65
215
6,434
6,673
6,841
7,055
7,453
7,709
7,989
8,340
8,671
21,119
29,576
33,061
42,139
51,820
50,756
56,270
57,417
62,950
142
141
140
87
62
63
58
61
64
61
56
50
56
120
104
105
102
99
462
435
418
332
327
333
347
392
399
10,846
11,687
11,878
12,366
14,822
16,448
18,807
21,254
23,712
6
3
4
5
39
75
111
52
208
5,424
5.698
5,886
6,101
6,475
6,696
6,968
7.276
7,589
6
5
6
3
4
11
11
16
17
5
7
7
8
10
30
51
29
23
26
17
17
19
20
652
768
778
711
816
861
977
29
64
96
40
195
1,593
1,615
1,648
1,727
1,862
1,907
1,966
2,023
2,120
5
9
8
v
746
8,694
991
13,992
12,396 1,087
13,072 1,019
12,835 L, 132
12,813 1,143
14,261 ,271
14,807
,150
15,811 ,438
4,240
6,185
6,246
6,147
5,450
5,799
6,354
6,486
7,117
22,293
30,429
33,754
42,570
52,642
51,829
57,308
59,133
64,184
6,510
501
790
616
700
9,581
671 1,709
9,714
811 7,923
10,101
891 9,444
9,603
937 17,634
9,904
945 18,509
10,881
11,064 1,106 21,967
12,333 1,243 22,179
4,104
7,057
5,105
4,388
3,596
3,455
3,766
3,879
4,015
68
102
93
72
92
85
102
89
111
109
122
141
82
61
60
76
64
78
7,168
11,062
10,761
11,899
13,899
13,254
14,042
14,643
15,065
884
902
821
811
899
929
942
35
42
43
39
38
41
43
33
36
235
319
298
164
158
179
177
180
200
1,688
1,941
2,215
2,557
3,050
3,070
3,041
3,152
3,153
1,090
1,132
1,174
1,292
9
8
8
12
14
15
16
19
20
Reserve city banks:
19 58—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31. .
2,354
4,027
4,060
4,940
5,116
5,109
5,687
5,882
6,326
321
396
425
365
391
399
441
396
494
1,940
2,741
2,590
2,202
1,758
1,922
2,005
2,029
2,174
7,214
9,581
11,117
14,849
18,654
18,405
20,267
20,682
22,372
2,719
3,919
4,302
4,831
4,770
4,757
5,421
5,510
6,307
53
49
54
63
63
65
70
90
110
Country banks:
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31. .
1,353
1,857
2,210
2,842
3,303
3,438
3,909
4,117
4,527
322
452
526
542
611
618
684
632
796
1,956
3,002
3,216
3,699
3,474
3,638
4,097
4,213
4,665
446
6,224
633
7,845
790
9,661
957
13,265
994
17,039
951
17,099
19,958 1,149
20,656 1,108
23,595 1,199
2
2
2
4
5
5
8
8
8
204
243
271
287
313
322
352
324
391
1,423 2,904
2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
2,978 7,368
3,434 8,652
3 473 8 915
3,959 10,537
Chicago:3
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—j un e 30. .
Dec. 30. .
1945—June 30. .
Dec. 31. .
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions
checks,
etc.
1,051
1,021
437
2,687
4,032
641
3,595
607
733
3,209
2,867
810
852
3,105
851
3,179
989
3,271
3,535 1,105
658
997
1,027
1,105
972
2,386
2,724
3,066
3,318
3,602
3,638
3,744
3,877
4,240
547
913
1,009
1,142
1,573
1.460
1,251
1,138
2,450
280
370
319
263
252
213
199
229
237
1,338
7,273
11,357
11,282
12,501
14,373
13,740
14,448
14,789
15,712
83
90
127
665
713
181
174
233
178
174
218
167
193
237
29
27
34
38
44
41
33
29
66
1,597
1,905
2,152
2,588
3,097
3,040
3,100
3,124
3,160
424
327
491
796
995
170
228
286
7,034
9,468
11,127
15,061
18,790
18,367
20,371
20,559
22,281
113
107
104
63
41
37
33
31
30
17
19
20
22
56
45
40
39
38
269
226
243
169
151
158
154
166
160
154
5,215
187
6,846
239
8,500
272 11,989
344 15,561
314 15,609
369 18,350
346 18,945
435 21,797
23
29
30
20
17
15
14
14
17
44
33
31
32
56
52
57
54
52
147
5,509
150
5.917
146
6,082
140
6,397
149
7,599
157
8,477
175
9,650
207 10,981
219 12,224
6
3
4
3
10
11
16
9
11
48
58
68
76
96
90
103
101
135
15
18
18
10
6
5
6
5
6
25
13
8
5
4
4
4
4
4
113
87
74
65
68
74
76
90
97
11 1,010
975
8
6
956
5
955
979
6
9 1,015
10 1,022
13 1,065
7 1,083
139
48
866
4,186
3,395
6,150
6,722
7,618
6,940
1,105
1,400
1,499
1,552
1,982
3,373
6 453
6,'157
7,655
8,221
143
151
225
1.144
1,319
1,448
,464
1,509
1,516
1,763
1,090
1,962
3,926
4,230
5,195
5,465
1,128
1,184
1,370
1,558
1,727
L.743
1,868
1,939
2,004
2
48
3
50
2
53
2
243
2
506
3 1,124
3 1,245
13 1,511
5 1,560
555
574
611
678
750
764
775
820
858
195
471
450
448
710
722
361
341
. 385
475
384
488
422
611
2
2
1
1
1
1
1,082
1,206
452
496
476
453
505
543
619
663
719
257
270
288
304
326
343
354
362
377
4,233
1,777
4,505
1,904
4,542
1,967
4,805
2 2,028
5,902
2,135
6 567
2 207
2,327
7,561
8.529 " " 3 2,450
2 2,566
9,563
1,798
1,909
1,982
2,042
2,153
2,239
2,321
2,440
2,525
[nsured nonmember commercial b a n k s :
1938—Dec. 31
1940—Dec. 3 1 . .
1941—£)ec. 3i
1942—Dec. 31
1943—Dec. 3 1 . .
1944—June 30
Dec. 30. .
1945—j u n e 30
Dec. 31
85
95
108
133
141
126
182
153
233
2,356
2,822
3,483
4,983
6,518
6,595
7,863
8 078
9,643
3,163
3,311
3,276
3,339
3,750
4,094
4,553
5 105
5,579
* 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.
6
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see page 774.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JULY
1946
775
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
U. S. Government obligations
To brokers
and dealers
To others Real- Loans
estate to Other
Total
loan!s banks loans
U. S. Other U.S. Other
Govt. se- Govt. seobobliga- curi- liga- curitions ties tions ties
Total
CerOther
tificates
Guar- secuBills of in- Notes Bonds an- rities
debtteed
edness
Total—101 Cities
1945—May
57,285 11,415
1946—January
February...
March
April
May
68,066
68,124
66,928
65,360
64,124
15,367
15,142
15,340
15,128
14,899
7,272
7,368
7,475
7,511
7,468
1,675
1,568
1,756
1,491
1,351
774 2,345
703 2,137
711 1,986
743 1,869
758 1,713
432
441
431
423
445
,102
,120
,140
,169
,213
63
75
61
76
84
52,699
52,982
51,588
50,232
49,225
49,325
49,576
48,146
46.803
45,840
1,849
1,565
1,119
1,230
1,106
12,518
12,853
12,393
11
11,322
10,460
Apr.
Apr.
Apr.
Apr.
3
10
17
24
65,247
65,338
65,515
65,340
15,272
15,224
15,025
14,992
7,506
7,560
7,509
7,468
1,575
1,586
1,414
1,388
1,917
719 1,875
720 1,854
757 1,830
417
422
425
427
,157
,163
,170
,185
86 1,835 49,975
60 1,839 50,114
50,490
81
77 1,860 50,348
46,538
46,689
47,050
46,935
1,039
1,243
1,376
1,262
11,345 7,057
11,252 7,045
11,346 7 ,029
11,344 7 ,002
27,088
27,142
27,292
27,320
9 3,437
7 3,425
7 3,440
"3,413
May 1 . . . .
May 8 . . . .
May 1 5 . . . .
May 2 2 . . . .
May 29
64,433
64,067
64,071
64,160
63,887
15,053 7,473 1,400
14,911 7,456 1,349
14,815 7,461 1,342
14,812 7,467 1,294
14,904 7,482 1,370
804
754
715
718
797
1,780
1,747
1,702
1,671
1,663
444 ,195
435 ,206
442 1,214
457 1,221
450 1,228
91 1,866 49,380
100 1,864 49,156
1,874 49,256
i49,348
1,840 48,983
45,993
45,777
45,871
45,965
45,593
1,052
984
1,220
1,262
1,014
10,626
10,479
10 ,361
10,445
10,387
6,906
6,890
6,856
6 ,782
6,714
27,402
27^,418
27,427
27,469
27,471
3,387
3,379
3,385
3,383
3,390
June
June
June
June
63,331
62,864
62,505
61,748
14,742
14,786
14,803
14,917
744
733
728
719
1,629
1,610
1,588
1,559
448
448
453
454
45,222 1,205 9,855 6,685
44,716 824 9,708 6 ,649
44,324 1,268 9,740 6 ,569
43,437
758 9,415 6,514
27,469
27,528
26,740
26,744
3,367
3,362
3,378
6 3,394
166 3,456 2,594 8,284
,51 1,009
5
12....
19....
26
5,818 1,281
7,469
7,507
7,520
7,529
1,279
1,242
1,264
1,400
821
593
365 1,046
102 1,389 45,870 42,837 1,336 10,776 7,358 23,035
1,239
1,251
1,264
1,277
1,704
1,730
1,780
1,846
1,867
1,854 48,589
1,879 48,078
894 47,702
889 46,831
7,981 26,968
7,924 27 ,226
7,502 27,126
7,033 27,210
6,830 27 ,437
332 3,033
3,374
3,406
3,442
3,429
3,385
New York City
1945—May
20,354
4,794 2,218
1,093
632
193
162
84
347 15,560 14,551
1946—January
February...
March
April
May
23,754
23,702
23,189
22,521
21,993
6,412
6,305
6,483
6,213
5,962
2,837
2,908
2,981
3,003
2,925
1,317
1,257
1,435
1,163
1,059
570
522
527
541
525
918
816
728
664
599
185
195
190
186
205
45
60
48
64
72
477
483
507
527
513
17,342
17,397
16,706
16,308
16,031
16,244
16,300
15,608
15,223
15,008
553
438
199
420
356
3,492
3,582
3,449
2,993
2,792
2,699
2,747
2,573
2,307
2,131
9,498
9,532
9,386
9,502
9,728
1,098
1,097
,098
1,085
1,023
Apr.
Apr.
Apr.
Apr.
3
10
17
24
22,461
22,476
22,590
22,558
6,344
6,298
6,132
6,078
3,004
3,034
3,003
2,971
1,247
1,244
1,099
1,062
560
528
527
548
691
669
653
644
184
185
187
189
72
46
70
67
521
527
528
532
16,117
16,178
16,458
16,480
15,027
15,091
15,366
15,406
311
389
505
473
2,987
2,956
2,997
3,031
2,351
2 ,309
2,285
2,283
9,377
9,436
9,578
9,618
1,090
1,087
1,092
1,074
May 1... .
May 8 . . . .
May 1 5 . . . .
May22
May 29
22,145
21,952
21,915
22,036
21,915
6,090
6,023
5,913
5,883
5,900
2,949
2,933
2,925
2,910
2,910
1,069
1,067
1,059
1,016
1,084
633
623
591
576
570
204
197
203
215
204
79
90
53
74
63
533
515
520
533
464
16,055
15,929
16,002
16,153
16,015
15,042
14,913
14,976
15,123
14,988
341
255
386
477
321
2,804 2,224
749 2,208
2,729 2,130
2,815 2,071
2,865 2,024
9,672
9,700
9,730
9,759
9,777
1,013
1,016
1,026
1,030
1,027
June
June
June
June
21,732
21,525
21,589
21,182
5,790
5,761
5,761
5,845
2,918 1,009
2,894
967
2,888 1,001
2,865 1,136
557
532
496
496
544
509
505
497
489
556
544
541
531
200
199
204
207
67
105
81
79
469
483
485
473
15,942
15,764
15,828
15,337
14,923
14,742
14,802
14,290
519
,023
256
,024
643 2,790 ,076
167 2,801 2,018
9,784
9,845
9,292
9,303
1,019
1,022
1,026
1,047
18 1,042 30,310 28,286 1,170 7,320 4,764 14,751
281 2,024
5
12... .
19
26
Outside
New York City
1945—May
36,931
6,621
3,600
188
189
400
1946—January
February...
March
April
May
44,312
44,422
43,739
42,839
42,131
8,955
8,837
8,857
8,915
8,937
4,435
4,460
4,494
4,508
4,543
358
311
321
328
292
204
181
184
202
233
1,427
1,321
1,258
1,205
1,114
247
246
241
237
1,039
1,056
1,073
1,104
1,149
1,227
1,247
1,273
1,319
1,354
35,357
35,585
34,882
33,924
33,194
33,081
33,276
32,538
31,580
30,832
,296
,127
920
810
750
Apr.
Apr.
Apr.
Apr.
3....
10
17
24....
42,786
42,862
42,925
42,782
8,928
8,926
8,893
8,914
4,502
4,526
4,506
4,497
328
342
315
326
1,226
191 1,206
193 1,201
209 1,186
233
237
238
238
1,092
1,098
1,105
1,120
1,314
1,312
1,324
1,328
33,858
33,936
34,032
33,868
31,511
31,598
31,684
31,529
May 1 . . . .
May 8 . . . .
May 1 5 . . . .
May 2 2 . . . .
May 29
42,288
42,115
42,156
42,124
41,972
8,963
8,888
8,902
8,929
9,004
4,524
4,523
4,536
4,557
4,572
331
282
283
278
286
247
222
219
222
253
1,147
1,124
1,111
1,095
1,093
240
238
239
242
246
1,333
1,349
1,354
1,360
1,376
33,325
33,227
33,254
33,195
32,968
June
June
June
June
41,599
41,339
40,916
40,566,
8,952
9,025
9,042
9,072
4.551
4,613
4,632
4,664
270
275
263
264
235
228
231
230
1,073
1,066
1,047
1,028
248 ,177
249 ,187
249 1,200
247 1,212
1,385 32,647
32,314
1,409 31,874
1,416 31,494
5
12....
19
26
981
129
140
148
158
167
9,026 5,282
9,271 5,177
8,944 4,929
8,329 4,726
7,668 4,699
17,470
17,694
17,740
17,708
17,709
2,276
2,309
2,344
2,344
6 2,362
728
854
871
789
8,358
8,296
8,349
8,313
4,706
4,736
4,744
4,719
17,711
17,706
17,714
17,702
2,347
2,338
2,348
2,339
30,951
30,864
30,895
30,842
30,605
711
729
834
785
693
7,822 4,682
7,730 4 ,682
7,632 4,726
7,630 4 ,711
7,522 4 ,690
17,730
17,718
17,697
17,710
17,694
6 2,374
2,363
6 2,359
6 2,353
2,363
30,299
29,974
29,522
29,147
686
568
625
591
7,259 4,662
7,092 4,625
6,950 4 ,493
6,6144 496
17,685
17,683
17,448
17,441
1
2,348
6 2,340
6 2,352
2,347
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
776
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
ReDeserves
Balwith
ances mand
deFed- Cash with
do- posits
eral
in mestic
adRe- rault
bank ustedi
serve
Banks
IndiIndividvid- States
Certiuals, States
uals,
fied
and
and
part- politU. S. part- politand
nerGov- ner- ical
ical
offiships, subern- ships, subcers'
and
and dividivi- checks, ment corcor- sions
etc.
porapora- sions
tions
tions
Total 101 Cities
1945—May
10,192
58J
2,15' 39,886 39,660 2,296
1946—January....
February. .
March
April
May
10,218
10,060
9,930
9,862
10,083
59:
580
569
568
562
2,431
2,271
2,165
2,160
2,155
Apr.
Apr.
Apr.
Apr.
3...
10. . .
17....
24
9,80'
9,816
9,868
9,958
May 1 . . . .
May 8 . . . .
May 1 5 . . . .
May 2 2 . . . .
May 29
10,15:
10,12;
10.04J
9,97?
June 5 . . . .
10,19.
10,21?
10,20i
10,24-
June 1 2 . . . .
June 1 9 . . . .
June 26
Time deposits,
except interbank
Interbank
deposits
Domestic
U. S.
banks
Bor- Cap- Bank
Govrow- ital
debacernForings counts
its2
ment
eign
and
banks
Postal De- Time
Sav- mand
ings
47
899 5,804 8,265
109
9,216
1,007
573 4,748 62,802
1,997
2,144
2,177
2,296
2,403
,254
,170
,16
,258
1,306
16,237 9,372
16,377 9,482
15,119 9,567
13,725 9,632
11,864 9 ,769
102
119
126
130
129
10,790
10,121
9,787
9,543
9,368
1,189
,221
,240
,264
,265
200
303
508
360
139
4,995 69,711
5,031 58,827
5,059 69 ,374
5,093 69,768
5,124 65 ,732
536 2,116 36,553 36,320 2,281
580 2,157 37,259 37,126 2,288
564 2,226 37,748 37,912 2,308
591 2,141 38,089 37,959 2,308
1,410
1,131
1,300
1,188
14,008 9,597
13,923 9,622
13,637 9,638
13,334 9,670
131
128
130
130
9,629
9,531
9,634
9,378
,269
,267
,259
,258
628
268
261
282
5,084
5,093
5,093
5,103
18,768
14,981
16,143
14,504
54
56"
2,15 38,242 38,041 2,456
2,128 38,251 37,770 2,398
558 2,254 38,348 38,690 2,381
574 2,118 38,727 38,581 2,345
568 2,11' 38,941 38,669 2,433
1,565
1,175
1,219
1,206
1,364
12,363 9,704
11,990 9,740
11,922 9,765
11,666 9 ,785
11,377 9,851
129
131
130
129
128
9,505
9,422
9,540
9,247
9,125
,280
,279
,252
,252
,260
198
181
77
122
118 5,121
17,708
15,051
14,991
15,276
14,657
39,471 39,190 2,436
612 2,195 39,505 39,738 2,37
58 2,148 39,869 40,034 2,370
60C 2,096 39,522 39,295 2,436
1,349
1,362
1,353
1,282
10,071 9,882
9,654 9,901
8,644 9,915
8,660 9,943
129
125
121
120
9,352
9,355
9,363
8,997
,254
,264
,287
1,268
5,145
5,142
5,137
5,135
14,037
14,732
17,530
16,122
37,648 37,888
37,665 37,822
37,386 37,413
37,412 37,329
38,502 38,350
173
176
184
126
New York City
1945—May
3,83.
14,952 15,266
288
532 2,257
994
2,927
904
1946—January. . .
February. .
March
April
May
3,654
3,628
3,563
3,57
3,71
13,53
13,600
13,445
13,563
13,965
13,934
13,950
13,790
13,898
14,290
214
264
230
254
279
739
712
701
768
797
6,263
6,252
5,723
5,159
4,42.
1,118
1,132
1,137
1,148
1,197
3,356
3,141
3,014
2,999
2,990
1,059
1,092
1,114
1,132
1,125
119
143
322
136
34
,922 34,165
,937 27,425
,943 32,331
,955 33,290
Apr. 3 . . . .
Apr. 10
Apr. 1 7 . . . .
Apr. 24. . . .
May 1 . . . .
May 8 . . . .
May 1 5 . . . .
May 2 2 . . . .
May 29
3,595.
3,533
3,54f
3,62<
9
83
90
110 13,37 13,653
5: 13,425 13,759
2 13,587 13,998
13,86- 14,182
253
259
244
261
906
669
803
694
5,265
5,240
5,127
5,004
1,144
1,145
1,147
1,155
2,996
2,976
3,075
2,948
1,140
1,139
1,128
1,123
210
126
94
113
,955
,956
,955
,955
9,360
7,167
7,576
6,505
3,811
3,71:(
3,67
3,64*
3,74
85
90
83
85
93
13,887
13,863
13,827
14,091
14,15'
14,255
14,086
14,279
14,401
14,431
32
263
284
262
264
986
695
712
720
872
4,609
4,485
4,449
4,348
4,234
1,172
1,187
1,190
,191
1,244
3,113
2,969
3,017
2,946
2,906
1,144
1,139
1,116
1,108
1,118
47
46
10
29
38
,967
,968
,968
,965
,958
8,835
7,183
6,711
6,878
6,851
June
June
June
June
3,74
3,76
3,72.
3,81
94
100
9
95
14,37
14,324
14,604
14,48
14,717
14,768
15,005
14,801
225
240
241
252
815
874
81
797
3,711
3,560
3,18'
3,172
1,249
1,253
1,248
1,249
2,980
2,991
3,063
2,919
,105
,111
,135
,119
77
79
67
46
,970
,970
,964
,959
6,565
6,748
8,314
7,330
5.. . .
12... .
19
26
332 1,826 28,384
965 30,408
Outside
New York City
1945—May
6,35
49-
2,13 24,934 24,39
2,008
36'
90
36 6,289
103
241 2,922 34,418
1946—January...
February. .
March
April
May
6,566,43
6,36
6,28.
6,36^
50:
48<
48:
48:
47-
2,403
2,246
2,12'
2,105
2,128
24,114
24,065
23,941
23,849
24,53
23,954
23,872
23,623
23,431
24,060
1,783
1,880
1,94
2,042
2,124
515
458
466
490
509
8,254
8,350
8,430
8,484
8,572
82
95
100
108
108
7,434
6,980
6,773
6,544
6,378
130
129
126
132
140
81
160
186
224
105
3,073 35,546
3,094 31 ,402
3,116 36,543
3,138 36,478
3,159 35 ,324
Apr.
Apr.
Apr.
Apr.
3. . . .
10
17
24
6,21
6,283
6,31?
6,32?
453
48<
48:
50
2,006
2,099
2,199
2,114
23,176
23,834
24,16
24,22*
22,66
23,36
23,91
23,77
2,028
2,029
2,064
2,047
504 8,743 8,453
8,683 8,477
8,510 8,491
494 8,330 8,515
105
108
110
110
6,633
6,555
6,559
6,430
129
128
131
135
418
142
167
169
3,129
3,137
3,138
3,148
9,408
7,814
8,567
7,999
May 1 . . . .
May 8 . . . .
May 1 5 . . . .
May 2 2 . . . .
May 2 9 . . . .
6,34!
6,41:
6,36t
6.33C
6,37
456
47'
475
48<
47.
2,12
2,099
2,226
2,09
2,09
24,355
24,388
24,52
24,636
24,782
23,786
23,684
24,411
24,180
24,238
2,134
2,135
2,09
2,083
2,169
579
480
507
486
49
7,754 8 ,532
7,505 8,553
7,473 8,575
7,318 8,594
7,143 8,607
108
110
109
108
107
6,392
6,453
6,523
6,301
6,219
136
140
136
144
142
151 3,152
135
158
67
156
93 3,163
80 3,163
8,873
7,868
8,280
8,398
7,806
June
June
June
June
6,45
6,45
6,48.
6,42
2,09.
2,165
2,12C
2,065
25,10C
25,18
25,265
25,038
24,473
24,970
25,029
24,494
2,211
2,132
2,129
2,184
534
488
541
485
6,360
6,094
5,45
5,488
108
108
104
104
6,372
6,364
6,300
6,078
149
153
152
149
96
97
117
80
3,175
3,172
3,173
3,176
7,472
7,984
9,216
8,792
1
2
5....
12...
19
26
3,54 7,271
9,974
10,125
9,396
8,566
7,439
8,633
8,648
8,667
8,694
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.
JULY 1946
777
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
Boston
May 29
June 5
June 12
June 19
June 26
New York*
May 29
June 5
June 12
June 19
June 26
Philadelphia
May 29
June 5
June 12
June 19
June 26
Cleveland
M a y 29
June 5
J u n e 12
J u n e 19 . . . . .
June 2 6 . . . . . . . . .
Richmond
May 29
June 5
June 12
June 19
June 26
Atlanta
May 29
June 5
•
June 12
June 19
June 26
. ..
Chicago*
May 29
June 5
June 12
June 19
June 26
St. Louis
May 29
June 5
June 12
June 19
June 26
Minneapolis
May 29
June 5
June
June
June
Kansas
May
12
19
26
City
29
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U . S. Government obligations
To others
U.S. Other
U. S.
Govt. Other
sese- Govt.
obobcuriliga- ties liga- curities
tions
tions
Real- Loans
estate to Other
Total
loans banks loans
3,199
3,177
3,164
3.117
3.086
842
829
840
830
824
498
493
499
500
500
35
35
38
31
30
43
31
30
30
24
39
39
39
38
36
17
17
17
17
17
76
77
77
78
79
1
1
1
1
1
24,170
23,982
23,765
23,809
23,409
6,290
6,180
6,152
6.153
6,246
3,066
3,076
3,052
3,046
3,028
1,090
1,015
1.007
1,145
549
514
510
502
494
601
586
575
571
560
225
221
220
225
228
157
157
159
160
162
63
67
105
81
79
2,574
2,574
2,547
2.545
2,550|
581
579
585
590
586
277
276
276
282
284
11
11
12
10
10
32
31
32
33
32
53
52
51
50
44
11
11
11
11
10
41
42
43
44
44
1
1
1
1
1
5,162
5,136
5,114
5.032
5,010
1,135
1,134
1,143
1.142
1,142
469
466
475
476
480
53
54
51
45
41
37
35
34
33
33
223
221
223
222
220
14
15
15
15
15
175
177
180
181
182
2,149
2,123
2,120
2.096
2,070
403
400
402
402
401
180
179
180
178
176
3
4
4
5
5
7
7
7
7
7
63
60
59
58
56
9
9
9
9
9
56
56
57
58
59
2
2
2
2
2
83
83
84
85
87
2,193
2,179
2,168
2,145
2,119
501
503
505
505
507
237
237
242
244
246
2
2
2
3
1
11
11
12
11
13
114
114
112
107
107
10
11
10
10
10
29
29
31
31
31
3
4
3
4
3
95
95
93
95
96
1,029
1,031
1,044
1,048
1,070
120
124
127
129
138
59
57
54
55
57
200
195
192
192
190
75
73
75
75
190
192
193
196
973
Total
CerOther
tificates
Guar- secuBills of in- Notes Bonds an- rities
debtteed
edness
133 2,357
136 2,348
139 2 324
135 2,'287
137 2,262
2,269
2,260
2,233
2,196
2,171
43
60
43
50
26
388
361
361
356
364
326
326
322
307
304
1,512
1,513
1,507
1.483
1,477
88
88
91
91
91
539
544
558
561
550
17,880
17,802
17,613
17,656
17,163
16,755
16,686
16,494
16,532
16,018
360
568
307
722
280
3,103
2,820
,825
,069
- ,051
2,326
2,324
2,325
2,313
2,253
10,965
10,973
11,036
10.427
10,433
1 1,125
1 1,116
1 1,119
1 1,145
155
155
159
159
161
1,993
1,995
1,962
1,955
1,964
1,800
1,804
1,771
1,765
1,774
78
91
60
97
103
269
266
271
246
245
280
280
283
278
276
1,173
1,167
1,157
1.144
1,150
193
191
191
190
190
164 4 027
165 4,002
164 3,971
169 3,890
170 3,868
3,733
3,709
3,684
3,603
3,582
40
39
38
31
28
854
833
809
752
732
554
551
545
528
527
2,285
2,286
2,292
2.292
2,295
294
293
287
287
286
1,746
1,723
1,718
1,694
1,669
1,662
1,638
1,634
1,610
1,585
28
32
31
23
11
418
403
402
393
379
187
180
178
177
175
1,029
1,023
1,023
1,017
1,020
84
85
84
1,692
1,676
1,663
1,640
1,612
1,534
1,516
1,502
1,479
1,451
37
34
37
35
27
465
452
440
433
411
217
215
209
202
202
813
813
814
807
809
2
2
2
2
2
158
160
161
161
161
178 7,429
179 7,292
181 7,185
181 7.098
181 6,914
6,858
6,732
6,627
6,534
6,351
143
95
56
105
69
2 ,144
2 ,047
1 ,975
1 ,899
1 ,720
960
965
963
961
974
3,610
3,624
3,632
3,568
3,587
1
1
1
1
1
571
560
558
564
563
113
117
117
117
118
1,497
1,469
1,449
1,419
1,403
1,357
1,330
1,310
1,279
1,262
31
17
15
10
15
237
234
230
214
202
259
250
238
231
227
830
829
827
824
818
140
139
139
140
141
1,124
•
9,280
9,143
9,051
8.974
8.825
1,851
1,851
1,8661
1,876
1,911
76
" i
l
l
l
• 84
84
2,085
2,045
2 031
1.999
1.975
588
576
582
580
572
306
293
299
299
290
4
4
4
4
4
9
9
9
8
8
58
56
56
54
52
15
15
15
15
15
79
79
80
81
82
1,330
1,315
1,319
1.285
1.263
239
240
111
112
113
113
114
1
24l!
1
3
3
3
3
3
31
30
30
30
30
5
5
5
5
5
31
32
32
32
32
57
58
57
58
57
1,091
1,075
1,078
1,043
1,022
1,030
1,016
1,018
983
961
16
14
19
9
9
188
178
173
157
137
147
147
148
147
167
679
677
678
670
648
61
59
60
60
61
242
241
1
4
3
2
2
3
424
430
430
431
243
239
245
245
245
2
2
2
2
2
5
5
5
4
6
41
40
40
38
37
9
10
9
9
9
47
47
48
49
49
80
81
81
83
83
1,944
1,928
1,921
1,892
1,869
1,781
1,765
1,758
1,727
1,703
78
81
77
60
55
493
479
474
475
458
340
333
333
329
328
870
872
874
863
862
163
163
163
165
166
Dallas
May 29
June 5 . . . .
June 12
June 19
June 26
San Francisco
2,371
2,352
2,351
2,322
2,300
2,092
2,079
2,070
2,049
2,038
682
679
681
674
673
401
398
401
395
395
1
1
1
1
1
11
11
7
7
7
115
113
113
111
110
28
28
29
29
29
39
42
42
43
43
87
86
88
88
88
1,410
1,400
1,389
1,375
1,365
1,343
1,333
1,322
1,307
1,298
53
52
44
35
47
425
420
415
409
395
215
214
216
219
211
650
647
647
644
645
67
67
67
68
67
1,365
1,347
1,359
1,379
1,383
665
669
681
694
701
48
27
27
26
23
31
30
30
35
35
125
123
120
117
117
32
33
33
33
31
156 5,917
155 5,879
158 5,805
163 5,753
161 5,720
5,471
5,433
5,363
5,309
5,281
107
122
97
91
88
,403
,362
,333
,337
,321
903
900
889
877
870
3,055
3,045
3,041
3,001
3,000
City of Chicago*
May 29
June 5
June 12
June 19
June 26
7,282
7,226
7,164
7,132
7,103
5,501
5,398
5,333
5,289
5,170
1,256
1,258
1,263
1,270
1,299
763
767
773
776
795
117
122
125
127
136
53
51
48
49
49
124
120
118
119
118
66
64
65
65
66
4,245
4,140
4,070
4,019
3,871
3,898
3,801
3,732
3,676i
3,529
93
1,360
L,284
L ,222
L.179
L ,037
520
525
526
523
539
1,925
1,937
1,945
1,898
1,917
June 5
June 12
June 19
June 26
May 29
June 5
June 12
June 19
June 26
427j
308 . .. . .
309
309
1
311
315
42
43
43
43
44
91
91
91
91
91
55
39
76
36
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
778
3
4
3
3
2
446
446
442
444
439
347
339
338
343
342
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
fin millions of dollars]
Demand deposits
except interbank
Federal Reserve
district and date
Boston (6 cities)
May 29
June 5
June 12
June 19
June 26
New York (8 cities)*
May 29
June 5
June 12
June 19
June 26
Philadelphia (4 cities)
May 29
June 5
June 12
June 19
June 26
Cleveland (10 cities)
May 29
June 5
June 12
June 19
June 26 .
Richmond (12 cities)
May 29
June 5
June 12
June 19
June 26
Atlanta (8 cities)
May 29
June 5
June 12
June 19
June 26
Chicago (12 cities)*
May 29
June 5
June 12
June 19
June 26
St. Louis (5 cities)
May 29
June 5
June 12
June 19
June 26
Minneapolis (8 cities)
May 29
June 5
June 12
June 19
June 26
Kansas City{12 cities)
May 29
June 5
June 12 .
June 19
June 26
Dallas (9 cities)
May 29
June 5
Reserves
Bal^
Dewith Cash ances mand
with
deFedin
eral
do- posits
Re- vault mestic adserve
banks justed 1
Banks
462
470
465
485
490
52
59
60
60
57
3,997
4,017
4,020
4.012
4,045
122
127
134
125
132
113
113
129
122
131
415
425
427
435
427
29
32
34
32
33
94
87
86
88
84
748
759
756
767
748
73
74
80
77
78
188
189
190
197
188
3,041
3,115
3,128
3,131
3,102
327
353
349
333
333
38
38
40
38
40
373
365
372
363
371
June 12
June 19
June 26
Individuals,
U. S. partGov- nerern- ships,
ment and
corporations
2,141
2,190
2,224
2,245
2,191
117
123
120
123
135
41
43
40
43
44
636
559
539
484
484
451
456
456
457
458
15,588
15,887
15,975
16,225
15,985
572
545
558
546
556
910
855
910
855
830
4,547
3,988
3,826
3,426
3,414
1,923
1,930
1,936
1,932
1,937
1,774 1,818
1,828 1,855
1,818 1,889
1,852 1,937
1,843 1,909
71
77
63
60
67
30
25
24
36
28
509
447
430
385
394
3,075
3,088
3,166
3,169
3,103
162
161
156
160
168
53
72
56
60
57
125
137
144
130
122
1,356 1,362
1,388 1,391
1,404 1,421
1,382 1,388
1,370 1,369
86
97
94
94
93
30
27
30
31
31
140
138
140
139
124
1 360
1,355
1,366
1,378
1,360
1,257
1,265
1,290
1,282
1,250
1,408
1,415
1,443
1,427
1,442
94
98
100
96
97
400
384
391
379
367
5,398
5,432
5,408
5,450
5,379
343
336
341
326
336
22
22
23
22
23
113
126
124
115
110
207
206
203
195
206
11
11
12
11
11
85
82
86
80
82
444
431
433
440
436
23
21
23
22
24
391
402
June 12
401
394
June 19
396
June 26
SanFrancisco(7 cities)
1,003
May 29
1,016
June 5
1,009
June 12
June 19
1,031
June 26
1,014
City of Chicago*
855
May 29
June 5
Individuals, States Certified
part- and
and
ner- politoffiships, ical
cers'
suband
cor- divi- checks,
etc.
pora- sions
tions
863
877
870
905
Interbank
deposits
Time deposits,
except interbank
Domestic
S.
banks
Bor- CapStates U.
Bank
Govital
and
row- acdebernFor- ings counts
polit- ment
its 1
ical
eign
and
sub- Postal Debanks
divi- Sav- mand Time
sions ings
3
3
3
3
4
287
301
303
323
294
25
25
21
20
18
17
17
17
18
18
2,972
3,048
3,059
3.134
2,988
232
232
233
233
234
10
10
9
8
8
1
1
1
1
1
340
351
355
366
357
832
736
709
637
637
1,282
1,286
1,287
1,289
1,293
30
30
30
29
28
30
34
30
33
31
370
329
316
284
284
365
365
366
368
369
2
2
2
2
2
221
224
220
218
223
13
16
15
17
15
328
292
280
250
251
439
441
441
442
443
5,216
5,211
5,291
5,288
5,177
560
546
530
543
549
90
93
92
101
86
1,641
1,441
1,389
1,243
1,243
1,927
1,934
1,937
1,940
1,944
1,139 1,179
1,121 1,162
1,141 1,211
1,122 1,176
1,116 1,155
69
71
74
73
74
19
19
17
17
21
356
314
302
271
273
360
362
362
363
363
720
719
740
718
699
94
99
99
97
112
15
15
15
14
12
261
232
221
199
197
221
222
222
223
223
258
260
273
265
265
1,493 1,424
1,475 1,440
1,507 1,494
1,506 1,476
1,492 1,451
188
177
167
179
182
29
27
24
24
25
355
326
316
287
286
304
305
305
306
306
25
24
26
24
26
217
209
235
223
212
1,426 1,420
1,423 1,438
1,457 1,467
1,449 1,469
1,443 1,439
98
102
99
92
95
25
33
27
33
27
340
299
289
259
258
49
47
50
49
48
268
276
282
294
289
3,474
3,540
3,505
3,553
3,528
3,469
3,544
3,570
3,661
3,567
195
214
192
185
182
109
117
112
120
106
36
41
39
37
38
184
182
178
175
164
3,220
3,242
3,199
3,263
3,210
3,217
3,218
3,243
3,271
3,192
250
243
233
247
249
45
44
41
45
39
118 2,166
117 2,214
115 2,217
116 2.216
122 2,219
15,572
15,832
15,792
16,092
15,924
742
748
762
738
746
26
26
26
25
24
3
3
2
2
2
1,121
1,108
1,114
1,138
1,122
3
5
1
4
3
293
293
293
294
293
704
575
657
709
757
46 2,119
91 2,132
83 2,131
70 2,125
47 2,121
7,215
6,904
7,190
8,817
7,787
11
11
11
11
11
1
2
1
1
6
260
262
261
261
259
550
524
608
661
685
490
499
492
496
479
6
6
6
6
6
3
3
3
3
4
31
28
29
15
9
489
490
490
490
491
822
804
816
940
967
8
9
9
9
9
355
375
367
359
338
4
5
4
4
5
7
6
10
9
7
10
11
12
16
ii
142
143
142
144
144
366
376
314
468
412
4
4
4
4
4
3
2
3
4
4
482
498
499
477
461
1
1
1
1
1
9
9
9
9
9
2
129
129
128
129
129
373
367
414
450
416
6
6
6
6
6
5
5
5
5
6
1,586
1,593
1,601
1,560
1,503
4
4
4
4
4
27
28
28
29
27
10
13
27
35
18
609
615
615
617
618
2,056
1,93a
1,995
2,235
2,187
1
2
2
2
2
2
562
580
563
547
533
5
5
5
5
5
11
15
16
21
18
138
138
138
139
139
364
383
371
468
391
1
1
1
1
1
324
326
325
313
309
2
2
2 ' ""5
12
2
2
89
89
90
89
90
260
277
285
341
259
2
2
2
2
3
2
2
2
2
2
793
804
804
790
784
2
6
1
10
4
152
152
152
153
153
415
420
439
536
494
285
285
287
287
289
19
20
20
20
21
2
2
2
2
2
531
562
554
548
532
145
145
144
146
147
360
353
421
468
441
1,202 2,062
1,108 2,064
1,037 2,069
919 2,075
939 2,084
30
30
30
29
29
7
7
7
7
7
403
415
433
450
419
556
557
558
550
551
1,172
1,124
1,222
1,437
1,326
1
1
1
1
2
1,112
1,116
1,138
1,102
1,061
385
390
391
391
392
1,350
1,252
1,259
1,432
1,371
1,055
923
889
791
791
789
792
794
793
795
1
1
5
5
5
5
5
' 3
2
3
3
3
3
5
5
5
5
5
47
53
53
53
54
3
3
2
1
3
23
24
23
24 . . . . .
23
*1 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.
JULY
1946
779
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Based on 2
Held by
Commercial
Total
paper
outout- 1 standing
standing
Accepting banks
Total
Own
bills
Bills
bought
1945—February
March
April
May
June
July
August
September
October
November
December
157
147
119
103
101
107
110
111
127
156
159
126
128
117
104
107
117
128
135
135
145
154
97
96
90
82
80
90
101
104
100
107
112
52
54
52
51
44
45
50
52
53
58
64
46
42
38
32
36
45
50
52
46
49
48
1946—January
February
March
April
May
174
178
172
149
126
166
167
163
169
177
126
128
119
109
108
71
74
64
65
66
55
53
55
44
42
Federal
Reserve
Banks
(For own
account)
Others
(3)
l"
13
13
Imports
into
United
States
Exports
from
United
States
29
32
26
22
27
26
28
31
35
38
42
87
87
81
72
74
81
91
98
95
100
103
40
39
42
47
55
109
109
104
114
124
Goods stored in or
shipped between
points in
United
States
Foreign
countries
12
11
10
9
10
9
10
11
12
15
18
24
25
24
22
20
22
25
23
22
23
26
4
4
2
2
3
4
2
3
6
6
7
20
18
17
16
18
29
31
33
30
28
8
9
8
9
7
1
2
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
3 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
investment investment
balances
and trading and trading
(net) 1
accounts
accounts
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In partners'
In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1936—June
December...
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...
1,267
1,395
1,489
985
774
991
834
906
653
677
67
64
55
34
27
32
25
16
12
12
164
164
161
108
88
106
73
78
58
99
219
249
214
232
215
190
178
207
223
204
985
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
616
600
496
543
761
788
887
1,041
11
8
9
7
9
11
5
7
89
86
86
154
190
188
253
260
186
211
180
160
167
181
196
209
395
368
309
378
529
557
619
726
255
289
240
270
334
354
424
472
65
63
56
54
66
65
95
96
17
17
16
15
15
14
15
18
7
5
4
4
7
5
11
8
222
213
189
182
212
198
216
227
1945—June
July
August
September. .
October
November. .
December...
1,223
51,141
'1,100
'1,084
»l,063
»l,095
1,138
11
333
220
121
14
13
264
12
413
313
549
3580
3573
3594
3632
3639
654
112
29
13
299
1946—January....
February. . .
March
April
May
4,168
1 046
853
3824
3758
3762
3743
3711
795
3 734
3 645
3 622
3 575
3 547
3 936
3 895
3 856
3
3
3
3
3
727
755
712
697
669
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
* As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): March, 165; April, 154; May, 144.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. ^ The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
780
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Stock
Prime
exbank- change
comers'
call
mercial acceptloan
paper, ances,
re4- to 690
newmonths 1 days 1
als2
U. S. Government
security yields
Prime
Year,
month, or
week
9-to 12month
certifi- 3- to 53year
cates
month
of in- taxable
bills'
notes
debtedness
1943 average
1944 average
1945 average
.69
.73
.75
.44
.44
.44
1.00
1.00
1.00
.373
.375
.375
.75
.79
.81
1.34
L.33
L.18
1945—June
August....
September.
October... .
November.
December..
.75
.75
.75
.75
.75
.75
.75
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.375
.375
.81
.80
.82
.84
.83
.84
.84
L.16
L.16
L.17
L.19
L.17
1.14
1946—January...
February. .
March
April
May
June
.75
.75
.75
.75
.75
.75
.44
.44
.44
.44
.47
.50
1.00
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.375
.79
.76
.79
.81
.83
.83
L.10
L.03
.99
L. 12
1.18
1.15
M
3
A
(1
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.376
.84
.83
.83
.83
.84
1.21
1.19
1.15
1.12
1.13
July
Week ending:
June 1 . . .
June 8 . . .
June 1 5 . . .
June 2 2 . . .
June 2 9 . . .
l
i
H
4
4 L.15
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1937 average 1
1938 average 1 ....
2.59
2.53
1.73
1.69
2.88
2.75
3.25
3.26
1939 average....
1940 average....
1941 average....
1942 average....
1943 average
1944 average. . ..
1945 average....
,78
63
2.54
.61
2.72
2.59
2.39
2.07
30
11
1.99
2.87
2.56
2.55
2.58
2.80
2.68
2.51
3.51
3.38
3.19
3.26
3.13
3.02
2.73
1942—March....
June
September
December.
2.48
2.62
2.70
1.85
2.07
2.28
2.09
2.48
2.56
2.66
2.63
3.20
3.34
3.25
3.26
1943—March
June
September
December.
.76
.00
.48
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
2.10
2.23
2.18
1.93
2.75
3.12
3.18
3.14
2.65
1944—March... .
June
September
December.
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
2.31
1.75
1.84
2.34
2.93
1
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period.
3
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.
2
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS 1
[Per cent per annum]
U. S. Government
Year, month,
or week
7 to 9
years
15 years and
over
Partially tax
exempt
Taxable
Corporate ( Moody's)*
Municipal
(highgrade)2
Corporate
(highgrade)3
By ratings
]
ly groups
Total
Aaa
Taxable
Aa
A
Baa
Industrial
Railroad
Public
utility
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1.98
1.92
1.66
1.63
1.63
1.68
1.68
1.62
1.56
1.51
2.47
2.48
2.37
2.35
2.34
2.36
2.37
2.35
2.33
2.33
2.06
1.86
1.67
1.58
1.57
1.70
1.79
1.76
1.70
1.64
2.64
2.60
2.54
2.54
2.53
2.56
2.56
2.54
2.54
2.54
3.16
3.05
2.87
2.87
2.85
2.86
2.85
2.84
2.82
2.80
2.73
2.72
2.62
2.61
2.60
2.61
2.62
2.62
2.62
2.61
2.86
2.81
2.71
2.69
2.68
2.70
2.70
2.70
2.68
2.68
3.13
3.06
2.87
2.86
2.85
2.85
2.85
2.84
2.81
2.79
3.91
3.61
3.29
2.85
2.80
2.68
2.99
2.97
2.89
3.29
3.26
3.26
3.24
3.20
3.15
3.10
2.68
2.68
2.68
2.67
2.65
2.64
2.64
3.64
3.39
3.06
3.03
3.00
3.02
3.05
3.03
2.99
2.96
June
1.31
1.28
1.28
1.36
1.47
1.43
(6)
(6)
(6)
(6)
(6)
(6)
2.21
2.12
2.09
2.08
2.19
2.16
1.57
1.49
1.49
1.45
1.54
1.55
2.43
2.36
2.35
2.37
2.44
2 .42
2.73
2.68
2.66
2.67
2.71
2.71
2.54
2.48
2.47
2.46
2.51
2.49
2.62
2.56
2.54
2.56
2.58
2.59
2.73
2.70
2.69
2.69
2.73
2.73
3.01
2.95
2.94
2.96
3.02
3.03
2.57
2.54
2.54
2.57
2.60
2.59
2.89
2.83
2.80
2.78
2.84
2.85
2.71
2.65
2.64
2.65
2.69
2.70
Week ending:
June 1 . . .
June 8 . . .
June 15...
June 2 2 . . .
June 2 9 . . .
1.48
1.46
1.42
1.41
1.41
(6)
(6)
(6)
(6)
(6)
2.18
2.17
2.15
2.15
2.16
1.55
1.55
1.55
1.55
1.56
2.44
2.44
2.43
2.40
2.40
2.71
2.71
2.71
2.71
2.71
2.51
2.50
2.49
2.48
2.49
2.58
2.59
2.59
2.59
2.59
2.73
2.73
2.73
2.73
2.73
3.03
3.03
3.03
3.03
3.03
2.60
2.60
2.59
2.58
2.59
2.84
2.85
2.85
2.85
2.85
2.70
2.70.
2.70
2.69
2.69
Number of issues.
1-5
1.96
1.94
1.60
1.56
1945—June
July
1.58
August. . . 1.59
September
1.56
October.. .
1.50
November
1.42
5
December.
1.38
1943 a v e r a g e . . . .
1944 a v e r a g e . . . .
1945 a v e r a g e . . . .
1946—January. .
February..
March
April
May
•Ota.llua.IU cum i w i
a v^ui pvjia.i-.iuii.
w. »->. m - a o m j
2.89
2.87
2.86
2.85
2.84
2.81
2.79
^ » J p a l bonds, which are based on Wednesday figures.
Department.
vcpaumciiL.
imber of
Moody's Investors Service, week ending Friday. Because of limited number
ofsuitable
suitable isissues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively.
5
Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
6
No partially tax-exempt bonds due or callable in 15 years and over.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
4
JULY 1946
781
SECURITY MARKETS *
Stock prices5
Bond prices
Corporate4
Year, month, or week
Number of issues
U. S.
Government2
1-9
Municipal
(highgrade)3 Highgrade
Medium- and lower-grade
Total
Industrial
DePublic faulted
utility
Railroad
Preerred 6
Common (index, 1935-39=100) Volume
of trading7 (in
thousands of
shares)
Public
IndusRailTotal
utility
road
trial
15
15
50
10
20
20
15
15
402
354
20
28
109.5
114.7
117.9
117.0
120.5
122.2
97.6
107.3
115.1
114.0
116.3
116.3
44.0
59.2
75.4
172.7
175.7
189.1
92
100
122
94
102
123
89
101
137
82
90
106
1,032
971
1,443
1943 average
1944 average
1945 average
100.50
100.25
102.04
131.8
135.7
139.6
120.3
120.9
122.1
1945—June
July
August
September
October
November
December
102.38
102.46
102.22
102.02
102.38
102.60
102.68
141.5
141.6
138.8
137.0
137.7
139.0
140.1
122.1
122.3
121.7
121.6
121.9
122.0
121.9
118.1
117.9
117.2
117.1
117.7
118.3
119.0
122.2
122.2
121.7
121.4
122.0
122.5
123.1
115.5
115.2
114.4
114.4
115.3
116.6
117.5
116.7
116.4
115.5
115.6
115.7
116.0
116.2
81.4
80.4
75.6
74.5
76.6
78.9
82.1
190.9
189.6
188.1
186.7
188.0
192.2
195.3
121
118
118
126
132
137
140
122
119
119
128
135
139
142
144
140
131
138
145
154
157
106
108
107
111
114
121
120
1,828
951
1,034
1,220
1,556
1,961
1,626
1946—January
February
March
April
May
June
104.59
106.03
106.46
106.61
104.82
105.28
141.6
143.4
143.4
144.1
142.1
142.0
123.8
124.5
124.5
124.3
123.7
123.9
119.7
120.0
120.1
119.9
119.5
119.5
123.9
124.4
124.5
124.4
123.9
123.9
118.9
119.6
119.9
119.6
118.6
118.7
116.3
116.1
115.9
115.8
116.0
116.0
84.9
85.4
82.7
83.6
81.8
83.2
197.9
200.5
203.1
204.9
201.8
202.4
145
143
142
152
154
153
148
146
145
156
159
157
164
160
154
157
157
162
124
124
123
128
129
130
2,1831,776
1,116
1,391
1,311
1,086
Week ending:
June 1
June 8
June 15
June 22
June 29
104.92
105.18
105.36
105.37
105.20
142.0
142.0
142.0
142.0
141.8
123.7
123.6
123.6
124.2
124.0
119.7
119.4
119.5
119.8
119.5
124.1
123.4
123.7
124.4
124.0
118.6
118.5
118.8
118.8
118.7
116.5
116.2
116.0
116.0
115.8
82.8
82.3
83.4
83.9
83.1
201.8
201.8
202.4
202.9
202.4
159
156
155
152
150
163
160
159
156
153
164
160
164
164
159
132
131
132
130
129
1,812
1,116
1,038
1.167
1,02?
i8 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.
*8 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
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 BULLETINfor 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 Total
and
(dorefund- mestic
and
ing)
foreign)
6,214 1,972
3,937 2,138
4,449 2,360
5,790 2,277
4,803 1,951
5,546 2,854
2,114 1,075
642
2,174
913
4,216
7,958 1,764
For refunding
Domestic
Total
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
896
1,752
State
and
municipal
735
712
971
931
751
518
342
176
235
471
Federal
agen-1
cies Total
22
157
481
924
461
,272
108
90
15
26
Domestic
Corporate
Bonds
and Stocks
notes
1,192
1,225
873
383
736
1,062
624
374
646
1,255
839
817
807
287
601
889
506
282
422
602
352
408
67
97
135
173
118
92
224
654
103
Total
(doFor-2 mestic
eign
and
foreign)
23
44
35
38
2
1
"2
17
12
4,242
1,799
2,089
3,513
2,852
2,693
1,039
1,532
3,303
6,194
Total
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,146
1945—May
584
June
169
1,229
July
August. . . 510
September. 879
October... 1,338
November. 223
838
December.
187
52
249
144
142
243
94
243
186
52
249
144
142
238
94
241
28
43
35
37
37
29
34
80
158
1
212
107
105
209
60
161
"34
64
35
103
28
107
55
1
178
43
70
106
31
54
397
117
981
366
737
1,096
129
594
395
117
981
366
732
1,070
129
594
1946—January-- •
February. .
March....
200
65
223
373
310
200
65
222
373
302
68
131
47
127
290
192
10
5
17
118
99
122
42
111
172
93
146
284
334
723
728
146
284
311
698
728
April
May. . .
346
350
557
1,097
1,037
79
61
103
State
and
municipal
Federal
agen-1
cies
382
191
129
195
482
435
181
259
404
324
353
281
665
1,537
344
698
440
497
418
912
31
7
9
38
7
3
19
30
200
20
17
42
44
255
30
20
23
326
17
Corporate
For-2
ign "
Bonds
and Stocks
Total
notes
3,387 3,187
1,209
856
1,267 1,236
1,733 1,596
2,026 1,834
1,557 1,430
407
418
603
685
2,466 2,178
4,911 4,256
200
352
31
137
193
126
11
82
288
655
90
IS
48
95
79
750
338
705
989
78
337
272
79
623
297
645
820
60
282
127
41
60
169
18
55
113
264
284
363
664
55
247
238
277
536
58
17
46
85
127
367
119
119
28
48
5
26
23"
25
1
I n c l u d e s publicly offered issues of F e d e r a l credit agencies, b u t excludes direct obligations of U . S. T r e a s u r y .
I n c l u d e s issues of n o n c o n t i g u o u s U . S. T e r r i t o r i e s a n d Possessions.
Source.—For
d o m e s t i c issues, Commercial and Financial Chronicle; for foreign issues, U . S. D e p a r t m e n t of C o m m e r c e .
s u b j e c t t o revision.
1
Monthly
figures,
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
782
FEDERAL RESERVE
BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Estimated Estimated
gross
net
proceeds2 proceeds3
New money
Total
Plant and
equipment
Retirement of securities
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
5,800
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,691
208
858
991
681
325
569
868
474
308
657
996
111
380
574
504
170
424
661
287
141
252
581
96
478
417
177
155
145
207
187
167
405
415
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,447
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,017
71
226
190
87
59
128
100
30
72
351
430
170
154
111
215
69
174
144
138
73
49
124
1944—November
December
380
182
373
178
33
66
17
9
338
109
224
106
115
3
1
1945—January
February
March
April
May
June
July
August
September
October
November
December
281
215
226
643
496
92
944
440
795
1,077
121
470
275
212
221
632
485
91
925
433
780
1,057
117
462
35
28
48
102
136
5
190
80
99
150
20
103
14
16
28
55
49
1
147
41
50
97
7
75
17
57
21
12
19
47
88
3
43
39
49
53
13
27
240
177
171
513
331
79
719
297
668
854
70
327
221
160
158
501
278
72
581
278
634
798
51
286
19
17
13
12
53
7
138
19
35
56
19
41
5
1
14
12
1
5
50
1
19
4
12
1
2
3
6
6
11
6
12
34
22
19
253
297
417
682
820
245
291
405
666
802
111
37
99
213
149
63
17
55
148
89
49
20
44
65
60
118
238
287
376
610
56
222
257
320
497
62
16
30
56
113
5
2
2
57
28
10
15
17
21
14
.. .
1946—January
February
March
April
Mav
23
49
36
7
26
19
28
35
27
47
124
3
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
1944—November..
December..
1945
Tanuarv
February...
March
April
May
June
July
54
182
319
361
24
85
115
253
54
558
110
47
160
602
32
46
102
115
15
114
500
1,436
52
82
119
108
4
"il
10
77
1
1,250
1,987
751
30
63
89
1,190
1,897
150
80
90
122
390
71
1,033
1,865
293
228
454
732
89
199
504
984
146
71
76
149
4
21
107
194
4
13
61
88
265
20
47
34
22
24
1
3
2
42
1
42
1
65
60
122
82
27
93
28
9
41
23
7
54
16
50
i
10
18
4
8
7
4
2
6
118
64
38
15
12
1
2
180
43
245
317
943
1,157
922
993
464
469
1,320
1,400
2,196
145
22
40
61
1,343
2,083
48
82
272
21
7
119
65
60
124
96
360
75
14
18
346
57
139
105
12
184
30
2
12
1
292
423
127
10
4
27
93
301
84
270
246
74
266
219
115
371
565
42
15
2
December. .
68
19
50
200
23
169
1946—January
February...
M^arch
April
Mav
150
192
98
76
7
7
43
32
78
138
405
1
1
1
6
5
43
31
76
119
389
148
190
97
69
1
30
27
50
86
47
13
30
27
25
17
51
1
183
30
August
September..
October
1
2
1
7
4
1
72
152
7
550
761
373
1,208
1,246
18 1,180
1,340
30
97
186
108
46
218
57
74
439
616
611
297
774
1,280
1,079
831
584
961
828
527
497
469
188
167
244
223
59
117
3
480
163
221
130
218
63
87
89
226
353
738
463
89
49
152
16
102
155
94
111
38
107
17
7
16
47
6
23
40
6
27
301
110
364
523
4
6
26
35
5
8
17
26
166
51
106
13
11
181
100
126
412
285
98
26
94
198
123
68
59
13
157
136
49
136
43
56
121
13
10
27
9
27
15
15
19
56
25
13
9
10
18
37
8
9
42
55
1
11
ON
...
57
139
228
1
5
104
21
4
42
60
4
3
47
29
2
1
5
10
9
3
6
9
2
7
14
4
20
7
7
88
9
18
00
. ...
.
120
774
338
NO
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Retire- All
Total
Retire- All Total
Retire- All Total
Retire- All
Total
New ment of other
net
net
net
New ment of other
New ment of other
net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purties
ties
ties
poses ceeds
ties
poses*
poses ceeds
poses ceeds
ceeds
S3 S3
Year or month
Other
Industrial
5
1
i
5
1
4
15
15
7
8
3
17
9
6
1
2
1
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agentsf 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.
JULY
1946
783
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Number of companies.
1939
1940
1941
1942
1943
1944
1945
Quarterly
1942—l
. . . .
2
3
4
1943—i
Iron
and
steel
NonOther
MaAu- trans- ferrous
metals
chin- tomo- portaand
tion
ery
biles equipproducts
ment
47
69
15
68
77
75
49
45
30
80
74
152
152
152
146
278
325
115
158
193
223
242
274
119
133
153
70
88
113
151
148
159
98
112
174
186
194
207
847
1,028
1 137
564
669
705
159
165
174
163
209
201
222
243
182
180
190
169
138
128
115
108
90
83
88
88
151
162
175
199
152
186
220
223
164
170
187
187
134
160
187
122
132
152
226
204
194
188
102
173
227
413
358
445
553
52
52
51
72
38
35
36
49
46
25
46
92
2 46
36
32
34
36
/ 19
18
22
30
32
32
42
44
35
27
42
49
430
52
39
47
34
39
36
53
2 48
246
2 46
2 41
19
50
52
2
43
2 43
2 50
477
53
45
4
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
2
2
2
2
1945—i
492
49
38
63
1944—1
2
3
2
3
4
. . .
1946—1
Dividends
MiscellaNet
1
neous profits
servPre- Comices
ferred mon
629
47
51
. . .
Other
nondurable
goods
1,465
1,818
2,163
1,769
1,800
1,896
1,925
433
461
2
3
4
Oil
produc- IndusOther Foods,
ing
dura- bevertrial
ages,
and
ble
chemiand
refingoods tobacco
cals
ing
41
41
32
31
22
20
37
43
31
23
52
47
47
43
29
30
28
28
31
27
23
21
20
46
50
64
61
27
26
58
19
12
65
508
439
53
37
42
35
485
49
47
58
2 50
2 47
2
36
2
36
312
25
-17
-38
2-10
77
46
136
149
147
154
161
171
184
203
888
902
970
989
90
90
92
88
86
86
85
39
35
41
48
39
27
35
35
31
32
52
46
205
174
213
296
21
23
20
23
134
135
125
158
41
36
39
209
38
50
221
226
38
44
246
21
22
21
22
127
36
39
224
230
244
272
21
22
20
23
142
149
137
184
250
142
146
42
49
41
40
43
58
47
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
36
37
37
37
39
43
52
50
21
45
62
48
39
45
45
43
38
37
47
53
37
51
40
58
246
20
22
21
22
54
62
64
76
112
20
269
224
552
556
611
612
132
127
170
145
145
182
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad8
Year or quarter
1939
1940
1941
1942
1943
1944
1945
1942—1
2
3
4
Quarterly
Operating
revenue
Income
before
income
tax 6
3,995
4,297
5,347
7,466
9,055
9,437
8,902
249
674
1,658
2,211
1 971
755
126
Electric power4
Net
income1
Dividends
93
189
500
126
902
873
668
202
217
246
447
Operating
revenue
253
2,647
2,797
3,029
3,216
3,464
3,618
3,695
159
186
Income
before
income
tax 6
629
Net
income1
Dividends
535
444
692
774
548
527
906
523
847
914
915
Telephone 5
490
502
499
447
437
408
410
390
399
Operating
revenue
Income
before
income
tax 6
J 067
1,129
L 235
L 362
1,537
L 641
227
Net
income1
191
Dividends
175
248
271
194
178
178
172
302
374
399
163
180
174
396
177
163
168
168
44
42
173
. . . . 1,483
1,797
2,047
2,139
178
390
90
198
24
46
816
770
234
196
131
104
98
96
324
337
72
75
41
41
556
534
286
327
30
101
792
839
195
222
105
150
84
131
342
359
72
83
39
43
39
38
I943—1
2
3
4
2,091
2,255
2,368
2,340
515
608
653
435
214
244
250
166
29
52
36
100
864
835
859
906
254
221
210
228
136
118
114
133
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
1944—1
2
3
4
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
31
55
30
130
925
886
878
929
262
241
207
205
135
123
111
130
94
102
94
101
400
406
409
426
97
101
98
42
43
43
46
42
42
42
43
I945—1
2
3
4
2,277
2,422
. . . . 2,231
1,972
425
504
30
72
971
909
292
233
139
123
229
-404
139
187
211
171
116
145
436
444
887
928
102
96
449
474
115
109
103
70
46
45
92
109
41
44
1946—1
1,866
38
971
280
176
107
475
84
54
125
-4
29
123
14
56
104
44
43
43
46
44
1
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Partly estimated.
*4 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.
6
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,6 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.
784
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
End of month
1942—Dec
1943—June
Dec. . .
1944—June....
Dec
June....
1945—July
Aug
Sept
Oct.
Nov
Dec.
1946—Jan
Feb
Mar
Apr
May
June....
Marketable public issues
Total
interestbearing
direct
debt
Total
gross
direct
debt
Totals
1
In millions of dollars]
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
bills
indebtnotes
bonds
edness
Total
2
Treasury Special
U. S.
tax and issues
savings savings
bonds
notes
108,170 107,308
136,696 135,380
165,877 164,508
201,003 199,543
230,630 228,891
258,682 256,357
76,488
95,310
115,230
140,401
161,648
181,319
6,627
11,864
13,072
14,734
16,428
17,041
10,534
16,561
22,843
28,822
30,401
34,136
9,863
9,168
11,175
17,405
23,039
23,497
49,268
57,520
67,944
79,244
91,585
106,448
21,788
29,200
36,574
44,855
50,917
56,226
15,050
21,256
27,363
34,606
40,361
45,586
6,384
7,495
8,586
9,557
9,843
10,136
9,032
10,871
12,703
14,287
16,326
18,812
262,045
263,001
262,020
261,817
265,342
278,115
278,887
279,214
276,012
273,898
272,583
269,422
183,080
183,334
182,833
182,790
185,112
198,778
199,633
199,810
197,063
195,079
193,487
189,606
17,025
17,038
17,018
17,026
17,026
17,037
17,042
17,032
17,047
17,054
17,041
17,039
34,472
34,430
35,072
35,021
35,021
38,155
41,502
41,413
40,399
38,408
36,828
34,804
23,498
23,498
23,498
23,498
23,498
22,967
19,551
19,551
18,261
18,261
18,261
18,261
107,890
108,172
107,049
107,049
109,371
120,423
121,358
121,635
121,177
121,177
121,177
119,323
57,143
57,379
56,278
56,072
57,028
56,915
57,168
57,206
56,550
56,408
56,472
56,173
46,508
46,715
46,741
46,786
47,473
48,183
48,588
48,692
48,733
48,828
48,917
49,035
10,119
10,148
9,021
8,776
9,058
8,235
8,107
8,043
7,365
7,144
7,127
6,711
19,558
20,033
20,519
20,577
20,710
20,000
20,655
20,897
21,135
21,224
21,481
22,332
259,781
260,746
259,630
259,439
262,849
275,694
277,456
277,912
274,748
272,711
271,440
268,111
Noninterestbearing
debt
862
]1,316
L.37O
11,460
]1,739
',326
1,264
1,255
1,391
2,378
2,492
2,421
L ,431
1,301
1,264
L ,188
1,143
L,311
Fully
guaranteed interestbearing
securities
4,283
4,092
4,225
1,516
1,470
409
484
515
527
541
536
553
545
539
542
533
542
467
1
2
Including amounts held by Government agencies and trust funds, which aggregated 7,009 million dollars on May 31, 1946.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including prepayments amounting to 54 million dollars on securities dated Nov. 15, 1945, and Dec. 3, 1945, sold in the Victory Loan, beginning 4on Oct. 29, 1945.
Including prepayments amounting to 192 million dollars on securities dated Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JUNE 30, 1946
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
1
Treasury bills
July 5,1946..
July 11, 1946. .
July 18, 1946. .
July 25, 1946. .
Aug. 1,1946...
Aug. 8, 1946...
Aug. 15, 1946. . .
Aug. 22, 1946.. .
Aug. 29, 1946.. .
Sept. 5, 1946...
Sept. 12, 1946...
Sept. 19, 1946...
Sept. 26, 1946.. .
1,312
1,317
1,310
1,315
1,309
1,308
1,301
1,314
1,313
1,313
1,310
1,310
1,306
Cert, of indebtedness
2,470
Aug. 1, 1946
7
A 4,336
Sept. 1, 1946.
3,440
3,778
3,768
3,330
4,954
3,133
2,820
2,775
Oct. 1, 1946.
Nov.
1946.
Dec.
1946.
Jan.
1947.
Feb.
1947.
Mar.
1947.
Apr.
1947.
June , 1947..
Treasury notes
July 1,1946
Dec. 15, 1946
Mar. 15, 1947
Sept. 15, 1947
Sept. 15, 1947
Sept. 15, 1948
.90
Treasury bonds
Oct. 15, 1947-52... 4M
Dec. 15, 1947
2
Mar. 15, 1948-50
2
Mar. 15, 1948-51... 2 %
June 15, 1948
1%
Sept. 15, 1948
2%
Dec. 15, 1948-50
2
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
1
Sold on discount basis.
p. 781.
JULY 1946
4,910
3,261
1,948
2,707
1,687
3,748
Issue and coupon rate
Treasury bonds—<
Dec. 15, 1949-52.
Dec. 15, 1949-53.
Mar. 15, 1950-52.
Sept. 15, 1950-52.
Sept. 15, 1950-52.
Dec. 15, 1950
June 15, 1951-54.
Sept. 15, 1951-53.
Sept. 15, 1951-55.
Dec. 15, 1951-53.
Dec. 15, 1951-55.
Mar. 15, 1952-54.
June 15, 1952-54.
June 15, 1952-55.
Dec. 15, 1952-54.
June 15, 1953-55.
June 15, 1954-56.
Mar. 15, 1955-60.
Mar. 15, 1956-58.
Sept. 15, 1956-59.
Sept. 15, 1956-59.
June 15, 1958-63.
June 15, 1959-62.
Dec. 15, 1959-62.
Dec. 15, 1960-65.
June 15, 1962-67.
Dec. 15, 1963-68.
June 15, 1964-69.
Dec. 15, 1964-69.
Mar. 15, 1965-70.
Mar. 15, 1966-71.
June 15, 1967-72.
Sept. 15, 1967-72.
Dec. 15, 1967-72.
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
759 Postal Savings
117
701
bonds
2H
13
1,115 Conversion b o n d s . . . . 3
50
1,223 Panama Canal loan. .3
3,062
451
Total direct issues.... 189,606
571
1,014 Guaranteed securities
Federal Housing Admin.
1,292
43
Various
2,098
See table on Open-Market Money Rates,
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
1944
Dec
Redempfrom sales during tions
Amount Funds received
and
month
outmaturities
standing
at end oi
All
All
Series Series Series
month
G
F
E
series
series
40,361
2,386
1,855
125
406
365
41,140
41,698
42,159
42,626
43,767
June.. . 45,586
J u l y . . . 46,508
46,715
Aug
Sept.... 46,741
O c t . . . . 46,786
47,473
Nov
D e c . . . 48,183
1,074
848
889
838
804
653
712
684
1,540
2,178
1,295
1,195
1,468
1,032
1,184
1,254
228
164
151
130
282
532
215
107
76
107
265
262
341
323
464
404
426
403
571
420
510
865
908
42
31
27
23
63
178
47
22
18
8
54
83
48,588
48,692
48,733
48,828
48,917
June.. . 49,035
960
622
626
668
594
571
641
367
371
388
345
321
40
30
27
30
24
24
278
225
228
251
225
226
629
565
634
621
552
519
1945—Jan
Feb....
Mar....
Apr.. . .
May...
1946—Jan
Feb.. . .
Mar....
Apr....
May...
700
514
625
428.
531
528
616
533
559
Maturities and amounts outstanding, June 30, 1946
Year of
maturity
1946
1947
1948
. .
1949
1950
1951
. .
1952
1953
1954
1955
1956 .
...
1957
1958
Unclassified. .
Total
All
series
Series
B-D
221
221
424
498
800
424
498
800
984
984
437
1,620
4,691
8,515
11,326
10,153
5,266
3,062
1,544
-69
49,035
3,365
Series
E
1,182
4,691
7,137
8,484
7,125
1,808
30,427
Series
F
Series
G
212
574
645
723
578
164
1,165
2,268
2,383
2,735
2,484
1,380
2,895
12,416
785
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
76,517
111,591
139,472
168,732
201,059
230,361
256,766
261,261
260,156
259,980
263,386
276,246
278,001
278,451
. . . . 275,290
273,244
1942—June
December
1943—June
December
1944—June
December . . . . . .
1945—June
1945—August
. ...
September
October
November
.
December
1946—January
February
Inarch
April
Total
Held by non bank investors
Com- Federal
mercial Reserve
banks * Banks
26,000
41,100
52,200
59,900
68,400
77,700
84,100
84,700
83,700
84,400
85,900
90,100
92,000
92,500
89,000
88,600
28,645
47,289
59,402
71,443
83,301
96,546
105,892
107,230
107,028
107,676
109,372
114,362
115,264
115,404
111,601
111,332
2,645
6,189
7,202
11,543
14,901
18,846
21,792
22,530
23,328
23,276
23,472
24,262
23,264
22,904
22,601
22,732
Total
47,872
64,302
80,070
97,289
117,758
133,815
150,874
154,031
153,128
152,304
154,014
161,884
162,737
163,047
163,689
161,912
Individuals
18,200
23,800
30,300
37,100
45,100
52,200
58,500
59,800
59,500
59,300
62,000
63,600
63,700
63,700
63,800
63,400
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
9,200
11,300
13,100
15,100
17,300
19,600
22,700
22,500
22,500
22,400
22,200
24,400
24,700
24,800
25,000
25,000
3,900
5,400
4,500 11,600
5,300 15,700
6,100 20,100
7,300 25,700
8,300 27,600
9,600 29,900
10,000 30,000
10,000 28,900
10,000 28,300
9,800 27,800
10,700 29,900
10,900 29,300
11,100 29,000
11,200 ••29,200
11,300 27,500
600
800
1,300
2,000
3,200
4,300
5,300
5,500
5,500
5,500
5,300
6,300
6,400
6,400
6,400
6,400
U. S. Government agencies
and trust funds
Special
issues
Public
issues
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,033
20,519
20,577
20,710
20,000
20,655
20,897
21,135
21,224
2,737
3,218
3,451
4,242
4,810
5,348
6,128
6,121
6,123
6,175
6,134
7,038
7,043
7,061
7,046
7,045
r
1
Revised.
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 600 million on
Mar. 31, 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]
Total
outstanding
U. S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
sav- ance Other
agen- Recial
cies serve banks ings comx
and Banks ( ) banks panies
trust
funds
Total:2
1945—Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
Feb...
Mar. .
Apr...
182,870
182,829
185,151
198,820
199.672
199,849
197,104
195,120
6,094 23,328
6,146 23,276
6,104 23,472
7,009 24,262
7,014 23,264
7,030 22,904
7,016 22,601
7,014 22,732
76,939
77,547
78,935
82,830
84,700
85,192
81,861
81,477
Treasury bills:
1945—Sept. .
Oct...
Nov. .
Dec...
1945—jan>
Feb.
Mar.'.'
Apr...
17,018
17 026
17,'026
17,037
17,042
17 032
17,'047
17 054
18
21
18
5
6
14
9
g
13,234
13 172
12,593
12,831
12,866
13 038
13 ,'280
13,661
2,035
1,978
2,306
2,476
2,387
2,396
l,fS12
1,875
10
6
14
Certificates:
1945—Sept. .
Oct.. .
Nov. .
Dec...
1946—Jan.. .
Feb...
Mar..
Apr...
35,072
35,021
35,021
38,155
41,502
41,413
40,399
38,408
55 7,184 16,209
77 7,206 16,230
62 7,800 16,358
38 8,364 18,091
51 8,047 21,380
58 7,546 21,716
73 6,954 20,618
69 6,505 19,598
211
221
171
91
101
119
179
205
Treasury notes:
1945—Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
Feb...
Mar..
Apr...
23,498
23,498
23,498
22,967
19,551
19,551
18,261
18,261
53 1,933 15,830
80 1,920 15,834
71 2,102 15,678
8 2,120 15,701
8 1,405 13,652
7 1,373 13,625
9 1,463 12,292
9 1,663 12,071
260
258
223
179
176
184
211
211
End of month
Guaranteed
securities:
1945—Sept..
Oct...
Nov
Dec. .
1946—Jan...
Feb...
Mar. .
Apr...
37
39
39
41
39
39
40
41
7
7
7
7
7
8
8
8
12
12
13
11
12
12
13
11
Treasury bonds:
Total:
1945—Sept.. 107,049
Oct... 107,049
Nov. . 109,371
Dec... 120,423
1946—Jan... 121,358
Feb... 121,635
Mar.. 121,177
Apr... 121,177
Maturing within
1,721 5 years:
1945—Sept
1,850
7 725
1 2,094
Oct...
7,725
1 1,723
Nov
8,214
1,783
Dec... 10,879
1946—Jan.. . 10 879
1,584
Feb.. . 10',879
6 2,239
Mar. . 11,613
1,502
Apr... 11,613
Maturing in 5-10
494 10,918
years:
553 10,735
1945—Sept.. 49,180
561 10,070
Oct... 49,180
360 11,211
Nov. . 49,180
390 11,532
Dec... 46,484
1946—Jan.. . 46,484
531 11,442
Feb... 46,484
573 12,003
549 11,483
Mar. . 45,261
Apr... 45,261
Maturing in 10-20
581 4,841
years:
591 4,815
1945—Sept. . 16,748
607 4,817
Oct... 16,748
576 4,383
Nov. . 16,880
546 3,764
Dec... 20,532
1946—Jan... 20,643
538 3,824
Feb... 20,692
520 3,765
527 3,779
Mar.. 20,701
Apr... 20,701
Maturing after 20
years:
13
4
1945—Sept.. 33,394
4
13
Oct... 33,394
3
Nov. . 35,095
14
6
14
Dec... 42,526
4
1946—j an# t 43 350
13
4
13
Feb... 43,577
3
13
Mar. . 43,600
13
Apr... 43,600
6
9,845 21,437 45,227
9,847 21,501 44,512
9,587 21,375 45,679
10,491 23,183 51,046
10,726 23,758 50,210
10,871 23,895 49,957
10,955 24,008 50,663
11,026 24,060 48,811
1
2
8
2
2
3
3
3
3
3
3
End of month
Total
outstanding
U. S.
Govern- Fed- Com- Mu- Insurment eral
mer- tual
ance Other
agen- Resavcial
cies serve banks ings comand Banks 0)
banks panies
trust
funds
977
977
977
947
947
947
903
903
42,834
43,477
44,564
46,535
47,253
47,429
47,414
47,908
9,360
9,360
9,176
10,217
10,445
10,565
10,561
10,599
20,348
20,343
20,192
22,230
22,807
22,812
22,896
22,972
27,604
26,964
28,551
33,579
33,000
32,974
32,523
31,912
381
379
456
481
478
478
561
561
5,126
5,177
5,387
7,282
7 360
7',320
7,887
8,019
181
184
173
161
169
159
174
179
320
304
277
257
258
257
288
268
1,714
1,681
1,917
2,697
2 613
2',666
2 701
2^585
L.398
L.396
1,386
1,340
1,323
1,321
1,154
1,153
30,798
31,241
32,125
31,317
31,776
31,901
31,247
31,502
5,926
5,926
5,911
6,915
6,905
6,909
6,882
6,884
982
985
907
967
970
972
973
975
4,141
4,140
4,139
5,073
5,082
5,086
5 098
5*100
3,056 4,179 9,749
2,970 4,066 9,506
2,705 3,945 9,021
2,460 3,840 7,534
2,230 3,735 7,418
2,128 3,697 7,444
2,052 3,603 7,202
2,000 3,513 7,092
4,388 2,868 2,493
4,451 2,928 2,505
4,371 2,966 2,458
5,406 3,298 2,995
5,479 3,427 3,054
5,541 3,476 2,986
5,596 3,422 3,012
5,687 3,484 3,100
2,521
2,609
2,679
2', 532
2,634
2,669
2 679
2,695
3,257 13,357
3,277 13,466
3', 333 13,511
4,300 15]141
4,617 15,759
4^802 15,'871
4 909 15 991
4*, 936 16^090
6,020
5,880
6,178
7,865
7,711
7,718
7,696
7,454
10,120
9,900
11,432
15^482
15,257
15,150
14 922
14^783
* 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 Apr. 30, 1946, commercial banks reporting to the Treasury held 28,615 million dollars of U. S. Government2 securities due or callable within one year out of a total of 67,564 million outstanding.
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
786
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisChange
TransIncome taxes1 cella- Social
in
Trust
Na- fers to Other Total
neous Secu- Other Total Net Interacgentional trust
exbudget Defiinter- rity
rere- 3 est
recounts,
eral
ac- pendi- expend- cit
denal
ceipts ceipts ceipts
etc.*
fund
debt fense counts, tures itures
Withreve- taxes
baletc.
held2 Other nue1
ance
Period
Increase
gross
debt
Fiscal year ending:
June 1944
June 1945... .
June 1946
8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039
-4,051 + 10,662 64.307
556 3,540 93,744
0,289 24,884 6,949 1,793 3,824 47,740 46.457 3.617 90.029 1,646 5,113 100,405 53,948
+ 798 +4,529 57,679
9,392 21,493 7,725 1,714 3,915 44,239 43,038 4, 722 48,542 1,918 9,837 65,019 21,981
+781 -10,460 10,740
1945—June
July
August
September.
October
November.
December..
826
669
1,200
768
572
1,076
707
3,930
1,073
466
3,440
1,021
449
2,659
561
718
877
573
689
602
516
69
66
306
69
58
257
69
529 5,916
228 2,754
432 3,281
342 5,192
241 2,581
225 2,609
170 4,122
5,914 1,009 7,837
2,695
156 7,325
2,997
99 6,399
5,189
647 5,367
2,530
172 5,126
2,374
84 4,226
4,118
817 4,245
335
530
162
34
38
1946—January...
February. .
March
April
May
554 2,201
1,086 1,704
658 4,180
64:
584
649
642
615
615
51
310
100
65
285
76
397
191
176
424
690
399
3,819
309
118
3,678
646
5,74
174
2,67
106
2,733
4,479 1.395
684
148
June
1,118
44:
966
650 2,742
3,848
3,875
5,762
2,734
2,998
4,48
3,417
2,702
2,550
2,560
2,18:
2,442
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
460
546
694
563
615
346
384
9,641
8,557
7,354
6,611
5,950
4,656
5,445
482
543
1,383
200 1,316
1,294
1,671
4,891
3,510
4,602
4,251
3,677
5,513
Receipts
1,073
+ 168
+1,146
1,573
944
1,034
-276
+39
+462
+254
-139
-103
19,850
3,362
956
-980
-203
3,524
12,773
-577
+534
-1,593
-3,433
-2,398
-4,2'"'
772
327
-3,201
-2,114
-1,316
-3,161
General fund of the Treasury (end of period)
Other
Net expenditures
in checking acExcounts of
Invest- pendiGovernments tures
ment
agencies
3,727 -1,050 + 15,073
5,862
-116 - 2 , 6 1 5
4,357
-50 -3,451
1,422
-95 -2,497
3,420 +302 - 3 , 3 2 1
2,282
+390 +1,632
1,327
+ 113 + 11,558
Assets
Expenditures
Investments
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
general
fund
Fiscal year ending:
June 1944....
June 1945
June 1946. . ..
3,202
3.239
2,940
2,816
2,757
1,261
380
453
1,618
4,403
1,178
-952
1,851
3.820
4,723
1,313
2,444
4,
192
-571
20,775
25,119
14,708
1,442
1,500
1,006
18,007
22.622
12,993
1,327
997
708
607
421
470
20,169
24,698
14,238
1945—June
July
August
September.
October....
November.
December..
217
312
543
52
132
419
54
482
203
239
241
-66
38
198
42
51
56
91
146
143
149
778
222
-26
701
579
336
407
284
295
260
663
441
172
163
80
65
54
3
89
487
9
228
158
195
25,119
22,469
19,018
16,582
13,307
14,849
26,520
1,500
1,252
1,300
1,755
1,124
1,372
1,674
22,622
20,303
16,874
13,989
11,389
12,694
24,044
997
914
844
839
794
784
802
421
386
387
447
494
404
517
24,698
22,082
18,631
16,134
12,813
14,445
26,003
-36
-13
87
-60
72
359
178
178
174
155
158
140
810
393
181
326
390
463
583
225
72
133
165
292
548
309
85
-18
419
25,851
26,414
24,743
21,293
18,859
14,708
1,011
1,209
2,160
1,124
1,230
1,006
24,030
24,447
21,776
19,502
16,949
12,993
810
758
807
667
681
708
424
453
376
359
323
470
25,427
25,961
24,367
20,935
18,536
14,238
1946—January. . .
February. .
March
April
May
June
178
355
64
135
465
232
51
-274
-79
-395
-9
9
-635
-4
181
1
1
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
* Excess of receipts ( + ) or expenditures (—).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
In millions of dollars]
ncome taxes
Period
Total
Fiscal year
June
June
June
Current Withindi- held 1
vidual
ending:
1943.... 16,299 5,771
1944.... 33,028 10,254 7,038
1945.... 35,062 8,567 10,263
2,406
1945—May
4,025
June
2,242
July
1,916
August
September. . . 3,553
2,031
October
November. . . 1,856
2,742
December
1946—January
February....
March
April
May
201 1,751
46
1,127
318 1,249
87 1,461
1,112
32
271 1,094
41 1,405
539
27
604
3,189 1,670
949 1,848
3,206
4 320 1 821
154
460
708
1 703
1,663
136 1,245
Victory
tax
CurOther
rent Back Excess profits
Total
corpo- taxes profits
taxes taxes
ration
686 4,137
785 4,763
1 4,422
1
-1
Miscellaneous internal revenue
557 5,064
705 9,345
661 11,004
70
79
858
161
74
79
75
62
295
1,895
429
228
768
191
105
660
46 1,584
421
47
248
50
105 1,398
151
-3
933
104
52
84 4,571
137 5,353
144 6,960
10
571
21
8
5
572
791
824
11
6
6
13
531
706
605
512
222
536
173
236
134 1,268
6
4
9
643
597
639
102
69
5
614
641
324
157
ManufacCapi- Estate Alcoholic
To- Stamp turers'
and beverand
tal
bacco taxes retailers'
stock gift
age
taxes
taxes taxes
excise
tax
taxes
329
381
372
105
209
7
30
1
-1
447 1,423
511 1,618
643 2,310
924
988
932
45
51
66
Miscellaneous
taxes
670
732
729 1,075
1,207 1,430
64
180
83
6
116
121
62
49
69
191
198
199
93
84
108
6
6
5
104
121
102
116
228
132
34
44
44
45
198
243
230
188
101
120
98
62
6
7
8
7
93
122
112
107
93
140
113
102
61
54
84
221
210
212
96
89
99
8
8
9
136
142
113
66
64
214
214
96
113
7
8
121
93
120
111
123
116
119
»Withheld by employers (Current Tax Payment Act of 1943).
JULY
1946
787
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
All agencies:
June 30, 1945
Sept. 30, 1945
Dec. 31, 1945
Mar. 31, 1946
Classification by agency,
Mar. 31, 1946
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks..
Federal land banks
Production credit corporations....
Regional Agricultural Credit Corp..
Farm Security Administration....
Other*
Federal Farm Mortgage Corp
Rural Electrification Administration.
Commodity Credit Corp
Federal Crop Insurance Corp
Federal Surplus Commodities Corp.. .
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 HousingAuthority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
Total Cash
Commodities,
supplies,
and
materials
700
33,55:
34,24
815
33,844
925
33,325 1,279
5,544
5,409
5,290
5,069
2,507 1,679
2,487 1,756
2,288 1,683
1,918 1,789
20
10
43
1
12
55
1
9
4
521
4
3
183
279
998
43
43
135
73
248
334
,200
124
15
456
26
151
432
,401
7
3
33S
168
849
2
322
23
137
422
31
20,164
20,816
21,017
20,784
502
551
555
536
1,811
2,154
1,845
460 1,741
772
442
472
1,163
1,135
1,113
1,133
4,162 27 ,266
4,486 27 ,610
4,212 27,492
4,959 26 ,218
267
797
2
37
49
1
5
1
4
166
781
163
15
285
1
21
7
26
Reconstruction Finance Corporation 4 . . 9,832
Office of Emergency Management: 5
8,910
War Shipping Administration
14
Office of Inter-American Affairs
311
Export-Import Bank
997
Federal Deposit Insurance Corp
271
Federal Works Agency
747
Tennessee Valley Authority
3,716
U. S. Maritime Commission
42
951 1,046
304
13
30
17
2
12
31
39
39
1,163
3
492
153
()
279
5
80
2
3
77
375
368
325
285
759
29
1
29
1,943
Investments
21
553
64
172
7
38
All other
U. S. PriBonds, notes,
Gov- vately
Land,
and debenern- owned
struc- Undis- Other tures payable Other ment
tures, tribasliabil- inter- interU. S. Other and
Fully
uted
est
est
ities
Govt. secu- equip- charges sets guarsecu- rities ment
anteed Other
by U.S.
rities
Loans
receivable
Corporation or agency
69
225
62
1
5
551
63
134
7
32
6,794
251
486
1,712 8,121
7,818.
129
620
955 7,955
9
5
2
309
698
160
271
7
740
141 3,575
65 1,878
6
(2)
7
965
52
27
98
18
213
8
*234
100
818
103
48
240
65
132
124
14
451
25
143
432
-255
3
3
459
465
472
479
32
18
2
11
43
3
334
30
(*)
146
721
3,224
1,752
139
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1946
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural
Elec- Farm
Fed. Farm
Secumedico- modity trificaland Mort. ate for
rity
operaCredit
tion Adm.
banks Corp. credit tives Corp.
Adm.
banks
1,070
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
72
Less: Reserve for losses.
Total loans receivable
(net)
998
206
279
183
31
422
Home
Owners'
Loan
Corp.
Fed.
ExFed. R.F.C. portPublic home
and
Hous- loan affiliIming
port
Auth. banks ates Bank
475
(2)
31
794
178
151
153
70
(2)
137
279
(2)
1
183
31
422
152
13
322
781
285
285
153
All
other
Dec.
1945,
All 31, all
agen- agencies
cies
148
1
18
49
2,816
825
196
200
223
232
10
2,878
896
15
32
267
316
4
279
(22)
()
(2)
114
127
25
185
545
715
438
40
227
526
707
438
985
279
213 5,069
5,290
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
'Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4
Includes War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation, and U. S. Commercial
Company, which were transferred to the Reconstruction Finanqe Corporation from Foreign Economic Administration under Executive Order
9630,5 and War Damage Corporation.
All assets and liabilities of the Smaller War Plants Corp. have been transferred to the Reconstruction Finance Corp. and the Department
of Commerce.
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.
788
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)3
1923-25=100
Industrial production
(physical volume)* 2
1935-39=100
Year
and
month
Income
payments
(value)
1935-39
= 100
Adjusted
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
1943
March....
April
May
June
July
August....
September
October.
November.
December
Manufactures
Total
Nondurable
Minerals
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
10'
11'
132
9
6
4
54
65
82
10
122
7
10
13'
20
279
360
353
274
7i
6
7'
8
9i
100
106
95
109
115
142
158
176
17
166
7i
235
23
239
23
240
24
244
247
247
241
232
236
23'
238
241
245
248
249
247
239
351
356
359
358
360
365
368
374
376
365
174
175
176
177
177
178
179
179
180
174
133
137
240
240
238
23
236
236
232
235
234
234
232
230
369
36
364
361
356
354
34
348
342
344
341
343
176
177
175
172
169
169
165
168
168
169
173
173
139
14:
139
140
143
14
139
142
143
14.
14.
137
107
98.5
105.4
113.5
138.0
174.6
213.0
233
P239.1
222.9
224.
Durable
7'
7
8
66
7
9.
8<
9:
10C
10
9(
10
9.
8i
9'
11
9
10C
11
12.
12<
13:
14C
13
231.1
232.1
233.9
233.2
234.0
232.5
235.5
237.5
239.0
243
244
241
239
236
235
230
232
230
232
232
232
1945
January.. .
February..
March....
April
May
June
July
August....
September
October.. .
November.
December.
241.9
245.2
244.1
242.3
241.9
244.6
243.4
236.0
229.0
231.4
235.7
234.1
234
236
235
230
225
220
210
186
167
162
168
163
230
232
232
229
225
220
211
188
171
164
167
161
345
346
345
336
323
308
292
239
194
186
191
185
175
176
176
174
173
173
165
157
156
154
158
156
140
141
142
140
138
144
143
140
134
124
138
133
1946
January
February..
March
April
May
233.5
231.7
234.7
233.5
160
152
168
165
156
148
164
163
P159
166
'139
••183
191
161
>166
141
141
138
104
P116
P160
163
P161
Nonagricultural
AH
other
Adjusted
AdAdAd- Unad Unad- Adjusted justed justed justed justed justed
6.
Factory
102.9
103.2
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
174
173
183
174
183
177
189
187
187
193
204
197
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
144
139
145
141
»"14i
140
139
128
127
118
133
127
198
210
220
182
189
202
218
200
200
213
225
216
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8
107.1
127.1
126.9
126.8
127.1
128.1
129.0
129.4
129.3
128.9
128.9
129.3
129.9
133
126
139
'109
106
228
254
263
250
257
107.1
107.7
108.9
110.2
111.0
129.9
129.6
130.2
130.9
131.5
106
11
133
149
168
186
207
175.
176.2
176.
179.0
180.1
180.2
179.6
180.6
181.5
179.9
174.6
175.4
175.8
178.3
180,2
181.4
180.8
181.4
181.9
180.3
318.0
324.9
330.4
336.1
335.8
343.1
349.5
354.9
359.7
350.
138
136
13.
127
141
140
140
13
139
143
161
160
15'
168
169
166
166
172
176
168
178.8
178.5
176.6
174.5
173
172.5
171.4
170.9
169
168.1
167.3
125.7 168.0
178.3
178
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
345.6
344.8
341.7
333.3
318.7
314.6
298.7
267.3
224.2
222.9
222.9
226.2
229.2
210.51
130.0
129.6
128.9
128.0
127.7
127.7
127.5
127.3
61
95
129
172
P209
103.4
103.
104.1
103
103
103
103
92
107
11
8<
10
109
130
13;
13
140
135
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.
130.1
75
96
118
112
89
73
79
91
104
121
134
150
126.6
126.7
126.7
125.1
124.4
123.4
122.7
121.5
115.8
115.4
116.4
117.3
168.1
168.0
166.5
163.8
160.8
157.2
151.7
147.6
127.8
127.2
127.8
128.1
167.7
167.5
166.0
163.0
159.8
156.9
152.1
148.7
128.5
127.6
128.2
128.4
145
169
161
168
P157
119.7
118.4
121.0
122.4
123.5
130.7
122.4
130.3
136.9
138.1
130.2
121.9
129.9
136.1
137.0
•233.1
249.1
Unadjusted
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
120
129
110
121
142
139
146
152
14'
148
152
131
105
7,
102.
95.«
86.
75.5
76.C
83.8
87.
94.
100.
94.4
100.0
104.
117.5
235 126.
130.
127.5
102 121.8
Unadjusted
138.6
154.
97.6
96.7
100.6
98.1
103.5
100.0
95.
96.
95.3
86.
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
103.
123.5
79.7
85.5
108
101
106
109
107
109.1
117.1
94.
71.8
49.5
53.
68.
78.
91.
108.
84.
100.0
114.
167.5
245.2
334.4
345.
288.4
86
94
121
13.
13<
14:
14:
12.
8'
4C
3
4!
5C
7C
7'
48
59
7:
70
58
50
54
61
69
83
94
108
Adjusted
103.8
104.2
79.8
88.2
101.0
93.8
97.
98.
96.
96.
103.
89.
75.
64.
71.
83.
88.
96.4
105.8
90.
100.
107.
132.
154.C
177.
172.
149.5
90
6
88
6,
5<
71
8
94
12:
12'
12(
13.
11
9
6.
2:
2.
3
3
5.
5«
6
7:
8
12
16C
61
4
6,
107
136
147
170
Depart
Fac- Freighi ment Wholesale Cost of
tory carload store
com- living*
sales
pay
1935-39
ings*
(val- modity
4
rolls* 1935-3'
= 100
1939 = = 100 ue) *5 prices
1935-3' =1926
100
100
= 100
Residential
133
13
12'
11
134
135
138
136
1944
January...
February..
March
April
May
June
July
August....
September
October. . .
November.
December
227.
232.4
231.9
Total
AdAdAd- Unad- AdAdjusted justed justed justed justec juste
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
206.9
208.8
209.4
212.8
214.8
216.
216.8
219.3
Employment4
1939=100
83
9'
92
9
105
105
110
11
114
115
11
108
9
75
73
83
88
100
10
9<
103
r
* Average per working day.
P Preliminary.
Revised.
Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 790-793. For points in total index, by major groups, see p. 808.
* Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 797 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. 799-801.
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.
1
2
JULY 1946
789
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
Industry
Apr. May June July Aug. Sept. Oct. Nov. Dec.
Industrial
Production—Total...
230
225
220
210
Jan.
Feb.
Mar.
186
167
162
168
163
160
152
168
Apr. May
165
1
P167
247
240
233
222
194
173
168
173
169
163
154
173
176
336
323
308
292
239
194
186
191
185
166
139
183
191
P175
206
204
192
187
155
163
146
167
164
102
43
169
159
r>108
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
421
161
164
142
319
166
171
154
296
129
159
139
307
158
178
160
306
164
172
155
293
100
108
95
199
48
46
38
106
168
176
161
286
142
175
148
'363
86
124
99
307
419
405
393
371
310
230
232
231
232
217
190
206
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
651
610
572
535
405
273
258
252
217
220
199
'210
231
218
207
188
142
105
120
137
95
107
'98
'115
Nonferrous Metals and Products...
263
248
219
196
165
139
144
148
147
151
139
141
132
Smelting and refining
194
(Copper smelting; Lead refining;1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
291
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium
products; Tin consumption)1
188
184
183
171
150
148
147
140
140
128
123
109
272
234
202
162
135
143
148
155
144
148
119
118
116
110
107
98
92
108
109
140
108
138
104
138
98
134
98
124
89
115
76
120
83
123
72
131
95
135
108
139
117
142
123
167
162
166
169
160
161
161
158
164
172
'185
192
191
'177
183
62
225
85
122
180
300
179
61
220
85
115
168
295
176
43
223
95
121
172
298
193
62
240
93
117
179
287
177
61
218
97
110
162
260
200
79
243
97
110
172
220
186
50
235
106
116
177
218
175
4
235
113
119
181
215
181
3
244
119
124
182
217
190
29
247
131
144
197
199
216
106
255
149
144
201
'197
221
136
251
152
150
204
'218
214
130
243
152
148
202
229
192
133
213
128
P143
P191
P228
Manufactures—Total
Durable Manufactures. . .
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
P231
1
Manufacturing Arsenals and Depots .
Lumber snd Products. . .
Lumber. . .
Furniture..
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. . .
Abrasive and asbestos products..
Other stone and clay products1. .
Nondurable Manufactures. .
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption1. .
Wool textiles
Carpet wool consumption.
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products. . .
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers. . .
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings1
Manufactured dairy products .
Butter
Cheese
Canned and dried milk. ..
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
9
Revised.
* Preliminary.
790
128
P\22
P141
174
173
173
165
157
156
154
158
156
161
166
165
163
P161
149
150
150
132
134
144
141
146
143
151
159
162
160
P163
137
143
218
138
142
221
138
144
220
121
123
220
123
123
213
134
138
215
131
128
215
135
133
226
132
125
228
140
138
233
'149
146
234
150
147
241
148
144
•245
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
173
138
229
174
176
171
173
168
122
224
170
172
169
173
122
121
127
109
108
119
112
116
111
117
133
134
130
118
134
95
61
146
125
115
132
91
62
132
126
119
137
97
56
137
132
109
128
79
50
133
109
98
112
75
47
130
114
112
125
97
52
151
123
107
121
89
46
145
116
109
125
83
51
140
120
114
131
92
49
139
115
131
92
54
151
118
126
146
99
64
146
138
120
140
84
' 62
'148
144
115
135
84
54
135
160
153
151
147
138
144
143
150
154
159
155
140
138
135
138
109
130
127
129
133
P145
72
155
156
P154
129
99
159
197
134
87
181
204
87
175
196
90
179
206
89
181
222
85
171
208
P148
75
160
201
134
137
139
88
121
132
135
134
95
128
141
144
142
103
142
140
146
136
116
133
133
126
144
151
110
141
120
165
179
125
P143
l
130
P133
P143
P148
P146
153
149
246
141
152
P142
163
122
65
149
146
136
P131
59
143
136
149
P116
59
151
130
P117
58
150
131
'122
59
153
144
120
'129
65
173
163
P120
62
168
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
P93
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN.
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of
Governors.
1935-39 average = 100]
1946
1945
Industry
Manufactured
Food
....
Beverages
Malt liquor
Whiskev
Other distilled spirits
Rectified liquors
Industrial
.
. .
Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper
Products
Paper and pulp
Pulp
. .
Groundwood pulp
Soda pulp
Sulphate pulp
. . .
Sulphite pulp
Paper
.
. .
Paperboard
Fine paper
Printing paper
. .
Tissue and absorbent paper
WraDPing paper
Newsprint
Paperboard containers (same as Paperboard)
and Publishing
.
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
. .
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Rubber
Dec.
Jan.
Feb.
Mar. Apr.
May
148
128
108
160
152
128
113
165
159
1.38
137
168
165
143
145
174
164
140
143
174
165
153
139
173
P153
192
201
216
212
231
238
176
169
149
55
399
306
181
52
236
365
182
70
218
420
199
83
223
427
197
130
274
343
199
131
431
396
197
125
524
416
127
100
370
401
117
96
356
409
128
150
160
167
154
112
143
156
161
154
16.1
83
162
88
91
195
98
106
206
99
111
216
96
110
194
94
87
139
64
104
185
71
111
205
69
110
217
65
109
205
69
219
71
142
135
131
143
143
142
134
133
140
148
146
vl43
137
160
116
103
236
138
134
160
75
126
139
139
79
131
149
120
93
227
122
128
149
73
122
146
133
80
129
146
118
92
219
120
126
141
74
126
142
135
72
138
152
124
100
223
126
136
165
77
125
142
141
81
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
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
141
155
96
112
235
131
139
166
85
144
143
126
86
P\ 38
143
78
132
149
140
86
130
131
93
102
167
125
130
145
81
134
146
128
86
105
106
105
111
109
115
114
112
118
123
127
126
124
85
85
88
96
93
96
96
92
102
108
110
108
108
268
273
269
145
167
136
120
149
174
138
121
148
177
136
132
156
175
136
133
155
173
138
140
132
151
119
116
129
152
120
122
147
164
133
144
140
164
123
157
131
171
129
180
129
176
130
190
1 30 P 1 3 5
172
141
183
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
116
115
145
148
144
276
154
150
286
116*
111'
296
91
85
295
151
145
337
113
116
20
318
319
318
307
265
230
228
230
234
'232
'232
235
P236
135
134
241
405
131
134
240
407
134
132
243
412
139
130
243
409
133
122
222
368
136
126
237
386
139
124
238
371
142
124
244
370
142
127
246
378
145
130
251
-384
147
126
255
-379
148
122
r
256
r
382
150
123
260
P146
P125
3 9 "> P 3 9 5
233
224
222
218
193
172
191
192
205
215
216
r221
219
P219
140
138
144
143
140
134
114
138
133
141
141
rl38
104
P116
145
143
150
148
146
139
126
143
137
146
149
145
108
P123
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
135
144
102
152
142
148
114
138
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
145
P125
P148
111
110
109
109
105
106
109
109
108
108
P95
P93
P82
169
167
168
168
162
161
164
163
159
159
135
133
P113
23
61
24
54
22
49
23
42
22
47
25
51
27
54
30
51
33
48
P37
P39
Sept. Oct.
168
170
156
169
161
149
151
165
155
139
129
163
150
134
108
161
139
101
107
155
146
109
108
162
144
136
139
193
173
152
0
67
283
139
0
61
291
139
0
57
318
147
199
448
293
120
128
139
91
143
90
92
156
94
93
177
90
140
141
136
160
114
103
234
141
132
158
79
126
144
129
80
136
160
108
103
236
140
133
161
78
125
141
132
80
105
85
151
P136
169
P159
Alcohol from Beverage Plants^
Tobacco
Printing
Nov.
Aug.
May
Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic
June July
Apr.
.
Products
Minerals—Total
. . . .
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
. .
Metals
Metals other t h a n gold and silver
Gold
Silver
P267
P240
P184
224
239
P156
vl 74
P172
P166
r
P161
r
t to
136
160
84
141
143
128
83
P168
' ' ' J
pfiO
P43
r
Revised.
P Preliminary.
* Series included in total and group indexes b u t not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description a n d back figures see BULLETIN
for October 1943, p p . 940-984, September 1941, pp. 878-881 a n d 933-937, a n d August 1940, p p . 753-771 a n d 825-882.
JULY 1946
791
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
|
Industry
Apr. May June July Aug. Sept
Oct. Nov. Dec
Jan.
Industrial Production—Total.
229
225
220
211
188
171
164
167
161
756
Manufactures—Total
245
240
234
223
196
177
171
173
167
160
Feb.
I
Mar. Apr.
May
148
164
163
159
151
170
174
167
182
191
176
169
159
>108
r
335
323
308
292
240
195
187
192
184
164
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
206
204
192
187
155
163
146
167
164
102
43
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
421
161
164
142
319
166
171
154
296
129
159
139
307
158
178
160
306
164
172
155
293
100
108
95
199
48
46
38
106
168 142
176 175
161 '148
286 ••363
86
124
99
307
Machinery
419
405
393
371
310
230
232
231
232
217
190
206
225
>231
651
610
572
535
405
273
258
252
217
220
'199
210
249
'238
231
218
207
188
142
105
120
137
95
107
'98
115
164
'157
263
248
219
196
165
139
144
148
147
151
139
141
132
'132
194
189
183
182
171
150
148
148
141
140
128
123
109
•109
291
272
234
202
162
135
143
148
150
155
144
148
141
120
121
116
113
104
94
95
86
99
110
120
129
131
108
140
112
138
113
138
107
134
108
124
98
115
82
120
81
123
63
131
80
135
95
139
108
142
122
144
126
141
Durable Manufactures...
Manufacturing Arsenals and Depots x. . .
Transportation
Equipment....
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining; Zinc
smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc
shipments; Aluminum products; Magnesium products; Tin consumption) 1 . . . .
Lumber and Products.
Lumber. . .
Furniture..
Stone, Clay, and Glass Products
165
167
166
168
165
166
167
162
159
163
•174
184
188
182
Glass products
Plate glass
Glass containers
Cement
Clay products
,
Gypsum and plaster products. .
Abrasive and asbestos products.
Other stone and clay products 1.
183
62
225
81
119
177
300
190
61
235
89
115
169
295
175
43
221
102
120
175
298
186
62
230
102
115
179
287
183
61
227
110
113
162
260
204
79
247
112
114
176
220
192
50
242
123
122
182
218
176
4
237
122
123
183
215
169
3
227
108
128
186
217
186
29
242
107
134
190
199
210
106
247
113
138
191
197
221
136
251
125
143
197
214
130
243
145
144
198
229
203
133
228
135
143
193
'228
Nondurable Manufactures . .
171
172
173
167
159
161
158
158
154
157
162
161
160
160
149
150
150
132
134
144
141
146
143
151
159
162
160
>163
137
143
218
138
142
221
138
144
220
121
123
220
123
123
213
134
138
215
131
128
215
135
133
226
132
125
228
140
138
233
149
146
234
150
147
241
148
144
•245
246
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
173
138
229
174
176
-•171
173
168
122
224
170
172
169
173
122
121
126
107
107
118
113
117
111
117
137
134
129
117
134
91
63
143
125
115
132
87
61
142
126
116
132
99
57
135
132
103
120
78
49
123
97
109
79
46
134
110
123
95
52
148
123
108
122
91
46
145
116
113
130
86
50
148
120
113
131
90
49
132
109
115
134
90
54
140
118
136 119
157 140
104
82
67 "62
160 1 4 4
138 144
114
135
81
56
132
145
146
150
166
153
151
149
143
144
'138
139
136
134
135
149
165
119
P155
72
164
185
P120
62
139
127
PIOO
50
112
105
P84
47
103
105
P75
49
112
105
P85
51
123
118
134
95
179
197
134
133
93
173
224
140
171
179
164
202
135
182
225
138
130
145
155
191
125
81
111
171
201
141
76
186
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption x . .
Wool textiles
Carpet wool consumption..
Apparel wool consumption.
Woolen and worsted yarn..
Woolen yarn
Worsted yarn
Woolen and worsted cloth.
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers....
Goat and kid leathers. . .
Sheep and lamb leathers.
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings x
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. ..
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
>• Revised.
» Preliminary.
792
133
134
132
109
114
157
151
133
J»149
89
189
231
112
234
272
124
254
284
109
223
257
128
P185
93
191
214
125
125
131
86
118
132
135
134
98
130
139
144
139
103
132
131
129
137
116
127
119
97
146
148
108
P209
P212
•218
141
138
9135
P89
116
P134 P160
79
54
66
138 '180 225
141 184
P101
129
138
120
75
154
120
143
95
71
128
120
151
90
70
96
iSeries included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
1946
Industry
Apr. May June July Aug. Sept. Oct.
Nov. Dec.
Jan. Feb. Mar. Apr. May
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
148
104
130
162
145
97
117
162
146
107
96
165
157
174
88
165
154
165
115
158
176
242
139
165
164
165
142
168
158
118
134
173
156
108
139
171
152
93
149
167
149
88
144
166
147 P143 P138
84
92 P94
129 P113
162
166
148
147
162
214
175
199
214
201
188
198
211
162
164
158
0
175
0
35
318
184
199
400
293
170
55
216
306
183
52
324
365
169
70
154
83
566
420
467
427
157
130
301
343
163
131
280
396
178
125
314
416
118
100
241
401
123
96
214
409
160
0
44
283
291
115
128
133
155
169
173
157
104
142
148
152
147
164
91
133
90
92
156
95
93
186
92
83
170
88
91
204
95
106
220
106
111
225
103
110
198
97
87
128
57
104
185
70
111
193
67
110
202
65
109
190
69
110
219
141
142
142
134
131
144
143
142
134
141
148
146
36
Industrial Alcohol from Beverage Plants x. . .
Tobacco Products
Cigars
Cigarettes
Other tobacco products...
71
Paper and Paper Products
P143
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
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products l
Coke
By-product coke
Beehive coke
Chemical Products...
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition l
Other chemical products 1
129
144
104
92
219
120
126
141
74
126
142
135
71
138
150
110
100
223
126
136
165
77
125
142
141
81
139
153
115
101
227
129
137
157
80
133
148
147
79
138
153
121
103
223
131
136
158
79
132
145
140
82
131
137
96
100
195
120
131
143
78
132
145
140
84
130
131
96
102
167
125
130
145
81
134
144
128
86
137
145
100
104
203
130
136
155
82
139
147
135
86
143
157
105
111
239
132
141
165
82
144
149
138
86
141
156
106
112
235
131
139
166
85
144
144
126
88
105
107
110
117
118
114
114
122
129
129
126
84
87
94
101
104
96
94
106
114
114
112
273
269 r>267 P240 P184
P156
P174
l 72
145
167
141
123
149
174
143
122
148
177
136
124
156
175
134
124
155
173
137
135
132
151
119
115
129
152
120
122
147
164
133
148
140
164
122
162
131
171
125
184
129
176
129
200
130 P135 P138
172
139
187
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
116
111
296
91
85
295
151
145
337
113
116
20
320
318
315
303
261
239
232
230
231
137
131
241
405
135
130
240
407
138
130
243
412
132
129
243
409
135
131
237
386
139
130
238
371
140
125
244
370
136
162
125
103
234
141
132
158
79
126
145
129
82
137
161
117
103
236
140
133
161
78
125
141
132
81
137
160
117
103
236
138
134
160
75
126
142
139
80
108
106
90
88
268
130
147
107
93
227
122
128
149
73
122
140
133
78
368
P139
136
160
84
141
143
128
83
"161 P168
r
r
233
'234
237 P235
142
127
'246
378
142
127
251
'384
145
124
255
'379
148
122
151 ^150
121
121
260 P259
392 P395
233
•256
'382
r
Rubber Products....
233
224
222
218
193
172
191
192
205
215
Minerals—Total..
140
141
147
145
143
137
125
134
126
134
134
131
100
Fuels. .
145
143
150
148
139
126
143
137
146
149
145
108 P123
Coal
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
135
144
102
152
142
148
114
138
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
125
124
123
116
80
61
60
P49
P48
P52
196
289
192
289
188
281
175
245
111
108
79
50
78
50
Bituminous coal.
Anthracite
Crude petroleum....
Metals..
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
109
131
166
216
207
304
204
301
20
47
216
58
22
219
57
28
P219
116
P63
58
32
54
r
Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures see BULLETIN
or October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1
JULY
1946
793
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1945
Apr.
Factory pay rolls
1945
1946
May
Jan.
Feb.
Mar.
Apr.
May
Mar.
1946
Apr.
May
Jan.
Feb.
Mar.
Apr.
Total
Durable goods
Nondurable goods
163.0 159.8 130.2 121.9 129.9 136.1 137.0 341.7 333.3 318.7 229.2 '210.5 '233.1 249.1
217.5 211.5 144.1 '122.6 138.5 152.2 154.6 465.1 451.6 427.6 243.0 '199.6 '237.1 267.3
120.1 119.0 119.2 '121.4 123.1 123.5 123.2 221.0 217.5 212.2 215.7 '221.3 '229.2 231.4
Iron and Steel and Products
Blast furnaces, steel works, etc. . .
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work. .
172.1
122
236
131
129
134
169.7
122
230
130
127
131
131.9 85.0
116
44
175
85
120 . 91
107
108
112
95
127.9
120
125
105
112
103
135.9 134.1
124
161
117
122
108
333.5
229
458
231
281
270
328.8
229
451
228
275
265
318 6
227
422
213
268
247
216.1
173
264
208
203
197
127.2
48
144
149
196
159
211.1
182
207
178
209
182
227.2
186
286
206
230
194
179
155
176
153
145
123
113
104
119
117
145
127
350
331
348
323
334
313
252
225
192
189
204
216
249
240
190
179
126
'91
130
369
365
341
194
'134
-•201
Electrical Machinery
Electrical equipment
Radios and phonographs
276.0 271.6 183.7 134.2 141.8 172.9 188.6 528.6 517.8 500 =;302.6
161
97
453
441
103
232
259
228
426
132
529
521
151
149
157
272
263
260
165
501
211.1
145
272
225.1
156
286
289.1
213
303
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors.. .
Machine tools
Machine-tool accessories
Pumps
Refrigerators
224.0 219.9 180.9 '157.2 166.5 179.3 183.9 438.7 426.4 404.7 297.5
255.3
277.9
300.7
239
231
-•105
"•166
-258
277
346
168
258
230
'199
-170
'257
287
355
194
290
311
178
170
261
284
374
228
165
209
171
140
159
186
218
135
420
410
155
146
386
170
769
732
133
131
683
183
288
278
'129
r81
272
130
325
313
-•107 '109
289
108
382
371
348
162
rl60 '156
457
449
186
430
187
186
630
593
202
576
212
196
266
260
124
250
144
125
'292.
6
2767.9
2615.4
Transportation Equipment, except Autos 1237.5 1153.0 326.9 '294.4
2396
0
312.8
311.2
r
3190 3071 2837
Aircraft, except aircraft engines. . 1560 1450
299
296 -•302
311
4280 3957 3703
2289 2167
249
240
Aircraft engines
295
239
2907 2711 2434
360
318
Shipbuilding and boatbuilding. . . . 1233 1132
315
329
'103.0
171.6
103.5
mo.7
Automobiles
165.3
155.1 159.9 325.5 317.5 292.2
Nonferrous Metals and Products
Primary smelting and refining. . . .
Alloying and rolling, except aluminum
Aluminum manufactures
Lumber and Timber Basic Products.. . .
Sawmills and logging camps
Planing and plywood mills
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
218
?49
178
153
201
254
284
142
214
339
174
149
198
250
279
139
273
371
249
234
2*2
284
391
164
559.1
514
357
603
r
r
491.5 r512.5
521
••537
369
380
530
554
153.5 r142.4 '166.2 245.3
184.6 183.4 145.3 126. < 138.4 144.9 148.4 364.0 360.0 347.3 256.1 228.7
265
142
128
269
122
109
225
211
140
262
104
185
300
183
296
144
179
121
104
124
171
128
181
367
556
362
554
121.3 123.4 122.3 124.0 127.0 132.6
226.2 228.3
140
141
74
70
70
72
75
75
89
91
168
167
94
91
93
93
108.
197.9
104.3 103.7 106.0
109.9 HI. 5 110.3
177
97
94
94
95
182
93
98
570.8
566
462
573
222
173
250.8 263.8
191
181
341
524
257
269
230
142
164
207.7 '219.9 '234.5 248.2
118
123
140
132
149 '•161 '165
170
194.2 192.9 200.4
169
177
173
222
291
226
312
209.0 214.6
190
184
108.2 107.7 114.3 121.4 124.9
125
125
142
146
124
68
92
94
99
69
92
93
96
71
71
126
130
132
116
115
128.4
147
105
99
134
190.5
207
108
121
191
190.7
206
115
124
189
185 5
200
114
121
184
185.4
192
135
155
196
'204.6 '217.2 226.8
237
250
247
142
172
155
158
169
181
217
210
219
Textile-Mill and Fiber Products
Cotton goods except small wares..
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
93.9 93.1 98.6 101.t
108
110
105
104
72
73
74
71
95
100
103
94
61
61
67
69
86
86
91
93
103.4 103.5
112
75
107
71
95
177.5
207
139
193
101
151
172.9
202
135
187
99
148
168.3
200
134
179
95
141
190.7
217
149
207
116
168
203.7
230
158
227
125
178
212. f
242
164
234
129
181
215.8
246
167
239
131
179
Apparel and Other Finished Textiles. . .
Men's clothing, n.e.c
Shirts, collars, and night wear
Women's clothing, n.e.c,
Millinery
118.0 116.2 121.0 125., 128.6 128.9 128.2 233.1 219.7
174
85
83
87
167
91
90
87
73
72
74
133
129
69
68
74
79
76
80
157
144
76
74
80
86
81
81
160
126
83
69
204.5
157
123
131
84
228.0
148
136
149
147
240.2
158
263.6
170
153
173
170
263.5
174
153
170
143
Leather and Leather Products
Leather
Boots and shoes
102.
112
75
106
70
94
97.4 100.4 102.4 102.5
92
95
93
93
84
86
89
90.4
82
78
90.0
82
78
Food and Kindred Products
Slaughtering and meat packing.. .
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
118.6
107
115
110
113
138
76
117.9
103
116
110
109
139
73
Tobacco Manufactures
Cigarettes
Cigars
86.,
125
65
85.6 87.0 87.3 87.9 90.8
118
116
124
117
120
69
73
64
76
72
123.0
127
127
110
106
152
69
122.2
126
127
110
103
154
67
121.0
122
122
110
106
143
63
119.8 119.0
115
118
107
104
140
68
148
153
153
172.3 169.3 163.6 185.2 194.5 202.1 203.9
148
151
163
165
165
164
147
154
150
164
174
143
183
185
194.4
178
201
170
199
201
143
194.
168
201
170
192
207
150
166.0 160.8
207
200
135
131
211.5
199
242
181
183
238
137
193.
163
202
171
185
206
144
215.0
218
228
180
191
228
144
157.
192
133
166.7 165.2
201
194
149
146
206.6
191
214
183
186
200
132
205.4
181
203
179
193
195
149
171.3 174.6
205
202
162
156
r
Revised.
NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for May 1946
are preliminary.
794
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory pay rolls
Factory employment
Industry group or industry
1946
1945
1946
1945
Apr.
May
Jan.
Feb.
Mar.
Apr.
May
Mar.
Apr.
May
Jan.
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
117.7
105
117
110
116.9
104
115
109
128.6
114
118
120
131.0
116
121
120
132.9
118
123
121
134.5
119
123
122
135.0
201.9
183
198
182
199.8
182
194
180
194.5
178
186
175
Printing and Publishing
97.3
92
104
97.5
92
104
109.4
103
118
112.1
105
121
113.5
107
122
114.2
108
122
114.8
139.4
120
157
138.2
121
156
138.9
122
154
221.7 226.2 233.3
208
204
198
-205
202
-212
204
204
213
r
165.7 l71.2 rl77.2
149
144
154
189
194
200
Chemicals and Allied Products
240.5 236.8
Drugs, medicines, and insecticides. . 183
183
Rayon and allied products
110
110
Chemicals, n.e.c
164
165
Explosives and safety fuses
1358 1349
Ammunition, small-arms
1581 1549
Cottonseed oil
88
95
Fertilizers
126
145
169.7 170.3 171.4
186
182
186
124
123
124
166
165
165
'200
239
'212
194
226
198
92
117
101
168
133
152
170.9
187
122
170
199
181
78
155
167.0
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
Newspaper periodicals. . . .
Book a n d j o b
Rubber Products
R u b b e r tires a n d inner t u b e s .
R u b b e r goods, other
. . . .
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
Mar.
Feb.
Apr.
235.9
211
212
216
178.4
158
199
431.0 428.1 425.7 285.2 "284.7 r290.0 291.2
280
277
297
302
281
282
301
182
181
197
201
197
183
200
297
296
'273
283
'273
295
'276
2092 2076 2096 '361
'325
305
-310
3167 3150 3185
384
342
428
377
225
203
215
168
253
184
198
341
351
336
363
283
293
387
126.4
126
100
126.8
127
100
134.0 '130.8 '136.7
133
132
132
'115
110
'91
138.2
134
114
138.7
224.6
221
184
230.3
227
179
227.8 220.9 221.3 231.0
218
217
211
223
-192
'•162
186
r2l0
233.5
221
197
169.6
172
138
166.6
169
134
172.7
182
127
177.1
187
129
181.5
192
132
182.0
193
130
184.4
315.4
302
265
315.9
306
256
299.8
289
244
290.1
273
232
202.1
272
234
302.8
281
242
324.9
313
241
173.3
540
159
172.9
534
158
150.4
200
127
155.4 rl60.5
201
205
130
136
163.7
203
136
165.7
348.0 345.2
1068 1070
275
270
336.7
996
265
271.0
330
199
278.1 293.1
-346
322
215
205
301.6
342
220
For footnotes, see page 794.
FACTORY EMPLOYMENT
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1945
Group
Total
Durable
Nondurable
P Preliminary.
194<?
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
163.8
217 6
121.3
160.8
211 5
120.8
157.2
204 3
120.1
151.7
195.2
117.4
147.6
187.5
116.1
127.8
144.8
114.5
127.2
142.6
115.1
127.8
143.3
115.6
128.1
141.2
117.8
130.7 -122.4
144 4 '122 9
119.8 -122.0
' Revised.
Feb.
Mar.
Apr.
-130.3
-138 7
123.7
May
136.9 P138.1
152 3 P154 6
124.7 P125.1
Back figures from January 1939 may be obtained from the Division oi Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
1945
Industry group
AH
Manufacturing.
Durable Goods
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. . .
r
Revised.
Average hourly earnings (cents per hour)
1946
1945
1946
Mar. Apr. D e c
Jan. Feb. Mar. Apr. Mar.
45.4
45.1
41.5
41.0
40.5
40.8
40.6
104.4
104.4
99.4
100.4 -100 .2 103.4
46.7
46.5
41.4
40.8
40.0
40.6
40.5
113.9
113.8
106.6
107.0 nO6.4 '110.2
47.1
46.6
48.6
47.1
46.1
47.3
43.1
44.6
44.2
46.9
46.4
48.1
46.8
45.5
47.1
43.6
44.3
44.5
42.5
41.5
42.9
39.7
36.0
43.3
39.0
42.5
41.9
41.1
41.3
42.0
40.0
37.5
43.3
38.8
41.8
40.7
-39.1
40.3
41.4
-39.0
-34.5
43.2
40.1
'42.3
'41.1
-40.0
40.4
41.6
-39.9
-37.3
42.4
41.1
-42.6
-41.6
39.9
40.2
41.4
39.9
38.0
42.0
41.3
42.3
41.6
110.7
107.0
115.3
129.9
128.0
108.1
79.8
85.0
92.3
110.9
106.8
115.2
129.5
128.0
108.2
80.7
85.5
92.9
109.1
105.0
113.4
123.9
122.0
106.3
81.4
85.9
93.9
109.5
105.3
113.9
123.1
123.0
106.6
83.0
86.4
94.2
108.4
102.9
114.7
'123.4
'124.8
109.1
83.6
'87.1
96.7
116.8
103.7
116.9
-126.4
-125.6
111.6
84.8
'88.8
98.5
118.5
109.5
117.6
131.9
130.0
113.2
85.6
90.3
100.4
43.5
43.2
41.5
41.2
40.9
40.9
40.6
89.6
89.9
92.7
94.1
95.3
97.5
98 8
42.4
39.0
42.5
45.1
42.9
46.3
41.6
45.9
47.4
45.3
46.1
41.9
37.9
42.0
45.0
42.3
46.5
41.2
45.7
48.3
45.7
45.8
40.7
36.4
40.6
45.3
39.1
45.6
41.5
42.5
42.9
40.9
42.1
40.4
36,7
39.9
44.9
39.3
44.3
41.1
42.0
41.7
41.7
41.8
40.5
36.5
40.4
44.3
38.5
43.9
40.8
'41.7
-41.6
-40.8
41.8
40.4
37.5
40.8
42.9
39.7
43.9
'41.2
-41.6
40.8
-40.8
-42.1
40.3 73.3 73.5 79.5
37.2 87.4 86.2 87.5
40.5 84.8 85.2 88.1
42.7 86.4 86.9 91.5
39.2 74.1 74.0 80.6
43.5 87.1 87.4 91.0
41.0 112.1 112.9 118.8
41.4 97.5 98.0 100.1
40.2 119.5 120.2 123.6
40.3 111.7 113.6 111.3
41.8 99.1 99.3 98.5
80.3
90.6
90.4
92.1
82.4
92.8
120.0
101.5
124.9
112.1
99.1
83.3
'92.2
90.7
92.4
83.2
'93.7
-122.1
'102.1
'128.6
112.9
98.5
85.8
-96.1
91.7
'94.3
83.0
'95.6
'123.6
-103.3
-130.7
113.8
-99.9
86.8
96.6
92.8
95.3
83.0
96.5
124.4
104.4
133.1
123.4
101.5
Apr.
Dec.
Jan.
Feb.
Mar.
Apr.
105.8
w
113.1
NOTE.—Back figures are available from the Bureau of Labor Statistics.
JULY 1946
795
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
1,753
1,722
2,236
2,078
1,259
679
834
2,912
3,013
3,248
3,433
3,619
3,761
3,822
6,618
6,906
7,378
7,263
7,030
7,044
7,173
4,160
4,310
4,438
4,447
4,115
4,348
4,589
3,988
4,136
4,446
5,203
5,890
5,911
5,887
982
981
982
973
962
954
944
933
2,048
2,057
2,077
2,101
2,077
2,136
2,095
2,041
3,419
3,419
3,433
3,448
3,448
3,484
3,503
3,525
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701
16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995
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
39.454
39,352
39,123
38,865
38,749
38,766
38,700
38,654
38,400
38,159
38,044
38,164
16,910
16,819
16,642
16,391
16,203
16,093
16 013
15,943
15,764
15,614
15,529
15,554
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
38,426
38,469
38,456
37,963
37,746
37,465
37,231
36,888
35,151
35,029
35,338
35,605
15,633
15,595
15,445
15,178
14,885
14,534
14,130
13,762
12,022
11,893
11,910
11,851
805
802
796
765
732
798
784
780
780
714
789
798
633
658
691
736
782
828
868
858
883
940
984
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
1,085
3,797
3,848
3,846
3.811
3,802
3,792
3,801
3,803
3,774
3,806
3,871
3,916
36,333
'35,938
'36,737
37,138
37,480
12,098
'11,458
'12,074
12,614
12,709
814
812
801
508
767
1,230
1,385
'•1,462
1,631
1,721
3,956
'3,987
3,989
3,942
3,885
7,673
'7,697
-7,762
7,775
7,731
5,034
5,082
5,127
5,166
5,147
1944—July
August
September
October
November
December
38,731
38,744
38,571
38,360
38,347
38,889
16,013
16,023
15,843
15,692
15,607
15,632
833
834
826
816
812
806
686
700
671
652
629
594
3,809
3,818
3,791
3,767
3,771
3,770
6,942
6,918
6,994
7,148
7,299
7,611
4,618
4,582
4,488
4,340
4,315
4,304
1945—January
February
March
April
May
June
July
August
September
October
November
December
37,952
37,968
38,062
37,791
37,679
37,549
37,273
36,984
35,321
35,231
35,639
36,314
15,555
15,517
15,368
15,102
14,811
14,534
14,130
13,831
12,082
11,952
11,970
11,910
801
798
796
761
728
794
784
784
784
718
793
802
582
599
636
699
798
845
911
927
945
1,006
1,014
1,042
3,740
3,771
3,788
3,792
3,802
3,830
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
35,815
'35,374
'36,281
36,928
37,435
12,038
'11,401
'12,014
12,551
12,645
810
808
801
505
763
1,132
1,260
1,345
1,549
1,755
3,897
•"3,907
3,929
3,922
3,885
7,481
'7,505
'7,622
7,759
7,692
4,984
5,031
5,076
5,140
5,147
Manufacturing
ni g
30,353
31,784
35,668
38,447
39,728
38,698
36,981
10,078
10,780
12,974
15,051
16,924
16,121
13,897
845
916
947
970
891
835
779
1942—May
June
July
August
September
October
November
December
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333
1943—January
February
March
April
May
June
July
August
September
October
November
December
39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479
1944—January
February
March
April
May
June
July
August
September
October
November
December
Year and month
Total
1939
1940
1941
1942
1943
1944
1945
Construction*
SEASONALLY ADJUSTED
1945—January
February
March
April
May
June
July
August
September
October
November
December
,
1946—January
February
March
April
May
5,673
5,575
5,684
5,528
5,517
5,522
5,502
5,520
UNADJUSTED
1946—January
February
March
April
May
5,830
5,869
5,958
5,945
5,914
6,172
5,894
5,938
5,996
6,003
6,006
5,953
5,943
5,937
5,933
5,701
5,575
5,769
5,473
5,462
5,494
5,502
5,548
r
* Includes Contract Construction and Federal Force Account Construction.
Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. 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. May 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.
796
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Factories
Month
January
February
March
April
May
June
July
August
September
October
November
December
Year
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
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
3,299.3
1945
1946
45.2 104.7
66.6 97.7
160.4 113.7
174.5 105.1
43.4
25.5
51.5
75.5
98.3
85.4
107.9
92.6
1,027.0
563.5
1944 1945 1946
1944 1945 1946 1944 1945 1946
159
137
176
179
144
164
191
169
176
145
165
188
122
109
133
133
98
122
148
125
127
102
103
114
June
July
August
September. .
October....
November. .
December. .
141
147
329
396
243
227
258
264
278
317
370
331
1,994 3,299
358
387
698
735
952
75
74
221
309
148
82
108
67
43
61
61
62
37
28
43
46
46
42
42
44
49
43
62
74
47
56
146
127
197
1,435 1,311
559
66
73
107
87
95
146
149
196
235
256
309
269
311
331
551
608
756
Title I Loans
1946
1945
1946
1945
1946
1945
1946
7.5
8 5
10.0
12 3
9.5
18 8
19.8
25 5
45.5
60 8
62.8
65.5
69.0
77 5
112.7
75 1
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
23.9
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
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
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Total
320
557
495
694
954
1 026
1.186
1.137
942
886
684
1945—May...
July
Aug
Sept.
Oct. .
Nov
Dec
Property
improvement
Small
home
construction
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]
94
2
309
424
473
669
2
11
48
51
736
877
691
13
13
6
13
284
7
3
601
537
272
251
262
141
96
125
189.
26
21
15
1
14
13
•
52
45
12
12
i
11
26
*
28
>
60
ID
224
62
56
44
62
1- to 4- Rental War
and
family
houses group housing
(Title
housing
(Title
VI)
(Title
246
60
160
208
13
25
55
23
56
46
48
58
80
17
14
13
21
39
Ic
243
216
219
22
19
26
24
19
18
*
•
16
19
2
*
14
17
20
1
11
27
24
28
28
31
*
12
8
7
1
1
21
21
15
11
•Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
JULY 1946
1945
1946
May
Boston
New York. . .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta.
Chicago
St. Louis. . . .
Minneapolis.
Kansas City.
Dallas
952,418
May
Apr.
7,746
20,904
43,368
127,907
48,522
68,374
105,115
66,630
109,843
42,652
27,176
26,903
68,421
8,864
21,064
25,220
20,856
37,868
58,787
6,434
23,222
11,558
734,911
242,523
NOTE.—Data for most recent month preliminary.
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
ID
885.4
376.8
100.2
Total (11 districts)
OOO
Year or month
May
1945
1,988
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
•"
[In millions of dollars]
1946—j a n
Feb
Mar
Apr.
Other
Federal Reserve district
January....
February...
March
April
May
June
Educational
Public ownership Private ownership
Total
Month
Year.
Commercial
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]
Public works
and public
utilities
End of month
Total
SavCom- Muings
tual
mer- savand
cial
loan
ings associbanks banks
ations
Insur- Federal Other 2
ance
com- agenpanies cies1
1936—Dec
1937—Dec
1938—Dec
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
June
Sept
Dec
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
264
856
272
940
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
iThe RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
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 tht
Federal Housing Administration.
797
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise expojts 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
P800
P671
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
P406
P353
P431
April
May
June
717
542
650
989
1,092
1,003
1,231
1,455
1,297
1,005
P756
235
191
215
258
282
296
352
386
331
366
P372
P360
P406
482
351
434
732
810
707
879
1,069
965
639
P350
P1,135
P870
P763
P511
July
August
September....
659
705
732
1,265
1,280
1,269
1,197
1,191
1,194
J»893
P737
P514
214
187
196
302
318
289
294
304
282
P356
P360
P335
446
518
536
963
962
981
903
887
912
P537
P378
P180
October
November
December
803
788
883
1,238
1 073
1,288
1,144
1 187
939
P455
P639
P736
200
168
359
329
312
282
328
323
347
P344
P322
P297
603
620
524
909
761
1 005
815
863
591
P317
P439
2,318
3,454
4,659
3,825
1,014
971
1,325
1,390
1,304
2,484
3,334
2,435
Jan.-x\pr
P3,042
P1,501
Pill
PI.541
P Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
1
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average = 100]
Foructs
Mis- Mereel- chanlane- dise
ous
I.C.I.
Live- est
Total Coal Coke Grain stock prod- Ore
Annual
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
102
137
168
181
186
185
172
107
101
112
120
146
139
151
96
96
91
104
117
124
124
110
100
147
114
183
139
155 . 206
192
141
180
143
169
129
101
110
136
146
145
147
142
97
96
100
69
63
67
68
127
118
133
127
143
136
128
143
109
148
133
191
180
193
181
193
167
155
113
167
164
134
160
167
155
157
163
146
158
167
153
129
124
120
121
121
115
114
123
145
140
134
133
137
144
140
133
125
109
110
106
218
204
204
170
171
166
174
134
134
117
159
153
151
146
146
132
126
125
133
130
68
71
69
68
67
64
66
69
74
74
1946—January
133
F e b r u a r y . . . . 126
March
139
April
109
106
May
148
152
155
26
68
127
107
165
95
62
152
150
141
112
126
126
158
140
143
114
122
126
134
143
125
118
94
121
'66
66
134
121
143
143
123
78
78
78
81
74
137
126
'127
143
136
128
143
109
148
133
192
176
191
178
187
160
154
111
167
172
124
141
147
158
188
176
163
158
164
144
102
111
108
99
97
109
150
189
183
135
134
133
143
149
140
140
135
115
108
94
63
203
268
263
273
249
261
215
114
36
151
151
152
150
148
133
136
136
139
123
68
71
69
68
67
65
69
72
75
71
133
114
166
93
61
152
147
130
99
111
120
126
111
127
103
109
121
134
143
130
29
24
35
50
103
123
113
136
141
125
74
75
79
82
74
1939
1940
1941
1942
1943
1944
1945
101
98
109
130
111
123
138
135
137
140
138
143
135
134
145
141
141
137
126
SEASONALLY
ADJUSTED
1945—March
April
r
May
June...
July
August
September.. .
October
November. . .
December....
140
139
128
T-127
UNADJUSTED
1945—March.
April
May
...
June
July
August..
September.. .
October
November.. .
December....
1946—January
February....
March
April
May
136
139
142
145
143
132
137
128
136
119
123
119
132
107
107
r
148
152
155
26
68
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.
798
Total
railway
operating
revenues
Total
railway
expenses
Net
railway
operating
income
Net
income
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
589
682
998
1,485
1,362
1,093
P850
93
189
500
902
874
668
P447
1945—February.. .
March
April
May
June
July . .
August....
September.
October
November..
December. .
781
796
799
796
831
791
705
691
657
668
628
678
698
704
704
725
696
648
655
620
608
674
103
98
96
92
106
95
57
36
37
61
-36
68
63
62
57
71
61
22
4
3
30
-56
1946—January.. . .
February.. .
March
April
655
635
651
566
567
555
667
562
88
80
-16
4
51
51
-45
P-25
July
August....
September.
October....
November..
December. .
713
813
779
823
820
796
755
679
697
661
614
638
711
••684
723
724
699
669
635
643
600
651
75
102
'95
100
96
97
87
44
54
61
-37
40
K6
56
65
66
63
51
9
20
34
-75
1946—January.. . .
February.. .
March
April
641
579
646
567
570
521
667
557
71
58
-20
10
29
-49
P-21
Annual
1939 . . .
1940
1941
1942
1943
1944
1945
SEASONALLY
ADJUSTED
UNADJUSTED
1945—February.. .
March
April
May
June
34
r
p Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
United
States
Year and month
Boston
New
York
106
114
133
149
168
186
207
104
108
126
140
148
162
176
101
106
119
128
135
150
169
104
111
129
143
151
168
184
189
202
218
200
200
213
225
216
160
177
183
166
167
177
183
188
156
169
177
165
161
172
182
179
'•171
186
200
Minne- Kansas Dallas
City
apolis
San
Francisco
106
109
123
129
148
164
185
105
110
127
149
184
205
229
112
117
138
157
212
246
277
109
117
139
169
200
221
244
171
181
184
178
191
190
203
199
••218
'262
'235
220
237
225
232
238
240
239
218
268
300
272
278
289
288
287
233
255
231
232
245
273
256
234
281
286
267
212
236
246
224
'249
'261
••317
209
241
243
237
269
300
297
291
319
234
277
254
'272
290
306
339
336
352
342
314
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
179
197
220
189
187
209
220
211
'211
235
252
236
225
248
251
237
243
277
300
274
268
292
298
288
170
184
197
189
193
199
208
206
»-205
185
198
175
175
184
202
184
205
221
244
214
242
271
236
262
283
294
276
308
339
335
245
276
Phila- Clevedelphia land
SALES*
1939
1940
1941
1942
1943
1944
1945
SEASONALLY
ADJUSTED
1945—May
June
July
August
September
October
November
December
1946—January
February
March
April
May
..
'226
'216
'239
241
'238
'244
210
194
210
232
219
257
213
226
'224
232
183
158
149
' 164
177
'210
238
170
'201
164
205
'247
219
186
163
168
209
230
273
352
165
127
125
176
196
225
323
155
118
120
171
196
235
307
167
137
136
178
208
255
327
187
161
165
199
224
264
338
207
181
194
239
271
319
399
233
225
244
279
307
348
466
178
154
158
197
213
254
320
198
185
194
234
255
303
365
172
149
160
207
210
243
305
200
192
201
239
253
286
3f6
228
228
237
292
318
352
467
215
211
210
243
254
321
407
179
207
238
147
156
197
155
174
206
158
174
219
167
194
237
197
227
264
246
292
315
167
193
226
192
236
264
158
182
223
199
238
255
248
299
316
255
248
223
211
219
214
228
223
254
243
281
274
'336
313
242
234
281
272
234
244
272
272
335
322
214
253
258
287
285
102
108
131
99
105
124
97
102
123
96
99
119
99
106
130
107
113
139
107
115
140
103
111
134
102
108
134
103
110
138
99
105
125
106
113
130
106
113
137
179
155
165
142
181
143
167
141
182
144
191
175
178
161
186
160
176
152
171
151
159
152
161
159
187
172
162
147
150
148
151
190
185
161
159
169
157
177
177
166
153
159
150
156
198
188
159
166
165
156
190
182
173
179
176
169
166
164
165
158
162
160
161
155
152
151
148
139
165
176
174
170
161
155
152
150
155
164
163
159
152
149
149
146
162
173
166
156
153
151
157
149
207
211
212
199
200
196
195
192
205
201
198
187
186
188
193
189
168
171
167
161
155
156
155
147
172
182
174
166
172
166
163
155
174
178
177
166
163
160
160
155
166
164
156
157
154
155
158
154
196
208
196
187
212
193
189
198
184
196
189
186
184
185
191
176
167
171
177
189
200
145
154
157
171
177
162
166
170
180
190
149
153
160
170
177
157
163
174
178
192
207
201
206
217
233
184
192
201
'220
239
163
165
168
179
191
160
175
185
193
211
166
162
166
183
186
165
163
180
186
201
179
190
195
208
239
183
190
190
215
173
159
166
157
164
202
199
168
172
173
162
175
175
182
184
185
179
136
153
154
164
166
169
167
127
165
160
173
174
175
173
136
156
155
165
167
170
164
124
166
166
169
171
174
165
124
202
210
224
224
224
207
160
203
204
202
205
211
203
155
168
164
172
173
174
171
132
182
181
181
190
186
175
130
172
180
176
176
178
173
136
146
158
172
188
132
145
154
164
144
156
171
182
130
148
160
173
138
151
168
183
177
190
205
218
166
179
201
217
140
150
163
179
138
158
180
193
200
173
192
179
194
228
232
191
211
228
254
263
250
'218
275
UNADJUSTED
1945—May
June
July.
August
September
October
November
December
1945—January
February
March
April
May
STOCKS*
1939
1940
1941
1942
1943
1944 .
1945
.
SEASONALLY
ADJUSTED
1945—May
June
July
August
September
October
November
December
1946—January
February
March
April
May
UNADJUSTED
1945—May
June
July
August
September
October
November
December
1946—January
February
March
April
May
fc-
217
164
174
175
173
176
170
126
*- m
186
201
212
212
237
218
202
166
200
200
205
207
205
202
144
151
155
167
174
143
147
165
181
161
169
185
202
161
167
177
212
185
197
227
225
191
r
Revised.
* Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561 and for stocks BULLETIN
for June 1946, pp. 588-612.
JULY
1946
799
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve
districts]
Amount
(In millions of dollars)
Stocks
(end of
month)
128
136
156
179
204
227
255
344
353
419
599
508
534
564
108
194
263
530
560
728
1944—Oct.. .
Nov...
Dec...
257
300
385
607
580
451
577
613
618
1945—Jan.. .
Feb.. .
Mar...
Apr.. .
May. .
June..
July..
Aug...
Sept..
Oct.. .
Nov...
Dec...
198
198
280
209
231
236
191
213
243
298
334
429
463
495
524
566
'592
601
592
625
620
624
602
462
767
819
772
725
671
697
722
671
652
700
777
764
1946—Jan.. .
Feb.. .
Mar...
Apr.. .
May ..
224
239
301
319
P303
488
529
582
644
P675
892
981
974
910
P936
1939
1940
1941
1942
1943
1944
1945
average.
average.
average.
average.
average.
average.
average.
Without seasonal adjustment
1944
1943
1942
7. . . .182 Nov. 6. . . .202 Nov. 4 .
11.
14. . . .182
13. . . .211
18.
21. . . .182
20. . . .223
25.
28. . . .176
2 7 . . . .201
Dec. 5. . . .250 Dec. 4. . . .269 Dec. 2 .
9.
12. . . .295
11. . . .297
16.
19. . . .333
18. . . .321
23.
26. . . .222
2 5 . . . .274
Nov.
Outstanding
orders
(end of
month)
Sales
(total
for
month)
WEEKLY INDEX OF SALES
[Weekly ending on dates shown. 1935-39 average = 100]
30.
Jan.
Feb.
Mar.
Apr.
May
June
July
1943
2. . . .117
9. . . .146
16. . . .139
23. . . .125
30. . . .126
6. . . .143
13. . . .178
20. . . .155
27. . . .162
6. . . .150
13. . . .144
20. . . .147
27. . . .155
3 . . . .161
10. . . .168
17. . . .170
24. . . .182
1. . . .142
8. . . .169
15. . . .149
22. . . .153
29. . . .151
5. . . .151
12. . . .168
19. . . .168
26. . . .132
3'
.134
10
1945
1944
Jan. 1. .
8. .
15. .
22. .
Feb.
Mar.
Apr.
May
June
July
113
17. . . .126
24. . . .124
. .110 Jan.
. .143
. .146
. .144
29
. .137 Feb.
5. . . .146
12. . . .142
19. . . .142
26. . . .146 Mar.
4. . ..153
11. . . .160
18. . . .172
2 5 . . . .182
1. . . .212 Apr.
8. . . .208
15. . . .152
22. . . .163
29. . . .168 May
6. . . .184
13. . . .197
20. . . .177
27. . . .168 June
3 . . . .163
10. . . .172
17. . . .173
24. . . .151
1. . '. !l49 July
8
'. .116
15. . . .145
22. . . .138
6.
13.
20.
27.
3
10.
17.
24.
3.
10.
17.
24.
31.
7.
14.
21.
28.
5.
12.
19.
26.
2.
9
16!
23.
30.
7
14
21.
28.
1945
.215 Nov. 3 . . . .236
.231
10. . . .261
.252
17. . . .275
.236
24. . . .258
.304 Dec. 1. . . .326
.365
8. . . .401
.377
15. . . .433
.369
22. . . .421
.123
29. . . .158
1946
. .145 Jan. 5. . . .135
. .166
12. . . .188
. .160
19. . . .191
. .161
26. . . .188
. .163 Feb. 2. . 197
. .172
9. . . .214
. .176
16. . . .209
..177
23. . . .213
. .182 Mar. 2. . . .217
. .204
9. . . .233
. .214
16. . . .243
. .226
23. . . .255
. .230
30. . ..257
. .181 Apr. 6. . . .272
..156
13. . . .282
. .192
20. . . .289
. .184
27. . . .232
. .193 May 4. . . .248
. .196
11. . . .274
. .178
18. . ..246
. .182
2 5 . . . .245
. .169 June 1. . . .223
..196
8. . ..273
..206
15. . . .283
. .183
22. . . .247
29
. .173
.153 July 6
.
.
.
.
.
.
.
.
.
13
167
20. .
27. .
. .157
. .153
NOTE.—Revised series. For description and back figures see pp.
p Preliminary.
' Revised.
874-875 of BULLETIN for September 1944.
Back figures.—Division of Research and Statistics.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage, change from corresponding period of preceding year]
May Apr.
1946 1946
United
States. -1-36 +52
+26 Cleveland-cont.
Toledo
Youngstown....
Erie
Pittsburgh
Wheeling
+ 17
+21
+ 15
+31
+27
+23 Richmond
+32
+26
+16 Washington
+31
+25 Baltimore
+34
Raleigh,
N.
C...
+21
Winston-Salem.. +35
+33 Charleston, S. C. +14
+28 Greenville, S. C. +28
+33
+33 Lynchburg
+10
+54 Norfolk
+36
Richmond
+30
+44
+28 Roanoke
Charleston,
+15
+31
W. Va
+10
+36
+35 Clarksburg
+35 H u n t i n g t o n . . . . +27
+26
+31
+16 Atlanta
+33 Birmingham.... +29
+19
+21 Mobile
Montgomery. . . +30
+26 Jacksonville. . . . +17
+34
+37 Miami
+41
+26 Orlando
+37
+23 Tampa
+35
+30 Atlanta
+44
+32 Augusta
+19
+23 Columbus
+34
Macon
+26 Baton Rouge... +29
+ 15 New Orleans. . . +30
+18 Bristol, T e n n . . . +40
+30
+30 Jackson
+24 Chattanooga.. . +27
+ 15
+26 Knoxville
+50
+14 Nashville
+5/
+46
+52
+60
+61
+17
+51
+64
+25
+58
+22
+19
+21
+25
+22
+3
+19
+23
+ 1 St. Louis
+27 Fort Smith...
+32 Little Rock...
Quincy
+27 Evansville....
+32 Louisville
+23 East St. Louis.
St. Louis
+25 St. Louis Area
+23 Springfield....
+12 Memphis
+20
+17 Minneapolis.
.
+27 Minneapolis. . .
+34 St. Paul
+31 Duluth-Superior
+32
+34 Kansas
City...
+11 Denver
+29 Pueblo
+31 Hutchinson....
+22 Topeka
+27 Wichita
+21 Joplin
+27 Kansas City..
+9 St. Joseph
+38 Omaha
+49
+22
+58
+21
+38 **+15
+46
+23
+35
+27
+33
+30
+46
+48
+56
+50
New York
Bridgeport
Newark
Albany
Binghamton...
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester
Schenectady...
Syracuse
Utica
+44 +59
+38 +63
+41 +62
+65 +65
+41 +57
+36 +53
+17 +42
+15 +35
+47 +61
+51 +65
+37 +51
+26 +49
+43 +57
+34 +50
Philadelphia. .
Trenton
Lancaster
Philadelphia...
Reading
Wilkes-Barre..
York
+36 +57
+52 +73
+42 ' + 5 1
+33 +56
+36 +60
+39 +69
+32 -+58
Cleveland
Akron
Canton
Cincinnati
Cleveland
Columbus
Springfield....
+37
+29
+42
+40
+37
+39
+17
* Data not available.
800
Chicago
Chicago
Peoria
Fort Wayne.. .
Indianapolis...
Terre Haute..
Des Moines. .
Detroit
Flint
Grand Rapids.
Lansing
Milwaukee....
Green B a y . . . .
Madison
+44
+55
+35
+63
+54
+33
+31
*
+35
r Revised.
Five
1946 1946 mos.
1946
M a y Apr.
+27
+31
+22
+40
+33
Boston
New Haven. . .
Portland
Boston A r e a . . .
Downtown
Boston
Springfield....
Worcester
Providence.. . .
+54
+36
+39
+61
+53
+52
+43
Five
May Apr. mos.
1946 1946 1946
Five
mos.
1946
+67
+54
+53
+54
+51
+42
+47
'+47
+49
+52
+53
+60
+69
+46
+73
+60
+55
+59
+48
+57
+34
+68
Mav Apr.
1946 1946
+38 +53
+33 +57
+33 '+67
+43 '+49
+31 +47
+35 +57
+38 +46
+43 +46
+44 +43
+55 +49
+45 '+49
+46 +64
+43 +60
+34 +50
+26
+28
+28
+27
+21
+30
+28
+21
+ 14
+25
+22
+31
+31
+24
+35 +52
+16 +53
+28 +52
+29 +52
+36 +40
+33 '+48
+73 +60
+38 +54
+39 +54
+47 +54
+27 +56
+26
+23
+22
+24
+21
+26
+36
+27
+27
+38
+26
+49
+47
+43
+20
+56
+69
+60
+37
+33
+36
+30
+ 13
+33
+43
+ 16
+ 19
+32
+18
+46
+33
+44
+37
+45
+58
+45
+40
+37
+40
+42
+43
+54
+50
+23
+30
+9
+ 15
+16
+15
+31
+23
+31
+29
Five
mos.
1946
Kansas City—
cont.
Oklahoma City. +22
Tulsa
+22
+36
+39
Dallas
Shreveport
Corpus Christi.
Dallas
Fort Worth
Houston
San Antonio. . .
+31
+26
+29
+35
+30
+35
+23
+53
+49
+49
+56
+49
+62
+53
+ 16
+ 15
+27
+23
+20
+33
+21
+30
+29
San Francisco.
Phoenix
Tucson
Bakersfield
Fresno
Long Beach....
Los Angeles....
Oakland and
Berkeley
Riverside and
San Bernardino
Sacramento....
San Diego
San Francisco. .
San Jose
Santa Rosa
Stockton
Vallejo and
Napa
Boise and
Nampa
Portland
Salt Lake City.
Bellingham....
Everett
Seattle
Spokane
Tacoma
Yakima
+30
+45
+38
+49
+41
+30
+26
'+46
+46
'+48
+43
'+41
'+47
'+57
+21
+28
+30
+25
+25
+19
+25
+30 '+52
+17
+24 +35
+41 '+44
+22 +31
+27 +40
+31 '+45
+38 +43
+49 +40
+16
+26
+16
+23
+22
+21
+15
-6
<-i
+7
+37 +44
+22
+21
+36 +43
+30
+37 '+49
* +41 *+23
+31
+47 +55
+13
+25 +34
+24
+41 +41
+13
+25 +35
+22
+38 '+49
**Four months 1946.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Per cent change from a year ago (value)
Number
of stores
reporting
Department
GRAND TOTAL—entire store.
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
Sales during period
355
355
352
333
337
328
311
313
289
336
335
346
329
239
267
250
284
170
322
324
233
309
285
179
313
235
258
292
199
298
229
226
227
295
124
340
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
122
226
320
306
238
231
Miscellaneous
297
229
Luggage
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings.
Home furnishings
Piece goods
Shoes
210
197
163
138
51
132
Ratio of stocks to sales
Stocks (end
of month)
April
Apr.
1946
Four mos.
1946
Apr.
1946
1946
1945
+52
+54
+48
+63
+31
+32
+73
+43
+ 18
+25
+36
+32
+88
+68
+65
+55
+62
+93
+ 103
+103
+ 104
+96
+ 115
+ 110
+61
+59
+54
+34
+493
+45
+57
+41
+71
+ 19
+20
+32
+53
+22
+25
+69
+ 11
+20
+64
+61
+48
+44
+86
+35
+ 12
+66
+22
+24
+ 14
+ 19
+ 18
+ 12
+ 15
+4
+ 13
+ 12
+ 19
-3
+ 10
+26
+3
+8
+ 11
+21
+25
+33
+31
+47
+ 12
+43
+50
+49
+48
+23
+447
+34
+48
+34
+66
+5
+2
+ 13
+ 10
+ 14
+9
+34
+11
+ 12
+ 10
2.1
2.1
1.7
1.0
1.2
2.8
1.7
2.4
1.5
1.8
1.7
1.0
2.2
1.7
6.2
2.0
4.2
0.8
1.8
1.8
1.0
2.1
2.2
2.2 '
2.5
2.3
1.9
2.3
0.8
2.5
3.9
4.0
2.9
1.4
1.0
3.8
2.4
3.0
4.1
3.8
5.2
3.8
2.4
3.1
2.0
1.8
2.4
2.3
1.6
2.8
2.8
2.9
2.3
1.7
1.6
3.1
2.5
3.1
1.5
2.0
1.7
1.1
3.7
3.1
8.9
2.7
5.9
1.4
3.3
4 4
3.8
4.4
5.2
5.7
3.2
3.4
2.6
2.4
1.6
2.8
4.6
4.4
3.3
1.7
-9
+1
+21
+ 18
+ 11
+ 15
+8
+38
+20
+ 15
+~14
+ 12
+ 15
+6
+ 11
-19
-46
-9
-9
-18
+27
+7
+ 13
+31
+ 197
+28
+33
+28
+50
+4
+24
+ 16
+2
+ 15
+3
+31
+34
+ 18
+ 15
+57
+9
+ 11
-1
+7
+31
+47
+ 14
+7
+27
+30
+6
+ 14
-8
+27
+ 15
+2
1.0
4.3
3.5
3.2
5.0
4.9
4.3
3.8
3.4
3.2
2.7
2.3
4.8
2.4
1.5
4.6
NOTE.—Group totals include sales in departments not shown separately. The ratio of stocks to sales is obtained by dividing stocks at the
end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales
for that month.
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
Total
Cash
Instalment
1945—April .
May . . . .
June
July
August
September
October
November
December.
133
147
149
121
136
154
190
212
171
n89
194
163
182
203
245
272
52
55
52
48
58
63
90
101
270
357
108
1946—January
February
March
April
Mayp
142
151
190
204
193
186
101
232
249
234
65
72
85
97
85
Charge
account
r
Instalment
Collections during
month
Cash
Instalment
sales
Chargeaccount
sales
Charge
account
Instalment
Charge
account
66
64
61
57
57
59
71
77
128
122
121
117
104
103
122
143
62
63
63
66
65
63
63
62
3
3
3
3
4
4
4
4
79
148
64
4
33
34
32
82
75
83
82
83
190
140
138
154
168
64
61
59
59
59
4
4
4
4
4
32
35
37
37
37
107
116
117
88
99
118
147
165
37
35
34
32
32
33
36
41
88
88
88
76
76
85
99
113
204
48
145
106
122
162
175
169
45
43
45
45
108
100
114
126
129
r
35
34
34
31
31
33
r
P Preliminary. .
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on page 799.
JULY 1946
801
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of month
or year
Total
consumer
credit
1929
1930. .
1931
1932
1933. . .
1934
1935. .
1936
1937...
1938
1939. .
1940
1941... .
1942
1943. .
1944
1945. .
1945—May .
June
July
August
September
October
November
December
1946—January
February
March
AprilpP
May
Total
instalment
credit
7,637
6 839
5 528
4,082
3 905
4,378
5 419
6,771
7 467
7,030
7 981
9,153
9 899
6,485
5 338
5,777
6 734
3,167
2 706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,578
4,436
5,455
5,924
2,955
1 961
2,039
2 365
5 541
5,697
5 654
5,649
5,702
6,000
• 6,344
6,734
6,506
6,564
6,978
7,312
7,513
1 961
1,987
1 992
1,988
2,010
2,086
2,190
2 365
2,364
2,408
2,507
2,651
2,779
Sale credit
Total
Automobile
2,515
2 032
1,595
1,318
999
814
835
903
482
175
200
227
718
184
741
865
1,147
1,368
1,343
1,525
1,721
1 802
1,009
639
635
676
534
188
192
196
202
210
219
227
235
245
264
289
320
719
712
706
717
754
805
903
877
879
905
957
1,002
532
802
1,065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
1,048
1,331
1,504
L.442
1,468
1,488
1,601
1,369
L.192
1,251
1,616
1.749
L ,611
,381
1,114
1,081
L,203
,292
,419
,459
,487
L.544
,650
1,764
,513
L,498
L,758
,981
1.243
1,268
L,280
1,282
1,293
L.332
1,385
L.462
1,487
,529
.602
1,694
1,777
1,348
L,420
1,452
L,466
L,466
L,490
L,556
L ,616
1,659
L.671
L,695
1,710
1,730
1,488
1,544
1,459
L.441
1,470
1,666
1,835
1,981
1,701
1,692
1,972
2,138
2,182
2,125
1 949
1,402
652
674
619
516
459
958
677
663
576
940
1,289
1,384
970
1,267
1,729
1,942
Charge
accounts
Service credit
Other
1,197
1,104
928
637
322
459
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
Singlepayment
loans2
Loans 1
531
520
510
515
544
586
676
642
634
641
668
682
962
776
875
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
744
746
751
754
756
758
763
772
782
793
804
813
822
P Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
Loans made by principal lending institutions
(during period)
(end of period)
Year or month
Total
1929
1930
1931
1932
1933
1934
1935
1936
1937.
1938
1939 .
1940
1941
1942
1943
1944
1945
652
674
1945—May
June
July
. .
August
September. .
October
November. .
December...
1946—January....
February...
March
April?
May?
Commercial1
banks
43
45
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
39
31
29
44
88
161
258
312
523
692
784
426
312
358
471
1,243
1,268
1,280
1,282
1,293
1,332
1,385
1,462
1,487
1,529
1,602
1,694
1,777
388
400
406
406
413
428
448
471
494
522
564
608
657
Small
loan
companies
Industrial
banks 2
289
257
232
246
267
301
350
346
435
505
535
424
372
388
445
129
384
69
491
131
132
134
89
67
68
76
184
143
121
125
156
191
221
Credit
unions
32
31
219
218
263
287
389
391
389
387
395
409
445
446
452
462
482
Industrial
loan
com- 2
panies
Miscellaneous
lenders
Insured
Comrepair
mercial
and
modern- banks 1
ization3
loans
Small
loan
companies
463
503
95
93
238
261
255
255
182
151
155
166
78
14
99
104
107
72
59
60
70
95
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
61
120
87
134
122
122
121
120
121
124
128
127
128
132
137
88
88
88
87
88
90
93
93
94
95
97
136
140
145
152
165
174
179
181
184
194
209
81
75
73
72
88
94
101
104
105
132
138
82
76
71
74
89
97
133
76
80
103
105
142
98
223
149
98
63
63
63
64
64
67
70
70
71
73
76
88
78
69
130
248
368
460
680
1,017
1,198
792
636
744
938
75
Industrial
loan
com- 2
panies
14
13
13
13
16
15
18
14
14
18
18
19
340
250
202
234
288
354
409
Credit
unions
42
41
413
380
498
376
304
384
423
563
619
604
763
927
983
798
809
876
978
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
70
70
70
70
71
73
76
76
78
82
85
Industrial
banks 2
176
194
198
203
146
128
139
151
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
13
20
16.
28
13
12
11
12
14
14
16
14
14
16
16
21
18
18
16
20
21
23
19
19
24
25
P Preliminary.
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 May amounted to 43 million dollars, and loans
made2 during May were 11 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
802
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
HouseTotal,
All
End of excluding
stores
Furnihold
other
year or
and
ture
appli- Jewelry
autoretail
stores
month
mailstores
ance
mobile
stores
order
stores
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
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
534
531
520
510
515
544
586
676
154
150
145
142
144
156
173
198
238
237
235
232
235
247
262
283
10
11
11
11
11
11
12
14
48
49
47
45
44
44
47
74
84
84
82
80
81
86
92
107
642
634
641
668
682
189
184
188
200
205
272
274
279
288
293
14
14
14
15
16
66
62
59
60
61
101
100
101
105
107
1945
May
June
July
Aug
Sept
Oct
Nov
Dec
1946
Feb.
Mar
Apr.?
May?
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Total
Retail instalment paper 2
Automobile
Outstanding at end
of period
1941—june
December....
1942—June
December....
1943—June
December....
1944—June
December....
1945—May
June
July
August
September
October
November... .
December....
1946—January
February
March
April?
May?
202.5
196.8
162 4
125.4
100.2
91.8
89.6
92.0
92.6
94 6
95.1
95 1
95.7
97.7
100.9
104.1
105.6
107.3
112.8
118.1
122.2
53.5
49.3
34 3
21.4
14.4
12.6
12.5
13.0
12.6
12 8
12.8
12.7
12.6
13.1
13.6
13.8
14.1
14.6
15.4
16.8
17.7
Volume extended
during month
1945—May
June
July
August
September....
October
November... .
December. . ..
1946—January. . . .
February
March
April?
May?
17.1
18.0
16 2
15^8
16.4
19.7
19.9
21.3
18.6
18.0
23 3
23'.6
24.6
2.4
2.4
2.3
2.1
2.2
2.7
3.0
3.1
1
2
Other
Repair
and
modernization1
loans
Persona
instalment
cash
loans
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
r
3 1
3.0
3.8
4.2
4.1
112 4
10.0
10.9
11.8
12.7
18.2
18.6
16.5
15.6
14.1
14.0
12.9
13.4
13.6
14.2
14.6
14 9
15.4
16.2
16.8
17.2
18.0
18.2
19.1
20.2
21.2
1.3
1.6
1.4
1.3
1.3
1.7
2.2
2.0
1.6
1.7
2.2
2.4
2.8
1.5
1.6
1.5
1.5
1.6
2.1
1.9
1.6
1.8
1.6
2.4
2.5
2.5
11.9
12.4
11 0
10.'9
11.3
13.2
12.8
14.6
12.1
11.7
14 9
14^5
15.2
8.8
7.7
6.8
7.8
7.5
7 7
7.8
7 9
8.0
8.4
9.0
9.8
9.9
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
1945
1945—May
June
July
August
September.
October. . .
November.
December.
1946—January. ..
February. .
March
April P
May P
Volume extended during month:
1945—May
June
July
August... .
September,
October. . .
November.
December.
1946—January. ..
February. .
March.
April? . . . .
May?
1,093
1,450
1,694
845
514
559
731
592
609
619
622
633
659
694
731
771
809
871
946
1,024
110
116
107
108
106
131
140
147
157
155
188
212
225
347
422
451
289
221
245
302
258
265
270
267
271
279
291
302
314
329
353
378
402
50
53
50
47
46
56
60
64
63
63
82
83
85
155
217
288
143
75
97
78
79
79
79
79
83
90
97
107
111
117
127
142
209
247
234
154
89
83
121
89
93
96
100
103
109
116
121
125
131
140
151
161
22
24
22
23
23
28
29
32
34
35
41
46
53
18
15
13
15
13
19
21
24
27
24
25
32
38
10
12
11
12
12
15
16
13
14
15
20
22
21
68
Outstanding at end
of period
1944
1945
1945—May
June
July
August...
September
October. .
November
December
1946—January.
February
March. .
April?. .
May? ...
Volume extended
during month
1945—May
June
July
August
September...
October
November...
December. . .
1946—January
February....
March
April?
.
May?
Repair Personal
instaland
modern- ment
cash
izationl
loans
loans
Automobile
Other
67.1
76.7
68.2
69.6
70.0
69.3
70.4
71.4
73.8
76.7
77.5
78.4
81.0
83.2
85.6
10.5
11.0
9.4
9.2
9.6
9.6
9.6
10.0
10.6
11.0
11.2
11.2
11.6
12.1
12.6
3.8
4.0
3.6
3.7
3.8
3.7
3.8
3.9
4.0
4.0
4.0
4.1
4.2
4.5
4.8
1.1
1.5
1.2
1.3
1.3
1.3
1.4
1.5
.6
.5
.5
.6
.6
.6
.7
51.7
60.2
54.0
55.4
55.3
54.7
55.6
56.0
57.6
60.2
60.8
61.5
63.6
65.0
66.5
14.1
14.1
13.4
13.1
13.8
16.0
16.2
17.8
15.6
15.2
18.3
18.0
18.2
2.0
2.3
2.4
2.2
2.2
2.6
2.7
2.7
0.7
0.6
0.7
0.7
0.7
1.0
1.1
0.8
0.7
0.8
0.9
1.0
1.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.2
0.2
0.2
11.2
11.0
10.1
10.0
10.7
12.2
12.2
14.1
12.2
11.9
14.2
13.7
13.7
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
JULY 1946
Personal
instalment
cash
loans
164
253
310
123
81
99
146
112
116
118
119
122
128
135
146
155
164
179
193
212
Retail instal-2
ment paper
Total
no!i
95 3
75." 6
62.9
57.5
57.4
57.8
58.9
59 9
59^9
59 6
59.7
60.0
61.5
63.3
'•63.6
r
64.5
67.4
69.3
70.6
218
311
411
136
55
57
65
55
56
56
57
58
60
62
65
70
74
82
97
107
Repair
and
modernization
loans1
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
18 4
18.8
16.3
12.8
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
Year or month
2.6
2.4
3.0
3.1
3.1
Preliminary.
' Revised.
803
CONSUMER CREDIT STATISTICS— Continued
FURNITURE STORE STATISTICS
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
May Apr.
1946? 1946
May Apr.
1946? 1946
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at
end of month:
Total
Instalment
Mar.
1946
+6
+3
+9
+7
+18
+ 19
+60
+80
+62
+84
+44
+65
+ 19
+11
+48
+73
+54
+71
+29
+52
+4
+3
+4
+3
+3
+1
+26
+20
+ 18
+ 16
+ 14
+11
Collections during
month:
Total
Instalment .
+7
+4
Inventories, end of
month, at retail value.
+7
Year and month
Mar.
1946
+6
+7
+4
+ 11
+1
-1
+ 14
+15
+40
+37
+35
+35
+27
+22
+8
+6
+22
+ 18
+13
* Preliminary
Charge
accounts
Instalment account.-.
1945
April
May
,
June
July
August
,
September. . . .
October
,
November.
December
January
February
March
April
M
1946
,
Department
stores
Furniture
stores
Household ap
pliance
stores
Jewelry
stores
Department
stores
31
32
32
31
33
35
40
40
36
22
23
23
24
23
23
27
27
24
36
40
43
42
48
49
52
51
48
30
33
33
31
31
30
31
35
46
62
64
64
62
63
63
66
67
61
32
31
35
35
34
25
24
27
28
28
52
51
53
56
54
32
29
32
32
33
61
60
64
63
62
P Preliminary.
i 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]
All items
Food
Clothing
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
1929
1930
122.5
119.4
132.5
126.0
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
104.6
105.1
1931
1932
1933
1934 .
1935
108.7
97.6
92.4
95.7
98.1
103.9
86.5
84.1
93.7
100.4
102.6
90.8
87.9
96.1
96.8
130.3
116.9
100.7
94.4
94.2
108.9
103.4
100.0
101.4
100.7
98.0
85.4
84.2
92.8
94.8
104.1
101.7
98.4
97.9
98.1
1936
1937
1938
1939
1940
99.1
102 7
100.8
99.4
100.2
101.3
105 3
97.8
95.2
96.6
97.6
102 8
102.2
100.5
101.7
96.4
100 9
104.1
104.3
104.6
100.2
100 2
99.9
99.0
90.7
96.3
104 3
103.3
101.3
100.5
98.7
101.0
101.5
100.7
101.1
1941
1942
1943
1944
1945
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
105 9
108.5
108.0
108.2
108.3
102 5
105.4
107.8
109.8
110.3
108 2
122.2
125.6
136.4
145.8
104.0
110.9
115.9
121.3
124.1
127 1
126 9
126.8
127 1
128.1
129.0
129 4
129 3
128.9
128.9
129 3
129.9
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
109 7
110 0
110.0
109 8
110.0
110.0
111 2
111 4
110.7
110.5
110 1
110.3
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
129 9
129.6
130 2
130 9
131.5
141 0
139.6
140 1
141 7
142.6
149 7
150.5
153 1
154 3
155.4
110 8
111.0
110 5
110 4
110.3
148 8
149.7
150 2
151 3
152.4
125 4
125.6
125.9
126 0
126.3
Year or month
. .
1945—January.
February
March
April ..
May
June
July
August
September
October
November
December
1946—January
February
March
April
May .
« . . .
. .
. .
. .
.108.3
108.3
108.3
108.3
108 4
Back figures.—Bureau of Labor Statistics, Department of Labor.
804
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—March
April
May
June
July
August....
September.
October
November.
December..
1946—January...
February..
March
April
May
Week ending:
1946—Tan. 26.
Feb. 2 . . .
Feb. 9. . .
Feb. 1 6 . . .
Feb. 2 3 . . .
Mar. 2 . . .
Mar. 9 . . .
Mar. 1 6 . . .
Mar. 2 3 . . .
Mar. 3 0 . . .
Apr. 6.
Apr. 13...
Apr. 20...
Apr. 27...
May 4. ..
May 11...
May 18. ..
May 25. ..
June 1. . .
June 8. . .
June 1 5 . . .
June 22. ..
June 2 9 . . .
All
commodities
Farm
products
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
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8
107.1
10^.1
107.7
108 0
110.2
111.0
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
10.S 9
122.6
99.9
90.5
74.6
61.0
60.5
106 8
106.7
107.1
108.0
108.3
107.9
109.2
109.5
109.4
10^.5
109.7
109.9
110.4
110.3
110.7
110.9
111.5
111.0
111.8
111.9
111.8
113.7
106 8
106.8
107
107.
107,
107.6
108
108
108.4
108.7
109.1
109.3
109.6
109.6
109.9
110.1
110.9
110.7
111.1
111.5
111.8
112.4
Foods
Hides and
Textile
leather
nroduct" products
Total
Fuel and
Metals
lighting and metal Building
materials iroducts materials
Chemicals and
allied
products
HouseMiscelfurnishing goods- laneous
73.6
70.
71.3
82.7
99 6
106.6
1 "> ^ . 3 104.9
128.2 106.2
127.2 104.6
129.0 105.8
129.9 107.0
130.4 107.5
129.0 106.9
126.9 106.4
124.3 104.9
127.3 105.7
131 1 107.9
131 5 108.6
179.9 107.3
130.8 107.8
133.4 109.4
135.4 110.8
137.5 111.5
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
99.2
99.3
99.4
99.6
99.7
99.9
99.8
100.1
100.2
100.5
100.8
101.3
102.2
103.3
103.9
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
117.8
117.9
117.9
118.0
118.0
118.0
118.7
118.6
118.8
118 9
119.4
119.6
119.8
119.8
120.4
90.4
80.3
66.3
54.9
64.8
7? 9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
99.7
99.6
99.6
99.6
99.6
99.6
100.1
101.0
101.1
101.4
101.6
102.2
104.7
107.9
108.8
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
83.4
83.5
83.7
83.9
84.3
84.8
84.1
84.2
84.6
84 8
84.9
85.1
85.0
86.1
86.1
100.5
92.1
84.5
80.2
79.8
86.9
86 4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
104.2
104.2
104.3
104.7
104.7
104.7
104.9
105.0
105.2
105.6
105.7
106.6
108.4
108.8
109.4
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
117.1
117.1
117.3
117.4
117.5
117.8
118.0
118.3
118.7
110.5
120.0
120.9
124.9
126.5
127.8
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
94.9
94.9
94.9
95.0
95.3
95.3
95.3
95.5
95.7
96.1
96.0
95.9
96.0
96.1
96.5
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81 .7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.6
104.7
104.7
104.7
106.2
106.5
106.9
107.5
108.3
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
94.6
94.8
94.8
94.8
94.8
94.8
94.8
94.8
94.8
94.8
95.3
95.6
95.6
95.7
97.0
179 9
129.7
130.4
131.0
131.1
130.7
133.9
133.1
132.9
133.3
135.2
135.1
135.4
135.5
135.6
135.8
137.9
137.2
138.8
139.4
139.9
140.0
100.9
100.9
101.1
101.1
101.1
101.5
101.6
101.9
102.0
102.3
102.4
102.8
103.1
103.1
103.6
103.7
104.0
104.1
104.3
104.6
104.9
105.1
119.4
119.8
120.0
120.
120.
120.
120.
120.
120.
120.
120.
120.3
120.3
120.3
120.3
120.3
120.9
120.9
120.9
120.9
123.4
123.5
101
101
101
101
101
101
101.9
101.9
102.4
104.3
104.5
105.0
105.2
105.5
106.7
106.7
108.2
108.2
108.2
108.3
108.3
108.3
85.4
85.4
85.8
85.7
85.6
85
85.4
85.4
85.4
85.4
85.5
86.5
86.6
86.6
87.0
87.0
87.0
87.1
86.7
86.9
86.9
87.1
105.8
105.8
105.8
105.8
105.8
107.8
107.8
107.7
107.9
107.9
108.0
108.2
109.0
109.0
109.1
109.3
109.3
109.4
109.5
110.5
111.0
111.0
119.9
119.9
119.9
120.0
120.2
121.0
121.1
123.3
123.6
123.6
124.0
124.0
126.0
126.0
126.6
126.8
126.9
127.2
127.8
128.2
128.5
96.0
96.0
96.0
95.9
96.0
96.0
96.0
96.0
96.0
96.0
96.0
96.1
96.1
96.1
96.1
96.2
96.3
96.6
96.6
96.8
96.8
96.9
106.6
106.8
106.8
106.8
108.0
108.0
108.3
108.
108.
108.
108.
108.
108.
108.
108.
108.
109.
109.
110.0
110.2
110.4
110.0
95.0
95.0
95.3
1945
1946
95.4
95
95
95.4
95.4
95.4
95.5
96.2
96.2
96.3
96.o
97.8
97.9
97.9
97.9
1946
1945
Subgroups
Subgroups
May
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear . . . .
Silk
Rayon
Woolen and worsted goods.. .
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1926=100]
Other commodities
Feb.
Mar.
Apr.
May
129.1 133.9 136.7 137.0 148.1
135.5 132.7 133.5 135.1 134.9
125.9 127.9 131.4 134.2 135.1
110.6 115.8 116.1 116.3
95.4 96.1 96.2 99.4
131.4 127.5 133.1 138.2
108.6 108.1 109.6 110.3
94.7 96.5 97.7 97.7
126.3
117.0
101.3
115.2
128.2
117.6
103.9
115.2
128.6
117.6
104.0
115.2
128.6
117.6
104.0
115.2
117.0
100.3
140.6
110.5
98.1
128.9
120.7
104.0
115.2
107.4 109.4 109.5 117.4 119.6
119.7 125.8 132.9 137.6 138.6
71.5 75.3 75.5 75.5 75.7
30.2 30.2 30.2 30.2 30.2
112.7 112.7 112.7 112.7 112.7
100.9 102.0 109.6 110.5 111.9
95.6 104.0 104.0 104.0
123.2 125.1 125.2 125.2
130.7 134.9 134.9 133.5
58.5 71.3 68.3
76.4 79.1 79.6 79! 7'
64.2 61.6 61.2 62.8
104.1
125.3
133.5
63.5
Apr.
May
97.5 98.1 98.5 98.6
98.7 99.2 99.6 99.6
98.4 103.3 107.0 107.4
112.8 112.8 112.8 112.8
85.9 85.7 86.1 87.1
92.4 95.1 95.1 100.8
101.7
102.7
107.8
112.8
89.0
100.8
119.9
102.4
171.4
108.0
100.8
120.1
112.8
120.5
102.6
172.5
108.2
100.8
120.1
115.7
May
Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Houstfurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
110.7
99.4
154.9
106.4
92.4
107.3
104.1
Feb.
116.9
101.5
160.1
107.8
95.1
113.7
107.2
Mar.
117.4
102.3
167.6
107.8
95.1
120.1
112.3
95.8 97.0 97.0 97.1 97.9
106.8 111.5 111.7 112.4 112.4
81.9 81.9 81.9 81.9 81.9
86.6 86.6 86.6 86.6 86.6
102.0 101.8 102.1 102.1 102.1
107.5 110.1 110.9 112.1 113.4
101.5 102.9 102.9 102.9 102.9
73.0 73.0 73.0 73.0 73.0
159.6 159.6 159.6 159.6 173.6
109.0 113.7 113.7 113.9 115.3
46.2 46.2 46.2 46.2 46.2
98.9 98.9 98.9 99.2 100.2
Back figures.—Bureau of Labor Statistics, Department of Labor.
JULY 1946
805
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
1945 by quarters
Annual totals
Seasonally adjusted
annual rates
Unadjusted
1937
Gross national product.
1938
1939
1940
1941
1942
1943
1944
1945
87.7 80.6 88.6 97.1 120.2 152.3 187.4 197.6 197.3 49.8 51.8 48.7 47.0 204.5 206.3 195.7 182.8
Government expenditures for
goods and services
Federal Government
,
13.6
6.1
14.4
6.8
16.0
7.9
16.7
26.5
18.6
62.7
55.3
93.5
86.2
97.1
89.5
83.0 24.0
75.1 21.9
25.1
23.1
19.5
17.7
14.5
12.4
95.6
87.8
99.2
91.3
79.5
71.6
57.7
49.8
War
Nonwar
State and local governments.
Private gross capital formation.
Construction
7.5
11.6
3.7
7.6
7.7
3.3
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
69.0
6.1
7.9
9.4
2.7
20.5
1.4
2.0
1.2
0.4
21.3
1.7
2.0
1.6
0.6
16.3
1.4
1.7
3.5
0.8
10.8
1.6
2.1
3.1
1.0
82.2
5.6
7.8
3.9
1
85.3
6.0
7.8
7.1
2.3
65.2
6.4
7.9
12.5
2.9
43.3
6.5
8.0
14.2
3.7
2.0
1.6
2.4
2.0
2.8
2.5
1.3
1.6
0.6
1.0
0 5
1.1
0.8
1.9
0.1
0.1
0.4
0.2
0.5
0.3
0.6
5.5
6.9
8.9
5.1
3.1
4.0
6.4
1.3
1.5
1.8
1.8
5.2
Residential
Other
Producers durable equipment
4.5
6.3
Net change in business inventories
1.1 - 1 . 3
Net exports of goods and
services
1.1
0.1
Net.exports and monetary
use of gold and silver... .
0.1
0.4
Consumer goods and services.. . 62.5 58.5
Durable goods
6.0
7.6
Nondurable goods
54.9 52.5
Services
1
1.8
3.5
-0.5
-0.6
-1.
C)
0.8
1.5
1.2
0)
-1.5
-1.8
0.4 - 0 . 4 - 0 . 2
0.2
61.
0.3
65.7
7.4
34.4
23.9
0.2
74.6
9.1
40.1
25.4
6.4
32.6
22.
o.i
82.0
6.
47.9
27.8
C1)
91.3
6.6
55.1
29.7
-0.1 -0.1
98.5 104.9
7.4
6.
60.0 64.4
31.8 33.1
Gross national product
87.7 80.6 88.6 97.1 120.2 152.3 187.4 197.6 197.3
Deductions:
Business tax and nontax
liabilities
28.6
9.0
10.4 12.4
27.4 29.
23.1
18.5
Depreciation and depletion
6.2
6.1
6.2
8.2
6.4
8.0
7.6
8.
7.0
Other business reserves. . .
0.5
1.0
0.8
0
0.
0
0.6
0.
0.8
Capital outlay charged to
current expense
0.5
0.8
0.9
1.1
1.3
0.8
0.
Adjustments:
For inventory revaluation - 0 . 7 +0.9 - 0 . 4 - 0 . 4 - 3 .
-2.1 -0.2 -0.
For discrepancies
0
1.5 - 2 .
-2.0
0
0 -0.4
-0.2
National income
71.5 64.2 70.8 77.6
96! 122.2 149.4 160. 161.0
Additions:
Transfer payments
2.4
3.2
2.4
2.6
1.
2.7
5.3
2.5
Deductions:
Corporate savings
5.5
0.4
1.8
-0.8 -1.5
4.4
5.4
4.0
Contributions to social insurance funds
1.
3.8
2.C
2.1
3.9
3.2
2.6
I n c o m e payments to individuals
72.3 66.2 70.8 76.2
92.7 117.3 143.1 156.8 160.7
I n c o m e p a y m e n t s to individuals
Personal taxes and nontax
payments
Federal
State and local
Disposable income of individuals
Consumer expenditures. . .
Net savings of individuals.
72.3
0)
0.9
70.8
76.2
92.7
117.3
143.1
3.1
1.4
1.
3.3
1.6
1.
3.1
1.3
1.
3.3
1.4
1.9
4.C
2.C
2.C
6.1
4.
2.0
18.6
16.6
2.0
62.5
62.9
58.5
4.4
67.7
61.
6.C
65.7
7.3
74.6
14.2
110.6
82.0
28.6
National income
71.5 64.2
Total compensation of employee. 48.3 45.1
Salaries and wages
45.0 41.2
Supplements
3.3
3.9
Net income
of
proprietors....
11.9 10.1
Agricultural
4.0
5.
Nonagricultural
6.8
6.1
Interest and net rents
7.4
7.3
Net corporate profit
3.9
1.7
Dividends
4.
3.2
Savings
-0.
-1
70.8
48.1
44.2
3.8
11.
4.3
6.
7.4
4.2
3.8
0.
77.6
96
52.3
48.6
3.7
12.0
4.
7.6
7.5
5.8
4.0
1.8
64.5
60.8
3.
15.8
6.3
9.6
8.0
8.5
4.5
4
122.
84.
80.
3.
20.
9.
10.
8.
8.
4.
4.
72.9
160.
21.0
18.9
2.
124.6
91.3
33.3
137.4 139.7
104.
34.5
149.
106.
103.
3.
23.
11.
11.
9.
9.
4.
5.
160.
116.
112.
3.
24.
11.
12.
10.
9.
4.
5.
19.
17.
2.
0)
-0.2
0
6.1
7.0
7.2
0.4 - 0 . 2 - 1 . 3 - 0 . 2
0.2
1.6
0.6
0.5 - 1 . 7 - 1 . 0
2.5
C1)
C1)
1.9
24.7
1.5
15.0
25.0
1.7
14.9
8.4
25.7
1.7
15.7
8.3
-0.1 -0.1 -0.1
29.5 105.0 100.0 103. 7
2.5
7.2
6.7
7.1
18.8 65.2 59.5 63.3
32.6 33.7 33.3
49.8
51.8
48.7
47.0 204.5 206.3 195.7 182.8
7.3
2.0
0
7.5
2.0
0.1
7.3
2.0
0.
0.2
0.2
0.3
C1)
C1)
-0.8
40.
1.5
6.5
2.0
0
0.3
C1)
0.6 - 0 . 8 - 1 . 0
41.3 39.8 39.0 167.6 166.
1.
1.9
3.0
0.2
1
1.
1.1
1.0
1.0
0.9
39.8
40.4
39.7
39.8
40.4 39.7 40.
4.
4.3
0.6
0.6
3.8
3.5
0.3
31.1
24.7
6.
35.5
25.0
10.5
35.9
25.7
10.2
161.0 40.
114.5 29.
111.4 29.0
0.8
3.
5.7
25.
2.5
12.5
3.2
13.
2.9
11.8
2.6
9.0
1.0
4.
1.6
4.5
-0.1
110.9
8.4
69.5
33.0
158.4 150.7
0.9
40.9 163.7 163.2 158.6 156.9
163.7
22.1
200
2.1
163.2 158.6 156.9
21.
19.
2.
20.6
18 5
2.1
19.7
17.6
2.1
141. 141.6 138.0 137.3
105.0 100.0 03.7 110.9
34.3 26.4
41.3 39.8 39.0 167.6 166.2 158.4 150.7
29.8
29.0
0.8
5.8
2.6
3.2
3.1
2.6
1.1
28.
27.5
0.8
6.6
3.4
3.2
2
2.1
1.0
1.1
26.7 119.6 118.3 113.0 105.7
26.0 116. 115. 110.0 102.7
0.7
3.
3.2
3.0
2.9
7.5 26.3 25.,
26.0
25.
4.1 13.3 13.
12.1
12.
3.5 13.0 12.
12.
13.9
3.0 11.4 11.
12.2
11.
1.7 10.4 10.
6.8
1
0.2
1
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 1936, 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.
806
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
1946
1946
May June June June
29
12
19
WEEKLY FIGURES*
June
26
In billions of dollars
WEEKLY FIGURES*—Cont.
RESERVES AND CURRENCY
May June June June June
12
In unit
indicated
BUSINESS CONDITIONS
23.56 23.45 23.90
22.98 22.78 23.27
4.01 13.86 14.32
6.34 6.27 6.29
1.74 1.75 1.75
.90 .90 .90
.24 .25 .25
20.24 20.27 20.27
28.11 28.16 28.13
2.27 2.29 2.28
39 .86
68
15.69 15.80 15.91
14.
15.06 15.08
.74 .83
Reserve Bank credit, total
U. S. Govi. 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 e
Excess reserves (weekly average):
Total e
New York City
Chicago
Reserve city banks
Country banks e
.95
.03
.01
.01
.22
.68
23.45
22.69
13.85
6.33
1.75
.76
.25
20.27
28.12
2.26
.42
15.92
'15.36
P. 55
Total—101 cities:
Loans and investments
14 63. 63.33 62.86
U. S. Govt. obligations
14 45.59 45.22 44.72
39.51
Demand deposits adjusted
14 38.94
11.43 10.12 9.71
U. S. Govt. deposits
Loans
14 14.90 14.74 14.79
New York City:
Loans and investments
1. 21.92 21.73 21.53
U. S. Govt. obligations, total.. . 1. 4.99
.92 14.74
Bonds
li 9.78
.78 9.85
Notes, certificates, and guar.
.62 4.64
securities
1< 4.89
.32 .52
.26
Bills
h
Demand deposits adjusted
1: 14.16 14.37 14.32
,72 3.57
U. S. Govt. deposits
1 4.24
,09 4.10
Interbank deposits
1 4.0.
,27 1.2
Time deposits
1. 1.27
.79 5.76
Loans, total
1 5.90
92 2.89
Commercial
1 2.91
For purchasing securities:
Brokers'—on U. S. Govts.. 16 1.08
.01 .9
Brokers'—on other securities 16 .54 .51 .51
.7
.76 .74
To others
1'
.59 .60 .65
All other
1
100 cities outside New York:
Loans and investments
1. 41.9' 41.60 41.34
U. S. Govt. obligations, total.. . 1: 30.61 30.30 29.9
Bonds
li 17.70 17.69 17.68
Notes, certificates, and guar.
securities
1< 12.21 11.93 11.72
.69 .69 .57
Bills
li
Demand deposits adjusted
1 24.78 25.10 25.18
.40 6.1
U. S. Govt. deposits
1 7.19
.55 6.54
Interbank deposits
15 6.39
.74 8.76
Time deposits
1 8.71
.95 9.03
Loans, total
15 9.00
.55 4.61
Commercial
1 4
.83 1.82
For purchasing securities.... 1 1.88
.58 2.59
2.55
All other
1
.02
.01
.23
P. 66
62.51
44.32
39.87
8.70
14.80
21.59
14.80
9.29
4
.64
14.60
3.20
4.20
1.2
5.76
2.89
U. S. Govt. securities:
Bills (new issues)
24
Certificates
2
Notes
24
Bonds (7-9 years)
2
Bonds (15 years and over)... 24, 26
Corporate bonds:
High grade (5 issues)
26
Aaa
26
Baa
26
.375 .375
375
.84
.83
.83
1.21 1.19 1.15
1.48 1.46 1 .42
2.18 2.17 2 .15
2.44 2.44 2 .43
2.51 2.50 2 .49
3.03 3.03 3 .03
.75
.63
40.92
29.52
17.45
MONTHLY FIGURES
In billions of dollars
RESERVES AND CURRENCY
Reserve Bank credit
Gold 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
14.51
4.83
5.94
3.73
1.03
23.07
20.25
27.92
2.26
.45
15.53
4.89
6.13
4.52
14.51
4.83
5.91
3.77
1.02
23.37
20.25
27.98
2.26
.56
15.73
4.96
6.22
4.55
14.77
4.94
5.99
3.84
.96
1.84
4.02
27.88
7.83
15.53
4.51
1.80
3.86
27.89
7.89
15.49
4.51
1.80
3.78
28.12
7.95
15.62
4.56
P173.7O
P75.1O
P50.10
P26.10
P22.40
P174.20
P77.40
P50.60
P26.20
P20.00
6.98
1.70
1.97
.80
2.51
1.60
.91
.26
.64
P7.31
Pl.71
P2.14
P. 81
P2.65
Pi.69
P.96
P.29
P.67
2C
275.29
273.24
271.98
20
20
20
20
121.18
75.71
56.55
21.14
121.18
73.72
56.41
21.22
121.18
72.13
56.47
21.48
20
20
20
20
20
20
20
109.72
66.12
45.37
87.34
69.43
40.40
17.05
109.72
66.12
45.37
85.36
67.45
38.41
17.05
109.72
66.12
45.37
83.77
65.86
36.83
17.04
2
21
2:
2
2
2
2
89.00
28.18
22.60
11.20
25.00
99.30
44.80
88.60
28.27
22.73
11.30
25.00
97.30
42.90
6 23.53
6 20.24
6 27.91
6
2.27
6
.81
6, 7 15.54
13
4.83
13
6.17
13
4.54
13
13
13
13
13
8
8
Total deposits and currency
Demand deposits
Time deposits
Currency outside banks
U. S. Govt. deposits
*>173.40
P78.5O
^26.40
P17.40
CONSUMER CREDIT
Consumer credit, total
11.45
Single payment loans
.63
25.2 25.04 Charge accounts
Service credit
5.50 5.5'
6.48 6.25
Instalment credit, total
18,
8.77 8.8(
Instalment loans
9.04 9.0
Instalment sale credit, total.. . .
4.63 4.66
Automobile
1.79 1.77
Other
2.62 2.64
P7.51
PI.73
P2.1S
P. 82
*>2.78
PI.78
PI.OO
P.32
P.68
TREASURY FINANCE
375
.83
1.12
1.41
2.15
2 .40
2 .48
3 .03
In unit indicated
27 159 156 155
27 163 160 159
27 164 160 164
27 132 131 132
27 1.81 1.12 1.04
43.6 55.2 76.1 84.2 87.2
iteel production (% of capacity). .
1,741 3,920 4,030 4 129
Electric power prod. (mill. kw. hrs.)
858
627 830
Freight carloadings (thous. cars). .
Department store sales (1935-39
247
283
45
273
= 100)
223
Wholesale prices (1926 = 100):
Total
49 11.1 111.5 111 112.4
Farm products
49 .38.8 139.4 139.9 140.0
Other than farm and food
49 04.3 104.6 104.9 105.1
ALL BANKS IN U. S.
1.00
.50
Per cent per annum
MONEY RATES, ETC.
23.99
23.39
14.40
6.48
1.75
.76
.23
20.27
28.14
2.26
.97
15.91
'15.20
p. 71
P.91
MEMBER BANKS IN LEADING CITIES
Stock prices (1935-39=100), total.
Industrial
Railroad
Public utility
Volume of trading (mill, shares)..
Chart
book
page
152
156
164
130
1.17
U. S. Govt. obligations outstanding,
total interest-bearing
By classes of securities:
Bonds (marketable issues)
Notes, cert., and bills
.37
Savings bonds and t a x n o t e s . . .
1.1.
Special issues
1.4
By maturities:
5 years and over
5-20 years
2.4<
5-10 years
W i t h i n 5 years
3.4«
W i t h i n 1 year
3.0Certificates
Bills
Holdings of U. S. Govt. obligations:
Commercial banks
Fed. agencies and trust funds. . . .
150 Federal R e s e r r e Banks
153
M u t u a l savings b a n k s
159
Insurance companies
129
Other investors, total
Marketable issues
1.02
28.53
22.93
For footnotes see p. 809.
JULY
1946
807
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
Apr.
May
Per cent per annum
MONTHLY FIGURES—Cont.
MONEY RATES, ETC.
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
Treasury bills (new issues)
Mar.
Chart
book
page
23
23
23
2.47
.50
.375
2.46
1.00
.375
MONTHLY FIGURES—Cont.
2.51
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
142
145
154
123
1.12
152
156
157
128
1.39
154
159
157
129
1.31
29
29
29
936
622
712
895
575
697
856
547
669
BUSINESS CONDITIONS
Income payments (mill, dollars): 3
Total
30
Salaries and wages
30
Other
30
Cash farm income (mill, dollars):
Total
31
Livestock and products
31
Crops
31
Govt. payments
31
Armed forces (mill, persons)
32
Civilian labor force (mill, persons):
Total
32
Male
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural
33
Industrial production: 3
Total (1935-39=100)
35, 49 B
Groups (points in total index):
Durable manufactures
35
Machinery and trans, equip...
49B
Iron and steel
49B
Nonferrous metals, lumber, and
building materials
49B
Nondurable manufactures
35
Textiles and leather
49B
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): 3
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts (33 mo. moving
average, mill, dollars):
Total
41
Residential
41
Other
41
13,141 P13.071
8,368 P 8 , 3 8 7
4,773 P4.684
'•1,426
••883
487
56
4.4
Pl.547
P944
P453
P150
3.8
3.4
55.7
39.4
16.3
2.7
53.0
45.4
7.6
56.9
40.3
16.6
2.4
54.6
46.4
8.2
57.6
41.0
16.7
2.3
55.3
46.4
8.9
168
165
69.4
35.6
18.6
72.5
39.9
17.5
P66.4
P39.8
Pll.9
15.2
77.4
21.2
22.2
15.2
76.6
21.0
21.6
P14.7
P75.5
P21.3
P20.5
21.3
12.8
20.9
21.3
12.7
15.9
P21.3
P12.5
P17.6
194
204
P200
197
184
205
P205
169
181
159
P169
BUSINESS CONDITIONS
P205
P205
233.1
129.9
249.1
136.1 P137.0
42.16
103.4
40.8
42.92
105.8
40.6
36.7
12.9
7.8
5.5
4.0
1.5
37.1
13.1
7.8
5.5
3.9
1.6
Residential contracts (mill, dollars) :3
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:3
Total (1935-39=100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores (1935-39=100) :3
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
240
6
234
208
26
308
8
*300
276
24
390
11
379
327
52
49 C
602
706
828
49 C
49 C
5
195
244
14
299
49C
49 C
93
309
109
345
125
390
43
'109
106
43
43
43
78.2
5.6
'25.6
67.6
14.5
24.0
44
44
263
'177
46
46
46
P756
P6 75
P406
47
47
47
47
130.2
140.1
153.1
108.4
130.9
141.7
154.3
131.5
142.6
155.4
49
49
49
108.9
133.4
102.2
110.2
135.4
103.3
111.0
137.5
103.9
602
237
365
696
316
380
250
189
257
200
P269
1945
Oct.Dec.
QUARTERLY FIGURES
RECEIPTS AND EXPENDITURES OF THE
U. S. TREASURY
49D
49D
49D
49D
49D
49D
49D
1946
Jan.Mar.
Apr.June
In billions of dollars
16. 05
13 60
9.02
8,45
3.44
3.19
1.82
13.00
8.67
13.24
12.59
7.22
3.49
1.88
Per cent per annum
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
23
25
25
25
2.09
1 .71
2.23
2.38
2.31
1.75
2.34
2.93
1.84
In millions of dollars
SECURITY MARKETS
P37.5 Corporate security issues:
Net proceeds:
P13.5
All issues
vl
Industrial
P5
Railroad
P3.9
Public utility
Pl.7
New money:
All issues
Industrial
P741
Railroad
P385
Public utility
P356
May
In unit indicated
MONEY RATES
P181
P158
April
Cont.
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total
Individual income taxes
Corporate income taxes
Misc. internal revenue
P214
Mar.
28
28
28
28
1,636
433
315
807
941
407
348
154
28
28
28
28
272
157
46
41
248
219
10
3
For footnotes see p. 809
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1945
Mar.
June
30
Dec.
31
In billions of dollars
GALL 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
To others
Consumer
Demand deposits adjusted
1945
Mar.
20
Ju-ie
30
Dec.
31
In billions of dollars
GALL DATE FIGURES—Cont.
CLASSES OF BANKS—CONT.
10
10
11
11
11
11
11
10
90.52
67.92
4
11
11
10
11
11
11
2.99
2.40
17.22
11
11
11
10
()
(4)
(4)
0)
(4)
5.39
(4)
(4)
(4)
99.43 107.18 Country banks:
73.24 78.34
Loans and investments, t o t a l . . . . . .
40.27 44.79
U. S. Govt. obligations
15.58 16.98
Other securities
14.72 14.27
Loans
2.27
2.63
Demand deposits adjusted
.03
.02 Time deposits
6.07
5.60
3.10
2.50
20.59
7.10
3.25
1.13
3.25
2.82
22.78
8.95
3.46
.86
3.09
3.41
1.69
59.13
29.13
22.20
2.12
4.81
20.84
10.54
31 37
24.09
2.16
5 11
20 66
11 26
JulySept.
FARM REAL ESTATE VALUES
27.95
20.41
1.47
6.07
18.60
1.73
31.49
21.62
1.55
8.32
17.80
1.79
12
12
12
12
12
12
33.45
25.30
1.80
6.35
21.74
8.28
36.57
27.52
1.89
7.15
20.68
8.76
40.11
29.55 ash farm income (bill, dollars)
2.04 Farm transfers (number per 1000
8.511 farms) :
Total
22.37
Voluntary sales and trades
9.79
r
t Estimated.
P Preliminary.
Revised.
1
figures for other than vVednesday dates are shown under the Wednesday included in the weekly period.
2
For
cnarts
on
pages
10,
16,
ana
11,
rigures
for a more recent period are availaole in the regular BULLETIN
3
Adjusteu for seasonal variation.
4
Figures
availaole
for
J
une
and
December
dates
only.
6
35.00
27.00
2.41
5.60
23.60
12.51
1946
1945
12
12
12
12
12
12
61.17
13
13
13
13
13
13
SELECTED DATES
3.13
3.38 Cash farm income (bill, dollars, annual
1.90
basis)
64.18 Farm real estate values (1912-14=
100)
Prices received and paid by farmers:
Prices paid (1910-14=100)
Prices received (Aug. 1909-July
32.07
1914=100)
21.79
1.62
8.67
18.22
1.97
(4)
(4)
(4)
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
Jan»Mar.
Oct.Dec.
In unit indicated
49A
21.2
21.4
49A
5 130
5
49A
173
175
178
49A
202
204
207
1944
P22.7
133
6
,142
1945
In unit indicated
49A
21.0
49A
49A
53.4
51.5
21.6
tables that show those series.
As of July 1, i\ov. 1, Marcn 1.
« Less tuan 1500,000.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
JULY
1946
809
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercia banks x
All
re-
Member banks
banks l
Total
Banks (Head Offices)
Dec 31 1942
Dec. 31, 1943
Dec 31 1944
Dec. 31, 1945
May 31, 1946?
14,682
14,579
14,535
14,553
14,569
Branches a n d
Additional Offices 3
31 1942
31 1943
31, 1944
31 1945
31, 1946*>
3 739
3,933
4,064
4.090
4,024
Dec
Dec
Dec.
Dec
May
Mutual savings
banks
Nonmember banks "
Noninsured '
Total 2
National
State 2
Total
Insured
14,136
14,034
13,992
14,011
14,028
6,679
6,738
6,814
6,884
6,889
5,081
5,040
5,025
5,017
5,011
1,598
1,698
1,789
1,867
1,878
7,460
7,299
7,181
7,130
7,142
6,667
6,535
6,452
6,416
6,439
793
703
191
3,602
3,797
3,924
3,947
3,880
2,615
2,793
2,892
2,909
2,850
1,592
1,741
1,813
1,811
1,737
1,023
1,052
1,079
1,098
1,113
987
1,004
1,032
1,038
1,030
935
52
35
102
952
978
981
971
52
54
57
59
95
99
101
102
41
41
42
42
Insured 2
Noninsured
56
Nonreporting
banks
(nonmember
noninsured)
490
764
729
184
192
361
351
714
192
350
130
119
120
112
112
350
P1 Preliminary.
Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative"2 banks in Arkansas and 99 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas.
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks
are not
included in the total for "Commercial banks" and are included only once in "All reporting banks."
3
Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military
reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated
as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 132, respectively.
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Ban dng and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS,
BY DISTRICTS AND STATES
On par list
On par list *
l
Not
Not
Federal Reserve
^district or State
United
Dec
Dec.
Dec.
Dec.
May
States total:
31 1942
31, 1943. . . .
31, 1944
31, 1945. . . .
31, 1946?. . . .
Total i
Total
14 123
14,021
13,989
14,002
14,024
11 413
11,492
11,544
11,869
11,917
491
949
851
491
949
851
Member
banks
Nonmember
banks
6,670
6,729
6.806
6,877
6,883
4,743
4,763
4,738
4,992
5,034
on
par
list'
State
2,710
2,529
2,445
2,133
2,107
By districts a n d
by States
May 31, 1946 v
Boston
New York
Philadelphia
Richmond
Atlanta
Chicago
St Louis
Kansas City
Dallas
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Dist. of Columbia...
Florida
Georgia
Idaho
Illinois
Indiana
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
1 176
1 176
1,009
1 126
2 464
1 465
774
501
2,405
1,099
336
807
649
722
155
142
202
454
475
328
994
494
299
173
1,411
605
235
625
59
365
120
982
266
225
681
15
118
8
115
1 270
1,748
1,733
972
503
854
495
469
751
588
270
218
11
228
191
103
11
96
191
84
6
66
111
140
92
19
5
30
80
115
63
52
140
115
40
589
40
17
48
23
21
167
21
100
18
67
3
33
362
85
60
25
46
856
491
659
612
46
854
491
659
610
26
489
238
164
213
20
365
253
495
397
386
386
114
52
63
43
38
272
170
185
80
149
90
36
153
63
170*
185
810
132
9
25
67
277
2
2
101
Total i
Total
M ember
banks
Nonmember
banks
on
par 1
list
Michigan
Minnesota
Mississippi
Missouri
Montana
442
673
203
592
110
441
257
35
518
108
229
208
29
184
77
212
49
6
334
31
1
416
168
74
2
Nebraska
Nevada
New Hampshire. . . .
New Jersey
New Mexico
411
8
64
346
41
408
8
64
346
41
146
6
52
296
28
262
2
12
50
13
3
New York
North Carolina
North Dakota
Ohio
Oklahoma
676
676
582
94
204
150
676
381
85
45
676
370
55
42
424
217
30
3
252
153
70
70
33
771
11
37
248
10
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
. ..
1,019
21
1,019
21
119
105
11
20
7
97
100
82
545
34
40
199
105
250
23
31
100
106
66
55
108
166
38
60
68
274
18
8
3
116
145
167
48
67
28
60
293
861
57
71
315
187
795
57
71
299
123
179
556
56
115
176
440
56
16
P Preliminary.
1
Represents banks on which checks are drawn, except that i t excludes
both member and nonmember mutual savings banks on a few of which
some checks are drawn. Similar par list figures Dublished 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 reauirement that member
banks remit at par for checks presented to them through the Federal
Reserve Banks.
The total in this table differ s from total commercial banks in preceding table because the commercial bank total excludes some banks on
which checks are drawn, namely, those that do not report to State
banking departments (see footnote 1 of preceding table), and includes
industrial banks and nondeposit trust companies whether or not
checks are drawn on them.
NOTE.—Prior to February 1946, statistics on the Federa [ Reserve
par list were published annually. For back figures see Bayiking and
Monetary Statistics, Table 15, and descriptive text, pp. 14-15.
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTIC
PAGE
Gold reserves of central banks and governments
813
Gold production
814
Gold movements. .
814
Net capital movements to United States since January 2, 1935
815-820
Central banks. .
821-824
Money rates in foreign countries
825
Commercial banks
826
Foreign exchange rates
827
Price movements:
Wholesale prices .
828
Retail food prices and cost of living. .
829
Security prices .
829
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.
812
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
14 512
17,644
21,995
22,737
22,726
21,938
20,619
Argentina 1
431
466
353
354
1658
1939
U 111
1945—June
July
20,213
?O,152
20,088
Aug
Sept.. . . 20,073
20,036
Oct
Nov.. . . 20,030
20,065
Dec.
1946—Jan
20.156
20,232
Feb
20,256
Mar
20,251
Apr
M a y . . . . 20,242
End of month
1938—Dec
1939—Dec....
1940—Dec
1941—Dec. . .
1942—Dec.
1943—Dec. ..
1944—Dec
Hungary
409
409
409
409
407
404
403
398
398
397
Iran
(Persia)
37
24
24
24
24
24
24
1945—June
July
26
26
26
26
34
92
128
Belgium
Brazil
British Canada
India
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
713
712
712
694
698
711
716
729
747
755
763
761
342
342
352
352
357
356
354
363
362
361
361
274
274
274
274
274
274
274
274
274
274
6
7
6
7
5
5
7
7
6
6
7
5
80
82
82
82
82
82
82
82
82
82
102
103
104
106
114
115
127
128
129
131
132
133
Italy
Japan
Java
193
144
120
164
164
164
80
90
140
235
5164
<216
P131
P131
P131
P131
P131
P131
Sept.
Oct. ..
Nov
Dec.
1946—jan
Feb
Mar. .
Apr
May. . . .
Mar
May
Peru
94
94
*84
20
20
20
21
25
31
32
69
68
90
100
89
121
157
52
52
29
41
68
89
130
57
59
82
*83
14
7
12
12
21
45
37
166
178
170
166
185
229
245
234
234
234
236
236
236
241
241
241
241
241
1
1
1
1
1
1
1
1
1
1
1
1
175
179
189
195
195
195
195
195
195
195
176
176
186
191
191
202
202
212
212
212
212
215
39
39
39
39
39
39
39
39
39
39
39
247
248
248
248
247
245
247
247
247
n1
1
1
1
1
P246
?246
3>246
r
Revised.
P Preliminary.
Figures through March 1940 and for December 1942, December 1943. and December 1944
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held
abroad and gold belonging to the Argentine Stabilization Fund.
2 On May 1, 1940, golc belonging to Bank of Canada transferred to Foreign Exchange Control
Board. Gold reported since that time is gold held by Minister of Finance.
3
Figure for December 1938 is that officially reported on Apr. 30, 1938.
4
Figures relate to last official report dates for the respective countries, as follows : Java—
Jan.
31, 1942; Norway—Mar. 30, 1940: Poland—July 31, 1939; Yugoslavia—Feb. 28 , 1941.
6
Figure for February L941; beginning Mar. 29, 1941, gold reserve s no longer reported separately.
6
These countries are: Albania Algeria, Australia, Austria throu gh Mar. 7, 1938, Belgian
Congo, Bolivia, Bulgaria1, China, Costa Rica beginning July 1943, Danzig through Aug. 31,
1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February
1943, Latvia, Lithuania Morocco, and Siam. Figures for certain of these countries have
been
carried forward from last previous official report.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange
Equalization Account during 1939.
8
In addition to gold held bv the Swiss National Bank, the Swiss National Bank' 3 Annual
Report for 1945 stated that the Swiss Government owned gold amounting to 238 million
dollars on Dec. 31, 1945.
Nonc.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication.
1
JUNE
1946
Egypt
France
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
44
44
44
44
44
44
38
38
38
38
38
52
52
52
52
52
52
52
52
52
52
Poland Portugal
85
*84
28
28
28
28
28
28
28
28
28
28
28
25
2,690
478
478
479
479
475
474
482
481
481
478
476
Apr. .
23
23
23
23
23
23
23
23
23
23
23
Norway
29
29
88
92
114
161
221
1945—June
July
Aug
Sept
1946—J a n
Feb .
500
270
270
270
270
270
270
270
270
270
270
Denmark
Germany
29
29
29
29
29
29
29
Greece
27
28
28
28
28
28
28
1,777
1,777
1,540
1,540
1 090
1,090
1 090
1,090
1,090
796
Other
coun-6
tries
701
549
502
665
824
964
Nov.. . .
231
230
255
255
250
296
294
288
284
257
254
250
61
61
61
61
61
61
61
61
61
61
61
166
171
176
176
186
186
191
201
201
201
B.I.S.
321
308
160
223
335
387
463
Dec
23
23
23
23
23
23
23
83
56
58
61
61
61
61
Yugoslavia
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
Oct
998
692
617
575
506
500
500
1
1
1
16
46
111
Venezuela
Turkey
1 069
1 073
1,084
1,085
1 111
1,109
8
1 104
1 099
1 091
1 102
1,099
1 106
29
32
47
47
39
203
222
Czechoslovakia
Uruguay
Switzerland
1,052
New
Mexico Netherlands Zealand
Cuba
United
Kingdom
Sweden
End of month
Colombia
581
609
734
734
735
734
131
Aug
Chile
69
69
59
59
59
60
60
60
60
60
60
60
60
60
60
60
60
Governmen
Rumania
South
Africa
133
152
158
182
3525
267
220
249
367
366
634
706
814
267
267
267
268
268
268
269
269
269
878
886
909
938
954
943
914
949
982
109
109
109
108
108
108
110
111
111
111
111
r
203
r
260
1 014
1,046
Spain
42
42
91
105
gold reserves 1 not included
n previous figures
United
End of month United King- France
Bel-
dom
1938—Dec
1939—Mar
May . . .
June
Sept
Dec
1940—june
Dec...
1941—June
Dec. ..
1942—June
Dec
I943—June
Dec
1944—June ..
Dec. .
1945—Mar...
June ..
Sept.
Dec
80
154
85
164
156
86
48
89
25
8
12
11
43
21
12
32
81
20
18
2759
1 732
3
331
559
477
44
17
876
292
4
151
17
17
17
17
17
17
17
17
17
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); LF. K.—Exchange Equalization Account ; France—Exchange Stab? ization
Fund
and Rentes Fund Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of England on that date.
* Figure for Sept. 1, 1941.
NOTE.—For available back figures anc lor details regarding specia. interna gold ranst'ers
affecting the B ritish and French insti tut ons, see
Banking and ,Monetary Statisti cs, p. 526, and
BULLETIN for Februarv 1945, p. 190.
813
Year or
Estimated
world
production
Total
outside 1 reported
monthly
U.S.S.R.
South
Africa
823 003 708,453 366 795
882,533 752,847 377,090
971,514 833,895 396,768
1 041 576 893,384 410,710
1,136,360 958,770 425,649
1 208 705 1,020,297 448,753
1,297,349 1,094,264 491,628
1 288 945 1,089,395 504 268
968,112 494,439
738,471 448,153
r
664,282 429,787
647,689 427,862
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—Mav
53 934
53,213
53,340
53 560
52,953
55,937
54,883
55 093
June
July
Aug.
Sept
Oct
Nov. . . .
1946—Tan
Feb
Mar.
Apr.
36 073
35,800
36,311
34,199
35,313
36,809
36,005
35 043
35,892
32,971
30,871
34,793
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Africa
North and South America
RhoMexWest Belgian United Can-5
Colom- Chile
Nicaada
ico6
desia Africa2 Congo3
bia
ragua7
States^
$1 = 25V21 grzins of gcId •/n fit te; i. e., ar1 ounce of fine go Id =$35.
24,264 12,153 6 ,549 108 191 104 023
12 045 8 350 1 166
25,477 13,625 7 1SQ 126,325 114,971 23,858 11,515 9,251
868
28,053 16,295 7 ,386 152,509 131,181 26,465 13,632 9,018
807
28,296 20,784 8 01R 168,159 143,367 29,591 15,478 9 544
848
28,532 24,670 8 ,470 178,143 165,379 32,306 18,225 10,290
1 ,557
28,009 28,564 8 ,7SQ 196,391 178,303
19 951 11 376
506
29,155 32,163 3 8 86? 210,109 185,890 30,878 22,117 11,999
5 ,429
27,765 32,414
209 175 187 081 27 969 22 961 9 259 7 525
26,641 29,225
130,963 169,446 6 30,000 20,882 6,409 8 ,623
23,009 19,740
48,808 127,796
19,789 6,081
7 ,715
20,746 18,445
35,778 '"102,302
19,374 7 131 7 865
19,888 18,865
34,878 92,794
17,734 6,282 6 ,985
1 673
1,645
1,679
1,668
1,680
1,664
1,595
1,597
1,584
1 473
1,574
1 575
1,575
1,610
1,610
1,610
1,610
1,400
1 470
1,610
1 610
1,645
? 563
2 516
2,078
3 528
2,926
3,836
4,020
3 832
3,984
P3 669
P4,157
P3,944
7 614
7,426
7,357
7,411
7,404
8,034
7,726
8 391
8,346
8 018
8 694
1 736
1,460
1,518
1,459
1,400
1,319
1,224
1 140
1,492
1 309
1 473
528
574
504
464
370
425
396
1 096
631
574
393
595
S70
559
634
522
443
608
580
Other
British
Australia8
India*
30 559
31,240
40,118
46 982
54,264
56 182
55,878
51 039
42,525
28,560
16 310
16,450
1 190
1 295
1,400
2 065
1,190
1,190
1,435
1 365
1,470
1 330
1 400
11
11 ,468
11 ,663
11 607
11 ,284
11 078
10 ,1S7
0
040
8 960
8 ,820
6 ,S4S
s
ISO
3S0
490
560
490
490
490
S*>S
17S
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, r 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
P1 Preliminary.
Revised.
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold
Coast3 only.
Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the year.
• Includes Philippine Islands production received in United States. Annual figures through 1944 are estimates of United States Mint. Annual 5figure for 1945 and monthly figures represent estimates of American Bureau of Metal Statistics.
Figures for Canada beginning 1945 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in
first 7three months of year.
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
19439 they 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 dollar 3 at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year Total
net
or
month imports
19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945
Sept.
Oct.
Nov.
Dec.
1946
United
Kingdom
France
Belgium
Netherlands
Swe- SwitzerCanada
den
land
Mexico
Other
Latin
American Republics
Philippine
Islands
12,402
30,270
86,829
28,153 12,038
1,131,994 499,870 260,223 8,902 94,348
968
13,667
95,171
3 227,185
29,359 15,335
1,739,019 315,727 934,243
39,966
72,648
2 7,511
30,790 21,513
1,116,584 174,093 573,671 3,351 71,006
38,482
6 54,452 111,480
39,485 25,427
1,585,503 891,531 -13,710 90,859 6,461
36,472
76,315
65,231 27,880
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
33,610
3,798 165,122 341,618 28,715 86,987 612,949
57,020 35,636
3,574,151 1,826,403
29,880 128,259 38,627
977 63,260 161,489 90,320 2,622,330
4,744,472 633,083 241,778
899 412,056
16,791
1,747
1
1
61,862 42,678
3,779
982,378
5 208,917
40,016
321
39,680
1,955
315,678
-3,287
66,920
13,489
88
68,938
46,210 -109,695 -108,560
-845,392 -695,483
15,094 -41,748 '"io3
53,148
160
-106,250
13,496
-4,317
789
19,253
154,070
Jan.
82,439
Feb.
31,396
Mar.
Apr. -20,534
May? -27,028
41
64
36
34
—1
—6
11,796
463
272
37,131
272
329
355
247
151,270
80,629
25,265
222
127
391
126
75
149
34
951
1,115
1,698
-18,499
South
Africa
Australia
British
India
All
other
countries
1,029
12
4 76,820
21,095
3,498
75,268
65
28,529
23,280
77,892
8
20,856
34,713
181 246,464 50,762
8,910
39,162
401 168,740 16,159
13,301
74,250 22,862 165,605 50,956 2 68,623
103,777 184,756 111,739 49,989 3 284,208
67,492 292,893 9,444 9,665 « 63,071
528 4,119
129
20,008
152
307
-8,731
199 3,572
18,365
5
106
357
-133,471
19
11
3
1,729
1,479 . . . ^
1,386
637
-2
-33
-8
Japan
3
3
3
11
12
15
9
407
-6,236
-1,562
297
23
11
3,267
9
13
654
191
1,366
6_2l 586
! 7 -27,155
p Preliminary.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
* Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000
from other countries.
* Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries.
6
Includes $133,980,000 to China and $509,000 from other countries.
*7 Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 from other countries.
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 the same
publication.
1
814
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935, through—
Total r
Increase in foreign banking
funds in U. S.
Total r
Official1'
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar.
June
Sept.
Dec.
(Apr. 1)
(July 1)
30
30
.,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar.
June
Sept.
Dec.
31
30
29
29
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,301.3
3,140.5
3.567.2
3,933.0
1,043.9
880.9
1,275.4
1,513.9
244.0
220.6
282.2
327.0
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
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
278.0
241.?
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 *
Sept. 30
Dec. 31
5,219.3
5,636.4
5,798.0
: ,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
1943—Mar.
June
Sept.
Dec.
31
30
30
31
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.
June
Sept.
Dec.
31
30
30
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
.,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
.,865.1
2,920.2
2,964.9
3,313.2
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
2,357.9
848.2
859.8
848.5
844.7
845.7
760.4
1,025.2
989.3
983.7
1,012.6
1,032.0
1,011.2
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
8,641.7
8,711.9
8,858.6
.,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
8,822.9
38,733.9
6,234.7
36,131.8
3,582.4
33,413.5
2,652.4
32,718.3
729.2
3 728.7
1,097.8
1,067.2
625.9
672.4
135.1
3133.9
r
1
Revised to include movement in official Philippine accounts held with the United States Treasury.
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 a t 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 2their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures3 are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
Amounts outstanding Feb. 28, in millions of dollars: total foreign banking funds in United States, 6,870.3, including official funds, 4,123.8,
and other funds, 2,746.6; United States banking funds abroad, 406.8; and brokerage balances (net due "foreigners"). 57.1.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
JULY 1946
815
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—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb.28
United
King- France
dom
Netherlands
Switzerland
Germany
1,440.7
554.9 210.2
2,667.4
829.3 299.5
3,501.1
993.7 281.7
3,933.0 1,183.8 339.6
5,112.8 1,101.3 468.7
5,807.9
865.2 670.3
5,354.1
674.1 639.9
5,980.2
837.8 625.9
7,267.1 1,257.7 636.8
7,728.4 1,090.0 585.7
002.6 1,048.9 506.5
079.7 1,026.0 477.6
131.6 1,029.3 453.0
,422.8 1,066.2 521.7
,641.7 1,075.0 542.4
,711.9 1,018.8 499.8
,858.6
946.7 463.9
,965.4
937.8 510.9
,828.1
888.7 469.8
802.8
892.5 464.2
,822.9
858.3 553.6
,733.9
804.7 531.6
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
505.7
506.3
506.8
513.0
516.1
518.1
518.1
523.8
526.3
539.7
538.4
525.8
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
673.0
670.7
677.1
679.7
689.9
695.6
698.4
705 2
709.8
722.3
728.6
731.1
36.6
83.1
123.9
140.5
165.9
175.9
179.9
179.5
178.6
179.1
179.2
179.2
179.0
179.0
179.0
179.2
179.3
179.5
179.4
179.7
179.6
179.4
Total r
Italy
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
72.0
75.5
77.5
80.0
85.2
89 6
94.2
98.0
100.8
106.5
107.3
108.5
Other
Total
Europe Europe
130.0
228.5
312.2
472.0
752.9
922.7
891.8
850.9
954.8
993.3
967.6
990.5
,003.6
.017.9
,053.0
.059.2
,134.2
,118.1
,127.8
,132.1
,142.9
,125.5
Canada
Latin
1
America Asia '
1,200.6
70.9 156.5
()
>,051.3 150.5 201.2 243.0
>,653.0 106.3 410.6 315.4
5,054.2 155.3 384.6 302.7
I,790.1
229.4 483.4 522.6
1,056.6 411.7 606.8 642.6
5,626.3 340.5 567 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
952.9 ,089.4 1.234.2 ,514.8
925.8 .145.9 ,263.0 ,534.2
926.4 ,147.7 ,324.. ,524.7
057.5 ,218.0 ,353J ,585.1
140.6 1,302.7
,579.1
,060.2 ,383.1 .392.
,656.1
,034.8 ,411.2 .413.
,763.7
,073.2 .419.2 ,404.7 ,804.3
4,002.6 ,434.3 ,336.5 ,801.7
,037.0 ,395.7 .338.4 ,784.1
,108.7 ,342.6 ,345.1 .780.5
,764.9
,006.7
357.0 ,350.
All
other1
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
211.4
210.7
208 5
208.4
207.6
220.3
235.2
264.1
253.0
247.5
246.0
254.7
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
Total r
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—D ec 3i
1942—Dec. 31
1943—Dec 31
1944—Dec. 31
1945—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
. . .
Sept. 30
Oct 31
Nov. 30
Dec. 31
1946—j a n . 3i
Feb 28
. . .
631.5
989.5
1,259.3
1,513.9
2,522.4
3,239.3
2 979.6
3,465.5
4 644 8
4,865.2
5,219.4
5,289.5
5,335.4
5,671.0
5,846.2
5 922.4
6,042.2
6 214 0
6,122.9
6 144 5
6,234.7
6,131.8
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493,3
939 4
804.4
772.9
758.5
770.7
800.5
810.6
762.6
684.8
678 9
638.3
646.4
617.7
569.2
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
192.2
192.2
192.7
196.7
199.2
201.4
204.0
211.4
253.0
265.0
277.3
265.6
72.4
109 8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
234.5
234.1
240.1
243.2
250.6
255.8
259 7
266.5
272.0
286.3
297.5
298.3
-.8
2.7
9 6
-11.8
-20.1
-22.9
-23.1
-22.7
-23.7
-23.4
-23.3
-23.3
-23.5
-23.5
-23.5
-23.4
-23.4
-23.2
-23.4
-23.3
-23.3
-23.5
7.3
23.0
6 9
1.7
19.7
-.9
-3.4
-6.2
-6 9
60.7
79 7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
582.8
606.8
619.7
670.0
706.8
672.4
744.8
729.9
738.2
769.1
757.6
742.0
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
286.4
258.3
235.0
292.2
318.8
276.6
233 3
280.2
247.1
229.9
318.2
300.5
7.0
15.7
19.1
22.5
23.6
29.2
33.6
38.2
41.7
45.1
50.1
50.8
52.2
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
2,061.3
2,045 9
2,057.3
2,202.7
2,291.7
2.179.0
2.141.4
2,185 4
2,170.3
2.223.4
2,295.8
2,204.2
Canada
46.0
86.8
76.3
101.6
174 5
334.1
273 1
399.5
704 7
818 6
1,021.2
1,056.8
1,053.4
1,159.3
1,241.8
1,341 9
1.384.1
1,443 9
1.437.8
1,414.2
1,242.8
1,241.8
Latin
America Asia*'
33.5
149 3
166.3
127.6
215.1
326.4
296 7
482 8
578 7
794 7
842.5
872 0
913.5
955 4
979.2
965 8
989.0
976 2
924 2
924 9
929.4
922.0
87.0
149.4
217.0
251.8
417.0
531.2
541 4
743 9
928 2
888 6
1,118.8
1 139 6
1,138.6
1 180 1
1 161.2
1 252 1
1 329 9
1 382 8
1 373 7
1 369 1
1,554.5
1,542.9
All
other1
11.5
15.2
8.0
22.2
60.5
61.3
101 6
141.9
162 0
169.7
175.7
175 2
172.7
173 5
172.3
183 6
197.6
225 7
216.8
212 9
212.3
220.8
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through-
Total
1935—Dec. (Jan. 1, 1936) . . .
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939) . . .
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
361.4
431.5
449.1
510.1
650.4
775.1
791.3
883.8
877.6
805.3
848.5
844.7
845.7
760.4
810.2
829.0
865.3
875.5
804.2
742.7
729.2
728.7
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
48.1
62.0
65.3
68.4
73.8
74.6
76.9
77.8
77.9
77.7
77.6
77.6
77.8
77.8
77.8
77.8
77.8
78.1
78.0
78.0
78.3
78.4
-.4
-3.3
-4.4
-5.6
12.9
17.7
17.6
18.1
18.3
18.3
18.3
18.1
18.2
18.0
18.3
18.2
18.0
18.0
-17.9
-17.7
-17.1
-17.5
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6.8
7.2
7.2
7.3
2.7
4.5
6.1
5 4
5.1
6.5
5.2
1.9
3.2
29.7
66.0
105.1
141.7
177.8
191.6
196.8
196.7
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26,
26,
26.2
26.4
26.2
26.2
26.2
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
268.8
266.6
261.5
264.1
267.2
260.4
267.1
270.5
266.1
266.6
266.2
265.7'
26.2
Other Total
Europe Europe
8.8
22.0
26.9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
70.4
70.6
70.1
30.9
30.3
69.4
70.9
69.4
68.8
38.3
65.9
61.1
310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
665.3
663.3
658,0
616.5
621.2
655.0
662.5
664.4
624.6
593.4
618.3
614.0
Canada
-4 6
36.9
-21.7
35.9
56.5
60.3
62.7
58.6
55 1
64.8
69.0
69.9
67.3
39.1
47.7
51.4
53.3
60.7
54.9
39.5
18.5
21.6
Latin
1
America Asia
20.1
24.9
51 6
66.8
52.6
43.2
17 7
68.3
55.7
37.0
23.9
23.0
40.1
23.5
58.2
51.4
47.4
54.4
22.2
9.1
3.3
6.8
37.3
30.4
18.7
-46.5
-21.5
34.8
64 7
93.8
102.7
77.7
88.1
86.4
77.9
79 9
81.4
68.4
98.3
91.7
99.9
99.2
88.5
85.5
All
other1
-1.6
-4.4
-8.7
-7.0
-.8
2.1
-1.2
6.6
7.5
-.3
2.2
2.1
2.4
1.5
1.8
2.9
3.8
4.2
2.6
1.5
.6
.9
r
1
Revised to include movement in official Philippine accounts held with the United States Treasury.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
* Inflow less than $50,000.
816
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
1935—Dec. (Jan.
19*6—Dec. 30
19 M—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Jan. 31
1946—Dec. 31
Feb. 28
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
,019.4
983.7
,012.6
,032.0
.011.2
,015.0
999.7
998.2
946.5
983.0
972.8
,097.8
,067.2
1, 1936). ..
4, 1939). . .
3, 1940). . .
1, 1941). . .
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
124.0
121.6
120.8
118.9
119.0
119.0
119.1
119.2
119.1
117.7
115.0
113.9
6.8
18.2
22.8
26.1
42.1
43.4
51 6
52.4
50.6
51.0
51.4
51.3
51.2
51.3
51.2
51.2
51.2
51.1
51.1
51.2
51.1
51.0
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia1
All
other*
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33 6
33.6
33.5
33.5
33.5
33.5
33.5
33.7
33.0
33.0
33.4
33.4
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
44.7
44.7
44.5
44.7
45.0
45.0
45.2
45.5
45.0
45.2
44.9
45.0
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
36.5
36.5
36.5
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.5
27.3
27.3
46.1
87.9
115.2
167.8
189.0
196.4
201.8
207.6
210.1
210.4
210.3
210.1
210.0
210.1
210.1
210.1
210 9
211.1
210.4
212.8
212.5
212.6
143.1
278.3
366.4
440.6
495.2
510.0
521.3
526.3
530.3
530.1
528.0
525.4
524.1
522.5
522.8
522.9
523.9
524.6
522.7
523.8
520.7
519.7
-39.7
1.7
10.5
-9.7
-7.6
25.0
35.4
-3.0
41.2
104.9
67.9
98.1
114.5
93.3
94.4
77.0
73.1
23.4
59.6
49.1
176.8
144.3
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
305.1
306.1
310.4
312.4
314.7
316.5
317.6
314.9
317.4
U7.1
317.6
320.5
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
61.5
61.9
61.7
61.7
61.7
61.7
61.8
61.8
61.5
60.8
60.9
60.6
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
21.1
21.2
21.2
21.3
21.3
21.7
21.8
21.9
21.8
22.0
21.9
22.1
Latin
America
Asia*
All
other1
3.7
15.5
18.2
23.7
30.1
25.6
28.1
35.2
40.5
54.9
55 2
55.1
52.8
58.5
57.2
56.1
55.1
54.6
65.8
81.3
89.3
97.6
21.4
44.1
54.7
65.2
87.6
17.6
17 5
27.7
62 5
240.5
241 7
241.9
242.7
260.4
272.2
270.9
270 6
264.4
263 1
251.3
73 0
71.9
2.6
7.1
9.8
11.1
14.3
12.6
10 9
10.9
10 6
10.7
10 5
10.3
10 3
10.3
10 2
10.0
9 8
10.0
9 4
Canada
Latin
America
Asia1
All
other1
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15 2
17.6
16.2
17 0
17.0
19.3
17 9
17.3
18 2
18 6
17 6
18 8
19 5
19 0
18.9
1.0
-4.2
2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6 0
6.0
5.6
4 7
4.4
3.9
3 0
2.7
3 2
3 2
3 6
-.9
00
W
.3
2.1
.7
.8
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
1935—Dec. (Jan.
1936—Dec 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940— Dec. (Jan.
1941—Dec. 31
1942—Dec 31
1943—Dec. 3i
1944—Dec 31
1945—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept 30
Oct. 31
Nov 30
Dec. 31
1946—Jan 31
Feb. 28
1, 1936). ..
4, 1939). . .
3, 1940). . .
1, 1941). . .
. . . .
.
...
. . . .
Total
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
626.7
673.3
701.1
911.8
820.6
802.5
785.0
848.4
843.2
831.6
818 4
795.1
779.1
798.7
625 9
672.4
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
149.8
367 7
448.7
472.6
328.1
157.1
-70 1
-77.6
-100.3
-125.4
— 135 4
-139.2
— 142 8
-138.9
-140 3
-141.5
-143 4
-149.9
— 154 0
-157.9
— 161 9
-164.7
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
239.1
239.4
239.3
241.3
240.9
240.7
237.8
235.5
234 0
233.5
228 6
228.1
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367 3
368.5
362 2
360.1
359 4
363.1
363 5
362.0
360 2
360.9
358 1
355.4
354 0
353.8
-5.4
-7.5
-17.4
-22.8
-28.2
-29.1
—30 1
-30.9
—30 8
-30.8
—30 8
-30.8
—30 7
-30.7
-30 7
-30.7
-30 7
—30 7
—30 6
—30.4
—30 4
-30.4
-.1
-3.3
-4.9
-5.5
-4.9
2.7
— .1
-.1
6
1.9
2 1
2.2
.8
2.2
1 9
1.8
1 8
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
68.0
67.1
66.4
77.6
71.7
71.1
78 5
78.3
70 4
81.7
81 8
77.0
1.9
1 6
2.2
2 4
2.4
Other
Europe
Total
Europe
Canada
286.2
2.8
12.9
818.0
32.6
38.5
37.6
55.7 1,041.6
25.7
56.6 1,094.1
-2.6
60.4 1,004.4
851.3 - 1 8 . 4
64.9
615.0 -44.7
67.3
644.7 - 4 5 . 1
75.3
645.7 -58.2
86 3
633.7 -28.1
103.2
598.9 - 8 5 . 7
93 7
591.2 -95.9
92.5
585.9 -106.7
93 5
611.0 -91.7
96.4
602.1 -98.5
95 3
600.0 -105.4
96.5
600.8 -117.9
96 4
592.4 -126.4
96.4
577.4 -136.8
98 0
582.9 -126.6
98.5
568.3 -114.5
93 7
562.8 - 6 9 . 6
96.8
9.9
9 9
9.7
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan. 1,
1935—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—Mar 31 .
Apr 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec 31
1946—Jan 31
Feb. 28
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104 4
117.8
126.3
130.5
130.4
133.6
131.8
127.1
129.1
134.6
134 4
139.0
144 1
135.1
133.9
1
J
1936). . .
1939). . .
1940). . .
1941). . .
.
.
...
United
King- France
dom
Netherlands
Switzerland
2.4
10 4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23.1
23.1
22.6
22.8
22.8
23.1
23 1
23.2
23 1
23.4
24.2
24.7
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17 5
19.9
22.3
22.6
23.0
23.1
23.5
24.2
24 4
24.7
25 2
24.1
26.0
16.2
16.2
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
24.5
24.7
25.8
26.0
26.4
26 6
27 8
27.3
28.2
30 3
30.3
30.9
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
18.6
18.4
19.1
21.7
18.5
18.2
19.1
19 1
19.3
19.8
21.3
20.7
Germany
-.2
7
-.2
-.1
-.2
-.2
— 1
-.2
—. 1
Italy
.1
.3
.1
.2
.1
.2
.2
2
.3
.3
.3
.3
.3
.3
-.1
A
(2)
A
4
A
(3)
li
4
4
.4
Total
Other
Europe Europe
1.4
.4
5.0
5.2
5.0
7.9
8.0
8 7
9.4
10.5
10 5
10.5
10.3
10 6
10.6
10 8
11.1
11 3
12.4
13 6
13 1
13.1
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78 1
89.1
97.7
99.4
100.0
101.1
104 8
102.7
103 4
106.1
106 4
107.5
113 6
105 6
105.9
c
l!6
9.2
3.9
4 2
3.8
5.1
7 5
7.0
7.5
4.1
2.3
2 3
4.5
4 5
6.9
5 9
5.5
3.9
3 8
3 6
1.3
1.8
1 9
1.9
1.9
1 9
1.9
2 0
2 2
2 2
2 4
1 3
1 5
3.9
1.3
3.4
Prior to Jan. 3, 1940. the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Inflow less than $50,000.
« Outflow less than $50,000.
JULY
1946
817
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
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
33.9
163.5
176.3
143.9
187.4
12.9
68.6
78.8
89.1
101.8
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25 7
20.4
46.8
107.5
126.3
156.0
255.5
232.9
686.3
814.3
1,017.1
1,237.8
99.3
145.3
186.1
175 6
201.8
122.8
156.3
263.9
280 9
248.5
3,221.3
448.2 288.2
3,938.2
365.5 490.1
3,678.5
400.8 448.6
4 205.4
554.6 432.3
439.9
1,000.8
5,374.9
865.7 401.2
5,596.8
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
38.5
17.9
15.4
12 1
11.3
27.3
516.9
650.6
608.0
643.4
722.1
767.7
1,882.6
2,213.5
1,994.0
2,020.7
2,584.5
2,517.8
274.6
434.3
373.2
507 4
812.6
926.5
336.0 655.7 72.5
447.3 769.9 73.3
417.7 780 0 113 6
597 7 930 0 149 6
693.7 1,108.8 175.3
909.3 1,069.2 174.0
5 957.9
6,028.0
6,074.0
6 409.6
6,584.8
6 660 9
6,780.7
6,952.5
6 861.4
6 883 1
6 973.3
6,870.3
208.8
208.8
209.3
213.3
215.8
218.0
220.6
228.1
269.6
281.6
293.9
282.2
252 5
252.0
258.0
261.2
268.5
273.8
277.7
284.4
290.0
304.2
315.5
316.2
6.9
36 0
39.4
42.9
43.9
49.5
53.9
58.5
62.0
65.4
70 4
71.1
72.5
715.8
739.9
752.7
803.0
839.8
805.4
877.9
862.9
871.2
902.1
890.6
875.0
2,420 8
2,405.5
2,416.9
2,562.3
2,651.3
2,538.6
2,501.0
2,545.0
2,529.9
2,583 0
2,655.4
2,563.8
United
King- France
dom
Total r
Date
669.7
(Jan. 2, 1935). ..
(Jan. 1, 1936). .. 1,301.1
1,623.3
30
1,893.1
29
...
(Jan. 4, 1939). .. 2,157.8
1939—Dec. (Jan. 3, 1940). ..
1940—Dec. (Jan. 1, 1941). ..
1941—Dec. 31
1942—Dec 31
1943—Dec 31
1944—Dec 31
...
1945—M ar 3i
Apr 30
May 31
June 30
July 31
4.ug 31
Sept. 30
Oct. 31
Nov. 30
Dec 31
1946—j a n 31 . .
Feb 28
76.9
205.5
235.7
261.5
436.1
834.2
819.9
832.1
861.8
872.0
824.0
746.2
740.2
699.6
707.7
679.0
630.5
366 6
338.5
315.1
372.3
399.0
356.7
313.4
360.3
327.3
310.0
398.3
380.7
7.5
6.5
6.8
7.0
6.7
6.7
6.8
6.9
6.9
7.1
6.9
7.0
6.9
6.8
Latin
1
America Asia '
202.8
289.8
331.9
399 5
435.5
1 129 1 964 0 1 299 4
1,164.8 993 5 1 320 2
1,161.3 1,035.0 1,319.2
1,267 3 1,076 9 1 360 7
1,349.8 1,100.7 1,341.8
1 449 9 1 087 4 1 432 7
1,492.1 1,110.6 1 510 5
1,551.8 1,097.7 1 563 4
1,545.7 1,045 7 1 554 4
1 522 2 1 046 4 1 549 7
1 350 7 1 050 9 1 735 1
1,349.7 1,043.5 1,723.6
All
other1
12.0
23.4
27 1
20 0
34.1
144 5
144 1
141.6
142 4
141.2
152 5
166 5
194.6
185 7
181 8
181 1
189.7
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
Finland
1939—Dec. (Jan. 3, 1940). .
1940— Dec (Tan 1 1941)
1941 Deo 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
1945—Mar 31
Apr 30
May 31
June 30
July 31
Aug 31
Sept 30
Oct 31
Nov. 30
Dec 31
1946—Jan M
Feb. 28
715.8
739 9
752 7
803 0
839 8
805 4
877 9
862 9
871.2
902 1
890 6
875.0
133.7
139.7
147 3
142.1
150 5
149.9
218 6
195.6
183.0
185.0
184 9
167.6
14.4
13.7
13 4
13.7
13.7
14.4
16.8
20.1
24.3
25.9
40 1
41.6
7.1
7.0
6 8
.
6.7
6.6
6.7
7.2
6.7
6.2
5.5
6.6
10.7
Greece2 Luxembourg2
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
50.6
52.5
53.7
56.6
60.5
63.2
66.1
68.7
71.0
70.8
70.0
69.7
18.6
18.5
19.1
19.3
22.9
22.9
22.9
22.9
23.0
22.3
22.3
22.4
194.7
199.9
194.0
240.6
236.6
187.1
184.4
182.7
182.9
216.1
176.5
175.0
2
PortuRu2 YugoAll
gal2 mania 2 Spain Sweden USSR slavia2 other
35.7
53.4
54.5
9.4
9.3
9.5
17.5
31.8
43.4
35.4
39.4
36.6
40.6
46.4
39.0
45.5
45.2
48.5
9.3
9.3
27.3
31.5
37.6
31.8
36.9
40.4
32.6
24.4
31.2
47.9
47.5
45.3
9.3
9.3
9.3
9.7
9.2
9.2
9.2
9.3
9.3
9.2
31.7
37.1
37.4
142.2
235 4
210 7
153.5
163.2
152.1
14.3
12 3
16.1
17.7
9 9
5.7
157.7
158.0
160 2
165.4
183 7
194.3
199 1
213.5
217.2
210.1
214 0
212.9
8.6
12 8
17 5
20 9
22 3
25.7
25 4
24 4
24.8
28 0
29 7
28.5
5.8
5 8
5 6
57
5
5
5
5
2
1
2
2
5.4
5 7
6 3
6.6
109 8
187 9
191 0
57.9
76 9
52.1
52.8
51 8
51 7
50 3
45 2
46 9
45 0
44 5
44.3
43 7
46 4
48.4
Latin America
Date
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 31
1945—Mar 31
Apr 30
May 31
June 30
July 31
Aug 31
Sept 30
Oct. 31
Nov 30
Dec 31
1946—Jan 31
Feb 28
Latin
BoAmer- Argentina livia' Brazil Chile
ica
336.0
447.3
417.7
597.7
693.7
909.3
57.7
115.4
75.7
67 6
69.8
93.9
964.0
993.5
1,035.0
1,076.9
1,100.7
1,087.4
1,110.6
1,097.7
1,045.7
1 046 4
1,050.9
1,043.5
73.4
73 1
70.0
73.2
82.5
75 1
78.0
77.2
82.3
77 3
94 8
80.0
Colom-3
bia
NethFrench
erWest
lands
Other
Costa3 Cuba Indies Mex- West Pana3 Vene- Latin
and
Rica
ico Indies ma4 Peru zuela3 Amerand
Gui-3
ica
Suriana
nam3
36.4
36.2
50.5
10.8 67.7
12.6 98.7
17.7 140.8
26.8
28.5
27.3
34.5
54.0
55.0
43.4
67.1
83.6
37.0
47.9
62.5
12.4 100.3
12.2 70.4
7.4 139.3
128.2
133.3
138.8
146.2
164.4
163.0
181.5
179.2
185.6
195.1
192.3
199.6
52.1
51.3
54.9
66.8
64.6
64.5
63.2
63.6
71.4
66.3
66.6
64.6
81.5
77.2
76.6
76.2
82.3
90.2
93.2
83.1
84.5
79.2
82.4
80.6
7.4 141.2
8.1 160.2
169.6
190.4
8.0 153.9
7.0 156.9
6 . 2 154.5
6 . 6 145.4
7 . 1 136.5
6 . 9 128.3
6 . 0 122.2
5 . 7 120.5
17.1
18.5
17.7
19.2
17.2
18 0
17.9
17.9
15.6
14 5
13.6
13.4
8.2
7.5
58.8
55.0
37.7
95.7
70.4
83.1
5.4 129.0
5.2 140.1
158.4
163.8
8.6 177.2
7.3 158.7
7 . 8 164.4
7 . 3 164.3
6 . 6 111.8
7 . 1 116.4
7 . 2 125.9
7 . 1 128.3
4.9
2.6
4.4
6.3
6.3
20.7
41.2
36.0
34.0
58.7
42.1
36 9
57.6
69.1
17.7
17.4
27.7
20 9
24 2
31.5
85.3
105.6
121 8
64 2
95 4
119.8
34.3
33.7
32.5
29.2
31.5
31.7
32.9
33.6
31.0
28.2
20.9
22.8
82.5
81 8
83.1
86 2
89.6
87 8
89.1
90.5
90.7
88 7
89 4
87.5
32.7
33.9
33.9
35 5
35.8
38 8
38.8
42.6
45.9
43 9
43 4
45.0
49.4
43 2
48 2
41 5
50.2
43 0
44 3
48 5
38 3
49 7
36 0
42.4
129.9
133 8
136 6
134 8
134.9
145 3
138 6
138 1
138 3
144 8
150 3
146.0
For footnotes see p. 819.
818
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
1939—Dec.
(Jan. 3, 1940). .
71.4
655.7 167.0
1940—Dec.
(Jan. 1, 1941). .
91.1
769.9 207.5
1941—Dec. 31
61.6
780.0 156.8
1942—Dec. 31
930.0 360.9 " 2 7 . 4 41.6 13.'i
1943—Dec. 31
1,108.8 574.2 27.4 23.9 18.2
1,069.2 427.3 27.4 22.9 22.1
1944—Dec. 31
1945—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1946—jan.
Feb.
r
1
2
31
30
31
30
31
31
30
31
30
31
31
28
Japan
Egypt
Neth- Philand
Union
Bri- (inch
New
AusKoerAnglo- French
of
Other
All
Turtish
Mo- South
Other
2 tra- Zea1
lands ippine
Egyp- rocco
other
Ma- 1 rea)
key
Asia
Islia land tian
and
East 1 lands r
Africa
laya ManIndies
Sudan
churia
India,
BurFrench
ma,
Asia' Ctiina Indo-1 Hong
Kong
and
China
Ceylon1
1,299.4
1,320.2
1 319 2
1,360.7
1,341.8
1,432 7
1,510.5
1 563 4
1,554.4
1 549 6
1 735 1
1,723.6
554.4
546.9
541 7
519.6
501.1
578.7
588.5
591 7
581 4
582 3
756 3
738.0
27.4
27.5
27 5
27.5
27.5
27 6
27.6
27 5
27 5
28 0
28 2
34.6
21.9
21.6
21 9
22.0
21.9
21 7
21.9
21 7
22 1
27 4
30 5
31.8
58.5
193.4
165.4
198.6
110.3
226.8
69.9
"i.'o 4.8 160.4 254.7 29.9
4.1 110.1 259.1 35.4
.9
4 0 110.5 365.8 23.7
1.3
162.4
264.9
36.2
55.5
64.2
50.4
51.6
50.7
51.5
50.8
51.2
50.5
50 5
47.2
52 5
57.3
62.2
80.1
80.9
79.4
68.6
69.6
74.2
76.7
83.7
73.0
78.0
75.1
78.4
21.3
23.5
26 6
23.2
24.1
25 3
28.9
33 2
34 6
33 4
29 4
36.7
.9
.9
1.0
.9
.9
.9
1 0
1 0
1 2
1 7
4.0
4.0
4 0
4.1
4.3
3 9
4.2
4 2
4 1
4 1
4 0
1.6
3.9
8
116.5
115.4
117 6
111.3
112.6
108 8
99.3
104 4
103 8
113 7
110 0
100.7
422.6
447.8
448 8
531.9
528.8
540.5
612.1
645 4
659.7
629 1
642.8
635.7
72.5
73.3
113 6
149.6 23.1 4.8
175.3 25.3 5.1
174.0 52.9 3 5
144.5
144.1
141.6
142.4
141.2
152.5
166.5
194.6
185.7
181.8
181.1
189.7
34.6
34 5
32.0
30.7
27.8
?7 6
28.5
29.0
30.2
28.9
29.6
26.1
4.1
3 6
3S
3.3
3.3
4 6
3.1
3 7
4 3
4 3
4 0
4.0
6.8
6.1
7.3
12.1
10.3
4.3
11.0 91.8
4.5 124.1
8.3 97.6
9.0
9.8
3.9
4.1
9.5
4.3
7.4 85.5
7.1 85.0
86.2
6.4 87.4
4.7 90.5
5.8 96.2
8.4 107.1
6.4 130.4
8 . 0 114.2
6 . 4 113.4
6 . 3 112.2
9 . 1 120.8
11.0
10.8
13.6
13.6
17.3
19.6
18.9
19.4
19.6
3.6
4.0
4.7
5.8
7.7
9.4
10.0
9.7
10.1
6.0
Revised (see main table).
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
Footnotes
to table on p. 818
r
Revised to include official Philippine accounts held with the United States Treasury.
1
Prior to Jan. 3, 1940, the rigures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2
Prior to June 30, 1942, included under "All other."
3
Prior to June 30, 1942, included under "Other Latin America."
* Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584 and BULLETIN for September 1945, pp. 967-970.
ASSETS
Date
Total
United
King- France
dom
Nether
lands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia1
All
other1
1,139.9
778.6
672.6
655.0
594.0
296.9
88.1
114.1
84.8
86.0
80.5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
743.2
433.0
392 1
326.5
274.9
96.3
100.9
59 4
118.0
60.4
174.6
154.5
141 1
114.4
99.1
117.4
80.1
67 2
78.9
144.1
8.5
10.1
12 9
17.2
15.5
(Jan. 3, 1940)
(Jan. 1, 1 9 4 1 ) . . . .
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
L.3
1
L4
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
113.3
122.7
148 3
99.7
112 2
131.0
174.1
117.8
87 9
35.3
26 3
51.4
9.3
6.4
9 7
4.8
3 9
11.7
31
30
31
30
31
31
30
31
30
31
31
28
286.9
290.8
289.8
375.0
325.2
306.5
270.2
260.0
331 3
392.8
406.3
406.8
23.2
25.4
30.5
27.9
24.8
31.6
24.9
21.5
25 9
25.4
25.9
26.3
1.4
^
L.3
L.2
1.2
?
.3
.5
.4
.7
.3
.4
.6
.9
.9
.8
5.4
3.6
2.0
2.7
.3
.3
.3
.3
.3
.3
.3
8.7
8.4
8.9
48.2
48.7
9.7
8.1
.6
3.0
1.6
2.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
68 8
70.8
76 2
117.6
113.0
79.1
71.7
69.8
109 6
140.7
115.8
120.2
23 9
23.0
25 6
53.8
45.2
41.5
39 6
32 2
38 0
53 3
74.3
71.3
144 1
145.0
127 9
144.5
109.8
116.6
120 6
113 6
145 8
158 9
164.7
161.2
41 0
42.6
51 1
49.2
47.7
60.7
30 8
37 3
29 1
29 9
40.6
43.6
9 2
9.3
9 0
9.9
9.5
8.5
7 6
7 2
8 8
9 9
10.8
10.5
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
1945—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1946—Jan.
Feb.
0
1
1
.8
.7
36.5
36.3
35.7
36.1
6.2
4.9
.1
.3
.3
.3
.4
9.6
10.2
40.8
13.1
17.9
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
JULY 1946
819
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
Finland
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
51.4
29.9
26.2
22.3
19.0
44.4
6.5
1.5
1.1
.8
.7
.7
3.2
.3
1.4
1.8
1.9
5.6
7.6
1945—Mar. 31
Apr. 30
May 31
June 30.
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
8.7
8.4
8.9
48.2
48.7
9.7
8.1
9.6
10.2
40.8
13.1
17.9
Date
.8
.8
.7
.5
.5
()
1.5
1.5
()
1.0
1.0
.6
.6
1.8
2.6
Greece* Luxembourg1
Norway
PorRu:
tugal1 mania1 Spain
3.6
.9
.5
()
1.3
1.4
1.1
.6
.6
.2
.2
35.1
.6
.6
.6
.6
.6
.6
.6
.6
.6
.7
.7
.1
.1
.1
40.1
40.5
.1
.1
.1
.1
31.6
.1
4.2
2.4
1.4
Sweden
USSR1
Yugo- All
slavia1 other
3.2
3.2
1.8
8.7
1.0
.6
.4
.2
.2
28.0
24.5
22.1
8.4
5.0
5.1
1.3
.9
1.5
.9
.9
1.4
.9
1.0
.9
1.6
1.8
1.4
.2
.2
.3
.3
.7
1.5
.3
.5
1.0
.9
1.1
1.1
5.0
5.1
4.9
4.8
4.9
4.9
5.1
5.0
4.9
4.7
4.8
4.9
Latin America
Date
Latin Argen- BoAmer- tina
livia'
ica
Brazil
Chile
9.7
13.4
14.9
15.3
16.6
9.0
7.8
8.7
8.4
7.0
8.4
6.3
7.5
6.8
7.2
6.6
7.0
6.2
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
16.8
11.9
16.8
6.9
15.3
3.1
3.0
1.8
1.8
32.2
33.1
38.0
16.7
18.9
25.3
1945—Mar.
Apr
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1946—Jan.
Feb.
31
30
31
30
31
31
30
31
30
31
31
28
144.1
145.0
127.9
144.5
109.8
116.6
120.6
113.6
145.8
158.9
164.7
161.2
5.5
8.7
7.7
8.3
14.1
11.0
12.8
10.8
20.5
21.0
24.2
18.0
1.3
4
L.3
?
L.2
1.3
1
8
?
3
7
1.5
22.7
24.1
25.5
30.6
26.9
24.4
21.7
18.2
22.0
24.7
26.8
29.7
. . . .
.
. . .
Colombia'
Costa
Rica'
Cuba
20.7
12.2
15.5
.6
.7
1.2
10.5
11.7
11.3
8.3
20.1
47.4
16.0
14.7
15.1
16.8
16.3
17.1
16.7
14.2
19.4
16.8
17.5
18.1
.9
0
.1
1.2
L.2
S
4
?
?
4
S
French
West
Indies
and
Guiana'
(2)
(2)
.2
(2)
60.9
57.1
39.1
49.7
10.3
14.5
18.3
17.0
27.2
33.3
33.9
32.9
(2)
(2)
(2)
.1
.1
.2
(2)
.1
.1
.1
Netherlands
West
Mexico Indies Panama4
and
Surinam'
5.9
6 1
7.6
4.8
11.2
8.6
9.1
8 8
8.7
8.9
10.2
8.7
9.0
9.7
10.6
11.0
10.5
13.9
Peru3
Other
Vene- Latin
zuela3 America
.3
5
3
1.0
2 1
2 4
2.1
1 1
.8
2.8
1 4
1 2
3.9
3 8
5 1
.4
4
.4
4
.3
.3
.3
.4
.3
.5
.3
.4
1.0
1 0
.9
1 0
1.1
.8
.8
.8
1 0
1.1
1 9
2.8
1 4
1 4
1.4
1 4
1.7
1.9
1 3
1.3
1 7
1.9
3 3
3.5
4 0
4 9
5.8
5 6
5.5
5.2
5 2
5 7
6 1
6 1
6 6
6.9
37 2
44 4
57 3
14.2
8 7
11 7
13 1
no
12.6
12 3
12.4
23.7
24 1
25 4
27 3
3?> 4
^9 5
25.9
A s la and All Other
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec
India,
BurFrench Hong ma,
Asia China Indo- Kong and
China5
Cey-
(Jan. 3, 1940) 174.1
fTan. 1. 1941) 117.8
87.9
31
35.3
31
26.3
31
^1
51.4
1945—Mar ^1
A p r 30
M a y 31
June 30
July 31
Aug. 31
Sept 30
Oct. 3 1 .
Nov. 30 . . . .
Dec. 31
1946—Jan. 3 1 .
Feb. 28
41.0
42.6
51.1
49.2
47.7
60.7
30.8
37.3
29.1
29.9
40.6
43.6
22.
?3
23.
11
1
1
0
7
5
1 " (2) "
7
(2)
S
1 3
1 3
1 1
1
1 0
1 1
1 1
1
1 7
1 0
7 7
9. 7
(2)
2
( )
(2)
(2)
(2)
(2)
.2
2
()
Japan
Egypt
NethBri- (incl.
PhilKoerAus- New and French Union
tish
ippine
TurOther
All
Angl >of
rea)
lands
MaIskey5 Asia other6 tra- Zea- Eg/ra- Mo- South Other
and
East
lia land ttan
rocco Africa
laya5 Man5 lands
Indies
Sudan
churia
1 .9
102.1
1 7
55.8
3 .1
18.9 . . . . .
9 "l.'l " '.' 7
6
.5
2.0
.5
1 .0
1. 7
.5
9 22.3
.1
1. S
.5
26.4
22.6
23.0
14.4 1 8
13.9 3 7
13.8 1 8
9
,9
.9
8
8
.8
8
8
.8
8
1 1
.8
13.9
13.9
13.9
13.6
13.9
25.0
13.6
13.0
13.7
13.8
18.5
20.1
11.8
12.1
19.4
16.8
14.5
15.0
8.0
7.2
7.1
7.5
7.9
7.0
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.3
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.3
.3
1. 4
1. 4
1. 4
1. 4
1. 4
1. 4
1. 4
1 4
1 4
1 4
1 4
4
1 8
1 9
7 0
0
7
2 1
7
1 6
1 7
7 0
1 0
1
21.6
9.3
14 0 6.4
19.5
9.7
2.0
4.8
3.9
1.8
8 . 8 11.7
i.6
9.1
10.5
11.8
12.5
13.1
13.6
2.9
11.4
2.0
2.7
2.5
2.8
.8
.8
1.0
.9
2.1
1.0
.7
.7
.9
1.7
2.1
1.8
9.2
9.3
9.0
9.9
9.5
8.5
7.6
7.2
8.8
9.9
10.8
10.5
.5
.6
......
"'"7
2
.2
.4
.4
.4
4
4
6
7
7
6
.7
.1
2
3
.4
.4
2
.3
.3
.3
.2
.2
.3
.2
.3
" (2) ' '
i 7
(2)
(2)
2 4
9 7
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
1
.1
.1
6 7
6 7
6 1
6 0
S 2
5 0
4 5
4 1
5 0
4 7
5 0
5.3
...
7
«
1
I
9
o
\
i
1
\
1
Q
j
5
1
Q
7
0
s
s
0
2 .4
1
Prior to June 30, 1942, included under "All other."
2 Less than $50,000.
3
Prior to June 30, 1942, included under "Other Latin America."
* Included "Canal Zone" prior to June 30, 1942.
6
Prior to June 30, 1942, included under "Other Asia."
6
Country breakdown not available until June 30, 1942.
820
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
10?0—Dec. 25. .
1030—Pec. 31. .
1031—Dee. 30. .
1032—Dec. 28. .
1033—Dec. 27. .
1034—Pec. 26 . .
1035—Pec. 25 . .
1036—Dec. 30. .
1037—Dec. 20. .
1038—Dec. 28. .
1030—pPC> 27. .
1040—Dec. 25 . .
1041—Dec. 31. .
1042—Dec. 30. .
1043—Dec. 20. .
1944—Dec. 2 7 . .
Assets of issue
department
Assets of banking department
Cash reserves
Other
assets2
Gold*
Coin
Notes
.2
.6
.6
.8
1.0
.5
.6
.6
26.3
38.8
31.6
23.6
58
47
35.5
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
s 1,100.0
5 1,250.0
1.0
.9
.3
.9
.9
1.9
25.6
13.3
28.5
26.8
11.6
11.6
260.0
260.0
275 0
275.0
260.0
260.0
260.0
200.0
220.0
230 0
580.0
5 630 0
* 780 0
145.8
147.6
120.7
110.8
100.7
102.3
200.1
313.7
326 A
326 A
< .2
.2
.2
.2
.2
.2
Discounts
and advances
5 950.0
Liabilities of banking department
Securities
Note
circulation3
Deposits
Bankers'
Public
Other
Other
liabilities
28.5
4.3
4.0
6.4
3.5
2.5
5.1
84.9
104.7
133.0
120.1
101
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
379.6
368.8
364.2
371 2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
,088.7
,238.6
71.0
132 4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
8.8
6.6
7.7
8 0
22.2
0.0
12.1
12 1
11.4
15.0
20.7
12 5
11.2
0 0
10.3
5.2
35.8
36.2
40.3
33 8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51 2
54.1
48.8
60.4
52.3
17.0
18 0
18.0
18.0
18.0
18 0
18 0
18.0
18 0
18.0
17.0
17 9
17.0
17.0
17.0
17.8
9.2
1945—June 27.
Tuly 25.
Aug. 20.,
Sept. 26.
Oct. 31.
Nov. 28.
Dec. 26.
.2
.2
.2
.2
.2
.2
.2
1,300.0
s 1,350.0
1,350.0
1,350.0
1,350.0
1,350.0
5
1,400.0
1.3
.9
.4
.2
.4
.5
.4
15.1
44.5
24.3
20.3
28.1
22.6
20.3
3.8
1.8
7.2
3.6
11.2
11.3
8.4
324.2
263.6
295.3
331.7
288.9
301.6
327.0
,285.2
,305.7
,325.9
,329.9
,322.2
,327.6
,379.9
262.3
229.1
238.2
279.1
244.2
250.2
274.5
12.7
10.3
16.0
5.5
0.2
10.5
5.3
51.6
53.6
55.0
53.1
57.4
57 7
58.5
17.0
17.0
18 0
18.1
17.7
17 8
17.8
1946—Jan. 30.
Feb. 27.
Mar. 27.
Aor. 24..
May 29.
.2
.2
.2
.2
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
.5
.9
.8
1.0
1.5
68.8
77.1
71.9
52.0
58.6
5.5
7.4
20.0
22.4
16.7
289.6
236.7
238.7
256.3
250.9
.331.4
,323.1
,328.3
,348.3
1,341.7
270.7
234.5
240.1
253.4
244.8
11.0
16.7
0.0
7.4
7.4
55.0
53 0
54.0
53.1
57.4
17.0
18.0
18.5
17.8
18.0
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Short-6
term
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
172.3
30.9
61.3
82.3
144.6
181.9
448.4
301.8
807.2
787.6
906.9
83.4
99.0
91.6
40.9
40.0
127.3
216.7
200.2
472.8
573.0
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
1945—June 30.
Tuly 31.
Aug. 31.
Sept. 29.
Oct. 31 .
Nov. 30.
Dec. 31..
174.4
174.4
176.1
176.1
176.1
159.0
156.8
1,073.8
1,034.7
1,031.5
1,028.9
1,109.4
1,168.1
1,157.3
550.5
558.3
584.0
591.4
500.6
620.4
688.3
34.4
56.5
62.3
34.0
30.5
60.5
29.5
1946—Jan. 31.
Feb. 28.
Mar. 30.
Apr. 30.
May 31. .
101.8
95.2
95.2
24.1
2.0
1,143.8
1,155.2
,296.2
,348.0
1,230.0
686.2
688.8
550.0
553.0
541.1
33.2
48.0
39.4
48.6
52.9
1035—Dec. 31
1036—Dec. 31
1037—Dec. 31
1038—Dec. 31
10.39—Dec. 30
1040—Dec. 31
1041—Dec. 31
1042—Dec. 31
1043—Dec. 31
1044—Dec. 30
180.5
170.4
179.8
185.9
225.7
Note
circulation7
Chartered
banks
Dominion
government
Other
liabilities8
Other
1,036.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
1,063.2
1,078.8
1,097.9
1,112.4
1,136.6
1.113.8
1,129.1
492.0
441.1
444.4
442.9
474.2
495.2
521.2
43.9
57.5
32.6
39.6
51.0
159.1
153.3
35.9
37.6
39.7
22.4
32 4
27.4
29.8
207.1
208.8
239.2
213.9
221.3
230.5
198.5
1.088.1
1,086.7
1,102.2
1,114.4
1,109.5
505.9
522.9
518.1
555.8
493.9
187.2
201.7
149.2
183.3
87.1
34.2
56.4
89.1
62.7
78.5
149.6
119.6
132.1
57.4
57.2
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6, 1039, 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 6 8. July 3, and Dec. 10. 1945.
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning
November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1. 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1040. pn. 677-678^.
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking ani Monetary Statistics, Tables 164 and 165, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 550-564 in same publication.
JULY 1946
821
CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in
millions of francs)
Advances to
Government
Domestic bills
Foreign
exchange
Gold1
Open
market 2
1929—Dec 27
1930—Dec. 2 6 . . .
1931—Dec. 3 0 . . .
1932—Dec. 30. ..
1933—Dec. 2 9 . . .
1934—Dec. 2 8 . . .
1935—Dec. 27. ..
1936—Dec 30
1937—Dec. 30. ..
1938—Dec 29
1939—Dec. 2 8 . . .
1940—Dec. 2 6 . . .
1941—Dec. 3 1 . ..
1942—Dec. 3 1 . ..
1943—Dec. 30. . .
1944—Dec. 2 8 . . .
41 668
53,578
68,863
83,017
77,098
82,124
66,296
60 359
58,933
87
265
5
97,267
5
84,616
84,598
84,598
84,598
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
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
47,288
1945—Apr. 26. ..
May 31
Aug. 3 0 . . .
Sept. 2 7 . . .
Oct. 3 1 . . .
Nov 29
Dec. 2 7 . . .
75,151
75,151
75,151
75,151
565,152
65
152
5
129,817
44
45
46
46
47
45
68
48,257
48,141
48,703
49,363
60,087
62,210
7
23,038
1946—Jan.
Feb
Mar
Apr.
May
129 817
129 817
129 817
129,817
594,817
69
26,081
27,247
25,524
25,810
63,090
31. ..
28
28
25...
29...
Liabilities
69
69
5
5
Special2
Other
For occupation
costs3
Other 2
27
153
303
220
160
46
Note
circulation
Govern- C.A R.*
ment
,624
8 ,429
7 ,389
3 ,438
4 ,739
3 ,971
9 ,712
8 ,465
17,698
10 ,066
31,909
20,627
7 ,880
5 ,149
34,673
3 ,646 " 7 2 ! 317 63,900
4 ,517 142, 507 69,500
5 ,368 210, 965 68,250
7 ,543 326, 973 64,400
18 ,592 426, 000 15,850
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
6
35,221
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
500,386
572,510
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
770
578
748
14 ,967
10 ,162
12 ,936
14 ,242
20 ,442
?6 ,073
25 ,548
426,
426,
426,
426,
426,
426,
426,
000 20,900
000 19,750
000
000
000
000
000
8
43,634
8
35,403
6
41,666
6
42,717
6
46,152
6
580,944
548,945
469,652
496,258
528,945
545 795
570,006
?7 ,415
30 ,945
3? ,647
36 ,579
45 ,512
426,
426,
426,
426,
426,
000
6
44,818
6
46,744
6
40,985
6
38,614
6
592,436
605,156
613,434
616,102
625,809
8
1.379
652
1.797
2,345
661
12
169
29
48
Deposits
Other
assets
000
000
16,000
000 19,000
000 11,200
45,859
"39,122
41,848
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
756
774
80,246
53,598
30,793
21,708
12,048
42,302
57 231
50,005
53,156
52,552
53 447
57,755
4,950
7 701
4,600
4,506
5,617
4 540
4,087
5,781
1 014
52 046
50 743
52 516
53,653
51,845
4 156
4 070
4 357
5,337
4,072
41,
64,
16,
10,
781
732
745
Assets
Reichsbank
Reserves of gold and
foreign exchange
(Figures in millio ns of
reichsmarks)
Total
reserves
1929 Dec
1930 Der
1931—Dec
1932 Der
I933—Dec.
I934—Dec.
1935—Dec.
1936—Dec.
I937—Dec.
1938—Dec
I939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec.
31
31
31
31
30...
31
31
31...
31 .. .
31
30.. .
31
31
31 ..
31
2 687
2 685
1 156
I944—Mar.
Apr
May
Tune
July
Aug
Sept
Oct
Nov
Dec
31. ..
29
31
30
31
31
30
31
30
30
77
77
77
77
77
77
77
77
77
1945
Tan 31
Feb. 2 8 . . .
920
396
84
88
72
76
76
78
78
77
76
77
77
77
77
Gold
Bills (and
checks),
including
Treasury
bills
400
580
857
724
Liabilities
Securities
Security
loans
Eligible
as note
cover
Other
984
806
386
79
82
66
71
71
71
71
71
71
71
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
46
33
71
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
38
28
26
38
42
47
46
62
112
64,625
70,699
199
307
2,283
2,216
Other
Other
liabilities
251
256
245
176
183
146
84
74
60
45
30
38
32
25
27
Other
assets
Note
circulation
Deposits
Other
liabilities
1,621
2,498
2,066
2,311
1,664
2,337
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
67
70
69
1
31
23
27
21
20
25
24
21
45
2,281
2,525
2 096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
33,792
34,569
35 229
35,920
36,888
38,579
42 301
44,704
46,870
50,102
7 179
7 240
6 ,754
6 813
7 ,480
9 088
9 603
1(1 ,829
13 ,535
2 004
2 054
2 185
2 160
2 216
2 264
2,445
81
112
60
61
2,083
2,591
51,207
55,519
13 566
16 ,419
2 353
1,909
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
656
638
1,065
1,114
735
827
853
765
861
755
652
755
540
640
984
1 ,032
1 ,012
1 ,059
1 ,527
,018
736
822
1 338
1 313
836
1,001
923
953
970
1,091
1,378
2 ,561
3 ,649
S ,292
1L,396
7 ,237
1,788
L 833
8 ,186
L 493
L,680
L.980
ois
1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram.
For details on previous devaluations see BULLETIN for
May 2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For
explanation
of
this
item,
see
BULLETIN
for
July
1940,
p.
732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
*6 Central Administration of the Reichskreditkassen.
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and
in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium
on Dec.
22, 1944.
7
Forty
billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds.
8
Gold not shown separately in weekly Reichsbank statement after June 15, 1939.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and
pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication.
822
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1946
May
Apr.
1945
Mar.
May
Central Bank of the Argentine
Republic (millions of pesos):
,189
Gold reported separately
1,242
1,206
,552
Other gold and foreign exchange.
2,807
3,491
873
Government securities
882
866
56
Temporary advances to Govt.. . .
12
145
Other assets
144 " 'l42
,033
Note circulation
2,495
2,979
,752
Deposits—Member bank
1,657
1,828
503
Government
471
408
Other
183
112
145
Certificates of participation in
Government securities
141
153
164
Other liabilities
202
186
194
C o m m o1n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign e x c h a n g e . . . . . 199,305 202, 686 197,255
Checks and. bills of other banks. . 2,330 3, 075 2,446
Securities (inch Government and
414,549 411, 725 421,735
Treasury bills)
14,486 17, 020 21,374
Other assets
199,964 200, 964 195,464
Note circulation
Deposits of Trading Banks:
261,112 261, 112 253,674
Special
24,377 20, 187 29,772
Other
148,218 152, 242 163,899
Other liabilities
National Bank of Belgium
(millions
of francs):
33,328
Gold2
452 33,095 31,283
4,048
Foreign exchange
4,065
122
4,659
48,212
Loans to Government
303 49,410 39,687
2,761
Other loans and discounts
513
105
2,217
Claim against Bank of Issue.. . . 64,597
597 64,597 64,589
2,022
Other assets
2,151
894
1,751
72,542
Note circulation
564 72,838 55,951
2,772
Demand deposits 3
4,341
223
3,133
78,222
Blocked accounts
262 78,349 80,940
1,433
Other liabilities
1,055
424
1,408
Central Bank
of Bolivia—Monetary Dept. 4 (millions of bolivianos):
Gold at home and abroad
919
Foreign exchange
493
Loans and discounts
27
Government securities
550
Other assets
11
Note circulation
1,620
Deposits
379
Other liabilities
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
Gold
277
383
Discounts for member banks...
213
311
Loans to Government
760
701
Other loans and discounts
1,049
652
Other assets
1,294
1,955
Note circulation
2,658
2,918
Deposits—Bank
451
523
Other
150
204
Other liabilities
335
356
Bank of the Republic of Colombia
(thousands of pesos):
Gold
228,456 175,359
Foreign exchange
86,102 96,042
Loans and discounts
10,565 19,903
Government loans and securities.
72,577 70,544
Other assets
39,371 30,776
Note circulation
191,300 172,136
Deposits
203,577 155,399
Other liabilities
42,194 65,089
National Bank
of Czechoslovakia
6
in Prague (millions of koruny):
1,517
1,517
Gold
,517
787
1,441
Foreign exchange
,598
1,143
7,087
Loans and discounts
,541
91,916
Other assets
,576 125,751
1945
Central B a n k
(Figures as of last report
date of month)
May
Apr.
Mar.
May
National Bank of Czechoslovakia
in Prague—Continued
1,191 42,385
1,066
Note circulation—Old
32,336 31,454
New
84,677
5,387 34,752
Deposits—Old
8,173 6,855
New
8,981 9,908 18^225
Other liabilities
National Bank of Denmark
(millions of kroner):
83
97
Gold
83
83
173
23
Foreign exchange
141
147
99
Clearing accounts (net)
105
108
2,969
25
28
28
23
Loans and discounts
90
98
81
83
Securities
65
Govt. compensation account 7 . . . 7,594 7,594 7,594
117
Other assets
115
5,108
98
Note circulation
1,508
1,512
1,379
1,497
Deposits—Government
2,860
2,684 2,747
2,791
Other
3,744 3,650 3,575
3,622
Other liabilities
557
243
247
236
Central Bank of Ecuador
(Dec.
8
(thousands of sucres):
1945)
Gold
288,872 288,577
Foreign exchange (net)
82,178 145,013
Loans and discounts
149,568 92,212
Other assets
98,356 93,909
4
Note circulation
335,483 312,331
Demand deposits
253,884 282 ,696
Other liabilities
29,607 24,684
National Bank of Egypt 9 (thousands of pounds):
Gold
6,241
6,241
6,241
Foreign exchange
14,723 15,601 18,355
Loans and discounts
2,238
2,231
3,283
British, Egyptian, and other
Government securities
297,662 299,432 287,494
Other assets
27,996 24,927 26,264
Note circulation
136,723 137,377 122,077
Deposits—Government
49,960 47,939 76,319
Other
147,447 149,232 129,907
Other liabilities
14,731 13,883 13,334
Central Reserve Bank of El Salvador (thousands of colones):
Gold
32,935 33,142
Foreign exchange
39,398 38,970
Loans and discounts
843
805
Government debt and securities.
6,255
5,168
Other assets.
1,712
1,681
Note circulation
48,244 45,694
Deposits
26,078 26,981
Other liabilities
6,819
7,091
Bank of Finland5 5
Bank of Greece
National Bank of Hungary 5
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
444
444
Sterling securities
11,203 10,193
Indian Govt. securities
578
578
Rupee coin
158
158
Note circulation
12,188 11,210
Banking department:
Notes of issue department.,
196
164
Balances abroad
6,040 3,924
Treasury bills discounted. ,
26
61
Loans to Government
Other assets
470
267
Deposits
6,434 4,098
Other liabilities
299
319
Central Bank of Ireland (thousand;
of pounds):
Gold
2,646
2,646
2,646
2,646
Sterling funds
34,766 35,480 35,733 29,991
Note circulation
37,412 38,126 38,379 32,637
5
Bank of Japan
Bank of Java5
c
1
Corrected.
Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while
previously
these statements included the operations of the General Banking Division.
2
Gold revalued under authorization of decree of May 1, 1944; provisional rate fixed at 49.318 francs per gram.
3
Includes
increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
4
Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking
functions)
and
Commercial Banking Departments.
5
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943),
see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary
(November
1944), see BULLETIN for January 1946, p. 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278.
6
First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia.
7
In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to
-Government
compensation account.
8
Latest month available.
9
Issue and banking departments consolidated.
JULY 1946
823
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions
of pesos):
Metallic reserve1
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold*
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation—Old
News
Deposits—Government
Blocked
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway 4
Bank of6 Paraguay—Monetary
Dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):7
Gold
Other reserves (net)
Nonfeserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania 4 8
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
1945
May
739
434
83
1,698
1,257
198
Apr.
Mar
May
753
764
671
1,951
438
1,997
420
57
1,717
1,339
182
1,707
404
66
1,726
1,286
196
713
1
4,663
1
159
124
280
2,241
1,384
638
589
528
713
1
4,634
1
160
122
294
2,096
1,806
242
555
638
64
1,408
1,274
163
931
4,488
111
132
105
5,354
246
563
271
2,802 2,802 2,802
76,616 85,872 54,893
45,734 34,274 28,069
5,192 5.406 14,341
1,214 2,199 1,713
44,731 43,617 40,716
81,809 81,802 57,098
5,018 5,134 4,004
3,404 3,404 3,324
34,967 28,955 22,319
3,899 4,261 8,638
10,083 10,100 10,634
460
446
312
29,364 26,192 28,607
17,391 17,046 14,865
6,058 3,928 1,755
149,264
39,298
594,310
22,550
505,020
265,838
34,564
123,862
22,402
559,836
19,313
436 ,116
262,122
27,175
(Feb.) 6
1,423 1,417
7,018 6,014
9,915 9,391
281
297
1,018 1,020
746
690
7,885 7,624
11,646 10,435
809
830
126,897 123,
37,368 46,
4,534 4.
119,452 us;
66,355
66,
217,458 221
4,439
105,007
28,352
3,880
93,505
58,888
165,990
5,866
1,213 1,213 1,189
585
585
609
15,906 15,764 16,058
3,816 3,764 3,199
2,325 2,303 1,808
Central Bank
(Figures a? of last report
date of month)
1946
May
Apr.
1945
Mar.
May
Bank of Spain—Continued
Note circulation . .
,714 18,512 16,874
Deposits—Government
714 1,922
644
Other
,
,976 3,938 3,598
Other liabilities
,
510
464
471
Bank of Sweden (millions of kronor)
,048 1,054 1,035
Gold
1,043
,012
805
1,028
Foreign assets (net)
601
Swedish Govt. securities and ad- 9
,207 1,133
,280
1,235
vances to National Debt Office
28
25
59
35
Other domestic bills and advance;
,107 1,031
836
826
Other assets
,507 2,368
,459
2,453
Note circulation
891
,003
761
1,163
Demand deposits—Government
133
280
77
141
Other
669
460
435
629
Other liabilities
Swiss National Bank (millions of
francs):
,756 4,767 4,783
4,784
Gold
186
176
183
103
Foreign exchange
123
68
79
348
Loans and discounts
89
89
92
83
Other assets
579 3,614 3,532
3,564
Note circulation
1,258
239
1,494
1,256
Other sight liabilities
294
291
292
297
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
300,927 300,926 281,200
Gold.
.
Foreign exchange and foreign
449 90,983
70, 914
clearings
584 821,454
730, 184
Loans and discounts
951
822
170,
171,362
Securities
776 25,106
63, 283
Other assets
667
973
892,
976,408
Note circulation
821 85,586
91, 821
Deposits—Gold
305 151,679
129, 005
Other
893 176,434
222, 331
Other liabilities
B i n k of the Republic of Uruguay w
(Jan.)
(thousands of pesos):
295,704 262 ,369
Gold
13,882 14,038
Silver
Advances to State and govern11,397 10,982
ernment bodies
97,799 90,500
Other loans and discounts
326,079 301,919
Other assets
173,916 158,923
Note circulation
37,687 37,597
Deposits—Government
253,998 237 ,005
Other
279,260 246 ,282
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
547,582 392,758
557,080 547
Gold"
15,549 99,264
44,116 47
Foreign exchange (net)
20,310
Credits to national banks
16,710 23, 406 24,507 21,160
Other assets
Note circulation—Central Bank 394,167 380, 718 377,703 320,577
876 8,981 14,970
National bank? 8,272
907 187,107 189,281
199,516
Deposits
227 13,847 8,665,
15,951
Other liabilities
National Bank 4of the Kingdom
of Yugoslavia
Bank for2 International Settlements* (thousands of Swiss gold
francs):
164 120,192 119,323
Gold in bars
Cash on hand and on current
692 13,669 46,446
account with banks
140
140 8,166
Sight funds at interest
Rediscountable bills and accept12
11,431
83,882
ances fat cost)
2,749 2,749
2.
Time funds at interest
301
688
303,124
197,056
Sundry bills and investments. . .
56
53
117
Other a^ets
14 623 16,958 18,418
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own ac3,662 6,233
count
1,078 2,016
Other
Long-term deposits: Special ac,001 228,909 229,001
counts
,743 200,750 202,070
Other liabilities
1
2
8
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram.
Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the
currency reform decrees effected between June and October 1945.
* For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942,
p. 282:
and of Rumania (June 1944), see BULLETIN for March 1945, p. 286.
6
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is
divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes
central
banking functions, was issued for the end of December 1944.
6
7
Latest month available.
Valued at average cost beginning October 1940.
8
9
Beginning
July 1945, end-of-month statements have been available.
Includes small amount of non-Government bonds.
10
Issue and banking departments consolidated.
11
Beginning October 1944, a certain amount of gold, formerly reported in the12 Bank's account, shown separately for account of the' Government.
See BULLETIN for December 1936, p. 1025.
824
FEDERAL RESERVE BULLETIN*
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1936
Jan. 28,1937
June 15
July 7
Aug. 4
. .
Sept. 3
Nov 13
May 10 1938.
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
....
Jan. 4, 1939
Apr. 17
May 11
"I uly 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940...
Apr. 9 . . . .
May 17
Mat. 17, 1941...
May 29
June 27
Jan. 16, 1945...
Jan. 20
Feb. 9
In effect June 30
1946
United
SwitzGer- Bel- NethKing- France many
er- Sweergium lands
den
dom
land
2
2
4
6
5
4
3
4
2
2
2K
IK
Rate
June
30
Central
bank of—
5K Mar. 21, 1940
Albania
Argentina
Belgium
Bolivia . . .
Mar. 1, 1936
IK Jan. 16, 1945
6
Nov. 8, 1940
Rate
Central
bank of—
June
30
Italy
Japan
Java
Latvia
Lithuania....
4
3.29
3
5
6
Date
effective
Date
effective
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
2
4
2K
3
3
2K
2K
3
British India
5
Bulgaria
Canada
IK
3-4K
Chile
4
Colombia
Czechoslovakia
2K
Nov. 28,
Dec. 1,
Feb. 8,
Dec. 16,
July 18,
Oct. 28,
1935
1940
1944
1936
1933
1945
Mexico
4K
Netherlands
New Zealand.
Norway
5*
Peru
2K
Portugal
June
June
July
Jan.
Aug.
Jan.
4,
27,
26.
8,
1,
12,
1942
1941
1941
1946
1940
1944
Denmark
Ecuador
El Salvador. . .
Estonia
Finland
7
3
4K
4
Tan.
May
Mar.
Oct.
Dec.
15,
26,
30,
1,
3,
1946
1938
1939
1935
1934
Rumania. . . .
South Africa.
Spain
Sweden
Switzerland..
4
3
4
2K
May
June
Dec.
Feb.
Nov.
8,
2,
1,
9,
26,
1944
1941
1938
1945
1936
France
Germany
Greece
Hungary
Ireland
7
3
2K
Jan, 20,
Apr. 9,
Feb. 11,
Oct. 22,
Nov. 23,
1945
1940
1945
1940
1943
4
Turkey
United King2
dom
U. S. S. R.... 4
Yugoslavia. . 5
4
3
2K
4
3
3
2
3
2
^y2
31/
3
IK
m
2
2 y
2K
3H
IK
2K
July
1, 1938
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
NOTE.—Changes since May. 31: None.
IK
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Germany
Netherlands
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposit?
Private
discount
rate
Day-today
money
Private
discount
rate
Money
for
1 month
1929—Apr
1930—Apr
1931—Apr
1932—Apr
1933—Apr
1934—Apr
1935—Apr
1936—Apr
1937—Apr
1938—Apr
1939—Apr
1940—Apr
1941—Apr
1942—Apr
1943—Apr
1944—Apr
1945—Apr
5.21
2.48
2.58
2.19
.59
.96
.59
.55
.55
.53
1.40
1.03
1.03
1.03
1.03
1.03
1.03
5.18
2.49
2.57
2.07
.50
.89
.51
.52
.53
.51
1.36
1.03
1.01
1.01
1.01
1.01
1.01
4.43
2.28
2.17
1.91
.61
.88
.75
.75
.75
.75
.76
1.00
1.00
1.00
.03
.13
.00
3K
IK
1K-1
6.63
4.46
4.65
5 12
3
3
3.38
3.00
2.90
2.88
2.88
2.38
2.25
2.13
2.13
2.13
6.85
4.40
5.67
6.17
5.05
4.76
3.64
2.83
2.55
3.04
2.36
1.90
1.67
1.96
1.81
1.91
5.36
2.52
1.50
1.02
.66
2.07
3.65
1.07
.19
.13
1.11
1.68
2.06
5.81
3.08
1.61
.94
1.00
1.85
3.26
1.27
1.00
.50
1.24
2.75
2.75
1945—May
June
July
Aug
Sept
Oct
Nov
Dec
1.03
1.03
1.03
1.03
1.03
.83
.53
.53
1.00
1.00
1.00
1.00
1.00
.75
.51
.50
.03
.13
.13
.13
.13
.96
.63
.63
1946—Tan
Feb
Mar
Apr
.53
.53
.53
.53
.50
.51
.51
.51
.63
.63
.63
.63
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.45
2.61
1.06
1.50
.50
.50
.80
.25
.00
.00
.00
.25
.25
.25
.25
.25
.25
.25
.25
1.25
1.25
1.25
1.25
1.25
1.25
2K-5
2K-5
1.25
1.25
1.25
1.25
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.
JULY 1946
825
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
[millions of pounds
sterling)
Liabilities
Assets
United Kingdom 1
Cash
reserves
1939—December .
1940—December
1941—December
1942—December
1943—December
1944—December
1945—May
June
July
August
September
October
November
December....
1946—January
February .
March
April
Money at
call and Bills dis- Treasury
deposit 2
short
counted receipts
notice
274
174
324
366
390
422
500
159
141
142
151
199
482
494
500
511
Loans to
Securities customers
Demand
Time
290
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
757
297
3,064
3,147
3,205
3,236
3,266
3,277
3,254
3,262
1,553
1 605
1,613
1 638
1,632
1 582
1,535
1,588
243
3,135
3,078
3,143
3,242
1,594
1 606
1,606
1,623
271
276
281
287
265
171
198
133
147
314
758
896
1.307
,667
771
999
1,120
1,154
1,165
196
120
195
198
233
135
181
195
1,126
1,128
1,123
1,126
1,146
1,178
1,201
1,234
774
767
769
771
799
809
827
331
300
292
299
308
318
374
4,617
4,752
4,819
4,875
4,898
4,859
4,789
4,850
1,230
1,241
1,246
1,282
840
847
863
841
333
338
353
367
4,729
4,684
4,749
4,865
518
513
496
536
226
201
229
252
215
189
296
369
,882
,939
,994
,993
,971
,925
,703
.523
496
483
493
509
249
243
254
271
361
340
379
433
1,493
1,468
1,443
1,449
293
324
325
349
347
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
1939—December
1940—December
1941—December
1942—December
1943—December. . . .
1944—December
292
323
53
40
356
387
471
32
31
48
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks
550
92
1945—May
June . .
July
August
September
October
November
December
622
622
591
581
125
123
135
112
646
694
239
251
1946—January . . .
February
March
April
665
210
669
650
722
200
148
152
582
640
109
130
132
159
168
231
250
214
1,299
1,142
1,079
1,021
1,002
1,009
1,372
1,274
251
248
237
242
1,213
1,194
1,181
1,160
209
237
242
229
227
206
214
221
Note
circulation
Other
assets
243
244
244
247
254
263
265
1,646
1,531
1,759
2,293
2,940
3,611
612
570
85
80
653
657
744
782
71
60
42
34
3,885
3,996
3,802
3,835
3,960
4,159
4,015
4,038
775
766
769
789
29
29
28
28
750
812
888
869
27
27
4,100
4,119
4,197
4,243
793
25
845
803
876
25
25
24
26
26
DepOvSits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
2,774
2,805
3,105
3,657
4,395
5,137
1,033
1 163
1,436
1 984
2 447
2,714
1,741
1 641
1 669
1 673
1 948
2,423
L 049
1,172
1,289
5,616
5,540
5,269
5,229
5,269
5,573
6,013
5,941
3,053
2 894
2,528
2 396
2,331
2 582
3,197
3,076
2,563
2 646
2,741
2 833
2 935
2 992
2,816
2,865
L ,312
L 326
1,316
L 324
1,344
[ 392
1,350
1,386
5,810
5,830
5,781
5,898
2 848
2,752
2 611
2,660
2 963
3,078
3 170
3,238
L 354
1.379
1 387
1,452
Assets
France
(4 large banks. End
of month figures in
millions of francs)
1,088
1,108
1,169
1,168
1,156
1,211
250
253
236
245
250
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
Total
1,015
924
823
794
761
772
609
334
Deposits
Other
assets
963
846
962
Liabilities
Cash
reserves
Due from
banks
Bills discounted
Loans
1939—December
1940—December
1941—December
1942—December . .
1943—December
1944—December
4,599
6,418
6,589
7,810
8,548
10,365
3,765
3,863
3,476
3,458
4,095
4,948
29,546
46,546
61,897
73,917
90,897
99,782
7,546
8,346
8,280
10,625
14,191
18,653
1945—January
February
March
April
.. .
May
June
July
August
September
October
November
December
8,673
9,623
8,117
8,582
27,281
16,282
11,990
11,104
11,122
11,942
11,898
14,602
4,969
4,790
5,072
4,954
4,999
5,660
5,944
5,991
6,080
6,337
6,859
13,804
93,982
94,986
98,593
99,146
109,270
156,620
146,195
143,799
143,818
143,567
145,110
155,025
18,586
18,705
21,255
22,246
23,108
23,216
27,127
27,697
28,732
30,153
32,165
36,166
Other
assets
2, i40
2, 229
2, 333
Deposits
Total
Demand
42 443
62 032
76 675
2 , 522
2,< 535
91 549
11? 732
128 758
41,872
61,270
75,764
91,225
111,191
126,578
1, S87
1, 949
121 ,169
,070
1?8 ,007
129 ,859
159 ,526
196 ,167
18S ,763
183 ,140
184 ,400
186 ,740
190 ,759
213 ,908
119,039
121,118
126,132
128,154
157,453
193 828
183,477
180,779
182 105
184,637
188,748
211,871
2, 190
2,
2,
3,
3,
4,
118
490
008
618
212
4, 970
5, 279
5 , 906
6, 325
7, 360
Time
Own
acceptances
Other
liabilities
1,541
2,180
844
558
413
462
428
557
4,609
4,813
5,187
6,422
7,506
6,623
2,130
1,952
1,876
1,705
2,073
2 339
2,286
2,361
2 296
2,103
2,010
2,037
616
681
745
939
1,212
1 544
1 837
2,150
2 268
2 476
2,618
2,898
6,312
6 302
6,403
6 619
6,928
7 685
7 868
8,271
8 364
8 690
8,980
10,151
571
762
912
324
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 V/% per cent through Oct. 20, 1945, and at Y% per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for
description of statistics see pp. 566-571 in same publication.
826
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
(peso)
Official
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—June
July
Aug. .
Sept
Oct.
Nov
Dec.
. .
1946—j a n
Feb
Mar
Apr
May
Year or month
32 959
32 597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
223.704
23.704
24.732
25.125
25.125
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
57.014
1945—j u n e
July
Aug
Sept
Oct
Nov
Dec
56.980
56.980
56.980
56.980
56.980
56.980
56.980
. . .
Year or month
Official
2322.80
322.80
322.80
322.80
322.80
2
322.80
322.80
Free
Brazil
(cruzeiro1)
Belgium
(franc) Official
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
2321.17 22.2860 6.0602
393.94
389.55
353.38
305.16
321.27
321.50
2321.50
321.35
320.87
320.70
321.31
321.41
321.41
321.41
321.41
321.41
321.40
321.38
3.3752
3.3788
3.3704
23.3760
Free
In cents per unit of foreign currency]
British BulIndia garia
(rupee) (lev)
56.980
56.980
56.980
57.032
57.021
3.4930
3.4674
3.4252
2
22.069
21.825
20.346
219.308
2.1811
2.1567
1.9948
1.8710
22.0101
32.2883
2.2879
2.2857
2.2839
30.122
30.122
30.122
30.122
30.122
30.122
30.122
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.828
90.736
90.475
89.908
90.358
90.736
90.725
2.2840
2.2845
2.2845
2.2844
2.2846
6.0602
6.0602
6.0602
6.0602
6.0602
5.1802
5.1802
5.1829
5.1902
5.1900
30.122
30.122
30.122
30.139
30.182
90.909
90.909
90.909
90.909
90.909
90.712
90.695
90.747
90.764
90.679
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
4.0460
2.8781
2.5103
22.0827
40.204
40.164
40.061
40.021
239.968
.9055
.8958
.8153
2
.6715
30.694
30.457
27.454
22.958
2
24.592
19.779
19.727
19.238
18.475
219.770
21.9711
8410
.8410
.8410
.8409
.8408
5
20.877
«2.'666O' 20.877
2.0060 20.877
2.0060 20.877
2
18.923
18.860
18.835
4.4792
4.4267
4.0375
3.7110
2
4.0023
.7294
.7325
.7111
2.6896
7
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
246.919
398.00
398.00
398 00
399.05
54.0501
4.0501
4.0501
4.0501
400 50
400.50 59.132
400.50 9.132
400.50 9.132
400.50 9.132
China
(yuan
Shanghai)
Official Export
5.1697
5.1716
5.1727
5.1668
2
5.1664
24.OOOO 29.606
4.0000 21.360
4.0000 11.879
4.0000 26.000
5.313
24.OOOO
New
NethMex- erlands
Zeaico
(guild- land
(peso)
(pound)
er)
27.750
22.122
19.303
18.546
20.538
20.569
20 577
20 581
20.581
United
Kingdom
(pound)
Official
403 50
523.852
23.852
23.852
23.852
20.580
20.581
20.580
20.580
20.575
4434
4434
.4434
Free
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 2403.50
403.50 403.50
403 50
2
403.50 2403.02
398 00
398.30
400 50
400 50
400.50
400 50
400 50
520.202
20.202
20.202
20.197
Chile
(peso)
55.045
55.009
53.335
253.128
396.91
392.35
354.82
306.38
322.54
322..78
324.20
324.42
2
37.933 323.46
324.42
20 582
322.69
20 582
322.16
20 581
321.99
20 578
322.60
20.578
20.578 437.933 322.70
20.579 37.933 322.70
2.0189
2.0189
2.0189
2.0186
1.7822
1945—June
July
Aug.
Sept
Oct
Nov.
Dec
1946—Jan
Feb
Mar
Apr
May
Free
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
Ruma- South Spain Straits
SwitzNorway Poland PortuSettle- SweAfrica
gal
nia
den
erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
24.840
24.566
23.226
2
22.709
Official
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
(dollar)
1937
1938
1939
1940
1941
1942
1943
1944
1945
Canada
(dollar)
6.1983 37.326 1.2846
100.004
99.419
36.592 1.2424
'5!1248 33.279 21.2111
96.018
5.0214 30.155
296!909 85.141
5.0705 30.137
90.909 87.345
5.1427 30.122
90.909 88.379
5.1280 30.122
90.909 89.978
5.1469 30.122
90.909 89.853
5.1802 30.122
90.909 90.485
FinGerColom- Czecho- Denland France many Greece Hong Hunbia
slovakia mark (mark(drach- Kong
gary
(reichs(franc)
(dollar) (peng6)
(peso) (koruna) (krone)
ma)
ka)
mark)
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—j a n
Feb
Mar.
Apr
May
Special
Export
Australia
(pound)
5
23.363
23.363
23.363
23.363
37.933
37.926
37.789
37.789
37.789
322.70
322.70
322.70
322.69
322.67
Uruguay
(peso)
Yugoslavia
(dinar)
Controlled
Noncontrolled
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
402.95
402.69
402.49
403.24
403.38
403.37
65.830 54.265
65.830 55.489
65.830 56.125
65.830 56.175
65.830 56.282
65.830 56.290
65.830 56.290
403.38
403.38
403.38
403.35
403.32
65.830
65.830
65.830
65.830
65.830
56.290
56.290
56.290
56.290
56.287
1
2
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 beginning Sept. 24.
6
* Based on quotations beginning Nov. 2.
Based on quotations beginning Feb. 5.
6
7
Based on quotations beginning Mar.9.
Based on quotations beginning Mar. 22.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943,
p. 201, and February 1944, p. 209.
JULY 1946
827
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
1926
United
Kingdom
(1930 =
100)
Canada
(1926 =
100)
1
100
100
France
(1913 =
100)
Germany
(1913 =
100)
695
124
Italy
(1928 =
100)
Netherlands
(1926-30
= 100)
237
106
1
126
144
65
63
63
62
64
76
72
74
8
88
1
1
1
92
90
96
100
102
114
111
115
146
172
189
196
196
194
96
91
90
90
96
111
107
111
143
184
210
218
223
221
221
222
222
223
222
220
219
214
215
213
214
213
134
427
398
376
338
411
581
653
707
2
901
97
93
98
102
104
106
106
107
110
112
114
116
Switzerland
(July 1914
= 100)
Japan
(October
1900 =
100)
Sweden
(1935 =
100)
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—M a y
June
July . ..
August
September
October
November
December
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
106
106
106
106
105
106
107
107
104
104
105
104
103
104
104
104
168
170
171
171
170
169
169
169
196
197
196
194
191
191
191
190
1946—January
February
March
April
]Vtay
107
108
109
110
111
105
105
106
108
172
172
172
173
173
184
185
184
70
63
62
68
76
89
95
99
116
132
161
180
178
186
198
238
251
278
311
329
' Revised.
Approximate figure, derived from old index (1913 =100).
Average based on figures for 5 months; no data available since May 1940, when figure was 919.
« Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
1
2
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1926=100
United States
(1926=100)
Year or month
R a w and Fully and
partly
chiefly
Other
Farm
manumanucommod- products
factured factured
ities
goods
goods
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
67
71
83
96
103
105
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
130
130
129
127
124
127
131
132
107
108
107
106
105
106
108
109
99
100
100
100
100
100
100
101
105
106
108
106
104
106
106
106
106
107
107
107
105
106
106
106
94
94
94
94
94
94
94
94
156
160
161
161
158
158
158
158
175
175
176
176
175
175
175
175
130
131
133
135
138
107
108
109
111
112
101
101
102
103
104
107
107
107
108
106
107
107
108
95
95
96
99
157
157
158
159
180
179
179
180
1945—May
June
July
August
September
October
November
December ..
1946—January .
February
.
April
May
Foods
1913 =100^
IndusIndusAgricul- trial raw trial
Indusfintrial
tural and semi- ished
products products finished products
products
Farm
products
. . . .
Germany
United Kingdom
(1930=100)
129
130
150
91
87
96
102
105
105
106
108
111
112
115
119
89
88
91
92
94
96
94
95
99
100
102
102
118
113
116
119
121
125
126
126
129
133
134
135
«• Revised.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
828
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers)
RETATL FOOD PRICES
[Index numbers]
1934
1935
1936
1937
1938
1939
1940
1941
1942.
1943
1944
1945
C a n a d a
(1935-39
= 100)
U n i t e d
S t a t e s
(1935-30
= 100)
Year or
month
. . . .
. .
.
. . .
1945-May
June
JulyA u g u s t
S e p t e m b e r
October
N o v e m b e r
D e c e m b e r
1946-January...
February..
M a r c h . ...
April ....
May
SwitzUnited
Nether- erKingGerlands
land
dom
many
(July (1913-14 (1911-H ('June
1914
= 100)
= 100)
1914
= 100)
= 100)
115
114
120
130
130
132
146
175
200
211
215
215
1034
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
168
170
176
172
169
169
169
169
216
217
217
216
216
213
210
210
1945-May
169
169
169
169
169
210
208
206
206
94
100
101
105
98
95
97
106
124
138
136
139
93
95
98
103
104
101
106
116
127
131
131
133
122
125
130
139
141
141
164
168
161
166
168
170
139
141
142
141
139
139
140
141
132
133
136
136
134
133
134
134
141
140
140
142
143
133
133
133
135
P138
124
118
120
127
130
130
150
177
191
198
118
120
122
122
122
123
128
129
132
134
U n
S t
'19
=
Year or
month
i t e d
a t e s
35-39
100)
SwitzUnited
erGerNetherKinsl a n d
lands
dom
many
(Julv (1013-14 '1911-13 ( T u n e
= 100)
1914
1014
= 100)
= 100)
= 100)
C a n a d a
(1935-30
= 100)
121
123
125
125
126
126
130
133
137
139
129
128
130
137
137
138
151
174
193
203
208
209
140
136
* 132
137
139
140
154
175
187
195
96
98
99
103
101
99
100
105
117
124
126
128
96
96
98
101
102
102
106
112
117
118
119
119
141
143
147
154
156
158
184
199
200
199
201
203
July
August
September.
October
N o v e m b e r
D e c e m b e r .
128
129
129
129
129
129
129
130
119
120
120
121
120
120
120
120
203
204
207
205
203
203
203
203
210
210
211
210
210
208
207
207
1946-January...
February.
M a r c h
A p r i l ....
May
130
130
130
131
132
120
120
120
121
*>123
203
203
203
203
204
207
206
205
205
. .
June
v Preliminary.
Revised index f r o m M a r c h 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for M a y 1942, p. 451; October 1939, p. 943; a n d April 1937, p.
1
S E C U R I T Y
373.
P R I C E S
[Index n u m b e r s except as otherwise
specified]
Common stocks
B o n d s
(1926 =
Y e a r or
m o n t h
U n i t e d
S t a t e s
(derived
price)1
U n i t e d
K i n g d o m
G e r m a n y
F r a n c e
( D e c e m b e r (1938 = 100)2 (average
price) 3
1921 =100)
87
15
N u m b e r of issues. .
8 139
114.2
M 1 4 . 2
•143 4
146.4
146 6
150 5
152.1
99.0
100.7
103 0
U 0 3 . 3
1
1
1
1
1
1
1
1
1
1
1
2
2
2
3
5
7
8
0
0
2
8
9
8
3
3
9
.1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
8
3
7
7
7
8
.
.
.
.
.
.
.
3
3
8
3
8
5
3
1 9 4 5 — M a y
J u n e
July
A u g u s t
September. .
October
N o v e m b e r . .
D e c e m b e r . . .
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2
1
1
1
2
1
.
.
.
.
.
.
.
,
3
1
3
7
6
9
0
9
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
8
7
8
8
8
8
7
7
.
.
.
.
.
.
.
.
1
8
3
3
2
5
8
5
1
1
1
1
1
1
1
1
5
5
5
5
5
5
5
5
3
1
1
0
0
0
0
1
.
.
.
.
.
.
.
.
1 9 4 5 — J a n u a r y
F e b r u a r y . . .
M a r c h
April
M a y
1
1
1
1
1
2
2
2
2
2
3
4
4
4
3
.
.
.
.
8
5
5
3
7
1
1
1
1
1
29
30
29
31
32
.
.
.
.
1
1
9
7
6
14
14
14
£14
8
8
7
6
1
1
1
1
1
1
1
9
9
9
9
9
9
9
3
4
4
4
4
4
4
9
0
1
2
3
4
5
.
.
.
.
.
50
N e t h e r lands4
U n
S t
(19
=
8
0
7
4
4
8
G e r m a n y
278
«
402
9
. 9
3
.7
5
100)
U n i t e d
K i n g d o m
94
88
80
69
91
99
121
2
.1
0
.4
9
8
.5
7
7
7
7
8
8
9
5
0
2
5
4
8
2
.9
.8
.5
.3
.5
.6
. 4
8
9
1
6
9
2
3
2
1
1
1
1
1
1
1
1
18
20
18
17
26
32
36
39
.
.
.
.
.
2
7
4
9
1
0
.9
.7
9
9
9
9
9
9
9
9
2
2
3
1
2
3
4
4
.
.
.
.
.
.
.
.
6
6
.5
.1
1
1
1
1
1
44
43
41
51
54
8
3
.8
.7
.3
95
94
93
95
97
7
9
7
8
9
9
i t e d
a t e s
35-39
100)
1
1
1
1
9
1
3
4
4
4
4
6
2
5
F r a n c e
(1938=100)
2
295
.
.
.
.
.
1
6
8
1
0
112
6
140
9
308
479
540
551
453
8
8
7
4
0
2
5
2
414
386
360
421
477
467
441
450
2
9
.8
.2
.6
433
461
452
P448
2
Netherl a n d s
(1930 = 100)
100
8
8
9
12
13
15
9
5
9
1
1
.
.
.
.
.
7
0
1
5
0
P Preliminary.
1
Figures represent calculated prices of a 4 per cent 20-year b o n d offering a yield equal to the m o n t h l y average yield for 15 high-grade corporate bonds. S o u r c e . — S t a n d a r d a n d Poor's Corporation; for compilations of b a c k figures o n prices of b o t h b o n d s a n d c o m m o n stocks in the
U n i t e d States see B a n k i n g and Monetary Statistics, T a b l e 130, p. 475, a n d T a b l e 133, p. 479.
2
P u b l i s h e d b y the M i n i s t r y of N a t i o n a l E c o n o m y w i t h n e w base of 1938 = 1 0 0 .
Figures are for the last F r i d a y of each m o n t h .
T h e n u m b e r
of b o n d s included in the n e w index w a s increased to 50 (formerly 36).
T h e i n d e x for s t o c k s w a s b a s e d o n 3 0 0 issues until D e c . 6, 1 9 4 5 , a n d o n 2 9 5
thereafter as a result of t h e nationalization of five b a n k s .
F o r c o m p l e t e i n f o r m a t i o n o n t h e c o m p o s i t i o n of the b o n d a n d stock indexes see "Bulletin
d e la Statistique G e n e r a l e " D e c e m b e r 1942, pp. 5 1 1 - 5 1 3 , a n d J u l y - A u g u s t 1942, pp. 3 6 4 - 3 7 1 , respectively.
F o r b a c k figures for b o t h indexes
f r o m 1938 t h r o u g h 1941 o n a m o n t h l y basis see "Bulletin d e la Statistique G e n e r a l e " for O c t o b e r - D e c e m b e r 1944, p p . 2 7 4 - 2 7 6 .
3
S i n c e A p r . 1, 1 9 3 5 , t h e 1 3 9 b o n d s i n c l u d e d i n t h e c a l c u l a t i o n o f t h e a v e r a g e p r i c e h a v e all b o r n e i n t e r e s t a t 4 K p e r c e n t . T h e s e r i e s p r i o r
t o t h a t d a t e is n o t c o m p a r a b l e t o t h e p r e s e n t series, p r i n c i p a l l y b e c a u s e t h e 1 6 9 b o n d s t h e n i n c l u d e d in t h e c a l c u l a t i o n b o r e i n t e r e s t a t 6 p e r c e n t .
4
Indexes of reciprocals of average yields.
For old index, 1929-1936, 1929 =100; average yield in base year w a s 4.57 per cent.
For n e w index
beginning J a n u a r y 1937, Jan.-Mar. 1937 = 1 0 0 ; average yield in base period was 3.39 per cent.
6
T h i s n u m b e r , originally 329, has declined as the n u m b e r of securities eligible for the index has diminished.
I n M a y 1 9 4 1 it w a s d o w n t o 2 8 7 .
6
7
A v e r a g e based on figures for 5m o n t h s ; no data available June-Dec.
Average based o n figures for 7m o n t h s ; no data available M a y - S e p t .
8
Average based on
figures
for 9m o n t h s ; no data available May-July.
•A v e r a g e b a s e d o n
figures
for 10 m o n t h s ; no data available Jan.-Feb.
Sources.—See BULLETIN for N o v e m b e r 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; J u n e 1935, p. 394; a n d February 1932, p. 121.
JULY
1946
829
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON, Assistant to the Chairman
DAVID M. KENNEDY, Special Assistant
RONALD RANSOM, Vice Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
Special Adviser
to the Board of Governors
CHESTER MORRILL,
to the Chairman
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General
DIVISION OF SECURITY LOANS
Counsel
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Director
C. E. CAGLE, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER
S. ECCLES, Chairman
Vice Chairman
ALLAN SPROUL,
ROBERT F. LEONARD, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
FRED A. NELSON, Assistant Director
OFFICE OF ADMINISTRATOR FOR WAR LOANS
EDWARD L. SMEAD, Administrator
GARDNER L. BOOTHE, II, Assistant Administrator
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
Vice President
IRA CLERK
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
ERNEST G. DRAPER
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
HUGH LEACH
JOHN H. MCCOY,
CLEVELAND DISTRICT
W. S. MCLARIN, JR.
A. L. M. WIGGINS,
RICHMOND DISTRICT
M. S. SZYMCZAK
ROBERT STRICKLAND,
ATLANTA DISTRICT
JAMES K. VARDAMAN, JR.
EDWARD E. BROWN,
CHICAGO DISTRICT
R. M. EVANS
RONALD RANSOM
C. S. YOUNG
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
E. A. KINCAID, Associate Economist
JOHN K. LANGUM, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\st
Account
CHESTER MORRILL,
830
President
JAMES H. PENICK,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
ED H . WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston....
Albert M. Creighton
Henry I. Harriman
Beardsley Ruml
William I. Myers
Laurence F. Whittemore
William Willett
E. G. Hult
J. C. Hunter2
Carl B. Pitman
O. A. Schlaikjer
Allan Sproul
L. R. Rounds
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
Philadelphia. .
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
E. C. Hill
Wm. G. McCreedy
C. A. Mcllhenny
Philip M. Poorman*
C. A. Sienkiewicz
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
W. D. Fulton
J. W. Kossin 3
A. H. Laning
B. J. Lazar
Martin Morrison
W. F. Taylor
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
Claude L. Guthrie3
E. A. Kincaid
R. W. Mercer
C. B. Strathy
Edw. A. Wayne
Atlanta
Frank H. Neely
J. F. Porter
Simeon E. Leland
W. W. Waymack
W. S. McLarin, Jr.
Malcolm H. Bryan
C. S. Young
Charles B. Dunn
V. K. Bowman
L. M. Clark
H. F. Conniff
S. P. Schuessler
Allan M. Black2
Neil B. Dawes
J. H. Dillard
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebery
A. F. Bailey
Wm. E. Peterson
William B Pollard
C A. Schacht
William H. Stead
C. M. Stewart
Minneapolis. .
Roger B. Shepard
W. D. Cochran
J. N. Peyton
O. S. Powell
H. G. McConneli
A. W. Mills2
Otis R. Preston
E. W. Swanson
Sigurd Ueland
Harry I. Ziemer
Kansas City. ,
H. G. Leedy
Robert B. Caldwell
Henry O. Koppang
Robert L. Mehornay
O. P. Cordill
L. H. Earhart
C. O. Hardy
Dallas
J. R. Parten
R. B. Anderson
Delos C. Johns
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley3
W. E. Eagle
W. H. Holloway
Watrous H. Irons
L. G. Pondrom
New York.
Chicago
San Francisco.
R. R. Gilbert
W. D. Gentry
Federal Reserve
Bank of
Chief Officer
Branch
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar*
J. W. Kossin6
Richmond
Baltimore
Charlotte
W. R. Milford4
W. T. Clements*
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers*
Geo. S. Vardeman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris*
Chic ago
Detroit
E. C. Harris5
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailey5 6
C. A. Schacht
William B. Pollard5
JULY
E. B. Austin3
R. B. Coleman
H. R. DeMoss
Henry F. Grady
J. M. Leisner3
H. F. Slade
Ira Clerk
W. F. Volberg
H. N. Mangels
Harry R. Wellman
C. E. Earhart
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
1
Vice Presidents
Also Federal Reserve Agent.
1946
2
Cashier.
3
Chief Officer
Branch
Minneapolis. . . . Helena
R. E. Towle*
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin66
0. P. Cordill 5
L. H. Earhart
Dallas
W. E. Eagle5 5
L. G. Pondrom 8
W. H. Holloway
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
* Managing Director.
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
5
Vice President.
831
oo
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
i
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
w
FEDERAL RESERVE BANK CITIES
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
w
bd
FEDERAL RESERVE BRANCH CITIES
@FedFRASER